SEMI-ANNUAL REPORTS FOR
DREYFUS CASH MANAGEMENT
DREYFUS CASH MANAGEMENT PLUS, INC.
DREYFUS GOVERNMENT CASH MANAGEMENT
DREYFUS GOVERNMENT PRIME CASH MANAGEMENT
DREYFUS TREASURY CASH MANAGEMENT
DREYFUS TREASURY PRIME CASH MANAGEMENT
DREYFUS MUNICIPAL CASH MANAGEMENT PLUS
DREYFUS NEW YORK MUNICIPAL CASH MANAGEMENT
DREYFUS TAX EXEMPT CASH MANAGEMENT
JULY 31, 1998
DREYFUS
TABLE OF CONTENTS
<TABLE>
PAGE
<S> <C>
LETTERS TO SHAREHOLDERS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
STATEMENTS OF INVESTMENTS:
DREYFUS CASH MANAGEMENT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
DREYFUS CASH MANAGEMENT PLUS, INC. . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
DREYFUS GOVERNMENT CASH MANAGEMENT . . . . . . . . . . . . . . . . . . . . . . . . . . . 14
DREYFUS GOVERNMENT PRIME CASH MANAGEMENT . . . . . . . . . . . . . . . . . . . . . . . . 17
DREYFUS TREASURY CASH MANAGEMENT . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18
DREYFUS TREASURY PRIME CASH MANAGEMENT . . . . . . . . . . . . . . . . . . . . . . . . . 20
DREYFUS MUNICIPAL CASH MANAGEMENT PLUS . . . . . . . . . . . . . . . . . . . . . . . . . 21
DREYFUS NEW YORK MUNICIPAL CASH MANAGEMENT . . . . . . . . . . . . . . . . . . . . . . . 24
DREYFUS TAX EXEMPT CASH MANAGEMENT . . . . . . . . . . . . . . . . . . . . . . . . . . . 26
STATEMENT OF ASSETS AND LIABILITIES . . . . . . . . . . . . . . . . . . . . . . . . . . . 32
STATEMENT OF OPERATIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34
STATEMENTS OF CHANGES IN NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . 36
FINANCIAL HIGHLIGHTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40
NOTES TO FINANCIAL STATEMENTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45
</TABLE>
DREYFUS CASH MANAGEMENT FUNDS
- ------------------------------------------------------------------------------
JOINT LETTER TO SHAREHOLDERS
Dear Shareholder:
We are pleased to provide you with the semi-annual reports for Dreyfus Cash
Management, Dreyfus Cash Management Plus Inc., Dreyfus Government Cash
Management, Dreyfus Government Prime Cash Management, Dreyfus Treasury Cash
Management and Dreyfus Treasury Prime Cash Management, each for the six-month
period ended July 31, 1998. Please see the attached table for the performance of
each Fund.
ECONOMIC REVIEW
So far in 1998, the three main regions of the world have had very different
economic fundamentals. The U.S. entered the year with a strong economy near full
employment, with unemployment only slightly above 4%. The tight labor market led
the Federal Reserve Board to contemplate raising interest rates. The U.S.
economy cooled enough over the following months that the Fed decided to stand
pat. As the third quarter started, evidence of economic cooling continued to
accumulate. After many years of subpar economic growth, continental Europe moved
into a better economic expansion. Unlike the U.S., Europe has substantial excess
capacity of productive plant and labor. In Asia, weak economies were pervasive
as a result of the ongoing financial crisis.
A main influence on the U.S. economy so far in 1998 has been Asian economic
weakness. It has had both positive and negative effects. The positive effects
hit first. Actual and expected inflation dropped, causing a decline in long-term
Treasury bond yields and mortgage rates. Historically low long-term Treasury
rates have led to continued strength in the housing market. In addition, the
fall in inflation helped the consumer sector as more of the growth in consumer
income was left over for the purchase of goods and services. Consumers benefited
from a combination of good growth in income after inflation, a strong labor
market and rising prices of assets they owned.
The negative effects of Asian weakness were felt by the industrial sector.
This was evident in a slowing of inventory accumulation and lower exports.
Corporate profits weakened, especially in Asian-impacted sectors such as
world-traded commodities (oil, metals and paper) and exports. One result of the
industrial slump was to cool off a U.S. economy that had been growing so rapidly
that there had been earlier fears that the Federal Reserve might raise interest
rates. By midsummer, market sentiment began to focus more on continuing evidence
of economic weakness here and abroad. The favorable shift in expectations about
Fed policy was one reason for the rise in U.S. bond prices during the period.
Another background factor was the increasing evidence of prospects for
multi-year budget surpluses in the U.S. As inflation remained low, economic
momentum slowed and attitudes about monetary policy shifted. Treasury bond
yields dropped to a level roughly equal to short-term interest rates. This flat
yield curve in the U.S. occurred in a context where bond yields were declining
in most industrial countries. Interest rate increases occurred primarily in
those emerging countries where an erosion of foreign investor confidence
triggered a financial crisis. By midsummer 1998, most countries throughout the
world were experiencing weak economic demand.
THE MARKET ENVIRONMENT
In spite of the economic cross-currents described above, the money market
continued to trade in a narrow range during the latest six-month fiscal period.
The combination of slowing growth, non-intervention by the Federal Reserve,
low inflation, the shift of some foreign and domestic money to the relative
safety of U.S. Treasury instruments, and prospects for a U.S. budget surplus all
helped to dampen money market interest rates. Even so, the continued expansion
of the U.S. economy, though at a slower rate, acted as a floor under short-term
yields.
PORTFOLIO FOCUS
In this market environment, we stayed with our strategy of maintaining
maturities somewhat longer than the market averages. This was done, of course,
to seek more rewarding rates of return. Of course, we are always ready to vary
our approach should new factors in the market make this desirable.
Very truly yours,
[Patricia A. Larkin signature logo]
Patricia A. Larkin
Senior Portfolio Manager
August 18, 1998
New York, N.Y.
PERFORMANCE
We are pleased to report the performance for each Dreyfus Cash Management Fund
listed below for the six-month period ended July 31, 1998, as shown in the
following chart.
<TABLE>
<CAPTION>
ANNUALIZED
ANNUALIZED YIELD EFFECTIVE
YIELD*
_______________ ______________
DREYFUS CASH MANAGEMENT
<S> <C> <C>
Institutional Shares . . . . . . . . . . . . . . . . . . . . . . . . . . 5.45% 5.59%
Administrative Shares . . . . . . . . . . . . . . . . . . . . . . . . . . 5.34% 5.48%
Investor Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.20% 5.33%
Participant Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.06% 5.18%
DREYFUS CASH MANAGEMENT PLUS, INC.
Institutional Shares . . . . . . . . . . . . . . . . . . . . . . . . . . 5.53% 5.67%
Administrative Shares . . . . . . . . . . . . . . . . . . . . . . . . . . 5.42% 5.55%
Investor Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.28% 5.40%
Participant Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.12% 5.24%
DREYFUS GOVERNMENT CASH MANAGEMENT
Institutional Shares . . . . . . . . . . . . . . . . . . . . . . . . . . 5.41% 5.55%
Administrative Shares . . . . . . . . . . . . . . . . . . . . . . . . . . 5.31% 5.44%
Investor Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.16% 5.28%
Participant Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.02% 5.13%
DREYFUS GOVERNMENT PRIME CASH MANAGEMENT**
Institutional Shares . . . . . . . . . . . . . . . . . . . . . . . . . . 5.35% 5.48%
Administrative Shares . . . . . . . . . . . . . . . . . . . . . . . . . . 5.25% 5.38%
Investor Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.09% 5.21%
Participant Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.96% 5.07%
DREYFUS TREASURY CASH MANAGEMENT
Institutional Shares . . . . . . . . . . . . . . . . . . . . . . . . . . 5.33% 5.46%
Administrative Shares . . . . . . . . . . . . . . . . . . . . . . . . . . 5.23% 5.35%
Investor Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.08% 5.20%
Participant Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.92% 5.03%
DREYFUS TREASURY PRIME CASH MANAGEMENT
Institutional Shares . . . . . . . . . . . . . . . . . . . . . . . . . . 5.13% 5.26%
Administrative Shares . . . . . . . . . . . . . . . . . . . . . . . . . . 5.04% 5.16%
Investor Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.88% 4.99%
Participant Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.73% 4.83%
- -------------------
* Annualized effective yield takes into account the effect of compounding and is based upon dividends declared daily and reinvested
monthly.
** Annualized effective yield for Dreyfus Government Prime Cash Management is since the inception period of 2/27/98 ended 7/31/98.
</TABLE>
DREYFUS CASH MANAGEMENT FUNDS
- ------------------------------------------------------------------------------
JOINT LETTER TO SHAREHOLDERS
Dear Shareholder:
We are pleased to provide you with the semi-annual reports for Dreyfus
Municipal Cash Management Plus, Dreyfus New York Municipal Cash Management, and
Dreyfus Tax Exempt Cash Management, each for the six-month period ended July 31,
1998. Please see the accompanying table at the end of this letter for the
performance of each Fund.
THE ECONOMY
After growing at a rather heady pace of 5.5% during the first quarter of 1998,
the U.S. economy, as measured by Gross Domestic Product (GDP), appears to be
slowing down. During the second quarter, numerous signs of weakness appeared.
These included slower growth in personal income and corporate profits, reduced
export bookings, a dramatic drop in inventory stockpiling, a rising trade
deficit, and a slide in manufacturing orders as evidenced by declines in the
National Association of Purchasing Managers' Index for both June and July. On
the other hand, consumer spending, business investment, and housing construction
all moved higher. On balance, however, weakness largely overcame strength, as
the GDP grew just 1.4% during the second quarter of 1998.
As economic growth appeared to downshift at least temporarily, core inflation
(which excludes volatile food and energy prices) edged a bit higher toward the
end of the period. Wages and benefits paid to Americans also accelerated over
the past year, fueling concerns that these gains, coupled with extremely low
unemployment and tight labor markets, could push up inflation in the months
ahead. Indeed, on July 21, 1998, Federal Reserve Board (Fed) Chairman Alan
Greenspan told the Senate Banking Committee that while the Asian crisis and
other factors may restrain consumer and business spending enough to foster a
reasonably smooth transition to a more sustainable rate of growth, the risk of a
pickup in inflation still outweighs the danger of a slump. Interest rates on
money market securities were virtually unchanged since early 1998. Market
participants, meanwhile, await developments both global and domestic which may
have an effect on rate levels. Included in those events would be any change in
Fed monetary policy which may be forthcoming.
MARKET ENVIRONMENT/PORTFOLIO OVERVIEW
While the Federal Reserve has kept interest rates unchanged for the past six
months, market technicals nevertheless created rate fluctuations on short-term
municipal securities. During the first weeks of January the municipal money
market was particularly strong due to large cash inflows, although the market
remained in a trading range throughout most of the first quarter of 1998.
However, in April, money funds were tapped for income tax payments, placing
upward pressure on rates as funds experienced redemptions. Supply conditions in
late May reversed this trend as municipal fund managers anticipated the effect
of several billion dollars in notes leaving the market at the end of June. July
brought stability back to the market as new supply eased the demand pressure
that had existed.
Unlike previous summer financing periods, this year's calendar of municipal
notes (consisting mainly of California-exempt paper) was drastically reduced by
a combination of factors. Due to the strength of local and state economies,
several issuers reduced the amount of short-term borrowing needed. Additionally,
many issuers came to market with maturities outside of the 13-month maximum
maturity allowable for purchases by money funds. Other issues were converted to
a synthetic structure that is not currently permitted for purchase in your Fund.
The overall result was a lower yield for most one-year paper, both national and
state specific. While all three Funds did participate in the one-year market
when attractive yield opportunities became available, our strategy included
utilizing the commercial paper market to keep average maturities, at times, from
shortening significantly. As the fall approaches, we anticipate additional
buying opportunities, both nationally and specifically in New York State, which
may allow for a further maturity extension in the Funds. We expect to choose
selectively as such issues are accessible and to structure the portfolios in an
attempt to maximize current yield while maintaining our commitment to high
quality tax-exempt investments.
Included in this report is a series of detailed statements about the Funds'
holdings and their financial condition. We hope they are informative. Please
know that we appreciate greatly your continued confidence in each Fund and in
The Dreyfus Corporation.
Very truly yours,
[Richard J. Moynihan signature logo]
Richard J. Moynihan
Director, Municipal Portfolio Management
The Dreyfus Corporation
August 18, 1998
New York, N.Y.
PERFORMANCE
We are pleased to report the performance for each Dreyfus Cash Management Fund
listed below for the six-month period ended July 31, 1998, as shown in the
following chart.
<TABLE>
<CAPTION>
ANNUALIZED
ANNUALIZED YIELD EFFECTIVE
YIELD*
_______________ _____________
DREYFUS MUNICIPAL CASH MANAGEMENT PLUS
<S> <C> <C>
Institutional Shares . . . . . . . . . . . . . . . . . . . . . . . . . . 3.45% 3.50%
Administrative Shares . . . . . . . . . . . . . . . . . . . . . . . . . . 3.35% 3.40%
Investor Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.21% 3.26%
Participant Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.06% 3.11%
DREYFUS NEW YORK MUNICIPAL CASH MANAGEMENT
Institutional Shares . . . . . . . . . . . . . . . . . . . . . . . . . . 3.25% 3.30%
Administrative Shares . . . . . . . . . . . . . . . . . . . . . . . . . . 3.15% 3.19%
Investor Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.00% 3.04%
Participant Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.85% 2.89%
DREYFUS TAX EXEMPT CASH MANAGEMENT
Institutional Shares . . . . . . . . . . . . . . . . . . . . . . . . . . 3.31% 3.36%
Administrative Shares . . . . . . . . . . . . . . . . . . . . . . . . . 3.21% 3.26%
Investor Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.06% 3.11%
Participant Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.91% 2.95%
- ---------------
* Annualized 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 JULY 31, 1998 (UNAUDITED)
Principal
Negotiable Bank Certificates of Deposit--3.7% Amount Value
- -----------------------------------------------------------
_______________ ______________
Chase Manhattan Bank N.A.
<S> <C> <C>
5.82%, 5/11/99 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 5,950,000 $ 5,945,859
Fifth Third Bank
5.57%, 8/20/98 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50,000,000 49,999,878
Harris Trust & Savings Bank
5.56%, 8/7/98 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100,000,000 100,000,000
_______________
TOTAL NEGOTIABLE BANK CERTIFICATES OF DEPOSIT
(cost $155,945,737) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 155,945,737
_______________
Commercial Paper--48.8%
- -----------------------------------------------------------
Abbey National North America
5.57%-5.61%, 10/9/98-1/11/99 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 90,000,000 $ 88,356,398
Associates Corp. of North America
5.65%, 8/3/98 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 175,000,000 174,945,056
BankAmerica Corp.
5.55%, 9/9/98 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50,000,000 49,702,083
Bankers Trust New York Corp.
5.62%, 10/14/98 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54,650,000 54,035,522
Canadian Imperial Holdings Inc.
5.56-5.58%, 8/10/98-8/19/98 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200,000,000 199,518,500
Ciesco L.P.
5.59%, 8/7/98 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50,000,000 49,953,667
Den Danske Corp. Inc.
5.57%-5.67%, 8/10/98-4/1/99 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 85,000,000 83,645,863
Deutsche Bank Financial Inc.
5.58%, 8/14/98 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50,000,000 49,900,604
Dresdner U.S. Finance Inc
5.61%, 1/15/99 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80,000,000 78,003,422
Ford Motor Credit Corp.
5.56%, 8/7/98 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50,000,000 49,954,500
General Electric Co.
5.52%, 8/3/98 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50,000,000 49,985,083
General Electric Capital Corp.
5.62%-5.66%, 12/4/98-2/22/99 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100,000,000 97,328,847
General Electric Capital Services Inc.
5.62%-5.64%, 9/28/98-1/27/99 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 130,000,000 127,635,514
Generale Bank Inc.
5.60%-5.66%, 10/7/98-12/7/98 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100,000,000 98,516,000
Goldman Sachs Group L.P.
5.56%-5.70%, 8/6/98-1/29/99 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200,000,000 197,203,389
Merrill Lynch & Co. Inc.
5.66%-5.74%, 10/2/98-3/26/99 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 117,000,000 114,260,978
Morgan (J.P.) & Co.
5.56%-5.64%, 8/6/98-12/18/98 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 190,000,000 188,534,824
Morgan Stanley, Dean Witter, Discover & Co.
