TABLE OF CONTENTS
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 EXEMPT 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
REPORT OF INDEPENDENT AUDITORS.......................... 41
IMPORTANT TAX INFORMATION............................... 42
#
DREYFUS CASH MANAGEMENT FUNDS
JOINT LETTER TO SHAREHOLDERS
Dear Shareholder:
We are pleased to provide you with the 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 12-month period ended January 31, 1998. Please see the attached
table for the performance of each Fund.
Economic Review
The economic momentum that grew throughout 1997 has not yet shown signs
of abating in early 1998. The economic crises in Asia have yet to impact
either corporate profits or the overall economy, while the continued
tightness in the U.S. labor markets increases the risk of accelerating
inflationary pressure. Against this backdrop is the expectation that the
economy will ultimately slow as a result of events in Asia. Concern over
these two opposing effects has kept the Federal Reserve Board (the "Fed") on
hold, although they did recently abandon a tightening bias.
Economic turmoil in Asia is expected to hurt U.S. exporters and
import-competing companies, widening the trade deficit in 1998. Evidence
supporting this already shows in a recent sharp drop in export orders, in
tumbling commodity prices and in slowing orders for capital goods. Yet hiring
in capital goods industries remained solid in early 1998, implying enough
orders backlogged to sustain growth in the short run. Continued
well-diversified growth in manufacturing implies that the economy has not
begun to slow.
Indeed, employment cost indices show that both wages and benefits have
begun to reaccelerate for white-collar and service workers, who comprise 70%
of employees. Since productivity growth in these sectors has been poor,
rising compensation may instead prove a harbinger of higher wage inflation.
Overall consumer price inflation could stay contained if rising prices for
services were masked by falling goods prices, but this inflation mix would
pose a continued dilemma for the Fed.
Corporate profits in general have continued to outperform expectations,
despite some shortfalls due to the higher dollar and foreign weakness.
However, a slower economy would most likely slow profit growth in 1998. In
addition, the rising employment costs developing in the service sector risk a
profit squeeze for companies that are unable to raise prices.
Long-term interest rates have dropped considerably since mid-1997. A
further decline has proven difficult in the absence of lower short-term
rates.
Thus, while current attention centers on signs that the economy may be
slowing, factors that could revive inflationary pressures continue to lurk
below the surface.
The Market Environment
Money Market rates remain range-bound because the inflation concerns
usually associated with tight labor conditions are being offset by the
trade-related slowdown expected as a result of the Asian crisis. Until the
effects of these competing forces become clear, short-term rates can be
expected to remain in their current narrow range.
In March 1997, when the Fed last raised short-term rates by a quarter of
a point, the market began to expect a series of tightenings, and rates
reflected those expectations. As the year went on, the chief influences on
rates continued to be the tightness in the labor market and corporate
productivity gains. As economic growth continued without rising signs of
inflation, the overall investment market began to speak of a "New Paradigm":
growth without inflation due to technological advances.
In one speech, Fed Chairman Alan Greenspan appeared to support the
validity of the "New Paradigm," only to clarify his position at a later date
by saying that he does not adhere to the new school of thought. As a result,
interest rates fell and then rose as the Fed Chairman's position was
clarified.
Indeed, until the economic fallout in Asia, the Money Market was
expecting a move by the Fed to raise interest rates. Since then, however, the
Market has begun to think that the next move by the Fed may be to reduce
rates.
Portfolio Focus
Through much of the fourth quarter 1997, we maintained longer maturities
in the Funds, with occasional fluctuations as warranted by market conditions.
The likelihood of an unchanged Fed policy and steady rates is expected for
quite some time. The extension has been beneficial to the performance of each
Fund. Of course, we will continue to make adjustments to each Fund's
portfolio as required by the dynamics of the Money Market.
Very truly yours,
[Patricia A. Larkin signature logo]
Patricia A. Larkin
Senior Portfolio Manager
February 18, 1998
New York, N.Y.
#
<TABLE>
<CAPTION>
Performance
We are pleased to report the performance for each Dreyfus Cash Management
Fund listed below for the 12-month period ended January 31, 1998, as shown in
the following chart.
YIELD EFFECTIVE YIELD*
_______________ _____________
<S> <C> <C>
DREYFUS CASH MANAGEMENT
Institutional Shares.................................................. 5.44% 5.58%
Administrative Shares................................................. 5.34% 5.48%
Investor Shares....................................................... 5.19% 5.32%
Participant Shares.................................................... 5.04% 5.16%
DREYFUS CASH MANAGEMENT PLUS
Institutional Shares.................................................. 5.50% 5.64%
Administrative Shares................................................. 5.41% 5.54%
Investor Share........................................................ 5.25% 5.38%
Participant Shares.................................................... 5.10% 5.23%
DREYFUS GOVERNMENT CASH MANAGEMENT
Institutional Shares.................................................. 5.41% 5.55%
Administrative Shares................................................. 5.31% 5.44%
Investor Shares....................................................... 5.15% 5.28%
Participant Shares.................................................... 5.02% 5.13%
DREYFUS TREASURY CASH MANAGEMENT
Institutional Shares.................................................. 5.29% 5.42%
Administrative Shares................................................. 5.19% 5.32%
Investor Shares....................................................... 5.05% 5.17%
Participant Shares.................................................... 4.89% 5.00%
DREYFUS TREASURY PRIME CASH MANAGEMENT
Institutional Shares.................................................. 5.17% 5.30%
Administrative Shares................................................. 5.07% 5.19%
Investor Shares....................................................... 4.92% 5.03%
Participant Shares.................................................... 4.77% 4.87%
* 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 annual reports for Dreyfus
Municipal Cash Management Plus, Dreyfus New York Municipal Cash Management
and Dreyfus Tax Exempt Cash Management, each for the 12-month period ended
January 31, 1998. Please see the attached table for the performance of each
Fund.
Economic Review
Throughout the reporting period, the economy showed remarkable strength
with few signs of upward price pressure. Measures of consumer optimism
remained near record high levels: consumer spending, which accounts for about
two-thirds of all economic activity, increased 3.3% in 1997, the largest gain
since 1994. A greater percentage of Americans were employed at the end of the
reporting period than at any time since the government began recording
employment numbers in 1948. Plentiful jobs, low inflation, and low interest
rates have proved to be a winning combination. The unemployment rate averaged
only 4.9% for all of 1997, near a 25-year low. It had been widely anticipated
that such healthy employment conditions would ignite a resurgence in
inflation. Yet throughout this period of dramatic gains in new jobs,
inflation was quiet. Fears that a tight labor market would result in
inflation-inducing wage hikes were not realized: instead, enormous
investments in new equipment and technology enabled companies to offset
rising costs with gains in productivity. On the inflation front, the Consumer
Price Index rose only 1.7% in 1997, its smallest annual increase in 11 years,
and almost half the rate of 1996. The Producer Price Index, which measures
inflation at the wholesale level actually fell 1.2% last year. In 1997, the
economy expanded by 3.8%, the fastest rate since 1988. Such economic growth
without inflation has caused tax revenues at national, state and local levels
to surge, and has resulted in prospects for the first balanced Federal budget
in almost 30 years!
Low inflation and the prospect of reduced Federal borrowing due to the
improved condition of the budget have been a tonic for U.S. credit markets.
Even the economic crisis in Asia has played a role in helping to reduce
interest rates as foreign capital sought a safer investment haven in U.S.
fixed income securities. Meanwhile, the Federal Reserve Board (the "Fed") has
chosen to keep monetary policy steady during the Asian economic turmoil of
the last several months. Of course, the lack of inflation has also played a
major role in staying the Fed's hand from raising interest rates, despite the
surging economy and tightening labor market. The last increase in short-term
rates came in March 1997 when the Federal Open Market Committee (FOMC), the
policy-making arm of the Fed, hiked the Federal Funds rate by one-quarter of
a percent to 5.5%.
That low interest rates have helped stimulate the economy can be seen in
two interest-rate sensitive economic sectors, housing and automobiles, which
have remained strong. Economists estimate that new home sales for 1997 were
at a 19-year high.
The production side of the economy has remained strong. Through year-end,
industrial production had risen for 14 consecutive months. Many economists
(Fed Chairman Alan Greenspan among them) think that the Asian crisis may help
slow our rate of economic growth. If so, it may allow the Fed to refrain from
any monetary tightening over the near term. The dynamics are in place for
such a slowdown. The dollar has risen sharply versus Asian currencies, making
our exports more expensive. Because of this strength in the dollar, imports
to the U.S. from Asia are likely to become cheaper, further dampening
inflation. As Chairman Greenspan said in his testimony to the Senate Budget
Committee, "The likelihood that we shall be seeing some lower prices on
imported goods as a result of the difficulties in Asia may afford some
breathing room from inflation pressures."
Of course, we are mindful that there are factors that can adversely
affect the current, almost ideal economic climate. Wage pressures, still in
check relative to inflation, began to inch higher at the end of the reporting
period. Asian demand may remain stronger than currently anticipated. It is
clear that the almost relentless strength in the economy has been a
continuing concern of the Fed.
Market Environment/Portfolio Activity
While the Fed remained quiet over the summer months, market technicals
(i.e., supply/demand) played a major role in the short-term municipal market.
Supply of one-year notes dissipated as many securities matured in late June
and early July 1997. This increase in investable cash marketwide placed
temporary downward pressure on yields over these months. In the weeks that
followed, issuers returned to the market with their summer financings,
alleviating the supply and demand imbalance. While much of that new supply
was comprised of national and California tax-exempt issuances, there were
several attractive buying opportunities for these Dreyfus Cash Management
Funds.
As year-end 1997 approached, we saw a temporary rise in short-term rates
as a result of corporate seasonal "window dressing." In addition, dealers
priced securities at attractive levels in order to minimize their year-end
inventory. The overall decrease in demand for securities that resulted caused
yields to rise temporarily. However, assets flowed back into the tax-exempt
money funds in early January 1998, thereby putting downward pressure on
rates. During this time period, yields on tax-exempt money market funds
fluctuated in response to these supply and demand imbalances. By mid-January,
the market stabilized and normal trading patterns, for the most part,
returned. However, high-quality New York issues continue to be in short
supply, which limits the potential for extending the average maturity of New
York Municipal Cash Management. We will continue to seek out appropriate
buying opportunities in the New York market in the weeks ahead, as well as to
peruse the national market for quality investments for Dreyfus Tax-Exempt
Cash Management and Dreyfus Municipal
#
Cash Management Plus. All new investments will continue to meet the high
credit quality standards which we require, and to provide a significant level
of liquidity, commensurate with the needs of each Fund.
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 greatly appreciate 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
<TABLE>
<CAPTION>
February 18, 1998
New York, N.Y.
Performance
We are pleased to report the performance for each Dreyfus Cash Management
Fund listed below for the 12-month period ended January 31, 1998, as shown in
the following chart.
YIELD EFFECTIVE YIELD*
_______________ _____________
<S> <C> <C>
DREYFUS MUNICIPAL CASH MANAGEMENT PLUS
Institutional Shares.................................................. 3.53% 3.59%
Administrative Shares................................................. 3.43% 3.49%
Investor Shares....................................................... 3.29% 3.34%
Participant Shares.................................................... 3.13% 3.18%
DREYFUS NEW YORK MUNICIPAL CASH MANAGEMENT
Institutional Shares.................................................. 3.40% 3.46%
Administrative Shares................................................. 3.30% 3.35%
Investor Shares....................................................... 3.15% 3.20%
Participant Shares.................................................... 3.00% 3.05%
DREYFUS TAX EXEMPT CASH MANAGEMENT
Institutional Shares.................................................. 3.44% 3.50%
Administrative Shares................................................. 3.34% 3.39%
Investor Shares....................................................... 3.19% 3.24%
Participant Shares.................................................... 3.04% 3.09%
* Effective yield takes into account the effect of compounding and is based
upon dividends declared daily and reinvested monthly.
</TABLE>
<TABLE>
<CAPTION>
#
DREYFUS CASH MANAGEMENT
STATEMENT OF INVESTMENTS
JANUARY 31, 1998
Principal
Negotiable Bank Certificates of Deposit-9.8% Amount Value
_______________ _______________
<S> <C> <C>
Bankers Trust Co.
5.88%-6.06%, 5/12/98-12/10/98.......................................................... $ 73,000,000 $ 73,059,048
Bankers Trust New York Corp.
6.06%, 7/7/98.......................................................................... 50,000,000 49,987,753
Fifth Third Bank
5.50%, 2/13/98......................................................................... 50,000,000 50,000,000
LaSalle National Bank
5.80%, 3/16/98......................................................................... 50,000,000 50,000,000
Morgan Guaranty Trust Co.
5.55%-6.00%, 2/10/98-4/30/98........................................................... 185,000,000 185,066,329
Morgan Guaranty Trust Co.(London)
5.70%, 6/17/98......................................................................... 50,000,000 50,015,701
_______________
TOTAL NEGOTIABLE BANK CERTIFICATES OF DEPOSIT
(cost $458,128,831)..................................................................... $ 458,128,831
===============
Bankers' Acceptances-.7%
Bank of America NT & SA
5.68%, 4/22/98
(cost $34,569,889)...................................................................... $ 35,000,000 $ 34,569,889
===============
Commercial Paper-54.7%
ABN-Amro North American Finance Inc.
5.67%-5.81%, 3/10/98-7/2/98............................................................. $ 205,000,000 $ 202,159,921
Abbey National North America
5.57%-5.80%, 2/2/98-10/9/98............................................................. 236,000,000 233,570,090
BHF Finance (DE) Inc.
