<TABLE>
TABLE OF CONTENTS
<S> <C>
Page
Letters to Shareholders......................................................................... 4
Statements of Investments:
Dreyfus Cash Management.................................................................... 8
Dreyfus Cash Management Plus, Inc.......................................................... 11
Dreyfus Government Cash Management......................................................... 14
Dreyfus Municipal Cash Management Plus..................................................... 16
Dreyfus New York Municipal Cash Management................................................. 18
Dreyfus Tax Exexmpt Cash Management........................................................ 20
Dreyfus Treasury Cash Management........................................................... 25
Dreyfus Treasury Prime Cash Management..................................................... 27
Statements of Assets and Liabilities............................................................ 29
Statements of Operations........................................................................ 30
Statements of Changes in Net Assets............................................................. 31
Financial Highlights............................................................................ 35
Notes to Financial Statements................................................................... 39
</TABLE>
DREYFUS CASH MANAGEMENT FUNDS
JOINT LETTER TO SHAREHOLDERS
Dear Shareholder:
We are pleased to provide you with the semi-annual reports for Dreyfus
Cash Management, Dreyfus Cash Management Plus, Dreyfus Government Cash
Management, Dreyfus Treasury Cash Management and Dreyfus Treasury Prime Cash
Management, each for the six-month period ended July 31, 1997. The report for
each of these Dreyfus Cash Management Funds has been consolidated into this
single document.
Economic Review
The latest government data continued to show the U.S. economy growing at
a somewhat decelerated pace, with real Gross Domestic Product (GDP) falling
to approximately 2.2% during the April-to-June quarter. In June, stronger
chain store activity was balanced by tumbling vehicle sales, while the big
three car makers sweetened sales incentive plans, signaling a belief that
demand will remain on the soft side through the summer. In fact, consumer
spending has been weak since the spring, expanding at just 0.8% in the second
quarter. Nonetheless, many economists expect growth to pick up again,
pointing to brisk capital outlays by businesses and a combination of low
interest rates, high consumer confidence, steady job gains, huge wealth
creation, and rising disposable income that should soon jump-start consumer
spending.
Meanwhile, the economy's strength continues to be complemented by a
virtual lack of inflation. With consumer prices rising just 1.4% during the
second quarter, inflation is running at its lowest pace in 34 years.
Moreover, U.S. producer prices fell a record seventh consecutive month in
July, and falling gold and oil prices have supported the view that inflation
is also subdued globally. As expected, the Federal Reserve Board's Open
Market Committee (FOMC) left interest rates alone at its July meeting, while
Fed Chairman Alan Greenspan all but ruled out a move to tighten monetary
policy anytime soon at his semi-annual testimony before the Senate on July
23. In the money market, short-term rates remained within a trading range as
market participants deemed a Fed move in August unlikely.
The Money Market
Two factors dominated the money market in the past six months - the
outlook for the economy and the course of interest rates. For most of the
period, both performance of the economy and future expectations were very
positive. Solid growth continued, with little inflation evident in either
prices or wages. However, the Federal Reserve Board Open Market Committee,
which sets interest rate targets, became concerned about inflationary
pressures, particularly as reflected in the securities markets. This led the
Fed to raise interest rates modestly in March.
Whether due to the Fed's preventive action or not, interest rates
simmered down in the ensuing four months, as the economy appeared headed for
a slowdown. Signs of potential excessive strength did not roil the market
until early August, when the money market once again began anticipating
higher interest rates.
Portfolio Strategy
To deal with the environment that prevailed until July 31, 1997, we
stayed with our current strategy for each Fund of maintaining slightly longer
average maturities than the industry average relevant to each Fund. The
rationale for this strategy was to seek competitive yields for our investors,
and over the reporting period, this approach was successful. We remain
vigilant, however, for any signs of underlying change in the economic and
market environment. You may rest assured that, as we go forward, portfolio
strategy for each Fund will be adapted to prevailing market conditions in
working to bring you competitive yields.
As each Fund enters the second half of its fiscal year, we would like to
take this opportunity to thank you for the confidence you have shown in the
Dreyfus organization.
Sincerely,
[Patricia A. Larkin signature logo]
Patricia A. Larkin
Senior Portfolio Manager
August 18, 1997
New York, N.Y.
#
<TABLE>
<CAPTION>
PERFORMANCE
We are pleased to report the performance for each Dreyfus Cash Management
Fund listed below for the six-month reporting period ended July 31, 1997, as
shown in the following chart.
ANNUALIZED
ANNUALIZED YIELD EFFECTIVE YIELD*
-------------- -------------
<S> <C> <C>
DREYFUS CASH MANAGEMENT
Institutional Shares.................................................. 5.37% 5.51%
Investor Shares....................................................... 5.12% 5.24%
Administrative Shares................................................. 5.27% 5.40%
Participant Shares.................................................... 4.97% 5.08%
DREYFUS CASH MANAGEMENT PLUS
Institutional Shares.................................................. 5.45% 5.59%
Investor Shares....................................................... 5.20% 5.33%
Administrative Shares................................................. 5.36% 5.49%
Participant Shares.................................................... 5.06% 5.18%
DREYFUS GOVERNMENT CASH MANAGEMENT
Institutional Shares.................................................. 5.36% 5.49%
Investor Shares....................................................... 5.10% 5.22%
Administrative Shares................................................. 5.26% 5.39%
Participant Shares.................................................... 4.96% 5.08%
DREYFUS TREASURY CASH MANAGEMENT
Institutional Shares.................................................. 5.23% 5.36%
Investor Shares....................................................... 4.98% 5.10%
Administrative Shares................................................. 5.13% 5.25%
Participant Shares.................................................... 4.83% 4.93%
DREYFUS TREASURY PRIME CASH MANAGEMENT
Institutional Shares.................................................. 5.16% 5.28%
Investor Shares....................................................... 4.91% 5.02%
Administrative Shares................................................. 5.06% 5.18%
Participant Shares.................................................... 4.75% 4.86%
*Annualized effective yield takes into account the effect of compounding and
is based upon dividends declared daily and reinvested monthly.
</TABLE>
#
DREYFUS CASH MANAGEMENT FUNDS
JOINT LETTER TO SHAREHOLDERS
Dear Shareholder:
We are pleased to provide you with the semi-annual reports for Dreyfus
Municipal Cash Management Plus, Dreyfus New York Municipal Cash Management
and Dreyfus Tax Exempt Cash Management, each for the six-month period ended
July 31, 1997. The report for each of these Dreyfus Cash Management Funds has
been consolidated into this single document.
ECONOMIC REVIEW
The latest government data continued to show the U.S. economy growing at
a somewhat decelerated pace, with real Gross Domestic Product (GDP) falling
to approximately 2.2% during the April-to-June quarter. In June, stronger
chain store activity was balanced by tumbling vehicle sales, while the big
three car makers sweetened sales incentive plans, signaling a belief that
demand will remain on the soft side through the summer. In fact, consumer
spending has been weak since the spring, expanding at just 0.8% in the second
quarter. Nonetheless, many economists expect growth to pick up again,
pointing to brisk capital outlays by businesses and a combination of low
interest rates, high consumer confidence, steady job gains, huge wealth
creation, and rising disposable income that should soon jump-start consumer
spending.
Meanwhile, the economy's strength continues to be complemented by a
virtual lack of inflation. With consumer prices rising just 1.4% during the
second quarter, inflation is running at its lowest pace in 34 years.
Moreover, U.S. producer prices fell a record seventh consecutive month in
July, and falling gold and oil prices have supported the view that inflation
is also subdued globally. As expected, the Federal Reserve Board's Open
Market Committee (FOMC) left interest rates alone at its July meeting, while
Fed Chairman Alan Greenspan all but ruled out a move to tighten monetary
policy anytime soon at his semi-annual testimony before the Senate on July
23. In the money market, short-term rates remained within a trading range as
market participants deemed a Fed move in August unlikely.
MARKET ENVIRONMENT/PORTFOLIO ACTIVITY
Each year, as summer approaches, the short-term municipal market
experiences volatility that is reflective of the changing patterns of supply
and demand conditions during the period. These market "technicals" require
adjustments to portfolio strategy in anticipation of conditions such as an
increase in available securities due to fund redemptions (April tax season),
a dearth of supply of high quality issues (end of June maturities), and
substantial new money market issuance (mid-July financings). Our portfolio
adjustments attempt to structure each Fund in such a way as to take advantage
of these changing conditions in an effort to enhance each Fund's return while
maintaining our commitment to high quality holdings.
In response to the changes we anticipated in both cash flow and supply
conditions, we began preparations in early June for extending the average
maturities for each Fund. By creating a calendar of upcoming new issues (both
general market names and New York-exempt issues) and by subjecting each new
issue to rigorous in-house credit review, we were positioned to take
advantage of those notes which we believed would be attractive holdings for
each Fund. With the exception of New York Municipal Cash Management, where
the lack of supply of suitable New York paper restrained the maturity
extension to some degree, we committed to high quality issues that lengthened
the Fund's average maturity to the 60-day-plus range. We expect to continue
to purchase notes selectively in the coming months in seeking to maximize
each Fund's current yield. As we endeavor to accomplish this, we will
continue to commit to those issues which meet our high quality investment
guidelines and which provide the appropriate level of liquidity for each
Fund's needs. In Municipal Cash Management Plus, our higher commitment to
issues subject to the Alternative Minimum Tax (AMT) is designed to further
enhance the Fund's return. Additionally, in all three Funds, we will monitor
any conditions which affect our marketplace and adjust our investment policy
where necessary to pursue competitive returns.
Included in this report is a series of detailed statements about your
Fund's holdings and its financial condition. We hope they are informative.
Please know that we appreciate greatly your continued confidence in each Fund
and in The Dreyfus Corporation.
Very truly yours,
[Richard J. Moynihan signature logo]
Richard J. Moynihan
Director, Municipal Portfolio Management
The Dreyfus Corporation
August 18, 1997
New York, N.Y.
#
<TABLE>
<CAPTION>
PERFORMANCE
We are pleased to report the performance for each Dreyfus Cash Management
Fund listed below for the six-month reporting period ended July 31, 1997, as
shown in the following chart.
ANNUALIZED
ANNUALIZED YIELD EFFECTIVE YIELD*
-------------- -------------
<S> <C> <C>
DREYFUS MUNICIPAL CASH MANAGEMENT PLUS
Institutional Shares.................................................. 3.50% 3.56%
Investor Shares....................................................... 3.25% 3.30%
Administrative Shares................................................. 3.40% 3.45%
Participant Shares.................................................... 3.10% 3.14%
DREYFUS NEW YORK MUNICIPAL CASH MANAGEMENT
Institutional Shares.................................................. 3.39% 3.45%
Investor Shares....................................................... 3.14% 3.19%
Administrative Shares................................................. 3.29% 3.34%
Participant Shares.................................................... 2.99% 3.04%
DREYFUS TAX EXEMPT CASH MANAGEMENT
Institutional Shares.................................................. 3.42% 3.48%
Investor Shares....................................................... 3.17% 3.22%
Administrative Shares................................................. 3.32% 3.38%
Participant Shares.................................................... 3.02% 3.07%
*Annualized effective yield takes into account the effect of compounding and
is based upon dividends declared daily and reinvested monthly.
#
DREYFUS CASH MANAGEMENT
STATEMENT OF INVESTMENTS JULY 31, 1997 (UNAUDITED)
Principal
Negotiable Bank Certificates of Deposit-11.3% Amount Value
------- -------
Bankers Trust Co.
6.06%,5/12/98......................................................... $ 10,000,000 $ 10,004,271
Bankers Trust New York Corp.
6.06%,7/7/97.......................................................... 50,000,000 49,973,307
Chase Manhattan Bank (USA)
5.54%,8/11/97......................................................... 50,000,000 50,000,000
Harris Trust and Savings Bank
5.55%,8/7/97-9/17/97.................................................. 135,000,000 135,000,000
Morgan Guaranty Trust Co.
5.51%-6%,9/18/97-4/17/98.............................................. 58,000,000 58,061,336
Morgan Guaranty Trust Co.(London)
5.53%,9/2/97.......................................................... 40,000,000 40,000,353
Regions Bank
5.60%,11/25/97........................................................ 50,000,000 50,000,000
-------
TOTAL NEGOTIABLE BANK CERTIFICATES OF DEPOSIT
(cost $393,039,267) $ 393,039,267
=======
Bankers' Acceptances-1.3%
Wachovia Bank, N.A.
5.72%,10/6/97
(cost $44,570,165).................................................... $ 45,033,333 $ 44,570,165
=======
Commercial Paper-52.3%
Abbey National North America
5.42%-5.66%,8/12/97-2/2/98............................................ $ 130,000,000 $ 128,870,514
ABN-Amro North American Finance Inc.
5.88%,10/15/97........................................................ 100,000,000 98,810,417
Asset Securitization Cooperative Corp.
5.66%-5.71%,8/4/97-9/25/97............................................ 165,000,000 164,232,025
Bankers Trust New York Corp.
5.44%,8/12/97......................................................... 13,053,000 13,031,861
BHF Finance (DE) Inc.
5.65%,1/12/98......................................................... 15,000,000 14,623,483
Canadian Imperial Holdings Inc.
5.51-5.54%,8/4/97-8/22/97............................................. 125,000,000 124,668,849
Ciesco L.P.
5.60%,8/5/97.......................................................... 50,000,000 49,969,167
Credit Suisse First Boston Inc.
5.85%,11/21/97........................................................ 25,000,000 24,558,222
Den Danske Corp. Inc.
5.41%,8/25/97......................................................... 50,000,000 49,824,333
Dresdner U.S. Finance Inc.
5.40%,8/25/97......................................................... 25,000,000 24,912,500
Ford Motor Credit Co.
5.57%,10/21/97........................................................ 50,000,000 49,382,375
General Electric Capital Corp.
5.56%-5.99%,9/15/97-2/24/98........................................... 135,000,000 132,542,217
General Electric Capital Services Inc.
5.67%-5.99%,10/16/97-2/27/98.......................................... 170,000,000 166,740,406
Goldman Sachs Group L.P.
5.61-5.87%,8/4/97-11/6/97............................................. 165,000,000 164,127,667
Merrill Lynch & Co. Inc.
5.57%-5.71%,9/16/97-1/12/98........................................... 75,000,000 74,288,700
#
DREYFUS CASH MANAGEMENT
STATEMENT OF INVESTMENTS (CONTINUED) JULY 31, 1997 (UNAUDITED)
Principal
Commercial Paper (continued) Amount Value
------- -------
Morgan (J.P) & Co. Inc.
5.66%,10/29/97........................................................ $ 80,000,000 $ 78,900,355
National Australia Funding (DE) Inc.
5.53%,8/13/97......................................................... 60,000,000 59,890,000
Nordbanken NA Inc.
5.54%,8/7/97.......................................................... 40,000,000 39,963,200
Societe Generale N.A. Inc.
5.57%-5.66%,9/10/97-1/20/98........................................... 155,000,000 152,872,970
Toronto-Dominion Holdings USA Inc.
5.40%-5.65%,8/22/97-10/1/97........................................... 150,000,000 148,902,777
Vereinsbank Finance (Delaware) Inc.
5.53%,8/14/97......................................................... 50,000,000 49,900,694
-------
TOTAL COMMERCIAL PAPER
(cost $1,811,012,732)................................................. $1,811,012,732
=======
Corporate Notes-9.3%
Bear Stearns Companies Inc.
5.70%,1/28/98(a)...................................................... $ 75,000,000 $ 75,000,000
Comerica Bank
5.68%,2/17/98(a)...................................................... 25,000,000 25,000,000
IBM Finance Corp.
5.75%,1/28/98......................................................... 50,000,000 49,972,155
Key Bank
5.67%,2/18/98(a)...................................................... 23,000,000 22,993,876
Merrill Lynch & Co.Inc.