5.60%, 10/19/98 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50,000,000 49,402,014
National Rural Utilities Cooperative Finance Corp.
5.56%, 8/12/98-8/17/98 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,000,000 14,970,972
Nationsbank N.A.
5.60%, 10/2/98 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,000,000 24,762,333
Nordbanken N.A. Inc.
5.61%, 12/15/98 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100,000,000 97,967,556
DREYFUS CASH MANAGEMENT
- ------------------------------------------------------------------------------
STATEMENT OF INVESTMENTS (CONTINUED) JULY 31, 1998 (UNAUDITED)
Principal
Commercial Paper (continued) Amount Value
- -----------------------------------------------------------
______________ _____________
Societe Generale N.A. Inc.
5.63%, 1/4/99 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 100,000,000 $ 97,629,666
_______________
TOTAL COMMERCIAL PAPER
(cost $2,036,212,791) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,036,212,791
_______________
Corporate Notes--20.0%
- -----------------------------------------------------------
Bear Stearns Companies Inc.
5.60%-5.61%, 4/16/99-5/3/99(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 200,000,000 $ 200,000,000
First Union National Bank
5.61%, 4/30/99(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200,000,000 200,000,000
Ford Motor Credit Corp.
5.71%, 1/7/99(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65,000,000 65,000,000
IBM Credit Corp.
5.60%, 6/18/99(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47,000,000 46,975,791
Merrill Lynch & Co. Inc
5.55%, 8/14/98 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50,000,000 50,005,792
Merrill Lynch & Co. Inc
5.71%, 1/11/99(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,000,000 25,000,000
Nationsbank N.A.
5.61%-5.68%, 1/8/99-4/27/99(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150,000,000 149,989,314
PNC Bank N.A.
5.62%, 5/24/99(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100,000,000 99,935,988
_______________
TOTAL CORPORATE NOTES
(cost $836,906,885) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 836,906,885
_______________
Short-Term Bank Notes--12.2%
- -----------------------------------------------------------
BankBoston N.A.
5.72%, 4/16/99 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 25,000,000 $ 25,000,000
First Tennesse Bank N.A.
5.66%, 1/12/99(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100,000,000 99,982,504
Key Bank N.A.
5.62%, 2/24/99(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50,000,000 49,980,726
LaSalle National Bank
5.67%-5.80%, 12/28/98-5/7/99 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200,000,000 199,987,191
Nationsbank N.A.
5.64%, 1/15/99 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,000,000 25,000,000
PNC Bank N.A.
5.62%, 5/21/99-6/4/99(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 110,000,000 109,937,084
_______________
TOTAL SHORT-TERM BANK NOTES
(cost $509,887,505) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 509,887,505
_______________
U.S. Government Agencies--7.5%
- -----------------------------------------------------------
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%-5.56%, 1/20/99-1/18/2000 (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 215,000,000 214,970,806
_______________
TOTAL U.S. GOVERNMENT AGENCIES
(cost $314,970,806) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 314,970,806
_______________
DREYFUS CASH MANAGEMENT
- ------------------------------------------------------------------------------
STATEMENT OF INVESTMENTS (CONTINUED) JULY 31, 1998 (UNAUDITED)
Principal
Time Deposits--4.0% Amount Value
- -----------------------------------------------------------
________________ _______________
Republic National Bank of New York (London)
5.63%, 8/3/98
(cost $165,073,000) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 165,073,000 $ 165,073,000
_______________
Repurchase Agreements--3.7%
- -----------------------------------------------------------
SBC Warburg Dillon Read
5.58%, dated 7/31/98, due 8/3/98 in the amount of
$155,072,125 (fully collaterlized by $160,518,000 U.S.
Treasury Bills, due from 11/5/98 to 11/27/98, value
$158,138,123)
(cost $155,000,000) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 155,000,000 $ 155,000,000
_______________
TOTAL INVESTMENTS
(cost $4,173,996,724) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99.9% $4,173,996,724
_______ _______________
CASH AND RECEIVABLES (NET) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1% $ 3,053,770
_______ _______________
NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.0% $4,177,050,494
_______ _______________
</TABLE>
Notes to Statement of Investments:
- -----------------------------------------------------------------------------
(a) Variable interest rate-subject to periodic change.
SEE NOTES TO FINANCIAL STATEMENTS.
<TABLE>
<CAPTION>
DREYFUS CASH MANAGEMENT PLUS, INC.
- ------------------------------------------------------------------------------
STATEMENT OF INVESTMENTS JULY 31, 1998 (UNAUDITED)
Principal
Negotiable Bank Certificates of Deposit--35.3% Amount Value
- -----------------------------------------------------------
_______________ ______________
Abbey National Treasury Services (Yankee)
<S> <C> <C>
5.70-5.72%, 1/27/99-2/25/99 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 75,000,000 $ 75,000,000
ABN-AMRO Bank N.V. (Yankee)
5.68-5.70%, 1/7/99-4/5/99 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 110,000,000 109,979,499
Bankers Trust Co.
5.75-6.01%, 8/28/98-12/10/98 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38,900,000 38,920,093
Barclays Bank PLC (Yankee)
5.75%, 1/25/99 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,000,000 25,000,000
Bayerische Vereinsbank AG (Yankee)
5.70%-5.74%, 1/7/99-1/12/99 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100,000,000 100,000,000
Commerzbank AG (London)
5.79%, 10/7/98 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,000,000 8,998,166
Creditanstalt Bankverein (Yankee)
5.56-5.72%, 11/17/98-7/12/99 (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 325,000,000 324,928,199
Credit Agricole Indosuez S.A. (Yankee)
5.62%, 5/26/99 (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75,000,000 74,953,683
Credit Suisse (Yankee)
5.61%, 5/5/99 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200,000,000 200,000,000
Deutsche Bank AG (Yankee)
5.61%-5.92%, 10/26/98-4/14/99 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 160,000,000 159,978,289
International Nederlanden Bank (London)
5.60%, 10/30/98. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100,000,000 100,001,453
Istituto Bancario San Paolo Di Torino (Yankee)
5.74%, 7/28/99 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50,000,000 49,975,124
Lloyds Bank PLC (London)
5.93%, 10/27/98 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75,000,000 75,003,419
Raobank Nederland N.V. (Yankee)
5.81%, 5/5/99 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50,000,000 49,988,760
Slandinaviska Enskildabanken (Yankee)
5.60%, 9/23/98 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45,000,000 45,006,131
Societe Generale (Yankee)
5.60%-5.78%, 10/5/98-6/14/99 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 297,000,000 296,922,780
SwedBank (Yankee)
5.70%-5.86%, 4/6/99-7/23/99 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 335,000,000 334,886,826
Swiss Bank Corp. (Yankee)
5.70%-5.71%, 1/7/99-4/5/99 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 175,000,000 174,990,717
Westdeutsche Landesbank Girozentrale (Yankee)
5.69%, 1/25/99 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,000,000 25,000,000
_______________
TOTAL NEGOTIABLE BANK CERTIFICATES OF DEPOSIT
(cost $2,269,533,139) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,269,533,139
_______________
Commercial Paper--27.3%
- -----------------------------------------------------------
Aetna Services Inc.
5.59%, 8/19/98 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 53,000,000 $ 52,852,395
Bankers Trust N.Y. Corp.
5.70%, 10/2/98 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,000,000 34,670,582
Bear Stearns Companies Inc.
5.62%, 12/30/98 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,000,000 34,207,250
Countrywide Home Loans, Inc.
5.63%, 8/28/98 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,000,000 34,853,000
Den Norske Bank A/S
5.55%-5.67%, 8/17/98-11/9/98 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 190,000,000 188,321,139
Dixie Overseas Ltd.
5.60%, 8/17/98(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55,000,000 54,866,778
DREYFUS CASH MANAGEMENT PLUS, INC.
- ------------------------------------------------------------------------------
STATEMENT OF INVESTMENTS (CONTINUED) JULY 31, 1998 (UNAUDITED)
Principal
Commercial Paper (continued) Amount Value
- -----------------------------------------------------------
_______________ ______________
Donaldson, Lufkin, and Jenrette Inc.
5.71%, 9/22/98 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 50,000,000 $ 49,591,944
Dresdner U.S. Finance Inc.
5.61%, 1/15/99 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,000,000 19,500,856
Fina Oil & Chemical Co.
5.60%, 8/6/98-9/15/98 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60,000,000 59,827,517
Finova Capital Corp.
5.59%-5.71%, 8/4/98-11/24/98 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62,000,000 61,421,008
General Electric Capital Corp.
5.60%-5.66%, 9/4/98-4/2/99 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200,000,000 195,809,666
General Electric Capital Services Corp.
5.66%, 4/2/99 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50,000,000 48,159,833
Generale Bank Inc.
5.57%, 10/7/98 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,000,000 34,646,947
Heller Financial Inc.
5.74%, 1/4/99 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,000,000 24,395,500
Lehman Brothers Holdings Inc.
5.78%, 2/1/99 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70,000,000 68,017,911
Merrill Lynch & Co. Inc.
5.60%, 10/5/98 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 115,000,000 113,868,368
Morgan Stanley Dean Witter & Co.
5.60%, 10/19/98 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150,000,000 148,206,591
Salomon Smith Barney Holdings Inc.
5.60%, 10/19/98 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100,000,000 98,790,862
Sanwa Business Credit Corp.
5.79%-5.81%, 10/20/98-11/2/98 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 220,000,000 217,070,480
Spintab AB
5.62%-5.66%, 8/5/98-8/13/98 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 220,000,000 219,675,741
_______________
TOTAL COMMERCIAL PAPER
(cost $1,758,754,368) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,758,754,368
_______________
Corporate Notes--22.8%
- -----------------------------------------------------------
Bankers Trust Corp.
5.62%-5.70%, 1/8/99-4/13/99.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 155,000,000 $ 154,953,176
Credit Suisse
5.61%, 4/14/99 (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100,000,000 100,000,000
CTN Trust Series 1
5.64%, 9/2/98 (a,c,d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150,000,000 150,045,672
Heller Financial Inc.
5.80%, 4/13/99 (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50,000,000 50,000,000
Istituto Bancario San Paolo Di Torino
5.63%, 4/19/99 (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100,000,000 99,968,886
Lehman Brothers Holdings Inc.
5.71%-5.95%,11/24/98- 4/7/99 (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 379,000,000 379,071,962
Merrill Lynch & Co. Inc.
5.60%, 2/22/99 (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80,000,000 80,000,000
Old Kent Bank
5.62%, 5/26/99 (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100,000,000 99,944,483
Paine Webber Group Inc.
5.68%-5.76%, 9/16/98-6/3/99 (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 140,000,000 140,010,198
Salomon Smith Barney Holdings Inc.
5.64%-5.84%, 8/3/98-1/14/99 (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 215,000,000 215,000,000
_______________
TOTAL CORPORATE NOTES
(cost $1,468,994,377) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,468,994,377
_______________
DREYFUS CASH MANAGEMENT PLUS, INC.
- ------------------------------------------------------------------------------
STATEMENT OF INVESTMENTS (CONTINUED) JULY 31, 1998 (UNAUDITED)
Principal
Promissory Notes--5.3% Amount Value
- -----------------------------------------------------------
_______________ _______________
Goldman Sachs Group L.P.
5.65%-5.98%, 9/3/98-4/2/99 (c,d)
(cost $340,000,000) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 340,000,000 $ 340,000,000
_______________
Short-Term Bank Notes--7.0%
- -----------------------------------------------------------
Abbey National PLC
5.80%, 6/11/99. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 40,000,000 $ 39,973,639
Bankers Trust Corp.
5.65%, 3/19/99(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31,000,000 30,992,343
Bankers Trust Corp.
5.88%, 10/5/98. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50,000,000 49,996,593
CIT Group Holdings Inc.
5.61%, 2/22/99 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60,000,000 59,983,558
First Tennesse Bank
5.61%, 5/6/99(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50,000,000 49,981,416
First Union National Bank
5.61%, 7/23/99(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50,000,000 50,000,000
Heller Financial
5.70%, 11/10/98(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50,000,000 50,000,000
PNC Bank
5.60%, 4/28/99(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100,000,000 99,963,896
SouthTrust Bank N.A.
5.68%, 10/6/98 (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,000,000 21,998,838
_______________
TOTAL SHORT-TERM BANK NOTES
(cost $452,890,283) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 452,890,283
_______________
U.S. Government Agencies--1.6%
- -----------------------------------------------------------
Federal National Mortgage Association
Floating Rate Notes
5.54%, 1/18/2000
(cost $100,000,000) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 100,000,000 $ 100,000,000
_______________
Time Deposits--.2%
- -----------------------------------------------------------
Berliner Handels-und Frankforter Bank (Grand Cayman)
5.63%, 8/3/98
(cost $12,266,000) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 12,266,000 $ 12,266,000
_______________
TOTAL INVESTMENTS
(cost $6,402,438,167) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99.5% $6,402,438,167
_______ _______________
CASH AND RECEIVABLES (NET) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. .5% $ 34,592,963
_______ _______________
NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.0% $6,437,031,130
_______ _______________
</TABLE>
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 10/2/97-7/13/98 at a cost of $150,468,150 for CTN Trust Series I and
$340,000,000 for Goldman Sachs Group L.P. At July 31, 1998, the aggregate value
of these securities is $490 million, representing approximately 7.6% of net
assets and are valued at amortized cost.
SEE NOTES TO FINANCIAL STATEMENTS
<TABLE>
<CAPTION>
DREYFUS GOVERNMENT CASH MANAGEMENT
- ------------------------------------------------------------------------------
STATEMENT OF INVESTMENTS JULY 31,1998 (UNAUDITED)
Annualized
Yield on
Date of Principal
U.S. Treasury Bills--3.4% Purchase Amount Value
- ------------------------------------------------------------------------------------
_____________ _______________ ______________
<S> <C> <C> <C>
10/15/1998 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.17% $ 60,000,000 $ 59,385,000
1/7/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.01 125,000,000 122,366,563
_______________
TOTAL U.S. TREASURY BILLS
(cost $181,751,563) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 181,751,563
_______________
U.S. Treasury Notes--.4%
- ---------------------------------------------------
6.00%, 9/30/1998 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.53% $ 8,000,000 $ 8,005,076
5.875%, 10/31/1998 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.60 15,000,000 15,008,700
_______________
TOTAL U.S. TREASURY NOTES
(cost $23,013,776) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 23,013,776
_______________
U.S. Government Agencies--73.6%
- ---------------------------------------------------
Federal Farm Credit Banks, Consolidated Systemwide Discount Notes
11/13/1998 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.72% $ 50,000,000 $ 49,218,556
11/23/1998 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.69 24,549,000 24,128,435
12/23/1998 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.68 20,000,000 19,569,600
7/1/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.50 110,700,000 110,639,837
8/3/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.56 25,000,000 24,977,425
Federal Farm Credit Banks, Consolidated Systemwide Medium Term Notes
8/14/1998 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.67 (a) 50,000,000 49,999,629
11/3/1998 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.38 (a) 33,500,000 33,504,489
1/4/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.55 (a) 50,000,000 49,995,714
2/22/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.54 (a) 80,000,000 79,978,152
3/2/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.56 (a) 50,000,000 49,956,583
4/1/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.59 (a) 100,000,000 99,905,464
4/16/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.53 (a) 100,000,000 99,965,484
5/7/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.53 (a) 100,000,000 99,958,944
5/21/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.53 (a) 35,000,000 34,985,067
6/18/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.60 (a) 150,000,000 150,000,000
7/16/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.54 (a) 125,000,000 124,928,288
7/29/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.54 (a) 50,000,000 49,970,792
1/27/2000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.56 (a) 100,000,000 100,000,000
1/28/2000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.57 (a) 100,000,000 100,000,000
5/8/2000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.54 (a) 50,000,000 49,991,826
Federal Home Loan Banks, Discount Notes
8/3/1998 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.54 100,000,000 99,969,222
9/2/1998 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.46 25,000,000 24,882,000
10/2/1998 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.64 16,500,000 16,497,702
11/12/1998 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.68 31,212,000 30,728,882
12/28/1998 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.68 30,000,000 29,331,983
3/23/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.46 17,250,000 17,244,720
3/25/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.58 37,495,000 37,486,151
4/8/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.63 100,000,000 99,989,726
4/22/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.57 50,000,000 49,982,279
5/26/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.68 100,000,000 99,973,874
5/27/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.64 50,000,000 49,996,518
6/11/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.62 35,000,000 34,977,117
7/6/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.45 50,000,000 49,973,062
7/13/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.56 45,000,000 44,990,162
7/15/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.49 85,000,000 84,947,911
DREYFUS GOVERNMENT CASH MANAGEMENT
- ------------------------------------------------------------------------------
STATEMENT OF INVESTMENTS (CONTINUED) JULY 31,1998 (UNAUDITED)
Annualized
Yield on
Date of Principal
U.S. Government Agencies (continued) Purchase Amount Value
- ------------------------------------------------------------------------------------
_____________ _______________ ______________
Federal Home Loan Banks, Notes
1/29/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.54% $ 50,000,000 $ 50,000,000
3/12/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.53 25,000,000 25,000,000
3/12/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.73 50,000,000 50,001,741
3/26/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.69 50,000,000 50,000,000
4/9/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.53 168,770,000 168,788,839
Federal Home Loan Mortgage Corporation, Discount Notes
8/13/1998 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.47 200,000,000 199,637,332
3/5/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.52 9,000,000 8,717,580
3/12/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.42 25,000,000 24,986,517
Federal Home Loan Mortgage Corporation, Floating Rate Notes
3/12/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.57 (a) 50,000,000 49,973,033
Federal National Mortgage Association, Discount Notes
3/26/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.63 30,000,000 30,059,022
Federal National Mortgage Association, Floating Rate Notes
9/9/1998 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.77 (a) 50,000,000 49,995,138
9/15/1998 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.58 (a) 200,000,000 199,980,692
1/6/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.61 (a) 105,000,000 104,971,138
3/16/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.60 (a) 25,000,000 24,982,120
4/15/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.53 (a) 135,000,000 134,944,299
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
6/30/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.59 36,000,000 35,990,712
Student Loan Marketing Association, Floating Rate Notes
9/16/1998 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.74 (a) 150,000,000 149,994,479
9/16/1998 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.71 (a) 86,500,000 86,506,842
11/16/1998 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.59 (a) 24,500,000 24,501,476
_______________
TOTAL U.S. GOVERNMENT AGENCIES
(cost $3,941,676,554) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $3,941,676,554
_______________
Repurchase Agreements--23.2%
- ---------------------------------------------------
Barclays De Zoete Wedd Securities, Inc.
dated 7/31/1998, due 8/3/1998 in the amount of
$275,128,375 (fully collateralized by $271,730,000 U.S.