5.65%, 3/3/98........................................................................... 35,000,000 34,838,125
Bankers Trust New York Corp.
5.88%, 6/9/98........................................................................... 20,145,000 19,736,012
Canadian Imperial Holdings Inc.
5.56%-5.78%, 2/3/98-4/9/98.............................................................. 185,000,000 184,043,853
Ciesco L.P.
5.51%-5.83%, 2/9/98-2/20/98............................................................. 150,300,000 150,018,518
Deutsche Bank Financial Inc.
5.56%, 7/7/98........................................................................... 50,000,000 48,827,833
DuPont (E.I.) De Nemours & Co.
5.49%-5.66%, 3/26/98-4/29/98............................................................ 75,000,000 74,268,285
General Electric Co.
5.53%, 6/19/98.......................................................................... 60,000,000 58,755,700
General Electric Capital Corp.
5.51%-5.99%, 2/3/98-5/21/98............................................................. 245,000,000 243,306,003
General Electric Capital Services Inc.
5.73%-5.99%, 2/3/98-7/20/98............................................................. 160,000,000 157,961,356
General Motors Acceptance Corp.
5.52%, 6/17/98.......................................................................... 75,000,000 73,489,708
Generale Bank Inc.
5.80%, 3/31/98.......................................................................... 50,000,000 49,539,222
Goldman Sachs Group L.P.
5.79%-5.82%, 2/13/98-5/22/98............................................................ 205,000,000 203,335,139
Internationale Nederlander (US) Funding Corp.
5.78%, 6/4/98........................................................................... 75,000,000 73,559,875
Merrill Lynch & Co. Inc.
5.74%-5.77%, 5/15/98-10/2/98............................................................ 47,000,000 45,468,156
#
DREYFUS CASH MANAGEMENT
STATEMENT OF INVESTMENTS (CONTINUED) JANUARY 31, 1998
Principal
Commercial Paper (continued) Amount Value
_______________ _______________
National Australia Funding (DE) Inc.
5.63%-5.73%, 2/2/98-2/20/98............................................................ $ 75,000,000 $ 74,917,785
National Rural Utility Coop.
5.50%-5.78%, 2/19/98-4/22/98........................................................... 50,000,000 49,538,942
Nordbanken NA Inc.
5.71%, 7/6/98.......................................................................... 50,000,000 48,805,208
Societe Generale N.A. Inc.
5.74%-5.79%, 2/2/98-2/17/98............................................................ 155,000,000 154,771,556
Svenska Handelsbanken Inc.
5.69%, 2/18/98......................................................................... 50,000,000 49,869,431
Toronto-Dominion Holdings USA Inc.
5.55%-5.74%, 2/5/98-3/30/98............................................................ 210,000,000 208,933,978
Vereinsbank Finance (Delaware) Inc.
5.76%-5.80%, 3/10/98-4/28/98........................................................... 115,000,000 114,019,194
_______________
TOTAL COMMERCIAL PAPER
(cost $2,553,733,890).................................................................. $2,553,733,890
===============
Corporate Notes-9.4%
Comerica Bank
5.68%, 2/17/98 (a)..................................................................... $ 25,000,000 $ 25,000,000
Ford Motor Credit Corp.
5.71%, 1/7/99 (a)...................................................................... 65,000,000 65,000,000
Key Bank
5.67%, 2/18/98 (a)..................................................................... 23,000,000 22,999,482
Merrill Lynch & Co.Inc
5.68%-5.71%, 5/26/98-1/11/99 (a)....................................................... 125,000,000 125,000,000
5.55%, 8/14/98......................................................................... 50,000,000 50,086,435
Nationsbank N.A.
5.68%, 1/8/99 (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 49,997,432
_______________
TOTAL CORPORATE NOTES
(cost $438,083,349).................................................................... $ 438,083,349
===============
Short-Term Bank Notes-15.4%
Bank of America NT & SA
5.50%-5.51%, 4/22/98-4/27/98........................................................... $ 175,000,000 $ 175,001,016
Bankers Trust Co.
5.74%, 4/3/98 (a)...................................................................... 80,000,000 79,994,784
Comerica Bank-Texas
5.71%, 4/17/98 (a)..................................................................... 23,000,000 22,997,719
First Tennesse Bank
5.66%, 1/12/99 (a)..................................................................... 100,000,000 99,963,194
Harris Trust and Savings Bank
5.55%, 2/6/98.......................................................................... 100,000,000 100,000,000
LaSalle National Bank
5.70%-5.80%, 4/13/98-12/28/98.......................................................... 65,000,000 65,000,000
Nationsbank N.A.
5.54%, 2/5/98.......................................................................... 100,000,000 100,000,000
PNC Bank N.A.
6.15%, 5/28/98......................................................................... 50,000,000 49,984,038
#
DREYFUS CASH MANAGEMENT
STATEMENT OF INVESTMENTS (CONTINUED) JANUARY 31, 1998
Principal
Short-Term Bank Notes (continued) Amount Value
_______________ _______________
Wachovia Bank of N.C.
5.54%, 4/9/98.......................................................................... $ 25,000,000 $ 25,000,459
_______________
TOTAL SHORT-TERM BANK NOTES
(cost $717,941,210).................................................................... $ 717,941,210
===============
U.S. Government Agencies-7.3%
Federal Farm Credit Banks, Floating Rate Notes
5.57%, 1/28/2000 (a)................................................................... $ 100,000,000 $ 100,000,000
Federal National Mortgage Association,
Floating Rate Notes
5.54%-5.68%, 5/14/98-1/18/2000 (a)..................................................... 242,000,000 241,985,761
_______________
TOTAL U.S. GOVERNMENT AGENCIES
(cost $341,985,761).................................................................... $ 341,985,761
===============
Time Deposit-1.0%
Republic National Bank of New York (London)
5.51%, 2/2/98
(cost $46,905,000)..................................................................... $ 46,905,000 $ 46,905,000
===============
Repurchase Agreements-2.7%
UBS Securities Inc.
5.58%, dated 1/31/98, due 2/2/98 in the amount of
$125,058,125 (fully collateralized by $124,544,000 U.S.
Treasury Notes, 6% due 9/30/98, value $127,536,135)
(cost $125,000,000).................................................................... $ 125,000,000 $ 125,000,000
===============
TOTAL INVESTMENTS
(cost $4,716,347,930).................................................................. 101.0% $4,716,347,930
======= ===============
LIABILITIES, LESS CASH AND RECEIVABLES................................................... (1.0%) $ (48,041,505)
======= ===============
NET ASSETS............................................................................... 100.0% $4,668,306,425
======= ===============
Notes to Statement of Investments:
(a) Variable interest rate-subject to periodic change.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
<CAPTION>
#
DREYFUS CASH MANAGEMENT PLUS, INC.
STATEMENT OF INVESTMENTS JANUARY 31, 1998
Principal
Negotiable Bank Certificates of Deposit-32.6% Amount Value
_______________ _______________
<S> <C> <C>
Abbey National Treasury Services (Yankee)
5.72%, 1/27/99......................................................................... $ 50,000,000 $ 50,000,000
ABN-AMRO Bank N.V. (Yankee)
5.70%, 1/7/99.......................................................................... 50,000,000 49,995,536
Bankers Trust Co.
5.68%-6.01%, 2/19/98-12/10/98 (a)...................................................... 138,900,000 138,942,534
Bank of Tokyo-Mitsubishi, Ltd. (London)
6.00%, 2/6/98.......................................................................... 25,000,000 25,000,069
Bank of Tokyo-Mitsubishi, Ltd. (Yankee)
5.80%-5.94%, 4/27/98-5/21/98........................................................... 269,000,000 269,000,000
Barclays Bank PLC (Yankee)
5.67%-5.75%, 2/20/98-1/25/99 (a)....................................................... 55,000,000 54,999,245
Bayerische Vereinsbank AG (Yankee)
5.70%-5.78%, 1/7/99-1/12/99............................................................ 150,000,000 150,000,000
Commerzbank AG (London)
5.79%, 10/7/98......................................................................... 9,000,000 8,993,212
Credit Agricole Indosuez S.A. (Yankee)
5.70%, 1/12/99......................................................................... 50,000,000 50,000,000
Dai-Ichi Kangyo Bank Ltd.(Yankee)
6.03%, 3/16/98......................................................................... 20,000,000 20,000,228
Deutsche Bank AG (Yankee)
5.61%-5.92%, 10/26/98-1/7/99........................................................... 60,000,000 60,036,054
Dresdner Bank AG (Yankee)
5.84%, 3/13/98......................................................................... 40,000,000 40,001,441
Landesbank Hessen-Thueringen Girozentrale (Yankee)
6.03%, 6/30/98......................................................................... 50,000,000 49,979,119
Lloyds Bank PLC(London)
5.93%, 10/27/98........................................................................ 75,000,000 75,010,533
PNC Bank N.A.
5.52%, 4/8/98.......................................................................... 95,000,000 95,004,572
Societe Generale (Yankee)
5.77%-6.13%, 3/10/98-7/24/98........................................................... 261,000,000 261,006,558
Sumitomo Bank Ltd.(Yankee)
5.67%-6.02%, 4/7/98-4/27/98............................................................ 315,000,000 315,000,000
SwedBank (Yankee)
5.57%-5.79%, 4/10/98-10/5/98........................................................... 160,000,000 160,000,000
Swiss Bank Corp. (Yankee)
5.71%, 1/7/99.......................................................................... 150,000,000 149,973,216
Toronto-Dominion Bank (London)
5.70%, 5/5/98.......................................................................... 100,000,000 100,000,000
Westdeutsche Landesbank Girozentrale (Yankee)
5.69%, 1/25/99......................................................................... 25,000,000 25,000,000
_______________
TOTAL NEGOTIABLE BANK CERTIFICATES OF DEPOSIT
(cost $2,147,942,317)................................................................... $2,147,942,317
===============
Commercial Paper-33.4%
Abbey National North America
5.52%, 4/14/98......................................................................... $ 95,000,000 $ 93,966,400
ABN-AMRO North America Finance Inc.
5.76%, 7/2/98.......................................................................... 50,000,000 48,842,333
AES Shady Point Inc.
5.61%-5.65%, 2/23/98-2/24/98 (LOC; Tokyo-Mitsubishi Bank) (b).......................... 84,100,000 83,801,447
#
DREYFUS CASH MANAGEMENT PLUS, INC.
STATEMENT OF INVESTMENTS (CONTINUED) JANUARY 31, 1998
Principal
Commercial Paper (continued) Amount Value
_______________ _______________
Associates Corp. of North America
5.60%, 2/2/98.......................................................................... $ 145,000,000 $ 144,977,438
Bankers Trust N.Y. Corp.
5.51%-5.70%, 7/29/98-10/2/98............................................................ 110,000,000 106,721,227
Commonwealth Bank of Australia
5.56%, 4/13/98.......................................................................... 39,600,000 39,172,012
Finova Capital Corp.
5.65%-5.82%, 2/9/98-2/23/98............................................................. 64,200,000 64,018,788
Ford Motor Credit Corp.
5.54%, 4/10/98.......................................................................... 100,000,000 98,968,666
Generale Bank Inc.
5.66%, 4/28/98.......................................................................... 50,000,000 49,343,056
General Electric Capital Corp.
5.60%-5.72%, 2/9/98-9/4/98............................................................... 235,000,000 229,546,253
General Motors Acceptance Corp.
5.67%-5.74%, 4/6/98-5/11/98............................................................. 150,000,000 148,297,576
General Motors Corp.
5.56%, 2/23/98.......................................................................... 200,000,000 199,324,112
Hertz Corp.
5.62%-5.71%, 4/10/98-10/2/98............................................................ 75,000,000 72,888,889
Merrill Lynch & Co. Inc.
5.74%-5.85%, 4/20/98-7/24/98............................................................ 210,000,000 205,636,615
Paine Webber Group Inc.
5.82%, 4/27/98.......................................................................... 10,000,000 9,866,597
Spintab AB
5.61%-5.87%, 2/13/98-4/21/98............................................................ 335,000,000 331,762,527
Svenska Handelsbanken
5.70%, 3/19/98.......................................................................... 25,000,000 24,823,028
Swedbank Inc.
5.52%, 2/9/98........................................................................... 100,000,000 99,877,778
Woolwich PLC
5.72%, 3/10/98.......................................................................... 150,000,000 149,142,834
_______________
TOTAL COMMERCIAL PAPER
(cost $2,200,977,576)................................................................... $2,200,977,576
===============
Corporate Notes-21.8%
Abbey National Treasury Services PLC
5.67%, 2/12/98 (a)...................................................................... $ 100,000,000 $ 100,000,000
Bankers Trust Co.
5.70%, 1/8/99 (a)....................................................................... 50,000,000 49,990,887
Bear Stearns Companies Inc.
5.67%-5.68%, 2/18/98-7/10/98 (a)........................................................ 195,000,000 195,000,000
CTN Trust Series 1
5.71%, 9/2/98 (a,c,d)................................................................... 150,000,000 150,304,012
Lehman Brothers Holdings Inc.
5.77%-5.84%, 3/06/98-1/13/99 (a)........................................................ 279,000,000 279,185,225
Merrill Lynch & Co. Inc.
5.70%, 2/12/98-2/17/98 (a).............................................................. 150,000,000 149,998,987
Paine Webber Group Inc.
5.72%-6.00%, 6/5/98-1/6/98 (a).......................................................... 100,000,000 100,000,000
PNC Bank N.A.
