Dreyfus
Cash Management
Funds
Dreyfus Cash Management
Dreyfus Cash Management Plus
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
SEMIANNUAL REPORTS July 31, 1999
The Funds
Dreyfus Cash Management Funds
LETTER FROM THE PRESIDENT
Dear Shareholder:
We are pleased to present this semiannual report for the Dreyfus Cash Management
Funds covering each fund' s six-month reporting period from February 1, 1999
through July 31, 1999. Inside, you'll find valuable information about how the
funds were managed during the reporting period, including discussions with
Patricia A. Larkin, portfolio manager for each taxable fund, and Karen Hand,
portfolio manager for each tax-exempt fund.
After remaining relatively steady during the first quarter of 1999, yields on
both taxable and tax-exempt money market securities rose in the second quarter
in response to expectations that the Federal Reserve Board would raise
short-term interest rates. On June 30, the Federal Reserve raised rates by
one-quarter of a percentage point amid stronger-than-expected global and
domestic economic growth. The Fed's objective in raising rates was to forestall
a potential resurgence of inflationary pressures. This increase effectively
reversed a portion of the Federal Reserve's previous rate cuts, which were
implemented last fall in an attempt to stimulate global economic growth
Effective September 8, 1999, it is anticipated that Colleen Meehan will assume
portfolio management responsibilities for Dreyfus Municipal Cash Management
Plus, Dreyfus New York Municipal Cash Management, and Dreyfus Tax Exempt Cash
Management. Ms. Meehan is a member of Dreyfus' tax-exempt investment team, and
we would anticipate no changes in the funds' management approach. Ms. Meehan
would succeed Ms. Hand, who resigned her position to pursue a different career.
We appreciate your confidence over the past six months, and we look forward to
your continued participation.
Sincerely,
[Stephen E. Canter signature]
Stephen E. Canter
President and Chief Investment Officer
The Dreyfus Corporation
August 10, 1999
Contents
The Funds
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Letter from the President INSIDE COVER
Discussion of Performance 3
Statements of Investments 7
Statements of Assets and Liabilities 30
Statements of Operations 32
Statements of Changes in Net Assets 34
Financial Highlights 38
Notes to Financial Statements 46
For More Information
- --------------------------------------------------------------------------------
Back cover
Year 2000 Issues (Unaudited)
The funds could be adversely affected if the computer systems used by The
Dreyfus Corporation and the funds' 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 funds
invest may be adversely affected by Year 2000-related problems. This could have
an impact on the value of the funds' investments and their share prices.
The views expressed herein are current to the date of this report. These views
and the composition of the funds' portfolios are subject to change at any time
based on market and other conditions.
* Not FDIC-Insured
* Not Bank-Guaranteed
* May Lose Value
DISCUSSION OF PERFORMANCE
Patricia A. Larkin, Senior Portfolio Manager
Dreyfus Cash Management Funds (Taxable)
How did the taxable Dreyfus Cash Management Funds perform during the period?
For the six-month period ended July 31, 1999, each fund produced the following
annualized yields and annualized effective yields (taking into account the
effects of compounding):(1)
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Annualized Annualized
Yield Effective Yield
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DREYFUS CASH MANAGEMENT
Institutional Shares 4.77% 4.88%
Investor Shares 4.52% 4.62%
Administrative Shares 4.67% 4.78%
Participant Shares 4.38% 4.46%
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DREYFUS CASH MANAGEMENT PLUS
Institutional Shares 4.86% 4.97%
Investor Shares 4.61% 4.71%
Administrative Shares 4.76% 4.87%
Participant Shares 4.46% 4.55%
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DREYFUS GOVERNMENT CASH MANAGEMENT
Institutional Shares 4.71% 4.82%
Investor Shares 4.46% 4.55%
Administrative Shares 4.61% 4.71%
Participant Shares 4.31% 4.40%
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DREYFUS GOVERNMENT PRIME CASH MANAGEMENT
Institutional Shares 4.73% 4.84%
Investor Shares 4.49% 4.58%
Administrative Shares 4.64% 4.74%
Participant Shares 4.34% 4.42%
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DREYFUS TREASURY CASH MANAGEMENT
Institutional Shares 4.57% 4.67%
Investor Shares 4.32% 4.41%
Administrative Shares 4.47% 4.56%
Participant Shares 4.17% 4.25%
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DREYFUS TREASURY PRIME CASH MANAGEMENT
Institutional Shares 4.46% 4.55%
Investor Shares 4.20% 4.28%
Administrative Shares 4.35% 4.44%
Participant Shares 4.05% 4.13%
What is each fund's investment approach?
There are many factors we consider when managing these funds. We closely monitor
the outlook for growth and inflation. We also follow overseas developments for
any influence they may have on the domestic economy. The posture of the Federal
Reserve Board is also a key determinant in our decision as to how best to
structure the funds.
Generally, we actively manage the average maturity of the funds in an effort to
take advantage of expected changes in interest rates based upon our economic
outlook. For example, if we believe that interest rates are likely to fall, we
typically will lengthen our average maturity in order to lock in today's higher
rates. Conversely, in a rising interest rate environment, we typically will
shorten our maturities in order to be able to reinvest at higher rates in the
future.
The Dreyfus Cash Management and Dreyfus Treasury Cash Management have triple-A
credit ratings from Standard & Poor's and Moody's, and to maintain this rating
each fund has a maximum average maturity of 60 days. Dreyfus Treasury Prime Cash
Management invests solely in U.S. Treasury securities. Dreyfus Government Prime
Cash Management invests solely in short-term securities issued or guaranteed by
agencies of the U.S. government. Dreyfus Government Cash Management invests in
the same types of government securities as well as repurchase agreements backed
by such securities. Finally, Dreyfus Cash Management Plus can invest in the
broadest array of money market securities.
What other factors influenced each fund's performance?
When the six-month reporting period began on February 1, 1999, evidence began to
emerge that economies around the world had seen the worst of the currency and
credit crisis that affected Asian, Russian and Latin American markets over the
preceding six months. In the wake of that market turmoil, the Federal Reserve
had reduced short-term interest rates in an attempt to provide liquidity and
stimulate economic growth. Its strategy appears to have worked, because concerns
arose in the first The Funds
DISCUSSION OF PERFORMANCE (CONTINUED)
quarter of 1999 that global and domestic factors may be pushing the U.S. economy
towards unsustainable growth.
Between February and May, conflicting economic signals allowed short-term rates
to remain relatively stable while longer-term bond yields rose. Those signals
included signs of economic strength in the consumer sector of the economy and
relative weakness in the industrial sector. As a result, most investors saw no
compelling reason for the Federal Reserve to either increase interest rates to
dampen growth, or to reduce rates in an attempt to stimulate growth.
In June, however, it became clearer that economic growth in the world's major
industrialized nations was clearly improving. The U.S. economy continued to move
ahead briskly, evidenced by a strong rebound in manufacturing output that showed
signs of gaining momentum. Consumer confidence was at a 30-year high. Employment
was strong, with hourly wages rising. Because of concerns that overly rapid
economic growth might lead to destructive inflationary pressure, the Federal
Reserve increased interest rates on June 30 by one-quarter of a percentage
point, effectively offsetting a portion of last fall's rate cuts.
What is each fund's current strategy?
Over most of the reporting period, the funds benefited from our commitment to a
longer-than-average maturity. That' s because interest rates did not begin to
rise until the second quarter of the year. Consequently, as long as interest
rates remained relatively stable, longer maturities enhanced returns by locking
in prevailing yields.
However, when it became clear that robust economic growth was likely to lead to
higher interest rates, we began to reduce the funds' average maturities in order
to keep cash available for higher yielding instruments. Since June, we have
adopted a somewhat less aggressive stance, gradually reducing the average
maturity of our investments. In an uncertain market with the potential for
further tightening at the Federal Reserve's next meeting in late August, we
adopted this more cautious approach, while still seeking opportunities to
capture additional yield as such opportunities arise.
August 10, 1999
(1) ANNUALIZED EFFECTIVE YIELD IS BASED UPON DIVIDENDS DECLARED DAILY AND
REINVESTED MONTHLY. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. YIELDS
FLUCTUATE. AN INVESTMENT IN EACH FUND IS NOT INSURED OR GUARANTEED BY THE FDIC
OR ANY OTHER GOVERNMENT AGENCY. ALTHOUGH EACH FUND SEEKS TO PRESERVE THE VALUE
OF YOUR INVESTMENT AT $1.00 PER SHARE, IT IS POSSIBLE TO LOSE MONEY BY INVESTING
IN A FUND.
DISCUSSION OF PERFORMANCE
Karen Hand, Portfolio Manager Dreyfus Cash Management Funds (Tax-Exempt)
How did the tax-exempt Dreyfus Cash Management Funds perform during the period
For the six-month period ended July 31, 1999, each fund produced the following
annualized yields and annualized effective yields (taking into account the
effects of compounding):(1)
- --------------------------------------------------------------------------------
Annualized Annualized
Yield Effective Yield
- --------------------------------------------------------------------------------
DREYFUS MUNICIPAL CASH MANAGEMENT PLUS
Institutional Shares 2.97% 3.01%
Investor Shares 2.72% 2.75%
Administrative Shares 2.87% 2.90%
Participant Shares 2.57% 2.60%
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DREYFUS NEW YORK MUNICIPAL CASH MANAGEMENT
Institutional Shares 2.79% 2.83%
Investor Shares 2.54% 2.57%
Administrative Shares 2.69% 2.72%
Participant Shares 2.39% 2.42%
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DREYFUS TAX EXEMPT CASH MANAGEMENT
Institutional Shares 2.92% 2.96%
Investor Shares 2.68% 2.71%
Administrative Shares 2.80% 2.83%
Participant Shares 2.53% 2.55%
What is each fund's investment approach?
Our goal is to seek as high a level of tax-exempt income as is practical while
maintaining a stable $1.00 share price. This includes income exempt from federal
income taxes and, for the New York fund, New York state and city taxes as well.
To achieve these objectives, we employ two primary strategies. First, we attempt
to add value by constructing a diverse portfolio of high-quality, tax-exempt
money market instruments that we believe are likely to provide high current
yields. Second, we actively manage the funds' average maturity in anticipation
of interest rate trends and supply-and-demand changes in the short-term
municipal marketplace.
For example, if we expect supply to increase temporarily when many
municipalities issue short-term debt at once -- as they tend to do in July, for
example -- we may reduce the funds' average maturity to make cash available for
the purchase of higher yielding securities. That's because yields tend to rise
if many issuers are competing for investor interest. If we expect demand to
surge at a time when we anticipate little issuance and, therefore, lower yields
- -- as often happens in January -- we may increase the funds' average maturity to
maintain current yields for as long as practical. At other times, we try to
maintain an average maturity that reflects our view of short-term interest rate
trends.
What other factors influenced each fund's performance?
When the six-month reporting period began on February 1, 1999, evidence began to
emerge that economies around the world had seen the worst of the global currency
and credit crisis. In the wake of that market turmoil, the Federal Reserve Board
had reduced short-term interest rates in an attempt to stimulate economic
growth. Its strategy appears to have worked, because concerns arose in the first
quarter of 1999 that the U.S. economy might be growing too quickly.
Between February and May, indications of economic strength in the consumer
sector of the economy were contradicted by relative weakness in the industrial
sector. As a result, most investors saw no compelling reason for the Federal
Reserve to either increase interest rates to dampen growth, or to reduce rates
to stimulate growth.
In June, however, it became clearer that economic growth in the world's major
industrialized nations was clearly improving. In the U.S., consumer confidence
was at a 30-year high. Employment was strong, with hourly wages rising. In
response, the Federal Reserve increased interest rates on June 30 by one-quarter
of a percentage point, effectively offsetting a portion of last fall's rate
cuts.
The Funds
Because they have enjoyed higher tax revenues during this period of economic
prosperity, many municipalities have had less need to borrow. Yet, demand from
investors seeking to minimize their income tax liabilities remained high. This
imbalance between supply and demand contributed to relatively stable short-term
tax-exempt yields in 1999.
What is each fund's current strategy?
We continue to focus on high-quality money market instruments from a wide array
of tax-exempt issuers in the national funds, and of course from among New York
exempt issues in the New York fund. Some of the most frequently used instruments
include Variable Rate Demand Notes (VRDNs), which are issued by investment banks
through the securitization of longer-term municipal bonds. With a put feature
attached to each VRDN, of either one or seven days, we believe that VRDNs afford
a high degree of liquidity as well as high quality to the portfolio.
Accordingly, as of July 31, 1999, at least 45% of each fund was composed of
VRDNs. The remainder was comprised of municipal notes and tax-exempt commercial
paper.
By adopting a longer-than-average maturity, our strategy has been to capture
higher-than-average yields for as long as possible while maintaining the fund's
stable share price.
August 10, 1999
(1) ANNUALIZED EFFECTIVE YIELD IS BASED UPON DIVIDENDS DECLARED DAILY AND
REINVESTED MONTHLY. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. YIELDS
FLUCTUATE. FOR THE NATIONAL FUNDS, INCOME MAY BE SUBJECT TO STATE AND LOCAL
TAXES AND SOME INCOME MAY BE SUBJECT TO THE FEDERAL ALTERNATIVE MINIMUM TAX
(AMT) FOR CERTAIN INVESTORS. IN THE NEW YORK FUND, FOR NEW YORK TAXPAYERS, ALL
OF THE INCOME IS EXEMPT FROM FEDERAL, STATE, AND LOCAL TAXES, ALTHOUGH SOME
INCOME MAY BE SUBJECT TO THE FEDERAL AMT. AN INVESTMENT IN ANY OF THE FUNDS IS
NOT INSURED OR GUARANTEED BY THE FDIC OR ANY OTHER GOVERNMENT AGENCY. ALTHOUGH
EACH FUND SEEKS TO PRESERVE THE VALUE OF YOUR INVESTMENT AT $1.00 PER SHARE, IT
IS POSSIBLE TO LOSE MONEY BY INVESTING IN A FUND.
<TABLE>
STATEMENT OF INVESTMENTS
July 31, 1999 (Unaudited)
Principal
DREYFUS CASH MANAGEMENT Amount ($) Value ($)
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<S> <C> <C>
NEGOTIABLE BANK CERTIFICATES OF DEPOSIT--8.7%
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Crestar Bank (Yankee)
5.25%, 1/19/2000 50,000,000 (a) 50,000,000
Fifth Third Bank
5.12%, 9/16/1999 76,000,000 76,003,499
First Tennessee Bank
5.07%, 8/20/1999 30,000,000 30,000,000
First Union National Bank
4.93%, 9/2/1999 75,000,000 75,031,983
Fleet National Bank
4.95%, 9/22/1999 25,000,000 25,001,505
Harris Trust & Savings Bank
5.15%, 10/18/1999 100,000,000 100,000,000
Michigan National Bank
5.04%-5.17%, 11/24/1999-3/27/2000 45,000,000 44,999,499
South Trust N.A.
5.02%, 9/2/1999 90,000,000 89,999,723
TOTAL NEGOTIABLE BANK CERTIFICATES OF DEPOSIT
(cost $491,036,209) 491,036,209
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COMMERCIAL PAPER--57.6%
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Abbey National North America
5.01%, 9/8/1999 100,000,000 99,477,500
Associates Corp. of North America
5.10%, 8/2/1999 120,000,000 119,983,000
Atlantis One Funding Corp.
4.87%-5.04%, 8/2/1999-9/20/1999 296,918,000 296,120,594
BCI Funding Corp.
5.07%, 8/23/1999 60,000,000 59,815,567
BankAmerica Corp.
5.60%, 2/25/2000 50,000,000 48,437,111
CBA (Delaware) Finance Inc.
5.14%, 9/24/1999 72,000,000 71,452,440
Canadian Imperial Holdings Inc.
5.04%-5.26%, 8/17/1999-11/8/1999 150,000,000 148,468,283
DaimlerChrysler N.A. Holdings Inc.
4.94%-5.24%, 8/23/1999-10/12/1999 235,000,000 233,659,200
Deutsche Bank Financial Inc.
5.14%, 9/21/1999 75,000,000 74,461,313
General Electric Capital Corp.
4.98%-5.27%, 8/17/1999-11/12/1999 290,000,000 288,513,175
General Electric Capital Services Inc.
5.06%-5.27%, 8/17/1999-11/12/1999 280,000,000 278,096,572
Goldman Sachs Group L.P.
4.96%-5.21%, 10/1/1999-10/14/1999 217,000,000 214,967,441
Internationale Nederlanden (U.S.) Funding Corp.
5.13%-5.20%, 9/27/1999-10/21/1999 265,000,000 262,247,933
Madison Funding Corp.
