YEAR 2000 ISSUES (UNAUDITED)
The fund could be adversely affected if the computer systems used by The
Dreyfus Corporation and the fund' s other service providers do not properly
process and calculate date-related information from and after January 1, 2000.
The Dreyfus Corporation is working to avoid Year 2000-related problems in its
systems and to obtain assurances from other service providers that they are
taking similar steps. In addition, issuers of securities in which the fund
invests may be adversely affected by Year 2000-related problems. This could have
an impact on the value of the fund's investments and its share price.
TABLE OF CONTENTS
PAGE
PRESIDENT'S LETTERS . . . . . . . . . . . . . 4
STATEMENTS OF INVESTMENTS:
DREYFUS CASH MANAGEMENT . . . . . . . . . . . . 8
DREYFUS CASH MANAGEMENT PLUS, INC. . . . . . . 11
DREYFUS GOVERNMENT CASH MANAGEMENT . . . . . . 15
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 LIABLILITIES . . . . . . 31
STATEMENT OF OPERATIONS . . . . . . . . . . . . 33
STATEMENT OF CHANGES IN NET ASSETS . . . . . . . 35
FINANCIAL HIGHLIGHTS . . . . . . . . . . . . . . 39
NOTES TO FINANCIAL STATEMENTS . . . . . . . . . 44
REPORT OF INDEPENDENT AUDITORS . . . . . . . . . 46
IMPORTANT TAX INFORMATION . . . . . . . . . . . 47
DREYFUS CASH MANAGEMENT FUNDS
- ------------------------------------------------------------------------------
JOINT LETTER TO SHAREHOLDERS
Dear Shareholder:
We are pleased to provide you with the annual reports for Dreyfus Cash
Management, Dreyfus Cash Management Plus, Inc., Dreyfus Government Cash
Management, Dreyfus Government Prime Cash Management, Dreyfus Treasury Cash
Management and Dreyfus Treasury Prime Cash Management, each for the 12-month
period ended January 31, 1999. Please see the accompanying table at the end of
this letter for the performance of each Fund.
ECONOMIC REVIEW
The U.S. economy remained strong in 1998 in spite of economic turmoil in Asia
and Russia. There were two main reasons: First, consumer spending was strong,
backed by healthy real wage and salary income and the wealth effect from high
asset prices. Second, technology spending was quite strong even as capital
spending in the older industries showed signs of cooling late in the year.
The Fed stood pat with an unchanged Federal Funds rate for the first nine
months of 1998, but began to ease rates on September 30. The trigger for its
doing so was a financial crisis brought on by defaults. Despite the fact that an
International Monetary Fund program was in place, Russia defaulted in midsummer.
As the prices of illiquid assets owned by leveraged hedge funds, brokerage firms
and banks dropped sharply, fear in financial circles escalated. The Fed broke
the momentum of financial stress by easing rates on three successive occasions.
The period of financial crisis was brief enough that little damage was done to
the U.S. economy in 1998, as yet another year of above-trend economic growth
with quiescent inflation was recorded.
The U.S. and continental Europe experienced both good results and bad from the
Asian financial crisis. In this country, the housing and consumer sectors were
beneficiaries, while the industrial sector was weakened by the Asian recession.
Low inflation permitted credit to ease in both Europe and the U.S.
In 1998, the global economy survived a triple financial crisis focused on
Japan, on emerging market countries and on hyperleveraged financial
institutions. Overseas, excess capacity persists in many industries after years
of high capital spending followed by the onset of weakness in world demand.
Fortunately, the U.S. has led the world in making the transition from the
traditional industries to the new growth industries such as biotechnology,
software, hardware and the Internet. This contributed to the favorable
combination of a low unemployment rate and low inflation in the U.S., a
performance which has strengthened the forces for more efficient allocation of
capital elsewhere in the world.
MARKET ENVIRONMENT/PORTFOLIO FOCUS
The economic forces described above drove down interest rates in late summer
and early fall. Later in the year there was a modest increase in rates. One of
its effects was to change the yield curve from a negatively sloping one to a
positively sloping one. In this normal configuration, longer-term yields
exceeded those of the shorter-term instruments.
A flight to safety by global investors was the force that most affected U.S.
interest rates last fall. In recent weeks, as the domestic economy continued to
demonstrate exceptional strength, rates edged higher. One factor affecting the
U.S. interest rates has been the rise in interest rates in Japan. This has
brought about some repatriation of investment funds to that country. In
addition, the introduction of the Euro currency at the start of the new year,
which was well received, put some downward pressure on the U.S. dollar and
conversely, upward pressure on yields.
Investor fears of worldwide financial turmoil seemed to have receded recently.
Currently, prices and rates in the money market appear to be reacting more to
underlying economic forces than to such market psychology factors. This, of
course, can be constructive for investors in short-term money market
instruments.
The fact that the Federal Reserve Open Market Committee lowered interest rates
three times between late September and year-end has been a strong
confidence-building factor in the markets. Currently, we expect the Fed to
remain in a "wait and see" mode for the near term.
During the reporting period, we lengthened the average portfolio maturities in
anticipation of possible declining interest rates. With the domestic economy
demonstrating much resilience as we move forward in 1999, there are likely to be
investment opportunities arising. We will continue to monitor these developments
in the marketplace, including interest rates, in seeking to maximize the yields
to the funds.
Very truly yours,
[Patricia A. Larkin signature]
Patricia A. Larkin
Senior Portfolio Manager
The Dreyfus Corporation
February 18, 1999
New York, N.Y.
PERFORMANCE
We are pleased to report the performance for each Dreyfus Cash Management Fund
listed below for the 12-month period ended January 31, 1999, as shown in the
following chart.
<TABLE>
YIELD EFFECTIVE YIELD*
_______________ _____________
<S> <C> <C>
DREYFUS CASH MANAGEMENT
Institutional Shares . . . . . . . . . . . . . . . . . . . . . . . . . . 5.32% 5.45%
Administrative Shares . . . . . . . . . . . . . . . . . . . . . . . . . . 5.22% 5.34%
Investor Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.07% 5.19%
Participant Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.92% 5.03%
DREYFUS CASH MANAGEMENT PLUS, INC.
Institutional Shares . . . . . . . . . . . . . . . . . . . . . . . . . . 5.36% 5.50%
Administrative Shares . . . . . . . . . . . . . . . . . . . . . . . . . . 5.26% 5.39%
Investor Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.12% 5.24%
Participant Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.96% 5.07%
DREYFUS GOVERNMENT CASH MANAGEMENT
Institutional Shares . . . . . . . . . . . . . . . . . . . . . . . . . . 5.22% 5.35%
Administrative Shares . . . . . . . . . . . . . . . . . . . . . . . . . . 5.12% 5.24%
Investor Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.97% 5.08%
Participant Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.82% 4.93%
DREYFUS GOVERNMENT PRIME CASH MANAGEMENT**
Institutional Shares . . . . . . . . . . . . . . . . . . . . . . . . . . 5.20% 5.33%
Investor Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.95% 5.06%
Administrative Shares . . . . . . . . . . . . . . . . . . . . . . . . . . 5.10% 5.22%
Participant Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.80% 4.91%
DREYFUS TREASURY CASH MANAGEMENT
Institutional Shares . . . . . . . . . . . . . . . . . . . . . . . . . . 5.09% 5.21%
Administrative Shares . . . . . . . . . . . . . . . . . . . . . . . . . . 4.99% 5.11%
Investor Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.84% 4.95%
Participant Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.68% 4.79%
DREYFUS TREASURY PRIME CASH MANAGEMENT
Institutional Shares . . . . . . . . . . . . . . . . . . . . . . . . . . 4.96% 5.07%
Administrative Shares . . . . . . . . . . . . . . . . . . . . . . . . . . 4.86% 4.97%
Investor Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.71% 4.81%
Participant Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.56% 4.65%
- ---------------
* Effective yield takes into account the effect of compounding and is based upon dividends declared daily and reinvested monthly.
** Reflects annualized yields, based on the Fund' s inception date of February 27, 1998, through January 31, 1999.
</TABLE>
Money market mutual funds are neither insured nor guaranteed by the Federal
Deposit Insurance Corporation or any other governmental agency. Although any
money market mutual fund seeks to preserve the value of your investment at $1.00
per share, it is possible to lose money by investing in a money market mutual
fund. Yield fluctuates. Past performance is no guarantee of future results.
DREYFUS CASH MANAGEMENT FUNDS
- ------------------------------------------------------------------------------
JOINT LETTER TO SHAREHOLDERS
Dear Shareholder:
We are pleased to provide you with the annual reports for Dreyfus Municipal
Cash Management Plus, Dreyfus New York Municipal Cash Management and Dreyfus Tax
Exempt Cash Management, each for the 12-month period ended January 31, 1999.
Please see the accompanying chart at the end of this letter for the performance
of each Fund.
ECONOMIC REVIEW
The U.S. economy remained strong in 1998 in spite of economic turmoil in Asia
and Russia. There were two main reasons: First, consumer spending was strong,
backed by healthy real wage and salary income and the wealth effect from high
asset prices. Second, technology spending was quite strong even as capital
spending in the older industries showed signs of cooling late in the year.
The Fed stood pat with an unchanged Federal Funds rate for the first nine
months of 1998, but began to ease rates on September 30. The trigger for its
doing so was a financial crisis brought on by defaults. Despite the fact that an
International Monetary Fund program was in place, Russia defaulted in midsummer.
As the prices of illiquid assets owned by leveraged hedge funds, brokerage firms
and banks dropped sharply, fear in financial circles escalated. The Fed broke
the momentum of financial stress by easing rates on three successive occasions.
The period of financial crisis was brief enough that little damage was done to
the U.S. economy in 1998, as yet another year of above-trend economic growth
with quiescent inflation was recorded.
The U.S. and Continental Europe experienced both good results and bad from the
Asian financial crisis. In this country, the housing and consumer sectors were
beneficiaries, while the industrial sector was weakened by the Asian recession.
Low inflation permitted credit to ease in both Europe and the U.S.
In 1998, the global economy survived a triple financial crisis focused on
Japan, on emerging market countries and on hyperleveraged financial
institutions. Overseas, excess capacity persists in many industries after years
of high capital spending followed by the onset of weakness in world demand.
Fortunately, the U.S. has led the world in making the transition from the
traditional industries to the new growth industries such as biotechnology,
software, hardware and the Internet. This contributed to the favorable
combination of a low unemployment rate and low inflation in the U.S., a
performance which has strengthened the forces for more efficient allocation of
capital elsewhere in the world. As 1999 began, the U.S. economy continued to
exhibit surprising strength.
MARKET ENVIRONMENT/PORTFOLIO OVERVIEW
Throughout the fall, the short-term municipal market continued to feel the
effects of the diminished supply of new issuance during the summer months. The
overall lack of availability of suitable investments in the one-year range held
yields down for most of the period. As a result of the relatively flat yield
curve that existed, we utilized the commercial paper market in all three
tax-exempt Cash Management Funds, as a means of locking in attractive rates in
the 60- to 90-day range without having to extend out a full year.
As year-end approached, we were poised to take advantage of seasonal market
weakness and extend the Funds' average maturities when possible. However, the
short-term municipal market's weakness in late December was slight and afforded
us less opportunity than in prior years. This, coupled with the lack of supply
of high-quality tax-exempt paper, hindered our ability to extend the Funds to
the desired 60-plus day range. This task was even more difficult when seeking
appropriate New York-exempt investments, which led to a shorter Fund average
maturity of less than 40 days. When possible, we selectively purchased one-year
notes issued by those municipalities which provided competitive market yields
and which met the high standards required by our internal investment guidelines.
We will continue to search for those similar one-year investment opportunities
which will lock in higher rates for the Funds while providing an attractive
return to the tax-exempt investor. As always, we will structure the portfolios
in an attempt to maximize current yield while maintaining our commitment to high
quality tax-exempt investments.
Very truly yours,
[Richard J. Moynihan signature]
Richard J. Moynihan
Director, Municipal Portfolio Management
The Dreyfus Corporation
February 18, 1999
New York, N.Y.
PERFORMANCE
We are pleased to report the performance of each Dreyfus Cash Management fund
listed below for the 12-month period ended
January 31,1999, as follows:
<TABLE>
YIELD EFFECTIVE YIELD*
_______________ _____________
<S> <C> <C>
DREYFUS MUNICIPAL CASH MANAGEMENT PLUS
Institutional Shares . . . . . . . . . . . . . . . . . . . . . . . . . . 3.32% 3.37%
Administrative Shares . . . . . . . . . . . . . . . . . . . . . . . . . . 3.22% 3.27%
Investor Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.08% 3.12%
Participant Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.93% 2.97%
DREYFUS NEW YORK MUNICIPAL CASH MANAGEMENT
Institutional Shares . . . . . . . . . . . . . . . . . . . . . . . . . . 3.15% 3.19%
Administrative Shares . . . . . . . . . . . . . . . . . . . . . . . . . . 3.05% 3.09%
Investor Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.89% 2.93%
Participant Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.74% 2.78%
DREYFUS TAX EXEMPT CASH MANAGEMENT
Institutional Shares . . . . . . . . . . . . . . . . . . . . . . . . . . 3.21% 3.26%
Administrative Shares . . . . . . . . . . . . . . . . . . . . . . . . . . 3.10% 3.15%
Investor Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.96% 3.00%
Participant Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.81% 2.85%
- -------------------
* Effective yield takes into account the effect of compounding and is based upon dividends declared daily and reinvested monthly.
</TABLE>
<TABLE>
DREYFUS CASH MANAGEMENT
- ------------------------------------------------------------------------------
STATEMENT OF INVESTMENTS JANUARY 31, 1999
Principal
Negotiable Bank Certificates of Deposit--11.0% Amount Value
- ----------------------------------------------------------- ________________ _______________
<S> <C> <C>
Chase Manhattan Bank N.A.
4.91%-5.21%, 3/17/1999-3/22/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 107,350,000 $ 107,349,395
Crestar Bank
5.00%, 1/19/2000 (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50,000,000 50,000,000
First Tennessee Bank
4.84%-4.90%, 2/16/1999-4/26/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 249,000,000 249,001,130
First Union National Bank
4.93%, 9/2/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75,000,000 75,212,885
Fleet National Bank
4.85%, 4/20/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49,000,000 49,003,853
Harris Trust & Savings Bank
4.84%-4.88%, 2/16/1999-3/22/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200,000,000 199,999,688
Michigan National Bank
5.04%, 11/24/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,000,000 25,001,956
Morgan Guaranty Trust Co.
5.12%, 3/17/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,000,000 15,002,260
_______________
TOTAL NEGOTIABLE BANK CERTIFICATES OF DEPOSIT
(cost $770,571,167) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 770,571,167
_______________
Commercial Paper--61.6%
- -----------------------------------------------------------
Abbey National North America
4.86%-5.28%, 2/5/1999-7/8/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 282,000,000 $ 279,995,111
Associates Corp. of North America
4.87%, 2/8/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50,000,000 49,952,847
Atlantis One Funding Corp.
4.86%-5.03%, 3/26/1999-5/14/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 125,021,000 123,610,130
BankAmerica Corp.
5.10%- 5.21%, 2/10/1999-5/13/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100,000,000 99,365,456
Canadian Imperial Holdings Inc.
4.88-5.08%, 3/11/1999-5/5/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 265,000,000 262,585,885
Chrysler Financial Co.
4.99%, 4/7/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50,000,000 49,554,931
Ciesco L.P.
4.85%, 4/12/1999 (b)(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34,000,000 33,682,667
Ciesco L.P.
4.86%, 3/1/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50,000,000 49,812,167
Den Danske Corp. Inc.
5.67%, 4/1/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,000,000 34,687,956
Deutsche Bank Financial Inc.
4.90%, 4/9/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100,000,000 99,099,222
Dresdner U.S. Finance Inc
4.91%-5.06%, 2/8/1999-2/18/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 249,750,000 249,371,500
Equilon Enterprises
4.85%- 5.32%, 2/5/1999-4/13/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 249,550,000 248,693,836
General Electric Capital Corp.
5.00%-5.51%, 2/18/1999-5/11/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 316,000,000 313,046,421
General Electric Co.
4.95%-5.21%, 2/19/1999-6/3/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 320,000,000 317,445,848
General Electric Capital Services Inc.
4.85%-5.30%, 2/11/1999-5/11/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200,000,000 198,598,620
General Motors Acceptance Corp.
4.84%, 2/24/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200,000,000 199,384,112
DREYFUS CASH MANAGEMENT
- ------------------------------------------------------------------------------
Principal
Commercial Paper (continued) Amount Value
- ----------------------------------------------------------- ________________ _______________
Generale Bank Inc.
5.31%, 2/10/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 17,000,000 $ 16,977,73
Goldman Sachs Group L.P.
4.97%-5.45%, 2/25/1999-5/14/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 245,000,000 242,902,741
HSBC Americas, Inc.
5.15%, 4/23/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50,000,000 49,433,000
International Nederlander ( U.S.) Funding Corp,
5.16%, 2/22/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60,000,000 59,821,850
Merrill Lynch & Co. Inc.
5.71%, 3/26/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,000,000 9,919,322
Morgan (J.P.) & Co.
4.91%-5.13%, 2/16/1999-5/28/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 239,000,000 236,975,350
Morgan Stanley Group
5.19%-5.60%, 2/12/1999-2/19/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 130,000,000 129,761,500
National Rural Utilities Cooperative Finance Corp.
5.09%, 2/12/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,000,000 24,961,806
Prudential Funding Corp.
4.76%, 2/1/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100,000,000 100,000,000
Salomon Smith Barney Holdings Corp.
4.86%, 2/17/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50,000,000 49,892,444
Societe Generale N.A. Inc.
4.84%-5.23%, 2/5/1999-3/16/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 345,000,000 344,303,837
Swedbank Inc.
4.87%, 4/5/1999-4/20/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 238,000,000 235,610,484
Toronto- Dominion Holdings USA Inc.
5.06%-5.57%, 2/26/1999-6/2/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 130,000,000 128,230,055
Vereinsbank Finance
5.03%, 4/16/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75,000,000 74,236,875
_______________
TOTAL COMMERCIAL PAPER
(cost $4,311,913,703) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $4,311,913,703
_______________
Corporate Notes--6.6%
- -----------------------------------------------------------
Citigroup
5.18%, 2/3/2000 (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 175,000,000 $ 175,144,687
IBM Credit Corp.
4.85%, 6/18/1999 (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47,000,000 46,989,668
Key Bank N.A
4.87%, 9/23/1999 (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50,000,000 49,993,743
Merrill Lynch & Co. Inc
5.04%, 2/4/2000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50,000,000 50,000,000
Morgan (J.P.) & Co.
5.03%, 2/7/2000 (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60,000,000 60,000,000
Morgan Guaranty Trust
5.12%, 3/10/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26,000,000 26,010,707
NationsBank N.A.
4.86%, 4/27/1999 (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50,000,000 49,996,623
_______________
TOTAL CORPORATE NOTES
(cost $458,135,428) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 458,135,428
_______________
Short-Term Bank Notes--13.7%
- -----------------------------------------------------------
Fifth Third Bank
4.84%, 2/25/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 150,000,000 $ 150,000,864
DREYFUS CASH MANAGEMENT
- ------------------------------------------------------------------------------
STATEMENT OF INVESTMENTS (CONTINUED) JANUARY 31, 1999
Principal
Short-Term Bank Notes (continued) Amount Value
- ----------------------------------------------------------- ________________ _______________
First Union National Bank
5.00%-5.21%, 4/28/1999-10/25/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 150,000,000 $ 150,000,000
Harris Trust & Savings Bank
5.00%-5.09%, 3/17/1999-1/24/2000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 145,000,000 145,000,000
Key Bank N.A.
