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, 2000
D
* Not FDIC-Insured * Not Bank-Guaranteed * May Lose Value
Contents
The Funds
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Letter to Shareholders (Taxable)
3
Letter to Shareholders (Tax-Exempt)
5
Statements of Investments
7
Statements of Assets and Liabilities
32
Statements of Operations
34
Statements of Changes in Net Assets
36
Financial Highlights
40
Notes to Financial Statements
49
For More Information
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Back cover
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.
The Funds
Dreyfus Cash Management Funds
LETTER TO SHAREHOLDERS
Dear Shareholder:
We are pleased to present this semiannual report for Dreyfus Cash Management
Funds (Taxable). For each fund's six-month reporting period ended July 31, 2000,
the share classes of 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 Effective
Yield(%) Yield(%)
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DREYFUS CASH MANAGEMENT
Institutional Shares 6.07 6.24
Investor Shares 5.82 5.98
Administrative Shares 5.97 6.14
Participant Shares 5.67 5.82
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DREYFUS CASH MANAGEMENT PLUS, INC.
Institutional Shares 6.09 6.26
Investor Shares 5.84 6.00
Administrative Shares 5.99 6.16
Participant Shares 5.69 5.84
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DREYFUS GOVERNMENT CASH MANAGEMENT
Institutional Shares 5.87 6.03
Investor Shares 5.62 5.77
Administrative Shares 5.77 5.93
Participant Shares 5.47 5.61
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DREYFUS GOVERNMENT PRIME CASH MANAGEMENT
Institutional Shares 5.87 6.03
Investor Shares 5.62 5.76
Administrative Shares 5.77 5.92
Participant Shares 5.47 5.61
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DREYFUS TREASURY CASH MANAGEMENT
Institutional Shares 5.73 5.88
Investor Shares 5.48 5.62
Administrative Shares 5.63 5.77
Participant Shares 5.33 5.46
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DREYFUS TREASURY PRIME CASH MANAGEMENT
Institutional Shares 5.56 5.71
Investor Shares 5.31 5.45
Administrative Shares 5.46 5.60
Participant Shares 5.16 5.29
Economic and Market Environment
The financial markets continued to absorb mixed signals from the economy when
the reporting period began on February 1, 2000. The Open Market Committee of the
Federal Reserve Board (the "Fed" ) had already acted to relieve inflationary
pressures in 1999. Each tightening brought renewed debate as to whether rates
were sufficiently high to ease growth and curtail inflation, or whether further
tightening would be necessary.
Despite these rate hikes, concern mounted that economic growth was accelerating
considerably, perhaps beyond a limit that could be sustained without triggering
destructive levels of inflation. Accordingly, the Fed raised interest rates a
fourth and fifth time in this cycle of tightening in early February and again in
March.
Revised first-quarter 2000 figures showed GDP growth at 4.8%, which was still
strong but considerably lower than in the previous quarter. Continuing
indications that prices, most notably in the energy sector, were moving higher
added to the financial markets' concerns. In addition, with overseas economies
recovering from the 1998 currency and credit crises, demand for raw materials
had picked up, creating modest upward pressure on commodity prices.
Through much of early 2000, consumer confidence and consumer spending showed few
signs of abating in response to the relatively mild rate hikes. Home and auto
sales continued at record paces. The tightest U.S. labor market in the past 30
years added the threat of wage-driven inflation. These factors led the Fed to
its largest rate hike in its current credit tightening cycle: a 0.50
percentage-point increase in mid-May.
During the second quarter, we began to see signs that the Fed's policies may
have begun to slow the economy. Retail sales declined in both April and May,
housing starts slowed dramatically, and inflation figures through early 2000
appeared to be lower than market expectations. As a result, the Fed chose to
take no action with regard to interest rates at its late-June meeting.
Entering the third quarter, it is still unclear as to whether or not the economy
has yet cooled suffi The Funds
LETTER TO SHAREHOLDERS (CONTINUED)
ciently for the Fed to consider its job done. However, in recent semiannual
testimony, Fed Chairman Alan Greenspan commented that economic growth was
slowing, and that technology-related productivity improvements may have allowed
the economy to grow at a relatively high rate without triggering an acceleration
of inflation.
Indeed, the unemployment report and other recent data echoed the Fed's
observations. The 4% unemployment rate remained unchanged, but there was a
smaller than expected increase in payroll employment, and although the data was
largely due to leaving census workers, the labor market does not appear to be
tightening. What's more, the April correction in the Nasdaq market may have had
a "reverse wealth effect," causing consumer spending to slow as investors became
less confident regarding the sustainability of high stock market returns. Such
recent data further reduces the odds of another increase in interest rates at
the Fed' s late-August meeting, although one more move may not be ruled out
before year-end.
Portfolio Focus
At the start of the six-month reporting period, in anticipation of rising
interest rates, each fund adopted a somewhat defensive strategy. Most
significantly, we reduced the funds' average maturities in order to increase our
flexibility. Shorter maturities were designed to help each fund take advantage
of potential opportunities from additional interest-rate increases. Later in the
reporting period, however, when it became apparent that Fed policy was having
the desired effect, we extended the funds' average maturities to a point
modestly longer than that of our peer group average. This position was intended
to lock in prevailing yields near their peak for as long as practical.
As of July 31, 2000, the funds' average maturities remained relatively long. We
will continue to monitor the situation, including the economy and changes in the
Fed' s monetary policy, and we will look to take what we believe are appropriate
actions in response with respect to the funds' holdings.
Sincerely,
Patricia A. Larkin
Senior Portfolio Manager
August 15, 2000
New York, N.Y.
(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 THE U.S. GOVERNMENT. 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.
LETTER TO SHAREHOLDERS
Dear Shareholder:
We are pleased to present this semiannual report for Dreyfus Cash Management
Funds (Tax-Exempt) . For each fund's six-month reporting period ended July 31,
2000, the share classes of each fund produced the following annualized yields
and annualized effective yields (taking into account the effects of compounding)
:(1)
--------------------------------------------------------------------------------
Annualized
Annualized Effective
Yield(%) Yield(%)
--------------------------------------------------------------------------------
DREYFUS MUNICIPAL CASH MANAGEMENT PLUS
Institutional Shares 3.86 3.93
Investor Shares 3.62 3.68
Administrative Shares 3.76 3.83
Participant Shares 3.47 3.52
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DREYFUS N.Y. MUNICIPAL CASH MANAGEMENT
Institutional Shares 3.75 3.82
Investor Shares 3.50 3.56
Administrative Shares 3.65 3.71
Participant Shares 3.35 3.40
--------------------------------------------------------------------------------
DREYFUS TAX EXEMPT CASH MANAGEMENT
Institutional Shares 3.81 3.88
Investor Shares 3.56 3.62
Administrative Shares 3.71 3.78
Participant Shares 3.41 3.47
Economic and Market Environment
The funds were positively influenced over the past six months by robust U.S.
economic growth, rising interest rates, seasonal supply-and-demand factors and a
declining supply of newly issued securities.
By the time the reporting period began on February 1, 2000, it had become
apparent that the pace of economic growth in the United States was more rapid
than many analysts expected. Consumer confidence reached a 30-year high, oil
prices were bouncing back from the previous year's lows and employment remained
strong, with hourly wages rising. These economic forces raised concerns among
fixed-income investors that long-dormant inflationary pressures might reemerge.
In response, the Federal Reserve Board (the "Fed") raised short-term interest
rates three times during the reporting period. When added to the three rate
hikes implemented before the reporting period began, the Fed had raised interest
rates a total of 1.75 percentage points since June 1999.
Tax-exempt money markets continued to be influenced by the effects of a strong
U.S. economy throughout the reporting period. In general, yields for
state-specific (California and New York) tax-exempt money market instruments
were relatively low compared to taxable money market instruments. This was
primarily because many states and their municipalities experienced higher tax
revenues during the reporting period. As a result, their need to borrow was
curtailed which resulted in a reduced supply of securities. At the same time,
demand for most tax-exempt money market securities remained relatively strong
because of new wealth created by a strong economy and a rising stock market.
However, seasonal supply-and-demand factors helped push tax-exempt money market
yields to their highest level since 1991 during April and May of this year, when
many taxpayers redeemed shares of tax-exempt money market funds to pay their
income tax obligations (" tax selling"). When combined with general inflation
concerns prior to the Fed's mid-May meeting, yields on one-year municipal notes
rose between 1.25 and 1.50 percentage points. We took advantage of this
temporary yield increase by reducing each fund's average weighted maturity in
April, in anticipation of seasonal tax selling. Once yields were higher, we
extended the funds' average maturities in order to lock in the higher prevailing
yields.
Toward the end of the reporting period, tax-exempt money market yields began to
decline modestly as signs of a potential economic slowdown emerged. Lower
housing activity, stable unemployment levels and tame core inflation statistics
in our opinion gave credibility to many investors' beliefs that the Fed's
previous rate hikes The Funds
LETTER TO SHAREHOLDERS (CONTINUED)
may have been taking effect. Our average maturity management strategy was
particularly beneficial during this time, enabling us to lock in higher yields
as rates on one-year municipal notes fell from approximately 4.75% to 4.30%.
Portfolio Focus
Our strategy continues to involve active management of each fund's weighted
average maturity and asset mix according to our interest-rate and
supply-and-demand expectations. Accordingly, we have at times maintained the
funds' average weighted maturities longer than those of many other tax-exempt
money market funds. This maturity management strategy was designed to help us
lock in what we believe are attractive yields during periods of low supply of
newly issued securities.
In addition, we took advantage of the temporary high yields during tax season in
April and May to create laddered portfolios of municipal notes and commercial
paper for each fund. Commercial paper maturing near year-end, when seasonal
factors tend to produce relatively attractive reinvestment yields, represented
particularly compelling values. In addition, these laddered portfolios were
designed to maintain prevailing yields if interest rates fall, while making some
cash available for reinvestment in case interest rates rise further. Of course,
portfolio composition is subject to change at any time.
Sincerely,
Colleen Meehan
Portfolio Manager
August 15, 2000
New York, N.Y.
(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. FOR THE NEW YORK FUND, INCOME MAY BE SUBJECT TO STATE AND LOCAL TAXES FOR
OUT-OF-STATE RESIDENTS. FOR EACH FUND, SOME INCOME MAY BE SUBJECT TO THE FEDERAL
ALTERNATIVE MINIMUM TAX (AMT). AN INVESTMENT IN EACH FUND IS NOT INSURED OR
GUARANTEED BY THE FDIC OR THE U.S. GOVERNMENT. ALTHOUGH EACH FUND SEEKS TO
PRESERVE THE VALUE OF YOUR INVESTMENT AT $1.00 PER SHARE, IT IS POSSIBLE TO LOSE
MONEY BY INVESTING IN A FUND.
<TABLE>
<CAPTION>
STATEMENT OF INVESTMENTS
July 31, 2000 (Unaudited)
Principal
DREYFUS CASH MANAGEMENT Amount ($) Value ($)
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NEGOTIABLE BANK CERTIFICATES OF DEPOSIT--15.1%
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American Express Centurion Bank
<S> <C> <C>
6.55%-6.68%, 8/11/2000-8/21/2000 250,000,000 250,000,000
Citibank NA
7.03%, 3/12/2001 160,000,000 160,000,000
First Tennessee Bank N.A.
6.67%-6.75%, 8/22/2000-10/4/2000 350,000,000 350,000,000
First Union National Bank
6.75%, 9/25/2000 25,000,000 24,962,796
SouthTrust Bank N.A.
6.73%, 9/12/2000 135,000,000 134,998,452
U.S. Bank N.A.
6.75%, 3/19/2001 73,000,000 (a) 73,000,000
Wilmington Trust Co.
6.70%-6.78%, 9/5/2000-10/10/2000 210,300,000 210,314,618
TOTAL NEGOTIABLE BANK CERTIFICATES OF DEPOSIT
(cost $1,203,275,866) 1,203,275,866
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COMMERCIAL PAPER--59.1%
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Abbey National North America
6.65%-7.00%, 10/24/2000-12/27/2000 300,000,000 294,183,555
BCI Funding Corp.
6.66%-6.81%, 8/24/2000-1/8/2001 150,000,000 147,734,028
BHF Finance (DE) Inc.
6.74%, 8/18/2000 200,000,000 199,374,306
Banc One Corp.
6.77%, 8/25/2000 100,000,000 99,556,000
Bank of America Corp.
6.77%, 8/22/2000 50,000,000 49,806,042
Canadian Imperial Holdings Inc.
6.30%-6.67%, 8/9/2000-10/10/2000 350,000,000 348,438,735
Den Danske Corp. Inc.
6.75%-6.79%, 8/21/2000-12/29/2000 150,000,000 147,078,333
General Electric Capital Corp.
6.17%-6.92%, 8/14/2000-11/29/2000 265,000,000 262,081,522
General Electric Capital Services Inc.
6.70%-7.00%, 11/13/2000-3/12/2001 350,000,000 341,157,361
HSBC USA Inc.
5.99%, 8/15/2000 25,000,000 24,944,292
Merita North America Inc.
6.74%, 8/21/2000 100,000,000 99,632,222
Merrill Lynch & Co. Inc.
6.77%, 8/29/2000 200,000,000 198,965,556
Morgan (J.P.) & Co. Inc.
6.67%, 8/8/2000 205,000,000 204,738,511
Morgan Stanley Dean Witter & Co.
6.68%-6.81%, 8/9/2000-1/16/2001 350,000,000 345,109,000
Nordbanken N.A. Inc.
6.99%, 3/9/2001 20,000,000 19,187,222
Prudential Funding Corp.
6.62%, 8/1/2000 375,000,000 375,000,000
The Funds
STATEMENT OF INVESTMENTS (Unaudited) (CONTINUED)
Principal
DREYFUS CASH MANAGEMENT (CONTINUED) Amount ($) Value ($)
------------------------------------------------------------------------------------------------------------------------------------
COMMERCIAL PAPER (CONTINUED)
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Salomon Smith Barney Holdings Inc.
6.56%-6.73%, 8/21/2000-9/12/2000 200,000,000 198,867,166
Santander Finance (DE) Inc.
6.67%-6.76%, 8/18/2000-10/10/2000 375,000,000 372,993,730
Societe Generale N.A. Inc.
6.64%-6.72%, 11/1/2000-12/21/2000 350,000,000 342,798,056
Swedbank Inc.
6.75%-7.05%, 8/18/2000-3/6/2001 220,000,000 218,565,167
UBS Finance Delaware LLC
6.64%, 8/1/2000 375,000,000 375,000,000
Wachovia Corp.
6.17%, 8/7/2000 25,000,000 24,975,146
TOTAL COMMERCIAL PAPER
(cost $4,690,185,950) 4,690,185,950
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CORPORATE NOTES--1.2%
------------------------------------------------------------------------------------------------------------------------------------
American Express Centurion Bank
6.67%, 3/12/2001
(cost $100,000,000) 100,000,000 (a) 100,000,000
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PROMISSORY NOTES--5.1%
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Goldman Sachs Group L.P.
6.80%-6.89%, 8/24/2000-12/22/2000
(cost $405,000,000) 405,000,000 (b,c) 405,000,000
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SHORT-TERM BANK NOTES--12.2%
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Bank of America N.A.
6.67%-6.84%, 8/23/2000-2/1/2001 355,000,000 355,000,000
Bank of New York
6.67%, 3/7/2001 100,000,000 (a) 99,970,136
Bank One N.A.
6.24%, 10/4/2000 100,000,000 100,000,000
First Union National Bank
6.68%, 2/26/2001 100,000,000 (a) 100,000,000
LaSalle Bank N.A.