5.15%, 8/18/1999 32,425,000 32,346,757
Merrill Lynch & Co. Inc.
5.12%, 9/22/1999 100,000,000 99,266,222
The Funds
STATEMENT OF INVESTMENTS (CONTINUED)
July 31, 1999 (Unaudited)
Principal
DREYFUS CASH MANAGEMENT (CONTINUED) Amount ($) Value ($)
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COMMERCIAL PAPER (CONTINUED)
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Morgan (J.P.) & Co.
5.05%-5.29%, 11/15/1999-11/24/1999 155,000,000 152,596,542
Prudential Funding Corp.
5.08%, 8/2/1999 100,000,000 99,985,889
Salomon Smith Barney Holdings Corp.
5.09%-5.17%, 8/20/1999-10/14/1999 280,000,000 278,379,278
Santander Finance Inc.
5.15%, 9/23/1999 100,000,000 99,249,166
UBS Finance Inc.
5.10%, 8/2/1999 100,000,000 99,985,833
Vereinsbank Finance
4.91%, 8/16/1999 200,000,000 199,600,833
TOTAL COMMERCIAL PAPER
(cost $3,257,110,649) 3,257,110,649
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CORPORATE NOTES--7.2%
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Citigroup Inc.
5.30%-5.33%, 2/3/2000 175,000,000 (a) 175,073,329
Key Bank N.A.
5.12%, 9/23/1999 50,000,000 (a) 49,998,583
Merrill Lynch & Co. Inc.
4.96%, 2/4/2000 50,000,000 (a) 50,000,000
Morgan (J.P.) & Co.
5.03%, 2/7/2000 60,000,000 (a) 60,000,000
Wells Fargo & Co.
5.07%-5.23%, 3/31/2000-4/3/2000 72,000,000 (a) 72,002,016
TOTAL CORPORATE NOTES
(cost $407,073,928) 407,073,928
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SHORT-TERM BANK NOTES--10.8%
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First Union National Bank
5.31%, 10/25/1999 100,000,000 (a) 100,000,000
Harris Trust & Savings Bank
5.02%, 1/24/2000 20,000,000 20,000,000
LaSalle National Bank
5.06%-5.23%, 8/10/1999-3/27/2000 260,000,000 259,977,460
Nationsbank N.A.
5.04%-5.13%, 11/22/1999-2/3/2000 230,000,000 230,000,000
TOTAL SHORT-TERM BANK NOTES
(cost $609,977,460) 609,977,460
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U.S. GOVERNMENT AGENCIES--13.7%
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Federal Farm Credit Banks, Floating Rate Notes
5.07%-5.10%, 12/28/1999-1/28/2000 225,000,000 (a) 225,000,000
Federal Home Loan Banks, Discount Notes
4.97%, 8/2/1999 25,000,000 24,996,549
Federal Home Loan Banks, Floating Rate Notes
5.09%-5.10%, 2/3/2000-4/14/2000 225,000,000 (a) 224,960,502
Federal National Mortgage Association, Floating Rate Notes
5.04%, 1/18/2000 100,000,000 (a) 100,000,000
Principal
DREYFUS CASH MANAGEMENT (CONTINUED) Amount ($) Value ($)
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U.S. GOVERNMENT AGENCIES (CONTINUED)
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Student Loan Marketing Association, Floating Rate Notes
5.10%, 2/25/2000 198,000,000 (a) 197,944,713
TOTAL U.S. GOVERNMENT AGENCIES
(cost $772,901,764) 772,901,764
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TIME DEPOSITS--1.7%
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Republic National Bank of New York (London)
5.02%, 8/2/1999
(cost $98,684,000) 98,684,000 98,684,000
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TOTAL INVESTMENTS
(cost $5,636,784,010) 99.7% 5,636,784,010
CASH AND RECEIVABLES (NET) .3% 19,465,389
NET ASSETS 100.0% 5,656,249,399
(A) VARIABLE INTEREST RATE--SUBJECT PERIODIC CHANGE.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
The Funds
<TABLE>
STATEMENT OF INVESTMENTS
July 31, 1999 (Unaudited)
Principal
DREYFUS CASH MANAGEMENT PLUS, INC. Amount ($) Value ($)
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<S> <C> <C>
NEGOTIABLE BANK CERTIFICATES OF DEPOSIT--36.4%
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ABN-AMRO Bank N.V. (Yankee)
5.19%, 4/24/2000 125,000,000 (a) 124,946,518
Abbey National PLC (Yankee)
5.20%, 12/9/1999 50,000,000 50,000,000
Abbey National Treasury Services (London)
5.17%, 10/4/1999 100,000,000 100,019,306
Bank of Austria AG (Yankee)
5.01%-5.42%, 1/6/2000-5/22/2000 255,000,000 254,962,070
Banque Nationale de Paris (London)
5.02%, 8/9/1999 25,000,000 24,999,464
Barclay's Bank (Yankee)
5.19%, 4/10/2000 (a) 100,000,000 99,965,532
Canadian Imperial Bank of Commerce (Yankee)
5.03%, 1/27/2000 50,000,000 49,992,072
Cariplo Finance Inc. (Yankee)
5.02%, 8/23/1999 50,000,000 49,998,301
Commerzbank AG (Yankee)
4.99%-5.29%, 1/25/2000-5/12/2000 475,000,000 474,882,131
Deutsche Bank AG (London)
5.00%, 11/9/1999 50,000,000 49,997,731
Deutsche Bank AG (Yankee)
5.01%-5.20%, 9/9/1999-4/10/2000(a) 380,000,000 379,918,322
Landesbank Hessen-Thuringen-Girozentrale (Yankee)
5.07%, 2/29/2000 10,000,000 10,006,306
Istituto Bancario San Paolo Di Torino (Yankee)
5.15%, 5/16/2000 10,000,000 9,997,703
Merita Bank PLC (Yankee)
5.04%, 9/9/1999 100,000,000 100,000,000
Michigan National Bank
5.15%, 4/10/2000 25,000,000 24,996,662
Morgan Guaranty Trust Co
5.00%, 12/10/1999 50,000,000 50,000,000
National Westminster Bank (London)
5.23%, 11/8/1999 10,000,000 10,000,540
Royal Bank of Canada (Yankee)
5.02%-5.19%, 1/24/2000-4/27/2000.. 200,000,000 (a) 199,944,548
Societe Generale (Yankee)
5.02%-5.72%, 8/6/1999-1/7/2000 95,000,000 94,996,771
Svenska Handelsbanken (London)
4.91%-5.20%, 10/1/1999-10/8/1999 175,000,000 175,022,185
Svenska Handelsbanken (Yankee)
5.40%, 5/22/2000 100,000,000 99,968,932
SwedBank (Yankee)
5.06%, 11/24/1999 100,000,000 100,003,114
Toronto Dominion Holdings ( Yankee)
5.19%, 4/10/1999 100,000,000 (a) 99,964,484
Union Bank of California
4.94%, 10/12/1999 100,000,000 100,000,000
Principal
DREYFUS CASH MANAGEMENT PLUS, INC. (CONTINUED) Amount ($) Value ($)
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NEGOTIABLE BANK CERTIFICATES OF DEPOSIT (CONTINUED)
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Westdeutsche Landesbank Girozentrale (London)
5.00%, 8/9/1999 45,000,000 44,999,050
TOTAL NEGOTIABLE BANK CERTIFICATES OF DEPOSIT
(cost $2,779,581,742) 2,779,581,742
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COMMERCIAL PAPER--35.7%
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Abbey National North America
4.91%, 8/11/1999 100,000,000 99,866,944
BCI Funding Corp.
5.04%, 9/8/1999 59,000,000 58,689,857
Canadian Imperial Holdings
5.04%, 8/18/1999 199,000,000 198,530,328
Ciesco. L.P.
5.06%, 8/19/1999 75,000,000 74,811,750
DaimlerChrysler North America Holdings Corp.
5.12%-5.24%, 9/17/1999-10/13/1999 160,000,000 158,785,817
Donaldson, Lufkin & Jenrette Inc.
5.02%-5.30%, 8/9/1999-10/1/1999 35,000,000 34,829,020
Finova Capital Corp.
5.05%-5.30%, 10/28/1999-2/14/2000 175,000,000 174,700,556
General Electric Capital Services Corp.
4.95%, 9/7/1999. 50,000,000 49,749,222
HSBC Americas, Inc.
5.02%, 10/1/1999 50,000,000 49,589,944
Heller Financial Inc.
5.00%-5.27%, 8/20/1999-10/20/1999 125,000,000 124,082,729
Hertz Corp.
4.90%, 8/6/1999 50,000,000 49,966,528
International Nederlanden (US) Funding Corp.
5.15%, 9/7/1999 100,000,000 99,474,806
Key Corp
5.13%, 8/3/1999-8/12/1999 50,000,000 49,953,868
Lehman Brothers Holdings Inc.
5.40%-5.41%, 8/5/1999-8/12/1999 400,000,000 399,715,085
Merita North America Inc.
5.03%, 9/9/1999 50,000,000 49,731,008
Morgan (J.P.) & Co.
5.53%-5.59%, 2/14/2000-3/13/2000 100,000,000 96,860,389
Nordbanken N.A. Inc.
4.92%, 10/12/1999 50,000,000 49,520,000
Paine Webber Group Inc.
5.08%, 10/12/1999 25,000,000 24,752,500
Salomon Smith Barney Holdings Inc.
5.08%-5.12%, 8/18/1999-9/13/1999 349,000,000 347,907,300
Societe Generale NA Inc.
4.91%, 8/9/1999 100,000,000 99,893,444
Spintab AB
5.04%, 10/04/1999 70,000,000 69,390,222
The Funds
STATEMENT OF INVESTMENTS (CONTINUED)
July 31, 1999 (Unaudited) (CONTINUED)
Principal
DREYFUS CASH MANAGEMENT PLUS, INC. (CONTINUED) Amount ($) Value ($)
- ------------------------------------------------------------------------------------------------------------------------------------
COMMERCIAL PAPER (CONTINUED)
- ------------------------------------------------------------------------------------------------------------------------------------
SwedBank Inc.
4.94%-5.27%, 8/9/1999-11/19/1999 164,000,000 162,012,924
UBS Finance (DE) Inc.
5.00%-5.10%, 8/2/1999-12/13/1999 200,000,000 198,180,556
TOTAL COMMERCIAL PAPER
(cost $2,720,994,797) 2,720,994,797
- ------------------------------------------------------------------------------------------------------------------------------------
CORPORATE NOTES--10.1%
- ------------------------------------------------------------------------------------------------------------------------------------
Bear Stearns Companies Inc.
5.21%, 1/14/2000 25,000,000 (a) 25,004,649
CIT Group Holdings, Inc.
5.12%-5.25%, 9/21/1999-2/24/2000 235,000,000 (a) 234,961,599
Merrill Lynch & Co. Inc.
5.17%-5.20%, 10/13/1999-11/3/1999 200,000,000 (a) 200,000,000
Morgan (J.P.) & Co., Inc.
5.03%, 2/7/2000 50,000,000 50,000,000
Paine Webber Group Inc.
5.38%-6.16%, 10/21/1999-4/19/2000 116,500,000 (a) 116,500,000
Salomon Smith Barney Holdings Inc.
5.25%, 10/28/1999 127,000,000 (a) 127,000,000
Wells Fargo & Co.
5.26%, 4/3/2000 19,000,000 18,998,688
TOTAL CORPORATE NOTES
(cost $772,464,936) 772,464,936
- ------------------------------------------------------------------------------------------------------------------------------------
PROMISSORY NOTES--6.0%
- ------------------------------------------------------------------------------------------------------------------------------------
Goldman Sachs Group L.P.
5.00%-5.08%, 9/8/1999-10/18/1999
(cost $460,000,000) 460,000,000 (b,c) 460,000,000
- ------------------------------------------------------------------------------------------------------------------------------------
SHORT-TERM BANK NOTES--8.3%
- ------------------------------------------------------------------------------------------------------------------------------------
BankBoston Corp.
5.00%-5.15%, 9/14/1999-1/7/2000 105,000,000 (a) 105,000,000
First Tennesse Bank
5.18%, 4/19/2000 150,000,000 (a) 149,957,898
Harris Trust & Savings Bank
5.02%, 1/18/2000-1/26/2000. 100,000,000 100,000,000
Key Bank N.A.
5.62%, 6/16/2000 50,000,000 49,986,048
LaSalle National Bank
5.14%-5.15%, 2/22/2000-4/5/2000 75,000,000 74,995,267
Nationsbank N.A.
5.00%, 1/5/2000 100,000,000 100,000,000
Old Kent Bank & Trust
5.26%, 6/2/2000 50,000,000 (a) 49,975,813
TOTAL SHORT-TERM BANK NOTES
(cost $629,915,026) 629,915,026
Principal
DREYFUS CASH MANAGEMENT PLUS, INC. (CONTINUED) Amount ($) Value ($)
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AGENCIES--1.3%
- ------------------------------------------------------------------------------------------------------------------------------------
Federal National Mortgage Association
Floating Rate Notes
5.04%, 1/18/2000
(cost $100,000,000) 100,000,000 (a) 100,000,000
- ------------------------------------------------------------------------------------------------------------------------------------
TIME DEPOSITS--1.4%
- ------------------------------------------------------------------------------------------------------------------------------------
Canadian Imperial Bank of Commerce (Grand Cayman)
5.06%, 8/2/1999 75,000,000 75,000,000
Republic National Bank of N.Y.(London)
5.02%, 8/2/1999. 29,672,000 29,672,000
TOTAL TIME DEPOSITS
(cost $104,672,000) 104,672,000
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS
(cost $7,567,628,501) 99.2% 7,567,628,501
CASH AND RECEIVABLES (NET) .8% 58,981,897
NET ASSETS 100.0% 7,626,610,398
(A) VARIABLE INTEREST RATE-SUBJECT TO PERIODIC CHANGE.
(B) THESE NOTES WERE ACQUIRED FOR INVESTMENT, NOT WITH INTENT TO DISTRIBUTE OR SELL.
(C) SECURITIES RESTRICTED AS TO PUBLIC RESALE. THESE SECURITIES WERE ACQUIRED FROM 1/4/99-5/11/99 AT A COST OF PAR VALUE. AT JULY
31, 1999, THE AGGREGATE VALUE
OF THESE SECURITIES IS $460,000,000, REPRESENTING APPROXIMATELY 6.0% OF NET ASSETS AND ARE VALUED AT AMORTIZED COST.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
The Funds
<TABLE>
STATEMENT OF INVESTMENTS
July 31, 1999 (Unaudited)
Annualized
Yield on
Date of Principal
DREYFUS GOVERNMENT CASH MANAGEMENT Purchase (%) Amount ($) Value ($)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
U.S. TREASURY BILLS--7.9%
- ------------------------------------------------------------------------------------------------------------------------------------
9/16/1999 3.91 175,000,000 174,156,986
11/12/1999 4.44 100,000,000 98,784,028
12/9/1999 4.36 75,000,000 73,869,271
TOTAL U.S. TREASURY BILLS
(cost $346,810,285) 346,810,285
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AGENCIES--83.2%
- ------------------------------------------------------------------------------------------------------------------------------------
Federal Farm Credit Banks, Consolidated Systemwide Discount Notes
8/3/1999 5.56 25,000,000 24,999,876
3/1/2000 4.92 140,000,000 139,992,096
4/3/2000 4.98 15,860,000 15,853,967
7/3/2000 5.44 50,000,000 49,930,402
Federal Farm Credit Banks, Consolidated Systemwide Medium Term Notes
9/17/1999 4.89 (a) 100,000,000 100,000,000
9/17/1999 4.91 (a) 400,000,000 400,000,000
1/27/2000 5.06 (a) 100,000,000 100,000,000
1/28/2000 5.07 (a) 100,000,000 100,000,000
5/28/2000 5.03 (a) 50,000,000 49,996,444
Federal Home Loan Banks, Discount Notes
8/2/1999 4.97 5,751,000 5,750,206
8/20/1999 5.02 100,000,000 99,736,112
1/14/2000 4.80 100,000,000 99,997,272
3/3/2000 4.94 188,100,000 188,096,971
3/22/2000 4.99 50,000,000 49,975,385
3/29/2000 5.02 46,240,000 46,196,277
4/20/2000 4.95 29,000,000 28,992,164
4/28/2000 5.04 25,000,000 24,979,656
5/17/2000 5.01 5,000,000 4,999,247
5/26/2000 5.19 80,000,000 79,974,836
Federal Home Loan Banks, Notes
3/8/2000 5.03 65,000,000 65,003,762
4/7/2000 4.95 20,000,000 20,005,328
4/26/2000 4.94 20,000,000 20,003,822
7/19/2000 5.37 10,000,000 10,001,350
Federal Home Loan Banks, Floating Rate Notes
10/13/1999 4.92 (a) 100,000,000 100,000,000
10/15/1999 4.88 (a) 165,000,000 165,000,000
2/4/2000 5.09 (a) 95,000,000 95,000,000
4/14/2000 5.09 (a) 100,000,000 99,968,402
4/14/2000 5.10 (a) 90,000,000 89,975,227
Federal Home Loan Banks, Notes
12/29/1999 4.92 24,100,000 24,100,000
1/5/2000 4.89 75,900,000 75,900,000
Federal Home Loan Mortgage Corporation, Discount Notes
9/15/1999 5.07 70,000,000 69,560,750
6/13/2000 5.44 150,000,000 143,184,501
Federal National Mortgage Association, Discount Notes
8/9/1999 5.59 24,450,000 24,449,508
8/20/1999 5.45 50,000,000 49,863,569
9/2/1999 5.06 30,000,000 29,866,133
3/10/2000 5.14 85,000,000 84,965,456
4/20/2000 4.95 121,415,000 121,368,877
Annualized
Yield on
Date of Principal
DREYFUS GOVERNMENT CASH MANAGEMENT (CONTINUED) Purchase (%) Amount ($) Value ($)
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AGENCIES (CONTINUED)
- ------------------------------------------------------------------------------------------------------------------------------------
Federal National Mortgage Association, Discount Notes (continued)
5/12/2000 5.03 65,140,000 65,131,377
5/19/2000 5.02 25,000,000 24,994,814
5/22/2000 5.05 25,000,000 24,990,255
Federal National Mortgage Association, Floating Rate Notes
10/20/1999 5.02 (a) 100,000,000 100,000,000
12/1/1999 5.08 (a) 100,000,000 100,000,000
1/21/2000 5.07 (a) 100,000,000 100,000,000
Student Loan Marketing Association, Floating Rate Notes
10/1/1999 4.92 (a) 350,000,000 350,000,000
TOTAL U.S. GOVERNMENT AGENCIES
(cost $3,662,804,042) 3,662,804,042
- ------------------------------------------------------------------------------------------------------------------------------------
REPURCHASE AGREEMENTS--8.0%
- ------------------------------------------------------------------------------------------------------------------------------------
Barclays Capital Corp.
dated 7/30/1999, due 8/2/1999 in the amount of
$201,124,939 (fully collateralized by $199,180,000 U.S.