4.87%, 2/24/1999 (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50,000,000 49,997,858
LaSalle National Bank
4.94%-5.74%, 3/8/1999-5/17/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 290,000,000 290,000,000
Morgan Guaranty Trust Co.
5.58%, 2/4/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,000,000 19,999,664
Nationsbank N.A.
5.04%-5.07%, 4/8/1999-5/7/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150,000,000 150,000,000
_______________
TOTAL SHORT-TERM BANK NOTES
(cost $954,998,386) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 954,998,386
_______________
U.S. Government Agencies-6.3%
- -----------------------------------------------------------
Federal Farm Credit Banks, Floating Rate Notes
4.82%-4.85%,12/28/1999-1/28/2000 (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 225,000,000 $ 225,000,000
Federal Home Loan Banks, Notes
4.85%, 2/3/2000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100,000,000 100,000,000
Federal National Mortgage Association, Floating Rate Notes
4.78%-4.79%, 4/15/1999-1/18/2000 (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 115,000,000 114,998,242
_______________
TOTAL U.S. GOVERNMENT AGENCIES
(cost $439,998,242) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 439,998,242
_______________
Time Deposits-1.4%
- -----------------------------------------------------------
Chase Manhattan Bank N.A. (London)
4.75%, 2/1/1999
(cost $100,000,000) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 100,000,000 $ 100,000,000
_______________
Repurchase Agreements--.9%
- -----------------------------------------------------------
SBC Warburg Dillon Read
4.60%, dated 1/29/1999, due 2/1/1999 in the amount of
$64,321,647 (fully collateralized by $66,922,000 U.S.
Treasury Bills, due 7/15/1999, value $65,598,878)
(cost $64,297,000) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 64,297,000 $ 64,297,00
_______________
TOTAL INVESTMENTS
(cost $7,099,913,926) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 101.5% $7,099,913,926
_______ _______________
LIABILITIES, LESS CASH AND RECEIVABLES . . . . . . . . . . . . . . . . . . . . . . . . . (1.5%) $ (103,951,834)
_______ _______________
NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.0% $6,995,962,092
_______ _______________
Notes to Statement of Investments:
- -----------------------------------------------------------------------------
(a) Variable interest rate-subject to periodic change.
(b) These notes were acquired for investment, and not with intent to distribute
or sell.
(c)Securities restricted as to public resale. These securities were acquired
on 1/22/99 at a cost of 98.93%. At January 31,1999, the aggregate value of
these securities was $33,682,667, representing approximately .48% of net assets
and are valued at amortized cost.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
DREYFUS CASH MANAGEMENT PLUS, INC.
- ------------------------------------------------------------------------------
STATEMENT OF INVESTMENTS JANUARY 31, 1999
Principal
Negotiable Bank Certificates of Deposit--37.3% Amount Value
- ----------------------------------------------------------- ________________ _______________
<S> <C> <C>
ABN-AMRO Bank N.V. (Yankee)
5.68%, 4/5/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 60,000,000 $ 59,995,30
Abbey National Treasury Services (Yankee)
5.20%, 12/9/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50,000,000 50,000,000
Bankers' Trust Co. (Yankee)
4.88%, 7/23/1999 (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,000,000 29,988,613
Bank Austria AG (Yankee)
5.01%-5.02%, 1/6/2000-1/7/2000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200,000,000 199,969,079
Bank of Nova Scotia (Yankee)
5.03%, 4/1/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50,000,000 50,007,824
Bayerische Vereinsbank AG (Yankee)
4.92%, 2/5/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 200,000,000 200,001,108
Canadian Imperial Bank of Commerce (Yankee)
5.03%, 1/27/2000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50,000,000 49,984,055
Commerzbank AG (Yankee)
4.99%, 1/25/2000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100,000,000 99,997,636
Credit Agricole (Yankee)
4.87%, 5/26/1999 (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75,000,000 74,982,282
Creditanstalt Bankverein (Yankee)
4.86%-5.72%, 4/7/1999-7/12/1999 (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 275,000,000 274,961,628
Credit Suisse (Yankee)
4.86%, 5/5/1999 (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200,000,000 200,000,000
Deutsche Bank AG (Yankee)
5.01%-5.73%, 3/9/1999-1/6/2000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 263,000,000 262,982,663
Istituto Bancario San Paolo Di Torino (Yankee)
5.74%, 7/28/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50,000,000 49,987,803
Robobank Nederland N.V. (Yankee)
5.81%, 5/5/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50,000,000 49,996,226
Royal Bank of Canada (Yankee)
5.02%, 1/24/2000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100,000,000 99,962,340
Skandinaviska Enskildabanken (Yankee)
5.07%, 4/5/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50,000,000 50,000,853
Societe Generale (Yankee)
5.02%-5.78%, 2/5/1999-1/7/2000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 307,000,000 306,966,386
Svenska Handelsbanken (Yankee)
4.84%-4.91%, 4/26/1999-5/4/1999. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 125,000,000 125,046,070
SwedBank (Yankee)
5.70%-5.86%, 4/6/1999-7/23/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 335,000,000 334,953,584
Swiss Bank Corp. (Yankee)
5.70%, 4/5/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,000,000 25,000,827
Union Bank of California (Yankee)
4.95%, 4/7/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100,000,000 100,000,000
Westdeutsche Landesbank Girozentrale (Yankee)
4.84%-4.93%, 2/8/1999-2/22/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 380,000,000 380,000,000
_______________
TOTAL NEGOTIABLE BANK CERTIFICATES OF DEPOSIT
(cost $3,074,784,280) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $3,074,784,280
_______________
Commercial Paper--29.4%
- -----------------------------------------------------------
Associates Corp. of North America
4.79%, 2/1/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 165,000,000 $ 165,000,000
Atlantis One Funding Corp.
4.86%, 4/27/1999 (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99,555,000 98,426,710
DREYFUS CASH MANAGEMENT PLUS, INC.
- ------------------------------------------------------------------------------
STATEMENT OF INVESTMENTS (CONTINUED) JANUARY 31, 1999
Principal
Commercial Paper (continued) Amount Value
- ----------------------------------------------------------- ________________ _______________
BHF Finance (DE) Inc.
4.94%, 2/12/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 50,000,000 $ 49,924,83
Ciesco L.P.
4.85%, 3/4/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49,000,000 48,796,623
Countrywide Home Loans, Inc.
4.90%-4.93%, 2/23/1999-2/26/1999 (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 74,000,000 73,768,945
Delaware Funding Corp.
4.85%, 2/23/1999 (b,c,d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 87,928,000 87,668,466
Den Norske Bank A/S
4.90%-4.91%, 7/14/1999-7/22/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150,000,000 146,641,591
Dixie Overseas Ltd.
4.90%, 2/5/1999 (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75,000,000 74,959,333
Finova Capital Corp.
5.21%-5.50%, 2/12/1999-5/5/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 227,000,000 225,939,791
General Electric Capital Corp.
4.94%-5.66%, 4/2/1999-4/14/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200,000,000 198,121,000
General Electric Capital Services Corp.
5.66%, 4/2/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50,000,000 49,547,500
HSBC Americas, Inc.
5.02%, 10/1/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50,000,000 48,373,222
Heller Financial Inc.
4.98%-5.52%, 2/4/1999-4/2/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150,000,000 149,536,375
Hertz Corp.
4.87%, 2/19/1999-5/11/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75,000,000 74,548,750
Lehman Brothers Holdings Inc.
5.78%, 2/1/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70,000,000 70,000,000
Morgan (J.P.) & Co.
4.90%-4.91%, 4/9/1999-7/22/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 300,000,000 295,924,224
Morgan Stanley Dean Witter & Co.
5.60%, 2/19/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 170,000,000 169,536,750
Paine Webber Group Inc.
5.08%-5.60%, 3/22/1999-7/6/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50,000,000 49,280,035
Prudential Funding Corp.
4.76%, 2/1/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,000,000 35,000,000
Salomon Smith Barney Holdings Inc.
5.60%, 2/18/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50,000,000 49,871,319
SwedBank Inc.
4.90%, 4/26/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50,000,000 49,442,333
Toronto Dominion Holdings, Inc.
4.86%, 4/20/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50,000,000 49,480,000
Windmill Funding Corp.
4.87%-4.93%, 2/24/1999-4/16/1999(b,c,d) . . . . . . . . . . . . . . . . . . . . . . . . . . . 161,242,000 160,275,254
_______________
TOTAL COMMERCIAL PAPER
(cost $2,420,063,054) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,420,063,054
_______________
Corporate Notes--18.1%
- -----------------------------------------------------------
Abbey National PLC
5.15%, 2/5/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 19,000,000 $ 19,000,331
Bankers Trust Corp.
4.87%, 4/9/1999-4/13/1999 (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 105,000,000 104,988,169
Bear Stearns Companies
4.80%-5.04%, 4/16/1999-1/14/2000 (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200,000,000 200,013,722
DREYFUS CASH MANAGEMENT PLUS, INC.
- ------------------------------------------------------------------------------
STATEMENT OF INVESTMENTS (CONTINUED) JANUARY 31, 1999
Principal
Corporate Notes (continued) Amount Value
- ----------------------------------------------------------- ________________ _______________
CIT Group Holdings, Inc.
4.96%-5.00%, 9/21/1999-2/24/2000 (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 235,000,000 $ 234,916,141
Credit Suisse
4.86%, 4/14/1999 (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100,000,000 100,000,000
Heller Financial Inc.
5.05%, 4/13/1999 (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50,000,000 50,000,000
Istituto Bancario San Paolo Di Torino (Yankee)
4.88%, 4/19/1999 (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100,000,000 99,990,820
Merrill Lynch & Co. Inc.
4.85%-4.95%, 2/22/1999-11/3/1999 (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 280,000,000 280,000,000
Morgan (J.P.) & Co., Inc.
5.03%, 2/7/2000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50,000,000 50,000,000
Old Kent Bank & Trust
4.87%, 5/26/1999 (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100,000,000 99,978,762
Paine Webber Group Inc.
4.95%-6.07%, 4/23/1999-11/3/1999 (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 121,500,000 121,504,066
Salomon Smith Barney Holdings Inc.
5.00%, 10/28/1999 (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 127,000,000 127,000,000
_______________
TOTAL CORPORATE NOTES
(cost $1,487,392,011) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,487,392,011
_______________
Promissory Notes--4.8%
- -----------------------------------------------------------
Goldman Sachs Group L.P.
4.94%-5.75%, 2/5/1999-10/1/1999 (c,d)
(cost $400,000,000) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 400,000,000 $ 400,000,000
_______________
Short-Term Bank Notes--9.3%
- -----------------------------------------------------------
Abbey National PLC
5.80%, 6/11/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 40,000,000 $ 39,989,087
Bank Boston N.A.
5.00%, 1/7/2000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55,000,000 55,000,000
Bank Boston N.A.
4.90%, 9/14/1999 (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50,000,000 50,000,000
Bankers Trust NY Corp.
4.90%, 3/19/1999 (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31,000,000 30,998,470
CIT Group Holdings Inc.
4.86%, 2/22/1999 (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60,000,000 59,998,316
First Tennesse Bank
4.86%, 5/6/1999 (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50,000,000 49,993,717
First Union National Bank
4.86%, 7/23/1999 (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50,000,000 50,000,000
Harris Trust & Savings Bank
5.02%, 1/18/2000-1/26/2000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100,000,000 100,000,000
Nationsbank N.A.
5.00%, 1/5/2000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100,000,000 100,000,000
PNC Bank NA
4.82%-4.85%, 4/28/1999-6/4/1999 (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 230,000,000 229,952,392
_______________
TOTAL SHORT-TERM BANK NOTES
(cost $765,931,982) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 765,931,982
_______________
DREYFUS CASH MANAGEMENT PLUS, INC.
- ------------------------------------------------------------------------------
STATEMENT OF INVESTMENTS (CONTINUED) JANUARY 31, 1999
Principal
U.S. Government Agencies--1.2% Amount Value
- ----------------------------------------------------------- ________________ _______________
Federal National Mortgage Association
Floating Rate Notes
4.79%, 1/18/2000
(cost $100,000,000) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 100,000,000 $ 100,000,000
_______________
Treasury Bills--.6%
- -----------------------------------------------------------
U.S. Treasury Bills
3.92%, 9/16/1999
(cost $48,808,250) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 50,000,000 $ 48,808,250
_______________
Time Deposits--.7%
- -----------------------------------------------------------
Berliner Handels-und Frankforter Bank (Grand Cayman)
4.76%, 2/1/1999
(cost $55,346,000) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 55,346,000 $ 55,346,000
_______________
TOTAL INVESTMENTS
(cost $8,352,325,577) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 101.4% $8,352,325,577
_______ _______________
LIABILITIES, LESS CASH AND RECEIVABLES . . . . . . . . . . . . . . . . . . . . . . . . . (1.4%) $ (116,278,403)
_______ _______________
NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.0% $8,236,047,174
_______ _______________
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 7/8/98-1/22/98 at a cost of $87,550,490 for Delaware Funding,
$400,000,000 for Goldman Sachs Group L.P. and $159,935,806 for Windmill
Funding Corp. At January 31, 1999, the aggregate value of these
securities was $647,943,720 million, representing approximately 7.9% of ne
assets and are valued at amortized cost.
SEE NOTES TO FINANCIAL STATEMENTS
</TABLE>
<TABLE>
DREYFUS GOVERNMENT CASH MANAGEMENT
- ------------------------------------------------------------------------------
STATEMENT OF INVESTMENTS JANUARY 31,1999
Annualized
Yield on
Date of Principal
U.S. Treasury Bills--6.6% Purchase Amount Value
- ---------------------------------------------------------------------------------- _____________ ______________ ______________
<S> <C> <C> <C>
9/16/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.91% $ 175,000,000 $ 170,839,910
11/12/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.44 100,000,000 96,647,222
12/9/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.36 75,000,000 72,294,948
_______________
TOTAL U.S. TREASURY BILLS
(cost $339,782,080) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 339,782,080
_______________
U.S. Government Agencies--92.0%
- ---------------------------------------------------
Federal Farm Credit Banks, Consolidated Systemwide Discount Notes
3/2/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.56% $ 50,000,000 $ 49,994,089
4/1/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.59 100,000,000 99,977,046
7/1/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.50 110,700,000 110,672,981
8/3/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.56 25,000,000 24,988,682
Federal Farm Credit Banks, Consolidated Systemwide Medium Term Notes (a)
2/22/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.79 80,000,000 79,997,762
4/16/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.78 100,000,000 99,990,100
5/7/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.78 100,000,000 99,986,020
5/21/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.78 35,000,000 34,994,445
6/18/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.85 150,000,000 150,000,000
7/16/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.79 125,000,000 124,966,095
7/29/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.79 50,000,000 49,985,638
9/17/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.66 500,000,000 500,000,000
1/27/2000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.81 100,000,000 100,000,000
1/28/2000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.82 100,000,000 100,000,000
5/8/2000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.79 50,000,000 49,994,154
Federal Home Loan Banks, Discount Notes
3/10/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.31 45,000,000 44,760,888
3/23/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.55 17,250,000 17,248,872
3/25/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.55 37,495,000 37,493,050
4/8/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.56 100,000,000 99,997,288
4/22/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.60 50,000,000 49,994,630
6/11/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.62 35,000,000 34,990,526
7/6/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.45 50,000,000 49,987,683
7/13/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.56 45,000,000 44,995,394
7/15/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.49 85,000,000 84,975,452
Federal Home Loan Banks, Notes
3/12/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.57 50,000,000 50,000,305
4/9/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.56 168,770,000 168,775,029
4/27/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.36 4,000,000 4,000,446
5/5/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.46 15,000,000 15,005,508
5/7/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.34 13,000,000 13,003,778
6/15/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.39 1,450,000 1,450,456
Federal Home Loan Banks, Floating Rate Notes (a)
10/13/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.67 100,000,000 100,000,000
10/15/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.63 165,000,000 165,000,000
1/14/2000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.88 100,000,000 99,994,296
Federal Home Loan Banks, Notes
12/29/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.95 24,100,000 24,100,000
1/5/2000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.97 75,900,000 75,900,000
1/26/2000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.97 73,500,000 73,500,000
1/27/2000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.97 111,800,000 111,800,000
Federal Home Loan Mortgage Corporation, Discount Notes
2/12/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.16% 200,000,000 199,688,944
2/25/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.11 54,902,000 54,717,637
2/26/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.07 120,217,000 119,798,885
3/5/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.52 9,000,000 8,958,160
3/12/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.57 75,000,000 74,992,926
3/18/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.01 50,000,000 49,691,875
DREYFUS GOVERNMENT CASH MANAGEMENT
- ------------------------------------------------------------------------------
STATEMENT OF INVESTMENTS (CONTINUED) JANUARY 31,1999
Annualized
Yield on
Date of Principal
U.S. Government Agencies (continued) Purchase Amount Value
- ---------------------------------------------------------------------------------- _____________ ______________ ______________
Federal National Mortgage Association, Discount Notes
3/16/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.57 $ 25,000,000 $ 24,996,613
5/26/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.65 100,000,000 99,990,006
8/9/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.59 24,450,000 24,438,365
8/20/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.45 50,000,000 48,563,888
Federal National Mortgage Association, Notes
3/26/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.60 30,000,000 30,013,198
4/22/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.82 34,700,000 34,744,584
5/5/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.66 9,000,000 9,018,660
7/9/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.51 10,000,000 10,033,320
7/23/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.55 63,870,000 63,974,000
7/30/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.39 22,100,000 22,134,269
Federal National Mortgage Association, Floating Rate Notes (a)
4/15/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.78 135,000,000 134,984,178
10/20/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.77 100,000,000 100,000,000
12/1/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.83 100,000,000 100,000,000
1/21/2000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.82 100,000,000 100,000,000
Student Loan Marketing Association, Discount Notes
6/30/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.59 36,000,000 35,995,844
Student Loan Marketing Association, Floating Rate Notes (a)
10/1/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.67 350,000,000 350,000,000
_______________
TOTAL U.S. GOVERNMENT AGENCIES
(cost $4,739,255,965) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $4,739,255,965
_______________
Repurchase Agreement--1.8%
- ---------------------------------------------------
SBC Warburg Dillon Read
dated 1/29/1999, due 2/1/1999 in the amount of
$93,883,219 (fully collateralized by $67,112,000 U.S.
Treasury Bills, due 7/15/1999, and $29,477,000 U.S.