5.68%,5/26/98(a)...................................................... 100,000,000 100,000,000
PNC Bank N.A.
5.61%-5.69%,2/13/98-4/24/98 (a)....................................... 50,000,000 49,986,725
-------
TOTAL CORPORATE NOTES
(cost $322,952,755)................................................... $ 322,952,756
=======
Short-Term Bank Notes-17.2%
Bank of America, Illinois
5.52%-5.58%,8/18/97-11/19/97.......................................... $ 100,000,000 $ 99,992,770
Bankers Trust Co.
5.74%,4/3/98 (a)...................................................... 80,000,000 79,979,053
Comerica Bank
5.71%,4/17/98 (a)..................................................... 23,000,000 22,992,123
Fifth Third Bank
5.70%,8/5/97.......................................................... 25,000,000 25,000,000
Harris Trust and Savings Bank
5.53%,8/8/97.......................................................... 40,000,000 40,000,000
Nationsbank N.A.
5.65%-5.67%,9/5/97-9/12/97............................................ 150,000,000 150,000,000
PNC Bank N.A.
6.15%,5/28/98......................................................... 50,000,000 49,958,719
Wachovia Bank of North Carolina
5.53%-5.75%,8/11/97-9/18/97........................................... 130,000,000 130,000,392
-------
TOTAL SHORT-TERM BANK NOTES
(cost $597,923,057)................................................... $ 597,923,057
=======
#
DREYFUS CASH MANAGEMENT
STATEMENT OF INVESTMENTS (CONTINUED) JULY 31, 1997 (UNAUDITED)
Principal
U.S. Government Agencies-6.3% Amount Value
------- -------
Federal Farm Credit Banks, Floating Rate Notes
5.67%,8/8/97 (a)...................................................... $ 75,000,000 $ 74,998,608
Federal National Mortgage Association,
Floating Rate Notes
5.84%-6.00%,8/1/97-5/14/98 (a)........................................ 142,000,000 142,092,463
-------
TOTAL U.S. GOVERNMENT AGENCIES
(cost $217,091,071)................................................... $ 217,091,071
=======
Time Deposit-1.9%
Republic National Bank of New York (London)
5.81%,8/1/97
(cost $65,314,000).................................................... $ 65,314,000 $ 65,314,000
=======
TOTAL INVESTMENTS
(cost $3,451,903,048)................................................. 99.6% $3,451,903,048
=== =======
CASH AND RECEIVABLES (NET).............................................. .4% $ 12,353,034
=== =======
NET ASSETS.............................................................. 100.0% $3,464,256,082
=== =======
Note to Statement of Investments:
(a) Variable interest rate-subject to periodic change.
SEE NOTES TO FINANCIAL STATEMENTS.
#
DREYFUS CASH MANAGEMENT PLUS, INC.
STATEMENT OF INVESTMENTS JULY 31, 1997 (UNAUDITED)
Principal
Negotiable Bank Certificates of Deposit-43.9% Amount Value
------- -------
Abbey National PLC (London)
5.60%, 10/15/97....................................................... $ 65,000,000 $ 65,001,335
Bankers Trust Co.
5.68%-5.80%, 1/9/98-2/19/98........................................... 150,000,000 149,948,543
Bank of Tokyo-Mitsubishi, Ltd. (London)
5.89%, 12/11/97....................................................... 100,000,000 100,003,560
Bank of Tokyo-Mitsubishi, Ltd. (Yankee)
5.82%-5.91%, 12/10/97-4/27/98......................................... 225,000,000 224,997,766
Barclays Bank PLC (Yankee)
5.67%, 2/20/98........................................................ 30,000,000 29,991,933
Bayerische Hypotheken-und Wechsel-Bank AG (London)
5.78%, 1/9/98......................................................... 50,000,000 50,005,553
Caisse Nationale de Credit Agricole (Yankee)
5.75%, 12/8/97........................................................ 50,000,000 50,000,000
Dai-Ichi Kangyo Bank Ltd. (Yankee)
5.78%-6.03%, 8/5/97-3/16/98........................................... 186,000,000 186,016,949
Dresdner Bank AG (Yankee)
5.84%, 3/13/98........................................................ 40,000,000 40,008,070
Fuji Bank Ltd. (Yankee)
5.72%-5.86%, 8/13/97-10/24/97......................................... 225,000,000 225,000,000
Industrial Bank of Japan Ltd. (Yankee)
5.79%-6.03%, 10/1/97-1/12/98.......................................... 371,000,000 371,001,146
Landesbank Hessen-Thueringen Girozentrale (Yankee)
6.03%, 6/30/98........................................................ 150,000,000 149,859,999
Rabobank Nederland N.V. (Yankee)
6.00%, 3/20/98........................................................ 104,000,000 103,981,128
Sanwa Bank Ltd. (London)
5.79%-5.90%, 10/3/97-1/7/98........................................... 185,000,000 185,005,106
Sanwa Bank Ltd. (Yankee)
5.68%-5.77%, 10/20/97-1/26/98......................................... 90,000,000 90,002,359
Societe Generale (Yankee)
5.70%-6.13%, 11/24/97-7/24/98......................................... 362,500,000 362,447,784
Sumitomo Bank Ltd. (London)
5.74%-5.78%, 8/26/97-1/26/98.......................................... 195,000,000 195,002,639
Sumitomo Bank Ltd. (Yankee)
5.75%-5.82%,9/26/97-1/28/98........................................... 115,000,000 115,000,000
SwedBank (Yankee)
5.54%-5.61%, 9/11/97-11/14/97......................................... 190,000,000 190,006,881
Toronto-Dominion Bank (London)
5.65%-5.70%, 1/26/98-5/5/98........................................... 230,000,000 230,000,000
-------
TOTAL NEGOTIABLE BANK CERTIFICATES OF DEPOSIT
(cost $3,113,280,751)................................................. $3,113,280,751
=======
Bankers' Acceptances-2.0%
Dai-Ichi Kangyo Bank Ltd. (Yankee)
5.74%-6.00%, 8/6/97-11/24/97.......................................... 134,100,000 132,600,926
Dai-Ichi Kangyo Bank Ltd.
5.75%, 8/14/97........................................................ 10,000,000 9,979,525
-------
TOTAL BANKERS' ACCEPTANCES
(cost $142,580,451)................................................... $ 142,580,451
=======
#
DREYFUS CASH MANAGEMENT PLUS, INC.
STATEMENT OF INVESTMENTS (CONTINUED) JULY 31, 1997 (UNAUDITED)
Principal
Commercial Paper-24.3% Amount Value
------- -------
Abbey National North America
5.43%, 8/11/97........................................................ $ 40,000,000 $ 39,941,223
Aetna Services Inc.
5.55%-5.59%, 8/7/97-9/26/97........................................... 55,000,000 54,603,917
Bankers Trust New York Corp.
5.72%, 10/17/97(a).................................................... 150,000,000 150,000,000
Den Danske Corp. Inc.
5.45%-5.49%, 8/7/97-8/12/97........................................... 96,000,000 95,880,823
Fina Oil & Chemical Co.
5.60%, 10/20/97....................................................... 15,000,000 14,816,000
General Motors Acceptance Corp.
5.47%-6.02%, 8/6/97-4/30/98........................................... 331,300,000 325,395,191
HSBC Americas, Inc.
5.58%, 9/11/97........................................................ 200,000,000 198,740,388
Lehman Brothers Holdings Inc.
5.50%-6.00%,8/1/97-12/15/97 (a)....................................... 205,000,000 202,914,739
Merrrill Lynch & Co. Inc.
5.50%-5.76%, 10/14/97-4/20/98......................................... 152,000,000 147,868,249
Salomon Inc.
5.78%-5.92%, 8/4/97-1/6/98............................................ 145,000,000 142,331,474
Santander Finance(DE) Inc.
5.64%, 1/31/98........................................................ 60,000,000 58,362,150
Sanwa Business Credit Corp.
5.62%-5.65%, 9/8/97-9/12/97........................................... 90,000,000 89,438,639
Smith Barney Inc.
5.55%, 9/9/97......................................................... 50,000,000 49,702,083
SwedBank Inc.
5.45%-5.58%, 8/11/97-8/14/97.......................................... 150,000,000 149,738,556
-------
TOTAL COMMERCIAL PAPER
(cost $1,719,733,432)................................................. $1,719,733,432
=======
Corporate Notes-18.8%
Abbey National Treasury Services PLC
5.60%-5.67, 11/21/97-2/12/98.......................................... $ 150,000,000 $ 149,984,511
Bear Stearns Companies Inc.
5.67%-5.83%, 1/13/98-7/10/98 (a)...................................... 345,000,000 345,000,000
First National Bank of Boston
5.72%, 4/14/98........................................................ 40,000,000 40,000,000
General Motors Acceptance Corp.
5.65%, 10/8/97........................................................ 30,000,000 30,001,016
Lehman Brothers Holdings Inc.
5.53%-5.77%, 8/29/97-3/6/98........................................... 109,190,000 109,207,815
Merrill Lynch & Co. Inc.
5.70%, 10/27/97-2/17/98 (a)........................................... 190,000,000 189,982,290
Paine Webber Group Inc.
5.79%-5.90%, 1/8/98-6/5/98 (a)........................................ 100,000,000 100,000,000
PNC Bank N.A.
5.68%, 2/24/98........................................................ 200,000,000 199,931,084
Salomon Inc.
5.84%-5.89%, 11/10/97-8/3/98 (a)...................................... 170,000,000 170,000,000
-------
TOTAL CORPORATE NOTES
(cost $1,334,106,716)................................................. $1,334,106,716
=======
#
DREYFUS CASH MANAGEMENT PLUS, INC.
STATEMENT OF INVESTMENTS (CONTINUED) JULY 31, 1997 (UNAUDITED)
Principal
Promissory Notes-5.2% Amount Value
------- -------
Goldman Sachs Group L.P.
5.60%-5.78%, 8/11/97-11/03/97 (b,c)
(cost $370,000,000)................................................... $ 370,000,000 $ 370,000,000
=======
Short-Term Bank Notes-2.3%
Abbey National Treasury Services
5.60%, 11/21/97....................................................... $ 44,000,000 $ 43,977,690
Bank of America Illinois
5.58%, 11/19/97....................................................... 75,000,000 74,989,155
LaSalle National Bank
5.70%, 12/22/97....................................................... 40,000,000 40,000,000
-------
TOTAL SHORT-TERM BANK NOTES
(cost $158,966,845)................................................... $ 158,966,845
=======
U.S. Government Agencies-5.6%
Federal Farm Credit Banks,
Consolidated Systemwide Medium Term Notes
5.59%, 1/30/98 (a).................................................... $ 50,000,000 $ 49,985,900
Federal National Mortgage Association,
Floating Rate Notes
5.60%-5.70%, 8/25/97-6/19/98 (a)...................................... 348,000,000 347,950,775
-------
TOTAL U.S. GOVERNMENT AGENCIES
(cost $397,936,675)................................................... $ 397,936,675
=======
Time Deposits-.2%
Republic National Bank of New York
5.81%, 8/1/97
(cost $14,152,000).................................................... $ 14,152,000 $ 14,152,000
=======
TOTAL INVESTMENTS
(cost $7,250,756,870)................................................. 102.3% $7,250,756,870
=== =======
LIABILITIES, LESS CASH AND RECEIVABLES.................................. (2.3%) $ (159,728,610)
=== =======
NET ASSETS. 100.0% $7,091,028,260
=== =======
Notes to Statement of Investments:
(a) Variable interest rate-subject to periodic change.
(b) These notes were acquired for investment, not with intent to
distribute or sell.
(c) Securities restricted as to public resale. These securities were
acquired from 11/19/96-7/14/97 at a cost of par value. At July 31, 1997, the
aggregate value of these securities is $370 million, representing
approximately 5.2% of net assets and are valued at amortized cost.
