UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-6395
Dreyfus New York Municipal Cash Management
(Exact name of Registrant as specified in charter)
c/o The Dreyfus Corporation
200 Park Avenue
New York, New York 10166
(Address of principal executive offices) (Zip code)
Mark N. Jacobs, Esq.
200 Park Avenue
New York, New York 10166
(Name and address of agent for service)
Registrant's telephone number, including (212) 922-6000
area code:
Date of fiscal year end: 1/31
Date of reporting period: 7/31/03
FORM N-CSR
ITEM 1. REPORTS TO STOCKHOLDERS.
DREYFUS
CASH MANAGEMENT
FUNDS
SEMIANNUAL REPORT July 31, 2003
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
* 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 38
Statements of Operations 40
Statements of Changes in Net Assets 42
Financial Highlights 46
Notes to Financial Statements 55
For More Information
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Back cover
The views expressed in this report reflect those of the portfolio manager only
through the end of the period covered and do not necessarily represent the views
of Dreyfus or any other person in the Dreyfus organization. Any such views are
subject to change at any time based upon market or other conditions and Dreyfus
disclaims any responsibility to update such views. These views may not be relied
on as investment advice and, because investment decisions for a Dreyfus
portfolio are based on numerous factors, may not be relied on as an indication
of trading intent on behalf of any Dreyfus portfolio.
The Funds
Dreyfus Cash Management Funds
LETTER TO SHAREHOLDERS
Dear Shareholder:
We present the semiannual report for Dreyfus Cash Management Funds (Taxable).
For the six-month period ended July 31, 2003, the six taxable money market funds
that comprise Dreyfus Cash Management Funds (Taxable) produced the following
annualized yields and annualized effective yields: (1)
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Annualized
Annualized Effective
Yield (%) Yield (%)
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DREYFUS CASH MANAGEMENT
Institutional Shares 1.09 1.10
Investor Shares 0.84 0.85
Administrative Shares 0.99 1.00
Participant Shares 0.69 0.70
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DREYFUS CASH MANAGEMENT PLUS, INC.
Institutional Shares 1.18 1.18
Investor Shares 0.93 0.93
Administrative Shares 1.08 1.08
Participant Shares 0.78 0.78
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DREYFUS GOVERNMENT CASH MANAGEMENT
Institutional Shares 1.13 1.13
Investor Shares 0.88 0.88
Administrative Shares 1.03 1.03
Participant Shares 0.73 0.73
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DREYFUS GOVERNMENT PRIME CASH MANAGEMENT
Institutional Shares 1.05 1.05
Investor Shares 0.80 0.80
Administrative Shares 0.95 0.95
Participant Shares 0.65 0.65
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DREYFUS TREASURY CASH MANAGEMENT
Institutional Shares 1.04 1.04
Investor Shares 0.79 0.79
Administrative Shares 0.94 0.94
Participant Shares 0.64 0.64
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DREYFUS TREASURY PRIME CASH MANAGEMENT
Institutional Shares 1.01 1.01
Investor Shares 0.76 0.76
Administrative Shares 0.91 0.91
Participant Shares 0.61 0.61
Economic and Market Environment
The U.S. economy continued to struggle when the reporting period began, as
evidenced by the first quarter of 2003's annualized GDP growth rate of just
1.4%. Previous hopes of a more robust economic rebound faded as mounting fear of
war with Iraq caused consumer confidence to fall. However, some positive
indicators remained, including rising home sales and a modest expansion of
manufacturing activity. Amid these mixed signals, the Federal Reserve Board (the
"Fed") left the federal funds rate unchanged at its March meeting.
In March, the Fed indicated that uncertainty regarding the war with Iraq was so
great that it could not adequately assess prevailing economic risks. However,
investors became more optimistic as the conflict progressed toward a quick
resolution, and money market yields rose at the longer end of the curve.
After the war began winding down in April, investors' attention returned to the
prospects for the U.S. economy. Initially, economic news continued to
disappoint. The manufacturing sector contracted in April, and the unemployment
rate rose to 6%. In addition, uncertainty remained regarding the likelihood of
continued spending among consumers, despite the stimulative effects of low
mortgage rates.
In May, the economy finally began to show signs of more sustainable improvement.