Treasury Notes 6.375% to 7.50% due from 10/31/1999 to 5/15/2000,
value $204,060,171) 5.07 201,040,000 201,040,000
CS First Boston Corp.
dated 7/30/1999, due 8/2/1999 in the amount of
$50,412,080 (fully collateralized by $50,000,000 U.S.
Treasury Notes 5.375%, due 1/31/2000,
value $51,395,000) 5.02 50,391,000 50,391,000
Warburg Dillon Read
dated 7/30/1999, due 8/2/1999 in the amount of
$100,042,083 (fully collateralized by $107,145,000 U.S.
Treasury Bills, due 7/20/1999, value $102,002,040) 5.05 100,000,000 100,000,000
TOTAL REPURCHASE AGREEMENTS
(cost $351,431,000) 351,431,000
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS
(cost $4,361,045,327) 99.1% 4,361,045,327
CASH AND RECEIVABLES (NET) .9% 38,878,718
NET ASSETS 100.0% 4,399,924,045
(A) VARIABLE INTEREST RATE- SUBJECT TO PERIODIC CHANGE.
SEE NOTES TO FINANCIAL STATEMENTS.
The Funds
STATEMENT OF INVESTMENTS
</TABLE>
<TABLE>
July 31, 1999 (Unaudited)
Annualized
Yield on
Date of Principal
DREYFUS GOVERNMENT PRIME CASH MANAGEMENT Purchase (%) Amount ($) Value ($)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
U.S. GOVERNMENT AGENCIES--99.6%
- ------------------------------------------------------------------------------------------------------------------------------------
Federal Farm Credit Banks, Consolidated Systemwide Discount Notes
11/8/1999 4.81 10,000,000 9,873,775
3/1/2000 4.92 10,000,000 9,999,435
7/3/2000 5.39 10,000,000 9,989,291
Federal Farm Credit Banks, Consolidated Systemwide Medium Term Notes
9/17/1999 5.07 (a) 35,000,000 34,990,762
6/29/2000 5.05 (a) 10,000,000 9,997,399
Federal Home Loan Banks, Discount Notes
8/2/1999 4.97 144,249,000 144,229,085
8/27/1999 4.96 50,000,000 49,821,611
9/10/1999 4.99 10,000,000 9,945,222
9/24/1999 4.97 15,000,000 14,889,750
2/4/2000 5.11 5,000,000 4,991,113
3/3/2000 4.96 5,325,000 5,324,511
3/8/2000 5.06 10,650,000 10,649,422
3/22/2000 4.99 5,000,000 4,997,539
3/29/2000 5.02 3,000,000 2,997,163
4/20/2000 4.95 8,000,000 7,996,843
4/28/2000 5.04 3,000,000 2,997,559
5/17/2000 5.05 5,000,000 4,998,495
6/23/2000 5.41 11,000,000 10,487,428
7/13/2000 5.44 15,000,000 14,989,476
Federal Home Loan Banks, Floating Rate Notes
10/15/1999 5.09 10,000,000 9,995,332
2/4/2000 5.09 5,000,000 5,000,000
4/14/2000 5.09 25,000,000 24,992,100
4/14/2000 5.10 10,000,000 9,997,247
Federal Home Loan Banks, Notes
8/4/1999 5.48 10,050,000 10,050,029
10/1/1999 4.78 10,000,000 10,018,003
1/5/2000 4.89 10,000,000 10,000,000
1/14/2000 4.71 25,000,000 25,008,607
4/7/2000 4.95 5,000,000 5,001,332
4/26/2000 4.94 4,000,000 4,000,764
5/26/2000 5.13 14,000,000 14,002,338
7/19/2000 5.37 5,000,000 5,000,675
Student Loan Marketing Association, Floating Rate Notes
10/1/1999 5.08 (a) 10,000,000 9,996,846
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS
(cost $507,229,152) 99.6% 507,229,152
CASH AND RECEIVABLES (NET) .4% 2,265,575
NET ASSETS 100.0% 509,494,727
(A) VARIABLE INTEREST RATE- SUBJECT TO CHANGE.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
STATEMENT OF INVESTMENTS
July 31, 1999 (Unaudited)
Annualized
Yield on
Date of Principal
DREYFUS TREASURY CASH MANAGEMENT Purchase (%) Amount ($) Value ($)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
U.S. TREASURY BILLS--25.9%
- ------------------------------------------------------------------------------------------------------------------------------------
8/5/1999 4.00 570,000,000 569,746,669
8/12/1999 4.36 200,000,000 199,734,168
12/9/1999 4.36 15,000,000 14,773,854
TOTAL U.S. TREASURY BILLS
(cost $784,254,691) 784,254,691
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. TREASURY NOTES--32.2%
- ------------------------------------------------------------------------------------------------------------------------------------
6.00%, 8/15/1999 4.62 236,000,000 236,099,064
5.875%, 8/31/1999 4.48 130,000,000 130,126,657
5.75%, 9/30/1999 4.50 25,000,000 25,044,624
5.625%, 11/30/1999 4.51 25,000,000 25,072,176
5.375%, 1/31/2000 4.68 25,000,000 25,079,976
5.875%, 2/15/2000 4.90 100,000,000 100,550,290
5.50%, 2/29/2000 4.98 25,000,000 25,055,739
5.50%, 3/31/2000 4.72 50,000,000 50,183,680
5.625%, 4/30/2000 4.62 40,000,000 40,220,526
6.75%, 4/30/2000 4.59 45,000,000 45,613,282
6.375%, 5/15/2000 4.82 100,000,000 101,060,570
6.25%, 5/31/2000 4.75 70,000,000 70,709,707
5.375%, 6/30/2000 5.19 100,000,000 100,038,363
TOTAL U.S. TREASURY NOTES
(cost $974,854,654) 974,854,654
- ------------------------------------------------------------------------------------------------------------------------------------
REPURCHASE AGREEMENTS--34.0%
- ------------------------------------------------------------------------------------------------------------------------------------
ABN AMRO Inc.
dated 7/30/1999, due 8/2/1999 in the amount of
$225,094,875 (fully collateralized by $224,948,000
U.S. Treasury Notes, 5.50%-6.875%, due from 3/10/2000
to 5/31/2000, value $229,496,921) 5.06 225,000,000 225,000,000
Barclays De Zoette Wedd
dated 7/30/1999, due 8/2/1999 in the amount of
$178,085,227 (fully collateralized by $177,130,000 U.S
Treasury Notes, 6.375%-7.75%, due from 10/31/1999 to 5/15/2000
value $180,683,807) 5.07 178,010,000 178,010,000
CIBC Oppenheimer Corp.
dated 7/30/1999, due 8/2/1999 in the amount of
$25,010,417 (fully collateralized by $24,791,000 U.S.
Treasury Notes, 7.75%, due 11/30/1999, value $25,311,611) 5.00 25,000,000 25,000,000
Goldman, Sachs & Co.
dated 7/30/1999, due 8/2/1999 in the amount of
$223,092,917 (fully collateralized by $220,850,000 U.S.
Treasury Notes, 5.625%-8.50%, due from 10/31/1999
to 3/31/2000, value $228,742,200) 5.00 223,000,000 223,000,000
The Funds
STATEMENT OF INVESTMENTS (CONTINUED)
July 31, 1999 (Unaudited)
Annualized
Yield on
Date of Principal
DREYFUS TREASURY CASH MANAGEMENT (CONTINUED) Purchase (%) Amount ($) Value ($)
- ------------------------------------------------------------------------------------------------------------------------------------
REPURCHASE AGREEMENTS (CONTINUED)
- ------------------------------------------------------------------------------------------------------------------------------------
J.P. Morgan Securities Inc.
dated 7/30/1999, due 8/2/1999 in the amount of
$141,058,750 (fully collateralized by $146,942,000 U.S
Treasury Bills, due 1/13/2000 value $143,820,014) 5.00 141,000,000 141,000,000
Warburg Dillion Read Inc.
dated 7/30/1999, due 8/2/1999 in the amount of
$235,098,896 (fully collateralized by $251,790,000 U.S.
Treasury Bills, due 7/20/1999 value $239,704,080) 5.05 235,000,000 235,000,000
TOTAL REPURCHASE AGREEMENTS
(cost $1,027,010,000) 1,027,010,000
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS
(cost $2,786,119,345) 92.1% 2,786,119,345
CASH AND RECEIVABLES (NET) 7.9% 239,960,364
NET ASSETS 100.0% 3,026,079,709
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
STATEMENT OF INVESTMENTS
July 31, 1999 (Unaudited)
Annualized
Yield on
Date of Principal
DREYFUS TREASURY PRIME CASH MANAGEMENT Purchase (%) Amount ($) Value ($)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
U.S. TREASURY BILLS--.7%
- ------------------------------------------------------------------------------------------------------------------------------------
9/23/1999 4.61 785,000 779,753
10/21/1999 4.58 5,962,000 5,901,343
10/28/1999 4.61 12,971,000 12,826,417
TOTAL U.S. TREASURY BILLS
(cost $19,507,513) 19,507,513
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. TREASURY NOTES--93.5%
- ------------------------------------------------------------------------------------------------------------------------------------
6.00%, 8/15/1999 4.54 632,312,000 632,645,199
8.00%, 8/15/1999 4.66 8,389,000 8,399,804
5.875%, 8/31/1999 4.60 176,525,000 176,678,403
6.875%,8/31/1999 4.45 102,124,000 102,304,590
5.75%, 9/30/1999 4.74 163,032,000 163,262,939
7.125%, 9/30/1999 4.64 387,265,000 388,732,070
6.00%, 10/15/1999 4.65 108,735,000 109,008,006
5.625%, 10/31/1999 4.54 367,479,000 368,238,213
7.50%, 10/31/1999 4.61 106,958,000 107,643,398
5.875%, 11/15/1999 4.54 12,042,000 12,083,249
7.875%, 11/15/1999 4.69 41,938,000 42,305,479
5.625%, 11/30/1999 4.60 200,000,000 200,554,280
7.75%, 11/30/1999 5.02 192,419,000 194,049,982
5.625%, 12/31/1999 4.33 75,000,000 75,320,251
5.375%, 6/30/2000 5.15 30,000,000 30,016,564
TOTAL U.S. TREASURY NOTES
(cost $2,611,242,427) 2,611,242,427
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. TREASURY STRIPS--3.6%
- ------------------------------------------------------------------------------------------------------------------------------------
4.805%, 9/30/1999
(cost $99,208,914) 4.80 100,000,000 99,208,914
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS
(cost $2,729,958,854) 97.8% 2,729,958,854
CASH AND RECEIVABLES (NET) 2.2% 61,696,296
NET ASSETS 100.0% 2,791,655,150
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
The Funds
<TABLE>
STATEMENT OF INVESTMENTS
July 31, 1999 (Unaudited)
Principal
DREYFUS MUNICIPAL CASH MANAGEMENT PLUS Amount ($) Value ($)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
TAX EXEMPT INVESTMENTS--97.3%
- ------------------------------------------------------------------------------------------------------------------------------------
ALABAMA--4.9%
Stevenson, IDB, EIR, Refunding, VRDN (Mead Corp. Project)
3.50%, Series A (LOC; Bank of Austria) 10,000,000 (a) 10,000,000
DISTRICT OF COLUMBIA--2.5%
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 5,005,200
FLORIDA--5.7%
Orange County School District, TAN 3.10%, 9/15/1999 11,500,000 11,495,687
GEORGIA--2.5%
Fulton County School District, Construction Sales, TAN 3.25%,
12/31/1999 5,000,000 5,004,436
IOWA--4.2%
Iowa Finance Authority, SWDR, VRDN (Cedar River Paper Co. Project)
3.55% (LOC; Bank of Nova Scotia) 8,500,000 (a) 8,500,000
KANSAS--2.6%
Butler County, Solid Waste Disposal and Cogeneration Revenue, VRDN
(Texaco Refinancing and Marketing) 3.50%, Series B (LOC; Texaco Inc.) 5,300,000 (a) 5,300,000
KENTUCKY--.7%
Boone County, IDR, VRDN (Curtain Matheson Scientific Project)
3.30% (LOC; Toronto-Dominion Bank) 1,500,000 (a) 1,500,000
LOUISIANA--4.4%
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)
3.35% (LOC: Banque Paribas and Canadian Imperial Bank of Commerce) 7,400,000 7,400,000
MARYLAND--2.5%
Maryland Community Development Administration Department,
Housing and Community Development, Residential 3.15%, Series B, 1/14/2000 5,000,000 5,000,000
MASSACHUSETTS--3.7%
Springfield, BAN:
4%, 9/2/1999 (LOC; Fleet Bank) 4,600,000 4,601,752
4%, 6/23/2000 (LOC; Fleet Bank) 2,880,000 2,892,419
MISSOURI--5.7%
Missouri Higher Education Loan Authority, Student Loan Revenue, Refunding, VRDN
3.35%, Series B (Insured; MBIA and LOC; State Street Bank and Trust Co.) 6,500,000 (a) 6,500,000
St. Louis General Fund, Revenue, TRAN 4%, 6/30/2000 5,000,000 5,033,125
NEW HAMPSHIRE--2.5%
New Hampshire Business Finance Authority, PCR, CP (New England Power Co.
Project)
3.35%, Series A, 8/23/1999 (LOC; New England Power Co.) 5,000,000 5,000,000
NEW MEXICO--2.5%
State of New Mexico, TRAN 4%, 6/30/2000. 5,000,000 5,033,995
NEW YORK--11.3%
Long Island Power Authority, Electric Systems Revenue, CP
3.10%, Sub-Series 4, 8/19/1999 (LOC: Bayerische Landesbank and Westdeutsche Landesbank) 8,000,000 8,000,000
New York City Municipal Water Finance Authority, CP
3.15%, Series 1, 8/10/1999 ( LOC: Bank of Nova Scotia, Commerz Bank and
Toronto-Dominion Bank) 10,000,000 10,000,000
New York City Transitional Finance Authority, Revenue, VRDN
3%, Series A-2 (Liquidiy Facility; National City Bank) 5,000,000 (a) 5,000,000
Principal
DREYFUS MUNICIPAL CASH MANAGEMENT PLUS (CONTINUED) Amount ($) Value ($)
- ------------------------------------------------------------------------------------------------------------------------------------
TAX EXEMPT INVESTMENTS (CONTINUED)
- ------------------------------------------------------------------------------------------------------------------------------------
NORTH DAKOTA--2.5%
North Dakota Housing Finance Agency, Housing Finance Program, Revenue
(Home Mortgage Revenue) 3.20%, Series C, 4/1/2000 5,000,000 5,000,000
OHIO--9.5%
Montgomery County, Revenue (Miami Valley Hospital):
CP 3.35%, Series B, 10/22/1999 (Liquidity Facility; Morgan Guaranty Trust Co.) 6,000,000 6,000,000
Refunding, VRDN 3.40%, Series A (Liquidity Facility; National City Bank) 1,000,000 (a) 1,000,000
Ohio Housing Finance Agency, Residential Mortgage Revenue
3.05%, Series A-2, 3/1/2000. 5,500,000 5,500,000
Twinsburg, IDR, VRDN (UTD Stationers Supply Co.)