Treasury Notes, 6.375%, due 5/15/1999, value $95,789,383)
(cost $93,847,000) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.63% $ 93,847,000 $ 93,847,000
_______________
TOTAL INVESTMENTS
(cost $5,172,885,045) . . . . . . . . . . . . . . . . . . . . . . . . . 100.4% $5,172,885,045
_______ _______________
LIABILITIES, LESS CASH AND RECEIVABLES . . . . . . . . . . . . . . . . . . (.4%) $ (21,039,062)
_______ _______________
NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.0% $5,151,845,983
_______ _______________
Notes to Statement of Investments:
- -----------------------------------------------------------------------------
(a) Variable interest rate-subject to periodic change.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
DREYFUS GOVERNMENT PRIME CASH MANAGEMENT
- ------------------------------------------------------------------------------
STATEMENT OF INVESTMENTS JANUARY 31,1999
Annualized
Yield on
Date of Principal
U.S. Government Agencies--99.6% Purchase Amount Value
- ---------------------------------------------------------------------------------- _____________ ______________ ______________
<S> <C> <C> <C>
Federal Farm Credit Banks, Consolidated Systemwide Discount Notes
7/1/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.52% $ 10,000,000 $ 9,998,107
4/20/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.47 6,359,000 6,286,942
11/8/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.81 10,000,000 9,643,000
Federal Farm Credit Banks, Consolidated Systemwide Medium Term Notes (a)
4/16/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.78 50,000,000 49,995,050
4/28/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.78 25,000,000 24,997,124
6/29/2000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.80 10,000,000 9,995,985
9/17/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.66 35,000,000 35,000,000
Federal Home Loan Banks, Discount Notes
2/9/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.06 11,500,000 11,487,222
2/24/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.06 15,000,000 14,952,083
3/10/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.31 20,000,000 19,893,728
3/24/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.16 15,000,000 14,893,114
7/9/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.48 10,000,000 9,770,900
7/13/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.57 8,000,000 7,998,693
7/15/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.47 5,000,000 4,998,636
Federal Home Loan Banks, Floating Rate Notes (a)
10/15/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.63 10,000,000 10,000,000
Federal Home Loan Banks, Notes
2/1/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.62 31,058,000 31,058,000
4/9/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.53 10,000,000 10,000,536
8/4/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.39 10,050,000 10,051,810
10/1/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.81 10,000,000 10,071,421
1/5/2000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.97 10,000,000 10,000,000
1/14/2000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.79 25,000,000 25,017,991
Student Loan Marketing Association, Discount Notes
3/11/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.60 16,000,000 15,998,955
Student Loan Marketing Association, Floating Rate Notes (a)
10/1/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.67 10,000,000 10,000,000
Student Loan Marketing Association, Notes
6/30/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.52 10,000,000 10,001,510
_____________
TOTAL INVESTMENTS
(cost $372,110,807) . . . . . . . . . . . . . . . . . . . . . . . . . . 99.6% $372,110,807
_______ _____________
CASH AND RECEIVABLES (NET) . . . . . . . . . . . . . . . . . . . . . . . . .4% $ 1,582,428
_______ _____________
NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.0% $373,693,235
_______ _____________
Notes to Statement of Investments:
- -----------------------------------------------------------------------------
(a) Variable interest rate-subject to periodic change.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
DREYFUS TREASURY CASH MANAGEMENT
- ------------------------------------------------------------------------------
STATEMENT OF INVESTMENTS JANUARY 31, 1999
Annualized
Yield on
Date of Principal
U.S. Treasury Bills-17.5% Purchase Amount Value
- ---------------------------------------------------------------------------------- _____________ ______________ ______________
<S> <C> <C> <C>
2/4/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.00% $ 500,000,000 $ 499,833,330
8/19/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.00 100,000,000 97,371,542
12/9/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.36 25,000,000 24,098,316
_______________
TOTAL U.S. TREASURY BILLS
(cost $621,303,188) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 621,303,188
_______________
U.S. Treasury Notes--41.6%
- ---------------------------------------------------
5.00%, 2/15/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.41% $ 100,000,000 $ 99,982,878
5.875%, 2/28/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.62 260,000,000 260,215,352
5.875%, 3/31/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.42 15,000,000 15,008,239
6.25%, 3/31/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.30 75,000,000 75,092,331
6.375%, 4/30/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.56 60,000,000 60,116,215
6.375%, 5/15/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.55 80,000,000 80,170,430
6.25%, 5/31/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.78 280,000,000 281,189,136
6.75%, 5/31/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.50 100,000,000 100,663,462
6.00%, 6/30/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.36 55,000,000 55,113,040
5.875%, 7/31/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.60 215,000,000 216,142,155
6.00%, 8/15/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.87 50,000,000 50,376,953
5.875%, 8/31/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.57 130,000,000 130,890,818
5.75%, 9/30/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.53 25,000,000 25,179,242
5.625%, 11/30/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.54 25,000,000 25,180,142
_______________
TOTAL U.S. TREASURY NOTES
(cost $1,475,320,393) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,475,320,393
_______________
Repurchase Agreements--40.7%
- ---------------------------------------------------
CIBC Oppenheimer Corp.
dated 1/29/1999, due 2/1/1999 in the amount of
$393,153,925 (fully collateralized by $50,000,000
U.S Treasury Bills due 6/24/1999 and $340,183,000
U.S. Treasury Notes, 5.625%-8.00%, due from 6/30/1999
to 1/15/2000, value $398,141,808) . . . . . . . . . . . . . . . . . . . . . . . . 4.70% $ 393,000,000 $ 393,000,000
CS First Boston Corp.
dated 1/29/1999, due 2/1/1999 in the amount of
$200,077,000 (fully collateralized by $197,839,000 U.S.
Treasury Notes, 5.875%, due 8/31/1999
value $204,054,759) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.62 200,000,000 200,000,000
Goldman, Sachs & Co.
dated 1/29/1999, due 2/1/1999 in the amount of
$342,131,100 (fully collateralized by $342,365,000 U.S.
Treasury Notes, 5.875%-6.25%, due from 5/31/1999 to 8/31/1999,
value $349,938,823) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.60 342,000,000 342,000,000
J.P. Morgan Securities Inc.
dated 1/29/1999, due 2/1/1999 in the amount of
$406,159,017 (fully collateralized by $408,369,000 U.S
Treasury Notes, 5.625%-7.875%, due from 11/15/1999 to 1/15/2000
value $414,937,342) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.70 406,000,000 406,000,000
DREYFUS TREASURY CASH MANAGEMENT
- ------------------------------------------------------------------------------
STATEMENT OF INVESTMENTS (CONTINUED) JANUARY 31, 1999
Annualized
Yield on
Date of Principal
Repurchase Agreements (continued) Purchase Amount Value
- ---------------------------------------------------------------------------------- _____________ ______________ ______________
SBC Warburg Dillion Read Inc.
dated 1/29/1999, due 2/1/1999 in the amount of
$102,284,024 (fully collateralized by $2,719,000 U.S.
Treasury Bills, due 7/15/1999 and $100,000,000
U.S. Treasury Notes, 6.375%, due 5/15/1999 value $104,462,021) . . . . . . . . . . 4.70% $ 102,244,000 $ 102,244,000
_______________
TOTAL REPURCHASE AGREEMENTS
(cost $1,443,244,000) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,443,244,000
_______________
TOTAL INVESTMENTS
(cost $3,539,867,581) . . . . . . . . . . . . . . . . . . . . . . . . . 99.8% $3,539,867,581
_______ _______________
CASH AND RECEIVABLES (NET) . . . . . . . . . . . . . . . . . . . . . . . . .2% $ 5,748,18
_______ _______________
NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.0% $3,545,615,769
_______ _______________
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
DREYFUS TREASURY PRIME CASH MANAGEMENT
- ------------------------------------------------------------------------------
STATEMENT OF INVESTMENTS JANUARY 31,1999
Annualized
Yield on
Date of Principal
U.S. Treasury Bills--4.0% Purchase Amount Value
- ---------------------------------------------------------------------------------- _____________ ______________ ______________
<S> <C> <C> <C>
2/11/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.38% $ 29,813,000 $ 29,777,100
3/4/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.34 11,000,000 10,959,033
3/18/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.37 95,445,000 94,928,404
_______________
TOTAL U.S. TREASURY BILLS
(cost $135,664,537) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 135,664,537
_______________
U.S. Treasury Notes--97.2%
- ---------------------------------------------------
5.00%, 2/15/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.48% $ 353,266,000 $ 353,311,089
8.875%, 2/15/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.47 87,389,000 87,522,597
5.50%, 2/28/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.42 65,870,000 65,917,878
5.875%, 2/28/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.03 1,016,322,000 1,016,830,762
5.875%, 3/31/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.14 26,243,000 26,264,984
6.25%, 3/31/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.56 174,606,000 175,044,906
7.00%, 4/15/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.22 40,000,000 40,117,996
6.375%, 4/30/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.55 490,164,000 492,226,021
9.125%, 5/15/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.57 50,000,000 50,618,365
6.25%, 5/31/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.50 207,281,000 208,355,785
6.75%, 5/31/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.72 82,559,000 83,071,515
6.00%, 6/30/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.42 30,000,000 30,062,217
5.875%, 7/31/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.48 178,070,000 179,088,222
6.00%, 8/15/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.33 100,000,000 100,753,907
5.875%, 8/31/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.51 50,000,000 50,352,462
6.875%, 8/31/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.50 72,300,000 73,211,922
7.125%, 9/30/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.52 25,000,000 25,395,497
6.00%, 10/15/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.51 8,735,000 8,817,481
5.625%, 10/31/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.64 75,000,000 75,493,839
7.50%, 10/31/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.58 50,000,000 51,027,945
7.875%, 11/15/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.69 41,938,000 42,932,964
5.625%, 12/31/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.42 75,000,000 75,701,602
_______________
TOTAL U.S. TREASURY NOTES
(cost $3,312,119,956) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $3,312,119,956
_______________
TOTAL INVESTMENTS
(cost $3,447,784,493) . . . . . . . . . . . . . . . . . . . . . . . . . 101.2% $3,447,784,493
_______ _______________
LIABILITIES, LESS CASH AND RECEIVABLES . . . . . . . . . . . . . . . . . . (1.2%) $ (41,874,404)
_______ _______________
NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.0% $3,405,910,089
_______ _______________
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
DREYFUS MUNICIPAL CASH MANAGEMENT PLUS
- ------------------------------------------------------------------------------
STATEMENT OF INVESTMENTS JANUARY 31, 1999
Principal
Tax Exempt Investments--100.6% Amount Value
- ----------------------------------------------------------- ________________ _____________
<S> <C> <C>
Alabama--3.2%
McIntosh, IDB, EIR, Refunding, VRDN (CIBC Specialty Project)
3.25%, Series E (LOC; CIBA-Geigy) (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 8,700,000 $ 8,700,000
California--3.4%
Los Angeles County Transportation Commission, Sales Tax Revenue, Refunding, VRD
2.20%, Series A (Insured; FGIC and LOC; Bayerische Landesbank) (a) . . . . . . . . . . . . . . 9,200,000 9,200,000
District of Columbia--3.3%
District of Columbia, TRAN
3.75%, Series B, 9/30/1999 (LOC: Canadian Imperial Bank of Commerce,
Morgan Guaranty Trust Co. and Societe Gererale) . . . . . . . . . . . . . . . . . . . . . . . 5,000,000 5,020,887
District of Columbia Housing Finance Agency, SFMR
3.80%, Series B, 6/23/1999 (LOC; AIG Funding, Inc.) . . . . . . . . . . . . . . . . . . . . . 4,000,000 4,000,000
Illinois--10.1%
City of Chicago, Midway Apartment Revenue, VRDN (Second Lein)
3.30%, Series A (Insured; MBIA and LOC; First National Bank of Chicago) (a) . . . . . . . . . 4,000,000 4,000,000
Illinois Health Facilities Authority, Revenue, VRDN:
(Northwestern Memorial Hospital) 3.25% (LOC; Northern Trust Co.) (a) . . . . . . . . . . . . . 12,000,000 12,000,000
(Resurrection Health Care Systems) 3.25% (a) . . . . . . . . . . . . . . . . . . . . . . . . . 9,000,000 9,000,000
Illinois Housing Development Authority, Revenue (Homeowner Mortgage)
3.60%, Sub-Series D-1, 6/30/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,570,000 2,570,000
Iowa--3.1%
Iowa Finance Authority, SWDR, VRDN (Cedar River Paper Co. Project)
3.35% (LOC; Bank of Nova Scotia) (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,500,000 8,500,000
Kansas--1.9%
Butler County, Solid Waste Disposal and Cogeneration Revenue, VRDN
(Texaco Refinancing and Marketing) 3.35%, Series B (LOC; Texaco Inc.) (a) . . . . . . . . . . 5,300,000 5,300,000
Kentucky--.5%
Boone County, IDR, VRDN (Curtain Matheson Scientific Project)
2.95% (LOC; Toronto-Dominion Bank) (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,500,000 1,500,000
Louisiana--5.4%
Jefferson Parish Home Mortgage Authority, Refunding
3.625%, Series C, 9/1/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,490,000 1,490,000
New Orleans Aviation Board, Revenue, VRDN (Passenger Facility Charge Projects)
3.05% (LOC: Banque Paribas and Canadian Imperial Bank of Commerce) (a) . . . . . . . . . . . . 7,400,000 7,400,000
Plaquemines Parish, Environmental Revenue, Refunding, VRDN (BP Exploration and
Oil)
3.30% (LOC; British Petroleum) (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,000,000 6,000,000
Maine--.9%
Maine Housing Authority, Mortgage Purpose
3.80%, Series A-2, 5/14/1999 (LOC; FNMA) . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,500,000 2,500,000
Maryland--1.8%
Maryland Community Development Administration Department,
Housing and Community Development, Residential 3.15%, Series B 1/14/2000 . . . . . . . . . . . 5,000,000 5,000,000
Massachusetts--3.2%
Springfield, BAN:
4%, 7/15/1999 (LOC; Fleet Bank) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,150,000 4,156,281
4%, 9/2/1999 (LOC; Fleet Bank) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,600,000 4,611,660
Michigan--5.2%
Michigan Strategic Fund, LOR, Refunding, VRDN
(Detroit Edison Co.) 3.20%, Series CC (LOC; Barclays Bank) (a) . . . . . . . . . . . . . . . . 4,400,000 4,400,000
Midland County Economic Development Corporation, Economic Development, LOR, VRD
(Dow Chemical Co. Project) 3.30%, Series A (LOC; Dow Chemical Co.) (a) . . . . . . . . . . . . 9,900,000 9,900,000
DREYFUS MUNICIPAL CASH MANAGEMENT PLUS
- ------------------------------------------------------------------------------
STATEMENT OF INVESTMENTS (CONTINUED) JANUARY 31, 1999
Principal
Tax Exempt Investments (continued) Amount Value
- ----------------------------------------------------------- ________________ _____________
Missouri--2.4%
Missouri Higher Education Loan Authority, Student Loan Revenue, Refunding, VRDN
2.85%, Series B (Insured; MBIA and LOC; State Street Bank and Trust Co.) (a) . . . . . . . . . $ 6,500,000 $ 6,500,000
New Hampshire--1.8%
New Hampshire Business Finance Authority, PCR, CP (New England Power Co.
Project)
3.40%, Series A, 2/25/1999 (LOC; New England Power Co.) . . . . . . . . . . . . . . . . . . . 5,000,000 5,000,000
New York--8.8%
Long Island Power Authority, Electric Systems Revenue, CP
3%, Sub-Series 4, 4/7/1999 (LOC: Bayerische Landesbank and Westdeutsche Landesbank) . . . . . 8,000,000 8,000,000
New York City Municipal Water Finance Authority, CP
3%, Series 1, 3/18/1999 (LOC: Bank of Nova Scotia, Commerz Bank and
Toronto-Dominion Bank) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,000,000 10,000,000
New York State Energy Research and Development Authority, PCR (LILCO Project)
3.58%, Series A, 3/1/1999 (LOC; Deutsche Bank) . . . . . . . . . . . . . . . . . . . . . . . . 6,000,000 6,000,000
Ohio--7.2%
Greene County, GO Notes 3.75%, 5/6/1999. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,000,000 5,000,245
Montgomery County, Revenue, CP (Miami Valley Hospital)
3.05%, Series B, 2/9/1999 (LOC; Morgan Guaranty Trust Co.) . . . . . . . . . . . . . . . . . . 8,000,000 8,000,000
Twinsburg, IDR, VRDN (UTD Stationers Supply Co.)
3.40% (LOC; PNC Bank) (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,800,000 6,800,000
Oregon--4.7%
Klamath Falls, Electric Revenue (Salt Caves Hydroelectric)
3.80%, Series C, 5/3/1999 (Escrowed in; U.S. Treasury Bills) . . . . . . . . . . . . . . . . . 3,055,000 3,055,000
Oregon Housing and Community Services Department, Mortgage Revenue,
(Single Family Mortgage Program):
3.15%, Series I, 12/2/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,750,000 4,750,000
Refunding 3.60%, Series F, 8/31/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,000,000 5,000,000
Pennsylvania--4.4%
Emmaus General Authority, Revenue, VRDN
2.75% (Liquidity Facility; Credit Suisse and LOC; FSA) (a) . . . . . . . . . . . . . . . . . . 8,000,000 8,000,000
Philadelphia School District, Revenue, TRAN
4.25%, Series A, 6/3/1999 (LOC; First Union National Bank) . . . . . . . . . . . . . . . . . . 4,000,000 4,008,642
Rhode Island--2.9%
Rhode Island Student Loan Authority, Student Loan Revenue, VRDN
2.80%, Series 1 (LOC; National Westminster Bank) (a) . . . . . . . . . . . . . . . . . . . . . 8,000,000 8,000,000
South Carolina--1.9%
Florence County Solid Waste Disposal and Waste Water Treatment Facility, VRDN
(Roche Carolina Inc. Project) 3.30% (LOC; Deutsche Bank) (a) . . . . . . . . . . . . . . . . . 5,200,000 5,200,000
Tennessee--3.1%
Sevier County Public Building Authority, Local Government Public Improvement,
VRDN:
2.75%, Series A-2 (Insured; AMBAC and LOC; Krediet Bank) (a) . . . . . . . . . . . . . . . . . 4,225,000 4,225,000
2.75%, Series A-3 (Insured; AMBAC and LOC; Krediet Bank) (a) . . . . . . . . . . . . . . . . . 4,210,000 4,210,000
Texas--12.4%
Brazos River Harbor Naval District, VRDN (BASF Corp.):
Brazoria County Revenue 3.30% (LOC; BASF Corp.) (a) . . . . . . . . . . . . . . . . . . . . . 9,000,000 9,000,000
Harbor Revenue 3.35% (LOC; BASF Corp.) (a) . . . . . . . . . . . . . . . . . . . . . . . . . . 13,000,000 13,000,000
Gulf Coast Waste Disposal Authority, Environmental Facilities Revenue, VRDN
(Amoco Oil Co. Project) 3.30% (Corp. Guaranty; Amoco Credit Corp.) (a) . . . . . . . . . . . . 7,900,000 7,900,000
State of Texas 4.50%, 8/31/1999. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,000,000 4,024,204
DREYFUS MUNICIPAL CASH MANAGEMENT PLUS
- ------------------------------------------------------------------------------
STATEMENT OF INVESTMENTS (CONTINUED) JANUARY 31, 1999
Principal
Tax Exempt Investments (continued) Amount Value
- ----------------------------------------------------------- ________________ _____________
Vermont--1.6%
Vermont Industrial Development Authority, IDR, VRDN (Ryegate Project)
2.85% (LOC; ABN-Amro Bank) (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 4,300,000 $ 4,300,000
Virginia--1.0%
Charles City and County Industrial Development Authority, Exempt Facility
Revenue,
VRDN (Chambers Development Project)
2.85% (LOC; Morgan Guaranty Trust Co.) (a) . . . . . . . . . . . . . . . . . . . . . . . . . . 2,700,000 2,700,000
Washington--1.7%
Washington State Housing Finance Commission, Single Family Program
3%, Series 1A-S, 2/1/2000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,700,000 4,700,000
West Virginia--2.7%
Marion County Commission, Solid Waste Disposal Facility Revenue, VRDN
(Granttown Project) 2.80%, Series B (LOC; National Westminster Bank) (a) . . . . . . . . . . . 7,400,000 7,400,000
Wyoming--2.0%
Uinta County, PCR, Refunding, VRDN (Amoco Project)
3.15% (LOC; Amoco Credit Corp.) (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,400,000 5,400,000
_____________
TOTAL TAX EXEMPT INVESTMENTS (cost $275,421,919) . . . . . . . . . . . . . . . . . . . 100.6% $275,421,919
_______ _____________
LIABILITIES, LESS CASH AND RECEIVABLES . . . . . . . . . . . . . . . . . . . . . . . . (.6%) $ (1,727,434)
_______ _____________
NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.0% $273,694,485
_______ _____________
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
DREYFUS NEW YORK MUNICIPAL CASH MANAGEMENT
- ------------------------------------------------------------------------------
STATEMENT OF INVESTMENTS JANUARY 31, 1999
Principal
Tax Exempt Investments-98.3% Amount Value
- ----------------------------------------------------------- ________________ _____________
<S> <C> <C>
New York--96.9%
Buffalo, RAN 3.75%, Series A, 7/27/1999 (LOC; Landesbank Hessen) . . . . . . . . . . . . . . . . $ 3,000,000 $ 3,010,694
Connetquot Central Islip School District, TAN 3.75%, 6/29/1999 . . . . . . . . . . . . . . . . . 7,000,000 7,009,706
Deer Park Union Free School District, TAN 3.90%, 6/25/1999 . . . . . . . . . . . . . . . . . . . 4,000,000 4,004,571
Town of Islip Industrial Development Agency, IDR, VRDN
(Brentwood Distribution Co.) 2.85% (LOC; Fleet Bank) (a) . . . . . . . . . . . . . . . . . . . 3,750,000 3,750,000
Metropolitan Transit Authority, Revenue
CP 3.10%, Series A, 2/9/1999 (LOC; ABN-Amro Bank) . . . . . . . . . . . . . . . . . . . . . . 3,000,000 3,000,000
Middle Country Centereach School District, TAN 3.50%, 6/30/1999. . . . . . . . . . . . . . . . . 3,000,000 3,005,997
Municipal Assistance Corporation, VRDN
2.35%, Subseries K-3, (LOC; Landesbank Hessen) (a) . . . . . . . . . . . . . . . . . . . . . . 12,000,000 12,000,000
Nassau County Industrial Development Agency, IDR, VRDN
(Manhassett Association Project) 2.70% (LOC; Bankers Trust Co.) (a) . . . . . . . . . . . . . 2,000,000 2,000,000
City of New York, VRDN:
3.20%, Subseries A-5 (LOC; Kredietbank) (a) . . . . . . . . . . . . . . . . . . . . . . . . . 2,300,000 2,300,000
3.20%, Series B, Subseries B-6 (Liquidity Facility; Westdeutsche Landesbank) (a) . . . . . . . 11,000,000 11,000,000
3.30%, Subseries E-2 (LOC; Morgan Guaranty Trust Co.) (a) . . . . . . . . . . . . . . . . . . 2,275,000 2,275,000
3.30%, Subseries E-3 (LOC; Morgan Guaranty Trust Co.) (a) . . . . . . . . . . . . . . . . . . 4,000,000 4,000,000
Trust Cultural Resource Revenue, Refunding (American Museum of Natural History)
2.35%, Series B (Insured; MBIA and SBPA; Credit Suisse) (a) . . . . . . . . . . . . . . . . . 4,625,000 4,625,000
New York City Health and Hospital Corporation, Revenue, VRDN (Health Systems):
2.40%, Series B (LOC; Canadian Imperial Bank of Commerce) (a) . . . . . . . . . . . . . . . . 4,800,000 4,800,000
2.65%, Series B (LOC; Canadian Imperial Bank of Commerce) (a) . . . . . . . . . . . . . . . . 100,000 100,000
New York City Housing Development Corporation, MFMR, VRDN
(York Avenue Development Project) 2.60% (LOC; Midland Bank) (a) . . . . . . . . . . . . . . . 5,000,000 5,000,000
New York City Municipal Water Finance Authority, Water and Sewer Systems
Revenue:
CP 3%, Series 1, 3/15/1999 (LOC: Commerzbank, Bank of Nova Scotia and Toronto-Dominion Bank) . 13,000,000 13,000,000
VRDN 3.20%, Series 93-C (Insured; FGIC and Liquidity Facility; FGIC) (a) . . . . . . . . . . . 6,230,000 6,230,000
New York State Dormitory Authority, Revenues, VRDN:
(Metropolitan Museum of Art) 2.35%, Series A (Corp. Guaranty; Metropolitan Museum of Art) (a) . 6,200,000 6,200,000
(Oxford University Press Inc.)