5.68%, 2/24/98 (a)...................................................................... 200,000,000 199,992,345
#
DREYFUS CASH MANAGEMENT PLUS, INC.
STATEMENT OF INVESTMENTS (CONTINUED) JANUARY 31, 1998
Principal
Corporate Notes (continued) Amount Value
_______________ _______________
Salomon Brothers Inc.
5.68%-5.84%, 8/3/98-1/14/99 (a)........................................................ $ 215,000,000 $ 215,000,000
_______________
TOTAL CORPORATE NOTES
(cost $1,439,471,456).................................................................. $1,439,471,456
===============
Promissory Notes-5.4%
Goldman Sachs Group L.P.
5.60%-5.98%, 2/9/98-10/19/98 (c,d)
(cost $355,000,000).................................................................... $ 355,000,000 $ 355,000,000
===============
Short-Term Bank Notes-4.0%
Bank of America NT & SA
5.52%, 4/9/98.......................................................................... $ 50,000,000 $ 50,001,603
BankBoston N.A.
5.69%-5.72%, 2/4/98-4/14/98 (a)........................................................ 90,000,000 90,000,000
Bankers Trust New York Corp.
5.88%, 10/5/98......................................................................... 50,000,000 49,987,106
Heller Financial Inc.
5.70%, 11/10/98 (a).................................................................... 50,000,000 50,000,000
SouthTrust Bank N.A.
5.68%, 10/6/98 (a)..................................................................... 22,000,000 21,995,643
_______________
TOTAL SHORT-TERM BANK NOTES
(cost $261,984,352).................................................................... $ 261,984,352
===============
U.S. Government Agencies-2.5%
Federal Home Loan Banks,
Discount Notes
5.55%, 2/2/98.......................................................................... $ 65,000,000 $ 64,989,979
Federal National Mortgage Association,
Floating Rate Notes
5.54%, 1/18/00 (a)..................................................................... 100,000,000 100,000,000
_______________
TOTAL U.S. GOVERNMENT AGENCIES
(cost $164,989,979).................................................................... $ 164,989,979
===============
Time Deposits-.8%
Berliner Handels-und Frankforter Bank (Grand Cayman)
5.56%, 2/2/98
(cost $50,440,000)..................................................................... $ 50,440,000 $ 50,440,000
===============
TOTAL INVESTMENTS
(cost $6,620,805,680) ................................................................. 100.5% $6,620,805,680
====== ===============
LIABILITIES, LESS CASH AND RECEIVABLES................................................... (.5%) $ (35,871,709)
====== ===============
NET ASSETS .......................................................... 100.0% $6,584,933,971
====== ===============
Notes to Statement of Investments:
(a) Variable interest rate-subject to periodic change.
(b) Backed by an irrevocable letter of credit.
(c) These notes were acquired for investment, not with intent to
distribute or sell.
(d) Securities restricted as to public resale. These securities were
acquired from 10/3/97-1/23/98 at a cost of $150,468,150 for CTN Trust Series
I and $355,000,000 for Goldman Sachs Group L.P. At January 31, 1998, the
aggregate value of these securities is $505 million, representing
approximately 7.7% of net assets and are valued at amortized cost.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
<CAPTION>
#
DREYFUS GOVERNMENT CASH MANAGEMENT
STATEMENT OF INVESTMENTS JANUARY 31, 1998
Annualized
Yield on
Date of Principal
U.S. Treasury Bills-5.1% Purchase Amount Value
_____________ ___________________ ___________________
<S> <C> <C> <C>
10/15/1998............................................................ 5.17% $ 100,000,000 $ 96,501,334
11/12/1998............................................................ 5.38 50,000,000 47,986,361
1/7/1999.............................................................. 5.01 125,000,000 119,368,750
_____________
TOTAL U.S. TREASURY BILLS
(cost $263,856,445)................................................... $ 263,856,445
=============
U.S. Treasury Notes-.8%
6.00%, 9/30/1998...................................................... 5.53% $ 25,000,000 $ 25,063,714
5.875%, 10/31/1998.................................................... 5.60 15,000,000 15,025,633
_______________
TOTAL U.S. TREASURY NOTES
(cost $40,089,347).................................................... $ 40,089,347
=============
U.S. Government Agencies-94.3%
Federal Farm Credit Banks, Consolidated Systemwide Discount Notes
4/22/1998............................................................. 5.55% $ 11,000,000 $ 10,868,000
11/13/1998............................................................ 5.72 50,000,000 47,858,542
11/23/1998............................................................ 5.69 24,549,000 23,460,695
12/23/1998............................................................ 5.68 20,000,000 19,028,611
Federal Farm Credit Banks, Consolidated Systemwide Medium Term Notes
3/19/1998............................................................. 5.56 (a) 14,000,000 13,998,358
4/17/1998............................................................. 5.63 (a) 67,000,000 66,991,938
6/19/1998............................................................. 5.60 (a) 50,000,000 49,985,391
7/1/1998.............................................................. 5.60 (a) 90,000,000 89,970,882
8/14/1998.................................................. .......... 5.67 (a) 50,000,000 49,994,469
1/4/1999.............................................................. 5.55 (a) 50,000,000 49,990,742
6/18/1999............................................................. 5.60 (a) 150,000,000 150,000,000
1/27/2000............................................ ................ 5.56 (a) 100,000,000 100,000,000
1/28/2000............................................................. 5.57 (a) 100,000,000 100,000,000
Federal Home Loan Banks, Discount Notes
2/2/1998.............................................................. 5.55 380,000,000 379,941,419
4/10/1998............................................................. 6.03 57,740,000 57,119,277
4/15/1998............................................................. 5.71 42,525,000 42,192,034
4/17/1998............................................................. 5.84 71,132,000 70,306,098
4/24/1998............................................................. 5.56 39,000,000 38,519,412
5/5/1998.............................................................. 5.60 16,000,000 15,777,627
6/11/1998............................................................. 5.61 14,720,000 14,728,322
6/16/1998............................................................. 5.63 19,005,000 19,009,114
6/23/1998............................................................. 5.60 125,000,000 124,999,392
7/27/1998............................................................. 5.62 25,000,000 24,341,222
9/16/1998............................................................. 5.62 50,000,000 48,294,347
10/2/1998............................................................. 5.67 16,500,000 16,490,992
11/12/1998............................................................ 5.68 31,212,000 29,879,907
12/28/1998............................................................ 5.68 30,000,000 28,520,500
Federal Home Loan Banks, Notes
2/27/1998............................................................. 5.67 37,485,000 37,485,000
3/17/1998............................................................. 5.74 25,000,000 25,000,000
4/2/1998.............................................................. 5.85 49,000,000 49,000,000
1/21/1999............................................................. 5.75 59,500,000 59,500,000
1/29/1999............................................................. 5.60 50,000,000 50,000,000
Federal Home Loan Mortgage Corporation, Discount Notes
3/17/1998............................................................. 5.76 50,000,000 49,987,586
4/8/1998.............................................................. 5.88 205,955,000 205,891,523
4/10/1998............................................................. 6.04 10,000,000 9,892,333
#
DREYFUS GOVERNMENT CASH MANAGEMENT
STATEMENT OF INVESTMENTS (CONTINUED) JANUARY 31, 1998
Annualized
Yield on
Date of Principal
U.S. Government Agencies (continued) Purchase Amount Value
_____________ ___________________ ___________________
Federal Home Loan Mortgage Corporation, Floating Rate Notes
4/15/1998........................................................ 5.58%(a) $ 30,000,000 $ 29,997,897
4/16/1998........................................................ 5.63 (a) 100,000,000 99,990,210
5/26/1998........................................................ 5.68 (a) 100,000,000 100,045,524
Federal National Mortgage Association, Discount Notes
4/15/1998........................................................ 5.90 63,000,000 63,002,748
4/24/1998........................................................ 5.63 50,000,000 49,373,611
4/17/1998........................................................ 5.88 52,975,000 52,975,227
5/21/1998........................................................ 5.86 100,000,000 99,970,584
6/10/1998........................................................ 5.61 12,250,000 12,253,939
6/18/1998........................................................ 5.59 105,000,000 105,044,113
7/31/1998........................................................ 5.68 50,000,000 49,971,151
9/9/1998......................................................... 5.77 50,000,000 49,972,575
Federal National Mortgage Association, Floating Rate Notes
4/15/1998........................................................ 5.63 (a) 290,000,000 289,971,696
5/22/1998........................................................ 5.62 (a) 300,000,000 299,947,056
6/19/1998........................................................ 5.60 (a) 100,000,000 99,970,782
7/10/1998........................................................ 5.60 (a) 200,000,000 199,932,652
9/15/1998........................................................ 5.58 (a) 200,000,000 199,903,024
1/6/1999......................................................... 5.61 (a) 105,000,000 104,938,075
10/20/1999....................................................... 5.52 (a) 100,000,000 100,000,000
12/1/1999........................................................ 5.58 (a) 100,000,000 100,000,000
1/21/2000........................................................ 5.57 (a) 100,000,000 100,000,000
Student Loan Marketing Association, Discount Notes
2/19/1998........................................................ 5.65 125,000,000 124,999,261
2/25/1998........................................................ 5.90 64,000,000 63,979,070
5/15/1998........................................................ 5.88 25,000,000 25,001,012
9/16/1998........................................................ 5.74 236,500,000 236,506,514
11/16/1998....................................................... 5.72 24,500,000 24,503,974
12/4/1998........................................................ 5.85 36,000,000 36,000,000
_______________
TOTAL U.S. GOVERNMENT AGENCIES
(cost $4,887,274,428)............................................ $4,887,274,428
=============
TOTAL INVESTMENTS
(cost $5,191,220,220)............................................ 100.2% $5,191,220,220
======= ================
LIABILITIES, LESS CASH AND RECEIVABLES............................. (.2%) $ (9,067,038)
======= ================
NET ASSETS.................................... 100.0% $5,182,153,182
======= ================
Notes to Statement of Investments:
(a) Variable interest rate-subject to periodic change.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
<CAPTION>
#
DREYFUS MUNICIPAL CASH MANAGEMENT PLUS
STATEMENT OF INVESTMENTS JANUARY 31, 1998
Principal
Tax Exempt Investments-100.0% Amount Value
______________ ______________
<S> <C> <C>
California-4.7%
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 3,104,873
District of Columbia-5.2%
District of Columbia, General Fund Recovery, VRDN
3.80%, Series B-2 (LOC; National Westminster Bank) (a,b)................................... 4,600,000 4,600,000
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
Florida-3.7%
Broward County School District, Revenue, RAN 4.50%, Series C, 4/22/98........................ 5,230,000 5,236,617
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-3.5%
Honolulu City and County, MFHR, VRDN (HaleKua Gardens Project)
3.60%, Series A (LOC; Bank of Tokyo-Mitsubishi) (a,b)...................................... 6,523,000 6,523,000
Illinois-6.4%
Illinois Health Facilities Authority, Revenue, VRDN (Northwestern Memorial
Hospital)
3.70% (LOC; Northern Trust) (a,b).......................................................... 5,800,000 5,800,000
Southwestern Development Authority, Environmental Improvement Revenue, VRDN
(Shell Oil Co. Wood River Project) 3.70% (Corp. Guaranty; Shell Oil Co.) (b)............... 4,200,000 4,200,000
West Chicago, IDR, VRDN (Acme Printing Ink Project)
3.975% (LOC; Bank of Tokyo-Mitsubishi) (a,b)............................................... 2,000,000 2,000,000
Kentucky-.8%
Boone County, IDR, VRDN (Curtain Matheson Scientific Project)
3.60% (LOC; Toronto-Dominion Bank) (a,b)................................................... 1,500,000 1,500,000
Louisiana-6.7%
Ascension Parish, Revenue, VRDN (BASF Corp. Project)
3.70% (LOC; BASF Corp.) (a,b).............................................................. 5,000,000 5,000,000
New Orleans Aviation Board, Revenue, VRDN (Passenger Facility Charge
Projects)
4.20% (LOC: Banque Paribas and Canadian Imperial Bank of Commerce) (a,b)................... 7,400,000 7,400,000
Michigan-1.2%
Monroe County Economic Development Corporation, LOR, Refunding, VRDN
(Detroit Edison) 3.70%, Series CC (LOC; Barclays Bank) (a,b)............................... 2,300,000 2,300,000
Missouri-7.0%
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
3.70%, Series B (Insured; MBIA and LOC; State Street Bank) (a,b)........................... 6,500,000 6,500,000
Montana-5.4%
Forsyth, PCR, VRDN (Portland General Electric Co.)
3.75% (LOC; Banque Nationale De Paris) (a,b)............................................... 10,000,000 10,000,000
Nevada-4.2%
Washoe County Water Facility, Revenue, VRDN (Sierra Pacific Power Co.