Treasury Notes, 5.875% due 2/28/1999, value $278,861,979) . . . . . . . . . . . . 5.60% $ 275,000,000 $ 275,000,000
Bear Stearns & Co.
dated 7/31/1998, due 8/3/1998 in the amount of
$181,084,768 (fully collateralized by $188,396,000 U.S
Treasury Strips due from 8/15/1998 to 5/15/1999, value $182,611,377) . . . . . . . 5.62 181,000,000 181,000,000
Donaldson Lufkin & Jenrette Securities Corp.
dated 7/31/1998, due 8/3/1998 in the amount of
$87,040,600 (fully collateralized by $86,174,000 U.S.
Treasury Notes, 6.375% to 6.75% due from 5/15/1999 to 5/31/1999,
value $87,976,149) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.60 87,000,000 87,000,000
J. P. Morgan Securities Inc.
dated 7/31/1998, due 8/3/1998 in the amount of
$186,086,800 (fully collateralized by $187,428,000 U.S.
Treasury Notes, 6.375% to 6.75% due from 5/31/1999 to 7/15/1999,
value $189,834,373) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.60 186,000,000 186,000,000
DREYFUS GOVERNMENT CASH MANAGEMENT
- ------------------------------------------------------------------------------
STATEMENT OF INVESTMENTS (CONTINUED) JULY 31,1998 (UNAUDITED)
Annualized
Yield on
Date of Principal
Repurchase Agreements (continued) Purchase Amount Value
- ------------------------------------------------------------------------------------
_____________ ______________ _____________
Morgan Stanley Dean Witter & Co.
dated 7/31/1998, due 8/3/1998 in the amount of
$221,102,949 (fully collateralized by $219,860,000 U.S.
Treasury Notes, 5.00% to 6.375% due from 2/15/1999 to 5/15/1999,
value $224,341,043) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.59% $ 221,000,000 $ 221,000,000
SBC Warburg Dillon Read
dated 7/31/1998, due 8/3/1998 in the amount of
$293,300,368 (fully collateralized by $304,223,000 U.S.
Treasury Bills, due from 10/29/1998 to 12/10/1998, value $299,097,282) . . . . . . 5.50 293,166,000 293,166,000
_______________
TOTAL REPURCHASE AGREEMENTS
(Cost $1,243,166,000) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,243,166,000
_______________
TOTAL INVESTMENTS
(cost $5,389,607,893) . . . . . . . . . . . . . . . . . . . . . . . . . 100.6% $5,389,607,893
_______ ________________
LIABILITIES, LESS CASH AND RECEIVABLES . . . . . . . . . . . . . . . . . . (.6%) $ (30,929,962)
_______ ________________
NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.0% $5,358,677,931
_______ ________________
Notes to Statement of Investments:
- -----------------------------------------------------------------------------
(a) Variable interest-rate subject to periodic change.
SEE NOTES TO FINANCIAL STATEMENTS.
DREYFUS GOVERNMENT PRIME CASH MANAGEMENT
- ------------------------------------------------------------------------------
STATEMENT OF INVESTMENTS JULY 31, 1998 (UNAUDITED)
Annualized
Yield on
Date of Principal
U.S. Government Agencies--99.5% Purchase Amount Value
- ------------------------------------------------------------------------------------
_____________ _______________ ______________
Federal Farm Credit Banks, Consolidated Systemwide Discount Notes
7/1/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.52% $ 10,000,000 $ 9,995,787
Federal Farm Credit Banks, Consolidated Systemwide Medium Term Notes
4/16/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.53 (a) 50,000,000 49,982,742
4/28/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.53 (a) 25,000,000 24,990,970
6/29/2000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.55 (a) 10,000,000 9,994,548
Federal Home Loan Banks, Discount Notes
8/3/1998 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.54 75,964,000 75,940,620
8/19/1998 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.44 1,842,000 1,837,036
8/26/1998 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.46 10,000,000 9,962,708
9/23/1998 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.52 16,000,000 15,873,271
10/21/1998 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.49 8,925,000 8,817,565
12/2/1998 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.48 5,000,000 4,908,604
1/8/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.51 10,000,000 9,761,778
4/20/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.47 6,359,000 6,116,959
5/27/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.64 5,000,000 4,999,652
7/13/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.57 8,000,000 7,997,208
7/15/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.47 5,000,000 4,997,107
Federal Home Loan Banks, Notes
10/27/1998 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.47 20,000,000 20,008,330
4/9/99 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.50 10,000,000 10,002,009
Student Loan Marketing Association, Discount Notes
3/11/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.63 16,000,000 15,993,887
Student Loan Marketing Association, Notes
6/30/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.52 10,000,000 10,003,376
______________
TOTAL INVESTMENTS
(cost $302,184,157) . . . . . . . . . . . . . . . . . . . . . . . . . . 99.5% $ 302,184,157
_______ _______________
CASH AND RECEIVABLES (NET) . . . . . . . . . . . . . . . . . . . . . . . . .5% $ 1,657,616
_______ _______________
NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.0% $ 303,841,773
_______ _______________
Notes to Statement of Investments:
- -----------------------------------------------------------------------------
(a) Variable interest rate subject to change.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
DREYFUS TREASURY CASH MANAGEMENT
- ------------------------------------------------------------------------------
STATEMENT OF INVESTMENTS JULY 31, 1998 (UNAUDITED)
Annualized
Yield on
Date of Principal
U.S. Treasury Bills--14.7% Purchase Amount Value
- ------------------------------------------------------------------------------------
_____________ _______________ ______________
<S> <C> <C> <C>
8/20/1998 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.71% $ 500,000,000 $ 498,759,720
1/7/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.01 40,000,000 39,157,300
_______________
TOTAL U.S. TREASURY BILLS
(cost $537,917,020). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 537,917,020
_______________
U.S. Treasury Notes--38.6%
- ---------------------------------------------------
5.875%, 8/15/1998 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.13% $ 500,000,000 $ 500,010,305
6.125%, 8/31/1998 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.52 30,000,000 30,011,926
6.00%, 9/30/1998 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.54 70,000,000 70,043,647
5.875%, 10/31/1998 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.61 85,000,000 85,047,975
5.125%, 11/30/1998 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.38 25,000,000 24,972,898
5.625%, 11/30/1998 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.59 165,000,000 164,979,826
5.875%, 1/31/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.47 40,000,000 40,065,007
5.00%, 2/15/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.41 100,000,000 99,772,845
5.875%, 2/28/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.38 35,000,000 35,069,399
5.875%, 3/31/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.42 15,000,000 15,034,375
6.250%, 3/31/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.30 75,000,000 75,385,242
6.375%, 4/30/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.39 60,000,000 60,359,210
6.375%, 5/15/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.45 80,000,000 80,469,087
6.250%, 5/31/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.40 80,000,000 80,438,225
6.00%, 6/30/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.29 55,000,000 55,252,632
_______________
TOTAL U.S. TREASURY NOTES
(cost $1,416,912,599) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,416,912,599
_______________
Repurchase Agreements--45.9%
- ---------------------------------------------------
Barclays De Zoete Wedd Securities, Inc.
dated 7/31/1998, due 8/3/1998 in the amount of
$55,025,758 (fully collateralized by
$54,730,000 U.S. Treasury Notes, 6.375%,
due 5/15/1999, value $55,832,366) . . . . . . . . . . . . . . . . . . . . . . . . 5.62% $ 55,000,000 $ 55,000,000
CIBC Oppenheimer Corp.
dated 7/31/1998, due 8/3/1998 in the amount of
$337,157,267 (fully collateralized by
$336,181,000 U.S. Treasury Notes, 5.125%-6.875%,
due from 12/31/1998 to 7/31/1999, value
$341,149,152) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.60 337,000,000 337,000,000
C.S. First Boston Corp.
dated 7/31/1998, due 8/3/1998 in the amount of
$400,186,000 (fully collateralized by
$401,977,000 U.S. Treasury Notes, 5.875%-6.375%,
due from 4/30/1999 to 7/31/1999, value
$408,077,592) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.58 400,000,000 400,000,000
Goldman, Sachs & Co.
dated 7/31/1998, due 8/3/1998 in the amount of
$297,889,198 (fully collateralized by
$300,000,000 U.S. Treasury Notes, 5.625%-6.375%,
due from 11/30/1998 to 5/15/1999, value
$303,992,898) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.61 297,750,000 297,750,000
J.P. Morgan Securities Inc.
dated 7/31/1998, due 8/3/1998 in the amount of
$337,157,267 (fully collateralized by
$362,311,000 U.S. Treasury Bills due
7/22/99, value $344,192,431) . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.60 337,000,000 337,000,000
DREYFUS TREASURY CASH MANAGEMENT
- ------------------------------------------------------------------------------
STATEMENT OF INVESTMENTS (CONTINUED) JULY 31, 1998 (UNAUDITED)
Annualized
Yield on
Date of Principal
Repurchase Agreements (continued) Purchase Amount Value
- ------------------------------------------------------------------------------------
_____________ _______________ ______________
SBC Warburg Dillon Read
dated 7/31/1998, due 8/3/1998 in the amount of
$257,824,795 (fully collateralized by
$269,146,000 U.S. Treasury Bills, due from
10/29/1998-7/22/1999, value $263,017,935) . . . . . . . . . . . . . . . . . . . . 5.58% $ 257,705,000 $ 257,705,000
_______________
TOTAL REPURCHASE AGREEMENTS
(cost $1,684,455,000) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,684,455,000
_______________
_______________
TOTAL INVESTMENTS
(cost $3,639,284,619) . . . . . . . . . . . . . . . . . . . . . . . . . 99.2% $3,639,284,619
_______ ________________
CASH AND RECEIVABLES (NET) . . . . . . . . . . . . . . . . . . . . . . . . .8% $ 28,083,139
_______ ________________
NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.0% $3,667,367,758
_______ ________________
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
<CAPTION>
DREYFUS TREASURY PRIME CASH MANAGEMENT
- ------------------------------------------------------------------------------
STATEMENT OF INVESTMENTS JULY 31, 1998 (UNAUDITED)
Annualized
Yield on
Date of Principal
U.S. Treasury Bills--.1% Purchase Amount Value
- ------------------------------------------------------------------------------------
_____________ _______________ ______________
<S> <C> <C> <C>
12/17/1998
(cost $848,023) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.25% $ 865,000 $ 848,02
______________
U.S. Treasury Notes--101.8%
- ---------------------------------------------------
5.875%, 8/15/1998 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.15% $ 601,040,000 $ 601,163,915
9.25%, 8/15/1998 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.16 85,000,000 85,141,381
4.75%, 8/31/1998 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.20 62,200,000 62,169,643
6.125%, 8/31/1998 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.14 513,411,000 513,740,168
4.75%, 9/30/1998 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.19 226,850,000 226,628,517
6.00%, 9/30/1998 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.16 270,119,000 270,164,830
4.75%, 10/31/1998 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.29 189,835,000 189,498,731
5.875%,10/31/1998 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.27 627,788,000 628,363,000
5.50%, 11/15/1998 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.22 150,000,000 150,034,580
8.875%, 11/15/1998 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.29 13,722,000 13,851,751
5.125%, 11/30/1998 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.18 43,917,000 43,890,762
5.125%, 12/31/1998 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.16 15,735,000 15,724,490
5.00%, 1/31/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.39 10,103,000 10,083,329
5.875%, 1/31/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.29 62,670,000 62,802,092
5.50%, 2/28/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.16 5,870,000 5,873,519
5.875%, 2/28/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.23 430,825,000 431,891,507
6.25%, 3/31/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.32 38,809,000 38,998,847
7.00%, 4/15/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.19 40,000,000 40,415,408
6.375%, 4/30/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.28 29,607,000 29,798,484
6.75%, 5/31/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.37 8,380,000 8,463,750
6.00%, 6/30/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.33 30,000,000 30,139,048
TOTAL U.S. TREASURY NOTES
(cost $3,458,837,752) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $3,458,837,752
_______________
TOTAL INVESTMENTS
(cost $3,459,685,775) . . . . . . . . . . . . . . . . . . . . . . . . . 101.9% $3,459,685,775
_______ ________________
LIABILITIES, LESS CASH AND RECEIVABLES . . . . . . . . . . . . . . . . . . (1.9%) $ (65,277,332)
_______ ________________
NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.0% $3,394,408,443
_______ ________________
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
<CAPTION>
DREYFUS MUNICIPAL CASH MANAGEMENT PLUS
- ------------------------------------------------------------------------------
STATEMENT OF INVESTMENTS JULY 31, 1998 (UNAUDITED)
Principal
Tax Exempt Investments--96.9% Amount Value
- -----------------------------------------------------------
_______________ ______________
<S> <C> <C>
California--4.0%
Los Angeles County Transportation Commission, Sales Tax Revenue, Refunding, VRD
2.90% (Insured; FGIC and LOC; Bayerische Landesbank) (a,b) . . . . . . . . . . . . . . . . . $ 9,200,000 $ 9,200,000
Delaware--2.4%
Delaware County Economic Development Authority,
Solid Waste Disposal and Sewer Facilities, Revenue, VRDN
(CIBA-Geigy Corp. Project)