3.60% (LOC; PNC Bank) 6,800,000 (a) 6,800,000
OREGON--4.7%
Oregon Housing and Community Services Department, Mortgage Revenue,
(Single Family Mortgage Program):
3.15%, Series I, 12/1/1999. 4,525,000 4,525,000
Refunding 3.60%, Series F, 8/31/1999 5,000,000 5,000,000
PENNSYLVANIA--3.9%
Emmaus General Authority, Revenue, VRDN
3.15% (Insured; FSA and Liquidity Facility; Credit Suisse) 8,000,000 (a) 8,000,000
TENNESSEE--4.0%
Sevier County Public Building Authority, Local Government Public Improvement,
VRDN:
3.05%, Series A-2 (Insured; AMBAC and LOC; Krediet Bank) 3,965,000 (a) 3,965,000
3.05%, Series A-3 (Insured; AMBAC and LOC; Krediet Bank) 4,055,000 (a) 4,055,000
TEXAS--6.4%
Brazos River Harbor Naval District, Brazoria County Revenue, VRDN:
(B.A.S.F Corp.) 3.55% (Corp. Guaranty; B.A.S.F. Corp.) 2,750,000 (a) 2,750,000
(Dow Chemical Co. Project) 3.55% (Corp. Guaranty; Dow Chemical Corp.) 6,250,000 (a) 6,250,000
State of Texas 4.50%, 8/31/1999 4,000,000 4,003,441
UTAH--2.5%
Intermoutain Power Agency, Power Supply Revenue, CP
3.20%, 9/16/1999 (Insured; AMBAC and Liquidity Facility; Morgan Guaranty Trust Co.) 5,000,000 5,000,000
VERMONT--2.1%
Vermont Industrial Development Authority, IDR, VRDN (Ryegate Project)
3.20% (LOC; ABN-Amro Bank) 4,300,000 (a) 4,300,000
WASHINGTON--2.3%
Washington State Housing Finance Commission, Single Family Program
3%, Series 1 A-S, 2/1/2000 4,700,000 4,700,000
WEST VIRGINIA--3.7%
Marion County, Commission Solid Waste Disposal Facility Revenue, VRDN
(Granttown Project) 3.25%, Series B (LOC; National Westminster Bank) 7,400,000 (a) 7,400,000
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS (cost $196,997,867) 97.3% 197,005,055
CASH AND RECEIVABLES (NET) 2.7% 5,478,268
NET ASSETS 100.0% 202,483,323
(A) SECURITIES PAYABLE ON DEMAND. VARIABLE INTEREST RATE--SUBJECT TO PERIODIC CHANGE.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
The Funds
STATEMENT OF INVESTMENTS
July 31, 1999 (Unaudited)
Principal
DREYFUS NEW YORK MUNICIPAL CASH MANAGEMENT Amount ($) Value ($)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
TAX EXEMPT INVESTMENTS--98.3%
- ------------------------------------------------------------------------------------------------------------------------------------
Half Hollow Hills Central School District, TAN 4%,
6/29/2000 4,500,000 4,523,758
Town of Islip Industrial Development Agency, IDR, VRDN
(Brentwood Distribution Co.) 3.20% (LOC; Fleet Bank) 3,750,000 (a) 3,750,000
Long Island Power Authority, VRDN
3.40% Subseries 5 (LOC; ABN-Amro Bank and Morgan Guaranty Trust Co.) 8,700,000 (a) 8,700,000
3.40% Subseries 7 (Insured; MBIA and LOC; Credit Suisse) 8,700,000 (a) 8,700,000
Metropolitan Transit Authority, Revenue
CP 3.10%, Series 1, 8/10/1999 (LOC; ABN-Amro Bank) 6,800,000 6,800,000
Nassau County Industrial Development Agency, IDR, VRDN
(Manhassett Association Project) 3.15% (LOC; Chase Manhattan Bank) 2,000,000 (a) 2,000,000
City of New York, VRDN:
3.40%, Subseries A-5 (LOC; Kredietbank) 2,300,000 (a) 2,300,000
3.40%, Subseries A-5 (LOC; Kredietbank) 2,400,000 (a) 2,400,000
3.40%, Series B (Insured; MBIA and LOC; Austria Aktiengesel) 3,600,000 (a) 3,600,000
3.50%, Subseries E-3 (LOC; Morgan Guaranty Trust Co.) 4,000,000 (a) 4,000,000
New York City Health and Hospital Corporation, Revenue, VRDN (Health Systems)
2.90%, Series B (LOC; Canadian Imperial Bank of Commerce) 4,800,000 (a) 4,800,000
New York City Municipal Water Finance Authority, Water and Sewer Systems
Revenue:
3.50%, Series A (Insured; FGIC and Liquidity Facility; FGIC) 6,800,000 (a) 6,800,000
CP 3%, 8/9/1999 (LOC: Commerzbank, Bank of Nova Scotia and Toronto-Dominion Bank) 13,000,000 13,000,000
New York City Transitional Financial Authority, Revenues VRDN:
2.84%, Subseries B-2 ( LOC; First National Bank of Chicago) 7,500,000 (a) 7,500,000
3.40%, Subseries C (LOC; Bayerische Landesbank) 8,850,000 (a) 8,850,000
New York City, Trust Cultural Resource, VRDN (American Museum of National
History)
2.70%, Series B (Insured; AMBAC and LOC; Societe Generale) 4,445,000 (a) 4,445,000
New York State, CP 3.10%, 8/12/1999 (LOC; Westdeutsche Landesbank) 4,600,000 4,600,000
New York State Dormitory Authority, Revenues, VRDN:
(Memorial Sloan Kettering)
3.40%, Series A (LOC; Chase Manhattan Bank) 10,000,000 (a) 10,000,000
(Metropolitan Museum of Art)
2.80%, Series A (Corp. Guaranty; Metropolitan Museum of Art) 5,950,000 (a) 5,950,000
(Oxford University Press Inc.)
3.40% (LOC; Landesbank Hessen) 3,700,000 (a) 3,700,000
New York State Energy Research and Development Authority, PCR:
(New York State Electric and Gas):
2.95%, Series A, 3/15/2000 (LOC; Morgan Guaranty Trust Co.) 6,000,000 6,000,000
3%, Series D, 12/1/1999 (LOC; Union Bank of Switzerland) 4,005,000 4,005,000
VRDN:
(Central Hudson Gas and Electric Project)
2.80%, Series A (LOC; Union Bank of Switzerland) 3,000,000 (a) 3,000,000
(Niagara Mohawk Power Corp.):
3.40%, Series C (LOC; Canadian Imperial Bank of Commerce) 7,950,000 (a) 7,950,000
3.40%, Series B (LOC; Toronto-Dominion Bank) 5,000,000 (a) 5,000,000
3.45%, Series A (LOC; Toronto-Dominion Bank) 7,000,000 (a) 7,000,000
3.55%, Series A (LOC; Morgan Guaranty Trust Co.) 4,400,000 (a) 4,400,000
3.55%, Series B (LOC; Morgan Guaranty Trust Co.) 10,000,000 (a) 10,000,000
Refunding:
(New York State Electric and Gas)
3.45%, Series D (LOC; First Chicago Corp.) 8,000,000 (a) 8,000,000
(Orange/Rockland Utilities)
2.70%, Series A (Insured; AMBAC and LOC; Societe Generale) 10,000,000 (a) 10,000,000
Principal
DREYFUS NEW YORK MUNICIPAL CASH MANAGEMENT (CONTINUED) Amount ($) Value ($)
- ------------------------------------------------------------------------------------------------------------------------------------
TAX EXEMPT INVESTMENTS (CONTINUED)
- ------------------------------------------------------------------------------------------------------------------------------------
New York State Housing Finance Agency, Service Contract Obligation Revenue, VRD
3%, Series A (LOC; CommerzBank) 9,000,000 (a) 9,000,000
New York State Local Government Assistance Corporation, VRDN:
2.80%, Series A (LOC: Bayerische Landesbank, Westdeutsche Landesbank) 4,200,000 (a) 4,200,000
2.80%, Series B (LOC; Bank of Nova Scotia) 7,800,000 (a) 7,800,000
New York State Power Authority, CP
3.10%, 9/9/1999 (Liquidity Facility: Bank of Nova Scotia, CommerzBank, Credit
Locale de France,
Landeshessen-Thuringen, Morgan Guaranty Trust Co. and Toronto-Dominion Bank) 9,200,000 9,200,000
Town of Oyster Bay:
BAN 4.00%, 10/1/1999 3,000,000 3,003,152
TAN 3.25%, 1/28/2000 4,900,000 4,904,677
Rochester, BAN 3.50%, Series I, 3/8/2000 12,021,000 12,048,490
Sachem Central School District, TAN 4%, 6/29/2000 5,000,000 5,024,209
West Babylon New York Union Free School District, TAN 4%, 6/29/2000 5,000,000 5,019,757
Westchester County, TAN 2.83%, 12/30/1999 8,250,000 8,249,272
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS (cost $250,222,354) 98.3% 250,223,315
CASH AND RECEIVABLES (NET) 1.7% 4,382,288
NET ASSETS 100.0% 254,605,603
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
The Funds
<TABLE>
STATEMENT OF INVESTMENTS
July 31, 1999 (Unaudited)
Principal
DREYFUS TAX EXEMPT CASH MANAGEMENT Amount ($) Value ($)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
TAX EXEMPT INVESTMENTS--99.4%
- ------------------------------------------------------------------------------------------------------------------------------------
ALASKA--2.5%
Anchorage, TAN 3.75%, 1/4/2000 12,000,000 12,039,806
Valdez, Marine Terminal Revenue:
Refunding, CP (ARCO Transportation Project)
3.10%, Series A, 8/12/1999 (Corp. Gauranty; Atlantic Richfield Co.) 14,100,000 14,100,000
VRDN (Exxon Pipeline Co. Project)
3.40% (Corp. Guaranty; Exxon Corp.) 10,400,000 (a) 10,400,000
ARKANSAS--.8%
University of Arkansas, University Revenues, Refunding, VRDN (UAMS Campus)
3.25% (Insured; MBIA and Liquidity Facility; Credit Suisse) 12,100,000 (a) 12,100,000
CALIFORNIA-2.7%
California Higher Education Loan Authority, Student Loan Revenue, Refunding:
3.18%, Series A-2, 4/1/2000 (LOC; Student Loan Marketing Association) 16,000,000 16,000,000
3.50%, Series A, 7/1/2000 (LOC; National Westminster Bank) 12,700,000 12,700,000
3.50%, Series A-1, 7/1/2000 (LOC; Student Loan Marketing Association) 11,275,000 11,275,000
Orange County Sanitation Districts No. 1-3, 5-7, and 11, COP, Refunding, VRDN
1% (Insured; AMBAC and Liquidity Facility; Societe Gererale) 50,000 (a) 50,000
CONNECTICUT--2.0%
State of Connecticut, GO Notes 3.50%, Series C,
10/15/1999 10,000,000 10,010,022
State of Connecticut Special Assessment Unemployment Compensation Advance Fund,
Revenue
(Connecticut Unemployment)
3.60%, Series C, 7/1/2000 (Insured; FGIC and Liquidity Facility; FGIC) 19,300,000 19,300,000
DELAWARE--4.0%
Delaware Economic Development Authority, Revenue, VRDN (Hospital Billing
Collection):
3.15%, Series A (BPA; Morgan Stanley and Co. and Insured; MBIA) 8,200,000 (a) 8,200,000
3.15%, Series B (BPA; Morgan Stanley and Co. and Insured; MBIA) 33,200,000 (a) 33,200,000
3.15%, Series C (BPA; Morgan Stanley and Co. and Insured; MBIA) 18,700,000 (a) 18,700,000
DISTRICT OF COLUMBIA--3.9%
District of Columbia:
Refunding, VRDN:
3.50%, Series A-4 (LOC; Societe Generale 18,900,000 (a) 18,900,000
3.50%, Series A-5 (LOC; Bank of Nova Scotia) 12,522,000 (a) 12,522,000
3.50%, Series A-6 (LOC; National Westminster Bank) 7,000,000 (a) 7,000,000
TRAN 3.75%, Series B, 9/30/1999 (LOC: Canadian Imperial Bank of Commerce,
Morgan Guaranty Trust Co. and Societe Generale) 20,000,000 20,020,800
FLORIDA--12.2%
Capital Projects Finance Authority, Revenue, VRDN (Capital Project Loan Program
3.05%, Series A (Insured; FSA and Liquidity Facility; Credit Suisse) 10,000,000 (a) 10,000,000
Dade County, Water and Sewer Systems Revenue, VRDN
3% (BPA; Commerzbank and Insured; FGIC) 80,640,000 (a) 80,640,000
Orange County Housing Finance Authority, MFHR, VRDN (Heather Project)
3.15%, Series B (LOC; FNMA) 12,300,000 (a) 12,300,000
Palm Beach School District, TAN 3.625%, 10/14/1999 12,350,000 12,358,867
Putnam County Development Authority, PCR (Seminole Electric)
3%, Series H-4, 9/15/1999 (Corp. Guaranty; National Rural Utility Corp.) 14,595,000 14,595,000
Saint Lucie County, PCR, Refuding, VRDN (Florida Power and Light Co. Project)
3.40% (Corp. Guaranty; Florida Power and Light Co.) 5,900,000 (a) 5,900,000
Sarasota County Health Facility Authority, HR, CP (Sarasota Memorial Hospital):
3.25%, 9/15/1999 (LOC; Suntrust Bank) 10,000,000 10,000,000
3.30%, 10/12/1999 (LOC; Suntrust Bank) 9,045,000 9,045,000
Principal
DREYFUS TAX EXEMPT CASH MANAGEMENT (CONTINUED) Amount ($) Value ($)
- ------------------------------------------------------------------------------------------------------------------------------------
TAX EXEMPT INVESTMENTS (CONTINUED)
- ------------------------------------------------------------------------------------------------------------------------------------
FLORIDA (CONTINUED)
Sunshine State Governmental Financing Commision, Revenue, CP
3.25%, 11/15/1999 (Insured; AMBAC and Liquidity Facility: Toronto-Dominion Bank
and
Union Bank of Switzerland) 25,800,000 25,800,000
GEORGIA--1.3%
Fulton County School Distict Construction Sales, TAN
3.25%, 12/31/1999 19,850,000 19,867,609
ILLINOIS--2.0%
Glendale Heights, Multi-Family Revenue, VRDN (Glendale Lake Project)
3.05% (LOC; Bank of America) 14,845,000 (a) 14,845,000
Illinois Health Facilities Authority, Revenue (Evanston Northwestern Corp.)
3.25%, Series 1998, 5/31/2000 15,000,000 15,000,000
INDIANA--5.2%
Hammond Local Public Improvement Bond Bank, Revenue (Advanced Funding Program)
3.60%, Series A-2, 1/6/2000 42,535,000 42,624,176
Indiana Bond Bank Advance Funding Program 3.50%, Series A-2, 1/19/2000 20,000,000 20,022,069
Petersburg, PCR, Refunding, VRDN (Indiana Power and Light Co.)