SEE NOTES TO FINANCIAL STATEMENTS
</TABLE>
#
<TABLE>
<CAPTION>
DREYFUS GOVERNMENT CASH MANAGEMENT
STATEMENT OF INVESTMENTS JULY 31, 1997 (UNAUDITED)
Annualized
Yield on
Date of Principal
U.S. Treasury Bills-5.1% Purchase Amount Value
---------- ------------ --------------
<S> <C> <C> <C>
8/21/97...................................................... 6.00% $ 50,000,000 $ 49,842,361
10/16/97..................................................... 5.66 25,000,000 24,717,639
2/5/98....................................................... 5.52 190,000,000 184,815,378
-------
TOTAL U.S. TREASURY BILLS
(cost $259,375,378)......................................................... $ 259,375,378
=======
U.S. Treasury Notes-1.0%
6.50%, 8/15/97
(cost $50,023,506).............. ............................ 5.22% $ 50,000,000 $ 50,023,506
=======
U.S. Government Agencies-95.0%
Federal Farm Credit Banks, Consolidated Systemwide Discount Notes
11/26/97..................................................... 5.43% $ 20,000,000 $ 19,665,250
1/12/98...................................................... 5.49 20,000,000 19,523,489
Federal Farm Credit Banks, Consolidated Systemwide Medium Term Notes
9/15/97...................................................... 5.63 (a) 115,000,000 114,993,367
1/20/98...................................................... 6.02 (a) 25,000,000 24,995,459
1/30/98...................................................... 5.59 (a) 100,000,000 99,971,818
4/17/98...................................................... 5.63 (a) 67,000,000 66,972,159
6/19/98...................................................... 5.60 (a) 50,000,000 49,965,912
7/1/98...................................................... 5.60 (a) 90,000,000 89,935,164
8/14/98...................................................... 5.67 (a) 50,000,000 49,989,222
6/18/99...................................................... 5.60 (a) 150,000,000 150,000,000
Federal Home Loan Banks, Discount Notes
8/1/97....................................................... 5.75 400,000,000 400,000,000
8/21/97...................................................... 5.49 200,000,000 199,397,776
8/22/97...................................................... 5.35 40,000,000 39,880,067
11/14/97..................................................... 5.43 30,000,000 29,549,375
11/24/97..................................................... 5.76 44,000,000 44,000,000
12/9/97...................................................... 5.57 50,000,000 49,995,548
1/22/98...................................................... 5.60 50,000,000 49,981,361
1/28/98...................................................... 5.51 95,000,000 92,454,000
1/30/98...................................................... 5.73 81,000,000 81,000,000
2/12/98...................................................... 5.72 15,000,000 15,000,000
2/27/98...................................................... 5.67 37,485,000 37,485,000
3/17/98...................................................... 5.74 25,000,000 25,000,000
4/2/98....................................................... 5.85 49,000,000 49,000,000
4/10/98...................................................... 6.03 57,740,000 55,439,674
4/15/98...................................................... 6.04 12,525,000 12,522,126
4/17/98...................................................... 5.97 44,735,000 42,919,803
6/11/98...................................................... 5.61 14,720,000 14,740,102
6/12/98...................................................... 6.03 47,260,000 47,260,000
6/16/98...................................................... 5.63 19,005,000 19,014,721
6/23/98...................................................... 5.61 50,000,000 49,994,773
6/24/98...................................................... 5.99 50,000,000 49,995,968
7/30/98...................................................... 5.77 50,000,000 50,000,000
Federal Home Loan Banks, Floating Rate Notes
1/20/98...................................................... 6.06 (a) 25,000,000 24,973,966
Federal Home Loan Mortgage Corporation, Discount Notes
3/17/98...................................................... 5.76 50,000,000 49,935,674
4/8/98....................................................... 5.90 205,955,000 205,715,349
4/10/98...................................................... 6.04 10,000,000. 9,601,000
4/15/98...................................................... 5.58 30,000,000 29,992,598
#
DREYFUS GOVERNMENT CASH MANAGEMENT
STATEMENT OF INVESTMENTS (CONTINUED) JULY 31, 1997 (UNAUDITED)
Annualized
Yield on
Date of Principal
U.S. Government Agencies (continued) Purchase Amount Value
---------- ------------ --------------
Federal Home Loan Mortgage Corporation, Floating Rate Notes
4/16/98...................................................... 5.63% (a) $ 100,000,000 $ 99,965,866
5/26/98...................................................... 5.68 (a) 100,000,000 100,119,000
Federal National Mortgage Association, Discount Notes
9/12/97...................................................... 5.56 18,840,000 18,723,726
11/6/97...................................................... 5.52 25,000,000 24,647,701
1/16/98...................................................... 5.51 29,805,000 29,076,168
4/15/98...................................................... 5.90 63,000,000 63,009,674
4/17/98...................................................... 5.88 52,975,000 52,975,784
5/21/98...................................................... 5.86 100,000,000 99,920,930
6/10/98...................................................... 5.61 12,250,000 12,259,557
6/18/98...................................................... 5.63 55,000,000 55,038,787
7/10/98...................................................... 5.60 200,000,000 199,854,720
7/31/98...................................................... 5.80 50,000,000 49,941,660
Federal National Mortgage Association, Floating Rate Notes
8/1/97....................................................... 5.57 (a) 30,000,000 30,000,000
8/18/97...................................................... 5.63 (a) 140,000,00 139,999,023
8/25/97...................................................... 5.60 (a) 100,000,000 99,999,016
11/21/97..................................................... 5.61 (a) 250,000,000 249,962,870
4/15/98...................................................... 5.63 (a) 390,000,000 389,865,996
5/22/98...................................................... 5.62 (a) 300,000,000 299,858,496
6/19/98...................................................... 5.60 (a) 100,000,000 99,931,824
Student Loan Marketing Association, Discount Notes
2/19/98...................................................... 5.65 125,000,000 124,991,698
2/25/98...................................................... 5.99 64,000,000 63,818,605
5/15/98...................................................... 6.01 25,000,000 25,002,821
-------
TOTAL U.S. GOVERNMENT AGENCIES
(cost $4,789,824,643)........................................ $4,789,824,643
=======
Repurchase Agreements-.3%
Goldman, Sachs & Co.,
dated 7/31/1997, due 8/1/97 in the amount of $12,640,931
(fully colleralized by $13,600,000 U.S. Treasury Bills
due 7/23/98, value $12,906,037)
(cost $12,639,000)........................................... 5.50% $ 12,639,000 $ 12,639,000
=======
TOTAL INVESTMENTS (cost $5,111,862,527)............. 101.4% $5,111,862,527
==== =======
LIABILITIES, LESS CASH AND RECEIVABLES.............. (1.4%) $ (69,012,328)
==== =======
NET ASSETS.......................................... 100.0% $5,042,850,199
==== =======
Notes to Statement of Investments:
(a) Variable interest rate subject to change.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
#
<TABLE>
<CAPTION>
DREYFUS MUNICIPAL CASH MANAGEMENT PLUS
STATEMENT OF INVESTMENTS JULY 31, 1997 (UNAUDITED)
Principal
Tax Exempt Investments-100.0% Amount Value
------ ------
<S> <C> <C>
California-7.4%
California Higher Education Loan Authority Inc., Student Loan Revenue
3.95%, Series C, 6/1/98 (LOC; Student Loan Marketing Association) (a)................... $ 5,625,000 $ 5,625,000
Fresno, RAN 4.25%, 6/30/98................................................................ 3,100,000 3,110,890
San Diego County, TRAN 4.375%, 9/30/97 (LOC: Bank of Nova Scotia,
Canadian Imperial Bank of Commerce and Commerz Bank) (a)................................ 5,000,000 5,005,773
Florida-3.7%
Broward County School District, Revenue, RAN 4.50%, Series C, 4/22/98..................... 5,230,000 5,251,836
Lake County Industrial Development Authority, IDR, VRDN (Novelty Crystal
Project)
3.80% (LOC; Credit Commercial De France) (a,b).......................................... 1,600,000 1,600,000
Hawaii-3.6%
Honolulu City and County, MFHR, VRDN (HaleKua Gardens Project)
3.85%, Series A (LOC; Bank of Tokyo-Mitsubishi) (a,b)................................... 6,704,000 6,704,000
Illinois-3.8%
City of Chicago 3.60%, 12/4/97 (LOC; Harris Trust and Savings Bank) (a)................... 5,000,000 5,000,000
West Chicago, IDR, VRDN (Acme Printing Ink Project)
4.25% (LOC; Bank of Tokyo-Mitsubishi) (a,b)............................................. 2,000,000 2,000,000
Kentucky-.8%
Boone County, IDR, VRDN (Curtain Matheson Scientific Project)
3.80% (LOC; Toronto-Dominion Bank) (a,b)................................................ 1,500,000 1,500,000
Louisiana-10.4%
Ascension Parish, Revenue, VRDN (BASF Corp. Project)
3.65% (LOC; BASF Corp.) (a,b)........................................................... 12,000,000 12,000,000
New Orleans Aviation Board, Revenue, VRDN (Passenger Facility Charge
Projects)
3.90% (LOC: Banque Paribas and Canadian Imperial Bank of Commerce) (a,b)................ 7,400,000 7,400,000
Michigan-13.7%
Michigan Building Authority, Revenue, CP
3.80%, Series 1, 9/4/97 (LOC; Canadian Imperial Bank of Commerce) (a)................... 7,295,000 7,295,000
Michigan Strategic Fund, LOR, Refunding, VRDN (Detroit Edison Co.)
3.55% (LOC; Barclays Bank) (a,b)........................................................ 8,400,000 8,400,000
Midland County Economic Development Corporation, Economic Development, LOR,
VRDN
(Dow Chemical Co. Project) 3.65%, Series A (Corp. Guaranty; Dow Chemical Co.) (b)....... 4,800,000 4,800,000
State of Michigan 4.50%, 9/30/97.......................................................... 5,000,000 5,008,279
Missouri-7.5%
Mexico Industrial Development Authority, IR, VRDN (Optec DD USA Inc. Project)
4% (LOC; Industrial Bank of Japan) (a,b)................................................ 1,000,000 1,000,000
Missouri Environmental Improvement and Energy Resource Authority, PCR (Union
Electric Co.)
3.95%, Series A, 6/1/98 (LOC; Swiss Bank Corp.) (a)..................................... 6,500,000 6,500,000
Missouri Higher Education Loan Authority, Student Loan Revenue, Refunding,
VRDN
3.65%, Series B (Insured; MBIA and LOC; State Street Bank) (a,b)........................ 6,500,000 6,500,000
New Jersey-1.6%
Florence Township, BAN 4%, 2/13/98........................................................ 2,878,000 2,881,719
New York-11.0%
Babylon Industrial Development Agency, RRR, VRDN (Equity Babylon Project)
3.55% (LOC; Union Bank of Switzerland) (a,b)............................ 7,300,000 7,300,000
Municipal Assistance Corporation, CP 3.80%, Series 2, 8/21/97 (LOC; Landesbank Hessen) (a).... 8,000,000 8,000,000
Port Authority of New York and New Jersey, Special Obligation, Revenue, VRDN
(Versatile Structure)
3.50% (LOC; Morgan Guaranty Trust Co.) (a,b)............................................ 5,000,000 5,000,000
Ohio-2.6%
Piqua, IDR, VRDN (Berwick Steel Co. Project) 3.875% (LOC; Sanwa Bank) (a,b)............... 4,800,000 4,800,000
#
DREYFUS MUNICIPAL CASH MANAGEMENT PLUS
STATEMENT OF INVESTMENTS (CONTINUED) JULY 31, 1997 (UNAUDITED)
Principal
Tax Exempt Investments (continued) Amount Value
------ ------
Pennsylvania-4.3%
Emmaus General Authority, Revenue, VRDN
3.750% (Liquidity Facility; Credit Suisse and LOC; FSA) (a,b)........................... $ 8,000,000 $ 8,000,000
Rhode Island-2.4%
Rhode Island Housing and Mortgage Finance Corporation (Homeownership
Opportunity)
3.65%, Series 22-A, 12/2/97 (Insured; FGIC)............................................. 4,500,000 4,500,000
Tennessee-1.1%
Tennessee Housing Development Agency (Homeownership Program)
3.75%, Issue 1, 2/19/98 (Escrowed in; US Treasury Bills)................................ 2,000,000 2,000,000
Texas-10.2%
Brazos River Authority, PCR, Refunding, VRDN (Utility Electric Co.)
3.60%, Series A (Insured; MBIA and Liquidity Facility; The Bank of New York) (b)........ 5,000,000 5,000,000
Brazos River Habor Navel District Brazoria County, Revenue, VRDN (BASF Corp.
Project)
3.65% (LOC; BASF Corp.) (a,b)........................................................... 3,000,000 3,000,000
Greater East Texas Higher Education Authority Inc., Student Loan Revenue
4.15%, Series B, 9/1/97 (LOC; Student Loan Marketing Association) (a)................... 3,000,000 3,000,000
Sabine River Authority, PCR, VRDN (Utility Electric Co.)
3.70% (LOC; Morgan Guaranty Trust Co.) (a,b)............................................ 8,000,000 8,000,000
Vermont-2.3%
Vermont Industrial Development Authority, IDR, VRDN (Ryegate Project)
3.70% (LOC; ABN-Amro Bank) (a,b)........................................................ 4,300,000 4,300,000
Virginia-2.8%
Charles City and County Industrial Development Authority, Exempt Facility
Revenue
VRDN (Chambers Development Inc., Project)
3.85%, (LOC; Morgan Guaranty Trust Co.) (a,b)........................................... 3,700,000 3,700,000
Chesapeake Industrial Development Authority, IDR, VRDN (Sumitomo Mach Co.)
4% (LOC; Sumitomo Bank) (a,b)........................................................... 1,500,000 1,500,000
Washington-6.7%
District of Columbia, General Fund Recovery, VRDN:
3.70%, Series B-1 (LOC; Union Bank of Switzerland) (a,b)................................ 1,500,000 1,500,000
3.70%, Series B-3 (LOC; Landesbank Hessen) (a,b)........................................ 6,000,000 6,000,000
District of Columbia Housing Finance Agency, SFMR
4.15%, Series A, 7/1/98 (LOC; Assured Management Corp.) (a)............................. 5,000,000 5,000,000
West Virginia-4.1%
Marion County, Commission Solid Waste Disposal Facility Revenue, VRDN
(Granttown Project)
3.75%, Series B (LOC; National Westminster Bank) (a,b).................................. 7,700,000 7,700,000
------
TOTAL INVESTMENTS (cost $185,882,497)..................................................... $185,882,497
======
Notes to Statement of Investments:
(a) Secured by letters of credit. At July 31, 1997, 82.0% of the Fund's
net assets are backed by letters of credit issued by domestic banks, foreign
banks, corporations and government agencies.
(b) Securities payable on demand. The interest rate, which is subject to
change, is based upon bank prime rates or an index of market interest rates.
SEE NOTES TO FINANCIAL STATEMENTS.
#
DREYFUS NEW YORK MUNICIPAL CASH MANAGEMENT
STATEMENT OF INVESTMENTS JULY 31, 1997 (UNAUDITED)
Principal
Tax Exempt Investments-100.0% Amount Value
------ ------
New York-98.9%
Deer Park Union Free School District, TAN 4.25%, 6/26/98.................................. $ 4,000,000 $ 4,013,900
Town of Islip Industrial Development Agency, IDR, VRDN
(Brentwood Distribution Project) 3.625% (LOC; Fleet Bank) (a,b)......................... 3,750,000 3,750,000
Monroe County Industrial Development Agency, Revenue, VRDN (Enbi Corp.)
3.45% (LOC; Rabobank Nederland) (a,b)................................................... 100,000 100,000
Municipal Assistance Corporation, CP 3.80%, Series 2, (LOC; Landesbank Hessen) (a)........ 7,000,000 7,000,000
Nassau County Industrial Development Agency, IDR, VRDN
(Manhassett Association Project) 3.625% (LOC; Bankers Trust Co.) (a,b).................. 2,000,000 2,000,000
City of New York:
VRDN:
3.50%, Series A-4 (LOC; Chase Manhattan Bank) (a,b)................................... 2,300,000 2,300,000
3.60%, Series A-7 (LOC; Morgan Guaranty Trust Co.) (a,b).............................. 11,550,000 11,550,000
3.60%, Series A-10 (LOC; Morgan Guaranty Trust Co.) (a,b)............................. 4,000,000 4,000,000
3.60%, Series E-3 (LOC; Morgan Guaranty Trust Co.) (a,b).............................. 5,000,000 5,000,000
3.60%, Series E-4 (LOC; State Street Bank and Trust Co.) (a,b)........................ 7,400,000 7,400,000
Trust Cultural Resource Revenue, Refunding (American Museum of Natural
History):
3.60%, Series A (Insured; MBIA and SPBA; Credit Suisse) (b)......................... 3,000,000 3,000,000
3.60%, Series B (Insured; MBIA and SPBA; Credit Suisse) (b)......................... 4,675,000 4,675,000
New York City Health and Hospital Corporation, Revenue, VRDN (Health Systems)
3.55%, Series B (LOC; Canadian Imperal Bank of Commerce) (a,b).......................... 5,000,000 5,000,000
New York City Housing Development Corporation, MFMR, VRDN
(York Avenue Development Project) 3.65% (LOC; Midland Bank) (a,b)....................... 5,000,000 5,000,000
New York City Industrial Development Agency, VRDN:
Civil Facility Revenue (Childrens Oncology Society-Ronald McDonald House)
3.50% (LOC; Barclays Bank) (a,b)...................................................... 100,000 100,000
IDR (Field Hotel Association JFK Project)
3.70% (LOC; Banque Indosuez) (a,b).................................................... 9,400,000 9,400,000
New York City Municipal Water Finance Authority, Water and Sewer Systems
Revenue, VRDN:
3.60%, Series A (Insured; FGIC and Liquidity Facility; FGIC) (b)........................ 5,800,000 5,800,000
3.75%, Series 93-C (Insured; FGIC and Liquidity Facility; FGIC) (b)..................... 4,480,000 4,480,000
New York State, CP 3.80%, Series S, 2/12/97 (LOC; Westdeutsche Landesbank) (a)............ 9,000,000 9,000,000
New York State Dormitory Authority, Revenues, VRDN (Metropolitan Museum of
Art)
3.50%, Series A (Corp. Guaranty; Metropolitan Museum of Art) (b)........................ 6,400,000 6,400,000
New York State Energy, Research and Development Authority, PCR:
(LILCO Project)
3.60%, Series B, 3/1/98 (LOC; Deutsche Bank) (a)...................................... 5,000,000 5,000,000
(New York State Electric and Gas Corp.)
3.60%, Series D, 12/1/97 (LOC; Union Bank of Switzerland) (a)......................... 3,000,000 3,000,000
VRDN:
(Central Hudson Gas and Electric Project)
3.70%, Series A (LOC; Union Bank of Switzerland) (a,b).............................. 3,000,000 3,000,000
(Niagara Mohawk Power Corp.)