Project)
3.80% (LOC; Union Bank of Switzerland) (a,b)............................................... 7,800,000 7,800,000
New Jersey-1.5%
Florence Township, BAN 4%, 2/13/98........................................................... 2,878,000 2,878,227
New York-11.9%
Erie County, RAN 4.50%, Series B, 10/29/98 (LOC; Union Bank of Switzerland) (a).............. 4,000,000 4,019,375
Municipal Assistance Corporation, CP
3.75%, Series 2, 2/25/98 (LOC; Landesbank Hessen) (a)...................................... 8,000,000 8,000,000
#
DREYFUS MUNICIPAL CASH MANAGEMENT PLUS
STATEMENT OF INVESTMENTS (CONTINUED) JANUARY 31, 1998
Principal
Tax Exempt Investments (continued) Amount Value
________________ ________________
New York (continued)
City of New York, RAN 4.50%, Series A, 6/30/98 (LOC: Bayerische Landesbank,
Landesbank Hessen, Morgan Guaranty Trust Co., Societe Generale and
Westdeutsche Landesbank) (a)............................................................... $ 10,000,000 $ 10,030,705
Ohio-2.6%
Piqua, IDR, VRDN (Berwick Steel Co. Project) 3.70% (LOC; Sanwa Bank) (a,b)................... 4,800,000 4,800,000
Pennsylvania-6.4%
Emmaus General Authority, Revenue, VRDN
3.55% (Liquidity Facility; Credit Suisse and LOC; FSA) (a,b)............................... 8,000,000 8,000,000
Schuylkill County Industrial Development Authority, RRR, Refunding, VRDN
(Northeastern Power Co.) 3.75%, Series B (LOC; Credit Locale de France) (a,b).............. 4,000,000 4,000,000
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-6.5%
Greater East Texas Higher Education Authority Inc., Student Loan Revenue
3.95%, Series B, 9/1/98 (LOC; Student Loan Marketing Association) (a)...................... 3,000,000 3,000,000
State of Texas, TRAN 4.75%, Series A, 8/31/98................................................ 9,000,000 9,050,126
Vermont-2.3%
Vermont Industrial Development Authority, IDR, VRDN (Ryegate Project)
3.55% (LOC; ABN-Amro Bank) (a,b)........................................................... 4,300,000 4,300,000
Virginia-7.9%
Charles City and County Industrial Development Authority, Exempt Facility
Revenue
VRDN (Chambers Development Inc., Project)
3.65%, (LOC; Morgan Guaranty Trust Co.) (a,b).............................................. 3,200,000 3,200,000
Chesapeake Industrial Development Authority, IDR, VRDN (Sumitomo Mach. Co.)
3.825% (LOC; Sumitomo Bank) (a,b).......................................................... 1,500,000 1,500,000
Peninsula Ports Authority, Revenue, Refunding, VRDN (Zelgler Coal)
3.75% (LOC; Bank of America) (a,b)......................................................... 10,000,000 10,000,000
Washington-4.2%
Washington State Housing Finance Commission, Single Family Program
3.90%, Series 5A-S, 12/15/98 (LOC; Bayerische Landesbank) (a).............................. 7,800,000 7,800,000
West Virginia-4.1%
Marion County, Commission Solid Waste Disposal Facility Revenue, VRDN
(Granttown Project) 3.65%, Series B (LOC; National Westminster Bank) (a,b)................. 7,600,000 7,600,000
Wyoming-2.7%
Lincoln County, PCR, VRDN (Exxon Project)
3.75%, Series A (Corp. Guaranty, Exxon Corporation) (b).................................... 5,000,000 5,000,000
_____________
TOTAL INVESTMENTS (cost $185,867,923)........................................................ $185,867,923
=============
Notes to Statement of Investments:
(a) Secured by letters of credit. At January 31, 1998, 82.3.% 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.
</TABLE>
<TABLE>
<CAPTION>
#
DREYFUS NEW YORK MUNICIPAL CASH MANAGEMENT
STATEMENT OF INVESTMENTS JANUARY 31, 1998
Principal
Tax Exempt Investments-100.0% Amount Value
______________ ______________
<S> <C> <C>
Buffalo, RAN 4.40%, 8/5/98 (LOC; Landesbank Hessen) (a)...................................... $ 4,000,000 $ 4,011,473
Deer Park Union Free School District, TAN 4.25%, 6/26/98..................................... 4,000,000 4,006,126
Erie County, RAN 4.50%, Series B, 10/29/98 (LOC; Union Bank of Switzerland) (a).............. 5,000,000 5,024,218
Town of Islip Industrial Development Agency, IDR, VRDN
(Brentwood Distribution Project) 3.35% (LOC; Fleet Bank) (a,b)............................. 3,750,000 3,750,000
Monroe County Industrial Development Agency, Revenue, VRDN (Enbi Corp.)
3.35% (LOC; Rabobank Nederland) (a,b)...................................................... 100,000 100,000
Municipal Assistance Corporation, CP 3.75%, Series 2, (LOC; Landesbank Hessen) (a)........... 7,000,000 7,000,000
Nassau County Industrial Development Agency, IDR, VRDN
(Manhassett Association Project) 3.45% (LOC; Bankers Trust Co.) (a,b)...................... 2,000,000 2,000,000
City of New York:
RAN 4.50%, Series A, 6/30/98 (LOC: Bayerische Landesbank, Landesbank
Hessen,
Morgan Guaranty Trust Co., National Westminster Bank, Societe Generale
and
Westdeutsche Landesbank) (a)............................................................. 5,000,000 5,012,734
VRDN:
3.65%, Series A-7 (LOC; Morgan Guaranty Trust Co.) (a,b)................................. 13,150,000 13,150,000
3.65%, Series B (Insured; MBIA and LOC; National Westminster Bank) (a,b)................. 3,300,000 3,300,000
3.65%, Series E-3 (LOC; Morgan Guaranty Trust Co.) (a,b)................................. 2,000,000 2,000,000
3.70%, Series A-4 (LOC; Chase Manhattan Bank) (a,b)...................................... 10,300,000 10,300,000
4%, Series B (Insured; FGIC and Liquidity Facility; FGIC) (b)............................ 6,800,000 6,800,000
Trust Cultural Resource Revenue, Refunding (American Museum of Natural History)
3.45%, Series B (Insured; MBIA and SBPA; Credit Suisse) (b)............................ 4,675,000 4,675,000
New York City Health and Hospital Corporation, Revenue, VRDN (Health Systems)
3.35%, 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) 3.50% (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)
3.30% (LOC; Barclays Bank) (a,b)......................................................... 100,000 100,000
IDR (Field Hotel Association JFK Project)
3.55% (LOC; Credit Agricole Indosuez) (a,b).............................................. 4,400,000 4,400,000
New York City Municipal Water Finance Authority, Water and Sewer Systems
Revenue, VRDN
3.65%, Series G (Insured; FGIC and Liquidity Facility; FGIC) (b)........................... 12,700,000 12,700,000
New York State, CP 3.55%, Series U, 2/10/98 (LOC; Westdeutsche Landesbank) (a)............... 3,000,000 3,000,000
New York State Dormitory Authority, Revenues, VRDN (Metropolitan Museum of
Art)
3.30%, 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
VRDN:
(Central Hudson Gas and Electric Project)
3.45%, Series A (LOC; Union Bank of Switzerland) (a,b)................................. 3,000,000 3,000,000
(Niagara Mohawk Power Corp.)
3.65%, Series B (LOC; Toronto-Dominion Bank) (a,b)..................................... 5,000,000 5,000,000
3.70%, Series A (LOC; Toronto-Dominion Bank) (a,b)..................................... 6,200,000 6,200,000
3.90%, Series A (LOC; Toronto-Dominion Bank) (a,b)..................................... 4,800,000 4,800,000
3.95%, Series B (LOC; Morgan Guaranty Trust Co.) (a,b)................................. 9,300,000 9,300,000
Refunding (Orange/Rockland Utilities)
3.45%, Series A (Insured; AMBAC and LOC; Societe Generale) (a,b)....................... 10,000,000 10,000,000
New York State Housing Finance Agency, Service Contract Obligation, Revenue,
VRDN
3.30%, Series A (LOC; Commerzbank) (a,b)................................................... 5,000,000 5,000,000
New York State Local Government Assistance Corporation, VRDN
3.30%, 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)
3.75%, 9/1/98 (LOC: Bank of America, Bank of Tokyo-Mitsubishi,
Morgan Guaranty Trust Co. and Sumitomo Bank) (a)........................................... 5,000,000 5,000,000
#
DREYFUS NEW YORK MUNICIPAL CASH MANAGEMENT
STATEMENT OF INVESTMENTS (CONTINUED) JANUARY 31, 1998
Principal
Tax Exempt Investments (continued) Amount Value
______________ ______________
Port Authority of New York and New Jersey, Special Obligation Revenue, Refunding
VRDN (Versatile Structure Obligation) 3.75% (LOC: Bank of Tokyo-Mitsubishi
and
Sumitomo Bank) (a,b)........................................................................ $ 13,600,000 $ 13,600,000
Rochester, BAN 4%, Series I, 3/10/98.......................................................... 8,000,000 8,002,342
South Huntington Union Free School District, TAN 4.25%, 6/30/98............................... 3,250,000 3,255,177
Suffolk County, TAN:
4.25%, Series I, 8/13/98 (LOC: Canadian Imperial Bank of Commerce,
National Westminster Bank and Westdeutsche Landesbank) (a)................................ 4,000,000 4,012,463
4.25%, Series II, 9/10/98 (LOC: Canadian Imperial Bank of Commerce,
National Westminster Bank and Westdeutsche Landesbank) (a)................................ 7,000,000 7,016,293
Triborough Bridge and Tunnel Authority, Special Obligation, VRDN
3.45% (Insured; FGIC and Liquidity Facility; FGIC) (b)...................................... 4,800,000 4,800,000
_____________
TOTAL INVESTMENTS (cost $206,015,826)......................................................... $206,015,826
=============
Notes to Statement of Investments:
(a) Secured by letters of credit. At January 31, 1998, 74.2% of the Fund's
net assets are backed by letters of credit issued by domestic banks and
foriegn banks, of which Morgan Guaranty Trust Co. provided letters of credit
to 13.1% 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.
</TABLE>
<TABLE>
<CAPTION>
#
DREYFUS TAX EXEMPT CASH MANAGEMENT
STATEMENT OF INVESTMENTS JANUARY 31, 1998
Principal
Tax Exempt Investments-100.0% Amount Value
_________________ _________________
<S> <C> <C>
Alaska-.9%
Valdez, Marine Terminal Revenue, VRDN (Exxon Pipeline Co. Project)
3.65% (LOC; Exxon Corp.) (a,b).......................................................... $ 14,300,000 $ 14,300,000
Arkansas-.8%
University of Arkansas, University Revenues, Refunding, VRDN (UAMS Campus)
3.50% (Insured; MBIA and Liquidity; Credit Suisse) (a).................................. 12,400,000 12,400,000
California-9.5%
State of California, RAN 4.50%, 6/30/98................................................... 57,000,000 57,158,229
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)
3.75%, Series C, 3/15/98 (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 30,076,629
Los Angeles County Transportation Commission, Sales Tax Revenue, Refunding,
VRDN
3.15%, Series A (BPA; Bayerishe Landesbank and Insured; FGIC) (a)....................... 9,200,000 9,200,000
Riverside County, TRAN 4.50%, Series A, 6/30/98................................... ....... 11,000,000 11,023,729
Sacramento County, MFHR, VRDN 4.25%, 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)
3.20% (LOC; Lasalle National Bank) (a,b)................................................ 6,500,000 6,500,000
Colorado-1.4%
City and County of Denver, MFHR, Refunding, VRDN (Parliment Apartments)
3.75% (Corp. Guaranty; Connecticut General) (a)......................................... 22,200,000 22,200,000
Connecticut-2.8%
State of Connecticut:
Special Assessment Unemployment Compensation Advance Fund, Revenue
(Connecticut Unemployment) 3.90%, Series C, 7/1/98 (Insured and Liquidity; FGIC)...... 23,000,000 23,000,000
Special Tax Obligation Revenue, VRDN (Transportation Infrastructure-1)
3.50% (LOC; Commerzbank) (a,b)........................................................ 11,900,000 11,900,000
Connecticut Development Authority, PCR, Refunding, VRDN
(Connecticut Light and Power Co. Project)
3.50%, Series A (LOC; Deutsche Bank) (a,b).............................................. 7,500,000 7,500,000
Delaware-4%
Delaware Economic Development Authority, Revenue, VRDN (Hospital Billing
Collection):
3.60%, Series A (BPA; Morgan Stanley and Co. and Insured; MBIA) (a)..................... 9,700,000 9,700,000
3.60%, Series B (BPA; Morgan Stanley and Co. and Insured; MBIA) (a)..................... 33,200,000 33,200,000
3.60%, Series C (BPA; Morgan Stanley and Co. and Insured; MBIA) (a)..................... 18,700,000 18,700,000
District of Columbia-4.8%
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:
3.80%, Series A-4 (LOC; Societe Generale) (a,b)....................................... 10,700,000 10,700,000
(General Fund Recovery):
3.80%, Series B-1 (LOC; Societe Generale) (a,b)..................................... 17,000,000 17,000,000
3.80%, Series B-2 (LOC; National Westminster Bank) (a,b)............................ 10,000,000 10,000,000
Refunding:
3.80%, Series A-5 (LOC; Bank of Nova Scotia) (a,b).................................. 14,222,000 14,222,000
3.85%, Series A-6 (Liquidity; National Westminster Bank) (a)........................ 13,200,000 13,200,000
Florida-6.5%
Brevard County School Board, RAN 4.25%, 5/8/98............................................ 10,000,000 10,008,837
Dade County, Water and Sewer Systems Revenue, VRDN
3.50% (BPA; Commerzbank and Insured; FGIC) (a).......................................... 12,000,000 12,000,000
City of Jacksonville, PCR, VRDN (Florida Power and Light Co. Project)
3.55% (LOC; Florida Power and Light Co.) (a,b)................................... ...... 5,000,000 5,000,000
Orange County Housing Finance Authority, MFHR, VRDN (Heather Project)
3.55%, Series B (LOC; FNMA) (a,b)....................................................... 12,500,000 12,500,000
#
DREYFUS TAX EXEMPT CASH MANAGEMENT
STATEMENT OF INVESTMENTS (CONTINUED) JANUARY 31, 1998
Principal
Tax Exempt Investments (continued) Amount Value
______________ ______________
Florida (continued)
Pasco County Industrial Development Authority, Revenue, VRDN
(Woodhaven Partners Limited Project) 3.45% (LOC; Kredietbank) (a,b)..................... $ 9,500,000 $ 9,500,000
Pinellas County Health Facilities Authority, Revenue, Refunding, VRDN
(Pooled Hospital Loan Program) 3.75% (LOC; Chase Manhattan Bank) (a,b).................. 20,550,000 20,550,000
Sunshine State Governmental Financing Commision, Revenue, CP:
3.60%, 2/13/98 (BPA; State Board of Administration of Florida)................... ...... 14,940,000 14,940,000
3.75%, 3/13/98 (BPA: Toronto-Dominion Bank and Union Bank of Switzerland
and Insured; AMBAC)................................................................... 15,725,000 15,725,000
Georgia-1%
Fulton County Residential Care Facilities for the Elderly Authority,
Revenue, Refunding, VRDN (Lenbrook Square Foundation)
3.65% (LOC; Rabobank Nederland) (a,b)................................................... 14,700,000 14,700,000
Idaho-.7%
State of Idaho, TAN 4.625%, 6/30/98....................................................... 11,000,000 11,032,195
Illinois-3%
City of Chicago, Revenue 3.65%, 2/5/98 (LOC; Morgan Guaranty Trust Co.) (b)............... 15,000,000 15,000,000
Glendale Heights, Multi-Family Revenue, VRDN (Glendale Lake Project)
3.50% (LOC; Citibank) (a,b)............................................................. 15,045,000 15,045,000
Illinois Health Facilities Authority, VRDN:
(Northwestern Memorial Hospital) 3.70% (LOC; Northern Trust Co.) (a,b).................. 11,000,000 11,000,000
(Resurrection Health Care Systems) 3.70% (LOC; Comerica Bank, First Chicago
Bank
and La Salle National Bank) (a,b)..................................................... 5,500,000 5,500,000
Indiana-1%
Petersburg, PCR, Refunding, VRDN (Indiana Power and Light Co.)