3.25% (LOC; Landesbank Hessen) (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,800,000 3,800,000
New York State Energy Research and Development Authority, PCR:
(LILCO Project)
3.58%, Series A, 3/1/1999 (LOC; Deutsche Bank) . . . . . . . . . . . . . . . . . . . . . . . 5,000,000 5,000,000
(New York State Electric and Gas):
3.58%, Series A, 3/15/1999 (LOC; Morgan Guaranty Trust Co.) . . . . . . . . . . . . . . . . 6,000,000 6,000,000
3%, Series D, 12/1/1999 (Union Bank of Switzerland) . . . . . . . . . . . . . . . . . . . . 4,005,000 4,005,000
VRDN:
(Central Hudson Gas and Electric Project)
2.45%, Series A (LOC; Union Bank of Switzerland) (a) . . . . . . . . . . . . . . . . . . . 3,000,000 3,000,000
(Niagara Mohawk Power Corp.):
3.20%, Series B (LOC; Toronto-Dominion Bank) (a) . . . . . . . . . . . . . . . . . . . . . 2,000,000 2,000,000
3.20%, Series C (Canadian Imperial Bank of Commerce) (a) . . . . . . . . . . . . . . . . . 5,000,000 5,000,000
3.25%, Series A (LOC; Toronto-Dominion Bank) (a) . . . . . . . . . . . . . . . . . . . . . 6,200,000 6,200,000
Refunding:
(New York State Electric and Gas)
3.20%, Series D (LOC; First Chicago Corp.) (a) . . . . . . . . . . . . . . . . . . . . . 20,700,000 20,700,000
(Orange/Rockland Utilities)
2.35%, Series A (Insured; AMBAC and LOC; Societe Generale) (a) . . . . . . . . . . . . . 10,000,000 10,000,000
New York State Housing Finance Agency, Service Contract Obligation, Revenue,
VRDN
2.35%, Series A (LOC; Commerzbank) (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,000,000 9,000,000
New York State Local Government Assistance Corporation, VRDN:
2.35%, Series A (LOC: Credit Suisse and Union Bank of Switzerland) (a) . . . . . . . . . . . . 4,200,000 4,200,000
2.35%, Series B (LOC; Bank of Nova Scotia) (a) . . . . . . . . . . . . . . . . . . . . . . . . 8,000,000 8,000,000
DREYFUS NEW YORK MUNICIPAL CASH MANAGEMENT
- ------------------------------------------------------------------------------
STATEMENT OF INVESTMENTS (CONTINUED) JANUARY 31, 1999
Principal
Tax Exempt Investments (continued) Amount Value
- ----------------------------------------------------------- ________________ _____________
New York State Medical Care Facilities Finance Authority, Revenue, VRDN
(Pooled Equipment Loan Program) 2.60% (LOC; Chase Manhattan Bank) (a) . . . . . . . . . . . . $ 5,000,000 $ 5,000,000
New York State Power Authority, CP
3%, 2/22/1999 (LOC: Bank of Nova Scotia, Commerzbank, Credit Locale de France,
Landeshessen-Thuringen, Morgan Guaranty Trust Co. and Toronto-Dominion Bank) . . . . . . . . . 9,000,000 9,000,000
New York State Thruway Authority, VRDN
3.20% (Insured; FGIC and Liquidity Facility; FGIC) (a) . . . . . . . . . . . . . . . . . . . . 12,600,000 12,600,000
Northport-East Northport Union Free School District, BAN 4%, 6/4/1999. . . . . . . . . . . . . . 2,000,000 2,001,487
Town of Oyster Bay:
BAN 4%, 10/1/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,000,000 3,012,506
TAN 3.25%, 1/28/2000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,900,000 4,909,379
Port Authority of New York and New Jersey, Special Obligation Revenue, VRDN
(Versatile Structure Obligation):
3.15%, Series 3 (LOC; Morgan Guaranty Trust Co.) (a) . . . . . . . . . . . . . . . . . . . . 8,200,000 8,200,000
3.15%, Series 5 (LOC; Bayerische Landesbank) (a) . . . . . . . . . . . . . . . . . . . . . . 16,300,000 16,300,000
3.20%, Series 2 (LOC; Morgan Guaranty Trust Co.) (a) . . . . . . . . . . . . . . . . . . . . 13,600,000 13,600,000
Rochester, BAN 4%, Series I, 3/9/1999. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,000,000 5,002,047
Sachem Central School District 4%, Series II, 6/25/1999. . . . . . . . . . . . . . . . . . . . . 5,000,000 5,006,658
U.S. Related--1.4%
Commonwealth of Puerto Rico, TRAN 3.50%, Series A, 7/30/1999 . . . . . . . . . . . . . . . . . . 4,000,000 4,012,581
_____________
TOTAL TAX EXEMPT INVESTMENTS (cost $272,860,626) . . . . . . . . . . . . . . . . . . . 98.3% $272,860,626
_______ _____________
CASH AND RECEIVABLES (NET) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.7% $ 4,620,178
_______ _____________
NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.0% $277,480,804
_______ _____________
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
DREYFUS TAX EXEMPT CASH MANAGEMENT
- ------------------------------------------------------------------------------
STATEMENT OF INVESTMENTS JANUARY 31, 1999
Principal
Tax Exempt Investments--99.5% Amount Value
- ----------------------------------------------------------- _____________ _____________
<S> <C> <C>
Alaska--1.7%
Anchorage, TAN 3.75%, 1/4/2000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 12,000,000 $ 12,085,991
Valdez, Marine Terminal Revenue, Refunding, CP (ARCO Transportation Project)
3.05%, 3/23/1999 (LOC; Atlantic Richfield Co.) . . . . . . . . . . . . . . . . . . . . . . . . 14,100,000 14,100,000
Arkansas--1.5%
Fayetteville Public Facilities Board, Revenue, Refunding, VRDN (Butterfield
Trail Village Project)
3.30% (LOC; Dresdner Bank) (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,900,000 10,900,000
University of Arkansas, University Revenues, Refunding, VRDN (UAMS Campus)
2.75% (Insured; MBIA and Liquidity Facility; Credit Suisse) (a) . . . . . . . . . . . . . . . 12,100,000 12,100,000
California--4.1%
State of California, RAN 4%, 6/30/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,000,000 25,084,634
California Higher Education Loan Authority, Student Loan Revenue, Refunding:
3.895%, Series A-2, 5/1/1999 (LOC; Student Loan Marketing Association) . . . . . . . . . . . . 16,000,000 16,000,000
3.60%, Series A, 7/1/1999 (LOC; National Westminster Bank) . . . . . . . . . . . . . . . . . . 11,700,000 11,700,000
California Public Capital Improvements Financing Authority, Revenue (Pooled
Project)
3.10%, Series C, 3/15/1999 (LOC; National Westminster Bank) . . . . . . . . . . . . . . . . . 10,000,000 10,000,000
Connecticut--2.2%
State of Connecticut, GO Notes 3.50%, 10/15/1999 . . . . . . . . . . . . . . . . . . . . . . . . 10,000,000 10,034,209
State of Connecticut Special Assessment Unemployment Compensation Advance Fund,
Revenue (Connecticut Unemployment)
3.60%, Series C, 7/1/1999 (Insured; FGIC and Liquidity Facility; FGIC) . . . . . . . . . . . . 23,000,000 23,000,000
Delaware--4.0%
Delaware Economic Development Authority, Revenue, VRDN (Hospital Billing
Collection):
3.30%, Series A (BPA; Morgan Stanley and Co. and Insured; MBIA) (a) . . . . . . . . . . . . . 9,700,000 9,700,000
3.30%, Series B (BPA; Morgan Stanley and Co. and Insured; MBIA) (a) . . . . . . . . . . . . . 33,200,000 33,200,000
3.30%, Series C (BPA; Morgan Stanley and Co. and Insured; MBIA) (a) . . . . . . . . . . . . . 18,700,000 18,700,000
District of Columbia--2.8%
District of Columbia:
Refunding, VRDN:
3.30%, Series A-4 (LOC; Societe Generale) (a) . . . . . . . . . . . . . . . . . . . . . . . 9,300,000 9,300,000
3.30%, Series A-5 (LOC; Bank of Nova Scotia) (a) . . . . . . . . . . . . . . . . . . . . . . 12,522,000 12,522,000
TRAN 3.75%, Series 8, 9/30/1999 (LOC: Canadian Imperial Bank of Commerce,
Morgan Guaranty Trust Co. and Societe Generale) . . . . . . . . . . . . . . . . . . . . . . 20,000,000 20,083,547
Florida--5.6%
Capital Projects Finance Authority, Revenue, VRDN (Capital Project Loan Program
2.75%, Series A (Insured; FSA and Liquidity Facility; Credit Suisse) (a) . . . . . . . . . . . 10,000,000 10,000,000
Dade County, Water and Sewer Systems Revenue, VRDN
2.65% (BPA; Commerzbank and Insured; FGIC) (a) . . . . . . . . . . . . . . . . . . . . . . . . 15,000,000 15,000,000
Dade County Health Facilities Authority, HR, VRDN (Miami Childrens Hospital
Project)
3.25% (LOC; Bank of America) (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,850,000 8,850,000
Dade County Industrial Development Authority, Exempt Facilities Revenue,
Refunding, VRDN
(Florida Power and Light Co. Project) 3.20% (Corp. Guaranty; Florida Power and Light Co.) (a) . 8,500,000 8,500,000
Miami-Dade County School District, TAN 4%, 6/30/1999 . . . . . . . . . . . . . . . . . . . . . . 15,000,000 15,020,685
Orange County Housing Finance Authority, MFHR, VRDN (Heather Project)
2.65%, Series B (LOC; FNMA) (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,400,000 12,400,000
Sarasota County Health Facility Authority, HR, CP (Sarasota Memorial Hospital)
3%, 6/10/1999 (LOC; Suntrust Bank) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,000,000 10,000,000
Sunshine State Governmental Financing Commission, Revenue, CP
3.05%, Series B, 2/16/1999 (BPA: Bank of Nova Scotia) . . . . . . . . . . . . . . . . . . . . 4,735,000 4,735,000
Hawaii--2.1%
State of Hawaii Department of Budget and Finance, Special Purpose Revenue, VRDN
(Queens Health Systems) 2.75%, Series A (LOC; Morgan Guaranty Trust Co.) (a) . . . . . . . . . 32,600,000 32,600,000
DREYFUS TAX EXEMPT CASH MANAGEMENT
- ------------------------------------------------------------------------------
STATEMENT OF INVESTMENTS (CONTINUED) JANUARY 31, 1999
Principal
Tax Exempt Investments (continued) Amount Value
- ----------------------------------------------------------- _____________ _____________
Idaho--.7%
State of Idaho, TAN 4.50%, 6/30/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 10,000,000 $ 10,035,449
Illinois--6.0%
City of Chicago, Revenue 3.55%, 2/4/1999 (LOC; Morgan Guaranty Trust Co.). . . . . . . . . . . . 25,000,000 25,000,000
Glendale Heights, Multi-Family Revenue, VRDN (Glendale Lake Project)
2.70% (LOC; Bank of America) (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,845,000 14,845,000
Illinois Health Facilities Authority, Revenue:
(Evanston Northwestern Corp.) 3.70%, Series 1998, 6/1/1999 . . . . . . . . . . . . . . . . . . 15,000,000 15,000,000
VRDN:
(Northwestern Memorial Hospital)
3.25% (LOC; Northern Trust Co.) (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,700,000 28,700,000
Refunding (University of Chicago Hospital)
3.20% (Insured; MBIA and LOC; First National Bank of Chicago) (a) . . . . . . . . . . . . 8,400,000 8,400,000
Indiana--3.8%
Hammond Local Public Improvement Bond Bank, Revenue (Advanced Funding Program)
3.60%, Series A-2, 1/6/2000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42,535,000 42,726,334
Petersburg, PCR, Refunding, VRDN (Indiana Power and Light Co.)