3.60%, Series A (LOC; Toronto Dominion Bank) (a,b).................................. 6,200,000 6,200,000
Refunding (Orange/Rockland Utilities)
3.60%, Series A (Insured; AMBAC and LOC; Societe Generale) (a,b).................... 10,000,000 10,000,000
New York State Local Government Assistance Corporation, VRDN
3.50%, Series A (LOC: Credit Suisse and Union Bank of Switzerland) (a,b)................ 4,300,000 4,300,000
New York State Power Authority, Revenue and General Purpose (Jr. Lien)
3.50%, 9/1/97 (LOC: Bank of America, Bank of Tokyo-Mitsubishi,
Morgan Guaranty Trust Co. and Sumitomo Bank) (a)........................................ 5,000,000 5,000,000
Port Authority of New York and New Jersey, Special Obligation, Revenue, VRDN
(Versatile Structure Obligation) 3.60%, Series 1 (LOC: Bank of
Tokyo-Mitsubishi,
Sanwa Bank and Sumitomo Bank) (a,b)..................................................... 18,600,000 18,600,000
Rochester, BAN 4%, Series I, 3/10/98...................................................... 8,000,000 8,013,988
South Huntington Union Free School District, TAN 4.25%, 6/30/98........................... 3,250,000 3,261,569
#
DREYFUS NEW YORK MUNICIPAL CASH MANAGEMENT
STATEMENT OF INVESTMENTS (CONTINUED) JULY 31, 1997 (UNAUDITED)
Principal
Tax Exempt Investments (continued) Amount Value
------ ------
New York (continued)
Suffolk County, TAN
4%, Series I, 8/14/97 (LOC: Canadian Imperial Bank of Commerce,
National Westminster Bank and Westdeutsche Landesbank) (a).............................. $ 3,000,000 $ 3,000,820
Triborough Bridge and Tunnel Authority, Special Obligation, VRDN
3.60% (Insured; FGIC and Liquidity Facility; FGIC) (b).................................. 4,800,000 4,800,000
U.S. Related-1.1%
Puerto Rico Industrial Medical and Environmental Pollution Control
Facilities Finance Authority, Revenue (Key Pharmaceuticals)
3.75%, Series A, 12/1/97 (LOC; Morgan Guaranty Trust Co.) (a)........................... 2,000,000 2,000,000
------
TOTAL INVESTMENTS (cost $176,145,277)..................................................... $176,145,277
======
Notes to Statement of Investments:
(a) Secured by letters of credit. At July 31, 1997, 72.3% of the Fund's
net assets are backed by letters of credit issued by domestic banks and
foreign banks, of which Morgan Guaranty Trust Co. provided letters of credit
to 13.4% of the Fund's net assets.
(b) Securities payable on demand. The interest rate, which is subject to
change, is based upon bank prime rates or an index of market interest rates.
SEE NOTES TO FINANCIAL STATEMENTS.
#
DREYFUS TAX EXEMPT CASH MANAGEMENT
STATEMENT OF INVESTMENTS JULY 31, 1997 (UNAUDITED)
Principal
Tax Exempt Investments-100.0% Amount Value
------- -------
Alaska-1%
Valdez, Marine Terminal Revenue, VRDN (Exxon Pipeline Co. Project)
3.55% (LOC; Exxon Corp.) (a,b).......... $ 14,300,000 $ 14,300,000
Arkansas-.9%
University of Arkansas, University Revenues, VRDN (UAMS Campus)
3.65% (LOC; Credit Suisse) (a,b)........................................................ 12,700,000 12,700,000
California-7%
California Higher Education Loan Authority, Student Loan Revenue, Refunding
3.95%, Series A-2, 5/1/98 (LOC; Student Loan Marketing Association) (b)................. 15,000,000 15,000,000
California Public Capital Improvements Financing Authority, Revenue (Pooled
Project)
3.85%, Series C, 9/15/97 (LOC; National Westminster Bank) (b)........................... 10,000,000 10,000,000
Los Angeles County, TRAN 4.50%, Series A, 6/30/98......................................... 30,000,000 30,171,257
Los Angeles County Metropolitan Transportation Authority, Sales Tax Revenue,
Refunding, VRDN
(Prop C-Second Series)
3.35%, Series A (BPA; Credit Locale de France and Insured; MBIA) (a).................... 10,000,000 10,000,000
Los Angeles County Transportation Commission, Sales Tax Revenue, Refunding,
VRDN
3.35%, Series A (BPA; Bayerishe Landesbank and Insured; FGIC) (a)....................... 14,200,000 14,200,000
Riverside County, TRAN 4.50%, Series A, 6/30/98........................................... 11,000,000 11,053,033
Sacramento County, MFHR, VRDN 3.60%, Series B (LOC; Dai-Ichi Kangyo Bank) (a,b)........... 6,900,000 6,900,000
Sacramento County Housing Authority, MFHR, Refunding, VRDN (Grouse Run
Apartments)
3.40% (LOC; Lasalle National Bank) (a,b)................................................ 6,500,000 6,500,000
Colorado-2.1%
City and County of Denver, MFHR, Refunding, VRDN (Parliment Apartments)
3.70% (Corp. Guaranty; Connecticut General) (a)......................................... 22,200,000 22,200,000
Douglas County, MFHR, VRDN (Autumn Chase Project) 3.75% (LOC; Citibank) (a,b)............. 9,500,000 9,500,000
Connecticut-3.7%
State of Connecticut:
Special Assessment Unemployment Compensation Advance Fund, Revenue
(Connecticut Unemployment) 3.90%, Series C, 7/1/98 (Insured; FGIC).................... 23,000,000 23,000,000
Special Tax Obligation Revenue, VRDN (Transportation Infrastructure-1)
3.55% (LOC; Commerzbank) (a,b)........................................................ 12,500,000 12,500,000
Connecticut Development Authority, PCR, Refunding, VRDN
(Connecticut Light and Power Co. Project)
3.60%, Series A (LOC; Deutsche Bank) (a,b).............................................. 5,500,000 5,500,000
Connecticut Health and Educational Facilities Authority, Revenue, CP (Yale
University)
3.65%, Series L, 8/13/97 (LOC; Yale University) (b)..................................... 13,665,000 13,665,000
Delaware-4.1%
Delaware Economic Development Authority, Revenue, VRDN (Hospital Billing
Collection):
3.70%, Series A (BPA; Morgan Stanley and Co. and Insured; MBIA) (a)..................... 9,700,000 9,700,000
3.70%, Series B (BPA; Morgan Stanley and Co. and Insured; MBIA) (a)..................... 33,200,000 33,200,000
3.70%, Series C (BPA; Morgan Stanley and Co. and Insured; MBIA) (a)..................... 18,700,000 18,700,000
District of Columbia-7%
District of Columbia:
Revenue (Supplemental Student Loan) 4.10%, 7/1/98 (LOC; Bank of Tokyo-Mitsubishi) (b)... 9,000,000 9,000,000
VRDN:
(General Fund Recovery):
3.70%, Series B-1 (LOC; Union Bank of Switzerland) (a,b)............................ 30,800,000 30,800,000
3.70%, Series B-2 (LOC; WestDeutsche Landesbank) (a,b).............................. 20,000,000 20,000,000
3.70%, Series B-3 (LOC; Landesbank Hessen) (a,b).................................... 14,600,000 14,600,000
Refunding:
3.75%, Series A-5 (LOC; Bank of Nova Scotia) (a,b).................................... 15,900,000 15,900,000
3.75%, Series A-6 (Liquidity; National Westminster Bank) (a).......................... 14,800,000 14,800,000
Florida-5.5%
Brevard County School Board, RAN 4.25%, 5/8/98............................................ 10,000,000 10,025,775
#
DREYFUS TAX EXEMPT CASH MANAGEMENT
STATEMENT OF INVESTMENTS (CONTINUED) JULY 31, 1997 (UNAUDITED)
Principal
Tax Exempt Investments (continued) Amount Value
------- -------
Florida (continued)
Broward County Housing Finance Authority, MFHR, VRDN (Sanctuary Apartment
Project)
3.75% (LOC; PNC Bank) (a,b).......... $ 9,000,000 $ 9,000,000
Orange County Housing Finance Authority, MFHR, VRDN (Heather Project)
3.60%, Series B (LOC; FNMA) (a,b)....................................................... 12,500,000 12,500,000
Sunshine State Governmental Financing Commission, Revenue, CP:
3.80%, 8/11/97 (LOC: Morgan Guaranty Trust Co., National Westminster Bank and
Union Bank of Switzerland) (b)........................................................ 13,000,000 13,000,000
3.65%, 8/14/97 (LOC: Morgan Guaranty Trust Co., National Westminster Bank and
Union Bank of Switzerland) (b)........................................................ 15,725,000 15,725,000
3.85%, Series B, 10/17/97 (Liquidity; State Board of Administration of Florida)......... 22,090,000 22,090,000
Georgia-.9%
Burke County Development Authority, PCR, Refunding (Oglethorpe Power Corp.)
3.60%, 12/1/97 (Insured; AMBAC)......................................................... 13,000,000 13,000,000
Idaho-.7%
State of Idaho, TAN 4.625%, 6/30/98....................................................... 11,000,000 11,071,952
Illinois-2.5%
City of Chicago:
3.65%, 2/5/98 (LOC; Morgan Guaranty Trust Co.) (b)...................................... 15,000,000 15,000,000
Equipment Notes 3.60%, 12/4/97 (LOC; Harris Trust and Savings Bank) (b)................. 7,000,000 7,000,000
Glendale Heights, Multi-Family Revenue, VRDN (Glendale Lake Project)
3.65% (LOC; Citibank) (a,b)............................................................. 15,245,000 15,245,000
Indiana-3%
Indiana Bond Bank, Advanced Funding Program Notes
4.25%, Series A-2, 1/21/98 (SBPA: Indiana Bond Bank and Norwest Bank)................... 29,000,000 29,073,040
Petersburg, PCR, Refunding, VRDN (Indiana Power and Light Co.)
3.65%, Series B (Liquidity; Indianapolis Power and Light Co. and Insured; AMBAC) (a).... 15,000,000 15,000,000
Iowa-.7%
Iowa School Cash Anticipation Program, Warrants Certificate Notes (School
Corps.)
4.50%, 6/26/98 (Insured; FSA)........................................................... 11,000,000 11,058,201
Louisiana-1.4%
Jefferson Parish Hospital Service District No.2, HR, VRDN 3.60% (Insured; FGIC) (a)....... 9,000,000 9,000,000
Plaquemines Port Harbor and Terminal District, Port Facilities Revenue
(International Marine Terminal Project)
3.75%, Series A, 3/15/98 (LOC; Morgan Guaranty Trust Co.) (b)........................... 12,000,000 12,000,000
Maine-1.8%
Orrington, RRR, VRDN (Penobscott Energy Recovery Project)
3.75%, Series A (LOC: Bank of Nova Scotia, Bankers Trust, Canadian Imperial
Bank
of Commerce and Toronto Dominion Bank) (a,b)............................................ 26,500,000 26,500,000
Maryland-.9%
Baltimore County, EDR, Refunding, VRDN (Blue Circle Inc. Project)
3.65% (LOC; Den Danske Bank) (a,b)...................................................... 13,600,000 13,600,000
Massachusetts-2.9%
Massachusetts Bay Transportation Authority, Notes 4.25%, 2/27/98.......................... 12,600,000 12,637,924
Massachusetts Housing Finance Agency, Refunding, VRDN (Harbor Point)
3.55%, Series A (LOC; Republic National Bank of New York) (a,b)......................... 18,000,000 18,000,000
Massachusetts Municipal Wholesale Electric Company, Power Supply Systems
Revenue, VRDN
3.50%, Series C (LOC; Canadian Imperial Bank of Commerce) (a,b)......................... 12,300,000 12,300,000
Michigan-5.4%
Detroit School District, State School Aid Notes 4.50%, 5/1/98............................. 15,000,000 15,065,197
State of Michigan, Notes 4.50%, 9/30/97.................. 20,000,000 20,033,118
#
DREYFUS TAX EXEMPT CASH MANAGEMENT
STATEMENT OF INVESTMENTS (CONTINUED) JULY 31, 1997 (UNAUDITED)
Principal
Tax Exempt Investments (continued) Amount Value
------- -------
Michigan (continued)
Michigan Building Authority, Revenue, CP
3.80%, Series 1, 9/4/97 (LOC; Canadian Imperial Bank of Commerce) (b)................... $ 21,415,000 $ 21,415,000
Michigan Hospital Finance Authority, VRDN (Hospital Equipment Loan Program)
3.60% (LOC; Comerica Bank) (a,b)........................................................ 2,900,000 2,900,000
Michigan Housing Development Authority, LOR, VRDN (Laurel Valley)
3.65% (LOC; Wachovia Bank of Georgia) (a,b)............................................. 5,900,000 5,900,000
Michigan Municipal Bond Authority, Revenue, Notes 4.50%, Series B, 7/2/98................. 5,000,000 5,028,269
Royal Oak Hospital Finance Authority, HR, VRDN (William Beaumont Hospital)
3.55%, Series L (Liquidity; Bank of America) (a)........................................ 11,000,000 11,000,000
Mississippi-2.3%
Jackson County, Port Facility Revenue, Refunding, VRDN (Chevron USA, Inc.