3.55%, Series B (Liquidity; Indianapolis Power and Light Co. and Insured; AMBAC) (a).... 15,000,000 15,000,000
Iowa-1.3%
Iowa Higher Education Loan Authority, Educational Facilities Revenue, VRDN
(Private Collection-Palmer Chiropratic University Foundation)
3.75% (LOC; Firstar Bank of Milwaukee) (a,b)............................................ 8,200,000 8,200,000
Iowa School Cash Anticipation Program, Warrants Certificate Notes (School
Corps.)
4.50%, 6/26/98 (Insured; FSA)........................................................... 11,000,000 11,025,651
Louisiana-1.4%
Jefferson Parish Hospital Service District No.2, HR, VRDN 3.50% (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-1.6%
Orrington, RRR, VRDN (Penobscott Energy Recovery Project)
3.475%, Series A (LOC: Bank of Nova Scotia, Bankers Trust, Canadian
Imperial Bank
of Commerce and Toronto-Dominion Bank) (a,b)............................................ 25,300,000 25,300,000
Maryland-.9%
Baltimore County, EDR, Refunding, VRDN (Blue Circle Inc. Project)
3.55% (LOC; Den Danske Bank) (a,b)...................................................... 13,600,000 13,600,000
Massachusetts-3.5%
Massachusetts Bay Transportation Authority, Notes 4.25%, Series A, 2/27/98................ 12,600,000 12,604,695
Massachusetts Housing Finance Agency, Refunding, VRDN (Harbor Point)
3.45%, 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
3.25%, Series C (BPA; Credit Suisse and Insured; MBIA) (a).............................. 12,300,000 12,300,000
City of Springfield, BAN 4.25%, 11/20/98 (LOC; Fleet Bank) (b)............................ 10,000,000 10,030,817
Michigan-1.9%
Detroit School District, State School Aid Notes 4.50%, 5/1/98............................. 15,000,000 15,021,255
#
DREYFUS TAX EXEMPT CASH MANAGEMENT
STATEMENT OF INVESTMENTS (CONTINUED) JANUARY 31, 1998
Principal
Tax Exempt Investments (continued) Amount Value
_______________ ______________
Michigan (continued)
Michigan Hospital Finance Authority, VRDN (Hospital Equipment Loan Program)
3.50% (LOC; Comerica Bank) (a,b)........................................................ $ 2,900,000 $ 2,900,000
Michigan Housing Development Authority, LOR, VRDN (Laurel Valley)
3.50% (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 5,012,742
Mississippi-.8%
Jackson County, Port Facility Revenue, Refunding, VRDN (Chevron USA, Inc.
Project)
3.65% (LOC; Chevron USA, Inc.) (a,b).................................................... 13,000,000 13,000,000
Missouri-1.3%
Independence Industrial Development Authority, IDR, Refunding, VRDN (Groves
and Graceland)
2.90%, Series A (LOC; Credit Locale de France) (a,b).................................... 5,000,000 5,000,000
Missouri Health and Educational Facilities Authority, Health Facilities
Revenue, VRDN
(Saint Francis Medical Center) 3.65%, Series A (LOC; Credit Locale de France) (a,b)..... 15,100,000 15,100,000
Montana-.9%
City of Forsyth, PCR, Refunding, VRDN (Pacificorp Project)
3.90% (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)
3.55%, 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)
3.50%, Series A (Insured; FGIC and Liquidity; First Bank National Association) (a)...... 4,280,000 4,280,000
New Jersey-3%
Essex County Improvement Authority, Project Revenue, VRDN (County Asset Sale
Project)
3.30% (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)
3.35%, Series D (LOC; Chase Manhattan Bank) (a,b)....................................... 3,000,000 3,000,000
New Jersey Sports and Exposition Authority, VRDN (State Contract)
3.35%, Series C (Insured; MBIA and Liquidity; Credit Suisse) (a)........................ 5,455,000 5,455,000
New Jersey Turnpike Authority, Turnpike Revenue, Refunding, VRDN
3.20%, Series D (BPA; Societe Generale and Insured; FGIC) (a)........................... 16,000,000 16,000,000
New Mexico-.9%
State of New Mexico, TRAN 4.50%, Series A, 6/30/98........................................ 13,000,000 13,034,330
New York-22.2%
Municipal Assistance Corporation for the City of New York, VRDN
3.45%, Series K-2 (LOC; Bayerische Landesbank) (a,b).................................... 34,500,000 34,500,000
City of New York:
RAN 4.50%, Series A, 6/30/98 (LOC: Bayerische Landesbank, Landesbank
Hessen, Morgan Guaranty
Trust Co., National Westminster Bank, Societe Generale and Westdeutsche Landesbank) (b).. 9,000,000 9,027,635
VRDN:
4%, Series B (Insured and Liquidity; FGIC) (a)........................................... 9,350,000 9,350,000
GO 3.50%, Series B (Insured and Liquidity; FGIC) (a)..................................... 8,000,000 8,000,000
New York City Housing Development Corporation, Mortgage Revenue, VRDN
(Residential-East 17th Street) 3.65%, Series A (LOC; Chase Manhattan Bank) (a,b)........... 6,600,000 6,600,000
New York City Industrial Development Agency, Civil Facility Revenue, VRDN
(Children's Oncology Society-Ronald McDonald House)
3.30% (LOC; Barclays Bank) (a,b)........................................................... 4,600,000 4,600,000
New York City Municipal Water Finance Authority, Water and Sewer Systems
Revenue, VRDN
3.65%, Series G (Insured and Liquidity; FGIC) (a).......................................... 3,800,000 3,800,000
New York City Trust, Cultural Resource Revenue, VRDN (American Museum of
Natural History):
3.45%, Series A (BPA; Credit Suisse and Insured; MBIA) (a)................................. 3,120,000 3,120,000
3.45%, Series B (BPA; Credit Suisse and Insured; MBIA) (a)................................. 4,100,000 4,100,000
#
DREYFUS TAX EXEMPT CASH MANAGEMENT
STATEMENT OF INVESTMENTS (CONTINUED) JANUARY 31, 1998
Principal
Tax Exempt Investments (continued) Amount Value
_______________ ______________
New York (continued)
State of New York, CP 3.80%, Series S, 2/11/98 (Liquidity; Westdeutsche Landesbank)......... $ 11,200,000 $ 11,200,000
New York State Dormitory Authority, Revenues:
CP (Sloan Kettering Memorial) 3.60%, Series A, 3/9/98 (LOC; Morgan Guaranty Trust Co.) (a,b)... 12,300,000 12,300,000
VRDN:
(Metropolitan Museum of Art)
3.30%, Series A (Guaranteed by; Metropolitan Museum of Art) (a)....................... 2,700,000 2,700,000
(Oxford University Press, Inc.) 3.70% (LOC; Landesbank Hessen) (a,b).................... 10,600,000 10,600,000
New York State Energy, Research and Development Authority, PCR, VRDN
(Orange/Rockland Utility)
3.45%, Series A (BPA; Societe Generale and Insured; AMBAC) (a)............................ 8,500,000 8,500,000
New York State Local Government Assistance Corporation, VRDN:
3.30%, Series A (LOC: Credit Suisse and Union Bank of Switzerland) (a,b).................. 30,600,000 30,600,000
3.30%, Series B (LOC; Credit Suisse) (a,b)................................................ 27,900,000 27,900,000
3.30%, Series C (LOC; Landesbank Hessen) (a,b)............................................ 45,700,000 45,700,000
3.45%, Series G (LOC; National Westminster Bank) (a,b).................................... 26,500,000 26,500,000
New York State Medical Care Facilities Finance Agency, Revenue, VRDN
(Pooled Loan Equipment Program-1)
3.50% (LOC; Chase Manhattan Bank) (a,b)................................................... 55,700,000 55,700,000
Port Authority of New York and New Jersey, Special Obligation Revenue, VRDN
(Versatile Structure Obligation) 3.55%, Series 2 (LOC; Morgan Guaranty Trust Co.) (a,b)... 5,000,000 5,000,000
City of Rochester, BAN 4%, Series I, 3/10/98................................................ 7,000,000 7,002,049
Suffolk County, TRAN 4.25%, Series RA-1, 8/13/98 (LOC: Canadian Imperial Bank
of Commerce,
National Westminster Bank and Westdeutsche Landesbank) (b)................................ 14,000,000 14,043,478
Ohio-1%
Green County, Certificates of Indebtedness, Notes (Beaver Creek Wastewater
Treatment Plant)
4.50%, 5/7/98............................................................................. 16,000,000 16,017,990
Oregon-.7%
Port Morrow, Revenue, Refunding, VRDN (Portland General Electric-Boardman
Project)
3.95% (LOC; Industrial Bank of Japan) (a,b)............................................... 10,500,000 10,500,000
Pennsylvania-2.9%
Emmaus General Authority, Revenue, VRDN
3.70%, Subseries F-10 (LOC; Bayerische Landesbank) (a,b).................................. 4,000,000 4,000,000
City of Philadelphia:
Gas Works Revenue, CP 3.75%, Series B, 4/6/98 (LOC; Canadian Imperial Bank of Commerce) (b). 15,000,000 15,000,000
Industrial Development Authority, VRDN (Fox Chase)
3.60% (LOC; Morgan Guaranty Trust Co.) (a,b)............................................ 6,500,000 6,500,000
TRAN 4.50%, Series A, 6/30/98............................................................. 15,000,000 15,029,431
Washington County Authority, Lease Revenue, VRDN
(Higher Education Pooled Equipment Lease Project)
3.55%, 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
3.85%, 2/18/98 (LOC; Nationsbank) (b)..................................................... 9,063,000 9,063,000
Sumter County, IR, VRDN (Bendix Corp. Project) 3.825% (LOC; Sumitomo Bank) (a,b)............ 4,000,000 4,000,000
Texas-6.9%
Bexar County Health Facilities Development Corporation, Revenue, VRDN
(Retirement Community-Air Force Village Foundation Project)
3.45% (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
Gulf Coast Waste Disposal Authority, PCR, Refunding, VRDN (Amoco Oil Co.