2.75%, Series B (Insured; AMBAC and Liquidity Facility; Indianapolis Power and Light Co.) (a) . 15,000,000 15,000,000
Iowa--.6%
Iowa Higher Education Loan Authority, Education Facility Revenue, VRDN
(Palmer Chiropractic University Foundation) 3.40% (LOC; Firstar Bank of Milwaukee) (a) . . . . 8,725,000 8,725,000
Louisiana--1.0%
Jefferson Parish Hospital Service District No. 2, HR, VRDN 2.75% (Insured; FGIC) (a) . . . . . . 9,000,000 9,000,000
Plaquemines Port Harbor and Terminal District, Port Facilities Revenue
(International Marine Terminal Project)
3.60%, Series A, 3/15/1999 (LOC; Morgan Guaranty Trust Co.) . . . . . . . . . . . . . . . . . 6,000,000 6,000,000
Maryland--.9%
Baltimore County, EDR, Refunding, VRDN (Blue Circle Inc. Project)
2.75% (LOC; Den Danske Bank) (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,600,000 13,600,000
Massachusetts--9.5%
Commonwealth of Massachusetts, Refunding, VRDN . . . . . . . . . . . . . . . . . . . . . . . . . 45,000,000 45,000,000
2.60%, Series B (LOC; Toronto-Dominion Bank) (a)
Massachusetts Bay Transportation Authority, CP
3%, Series C, 2/12/1999 (LOC; Westdeutsche Landesbank) . . . . . . . . . . . . . . . . . . . . 15,000,000 15,000,000
Massachusetts Health and Educational Facilities Authority, Revenue, VRDN
(Partners Healthcare System) 2.54%, Series P-2 (Insured; FSA and LOC:
Bayerische Landesbank
and Morgan Guaranty Trust Co.) (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,100,000 24,100,000
Massachusetts Housing Finance Agency, Refunding, VRDN (Harbor
Point-Multi-Family)
2.60%, Series A (LOC; Republic National Bank of New York) (a) . . . . . . . . . . . . . . . . 18,000,000 18,000,000
Massachusetts Municipal Wholesale Electric Company, Power Supply Systems
Revenue, VRDN
2.65%, Series C (BPA; Credit Suisse and Insured; MBIA) (a) . . . . . . . . . . . . . . . . . . 12,300,000 12,300,000
Massachusetts Water Resource Authority, Multi-Modal, Refunding, VRDN
2.65%, Series D (Insured; FGIC and Liquidity Facility; FGIC) (a) . . . . . . . . . . . . . . . 20,000,000 20,000,000
City of Springfield, BAN 3.625%, 3/2/1999 (LOC; Fleet Bank). . . . . . . . . . . . . . . . . . . 10,000,000 10,004,179
Michigan--2.8%
Detroit City School District, Notes 4.50%, 7/1/1999. . . . . . . . . . . . . . . . . . . . . . . 30,000,000 30,101,031
Michigan Hospital Finance Authority, VRDN (Hospital Equipment Loan Program)
2.65% (LOC; Comerica Bank) (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,200,000 1,200,000
Michigan Housing Development Authority, LOR, VRDN (Laurel Valley)
2.75% (LOC; Wachovia Bank of Georgia) (a) . . . . . . . . . . . . . . . . . . . . . . . . . . 5,900,000 5,900,000
Midland County Economic Development Corporation, Economic Development, LOR,
Refunding,
VRDN (Dow Chemical Co. Project) 3.25%, Series B (LOC; Dow Chemical Co.) (a) . . . . . . . . . 5,000,000 5,000,000
DREYFUS TAX EXEMPT CASH MANAGEMENT
- ------------------------------------------------------------------------------
STATEMENT OF INVESTMENTS (CONTINUED) JANUARY 31, 1999
Principal
Tax Exempt Investments (continued) Amount Value
- ----------------------------------------------------------- _____________ _____________
Minnesota--.6%
City of Cloquet, PCR, VRDN (Potlatch Corp. Project)
2.70% (LOC; Credit Suisse) (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 5,600,000 $ 5,600,000
Cohasset, Revenue, Refunding, VRDN (Minnesota Power and Light Co. Project)
3.30%, Series A (LOC; ABN-Amro Bank) (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,400,000 3,400,000
Missouri--2.2%
Independence Industrial Development Authority, IDR, Refunding, VRDN (Groves and
Graceland)
3.30%, Series A (LOC; Credit Locale de France) (a) . . . . . . . . . . . . . . . . . . . . . . 6,300,000 6,300,000
Kansas City Industrial Development Authority, Revenue, VRDN (Ewing Marion
Kauffman)
3.35%, Series A (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,625,000 15,625,000
City of Saint Louis, General Fund Revenue, TRAN 4.50%, 6/30/1999 . . . . . . . . . . . . . . . . 12,000,000 12,040,623
Nebraska-1.8%
Nebraska Higher Education Loan Program Inc., Revenue, VRDN (Student Loan
Program)
2.75%, Series C (BPA; Student Loan Marketing Association and Insured; MBIA) (a) . . . . . . . 27,340,000 27,340,000
New Jersey--2.8%
State of New Jersey, CP
3%, Series 1998A, 2/11/1999 (Liquidity Facility: Bank of Nova Scotia and Commerzbank) . . . . 20,000,000 20,000,000
New Jersey Sports and Exposition Authority, VRDN
2.50%, Series C (Insured; MBIA and LOC; Credit Suisse) (a) . . . . . . . . . . . . . . . . . . 12,000,000 12,000,000
New Jersey Turnpike Authority, Turnpike Revenue, Refunding, VRDN
2.45%, Series D (BPA; Societe Generale and Insured; FGIC) (a) . . . . . . . . . . . . . . . . 9,900,000 9,900,000
New Mexico--2.0%
State of New Mexico, TRAN 4.25%, 6/30/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,000,000 30,076,840
New York--17.4%
Long Island Power Authority, Electric Systems Revenue, VRDN
2.50%, Sub-Series 2 (LOC: Bayerische Landesbank and Westdeutsche Landesbank) (a) . . . . . . . 10,000,000 10,000,000
Municipal Assistance Corporation for the City of New York, VRDN
2.35%, Subseries K-2 (LOC; Bayerische Landesbank) (a) . . . . . . . . . . . . . . . . . . . . 34,500,000 34,500,000
City of New York, VRDN 3.30%, Sub-Series E-5 (LOC; Morgan Guaranty Trust Co.) (a). . . . . . . . 8,300,000 8,300,000
New York City Municipal Water Finance Authority, CP
3%, Series 1, 3/15/1999 (LOC: Bank of Nova Scotia, Commerzbank and Toronto-Dominion Bank) . . 17,000,000 17,000,000
New York City Transitional Finance Authority, Revenue, VRDN (Future Tax Secured
2.35%, Series A-2 (LOC; Bank of Nova Scotia) (a) . . . . . . . . . . . . . . . . . . . . . . . 10,000,000 10,000,000
State of New York, CP
3.10%, 2/18/1999 (Liquidity Facility; Westdeutsche Landesbank) . . . . . . . . . . . . . . . . 30,000,000 30,000,000
New York State Local Government Assistance Corporation, VRDN:
2.35%, Series B (LOC; Kredietbank) (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,400,000 27,400,000
2.35%, Series C (LOC; Landesbank Hessen) (a) . . . . . . . . . . . . . . . . . . . . . . . . . 45,400,000 45,400,000
2.35%, Series G (LOC: Bank of Nova Scotia) (a) . . . . . . . . . . . . . . . . . . . . . . . . 26,100,000 26,100,000
New York State Medical Care Facilities Finance Agency, Revenue, VRDN
(Pooled Loan Equipment Program-1)
2.60% (LOC; Chase Manhattan Bank) (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55,700,000 55,700,000
Ohio--1.0%
Green County, Certificates of Indebtness, GO Notes 3.75%, 5/6/1999 . . . . . . . . . . . . . . . 15,000,000 15,000,736
Oregon--1.4%
Klamath Falls, Electric Revenue (Salt Caves Hydroelectric)
3.80%, Series C, 5/3/1999 (Escrowed in; U.S. Treasury Bills) . . . . . . . . . . . . . . . . . 10,000,000 10,000,000
Oregon Housing and Community Services Department, Mortgage Revenue, Refunding
(Single Family Mortgage Program) 3.60%, 8/31/1999 . . . . . . . . . . . . . . . . . . . . . . 11,000,000 11,000,000
Pennsylvania--4.8%
Allegheny County Industrial Development Authority, Revenue, VRDN
(Longwood at Oakmont) 3.30%, Series B (LOC; Dresdner Bank) (a) . . . . . . . . . . . . . . . . 5,800,000 5,800,000
DREYFUS TAX EXEMPT CASH MANAGEMENT
- ------------------------------------------------------------------------------
STATEMENT OF INVESTMENTS (CONTINUED) JANUARY 31, 1999
Principal
Tax Exempt Investments (continued) Amount Value
- ----------------------------------------------------------- _____________ _____________
Pennsylvania (continued)
Allegheny County Port Authority, GAN 4.25%, 6/30/1999 (LOC; PNC Bank). . . . . . . . . . . . . . $ 10,815,000 $ 10,842,669
Delaware Valley Regional Finance Authority, Local Government Revenue, VRDN
2.70%, Series D (LOC; Credit Suisse) (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,300,000 10,300,000
Emmaus General Authority, Revenue, VRDN
2.70%, Sub-Series F-10 (LOC; Bayerische Landesbank) (a) . . . . . . . . . . . . . . . . . . . 4,000,000 4,000,000
City of Philadelphia, TRAN:
4.25%, Series A, 6/30/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,500,000 8,520,563
School District 4.25%, Series B, 6/30/1999 (LOC; PNC Bank) . . . . . . . . . . . . . . . . . . 30,000,000 30,073,268
Washington County Authority, LR, VRDN
(Higher Education Pooled Equipment Lease Project)
2.75%, Series 1985A (LOC; First Union National Bank) (a) . . . . . . . . . . . . . . . . . . . 3,400,000 3,400,000
Tennessee--3.3%
Sevier County, Public Building Authority, Local Government Improvement, VRDN:
2.75%, Series III-A-1 (Insured; AMBAC and Liquidity Facility; Landesbank Hessen) (a) . . . . . 20,000,000 20,000,000
2.75%, Series III-B-3 (Insured; AMBAC and Liquidity Facility; Landesbank Hessen) (a) . . . . . 8,350,000 8,350,000
2.75%, Series III-B-4 (Insured; AMBAC and Liquidity Facility; Landesbank Hessen) (a) . . . . . 6,000,000 6,000,000
Shelby County, CP 3.05%, Series B, 3/11/1999 (LOC; Landesbank Hessen). . . . . . . . . . . . . . 16,500,000 16,500,000
Texas--6.7%
Bexar County Health Facilities Development Corporation, Revenue, VRDN
(Retirement Community-Air Force Village Foundation Project)
2.70% (LOC; Rabobank Nederland) (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,300,000 14,300,000
Dallas County, Permanent Improvement Revenue
3.70%, Series C, 6/15/1999 (SBPA; Union Bank of Switzerland) . . . . . . . . . . . . . . . . . 7,230,000 7,230,000
Harris County Health Facilities Development Corporation, HR, VRDN
(Texas Children's Hospital) 2.75%, Series B-1 (LOC; Bank of America) (a) . . . . . . . . . . . 8,300,000 8,300,000
City of Houston, Water and Sewer Systems Revenue, CP 3%, Series A, 4/7/1999
(Liquidity Facility: Union Bank of Switzerland and Westdeutsche Landesbank) . . . . . . . . . 18,000,000 18,000,000
Texas Department of Housing and Community Affairs, MFHR, VRDN (Higher Point III
2.70%, Series A (LOC; FNMA) (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,490,000 12,490,000
Texas Health Facilities Development Corporation, HR, VRDN (North Texas Pooled
Health):
3%, Series 85A (LOC; Banque Paribas) (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . 200,000 200,000
3.05%, Series 85A (LOC; Banque Paribas) (a) . . . . . . . . . . . . . . . . . . . . . . . . . 14,200,000 14,200,000
Texas Public Finance Authority, Revenue, GO, CP,
3%, Series A, 5/12/1999 (LOC: Toronto-Dominion Bank and Union Bank of Switzerland) . . . . . . 28,000,000 28,000,000
Utah--3.6%
Emery County, PCR, Refunding, VRDN (Pacificorp Project)
3.20% (Insured; AMBAC and Liquidity Facility; Bank of Nova Scotia) (a) . . . . . . . . . . . . 11,000,000 11,000,000
Intermountain Power Agency, Power Supply Revenue, CP:
3.25%, 2/10/1999 (Liquidity Facility: Bank of America and Bank of Nova Scotia) . . . . . . . . 10,000,000 10,000,000
3%, 2/24/1999 (Liquidity Facility: Bank of America and Bank of Nova Scotia) . . . . . . . . . 33,400,000 33,400,000
Washington--2.6%
Snohomish County Public Utilities District No.1, Electric Revenue, VRDN
(Generation Systems)
2.65% (Insured; MBIA and SBPA; Industrial Bank of Japan) (a) . . . . . . . . . . . . . . . . . 10,760,000 10,760,000
Washington Housing Finance Commission, Non-Profit Housing Revenue, Refunding,
VRDN
(Panorama City Project) 3% (LOC; Key Bank) (a) . . . . . . . . . . . . . . . . . . . . . . . . 8,600,000 8,600,000
Washington Public Power Supply System, Revenue, Refunding, VRDN (Nuclear
Project)
2.60%, Series 3A-3 (LOC; Morgan Guaranty Trust Co.) (a) . . . . . . . . . . . . . . . . . . . 20,700,000 20,700,000
_______________
TOTAL TAX EXEMPT INVESTMENTS (cost $1,512,902,758) . . . . . . . . . . . . . . . . . . 99.5% $1,512,902,758
_______ _____________
CASH AND RECEIVABLES (NET) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5% $ 8,304,557
_______ _____________
NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.0% $1,521,207,315
_______ _____________
SEE NOTES TO FINANCIAL STATEMENTS.
Summary of Abbreviations
- -----------------------------------------------------------------------------
AMBAC American Municipal Bond Assurance Corporation LOC Letter of Credit
BAN Bond Anticipation Notes LOR Limited Obligation Revenue
BPA Bond Purchase Agreement LR Lease Revenue
CP Commercial Paper MBIA Municipal Bond Investors Assurance
EDR Economic Development Revenue Insurance Corporation
EIR Environment Improvement 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 SBPA Standby Bond Purchase Agreement
GO General Obligation SFMR Single Family Mortgage Revenue
HR Hospital Revenue SWDR Solid Waste Disposal Revenue
IDB Industrial Development Board TAN Tax Anticipation Notes
IDR Industrial Development Revenue TRAN Tax and Revenue Anticipation Notes
VRDN Variable Rate Demand Notes
Summary of Combined Ratings (Unaudited)
- -----------------------------------------------------------------------------
Percentage of Value
_______________________________________________
Dreyfus Dreyfus Dreyfus
Municipal Cash New York Tax Exempt
Management Municipal Cash Cash
Fitch or Moody's or Standard & Poor's Plus Management Management
______ ________ __________________ ________________ _____________ _______________
F1+/F1 VMIG1/MIG1, P1 SP1+/SP1, A1+/A1 96.8% 95.5% 98.3%
AAA/AA (b) Aaa/Aa (b) AAA/AA (b) -- -- 1.0
Not Rated (c) Not Rated (c) Not Rated (c) 3.2 4.5 .7
_______ _______ ________
100.0% 100.0% 100.0%
_______ _______ ________
Notes to Statement of Investments:
- -----------------------------------------------------------------------------
(a) Securities payable on demand. Variable interest rate-subject to periodic
change.
(b) Notes which are not F, MIG or SP rated are represented by bond ratings of
the issuers.
(c) 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.
</TABLE>
<TABLE>
STATEMENT OF ASSETS AND LIABILITIES JANUARY 31, 1999
(AMOUNTS IN THOUSANDS, EXCEPT NET ASSET VALUE PER SHARE)
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 . . . . . . . . . . . $ 7,099,914* $ 8,352,326 $ 5,172,885* $ 372,111 $ 3,539,868* $ 3,447,784
Cash . . . . . . . . . . . . . . . . . . . -- 9,553 -- -- -- --
Receivable for investment securities sold. . -- -- -- -- 40,000 463,198
Interest receivable. . . . . . . . . . . . 22,758 75,800 34,410 1,676 30,792 84,403
____________ ____________ ____________ ____________ ____________ ____________
7,122,672 8,437,679 5,207,295 373,787 3,610,660 3,995,385
____________ ____________ ____________ ____________ ____________ ____________
LIABILITIES:
Due to The Dreyfus Corporation and affiliates. . 997 1,089 786 30 559 685
Due to Distributor . . . . . . . . . . . . 68 152 126 64 121 151
Cash overdraft due to Custodian. . . . . . 25,591 -- 12,509 12,601 7,275
Payable for investment securities purchased. . 100,054 150,025 -- -- 51,763 437,364
Payable for shares of Beneficial
Interest/Common Stock redeemed . . . . . -- 50,366 42,028 -- -- 144,000
____________ ____________ ____________ ____________ ____________ ____________
126,710 201,632 55,449 94 65,044 589,475
____________ ____________ ____________ ____________ ____________ ____________
NET ASSETS . . . . . . . . . . . . . . . . $ 6,995,962 $ 8,236,047 $ 5,151,846 $ 373,693 $ 3,545,616 $ 3,405,910
____________ ____________ ____________ ____________ ____________ ____________
REPRESENTED BY:
Paid-in capital. . . . . . . . . . . . . . $ 6,996,420 $ 8,237,034 $ 5,152,543 $ 373,690 $ 3,546,274 $ 3,406,381
Accumulated net realized gain (loss)
on investments . . . . . . . . . . . . . (458) (987) (697) 3 (658) (471)
____________ ____________ ____________ ____________ ____________ ____________
NET ASSETS . . . . . . . . . . . . . . . . $ 6,995,962 $ 8,236,047 $ 5,151,846 $ 373,693 $ 3,545,616 $ 3,405,910
____________ ____________ ____________ ____________ ____________ ____________
NET ASSET VALUE PER SHARE
__________________________________________________________
INSTITUTIONAL SHARES
_____________________
Net Assets . . . . . . . . . . . . . . . $ 6,273,397 $ 7,448,048 $ 4,019,061 $ 194,359 $ 2,865,002 $ 2,784,092
Shares Outstanding . . . . . . . . . . . 6,273,830 7,449,018 4,019,673 194,358 2,865,599 2,784,505
NET ASSET VALUE PER SHARE . . . . . . . $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
_____ _____ _____ _____ _____ _____
INVESTOR SHARES
_________________
Net Assets . . . . . . . . . . . . . . . $ 462,410 $ 690,264 $ 810,966 $ 14,648 $ 538,052 $ 433,863
Shares Outstanding . . . . . . . . . . . 462,436 690,285 811,051 14,648 538,107 433,905
NET ASSET VALUE PER SHARE . . . . . . . $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
_____ _____ _____ _____ _____ _____
ADMINISTRATIVE SHARES
_______________________
Net Assets . . . . . . . . . . . . . . . $ 194,909 $ 30,672 $ 51,692 $ 1,893 $ 16,579 $ 56,286
Shares Outstanding . . . . . . . . . . . 194,908 30,673 51,692 1,893 16,579 56,288
NET ASSET VALUE PER SHARE . . . . . . . $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
_____ _____ _____ _____ _____ _____
PARTICIPANT SHARES
___________________
Net Assets . . . . . . . . . . . . . . . $ 65,246 $ 67,063 $ 270,127 $ 162,793 $ 125,983 $131,669
Shares Outstanding . . . . . . . . . . . 65,246 67,059 270,127 162,791 125,989 131,683
NET ASSET VALUE PER SHARE . . . . . . . $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
_____ _____ _____ _____ _____ _____
- ---------------------
(*)Amounts include repurchase agreements of $64,297,000, $93,847,000 and
$1,443,244,000 for Dreyfus Cash Management, Dreyfus Government Cash Management
and Dreyfus Treasury Cash Management, respectively. See Note 1(b).
SEE NOTES TO FINANCIAL STATEMENTS.
STATEMENT OF ASSETS AND LIABILITIES (CONTINUED) JANUARY 31, 1999
(AMOUNTS IN THOUSANDS, EXCEPT NET ASSET VALUE PER SHARE)
Dreyfus Dreyfus Dreyfus
Municipal Cash New York Tax Exempt
Management Municipal Cash Cash
Plus Management Management
______________ ______________ ______________
ASSETS:
Investments at value . . . . . . . . . . . $ 275,422 $ 272,861 $ 1,512,903
Cash . . . . . . . . . . . . . . . . . . . 1,488 3,236 10,596
Interest receivable. . . . . . . . . . . . 1,540 1,429 10,176
______________ ______________ ______________
278,450 277,526 1,533,675
______________ ______________ ______________
LIABILITIES:
Due to The Dreyfus Corporation and affiliates. . 39 44 267
Due to Distributor . . . . . . . . . . . . 17 1 47
Payable for investment securities purchased. . 4,700 -- 12,154
______________ ______________ ______________
4,756 45 12,468
______________ ______________ ______________
NET ASSETS . . . . . . . . . . . . . . . . $ 273,694 $ 277,481 $ 1,521,207
______________ ______________ ______________
REPRESENTED BY:
Paid-in capital. . . . . . . . . . . . . . $ 273,883 $ 277,487 $ 1,521,720
Accumulated net realized gain (loss)
on investments . . . . . . . . . . . . . (189) (6) (513)
______________ ______________ ______________
NET ASSETS . . . . . . . . . . . . . . . . $ 273,694 $ 277,481 $ 1,521,207
______________ ______________ ______________
NET ASSET VALUE PER SHARE
____________________________________________
INSTITUTIONAL SHARES
_____________________
Net Assets . . . . . . . . . . . . . . . $ 208,089 $ 268,245 $ 1,285,892
Shares Outstanding . . . . . . . . . . . 208,268 268,249 1,286,382
NET ASSET VALUE PER SHARE . . . . . . . $1.00 $1.00 $1.00
_____ _____ _____
INVESTOR SHARES
_________________
Net Assets . . . . . . . . . . . . . . . $ 50,164 $ 8,617 $ 160,875
Shares Outstanding . . . . . . . . . . . 50,173 8,619 160,897
NET ASSET VALUE PER SHARE . . . . . . . $1.00 $1.00 $1.00
_____ _____ _____
ADMINISTRATIVE SHARES
_______________________
Net Assets . . . . . . . . . . . . . . . -- * -- * $ 1,249
Shares Outstanding . . . . . . . . . . . -- * -- * 1,249
NET ASSET VALUE PER SHARE . . . . . . . $1.00 $1.00 $1.00
_____ _____ _____
PARTICIPANT SHARES
___________________
Net Assets . . . . . . . . . . . . . . . $ 15,441 $ 619 $ 73,191
Shares Outstanding . . . . . . . . . . . 15,442 619 73,192
NET ASSET VALUE PER SHARE . . . . . . . $1.00 $1.00 $1.00
_____ _____ _____
- ---------------------
* Amount represents less than 1,000.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
STATEMENT OF OPERATIONS
(AMOUNTS IN THOUSANDS) YEAR ENDED JANUARY 31, 1999
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. . . . . . . . . . . . . . . . $ 280,922 $ 425,777 $ 279,977 $ 13,479 $ 207,442 $ 185,384
____________ ____________ ____________ ____________ ____________ ____________
EXPENSES:
Management fee--Note 2(a) . . . . . . . . . 10,240 15,319 10,334 503 7,877 7,187
Distribution fees--Note 2(b):
Investor Shares . . . . . . . . . . . . . 1,102 1,867 1,709 11 1,489 925
Administrative Shares . . . . . . . . . . 49 30 111 -- 14 54
Participant Shares . . . . . . . . . . . . 249 304 216 611 456 599
____________ ____________ ____________ ____________ ____________ ____________
11,640 17,520 12,370 1,125 9,836 8,765
____________ ____________ ____________ ____________ ____________ ____________
INVESTMENT INCOME-NET. . . . . . . . . . . . . 269,282 408,257 267,607 12,354 197,606 176,619
NET REALIZED GAIN (LOSS)
ON INVESTMENTS--Note 1(b) . . . . . . . . . 41 160 42 3 (150) (154)
____________ ____________ ____________ ____________ ____________ ____________
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS . . . . . . . $ 269,323 $ 408,417 $ 267,649 $ 12,357 $ 197,456 $ 176,465
____________ ____________ ____________ ____________ ____________ ____________
- ---------------------
* From February 27, 1998 (commencement of operations) to January 31, 1999.