3.15%, Series B (Insured; AMBAC and Liquidity Facility; Indianapolis Power and Light Co.) 15,000,000 (a) 15,000,000
IOWA--1.7%
Iowa Higher Education Loan Authority, Education Facility Revenue, VRDN
(Palmer Chiropractic University Foundation)
3.55% (LOC; Firstar Bank of Milwaukee) 8,475,000 (a) 8,475,000
Iowa School Cash Anticipation Program, School Corp. Warrant Certificates
4%, 6/23/2000 (Insured; FSA) 17,000,000 17,113,160
LOUISIANA--1.8%
Jefferson Parish Hospital Service District No.2, HR, VRDN 3.15% (Insured; FGIC) 9,000,000 (a) 9,000,000
Plaquemines Port Harbor and Terminal District, Port Facilities Revenue
(International Marine Terminal Project)
3%, Series A, 3/15/2000 (LOC; Morgan Guaranty Trust Co.) 7,500,000 7,500,000
West Baton Rouge Parish Industrial District No. 3 Revenue, Refunding, VRDN
(Dow Chemical Project)
3.45%, Series B (Corp. Guaranty; Dow Chemical Co.) 10,700,000 (a) 10,700,000
MARYLAND--.9%
Baltimore County, EDR, Refunding, VRDN (Blue Circle Inc. Project)
3.25% (LOC; Den Danske Bank) 13,600,000 (a) 13,600,000
MASSACHUSETTS--10.4%
Commonwealth of Massachusetts, Refunding, VRDN
3%, Series B (LOC; Toronto-Dominion Bank) 45,000,000 (a) 45,000,000
Massachusetts Health and Educational Facilities Authority, Revenue, VRDN:
(Capital Asset Program)
3.40%, Series D (Insured; MBIA and Liquidity Facility; Credit Suisse) 15,500,000 (a) 15,500,000
(Partners Healthcare System)
3.05%, Series P-2 (Insured; FSA and LOC: Bayerische Landesbank and
Morgan Guaranty Trust Co.) 24,100,000 (a) 24,100,000
Massachusetts Housing Finance Agency, Refunding, VRDN (Harbor
Point-Multi-Family)
3.05%, Series A (LOC; Student Loan Marketing Association) 18,000,000 (a) 18,000,000
Massachusetts Municipal Wholesale Electric Company, Power Supply Systems
Revenue, VRDN
3.05%, Series C (BPA; Credit Suisse and Insured; MBIA) 12,300,000 (a) 12,300,000
Massachusetts Water Resource Authority, Multi-Modal, Refunding , VRDN
3.05%, Series D (Insured; FGIC and Liquidity Facility; FGIC) 20,000,000 (a) 20,000,000
The Funds
STATEMENT OF INVESTMENTS (CONTINUED)
July 31, 1999 (Unaudited)
Principal
DREYFUS TAX EXEMPT CASH MANAGEMENT (CONTINUED) Amount ($) Value ($)
- ------------------------------------------------------------------------------------------------------------------------------------
TAX EXEMPT INVESTMENTS (CONTINUED)
- ------------------------------------------------------------------------------------------------------------------------------------
MASSACHUSETTS (CONTINUED)
City of Pittsfield, BAN 4.10%,7/12/2000 10,000,000 10,009,110
City of Springfield, BAN 4%, 3/2/2000 (LOC; Fleet Bank) 10,000,000 10,028,533
MICHIGAN--1.8%
Detroit City School District, School Aid Notes 4%,
6/1/2000 20,000,000 20,129,117
Michigan Housing Development Authority, LOR, VRDN (Laurel Valley)
3.15% (LOC; Wachovia Bank of Georgia) 5,900,000 (a) 5,900,000
MINNESOTA--2.0%
City of Cloquet, PCR, VRDN (Potlatch Corp. Project)
3.30% (LOC; Credit Suisse) 5,600,000 (a) 5,600,000
Minnesota Housing Fiance Agency, Single Family Mortgage
3.15%, Series E, 6/1/2000 23,650,000 23,650,000
MISSOURI--.8%
City of Saint Louis, General Fund Revenue, TRAN 4%,
6/30/2000 12,000,000 12,079,501
NEBRASKA-1.8%
Nebhelp, Inc. Mutiple Mode Student Loan Revenue, VRDN
3.20%, Series C (Insured; MBIA and BPA; Student Loan Marketing Association) 27,340,000 (a) 27,340,000
NEW JERSEY--3.4%
Essex County, TAN 3.50%, 11/18/1999 10,000,000 10,009,621
Essex County Improvement Authority, BAN 3.50%, 3/31/2000 15,000,000 15,033,761
New Jersey Educational Facilities Authority, Revenue, Refunding, VRDN (College
of New Jersey)
3.05%, Series A (Insured; AMBAC and LOC: Bank of Nova Scotia and Toronto-Dominion Bank) 25,000,000 (a) 25,000,000
NEW MEXICO--1.3%
State of New Mexico, TRAN 4%, 6/30/2000 20,000,000 20,135,979
NEW YORK--13.1%
Long Island Power Authority, Electric Systems Revenue:
CP 3.10%, Series 4, 8/19/1999 (LOC: Bayerische Landesbank and Westdeutsche Landesbank) 8,000,000 8,000,000
VRDN 3%, Sub-Series 2 (LOC: Bayerische Landesbank and Westdeutsche Landesbank) 10,000,000 (a) 10,000,000
Metropolitan Transportation Authority, Transport Facility Revenue, CP
3.15%, 11/15/1999 (LOC; ABN-Amro Bank) 10,000,000 10,000,000
New York City Municipal Water Finance Authority, Water and Sewer System Revenue
CP 3.15%, 8/9/1999 (LOC: Bank of Nova Scotia, Commerzbank and Toronto-Dominion Bank) 17,000,000 17,000,000
VRDN 3.40%, Series C (Insured; FGIC and Liquidity Facility; FGIC) 21,200,000 (a) 21,200,000
New York State Local Government Assistance Corporation, VRDN:
2.70%, Series G (LOC; Bank of Nova Scotia) 25,700,000 (a) 25,700,000
2.75%, Series B (LOC: Bayerische Landesbank and Westdeutsche Landesbank) 27,000,000 (a) 27,000,000
2.35%, Series C (LOC; Landesbank Hessen) 44,600,000 (a) 44,600,000
New York State Medical Care Facilities Finance Agency, Revenue, VRDN
(Pooled Loan Equipment Program-1)
2.70% (LOC; Chase Manhattan Bank) 11,100,000 11,100,000
Rochester 3.10%, Series II, 10/28/1999 20,000,000 20,001,209
OREGON--1.7%
Oregon Housing and Community Services Department, Mortgage Revenue
(Single Family Mortgage Program):
3.15%, Series C, 4/13/2000 5,000,000 5,000,000
3.45%, Series G, 6/29/2000 10,000,000 10,000,000
Refunding 3.60%, Series E, 8/31/1999 11,000,000 11,000,000
PENNSYLVANIA--2.2%
Delaware Valley Regional Finance Authority, Local Government Revenue, VRDN
3.05%, Series D (LOC; Credit Suisse) 10,300,000 (a) 10,300,000
Principal
DREYFUS TAX EXEMPT CASH MANAGEMENT (CONTINUED) Amount ($) Value ($)
- ------------------------------------------------------------------------------------------------------------------------------------
TAX EXEMPT INVESTMENTS (CONTINUED)
- ------------------------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA (CONTINUED)
Emmaus General Authority, Revenue, VRDN
3.25%, Sub-Series F-10 (LOC; Bayerische Landesbank) 4,000,000 (a) 4,000,000
City of Philadelphia, School District, TRAN
5%, Series C, 6/30/2000 (LOC; PNC Bank) 15,000,000 15,072,948
Washington County Authority, LR, VRDN
(Higher Education Pooled Equipment Lease Project)
3.10%, Series 1985A (LOC; First Union National Bank) 3,400,000 (a) 3,400,000
TENNESSEE--2.3%
Sevier County, Public Building Authority, Local Government Public Improvement,
VRDN:
3.05%, Series III-A-1 (Insured; AMBAC and Liquidity Facility; Landesbank Hessen) 20,000,000 (a) 20,000,000
3.05%, Series III-B-3 (Insured; AMBAC and Liquidity Facility; Landesbank Hessen) 8,350,000 (a) 8,350,000
3.05%, Series III-B-4 (Insured; AMBAC and Liquidity Facility; Landesbank Hessen) 6,000,000 (a) 6,000,000
TEXAS--11.4%
Bexar County Health Facilities Development Corporation, Revenue, VRDN
(Retirement Community-Air Force Village Foundation Project)
3.15% (LOC; Rabobank Nederland) 14,300,000 (a) 14,300,000
Gulf Coast Waste Disposal Authority, PCR, Refunding, VRDN (Exxon Project)
3.40% (Corp. Guaranty; Exxon Corp.) 5,200,000 (a) 5,200,000
Harris County Health Facilities Development Corporation, HR, VRDN:
(Methodist Hospital)
3.45% (Liqudity Facility: Methodist Hospital and Morgan Guaranty Trust Co.) 21,700,000 (a) 21,700,000
(Texas Children's Hospital):
3.15%, Series B-1 (LOC; Bank of America) 8,300,000 (a) 8,300,000
3.20%, Series B-1 (Insured; MBIA and Liqudity Facility; Morgan Guaranty Trust Co.) 40,000,000 40,000,000
Harris County Industrial Development Corporation, PCR, Refunding, VRDN (Shell
Oil Co. Project)
3.40% (Corp. Guaranty; Shell Oil Co.) 31,500,000 (a) 31,500,000
City of Houston, Water and Sewer Systems Revenue, CP 3.05%, Series A, 8/20/1999
(Liquidity Facility: Union Bank of Switzerland and Westdeutsche Landesbank) 22,000,000 22,000,000
Texas Department of Housing and Community Affairs, MFHR, VRDN (Higher Point III
3.05%, Series A (LOC; FNMA) 12,490,000 (a) 12,490,000
Texas Health Facilities Development Corporation, HR, VRDN (North Texas Pooled
Health):
3.15%, Series 85A (LOC; Banque Paribas) 100,000 (a) 100,000
3.50%, Series 85A (LOC; Banque Paribas) 13,200,000 (a) 13,200,000
UTAH--1.1%
Intermountain Power Agency, Power Supply Revenue, CP
3.20%, 9/16/1999 (Insured; AMBAC and LOC; Morgan Guaranty Trust Co.) 16,000,000 16,000,000
WASHINGTON--2.8%
Snohomish County Public Utilities District No.1, Electric Revenue, VRDN
(Generation Systems)
3% (Insured; MBIA and SBPA; Industrial Bank of Japan) 10,760,000 (a) 10,760,000
Washington Housing Finance Commision, Non-Profit Housing Revenue, Refunding,
VRDN
(Panorama City Project) 3.50% (LOC; Key Bank) 10,330,000 (a) 10,330,000
Washington Public Power Supply System, Revenue, Refunding, VRDN (Nuclear Project
No. 3)
3.05%, Series 3A-3 (LOC; Morgan Guaranty Trust Co.) 20,100,000 (a) 20,100,000
WISCONSIN--1.0%
Milwaukee, RAN 3.50%, Series A, 2/24/2000 15,000,000 15,023,236
WEST VIRGINIA--.7%
Marshall County, Revenue, Refunding, VRDN (Bayer Corp. Project)
3.50% (Corp. Guaranty; Bayer Corp.) 10,100,000 (a) 10,100,000
The Funds
STATEMENT OF INVESTMENTS (CONTINUED)
July 31, 1999 (Unaudited)
Principal
DREYFUS TAX EXEMPT CASH MANAGEMENT (CONTINUED) Amount ($) Value ($)
- ------------------------------------------------------------------------------------------------------------------------------------
TAX EXEMPT INVESTMENTS (CONTINUED)
- ------------------------------------------------------------------------------------------------------------------------------------
WYOMING--.4%
Uinta County, PCR, Refunding, VRDN (Amoco Project)
3.40% (Corp. Guaranty; Amoco Credit Corp.) 6,800,000 (a) 6,800,000
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS (cost $1,476,346,524) 99.4% 1,476,346,524
CASH AND RECEIVABLES (NET) .6% 8,401,821
NET ASSETS 100.0% 1,484,748,345
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 PCR Pollution Control Revenue
FNMA Federal National Mortgage Association RAN Revenue Anticipation Notes
FSA Financial Security Assurance SBPA Standby Bond Purchase Agreement
GO General Obligation SWDR Solid Waste Disposal Revenue
HR Hospital Revenue TAN Tax Anticipation Notes
IDB Industrial Development Board TRAN Tax and Revenue Anticipation Notes
IDR Industrial Development Revenue VRDN Variable Rate Demand Notes
Summary of Combined Ratings (Unaudited)
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 96.2 89.2 96.1
AAA/AA (b) Aaa/A (b) AAA/AA (b) -- -- 1.2
N/R (c) N/R (c) N/R (c) 3.8 10.8 2.7
100.0 100.0 100.0
(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 AND STANDARD & POOR'S
HAVE BEEN DETERMINED BY THE MANAGER TO BE OF COMPARABLE QUALITY TO THOSE
RATED SECURITIES IN WHICH THE FUND MAY INVEST.
(D) AT JULY 31, 1999, DREYFUS NEW YORK MUNICIPAL CASH MANAGEMENT HAD
$71,950,000 (28.3% OF NET ASSETS) INVESTED IN SECURITIES WHOSE PAYMENT IS
DEPENDENT UPON REVENUES GENERATED FROM UTILITY-ELECTRIC REVENUES.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
The Funds
<TABLE>
STATEMENT OF ASSETS AND LIABILITIES
(amounts in thousands, except NET ASSET VALUE PER SHARE)
July 31, 1999 (Unaudited)
DREYFUS DREYFUS DREYFUS DREYFUS DREYFUS
DREYFUS CASH GOVERNMENT GOVERNMENT TREASURY TREASURY
CASH MANAGEMENT CASH PRIME CASH CASH PRIME CASH
MANAGEMENT PLUS, INC. MANAGEMENT MANAGEMENT MANAGEMENT MANAGEMENT
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
ASSETS ($):
Investments at value 5,636,784 7,567,628 4,361,045(a) 507,229 2,786,119(a) 2,729,959
Cash -- -- 4,704 -- -- 5,359
Receivable for investment
securites sold -- -- -- -- 215,006 252,628
Interest receivable 25,640 71,736 35,158 2,955 25,843 60,461
5,662,424 7,639,364 4,400,907 510,184 3,026,968 3,048,407
- ------------------------------------------------------------------------------------------------------------------------------------
LIABILITIES ($):
Due to The Dreyfus Corporation
and affiliates 1,096 1,496 883 76 553 534
Due to Distributor 43 200 100 67 140 135
Cash overdraft due to Custodian 5,036 11,058 546 195 --
Payable for investment securities
purchased -- -- -- -- -- 256,083
6,175 12,754 983 689 888 256,752
- ------------------------------------------------------------------------------------------------------------------------------------
NET ASSETS ($) 5,656,249 7,626,610 4,399,924 509,495 3,026,080 2,791,655
- ------------------------------------------------------------------------------------------------------------------------------------
COMPOSITION OF NET ASSETS ($):
Paid-in capital 5,656,767 7,627,780 4,400,616 509,533 3,026,729 2,792,267
Accumulated net realized gain (loss)
on investments (518) (1,170) (692) (38) (649) (612)
- ------------------------------------------------------------------------------------------------------------------------------------
NET ASSETS ($) 5,656,249 7,626,610 4,399,924 509,495 3,026,080 2,791,655
- ------------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE PER SHARE
INSTITUTIONAL SHARES
Net Assets ($) 5,026,381 6,608,325 3,683,341 295,057 2,392,483 2,235,356
Shares Outstanding 5,026,867 6,609,456 3,683,949 295,080 2,393,072 2,235,885
NET ASSET VALUE PER SHARE ($) 1.00 1.00 1.00 1.00 1.00 1.00
- ------------------------------------------------------------------------------------------------------------------------------------
INVESTOR SHARES
Net Assets ($) 499,646 665,611 594,244 31,132 511,607 377,833
Shares Outstanding 499,678 665,645 594,327 31,134 511,661 377,893
NET ASSET VALUE PER SHARE ($) 1.00 1.00 1.00 1.00 1.00 1.00
- ------------------------------------------------------------------------------------------------------------------------------------
ADMINISTRATIVE SHARES
Net Assets ($) 77,480 59,682 89,265 1,296 15,618 20,445
Shares Outstanding 77,481 59,684 89,265 1,296 15,618 20,448
NET ASSET VALUE PER SHARE ($) 1.00 1.00 1.00 1.00 1.00 1.00
- ------------------------------------------------------------------------------------------------------------------------------------
PARTICIPANT SHARES
Net Assets ($) 52,742 292,992 33,074 182,010 106,372 158,021
Shares Outstanding 52,742 292,994 33,075 182,024 106,378 158,041
NET ASSET VALUE PER SHARE ($) 1.00 1.00 1.00 1.00 1.00 1.00
(A) AMOUNTS INCLUDE REPURCHASE AGREEMENTS OF $351,431,000 AND $1,027,010,000
FOR DREYFUS GOVERNMENT CASH MANAGEMENT AND DREYFUS TREASURY CASH
MANAGEMENT, RESPECTIVELY SEE NOTE 1(B).