Project)
3.55% (LOC; Chevron USA, Inc.) (a,b).................................................... 33,800,000 33,800,000
Montana-.9%
City of Forsyth, PCR, Refunding, VRDN (Pacificorp Project)
3.55% (LOC; Rabobank Nederland) (a,b).................. 13,400,000 13,400,000
Nebraska-2.1%
Nebraska Higher Education Loan Program Inc., Revenue, VRDN (Student Loan
Program)
3.65%, Series C (Insured; MBIA and BPA; Student Loan Marketing Association) (a)......... 27,340,000 27,340,000
Nebraska Investment Finance Authority, HR, VRDN (Depreciation Assets)
3.60%, Series A (Insured; FGIC and Liquidity; First Bank National Association) (a)...... 4,280,000 4,280,000
New Jersey-2.6%
Essex County Improvement Authority, Project Revenue, VRDN (County Asset Sale
Project)
3.45% (Insured; AMBAC and BPA; Morgan Guaranty Trust Co.) (a)........................... 10,000,000 10,000,000
Hudson County Improvement Authority, VRDN (Essential Purpose Pooled
Government)
3.55% (LOC: Comerica Bank and Fuji Bank) (a,b).......................................... 11,200,000 11,200,000
New Jersey Health Care Facilities Financing Authority, Revenue, VRDN
(Capital Asset Financing)
3.45%, Series D (LOC; Chase Manhattan Bank) (a,b)....................................... 3,000,000 3,000,000
New Jersey Sports and Exposition Authority, VRDN (State Contract)
3.45%, Series C (Insured; MBIA and Liquidity; Barclays Bank) (a)........................ 14,655,000 14,655,000
New York-16.2%
City of New York, VRDN:
3.55%, Subseries A-4 (LOC; Chase Manhattan Bank) (a,b).................................. 7,000,000 7,000,000
3.55%, Series B-Subseries B-5 (Insured; MBIA and Liquidity; Rabobank Nederland) (a)..... 6,000,000 6,000,000
3.55%, Series B-Subseries B-6 (Insured; MBIA and Liquidity; WestDeutsche Landesbank) (a) 7,500,000 7,500,000
3.60%, Subseries E-3 (LOC; Morgan Guaranty Trust Co.) (a,b)............................. 5,900,000 5,900,000
3.60%, Subseries E-4 (LOC; State Street Bank and Trust Co.) (a,b)....................... 6,900,000 6,900,000
New York City Industrial Development Agency, Civil Facility Revenue, VRDN
(Children's Oncology Society-Ronald McDonald House)
3.50% (LOC; Barclays Bank)(a,b)......................................................... 4,600,000 4,600,000
New York City Municipal Water Finance Authority, Water and Sewer Systems
Revenue, VRDN
3.60%, Series C (Insured; FGIC) (a)..................................................... 9,400,000 9,400,000
New York State Dormitory Authority, Revenues, VRDN (Metropolitan Museum of
Art)
3.50%, Series A (Guaranteed by; Metropolitan Museum of Art) (a)......................... 2,700,000 2,700,000
New York State Energy, Research and Development Authority, PCR, VRDN
(Orange/Rockland Utility)
3.60%, Series A (BPA; Societe Generale and Insured; AMBAC) (a).......................... 8,500,000 8,500,000
New York State Local Government Assistance Corporation, VRDN:
3.50%, Series B (LOC; Credit Suisse) (a,b).............................................. 27,900,000 27,900,000
3.50%, Series A (LOC: Credit Suisse and Union Bank of Switzerland) (a,b)................ 30,600,000 30,600,000
3.55%, Series C (LOC; Landesbank Hessen) (a,b).......................................... 35,700,000 35,700,000
3.65%, Series G (LOC; National Westminster Bank) (a,b).................................. 26,500,000 26,500,000
#
DREYFUS TAX EXEMPT CASH MANAGEMENT
STATEMENT OF INVESTMENTS (CONTINUED) JULY 31, 1997 (UNAUDITED)
Principal
Tax Exempt Investments (continued) Amount Value
------- -------
New York (continued)
New York State Medical Care Facilities Finance Agency, Revenue, VRDN
(Pooled Loan Equipment Program-1)
3.60% (LOC; Chase Manhattan Bank) (a,b).......... $ 55,700,000 $ 55,700,000
City of Rochester, BAN 4%, Series I, 3/10/98.............................................. 7,000,000 7,012,240
Ohio-1.1%
Green County, Certificates of Indebtness, Notes (Beaver Creek Wastewater
Treatment Plant)
4.50%, 5/7/98........................................................................... 16,000,000 16,052,834
Oregon-.7%
Port Morrow, Revenue, Refunding, VRDN (Portland General Electric-Boardman
Project)
3.70% (LOC; Industrial Bank of Japan) (a,b)............................................. 10,500,000 10,500,000
Pennsylvania-2.6%
Emmaus General Authority, Revenue, VRDN:
3.30%, Subseries F-5 (LOC; Goldman, Sachs and Co.) (a,b)................................ 4,000,000 4,000,000
3.70%, Series E-9 (LOC; Midland Bank) (a,b)............................................. 10,000,000 10,000,000
3.75%, Subseries F-10 (LOC; Bayerische Landesbank) (a,b)................................ 4,000,000 4,000,000
3.75%, Series G (GIC; Goldman, Sachs and Co.) (a)....................................... 1,800,000 1,800,000
City of Philadelphia, TRAN 4.50%, Series A, 6/30/98....................................... 15,000,000 15,065,774
Washington County Authority, Lease Revenue, VRDN
(Higher Education Pooled Equipment Lease Project)
3.65%, Series 1985A (LOC; First Union National Bank) (a,b).............................. 3,400,000 3,400,000
South Carolina-.9%
South Carolina Public Service Authority, Electric Revenue and Electric
Systems Expansion, CP
3.70%, 8/12/97 (LOC; Nationsbank) (b)................................................... 9,063,000 9,063,000
Sumter County, IR, VRDN (Bendix Corp. Project) 4.075% (LOC; Sumitomo Bank) (a,b).......... 4,000,000 4,000,000
Texas-11.9%
Bexar County Health Facilities Development Corporation, Revenue, VRDN
(Retirement Community-Air Force Village Foundation Project)
3.625% (LOC; Rabobank Nederland) (a,b).................................................. 14,300,000 14,300,000
Dallas County, Permanent Improvement Revenue
3.95%, Series C, 6/15/98 (SBPA; Union Bank of Switzerland).............................. 7,710,000 7,710,000
Greater East Texas Higher Education Authority Inc., Student Loan Revenue,
Refunding
4.05%, Series A, 9/1/97 (LOC; Student Loan Marketing Association) (b)................... 21,000,000 21,000,000
Gulf Coast Waste Disposal Authority, PCR, Refunding, VRDN (Amoco Oil Co.
Project)
3.50% (Corp. Guaranty; Amoco Credit Corp.) (a).......................................... 34,000,000 34,000,000
Harris County Health Facilities Development Corporation, HR, VRDN:
(Texas Children's Hospital) 3.65%, Series B-1 (LOC; Bank of America) (a,b).............. 8,300,000 8,300,000
(TIRR Project) 3.60% (LOC; Texas Commerce Bank) (a,b)................................... 6,710,000 6,710,000
Sabine River Authority, PCR, Refunding, VRDN (Texas Utilities Project)
3.60%, Series A (Insured; AMBAC and Liquidity; The Bank of New York) (a)................ 20,300,000 20,300,000
State of Texas, TRAN 4.75%, 8/29/97....................................................... 35,800,000 35,832,329
Texas Department of Housing and Community Affairs, MFHR, VRDN (Higher Point
III)
3.60%, Series A (LOC; Trust Co. Bank of Georgia) (a,b).................................. 12,490,000 12,490,000
Texas Health Facilities Development Corporation, HR, VRDN (North Texas Pooled
Health)
3.70%, Series 85A (LOC; Banque Paribas) (a,b)........................................... 17,500,000 17,500,000
Utah-2.4%
Intermountain Power Agency, Power Supply Revenue:
3.50%, Series E, 9/15/97 (LOC; Swiss Bank Corp.) (b).................................... 10,000,000 10,000,000
3.50%, Series F, 9/15/97 (LOC; Swiss Bank Corp.) (b).................................... 11,500,000 11,500,000
3.80%, Series E, 6/15/98 (LOC; Morgan Guaranty Trust Co.) (b)........................... 15,000,000 15,000,000
#
DREYFUS TAX EXEMPT CASH MANAGEMENT
STATEMENT OF INVESTMENTS (CONTINUED) JULY 31, 1997 (UNAUDITED)
Principal
Tax Exempt Investments (continued) Amount Value
------- -------
Virginia-1%
Henrico County Industrial Development Authority, Health Facility Revenue,
VRDN
(Hermitage Project) 3.70% (LOC; Nationsbank) (a,b)...................................... $ 14,400,000 $ 14,400,000
Washington-2.1%
Snohomish County Public Utilities District No.1, Electric Revenue, VRDN
(Generation Systems)
3.60% (Insured; MBIA and SBPA; Industrial Bank of Japan) (a)............................ 10,760,000 10,760,000
Washington Public Power Supply System, Revenue, Refunding, VRDN (Nuclear
Project No.3)
3.55%, Series 3A-3 (LOC; National Westminster Bank) (a,b)............................... 21,200,000 21,200,000
Wyoming-.4%
Lincoln County, PCR, VRDN (Exxon Project) 3.55% (LOC; Exxon Corp.) (a,b).................. 6,400,000 6,400,000
U.S. Related-1.3%
Commonwealth of Puerto Rico Government Development Bank, CP
3.80%, 8/11/97.......................................................................... 20,000,000 20,000,000
-------
TOTAL INVESTMENTS (cost $1,492,928,943)................................................... $1,492,928,943
=======
Notes to Statement of Investments:
(a) Securities payable on demand. The interest rate, which is subject to
change, is based upon bank prime rates or an index of market interest rates.
(b) Secured by letters of credit. At July 31, 1997, 57.4% of the Fund's
net assets are backed by letters of credit issued by domestic banks, foreign
banks, brokerage firms, corporations and government agencies.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
#
<TABLE>
<CAPTION>
DREYFUS TREASURY CASH MANAGEMENT
STATEMENT OF INVESTMENTS JULY 31, 1997 (UNAUDITED)
Annualized
Yield on
Date of Principal
U.S. Treasury Bills-30.8% Purchase Amount Value
---------- ------------ --------------
<S> <C> <C> <C>
8/14/97...................................................... 5.11 % $ 425,000,000. $ 424,218,013
8/21/97...................................................... 5.33 100,000,000 99,712,778
9/18/97...................................................... 5.83 25,000,000 24,816,500
10/16/97..................................................... 5.56 250,000,000 247,144,196
1/8/98....................................................... 5.59 35,000,000 34,176,445
2/5/98....................................................... 5.52 50,000,000 48,634,389
5/28/98...................................................... 5.83 50,000,000 47,704,167
6/25/98...................................................... 5.61 50,000,000 47,576,444
-------
TOTAL U.S. TREASURY BILLS
(cost $972,982,932).......................................... $ 973,982,932
=======
U.S. Treasury Notes-22.4%
6.50%, 8/15/97............................................... 5.22 % $ 112,010,000 $ 112,062,658
5.75%, 9/30/97............................................... 5.48 150,000,000 150,039,450
7.38%, 11/15/97.............................................. 5.56 175,000,000 175,814,403
6.13%, 3/31/98............................................... 5.37 100,000,000 100,367,025
5.13%, 4/30/98............................................... 5.49 85,000,000 84,734,186
6.00%, 5/31/98............................................... 5.63 50,000,000 50,099,249
6.25%, 7/31/98............................................... 5.43 35,000,000 35,209,255
-------
TOTAL U.S. TREASURY NOTES
(cost $708,326,226)......................................................... $ 708,326,226
=======
Repurchase Agreements-46.4%
Barclays De Zoete Wedd Securities, Inc.
dated 7/31/97, due 8/1/97 in the amount of
$350,054,861 (fully collateralized by
$350,185,000 U.S. Treasury Notes, 6.13%-7.88%,
due from 4/15/98 to 7/31/98, value
$354,973,717)....................................................... 5.64 % $ 350,000,000 $ 350,000,000
First Boston Corp.
dated 7/31/97, due 8/1/97 in the amount of
$74,011,717 (fully collateralized by
$26,200,000 U.S. Treasury Notes, 5.13%, due
2/28/98 and $50,000,000 U.S. Treasury Bills
due 1/8/98, value $75,539,687)...................................... 5.70 74,000,000 74,000,000
Goldman, Sachs & Co.
dated 7/31/97, due 8/1/97 in the amount of
$248,186,912 (fully collateralized by
$257,555,000 U.S. Treasury Bills, due from
10/30/97 to 12/4/97, value $253,335,912)............................ 5.94 248,146,000 248,146,000
J.P. Morgan Securities Inc.
dated 7/31/97, due 8/1/97 in the amount of
$238,698,053 (fully collateralized by
$250,000,000 U.S. Treasury Bills due
1/29/98, value $243,528,889)........................................ 5.74 238,660,000 238,660,000
SBC Capital Corp.
dated 7/31/97, due 8/1/97 in the amount of
$258,040,993 (fully collateralized by
$261,855,000 U.S. Treasury Notes, 5.25%
due 12/31/97, value $262,685,749)................................... 5.72 258,000,000 258,000,000
#
DREYFUS TREASURY CASH MANAGEMENT
STATEMENT OF INVESTMENTS (CONTINUED) JULY 31, 1997 (UNAUDITED)
Annualized
Yield on
Date of Principal
Repurchase Agreements (continued) Purchase Amount Value
---------- ------------ --------------
UBS Securities Inc.
dated 7/31/97, due 8/1/97 in the amount of
$300,047,917 (fully collateralized by
$300,961,000 U.S. Treasury Notes, 5.13%-7.25%,
due from 2/15/98 to 7/31/98, value
$305,967,589)................................. 5.75% $ 300,000,000 $ 300,000,000
-------
TOTAL REPURCHASE AGREEMENTS
(cost $1,468,806,000)....................................................... $1,468,806,000
=======
TOTAL INVESTMENTS
(cost $3,151,115,158).................. 99.6% $3,151,115,158
==== =======
CASH AND RECEIVABLES (NET)............... .4% $ 14,026,992
==== =======
NET ASSETS............ 100.0% $3,165,142,150
==== =======
SEE NOTES TO FINANCIAL STATEMENTS
#
DREYFUS TREASURY PRIME CASH MANAGEMENT
STATEMENT OF INVESTMENTS JULY 31,1997 (UNAUDITED)
Annualized
Yield on
Date of Principal
U.S. Treasury Bills-14.3% Purchase Amount Value
---------- ------------ --------------
8/14/97...................................................... 5.32 % $ 6,065,000 $ 6,053,524
8/21/97...................................................... 5.58 41,770,000 41,647,243
10/02/97..................................................... 5.44 36,900,000 36,561,914
11/13/97..................................................... 5.23 73,495,000 72,419,828
12/4/97...................................................... 5.22 52,701,000 51,767,566
12/11/97..................................................... 5.25 89,396,000 87,719,339
1/2/98....................................................... 5.16 9,750,000 9,540,207
1/8/98....................................................... 5.20 1,239,000. 1,211,081
4/2/98....................................................... 5.95 150,000,000 144,286,332
-------
TOTAL U.S. TREASURY BILLS
(cost $451,207,034)......................................................... $ 451,207,034
=======
U.S. Treasury Notes-87.6%
6.50%, 8/15/97............................................... 5.29% $ 205,000,000 $ 205,087,541
5.63%, 8/31/97............................................... 5.38 60,100,000 60,194,193
6%, 8/31/97.................................................. 5.33 705,950,000 706,186,814
5.50%, 9/30/97............................................... 5.37 6,200,000 6,200,000
5.75%, 9/30/97............................................... 5.37 626,420,000 626,659,528
8.75%, 10/15/97.............................................. 5.35 102,933,000 103,604,379
5.75%, 10/31/97.............................................. 5.30 150,000,000 150,097,698
5.38%, 11/30/97.............................................. 5.39 680,775,000 680,442,660
6%, 11/30/97................................................. 5.37 100,000,000 100,159,806
5.13%, 2/28/98............................................... 5.34 69,119,000 68,947,763
6.13%, 3/31/98............................................... 5.36 61,781,000 62,012,298
-------
TOTAL U.S. TREASURY NOTES
(cost $2,769,592,680)....................................................... $2,769,592,680
=======
TOTAL INVESTMENTS
(cost $3,220,799,714).................. 101.9% $3,220,799,714
=== =======
LIABILITIES, LESS CASH AND RECEIVABLES... (1.9%) $ (58,506,145)
=== =======
NET ASSETS............................... 100.0% $3,162,293,569
=== =======
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
#
<TABLE>
<CAPTION>
Summary of Abbreviations
<S> <C> <S> <C>
AMBAC American Municipal Bond Assurance Corporation LOC Letter of Credit
BAN Bond Anticipation Notes LOR Limited Obligation Revenue
BPA Bond Purchase Agreement MBIA Municipal Bond Investors Assurance
CP Commercial Paper Insurance Corporation
EDR Economic Development Revenue MFHR Multi-Family Housing Revenue
FGIC Financial Guaranty Insurance Company PCR Pollution Control Revenue
FNMA Federal National Mortgage Association RAN Revenue Anticipation Notes
FSA Financial Security Assurance RRR Resources Recovery Revenue
GAN Grant Anticipation Notes SBPA Standby Bond Purchase Agreement
GIC Guaranteed Investment Contract SFMR Single Family Mortgage Revenue
HR Hospital Revenue TAN Tax Anticipation Notes
IR Industrial Revenue TRAN Tax and Revenue Anticipation Notes
IDR Industrial Development Revenue VRDN Variable Rate Demand Notes
</TABLE>
<TABLE>
<CAPTION>
Summary of Combined Ratings (Unaudited)
Percentage of Value
----------------------------------------------
Dreyfus Dreyfus Dreyfus
Municipal Cash New York Tax Exempt
Management Municipal Cash Cash
Fitch (a) or Moody's or Standard & Poor's Plus Management Management
- --------- -------- -------- ------- ------- -------
<S> <C> <C> <C> <C> <C>
F1+/F1 VMIG1/MIG1, P1 (b) SP1+/SP1, A1+/A1 (b) 98.4% 98.4% 94.7%
F2 VMIG2/MIG2, P2 SP2, A2 .- .- 1.8
AAA/AA (c) Aaa/Aa (c) AAA/AA (c) .- .- 1.7
Not Rated (d) Not Rated (d) Not Rated (d) 1.6 1.6 1.8
---- ---- ----
100.0% 100.0% 100.0%
==== ==== ====
Notes to Summary of Combined Ratings:
(a) Fitch currently provides creditworthiness information for a limited
number of investments.