3.80%, Series A (LOC; Union Bank of Switzerland) (a,b) . . . . . . . . . . . . . . . . . . . . 5,500,000 5,500,000
District of Columbia--1.8%
District of Columbia Housing Finance Agency, SFMR
3.80%, Series B, 6/23/99 (LOC; AIG Funding, Inc.) (a) . . . . . . . . . . . . . . . . . . . . 4,000,000 4,000,000
Florida--.6%
Lake County Industrial Development Authority, IDR, VRDN (Novelty Crystal
Project)
3.80% (LOC; Credit Commercial De France) (a,b) . . . . . . . . . . . . . . . . . . . . . . . . 1,475,000 1,475,000
Hawaii--2.9%
Honolulu City and County, MFHR, VRDN (HaleKua Gardens Project)
4.20%, Series A (LOC; Bank of Tokyo-Mitsubishi) (a,b) . . . . . . . . . . . . . . . . . . . . 6,523,000 6,523,000
Illinois--3.2%
Illinois Housing Development Authority, Revenue (Homeowner Mortgage)
3.60%, Series D, 6/30/99 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,370,000 5,370,000
West Chicago, IDR, VRDN (Acme Printing Ink Project)
4.175% (LOC; Bank of Tokyo-Mitsubishi) (a,b) . . . . . . . . . . . . . . . . . . . . . . . . . 2,000,000 2,000,000
Iowa--3.8%
Iowa Higher Education Loan Authority, Educational Facilities Revenue, VRDN
(Palmer Chiropractic University Foundation)
3.80% (LOC; Firstar Bank of Milwaukee) (a,b) . . . . . . . . . . . . . . . . . . . . . . . . . 8,725,000 8,725,000
Kentucky--.7%
Boone County, IDR, VRDN (Curtain Matheson Scientific Project)
3.65% (LOC; Toronto-Dominion Bank) (a,b) . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,500,000 1,500,000
Louisiana--3.3%
New Orleans Aviation Board, Revenue, VRDN (Passenger Facility Charge Projects)
3.95% (LOC: Banque Paribas and Canadian Imperial Bank of Commerce) (a,b) . . . . . . . . . . . 7,400,000 7,400,000
Maine--1.1%
Maine Housing Authority, Mortgage Purpose
3.80%, Series A-2, 5/14/99 (LOC; FNMA) (a) . . . . . . . . . . . . . . . . . . . . . . . . . . 2,500,000 2,500,000
Massachusetts--1.8%
Springfield, BAN 4%, 7/15/99 (LOC; Fleet Bank) (a) . . . . . . . . . . . . . . . . . . . . . . . 4,150,000 4,163,328
Michigan--5.9%
Midland County Economic Development Corporation, Economic Development, LOR, VRD
(Dow Chemical Co. Project) 3.75%, Series A (LOC; Dow Chemical Co.) (a,b) . . . . . . . . . . . 13,500,000 13,500,000
Missouri--2.9%
Missouri Higher Education Loan Authority, Student Loan Revenue, Refunding, VRDN
3.80%, Series B (Insured; MBIA and LOC; State Street Bank and Trust Co.) (a,b) . . . . . . . . 6,500,000 6,500,000
Neveda--3.4%
Washoe County, Water Facility Revenue, VRDN (Sierra Pacific Power Co. Project)
3.75% (LOC; Union Bank of Switzerland) (a,b) . . . . . . . . . . . . . . . . . . . . . . . . . 7,800,000 7,800,000
New York--6.2%
Erie County, RAN 4.50%, Series B, 10/29/98 (LOC; Union Bank of Switzerland) (a). . . . . . . . . 4,000,000 4,006,386
New York City Municipal Water Finance Authority, Water and Sewer System Revenue
VRDN 3.70%, Series C (Liquidity Facility; FGIC and LOC; FGIC) (a,b) . . . . . . . . . . . . . 4,000,000 4,000,000
New York State Energy Research and Development Authority, PCR, VRDN (LILCO
Project)
3.58%, Series A (LOC; Deutsche Bank) (a,b) . . . . . . . . . . . . . . . . . . . . . . . . . . 6,000,000 6,000,000
DREYFUS MUNICIPAL CASH MANAGEMENT PLUS
- ------------------------------------------------------------------------------
STATEMENT OF INVESTMENTS (CONTINUED) JULY 31, 1998 (UNAUDITED)
Principal
Tax Exempt Investments (continued) Amount Value
- -----------------------------------------------------------
______________ ______________
Ohio--10.1%
Butler County, MFHR (Wynd Tree Apartments Project)
3.90%, 1/1/99 (Insured; FGIC) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 5,000,000 $ 5,000,000
Greene County, G.O. Notes 3.75%, 5/6/99. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,000,000 5,000,726
Montgomery County, Revenue, CP (Miami Valley Hospital)
3.80%, Series B, 8/11/98 (LOC; Morgan Guaranty Trust Co.) (a) . . . . . . . . . . . . . . . . 8,000,000 8,000,000
Piqua, IDR, VRDN (Berwick Steel Co. Project)
3.75% (LOC; Sanwa Bank) (a,b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800,000 4,800,000
Oregon--1.3%
Klamath Falls, Electric Revenue (Salt Caves Hydroelectric)
3.80%, Series C, 5/3/99 (Escrowed in; U.S. Treasury Bills) . . . . . . . . . . . . . . . . . . 3,055,000 3,055,000
Pennsylvania--5.3%
Emmaus General Authority, Revenue, VRDN
3.50% (Liquidity Facility; Credit Suisse and LOC; FSA) (a,b) . . . . . . . . . . . . . . . . . 8,000,000 8,000,000
Philadelphia School District, Revenue, TRAN
4.25%, Series A, 6/3/99 (LOC; First Union National Bank) (a) . . . . . . . . . . . . . . . . . 4,000,000 4,021,675
South Carolina--2.3%
Florence County Solid Waste Disposal and Waste Water Treatment Facility, VRDN
(Roche Carolina Inc. Project) 3.75% (LOC; Deutsche Bank) (a,b) . . . . . . . . . . . . . . . . 5,200,000 5,200,000
Tennessee--3.7%
Sevier County Public Building Authority, Local Government Public Improvement,
VRDN:
3.52%, Series A-2 (Insured; AMBAC and LOC; Krediet Bank) (a,b) . . . . . . . . . . . . . . . . 4,225,000 4,225,000
3.52%, Series A-3 (Insured; AMBAC and LOC; Krediet Bank) (a,b) . . . . . . . . . . . . . . . . 4,210,000 4,210,000
Texas--17.8%
Brazos River Authority, PCR, Refunding, VRDN (Utility Electric Co.)
3.80%, Series A (Insured; MBIA and LOC; The Bank of New York) (a,b) . . . . . . . . . . . . . 5,000,000 5,000,000
Brazos River Harbor Naval District, Brazoria County Revenue, VRDN
(BASF Corp.) 3.80% (LOC; B.A.S.F.) (a,b) . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,000,000 15,000,000
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
Gulf Coast Waste Disposal Authority, Environmental Facilities Revenue, VRDN
(Amoco Oil Co. Project) 3.75% (Corp. Guaranty; Amoco Credit Corp.) (b) . . . . . . . . . . . . 7,900,000 7,900,000
Harris County Health Facilities Development Corporation, HR, VRDN
(TIRR Project) 3.80% (LOC; Texas Commerce Bank) (a,b) . . . . . . . . . . . . . . . . . . . . 9,620,000 9,620,000
Vermont--1.9%
Vermont Industrial Development Authority, IDR, VRDN (Ryegate Project)
3.60% (LOC; ABN-Amro Bank) (a,b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,300,000 4,300,000
Virginia--2.1%
Charles City and County Industrial Development Authority, Exempt Facility
Revenue
VRDN (Chambers Development Inc., Project)
3.60%, (LOC; Morgan Guaranty Trust Co.) (a,b) . . . . . . . . . . . . . . . . . . . . . . . . 3,200,000 3,200,000
Chesapeake Industrial Development Authority, IDR, VRDN (Sumitomo Mach Co.)
4.25% (LOC; Sumitomo Bank) (a,b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,500,000 1,500,000
Washington--3.3%
Washington State Housing Finance Commission, Single Family Program
3.90%, Series 5A-S, 12/15/98 (LOC; Bayerische Landesbank) (a) . . . . . . . . . . . . . . . . 7,515,000 7,515,000
West Virginia--3.3%
Marion County Commission, Solid Waste Disposal Facility Revenue, VRDN
(Granttown Project) 3.60%, Series B (LOC; National Westminster Bank) (a,b) . . . . . . . . . . 7,600,000 7,600,000
DREYFUS MUNICIPAL CASH MANAGEMENT PLUS
- ------------------------------------------------------------------------------
STATEMENT OF INVESTMENTS (CONTINUED) JULY 31, 1998 (UNAUDITED)
Principal
Tax Exempt Investments (continued) Amount Value
- -----------------------------------------------------------
______________ ______________
Wyoming--1.8%
Lincoln County, PCR, VRDN (Exxon Project)
3.70%, Series C (Corp. Guaranty, Exxon Corp.) (b) . . . . . . . . . . . . . . . . . . . . . . $ 4,200,000 $ 4,200,000
_____________
TOTAL INVESTMENTS (cost $220,510,115). . . . . . . . . . . . . . . . . . . . . . . . . 96.9% $220,510,115
_______ _____________
CASH AND RECEIVABLES (NET) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.1% $ 7,039,162
_______ _____________
NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.0% $227,549,277
_______ _____________
Notes to Statement of Investments:
- -----------------------------------------------------------------------------
(a)Secured by letters of credit. At July 31, 1998, 83.5% 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 JULY 31, 1998 (UNAUDITED)
Principal
Tax Exempt Investments--98.3% Amount Value
- -----------------------------------------------------------
______________ ______________
<S> <C> <C>
Buffalo, RAN 4.40%, 8/5/98 (LOC; Landesbank Hessen) (a). . . . . . . . . . . . . . . . . . . . $ 4,000,000 $ 4,000,248
Deer Park Union Free School District, TAN 3.90%, 6/25/99 . . . . . . . . . . . . . . . . . . . . 4,000,000 4,010,411
Erie County, RAN 4.50%, Series B, 10/29/98 (LOC; Union Bank of Switzerland) (a). . . . . . . . . 5,000,000 5,007,983
Town of Islip Industrial Development Agency, IDR, VRDN
(Brentwood Distribution Project) 3.55% (LOC; Fleet Bank) (a,b) . . . . . . . . . . . . . . . . 3,750,000 3,750,000
Long Island Power Authority, Electric Systems, Revenue, VRDN
3.70%, Sub-Series 5 (LOC: ABN-Amro Bank and Morgan Guaranty Trust Co.) (a,b) . . . . . . . . . 3,200,000 3,200,000
Municipal Assistance Corporation, CP:
3.55%, Series 2, 10/14/98 (LOC; Landesbank Hessen) (a) . . . . . . . . . . . . . . . . . . . . 5,200,000 5,200,000
3.50%, Series 2, 10/15/98 (LOC; Landesbank Hessen) (a) . . . . . . . . . . . . . . . . . . . . 7,000,000 7,000,000
Nassau County Industrial Development Agency, IDR, VRDN
(Manhassett Association Project) 3.50% (LOC; Bankers Trust Co.) (a,b) . . . . . . . . . . . . 2,000,000 2,000,000
City of New York, VRDN:
3.70%, Series A-4 (LOC; Chase Manhattan Bank) (a,b) . . . . . . . . . . . . . . . . . . . . . 7,500,000 7,500,000
3.70%, Series B (Insured; MBIA and LOC; Bank of Nova Scotia) (a,b) . . . . . . . . . . . . . . 3,000,000 3,000,000
3.70%, Series B (Insured; MBIA and LOC; National Westminster Bank) (a,b) . . . . . . . . . . . 4,000,000 4,000,000
3.70%, Series B (Insured; MBIA and LOC; Westdeutsche Landesbank) (a,b) . . . . . . . . . . . . 10,000,000 10,000,000
Trust Cultural Resource Revenue, Refunding (American Museum of Natural History)
3.35%, Series B (Insured; MBIA and SPBA; Credit Suisse) (b) . . . . . . . . . . . . . . . . 4,625,000 4,625,000
New York City Health and Hospital Corporation, Revenue, VRDN (Health Systems)
3.50%, Series B (LOC; Canadian Imperial Bank of Commerce) (a,b) . . . . . . . . . . . . . . . 4,900,000 4,900,000
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, IDR, VRDN
(Field Hotel Association JFK Project) 3.45% (LOC; Credit Agriole Indosuez) (a,b) . . . . . . . 4,400,000 4,400,000
New York City Municipal Water Finance Authority, Water and Sewer Systems
Revenue, VRDN
3.70%, Series C (Insured; FGIC and Liquidity Facility; FGIC) (b) . . . . . . . . . . . . . . . 8,000,000 8,000,000
New York State Dormitory Authority, Revenues, VRDN (Metropolitan Museum of Art)
3.40%, Series A (Corp. Guaranty; Metropolitan Museum of Art) (b) . . . . . . . . . . . . . . . 6,200,000 6,200,000
New York State Energy, Research and Development Authority, PCR:
(LILCO Project)
3.58%, Series A, 3/1/99 (LOC; Deutsche Bank) (a) . . . . . . . . . . . . . . . . . . . . . . 5,000,000 5,000,000
(New York State Electric and Gas)
3.58%, Series A, 3/15/99 (LOC; Morgan Guaranty Trust Co.) (a) . . . . . . . . . . . . . . . 6,000,000 6,000,000
VRDN:
(Central Hudson Gas and Electric Project)
3.40%, Series A (LOC; Union Bank of Switzerland)(a,b) . . . . . . . . . . . . . . . . . . 3,000,000 3,000,000
(Niagara Mohawk Power Corp.):
3.75%, Series A (LOC; Toronto-Dominion Bank) (a,b) . . . . . . . . . . . . . . . . . . . . 6,200,000 6,200,000
3.90%, Series B (LOC; Morgan Guaranty Trust Co.) (a,b) . . . . . . . . . . . . . . . . . . 24,100,000 24,100,000
Refunding (Orange/Rockland Utilities)
3.35%, 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%, Service A (LOC; Commerz Bank) (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) . . . . . . . . . . . 4,200,000 4,200,000
New York State Power Authority, Revenue:
CP 3.50%, 10/19/98 (LOC: Bank of Nova Scotia, Commerz Bank, Credit Locale de
France,
Landeshessen-Thuringen, Morgan Guaranty Trust Co. and Toronto-Dominion) (a) . . . . . . . . 9,000,000 9,000,000
General Purpose (Jr. Lien)
3.60%, 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
Northport-East Northport Union Free School District, BAN 4%, 6/4/99. . . . . . . . . . . . . . . 2,000,000 2,003,711
DREYFUS NEW YORK MUNICIPAL CASH MANAGEMENT
- ------------------------------------------------------------------------------
STATEMENT OF INVESTMENTS (CONTINUED) JULY 31, 1998 (UNAUDITED)
Principal
Tax Exempt Investments (continued) Amount Value
- -----------------------------------------------------------
______________ ______________
Port Authority of New York and New Jersey, Special Obligation Revenue, VRDN
(Versatile Structure Obligation):
3.75%, Series 2 (LOC; Morgan Guaranty Trust Co.) (a,b) . . . . . . . . . . . . . . . . . . $ 4,000,000 $ 4,000,000
3.80%, Series 4 (LOC; Landesbank Hessen) (a,b) . . . . . . . . . . . . . . . . . . . . . . . 3,300,000 3,300,000
3.80%, Series 6 (LOC; Bank of Nova Scotia) (a,b) . . . . . . . . . . . . . . . . . . . . . . 5,000,000 5,000,000
Rochester, BAN 4%, Series I, 3/9/99. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,000,000 5,012,511
Sachem Central School District 4%, Series II, 6/25/99. . . . . . . . . . . . . . . . . . . . . . 5,000,000 5,015,165
Suffolk County, TAN:
4.25%, Series I, 8/13/98 (LOC: Canadian Imperial Bank of Commerce,
National Westminster Bank and Westdeutsche Landesbank) (a) . . . . . . . . . . . . . . . . . 6,000,000 6,001,101
4.25%, Series II, 9/10/98 (LOC: Canadian Imperial Bank of Commerce,
National Westminster Bank and Westdeutsche Landesbank) (a) . . . . . . . . . . . . . . . . . 7,000,000 7,002,949
Triborough Bridge and Tunnel Authority, Special Obligation, VRDN
3.35% (Insured; FGIC and Liquidity Facility; FGIC) (b) . . . . . . . . . . . . . . . . . . . . 7,300,000 7,300,000
_____________
TOTAL INVESTMENTS (cost $213,929,079). . . . . . . . . . . . . . . . . . . . . . . . . 98.3% $213,929,079
_______ _____________
CASH AND RECEIVABLES (NET) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.7% $ 3,619,275
_______ _____________
NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.0% $217,548,354
_______ _____________
Notes to Statement of Investments:
- -----------------------------------------------------------------------------
(a)Secured by letters of credit. At July 31, 1998, 79% 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 18.2% 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 STATMEMENTS.