6.28%-6.76%, 8/28/2000-10/13/2000 310,000,000 310,000,000
TOTAL SHORT-TERM BANK NOTES
(cost $964,970,136) 964,970,136
Principal
DREYFUS CASH MANAGEMENT (CONTINUED) Amount ($) Value ($)
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TIME DEPOSITS--6.9%
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Fleet National Bank (Grand Cayman)
6.63%, 8/1/2000 375,000,000 375,000,000
HSBC Bank USA (London)
6.50%, 8/1/2000 174,692,000 174,692,000
TOTAL TIME DEPOSITS
(cost $549,692,000) 549,692,000
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TOTAL INVESTMENTS
(cost $7,913,123,952) 99.6% 7,913,123,952
CASH AND RECEIVABLES (NET) .4% 28,213,269
NET ASSETS 100.0% 7,941,337,221
(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 5/24/2000- 7/28/2000 AT A COST OF $405,000,000. AT JULY 31, 2000, THE
AGGREGATE VALUE OF THESE SECURITIES IS $405,000,000, REPRESENTING APPROXIMATELY
5.1% OF NET ASSETS AND ARE VALUED AT AMORTIZED COST.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
<TABLE>
<CAPTION>
The Funds
STATEMENT OF INVESTMENTS
July 31, 2000 (Unaudited)
Principal
DREYFUS CASH MANAGEMENT PLUS, INC. Amount ($) Value ($)
------------------------------------------------------------------------------------------------------------------------------------
NEGOTIABLE BANK CERTIFICATES OF DEPOSIT--27.1%
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Allfirst Bank
<S> <C> <C>
6.63%, 2/9/2001 100,000,000 (a) 99,968,524
Bank Of Scotland (London)
6.80%, 12/29/2000 90,000,000 90,015,810
Bayerische Hypo-und Vereinsbank AG (London)
6.70%-6.80%, 11/10/2000-1/12/2001 140,000,000 140,009,902
Canadian Imperial Bank Of Commerce (Yankee)
6.67%, 7/3/2001 200,000,000 (a) 199,903,342
Commerzbank AG
7.00%, 11/20/2000 50,000,000 50,003,451
Commerzbank AG (Yankee)
7.02%, 7/17/2001 100,000,000 99,977,312
Credit Agricole Indosuez S.A. (London)
6.94%, 5/3/2001-5/8/2001 80,000,000 80,166,468
Deutsche Bank AG (Yankee)
6.59%, 1/16/2001 65,000,000 64,985,163
Dresdner Bank AG (London)
6.80%-6.86%, 10/19/2000-1/11/2001 143,000,000 142,987,485
Erste Bank der oesterricichischen Sparkassen AG (Yankee)
6.75%, 8/2/2000 190,000,000 190,000,000
First Tennessee Bank
6.65%, 10/16/2000 150,000,000 (a) 150,000,000
First Union National Bank
7.02%, 11/13/2000 150,000,000 150,000,000
Halifax PLC (London)
6.01%, 11/16/2000 100,000,000 100,002,801
International Nederlanden Bank N.V. (London)
6.83%, 1/18/2001 30,500,000 30,502,783
Landesbank Baden-Wuerttemberg (Yankee)
7.00%, 11/22/2000 70,000,000 70,008,487
Landesbank Hessen-Thuringen-Girozentrale (London)
7.00%, 3/16/2001 175,000,000 175,010,478
Merita Bank PLC (Yankee)
6.60%, 1/22/2001 50,000,000 49,988,678
Skandinaviska Enskilda Banken AB (Yankee)
7.11%, 7/24/2001 100,000,000 99,986,125
Societe Generale (Yankee)
6.57%-6.69%, 1/16/2001-1/19/2001 305,000,000 304,950,605
Svenska Handelsbanken (Yankee)
7.00%, 7/12/2001 150,000,000 149,973,155
Union Bank of California
6.81%-7.03%, 1/10/2000-3/12/2001 100,000,000 100,000,000
TOTAL NEGOTIABLE BANK CERTIFICATES OF DEPOSIT
(cost $2,538,440,569) 2,538,440,569
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COMMERCIAL PAPER--42.9%
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Abbey National North America
7.00%, 11/22/2000-12/27/2000 200,000,000 195,111,333
Associates First Capital Corp.
6.62%, 8/1/2000 425,000,000 425,000,000
Principal
DREYFUS CASH MANAGEMENT PLUS, INC. (CONTINUED) Amount ($) Value ($)
------------------------------------------------------------------------------------------------------------------------------------
COMMERCIAL PAPER (CONTINUED)
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Corporate Asset Funding Co. Inc.
6.71%, 8/10/2000 65,000,000 (b,c) 64,892,750
Den Danske Corp. Inc.
6.79%, 12/29/2000 50,000,000 48,631,250
Den Norske Bank ASA
6.76%-7.01%, 8/18/2000-3/9/2001 265,000,000 258,599,088
Donaldson, Lufkin & Jenrette Inc.
6.84%-7.02%, 8/23/2000-1/8/2001 350,000,000 345,559,653
Dresdner U.S. Finance Inc.
6.80%, 1/9/2001 64,000,000 62,116,658
General Electric Capital Corp.
6.68%-6.93%, 8/8/2000-3/16/2001 360,000,000 358,058,839
Heller Financial Inc.
6.80%, 8/7/2000 40,000,000 39,955,400
HSBC USA Inc.
6.73%-6.91%, 11/6/2000-12/28/2000 100,000,000 (a) 98,620,198
Lehman Brothers Holdings Inc.
7.02%-7.40%, 2/12/2001-4/20/2001 200,000,000 191,877,236
Merita North America Inc
7.00%, 11/27/2000 80,000,000 78,229,738
Morgan Stanley,Dean Witter & Co.
6.68%-6.80%, 8/9/2000-1/18/2001 300,000,000 296,605,500
Moriarty Ltd.
6.80%-7.00%, 8/29/2000-11/22/2000 250,000,000 247,898,375
Nordbanken N.A. Inc.
6.66%, 10/17/2000 27,741,000 27,352,357
Paine Webber Group Inc.
6.76%-6.77%, 12/4/2000-1/26/2001 100,000,000 100,000,000
Salomon Smith Barney Holdings Inc.
6.66%-6.70%, 8/14/2000-10/5/2000 200,000,000 198,579,750
Santander Finance (De) Inc.
6.67%, 10/10/2000 100,000,000 98,726,389
Societe Generale N.A.Inc.
6.67%, 10/10/2000 100,000,000 98,726,389
Spintab AB
6.70%-6.80%, 8/2/2000-1/16/2001 305,710,000 302,754,292
SwedBank Inc.
7.05%, 3/6/2001 60,000,000 57,576,833
UBS Finance (De) Inc.
6.64%, 8/1/2000 425,000,000 425,000,000
TOTAL COMMERCIAL PAPER
(cost $4,019,872,028) 4,019,872,028
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CORPORATE NOTES--6.2%
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Bear Stearns Companies Inc.
6.53%-6.75%, 1/5/2001-8/1/2001 270,000,000 (a) 270,268,915
Ford Motor Credit Corp.
5.98%, 10/10/2000 91,450,000 91,599,369
Morgan (J.P.) & Co. Inc.
6.67%, 3/6/2001 100,000,000 (a) 99,994,054
The Funds
STATEMENT OF INVESTMENTS (Unaudited) (CONTINUED)
Principal
DREYFUS CASH MANAGEMENT PLUS, INC. (CONTINUED) Amount ($) Value ($)
------------------------------------------------------------------------------------------------------------------------------------
CORPORATE NOTES (CONTINUED)
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Morgan Stanley, Dean Witter & Co.
6.67%, 3/19/2001 100,000,000 (a) 100,000,000
Paine Webber Group Inc.
6.79%, 9/15/2000 22,500,000 (a) 22,500,000
TOTAL CORPORATE NOTES
(cost $584,362,338) 584,362,338
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PROMISSORY NOTES--4.8%
------------------------------------------------------------------------------------------------------------------------------------
Goldman Sachs Group L.P.
6.62%-7.07%, 8/10/2000-12/22/2000
(cost $455,000,000) 455,000,000 (b,c) 455,000,000
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SHORT-TERM BANK NOTES--16.8%
--------------------------------------------------------------------------------
Bank of America NA
6.72%- 6.84%, 11/7/2000-2/1/2001 460,000,000 460,000,000
Bank Austria AG
6.65%, 12/11/2000 130,000,000 (a) 129,967,359
Bank of Nova Scotia
6.04%, 11/17/2000 100,000,000 99,979,344
Comerica Bank
6.68%, 7/17/2001 150,000,000 (a) 149,971,952
First Union National Bank
6.68%- 6.69%, 2/26/2001-7/26/2001 275,000,000 275,000,000
Key Bank N.A.
6.66%, 8/1/2001 181,000,000 (a) 181,000,000
Union Bank of California
6.00%, 8/11/2000 100,000,000 100,000,000
U.S. Bank NA Minneapolis
6.79%, 5/11/2001 175,000,000 (a) 175,000,000
TOTAL SHORT-TERM BANK NOTES
(cost $1,570,918,655) 1,570,918,655
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TIME DEPOSITS--3.4%
------------------------------------------------------------------------------------------------------------------------------------
Bayerische Hypo-und Vereinsbank (Grand Cayman)
6.66%, 8/1/2000 150,000,000 150,000,000
Wachovia Bank. N.A. (Grand Cayman)
6.63%, 8/1/2000 170,000,000 170,000,000
TOTAL TIME DEPOSITS
(cost $320,000,000) 320,000,000
------------------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS (cost $9,488,593,590) 101.2% 9,488,593,590
LIABILITIES, LESS CASH AND RECEIVABLES (1.2%) (115,157,472)
NET ASSETS 100.0% 9,373,436,118
(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 SECURITES WERE ACQUIRED
FROM 5/10/2000-7/28/2000 AT A COST OF $518,903,667. AT JULY 31, 2000, THE
AGGREGATE VALUE OF THESE SECURITIES IS $519,892,750, REPRESENTING APPROXIMATELY
5.5% OF NET ASSETS AND ARE VALUED AT AMORTIZED COST.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
<CAPTION>
STATEMENT OF INVESTMENTS
July 31, 2000 (Unaudited)
Annualized
Yield on
Date of Principal
DREYFUS GOVERNMENT CASH MANAGEMENT Purchase (%) Amount ($) Value ($)
------------------------------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AGENCIES--93.1%
------------------------------------------------------------------------------------------------------------------------------------
Federal Farm Credit Banks, Consolidated Systemwide Discount Notes
<S> <C> <C> <C>
9/15/2000 6.53 11,000,000 10,911,450
Federal Farm Credit Banks, Consolidated Systemwide Medium Term Notes
4/20/2001 6.50 (a) 75,000,000 74,989,610
2/1/2002 6.53 (a) 75,000,000 74,984,250
6/21/2002 6.58 (a) 75,000,000 74,973,809
Federal Home Loan Banks, Discount Notes
8/9/2000 6.55 65,443,000 65,349,344
8/15/2000 6.39 45,000,000 44,888,525
8/18/2000 6.40 20,477,000 20,415,404
8/23/2000 6.40 5,965,000 5,941,780
4/18/2001 6.71 69,280,000 66,082,728
6/22/2001 6.91 100,000,000 94,159,028
10/13/2000 5.87 100,000,000 99,990,426
11/17/2000 6.11 23,000,000 22,916,339
1/18/2001 6.28 42,000,000 41,990,051
Federal Home Loan Banks, Floating Rate Notes
9/7/2000 6.60 (a) 60,000,000 59,998,229
9/27/2000 6.64 (a) 400,000,000 399,989,240
10/6/2000 6.72 (a) 350,000,000 349,969,074
3/29/2001 6.52 (a) 175,000,000 174,977,596
4/6/2001 6.51 (a) 175,000,000 174,976,849
6/12/2001 6.50 (a) 50,000,000 50,000,000
Federal Home Loan Banks, Notes
8/1/2000 6.44 450,000,000 450,000,000
9/7/2000 5.67 14,055,000 14,055,325
2/1/2001 6.27 50,000,000 50,001,704
Federal Home Loan Mortgage Corporation, Discount Notes
8/1/2000 6.07 35,488,000 35,488,000
1/16/2001 6.36 92,744,000 90,162,777
7/19/2001 6.85 45,710,000 42,845,100
Federal Home Loan Mortgage Corporation, Notes
7/13/2001 6.95 100,000,000 100,000,000
8/9/2001 6.95 50,000,000 50,000,000
Federal National Mortgage Association, Discount Notes
8/17/2000 5.77 80,000,000 79,805,867
9/21/2000 6.23 100,000,000 99,144,333
2/2/2001 6.36 100,000,000 99,945,916
3/15/2001 6.31 22,138,000 22,027,066
6/5/2001 6.99 150,000,000 141,607,000
Federal National Mortgage Association, Floating Rate Notes
11/5/2001 6.52 (a) 300,000,000 299,881,591
Federal National Mortgage Association, Notes
7/13/2001 6.65 43,855,000 43,876,681
7/18/2001 6.67 42,450,000 42,458,632
Student Loan Marketing Association, Notes
11/3/2000 5.88 97,100,000 97,108,905
TOTAL U.S. GOVERNMENT AGENCIES
(cost $3,665,912,629) 3,665,912,629
The Funds
STATEMENT OF INVESTMENTS (Unaudited) (CONTINUED)
Annualized
Yield on
Date of Principal
DREYFUS GOVERNMENT CASH MANAGEMENT (CONTINUED) Purchase (%) Amount ($) Value ($)
------------------------------------------------------------------------------------------------------------------------------------
REPURCHASE AGREEMENTS--9.5%
------------------------------------------------------------------------------------------------------------------------------------
ABN AMRO Inc.
dated 7/31/2000, due 8/1/2000 in the amount of
$103,018,712 (fully collateralized by $102,169,000
U.S.Treasury Notes, 8.00%, due 5/15/2001,
value $105,060,587) 6.54 103,000,000 103,000,000
Bear Stearns Companies Inc.
dated 7/31/2000, due 8/1/2000 in the amount of
$49,008,888 (fully collateralized by $50,692,000
U.S.Treasury Strips, due 8/15/2000,
value $49,599,369) 6.53 49,000,000 49,000,000
Donaldson Lufkin & Jenrette Securities Inc.
dated 7/31/2000, due 8/1/2000 in the amount of
$49,008,888 (fully collateralized by $48,982,000
U.S.Treasury Notes, 5.00%, due 2/28/2001,
value $49,614,896) 6.53 49,000,000 49,000,000
Goldman, Sachs & Co.
dated 7/31/2000, due 8/1/2000 in the amount of
$27,101,704 (fully collateralized by $5,200,000
U.S.Treasury Bonds, 7.625% due 11/15/2022, and
$21,202,000 U.S.Treasury Notes, 5.625% due 9/30/2001,
value $27,640,101) 6.25 27,097,000 27,097,000
Morgan Stanley Dean Witter & Co.
dated 7/31/2000, due 8/1/2000 in the amount of
$49,008,847 (fully collateralized by $47,710,000
U.S.Treasury Notes 7.75%, due 2/15/2001, value $49,728,133) 6.50 49,000,000 49,000,000
UBS Warburg Inc.
dated 7/31/2000, due 8/1/2000 in the amount of
$98,017,830 (fully collateralized by $99,022,000
U.S.Treasury Notes 5.75%--6.375%, due from 3/31/2001
to 6/30/2001, value $99,960,722) 6.55 98,000,000 98,000,000
TOTAL REPURCHASE AGREEMENTS
(cost $375,097,000) 375,097,000
------------------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS
(cost $4,041,009,629) 102.6% 4,041,009,629
LIABILITIES, LESS CASH AND RECEIVABLES (2.6%) (102,874,684)
NET ASSETS 100.0% 3,938,134,945
(A) VARIABLE INTEREST RATE--SUBJECT TO PERIODIC CHANGE.
SEE NOTES TO FINANCIAL STATEMENTS.
STATEMENT OF INVESTMENTS
July 31, 2000 (Unaudited)
Annualized
Yield on
Date of Principal
DREYFUS GOVERNMENT PRIME CASH MANAGEMENT Purchase (%) Amount ($) Value ($)
------------------------------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AGENCIES--99.5%
------------------------------------------------------------------------------------------------------------------------------------
Federal Farm Credit Banks, Consollidated Systemwide Discount Notes
2/1/2001 6.34 10,000,000 9,997,034
Federal Farm Credit Banks, Consollidated Systemwide Medium Term Notes
9/28/2000 6.63 (a) 50,000,000 49,999,231
6/21/2002 6.58 (a) 25,000,000 24,991,270
Federal Home Loan Banks, Discount Notes
8/1/2000 6.43 76,061,000 76,061,000
9/13/2000 6.56 60,000,000 59,536,615
9/29/2000 6.01 5,375,000 5,324,348
1/18/2001 6.28 25,000,000 24,993,811
4/18/2001 6.71 25,000,000 23,846,250
6/25/2001 6.74 50,000,000 47,116,333
Federal Home Loan Banks, Floating Rate Notes
9/7/2000 6.62 (a) 50,000,000 49,998,271
3/29/2001 6.52 (a) 25,000,000 24,996,799
4/6/2001 6.51 (a) 50,000,000 49,993,386
6/12/2001 6.50 (a) 25,000,000 25,000,000
Federal Home Loan Banks, Notes
9/7/2000 5.70 10,000,000 10,000,231
10/27/2000 6.10 7,000,000 7,000,000
Student Loan Marketing Association, Notes
11/1/2000 5.75 20,000,000 20,005,295
------------------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS
(cost $509,859,874) 99.5% 508,859,874
CASH AND RECEIVABLES (NET) .5% 2,768,310
NET ASSETS 100.0% 511,628,184
(A) VARIABLE INTEREST RATE--SUBJECT TO PERIODIC CHANGE.
SEE NOTES TO FINANCIAL STATEMENTS.