SEE NOTES TO FINANCIAL STATEMENTS.
STATEMENT OF OPERATIONS (CONTINUED) YEAR ENDED JANUARY 31, 1999
(AMOUNTS IN THOUSANDS)
Dreyfus Dreyfus Dreyfus
Municipal Cash New York Tax Exempt
Management Municipal Cash Cash
Plus Management Management
______________ ______________ ______________
INVESTMENT INCOME:
Interest Income. . . . . . . . . . . . . . . . $ 8,049 $ 7,719 $ 53,883
______________ ______________ ______________
EXPENSES:
Management fee--Note 2(a) . . . . . . . . . 459 465 3,168
Distribution fees--Note 2(b):
Investor Shares . . . . . . . . . . . . . 113 29 342
Participant Shares . . . . . . . . . . . . 53 3 283
______________ ______________ ______________
625 497 3,793
______________ ______________ ______________
INVESTMENT INCOME-NET. . . . . . . . . . . . . 7,424 7,222 50,090
NET REALIZED GAIN (LOSS)
ON INVESTMENTS--Note 1(b) . . . . . . . . . (19) -- (25)
______________ ______________ ______________
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS . . . . . . . . . $ 7,405 $ 7,222 $ 50,065
______________ ______________ ______________
SEE NOTES TO FINANCIAL STATEMENTS.
STATEMENT OF CHANGES IN NET ASSETS
(AMOUNTS IN THOUSANDS)
Dreyfus Cash Management Dreyfus Cash Management Plus, Inc.
_________________________________________ _________________________________________
Year Ended Year Ended Year Ended Year Ended
January 31, 1999 January 31, 1998 January 31, 1999 January 31, 1998
__________________ __________________ __________________ __________________
OPERATIONS:
Investment income-net. . . . . . . . . . . $ 269,282 $ 204,988 $ 408,257 $ 404,782
Net realized gain (loss) on investments. . 41 (167) 160 (268)
_____________ _____________ _____________ _____________
Net Increase (Decrease) in Net Assets
Resulting from Operations . . . . . . . 269,323 204,821 408,417 404,514
_____________ _____________ _____________ _____________
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income-net:
Institutional Shares . . . . . . . . . . (241,430) (178,237) (364,727) (360,839)
Investor Shares . . . . . . . . . . . . (22,395) (25,868) (38,255) (41,488)
Administrative Shares . . . . . . . . . (2,405) (294) (1,521) (2,073)
Participant Shares . . . . . . . . . . . (3,052) (589) (3,754) (382)
_____________ _____________ _____________ _____________
Total Dividends. . . . . . . . . . . . . . (269,282) (204,988) (408,257) (404,782)
_____________ _____________ _____________ _____________
BENEFICIAL INTEREST/CAPITAL STOCK
TRANSACTIONS ($1.00 per share):
Net proceeds from shares sold:
Institutional Shares . . . . . . . . . . 48,861,503 34,682,738 109,871,838 116,863,482
Investor Shares . . . . . . . . . . . . 5,287,539 4,407,933 4,323,914 5,357,525
Administrative Shares . . . . . . . . . 1,261,335 102,040 480,949 280,224
Participant Shares . . . . . . . . . . . 440,333 197,547 424,349 47,698
Dividends reinvested:
Institutional Shares . . . . . . . . . . 89,059 73,146 184,610 166,893
Investor Shares . . . . . . . . . . . . 8,808 8,116 35,316 39,081
Administrative Shares . . . . . . . . . 2,259 272 1,408 2,066
Participant Shares . . . . . . . . . . . 705 69 3,723 376
Cost of shares redeemed:
Institutional Shares . . . . . . . . . . (46,780,196) (33,411,068) (108,401,543) (116,752,984)
Investor Shares . . . . . . . . . . . . (5,298,435) (4,532,107) (4,419,435) (5,428,045)
Administrative Shares . . . . . . . . . (1,070,731) (100,268) (477,779) (256,395)
Participant Shares . . . . . . . . . . . (474,564) (98,844) (376,397) (33,162)
_____________ _____________ _____________ _____________
Increase (Decrease) in Net Assets From
Beneficial Interest/Capital Stock Transactions . . 2,327,615 1,329,574 1,650,953 286,759
_____________ _____________ _____________ _____________
Total Increase (Decrease) In Net Assets. . 2,327,656 1,329,407 1,651,113 286,491
NET ASSETS:
Beginning of Period . . . . . . . . . . 4,668,306 3,338,899 6,584,934 6,298,443
_____________ _____________ _____________ _____________
End of Period . . . . . . . . . . . . . $ 6,995,962 $ 4,668,306 $ 8,236,047 $ 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
_________________________________________ ____________________
Year Ended Year Ended Period Ended
January 31, 1999 January 31, 1998 January 31, 1999*
__________________ __________________ __________________
OPERATIONS:
Investment income-net. . . . . . . . . . . $ 267,607 $ 286,905 $ 12,354
Net realized gain (loss) on investments. . 42 103 3
___________ ___________ ____________
Net Increase (Decrease) in Net Assets
Resulting from Operations . . . . . . . 267,649 287,008 12,357
___________ ___________ ____________
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income-net:
Institutional Shares . . . . . . . . . . (225,322) (249,660) (4,850)
Investor Shares . . . . . . . . . . . . (33,900) (31,848) (211)
Administrative Shares . . . . . . . . . (5,780) (4,617) (5)
Participant Shares . . . . . . . . . . . (2,605) (780) (7,288)
___________ ___________ ____________
Total Dividends. . . . . . . . . . . . . . (267,607) (286,905) (12,354)
___________ ___________ ____________
BENEFICIAL INTEREST/CAPITAL STOCK
TRANSACTIONS ($1.00 per share):
Net proceeds from shares sold:
Institutional Shares . . . . . . . . . . 49,602,546 68,016,650 379,208
Investor Shares . . . . . . . . . . . . 6,097,984 6,953,533 63,247
Administrative Shares . . . . . . . . . 1,720,949 1,333,889 1,888
Participant Shares . . . . . . . . . . . 1,325,138 700,566 467,483
Dividends reinvested:
Institutional Shares . . . . . . . . . . 117,657 123,493 4,792
Investor Shares . . . . . . . . . . . . 19,873 17,477 205
Administrative Shares . . . . . . . . . 5,251 4,617 5
Participant Shares . . . . . . . . . . . 1,092 158 7,288
Cost of shares redeemed:
Institutional Shares . . . . . . . . . . (49,837,682) (68,568,828) (189,641)
Investor Shares . . . . . . . . . . . . (6,086,055) (6,739,317) (48,804)
Administrative Shares . . . . . . . . . (1,910,484) (1,139,429) ---
Participant Shares . . . . . . . . . . . (1,086,618) (670,428) (311,981)
___________ ___________ ____________
Increase (Decrease) in Net Assets From
Beneficial Interest/Capital Stock Transactions . . (30,349) 32,381 373,690
___________ ___________ ____________
Total Increase (Decrease) In Net Assets. . (30,307) 32,484 373,693
NET ASSETS:
Beginning of Period . . . . . . . . . . 5,182,153 5,149,669 ---
___________ ___________ ____________
End of Period . . . . . . . . . . . . . $ 5,151,846 $ 5,182,153 $ 373,693
___________ ___________ ____________
- -------------------------------
* From February 27, 1998 (commencement of operations) to January 31, 1999.
SEE NOTES TO FINANCIAL STATEMENTS.
STATEMENT OF CHANGES IN NET ASSETS (CONTINUED)
(AMOUNTS IN THOUSANDS)
Dreyfus Treasury Cash Management Dreyfus Treasury Prime Cash Management
______________________________________ _____________________________________
Year Ended Year Ended Year Ended Year Ended
January 31, 1999 January 31, 1998 January 31, 1999 January 31, 1998
__________________ __________________ __________________ __________________
OPERATIONS:
Investment income-net. . . . . . . . . . . $ 197,606 $ 173,408 $ 176,619 $ 173,933
Net realized gain (loss) on investments. . (150) (166) (154) (174)
___________ ___________ ___________ ___________
Net Increase (Decrease) in Net Assets
Resulting from Operations . . . . . . . 197,456 173,242 176,465 173,759
___________ ___________ ___________ ___________
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income-net:
Institutional Shares . . . . . . . . . . (162,619) (147,694) (149,896) (156,045)
Investor Shares . . . . . . . . . . . . (28,980) (23,892) (17,273) (15,583)
Administrative Shares . . . . . . . . . (697) ------ (2,643) (89)
Participant Shares . . . . . . . . . . . (5,310) (1,822) (6,807) (2,216)
___________ ___________ ___________ ___________
Total Dividends. . . . . . . . . . . . . . (197,606) (173,408) (176,619) (173,933)
___________ ___________ ___________ ___________
BENEFICIAL INTEREST/CAPITAL STOCK
TRANSACTIONS ($1.00 per share):
Net proceeds from shares sold:
Institutional Shares . . . . . . . . . . 38,362,478 34,477,411 48,734,997 49,452,206
Investor Shares . . . . . . . . . . . . 5,861,799 4,782,561 2,761,494 2,579,004
Administrative Shares . . . . . . . . . 64,931 -- 138,083 23,372
Participant Shares . . . . . . . . . . . 433,707 466,872 623,336 438,276
Dividends reinvested:
Institutional Shares . . . . . . . . . . 48,428 51,661 55,518 54,113
Investor Shares . . . . . . . . . . . . 6,558 3,646 8,133 8,036
Administrative Shares . . . . . . . . . 695 -- 2,635 89
Participant Shares . . . . . . . . . . . 32 12 1,788 211
Cost of shares redeemed:
Institutional Shares . . . . . . . . . . (38,467,227) (34,256,058) (48,913,555) (49,645,498)
Investor Shares . . . . . . . . . . . . (5,927,383) (4,519,505) (2,639,366) (2,641,415)
Administrative Shares . . . . . . . . . (49,047) -- (91,056) (16,835)
Participant Shares . . . . . . . . . . . (409,592) (365,041) (603,749) (328,179)
___________ ___________ ___________ ___________
Increase (Decrease) in Net Assets From
Beneficial Interest/Capital Stock Transactions . . (74,621) 641,559 78,258 (76,620)
___________ ___________ ___________ ___________
Total Increase (Decrease) In Net Assets. . (74,771) 641,393 78,104 (76,794)
NET ASSETS:
Beginning of Period . . . . . . . . . . 3,620,387 2,978,994 3,327,806 3,404,600
___________ ___________ ___________ ___________
End of Period . . . . . . . . . . . . . $ 3,545,616 $ 3,620,387 $ 3,405,910 $ 3,327,806
___________ ___________ ___________ ___________
</TABLE>
<TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
STATEMENT OF CHANGES IN NET ASSETS (CONTINUED)
(AMOUNTS IN THOUSANDS)
Dreyfus Municipal Cash Dreyfus New York Municipal
Management Plus Cash Management
_________________________________ _________________________________
Year Ended Year Ended Year Ended Year Ended
January 31, 1999 January 31, 1998 January 31, 1999 January 31, 1998
________________ ________________ ________________ ________________
<S> <C> <C> <C> <C>
OPERATIONS:
Investment income--net . . $ 7,424 $ 6,981 $ 7,222 $ 5,884
Net realized gain (loss) on investments (19) 10 -- 2
___________ ___________ ___________ ___________
Net Increase (Decrease) in Net Assets
Resulting from Operations . 7,405 6,991 7,222 5,886
___________ ___________ ___________ ___________
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income--net:
Institutional Shares . . (5,648) (5,442) (6,863) (5,449)
Investor Shares . . . . (1,390) (1,446) (341) (415)
Administrative Shares . -- -- -- --
Participant Shares . . . (386) (93) (18) (20)
___________ ___________ ___________ ___________
Total Dividends. . . . . . (7,424) (6,981) (7,222) (5,884)
___________ ___________ ___________ ___________
BENEFICIAL INTEREST/CAPITAL STOCK
TRANSACTIONS ($1.00 per share)
Net proceeds from shares sold:
Institutional Shares . . 883,430 1,113,031 1,624,729 891,378
Investor Shares . . . . 345,655 424,744 3,447 16,643
Administrative Shares . -- -- -- --
Participant Shares . . . 61,282 13,945 1,280 2,647
Dividends reinvested:
Institutional Shares . . 4,737 4,708 1,533 718
Investor Shares . . . . 1,303 1,423 335 415
Administrative Shares . -- -- -- --
Participant Shares . . . 4 1 17 20
Cost of shares redeemed:
Institutional Shares . . (813,864) (1,142,899) (1,553,680) (829,122)
Investor Shares . . . . (343,904) (445,727) (8,205) (12,415)
Administrative Shares . -- -- -- --
Participant Shares . . . (52,532) (7,258) (1,325) (2,020)
___________ ___________ ___________ ___________
Increase (Decrease) in Net Assets From
Beneficial Interest/Capital Stock
Transactions . . . . . 86,111 (38,032) 68,131 68,264
___________ ___________ ___________ ___________
Total Increase (Decrease)
In Net Assets 86,092 (38,022) 68,131 68,266
NET ASSETS:
Beginning of Period . . 187,602 225,624 209,350 141,084
___________ ___________ ___________ ___________
End of Period . . . . . $ 273,694 $ 187,602 $ 277,481 $ 209,350
___________ ___________ ___________ ___________
</TABLE>
<TABLE>
Dreyfus Tax Exempt
Cash Management
__________________________________
Year Ended Year Ended
January 31, 1999 January 31, 1988
________________ ________________
<S> <C> <C>
OPERATIONS:
Investment income--net . . $ 50,090 $ 53,529
Net realized gain (loss) on investments (25) (20)
___________ ___________
Net Increase (Decrease) in Net Assets
Resulting from Operations . 50,065 53,509
___________ ___________
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income--net:
Institutional Shares . . (44,051) (48,702)
Investor Shares . . . . (4,038) (4,121)
Administrative Shares . (14) (11)
Participant Shares . . . (1,987) (695)
___________ ___________
Total Dividends. . . . . . (50,090) (53,529)
___________ ___________
BENEFICIAL INTEREST/CAPITAL STOCK
TRANSACTIONS ($1.00 per share)
Net proceeds from shares sold:
Institutional Shares . . 9,297,174 9,580,808
Investor Shares . . . . 572,355 520,894
Administrative Shares . 2,192 730
Participant Shares . . . 181,208 120,370
Dividends reinvested:
Institutional Shares . . 13,945 14,683
Investor Shares . . . . 596 869
Administrative Shares . 14 --
Participant Shares . . . 19 1
Cost of shares redeemed:
Institutional Shares . . (9,344,669) (9,922,162)
Investor Shares . . . . (561,192) (417,072)
Administrative Shares . (1,645) (41)
Participant Shares . . . (179,862) (48,545)
___________ ___________
Increase (Decrease) in Net Assets From
Beneficial Interest/Capital Stock
Transactions . . . . . (19,865) (149,465)
___________ ___________
Total Increase (Decrease)
In Net Assets (19,890) (149,485)
NET ASSETS:
Beginning of Period . . 1,541,097 1,690,582
___________ ___________
End of Period . . . . . $1,521,207 $1,541,097
___________ ___________
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
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
___________________________________
Net Asset Dividends Net Asset
Value Net from Net Value Total
Beginning Investment Investment End Investment
of Period Income Income of Period Return
________ ________ ________ ________ ________
<S> <C> <C> <C> <C> <C>
DREYFUS CASH MANAGEMENT
Institutional Shares
-----------
Year Ended January 31,
1999 . . . . . . . . . . . . . . . $1.00 $.053 $(.053) $1.00 5.45%
1998 . . . . . . . . . . . . . . . 1.00 .054 (.054) 1.00 5.58
1997 . . . . . . . . . . . . . . . 1.00 .053 (.053) 1.00 5.39
1996 . . . . . . . . . . . . . . . 1.00 .059 (.059) 1.00 6.03
1995 . . . . . . . . . . . . . . . 1.00 .042 (.042) 1.00 4.28
Investor Shares
-------------
Year Ended January 31,
1999 . . . . . . . . . . . . . . . 1.00 .051 (.051) 1.00 5.19
1998 . . . . . . . . . . . . . . . 1.00 .052 (.052) 1.00 5.31
1997 . . . . . . . . . . . . . . . 1.00 .050 (.050) 1.00 5.13
1996 . . . . . . . . . . . . . . . 1.00 .056 (.056) 1.00 5.76
1995 . . . . . . . . . . . . . . . 1.00 .040 (.040) 1.00 4.03
Administrative Shares
-------------------
Year Ended January 31, 1999 . . . . 1.00 .052 (.052) 1.00 5.34
Year Ended January 31, 1998 . . . . 1.00 .053 (.053) 1.00 5.48
Period Ended January 31, 1997 (1) . 1.00 .010 (.010) 1.00 5.22*
Participant Shares
----------------
Year Ended January 31, 1999 . . . . 1.00 .049 (.049) 1.00 5.03
Year Ended January 31, 1998 . . . . 1.00 .050 (.050) 1.00 5.16
Period Ended January 31, 1997 (1) . 1.00 .010 (.010) 1.00 4.92*
- ---------------------------------------------------------------------------------------------
DREYFUS CASH MANAGEMENT PLUS, INC.