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
DREYFUS DREYFUS DREYFUS
MUNICIPAL CASH NEW YORK TAX EXEMPT
MANAGEMENT MUNICIPAL CASH CASH
PLUS MANAGEMENT MANAGEMENT
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
ASSETS ($):
Investments at value 197,005 250,223 1,476,347
Cash 3,871 3,066 252
Interest receivable 1,658 1,359 8,501
Prepaid expenses -- 4 7
202,534 254,652 1,485,107
- ------------------------------------------------------------------------------------------------------------------------------------
LIABILITIES ($):
Due to The Dreyfus Corporation and affiliates 34 44 271
Due to Distributor 17 2 88
51 46 359
- ------------------------------------------------------------------------------------------------------------------------------------
NET ASSETS ($) 202,483 254,606 1,484,748
- ------------------------------------------------------------------------------------------------------------------------------------
COMPOSITION OF NET ASSETS ($):
Paid-in capital 202,666 254,611 1,485,480
Accumulated net realized gain (loss) on investments (190) (6) (732)
Accumulated net unrealized appreciation
(depreciation) on investments 7 1 --
- ------------------------------------------------------------------------------------------------------------------------------------
NET ASSETS ($) 202,483 254,606 1,484,748
- ------------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE PER SHARE
INSTITUTIONAL SHARES
Net Assets ($) 139,795 246,424 1,146,587
Shares Outstanding 139,970 246,427 1,147,256
NET ASSET VALUE PER SHARE ($) 1.00 1.00 1.00
- ------------------------------------------------------------------------------------------------------------------------------------
INVESTOR SHARES
Net Assets ($) 43,897 7,742 188,005
Shares Outstanding 43,904 7,743 188,052
NET ASSET VALUE PER SHARE ($) 1.00 1.00 1.00
- ------------------------------------------------------------------------------------------------------------------------------------
ADMINISTRATIVE SHARES
Net Assets ($) -- --(a) 1,646
Shares Outstanding -- --(a) 1,646
NET ASSET VALUE PER SHARE ($) 1.00 1.00 1.00
- ------------------------------------------------------------------------------------------------------------------------------------
PARTICIPANT SHARES
Net Assets ($) 18,791 440 148,510
Shares Outstanding 18,792 441 148,526
NET ASSET VALUE PER SHARE ($) 1.00 1.00 1.00
(A) AMOUNT REPRESENTS LESS THAN $1,000.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
The Funds
<TABLE>
STATEMENT OF OPERATIONS
(amounts in thousands)
Six Months Ended July 31, 1999 (Unaudited)
DREYFUS DREYFUS DREYFUS DREYFUS DREYFUS
DREYFUS CASH GOVERNMENT GOVERNMENT TREASURY TREASURY
CASH MANAGEMENT CASH PRIME CASH CASH PRIME CASH
MANAGEMENT PLUS, INC. MANAGEMENT MANAGEMENT MANAGEMENT MANAGEMENT
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INVESTMENT INCOME ($):
INTEREST INCOME 154,449 220,423 123,635 10,423 84,392 74,574
EXPENSES:
Management fee--Note 2(a) 6,204 8,716 5,029 422 3,538 3,202
Distribution fees--Note 2(b):
Investor Shares 567 884 859 29 726 480
Administrative Shares 65 19 47 1 8 18
Participant Shares 127 390 412 331 214 290
6,963 10,009 6,347 783 4,486 3,990
INVESTMENT INCOME-NET 147,486 210,414 117,288 9,640 79,906 70,584
- ------------------------------------------------------------------------------------------------------------------------------------
REALIZED GAIN (LOSS)
ON INVESTMENTS--NOTE 1(B) ($): (60) (183) 5 (41) 9 (141)
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS 147,426 210,231 117,293 9,599 79,915 70,443
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
DREYFUS DREYFUS DREYFUS
MUNICIPAL CASH NEW YORK TAX EXEMPT
MANAGEMENT MUNICIPAL CASH CASH
PLUS MANAGEMENT MANAGEMENT
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
INVESTMENT INCOME ($):
INTEREST INCOME 3,764 4,031 23,469
EXPENSES:
Management fee--Note 2(a) 239 270 1,506
Distribution fees--Note 2(b)
Investor Shares 80 11 206
Administrative Shares -- -- 1
Participant Shares 40 1 197
359 282 1,910
INVESTMENT INCOME--NET 3,405 3,749 21,559
- ------------------------------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS--NOTE 1(B) ($):
Net realized gain (loss) on investments (1) -- (219)
Net unrealized appreciation (depreciation) on investments 7 1 --
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS 6 1 (219)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS 3,411 3,750 21,340
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
The Funds
<TABLE>
STATEMENT OF CHANGES IN NET ASSETS
(amounts in thousands)
DREYFUS CASH MANAGEMENT DREYFUS CASH MANAGEMENT PLUS, INC.
SIX MONTHS ENDED SIX MONTHS ENDED
JULY 31, 1999 YEAR ENDED JULY 31, 1999 YEAR ENDED
(UNAUDITED) JANUARY 31, 1999 (UNAUDITED) JANUARY 31, 1999
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
OPERATIONS ($):
Investment income-net 147,486 269,282 210,414 408,257
Net realized gain (loss) on investments (60) 41 (183) 160
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS 147,426 269,323 210,231 408,417
- ------------------------------------------------------------------------------------------------------------------------------------
DIVIDENDS TO SHAREHOLDERS FROM ($):
INVESTMENT INCOME-NET:
Institutional Shares (132,768) (241,430) (188,882) (364,727)
Investor Shares (10,274) (22,395) (16,300) (38,255)
Administrative Shares (3,052) (2,405) (880) (1,521)
Participant Shares (1,392) (3,052) (4,352) (3,754)
TOTAL DIVIDENDS (147,486) (269,282) (210,414) (408,257)
- ------------------------------------------------------------------------------------------------------------------------------------
BENEFICIAL INTEREST/CAPITAL STOCK
TRANSACTIONS ($1.00 per share):
Net proceeds from shares sold:
Institutional Shares 26,271,557 48,861,503 63,939,649 109,871,838
Investor Shares 1,803,358 5,287,539 2,187,645 4,323,914
Administrative Shares 1,374,406 1,261,335 254,245 480,949
Participant Shares 162,080 440,333 422,956 424,349
Dividends reinvested:
Institutional Shares 41,674 89,059 98,130 184,610
Investor Shares 3,674 8,808 14,992 35,316
Administrative Shares 2,043 2,259 705 1,408
Participant Shares 226 705 4,329 3,723
Cost of shares redeemed:
Institutional Shares (27,560,194) (46,780,196) (64,877,341) (108,401,543)
Investor Shares (1,769,791) (5,298,435) (2,227,277) (4,419,435)
Administrative Shares (1,493,876) (1,070,731) (225,937) (477,779)
Participant Shares (174,810) (474,564) (201,350) (376,397)
INCREASE (DECREASE) IN NET ASSETS FROM
BENEFICIAL INTEREST/CAPITAL STOCK TRANSACTIONS (1,339,653) 2,327,615 (609,254) 1,650,953
TOTAL INCREASE (DECREASE) IN NET ASSETS (1,339,713) 2,327,656 (609,437) 1,651,113
- ------------------------------------------------------------------------------------------------------------------------------------
NET ASSETS ($):
Beginning of Period 6,995,962 4,668,306 8,236,047 6,584,934
END OF PERIOD 5,656,249 6,995,962 7,626,610 8,236,047
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
DREYFUS GOVERNMENT DREYFUS GOVERNMENT
CASH MANAGEMENT PRIME CASH MANAGEMENT
SIX MONTHS ENDED SIX MONTHS ENDED
JULY 31, 1999 YEAR ENDED JULY 31, 1999 YEAR ENDED
(UNAUDITED) JANUARY 31, 1999 (UNAUDITED) JANUARY 31, 1999(A)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
OPERATIONS ($):
Investment income-net 117,288 267,607 9,640 12,354
Net realized gain (loss) on investments 5 42 (41) 3
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS 117,293 267,649 9,599 12,357
- ------------------------------------------------------------------------------------------------------------------------------------
DIVIDENDS TO SHAREHOLDERS FROM ($):
INVESTMENT INCOME-NET:
Institutional Shares (95,332) (225,322) (5,490) (4,850)
Investor Shares (15,342) (33,900) (516) (211)
Administrative Shares (2,178) (5,780) (38) (5)
Participant Shares (4,436) (2,605) (3,596) (7,288)
TOTAL DIVIDENDS (117,288) (267,607) (9,640) (12,354)
- ------------------------------------------------------------------------------------------------------------------------------------
BENEFICIAL INTEREST/CAPITAL STOCK
TRANSACTIONS ($1.00 per share):
Net proceeds from shares sold:
Institutional Shares 23,233,669 49,602,546 570,067 379,208
Investor Shares 3,410,490 6,097,984 40,554 63,247
Administrative Shares 610,849 1,720,949 142 1,888
Participant Shares 1,080,084 1,325,138 183,382 467,483
Dividends reinvested:
Institutional Shares 54,574 117,657 5,418 4,792
Investor Shares 8,059 19,873 514 205
Administrative Shares 782 5,251 38 5
Participant Shares 622 1,092 3,596 7,288
Cost of shares redeemed:
Institutional Shares (23,623,966) (49,837,682) (474,762) (189,641)
Investor Shares (3,635,273) (6,086,055) (24,583) (48,804)
Administrative Shares (574,059) (1,910,484) (777) --
Participant Shares (1,317,758) (1,086,618) (167,746) (311,981)
INCREASE (DECREASE) IN NET ASSETS FROM
BENEFICIAL INTEREST/CAPITAL STOCK TRANSACTIONS (751,927) (30,349) 135,843 373,690
TOTAL INCREASE (DECREASE) IN NET ASSETS (751,922) (30,307) 135,802 373,693
- ------------------------------------------------------------------------------------------------------------------------------------
NET ASSETS ($):
Beginning of Period 5,151,846 5,182,153 373,693
END OF PERIOD 4,399,924 5,151,846 509,495 373,693
(A) FROM FEBRUARY 27, 1998 (COMMENCEMENT OF OPERATIONS) TO JANUARY 31, 1999.
SEE NOTES TO FINANCIAL STATEMENTS.
The Funds
STATEMENT OF CHANGES IN NET ASSETS (CONTINUED)
(amounts in thousands)
DREYFUS TREASURY CASH MANAGEMENT DREYFUS TREASURY PRIME CASH MANAGEMENT
-------------------------------- -----------------------------------
SIX MONTHS ENDED SIX MONTHS ENDED
JULY 31, 1999 YEAR ENDED JULY 31, 1999 YEAR ENDED
(UNAUDITED) JANUARY 31, 1999 (UNAUDITED) JANUARY 31, 1999
- ------------------------------------------------------------------------------------------------------------------------------------
OPERATIONS ($):
Investment income--net 79,906 197,606 70,584 176,619
Net realized gain (loss) on investments 9 (150) (141) (154)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS 79,915 197,456 70,443 176,465
- ------------------------------------------------------------------------------------------------------------------------------------
DIVIDENDS TO SHAREHOLDERS FROM ($):
INVESTMENT INCOME-NET:
Institutional Shares (64,727) (162,619) (58,809) (149,896)
Investor Shares (12,559) (28,980) (8,059) (17,273)
Administrative Shares (384) (697) (772) (2,643)
Participant Shares (2,236) (5,310) (2,944) (6,807)
TOTAL DIVIDENDS (79,906) (197,606) (70,584) (176,619)
- ------------------------------------------------------------------------------------------------------------------------------------
BENEFICIAL INTEREST/CAPITAL STOCK
TRANSACTIONS ($1.00 per share):
Net proceeds from shares sold:
Institutional Shares 16,009,432 38,362,478 23,005,954 48,734,997
Investor Shares 2,624,557 5,861,799 1,086,510 2,761,494
Administrative Shares 39,973 64,931 12,271 138,083
Participant Shares 196,692 433,707 288,967 623,336
Dividends reinvested:
Institutional Shares 16,307 48,428 23,408 55,518
Investor Shares 2,234 6,558 3,752 8,133
Administrative Shares 380 695 766 2,635
Participant Shares 12 32 1,101 1,788
Cost of shares redeemed:
Institutional Shares (16,498,266) (38,467,227) (23,577,983) (48,913,555)
Investor Shares (2,653,238) (5,927,383) (1,146,274) (2,639,366)
Administrative Shares (41,313) (49,047) (48,877) (91,056)
Participant Shares (216,315) (409,592) (263,709) (603,749)
INCREASE (DECREASE) IN NET ASSETS FROM
BENEFICIAL INTEREST/CAPITAL STOCK TRANSACTIONS (519,545) (74,621) (614,114) 78,258
TOTAL INCREASE (DECREASE) IN NET ASSETS (519,536) (74,771) (614,255) 78,104
- ------------------------------------------------------------------------------------------------------------------------------------
NET ASSETS ($):
Beginning of Period 3,545,616 3,620,387 3,405,910 3,327,806
END OF PERIOD 3,026,080 3,545,616 2,791,655 3,405,910
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
DREYFUS MUNICIPAL CASH DREYFUS NEW YORK MUNICIPAL DREYFUS TAX EXEMPT
MANAGEMENT PLUS CASH MANAGEMENT CASH MANAGEMENT
- ------------------------------------------------------------------------------------------------------------------------------------
IX MONTHS ENDED SIX MONTHS ENDED SIX MONTHS ENDED
JULY 31, 1999 YEAR ENDED JULY 31, 1999 YEAR ENDED JULY 31, 1999 YEAR ENDED
(UNAUDITED) JANUARY 31, 1999 (UNAUDITED) JANUARY 31, 1999 (UNAUDITED) JANUARY 31, 1999
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
OPERATIONS ($):
Investment income-net 3,405 7,424 3,749 7,222 21,559 50,090
Net realized gain (loss)
on investments (1) (19) -- -- (219) (25)
Net unrealized appreciation
(depreciation)
on investments 7 -- 1 -- -- --
NET INCREASE (DECREASE)
IN NET ASSETS RESULTING
FROM OPERATIONS 3,411 7,405 3,750 7,222 21,340 50,065
- -------------------------------------------------------------------------------------------------------------------------------
DIVIDENDS TO SHAREHOLDERS
FROM ($):
INVESTMENT INCOME-NET:
Institutional Shares (2,274) (5,648) (3,632) (6,863) (18,073) (44,051)
Investor Shares (878) (1,390) (113) (341) (2,204) (4,038)
Administrative Shares -- -- -- -- (27) (14)
Participant Shares (253) (386) (4) (18) (1,255) (1,987)
TOTAL DIVIDENDS (3,405) (7,424) (3,749) (7,222) (21,559) (50,090)
- -------------------------------------------------------------------------------------------------------------------------------
BENEFICIAL INTEREST/CAPITAL
STOCK TRANSACTIONS
($1.00 per share):
Net proceeds from
shares sold:
Institutional Shares 408,957 883,430 1,035,801 1,624,729 4,710,135 9,297,174
Investor Shares 262,070 345,655 3,607 3,447 346,135 572,355
Administrative Shares -- -- -- -- 2,992 2,192
Participant Shares 32,345 61,282 276 1,280 194,852 181,208
Dividends reinvested:
Institutional Shares 1,912 4,737 907 1,533 5,616 13,945
Investor Shares 539 1,303 97 335 20 596
Administrative Shares -- -- -- -- 26 14
Participant Shares 2 4 4 17 -- 19
Cost of shares redeemed:
Institutional Shares (479,167) (813,864) (1,058,530) (1,553,680) (4,854,877) (9,344,669)
Investor Shares (268,878) (343,904) (4,580) (8,205) (319,000) (561,192)
Administrative Shares -- -- -- -- (2,621) (1,645)
Participant Shares (28,997) (52,532) (458) (1,325) (119,518) (179,862)
INCREASE (DECREASE) IN
NET ASSETS FROM
BENEFICIAL INTEREST/
CAPITAL STOCK
TRANSACTIONS (71,217) 86,111 (22,876) 68,131 (36,240) (19,865)
TOTAL INCREASE (DECREASE)
IN NET ASSETS (71,211) 86,092 (22,875) 68,131 (36,459) (19,890)
- -------------------------------------------------------------------------------------------------------------------------------
NET ASSETS ($):
Beginning of Period 273,694 187,602 277,481 209,350 1,521,207 1,541,097
END OF PERIOD 202,483 273,694 254,606 277,481 1,484,748 1,521,207
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
The Funds
FINANCIAL HIGHLIGHTS
The following tables describe the performance for each share class for the
fiscal periods indicated. Certain information reflects financial results for a
single fund share. Total return shows how much your investment in the fund would
have increased (or decreased) during each period, assuming you had reinvested
all dividends and distributions. These figures have been derived from each
fund's financial statements.