The Funds
STATEMENT OF INVESTMENTS
July 31, 2000 (Unaudited)
Annualized
Yield on
Date of Principal
DREYFUS TREASURY CASH MANAGEMENT Purchase (%) Amount ($) Value ($)
------------------------------------------------------------------------------------------------------------------------------------
U.S. TREASURY BILLS--36.8%
------------------------------------------------------------------------------------------------------------------------------------
8/10/2000
(cost $998,658,050) 5.38 1,000,000,000 998,658,050
------------------------------------------------------------------------------------------------------------------------------------
U.S. TREASURY NOTES--19.5%
------------------------------------------------------------------------------------------------------------------------------------
4.625%, 11/30/2000 6.21 300,000,000 298,370,511
4.50%, 1/31/2001 6.06 35,000,000 34,710,712
4.875%, 3/31/2001 6.34 150,000,000 148,447,224
5.00%, 4/30/2001 6.28 50,000,000 49,477,878
TOTAL U.S. TREASURY NOTES
(cost $531,006,325) 531,006,325
------------------------------------------------------------------------------------------------------------------------------------
REPURCHASE AGREEMENTS--43.5%
------------------------------------------------------------------------------------------------------------------------------------
ABN AMRO Inc.
dated 7/31/2000, due 8/1/2000 in the amount of $109,019,677
(fully collateralized by $109,374,000 U.S. Treasury Notes, 4.625%-8.00%,
due from 11/15/2000 to 5/15/2001, value $111,181,773) 6.50 109,000,000 109,000,000
Barclays Capital Inc.
dated 7/31/2000, due 8/1/2000 in the amount of $241,358,219
(fully collateralized by $43,440,000 U.S Treasury Bills, due 1/25/2001,
and $201,335,000 U.S. Treasury Notes, 4.625%-8.75%, due from
8/15/2000 to 4/30/2001, value $246,148,181) 6.45 241,315,000 241,315,000
CIBC World Markets, Inc.
dated 7/31/2000, due 8/1/2000 in the amount of
$98,017,694 (fully collateralized by $65,548,000 U.S.
Treasury Notes, 6.25%, due 4/30/2001 and $33,126,000
U.S. Treasury Bills, due 10/5/2000, value $99,217,419) 6.50 98,000,000 98,000,000
Goldman, Sachs, & Co.
dated 7/31/2000, due 8/1/2000 in the amount of $180,811,593
(fully collateralized by $5,764,000 U.S. Treasury Bonds, due 11/15/2022,
and $174,034,417 U.S. Treasury Notes, 6.375%-7.75%, due from
2/15/2001 to 3/31/2001, value $184,481,663) 6.49 180,776,000 180,776,000
J.P. Morgan Securities Inc.
dated 7/31/2000, due 8/1/2000 in the amount of
$352,063,556 (fully collateralized by $355,033,000 U.S
Treasury Notes, 5.25%-7.75%, due from 9/30/2000 to 6/30/2001,
value $359,040,475) 6.50 352,000,000 352,000,000
Westdeutsche Landesbank Girozentrale
dated 7/31/2000, due 8/1/2000 in the amount of $200,036,278
(fully collateralized by $199,150,000 U.S. Treasury Notes, 5.625%-7.75%,
due from 2/15/2001 to 5/15/2001, value $203,995,240) 6.53 200,000,000 200,000,000
TOTAL REPURCHASE AGREEMENTS
(cost $1,181,091,000) 1,181,091,000
------------------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS
(cost $2,710,755,375) 99.8% 2,710,755,375
CASH AND RECEIVABLES (NET) .2% 5,827,445
NET ASSETS 100.0% 2,716,582,820
SEE NOTES TO FINANCIAL STATEMENTS.
STATEMENT OF INVESTMENTS
July 31, 2000 (Unaudited)
Annualized
Yield on
Date of Principal
DREYFUS TREASURY PRIME CASH MANAGEMENT Purchase (%) Amount ($) Value ($)
------------------------------------------------------------------------------------------------------------------------------------
U.S. TREASURY BILLS--21.2%
------------------------------------------------------------------------------------------------------------------------------------
8/10/2000 5.99 4,375,000 4,368,547
8/24/2000 5.73 233,000 232,159
8/31/2000 5.76 623,000 620,051
9/7/2000 5.72 6,730,000 6,690,919
9/21/2000 6.00 292,240,000 289,822,693
10/12/2000 6.06 43,025,000 42,511,210
10/19/2000 6.06 2,689,000 2,653,742
10/26/2000 6.10 47,755,000 47,071,211
11/2/2000 6.13 24,418,000 24,037,629
11/30/2000 6.17 143,189,000 140,310,981
TOTAL U.S. TREASURY BILLS
(cost $558,319,142) 558,319,142
------------------------------------------------------------------------------------------------------------------------------------
U.S. TREASURY NOTES--77.5%
------------------------------------------------------------------------------------------------------------------------------------
6.00%, 8/15/2000 6.04 200,000,000 199,989,926
8.75%, 8/15/2000 6.13 250,000,000 250,229,224
5.1250%, 8/31/2000 5.95 189,900,000 189,738,982
6.25%, 8/31/2000 6.00 53,685,000 53,688,447
4.50%, 9/30/2000 6.04 302,780,000 301,884,599
6.125%, 9/30/2000 6.10 11,321,000 11,320,003
4.00%, 10/31/2000 6.12 350,000,000 348,047,821
5.75%, 11/15/2000 6.21 21,460,000 21,419,308
8.50%, 11/15/2000 6.11 52,309,000 52,633,087
4.625%, 11/30/2000 6.16 105,000,000 104,441,668
4.625%, 12/31/2000 6.23 150,000,000 148,893,995
5.50%, 12/31/2000 6.20 160,000,000 159,392,795
5.00%, 2/28/2001 6.53 175,000,000 173,314,578
6.25%, 4/30/2001 6.19 25,581,000 25,554,461
TOTAL U.S. TREASURY NOTES
(cost $2,040,548,894) 2,040,548,894
------------------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS
(cost $2,598,868,036) 98.7% 2,598,868,036
CASH AND RECEIVABLES (NET) 1.3% 34,807,580
NET ASSETS 100.0% 2,633,675,616
SEE NOTES TO FINANCIAL STATEMENTS.
The Funds
STATEMENT OF INVESTMENTS
July 31, 2000 (Unaudited)
Principal
DREYFUS MUNICIPAL CASH MANAGEMENT PLUS Amount ($) Value ($)
------------------------------------------------------------------------------------------------------------------------------------
TAX EXEMPT INVESTMENTS--97.6%
------------------------------------------------------------------------------------------------------------------------------------
ARIZONA--3.5%
Scottsdale Industrial Development Authority, Revenue, VRDN (Scottsdale Water
Service)
4.35% (Insured; MBIA and LOC; Bank of Nova Scotia) 7,910,000 (a) 7,910,000
CALIFORNIA--1.8%
California Higher Education Loan Authority, Student Loan Revenue
4.45%, Series C, 7/1/2001 (LOC; Student Loan Marketing Association) 4,000,000 4,000,000
COLORADO--1.6%
Jefferson County School District Number R-001, Property Tax Revenue
5%, Series B, 12/15/2000 3,625,000 3,635,091
DISTRICT OF COLUMBIA--.9%
District of Columbia Housing Finance Agency, Mortgage Revenue, Refunding
4.35%, Series B, 3/21/2001 2,000,000 2,000,000
GEORGIA--5.9%
DeKalb County Housing Authority, MFHR, VRDN
(Forest Columbia Apartments Project)
4.38% (LOC; First Tennessee Bank) 3,500,000 (a) 3,500,000
Fayette County Development Authority, Educational Facilities Revenue, VRDN
(Catholic School Properties Inc., Project)
4.30% (LOC; Wachovia Bank of Georgia) 5,000,000 (a) 5,000,000
Fulton County Development Authority, Revenues, VRDN
(West End Medical Center Inc., Project)
4.30% (LOC; Wachovia Bank of Georgia) 4,890,000 (a) 4,890,000
ILLINOIS--2.0%
Illinois Health Facility Authority, Revenues
(Evanston Northwestern Corporation) 4.75%, 5/31/2001 3,000,000 3,000,000
Illinois Housing Development Authority, Housing Revenue
4.25%, Subseries B-2, 12/22/2000 (LOC; ABN-Ambro Bank) 1,435,000 1,435,000
IOWA--4.8%
Iowa Finance Authority, SWDR, VRDN (Cedar River Paper Co. Project)
4.45%, Series A (LOC; Union Bank of Switzerland) 8,000,000 (a) 8,000,000
Louisa County, PCR, Refunding, VRDN
(Midwest Power System Inc., Project) 4.40% 2,900,000 (a) 2,900,000
KANSAS--4.2%
Johnson County Water District #1, Water Revenue, Prerefunded
7%, Series A, 12/1/2000 (Escrowed in; U.S. Government Securities) 2,000,000 2,017,647
La Cygne, EIR, Refunding, VRDN
(Kansas City Power and Light Co. Project)
4.40% (LOC: ABN Amro, Bank of America, The Bank of New York,
Bank of Nova Scotia, Commerzbank, FNB Chicago and Westdeutsche Landesbank) 5,440,000 5,440,000
Witchia, Renewal and Improvement Temporary Notes , RAN
4.50%, 8/24/2000 2,000,000 2,000,667
KENTUCKY--3.1%
Kentucky Governmental Agencies, COP, TRAN
5.30%, 6/29/2001 (LOC; Fifth Third Bank) 2,000,000 2,013,924
Kentucky Interlocal School Transportation Association, COP, TRAN
5%, 6/29/2001 5,000,000 5,026,119
LOUISIANA--1.1%
Jefferson Parish Home Mortgage Authority, SFMR, Refunding
4.25%, Series B, 10/1/2000 2,500,000 2,500,000
Principal
DREYFUS MUNICIPAL CASH MANAGEMENT PLUS (CONTINUED) Amount ($) Value ($)
------------------------------------------------------------------------------------------------------------------------------------
TAX EXEMPT INVESTMENTS (CONTINUED)
------------------------------------------------------------------------------------------------------------------------------------
MAINE--2.7%
Maine Finance Authority, Private Schools Revenue, VRDN
(Kents Hill School) 4.77% (LOC; Allied Irish Banks) 6,000,000 (a) 6,000,000
MARYLAND--4.0%
Baltimore County, EDR, VRDN (Art Litho Co. Project)
4.50% (LOC; Allied Irish Banks) 6,000,000 (a) 6,000,000
State of Maryland Community Development Administration, RAN
(Department of Housing and Community
Residential Development)
4.70%, Series E, 6/14/2001 3,000,000 3,000,000
MASSACHUSETTS--1.5%
Northampton, BAN 5%, 10/27/2000 3,445,000 3,449,820
MICHIGAN--11.6%
Michigan Hospital Finance Authority, Revenues, CP
(Hospital Equipment Loan Program)
4.50%, Series A, 9/11/2000 (LOC; Solomon Reinvestment Co.) 4,800,000 4,800,000
Michigan Housing Development Authority, MFHR, Refunding
VRDN (River Place Apartments)
4.40% (LOC; The Bank of New York) 14,510,000 (a) 14,510,000
Michigan Municipal Bond Authority, Revenue, BAN
4.25%, Series B-2, 8/25/2000 (LOC; Morgan Guaranty Trust Co.) 3,000,000 3,001,290
Michigan Strategic Fund, LOR, VRDN
(NSS Technologies Project) 4.40% (LOC; First Union National Bank) 4,000,000 (a) 4,000,000
MINNESOTA--1.8%
Becker, PCR, CP (Northern State Power Co.)
4.15%, Series A, 8/11/2000 (Corp Guaranty; Northern State Power Co.) 4,100,000 4,100,000
MISSOURI--2.2%
Saint Charles County Industrial Development Authority,
Industrial Revenue, Refunding
VRDN (Country Club Apartments) 4.25% (LOC; Lasalle National Bank) 5,000,000 (a) 5,000,000
NEVADA--2.7%
Las Vegas Valley Water District, CP
4.30%, Series A, 10/11/2000
(LOC: Union Bank of Switzerland and Westdeutsche Landesbank) 6,000,000 6,000,000
NEW HAMPSHIRE--1.2%
New Hampshire Housing Finance Authority, SFMR
4%, Series D, 12/1/2000 2,800,000 2,800,000
NEW MEXICO--3.5%
New Mexico Hospital Equipment Loan Council, Revenue, VRDN
(Pooled Loan Program) 4.35% (LOC: CDC Funding Corp.
and Landesbank Hessen) 8,000,000 (a) 8,000,000
NEW YORK--1.4%
Suffolk County, TAN
4.50%, Series 1, 8/10/2000 (LOC: Credit Local de France,
Landesbank Hessen and Westduetsche Landesbank) 3,000,000 3,000,359
OHIO--1.3%
Ohio Water Development Authority, PCR, Refunding, VRDN
(Duscane Light Company) 4.40%, Series A
(Insured; AMBAC and LOC; The Bank of New York) 3,000,000 (a) 3,000,000
The Funds
STATEMENT OF INVESTMENTS (Unaudited) (CONTINUED)
Principal
DREYFUS MUNICIPAL CASH MANAGEMENT PLUS (CONTINUED) Amount ($) Value ($)
------------------------------------------------------------------------------------------------------------------------------------
TAX EXEMPT INVESTMENTS (CONTINUED)
------------------------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA--3.1%
Emmaus General Authority, Revenues, VRDN
4.25%, Subseries E-11 (LOC; Canadian Imperial Bank of Commerce) 5,000,000 (a) 5,000,000
Pennsylvania Higher Education Assistance Agency, Student Loan Revenue, VRDN
(Student Loan Revenue Service) 4.35%, Series B
(LOC; Student Loan Marketing Association) 2,100,000 (a) 2,100,000
TENNESSEE--5.0%
Montgomery County Public Building Authority, Pooled Financing Revenue, VRDN
(Tennessee County Loan Pool)
4.25% (LOC; Bank of America) 5,000,000 (a) 5,000,000
Sevier County Public Building Authority, Revenue, VRDN
4.25%, Series A-3 (Insured; AMBAC and LOC; Kredietbank) 3,890,000 (a) 3,890,000
Shelby County, CP (Baptist Memorial Hospital)
4.65%, Series B, 11/17/2000 (LOC; Bank of America) 2,500,000 2,500,000
TEXAS--10.7%
Brazos River Harbor Naval District, Brazoria County Revenue, VRDN:
(B.A.S.F Corp.) 4.45% (Corp. Guaranty; B.A.S.F. Corp.) 6,000,000 (a) 6,000,000
(Dow Chemical Co. Project) 4.45% (Corp. Guaranty; Dow Chemical Co.) 2,400,000 (a) 2,400,000
Dallas County, Permanent Improvement Revenue
4.65%, Series C, 6/15/2001 (BPA; Morgan Guaranty Trust Co.) 2,800,000 2,800,000
Houston, Water and Sewer Systems Revenue, CP
4.65%, Series A, 11/16/2000
(LOC: Bayerische Landesbank and Westduetche Landesbank) 5,000,000 5,000,000
State of Texas, GO Notes 4.50%, Series A, 8/31/2000 4,000,000 4,002,535
Texas Public Finance Authority, Revenue, CP
4.25%, Series A, 12/7/2000 4,000,000 4,000,000
UTAH--1.1%
Salt Lake City, TRAN 5%, 12/29/2000 2,500,000 2,506,209
VERMONT--1.9%
Vermont Industrial Development Authority, IDR, VRDN (Ryegate Project)
4.30% (LOC; ABN-Amro Bank) 4,300,000 (a) 4,300,000
VIRGINIA--5.1%
Southampton County Industrial Development Authority, RRR, VRDN
(Hadson Power 11) 4.45%, Series A (LOC; Credit Suisse) 7,100,000 (a) 7,100,000
Virginia Beach Development Authority, IDR, Refunding, VRDN
(Giant Square) 4.30% (LOC; Wachovia Bank of Georgia) 4,350,000 (a) 4,350,000
WASHINGTON--3.1%
State of Washington, GO Notes
5.25% , Series A, 10/1/2000 1,500,000 1,503,220
Washington Health Care Facility Authority, Property Tax Revenue
Refunding (Catholic Health Initatives)
4.25%, Series A, 12/1/2000 (Insured; MBIA) 2,500,000 2,502,019
Yakima County Public Corporation, IDR, Refunding, VRDN (John I Hass Inc.