A key purchasing index rose significantly, suggesting improvement in the
manufacturing sector, and consumer confidence rebounded to its highest levels in
almost a year. These encouraging signs were supported by other potentially
constructive factors, including gains in the stock market, low inflation,
moderating oil prices, rising productivity and pending tax cuts. However, at its
meeting in early May, the Fed adopted a relatively cautious stance, stating that
economic risks were "weighted toward weakness for the foreseeable future."
In June, economic indicators continued to improve, including stronger consumer
confidence and robust existing and new home sales. The ISM Non-Manufacturing
Index rose more than expected, spurring an improvement in market sentiment, and
it was later estimated that U.S. GDP expanded at a higher than expected 2.4%
annual The Funds
LETTER TO SHAREHOLDERS (CONTINUED)
ized rate for the second quarter. On the other hand, the unemployment rate
climbed to 6.4% , its highest level in nine years.
Most investors expected the Fed to reduce interest rates further at its meeting
in late June. The Fed did not disappoint them, lowering the federal funds rate
25 basis points to 1%. However, because the Fed did not cut rates by 50 basis
points as some investors had expected, money market yields rose in the wake of
the Fed's announcement.
In July, the ISM Manufacturing Index expanded for the first time since February,
rising to a point that most analysts consider to be an indicator of economic
expansion. At the same time, jobless claims and the unemployment rate moderated
from the previous month's relatively high levels. However, prices of longer-term
bonds plunged amid concerns of a greater than expected economic recovery, and a
rising supply of U.S. Treasury securities put additional downward pressure on
prices. Many money market participants remained on the sidelines in this
volatile environment, waiting for the dust to settle and watching for buying
opportunities.
Portfolio Focus
The money market yield curve was basically flat through the Fed's June meeting,
and it made little sense to us to lock in such low current yields for an
extended period. As a result, we allowed the funds' weighted average maturities
to shorten gradually. However, when the curve steepened in July, we generally
re-extended the funds' weighted average maturities to capture incrementally
higher yields at the longer end of the curve. Of course, we are prepared to
alter our current strategy should economic data necessitate a change.
Sincerely,
Patricia A. Larkin
Senior Portfolio Manager
August 15, 2003
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 THE
FUNDS.
LETTER TO SHAREHOLDERS
Dear Shareholder:
We present this semiannual report for Dreyfus Cash Management Funds (Tax Exempt)
.. For the six-month period ended July 31, 2003, the following three tax-exempt
Dreyfus Cash Management Funds produced the following annualized yields and
annualized effective yields: (1)
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Annualized
Annualized Effective
Yield (%) Yield (%)
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DREYFUS MUNICIPAL CASH MANAGEMENT PLUS
Institutional Shares 0.99 0.99
Investor Shares 0.74 0.74
Administrative Shares 0.89 0.89
Participant Shares 0.59 0.59
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DREYFUS N.Y. MUNICIPAL CASH MANAGEMENT
Institutional Shares 0.94 0.94
Investor Shares 0.69 0.69
Administrative Shares 0.84 0.84
Participant Shares 0.54 0.54
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DREYFUS TAX EXEMPT CASH MANAGEMENT
Institutional Shares 0.96 0.96
Investor Shares 0.71 0.71
Administrative Shares 0.86 0.86
Participant Shares 0.56 0.56
Economic and Market Environment
Despite a generally improving outlook for the U.S. economy and signs of greater
investor optimism, yields of tax-exempt money market funds reached historical
lows during the reporting period. The Federal Reserve Board (the "Fed") reduced
short-term interest rates by 25 basis points in late June, driving the federal
funds rate to a 45-year low of 1%. In addition, the Fed suggested that it
intended to keep interest rates low for the foreseeable future to help stimulate
a more robust economic recovery and guard against potential deflationary
pressures. As a result, yields of tax-exempt securities with maturities ranging
from overnight to one year fell below 1% during the reporting period and
remained there throughout the reporting period.
Early in the reporting period, geopolitical uncertainty contributed to cautious
attitudes among investors. The economy remained weak as consumers and businesses
continued to rein in spending. These factors caused yields of tax-exempt money
market instruments to trend lower. At the same time, robust demand for
relatively stable, short-term investment alternatives put additional downward
pressure on money market yields.