<TABLE>
PER SHARE DATA ($) RATIOS/SUPPLEMENTAL DATA (%)
--------------------------------------------------------------------
DECREASE
RATIO OF NET REFLECTED
NET ASSET DIVIDENDS NET ASSET RATIO OF INVESTMENT IN EXPENSE NET ASSETS
VALUE NET FROM NET VALUE EXPENSES INCOME TO RATIOS DUE TO END OF
BEGINNING INVESTMENT INVESTMENT END TOTAL TO AVERAGE AVERAGE UNDERTAKING BY PERIOD
OF PERIOD INCOME INCOME OF PERIOD RETURN(%) NET ASSETS NET ASSETS THE MANAGER ($X1,000,000)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
DREYFUS CASH MANAGEMENT
INSTITUTIONAL SHARES
Six Months Ended
July 31, 1999
(Unaudited) 1.00 .024 (.024) 1.00 4.82(a) .20(a) 4.78(a) -- 5,026
Year Ended January 31,
1999 1.00 .053 (.053) 1.00 5.45 .20 5.32 -- 6,273
1998 1.00 .054 (.054) 1.00 5.58 .20 5.45 -- 4,103
1997 1.00 .053 (.053) 1.00 5.39 .20 5.27 -- 2,758
1996 1.00 .059 (.059) 1.00 6.03 .20 5.86 -- 2,443
1995 1.00 .042 (.042) 1.00 4.28 .20 4.08 -- 1,817
INVESTOR SHARES
Six Months Ended
July 31, 1999
(Unaudited) 1.00 .022 (.022) 1.00 4.56(a) .45(a) 4.53(a) -- 500
Year Ended January 31,
1999 1.00 .051 (.051) 1.00 5.19 .45 5.07 -- 462
1998 1.00 .052 (.052) 1.00 5.31 .45 5.18 -- 464
1997 1.00 .050 (.050) 1.00 5.13 .45 5.02 -- 581
1996 1.00 .056 (.056) 1.00 5.76 .45 5.54 -- 430
1995 1.00 .040 (.040) 1.00 4.03 .45 3.94 -- 85
ADMINISTRATIVE SHARES
Six Months Ended
July 31, 1999
(Unaudited) 1.00 .023 (.023) 1.00 4.72(a) .30(a) 4.67(a) -- 77
Year Ended
January 31, 1999 1.00 .052 (.052) 1.00 5.34 .30 5.22 -- 195
Year Ended
January 31, 1998 1.00 .053 (.053) 1.00 5.48 .30 5.37 -- 2
Period Ended
January 31, 1997(b) 1.00 .010 (.010) 1.00 5.22(a) .30(a) 3.74(a) -- --(c)
PARTICIPANT SHARES
Six Months Ended
July 31, 1999
(Unaudited) 1.00 .022 (.022) 1.00 4.42(a) .60(a) 4.38(a) -- 53
Year Ended
January 31, 1999 1.00 .049 (.049) 1.00 5.03 .60 4.92 -- 65
Year Ended
January 31, 1998 1.00 .050 (.050) 1.00 5.16 .60 5.21 -- 99
Period Ended
January 31, 1997(b) 1.00 .010 (.010) 1.00 4.92(a) .60(a) 3.84(a) -- --(c)
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
DREYFUS CASH MANAGEMENT
PLUS, INC.
INSTITUTIONAL SHARES
Six Months Ended
July 31, 1999
(Unaudited) 1.00 .024 (.024) 1.00 4.90(a) .20(a) 4.86(a) -- 6,608
Year Ended January 31,
1999 1.00 .054 (.054) 1.00 5.50 .20 5.36 -- 7,448
1998 1.00 .055 (.055) 1.00 5.64 .20 5.50 -- 5,793
Period Ended
January 31, 1997(d) 1.00 .018 (.018) 1.00 5.34(a) .20(a) 5.32(a) -- 5,516
Year Ended September 30,
1996 1.00 .055 (.055) 1.00 5.59 .20 5.46 -- 4,766
1995 1.00 .057 (.057) 1.00 5.86 .20 5.81 -- 4,405
1994 1.00 .036 (.036) 1.00 3.65 .20 3.49 .01 1,893
INVESTOR SHARES
Six Months Ended
July 31, 1999
(Unaudited) 1.00 .023 (.023) 1.00 4.66(a) .45(a) 4.61(a) -- 666
Year Ended January 31,
1999 1.00 .051 (.051) 1.00 5.24 .45 5.12 -- 690
1998 1.00 .053 (.053) 1.00 5.38 .45 5.25 -- 750
Period Ended
January 31, 1997(d) 1.00 .017 (.017) 1.00 5.10(a) .45(a) 5.07(a) -- 782
Year Ended September 30,
1996 1.00 .052 (.052) 1.00 5.33 .45 5.19 -- 629
1995 1.00 .055 (.055) 1.00 5.61 .45 5.66 -- 352
1994(e) 1.00 .025 (.025) 1.00 3.61(a) .45(a) 4.00(a) -- 6
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
PER SHARE DATA ($) RATIOS/SUPPLEMENTAL DATA (%)
----------------------------------------------------------------------------------------------------
DECREASE
RATIO OF NET REFLECTED
NET ASSET DIVIDENDS NET ASSET RATIO OF INVESTMENT IN EXPENSE NET ASSETS
VALUE NET FROM NET VALUE EXPENSES INCOME TO RATIOS DUE TO END OF
BEGINNING INVESTMENT INVESTMENT END TOTAL TO AVERAGE AVERAGE UNDERTAKING BY PERIOD
OF PERIOD INCOME INCOME OF PERIOD RETURN(%) NET ASSETS NET ASSETS THE MANAGER ($X1,000,000)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
DREYFUS CASH MANAGEMENT
PLUS, INC. (CONTINUED)
ADMINISTRATIVE SHARES
Six Months Ended
July 31, 1999
(Unaudited) 1.00 .024 (.024) 1.00 4.80(a) .30(a) 4.76(a) -- 60
Year Ended January 31,
1999 1.00 .053 (.053) 1.00 5.39 .30 5.26 -- 31
1998 1.00 .054 (.054) 1.00 5.54 .30 5.40 -- 26
Period Ended
January 31, 1997(b) 1.00 .010 (.010) 1.00 5.22(a) .30(a) 4.99(a) -- --(c)
PARTICIPANT SHARES
Six Months Ended
July 31, 1999
(Unaudited) 1.00 .022 (.022) 1.00 4.50(a) .60(a) 4.46(a) -- 293
Year Ended January 31,
1999 1.00 .050 (.050) 1.00 5.07 .60 4.96 -- 67
1998 1.00 .051 (.051) 1.00 5.22 .60 5.10 -- 15
Period Ended
January 31, 1997(b) 1.00 .010 (.010) 1.00 4.92(a) .60(a) 4.78(a) -- --(c)
(A) ANNUALIZED.
(B) FROM NOVEMBER 21, 1996 (COMMENCEMENT OF INITIAL OFFERING) TO JANUARY 31,
1997.
(C) AMOUNT REPRESENTS LESS THAN $1 MILLION.
(D) THE FUND CHANGED ITS FISCAL YEAR END FROM SEPTEMBER 30 TO JANUARY 31.
(E) FROM JANUARY 24, 1994 (COMMENCEMENT OF INITIAL OFFERING) TO SEPTEMBER 30,
1994.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
The Funds
<TABLE>
PER SHARE DATA ($) RATIOS/SUPPLEMENTAL DATA (%)
-----------------------------------------------------------------------------------------------------
RATIO OF NET
NET ASSET DIVIDENDS NET ASSET RATIO OF INVESTMENT NET ASSETS
VALUE NET FROM NET VALUE EXPENSES INCOME TO END OF
BEGINNING INVESTMENT INVESTMENT END TOTAL TO AVERAGE AVERAGE PERIOD
OF PERIOD INCOME INCOME OF PERIOD RETURN(%) NET ASSETS NET ASSETS ($X1,000,000)
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
DREYFUS GOVERNMENT
CASH MANAGEMENT
INSTITUTIONAL SHARES
Six Months Ended
July 31, 1999
(Unaudited) 1.00 .023 (.023) 1.00 4.76(a) .20(a) 4.72(a) 3,683
Year Ended January 31,
1999 1.00 .052 (.052) 1.00 5.35 .20 5.22 4,019
1998 1.00 .054 (.054) 1.00 5.55 .20 5.41 4,137
1997 1.00 .053 (.053) 1.00 5.38 .20 5.25 4,565
1996 1.00 .059 (.059) 1.00 6.01 .20 5.83 4,778
1995 1.00 .041 (.041) 1.00 4.21 .20 4.04 2,797
INVESTOR SHARES
Six Months Ended
July 31, 1999 (Unaudited) 1.00 .022 (.022) 1.00 4.50(a) .45(a) 4.46(a) 594
Year Ended January 31,
1999 1.00 .050 (.050) 1.00 5.08 .45 4.96 811
1998 1.00 .052 (.052) 1.00 5.28 .45 5.16 779
1997 1.00 .050 (.050) 1.00 5.12 .45 5.01 547
1996 1.00 .056 (.056) 1.00 5.75 .45 5.49 452
1995 1.00 .039 (.039) 1.00 3.95 .45 4.22 40
ADMINISTRATIVE SHARES
Six Months Ended
July 31, 1999 (Unaudited) 1.00 .023 (.023) 1.00 4.66(a) .30(a) 4.61(a) 89
Year Ended January 31,
1999 1.00 .051 (.051) 1.00 5.24 .30 5.12 52
1998 1.00 .053 (.053) 1.00 5.44 .30 5.31 236
Period Ended
January 31, 1997(b) 1.00 .010 (.010) 1.00 5.17(a) .30(a) 5.15(a) 37
PARTICIPANT SHARES
Six Months Ended
July 31, 1999 (Unaudited) 1.00 .021 (.021) 1.00 4.36(a) .60(a) 4.31(a) 33
Year Ended January 31,
1999 1.00 .048 (.048) 1.00 4.93 .60 4.81 270
1998 1.00 .050 (.050) 1.00 5.13 .60 5.01 31
Period Ended
January 31, 1997(b) 1.00 .001 (.001) 1.00 4.87(a) .60(a) 4.85(a) --(c)
DREYFUS GOVERNMENT
PRIME CASH MANAGEMENT
INSTITUTIONAL SHARES
Six Months Ended
July 31, 1999 (Unaudited) 1.00 .023 (.023) 1.00 4.78* .20(a) 4.73(a) 295
Period Ended
January 31, 1999(d) 1.00 .048 (.048) 1.00 5.33(a) .20* 5.20* 194
INVESTOR SHARES
Six Months Ended
July 31, 1999 (Unaudited) 1.00 .022 (.022) 1.00 4.52(a) .45(a) 4.48* 31
Period Ended
January 31, 1999(d) 1.00 .046 (.046) 1.00 5.06(a) .45(a) 4.95* 15
ADMINISTRATIVE SHARES
Six Months Ended
July 31, 1999 (Unaudited) 1.00 .023 (.023) 1.00 4.68(a) .30(a) 4.64* 1
Period Ended
January 31, 1999(d) 1.00 .047 (.047) 1.00 5.22(a) .30* 5.10* 2
PARTICIPANT SHARES
Six Months Ended
July 31, 1999 (Unaudited) 1.00 .021 (.021) 1.00 4.38(a) .60* 4.34* 182
Period Ended
January 31, 1999(d) 1.00 .045 (.045) 1.00 4.90(a) .60* 4.80* 163
(A) ANNUALIZED.
(B) FROM NOVEMBER 21, 1996 (COMMENCEMENT OF INITIAL OFFERING) TO
JANUARY 31, 1997.
(C) AMOUNT REPRESENTS LESS THAN $1 MILLION.
(D) FROM FEBRUARY 27, 1998 (COMMENCEMENT OFOPERATIONS) TO JANUARY 31, 1999.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
PER SHARE DATA ($) RATIOS/SUPPLEMENTAL DATA (%)
----------------------------------------------------------------------------------------------------
DECREASE
RATIO OF NET REFLECTED
NET ASSET DIVIDENDS NET ASSET RATIO OF INVESTMENT IN EXPENSE NET ASSETS
VALUE NET FROM NET VALUE EXPENSES INCOME TO RATIOS DUE TO END OF
BEGINNING INVESTMENT INVESTMENT END TOTAL TO AVERAGE AVERAGE UNDERTAKING BY PERIOD
OF PERIOD INCOME INCOME OF PERIOD RETURN(%) NET ASSETS NET ASSETS THE MANAGER ($X1,000,000)
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
DREYFUS TREASURY
CASH MANAGEMENT
INSTITUTIONAL SHARES
Six Months Ended
July 31, 1999
(Unaudited) 1.00 .023 (.023) 1.00 4.62(a) .20(a) 4.57(a) -- 2,392
Year Ended January 31,
1999 1.00 .051 (.051) 1.00 5.21 .20 5.09 -- 2,865
1998 1.00 .053 (.053) 1.00 5.42 .20 5.30 -- 2,921
Six Months Ended
January 31, 1997(b) 1.00 .026 (.026) 1.00 5.20(a) .20(a) 5.14(a) -- 2,649
Year Ended July 31,
1996 1.00 .054 (.054) 1.00 5.51 .20 5.35 -- 2,420
1995 1.00 .052 (.052) 1.00 5.34 .20 5.22 -- 1,951
1994 1.00 .032 (.032) 1.00 3.27 .20 3.18 .01 1,983
INVESTOR SHARES
Six Months Ended
July 31, 1999
(Unaudited) 1.00 .021 (.021) 1.00 4.36(a) .45(a) 4.33(a) -- 512
Year Ended January 31,
1999 1.00 .048 (.048) 1.00 4.95 .45 4.84 -- 538
1998 1.00 .051 (.051) 1.00 5.17 .45 5.07 -- 597
Six Months Ended
January 31, 1997(b) 1.00 .025 (.025) 1.00 4.96(a) .45(a) 4.89(a) -- 330
Year Ended July 31,
1996 1.00 .051 (.051) 1.00 5.25 .45 5.05 -- 238
1995 1.00 .050 (.050) 1.00 5.08 .45 5.24 -- 39
1994(c) 1.00 .018 (.018) 1.00 3.22(a) .45(a) 3.33(a) -- 21
ADMINISTRATIVE SHARES
Six Months Ended
July 31, 1999
(Unaudited) 1.00 .022 (.022) 1.00 4.52(a) .30(a) 4.46(a) -- 16
Year Ended January 31,
1999 1.00 .050 (.050) 1.00 5.10 .30 4.99 -- 17
1998 1.00 .052 (.052) 1.00 5.32 .30 5.20 -- --(e)
Period Ended
January 31, 1997(d) 1.00 .010 (.010) 1.00 5.07(a) .30(a) 4.25(a) -- --(e)
PARTICIPANT SHARES
Six Months Ended
July 31, 1999
(Unaudited) 1.00 .021 (.021) 1.00 4.21(a) .60(a) 4.17(a) -- 106
Year Ended January 31,
1999 1.00 .047 (.047) 1.00 4.79 .60 4.68 -- 126
1998 1.00 .049 (.049) 1.00 5.00 .60 4.90 -- 102
Period Ended
January 31, 1997(d) 1.00 .009 (.009) 1.00 4.77(a) .60(a) 4.20(a) -- --(e)
(A) ANNUALIZED.
(B) THE FUND CHANGED ITS FISCAL YEAR END FROM JULY 31 TO JANUARY 31.
(C) FROM JANUARY 10, 1994 (COMMENCEMENT OF INITIAL OFFERING) TO JULY 31, 1994.
(D) FROM NOVEMBER 21, 1996 (COMMENCEMENT OF INITIAL OFFERING) TO JANUARY 31,
1997.