Project)
4.40% (LOC: Bayerische Verinsbank and Deutsche Bank) 3,000,000 (a) 3,000,000
WEST VIRGINIA--3.2%
Marion County Commission, SWDR, VRDN (Grant Town Project)
4.30%, Series B (LOC; National Westminster Bank) 7,200,000 (a) 7,200,000
Principal
DREYFUS MUNICIPAL CASH MANAGEMENT PLUS (CONTINUED) Amount ($) Value ($)
------------------------------------------------------------------------------------------------------------------------------------
TAX EXEMPT INVESTMENTS (CONTINUED)
------------------------------------------------------------------------------------------------------------------------------------
WISCONSIN--.5%
Kenosha, Waterworks Revenue, Refunding
4.50%, 12/1/2000 (Insured; FGIC) 1,100,000 1,101,231
WYOMING--1.1%
Wyoming Community Development Authority, Housing Revenue
3.60%, Series 4, 12/1/2000 2,500,000 2,490,610
------------------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS (cost $220,666,581) 97.6% 220,675,741
CASH AND RECEIVABLES (NET) 2.4% 5,455,168
NET ASSETS 100.0% 226,130,909
SEE NOTES TO FINANCIAL STATEMENTS.
The Funds
STATEMENT OF INVESTMENTS
July 31, 2000 (Unaudited)
Principal
DREYFUS NEW YORK MUNICIPAL CASH MANAGEMENT Amount ($) Value ($)
------------------------------------------------------------------------------------------------------------------------------------
TAX EXEMPT INVESTMENTS--101.9%
--------------------------------------------------------------------------------
City of Albany School District, TAN
4.75%, 10/25/2000 4,000,000 4,003,643
Board Cooperative Educational Services, RAN
(Sole Supervisory District) 4.50%, 12/29/2000 2,000,000 2,002,208
City of Buffalo 5%, Series D, 12/1/2000 (Insured; FSA) 2,461,000 2,469,344
Town of Islip Industrial Development Agency, IDR, VRDN
(Brentwood Distribution Co.) 4.25% (LOC; Fleet Bank) 3,750,000 (a) 3,750,000
Jefferson County, BAN 4.75%, 4/27/2001 5,000,000 5,014,445
Katonah-Lewisboro Union Free School District, TAN
5%, 10/12/2000 4,000,000 4,005,410
Lakeland Central School District, BAN
(Shrub Oak) 4.375%, 11/22/2000 5,000,000 5,006,302
Long Island Power Authority, Electric System Revenue:
CP:
4.20%, Series 4, 10/17/2000 (LOC: Bayerishche
Landesbank and Westdeutsche Landesbank) 4,000,000 4,000,000
4.30%, Series 4, 11/9/2000 (LOC: Bayerishche
Landesbank and Westdeutsche Landesbank) 3,500,000 3,500,000
VRDN 4.10%, Subseries 1 (LOC: Bayerische Landesbank
and Westdeutche Landesbank) 3,000,000 (a) 3,000,000
Metropolitan Transportation Authority, Transit Facility Revenue
CP 4.50%, Series 1, 9/11//2000 (LOC; ABN-Amro Bank) 9,900,000 9,900,000
Monroe County, Public Improvement, BAN
4.50%, 7/20/2001 4,000,000 4,005,428
Nassau County Industrial Development Agency
Civic Facility Revenue, VRDN
(St. Mary's Children Project) 3.90% (LOC; Fleet Bank) 2,945,000 (a) 2,945,000
City of New York, VRDN
4.20%, Subseries A-5 (LOC; Kredietbank) 2,700,000 (a) 2,700,000
New York City Housing Development Corporation, VRDN:
MFHR:
Refunding (Westmont Apartments)
4%, Series A (LOC; Federal Home Loan Bank) 10,000,000 (a) 10,000,000
(West 89th Street Development Project)
4.10%, Series A (LOC; FNMA) 2,600,000 (a) 2,600,000
MFMR:
(Broadway Development Project)
4%, Series A (LOC; Bayerische Vereinsbank) 7,500,000 (a) 7,500,000
(West 54th Street Development Project)
4.10%, Series A (LOC; Key Bank) 7,000,000 (a) 7,000,000
New York City Industrial Development Agency
VRDN:
Civic Facility Revenue (Jewish Community Center)
4.15% (LOC; Manufacture and Trade Bank) 5,000,000 (a) 5,000,000
Special Facility Revenue (Korean Airlines Co.)
4.15%, Series A (LOC; Citibank) 14,500,000 (a) 14,500,000
New York City Municipal Water Finance Authority:
CP:
4.75%, Series 1, 8/31/2000 (LOC: Bank of Nova Scotia,
Commerzbank and Toronto-Dominion Bank) 22,500,000 22,500,000
4.75%, Series 3, 8/31/2000 (LOC: Bank of Nova Scotia,
Commerzbank and Toronto-Dominion Bank) 2,700,000 2,700,000
Principal
DREYFUS NEW YORK MUNICIPAL CASH MANAGEMENT (CONTINUED) Amount ($) Value ($)
------------------------------------------------------------------------------------------------------------------------------------
TAX EXEMPT INVESTMENTS (CONTINUED)
------------------------------------------------------------------------------------------------------------------------------------
New York City Municipal Water Finance Authority (continued):
CP (continued):
Water and Sewer System Revenue, VRDN
4.20%, Series C (Insured; FGIC and
Liquidity Facility; FGIC) 4,715,000 (a) 4,715,000
New York City Transitional Finance Authority, Revenue:
BAN 4.75%, Series 3, 11/1/2000 7,000,000 7,005,942
VRDN 3.95%, Series A-2 (Liquidity Facility; Credit
Local de France) 20,000,000 (a) 20,000,000
New York State:
4.05%, Series B, 8/9/2000
(LOC; Credit Local de France) 3,000,000 3,000,000
Environmental Quality Public Improvement:
3.90%, Series G, 10/5/2000 (LOC; Westdeutsche
Landesbank) 7,000,000 7,000,000
CP 4.15%, Series A, 9/12/2000
(LOC: Bayeriche Landesbank and Helaba Bank) 3,300,000 3,300,000
New York State Dormitory Authority, Revenues, VRDN:
(Memorial Sloan Kettering)
4.25%, Series B (LOC; Chase Manhattan Bank) 7,400,000 (a) 7,400,000
(Merlots) 3.90%, Series X (Insured; MBIA and
Liquidity Facility; First Union National Bank) 5,000,000 (a) 5,000,000
(Metropolitan Museum of Art)
4%, Series A (Corp. Guaranty;
Metropolitan Museum of Art) 5,845,000 (a) 5,845,000
(Miriam Osborn Memorial Home):
4.15%, Series A (LOC; Manufacture and Trade Bank) 5,970,000 (a) 5,970,000
4.15%, Series B (LOC; Manufacture and Trade Bank) 13,515,000 (a) 13,515,000
New York State Energy Research and Development
Authority, PCR, VRDN:
(Niagara Mohawk Power Corp.)
4.30%, Series A (LOC; Bank One Corp.) 5,000,000 (a) 5,000,000
(Rochester Gas and Electric Corp.)
3.95%, Series B (Insured; MBIA and Liquidity
Facility; Credit Suisse) 12,040,000 (a) 12,040,000
New York State Housing Finance Agency:
Health Facility Revenue, Refunding, Prerefunded
8%, Series A, 11/1/2000 (Escrowed in; U.S.
Treasury Securities) 1,110,000 1,143,239
VRDN:
Housing Revenue (70 Battery Place)
4.05%, Series A (LOC; FNMA) 3,600,000 (a) 3,600,000
Revenue (Theatre Row Tower)
4%, Series A (LOC; Bayerische Vereinsbank) 7,000,000 (a) 7,000,000
Service Contract Obligation Revenue
3.85%, Series A (LOC; Commerzbank) 9,000,000 (a) 9,000,000
New York State Local Government Assistance Corporation
VRDN 3.85%, Series A
(LOC: Bayerische Landesbank and Westdeutche Landesbank) 4,000,000 (a) 4,000,000
New York State Medical Care Facilities Finance Agency
Revenue, Prerefunded
(Mental Health Service Facility) 7.50%, 2/15/2001 1,795,000 1,861,824
The Funds
STATEMENT OF INVESTMENTS (Unaudited) (CONTINUED)
Principal
DREYFUS NEW YORK MUNICIPAL CASH MANAGEMENT (CONTINUED) Amount ($) Value ($)
------------------------------------------------------------------------------------------------------------------------------------
TAX EXEMPT INVESTMENTS (CONTINUED)
------------------------------------------------------------------------------------------------------------------------------------
New York State Power Authority, CP:
4.25%, 8/8/2000 (Liquidity Facilities: The Bank of New York,
Bank of Nova Scotia, Bayerische Landesbank, Chase
Manhattan Bank, Commerzbank, Credit Locale
de France, First Union National Bank, Landesbank
Hessen and Morgan Guaranty Trust Co.) 9,200,000 9,200,000
4.30%, Series 2, 8/16/2000 (Liquidity Facilities: The Bank of
New York, Bank of Nova Scotia, Bayerische Landesbank,
Chase Manhattan Bank, Commerzbank, Credit Locale
de France, First Union National Bank, Landesbank
Hessen, Morgan Guaranty Trust Co. and State Street
Bank and Trust) 7,750,000 7,750,000
4.15%, Series 1, 9/12/2000 (Liquidity Facilities: Bank of
Nova Scotia, Commerzbank, Credit Locale de France,
Landesbank Hessen and Toronto-Dominion Bank) 3,000,000 3,000,000
New York State Thruway Authority, Revenue, CP
4.20%, Series 1, 11/2/2000 (LOC; Landesbank Hessen) 5,000,000 5,000,000
Niagara County Industrial Development Agency, SWDR
VRDN (American Refunding Fuel Co.)
4%, Series D (LOC; Chase Manhattan Bank) 14,000,000 (a) 14,000,000
City of Oswego School District, TAN 5%, 12/28/2000 2,825,915 2,832,647
Richfield Springs Central School District, BAN
4.50%, 2/23/2001 3,150,000 3,153,652
Rochester, BAN 4.50%, 3/7/2001 2,000,000 2,003,438
Suffolk County, TAN 4.50%, Series 1, 8/10/2000
(LOC: Credit Local de France, Landesbank Hessen and
Westdeutsche Landesbank) 2,000,000 2,000,239
Suffolk County Judicial Facility Agency, Service Agreement
Revenue (John P. Cohalan Complex)
4.50%, 10/15/2000 (Insured; AMBAC) 2,335,000 2,336,686
Syracuse Industrial Development Agency
Civic Facility Revenue, VRDN
(Community Development Properties-Larned Project)
4.25% (LOC; M and I Bank of Milwaukee) 7,570,000 (a) 7,570,000
Triborough Bridge and Tunnel Authority, Revenue
Prerefunded 7%, 1/1/2001 3,000,000 3,091,238
Westchester County Industrial Agency, RRR
Refunding (Resco Co. Project)
4.95%, Series A, 7/1/2001 (Escrowed in; U.S.
Government Securities and Insured; AMBAC) 3,120,000 3,136,544
------------------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS (cost $319,572,229) 101.9% 319,572,229
LIABILITIES, LESS CASH AND RECEIVABLES (1.9%) (6,104,315)
NET ASSETS 100.0% 313,467,914
SEE NOTES TO FINANCIAL STATEMENTS.
STATEMENT OF INVESTMENTS
July 31, 2000 (Unaudited)
Principal
DREYFUS TAX EXEMPT CASH MANAGEMENT Amount ($) Value ($)
------------------------------------------------------------------------------------------------------------------------------------
TAX EXEMPT INVESTMENTS--99.6%
------------------------------------------------------------------------------------------------------------------------------------
ALABAMA--.6%
Town of McIntosh Industrial Development Board, EIR, Refunding, VRDN
(Ciba Specialty Chemicals Corp. Project)
4.30%, Series D (Corp. Guaranty; Ciba--Specialty Chemicals) 10,000,000 (a) 10,000,000
ALASKA--.2%
Alaska Housing Finance Corporation, Revenues (State Capital Project)
4.30%, Series B-1, 6/1/2001 (Insured; MBIA) 2,945,000 2,942,529
ARIZONA--3.0%
Apache County Industrial Development Authority, IDR, VRDN
(Tucson Electric Power--Springerville Project) 4.30%, Series B (LOC; The Bank of New York) 10,000,000 (a) 10,000,000
Maricopa County Pollution Control Corporation, PCR, Refunding, VRDN
(Arizona Public Service Co.) 4.30%, Series B (LOC; Morgan Guaranty Trust Co.) 6,100,000 (a) 6,100,000
Salt River Project Agriculture Improvement and Power District, CP:
COP 4.35%, Series B, 9/1/2000 4,500,000 4,500,000
Electric System Revenue:
4.35%, 9/1/2000 4,300,000 4,300,000
4.25%, 11/17/2000 15,450,000 15,450,000
Scottsdale Industrial Development Authority, Revenue, VRDN (Scottsdale Water
Service)
4.35% (Insured; MBIA and Liquidity Facility; Bank of Nova Scotia) 8,000,000 (a) 8,000,000
ARKANSAS--1.2%
Fayetteville Public Facilities Board, Revenue, Refunding, VRDN
(Butterfield Trail Village Project) 4.30% (LOC; Dresdner Bank) 6,800,000 (a) 6,800,000
University of Arkansas, University Revenues, Refunding, VRDN (UAMS Campus)
4.25% (Insured; MBIA and Liquidity Facility; Credit Suisse) 11,700,000 (a) 11,700,000
CALIFORNIA--1.4%
California Higher Education Loan Authority, Student Loan Revenue, Refunding
4.40%, Series A-1, 7/1/2001 (LOC; Student Loan Marketing Association) 23,125,000 23,125,000
COLORADO--1.9%
Colorado Health Facilities Authority, Revenue, VRDN
(Covenant Retirement Communities Inc.) 4.33%, Series A (LOC; Lasalle National Bank) 7,900,000 (a) 7,900,000
Douglas County, MFHR, Refunding, VRDN (Autumn Chase Project)
4.25% (LOC; Federal Home Loan Banks) 22,500,000 (a) 22,500,000
DELAWARE--2.6%
Delaware Economic Development Authority, Revenue, VRDN (Hospital Billing
Collection):
4.20%, Series B (BPA; Morgan Stanley and Co. and Insured; AMBAC) 33,200,000 (a) 33,200,000
4.25%, Series A (BPA; Morgan Stanley and Co. and Insured; AMBAC) 8,200,000 (a) 8,200,000
DISTRICT OF COLUMBIA--7.2%
District of Columbia:
Revenue, CP (National Academy of Science) 4.50%, Series C, 11/28/2000
(Insured; AMBAC and Liquidity Facility; Bank of America) 12,500,000 12,500,000
VRDN:
Refunding:
4.35%, Series A-1 (LOC; Societe Generale) 15,000,000 (a) 15,000,000
4.35%, Series A-2 (LOC; Canadian Imperial Bank of Commerce) 21,600,000 (a) 21,600,000
4.35%, Series A-3 (LOC; Societe Generale) 5,900,000 (a) 5,900,000
4.35%, Series A-4 (LOC; Societe Generale) 18,600,000 (a) 18,600,000
4.35%, Series A-5 (LOC; Bank of Nova Scotia) 10,000,000 (a) 10,000,000
4.35%, Series A-6 (LOC; Bank of America) 2,650,000 (a) 2,650,000
Revenue:
(American Public Health Association) 4.25% (LOC; PNC Bank) 12,585,000 (a) 12,585,000
(George Washington University)
4.35%, Series B (Insured; MBIA and Liquidity Facility; Bank of America) 17,365,000 (a) 17,365,000
The Funds
STATEMENT OF INVESTMENTS (Unaudited) (CONTINUED)
Principal
DREYFUS TAX EXEMPT CASH MANAGEMENT (CONTINUED) Amount ($) Value ($)
------------------------------------------------------------------------------------------------------------------------------------
TAX EXEMPT INVESTMENTS (CONTINUED)
------------------------------------------------------------------------------------------------------------------------------------
FLORIDA--3.4%
Capital Projects Finance Authority, Revenue, VRDN (Capital Projects Loan
Program)
4.25%, Series A (Insured; FSA and Liquidity Facility; Credit Suisse) 36,195,000 (a) 36,195,000
Orange County Health Facilities Authority, Revenues, VRDN
(Florida Hospital Association Health Facilities Loan Program)
4.35%, Series A ( Liquidity Facility: The Bank of New York, Bank of Nova
Scotia,
Banque Paribas and LOC; CDC Funding Corp.) 13,000,000 (a) 13,000,000
Saint Lucie County, PCR, Refunding, VRDN (Florida Power and Light Co.)