Institutional Shares
----------
Year Ended January 31,
1999 . . . . . . . . . . . . . . . $1.00 $.054 $(.054) $1.00 5.50%
1998 . . . . . . . . . . . . . . . 1.00 .055 (.055) 1.00 5.64
Period Ended January 31, 1997 (3) . 1.00 .018 (.018) 1.00 5.34*
Year Ended September 30,
1996 . . . . . . . . . . . . . . . 1.00 .055 (.055) 1.00 5.59
1995 . . . . . . . . . . . . . . . 1.00 .057 (.057) 1.00 5.86
1994 . . . . . . . . . . . . . . . 1.00 .036 (.036) 1.00 3.65
Investor Shares
-------------
Year Ended January 31,
1999 . . . . . . . . . . . . . . . 1.00 .051 (.051) 1.00 5.24
1998 . . . . . . . . . . . . . . . 1.00 .053 (.053) 1.00 5.38
Period Ended January 31, 1997 (3) . 1.00 .017 (.017) 1.00 5.10*
Year Ended September 30,
1996 . . . . . . . . . . . . . . . 1.00 .052 (.052) 1.00 5.33
1995 . . . . . . . . . . . . . . . 1.00 .055 (.055) 1.00 5.61
1994 (4) . . . . . . . . . . . . . 1.00 .025 (.025) 1.00 3.61*
Administrative Shares
-------------------
Year Ended January 31,
1999 . . . . . . . . . . . . . . . 1.00 .053 (.053) 1.00 5.39
1998 . . . . . . . . . . . . . . . 1.00 .054 (.054) 1.00 5.54
Period Ended January 31, 1997 (1) . 1.00 .010 (.010) 1.00 5.22*
Participant Shares
----------------
Year Ended January 31,
1999 . . . . . . . . . . . . . . . 1.00 .050 (.050) 1.00 5.07
1998 . . . . . . . . . . . . . . . 1.00 .051 (.051) 1.00 5.22
Period Ended January 31, 1997 (1) . 1.00 .010 (.010) 1.00 4.92*
- -------------------------------
</TABLE>
<TABLE>
Ratios/Supplemental Data
____________________________________________
Decrease
Ratio of Net reflected
Ratio of Investment in expense Net Assets
Expenses Income to ratios due to End of
to Average Average undertaking by Period
Net Assets Net Assets the Manager (in millions)
_________ _________ ____________ _________
<S> <C> <C> <C> <C>
DREYFUS CASH MANAGEMENT
Institutional Shares
-----------
Year Ended January 31,
1999 . . . . . . . . . . . . . . . .20% 5.32% -- $6,273
1998 . . . . . . . . . . . . . . . .20 5.45 -- 4,103
1997 . . . . . . . . . . . . . . . .20 5.27 -- 2,758
1996 . . . . . . . . . . . . . . . .20 5.86 -- 2,443
1995 . . . . . . . . . . . . . . . .20 4.08 -- 1,817
Investor Shares
-------------
Year Ended January 31,
1999 . . . . . . . . . . . . . . . .45 5.07 -- 462
1998 . . . . . . . . . . . . . . . .45 5.18 -- 464
1997 . . . . . . . . . . . . . . . .45 5.02 -- 581
1996 . . . . . . . . . . . . . . . .45 5.54 -- 430
1995 . . . . . . . . . . . . . . . .45 3.94 -- 85
Administrative Shares
-------------------
Year Ended January 31, 1999 . . . . .30 5.22 -- 195
Year Ended January 31, 1998 . . . . .30 5.37 -- 2
Period Ended January 31, 1997 (1) . .30* 3.74* -- -- (2)
Participant Shares
----------------
Year Ended January 31, 1999 . . . . .60 4.92 -- 65
Year Ended January 31, 1998 . . . . .60 5.21 -- 99
Period Ended January 31, 1997 (1) . .60* 3.84* -- -- (2)
- ----------------------------------------------------------------------------
DREYFUS CASH MANAGEMENT PLUS, INC.
Institutional Shares
----------
Year Ended January 31,
1999 . . . . . . . . . . . . . . . .20% 5.36% -- $7,448
1998 . . . . . . . . . . . . . . . .20 5.50 -- 5,793
Period Ended January 31, 1997 (3) . .20* 5.32* -- 5,516
Year Ended September 30,
1996 . . . . . . . . . . . . . . . .20 5.46 -- 4,766
1995 . . . . . . . . . . . . . . . .20 5.81 -- 4,405
1994 . . . . . . . . . . . . . . . .20 3.49 .01% 1,893
Investor Shares
-------------
Year Ended January 31,
1999 . . . . . . . . . . . . . . . .45 5.12 -- 690
1998 . . . . . . . . . . . . . . . .45 5.25 -- 750
Period Ended January 31, 1997 (3) . .45* 5.07* -- 782
Year Ended September 30,
1996 . . . . . . . . . . . . . . . .45 5.19 -- 629
1995 . . . . . . . . . . . . . . . .45 5.66 -- 352
1994 (4) . . . . . . . . . . . . . .45* 4.00* -- 6
Administrative Shares
-------------------
Year Ended January 31,
1999 . . . . . . . . . . . . . . . .30 5.26 -- 31
1998 . . . . . . . . . . . . . . . .30 5.40 -- 26
Period Ended January 31, 1997 (1) . .30* 4.99* -- -- (2)
Participant Shares
----------------
Year Ended January 31,
1999 . . . . . . . . . . . . . . . .60 4.96 -- 67
1998 . . . . . . . . . . . . . . . .60 5.10 -- 15
Period Ended January 31, 1997 (1) . .60* 4.78* -- -- (2)
- -------------------------------
</TABLE>
* Annualized.
(1) From November 21, 1996 (commencement of initial offering) to January 31,
1997.
(2) Amount represents less than $1 million.
(3) The Fund changed its fiscal year end from September 30 to January 31.
(4) From January 24, 1994 (commencement of initial offering) to September 30,
1994.
SEE NOTES TO FINANCIAL STATEMENTS.
FINANCIAL HIGHLIGHTS (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>
Per Share Data
____________________________________________
Net Asset Dividends Net Asset
Value Net from Net Value Total
Beginning Investment Investment End Investment
of Period Income Income of Period Return
__________ __________ __________ __________ __________
<S> <C> <C> <C> <C> <C>
DREYFUS GOVERNMENT CASH MANAGEMENT
Institutional Shares
-----------
Year Ended January 31,
1999 . . . . . . . . . . . . . . . . $1.00 $ .052 $(.052) $ 1.00 5.35%
1998 . . . . . . . . . . . . . . . . 1.00 .054 (.054) 1.00 5.55
1997 . . . . . . . . . . . . . . . . 1.00 .053 (.053) 1.00 5.38
1996 . . . . . . . . . . . . . . . . 1.00 .059 (.059) 1.00 6.01
1995 . . . . . . . . . . . . . . . . 1.00 .041 (.041) 1.00 4.21
Investor Shares
-------------
Year Ended January 31,
1999 . . . . . . . . . . . . . . . . 1.00 .050 (.050) 1.00 5.08
1998 . . . . . . . . . . . . . . . . 1.00 .052 (.052) 1.00 5.28
1997 . . . . . . . . . . . . . . . . 1.00 .050 (.050) 1.00 5.12
1996 . . . . . . . . . . . . . . . . 1.00 .056 (.056) 1.00 5.75
1995 . . . . . . . . . . . . . . . . 1.00 .039 (.039) 1.00 3.95
Administrative Shares
-------------------
Year Ended January 31,
1999 . . . . . . . . . . . . . . . . 1.00 .051 (.051) 1.00 5.24
1998 . . . . . . . . . . . . . . . . 1.00 .053 (.053) 1.00 5.44
Period Ended January 31, 1997 (1) . . 1.00 .010 (.010) 1.00 5.17*
Participant Shares
----------------
Year Ended January 31,
1999 . . . . . . . . . . . . . . . . 1.00 .048 (.048) 1.00 4.93
1998 . . . . . . . . . . . . . . . . 1.00 .050 (.050) 1.00 5.13
Period Ended January 31, 1997 (1) . . 1.00 .001 (.001) 1.00 4.87*
- ------------------------------------------------------------------------------------------------------
DREYFUS GOVERNMENT PRIME CASH MANAGEMENT
Institutional Shares
-----------
Period Ended January 31, 1999(3) . . . $1.00 $.048 $(.048) $1.00 5.33%*
Investor Shares
-------------
Period Ended January 31, 1999(3) . . . 1.00 .046 (.046) 1.00 5.06*
Administrative Shares
-------------------
Period Ended January 31, 1999(3) . . . 1.00 .047 (.047) 1.00 5.22*
Participant Shares
----------------
Period Ended January 31, 1999(3) . . . 1.00 .045 (.045) 1.00 4.90*
- -------------------------------
Ratios/Supplemental Data
________________________________
</TABLE>
<TABLE>
Ratio of Net
Ratio of Investment Net Assets
Expenses Income to End of
to Average Average Period
Net Assets Net Assets (in millions)
__________ ___________ __________
<S> <C> <C> <C>
DREYFUS GOVERNMENT CASH MANAGEMENT
Institutional Shares
-----------
Year Ended January 31,
1999 . . . . . . . . . . . . . . . . .20% 5.22% $4,019
1998 . . . . . . . . . . . . . . . . .20 5.41 4,137
1997 . . . . . . . . . . . . . . . . .20 5.25 4,565
1996 . . . . . . . . . . . . . . . . .20 5.83 4,778
1995 . . . . . . . . . . . . . . . . .20 4.04 2,797
Investor Shares
-------------
Year Ended January 31,
1999 . . . . . . . . . . . . . . . . .45 4.96 811
1998 . . . . . . . . . . . . . . . . .45 5.16 779
1997 . . . . . . . . . . . . . . . . .45 5.01 547
1996 . . . . . . . . . . . . . . . . .45 5.49 452
1995 . . . . . . . . . . . . . . . . .45 4.22 40
Administrative Shares
-------------------
Year Ended January 31,
1999 . . . . . . . . . . . . . . . . .30 5.12 52
1998 . . . . . . . . . . . . . . . . .30 5.31 236
Period Ended January 31, 1997 (1) . . .30* 5.15* 37
Participant Shares
----------------
Year Ended January 31,
1999 . . . . . . . . . . . . . . . . .60 4.81 270
1998 . . . . . . . . . . . . . . . . .60 5.01 31
Period Ended January 31, 1997 (1) . . .60* 4.85* -- (2)
- ------------------------------------------------------------------
DREYFUS GOVERNMENT PRIME CASH MANAGEMENT
Institutional Shares
-----------
Period Ended January 31, 1999(3) . . . .20%* 5.20%* $ 194
Investor Shares
-------------
Period Ended January 31, 1999(3) . . . .45* 4.95* 15
Administrative Shares
-------------------
Period Ended January 31, 1999(3) . . . .30* 5.10* 2
Participant Shares
----------------
Period Ended January 31, 1999(3) . . . .60* 4.80* 163
- -------------------------------
</TABLE>
* Annualized.
(1) From November 21, 1996 (commencement of initial offering) to January 31,
1997.
(2) Amount represents less than $1 million.
(3) From February 27, 1998 (commencement of operations) to January 31, 1999.
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>
Per Share Data
___________________________________
Net Asset Dividends Net Asset
Value Net from Net Value Total
Beginning Investment Investment End Investment
of Period Income Income of Period Return
________ ________ ________ ________ ________
<S> <C> <C> <C> <C> <C>
DREYFUS TREASURY CASH MANAGEMENT
Institutional Shares
-----------
Year Ended January 31,
1999 . . . . . . . . . . . . . . . $1.00 $.051 $(.051) $1.00 5.21%
1998 . . . . . . . . . . . . . . . 1.00 .053 (.053) 1.00 5.42
Six Months Ended January 31, 1997 (1) 1.00 .026 (.026) 1.00 5.20*
Year Ended July 31,
1996 . . . . . . . . . . . . . . . 1.00 .054 (.054) 1.00 5.51
1995 . . . . . . . . . . . . . . . 1.00 .052 (.052) 1.00 5.34
1994 . . . . . . . . . . . . . . . 1.00 .032 (.032) 1.00 3.27
Investor Shares
-------------
Year Ended January 31,
1999 . . . . . . . . . . . . . . . 1.00 .048 (.048) 1.00 4.95
1998 . . . . . . . . . . . . . . . 1.00 .051 (.051) 1.00 5.17
Six Months Ended January 31, 1997 (1) 1.00 .025 (.025) 1.00 4.96*
Year Ended July 31,
1996 . . . . . . . . . . . . . . . 1.00 .051 (.051) 1.00 5.25
1995 . . . . . . . . . . . . . . . 1.00 .050 (.050) 1.00 5.08
1994(2) . . . . . . . . . . . . . 1.00 .018 (.018) 1.00 3.22*
Administrative Shares
-------------------
Year Ended January 31,
1999 . . . . . . . . . . . . . . . 1.00 .050 (.050) 1.00 5.10
1998 . . . . . . . . . . . . . . . 1.00 .052 (.052) 1.00 5.32
Period Ended January 31, 1997 (3) . 1.00 .010 (.010) 1.00 5.07*
Participant Shares
----------------
Year Ended January 31,
1999 . . . . . . . . . . . . . . . 1.00 .047 (.047) 1.00 4.79
1998 . . . . . . . . . . . . . . . 1.00 .049 (.049) 1.00 5.00
Period Ended January 31, 1997 (3) . 1.00 .009 (.009) 1.00 4.77*
- ---------------------------------------------------------------------------------------------
DREYFUS TREASURY PRIME CASH MANAGEMENT
Institutional Shares
-----------
Year Ended January 31,
1999 . . . . . . . . . . . . . . . $1.00 $.050 $(.050) $1.00 5.07%
1998 . . . . . . . . . . . . . . . 1.00 .052 (.052) 1.00 5.30
Period Ended January 31, 1997 (5) . 1.00 .047 (.047) 1.00 5.16*
Year Ended February 28/29,
1996 . . . . . . . . . . . . . . . 1.00 .055 (.055) 1.00 5.65
1995 . . . . . . . . . . . . . . . 1.00 .043 (.043) 1.00 4.39
1994 . . . . . . . . . . . . . . . 1.00 .030 (.030) 1.00 3.02
Investor Shares
-------------
Year Ended January 31,
1999 . . . . . . . . . . . . . . . 1.00 .047 (.047) 1.00 4.81
1998 . . . . . . . . . . . . . . . 1.00 .049 (.049) 1.00 5.03
Period Ended January 31, 1997 (5) . 1.00 .044 (.044) 1.00 4.88*
Year Ended February 28/29,
1996 . . . . . . . . . . . . . . . 1.00 .053 (.053) 1.00 5.39
1995 . . . . . . . . . . . . . . . 1.00 .041 (.041) 1.00 4.13
1994 (6) . . . . . . . . . . . . . 1.00 .004 (.004) 1.00 2.77*
Administrative Shares
-------------------
Year Ended January 31,
1999 . . . . . . . . . . . . . . . 1.00 .049 (.049) 1.00 4.97
1998 . . . . . . . . . . . . . . . 1.00 .051 (.051) 1.00 5.19
Period Ended January 31, 1997 (3) . 1.00 .010 (.010) 1.00 4.97*
Participant Shares
----------------
Year Ended January 31,
1999 . . . . . . . . . . . . . . . 1.00 .046 (.046) 1.00 4.65
1998 . . . . . . . . . . . . . . . 1.00 .048 (.048) 1.00 4.88
Period Ended January 31, 1997 (3) . 1.00 .009 (.009) 1.00 4.66*
- -------------------------------
</TABLE>
<TABLE>
Ratios/Supplemental Data
____________________________________________
Decrease
Ratio of Net reflected
Ratio of Investment in expense Net Assets
Expenses Income to ratios due to End of
to Average Average undertaking by Period
Net Assets Net Assets the Manager (in millions)
_________ _________ ____________ _________
<S> <C> <C> <C> <C>
DREYFUS TREASURY CASH MANAGEMENT
Institutional Shares
-----------
Year Ended January 31,
1999 . . . . . . . . . . . . . . . .20% 5.09% -- $2,865
1998 . . . . . . . . . . . . . . . .20 5.30 -- 2,921
Six Months Ended January 31, 1997 (1) .20* 5.14* -- 2,649
Year Ended July 31,
1996 . . . . . . . . . . . . . . . .20 5.35 -- 2,420
1995 . . . . . . . . . . . . . . . .20 5.22 -- 1,951
1994 . . . . . . . . . . . . . . . .20 3.18 .01% 1,983
Investor Shares
-------------
Year Ended January 31,
1999 . . . . . . . . . . . . . . . .45 4.84 -- 538
1998 . . . . . . . . . . . . . . . .45 5.07 -- 597
Six Months Ended January 31, 1997 (1) .45* 4.89* -- 330
Year Ended July 31,
1996 . . . . . . . . . . . . . . . .45 5.05 -- 238
1995 . . . . . . . . . . . . . . . .45 5.24 -- 39
1994(2) . . . . . . . . . . . . . .45* 3.33* -- 21
Administrative Shares
-------------------
Year Ended January 31,
1999 . . . . . . . . . . . . . . . .30 4.99 -- 17
1998 . . . . . . . . . . . . . . . .30 5.20 -- -- (4)
Period Ended January 31, 1997 (3) . .30* 4.25* -- -- (4)
Participant Shares
----------------
Year Ended January 31,
1999 . . . . . . . . . . . . . . . .60 4.68 -- 126
1998 . . . . . . . . . . . . . . . .60 4.90 -- 102
Period Ended January 31, 1997 (3) . .60* 4.20* -- -- (4)
- ---------------------------------------------------------------------------
DREYFUS TREASURY PRIME CASH MANAGEMENT
Institutional Shares
-----------
Year Ended January 31,
1999 . . . . . . . . . . . . . . . .20% 4.96% $2,784
1998 . . . . . . . . . . . . . . . .20 5.17 -- 2,907
Period Ended January 31, 1997 (5) . .20* 5.05* -- 3,047
Year Ended February 28/29,
1996 . . . . . . . . . . . . . . . .20 5.53 -- 2,904
1995 . . . . . . . . . . . . . . . .20 4.26 -- 3,342
1994 . . . . . . . . . . . . . . . .20 2.99 .02% 4,442
Investor Shares
-------------
Year Ended January 31,
1999 . . . . . . . . . . . . . . . .45 4.71 434
1998 . . . . . . . . . . . . . . . .45 4.91 -- 304
Period Ended January 31, 1997 (5) . .45* 4.80* -- 358
Year Ended February 28/29,
1996 . . . . . . . . . . . . . . . .45 5.21 -- 256
1995 . . . . . . . . . . . . . . . .45 4.26 -- 123
1994 (6) . . . . . . . . . . . . . .45* 2.78* -- 54
Administrative Shares
-------------------
Year Ended January 31,
1999 . . . . . . . . . . . . . . . .30 4.86 56
1998 . . . . . . . . . . . . . . . .30 5.10 -- 7
Period Ended January 31, 1997 (3) . .30* 4.91* -- -- (4)
Participant Shares
----------------
Year Ended January 31,
1999 . . . . . . . . . . . . . . . .60 4.56 132
1998 . . . . . . . . . . . . . . . .60 4.79 -- 110
Period Ended January 31, 1997 (3) . .60* 4.70* -- -- (4)
- -------------------------------
</TABLE>
* 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.