At the same time, the supply of newly issued municipal money market securities
rose sharply as the weak economy took its toll on tax revenues. Tax receipts
fell short of many states' and municipalities' budgeted projections and, as a
result, many states and municipalities issued short-term municipal securities to
finance operating budget deficits. The rising supply of newly issued securities
helped make tax-exempt securities attractive relative to their taxable
counterparts. During the reporting period, tax-exempt money market securities
provided between approximately 85% and 100% of the yield of comparable-term U.S.
Treasury bills, resulting in attractive after-tax returns compared to historical
norms for many investors. In fact, because some states and cities have raised
taxes to bridge their budget deficits for the next fiscal year, we believe that
the tax advantages of municipal securities may increase. For example, both New
York state and New York City increased income taxes, which may make the
after-tax returns of Dreyfus New York Municipal Cash Management more valuable to
New York residents.
The Funds
LETTER TO SHAREHOLDERS (CONTINUED)
Portfolio Focus
In this challenging market environment, we attempted to maintain higher yields
by maintaining their weighted average maturities toward the long end of their
ranges, effectively locking in higher, existing yields for a longer period while
interest rates declined. However, our ability to capture higher yields was
limited by a relatively flat yield curve during much of the reporting period
We also attempted to capture higher yields by increasing the funds' holdings of
commercial paper and municipal notes and reducing their exposure to
variable-rate demand notes. Whenever possible, we attempted to structure
" laddered" portfolios of commercial paper and municipal notes, in which
securities mature in stages. This strategy is designed to guard against the risk
that a disproportionate percentage of the funds' investments will mature at any
given time, potentially requiring us to reinvest at unfavorable rates. We
generally favored securities with maturities between three and nine months for
the laddered portion of each fund.
As issuers' face deteriorating fiscal conditions, we attempted to purchase
securities with high credit quality. In many cases, we favored securities backed
by third-party insurance or other guarantees, such as bank letters of credit.(2)
This was particularly true of the holdings from New York issuers contained in
Dreyfus New York Municipal Cash Management. In the New York fund, we also tended
to focus on municipal notes from local school districts that we considered
fiscally strong and relatively independent of state aid.
Because we believe that the Fed is likely to keep interest rates low for the
foreseeable future, the funds ended the reporting period with relatively long
weighted average durations. However, we have begun to see signs of higher levels
of sustainable economic activity. As a result, the yield curve, which is
anchored at the short end by the 1% federal funds rate, recently began to
steepen. Accordingly, we are hopeful that tax-exempt money market yields have
already bottomed.
Sincerely,
Colleen Meehan
Portfolio Manager
August 15, 2003
New York, NY
(1) 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 $1.00 PER SHARE, IT IS POSSIBLE TO LOSE MONEY BY INVESTING IN THE
FUNDS. ANNUALIZED EFFECTIVE YIELD IS BASED UPON DIVIDENDS DECLARED DAILY AND
REINVESTED MONTHLY. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. YIELDS
FLUCTUATE. FOR THE NATIONAL FUNDS, INCOME MAY BE SUBJECT TO STATE AND LOCAL
TAXES. FOR THE NEW YORK FUND, INCOME MAY BE SUBJECT TO STATE AND LOCAL TAXES FOR
OUT-OF-STATE RESIDENTS. FOR EACH FUND, SOME INCOME MAY BE SUBJECT TO THE FEDERAL
ALTERNATIVE MINIMUM TAX (AMT).
(2) INSURANCE ON INDIVIDUAL PORTFOLIO SECURITIES EXTENDS TO THE REPAYMENT OF
PRINCIPAL AND THE PAYMENT OF INTEREST IN THE EVENT OF DEFAULT. IT DOES NOT
EXTEND TO THE MARKET VALUE OF THE PORTFOLIO SECURITIES OR THE VALUE OF THE
FUNDS' SHARES.
STATEMENT OF INVESTMENTS
July 31, 2003 (Unaudited)
Principal
DREYFUS CASH MANAGEMENT Amount ($) Value ($)
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NEGOTIABLE BANK CERTIFICATES OF DEPOSIT--3.5%
Bank of New York
1.85%, 8/22/2003 60,000,000 60,000,663
LaSalle National Bank N.A.
1.00%, 9/11/2003 50,000,000 50,000,000
Wachovia Bank & Trust Co
1.05%, 10/20/2003 150,000,000 (a) 150,000,000
Wells Fargo Bank N.A.