4.25% (Corp. Guaranty; Florida Power and Light Co.) 5,600,000 (a) 5,600,000
GEORGIA--2.2%
Burke County Development Authority, PCR, (Georgia Power Co. PLT Vogtle)
4.375%, Series 6, 11/1/2000 (Insured; AMBAC) 10,000,000 10,005,396
Gainesville and Hall County Development Authority, Revenue, VRDN
(Senior Living Facility--Lanier) 4.38%, Series A (LOC; Regions Bank) 15,000,000 (a) 15,000,000
Monroe County Development Authority, PCR, VRDN:
(Georgia Power Co.) 4.35%, Series 2 (Corp. Guaranty; Georgia Power Co.) 6,800,000 (a) 6,800,000
(Gulf Power Co. Plant) 4.35%, Series 2 (Liquidity Facility; The Bank of New York) 2,800,000 (a) 2,800,000
HAWAII--.5%
Honolulu City and County, VRDN 4.30%, Series A (LOC; Landesbank Hessen) 8,145,000 (a) 8,145,000
IDAHO--.5%
State of Idaho, Revenues, TAN 5.375%, 6/29/2001 8,000,000 8,070,042
ILLINOIS--10.6%
Illinois Development Finance Authority, PCR, Refunding, VRDN (Amerencips
Project)
4.30%, Series A 19,100,000 (a) 19,100,000
Illinois Educational Facilities Authority, Revenues Reserve, CP
4.60%, Series A-2, 11/30/2000 (Liquidity Facility;
Harris Trust and Savings Bank) 15,000,000 15,000,000
Illinois Health Facilities Authority, Revenue:
(Evanston Northwestern Corp.) 4.75%, 5/31/2001 15,000,000 15,000,000
VRDN:
Refunding (Central Dupage Health):
4.35%, Series B (LOC; American National Bank of Chicago) 2,300,000 (a) 2,300,000
4.35%, Series C (LOC; American National Bank of Chicago) 32,900,000 (a) 32,900,000
(Rehab Institute Chicago Project) 4.25% (LOC; Bank of America) 31,500,000 (a) 31,500,000
(Resurrection Health):
4.30%, Series B (Insured; FSA and Liquidity Facility; Lasalle National Bank) 20,550,000 (a) 20,550,000
4.35%, Series A (Insured; FSA and Liquidity Facilty; Bank One Corp.) 13,950,000 (a) 13,950,000
Illinois Housing Development Authority, Housing Revenue
4.20%, Sub-Series B-1, 12/22/2000 (LOC; ABN-Amro Bank) 4,350,000 4,350,000
Saint Clair County, Industrial Building Revenue, Refunding, VRDN
(Winchester Apartments Project) 4.25% (LOC; Lasalle National Bank) 15,550,000 (a) 15,550,000
INDIANA--2.5%
Indiana Bond Bank, Revenues, Advance Funding Program Notes
4.75%, Series A-2, 1/18/2001 (LOC; Bank of America) 25,000,000 25,066,672
Petersburg, PCR, Refunding, VRDN (Indianapolis Power and Light Co.)
4.25%, Series B (Insured; AMBAC and Corp. Guaranty;
Indianapolis Power and Light Co.) 15,000,000 (a) 15,000,000
IOWA--.9%
Louisa County, PCR, Refunding, VRDN
(Midwest Power System Inc. Project) 4.40% 15,000,000 (a) 15,000,000
Principal
DREYFUS TAX EXEMPT CASH MANAGEMENT (CONTINUED) Amount ($) Value ($)
------------------------------------------------------------------------------------------------------------------------------------
TAX EXEMPT INVESTMENTS (CONTINUED)
------------------------------------------------------------------------------------------------------------------------------------
KANSAS--2.0%
Johnson County Water District No.1, Water Revenue, Prerefunded
7%, Series A, 12/1/2000 (Escrowed in; U.S. Government Securities) 6,000,000 6,055,180
Kansas Development Finance Authority, Revenue
(Kansas Board of Regents-Comprehensive Rehabilitation and Repair Project)
4.50%, Series G-2, 10/1/2000 (Insured; AMBAC) 3,000,000 3,001,667
La Cygne, EIR, Refunding, VRDN (Kansas City Power and Light Co. Project)
4.40% (Liquidity Facility: ABN-Amro Bank, Bank of America, The Bank of New
York,
Bank of Nova Scotia, Bank One Corp., Commerzbank and Westdeutsche Landesbank) 9,000,000 (a) 9,000,000
Wichita, GO, Water Utility and Public Improvements 4.50%, 8/24/2000 13,300,000 13,304,437
KENTUCKY--3.1%
Kentucky Interlocal School Transportation Association, COP, Revenues, TRAN 5%,
6/29/2001 10,000,000 10,052,237
Ohio County, PCR, VRDN (Big Rivers Electric Corp. Project)
4.30% (Insured; AMBAC and Liquidity Facility; Credit Suisse) 39,000,000 (a) 39,000,000
LOUISIANA--1.2%
Calcasieu Parish Inc., Industrial Development Board, Industrial Revenue,
Refunding, VRDN (Olin Corp. Project)
4.30%, Series B (LOC; Wachovia Bank) 4,600,000 (a) 4,600,000
Louisiana Local Government Environmental Facilities and Community Development
Authority
Revenue, VRDN (Healthcare--Saint James Place) 4.40%, Series C (LOC; Banque Paribas) 14,000,000 (a) 14,000,000
MARYLAND--2.2%
Maryland Health and Higher Educational Facilities Authority, Revenue, VRDN
(Mercey Ridge) 4.30% (LOC; Allied Irish Banks) 34,900,000 (a) 34,900,000
MASSACHUSETTS--3.7%
Acton, BAN 4.50%, 3/5/2001 15,350,000 15,377,873
Millbury, BAN 4.50%, 4/19/2001 13,347,400 13,362,003
City of Pittsfield, Revenues, BAN:
4.25%, 11/22/2000 9,970,000 9,975,926
4.87%, 7/12/2001 10,000,000 10,028,923
City of Springfield, Revenues, BAN 4.75%, 1/12/2001 (LOC; Fleet Repo Agreement) 10,000,000 10,021,538
MICHIGAN--2.7%
Detroit Downtown Development Authority, Revenue, Refunding, VRDN
(Millender Center Project) 4.20% (LOC; HSBC Bank) 8,000,000 (a) 8,000,000
State of Michigan, COP, LR (New Center Development Inc.)
4.25%, 3/1/2001 (LOC; Canadian Imperial Bank of Commerce) 10,000,000 10,027,868
Michigan Hospital Finance Authority, Revenue, CP
4.50%, Series A, 9/11/2000 (LOC; Salomon Reinvestment Co.) 17,600,000 17,600,000
Michigan Municipal Bond Authority, Revenue, BAN
4.25%, Series B-2, 8/25/2000 (LOC; Morgan Guaranty Trust Co.) 8,000,000 8,003,440
MINNESOTA--2.9%
Becker, PCR (Northern States Power Co.):
Refunding, CP 4.15%, 8/11/2000 (Corp. Guaranty; Northern States Power Co.) 11,000,000 11,000,000
VRDN 4.20% (Corp. Guaranty; Northern States Power Co.) 8,400,000 (a) 8,400,000
City of Cloquet, PCR, VRDN (Potlatch Corp. Project) 4.30% (LOC; Bank One Corp.) 5,800,000 (a) 5,800,000
Duluth Economic Development Authority, Health Care Facilities Revenue,
Refunding, VRDN
(Miller Dwan Medical Center Project) 4.30% (LOC; Credit Locale de France) 4,200,000 (a) 4,200,000
Minneapolis, Multi-Family Revenue, Refunding, Rental Housing, VRDN (Hennepin)
4.50%, Series 95 (LOC; Saint Paul Co.) 12,810,000 (a) 12,810,000
Red Wing, PCR, VRDN (Northern States Power Co.)
4.35% (Corp. Guaranty; Northern States Power Co.) 4,600,000 (a) 4,600,000
The Funds
STATEMENT OF INVESTMENTS (Unaudited) (CONTINUED)
Principal
DREYFUS TAX EXEMPT CASH MANAGEMENT (CONTINUED) Amount ($) Value ($)
------------------------------------------------------------------------------------------------------------------------------------
TAX EXEMPT INVESTMENTS (CONTINUED)
------------------------------------------------------------------------------------------------------------------------------------
MISSOURI--2.8%
Independence Industrial Development Authority, IDR, Refunding, VRDN (Groves and
Graceland)
4.30%, Series A (LOC; Credit Locale de France) 3,600,000 (a) 3,600,000
Kansas City Industrial Development Authority, Revenue, VRDN (Ewing Marion
Kauffmam)
4.30%, Series A 2,400,000 (a) 2,400,000
Missouri Health and Educational Facilities Authority, Educational Facilities
Revenue, VRDN:
(Drury College) 4.40% (LOC; Firstar Bank of Milwaukee) 25,000,000 (a) 25,000,000
(Saint Louis University) 4.35%, Series B (Liquidity Facility; Bank of America) 14,000,000 (a) 14,000,000
NEBRASKA--1.7%
Nebhelp Inc., Multiple Mode Student Loan Revenue, VRDN
4.25%, Series C (BPA; Student Loan Marketing Association and Insured; MBIA) 27,340,000 (a) 27,340,000
NEW HAMPSHIRE--1.1%
Nashua, BAN 4.70%, 12/14/2000 4,700,000 4,697,725
New Hampshire Business Finance Authority, PCR, CP (New England Power Co.)
4.65%, Series A, 9/11/2000 (Corp. Guaranty; New England Power Co.) 13,500,000 13,500,000
NEW YORK--2.0%
Board Cooperative Educational Services Sole Supervisory District, Revenues, RAN
4.50%, 12/29/2000 7,950,000 7,958,778
Metropolitan Transportation Authority, Transit Facilities Revenue, CP
4.05%, Series 1, 9/1/2000 (LOC; ABN-Amro Bank) 10,000,000 10,000,000
New York City, Sales Tax Revenue, VRDN
4.10%, Sub-Series A-4 (LOC; Chase Manhattan Bank) 3,300,000 (a) 3,300,000
Suffolk County, TAN 4.50%, Series 1, 8/10/2000 (LOC: Credit Locale de France,
Landesbank Hessen and Westdeutsche Landesbank) 10,000,000 10,001,196
OHIO--2.2%
Hamilton County, Hospital Facilities Revenue, VRDN (Children's Hospital Medical
Center)
4.35%, Series A (LOC; PNC Bank) 9,250,000 (a) 9,250,000
Montgomery County, Revenue, CP (Miami Valley Hospital)
4.10%, Series B, 8/11/2000 (Liquidity Facility; Morgan Guaranty Trust Co.) 6,500,000 6,500,000
Ohio Higher Educational Facilities Revenue, CP (Case Western Reserve University)
:
4.50%, 10/18/2000 (Liquidity Facility; Bank One Corp.) 10,000,000 10,000,000
4.25%, 11/16/2000 (Liquidity Facility; Bank One Corp.) 10,000,000 10,000,000
PENNSYLVANIA--8.2%
Allegheny County Industrial Development Authority, PCR, Refunding, VRDN
(Duquesne)
4.35%, Series A (Insured; AMBAC and Liquidity Facility; The Bank of New York) 6,300,000 (a) 6,300,000
Delaware Valley Regional Finance Authority, Local Government Revenue, VRDN
4.25%, Series D (LOC; Credit Suisse) 10,300,000 (a) 10,300,000
Emmaus, General Authority, Revenue, VRDN:
4.25% (Insured; FSA and Liquidity Facility; First Union National Bank of North Carolina) 22,800,000 (a) 22,800,000
4.25%, Sub-Series C-19 (LOC; Kredietbank) 15,000,000 (a) 15,000,000
4.25%, Sub-Series D-19 (LOC; Bayerische Hypo Vereinsbank) 10,000,000 (a) 10,000,000
4.25%, Sub-Series D-20 (LOC; Bayerische Landesbank) 7,500,000 (a) 7,500,000
4.25%, Sub-Series E-7 (LOC; Goldman Sachs and Co.) 5,000,000 (a) 5,000,000
4.25%, Sub-Series E-11 (LOC; Canadian Imperial Bank of Commerce) 10,000,000 (a) 10,000,000
4.25%, Sub-Series H-14 (LOC; Bayerische Hypo Vereinsbank) 7,000,000 (a) 7,000,000
Local Government:
4.25%, Series B (LOC; Goldman Sachs and Co.) 10,000,000 (a) 10,000,000
4.25%, Series E-14 (LOC; Kredietbank) 5,200,000 (a) 5,200,000
4.25%, Series F-5 (LOC; Goldman Sachs and Co.) 15,000,000 (a) 15,000,000
4.25%, Series G-12 (LOC; Bayerische Landesbank) 5,000,000 (a) 5,000,000
Principal
DREYFUS TAX EXEMPT CASH MANAGEMENT (CONTINUED) Amount ($) Value ($)
------------------------------------------------------------------------------------------------------------------------------------
TAX EXEMPT INVESTMENTS (CONTINUED)
------------------------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA (CONTINUED)
York, General Authority, Pooled Financing Revenue, VRDN (Harrisburg Parking)
4.25%, Series 96-C (LOC; First Union National Bank of North Carolina) 1,900,000 (a) 1,900,000
RHODE ISLAND--.4%
Rhode Island Health and Building Corporation, Education Institution Revenue,
VRDN
(Moses Brown School) 4.30% (Insured; MBIA and Liquidity Facility; Fleet National Bank) 7,200,000 (a) 7,200,000
SOUTH CAROLINA--.6%
South Carolina Jobs Economic Development Authority, Health Facilities Revenue,
VRDN
(Presbyterian Home of South Carolina) 4.30% (LOC; Wachovia Bank) 8,950,000 (a) 8,950,000
TENNESSEE--9.8%
Metropolitan Government Nashville and Davidson County Health and Educational
Facilities Board
Revenue, VRDN (Vanderbilt University) 4.20%, Series B
(Liquidity Facility; Bayerische Landesbank) 10,000,000 (a) 10,000,000
Montgomery County Public Building Authority, Pooled Financing Revenue, VRDN:
(Montgomery County Loan) 4.25% (LOC; Bank of America) 22,595,000 (a) 22,595,000
(Tennessee County Loan) 4.25% (LOC; Bank of America) 45,000,000 (a) 45,000,000
Sevier County Public Building Authority, Local Government Public Improvement,
VRDN:
4.25%, Series III-A-1 (Insured; AMBAC and Liquidity Facility; Landesbank Hessen) 20,000,000 (a) 20,000,000
4.25%, Series III-B-3 (Insured; AMBAC and Liquidity Facility; Landesbank Hessen) 8,350,000 (a) 8,350,000
4.25%, Series III-B-4 (Insured; AMBAC and Liquidity Facility; Landesbank Hessen) 5,815,000 (a) 5,815,000
4.40%, Series IV-A-2 (Insured; FSA and Liquidity Facility; Morgan Guaranty Trust Co.) 14,285,000 (a) 14,285,000
4.40%, Series IV-A-4 (Insured; FSA and Liquidity Facility; Morgan Guaranty Trust Co.) 6,335,000 (a) 6,335,000
Shelby County Health and Educational Housing Facilities Board, HR, CP
(Baptist Memorial Hospital) 4.60%, 11/22/2000 (LOC; Bank of America) 25,500,000 25,500,000
TEXAS--6.8%
Harris County Health Facilities Development Corporation, HR, VRDN (Texas
Children's Hospital)
4.30%, Series B-1 (Insured; MBIA and Liquidity Facility; Morgan Guaranty Trust Co.) 40,000,000 (a) 40,000,000
Harris County Industrial Development Corporation, PCR, Refunding, VRDN (Shell
Oil Co.)
4.25% (Corp. Guaranty; Shell Oil Co.) 6,700,000 (a) 6,700,000
City of Houston, Water and Sewer Systems Revenue, Prerefunded
7.40%, 12/1/2000 (Escrowed in; U.S. Government Securities) 4,000,000 4,123,641
North Central Health Facilities Development Corporation, Revenue, VRDN
(Retirement Facility--Northwest Senior Housing) 4.35%, Series C (LOC; Lasalle National Bank) 12,500,000 (a) 12,500,000
San Antonio, Water Revenue, VRDN (Merlots)
4.34%, Series VV (Liquidity Facility; First Union National Bank of North Carolina) 10,000,000 (a) 10,000,000
Tarrant County Health Facilities Development Corporation, Health Systems
Revenue, Refunding
5%, Series A, 2/15/2001 (Insured; MBIA) 5,000,000 5,019,517
State of Texas, Revenues, TRAN 4.50%, Series A, 8/31/2000 25,000,000 25,013,760
Texas Public Finance Authority, Revenue, CP
4.25%, Series A, 12/7/2000 5,000,000 5,000,000
UTAH--1.7%
Intermountain Power Agency, Power Supply Revenue, CP
4.25%, Series B-2, 10/23/2000 (Liquidity Facility: Bank of America and Bank of Nova Scotia) 20,000,000 20,000,000
Salt Lake County, Revenues, TRAN 5%, 12/29/2000 7,500,000 7,518,627
VIRGINIA--3.5%
Alexandria Industrial Development Authority, Revenue, VRDN (Institute Defense
Analyses)
4.35%, (Insured; AMBAC and Liquidity Facility; First Union National Bank of North Carolina) 16,445,000 (a) 16,445,000
Virginia Beach Development Authority, Residential Care Facility Mortgage
Revenue, VRDN
(Westminster--Canterbury of Hampton Roads, Inc.)