Project)
3.70% (LOC; Amoco Credit Corp.) (a,b)..................................................... 7,000,000 7,000,000
Harris County Health Facilities Development Corporation, HR, VRDN
(Texas Children's Hospital) 3.55%, Series B-1 (LOC; Bank of America) (a,b)................ 8,300,000 8,300,000
#
DREYFUS TAX EXEMPT CASH MANAGEMENT
STATEMENT OF INVESTMENTS (CONTINUED) JANUARY 31, 1998
Principal
Tax Exempt Investments (continued) Amount Value
_______________ ______________
Texas (continued)
Harris County Industrial Development Corporation, PCR, Refunding, VRDN
(Shell Oil Co. Project) 3.65% (LOC; Shell Oil Co.) (a,b).................................. $ 9,000,000 $ 9,000,000
State of Texas, TRAN 4.75%, 8/31/98......................................................... 30,000,000 30,166,629
Texas Department of Housing and Community Affairs, MFHR, VRDN (Higher Point
III)
3.60%, Series A (LOC; Trust Co. Bank) (a,b)............................................... 12,490,000 12,490,000
Texas Health Facilities Development Corporation, HR, VRDN (North Texas Pooled
Health)
3.75%, Series 85A (LOC; Banque Paribas) (a,b)............................................. 16,500,000 16,500,000
Utah-4.4%
Intermountain Power Agency, Power Supply Revenue:
3.75%, Series E, 3/16/98 (LOC; Swiss Bank Corp.) (b)...................................... 10,000,000 10,000,000
3.75%, Series F, 3/16/98 (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
CP:
3.75%, 2/24/98 (Liquidity: Bank of America and Bank of Nova Scotia)..................... 10,000,000 10,000,000
3.75%, 2/25/98 (Liquidity: Bank of America and Bank of Nova Scotia)..................... 14,500,000 14,500,000
Salt Lake County, PCR, Refunding, VRDN (Service Station Holding Project)
3.65% (LOC; British Petroleum) (a,b)...................................................... 5,700,000 5,700,000
Virginia-.8%
Henrico County Industrial Development Authority, Health Facility Revenue,
VRDN
(Hermitage Project) 3.75% (LOC; Nationsbank) (a,b)........................................ 12,800,000 12,800,000
Washington-2.7%
Snohomish County Public Utilities District No.1, Electric Revenue, VRDN
(Generation Systems)
3.50% (Insured; MBIA and SBPA; Industrial Bank of Japan) (a).............................. 10,760,000 10,760,000
Washington Housing Finance Commission, Non-Profit Housing Revenue, Refunding,
VRDN
(Panorama City Project) 3.75% (LOC; Key Bank) (a,b)....................................... 8,700,000 8,700,000
Washington Public Power Supply System, Revenue, Refunding, VRDN (Nuclear
Project No.3)
3.30%, Series 3A-3 (LOC; National Westminster Bank) (a,b)................................. 21,200,000 21,200,000
Wyoming-1%
Lincoln County, PCR, VRDN (Exxon Project) 3.65% (LOC; Exxon Corp.) (a,b).................... 15,800,000 15,800,000
U.S. Related-.5%
Commonwealth of Puerto Rico Highway and Transportation Authority, Highway
Revenue, VRDN
3.25%, Series X (LOC: Landesbank Hessen-Thuringen, Swiss Bank Corp. and
Union Bank of
Switzerland) (a,b)................................. 7,775,000 7,775,000
______________
TOTAL INVESTMENTS (cost $1,531,641,321)..................................................... $1,531,641,321
==============
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 January 31, 1998, 59.1% 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 JANUARY 31, 1998
Annualized
Yield on
Date of Principal
U.S. Treasury Bills-38.4% Purchase Amount Value
______________ ___________________ ___________________
<S> <C> <C> <C>
2/5/98.......................................................... 4.77 % $ 890,000,000 $ 889,529,253
2/12/98......................................................... 4.76 300,000,000 299,564,586
2/19/98......................................................... 4.81 75,000,000 74,820,000
5/28/98......................................................... 5.83 50,000,000 49,112,278
6/25/98......................................................... 5.61 40,000,000 39,148,800
1/7/99.......................................................... 5.01 40,000,000 38,198,000
_______________
TOTAL U.S. TREASURY BILLS
(cost $1,390,372,917)................................ $1,390,372,917
===============
U.S. Treasury Notes-23.9%
7.25%, 2/15/98.................................................. 5.34 % $ 100,000,000 $ 100,109,160
5.125%, 4/30/98................................................. 5.43 180,000,000 179,973,957
6.00%, 5/31/98.................................................. 5.63 50,000,000 50,039,177
6.25%, 6/30/98.................................................. 5.43 25,000,000 25,062,494
6.25%, 7/31/98.................................................. 5.33 35,000,000 35,119,531
5.875%, 8/15/98................................................. 5.47 100,000,000 100,126,896
6.125%, 8/31/98................................................. 5.52 30,000,000 30,083,878
6.00%, 9/30/98.................................................. 5.54 70,000,000 70,175,314
5.875%, 10/31/98................................................ 5.61 85,000,000 85,141,346
5.125%, 11/30/98................................................ 5.38 25,000,000 24,932,357
5.625%, 11/30/98................................................ 5.59 165,000,000 164,949,648
_______________
TOTAL U.S. TREASURY NOTES
(cost $865,713,758)............................................. $ 865,713,758
===============
Repurchase Agreements-37.1%
Barclays De Zoette Wedd Securities, Inc.
dated 1/30/98, due 2/2/98 in the amount of
$250,116,042 (fully collateralized by
$250,560,000 U.S. Treasury Notes, 5.50%,
due 11/15/98, value $253,547,580)............................... 5.57 % $ 250,000,000 $ 250,000,000
CIBC Securities
dated 1/30/98, due 2/2/98 in the amount of
$100,293,531 (fully collateralized by
$100,000,000 U.S. Treasury Notes, 6.125%,
due 5/15/98, value $101,480,556)................................ 5.57 100,247,000 100,247,000
C.S. First Boston Corp.
dated 1/30/98, due 2/2/98 in the amount of
$288,133,200 (fully collateralized by
$200,000,000 U.S. Treasury Notes, 6.00%, due
9/30/98 and $91,500,000 U.S. Treasury Bills
due 6/18/98, value $294,544,180)................................ 5.55 288,000,000 288,000,000
J.P. Morgan Securities Inc.
dated 1/30/98, due 2/2/98 in the amount of
$287,133,216 (fully collateralized by
$300,247,000 U.S. Treasury Bills due
7/16/98, value $293,241,570).................................... 5.57 287,000,000 287,000,000
SBC Warburg Dillon Read
dated 1/30/98, due 2/2/98 in the amount of
$184,498,616 (fully collateralized by
$162,805,000 U.S. Treasury Notes, 5.875%
due 8/15/98, and $21,258,000 U.S. Treasury
Bills, due 6/25/98, value $188,034,207)......................... 5.57 184,413,000 184,413,000
#
DREYFUS TREASURY CASH MANAGEMENT
STATEMENT OF INVESTMENTS (CONTINUED) JANUARY 31, 1998
Annualized
Yield on
Date of Principal
Repurchase Agreements (continued) Purchase Amount Value
______________ ___________________ ___________________
UBS Securities Inc.
dated 1/30/98, due 2/2/98 in the amount of
$233,108,345 (fully collateralized by
$244,071,000 U.S. Treasury Bills,
due 7/30/98, value $237,920,411)................................ 5.58% $ 233,000,000 $ 233,000,000
_______________
TOTAL REPURCHASE AGREEMENTS
(cost $1,342,660,000)........................................... $1,342,660,000
===============
TOTAL INVESTMENTS
(cost $3,598,746,675) .......................................... 99.4% $3,598,746,675
======= ===============
CASH AND RECEIVABLES (NET) ....................................... 6% $ 21,640,192
======= ===============
NET ASSETS ....................................................... 100.0% $3,620,386,867
======= ===============
SEE NOTES TO FINANCIAL STATEMENTS.
#
DREYFUS TREASURY PRIME CASH MANAGEMENT
STATEMENT OF INVESTMENTS JANUARY 31, 1998
Annualized
Yield on
Date of Principal
U.S. Treasury Bills-8.8% Purchase Amount Value
______________ ___________________ ___________________
3/26/98...................................................... 5.22 % $ 114,576,000 $ 113,705,894
4/2/98....................................................... 5.95 150,000,000 148,595,001
4/16/98...................................................... 5.28 1,185,000 1,172,455
5/21/98...................................................... 5.31 31,177,000 30,686,135
_______________
TOTAL U.S. TREASURY BILLS
(cost $294,159,485).......................................... $ 294,159,485
===============
U.S. Treasury Notes-90.8%
7.25%, 2/15/98............................................... 5.35 % $ 134,800,000 .....$ 134,884,969
5.125%, 2/28/98 ............................................. 5.39 637,302,000 637,107,781
5.125%, 3/31/98.............................................. 5.37 50,000,000 49,970,448
6.125%, 3/31/98.............................................. 5.32 248,900,000 249,167,861
7.875%, 4/15/98.............................................. 5.38 364,924,000 366,618,625
5.125%, 4/30/98.............................................. 5.23 34,927,000 34,905,994
5.875%, 4/30/98.............................................. 5.42 816,687,000 817,456,062
6.125%, 5/15/98.............................................. 5.26 22,100,000 22,148,310
6.00%, 5/31/98............................................... 5.47 125,000,000 125,161,905
8.25%, 7/15/98............................................... 5.24 25,000,000 25,298,499
6.25%, 7/31/98............................................... 5.26 474,570,000 476,534,837
6.00%, 9/30/98............................................... 5.22 25,000,000 25,097,656
5.875%, 10/31/98............................................. 5.26 56,000,000 56,181,472
_______________
TOTAL U.S. TREASURY NOTES
(cost $3,020,534,419)........................................ $3,020,534,419
===============
TOTAL INVESTMENTS
(cost $3,314,693,904) ....................................... 99.6% $3,314,693,904
======= ===============
CASH AND RECEIVABLES (NET) .................................... 4% $ 13,111,710
======= ===============
NET ASSETS..................................................... 100.0% $3,327,805,614
======= ===============
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
<CAPTION>
#
Summary of Abbreviations
<S> <C> <C> <C>
AMBAC American Municipal Bond Assurance Corporation LOR Limited Obligation Revenue
BAN Bond Anticipation Notes MBIA Municipal Bond Investors Assurance
BPA Bond Purchase Agreement Insurance Corporation
CP Commercial Paper MFHR Multi-Family Housing Revenue
EDR Economic Development Revenue MFMR Multi-Family Mortgage 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
GO General Obligation SBPA Standby Bond Purchase Agreement
HR Hospital Revenue SFMR Single Family Mortgage Revenue
IR Industrial Revenue TAN Tax Anticipation Notes
IDR Industrial Development Revenue TRAN Tax and Revenue Anticipation Notes
LOC Letter of Credit VRDN Variable Rate Demand Notes
Summary of Combined Ratings (Unaudited)
</TABLE>
<TABLE>
<CAPTION>
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) 95.9% 95.1% 95.1%
F2 VMIG2/MIG2, P2 SP2, A2 2.6 .- 1.7
AAA/AA (c) Aaa/Aa (c) AAA/AA (c) .- .- .8
Not Rated (d) Not Rated (d) Not Rated (d) 1.5 4.9 2.4
_______ _______ ________
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 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 JANUARY 31, 1998
(AMOUNTS 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, Inc. Management Plus Management Management Management Management
___________ __________ ___________ ___________ ____________ ____________ ___________ ____________
<S> <C> <C> <C> <C> <C> <C> <C> <C>
ASSETS:
Investments at value..$4,716,348 $6,620,806 $5,191,220 $ 185,868 $ 206,016 $ 1,531,641 $ 3,598,747(1) $ 3,314,694
Cash..................... 10,093 16,782 14,385 317 1,984 - 163,268 6,700
Receivable for investment
securites sold......... - - - - - - - 339,694
Interest receivable.. 16,230 52,713 47,453 1,450 1,380 11,271 16,474 64,301
___________ __________ ___________ ___________ ____________ ____________ ____________ ___________
4,742,671 6,690,301 5,253,058 187,635 209,380 1,542,912 3,778,489 3,725,389
___________ __________ ___________ ___________ ____________ ____________ ____________ ___________
LIABILITIES:
Due to The Dreyfus
Corporation
and affiliates..... 837 1,019 781 20 27 252 570 637
Cash overdraft
due to Custodian - - - - - 1,512 - -
Due to Distributor... 38 154 124 13 3 51 106 128
Payable for
investment
securities
purchased.......... 73,490 50,000 - - - - 157,426 276,820
Payable for shares
of Beneficial
Interest redeemed.. - 54,194 70,000 - - - - 119,998
___________ __________ ___________ ___________ ____________ ____________ ____________ ___________
74,365 105,367 70,905 33 30 1,815 158,102 397,583
___________ __________ ___________ ___________ ____________ ____________ ____________ ___________
NET ASSETS........... $4,668,306 $6,584,934 $5,182,153 $ 187,602 $ 209,350 $ 1,541,097 $ 3,620,387 $3,327,806
=========== ========== =========== =========== ============ ============ ============ ===========
REPRESENTED BY:
Paid-in capital...... $4,668,805 $6,586,081 $5,182,892 $ 187,772 $ 209,356 $ 1,541,585 $ 3,620,895 $3,328,123
Accumulated net
realized gain
(loss)
on investments..... (499) (1,147) (739) (170) (6) (488) (508) (317)
___________ __________ ___________ ___________ ____________ ____________ ____________ ___________
NET ASSETS........... $4,668,306 $6,584,934 $5,182,153 $ 187,602 $ 209,350 $ 1,541,097 $ 3,620,387 $3,327,806
=========== ========== =========== =========== ============ ============ ============ ===========
NET ASSET VALUE PER SHARE
_____________________________
INSTITUTIONAL SHARES
_____________________
Net Assets..........$4,102,995 $5,793,005 $4,136,508 $ 133,801 $ 195,662 $ 1,319,463 $ 2,921,448 $2,907,256
Shares Outstanding.. 4,103,464 5,794,113 4,137,152 133,965 195,667 1,319,932 2,921,920 2,907,545
Net Asset Value
Per Share $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
====== ====== ====== ====== ====== ====== ====== ======
INVESTOR SHARES
_________________
Net Assets.........$ 464,494 $ 750,452 $ 779,157 $ 47,113 $ 13,041 $ 149,119 $ 597,099 $ 303,623
Shares Outstanding.. 464,524 750,490 779,249 47,119 13,042 149,138 597,133 303,644
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... $ 2,045 $ 26,093 $ 235,973 -(2) -(2) $ 688 -(2) $ 6,625
Shares Outstanding... 2,045 26,094 235,976 -(2) -(2) 688 -(2) 6,626
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.... $ 98,772 $ 15,384 $ 30,515 $ 6,688 $ 647 $ 71,827 $ 101,840 $ 110,302
Shares Outstanding... 98,772 15,384 30,515 6,688 647 71,827 101,842 110,308
Net Asset Value
Per Share $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
====== ====== ====== ====== ====== ====== ====== ======
(1) Amount includes repurchase agreements of $1,342,660,000. See Note 1(b).