</TABLE>
<TABLE>
<CAPTION>
DREYFUS TAX EXEMPT CASH MANAGEMENT
- ------------------------------------------------------------------------------
STATEMENT OF INVESTMENTS JULY 31, 1998 (UNAUDITED)
Principal
Tax Exempt Investments--99.5% Amount Value
- -----------------------------------------------------------
_____________ _____________
<S> <C> <C>
Alaska--.9%
Valdez, Marine Terminal Revenue, Refunding, CP (ARCO Transportation Project)
3.55%, 8/13/98 (LOC; Atlantic Richfield Co.) (a) . . . . . . . . . . . . . . . . . . . . . $ 14,100,000 $ 14,100,000
Arkansas--.8%
University of Arkansas, University Revenues, Refunding, VRDN (UAMS Campus)
3.55% (Insured; MBIA and Liquidity; Credit Suisse) (b) . . . . . . . . . . . . . . . . . . . . 12,400,000 12,400,000
California--2.8%
California Higher Education Loan Authority, Student Loan Revenue, Refunding:
3.895%, Series A-2, 5/1/99 (LOC; Student Loan Marketing Association) (a) . . . . . . . . . . . 16,000,000 16,000,000
3.60%, Series A, 7/1/99 (LOC; National Westminster Bank) (a) . . . . . . . . . . . . . . . . . 11,700,000 11,700,000
California Public Capital Improvements Financing Authority, Revenue (Pooled
Project)
3.65%, Series C, 9/15/98 (LOC; National Westminster Bank) (a) . . . . . . . . . . . . . . . . 10,000,000 10,000,000
Sacramento County, MFHR, VRDN 4%, Series B (LOC; Dai-Ichi Kangyo Bank) (a,b) . . . . . . . . . . 6,900,000 6,900,000
Connecticut--2.9%
State of Connecticut Special Assessment Unemployment Compensation Advance Fund,
Revenue (Connecticut Unemployment)
3.60%, Series C, 7/1/99 (Insured and Liquidity; FGIC) . . . . . . . . . . . . . . . . . . . . 23,000,000 23,000,000
Connecticut Development Authority, PCR, Refunding, VRDN
(Connecticut Light and Power Co. Project)
3.50%, Series A (LOC; Deutsche Bank) (a,b) . . . . . . . . . . . . . . . . . . . . . . . . . . 22,500,000 22,500,000
Delaware--3.9%
Delaware Economic Development Authority, Revenue, VRDN (Hospital Billing
Collection):
3.80%, Series A (BPA; Morgan Stanley and Co. and Insured; MBIA) (b) . . . . . . . . . . . . . 9,700,000 9,700,000
3.80%, Series B (BPA; Morgan Stanley and Co. and Insured; MBIA) (b) . . . . . . . . . . . . . 33,200,000 33,200,000
3.80%, Series C (BPA; Morgan Stanley and Co. and Insured; MBIA) (b) . . . . . . . . . . . . . 18,700,000 18,700,000
District of Columbia--3.2%
District of Columbia, VRDN:
(General Fund Recovery) 3.80%, Series B-1 (LOC; Societe Generale) (a,b) . . . . . . . . . . . 25,450,000 25,450,000
Refunding:
3.80%, Series A-4 (LOC; Societe Generale) (a,b) . . . . . . . . . . . . . . . . . . . . . . 10,700,000 10,700,000
3.80%, Series A-5 (LOC; Bank of Nova Scotia) (a,b) . . . . . . . . . . . . . . . . . . . . . 14,222,000 14,222,000
Florida--5.6%
Dade County, Water and Sewer Systems Revenue, VRDN
3.40% (BPA; Commerzbank and Insured; FGIC) (b) . . . . . . . . . . . . . . . . . . . . . . . . 12,000,000 12,000,000
Miami-Dade County School District, TAN 4%, 6/30/99 . . . . . . . . . . . . . . . . . . . . . . . 15,000,000 15,046,229
Orange County Housing Finance Authority, MFHR, VRDN (Heather Project)
3.50%, Series B (LOC; FNMA) (a,b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,400,000 12,400,000
Pasco County Industrial Development Authority, Revenue, VRDN
(Woodhaven Partners Limited Project) 3.50% (LOC; Kredietbank) (a,b) . . . . . . . . . . . . . 9,500,000 9,500,000
Pinellas County Health Facilities Authority, Revenue, Refunding, VRDN
(Pooled Hospital Loan Program) 3.70% (LOC; Chase Manhattan Bank) (a,b) . . . . . . . . . . . . 6,000,000 6,000,000
Sunshine State Governmental Financing Commission, Revenue, CP:
3.60%, Series B, 8/21/98 (BPA: State Board of Administration of Florida) . . . . . . . . . . . 19,075,000 19,075,000
3.55%, Series B, 10/23/98 (BPA: Bank of Nova Scotia and State Board of
Administration of Florida) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,735,000 14,735,000
Georgia--2.1%
Burke County Development Authority, PCR:
CP (Oglethorpe Power Corp.)
3.60%, Series B, 11/19/98 (Insured; AMBAC and Liquidity; Rabobank Nederland) . . . . . . . . 20,000,000 20,000,000
VRDN (Georgia Power Co.) 3.70%, 4th Series (LOC; Georgia Power Co.) (a,b) . . . . . . . . . . 6,050,000 6,050,000
Hapeville Development Authority, IDR, VRDN (Hapeville Hotel Limited)
3.70% (LOC; Deutsche Bank) (a,b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,300,000 6,300,000
DREYFUS TAX EXEMPT CASH MANAGEMENT
- ------------------------------------------------------------------------------
STATEMENT OF INVESTMENTS (CONTINUED) JULY 31, 1998 (UNAUDITED)
Principal
Tax Exempt Investments (continued) Amount Value
- -----------------------------------------------------------
_____________ _____________
Hawaii--2.1%
State of Hawaii Department of Budget and Finance, Special Purpose Revenue, VRDN
(Queens Health Systems) 3.50%, Series A (LOC; Morgan Guaranty Trust Co.) (a,b) . . . . . . $ 32,600,000 $ 32,600,000
Idaho--.6%
State of Idaho, TAN 4.50%, 6/30/99 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,000,000 10,079,225
Illinois--5.7%
City of Chicago, Revenue:
3.55%, 10/29/98 (LOC; Morgan Guaranty Trust Co.) (a) . . . . . . . . . . . . . . . . . . . . . 15,000,000 15,000,000
3.55%, 2/24/99 (LOC; Morgan Guaranty Trust Co.) (a) . . . . . . . . . . . . . . . . . . . . . 25,000,000 25,000,000
Glendale Heights, Multi-Family Revenue, VRDN (Glendale Lake Project)
3.60% (LOC; Citibank) (a,b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,945,000 14,945,000
Illinois Development Finance Authority, Revenue, VRDN (Provena Health)
3.70%, Series B (Insured; MBIA and Liquidity; Bank of America) (b) . . . . . . . . . . . . . . 20,000,000 20,000,000
Illinois Health Facilities Authority, Revenue (Evanston Northwestern Corp.)
3.70%, 6/1/99 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,000,000 15,000,000
Indiana--1.0%
Petersburg, PCR, Refunding, VRDN (Indiana Power and Light Co.)
3.60%, Series B (Insured; AMBAC and Liquidity; Indianapolis Power and Light Co.) (b) . . . . . 15,000,000 15,000,000
Louisiana--1.9%
Parish of East Baton Rouge, PCR, Refunding, VRDN (Exxon Project)
3.70% (LOC; Exxon Corp.) (a,b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,100,000 4,100,000
Jefferson Parish Hospital Service District No.2, HR, VRDN 3.55% (Insured; FGIC) (b). . . . . . . 9,000,000 9,000,000
Louisiana Offshore Terminal Authority, Deepwater Port Revenue, Refunding, VRDN
(First Stage-Loop Inc.) 3.70%, Series A (LOC; Union Bank of Switzerland) (a,b) . . . . . . . . 10,200,000 10,200,000
Plaquemines Port Harbor and Terminal District, Port Facilities Revenue
(International Marine Terminal Project)
3.60%, Series A, 3/15/99 (LOC; Morgan Guaranty Trust Co.) (a) . . . . . . . . . . . . . . . . 6,000,000 6,000,000
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--4.3%
Massachusetts Bay Transportation Authority, CP
3.55%, Series C, 8/17/98 (LOC; Westdeutsche Landesbank) (a) . . . . . . . . . . . . . . . . . 17,900,000 17,900,000
Massachusetts Housing Finance Agency, Refunding, VRDN (Harbor
Point-Multi-Family)
3.65%, 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
3.40%, Series C (BPA; Credit Suisse and Insured; MBIA) (b) . . . . . . . . . . . . . . . . . . 12,300,000 12,300,000
Massachusetts Industrial Finance Agency, PCR, Refunding, CP (New England Power
Co.)
3.60%, 8/20/98 (LOC; New England Power Co.) (a) . . . . . . . . . . . . . . . . . . . . . . . 10,000,000 10,000,000
City of Springfield, BAN 4.25%, 11/20/98 (LOC; Fleet Bank) (a) . . . . . . . . . . . . . . . . . 10,000,000 10,011,715
Michigan--3.3%
Detroit City School District, Notes 4.50%, 7/1/99. . . . . . . . . . . . . . . . . . . . . . . . 30,000,000 30,224,961
Michigan Hospital Finance Authority, VRDN (Hospital Equipment Loan Program)
3.40% (LOC; Comerica Bank) (a,b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,200,000 1,200,000
Michigan Housing Development Authority, LOR, VRDN (Laurel Valley)
3.55% (LOC; Wachovia Bank of Georgia) (a,b) . . . . . . . . . . . . . . . . . . . . . . . . . 5,900,000 5,900,000
Michigan Strategic Fund, LOR, Refunding, VRDN (Detroit Edison Co.)
3.75%, Series CC (LOC; Barclays Bank) (a,b) . . . . . . . . . . . . . . . . . . . . . . . . . 6,900,000 6,900,000
Midland County Economic Develpment Corporation, Economic Development, LOR,
Refunding,
VRDN (Dow Chemical Co. Project) 3.85%, Series B (LOC; Dow Chemical Co.) (a,b) . . . . . . . . 8,100,000 8,100,000
Minnesota--.4%
City of Cloquet, PCR, VRDN (Potlatch Corp. Project)
3.50% (LOC; Credit Suisse) (a,b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,600,000 5,600,000
DREYFUS TAX EXEMPT CASH MANAGEMENT
- ------------------------------------------------------------------------------
STATEMENT OF INVESTMENTS (CONTINUED) JULY 31, 1998 (UNAUDITED)
Principal
Tax Exempt Investments (continued) Amount Value
- -----------------------------------------------------------
_____________ _____________
Mississippi--.5%
Jackson County, PCR, Refunding, VRDN (Chevron USA, Inc. Project)
3.70% (LOC; Chevron USA, Inc.) (a,b) . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 7,555,000 $ 7,555,000
Missouri--.8%
City of Saint Louis, General Fund Revenue, TRAN 4.50%, 6/30/99 . . . . . . . . . . . . . . . . . 12,000,000 12,090,788
Nebraska--2.0%
Nebraska Higher Education Loan Program Inc., Revenue, VRDN (Student Loan
Program)
3.70%, Series C (Insured; MBIA and BPA; Student Loan Marketing Association) (b) . . . . . . . 27,340,000 27,340,000
Nebraska Investment Finance Authority, HR, VRDN (Depreciation Assets)
3.55%, Series A (Insured; FGIC and Liquidity; First Bank National Association) (b) . . . . . . 4,280,000 4,280,000
New Jersey--.6%
New Jersey Turnpike Authority, Turnpike Revenue, Refunding, VRDN
3.15%, Series D (BPA; Societe Generale and Insured; FGIC) (b) . . . . . . . . . . . . . . . . 9,900,000 9,900,000
New Mexico--1.9%
State of New Mexico, TRAN 4.25%, 6/30/99 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,000,000 30,171,729
New York--20.8%
Municipal Assistance Corporation for the City of New York, VRDN
3.35%, Subseries K-2 (LOC; Bayerische Landesbank) (a,b) . . . . . . . . . . . . . . . . . . . 34,500,000 34,500,000
City of New York, VRDN:
3.70%, Subseries A-7 (LOC; Morgan Guaranty Trust Co.) (a,b) . . . . . . . . . . . . . . . . . 14,900,000 14,900,000
3.70%, Series B (Insured; MBIA and Liquidity; Westdeutsche Landesbank) (b) . . . . . . . . . . 2,500,000 2,500,000
3.70%, Series B (Insured; AMBAC and Liquidity; Rabobank Nederland) (b) . . . . . . . . . . . . 7,000,000 7,000,000
New York City Energy and Research Development Authority, PCR, VRDN
(Niagra Mohawk Power Corp.) 3.70%, Series B (LOC; Toronto-Dominion Bank) (a,b) . . . . . . . . 5,300,000 5,300,000
New York City Municipal Water Finance Authority, Water and Sewer Systems
Revenue, VRDN:
3.70%, Series C (Insured and Liquidity; FGIC) (b) . . . . . . . . . . . . . . . . . . . . . . 25,600,000 25,600,000
3.70%, Series 93C (Insured and Liquidity; FGIC) (b) . . . . . . . . . . . . . . . . . . . . . 8,770,000 8,770,000
3.70%, Series G (Insured and Liquidity; FGIC) (b) . . . . . . . . . . . . . . . . . . . . . . 20,000,000 20,000,000
State of New York, CP
3.55%, Series U, 10/15/98 (Liquidity; Westdeutsche Landesbank) . . . . . . . . . . . . . . . . 10,000,000 10,000,000
New York State Job Development Authority, CP
3.55%, 10/13/98 (Liquidity; Westdeutsche Landesbank) . . . . . . . . . . . . . . . . . . . . . 30,000,000 30,000,000
New York State Local Government Assistance Corporation, VRDN:
3.35%, Series G (LOC: Bank of Nova Scotia) (a,b) . . . . . . . . . . . . . . . . . . . . . . . 26,100,000 26,100,000
3.45%, Series B (LOC; Kredietbank) (a,b) . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,400,000 27,400,000
3.45%, Series C (LOC; Landesbank Hessen) (a,b) . . . . . . . . . . . . . . . . . . . . . . . . 45,400,000 45,400,000
New York State Medical Care Facilities Finance Agency, Revenue, VRDN
(Pooled Loan Equipment Program-1)
3.45% (LOC; Chase Manhattan Bank) (a,b) . . . . . . . . . . . . . . . . . . . . . . . . . . . 55,700,000 55,700,000
Suffolk County, TRAN 4.25%, Series RA-1, 8/13/98 (LOC: Canadian Imperial Bank of
Commerce,
National Westminster Bank and Westdeutsche Landesbank) (a) . . . . . . . . . . . . . . . . . . 14,000,000 14,002,703
Ohio--2.2%
Green County, Certificates of Indebtness, GO Notes 3.75%, 5/6/99 . . . . . . . . . . . . . . . . 15,000,000 15,002,177
Montgomery County, Revenue, Refunding, CP (Miami Valley Hospital)
3.80%, Series A, 8/14/98 (LOC; Morgan Guaranty Trust Co.) (a) . . . . . . . . . . . . . . . . 19,000,000 19,000,000
Oregon--.6%
Klamath Falls, Electric Revenue (Salt Caves Hydroelectric)
3.80%, Series C, 5/3/99 (Escrowed in; U.S. Treasury Bills) . . . . . . . . . . . . . . . . . . 10,000,000 10,000,000
Pennsylvania--4.8%
Allegheny County Industrial Development Authority, Revenue, VRDN