(b) P1 and A1 are the highest ratings assigned tax-exempt commercial paper
by Moody's and Standard & Poor's, respectively.
(c) Notes which are not F, MIG or SP rated are represented by bond ratings
of the issuers.
(d) Securities which, while not rated by Fitch, Moody's and Standard &
Poor's have been determined by the Fund's Manager to be of comparable quality
to those rated securities in which the Fund may invest.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
<CAPTION>
#
STATEMENTS OF ASSETS AND LIABILITIES JULY 31, 1997 (UNAUDITED)
($ IN THOUSANDS, EXCEPT NET ASSET VALUE PER SHARE)
Dreyfus Dreyfus Dreyfus Dreyfus Dreyfus Dreyfus Dreyfus
Dreyfus Cash Government Municipal Cash New York Tax Exempt Treasury Treasury
Cash Management Cash Management Municipal Cash Cash Cash Prime Cash
Management Plus Management Plus Management Management Management Management
-------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
ASSETS:
Investments at value..... $3,451,903 $7,250,757 $5,111,863 $ 185,883 $ 176,145 $1,492,929 $3,151,115 $3,220,800
Cash..................... 578 8,012 18,193 144 5,207 1,956 ---- 1,517
Receivable for investment
securities sold........ ---- ---- 47,367 ---- ---- ---- ---- ----
Interest receivable...... 13,484 67,297 42,019 1,034 941 9,471 16,620 52,211
-------------------------------------------------------------------------------------------
3,465,965 7,326,066 5,219,442 187,061 182,293 1,504,356 3,167,735 3,274,528
-------------------------------------------------------------------------------------------
LIABILITIES:
Due to The Dreyfus Corporation
and affiliates......... 674 1,252 905 36 35 277 585 572
Cash overdraft due to Custodian ---- ---- ---- ---- ---- ---- 1947 ----
Due to Distributor....... 41 165 95 8 2 8 61 75
Payable for investment securities
purchased.............. ---- 182,335 47,367 ---- ---- ---- ---- ----
Payable for shares of Beneficial
Interest redeemed...... 994 51,286 128,225 ---- ---- ---- ---- 111,587
-------------------------------------------------------------------------------------------
1,709 235,038 176,592 44 37 285 2,593 112,234
-------------------------------------------------------------------------------------------
NET ASSETS............... $3,464,256 $7,091,028 $5,042,850 $ 187,017 $ 182,256 $1,504,071 $3,165,142 $3,162,294
-------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------
REPRESENTED BY:
Paid-in capital.......... $3,464,756 $7,092,128 $5,043,438 $ 187,185... 182,262 $1,504,548 $3,165,515 $3,162,314
Accumulated net realized gain (loss)
on investments......... (500) (1,100) (588) (168) (6) (477) (373) (20)
-------------------------------------------------------------------------------------------
NET ASSETS............. $3,464,256 $7,091,028 $5,042,850 $ 187,017 $ 182,256 $1,504,071 $3,165,142 $3,162,294
-------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------
NET ASSET VALUE PER SHARE
----------------------------
INSTITUTIONAL SHARES
- ----------
Net Assets............. $2,973,006 $6,195,771 $4,300,462 $ 148,680..$ 167,739 $1,340,682 $2,676,946 $2,831,770
Shares Outstanding..... 2,973,476 6,196,835 4,300,981 148,843 167,742 1,341,141 2,677,302 2,831,799
NET ASSET VALUE PER SHARE $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
=== === === === === === === ===
INVESTOR SHARES
- --------
Net Assets............. 462,089 833,304 699,284 38,289 13,586 163,389 459,747 314,194
Shares Outstanding..... 462,119 833,339 699,355 38,294 13,588 163,407 459,764 314,185
NET ASSET VALUE PER SHARE $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
=== === === === === === === ===
ADMINISTRATIVE SHARES
- -----------
Net Assets............. 28,196 54,387 24,973 .- .- .- .- .-
Shares Outstanding..... 28,196 54,389 24,971 .- .- .- .- .-
NET ASSET VALUE PER SHARE $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
=== === === === === === === ===
PARTICIPANT SHARES
- ---------
Net Assets............. 965 7,566 18,131 48 931 .- 28,449 16,330
Shares Outstanding..... 965 7,566 18,131 48 931 .- 28,449 16,330
NET ASSET VALUE PER SHARE $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
=== === === === === === === ===
SEE NOTES TO FINANCIAL STATEMENTS.
#
STATEMENTS OF OPERATIONS
($ IN THOUSANDS) SIX MONTHS ENDED JULY 31, 1997 (UNAUDITED)
Dreyfus Dreyfus Dreyfus Dreyfus Dreyfus Dreyfus Dreyfus
Dreyfus Cash Government Municipal Cash New York Tax Exempt Treasury Treasury Prime
Cash Management Cash Management Municipal Cash Cash Cash Cash
Management Plus Management Plus Management Management Management Management
------------------------------------------------------------------------------------------------
INVESTMENT INCOME:
Interest Income........... $ 95,956 $198,974 $146,521 $ 3,627 $ 2,862 $ 29,081 $ 84,099 $ 88,256
------------------------------------------------------------------------------------------------
EXPENSES:
Management fee-Note 2(a) 3,443 7,048 5,271 197 159 1,606 3,098 3,295
Distribution fees-Note 2(b)
Investor Shares....... 652 955 667 50 15 107 468 365
Administrative Shares. 4 16 16 --- --- --- --- ---
Participant Shares.... 2 9 16 --- 1 --- 29 25
------------------------------------------------------------------------------------------------
4,101 8,028 5,970 247 175 1,713 3,595 3,685
------------------------------------------------------------------------------------------------
INVESTMENT INCOME-NET..... 91,855 190,946 140,551 3,380 2,687 27,368 80,504 84,571
NET REALIZED GAIN (LOSS)
ON INVESTMENTS-Note 1(b) (167) (220) 255 12 2 (9) (31) 123
------------------------------------------------------------------------------------------------
NET INCREASE IN
NET ASSETS RESULTING
FROM OPERATIONS......... $ 91,688 $190,726 $140,806 $ 3,392 $ 2,689 $ 27,359 $ 80,473 $ 84,694
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
#
<TABLE>
<CAPTION>
STATEMENTS OF CHANGES IN NET ASSETS
($ IN THOUSANDS)
Dreyfus Cash Management Dreyfus Cash Management Plus, Inc.
------------------------------------ ---------------------------------------------
Six Months Ended Six Months Ended Four Months Ended
July 31, 1997 Year Ended July 31, 1997 January 31, Year Ended
(Unaudited) January 31, 1997 (Unaudited) 1997* September 30, 1996
------------------------------------ ---------------------------------------------
<S> <C> <C> <C> <C> <C>
OPERATIONS:
Investment income-net......... $ 91,855 $ 163,884 $ 190,946 $ 116,850 $ 318,484
Net realized gain (loss) on investments (167) (134) (220) 46 (2)
------ ------ ------ ------ ------
Net Increase (Decrease) in Net Assets
Resulting from Operations. 91,688 163,750 190,726 116,896 318,482
------ ------ ------ ------ ------
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income-net:
Institutional Shares...... (78,303) (138,229) (170,116) (104,056) (292,839)
Investor Shares........... (13,331) (25,655) (19,863) (12,766) (25,645)
Administrative Shares..... (196) ---- (858) (26) ----
Participant Shares........ (25) ---- (109) (2) ----
------ ------ ------ ------ ------
Total Dividends........... (91,855) (163,884) (190,946) (116,850) (318,484)
------ ------ ------ ------ ------
BENEFICIAL INTEREST/CAPITAL STOCK
TRANSACTIONS ($1.00 per share):
Net proceeds from shares sold:
Institutional Shares...... 16,252,709 24,051,495 59,361,326 38,291,612 93,822,519
Investor Shares........... 2,283,105 3,776,647 2,523,372 2,019,846 3,923,658
Administrative Shares..... 100,000 ---- 103,476 15,888 ----
Participant Shares........ 10,002 ---- 15,508 1,420 ----
Dividends reinvested:
Institutional Shares...... 30,985 46,596 82,575 48,591 115,308
Investor Shares........... 4,569 7,234 18,729 12,241 24,909
Administrative Shares..... 196 ---- 719 26 ----
Participant Shares........ ---- ---- 107 2 ----
Cost of shares redeemed:
Institutional Shares...... (16,068,867) (23,782,306) (58,763,789) (37,590,704) (93,576,512)
Investor Shares........... (2,406,138) (3,633,582) (2,490,691) (1,879,424) (3,671,805)
Administrative Shares..... (72,000) ---- (50,006) (15,714) ----
Participant Shares........ (9,037) ---- (8,521) (950) ----
------ ------ ------ ------ ------
Increase (Decrease) in Net Assets From
Beneficial Interest/
Capital Stock Transactions 125,524 466,084 792,805 902,834 638,077
------ ------ ------ ------ ------
Total Increase (Decrease)
In Net Assets............. 125,357 465,950 792,585 902,880 638,075
NET ASSETS:
Beginning of period....... 3,338,899 2,872,949 6,298,443 5,395,563 4,757,488
------ ------ ------ ------ ------
End of period............. $ 3,464,256 $ 3,338,899 $ 7,091,028 $ 6,298,443 $ 5,395,563
====== ====== ====== ====== ======
* The Fund changed its fiscal year end from September 30 to January 31.
SEE NOTES TO FINANCIAL STATEMENTS.
#
STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
($ IN THOUSANDS)
Dreyfus Government Cash Management Dreyfus Municipal Cash Management Plus
------------------------------------ ---------------------------------------------
Six Months Ended Six Months Ended
July 31, 1997 Year Ended July 31, 1997 One Month Ended Year Ended
(Unaudited) January 31, 1997 (Unaudited) January 31, 1997* December 31, 1996
------------------------------------ ---------------------------------------------
OPERATIONS:
Investment income-net......... $ 140,551 $ 284,091 $ 33,380 $ 540 $ 7,661
Net realized gain (loss) on investments 255 (507) 12 (17) (6)
------ ------ ------ ------ ------
Net Increase (Decrease) in Net Assets
Resulting from Operations. 140,806 283,584 3,392 523 7,655
------ ------ ------ ------ ------
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income-net:
Institutional Shares...... (125,884) (252,188) (2,739) (417) (6,211)
Investor Shares........... (13,625) (31,739) (641) (123) (1,450)
Administrative Shares..... (836) (164) ---- ---- ----
Participant Shares........ (206) ---- ---- ---- ----
------ ------ ------ ------ ------
Total Dividends........... (140,551) (284,091) (3,380) (540) (7,661)
------ ------ ------ ------ ------
BENEFICIAL INTEREST/CAPITAL STOCK
TRANSACTIONS ($1.00 per share):
Net proceeds from shares sold:
Institutional Shares...... 35,197,185 71,649,461 710,656 117,013 1,844,365
Investor Shares........... 2,976,573 6,751,055 152,935 76,770 525,651
Administrative Shares..... 196,755 67,556 ---- ---- ----
Participant Shares........ 231,928 282 48 ---- ----
Dividends reinvested:
Institutional Shares...... 60,137 117,875 2,487 377 5,717
Investor Shares........... 6,945 17,014 624 108 1,317
Administrative Shares..... 836 164 ---- ---- ----
Participant Shares........ 33 ---- ---- ---- ----
Cost of shares redeemed:
Institutional Shares...... (35,522,179) (71,979,738) (723,425) (114,338) (1,888,252)
Investor Shares........... (2,831,719) (6,672,178) (181,944) (56,030) (503,956)
Administrative Shares..... (209,519) (30,820) ---- ---- ----
Participant Shares........ (214,049) (63) ---- ---- ----
------ ------ ------ ------ ------
Increase (Decrease) in Net Assets From
Beneficial Interest/
Capital Stock Transactions (107,074) (79,392) (38,619) 23,900 (15,158)
------ ------ ------ ------ ------
Total Increase (Decrease)
In Net Assets............. (106,819) (79,899) (38,607) 23,883 (15,164)
NET ASSETS:
Beginning of period....... 5,149,669 5,229,568 225,624 201,741 216,905
------ ------ ------ ------ ------
End of period............. $ 5,042,850 $ 5,149,669 $ 187,017 $ 225,624 $ 201,741
====== ====== ====== ====== ======
* The Fund changed its fiscal year end from December 31 to January 31.
SEE NOTES TO FINANCIAL STATEMENTS.
#
STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
($ IN THOUSANDS)
Dreyfus New York Municipal Dreyfus Tax Exempt
Cash Management Cash Management
-------------------------------------------------- ----------------------------------
Six Months Ended Six Months Ended
July 31, 1997 Six Months Ended Year Ended July 31, 1997 Year Ended
(Unaudited) January 31, 1997* July 31, 1996 (Unaudited) January 31, 1997
-------------------------------------------------- ----------------------------------
OPERATIONS:
Investment income-net......... $ 2,687 $ 2,442 $ 3,484 $ 27,368 $ 46,711
Net realized gain (loss) on investments 2 ---- (3) (9) (144)
----- ----- ----- ----- -----
Net Increase (Decrease) in Net Assets
Resulting from Operations... 2,689 2,442 3,481 27,359 46,567
----- ----- ----- ----- -----
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income-net:
Institutional Shares........ (2,489) (2,228) (3,224) (25,997) (45,013)
Investor Shares............. (191) (214) (260) (1,371) (1,698)
Participant Shares.......... (7) ---- ---- ---- ----
----- ----- ----- ----- -----
Total Dividends............. (2,687) (2,442) (3,484) (27,368) (46,711)
----- ----- ----- ----- -----
BENEFICIAL INTEREST/CAPITAL STOCK
TRANSACTIONS ($1.00 per share):
Net proceeds from shares sold:
Institutional Shares........ 389,531 242,550 517,023 4,868,444 9,298,862
Investor Shares............. 12,421 19,483 29,578 249,832 296,940
Participant Shares.......... 1,752 ---- ---- ---- ----
Dividends reinvested:
Institutional Shares........ 252 80 200 7,507 8,434
Investor Shares............. 191 212 260 177 466
Participant Shares.......... 7 ---- ---- ---- ----
Cost of shares redeemed:
Institutional Shares........ (354,732) (242,314) (486,159) (5,181,412) (9,027,505)
Investor Shares............. (7,424) (25,614) (21,544) (131,050) (332,781)
Participant Shares.......... (828) ---- ---- ---- ----
----- ----- ----- ----- -----
Increase (Decrease) in Net Assets From
Beneficial Interest/
Capital Stock Transactions.. 41,170 (5,603) 39,358 (186,502) 244,416
----- ----- ----- ----- -----
Total Increase (Decrease)
In Net Assets............... 41,172 (5,603) 39,355 (186,511) 244,272
NET ASSETS:
Beginning of period......... 141,084 146,687 107,332 1,690,582 1,446,310
----- ----- ----- ----- -----
End of period............... $ 182,256 $ 141,084 $ 146,687 $ 1,504,071 $ 1,690,582
===== ===== ===== ===== =====
* The Fund changed its fiscal year end from July 31 to January 31.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
#
<TABLE>
<CAPTION>
STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
($ IN THOUSANDS)
Dreyfus Treasury Cash Management Dreyfus Treasury Prime Cash
Management
------------------------------------------------ --------------------------------------------------
Six Months Ended Six Months Ended
July 31, 1997 Six Months Ended Year Ended July 31, 1997 Eleven Months Ended Year Ended
(Unaudited) January 31, 1997(1) July 31, 1996 (Unaudited) January 31, 1997(2) February 29, 1996
------------------------------------------------ --------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
OPERATIONS:
Investment income-net.. $ 80,504 $ 76,299 $ 139,568 $ 84,571 $ 159,795 $ 190,392
Net realized gain (loss)
on investments..... (31) (6) (217) 123 (20) (115)
------ ------ ------ ------ ------ ------
Net Increase (Decrease) in
Net Assets Resulting
from Operations.... 80,473 76,293 139,351 84,694 159,775 190,277
------ ------ ------ ------ ------ ------
DIVIDENDS TO
SHAREHOLDERS FROM:
Investment income-net:
Institutional Shares (70,822) (68,531) (132,404) (77,109) (145,407) (179,192)
Investor Shares.... (9,334) (7,768) (7,164) (7,166) (14,388) (11,200)
Participant Shares. (348) ---- ---- (296) ---- ----
------ ------ ------ ------ ------ ------
Total Dividends.... (80,504) (76,299) (139,568) (84,571) (159,795) (190,392)
------ ------ ------ ------ ------ ------
BENEFICIAL INTEREST/CAPITAL
STOCK TRANSACTIONS
($1.00 per share):
Net proceeds from shares sold:
Institutional Shares 15,239,885 16,841,898 33,657,047 25,542,645 55,628,839 46,535,418
Investor Shares.... 2,072,968 2,088,123 1,917,234 972,990 1,802,748 1,619,789
Administrative Shares ---- ---- ---- ---- 25 ----
Participant Shares. 172,037 ---- ---- 117,776 ---- ----
Dividends reinvested:
Institutional Shares 23,645 21,625 39,639 26,213 47,531 60,805
Investor Shares.... 1,509 1,603 1,777 3,507 6,118 4,969
Participant Shares. 4 ---- ---- 30 ---- ----
Cost of shares redeemed:
Institutional Shares (15,235,135) (16,634,768) (33,227,757) (25,783,784) (55,533,887) (47,034,381)
Investor Shares.... (1,945,143) (1,996,877) (1,720,479) (1,020,330) (1,706,468) (1,491,661)
Administrative Shares ---- ---- ---- ---- (25) ----
Participant Shares. (143,591) ---- ---- (101,476) ---- ----
------ ------ ------ ------ ------ ------
Increase (Decrease) in Net Assets
From Beneficial Interest/
Capital Stock Transactions 186,179 321,604 667,461 (242,429) 244,881 (305,061)
------ ------ ------ ------ ------ ------
Total Increase (Decrease)
In Net Assets...... 186,148 321,598 667,244 (242,306) 244,861 (305,176)
NET ASSETS:
Beginning of period 2,978,994 2,657,396 1,990,152 3,404,600 3,159,739 3,464,915
------ ------ ------ ------ ------ ------
End of period...... $ 3,165,142 $ 2,978,994 $ 2,657,396 $ 3,162,294 $ 3,404,600 $ 3,159,739
====== ====== ====== ====== ====== ======
(1) The Fund changed its fiscal year end from July 31 to January 31.