(E) AMOUNT IS LESS THAN $1 MILLION.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
The Funds
<TABLE>
FINANCIAL HIGHLIGHTS (CONTINUED)
PER SHARE DATA ($) RATIOS/SUPPLEMENTAL DATA (%)
----------------------------------------------------------------------------------------------------
DECREASE
RATIO OF NET REFLECTED
NET ASSET DIVIDENDS NET ASSET RATIO OF INVESTMENT IN EXPENSE NET ASSETS
VALUE NET FROM NET VALUE EXPENSES INCOME TO RATIOS DUE TO END OF
BEGINNING INVESTMENT INVESTMENT END TOTAL TO AVERAGE AVERAGE UNDERTAKING BY PERIOD
OF PERIOD INCOME INCOME OF PERIOD RETURN(%) NET ASSETS NET ASSETS THE MANAGER ($X1,000,000)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
DREYFUS TREASURY PRIME
CASH MANAGEMENT
INSTITUTIONAL SHARES
Six Months Ended
July 31, 1999
(Unaudited) 1.00 .022 (.022) 1.00 4.50(a) .20(a) 4.46(a) -- 2,235
Year Ended January 31,
1999 1.00 .050 (.050) 1.00 5.07 .20 4.96 -- 2,784
1998 1.00 .052 (.052) 1.00 5.30 .20 5.17 -- 2,907
Period Ended
January 31, 1997(b) 1.00 .047 (.047) 1.00 5.16(a) .20(a) 5.05(a) -- 3,047
Year Ended
February 28/29,
1996 1.00 .055 (.055) 1.00 5.65 .20 5.53 -- 2,904
1995 1.00 .043 (.043) 1.00 4.39 .20 4.26 -- 3,342
1994 1.00 .030 (.030) 1.00 3.02 .20 2.99 .02 4,442
INVESTOR SHARES
Six Months Ended
July 31, 1999
(Unaudited) 1.00 .021 (.021) 1.00 4.23(a) .45(a) 4.20(a) -- 378
Year Ended January 31,
1999 1.00 .047 (.047) 1.00 4.81 .45 4.71 -- 434
1998 1.00 .049 (.049) 1.00 5.03 .45 4.91 -- 304
Period Ended
January 31, 1997(b) 1.00 .044 (.044) 1.00 4.88(a) .45(a) 4.80(a) -- 358
Year Ended
February 28/29,
1996 1.00 .053 (.053) 1.00 5.39 .45 5.21 -- 256
1995 1.00 .041 (.041) 1.00 4.13 .45 4.26 -- 123
1994(c) 1.00 .004 (.004) 1.00 2.77(a) .45(a) 2.78(a) -- 54
ADMINISTRATIVE SHARES
Six Months Ended
July 31, 1999
(Unaudited) 1.00 .022 (.022) 1.00 4.40(a) .30(a) 4.37(a) -- 20
Year Ended January 31,
1999 1.00 .049 (.049) 1.00 4.97 .30 4.86 -- 56
1998 1.00 .051 (.051) 1.00 5.19 .30 5.10 -- 7
Period Ended
January 31, 1997(d) 1.00 .010 (.010) 1.00 4.97(a) .30(a) 4.91(a) -- --(e)
PARTICIPANT SHARES
Six Months Ended
July 31, 1999
(Unaudited) 1.00 .020 (.020) 1.00 4.09(a) .60(a) 4.05(a) -- 158
Year Ended January 31,
1999 1.00 .046 (.046) 1.00 4.65 .60 4.56 -- 132
1998 1.00 .048 (.048) 1.00 4.88 .60 4.79 -- 110
Period Ended
January 31, 1997(d) 1.00 .009 (.009) 1.00 4.66(a) .60(a) 4.70(a) -- --(e)
(A) ANNUALIZED.
(B) THE FUND CHANGED ITS FISCAL YEAR END FROM FEBRUARY 28/29 TO JANUARY 31.
(C) FROM JANUARY 10, 1994 (COMMENCEMENT OF INITIAL OFFERING) TO FEBRUARY 28,
1994.
(D) FROM NOVEMBER 21, 1996 (COMMENCEMENT OF INITIAL OFFERING) TO JANUARY 31,
1997.
(E) AMOUNT IS LESS THAN $1 MILLION.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
PER SHARE DATA ($) RATIOS/SUPPLEMENTAL DATA (%)
-----------------------------------------------------------------------------------------------------
RATIO OF NET
NET ASSET DIVIDENDS NET ASSET RATIO OF INVESTMENT NET ASSETS
VALUE NET FROM NET VALUE EXPENSES INCOME TO END OF
BEGINNING INVESTMENT INVESTMENT END TOTAL TO AVERAGE AVERAGE PERIOD
OF PERIOD INCOME INCOME OF PERIOD RETURN(%) NET ASSETS NET ASSETS ($X1,000,000)
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
DREYFUS MUNICIPAL
CASH MANAGEMENT PLUS
INSTITUTIONAL SHARES
Six Months Ended
July 31, 1999 (Unaudited) 1.00 .015 (.015) 1.00 2.98(a) .20(a) 2.94(a) 140
Year Ended January 31,
1999 1.00 .033 (.033) 1.00 3.37 .20 3.31 208
1998 1.00 .035 (.035) 1.00 3.59 .20 3.53 134
Period Ended
January 31, 1997(b) 1.00 .003 (.003) 1.00 3.41(a) .20(a) 3.38(a) 159
Year Ended December 31,
1996 1.00 .034 (.034) 1.00 3.43 .20 3.38 156
1995 1.00 .038 (.038) 1.00 3.85 .20 3.78 194
1994 1.00 .027 (.027) 1.00 2.76 .20 2.62 193
INVESTOR SHARES
Six Months Ended
July 31, 1999 (Unaudited) 1.00 .013 (.013) 1.00 2.74(a) .45(a) 2.73(a) 44
Year Ended January 31,
1999 1.00 .031 (.031) 1.00 3.12 .45 3.07 50
1998 1.00 .033 (.033) 1.00 3.34 .45 3.26 47
Period Ended
January 31, 1997(b) 1.00 .003 (.003) 1.00 3.18(a) .45(a) 3.13(a) 67
Year Ended December 31,
1996 1.00 .031 (.031) 1.00 3.18 .45 3.14 46
1995 1.00 .035 (.035) 1.00 3.60 .45 3.51 23
1994 1.00 .025 (.025) 1.00 2.51 .45 2.43 1
ADMINISTRATIVE SHARES
Six Months Ended
July 31, 1999 (Unaudited) 1.00 .014 (.014) 1.00 2.88(a) .30(a) 2.19(a) --(d)
Year Ended January 31,
1999 1.00 .032 (.032) 1.00 3.27 .30 3.54 --(d)
1998 1.00 .034 (.034) 1.00 3.49 .30 3.53 --(d)
Period Ended
January 31, 1997(b) 1.00 .003 (.003) 1.00 3.30(a) .30(a) 3.64(a) --(d)
Period Ended
December 31, 1996(c) 1.00 .004 (.004) 1.00 3.38(a) .30(a) 3.73(a) --(d)
PARTICIPANT SHARES
Six Months Ended
July 31, 1999 (Uaudited) 1.00 .013 (.013) 1.00 2.58(a) .60(a) 2.56(a) 18
Year Ended January 31,
1999 1.00 .029 (.029) 1.00 2.97 .60 2.91 15
1998 1.00 .031 (.031) 1.00 3.18 .60 3.17 7
Period Ended
January 31, 1997(b) 1.00 .003 (.003) 1.00 2.94(a) .60(a) 3.17(a) --(d)
Period Ended
December 31, 1996(c) 1.00 .004 (.004) 1.00 3.12(a) .60(a) 3.55(a) --(d)
(A) ANNUALIZED.
(B) THE FUND CHANGED ITS FISCAL YEAR END FROM DECEMBER 31 TO JANUARY 31.
(C) FROM NOVEMBER 21, 1996 (COMMENCEMENT OF INITIAL OFFERING) TO DECEMBER 31,
1996.
(D) AMOUNT REPRESENTS LESS THAN $1 MILLION.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
The Funds
<TABLE>
FINANCIAL HIGHLIGHTS (CONTINUED)
PER SHARE DATA ($) RATIOS/SUPPLEMENTAL DATA (%)
- ----------------------------------------------------------------------------------------------------------------------------------
DECREASE
RATIO OF NET REFLECTED
NET ASSET DIVIDENDS NET ASSET RATIO OF INVESTMENT IN EXPENSE NET ASSETS
VALUE NET FROM NET VALUE EXPENSES INCOME TO RATIOS DUE TO END OF
BEGINNING INVESTMENT INVESTMENT END TOTAL TO AVERAGE AVERAGE UNDERTAKING BY PERIOD
OF PERIOD INCOME INCOME OF PERIOD RETURN(%) NET ASSETS NET ASSETS THE MANAGER ($X1,000,000)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
DREYFUS NEW YORK MUNICIPAL
CASH MANAGEMENT
INSTITUTIONAL SHARES
Six Months Ended
July 31, 1999
(Unaudited)
1.00 .014 (.014) 1.00 2.80(a) .20(a) 2.79(a) -- 246
Year Ended January 31,
1999
1.00 .031 (.031) 1.00 3.19 .20 3.12 -- 268
1998
1.00 .034 (.034) 1.00 3.46 .20 3.40 -- 196
Six Months Ended
January 31, 1997(b)
1.00 .017 (.017) 1.00 3.29(a) .20(a) 3.28(a) -- 133
Year Ended July 31,
1996
1.00 .034 (.034) 1.00 3.44 .20 3.33 -- 132
1995
1.00 .034 (.034) 1.00 3.46 .20 3.42 -- 101
1994
1.00 .022 (.022) 1.00 2.23 .20 2.18 .06 83
INVESTOR SHARES
Six Months Ended
July 31, 1999
(Unaudited)
1.00 .013 (.013) 1.00 2.56(a) .45(a) 2.55(a) -- 8
Year Ended January 31,
1999
1.00 .029 (.029) 1.00 2.93 .45 2.92 -- 9
1998
1.00 .032 (.032) 1.00 3.20 .45 3.17 -- 13
Six Months Ended
January 31, 1997(b)
1.00 .015 (.015) 1.00 3.04(a) .45(a) 3.03(a) -- 8
Year Ended July 31,
1996
1.00 .031 (.031) 1.00 3.18 .45 3.09 -- 14
1995
1.00 .032 (.032) 1.00 3.20 .45 2.81 -- 6
1994
1.00 .011 (.011) 1.00 2.02(a) .45(a) 2.12(a) -- 53
ADMINISTRATIVE SHARES
Six Months Ended
July 31, 1999
(Unaudited)
1.00 .013 (.013) 1.00 2.70(a) .30(a) 2.49 -- --(e)
Year Ended January 31,
1999
1.00 .030 (.030) 1.00 3.09 .30 3.02 -- --(e)
1998
1.00 .033 (.033) 1.00 3.35 .30 3.30 -- --(e)
Period Ended
January 31, 1997(d)
1.00 .006 (.006) 1.00 3.24(a) .30(a) 3.24(a) -- --(e)
PARTICIPANT SHARES
Six Months Ended
July 31, 1999
(Unaudited)
1.00 .012 (.012) 1.00 2.40(a) .60(a) 2.36(a) -- --(e)
Years Ended January 31,
1999
1.00 .027 (.027) 1.00 2.78 .60 2.72 -- 1
1998
1.00 .030 (.030) 1.00 3.05 .60 3.01 -- 1
Period Ended
January 31, 1997(d)
1.00 .006 (.006) 1.00 2.94(a) .60(a) 2.88(a) -- --(e)
(A) ANNUALIZED.
(B) THE FUND CHANGED ITS FISCAL YEAR END FROM JULY 31 TO JANUAR 31.
(C) FROM JANUARY 18, 1994 (COMMENCEMENT OF INITIAL OFFERING) TO JANUARY 31,
1994.
(D) FROM NOVEMBER 21, 1996 (COMMENCEMENT OF INITIAL OFFERING) TO JANUARY 31,
1997.
(E) AMOUNT REPRESENTS LESS THAN $1 MILLION.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
PER SHARE DATA ($) RATIOS/SUPPLEMENTAL DATA (%)
----------------------------------------------------------------------------------------------------
RATIO OF NET
NET ASSET DIVIDENDS NET ASSET RATIO OF INVESTMENT NET ASSETS
VALUE NET FROM NET VALUE EXPENSES INCOME TO END OF
BEGINNING INVESTMENT INVESTMENT END TOTAL TO AVERAGE AVERAGE PERIOD
OF PERIOD INCOME INCOME OF PERIOD RETURN(%) NET ASSETS NET ASSETS ($X1,000,000)
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
DREYFUS TAX EXEMPT
CASH MANAGEMENT
INSTITUTIONAL SHARES
Six Months Ended
July 31, 1999 (Unaudited) 1.00 .014 (.014) 1.00 2.94(a) .20(a) 2.91(a) 1,147
Year Ended January 31,
1999 1.00 .032 (.032) 1.00 3.26 .20 3.20 1,286
1998 1.00 .034 (.034) 1.00 3.50 .20 3.44 1,319
1997 1.00 .033 (.033) 1.00 3.31 .20 3.25 1,646
1996 1.00 .037 (.037) 1.00 3.72 .20 3.64 1,366
1995 1.00 .028 (.028) 1.00 2.83 .20 2.73 1,299
INVESTOR SHARES
Six Months Ended
July 31, 1999 (Unaudited) 1.00 .013 (.013) 1.00 2.68(a) .45(a) 2.67(a) 188
Year Ended January 31,
1999 1.00 .030 (.030) 1.00 3.00 .45 2.96 161
1998 1.00 .032 (.032) 1.00 3.24 .45 3.22 149
1997 1.00 .030 (.030) 1.00 3.05 .45 2.98 44
1996 1.00 .034 (.034) 1.00 3.46 .45 3.39 80
1995 1.00 .025 (.025) 1.00 2.57 .45 2.74 47
ADMINISTRATIVE SHARES
Six Months Ended
July 31, 1999 (Unaudited) 1.00 .014 (.014) 1.00 2.82(a) .30(a) 2.86(a) 2
Year Ended January 31,
1999 1.00 .031 (.031) 1.00 3.15 .30 2.95 1
1998 1.00 .033 (.033) 1.00 3.39 .30 3.35 1
Period Ended
January 31, 1997(b) 1.00 .006 (.006) 1.00 3.24(a) .30(a) 3.54(a) --(c)
PARTICIPANT SHARES
Six Months Ended
July 31, 1999 (Unaudited) 1.00 .013 (.013) 1.00 2.54(a) .60(a) 2.54(a) 148
Year Ended January 31,
1999 1.00 .028 (.028) 1.00 2.85 .60 2.81 73
1998 1.00 .030 (.030) 1.00 3.09 .60 3.08 72
Period Ended
January 31, 1997(b) 1.00 .006 (.006) 1.00 2.94(a) .60(a) 3.29(a) --(c)
(A) ANNUALIZED.
(B) FROM NOVEMBER 21, 1996 (COMMENCEMENT OF INITIAL OFFERING) TO JANUARY 31,
1997.
(C) AMOUNT REPRESENTS LESS THAN $1 MILLION.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
The Funds
NOTES TO FINANCIAL STATEMENTS (Unaudited)
NOTE 1--Significant Accounting Policies:
Dreyfus Cash Management, Dreyfus Cash Management Plus, Inc., Dreyfus Government
Cash Management, Dreyfus Government Prime Cash Management, Dreyfus Treasury Cash
Management, Dreyfus Treasury Prime Cash Management, Dreyfus Municipal Cash
Management Plus, Dreyfus Tax Exempt Cash Management, Dreyfus New York Municipal
Cash Management, (each, a "fund" and collectively, the "funds") are open-end
management investment companies registered under the Invest- ment 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 charge. 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 July 31, 1999 based on available cash balances left on
deposit:
Dreyfus Municipal Cash
Management Plus $ 9,995
Dreyfus New York Municipal
Cash Management 13,280
Dreyfus Tax Exempt Cash Management 23,816
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. Economi
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 Manage- ment Plus, Inc., Dreyfus
Government Cash Manage- ment 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.
(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: ($x1,000)
<S> <C> <C> <C> <C> <C> <C> <C>
2002 2003 2004 2005 2006 2007 Total
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>
The Funds
NOTES TO FINANCIAL STATEMENTS (Unaudited) (CONTINUED)
At July 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.
NOTES
For More Information
Dreyfus Cash Management Funds
200 Park Avenue
New York, NY 10166
Manager
The Dreyfus Corporation
200 Park Avenue
New York, NY 10166
Custodian
The Bank of New York
90 Washington Street
New York, NY 10286
Transfer Agent &
Dividend Disbursing Agent
Dreyfus Transfer, Inc.
P.O. Box 9671
Providence, RI 02940
Distributor
Premier Mutual Fund Services, Inc.
60 State Street
Boston, MA 02109
To obtain information:
BY TELEPHONE
Call your
Dreyfus Institutional Services Division representative or
1-800-346-3621
BY E-MAIL
Access Dreyfus Institutional Services Division
at www.LIONSALES.com.
You can obtain product information and E-mail requests for information or
literature.
BY MAIL Write to:
Dreyfus Institutional Services
Division 144 Glenn Curtiss
Boulevard Uniondale, NY 11556-0144
(c) 1999 Dreyfus Service Corporation
CM288/670SA997