<TABLE>
Per Share Data
____________________________________________
Net Asset Dividends Net Asset
Value Net from Net Value Total
Beginning Investment Investment End Investment
of Period Income Income of Period Return
__________ __________ __________ __________ __________
<S> <C> <C> <C> <C> <C>
DREYFUS MUNICIPAL CASH MANAGEMENT PLUS
Institutional Shares
-----------
Year Ended January 31,
1999 . . . . . . . . . . . . . . . $1.00 $ .033 $(.033) $1.00 3.37%
1998 . . . . . . . . . . . . . . . 1.00 .035 (.035) 1.00 3.59
Period Ended January 31, 1997 (1) . 1.00 .003 (.003) 1.00 3.41*
Year Ended December 31,
1996 . . . . . . . . . . . . . . . 1.00 .034 (.034) 1.00 3.43
1995 . . . . . . . . . . . . . . . 1.00 .038 (.038) 1.00 3.85
1994 . . . . . . . . . . . . . . . 1.00 .027 (.027) 1.00 2.76
Investor Shares
-------------
Year Ended January 31,
1999 . . . . . . . . . . . . . . . 1.00 .031 (.031) 1.00 3.12
1998 . . . . . . . . . . . . . . . 1.00 .033 (.033) 1.00 3.34
Period Ended January 31, 1997 (1) . 1.00 .003 (.003) 1.00 3.18*
Year Ended December 31,
1996 . . . . . . . . . . . . . . . 1.00 .031 (.031) 1.00 3.18
1995 . . . . . . . . . . . . . . . 1.00 .035 (.035) 1.00 3.60
1994 . . . . . . . . . . . . . . . 1.00 .025 (.025) 1.00 2.51
Administrative Shares
-------------------
Year Ended January 31,
1999 . . . . . . . . . . . . . . . 1.00 .032 (.032) 1.00 3.27
1998 . . . . . . . . . . . . . . . 1.00 .034 (.034) 1.00 3.49
Period Ended January 31, 1997 (1) . 1.00 .003 (.003) 1.00 3.30*
Period Ended December 31, 1996 (2) . . 1.00 .004 (.004) 1.00 3.38*
Participant Shares
----------------
Year Ended January 31,
1999 . . . . . . . . . . . . . . . 1.00 .029 (.029) 1.00 2.97
1998 . . . . . . . . . . . . . . . 1.00 .031 (.031) 1.00 3.18
Period Ended January 31, 1997 (1) . 1.00 .003 (.003) 1.00 2.94*
Period Ended December 31, 1996 (2) . . 1.00 .004 (.004) 1.00 3.12*
- -------------------------------
</TABLE>
<TABLE>
Ratios/Supplemental Data
________________________________
Ratio of Net
Ratio of Investment Net Assets
Expenses Income to End of
to Average Average Period
Net Assets Net Assets (in millions)
__________ ___________ __________
<S> <C> <C> <C>
DREYFUS MUNICIPAL CASH MANAGEMENT PLUS
Institutional Shares
-----------
Year Ended January 31,
1999 . . . . . . . . . . . . . . . .20% 3.31% $208
1998 . . . . . . . . . . . . . . . .20 3.53 134
Period Ended January 31, 1997 (1) . .20* 3.38* 159
Year Ended December 31,
1996 . . . . . . . . . . . . . . . .20 3.38 156
1995 . . . . . . . . . . . . . . . .20 3.78 194
1994 . . . . . . . . . . . . . . . .20 2.62 193
Investor Shares
-------------
Year Ended January 31,
1999 . . . . . . . . . . . . . . . .45 3.07 50
1998 . . . . . . . . . . . . . . . .45 3.26 47
Period Ended January 31, 1997 (1) . .45* 3.13* 67
Year Ended December 31,
1996 . . . . . . . . . . . . . . . .45 3.14 46
1995 . . . . . . . . . . . . . . . .45 3.51 23
1994 . . . . . . . . . . . . . . . .45 2.43 1
Administrative Shares
-------------------
Year Ended January 31,
1999 . . . . . . . . . . . . . . . .30 3.54 -- (3)
1998 . . . . . . . . . . . . . . . .30 3.53 -- (3)
Period Ended January 31, 1997 (1) . .30* 3.64* -- (3)
Period Ended December 31, 1996 (2) . . .30* 3.73* -- (3)
Participant Shares
----------------
Year Ended January 31,
1999 . . . . . . . . . . . . . . . .60 2.91 15
1998 . . . . . . . . . . . . . . . .60 3.17 7
Period Ended January 31, 1997 (1) . .60* 3.17* -- (3)
Period Ended December 31, 1996 (2) . . .60* 3.55* -- (3)
- -------------------------------
</TABLE>
* Annualized.
(1) The Fund changed its fiscal year end from December 31 to January 31.
(2) From November 21, 1996 (commencement of initial offering) to December 31,
1996.
(3) 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.
<TABLE>
Per Share Data
___________________________________
Net Asset Dividends Net Asset Ratio of
Value Net from Net Value Total Expenses
Beginning Investment Investment End Investment to Average
of Period Income Income of Period Return Net Assets
________ ________ ________ ________ ________ _________
<S> <C> <C> <C> <C> <C> <C>
DREYFUS NEW YORK MUNICIPAL CASH MANAGEMENT
Institutional Shares
-----------
Year Ended January 31,
1999 . . . . . . . . . . . . . . . $1.00 $ .031 $(.031) $1.00 3.19% .20%
1998 . . . . . . . . . . . . . . . 1.00 .034 (.034) 1.00 3.46 .20
Six Months Ended January 31, 1997 (1) 1.00 .017 (.017) 1.00 3.29* .20*
Year Ended July 31,
1996 . . . . . . . . . . . . . . . 1.00 .034 (.034) 1.00 3.44 .20
1995 . . . . . . . . . . . . . . . 1.00 .034 (.034) 1.00 3.46 .20
1994 . . . . . . . . . . . . . . . 1.00 .022 (.022) 1.00 2.23 .20
Investor Shares
-------------
Year Ended January 31,
1999 . . . . . . . . . . . . . . . 1.00 .029 (.029) 1.00 2.93 .45
1998 . . . . . . . . . . . . . . . 1.00 .032 (.032) 1.00 3.20 .45
Six Months Ended January 31, 1997 (1) 1.00 .015 (.015) 1.00 3.04* .45*
Year Ended July 31,
1996 . . . . . . . . . . . . . . . 1.00 .031 (.031) 1.00 3.18 .45
1995 . . . . . . . . . . . . . . . 1.00 .032 (.032) 1.00 3.20 .45
1994 (2) . . . . . . . . . . . . . 1.00 .011 (.011) 1.00 2.02* .45*
Administrative Shares
-------------------
Year Ended January 31,
1999 . . . . . . . . . . . . . . . 1.00 .030 (.030) 1.00 3.09 .30
1998 . . . . . . . . . . . . . . . 1.00 .033 (.033) 1.00 3.35 .30
Period Ended January 31, 1997 (3) . 1.00 .006 (.006) 1.00 3.24* .30*
Participant Shares
----------------
Year Ended January 31,
1999 . . . . . . . . . . . . . . . 1.00 .027 (.027) 1.00 2.78 .60
1998 . . . . . . . . . . . . . . . 1.00 .030 (.030) 1.00 3.05 .60
Period Ended January 31, 1997 (3) . 1.00 .006 (.006) 1.00 2.94* .60*
- -------------------------------------------------------------------------------------------------------
DREYFUS TAX EXEMPT CASH MANAGEMENT
Institutional Shares
-----------
Year Ended January 31,
1999 . . . . . . . . . . . . . . . $1.00 $ .032 $(.032) $1.00 3.26% .20%
1998 . . . . . . . . . . . . . . . 1.00 .034 (.034) 1.00 3.50 .20
1997 . . . . . . . . . . . . . . . 1.00 .033 (.033) 1.00 3.31 .20
1996 . . . . . . . . . . . . . . . 1.00 .037 (.037) 1.00 3.72 .20
1995 . . . . . . . . . . . . . . . 1.00 .028 (.028) 1.00 2.83 .20
Investor Shares
-------------
Year Ended January 31,
1999 . . . . . . . . . . . . . . . 1.00 .030 (.030) 1.00 3.00 .45
1998 . . . . . . . . . . . . . . . 1.00 .032 (.032) 1.00 3.24 .45
1997 . . . . . . . . . . . . . . . 1.00 .030 (.030) 1.00 3.05 .45
1996 . . . . . . . . . . . . . . . 1.00 .034 (.034) 1.00 3.46 .45
1995 . . . . . . . . . . . . . . . 1.00 .025 (.025) 1.00 2.57 .45
Administrative Shares
-------------------
Year Ended January 31,
1999 . . . . . . . . . . . . . . . 1.00 .031 (.031) 1.00 3.15 .30
1998 . . . . . . . . . . . . . . . 1.00 .033 (.033) 1.00 3.39 .30
Period Ended January 31, 1997 (3) . 1.00 .006 (.006) 1.00 3.24* .30*
Participant Shares
----------------
Year Ended January 31,
1999 . . . . . . . . . . . . . . . 1.00 .028 (.028) 1.00 2.85 .60
1998 . . . . . . . . . . . . . . . 1.00 .030 (.030) 1.00 3.09 .60
Period Ended January 31, 1997 (3) . 1.00 .006 (.006) 1.00 2.94* .60*
- -------------------------------
</TABLE>
<TABLE>
Ratios/Supplemental Data
___________________________________
Decrease
Ratio of Net reflected
Investment in expense Net Assets
Income to ratios due to End of
Average undertaking by Period
Net Assets the Manager (in millions)
_________ ____________ _________
<S> <C> <C> <C>
DREYFUS NEW YORK MUNICIPAL CASH MANAGEMENT
Institutional Shares
-----------
Year Ended January 31,
1999 . . . . . . . . . . . . . . . 3.12% -- $ 268
1998 . . . . . . . . . . . . . . . 3.40 -- 196
Six Months Ended January 31, 1997 (1) 3.28* -- 133
Year Ended July 31,
1996 . . . . . . . . . . . . . . . 3.33 -- 132
1995 . . . . . . . . . . . . . . . 3.42 -- 101
1994 . . . . . . . . . . . . . . . 2.18 .06% 83
Investor Shares
-------------
Year Ended January 31,
1999 . . . . . . . . . . . . . . . 2.92 9
1998 . . . . . . . . . . . . . . . 3.17 -- 13
Six Months Ended January 31, 1997 (1) 3.03* -- 8
Year Ended July 31,
1996 . . . . . . . . . . . . . . . 3.09 -- 14
1995 . . . . . . . . . . . . . . . 2.81 -- 6
1994 (2) . . . . . . . . . . . . . 2.12* -- 53
Administrative Shares
-------------------
Year Ended January 31,
1999 . . . . . . . . . . . . . . . 3.02 -- -- (4)
1998 . . . . . . . . . . . . . . . 3.30 -- -- (4)
Period Ended January 31, 1997 (3) . 3.24* -- -- (4)
Participant Shares
----------------
Year Ended January 31,
1999 . . . . . . . . . . . . . . . 2.72 1
1998 . . . . . . . . . . . . . . . 3.01 -- 1
Period Ended January 31, 1997 (3) . 2.88* -- -- (4)
- -----------------------------------------------------------------
DREYFUS TAX EXEMPT CASH MANAGEMENT
Institutional Shares
-----------
Year Ended January 31,
1999 . . . . . . . . . . . . . . . 3.20% -- $1,286
1998 . . . . . . . . . . . . . . . 3.44 -- 1,319
1997 . . . . . . . . . . . . . . . 3.25 -- 1,646
1996 . . . . . . . . . . . . . . . 3.64 -- 1,366
1995 . . . . . . . . . . . . . . . 2.73 -- 1,299
Investor Shares
-------------
Year Ended January 31,
1999 . . . . . . . . . . . . . . . 2.96 -- 161
1998 . . . . . . . . . . . . . . . 3.22 -- 149
1997 . . . . . . . . . . . . . . . 2.98 -- 44
1996 . . . . . . . . . . . . . . . 3.39 -- 80
1995 . . . . . . . . . . . . . . . 2.74 -- 47
Administrative Shares
-------------------
Year Ended January 31,
1999 . . . . . . . . . . . . . . . 2.95 -- 1
1998 . . . . . . . . . . . . . . . 3.35 -- 1
Period Ended January 31, 1997 (3) . 3.54* -- -- (4)
Participant Shares
----------------
Year Ended January 31,
1999 . . . . . . . . . . . . . . . 2.81 -- 73
1998 . . . . . . . . . . . . . . . 3.08 -- 72
Period Ended January 31, 1997 (3) . 3.29* -- -- (4)
- -------------------------------
* Annualized.
(1) The Fund changed its fiscal year end from July 31 to January 31.
(2) From January 18, 1994 (commencement of initial offering) to January 31,
1994.
(3) From November 21, 1996 (commencement of initial offering) to January 31,
1997.
(4) Amount represents less than $1 million.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
NOTES TO FINANCIAL STATEMENTS
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, as amended (the "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 $1.00.
Each Fund' s financial statements are prepared in accordance with generally
accepted accounting principles which may require the use of management estimates
and assumptions. Actual results could differ from those estimates.
(A) PORTFOLIO VALUATION: Investments in securities are valued at amortized
cost, which has been determined by the Fund's Board Members to represent the
fair value of each Fund's investments.
(B) SECURITIES TRANSACTIONS AND INVESTMENT INCOME: Securities transactions are
recorded on a trade date basis. Realized gain and loss from securities
transactions are recorded on the identified cost basis. Interest income,
adjusted for amortization of premiums and original issue discount on
investments, is earned from settlement date and recognized on the accrual basis.
Cost of investments represents amortized cost. Under the terms of the custody
agreement, each Fund receives net earnings credits based on available cash
balances left on deposit. The following Funds received net earnings credits
during the period ended January 31, 1999 based on available cash balances left
on deposit:
Dreyfus Government Prime Cash Management . . . . . . . . .$ 3,543
Dreyfus Municipal Cash Management Plus . . . . . . . . . . $ 23,498
Dreyfus Tax Exempt Cash Management . . . . . . . . . . . . .$103,150
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.
(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 of 1986,
as amended (the "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.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
(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 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, 1999. The carryover does not
include net realized securities losses from November 1, 1998 through January 31,
1999 which are treated, for Federal income tax purposes, as arising in fiscal
2000:
<TABLE>
EXPIRING IN FISCAL ($000)
_____________________________________________________
FUND 2002 2003 2004 2005 2006 2007 TOTAL
_____ _____ _____ _____ _____ _____ ______ _____
<S> <C> <C> <C> <C> <C> <C> <C>
Dreyfus Cash Management. . . . . . . . . . . . . . . . . . . . . . . . -- $157 -- $122 $179 -- $458
Dreyfus Cash Management Plus, Inc. . . . . . . . . . . . . . . . . . . -- $708 $ 41 -- $221 -- $970
Dreyfus Government Cash Management . . . . . . . . . . . . . . . . . . -- $147 -- $526 -- $ 24 $697
Dreyfus Treasury Cash Management . . . . . . . . . . . . . . . . . . . -- $ 23 $185 $135 $ 74 $186 $603
Dreyfus Treasury Prime Cash Management . . . . . . . . . . . . . . . . -- $ 7 $116 $ 20 $ 72 $198 $413
Dreyfus Municipal Cash Management Plus . . . . . . . . . . . . . . . . $134 $ 13 $ 6 $ 17 -- $ 18 $188
Dreyfus New York Municipal Cash Management . . . . . . . . . . . . . . -- $ 3 -- $ 3 -- -- $ 6
Dreyfus Tax Exempt Cash Management . . . . . . . . . . . . . . . . . . -- $177 $112 $156 $ 43 $ 25 $513
</TABLE>
At January 31, 1999, the cost of investments for Federal income tax purposes
was substantially the same as the cost for financial reporting purposes (see the
Statements of Investments).
NOTE 2--MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES:
(A) Pursuant to separate management agreements with the Manager, the
management fee of each Fund is computed at the annual rate of
. 20 of 1% of the value of such Fund's average daily net assets and is payable
monthly.
Unless the Manager gives a Fund's investors 90 days notice to the contrary,
the Manager, and not the Fund, will be liable for Fund expenses (exclusive of
taxes, brokerage, interest on borrowings and extraordinary expenses) other than
the following expenses, which will be borne by the Fund: the management fee, and
with respect to the Fund' s Administrative Shares, Investor Shares and
Participant Shares, Rule 12b-1 Service Plan expenses.
(B) Under each Fund's Service Plan (the "Plan") adopted pursuant to Rule 12b-1
under the Act, relating to its Administrative Shares, Investor Shares and
Participant Shares, each Fund (a) reimburses the Distributor for distributing
such classes of shares and (b) pays the Manager, Dreyfus Service Corporation, a
wholly-owned subsidiary of the Manager, and their affiliates (collectively,
" Dreyfus") for advertising and marketing relating to such classes of shares and
for providing certain services relating to shareholder accounts in such classes
of shares, such as answering shareholder inquiries regarding the Fund and
providing reports and other information, and services related to the maintenance
of shareholder accounts ("Servicing"), at an aggregate annual rate of .10, .25
and .40 of 1% of the value of the average daily net assets of Administrative
Shares, Investor Shares and Participant Shares, respectively. Both the
Distributor and Dreyfus may pay one or more Service Agents (a securities dealer,
financial institution or other industry professional) a fee in respect of a
Fund' s Administrative Shares, Investor Shares and Participant Shares owned by
shareholders with whom the Service Agent has a Servicing relationship or for
whom the Service Agent is the dealer or holder of record. Both the Distributor
and Dreyfus determine the amounts, if any, to be paid to Service Agents under
the Plan and the basis on which such payments are made. The fees payable under
each Plan are payable without regard to actual expenses incurred.
(C) Each Fund (except for Dreyfus New York Municipal Cash Management) pays its
Board members an annual fee of $3,000 and an attendance fee of $500 per meeting.
Dreyfus New York Municipal Cash Management pays its Board members an annual fee
of $1,000 and an attendance fee of $500 per meeting. These amounts are borne by
the Manager as to each Fund pursuant to the undertakings in effect. See Note
2(a).
NOTE 3--CAPITAL SHARE TRANSACTIONS:
Each Fund (except for Dreyfus Cash Management Plus, Inc.) is authorized to
issue an unlimited number of $.001 par value shares of Beneficial Interest.
Dreyfus Cash Management Plus, Inc. is authorized to issue 15 billion shares of
$.001 par value Common Stock.
DREYFUS CASH MANAGEMENT FUNDS
- ------------------------------------------------------------------------------
REPORT OF ERNST & YOUNG LLP, INDEPENDENT AUDITORS
SHAREHOLDERS AND BOARD OF TRUSTEES/DIRECTORS
DREYFUS CASH MANAGEMENT
DREYFUS CASH MANAGEMENT PLUS, INC.
DREYFUS GOVERNMENT CASH MANAGEMENT
DREYFUS GOVERNMENT PRIME CASH MANAGEMENT
DREYFUS MUNICIPAL CASH MANAGEMENT PLUS
DREYFUS NEW YORK MUNICIPAL CASH MANAGEMENT
DREYFUS TAX EXEMPT CASH MANAGEMENT
DREYFUS TREASURY CASH MANAGEMENT
DREYFUS TREASURY PRIME CASH MANAGEMENT
We have audited the accompanying statement of assets and liabilities,
including the statements of investments, of Dreyfus Cash Management, Dreyfus
Cash Management Plus, Inc., Dreyfus Government Cash Management, Dreyfus
Government Prime Cash Management, Dreyfus Municipal Cash Management Plus,
Dreyfus New York Municipal Cash Management, Dreyfus Tax Exempt Cash Management,
Dreyfus Treasury Cash Management and Dreyfus Treasury Prime Cash Management as
of January 31, 1999, and the related statements of operations and changes in net
assets and financial highlights for each of the periods indicated therein. These
financial statements and financial highlights are the responsibility of the
Fund' s management. Our responsibility is to express an opinion on these
financial statements and financial highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements and financial highlights. Our procedures included confirmation of
securities owned as of January 31, 1999 by correspondence with the custodians
and others. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of each
of the Funds referred to above as of January 31, 1999, and the results of their
operations, the changes in their net assets and the financial highlights for
each of the indicated periods, in conformity with generally accepted accounting
principles.
New York, New York
March 17, 1999
DREYFUS CASH MANAGEMENT FUNDS
- ------------------------------------------------------------------------------
IMPORTANT TAX INFORMATION (UNAUDITED)
In accordance with Federal tax law, Dreyfus Tax Exempt Cash Management,
Dreyfus Municipal Cash Management Plus and Dreyfus New York Municipal Cash
Management hereby make the following designations regarding the dividends paid
from investment income-net during their fiscal year ended January 31, 1999:
-- all the dividends paid from investment income-net are exempt-interest
dividends (not generally subject to regular Federal income taxes).
-- for individuals who are residents of New York, exempt-interest dividends
paid by Dreyfus New York Municipal Cash Management are also not subject to New
York State and New York City personal income tax.
For State individual income tax purposes Dreyfus Government Cash Management,
Dreyfus Goverment Prime Cash Management, Dreyfus Treasury Cash Management and
Dreyfus Treasury Prime Cash Management hereby designate the following percentage
of ordinary dividends paid during the fiscal year ended January 31, 1999 as
attributable to interest income from direct obligations of the United States.
Such dividends are currently exempt from taxation for income tax purposes in
most states, including New York, California and the District of Columbia:
Dreyfus Government Cash Management 56.78%
Dreyfus Government Prime Cash Management 99.92%
Dreyfus Treasury Cash Management 33.47%
Dreyfus Treasury Prime Cash Management 100.00%
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
JANUARY 31, 1999
DREYFUS
Dreyfus
[Dreyfus runclose lion logo]