(2) The Fund changed its fiscal year end from February 28/29 to January 31.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
#
<TABLE>
<CAPTION>
FINANCIAL HIGHLIGHTS (UNAUDITED)
Contained below is per share operating performance data for a share of
Common Stock / Beneficial Interest outstanding, as the case may be, for each
share class of each Fund indicated, total investment returns, ratios to
average net assets and other supplemental data for each period indicated.
This information has been derived from each Fund's financial statements.
Per Share Data Ratios/Supplemental Data
-------------------------------------------- --------------------------------------------------
Decrease
Ratio of Net reflected
Net Asset Dividends Net Asset Ratio of Investment in expense Net Assets
Value Net from Net Value Total Expenses Income to ratios due to End of
Beginning Investment Investment End Investment to Average Average undertaking by Period
of Period Income Income of Period Return Net Assets Net Assets the Manager (in millions)
-------------------------------------------- -------- ----------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
DREYFUS CASH MANAGEMENT
Institutional Shares
Six Months Ended July 31, 1997 $1.00 $.027 $(.027) $1.00 5.42%* .20%* 5.38%* .- $2,973
Year Ended January 31,
1997...................... 1.00 .053 (.053) 1.00 5.39 .20 5.27 .- 2,758
1996...................... 1.00 .059 (.059) 1.00 6.03 .20 5.86 .- 2,443
1995...................... 1.00 .042 (.042) 1.00 4.28 .20 4.08 .- 1,817
1994...................... 1.00 .031 (.031) 1.00 3.15 .20 3.11 .03% 2,895
1993...................... 1.00 .036 (.036) 1.00 3.68 .20 3.60 .04 5,475
Administrative Shares
Six Months Ended July 31, 1997 1.00 .026 (.026) 1.00 5.32* .30* 5.27* .- 28
Period Ended January 31, 1997 (1) 1.00 .010 (.010) 1.00 5.22* .30* 3.74* .- .-
Investor Shares
Six Months Ended July 31, 1997 1.00 .025 (.025) 1.00 5.18* .45* 5.11* .- 462
Year Ended January 31,
1997...................... 1.00 .050 (.050) 1.00 5.13 .45 5.02 .- 581
1996...................... 1.00 .056 (.056) 1.00 5.76 .45 5.54 .- 430
1995...................... 1.00 .040 (.040) 1.00 4.03 .45 3.94 .- 85
1994 (2).................. 1.00 .002 (.002) 1.00 2.82* .45* 2.83* .- 52
Participant Shares
Six Months Ended July 31, 1997 1.00 .025 (.025) 1.00 5.02* .60* 4.97* .- 1
Period Ended January 31, 1997 (1) 1.00 .010 (.010) 1.00 4.92* .60* 3.84* .- .-
- ----------------------------------------------------------------------------------------------------------------------------------
DREYFUS CASH MANAGEMENT PLUS, INC.
Institutional Shares
Six Months Ended July 31, 1997 $1.00 $.027 $(.027) $1.00 5.53%* .20%* 5.45%* .- $6,196
Period Ended January 31, 1997(3) 1.00 .018 (.018) 1.00 5.34* .20* 5.32* .- 5,516
Year Ended September 30,
1996...................... 1.00 .055 (.055) 1.00 5.59 .20 5.46 .- 4,766
1995...................... 1.00 .057 (.057) 1.00 5.86 .20 5.81 .- 4,405
1994...................... 1.00 .036 (.036) 1.00 3.65 .20 3.49 .01% 1,893
1993...................... 1.00 .032 (.032) 1.00 3.20 .20 3.15 .04 3,003
Administrative Shares
Six Months Ended July 31, 1997 1.00 .027 (.027) 1.00 5.42* .30* 5.35* .- 54
Period Ended January 31, 1997 (1) 1.00 .010 (.010) 1.00 5.22* .30* 4.99* .- .-
Investor Shares
Six Months Ended July 31, 1997 1.00 .026 (.026) 1.00 5.26* .45* 5.20* .- 833
Period Ended January 31, 1997(3) 1.00 .017 (.017) 1.00 5.10* .45* 5.07* .- 782
Year Ended September 30,
1996...................... 1.00 .052 (.052) 1.00 5.33 .45 5.19 .- 629
1995...................... 1.00 .055 (.055) 1.00 5.61 .45 5.66 .- 352
1994 (4).................. 1.00 .025 (.025) 1.00 3.61* .45* 4.00* .- 6
Participant Shares
Six Months Ended July 31, 1997 1.00 .025 (.025) 1.00 5.10* .60* 5.05* .- 8
Period Ended January 31, 1997 (1) 1.00 .010 (.010) 1.00 4.92* .60* 4.78* .- .-
* Annualized.
(1) From November 21, 1996 (commencement of initial offering) to January 31, 1997.
(2) From January 10, 1994 (commencement of initial offering) to January 31, 1994.
(3) The Fund changed its fiscal year end from September 30 to January 31.
(4) From January 24, 1994 (commencement of initial offering) to September 30, 1994.
SEE NOTES TO FINANCIAL STATEMENTS.
#
FINANCIAL HIGHLIGHTS (UNAUDITED) (CONTINUED)
Contained below is per share operating performance data for a share of
Common Stock / Beneficial Interest outstanding, as the case may be, for each
share class of each Fund indicated, total investment returns, ratios to
average net assets and other supplemental data for each period indicated.
This information has been derived from each Fund's financial statements.
Per Share Data Ratios/Supplemental Data
-------------------------------------------- ------------------------------------------
Decrease
Ratio of Net reflected
Net Asset Dividends Net Asset Ratio of Investment in expense Net Assets
Value Net from Net Value Total Expenses Income to ratios due to End of
Beginning Investment Investment End Investment to Average Average undertaking by Period
of Period Income Income of Period Return Net Assets Net Assets the Manager (in millions)
-------------------------------------------- -------- ---------------------------------------
DREYFUS GOVERNMENT CASH MANAGEMENT
Institutional Shares
Six Months Ended July 31, 1997 $1.00 $.027 $(.027) $1.00 5.42%* .20%* 5.36%* .- $4,300
Year Ended January 31,
1997...................... 1.00 .053 (.053) 1.00 5.38 .20 5.25 .- 4,565
1996...................... 1.00 .059 (.059) 1.00 6.01 .20 5.83 .- 4,778
1995...................... 1.00 .041 (.041) 1.00 4.21 .20 4.04 .- 2,797
1994...................... 1.00 .031 (.031) 1.00 3.12 .20 3.08 .03% 4,516
1993...................... 1.00 .037 (.037) 1.00 3.76 .20 3.61 .05 10,230
Administrative Shares
Six Months Ended July 31, 1997 1.00 .026 (.026) 1.00 5.32* .30* 5.27* .- 25
Period Ended January 31, 1997 (1) 1.00 .010 (.010) 1.00 5.17* .30* 5.15* .- 37
Investor Shares
Six Months Ended July 31,... 1.00 .025 (.025) 1.00 5.16* .45* 5.11* .- 699
Year Ended January 31,
1997...................... 1.00 .050 (.050) 1.00 5.12 .45 5.01 .- 547
1996...................... 1.00 .056 (.056) 1.00 5.75 .45 5.49 .- 452
1995...................... 1.00 .039 (.039) 1.00 3.95 .45 4.22 .- 40
1994 (2).................. 1.00 .002 (.002) 1.00 2.82* .45* 2.83* .- 15
Participant Shares
Six Months Ended July 31, 1997 1.00 .025 (.025) 1.00 5.02* .60* 4.96* .- 18
Period Ended January 31, 1997 (1) 1.00 .001 (.001) 1.00 4.87* .60* 4.85* .- .-
- ---------------------------------------------------------------------------------------------------------------------------------
DREYFUS MUNICIPAL CASH MANAGEMENT PLUS
Institutional Shares
Six Months Ended July 31, 1997 $1.00 $.017 $(.017) $1.00 3.53%* .20%* 3.50%* .- $149
Period Ended January 31, 1997 (3) 1.00 .003 (.003) 1.00 3.41 .20 3.38 .- 159
Year Ended December 31,
1996...................... 1.00 .034 (.034) 1.00 3.43 .20 3.38 .- 156
1995...................... 1.00 .038 (.038) 1.00 3.85 .20 3.78 .- 194
1994...................... 1.00 .027 (.027) 1.00 2.76 .20 2.62 .- 193
1993...................... 1.00 .024 (.024) 1.00 2.44 .20 2.40 .07% 365
Administrative Shares
Six Months Ended July 31, 1997 1.00 .017 (.017) 1.00 3.43* .30* 3.52* .- .-
Period Ended January 31, 1997 (3) 1.00 .003 (.003) 1.00 3.30* .30* 3.64* .- .-
Period Ended December 31, 1996 (4) 1.00 .004 (.004) 1.00 3.38* .30* 3.73* .- .-
Investor Shares
Six Months Ended July 31, 1997 1.00 .016 (.016) 1.00 3.27* .45* 3.20* .- 38
Period Ended January 31, 1997 (3) 1.00 .003 (.003) 1.00 3.18* .45* 3.13* .- 67
Year Ended December 31,
1996...................... 1.00 .031 (.031) 1.00 3.18 .45 3.14 .- 46
1995...................... 1.00 .035 (.035) 1.00 3.60 .45 3.51 .- 23
1994...................... 1.00 .025 (.025) 1.00 2.51 .45 2.43 .- 1
1993 (5).................. 1.00 .005 (.005) 1.00 2.12* .45* 2.14* .- .-
Participant Shares
Six Months Ended July 31, 1997 1.00 .015 (.015) 1.00 3.13* .60* 3.09* .- .-
Period Ended January 31, 1997 (3) 1.00 .003 (.003) 1.00 2.94* .60* 3.17* .- .-
Period Ended December 31, 1996 (4) 1.00 .004 (.004) 1.00 3.12* .60* 3.55* .- .-
* Annualized.
(1) From November 21, 1996 (commencement of initial offering) to January 31, 1997.
(2) From January 10, 1994 (commencement of initial offering) to January 31, 1994.
(3) The Fund changed its fiscal year end from December 31 to January 31.
(4) From November 21, 1996 (commencement of initial offering) to December 31, 1996.
(5) From September 30, 1993 (commencement of initial offering) to December 31, 1993.
SEE NOTES TO FINANCIAL STATEMENTS.
#
FINANCIAL HIGHLIGHTS (UNAUDITED) (CONTINUED)
Contained below is per share operating performance data for a share of
Common Stock / Beneficial Interest outstanding, as the case may be, for each
share class of each Fund indicated, total investment returns, ratios to
average net assets and other supplemental data for each period indicated.
This information has been derived from each Fund's financial statements.
Per Share Data Ratios/Supplemental Data
-------------------------------------------- ------------------------------------------
Decrease
Ratio of Net reflected
Net Asset Dividends Net Asset Ratio of Investment in expense Net Assets
Value Net from Net Value Total Expenses Income to ratios due to End of
Beginning Investment Investment End Investment to Average Average undertaking by Period
of Period Income Income of Period Return Net Assets Net Assets the Manager (in millions)
-------------------------------------------- -------- ---------------------------------------
DREYFUS NEW YORK MUNICIPAL CASH MANAGEMENT
Institutional Shares
Six Months Ended July 31, 1997 $1.00 $.017 $(.017) $1.00 3.43%* .20%* 3.40%* .- $168
Six Months Ended
January 31, 1997(1)....... 1.00 .017 (.017) 1.00 3.29* .20* 3.28* .- 133
Year Ended July 31,
1996...................... 1.00 .034 (.034) 1.00 3.44 .20 3.33 .- 132
1995...................... 1.00 .034 (.034) 1.00 3.46 .20 3.42 .- 101
1994...................... 1.00 .022 (.022) 1.00 2.23 .20 2.18 .06% 83
1993...................... 1.00 .023 (.023) 1.00 2.27 .20 2.20 .18 117
Administrative Shares
Six Months Ended July 31, 1997 1.00 .016 (.016) 1.00 3.31* .30* 3.60* .- .-
Period Ended January 31, 1997 (2) 1.00 .006 (.006) 1.00 3.24* .30* 3.24* .- .-
Investor Shares
Six Months Ended July 31, 1997 1.00 .016 (.016) 1.00 3.17* .45* 3.17* .- 13
Six Months Ended
January 31, 1997 (1)...... 1.00 .015 (.015) 1.00 3.04* .45* 3.03* .- 8
Year Ended July 31,
1996...................... 1.00 .031 (.031) 1.00 3.18 .45 3.09 .- 14
1995...................... 1.00 .032 (.032) 1.00 3.20 .45 2.81 .- 6
1994 (3).................. 1.00 .011 (.011) 1.00 2.02* .45* 2.12* .- 53
Participant Shares
Six Months Ended July 31, 1997 1.00 .015 (.015) 1.00 3.00* .60* 3.00* .- 1
Period Ended January 31, 1997 (2) 1.00 .006 (.006) 1.00 2.94* .60* 2.88* .- .-
- ----------------------------------------------------------------------------------------------------------------------------------
DREYFUS TAX EXEMPT CASH MANAGEMENT
Institutional Shares
Six Months Ended July 31, 1997 $1.00 $.017 $(.017) $1.00 3.45%* .20%* 3.42%* .- $1,341
Year Ended January 31,
1997...................... 1.00 .033 (.033) 1.00 3.31 .20 3.25 .- 1,646
1996...................... 1.00 .037 (.037) 1.00 3.72 .20 3.64 .- 1,366
1995...................... 1.00 .028 (.028) 1.00 2.83 .20 2.73 .- 1,299
1994...................... 1.00 .023 (.023) 1.00 2.29 .20 2.26 .04% 1,740
1993...................... 1.00 .028 (.028) 1.00 2.83 .20 2.77 .04 1,839
Administrative Shares
Six Months Ended July 31, 1997 1.00 .017 (.017) 1.00 3.35* .30* 3.52* .- .-
Period Ended January 31, 1997 (2) 1.00 .006 (.006) 1.00 3.24* .30* 3.54* .- .-
Investor Shares
Six Months Ended July 31, 1997 1.00 .016 (.016) 1.00 3.19* .45* 3.21* .- 163
Year Ended January 31,
1997...................... 1.00 .030 (.030) 1.00 3.05 .45 2.98 .- 44
1996...................... 1.00 .034 (.034) 1.00 3.46 .45 3.39 .- 80
1995...................... 1.00 .025 (.025) 1.00 2.57 .45 2.74 .- 47
1994 (4).................. 1.00 .001 (.001) 1.00 1.83* .45* 1.87* .- .-
Participant Shares
Six Months Ended July 31, 1997 1.00 .015 (.015) 1.00 3.05* .60* 3.40* .- .-
Period Ended January 31, 1997 (2) 1.00 .006 (.006) 1.00 2.94* .60* 3.29* .- .-
* Annualized.