(2) Amount represents less than 1,000.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
<CAPTION>
#
STATEMENTS OF OPERATIONS
(AMOUNTS IN THOUSANDS) YEAR ENDED JANUARY 31, 1998
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, Inc. Management Plus Management Management Management Management
___________ __________ ___________ ___________ ____________ ____________ ___________ ____________
<S> <C> <C> <C> <C> <C> <C> <C> <C>
INVESTMENT INCOME:
Interest Income... $213,857 $421,614 $299,261 $ 7,507 $ 6,267 $ 57,076 $181,326 $181,678
___________ __________ ___________ ___________ ____________ ____________ ____________ ___________
EXPENSES:
Management
fee-Note 2(a)....... 7,571 14,789 10,665 403 348 3,137 6,593 6,765
Distribution
fees-Note 2(b):
Investor Shares..... 1,248 1,975 1,543 111 33 320 1,178 793
Administrative
Shares............ 5 38 86 -* -* -* -* 2
Participant Shares.. 45 30 62 12 2 90 147 185
___________ __________ ___________ ___________ ____________ ____________ ____________ ___________
8,869 16,832 12,356 526 383 3,547 7,918 7,745
___________ __________ ___________ ___________ ____________ ____________ ____________ ___________
Investment
Income-Net.......... 204,988 404,782 286,905 6,981 5,884 53,529 173,408 173,933
Net Realized Gain
(Loss) on
Investments-Note 1(b) (167) (268) 103 10 2 (20) (166) (174)
___________ __________ ___________ ___________ ____________ ____________ ____________ ___________
Net Increase in
Net Assets
Resulting from
Operations.......... $204,821 $404,514 $287,008 $ 6,991 $ 5,886 $ 53,509 $173,242 $173,759
=========== ========== =========== =========== ============ ============ ============ ===========
* Amount represents less than 1,000.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
<CAPTION>
#
STATEMENTS OF CHANGES IN NET ASSETS
(AMOUNTS IN THOUSANDS)
Dreyfus Cash Management Dreyfus Cash Management Plus, Inc.
___________________________________ _______________________________________________________
Year Ended Year Ended Year Ended Four Months Ended Year Ended
January 31, 1998 January 31, 1997 January 31, 1998 January 31, 1997* September 30, 1996
________________ ________________ ________________ _________________ __________________
<S> <C> <C> <C> <C> <C>
OPERATIONS:
Investment income-net......... $ 204,988 $ 163,884 $ 404,782 $ 116,850 $ 318,484
Net realized gain (loss)
on investments.............. (167) (134) (268) 46 (2)
_____________ _____________ _____________ _____________ _____________
Net Increase (Decrease) in
Net Assets
Resulting from Operations. 204,821 163,750 404,514 116,896 318,482
_____________ _____________ _____________ _____________ _____________
Dividends to Shareholders From:
Investment income-net:
Institutional Shares...... (178,237) (138,229) (360,839) (104,056) (292,839)
Investor Shares........... (25,868) (25,655) (41,488) (12,766) (25,645)
Administrative Shares..... (294) - (2,073) (26) -
Participant Shares........ (589) - (382) (2) -
_____________ _____________ _____________ _____________ _____________
Total Dividends........... (204,988) (163,884) (404,782) (116,850) (318,484)
_____________ _____________ _____________ _____________ _____________
Beneficial Interest/Capital Stock
Transactions ($1.00 per share):
Net proceeds from shares sold:
Institutional Shares...... 34,682,738 24,051,495 116,863,482 38,291,612 93,822,519
Investor Shares........... 4,407,933 3,776,647 5,357,525 2,019,846 3,923,658
Administrative Shares..... 102,040 - 280,224 15,888 -
Participant Shares........ 197,547 - 47,698 1,420 -
Dividends reinvested:
Institutional Shares...... 73,146 46,596 166,893 48,591 115,308
Investor Shares........... 8,116 7,234 39,081 12,241 24,909
Administrative Shares..... 272 - 2,066 26 -
Participant Shares........ 69 - 376 2 -
Cost of shares redeemed:
Institutional Shares...... (33,411,068) (23,782,306) (116,752,984) (37,590,704) (93,576,512)
Investor Shares........... (4,532,107) (3,633,582) (5,428,045) (1,879,424) (3,671,805)
Administrative Shares..... (100,268) - (256,395) (15,714) -
Participant Shares........ (98,844) - (33,162) (950) -
_____________ _____________ _____________ _____________ _____________
Increase (Decrease) in Net Assets From
Beneficial Interest/
Capital Stock Transactions 1,329,574 466,084 286,759 902,834 638,077
_____________ _____________ _____________ _____________ _____________
Total Increase (Decrease) In Net Assets 1,329,407 465,950 286,491 902,880 638,075
Net Assets:
Beginning of period....... 3,338,899 2,872,949 6,298,443 5,395,563 4,757,488
_____________ _____________ _____________ _____________ _____________
End of period............. $ 4,668,306 $ 3,338,899 $ 6,584,934 $ 6,298,443 $ 5,395,563
============= ============= ============= ============= =============
* The Fund changed its fiscal year end from September 30 to January 31.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
<CAPTION>
#
STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
(AMOUNTS IN THOUSANDS)
Dreyfus Government Cash Management Dreyfus Municipal Cash Management Plus
___________________________________ _______________________________________________________
Year Ended Year Ended Year Ended One Month Ended Year Ended
January 31, 1998 January 31, 1997 January 31, 1998 January 31, 1997* December 31, 1996
________________ ________________ ________________ _________________ __________________
<S> <C> <C> <C> <C> <C>
OPERATIONS:
Investment income-net......... $ 286,905 $ 284,091 $ 6,981 $ 540 $ 7,661
Net realized gain (loss)
on investments 103 (507) 10 (17) (6)
_____________ _____________ _____________ _____________ _____________
Net Increase (Decrease) in
Net Assets
Resulting from Operations. 287,008 283,584 6,991 523 7,655
_____________ _____________ _____________ _____________ _____________
Dividends to Shareholders From:
Investment income-net:
Institutional Shares...... (249,660) (252,188) (5,442) (417) (6,211)
Investor Shares........... (31,848) (31,739) (1,446) (123) (1,450)
Administrative Shares..... (4,617) (164) - - -
Participant Shares........ (780) - (93) - -
_____________ _____________ _____________ _____________ _____________
Total Dividends........... (286,905) (284,091) (6,981) (540) (7,661)
_____________ _____________ _____________ _____________ _____________
Beneficial Interest/Capital Stock
Transactions ($1.00 per share):
Net proceeds from shares sold:
Institutional Shares...... 68,016,650 71,649,461 1,113,031 117,013 1,844,365
Investor Shares........... 6,953,533 6,751,055 424,744 76,770 525,651
Administrative Shares..... 1,333,889 67,556 - - -
Participant Shares........ 700,566 282 13,945 - -
Dividends reinvested:
Institutional Shares...... 123,493 117,875 4,708 377 5,717
Investor Shares........... 17,477 17,014 1,423 108 1,317
Administrative Shares..... 4,617 164 - - -
Participant Shares........ 158 - 1 - -
Cost of shares redeemed:
Institutional Shares...... (68,568,828) (71,979,738) (1,142,899) (114,338) (1,888,252)
Investor Shares........... (6,739,317) (6,672,178) (445,727) (56,030) (503,956)
Administrative Shares..... (1,139,429) (30,820) - - -
Participant Shares........ (670,428) (63) (7,258) - -
_____________ _____________ _____________ _____________ _____________
Increase (Decrease) in Net Assets From
Beneficial Interest/
Capital Stock Transactions 32,381 (79,392) (38,032) 23,900 (15,158)
_____________ _____________ _____________ _____________ _____________
Total Increase (Decrease) In Net Assets 32,484 (79,899) (38,022) 23,883 (15,164)
Net Assets:
Beginning of period....... 5,149,669 5,229,568 225,624 201,741 216,905
_____________ _____________ _____________ _____________ _____________
End of period............. $ 5,182,153 $ 5,149,669 $ 187,602 $ 225,624 $ 201,741
============= ============= ============= ============= =============
* The Fund changed its fiscal year end from December 31 to January 31.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
<CAPTION>
#
STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
(AMOUNTS IN THOUSANDS)
Dreyfus New York Municipal Cash Management Dreyfus Tax Exempt Cash Management
_______________________________________________________ ___________________________________
Year Ended Six Months Ended Year Ended Year Ended Year Ended
January 31, 1998 January 31, 1997* July 31, 1996 January 31, 1998 January 31, 1997
_______________ ________________ _______________ _______________ _______________
<S> <C> <C> <C> <C> <C>
Operations:
Investment income-net......... $ 5,884 $ 2,442 $ 3,484 $ 53,529 $ 46,711
Net realized gain (loss)
on investments 2 - (3) (20) (144)
_________ _________ _________ ___________ ___________
Net Increase (Decrease) in Net Assets
Resulting from Operations. 5,886 2,442 3,481 53,509 46,567
_________ _________ _________ ___________ ___________
Dividends to Shareholders From:
Investment income-net:
Institutional Shares...... (5,449) (2,228) (3,224) (48,702) (45,013)
Investor Shares........... (415) (214) (260) (4,121) (1,698)
Administrative Shares..... - - - (11) -
Participant Shares........ (20) - - (695) -
_________ _________ _________ ___________ ___________
Total Dividends........... (5,884) (2,442) (3,484) (53,529) (46,711)
_________ _________ _________ ___________ ___________
Beneficial Interest/Capital Stock
Transactions ($1.00 per share):
Net proceeds from shares sold:
Institutional Shares...... 891,378 242,550 517,023 9,580,808 9,298,862
Investor Shares........... 16,643 19,483 29,578 520,894 296,940
Administrative Shares..... - - - 730 -
Participant Shares........ 2,647 - - 120,370 -
Dividends reinvested:
Institutional Shares...... 718 80 200 14,683 8,434
Investor Shares........... 415 212 260 869 466
Administrative Shares..... - - - - -
Participant Shares........ 20 - - 1 -
Cost of shares redeemed:
Institutional Shares...... (829,122) (242,314) (486,159) (9,922,162) (9,027,505)
Investor Shares........... (12,415) (25,614) (21,544) (417,072) (332,781)
Administrative Shares..... - - - (41) -
Participant Shares........ (2,020) - - (48,545) -
_________ _________ _________ ___________ ___________
Increase (Decrease) in Net Assets From
Beneficial Interest/
Capital Stock Transactions 68,264 (5,603) 39,358 (149,465) 244,416
_________ _________ _________ ___________ ___________
Total Increase (Decrease) In Net Assets 68,266 (5,603) 39,355 (149,485) 244,272
Net Assets:
Beginning of period....... 141,084 146,687 107,332 1,690,582 1,446,310
_________ _________ _________ ___________ ___________
End of period............. $209,350 $141,084 $146,687 $1,541,097 $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)
(AMOUNTS IN THOUSANDS)
Dreyfus Treasury Cash Management Dreyfus Treasury Prime Cash Management
__________________________________________________ ______________________________________________
Year Ended Six Months Ended Year Ended Year Ended Eleven Months Year Ended
Ended
January 31, January 31, July 31, January 31, January 31, February 29,
1998 1997(1) 1996 1998 1997(2) 1996
_______________ ______________ ____________ _______________ ______________ ______________
<S> <C> <C> <C> <C> <C> <C>
OPERATIONS:
Investment income-net....... $ 173,408 $ 76,299 $ 139,568 $ 173,933 $ 159,795 $ 190,392
Net realized gain (loss)
on investments.......... (166) (6) (217) (174) (20) (115)
___________ ___________ ___________ ___________ ___________ ___________
Net Increase (Decrease)
in Net Assets
Resulting from Operations 173,242 76,293 139,351 173,759 159,775 190,277
___________ ___________ ___________ ___________ ___________ ___________
Dividends to Shareholders From:
Investment income-net:
Institutional Shares....... (147,694) (68,531) (132,404) (156,045) (145,407) (179,192)
Investor Shares............ (23,892) (7,768) (7,164) (15,583) (14,388) (11,200)
Administrative Shares...... - - - (89) - -
Participant Shares......... (1,822) - - (2,216) - -
___________ ___________ ___________ ___________ ___________ ___________
Total Dividends............ (173,408) (76,299) (139,568) (173,933) (159,795) (190,392)
___________ ___________ ___________ ___________ ___________ ___________
Beneficial Interest/
Capital Stock Transactions
($1.00 per share):
Net proceeds from shares sold:
Institutional Shares........ 34,477,411 16,841,898 33,657,047 49,452,206 55,628,839 46,535,418
Investor Shares............. 4,782,561 2,088,123 1,917,234 2,579,004 1,802,748 1,619,789
Administrative Shares....... - - - 23,372 25 -
Participant Shares.......... 466,872 - - 438,276 - -
Dividends reinvested:
Institutional Shares........ 51,661 21,625 39,639 54,113 47,531 60,805
Investor Shares............. 3,646 1,603 1,777 8,036 6,118 4,969
Administrative Shares....... - - - 89 - -
Participant Shares.......... 12 - - 211 - -
Cost of shares redeemed:
Institutional Shares........ (34,256,058) (16,634,768) (33,227,757) (49,645,498) (55,533,887) (47,034,381)
Investor Shares............. (4,519,505) (1,996,877) (1,720,479) (2,641,415) (1,706,468) (1,491,661)
Administrative Shares....... - - - (16,835) (25) -
Participant Shares.......... (365,041) - - (328,179) - -
___________ ___________ ___________ ___________ ___________ ___________
Increase (Decrease) in
Net Assets From
Beneficial Interest/
Capital Stock Transactions... 641,559 321,604 667,461 (76,620) 244,881 (305,061)
___________ ___________ ___________ ___________ ___________ ___________
Total Increase (Decrease)
In Net Assets...... ... 641,393 321,598 667,244 (76,794) 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...... ... $ 3,620,387 $ 2,978,994 $ 2,657,396 $ 3,327,806 $ 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
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
Net Asset Ratio of Net reflected Net Assets
Net Asset Dividends Value Ratio of Investment in expense End of
Value Net from Net End Total Expenses Income to ratios due to Period
Beginning Investment Investment of Investment to Average Average undertaking by (in
of Period Income Income Period Return Net Assets Net Assets the Manager millions)
________ ________ _______ _______ ________ _________ _________ ________ _________
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
DREYFUS CASH MANAGEMENT
Institutional Shares
Year Ended January 31,
1998...................... $ 1.00 $ (.054 $ (.054) $ 1.00 5.58 % .20 % 5.45 % - $ 4,103
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
Investor Shares
Year Ended January 31,
1998...................... 1.00 .052 (.052) 1.00 5.31 .45 5.18 - 464
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
Administrative Shares
Year Ended January 31, 1998....... 1.00 .053 (.053) 1.00 5.48 .30 5.37 - 2
Period Ended January 31, 1997(1).. 1.00 .010 (.010) 1.00 5.22 * .30 * 3.74 * - -
Participant Shares................