(Longwood at Oakmont) 3.70%, Series B (LOC; Dresdner Bank) (a,b) . . . . . . . . . . . . . . . 4,000,000 4,000,000
Allegheny County Port Authority, GAN 4.25%, 6/30/99 (LOC; PNC Bank) (a). . . . . . . . . . . . . 10,815,000 10,876,837
DREYFUS TAX EXEMPT CASH MANAGEMENT
- ------------------------------------------------------------------------------
STATEMENT OF INVESTMENTS (CONTINUED) JULY 31, 1998 (UNAUDITED)
Principal
Tax Exempt Investments (continued) Amount Value
- -----------------------------------------------------------
_____________ _____________
Pennsylvania (continued)
Delaware Valley Regional Finance Authority, Local Government Revenue, VRDN
3.45%, Series D (LOC; Credit Suisse) (a,b) . . . . . . . . . . . . . . . . . . . . . . . . $ 10,300,000 $ 10,300,000
Emmaus General Authority, Revenue, VRDN
3.50%, Subseries F-10 (LOC; Bayerische Landesbank) (a,b) . . . . . . . . . . . . . . . . . . . 4,000,000 4,000,000
City of Philadelphia, TRAN 4.25%, Series A, 6/30/99. . . . . . . . . . . . . . . . . . . . . . . 8,500,000 8,545,957
City of Philadelphia School District 4.25%, Series B, 6/30/99 (LOC; PNC Bank) (a) . . . . . . 30,000,000 30,163,748
Schuylkill County Industrial Development Authority, RRR, Refunding, VRDN
(Northeastern Power Co.) 3.70%, Series A (LOC; Credit Locale de France) (a,b) . . . . . . . . 4,700,000 4,700,000
Washington County Authority, Lease Revenue, VRDN
(Higher Education Pooled Equipment Lease Project)
3.60%, Series 1985A (LOC; First Union National Bank) (a,b) . . . . . . . . . . . . . . . . . . 3,400,000 3,400,000
South Carolina--.3%
Sumter County, Industrial Revenue, VRDN (Bendix Corp. Project)
4.125% (LOC; Sumitomo Bank) (a,b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,000,000 4,000,000
Tennessee--3.2%
Sevier County, Public Building Authority, Local Government Improvement, VRDN:
3.52%, Series 3-A-1 (Insured; AMBAC and Liquidity; Landesbank Hessen) (b) . . . . . . . . . . 20,000,000 20,000,000
3.52%, Series 3-B-3 (Insured; AMBAC and Liquidity; Landesbank Hessen) (b) . . . . . . . . . . 8,350,000 8,350,000
3.52%, Series 3-B-4 (Insured; AMBAC and Liquidity; Landesbank Hessen) (b) . . . . . . . . . . 6,000,000 6,000,000
Shelby County, CP 3.60%, Series B, 11/16/98 (LOC; Landesbank Hessen) (a) . . . . . . . . . . . . 16,500,000 16,500,000
Texas--8.4%
Bexar County Health Facilities Development Corporation, Revenue, VRDN
(Retirement Community-Air Force Village Foundation Project)
3.50% (LOC; Rabobank Nederland) (a,b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,300,000 14,300,000
Dallas County, Permanent Improvement Revenue
3.70%, Series C, 6/15/99 (SBPA; Union Bank of Switzerland) . . . . . . . . . . . . . . . . . . 7,230,000 7,230,000
Harris County Health Facilities Development Corporation, HR, VRDN
(Texas Children's Hospital) 3.60%, Series B-1 (LOC; Bank of America) (a,b) . . . . . . . . . . 8,300,000 8,300,000
City of Houston, Water and Sewer Systems Revenue, CP 3.65%, Series A, 8/17/98
(Liquidity: Union Bank of Switzerland and Westdeutsche Landesbank) . . . . . . . . . . . . . . 21,300,000 21,300,000
Texas Department of Housing and Community Affairs, MFHR, VRDN (Higher Point III
3.55%, 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)
3.80%, Series 85A (LOC; Banque Paribas) (a,b) . . . . . . . . . . . . . . . . . . . . . . . . 15,500,000 15,500,000
Texas Public Finance Authority, Revenue, CP:
3.60%, 11/18/98 (Liquidity: Toronto-Dominion Bank and Union Bank of Switzerland) . . . . . . . 15,000,000 15,000,000
GO:
3.60%, Series A, 8/13/98 (Liquidity: Toronto-Dominion Bank and
Union Bank of Switzerland) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,000,000 29,000,000
3.60%, Series A, 10/13/98 (Liquidity: Toronto-Dominion Bank and
Union Bank of Switzerland) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,700,000 9,700,000
Utah--4.8%
Emery County, PCR, Refunding, VRDN (Pacificorp Project)
3.70% (Insured; AMBAC and Liquidity; Bank of Nova Scotia) (b) . . . . . . . . . . . . . . . . 22,650,000 22,650,000
Intermountain Power Agency, Power Supply Revenue, CP:
3.50%, 8/20/98 (Liquidity: Bank of America and Bank of Nova Scotia) . . . . . . . . . . . . . 9,300,000 9,300,000
3.60%, 8/20/98 (Liquidity: Bank of America and Bank of Nova Scotia) . . . . . . . . . . . . . 33,400,000 33,400,000
3.55%, 9/28/98 (Liquidity: Bank of America and Bank of Nova Scotia) . . . . . . . . . . . . . 10,000,000 10,000,000
Virginia--.9%
Henrico County Industrial Development Authority, Health Facility Revenue, VRDN
(Hermitage Project) 3.80% (LOC; Nationsbank of Virginia) (a,b) . . . . . . . . . . . . . . . . 14,930,000 14,930,000
DREYFUS TAX EXEMPT CASH MANAGEMENT
- ------------------------------------------------------------------------------
STATEMENT OF INVESTMENTS (CONTINUED) JULY 31, 1998 (UNAUDITED)
Principal
Tax Exempt Investments (continued) Amount Value
- -----------------------------------------------------------
_____________ _____________
Washington--3.7%
Snohomish County Public Utilities District No.1, Electric Revenue, VRDN
(Generation Systems)
3.40% (Insured; MBIA and SBPA; Industrial Bank of Japan) (b) . . . . . . . . . . . . . . . $ 10,760,000 $ 10,760,000
Washington Health Care Facilities Authority, Revenue, VRDN (Sisters of
Providence):
3.70%, Series D (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,000,000 12,000,000
3.70%, Series E (LOC; Rabobank Nederland) (a,b) . . . . . . . . . . . . . . . . . . . . . . . 6,800,000 6,800,000
Washington Housing Finance Commission, Non-Profit Housing Revenue, Refunding,
VRDN
(Panorama City Project) 3.70% (LOC; Key Bank) (a,b) . . . . . . . . . . . . . . . . . . . . . 8,600,000 8,600,000
Washington Public Power Supply System, Revenue, Refunding, VRDN (Nuclear
Project)
3.45% (LOC; Morgan Guaranty Trust Co.) (a,b) . . . . . . . . . . . . . . . . . . . . . . . . . 20,700,000 20,700,000
Wyoming--1.3%
Lincoln County, PCR, VRDN (Exxon Project):
3.70%, Series B (LOC; Exxon Corp.) (a,b) . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,400,000 5,400,000
3.70%, Series C (LOC; Exxon Corp.) (a,b) . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,750,000 4,750,000
3.70%, Series D (LOC; Exxon Corp.) (a,b) . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,900,000 9,900,000
U.S. Related--.3%
Commonwealth of Puerto Rico Highway and Transportation Authority, Highway
Revenue, VRDN
3.20%, Series X (LOC: Landesbank Hessen-Thuringen and Union Bank of Switzerland) (a,b) . . . . 4,475,000 4,475,000
_______________
TOTAL INVESTMENTS (cost $1,566,173,069). . . . . . . . . . . . . . . . . . . . . . . . 99.5% $1,566,173,069
_______ _______________
CASH AND RECEIVABLES (NET) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5% $ 7,330,286
_______ _______________
NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.0% $1,573,503,355
_______ _______________
</TABLE>
Notes to Statement of Investments:
- -----------------------------------------------------------------------------
(a)Secured by letters of credit. At July 31, 1998, 53.3% of the Fund's net
assets are backed by letters of credit issued by corporations, domestic banks,
foreign banks, 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.
Summary of Abbreviations
- -----------------------------------------------------------------------------
<TABLE>
<S> <C> <S> <C>
AMBAC American Municipal Bond Assurance Corporation LOC Letter of Credit
BAN Bond Anticipation Notes LOR Limited Obligation Revenue
BPA Bond Purchase Agreement MBIA Municipal Bond Investors Assurance
CP Commercial Paper Insurance Corporation
EDR Economic Development Revenue MFHR Multi-Family Housing Revenue
FGIC Financial Guaranty Insurance Company MFMR Multi-Family Mortgage Revenue
FNMA Federal National Mortgage Association PCR Pollution Control Revenue
FSA Financial Security Assurance RAN Revenue Anticipation Notes
GAN Grant Anticipation Notes RRR Resources Recovery Revenue
GO General Obligation SBPA Standby Bond Purchase Agreement
HR Hospital Revenue SFMR Single Family Mortgage Revenue
IDR Industrial Development Revenue TAN Tax Anticipation Notes
TRAN Tax and Revenue Anticipation Notes
VRDN Variable Rate Demand Notes
</TABLE>
<TABLE>
Summary of Combined Ratings (Unaudited)
- -----------------------------------------------------------------------------
Percentage of Value
_________________________________________________
Dreyfus Dreyfus Dreyfus
Municipal Cash New York Tax Exempt
Management Municipal Cash Cash
Fitch (a) or Moody's or Standard & Poor's Plus Management Management
_______ ________ __________________ ______________ ______________ ______________
<S> <C> <C> <C> <C> <C>
F1+/F1 VMIG1/MIG1, P1 (b) SP1+/SP1, A1+/A1 (b) 93.6% 95.8% 98.7%
AAA/AA (c) Aaa/Aa (c) AAA/AA (c) 2.2 -- .4
Not Rated (d) Not Rated (d) Not Rated (d) 4.2 4.2 .9
_______ _______ _______
100.0% 100.0% 100.0%
_______ _______ _______
</TABLE>
Notes to Statement of Investments:
- -----------------------------------------------------------------------------
(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 or 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.
STATEMENT OF ASSETS AND LIABILITIES JULY 31, 1998 (UNAUDITED)
(AMOUNTS IN THOUSANDS, EXCEPT NET ASSET VALUE PER SHARE)
<TABLE>
Dreyfus Dreyfus Dreyfus Dreyfus Dreyfus
Dreyfus Cash Government Government Treasury Treasury
Cash Management Cash Prime Cash Cash Prime Cash
Management Plus, Inc. Management Management Management Management
____________ ____________ ____________ ____________ ____________ ____________
<S> <C> <C> <C> <C> <C> <C>
ASSETS:
Investments at value . . . . . . . $4,173,997 $6,402,438 $5,389,608(1) $ 302,184 $3,639,285(1) $3,459,686
Cash . . . . . . . . . . . . . . . ------ 3,131 ------ 556 1,407 496
Interest receivable. . . . . . . . 15,151 77,641 38,229 1,209 27,273 69,817
___________ ___________ ___________ ___________ ___________ ___________
4,189,148 6,483,210 5,427,837 303,949 3,667,965 3,529,999
___________ ___________ ___________ ___________ ___________ ___________
LIABILITIES:
Due to The Dreyfus Corporation
and affiliates . . . . . . . . . 863 1,006 862 50 457 669
Due to Distributor . . . . . . . . 15 145 101 57 140 116
Cash overdraft due to Custodian. . 11,220 ------ 849 ------ ------ ------
Payable for investment securities
purchased . . . . . . . . . . . ------ ------ 24,977 ------ ------ ------
Payable for shares of Beneficial Interest/
Common Stock redeemed . . . . . ------ 45,028 42,370 ------ ------ 134,806
___________ ___________ ___________ ___________ ___________ ___________
12,098 46,179 69,159 107 597 135,591
___________ ___________ ___________ ___________ ___________ ___________
NET ASSETS . . . . . . . . . . . . $4,177,050 $6,437,031 $5,358,678 $ 303,842 $3,667,368 $3,394,408
___________ ___________ ___________ ___________ ___________ ___________
REPRESENTED BY:
Paid-in capital. . . . . . . . . . $4,177,595 $6,438,398 $5,359,417 $ 303,842 $3,667,960 $3,394,724
Accumulated net realized gain (loss)
on investments . . . . . . . . . (545) (1,367) (739) ------ (592) (316)
___________ ___________ ___________ ___________ ___________ ___________
NET ASSETS . . . . . . . . . . . . $4,177,050 $6,437,031 $5,358,678 $ 303,842 $3,667,368 $3,394,408
___________ ___________ ___________ ___________ ___________ ___________
NET ASSET VALUE PER SHARE
_____________________________
INSTITUTIONAL SHARES
_____________________
Net Assets . . . . . . . . . . . $3,728,096 $5,582,103 $4,355,269 $ 106,098 $2,962,778 $2,833,720
Shares Outstanding . . . . . . . 3,728,607 5,583,407 4,355,912 106,098 2,963,318 2,834,009
NET ASSET VALUE PER SHARE . . . $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
_____ _____ _____ _____ _____ _____
INVESTOR SHARES
_________________
Net Assets . . . . . . . . . . . $ 388,380 $ 760,404 $ 671,598 $ 3,023 $ 547,838 $ 373,548
Shares Outstanding . . . . . . . 388,414 760,464 671,689 3,023 547,886 373,569
NET ASSET VALUE PER SHARE . . . $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
_____ _____ _____ _____ _____ _____
ADMINISTRATIVE SHARES
_______________________
Net Assets . . . . . . . . . . . $ 3,321 $ 12,630 $ 174,580 -- (2) $ 23,936 $ 55,459
Shares Outstanding . . . . . . . 3,321 12,632 174,584 -- (2) 23,936 55,459
NET ASSET VALUE PER SHARE . . . $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
_____ _____ _____ _____ _____ _____
PARTICIPANT SHARES
____________________
Net Assets . . . . . . . . . . . $ 57,253 $ 81,894 $ 157,231 $ 194,721 $ 132,816 $ 131,681
Shares Outstanding . . . . . . . 57,254 81,896 157,232 194,721 132,820 131,687
NET ASSET VALUE PER SHARE . . . $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
_____ _____ _____ _____ _____ _____
- --------------------------
</TABLE>
(1)Amounts include repurchase agreements of $1,243,166,000 and $1,684,455,000
for Dreyfus Government Cash Management and Dreyfus Treasury Cash Management,
respectively. See Note 1(b).
(2) Amount represents less than $1,000.
SEE NOTES TO FINANCIAL STATEMENTS.