1.03%--1.21%, 8/1/2003--9/5/2003 150,000,000 149,999,029
Wilmington Trust Co.
1.13%, 10/9/2003 50,000,000 50,000,954
TOTAL NEGOTIABLE BANK CERTIFICATES OF DEPOSIT
(cost $460,000,646) 460,000,646
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COMMERCIAL PAPER--48.9%
ANZ (DE) Inc.
1.04%, 12/11/2003 70,000,000 69,733,067
Abbey National North America
1.10%, 8/1/2003 500,000,000 500,000,000
American General Finance Corp.
1.09%, 8/1/2003 50,000,000 50,000,000
Bear Stearns Cos. Inc.
1.03%--1.20%, 8/21/2003--9/25/2003 360,000,000 359,578,611
Canadian Imperial Holdings Inc.
1.20%, 8/25/2003 400,000,000 399,680,000
Citigroup Global Markets Holdings Inc.
1.21%, 8/6/2003 375,000,000 374,936,979
Credit Lyonnais N.A. Inc.
1.21%, 8/21/2003 100,000,000 99,932,778
Danske Corp.,Delaware
1.03%--1.20%, 8/11/2003--10/3/2003 490,700,000 490,231,819
Deutsche Bank Financial LLC
1.10%, 8/1/2003 500,000,000 500,000,000
FCAR Owner Trust
1.20%--1.22%, 8/14/2003--8/19/2003 300,000,000 299,839,279
General Electric Capital Corp.
1.20%--1.22%, 8/5/2003--8/7/2003 600,000,000 599,901,223
General Electric Capital Services Inc.
.96%, 8/12/2003 50,000,000 49,985,333
General Electric Co.
1.07%-1.13%, 8/12/2003--10/3/2003 250,000,000 249,588,153
ING (US) Funding LLC
1.02%--1.03%, 9/23/2003--1/2/2004 298,000,000 297,236,790
J.P. Morgan Chase & Co.
1.11%, 8/1/2003 136,500,000 136,500,000
Morgan Stanley Group Inc.
1.11%--1.13%, 12/9/2003--1/9/2004 200,000,000 200,000,000
The Funds
STATEMENT OF INVESTMENTS (Unaudited) (CONTINUED)
Principal
DREYFUS CASH MANAGEMENT (CONTINUED) Amount ($) Value ($)
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COMMERCIAL PAPER (CONTINUED)
Natexis Banques Populaires U.S. Finance Co. LLC
1.03%, 10/10/2003--10/17/2003 260,000,000 259,440,291
New Center Asset Trust
1.20%--1.21%, 8/5/2003--8/12/2003 150,000,000 149,956,361
Prudential Funding LLC
1.06%, 8/1/2003 300,000,000 300,000,000
Rabobank USA Financial Corp
1.01%, 12/29/2003 150,000,000 149,375,000
Societe Generale N.A Inc.
1.19%--1.25%, 9/3/2003--10/16/2003 400,000,000 399,181,930
UBS Finance Delaware LLC
1.11%, 8/1/2003 500,000,000 500,000,000
TOTAL COMMERCIAL PAPER
(cost $6,435,097,614) 6,435,097,614
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CORPORATE NOTES--5.3%
CC (USA) Inc.
1.08%, 8/1/2003 200,000,000 (a,b) 200,000,000
Paradigm Funding LLC
1.07%, 10/22/2003--10/28/2003 300,000,000 (a,b) 300,000,000
U.S. Bank National Association
1.05%, 3/15/2004 200,000,000 (a) 199,987,663
TOTAL CORPORATE NOTES
(cost $699,987,663) 699,987,663
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PROMISSORY NOTES--4.5%
Goldman Sachs Group Inc.
1.22%--1.82%, 10/15/2003--7/21/2004
(cost $595,000,000) 595,000,000 (c) 595,000,000
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SHORT-TERM BANK NOTES--10.8%
Bank One N.A.
1.05%, 2/24/2004 275,000,000 (a) 274,984,311
M&I Marshall & Ilsley Bank Milwaukee
1.05%, 6/17/2004 100,000,000 (a) 99,991,159
National City Bank
1.45%, 11/10/2003 100,000,000 100,002,764
National City Bank
1.05%--1.06%, 10/8/2003--2/23/2004 450,000,000 (a) 449,989,164
Wells Fargo Bank N.A.