4.25%, Series B (LOC; First Union National Bank of North Carolina) 30,500,000 (a) 30,500,000
The Funds
STATEMENT OF INVESTMENTS (Unaudited) (CONTINUED)
Principal
DREYFUS TAX EXEMPT CASH MANAGEMENT (CONTINUED) Amount ($) Value ($)
------------------------------------------------------------------------------------------------------------------------------------
TAX EXEMPT INVESTMENTS (CONTINUED)
------------------------------------------------------------------------------------------------------------------------------------
VIRGINIA (CONTINUED)
Virginia College Building Authority, Educational Facilities Revenue, VRDN
(Shenandoah University Project) 4.25% (LOC; First Union National Bank of North Carolina) 9,700,000 (a) 9,700,000
WEST VIRGINIA--.2%
Marshall County, Revenue, Refunding, VRDN (Bayer Corp. Project)
4.35% (LOC; Bayer Corp.) 3,100,000 (a) 3,100,000
WISCONSIN--1.8%
Green Bay Area Public School District, Revenues, BAN 4.90%,
4/13/2001 13,000,000 13,002,397
Kenosha Union School District No. 1, Revenues, TRAN 4.25%, Series B, 11/1/2000
9,000,000 9,006,974
Two Rivers Public School District, Revenues, BAN 5.10%,
3/1/2001 6,600,000 6,604,203
WYOMING--.3%
Wyoming Community Development Authority, Housing Revenue 3.60%, Series 4,
12/1/2000 5,500,000 5,479,341
------------------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS (cost $1,597,190,173) 99.6% 1,597,211,890
CASH AND RECEIVABLES (NET) .4% 6,203,133
NET ASSETS 100.0% 1,603,415,023
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
Summary of Abbreviations
AMBAC American Municipal Bond Assurance Corporation
BAN Bond Anticipation Notes
BPA Bond Purchase Agreement
COP Certificate of Participation
CP Commercial Paper
EDR Economic Development Revenue
EIR Environment Improvement Revenue
FGIC Financial Guaranty Insurance Company
FNMA Federal National Mortgage Association
FSA Financial Security Assurance
GO General Obligation
HR Hospital Revenue
IDR Industrial Development Revenue
LOC Letter of Credit
LOR Limited Obligation Revenue
LR Lease Revenue
MBIA Municipal Bond Investors Assurance
Insurance Corporation
MFHR Multi-Family Housing Revenue
MFMR Multi-Family Mortgage Revenue
PCR Pollution Control Revenue
RAN Revenue Anticipation Notes
RRR Resources Recovery Revenue
SFMR Single Family Mortgage Revenue
SWDR Solid Waste Disposal Revenue
TAN Tax Anticipation Notes
TRAN Tax and Revenue Anticipation Notes
VRDN Variable Rate Demand Notes
<TABLE>
<CAPTION>
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
_____ ________ __________________ ________________
_______________ ____________
<S> <C> <C> <C> <C> <C>
F1+/F1 VMIG1/MIG1, P1 SP1+/SP1, A1+/A1 78.2 80.3 91.2
AAA/AA (b) Aaa/Aa (b) AAA/AA (b) 16.6 8.6 2.8
NR (c) NR (c) NR (c) 5.2 11.1 6.0
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.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
The Funds
<TABLE>
<CAPTION>
STATEMENT OF ASSETS AND LIABILITIES
(amounts in thousands, except Net Asset Value Per Share)
July 31, 2000 (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
------------------------------------------------------------------------------------------------------------------------------------
ASSETS ($):
<S> <C> <C> <C> <C> <C> <C>
Investments at value--Note 1(a,b) 7,913,124 9,488,594 4,041,010 508,860 2,710,755(a) 2,598,868
Cash -- 2,935 -- 101 802 --
Receivable for investment
securites sold -- 155,839 -- -- -- --
Interest receivable 32,286 63,268 28,229 -- 5,657 36,897
Prepaid expenses -- -- -- 2,859 -- --
7,945,410 9,710,636 4,069,239 511,820 2,717,214 2,635,765
------------------------------------------------------------------------------------------------------------------------------------
LIABILITIES ($):
Due to The Dreyfus Corporation
and affiliates 1,770 1,803 835 192 631 606
Cash overdraft due to Custodian 2,303 -- 5,285 -- -- 1,483
Payable for investment securities
purchased -- 335,397 124,984 -- -- --
4,073 337,200 131,104 192 631 2,089
------------------------------------------------------------------------------------------------------------------------------------
NET ASSETS ($) 7,941,337 9,373,436 3,938,135 511,628 2,716,583 2,633,676
------------------------------------------------------------------------------------------------------------------------------------
COMPOSITION OF NET ASSETS ($):
Paid-in capital 7,941,857 9,374,949 3,938,871 511,707 2,717,243 2,634,449
Accumulated net realized gain (loss)
on investments (520) (1,513) (736) (79) (660) (773)
------------------------------------------------------------------------------------------------------------------------------------
NET ASSETS ($) 7,941,337 9,373,436 3,938,135 511,628 2,716,583 2,633,676
------------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE PER SHARE
INSTITUTIONAL SHARES
Net Assets ($) 6,590,266 8,212,006 3,316,468 187,217 2,078,022 1,991,159
Shares Outstanding 6,590,754 8,213,438 3,317,113 187,256 2,078,614 1,991,809
NET ASSET VALUE PER SHARE ($) 1.00 1.00 1.00 1.00 1.00 1.00
------------------------------------------------------------------------------------------------------------------------------------
INVESTOR SHARES
Net Assets ($) 812,327 566,729 551,265 52,314 596,732 448,724
Shares Outstanding 812,358 566,798 551,355 52,321 596,795 448,812
NET ASSET VALUE PER SHARE ($) 1.00 1.00 1.00 1.00 1.00 1.00
------------------------------------------------------------------------------------------------------------------------------------
ADMINISTRATIVE SHARES
Net Assets ($) 180,309 241,516 15,232 1,500 23,289 12,103
Shares Outstanding 180,310 241,518 15,232 1,500 23,289 12,108
NET ASSET VALUE PER SHARE ($) 1.00 1.00 1.00 1.00 1.00 1.00
------------------------------------------------------------------------------------------------------------------------------------
PARTICIPANT SHARES
Net Assets ($) 358,435 353,185 55,170 270,597 18,540 181,690
Shares Outstanding 358,435 353,195 55,171 270,630 18,545 181,720
NET ASSET VALUE PER SHARE ($) 1.00 1.00 1.00 1.00 1.00 1.00
(A) AMOUNT INCLUDES REPURCHASE AGREEMENTS OF $1,181,091,000 FOR DREYFUS TREASURY CASH MANAGEMENT. SEE NOTE 1(B)
SEE NOTES TO FINANCIAL STATEMENTS.
DREYFUS DREYFUS DREYFUS
MUNICIPAL CASH NEW YORK TAX EXEMPT
MANAGEMENT MUNICIPAL CASH CASH
PLUS MANAGEMENT MANAGEMENT
------------------------------------------------------------------------------------------------------------------------------------
ASSETS ($):
Investments at value 220,676 319,572 1,597,212
Cash 3,866 -- --
Interest receivable 1,640 2,230 11,413
Prepaid expenses 6 -- --
226,188 321,802 1,608,625
------------------------------------------------------------------------------------------------------------------------------------
LIABILITIES ($):
Due to The Dreyfus Corporation
and affiliates 57 76 366
Cash overdraft due to Custodian -- 8,258 4,844
57 8,334 5,210
------------------------------------------------------------------------------------------------------------------------------------
NET ASSETS ($) 226,131 313,468 1,603,415
------------------------------------------------------------------------------------------------------------------------------------
COMPOSITION OF NET ASSETS ($):
Paid-in capital 226,301 313,472 1,604,120
Accumulated net realized gain (loss)
on investments (179) (4) (727)
Accumulated gross unrealized appreciation
on investments 9 -- 22
------------------------------------------------------------------------------------------------------------------------------------
NET ASSETS ($) 226,131 313,468 1,603,415
------------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE PER SHARE
INSTITITUTIONAL SHARES
Net Assets ($) 164,034 302,507 1,229,423
Shares Outstanding 164,200 302,509 1,230,071
NET ASSET VALUE PER SHARE ($) 1.00 1.00 1.00
------------------------------------------------------------------------------------------------------------------------------------
INVESTOR SHARES
Net Assets ($) 53,005 9,972 210,565
Shares Outstanding 53,009 9,973 210,608
NET ASSET VALUE PER SHARE ($) 1.00 1.00 1.00
------------------------------------------------------------------------------------------------------------------------------------
ADMINISTRATIVE SHARES
Net Assets ($) 204 203 910
Shares Outstanding 204 204 910
NET ASSET VALUE PER SHARE ($) 1.00 1.00 1.00
------------------------------------------------------------------------------------------------------------------------------------
PARTICIPANT SHARES
Net Assets ($) 8,888 786 162,517
Shares Outstanding 8,888 786 162,531
NET ASSET VALUE PER SHARE ($) 1.00 1.00 1.00
SEE NOTES TO FINANCIAL STATEMENTS.
The Funds
STATEMENT OF OPERATIONS
(amounts in thousands)
Six Months Ended July 31, 2000 (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
------------------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME ($):
INTEREST INCOME 257,875 244,320 122,957 17,403 84,893 82,229
EXPENSES:
Management fee--Note 2(a) 8,228 7,722 4,048 575 2,858 2,850
Distribution fees--Note 2(b):
Investor Shares 959 750 721 62 675 571
Administrative Shares 77 54 10 1 12 6
Participant Shares 618 471 96 449 60 381
TOTAL EXPENSES 9,882 8,997 4,875 1,087 3,605 3,808
INVESTMENT INCOME--NET 247,993 235,323 118,082 16,316 81,288 78,421
------------------------------------------------------------------------------------------------------------------------------------
NET REALIZED GAIN (LOSS) ON
INVESTMENTS--NOTE 1(B) ($) -- 29 (44) (40) 23 68
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS 247,993 235,352 118,038 16,276 81,311 78,489
SEE NOTES TO FINANCIAL STATEMENTS.
DREYFUS DREYFUS DREYFUS
MUNICIPAL CASH NEW YORK TAX EXEMPT
MANAGEMENT MUNICIPAL CASH CASH
PLUS MANAGEMENT MANAGEMENT
------------------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME ($):
INTEREST INCOME 3,971 6,161 30,246
EXPENSES:
Management fee--Note 2(a) 194 310 1,507
Distribution fees--Note 2(b):
Investor Shares 58 13 247
Administrative Shares --(a) --(a) --(a)
Participant Shares 8 1 322
TOTAL EXPENSES 260 324 2,076
INVESTMENT INCOME--NET 3,711 5,837 28,170
------------------------------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS--NOTE 1(B) ($):
Net realized gain (loss) on investments (1) -- 4
Net unrealized appreciation (depreciation)
on investments 9 -- 22
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS 8 -- 26
NET INCREASE IN NET ASSETS RESULTING
FROM OPERATIONS 3,719 5,837 28,196
(A) AMOUNT REPRESENTS LESS THAN $1,000.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
The Funds
<TABLE>
<CAPTION>
STATEMENT OF CHANGES IN NET ASSETS
(amounts in thousands)
DREYFUS CASH MANAGEMENT DREYFUS CASH MANAGEMENT PLUS, INC.
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
JULY 31, 2000 JANUARY 31, JULY 31, 2000 JANUARY 31,
(UNAUDITED) 2000 (UNAUDITED) 2000
------------------------------------------------------------------------------------------------------------------------------------
OPERATIONS ($):
<S> <C> <C> <C> <C>
Investment income--net 247,993 347,175 235,323 420,048
Net realized gain (loss) on investments -- (62) 29 (555)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS 247,993 347,113 235,352 419,493
------------------------------------------------------------------------------------------------------------------------------------
DIVIDENDS TO SHAREHOLDERS FROM ($):
INVESTMENT INCOME--NET:
Institutional Shares (212,121) (310,957) (207,580) (373,665)
Investor Shares (22,465) (26,744) (17,510) (34,049)
Administrative Shares (4,670) (5,164) (3,374) (1,959)
Participant Shares (8,737) (4,310) (6,859) (10,375)
TOTAL DIVIDENDS (247,993) (347,175) (235,323) (420,048)
------------------------------------------------------------------------------------------------------------------------------------
BENEFICIAL INTEREST/CAPITAL STOCK
TRANSACTIONS ($1.00 per share):
Net proceeds from shares sold:
Institutional Shares 36,520,207 63,872,030 54,362,577 117,625,537
Investor Shares 2,616,124 4,281,011 1,642,119 4,327,089
Administrative Shares 643,327 2,087,828 364,327 512,719
Participant Shares 1,142,567 1,026,257 796,979 689,355
Dividends reinvested:
Institutional Shares 57,943 91,288 95,462 186,748
Investor Shares 5,978 7,616 14,329 29,702
Administrative Shares 2,113 2,871 3,113 1,382
Participant Shares 5,282 1,527 6,695 10,341
Cost of shares redeemed:
Institutional Shares (39,002,919) (61,221,625) (52,769,823) (118,736,080)
Investor Shares (2,487,608) (4,073,200) (1,787,081) (4,349,645)
Administrative Shares (638,242) (2,112,495) (156,021) (514,675)
Participant Shares (1,005,745) (876,698) (636,888) (580,346)
INCREASE (DECREASE) IN NET ASSETS FROM
BENEFICIAL INTEREST/CAPITAL STOCK TRANSACTIONS (2,140,973) 3,086,410 1,935,788 (797,873)
TOTAL INCREASE (DECREASE) IN NET ASSETS (2,140,973) 3,086,348 1,935,817 (798,428)
------------------------------------------------------------------------------------------------------------------------------------
NET ASSETS ($):
Beginning of Period 10,082,310 6,995,962 7,437,619 8,236,047
END OF PERIOD 7,941,337 10,082,310 9,373,436 7,437,619
SEE NOTES TO FINANCIAL STATEMENTS.
DREYFUS GOVERNMENT DREYFUS GOVERNMENT
CASH MANAGEMENT PRIME CASH MANAGEMENT
---------------------------------------- ----------------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
JULY 31, 2000 JANUARY 31, JULY 31, 2000 JANUARY 31,
(UNAUDITED) 2000 (UNAUDITED) 2000
------------------------------------------------------------------------------------------------------------------------------------
OPERATIONS ($):
Investment income--net 118,082 227,038 16,316 24,776
Net realized gain (loss) on investments (44) 5 (40) (42)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS 118,038 227,043 16,276 24,734
------------------------------------------------------------------------------------------------------------------------------------
DIVIDENDS TO SHAREHOLDERS FROM ($):
Investment income--net:
Institutional Shares (99,974) (188,744) (8,692) (14,820)
Investor Shares (16,215) (29,711) (1,403) (1,398)
Administrative Shares (573) (3,303) (31) (57)
Participant Shares (1,320) (5,280) (6,190) (8,501)
TOTAL DIVIDENDS (118,082) (227,038) (16,316) (24,776)
------------------------------------------------------------------------------------------------------------------------------------
BENEFICIAL INTEREST/CAPITAL STOCK
TRANSACTIONS ($1.00 per share):
Net proceeds from shares sold:
Institutional Shares 16,258,414 43,384,424 676,051 1,161,245
Investor Shares 2,829,819 6,342,818 47,325 73,366
Administrative Shares 469,781 805,109 1,242 335
Participant Shares 415,268 1,215,958 321,709 450,820
Dividends reinvested:
Institutional Shares 44,586 103,745 7,863 14,447
Investor Shares 9,569 16,212 1,371 1,393
Administrative Shares 73 1,013 31 57
Participant Shares 1,104 1,284 6,133 8,483
Cost of shares redeemed:
Institutional Shares (16,559,768) (43,933,962) (894,166) (972,541)
Investor Shares (2,791,850) (6,666,263) (35,701) (50,082)
Administrative Shares (473,637) (838,799) (449) (1,609)
Participant Shares (404,365) (1,444,205) (253,129) (426,177)
INCREASE (DECREASE) IN NET ASSETS FROM
BENEFICIAL INTEREST/CAPITAL STOCK TRANSACTIONS (201,006) (1,012,666) (121,720) 259,737
TOTAL INCREASE (DECREASE) IN NET ASSETS (201,050) (1,012,661) (121,760) 259,695
------------------------------------------------------------------------------------------------------------------------------------
NET ASSETS ($):
Beginning of Period 4,139,185 5,151,846 633,388 373,693
END OF PERIOD 3,938,135 4,139,185 511,628 633,388
SEE NOTES TO FINANCIAL STATEMENTS.