STATEMENT OF ASSETS AND LIABILITIES (CONTINUED) JULY 31, 1998 (UNAUDITED)
(AMOUNTS IN THOUSANDS, EXCEPT NET ASSET VALUE PER SHARE)
<TABLE>
Dreyfus Dreyfus Dreyfus
Municipal Cash New York Tax Exempt
Management Municipal Cash Cash
Plus Management Management
____________ ____________ ____________
<S> <C> <C> <C>
ASSETS:
Investments at value . . . . . . . $ 220,510 $ 213,929 $1,566,173
Cash . . . . . . . . . . . . . . . 5,888 2,208 184
Interest receivable. . . . . . . . 1,189 1,458 7,410
___________ ___________ ___________
227,587 217,595 1,573,767
___________ ___________ ___________
LIABILITIES:
Due to The Dreyfus Corporation
and affiliates . . . . . . . . . 24 46 209
Due to Distributor . . . . . . . . 14 1 55
___________ ___________ ___________
38 47 264
___________ ___________ ___________
NET ASSETS . . . . . . . . . . . . $ 227,549 $ 217,548 $1,573,503
___________ ___________ ___________
___________ ___________ ___________
REPRESENTED BY:
Paid-in capital. . . . . . . . . . $ 227,738 $ 217,553 $1,574,016
Accumulated net realized gain (loss)
on investments . . . . . . . . . (189) (5) (513)
___________ ___________ ___________
NET ASSETS . . . . . . . . . . . . $ 227,549 $ 217,548 $1,573,503
___________ ___________ ___________
___________ ___________ ___________
NET ASSET VALUE PER SHARE
_____________________________
INSTITUTIONAL SHARES
_____________________
Net Assets . . . . . . . . . . . $ 177,247 $ 204,434 $1,392,892
Shares Outstanding . . . . . . . 177,426 204,438 1,393,381
NET ASSET VALUE PER SHARE . . . $1.00 $1.00 $1.00
_____ _____ _____
INVESTOR SHARES
_________________
Net Assets . . . . . . . . . . . $ 38,176 $ 12,578 $ 117,936
Shares Outstanding . . . . . . . 38,185 12,580 117,958
NET ASSET VALUE PER SHARE . . . $1.00 $1.00 $1.00
_____ _____ _____
ADMINISTRATIVE SHARES
_______________________
Net Assets . . . . . . . . . . . -- (1) -- (1) $ 1
Shares Outstanding . . . . . . . -- (1) -- (1) 1
NET ASSET VALUE PER SHARE . . . $1.00 $1.00 $1.00
_____ _____ _____
PARTICIPANT SHARES
____________________
Net Assets . . . . . . . . . . . $ 12,126 $ 536 $ 62,674
Shares Outstanding . . . . . . . 12,127 535 62,676
NET ASSET VALUE PER SHARE . . . $1.00 $1.00 $1.00
_____ _____ _____
- --------------------------
(1) Amount represents less than $1,000.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
STATEMENT OF OPERATIONS SIX MONTHS ENDED JULY 31, 1998 (UNAUDITED)
(AMOUNTS IN THOUSANDS)
Dreyfus Dreyfus Dreyfus Dreyfus Dreyfus
Dreyfus Cash Government Government Treasury Treasury
Cash Management Cash Prime Cash Cash Prime Cash
Management Plus, Inc. Management Management Management Management
____________ ____________ ____________ ____________ ____________ ____________
<S> <C> <C> <C> <C> <C> <C>
INVESTMENT INCOME:
Interest Income. . . . . . . . . . $126,829 $218,036 $142,575 $ 4,683 $102,648 $ 93,895
_________ _________ _________ _________ _________ _________
EXPENSES:
Management fee--Note 2(a). . . . . 4,486 7,613 5,082 169 3,714 3,519
Distribution fees--Note 2(b):
Investor Shares . . . . . . . . 573 934 802 1 769 390
Administrative Shares . . . . . 1 9 73 -- 2 26
Participant Shares . . . . . . . 108 120 79 214 202 282
_________ _________ _________ _________ _________ _________
5,168 8,676 6,036 384 4,687 4,217
_________ _________ _________ _________ _________ _________
INVESTMENT INCOME--NET . . . . . . 121,661 209,360 136,539 4,299 97,961 89,678
NET REALIZED GAIN (LOSS)
ON INVESTMENTS--Note 1(b) . . . (46) (220) -- -- (84) 1
_________ _________ _________ _________ _________ _________
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS . . . $121,615 $209,140 $136,539 $ 4,299 $ 97,877 $ 89,679
_________ _________ _________ _________ _________ _________
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
<CAPTION>
STATEMENT OF OPERATIONS (CONTINUED) SIX MONTHS ENDED JULY 31, 1998 (UNAUDITED)
(AMOUNTS IN THOUSANDS)
Dreyfus Dreyfus Dreyfus
Municipal Cash New York Tax Exempt
Management Municipal Cash Cash
Plus Management Management
____________ ____________ ____________
<S> <C> <C> <C>
INVESTMENT INCOME:
Interest Income. . . . . . . . . . $ 3,760 $ 3,555 $26,745
________ ________ ________
EXPENSES:
Management fee--Note 2(a). . . . . 206 207 1,530
Distribution fees--Note 2(b):
Investor Shares . . . . . . . . 54 17 174
Administrative Shares . . . . . -- -- --
Participant Shares . . . . . . . 23 1 142
________ ________ ________
283 225 1,846
________ ________ ________
INVESTMENT INCOME--NET . . . . . . 3,477 3,330 24,899
NET REALIZED GAIN (LOSS)
ON INVESTMENTS--Note 1(b) . . . (19) 1 (25)
________ ________ ________
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS . . . $ 3,458 $ 3,331 $24,874
________ ________ ________
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
<CAPTION>
STATEMENT OF CHANGES IN NET ASSETS
(AMOUNTS IN THOUSANDS)
Dreyfus Cash ManagementDreyfus Cash Management Plus, Inc.
_________________________________________ _______________________________________
Six Months Ended Six Months Ended
July 31, 1998 Year Ended July 31, 1998 Year Ended
(Unaudited) January 31, 1998 (Unaudited) January 31, 1998
__________________ __________________ __________________ __________________
<S> <C> <C> <C> <C>
OPERATIONS:
Investment income--net . . . . . . . . . . $ 121,661 $ 204,988 $ 209,360 $ 404,782
Net realized gain (loss) on investments. . (46) (167) (220) (268)
_____________ _____________ _____________ _____________
Net Increase (Decrease) in Net Assets
Resulting from Operations . . . . . . . 121,615 204,821 209,140 404,514
_____________ _____________ _____________ _____________
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income--net:
Institutional Shares . . . . . . . . . . (108,296) (178,237) (187,594) (360,839)
Investor Shares . . . . . . . . . . . . (11,936) (25,868) (19,708) (41,488)
Administrative Shares . . . . . . . . . (68) (294) (523) (2,073)
Participant Shares . . . . . . . . . . . (1,361) (589) (1,535) (382)
_____________ _____________ _____________ _____________
Total Dividends. . . . . . . . . . . . . . (121,661) (204,988) (209,360) (404,782)
_____________ _____________ _____________ _____________
BENEFICIAL INTEREST/CAPITAL STOCK
TRANSACTIONS ($1.00 per share):
Net proceeds from shares sold:
Institutional Shares . . . . . . . . . . 18,695,176 34,682,738 59,990,759 116,863,482
Investor Shares . . . . . . . . . . . . 2,856,214 4,407,933 2,317,743 5,357,525
Administrative Shares . . . . . . . . . 2,375 102,040 184,320 280,224
Participant Shares . . . . . . . . . . . 233,670 197,547 205,623 47,698
Dividends reinvested:
Institutional Shares . . . . . . . . . . 39,236 73,146 90,960 166,893
Investor Shares . . . . . . . . . . . . 5,010 8,116 18,314 39,081
Administrative Shares . . . . . . . . . 26 272 484 2,066
Participant Shares . . . . . . . . . . . 465 69 1,512 376
Cost of shares redeemed:
Institutional Shares . . . . . . . . . . (19,109,270) (33,411,068) (60,292,424) (116,752,984)
Investor Shares . . . . . . . . . . . . (2,937,334) (4,532,107) (2,326,083) (5,428,045)
Administrative Shares . . . . . . . . . (1,125) (100,268) (198,267) (256,395)
Participant Shares . . . . . . . . . . . (275,653) (98,844) (140,624) (33,162)
_____________ _____________ _____________ _____________
Increase (Decrease) in Net Assets From
Beneficial Interest/Capital Stock Transactions . . (491,210) 1,329,574 (147,683) 286,759
_____________ _____________ _____________ _____________
Total Increase (Decrease) In Net Assets. . (491,256) 1,329,407 (147,903) 286,491
NET ASSETS:
Beginning of Period . . . . . . . . . . 4,668,306 3,338,899 6,584,934 6,298,443
_____________ _____________ _____________ _____________
End of Period . . . . . . . . . . . . . $ 4,177,050 $ 4,668,306 $ 6,437,031 $ 6,584,934
_____________ _____________ _____________ _____________
SEE NOTES TO FINANCIAL STATEMENTS.
STATEMENT OF CHANGES IN NET ASSETS (CONTINUED)
(AMOUNTS IN THOUSANDS)
Dreyfus Government Dreyfus Government
Cash Management Prime Cash Management
_________________________________________ ________________________
Six Months Ended Period Ended
July 31, 1998 Year Ended July 31, 1998
(Unaudited) January 31, 1998 (Unaudited)*
__________________ __________________ __________________
OPERATIONS:
Investment income--net . . . . . . . . . . $ 136,539 $ 286,905 $ 4,299
Net realized gain (loss) on investments. . -- 103 --
____________ ____________ ____________
Net Increase (Decrease) in Net Assets
Resulting from Operations . . . . . . . 136,539 287,008 4,299
____________ ____________ ____________
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income--net:
Institutional Shares . . . . . . . . . . (115,108) (249,660) (1,620)
Investor Shares . . . . . . . . . . . . (16,565) (31,848) (29)
Administrative Shares . . . . . . . . . (3,878) (4,617) --------
Participant Shares . . . . . . . . . . . (988) (780) (2,650)
____________ ____________ ____________
Total Dividends. . . . . . . . . . . . . . (136,539) (286,905) (4,299)
____________ ____________ ____________
BENEFICIAL INTEREST/CAPITAL STOCK
TRANSACTIONS ($1.00 per share):
Net proceeds from shares sold:
Institutional Shares . . . . . . . . . . 25,365,179 68,016,650 160,623
Investor Shares . . . . . . . . . . . . 2,596,112 6,953,533 45,587
Administrative Shares . . . . . . . . . 1,068,916 1,333,889 --------
Participant Shares . . . . . . . . . . . 689,470 700,566 298,391
Dividends reinvested:
Institutional Shares . . . . . . . . . . 60,295 123,493 1,621
Investor Shares . . . . . . . . . . . . 10,012 17,477 23
Administrative Shares . . . . . . . . . 4,579 4,617 --------
Participant Shares . . . . . . . . . . . 468 158 2,650
Cost of shares redeemed:
Institutional Shares . . . . . . . . . . (25,206,714) (68,568,828) (56,146)
Investor Shares . . . . . . . . . . . . (2,713,683) (6,739,317) (42,588)
Administrative Shares . . . . . . . . . (1,134,888) (1,139,429) --------
Participant Shares . . . . . . . . . . . (563,221) (670,428) (106,319)
____________ ____________ ____________
Increase (Decrease) in Net Assets From
Beneficial Interest/Capital Stock Transactions . . 176,525 32,381 303,842
____________ ____________ ____________
Total Increase (Decrease) In Net Assets. . 176,525 32,484 303,842
NET ASSETS:
Beginning of Period . . . . . . . . . . 5,182,153 5,149,669 --------
____________ ____________ ____________
End of Period . . . . . . . . . . . . . $ 5,358,678 $ 5,182,153 $ 303,842
____________ ____________ ____________
- -------------------------------
* From February 27, 1998 (commencement of initial offering) to July 31, 1998.
SEE NOTES TO FINANCIAL STATEMENTS.
STATEMENT OF CHANGES IN NET ASSETS (CONTINUED)
</TABLE>
<TABLE>
<CAPTION>
(AMOUNTS IN THOUSANDS)
Dreyfus Treasury Cash Management Dreyfus Treasury Prime Cash Management
_________________________________________ ________________________________________
Six Months Ended Six Months Ended
July 31, 1998 Year Ended July 31, 1998 Year Ended
(Unaudited) January 31, 1998 (Unaudited) January 31, 1998
__________________ __________________ __________________ __________________
<S> <C> <C> <C> <C>
OPERATIONS:
Investment income--net . . . . . . . . . . $ 97,961 $ 173,408 $ 89,678 $ 173,933
Net realized gain (loss) on investments. . (84) (166) 1 (174)
___________ ___________ ___________ ___________
Net Increase (Decrease) in Net Assets
Resulting from Operations . . . . . . . 97,877 173,242 89,679 173,759
___________ ___________ ___________ ___________
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income--net:
Institutional Shares . . . . . . . . . . (79,715) (147,694) (77,447) (156,045)
Investor Shares . . . . . . . . . . . . (15,634) (23,892) (7,627) (15,583)
Administrative Shares . . . . . . . . . (133) -- (1,267) (89)
Participant Shares . . . . . . . . . . . (2,479) (1,822) (3,337) (2,216)
___________ ___________ ___________ ___________
Total Dividends. . . . . . . . . . . . . . (97,961) (173,408) (89,678) (173,933)
___________ ___________ ___________ ___________
BENEFICIAL INTEREST/CAPITAL STOCK
TRANSACTIONS ($1.00 per share):
Net proceeds from shares sold:
Institutional Shares . . . . . . . . . . 18,271,436 34,477,411 23,176,186 49,452,206
Investor Shares . . . . . . . . . . . . 2,807,788 4,782,561 1,297,609 2,579,004
Administrative Shares . . . . . . . . . 28,062 -- 108,467 23,372
Participant Shares . . . . . . . . . . . 258,502 466,872 325,835 438,276
Dividends reinvested:
Institutional Shares . . . . . . . . . . 25,244 51,661 27,254 54,113
Investor Shares . . . . . . . . . . . . 3,735 3,646 4,516 8,036
Administrative Shares . . . . . . . . . 135 -- 1,265 89
Participant Shares . . . . . . . . . . . 2 12 893 211
Cost of shares redeemed:
Institutional Shares . . . . . . . . . . (18,255,282) (34,256,058) (23,276,976) (49,645,498)
Investor Shares . . . . . . . . . . . . (2,860,771) (4,519,505) (1,232,200) (2,641,415)
Administrative Shares . . . . . . . . . (4,261) -- (60,899) (16,835)
Participant Shares . . . . . . . . . . . (227,525) (365,041) (305,349) (328,179)
___________ ___________ ___________ ___________
Increase (Decrease) in Net Assets From
Beneficial Interest/Capital Stock Transactions . . 47,065 641,559 66,601 (76,620)
___________ ___________ ___________ ___________
Total Increase (Decrease) In Net Assets. . 46,981 641,393 66,602 (76,794)
NET ASSETS:
Beginning of Period . . . . . . . . . . 3,620,387 2,978,994 3,327,806 3,404,600
___________ ___________ ___________ ___________
End of Period . . . . . . . . . . . . . $ 3,667,368 $ 3,620,387 $ 3,394,408 $ 3,327,806
___________ ___________ ___________ ___________
___________ ___________ ___________ ___________
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
<CAPTION>
STATEMENT OF CHANGES IN NET ASSETS (CONTINUED)
(AMOUNTS IN THOUSANDS)
Dreyfus Municipal Cash Dreyfus New York Municipal Dreyfus Tax Exempt
Management Plus Cash Management Cash Management
_________________________________ _________________________________ _________________________________
Six Months Ended Six Months Ended Six Months Ended
July 31, 1998 Year Ended July 31, 1998 Year Ended July 31, 1998 Year Ended
(Unaudited) January 31, 1998 (Unaudited) January 31, 1998 (Unaudited) January 31, 1998
_______________ _______________ ______________ _______________ _______________ _______________
OPERATIONS:
<S> <C> <C> <C> <C> <C> <C>
Investment income--net . . $ 3,477 $ 6,981 $ 3,330 $ 5,884 $ 24,899 $ 53,529
Net realized gain (loss)
on investments . . . . . (19) 10 1 2 (25) (20)
___________ ___________ ___________ ___________ ___________ ___________
Net Increase (Decrease) in Net Assets
Resulting from Operations . 3,458 6,991 3,331 5,886 24,874 53,509
___________ ___________ ___________ ___________ ___________ ___________
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income--net:
Institutional Shares . . (2,605) (5,442) (3,120) (5,449) (21,743) (48,702)
Investor Shares . . . . (698) (1,446) (202) (415) (2,124) (4,121)
Administrative Shares . -- -- -- -- (1) (11)
Participant Shares . . . (174) (93) (8) (20) (1,031) (695)
___________ ___________ ___________ ___________ ___________ ___________
Total Dividends. . . . . . (3,477) (6,981) (3,330) (5,884) (24,899) (53,529)
___________ ___________ ___________ ___________ ___________ ___________
BENEFICIAL INTEREST/CAPITAL STOCK
TRANSACTIONS ($1.00 per share):
Net proceeds from shares sold:
Institutional Shares . . 418,779 1,113,031 787,811 891,378 4,891,277 9,580,808
Investor Shares . . . . 148,101 424,744 2,295 16,643 293,708 520,894
Administrative Shares . ------ ------ ------ ------ 3 730
Participant Shares . . . 35,377 13,945 552 2,647 77,527 120,370
Dividends reinvested:
Institutional Shares . . 2,160 4,708 722 718 7,107 14,683
Investor Shares . . . . 681 1,423 202 415 326 869
Administrative Shares . ------ ------ ------ ------ ------ ------
Participant Shares . . . 2 1 8 20 15 1
Cost of shares redeemed:
Institutional Shares . . (377,478) (1,142,899) (779,762) (829,122) (4,824,934) (9,922,162)
Investor Shares . . . . (157,717) (445,727) (2,959) (12,415) (325,214) (417,072)
Administrative Shares . ------ ------ ------ ------ (691) (41)
Participant Shares . . . (29,939) (7,258) (672) (2,020) (86,693) (48,545)
___________ ___________ ___________ ___________ ___________ ___________
Increase (Decrease) in Net Assets
From Beneficial Interest/Capital
Stock Transactions . . . 39,966 (38,032) 8,197 68,264 32,431 (149,465)
___________ ___________ ___________ ___________ ___________ ___________
Total Increase (Decrease)
In Net Assets . . . . . 39,947 (38,022) 8,198 68,266 32,406 (149,485)
NET ASSETS:
Beginning of Period . . 187,602 225,624 209,350 141,084 1,541,097 1,690,582
___________ ___________ ___________ ___________ ___________ ___________
End of Period . . . . . $ 227,549 $ 187,602 $ 217,548 $ 209,350 $1,573,503 $1,541,097
___________ ___________ ___________ ___________ ___________ ___________
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
Ratio of Net reflected Assets
Net Asset Dividends Net Asset Ratio of Investment in expense 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 CASH MANAGEMENT
Institutional Shares
-----------
Six Months Ended July 31, 1998 . . . $ 1.00 $.027 $(.027) $ 1.00 5.51 %* .20 %* 5.45 %* -- $3,728
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
-------------
Six Months Ended July 31, 1998 . . . 1.00 .026 (.026) 1.00 5.26 * .45 * 5.21 * -- 388
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(1) . . . . . . . . . . . . . 1.00 .002 (.002) 1.00 2.82 * .45 * 2.83 * -- 52
Administrative Shares
-------------------
Six Months Ended July 31, 1998 . . . 1.00 .026 (.026) 1.00 5.40 * .30 * 5.34 * -- 3
Year Ended January 31, 1998 . . . . 1.00 .053 (.053) 1.00 5.48 .30 5.37 -- 2
Period Ended January 31, 1997(2) . . 1.00 .010 (.010) 1.00 5.22 * .30 * 3.74 * -- --(3)
Participant Shares
----------------
Six Months Ended July 31, 1998 . . . 1.00 .025 (.025) 1.00 5.10 * .60 * 5.06 * -- 57
Year Ended January 31, 1998 . . . . 1.00 .050 (.050) 1.00 5.16 .60 5.21 -- 99
Period Ended January 31, 1997(2) . . 1.00 .010 (.010) 1.00 4.92 * .60 * 3.84 * -- --(3)
- ---------------------------------------------------------------------------------------------------------------------------
DREYFUS CASH MANAGEMENT PLUS, INC.