1.05%, 1/15/2004 500,000,000 (a) 500,000,000
TOTAL SHORT-TERM BANK NOTES
(cost $1,424,967,398) 1,424,967,398
Principal
DREYFUS CASH MANAGEMENT (CONTINUED) Amount ($) Value ($)
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U.S. GOVERNMENT AGENCIES--13.5%
Federal Home Loan Banks, Discount Notes
1.03%, 8/27/2003 200,000,000 199,851,222
Federal Home Loan Banks, Notes
1.30%--1.39%, 3/5/2004--4/14/2004 450,000,000 450,000,000
Federal National Mortgage Association, Floating Rate Notes
1.01%--1.03%, 6/17/2004--1/10/2005 349,815,529 (a) 349,815,529
Federal National Mortgage Association, Notes
1.01%--1.17%, 7/26/2004--8/17/2004 747,500,000 747,500,000
Student Loan Marketing Association, Discount Notes
.95%, 8/1/2003 7,000,000 7,000,000
Student Loan Marketing Association, Notes
1.01%, 7/21/2004 25,000,000 25,000,000
TOTAL U.S. GOVERNMENT AGENCIES
(cost $1,779,166,751) 1,779,166,751
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TIME DEPOSITS--13.5%
Fifth Third Bank (Grand Cayman)
1.06%, 8/1/2003 500,000,000 500,000,000
HSBC Bank USA (Grand Cayman)
1.09%, 8/1/2003 500,000,000 500,000,000
M&I Marshall & Ilsley Bank Milwaukee (Grand Cayman)
.94%, 8/1/2003 281,000,000 281,000,000
Regions Bank (Grand Cayman)
1.06%, 8/1/2003 500,000,000 500,000,000
TOTAL TIME DEPOSITS
(cost $1,781,000,000) 1,781,000,000
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TOTAL INVESTMENTS (cost $13,175,220,072) 100.0% 13,175,220,072
CASH AND RECEIVABLES (NET) .0% 1,710,754
NET ASSETS 100.0% 13,176,930,826
(A) VARIABLE INTEREST RATE--SUBJECT TO PERIODIC CHANGE.
(B) SECURITIES EXEMPT FROM REGISTRATION, UNDER RULE 144A OF THE SECURITIES ACT
OF 1933. THESE SECURITIES MAY BE RESOLD IN TRANSACATIONS EXEMPT FROM
REGISTRATION, NORMALLY TO QUALIFIED BUYERS. AT JULY 31, 2003, THESE SECUIRITIES
AMOUNTED TO $500,000,000 OR 3.8% OF NET ASSETS.
(C) THESE NOTES WERE ACQUIRED FOR INVESTMENT, AND NOT WITH THE INTENT TO
DISTRIBUTE OR SELL. SECURITIES RESTRICTED AS TO PUBLIC RESALE. THESE SECURITIES
WERE ACQUIRED FROM 10/15/2002 TO 7/23/2003 AT A COST OF $595,000,000. AT JULY
31, 2003, THE AGGREGATE VALUE OF THESE SECURITIES WAS $595,000,000 REPRESENTING
APPROXIMATELY 4.5% OF NET ASSETS AND ARE VALUED AT AMORTIZED COST.
SEE NOTES TO FINANCIAL STATEMENTS.