Year Ended January 31, 1998....... 1.00 .050 (.050) 1.00 5.16 .60 5.21 - 99
Period Ended January 31, 1997(1).. 1.00 .010 (.010) 1.00 4.92 * .60 * 3.84 * - -
DREYFUS CASH MANAGEMENT PLUS, INC.
Institutional Shares
Year Ended January 31, 1998. $ 1.00 $ .055 $ (.055) $ 1.00 5.64 % .20 % 5.50 % - $ 5,793
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
Investor Shares
Year Ended January 31, 1998. 1.00 .053 (.053) 1.00 5.38 .45 5.25 - 750
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
Administrative Shares
Year Ended January 31, 1998. 1.00 .054 (.054) 1.00 5.54 .30 5.40 - 26
Period Ended January 31, 1997(1) 1.00 .010 (.010) 1.00 5.22 * .30 * 4.99 * - -
Participant Shares
Year Ended January 31, 1998. 1.00 .051 (.051) 1.00 5.22 .60 5.10 - 15
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.
</TABLE>
<TABLE>
<CAPTION>
#
FINANCIAL HIGHLIGHTS (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
Net Ratio of Net reflected Assets
Net Asset Dividends Asset Ratio of Investment in expense Net End of
Value Net from Net Value Total Expenses Income to ratios due to Period
Beginning Investment Investment End Investment to Average Average undertaking by (in
of Period Income Income of Period Return Net Assets Net Assets the Manager millions)
________ ________ ________ ________ ________ _________ _________ ________ _________
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
DREYFUS GOVERNMENT CASH MANAGEMENT
Institutional Shares
Year Ended January 31,
1998...................... $ 1.00 $ .054 $ (.054) $ 1.00 5.55% .20% 5.41% - $4,137
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
Investor Shares
Year Ended January 31,
1998...................... 1.00 .052 (.052) 1.00 5.28 .45 5.16 - 779
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
Administrative Shares.............
Year Ended January 31, 1998....... 1.00 .053 (.053) 1.00 5.44 .30 5.31 - 236
Period Ended January 31, 1997(1).. 1.00 .010 (.010) 1.00 5.17* .30* 5.15* - 37
Participant Shares................
Year Ended January 31, 1998....... 1.00 .050 (.050) 1.00 5.13 .60 5.01 - 31
Period Ended January 31, 1997(1).. 1.00 .001 (.001) 1.00 4.87* .60* 4.85* - -
DREYFUS MUNICIPAL CASH MANAGEMENT PLUS
Institutional Shares
Year Ended January 31, 1998. $ 1.00 $ .035 $ (.035) $ 1.00 3.59% .20% 3.53% - $ 134
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
Investor Shares
Year Ended January 31, 1998. 1.00 .033 (.033) 1.00 3.34 .45 3.26 - 47
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* - -
Administrative Shares
Year Ended January 31, 1998. 1.00 .034 (.034) 1.00 3.49 .30 3.53 - -
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* - -
Participant Shares
Year Ended January 31, 1998. 1.00 .031 (.031) 1.00 3.18 .60 3.17 - 7
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.
</TABLE>
<TABLE>
<CAPTION>
#
FINANCIAL HIGHLIGHTS (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 reflected
Net in expense Net
Net Asset Dividends Net Asset Ratio of Investment ratios due Assets
Value Net from Net Value Total Expenses Income to undertakingt End of
Beginning Investment Investment End of Investment to Average Average by the Period
of Period Income Income Period Return Net Assets Net Assets Manager (in
millions)
________ ________ ________ ________ ________ _________ _________ ________ _________
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
DREYFUS NEW YORK MUNICIPAL CASH MANAGEMENT
Institutional Shares
Year Ended January 31, 1998.. $ 1.00 $ .034 $ (.034) $ 1.00 3.46 % .20 % 3.40 % - $ 196
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
Investor Shares
Year Ended January 31, 1998. 1.00 .032 (.032) 1.00 3.20 .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
Administrative Shares
Year Ended January 31, 1998....... 1.00 .033 (.033) 1.00 3.35 .30 3.30 - -
Period Ended January 31, 1997(2).. 1.00 .006 (.006) 1.00 3.24 * .30 * 3.24 * - -
Participant Shares................
Year Ended January 31, 1998....... 1.00 .030 (.030) 1.00 3.05 .60 3.01 - 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
Year Ended January 31,
1998...................... $ 1.00 $ .034 $ (.034) $ 1.00 3.50 % .20 % 3.44 % - $1,319
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
Investor Shares
Year Ended January 31,
1998...................... 1.00 .032 (.032) 1.00 3.24 .45 3.22 - 149
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 * - -
Administrative Shares
Year Ended January 31, 1998....... 1.00 .033 (.033) 1.00 3.39 .30 3.35 - 1
Period Ended January 31, 1997(2).. 1.00 .006 (.006) 1.00 3.24 * .30 * 3.54 * - -
Participant Shares................
Year Ended January 31, 1998....... 1.00 .030 (.030) 1.00 3.09 .60 3.08 - 72
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.
</TABLE>
<TABLE>
<CAPTION>
#
FINANCIAL HIGHLIGHTS (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)
________ ________ ________ ________ ________ _________ _________ ________ _________
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
DREYFUS TREASURY CASH MANAGEMENT
Institutional Shares
Year Ended January 31, 1998. $ 1.00 $ .053 $ (.053) $ 1.00 5.42% .20% 5.30% - $2,921
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
Investor Shares
Year Ended January 31, 1998. 1.00 .051 (.051) 1.00 5.17 .45 5.07 - 597
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(2)................... 1.00 .018 (.018) 1.00 3.22 * .45 * 3.33 * - 21
Administrative Shares
Year Ended January 31, 1998....... 1.00 .052 (.052) 1.00 5.32 .30 5.20 - -
Period Ended January 31, 1997(3).. 1.00 .010 (.010) 1.00 5.07 * .30 * 4.25 * - -
Participant Shares................
Year Ended January 31, 1998....... 1.00 .049 (.049) 1.00 5.00 .60 4.90 - 102
Period Ended January 31, 1997(3).. 1.00 .009 (.009) 1.00 4.77 * .60 * 4.20 * - -
DREYFUS TREASURY PRIME CASH MANAGEMENT
Institutional Shares
Year Ended January 31, 1998....... $ 1.00 $ .052 $ (.052) $ 1.00 5.30% .20% 5.17% - $2,907
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
Investor Shares
Year Ended January 31, 1998. 1.00 .049 (.049) 1.00 5.03 .45 4.91 - 304
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
Administrative Shares ............
Year Ended January 31, 1998....... 1.00 .051 (.051) 1.00 5.19 .30 5.10 - 7
Period Ended January 31, 1997(3).. 1.00 .010 (.010) 1.00 4.97 * .30 * 4.91 * - -
Participant Shares................
Year Ended January 31, 1998....... 1.00 .048 (.048) 1.00 4.88 .60 4.79 - 110
Period Ended January 31, 1997(3).. 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 January 10, 1994 (commencement of initial offering) to July 31, 1994.
(3) From November 21, 1996 (commencement of initial offering) to January 31, 1997.
(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.
#
NOTES TO FINANCIAL STATEMENTS
</TABLE>
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 ("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
("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 in securities are valued at
amortized cost, which has been determined by the Fund's Board Members to
represent the fair value of each 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 each 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 (CONTINUED)
<TABLE>
<CAPTION>
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, 1998. The
carryover does not include net realized securities losses from November 1,
1997 through January 31, 1998 which are treated, for Federal income tax
purposes, as arising in fiscal 1999:
Expiring in fiscal ($000)
_______________________________________________________
Fund 1999 2002 2003 2004 2005 2006 Total
_____ _____ _____ _____ _____ _____ _____ ______
<S> <C> <C> <C> <C> <C> <C> <C>
Dreyfus Cash Management............................................... $10 - $188 - $122 $179 $ 499
Dreyfus Cash Management Plus, Inc..................................... - $ 15 $811 $ 40 $221 - $1,087
Dreyfus Government Cash Management.................................... - - $147 - $526 - $ 673
Dreyfus Municipal Cash Management Plus................................ - $134 $ 13 $ 6 $ 17 - $ 170
Dreyfus New York Municipal Cash Management............................ - - $ 3 - $ 3 - $ 6
Dreyfus Tax Exempt Cash Management.................................... - - $177 $112 $156 $ 43 $ 488
Dreyfus Treasury Cash Management...................................... - - $ 23 $185 $135 $ 74 $ 417
Dreyfus Treasury Prime Cash Management................................ - - $ 7 $116 $ 20 $ 72 $ 215
At January 31, 1998, 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 FEE AND OTHER TRANSACTIONS WITH AFFILIATES:
(a) Pursuant to separate management agreements 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 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 its 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
professional) 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.
</TABLE>
#
DREYFUS CASH MANAGEMENT FUNDS
REPORT OF ERNST & YOUNG LLP, INDEPENDENT AUDITORS
Shareholders and Board of Directors/Trustees
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
We have audited the accompanying statements of assets and liabilities,
including the statements of investments, of 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 and
Dreyfus Treasury Prime Cash Management as of January 31, 1998, and the
related statements of operations for the year then ended, the statements of
changes in net assets for each of the two years in the period then ended, and
financial highlights for each of the years indicated therein. These financial
statements and financial highlights are the responsibility of the Funds'
management. Our responsibility is to express an opinion on these financial
statements and financial highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements and financial highlights. Our procedures included
confirmation of securities owned as of January 31, 1998 by correspondence
with the custodians and others. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We believe
that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights
referred to above present fairly, in all material respects, the financial
position of each of the Funds referred to above at January 31, 1998, the
results of their operations for the year then ended, the changes in their net
assets for each of the two years in the period then ended, and the financial
highlights for each of the indicated years, in conformity with generally
accepted accounting principles.
[ERNST & YOUNG LLP signature logo]
New York, New York
March 4, 1998
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DREYFUS CASH MANAGEMENT FUNDS
IMPORTANT TAX INFORMATION (UNAUDITED)
In accordance with Federal tax law, Dreyfus Tax Exempt Cash Management,
Dreyfus Municipal Cash Management Plus and Dreyfus New York Municipal Cash
Management hereby make the following designations regarding the dividends
paid from investment income-net during their fiscal year ended January 31,
1998:
-All the dividends paid from investment income-net are "exempt-interest
dividends" (not generally subject to regular Federal income taxes).
-For individuals who are residents of New York, "exempt-interest
dividends" paid by Dreyfus New York Municipal Cash Management are also not
subject to New York State and New York City personal income tax.
For State individual income tax purposes, Dreyfus Government Cash
Management, Dreyfus Treasury Cash Management and Dreyfus Treasury Prime Cash
Management hereby designate the following percentage of ordinary dividends
paid during the fiscal year ended January 31, 1998 as attributable to
interest income from direct obligations of the United States:
Dreyfus Government Cash Management - 42.32%
Dreyfus Treasury Cash Management - 37.86%
Dreyfus Treasury Prime Cash Management - 100.00%
Such dividends are currently exempt from taxation for income tax purposes
in most states, including New York, California, and the District
of Columbia.
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CMGTAR981
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
JANUARY 31, 1998
Dreyfus
[Dreyfus runclose lion logo]