(1) The Fund changed its fiscal year end from July 31 to January 31.
(2) From November 21, 1996 (commencement of initial offering) to January 31, 1997.
(3) From January 18, 1994 (commencement of initial offering) to January 31, 1994.
(4) From January 10, 1994 (commencement of initial offering) to January 31, 1994.
SEE NOTES TO FINANCIAL STATEMENTS.
#
FINANCIAL HIGHLIGHTS (UNAUDITED) (CONTINUED)
Contained below is per share operating performance data for a share of
Common Stock / Beneficial Interest outstanding, as the case may be, for each
share class of each Fund indicated, total investment returns, ratios to
average net assets and other supplemental data for each period indicated.
This information has been derived from each Fund's financial statements.
Per Share Data Ratios/Supplemental Data
-------------------------------------------- ------------------------------------------
Decrease
Ratio of Net reflected
Net Asset Dividends Net Asset Ratio of Investment in expense Net Assets
Value Net from Net Value Total Expenses Income to ratios due to End of
Beginning Investment Investment End Investment to Average Average undertaking by Period
of Period Income Income of Period Return Net Assets Net Assets the Manager (in millions)
-------------------------------------------- -------- ---------------------------------------
DREYFUS TREASURY CASH MANAGEMENT
Institutional Shares
Six Months Ended July 31, 1997 $1.00 $.026 $(.026) $1.00 5.28%* .20%* 5.23%* .- $2,677
Six Months Ended
January 31, 1997(1)....... 1.00 .026 (.026) 1.00 5.20* .20* 5.14* .- 2,649
Year Ended July 31,
1996...................... 1.00 .054 (.054) 1.00 5.51 .20 5.35 .- 2,420
1995...................... 1.00 .052 (.052) 1.00 5.34 .20 5.22 .- 1,951
1994...................... 1.00 .032 (.032) 1.00 3.27 .20 3.18 .01% 1,983
1993...................... 1.00 .031 (.031) 1.00 3.14 .20 3.12 .04 2,407
Administrative Shares
Six Months Ended July 31, 1997 1.00 .025 (.025) 1.00 5.18* .30* 5.13* .- .-
Period Ended January 31, 1997 (2) 1.00 .010 (.010) 1.00 5.07* .30* 4.25* .- .-
Investor Shares
Six Months Ended July 31, 1997 1.00 .025 (.025) 1.00 5.04* .45* 4.98* .- 460
Six Months Ended
January 31, 1997(1)....... 1.00 .025 (.025) 1.00 4.96* .45* 4.89* .- 330
Year Ended July 31,
1996...................... 1.00 .051 (.051) 1.00 5.25 .45 5.05 .- 238
1995...................... 1.00 .050 (.050) 1.00 5.08 .45 5.24 .- 39
1994 (3).................. 1.00 .018 (.018) 1.00 3.22* .45* 3.33* .- 21
Participant Shares
Six Months Ended July 31, 1997 1.00 .024 (.024) 1.00 4.88* .60* 4.83* .- 28
Period Ended January 31, 1997 (2) 1.00 .009 (.009) 1.00 4.77* .60* 4.20* .- .-
- ---------------------------------------------------------------------------------------------------------------------------------
DREYFUS TREASURY PRIME CASH MANAGEMENT
Institutional Shares
Six Months Ended July 31, 1997 $1.00 $.026 $(.026) $1.00 5.22%* .20%* 5.16%* .- $2,832
Period Ended January 31, 1997(4) 1.00 .047 (.047) 1.00 5.16* .20* 5.05* .- 3,047
Year Ended February 28/29,
1996...................... 1.00 .055 (.055) 1.00 5.65 .20 5.53 .- 2,904
1995...................... 1.00 .043 (.043) 1.00 4.39 .20 4.26 .- 3,342
1994...................... 1.00 .030 (.030) 1.00 3.02 .20 2.99 .02% 4,442
1993...................... 1.00 .035 (.035) 1.00 3.55 .20 3.45 .04 5,001
Administrative Shares
Six Months Ended July 31, 1997 1.00 .025 (.025) 1.00 5.12* .30* 5.05* .- .-
Period Ended January 31, 1997 (2) 1.00 .010 (.010) 1.00 4.97* .30* 4.91* .- .-
Investor Shares
Six Months Ended July 31, 1997 1.00 .024 (.024) 1.00 4.96* .45* 4.90* .- 314
Period Ended January 31, 1997(4) 1.00 .044 (.044) 1.00 4.88* .45* 4.80* .- 358
Year Ended February 28/29,
1996...................... 1.00 .053 (.053) 1.00 5.39 .45 5.21 .- 256
1995...................... 1.00 .041 (.041) 1.00 4.13 .45 4.26 .- 123
1994 (5).................. 1.00 .004 (.004) 1.00 2.77* .45* 2.78* .- 54
Participant Shares
Six Months Ended July 31, 1997 1.00 .024 (.024) 1.00 4.80* .60* 4.75* .- 16
Period Ended January 31, 1997 (2) 1.00 .009 (.009) 1.00 4.66* .60* 4.70* .- .-
* Annualized.
(1) The Fund changed its fiscal year end from July 31 to January 31.
(2) From November 21, 1996 (commencement of initial offering) to January 31, 1997.
(3) From January 10, 1994 (commencement of initial offering) to July 31, 1994.
(4) The Fund changed its fiscal year end from February 28/29 to January 31.
(5) From January 10, 1994 (commencement of initial offering) to February 28, 1994.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
#
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
NOTE 1-SIGNIFICANT ACCOUNTING POLICIES:
Dreyfus Cash Management, Dreyfus Cash Management Plus, Inc., Dreyfus
Government Cash Management, Dreyfus Treasury Cash Management, Dreyfus
Treasury Prime Cash Management, Dreyfus Municipal Cash Management Plus,
Dreyfus Tax Exempt Cash Management and Dreyfus New York Municipal Cash
Management (each, a "Fund" and collectively, the "Funds") are open-end
management investment companies registered under the Investment Company Act
of 1940 (the "Act"). Each Fund's investment objective is to provide investors
with as high a level of current income as is consistent with the preservation
of capital and the maintenance of liquidity and, in the case of Dreyfus
Municipal Cash Management Plus and Dreyfus Tax Exempt Cash Management only,
which is exempt from Federal income tax, and, in the case of Dreyfus New York
Municipal Cash Management only, which is exempt from Federal, New York State
and New York City income taxes. The Dreyfus Corporation (the "Manager")
serves as each Fund's investment adviser. The Manager is a direct subsidiary
of Mellon Bank, N.A.
Premier Mutual Fund Services, Inc. (the "Distributor") is the distributor
of each Fund's shares, which are sold without a front end sales load. Each
Fund offers the following classes of shares: Institutional Shares,
Administrative Shares, Investor Shares and Participant Shares. Administrative
Shares, Investor Shares and Participant Shares are subject to a Service Plan
adopted pursuant to Rule 12b-1 under the Act. Other differences between the
classes include the services offered to and the expenses borne by each class
and certain voting rights.
It is each Fund's policy to maintain a continuous net asset value per
share of $1.00; each Fund has adopted certain investment, portfolio valuation
and dividend and distribution policies to enable it to do so. There is no
assurance, however, that any Fund will be able to maintain a stable net asset
value per share of $1.00.
Each Fund's financial statements are prepared in accordance with
generally accepted accounting principles which may require the use of
management estimates and assumptions. Actual results could differ from those
estimates.
(a) Portfolio valuation: Investments are valued at amortized cost, which
has been determined by each Fund's Board Members to represent the fair value
of such Fund's investments.
(b) Securities transactions and investment income: Securities
transactions are recorded on a trade date basis. Realized gain and loss from
securities transactions are recorded on the identified cost basis. Interest
income, adjusted for amortization of premiums and original issue discount on
investments, is earned from settlement date and recognized on the accrual
basis. Cost of investments represents amortized cost.
Dreyfus New York Municipal Cash Management follows an investment policy
of investing primarily in municipal obligations of one state. Economic
changes affecting the state and certain of its public bodies and
municipalities may affect the ability of issuers within the state to pay
interest on, or repay principal of, municipal obligations held by the Fund.
Dreyfus Cash Management, Dreyfus Cash Management Plus, Inc., Dreyfus
Government Cash Management and Dreyfus Treasury Cash Management may enter
into repurchase agreements with financial institutions, deemed to be
creditworthy by the Fund's Manager, subject to the seller's agreement to
repurchase and the Fund's agreement to resell such securities at a mutually
agreed upon price. Securities purchased subject to repurchase agreements are
deposited with the Fund's custodians and, pursuant to the terms of the
repurchase agreement, must have an aggregate market value greater than or
equal to 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 the right to sell the underlying securities at market
value and may claim any resulting loss against the seller.
(c) Dividends to shareholders: It is the policy of each Fund to declare
dividends from investment income-net on each business day. Such dividends are
paid monthly. Dividends from net realized capital gain 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. To the extent that net realized capital gain can be offset by capital
loss carryovers, it is the policy of each Fund not to distribute such gain.
(d) Federal income taxes: It is the policy of each 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 Internal Revenue Code, and to make distributions of taxable
income sufficient to relieve it from substantially all Federal income and
excise taxes.
#
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
The following summarizes each Fund's unused capital loss carryovers
available for Federal income tax purposes to be applied
against future net securities profits, if any, realized subsequent to January
31, 1997. The carryover does not include net realized securities losses from
November 1, 1996 through January 31, 1997 which are treated, for Federal
income tax purposes, as arising in fiscal 1998:
<TABLE>
<CAPTION>
Expiring in fiscal ($000)
--------------------------------------------------------------
Fund 1999 2001 2002 2003 2004 2005 Total
- --- --- --- --- --- --- --- ---
<S> <C> <C> <C> <C> <C> <C> <C>
Dreyfus Cash Management......................... $ 10 - - $188 - $122 $320
Dreyfus Cash Management Plus........................ - - $ 15 $811 $ 40 - $866
Dreyfus Government Cash Management.................. - - $108 $206 - $526 $840
Dreyfus Municipal Cash Management Plus.............. - - $144 $ 13 $ 6 $ 17 $180
Dreyfus New York Municipal Cash Management.......... - $ 1 - $ 4 - $ 3 $ 8
Dreyfus Tax Exempt Cash Management.................. - - - $177 $112 $156 $445
Dreyfus Treasury Cash Management.................... - - - $ 23 $185 $135 $343
Dreyfus Treasury Prime Cash Management.............. - - - $ 7 $116 $ 20 $143
</TABLE>
At July 31, 1997, the cost of investments for Federal income tax purposes
was substantially the same as the cost for financial reporting purposes (see
the Statements of Investments).
NOTE 2-Management Fees and Other Transactions With Affiliates:
(a) Pursuant to a separate management agreement with the Manager, the
management fee of each Fund is computed at the annual rate of .20 of 1% of
the value of such Fund's average daily net assets and is payable monthly.
Unless the Manager gives a Fund's investors at least 90 days notice to
the contrary, the Manager, and not the Fund, will be liable for Fund expenses
(exclusive of taxes, brokerage, interest on borrowings and extraordinary
expenses) other than the following expenses, which will be borne by the Fund:
the management fee and, with respect to the Fund's Administrative Shares,
Investor Shares and Participant Shares, Rule 12b-1 Service Plan expenses.
(b) Under each Fund's Service Plan (the "Plan") adopted pursuant to Rule
12b-1 under the Act, relating to each Fund's Administrative Shares, Investor
Shares and Participant Shares, each Fund (a) reimburses the Distributor for
distributing such classes of shares and (b) pays the Manager, Dreyfus Service
Corporation, a wholly-owned subsidiary of the Manager, and their affiliates
(collectively, "Dreyfus") for advertising and marketing relating to such
classes of shares and for providing certain services relating to shareholder
accounts in such classes of shares, such as answering shareholder inquiries
regarding the Fund and providing reports and other information, and services
related to the maintenance of shareholder accounts ("Servicing"), at an
aggregate annual rate of .10, .25 and .40 of 1% of the value of the average
daily net assets of Administrative Shares, Investor Shares and Participant
Shares, respectively. Both the Distributor and Dreyfus may pay one or more
Service Agents (a securities dealer, financial institution or other industry
professionals) a fee in respect of a Fund's Administrative Shares, Investor
Shares and Participant Shares owned by shareholders with whom the Service
Agent has a Servicing relationship or for whom the Service Agent is the
dealer or holder of record. Both the Distributor and Dreyfus determine the
amounts, if any, to be paid to Service Agents under the Plan and the basis on
which such payments are made. The fees payable under each Plan are payable
without regard to actual expenses incurred.
(c) Each Fund (except for Dreyfus New York Municipal Cash Management)
pays its Board members an annual fee of $3,000 and an attendance fee of $500
per meeting. Dreyfus New York Municipal Cash Management pays its Board
members an annual fee of $1,000 and an attendance fee of $500 per meeting.
These amounts are borne by the Manager as to each Fund pursuant to the
undertakings in effect. See Note 2 (a).
NOTE 3-CAPITAL SHARE TRANSACTIONS:
Each Fund (except for Dreyfus Cash Management Plus, Inc.) is authorized
to issue an unlimited number of $.001 par value shares of beneficial
interest. Dreyfus Cash Management Plus, Inc. is authorized to issue 15
billion shares of $.001 par value Common Stock.
#
SEMI-ANNUAL
REPORTS FOR
DREYFUS CASH MANAGEMENT
DREYFUS CASH MANAGEMENT PLUS, INC.
DREYFUS GOVERNMENT CASH MANAGEMENT
DREYFUS MUNICIPAL CASH MANAGEMENT PLUS
DREYFUS NEW YORK MUNICIPAL
CASH MANAGEMENT
DREYFUS TAX EXEMPT CASH MANAGEMENT
DREYFUS TREASURY CASH MANAGEMENT
DREYFUS TREASURY PRIME CASH MANAGEMENT
JULY 31, 1997
DREYFUS
[Dreyfus lion runclose logo]