The Funds
STATEMENT OF CHANGES IN NET ASSETS (CONTINUED)
(amounts in thousands)
DREYFUS TREASURY DREYFUS TREASURY PRIME
CASH MANAGEMENT CASH MANAGEMENT
----------------------------------------- -------------------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
JULY 31, 2000 JANUARY 31, JULY 31, 2000 JANUARY 31,
(UNAUDITED) 2000 (UNAUDITED) 2000
------------------------------------------------------------------------------------------------------------------------------------
OPERATIONS ($):
Investment income--net 81,288 157,775 78,421 138,370
Net realized gain (loss) on investments 23 (25) 68 (370)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS 81,311 157,750 78,489 138,000
------------------------------------------------------------------------------------------------------------------------------------
DIVIDENDS TO SHAREHOLDERS FROM ($):
Investment income--net:
Institutional Shares (64,909) (127,430) (60,995) (112,834)
Investor Shares (14,880) (25,767) (12,149) (17,966)
Administrative Shares (706) (853) (351) (1,188)
Participant Shares (793) (3,725) (4,926) (6,382)
TOTAL DIVIDENDS (81,288) (157,775) (78,421) (138,370)
------------------------------------------------------------------------------------------------------------------------------------
BENEFICIAL INTEREST/CAPITAL STOCK
TRANSACTIONS ($1.00 per share):
Net proceeds from shares sold:
Institutional Shares 15,645,904 33,775,948 17,836,660 44,083,607
Investor Shares 2,984,814 5,244,827 1,466,516 2,192,429
Administrative Shares 17,357 65,436 7,709 31,909
Participant Shares 118,149 372,764 470,446 583,479
Dividends reinvested:
Institutional Shares 13,116 29,651 21,848 42,023
Investor Shares 2,286 4,552 5,340 8,489
Administrative Shares 704 841 344 1,176
Participant Shares 75 32 1,983 2,457
Cost of shares redeemed:
Institutional Shares (15,459,499) (34,792,105) (18,093,952) (44,682,883)
Investor Shares (2,862,862) (5,314,928) (1,435,252) (2,222,614)
Administrative Shares (17,810) (59,818) (14,517) (70,801)
Participant Shares (132,544) (465,921) (428,277) (580,051)
INCREASE (DECREASE) IN NET ASSETS FROM
BENEFICIAL INTEREST/CAPITAL STOCK TRANSACTIONS 309,690 (1,138,721) (161,152) (610,780)
TOTAL INCREASE (DECREASE) IN NET ASSETS 309,713 (1,138,746) (161,084) (611,150)
------------------------------------------------------------------------------------------------------------------------------------
NET ASSETS ($):
Beginning of Period 2,406,870 3,545,616 2,794,760 3,405,910
END OF PERIOD 2,716,583 2,406,870 2,633,676 2,794,760
</TABLE>
<TABLE>
<CAPTION>
SEE NOTES TO FINANCIAL STATEMENTS.
DREYFUS MUNICIPAL CASH DREYFUS NEW YORK MUNICIPAL DREYFUS TAX EXEMPT
MANAGEMENT PLUS CASH MANAGEMENT CASH MANAGEMENT
------------------------------------------------------------------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
JULY 31, 2000 JANUARY 31, JULY 31, 2000 JANUARY 31, JULY 31, 2000 JANUARY 31,
(UNAUDITED) 2000 (UNAUDITED) 2000 (UNAUDITED) 2000
------------------------------------------------------------------------------------------------------------------------------------
OPERATIONS ($):
<S> <C> <C> <C> <C> <C> <C>
Investment income--net 3,711 6,825 5,837 8,037 28,170 44,625
Net realized gain (loss) on investments (1) 11 -- 2 4 (218)
Net unrealized appreciation (depreciation)
on investments 9 -- -- -- 22 --
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS 3,719 6,836 5,837 8,039 28,196 44,407
------------------------------------------------------------------------------------------------------------------------------------
DIVIDENDS TO SHAREHOLDERS FROM ($):
Investment income--net:
Institutional Shares (2,805) (4,799) (5,647) (7,776) (21,904) (36,319)
Investor Shares (829) (1,553) (177) (249) (3,490) (5,186)
Administrative Shares (4) -- (4) -- (21) (52)
Participant Shares (73) (473) (9) (12) (2,755) (3,068)
TOTAL DIVIDENDS (3,711) (6,825) (5,837) (8,037) (28,170) (44,625)
------------------------------------------------------------------------------------------------------------------------------------
BENEFICIAL INTEREST/CAPITAL STOCK
TRANSACTIONS ($1.00 per share):
Net proceeds from shares sold:
Institutional Shares 387,714 767,399 1,361,166 1,947,884 4,393,907 8,786,813
Investor Shares 180,764 472,306 2,173 8,689 440,578 727,576
Administrative Shares 200 -- 200 -- --(a) 2,993
Participant Shares 19,100 55,262 1,569 923 214,490 314,999
Dividends reinvested:
Institutional Shares 2,462 4,152 1,532 2,096 7,327 11,373
Investor Shares 542 953 177 249 495 750
Administrative Shares 4 -- 4 -- 20 50
Participant Shares 73 2 9 12 -- --
Cost of shares redeemed:
Institutional Shares (355,497) (850,299) (1,325,235) (1,953,183) (4,230,380) (9,025,351)
Investor Shares (176,840) (474,888) (3,154) (6,780) (453,609) (666,079)
Administrative Shares -- -- -- -- (710) (2,692)
Participant Shares (10,285) (70,706) (1,228) (1,118) (182,595) (257,555)
INCREASE (DECREASE) IN NET ASSETS FROM
BENEFICIAL INTEREST/
CAPITAL STOCK TRANSACTIONS 48,237 (95,819) 37,213 (1,228) 189,523 (107,123)
TOTAL INCREASE (DECREASE) IN NET ASSETS 48,245 (95,808) 37,213 (1,226) 189,549 (107,341)
------------------------------------------------------------------------------------------------------------------------------------
NET ASSETS ($):
Beginning of Period 177,886 273,694 276,255 277,481 1,413,866 1,521,207
END OF PERIOD 226,131 177,886 313,468 276,255 1,603,415 1,413,866
(A) AMOUNT REPRESENTS LESS THAN $1,000.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
The Funds
<TABLE>
<CAPTION>
FINANCIAL HIGHLIGHTS
The following tables describe the performance for each share class for the
fiscal periods indicated. All information reflects financial results for a
single fund share. Total return shows how much your investment in the fund would
have increased (or decreased) during each period, assuming you had reinvested
all dividends and distributions. These figures have been derived from each
fund's financial statements.
PER SHARE DATA ($) 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)
--------------------------------------------------------------------------------------------------------------------------------
DREYFUS CASH MANAGEMENT
INSTITUTIONAL SHARES
<S> c> <C> <C> <C> <C> <C> <C> <C>
Six Months Ended July 31, 2000
(Unaudited) 1.00 .030 (.030) 1.00 6.16(a) .20(a) 6.05(a) 6,590
Year Ended January 31,
2000 1.00 .051 (.051) 1.00 5.19 .20 5.12 9,015
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
INVESTOR SHARES
Six Months Ended July 31, 2000
(Unaudited) 1.00 .029 (.029) 1.00 5.90(a) .45(a) 5.80(a) 812
Year Ended January 31,
2000 1.00 .048 (.048) 1.00 4.93 .45 4.88 678
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
ADMINISTRATIVE SHARES
Six Months Ended July 31, 2000
(Unaudited) 1.00 .030 (.030) 1.00 6.06(a) .30(a) 5.95(a) 180
Year Ended January 31,
2000 1.00 .050 (.050) 1.00 5.08 .30 5.02 173
1999 1.00 .052 (.052) 1.00 5.34 .30 5.22 195
1998 1.00 .053 (.053) 1.00 5.48 .30 5.37 2
1997(b) 1.00 .010 (.010) 1.00 5.22(a) .30(a) 3.74(a) -- (c)
PARTICIPANT SHARES
Six Months Ended July 31, 2000
(Unaudited) 1.00 .028 (.028) 1.00 5.74(a) .60(a) 5.65(a) 358
Year Ended January 31,
2000 1.00 .047 (.047) 1.00 4.77 .60 4.72 216
1999 1.00 .049 (.049) 1.00 5.03 .60 4.92 65
1998 1.00 .050 (.050) 1.00 5.16 .60 5.21 99
1997(b) 1.00 .010 (.010) 1.00 4.92(a) .60(a) 3.84(a) -- (c)
(A) ANNUALIZED.
(B) FROM NOVEMBER 21, 1996 (COMMENCEMENT OF INITIAL OFFERING) TO JANUARY 31, 1997.
(C) AMOUNT REPRESENTS LESS THAN $1 MILLION.
SEE NOTES TO FINANCIAL STATEMENTS.
PER SHARE DATA ($) 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)
-------------------------------------------------------------------------------------------------------------------------------
DREYFUS CASH
MANAGEMENT PLUS, INC.
INSTITUTIONAL SHARES
Six Months Ended July 31, 2000
(Unaudited) 1.00 .030 (.030) 1.00 6.16(a) .20(a) 6.11(a) 8,212
Year Ended January 31,
2000 1.00 .051 (.051) 1.00 5.22 .20 5.08 6,524
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
1997(b) 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
INVESTOR SHARES
Six Months Ended July 31, 2000
(Unaudited) 1.00 .029 (.029) 1.00 5.92(a) .45(a) 5.86(a) 567
Year Ended January 31,
2000 1.00 .048 (.048) 1.00 4.95 .45 4.84 697
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
1997(b) 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
ADMINISTRATIVE SHARES
Six Months Ended July 31, 2000
(Unaudited) 1.00 .030 (.030) 1.00 6.06(a) .30(a) 6.01(a) 242
Year Ended January 31,
2000 1.00 .050 (.050) 1.00 5.12 .30 4.99 30
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
1997(c) 1.00 .010 (.010) 1.00 5.22(a) .30(a) 4.99(a) -- (d)
PARTICIPANT SHARES
Six Months Ended July 31, 2000
(Unaudited) 1.00 .028 (.028) 1.00 5.76(a) .60(a) 5.71(a) 353
Year Ended January 31,
2000 1.00 .047 (.047) 1.00 4.80 .60 4.70 186
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
1997(c) 1.00 .010 (.010) 1.00 4.92(a) .60(a) 4.78(a) -- (d)
(A) ANNUALIZED.
(B) THE FUND CHANGED ITS FISCAL YEAR END FROM SEPTEMBER 30 TO JANUARY 31.
(C) FROM NOVEMBER 21, 1996 (COMMENCEMENT OF INITIAL OFFERING) TO JANUARY 31, 1997.
(D) AMOUNT REPRESENTS LESS THAN $1 MILLION.
SEE NOTES TO FINANCIAL STATEMENTS.
The Funds
FINANCIAL HIGHLIGHTS (CONTINUED)
PER SHARE DATA ($) 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)
--------------------------------------------------------------------------------------------------------------------------------
DREYFUS GOVERMENT
CASH MANAGEMENT
INSTITUTIONAL SHARES
Six Months Ended July 31, 2000
(Unaudited) 1.00 .029 (.029) 1.00 5.94(a) .20(a) 5.86(a) 3,316
Year Ended January 31,
2000 1.00 .049 (.049) 1.00 5.00 .20 4.88 3,573
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
INVESTOR SHARES
Six Months Ended July 31, 2000
(Unaudited) 1.00 .028 (.028) 1.00 5.70(a) .45(a) 5.61(a) 551
Year Ended January 31,
2000 1.00 .046 (.046) 1.00 4.74 .45 4.62 504
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
ADMINISTRATIVE SHARES
Six Months Ended July 31, 2000
(Unaudited) 1.00 .029 (.029) 1.00 5.84(a) .30(a) 5.76(a) 15
Year Ended January 31,
2000 1.00 .048 (.048) 1.00 4.89 .30 4.78 19
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
1997 (b) 1.00 .010 (.010) 1.00 5.17(a) .30(a) 5.15(a) 37
PARTICIPANT SHARES
Six Months Ended July 31, 2000
(Unaudited) 1.00 .027 (.027) 1.00 5.54(a) .60(a) 5.46(a) 55
Year Ended January 31,
2000 1.00 .045 (.045) 1.00 4.58 .60 4.48 43
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
1997 (b) 1.00 .001 (.001) 1.00 4.87(a) .60(a) 4.85(a) -- (c)
(A) ANNUALIZED.
(B) FROM NOVEMBER 21, 1996 (COMMENCEMENT OF INITIAL OFFERING) TO JANUARY 31, 1997.
(C) AMOUNT REPRESENTS LESS THAN $1 MILLION.
SEE NOTES TO FINANCIAL STATEMENTS.
PER SHARE DATA ($) 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 ($X1,000,000)
---------------------------------------------------------------------------------------------------------------------------------
DREYFUS GOVERNMENT PRIME
CASH MANAGEMENT
INSTITUTIONAL SHARES
Six Months Ended July 31, 2000
(Unaudited) 1.00 .029 (.029) 1.00 5.94(a) .20(a) 5.79(a) 187
Year Ended January 31,
2000 1.00 .049 (.049) 1.00 5.04 .20 4.98 397
1999 (b) 1.00 .048 (.048) 1.00 5.33(a) .20(a) 5.20(a) 194
INVESTOR SHARES
Six Months Ended July 31, 2000
(Unaudited) 1.00 .028 (.028) 1.00 5.68(a) .45(a) 5.54(a) 52
Year Ended January 31,
2000 1.00 .047 (.047) 1.00 4.78 .45 4.73 39
1999 (b) 1.00 .046 (.046) 1.00 5.06(a) .45(a) 4.95(a) 15
ADMINISTRATIVE SHARES
Six Months Ended July 31, 2000
(Unaudited) 1.00 .029 (.029) 1.00 5.84(a) .30(a) 5.69(a) 2
Year Ended January 31,
2000 1.00 .048 (.048) 1.00 4.95 .30 4.88 1
1999 (b) 1.00 .047 (.047) 1.00 5.22(a) .30(a) 5.10(a) 2
PARTICIPANT SHARES
Six Months Ended July 31, 2000
(Unaudited) 1.00 .027 (.027) 1.00 5.54(a) .60(a) 5.39(a) 271
Year Ended January 31,
2000 1.00 .045 (.045) 1.00 4.63 .60 4.58 196
1999 (b) 1.00 .045 (.045) 1.00 4.90(a) .60(a) 4.80(a) 163
(A) ANNUALIZED.
(B) FROM FEBRUARY 27,1998 (COMMENCEMENT OF OPERATIONS) TO JANUARY 31, 1999.
SEE NOTES TO FINANCIAL STATEMENTS.
The Funds
FINANCIAL HIGHLIGHTS (CONTINUED)
PER SHARE DATA ($) 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)
-------------------------------------------------------------------------------------------------------------------------------
DREYFUS TREASURY
CASH MANAGEMENT
INSTITUTIONAL SHARES
Six Months Ended July 31, 2000
(Unaudited) 1.00 .029 (.029) 1.00 5.80(a) .20(a) 5.72(a) 2,078
Year Ended January 31,
2000 1.00 .048 (.048) 1.00 4.88 .20 4.76 1,879
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
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
INVESTOR SHARES
Six Months Ended July 31, 2000
(Unaudited) 1.00 .027 (.027) 1.00 5.54(a) .45(a) 5.47(a) 597
Year Ended January 31,
2000 1.00 .045 (.045) 1.00 4.62 .45 4.53 472
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
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
ADMINISTRATIVE SHARES
Six Months Ended July 31, 2000
(Unaudited) 1.00 .028 (.028) 1.00 5.70(a) .30(a) 5.62(a) 23
Year Ended January 31,
2000 1.00 .047 (.047) 1.00 4.78 .30 4.66 23
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 -- (d)
1997 (c) 1.00 .010 (.010) 1.00 5.07(a) .30(a) 4.25(a) -- (d)
PARTICIPANT SHARES
Six Months Ended July 31, 2000
(Unaudited) 1.00 .027 (.027) 1.00 5.39(a) .60(a) 5.32(a) 19
Year Ended January 31,
2000 1.00 .044 (.044) 1.00 4.46 .60 4.36 33
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
1997 (c) 1.00 .009 (.009) 1.00 4.77(a) .60(a) 4.20(a) -- (d)
(A) ANNUALIZED.
(B) THE FUND CHANGED ITS FISCAL YEAR END FROM JULY 31 TO JANUARY 31.
(C) FROM NOVEMBER 21, 1996 (COMMENCEMENT OF INITIAL OFFERING) TO JANUARY 31, 1997.