Institutional Shares
----------
Six Months Ended July 31, 1998 . . . $1.00 $.027 $ (.027) $ 1.00 5.59 %* .20 %* 5.53 %* $5,582
Year Ended January 31, 1998 . . . . 1.00 .055 (.055) 1.00 5.64 .20 5.50 -- 5,793
Period Ended January 31, 1997(4) . . 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
--------------
Six Months Ended July 31, 1998 . . . 1.00 .026 (.026) 1.00 5.32 * .45 * 5.28 * -- 760
Year Ended January 31, 1998 . . . . 1.00 .053 (.053) 1.00 5.38 .45 5.25 -- 750
Period Ended January 31, 1997(4) . . 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(5) . . . . . . . . . . . . . 1.00 .025 (.025) 1.00 3.61 * .45 * 4.00 * -- 6
Administrative Shares
-------------------
Six Months Ended July 31, 1998 . . . 1.00 .027 (.027) 1.00 5.49 * .30 * 5.41 * -- 13
Year Ended January 31, 1998 . . . . 1.00 .054 (.054) 1.00 5.54 .30 5.40 -- 26
Period Ended January 31, 1997(2) . . 1.00 .010 (.010) 1.00 5.22 * .30 * 4.99 * -- --(3)
Participant Shares
----------------
Six Months Ended July 31, 1998 . . . 1.00 .025 (.025) 1.00 5.18 * .60 * 5.12 * -- 82
Year Ended January 31, 1998 . . . . 1.00 .051 (.051) 1.00 5.22 .60 5.10 -- 15
Period Ended January 31, 1997(2) . . 1.00 .010 (.010) 1.00 4.92 * .60 * 4.78 * -- --(3)
- -------------------------------
* Annualized.
(1) From January 10, 1994 (commencement of initial offering) to January 31, 1994.
(2) From November 21, 1996 (commencement of initial offering) to January 31, 1997.
(3) Amount represents less than $1 million.
(4) The Fund changed its fiscal year end from September 30 to January 31.
(5) From January 24, 1994 (commencement of initial offering) to September 30, 1994.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
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.
<TABLE>
<CAPTION>
Per Share Data Ratios/Supplemental Data
___________________________________________ ________________________________________________________
Decrease Net
Ratio of Net reflected Assets
Net Asset Dividends Net Asset Ratio of Investment in expense 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
-----------
Six Months Ended July 31, 1998 . . $ 1.00 $.027 $(.027) $ 1.00 5.46 %* .20 %* 5.41 %* -- $4,355
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
-------------
Six Months Ended July 31, 1998 . . . 1.00 .026 (.026) 1.00 5.22 * .45 * 5.16 * -- 672
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(1) . . . . . . . . . . . . . 1.00 .002 (.002) 1.00 2.82 * .45 * 2.83 * -- 15
Administrative Shares
-------------------
Six Months Ended July 31, 1998 . . . 1.00 .026 (.026) 1.00 5.36 * .30 * 5.31 * -- 175
Year Ended January 31, 1998 . . . . 1.00 .053 (.053) 1.00 5.44 .30 5.31 -- 236
Period Ended January 31, 1997(2) . . 1.00 .010 (.010) 1.00 5.17 * .30 * 5.15 * -- 37
Participant Shares
----------------
Six Months Ended July 31, 1998 . . . 1.00 .025 (.025) 1.00 5.06 * .60 * 5.01 * -- 157
Year Ended January 31, 1998 . . . . 1.00 .050 (.050) 1.00 5.13 .60 5.01 -- 31
Period Ended January 31, 1997(2) . . 1.00 .001 (.001) 1.00 4.87 * .60 * 4.85 * -- --(3)
- ----------------------------------------------------------------------------------------------------------------------------
DREYFUS GOVERNMENT PRIME CASH MANAGEMENT
Institutional Shares
----------
Period Ended July 31, 1998(4) . . $ 1.00 $.023 $(.023) $ 1.00 5.39 %* .20 %* 4.58 %* -- $ 106
Investor Shares
--------------
Period Ended July 31, 1998(4) . . . 1.00 .022 (.022) 1.00 5.13 * .45 * 4.35 * -- 3
Administrative Shares
-------------------
Period Ended July 31, 1998(4) . . . 1.00 .022 (.022) 1.00 5.30 * .30 * 4.48 * -- --(3)
Participant Shares
----------------
Period Ended July 31, 1998(4) . . . 1.00 .021 (.021) 1.00 4.99 * .60 * 4.18 * -- 195
- -------------------------------
* Annualized.
(1) From January 10, 1994 (commencement of initial offering) to January 31, 1994.
(2) From November 21, 1996 (commencement of initial offering) to January 31, 1997.
(3) Amount represents less than $1 million.
(4) From February 27, 1998 (commencement of iniitial offering) to July 31, 1998.
SEE NOTES TO FINANCIAL STATEMENTS.
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 Net Asset Ratio of Investment in expense 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)
________ ________ ________ ________ ________ _________ ___________ _________ _________
DREYFUS TREASURY CASH MANAGEMENT
Institutional Shares
-----------
Six Months Ended July 31, 1998 . . $ 1.00 $.026 $(.026) $ 1.00 5.38 %* .20 %* 5.33 %* -- $2,963
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
-------------
Six Months Ended July 31, 1998 . . . 1.00 .025 (.025) 1.00 5.14 * .45 * 5.08 * -- 547
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
-------------------
Six Months Ended July 31, 1998 . . . 1.00 .026 (.026) 1.00 5.28 * .30 * 5.24 * -- 24
Year Ended January 31, 1998 . . . . 1.00 .052 (.052) 1.00 5.32 .30 5.20 -- --(4)
Period Ended January 31, 1997(3) . . 1.00 .010 (.010) 1.00 5.07 * .30 * 4.25 * -- --(4)
Participant Shares
----------------
Six Months Ended July 31, 1998 . . . 1.00 .024 (.024) 1.00 4.96 * .60 * 4.92 * -- 133
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 * -- --(4)
- --------------------------------------------------------------------------------------------------------------------------------
DREYFUS TREASURY PRIME CASH MANAGEMENT
Institutional Shares
----------
Six Months Ended July 31, 1998 . . $ 1.00 $.025 $ (.025) $ 1.00 5.18 %* .20 %* 5.14 %* -- $2,834
Year Ended January 31, 1998 . . . . 1.00 .052 (.052) 1.00 5.30 .20 5.17 -- 2,907
Period Ended January 31, 1997(5) . . 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
--------------
Six Months Ended July 31, 1998 . . . 1.00 .024 (.024) 1.00 4.94 * .45 * 4.89 * -- 374
Year Ended January 31, 1998 . . . . 1.00 .049 (.049) 1.00 5.03 .45 4.91 -- 304
Period Ended January 31, 1997(5) . . 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(6) . . . . . . . . . . . . . 1.00 .004 (.004) 1.00 2.77 * .45 * 2.78 * -- 54
Administrative Shares
-------------------
Six Months Ended July 31, 1998 . . . 1.00 .025 (.025) 1.00 5.08 * .30 * 5.02 * -- 55
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 * -- --(4)
Participant Shares
----------------
Six Months Ended July 31, 1998 . . . 1.00 .023 (.023) 1.00 4.78 * .60 * 4.73 * -- 132
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 * -- --(4)
- -------------------------------
* 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) Amount is less than $1 million.
(5) The Fund changed its fiscal year end from February 28/29 to January 31.
(6) From January 10, 1994 (commencement of initial offering) to February 28, 1994.
SEE NOTES TO FINANCIAL STATEMENTS.
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 Net Asset Ratio of Investment in expense 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)
________ ________ ________ ________ ________ _________ ___________ _________ _________
DREYFUS MUNICIPAL CASH MANAGEMENT PLUS
Institutional Shares
-----------
Six Months Ended July 31, 1998 . . . $ 1.00 $.017 $ (.017) $ 1.00 3.47%* .20 %* 3.46 %* -- $177
Year Ended January 31, 1998 . . . . 1.00 .035 (.035) 1.00 3.59 .20 3.53 -- 134
Period Ended January 31, 1997(1) . . 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
-------------
Six Months Ended July 31, 1998 . . . 1.00 .016 (.016) 1.00 3.23 * .45 * 3.19 * -- 38
Year Ended January 31, 1998 . . . . 1.00 .033 (.033) 1.00 3.34 .45 3.26 -- 47
Period Ended January 31, 1997(1) . . 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(2) . . . . . . . . . . . . . 1.00 .005 (.005) 1.00 2.12 * .45 * 2.14 * -- --(4)
Administrative Shares
-------------------
Six Months Ended July 31, 1998 . . . 1.00 .017 (.017) 1.00 3.37 * .30 * 3.52 * -- --(4)
Year Ended January 31, 1998 . . . . 1.00 .034 (.034) 1.00 3.49 .30 3.53 -- --(4)
Period Ended January 31, 1997(1) . . 1.00 .003 (.003) 1.00 3.30 * .30 * 3.64 * -- --(4)
Period Ended December 31, 1996(3) . 1.00 .004 (.004) 1.00 3.38 * .30 * 3.73 * -- --(4)
Participant Shares
----------------
Six Months Ended July 31, 1998 . . . 1.00 .015 (.015) 1.00 3.09 * .60 * 3.07 * -- 12
Year Ended January 31, 1998 . . . . 1.00 .031 (.031) 1.00 3.18 .60 3.17 -- 7
Period Ended January 31, 1997(1) . . 1.00 .003 (.003) 1.00 2.94 * .60 * 3.17 * -- --(4)
Period Ended December 31, 1996(3) . 1.00 .004 (.004) 1.00 3.12 * .60 * 3.55 * -- --(4)
- -------------------------------
* Annualized.
(1) The Fund changed its fiscal year end from December 31 to January 31.
(2) From September 30, 1993 (commencement of initial offering) to December 31, 1993.
(3) From November 21, 1996 (commencement of initial offering) to December 31, 1996.
(4) Amount represents less than $1 million.
SEE NOTES TO FINANCIAL STATEMENTS.
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 Assets
Net Asset Dividends Net Asset Ratio of Investment in expense 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)
________ ________ ________ ________ ________ _________ ___________ _________ _________
DREYFUS NEW YORK MUNICIPAL CASH MANAGEMENT
Institutional Shares
-----------
Six Months Ended July 31, 1998 . . $ 1.00 $.016 $(.016) $ 1.00 3.27%* .20 %* 3.23 %* -- $ 204
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
-------------
Six Months Ended July 31, 1998 . . . 1.00 .015 (.015) 1.00 3.02 * .45 * 3.00 * -- 13
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
-------------------
Six Months Ended July 31, 1998 . . . 1.00 .016 (.016) 1.00 3.17 * .30 * 3.54 * -- --
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
----------------
Six Months Ended July 31, 1998 . . . 1.00 .014 (.014) 1.00 2.86 * .60 * 2.84 * -- 1
Years 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
----------
Six Months Ended July 31, 1998 . . $ 1.00 $.016 $(.016) $ 1.00 3.33%* .20 %* 3.29 %* -- $1,393
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
--------------
Six Months Ended July 31, 1998 . . . 1.00 .015 (.015) 1.00 3.09 * .45 * 3.05 * -- 118
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
-------------------
Six Months Ended July 31, 1998 . . . 1.00 .016 (.016) 1.00 3.23 * .30 * 2.92 * -- --
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
----------------
Six Months Ended July 31, 1998 . . . 1.00 .014 (.014) 1.00 2.92 * .60 * 2.91 * -- 63
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.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
NOTE 1--SIGNIFICANT ACCOUNTING POLICIES:
Dreyfus Cash Management, Dreyfus Cash Management Plus, Inc., Dreyfus
Government Cash Management, Dreyfus Government Prime 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"). Dreyfus Government Cash Management and
Dreyfus Government Prime Cash Management are each a separate series of Dreyfus
Government Cash Management Funds (the "Company") which currently offers two
series. Each Fund's investment objective is to provide investors with as high a
level of current income as is consistent with the preservation of capital and
the maintenance of liquidity and, in the case of Dreyfus Municipal Cash
Management Plus and Dreyfus Tax Exempt Cash Management only, which is exempt
from Federal income tax, and, in the case of Dreyfus New York Municipal Cash
Management only, which is exempt from Federal, New York State and New York City
income taxes. The Dreyfus Corporation (the "Manager") serves as each Fund's
investment adviser. The Manager is a direct subsidiary of Mellon Bank, N.A.
Premier Mutual Fund Services, Inc. (the "Distributor") is the distributor of
each Fund' s shares, which are sold without a front end sales load. Each Fund
offers the following classes of shares: Institutional Shares, Administrative
Shares, Investor Shares and Participant Shares. Administrative Shares, Investor
Shares and Participant Shares are subject to a Service Plan adopted pursuant to
Rule 12b-1 under the Act. Other differences between the classes include the
services offered to and the expenses borne by each class and certain voting
rights.
It is each Fund's policy to maintain a continuous net asset value per share of
$1.00; each Fund has adopted certain investment, portfolio
valuation and dividend and distribution policies to enable it to do so. There is
no assurance, however, that any Fund will be able to maintain a stable net asset
value per share of $1.00.
Each Fund' s financial statements are prepared in accordance with generally
accepted accounting principles which may require the use of
management estimates and assumptions. Actual results could differ from those
estimates.
(A) PORTFOLIO VALUATION: Investments 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. Under the terms of the custodian
agreement, each Fund receives net earnings credits based on available cash
balances left on deposit. The following funds received net earnings credits
during the period ended July 31, 1998 based on available cash balances left on
deposit:
<TABLE>
<S> <C>
Dreyfus Municipal Cash Management Plus . . . . . . . . . . . . . . . . . . . $11,065
Dreyfus New York Municipal Cash Management . . . . . . . . . . . . . . . . . 3,277
Dreyfus Tax Exempt Cash Management . . . . . . . . . . . . . . . . . . . . . 51,030
Dreyfus Treasury Cash Management . . . . . . . . . . . . . . . . . . . . . . 18,341
</TABLE>
Income earned under this arrangement is included in interest income.
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.
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
(C) EXPENSES: With regards to the Company, expenses directly attributable to
each series are charged to that series' operations; expenses which are
applicable to both series are allocated between them.
(D) 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.
(E) 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.
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)
____________________________________
___________________
<TABLE>
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 Treasury Cash Management . . . . . . . . . . . . . . . . . . . -- -- $ 23 $185 $135 $ 74 $ 417
Dreyfus Treasury Prime Cash Management . . . . . . . . . . . . . . . . -- -- $ 7 $116 $ 20 $ 72 $ 215
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
</TABLE>
At July 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.
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
(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.
CMGTSA987