(D) AMOUNT IS LESS THAN $1 MILLION.
SEE NOTES TO FINANCIAL STATEMENTS.
PER SHARE DATA ($) RATIOS/SUPPLEMENTAL DATA (
----------------------------------------------- -------------------------------
RATIO OF NET
NET ASSET DIVIDENDS NET ASSET RATIO OF INVESTMENT NET AS
VALUE NET FROM NET VALUE EXPENSES INCOME TO END OF
BEGINNING INVESTMENT INVESTMENT END TOTAL TO AVERAGE AVERAGE PERIO
OF PERIOD INCOME INCOME OF PERIOD RETURN (%)NET ASSETS NET ASSETS ($X1,00
------------------------------------------------------------------------------------------------------------------------------------
DREYFUS TREASURY PRIME
CASH MANAGEMENT
INSTITUTIONAL SHARES
Six Months Ended July 31, 2000
(Unaudited) 1.00 .028 (.028) 1.00 5.64(a) .20(a) 5.55(a) 1,99
Year Ended January 31,
2000 1.00 .046 (.046) 1.00 4.72 .20 4.61 2,22
1999 1.00 .050 (.050) 1.00 5.07 .20 4.96 2,78
1998 1.00 .052 (.052) 1.00 5.30 .20 5.17 2,90
1997 (b) 1.00 .047 (.047) 1.00 5.16(a) .20(a) 5.05(a) 3,04
Year Ended February 28/29,
1996 1.00 .055 (.055) 1.00 5.65 .20 5.53 2,90
1995 1.00 .043 (.043) 1.00 4.39 .20 4.26 3,34
INVESTOR SHARES
Six Months Ended July 31, 2000
(Unaudited) 1.00 .026 (.026) 1.00 5.37(a) .45(a) 5.30(a) 44
Year Ended January 31,
2000 1.00 .044 (.044) 1.00 4.46 .45 4.36 41
1999 1.00 .047 (.047) 1.00 4.81 .45 4.71 43
1998 1.00 .049 (.049) 1.00 5.03 .45 4.91 30
1997 (b) 1.00 .044 (.044) 1.00 4.88(a) .45(a) 4.80(a) 35
Year Ended February 28/29,
1996 1.00 .053 (.053) 1.00 5.39 .45 5.21 25
1995 1.00 .041 (.041) 1.00 4.13 .45 4.26 12
ADMINISTRATIVE SHARES
Six Months Ended July 31, 2000
(Unaudited) 1.00 .027 (.027) 1.00 5.54(a) .30(a) 5.45(a) 1
Year Ended January 31,
2000 1.00 .045 (.045) 1.00 4.62 .30 4.51 1
1999 1.00 .049 (.049) 1.00 4.97 .30 4.86 5
1998 1.00 .051 (.051) 1.00 5.19 .30 5.10
1997 (c) 1.00 .010 (.010) 1.00 4.97(a) .30(a) 4.91(a) -
PARTICIPANT SHARES
Six Months Ended July 31, 2000
(Unaudited) 1.00 .026 (.026) 1.00 5.21(a) .60(a) 5.15(a) 18
Year Ended January 31,
2000 1.00 .042 (.042) 1.00 4.31 .60 4.23 13
1999 1.00 .046 (.046) 1.00 4.65 .60 4.56 13
1998 1.00 .048 (.048) 1.00 4.88 .60 4.79 11
1997 (c) 1.00 .009 (.009) 1.00 4.66(a) .60(a) 4.70(a) -
(A) ANNUALIZED.
(B) THE FUND CHANGED ITS FISCAL YEAR END FROM FEBRUARY 28/29 TO JANUARY 31.
(C) FROM NOVEMBER 21, 1996 (COMMENCEMENT OF INITIAL OFFERING) TO JANUARY 31, 1997.
(D) AMOUNT REPRESENTS LESS THAN $1 MILLION.
SEE NOTES TO FINANCIAL STATEMENTS.
The Funds
FINANCIAL HIGHLIGHTS (CONTINUED)
PER SHARE DATA ($) 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)
--------------------------------------------------------------------------------------------------------------------------------
DREYFUS MUNICIPAL CASH
MANAGEMENT PLUS
INSTITUTIONAL SHARES
Six Months Ended July 31, 2000
(Unaudited) 1.00 .019 (.019) 1.00 3.89(a) .20(a) 3.87(a) 164
Year Ended January 31,
2000 1.00 .031 (.031) 1.00 3.18 .20 3.12 129
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
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
INVESTOR SHARES
Six Months Ended July 31, 2000
(Unaudited) 1.00 .018 (.018) 1.00 3.65(a) .45(a) 3.62(a) 53
Year Ended January 31,
2000 1.00 .029 (.029) 1.00 2.93 .45 2.86 49
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
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
ADMINISTRATIVE SHARES
Six Months Ended July 31, 2000
(Unaudited) 1.00 .019 (.019) 1.00 3.79(a) .30(a) 3.77(a) -- (c)
Year Ended January 31,
2000 1.00 .030 (.030) 1.00 3.08 .30 3.02 -- (c)
1999 1.00 .032 (.032) 1.00 3.27 .30 3.54 -- (c)
1998 1.00 .034 (.034) 1.00 3.49 .30 3.53 -- (c)
1997 (b) 1.00 .003 (.003) 1.00 3.30(a) .30(a) 3.64(a) -- (c
Year Ended December 31, 1996 (d)1.00 .004 (.004) 1.00 3.38(a) .30(a) 3.73(a) -- (c)
PARTICIPANT SHARES
Six Months Ended July 31, 2000
(Uaudited) 1.00 .017 (.017) 1.00 3.49(a) .60(a) 3.47(a) 9
Year Ended January 31,
2000 1.00 .027 (.027) 1.00 2.77 .60 2.72 -- (c)
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
1997 (b) 1.00 .003 (.003) 1.00 2.94(a) .60(a) 3.17(a) -- (c)
Year Ended December 31, 1996 (d)1.00 .004 (.004) 1.00 3.12(a) .60(a) 3.55(a) -- (c)
(A) ANNUALIZED.
(B) THE FUND CHANGED ITS FISCAL YEAR END FROM DECEMBER 31 TO JANUARY 31.
(C) AMOUNT REPRESENTS LESS THAN $1 MILLION.
(D) FROM NOVEMBER 21, 1996 (COMMENCEMENT OF INITIAL OFFERING) TO DECEMBER 31, 1996.
SEE NOTES TO FINANCIAL STATEMENTS.
PER SHARE DATA ($) 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)
---------------------------------------------------------------------------------------------------------------------------------
DREYFUS NEW YORK
MUNICIPAL CASH MANAGEMENT
INSTITUTIONAL SHARES
Six Months Ended July 31, 2000
(Unaudited) 1.00 .019 (.019) 1.00 3.77(a) .20(a) 3.76(a) 303
Year Ended January 31,
2000 1.00 .030 (.030) 1.00 3.03 .20 2.98 265
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
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
INVESTOR SHARES
Six Months Ended July 31, 2000
(Unaudited) 1.00 .017 (.017) 1.00 3.53(a) .45(a) 3.51(a) 10
Year Ended January 31,
2000 1.00 .027 (.027) 1.00 2.77 .45 2.73 11
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
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
ADMINISTRATIVE SHARES
Six Months Ended July 31, 2000
(Unaudited) 1.00 .018 (.018) 1.00 3.67(a) .30(a) 3.66(a) -- (c)
Year Ended January 31,
2000 1.00 .029 (.029) 1.00 2.93 .30 2.88 -- (c)
1999 1.00 .030 (.030) 1.00 3.09 .30 3.02 -- (c)
1998 1.00 .033 (.033) 1.00 3.35 .30 3.30 -- (c)
1997(d) 1.00 .006 (.006) 1.00 3.24(a) .30(a) 3.24(a) -- (c)
PARTICIPANT SHARES
Six Months Ended July 31, 2000
(Unaudited) 1.00 .017 (.017) 1.00 3.37(a) .60(a) 3.36(a) 1
Year Ended January 31,
2000 1.00 .026 (.026) 1.00 2.62 .60 2.58 -- (c)
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
1997(d) 1.00 .006 (.006) 1.00 2.94(a) .60(a) 2.88(a) -- (c)
(A) ANNUALIZED.
(B) THE FUND CHANGED ITS FISCAL YEAR END FROM JULY 31 TO JANUARY 31.
(C) AMOUNT REPRESENTS LESS THAN $1 MILLION.
(D) FROM NOVEMBER 21, 1996 (COMMENCEMENT OF INITIAL OFFERING) TO JANUARY 31, 1997.
SEE NOTES TO FINANCIAL STATEMENTS.
The Funds
FINANCIAL HIGHLIGHTS (CONTINUED)
PER SHARE DATA ($) 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)
-------------------------------------------------------------------------------------------------------------------------------
DREYFUS TAX EXEMPT
CASH MANAGEMENT
INSTITUTIONAL SHARES
Six Months Ended July 31, 2000
(Unaudited) 1.00 .019 (.019) 1.00 3.85(a) .20(a) 3.81(a) 1,229
Year Ended January 31,
2000 1.00 .031 (.031) 1.00 3.11 .20 3.05 1,059
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
INVESTOR SHARES
Six Months Ended July 31, 2000
(Unaudited) 1.00 .018 (.018) 1.00 3.59(a) .45(a) 3.56(a) 211
Year Ended January 31,
2000 1.00 .028 (.028) 1.00 2.86 .45 2.80 223
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
ADMINISTRATIVE SHARES
Six Months Ended July 31, 2000
(Unaudited) 1.00 .019 (.019) 1.00 3.73(a) .30(a) 3.71(a) 1
Year Ended January 31,
2000 1.00 .030 (.030) 1.00 3.00 .30 2.95 2
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
1997 (b) 1.00 .006 (.006) 1.00 3.24(a) .30(a) 3.54(a) -- (c)
PARTICIPANT SHARES
Six Months Ended July 31, 2000
(Unaudited) 1.00 .017 (.017) 1.00 3.43(a) .60(a) 3.41(a) 163
Year Ended January 31,
2000 1.00 .027 (.027) 1.00 2.70 .60 2.65 131
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
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.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
NOTES TO FINANCIAL STATEMENTS (Unaudited)
NOTE 1--Significant Accounting Policies:
Dreyfus Cash Management, Dreyfus Cash Management Plus, Inc., Dreyfus Government
Cash Management, Dreyfus Government Prime Cash Management, Dreyfus Treasury Cash
Management, Dreyfus Treasury Prime Cash Management, Dreyfus Municipal Cash
Management Plus, Dreyfus New York Municipal Cash Management and Dreyfus Tax
Exempt Cash Management (each, a "fund" and collectively, the "funds"), are
open-end management investment companies registered under the Investment Company
Act of 1940, as amended (the "Act"). Each fund, other than Dreyfus New York
Municipal Cash Management, is a diversified series. Dreyfus New York Municipal
Cash Management is a non-diversified series. 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.,
which is a wholly-owned subsidiary of Mellon Financial Corporation.
Effective March 22, 2000, Dreyfus Service Corporation ("DSC"), a wholly-owned
subsidiary of the Manager, became the distributor of the funds shares, which are
sold to the public without a sales charge. Prior to March 22, 2000, Premier
Mutual Fund Services, Inc. was the distributor. 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, 2000:
Dreyfus Treasury Prime
Cash Management 14,292
Dreyfus Municipal Cash
Management Plus 7,152
Dreyfus New York Municipal
Cash Management 14,937
Dreyfus Tax Exempt
The Funds
NOTES TO FINANCIAL STATEMENTS (Unaudited) (CONTINUED)
Cash Management 38,452
Income earned under this arrangement is included in interest income.
Dreyfus New York Municipal Cash Management follows an investment policy of
investing primarily in municipal obligations of one state. Economic changes
affecting the state and certain of its public bodies and municipalities may
affect the ability of issuers within the state to pay interest on, or repay
principal of, municipal obligations held by the fund.
Dreyfus Cash Management, Dreyfus Cash Management Plus, Inc., Dreyfus Government
Cash Management and Dreyfus Treasury Cash Management may enter into repurchase
agreements with financial institutions, deemed to be creditworthy by the fund's
Manager, subject to the seller' s agreement to repurchase and the fund's
agreement to resell such securities at a mutually agreed upon price. Securities
purchased subject to repurchase agreements are deposited with the fund's
custodians and, pursuant to the terms of the repurchase agreement, must have an
aggregate market value greater than or equal to the repurchase price plus
accrued interest at all times. If the value of the underlying securities falls
below the value of the repurchase price plus accrued interest, the fund will
require the seller to deposit additional collateral by the next business day. If
the request for additional collateral is not met, or the seller defaults on its
repurchase obligation, the fund maintains the right to sell the underlying
securities at market value and may claim any resulting loss against the seller.
(C) EXPENSES: With regards to the Company, expenses directly attributable to
each series are charged to that series' operations; expenses which are
applicable to both series are allocated between them.
(D) DIVIDENDS TO SHAREHOLDERS: It is the policy of each fund to declare
dividends from investment income-net on each business day. Such dividends are
paid monthly. Dividends from net realized capital gain are normally declared and
paid annually, but each fund may make distributions on a more frequent basis to
comply with the distribution requirements of the Internal Revenue Code of 1986,
as amended (the "Code" ). To the extent that net realized capital gain can be
offset by capital loss carryovers, it is the policy of each fund not to
distribute such gain.
(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.
<TABLE>
<CAPTION>
The following summarizes each fund's unused capital loss carryovers available
for Federal income tax purposes to be applied against future net securities
profits, if any, realized subsequent to January 31, 2000. These amounts are
calculated based on Federal income tax regulations which may differ EXPIRING IN
FISCAL: ($ X 1,000)
<S> <C> <C> <C> <C> <C> <C> <C> <C>
2002 2003 2004 2005 2006 2007 2008 TOTAL
Dreyfus Cash Management -- 157 -- 122 179 -- 60 518
Dreyfus Cash Management Plus, Inc. -- 708 41 -- 221 -- 222 1,192
Dreyfus Government Cash Management -- 142 -- 526 -- 24 -- 692
Dreyfus Government Prime Cash Management -- -- -- -- -- -- 42 42
Dreyfus Treasury Cash Management -- 23 185 135 74 186 60 663
Dreyfus Treasury Prime Cash Management -- 7 116 20 72 198 304 717
Dreyfus Municipal Cash Management Plus 124 13 6 17 -- 18 -- 178
Dreyfus New York Municipal Cash Management -- 1 -- 3 -- -- -- 4
Dreyfus Tax Exempt Cash Management -- 177 112 156 43 25 219 732
</TABLE>
from financial reporting in accordance with generally accepted accounting
principles.
At July 31, 2000, 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.
As to each fund, 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 fees, 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 pays the distributor for distributing such classes
of shares, for advertising and marketing relating to such classes of shares, 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. Prior to March 22, 2000,
Premier Mutual Fund Services, Inc., and not DSC, received payments under the
Plan for distributing fund shares and for servicing shareholder accounts. The
distributor 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. The distributor
determines 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. Of the total distribution
fees paid by each fund as reported in the Statement of Operations for the period
ended July 31, 2000, the following amounts were paid to DSC:
Dreyfus Cash Management 1,393,682
Dreyfus Cash Management Plus, Inc. 1,118,088
Dreyfus Government
Cash Management 718,755
Dreyfus Government Prime
Cash Management 435,006
Dreyfus Treasury Cash Management 682,464
Dreyfus Treasury Prime
Cash Management 810,316
Dreyfus Municipal
Cash Management Plus 56,827
Dreyfus New York Municipal
Cash Management 12,671
Dreyfus Tax Exempt
Cash Management 495,233
The Funds
NOTES TO FINANCIAL STATEMENTS (Unaudited) (CONTINUED)
(C) Each fund (except for Dreyfus New York Municipal Cash Management) pays its
Board members an annual fee of $3,000 and an attendance fee of $500 per meeting.
Dreyfus New York Municipal Cash Management pays its Board members an annual fee
of $1,000 and an attendance fee of $500 per meeting. These amounts are borne by
the Manager as to each fund pursuant to the undertakings in effect. See Note 2
(a).
NOTE 3--Capital Share Transactions:
Each fund (except for Dreyfus Cash Management Plus, Inc.) is authorized to issue
an unlimited number of $.001 par value shares of Beneficial Interest. Dreyfus
Cash Management Plus, Inc. is authorized to issue 15 billion shares of $.001 par
value Common Stock.
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
100 Church Street
New York, NY 10286
Transfer Agent &
Dividend Disbursing Agent
Dreyfus Transfer, Inc.
P.O. Box 9671
Providence, RI 02940
Distributor
Dreyfus Service Corporation
200 Park Avenue
New York, NY 10166
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) 2000 Dreyfus Service Corporation
CMGTSA007