The Funds
STATEMENT OF INVESTMENTS
July 31, 2003 (Unaudited)
Principal
DREYFUS CASH MANAGEMENT PLUS, INC. Amount ($) Value ($)
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NEGOTIABLE BANK CERTIFICATES OF DEPOSIT--42.3%
Abbey National PLC (Yankee)
1.06%, 2/18/2004 50,000,000 (a) 49,996,539
Alliance & Leicester PLC (London)
1.53%--1.74%, 10/14/2003--11/21/2003 250,000,000 250,003,911
BNP Paribas (London)
1.20%, 5/19/2004 200,000,000 200,016,027
BNP Paribas (Yankee)
1.05%--1.06%, 3/10/2004--6/7/2004 400,000,000 (a) 399,958,873
Bank of New York
1.45%, 10/29/2003 100,000,000 100,090,018
Bank of Nova Scotia (Yankee)
1.51%--1.64%, 10/6/2003--11/18/2003 400,000,000 399,990,430
Barclays Bank PLC (London)
1.01%--1.07%, 9/16/2003--12/22/2003 563,000,000 563,029,819
Barclays Bank PLC (Yankee)
1.04%, 12/22/2003 500,000,000 500,000,000
Bayerische Landesbank Girozentrale (London)
1.03%, 10/14/2003 275,000,000 275,008,456
Citibank NA
1.04%, 10/28/2003 90,000,000 90,000,000
Credit Agricole Indosuez S.A. (Yankee)
1.05%--1.06%, 1/12/2004--3/31/2004 1,000,000,000 (a) 999,942,175
Credit Lyonnais N.A. Inc. (Yankee)
1.06%, 6/7/2004 250,000,000 (a) 249,956,930
Credit Lyonnais N.A. Inc. (London)
1.21%, 8/15/2003 100,000,000 100,001,540
Credit Suisse First Boston (Yankee)
1.91%, 9/19/2003 250,000,000 250,000,000
HBOS Treasury Services PLC (London)
1.04%--1.64%, 8/29/2003--12/30/2003 500,000,000 500,020,161
Harris Trust & Savings Bank
2.07%, 8/19/2003 125,000,000 124,999,389
ING Bank N.V. (London)
1.05%, 10/10/2003 100,000,000 100,000,000
KBC Bank N.V. (Yankee)
1.05%, 1/7/2004 500,000,000 500,000,000
Natexis Banques Populares (Yankee)
1.04%--1.26%, 8/18/2003--12/22/2003 640,000,000 639,996,800
Norddeutsche Landesbank Girozentrale (Yankee)
1.28%, 4/14/2004 200,000,000 (a) 199,978,878
San Paolo IMI SpA (London)
1.05%, 12/24/2003 100,000,000 100,000,000
Societe Generale (Yankee)
1.05%, 3/8/2004 250,000,000 (a) 249,984,804
Svenska Handelsbanken (Yankee)
1.51%, 11/18/2003 80,000,000 79,998,807
Swedbank (Yankee)
1.07%--1.10%, 10/1/2003--1/21/2004 600,000,000 (a) 599,983,720
Toronto-Dominion Bank (Yankee)
1.44%--1.80%, 8/12/2003--11/12/2003 320,000,000 320,003,717
Principal
DREYFUS CASH MANAGEMENT PLUS, INC. (CONTINUED) Amount ($) Value ($)
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NEGOTIABLE BANK CERTIFICATES OF DEPOSIT (CONTINUED)
Toronto-Dominion Bank (Yankee)
1.06%, 2/24/2004 300,000,000 (a) 299,991,459
Unicredito Italiano SpA (London)
1.05%--1.65%, 8/18/2003--1/7/2004 850,000,000 850,027,943
Wachovia Bank & Trust Co.
1.05%, 10/20/2003 200,000,000 (a) 200,000,000
Wells Fargo Bank N.A.
1.04%, 8/4/2003 30,000,000 30,000,000
Westdeutsche Landesbank Girozentrale (Yankee)
1.05%-1.51%, 11/12/2003-1/12/2004 500,000,000 500,000,000
Westdeutsche Landesbank Girozentrale (Yankee)
1.05%--1.07%, 12/17/2003--3/8/2004 600,000,000 (a) 600,000,000
TOTAL NEGOTIABLE BANK CERTIFICATES OF DEPOSIT
(cost $10,322,980,396) 10,322,980,396
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COMMERCIAL PAPER--17.8%
Alliance & Leicester PLC
1.02%, 12/8/2003 80,000,000 79,710,467
Citigroup Global Market Holdings Inc.
1.04%, 10/8/2003 200,000,000 199,607,111
Den Norske Bank ASA
1.00%, 10/10/2003 100,000,000 99,805,556
Depfa Bank PLC
1.00%--1.05%, 9/18/2003--10/20/2003 300,000,000 (b) 299,352,777
Deutsche Bank Financial LLC Inc.
1.10%, 8/1/2003 500,000,000 500,000,000
Eurohypo AG
1.20%--1.30%, 8/13/2003--12/9/2003 577,000,000 (b) 575,471,200
General Electric Capital Corp.
1.01%--1.22%, 8/5/2003--3/8/2004 1,100,000,000 1,098,427,332
General Electric Capital Services
1.01%, 3/8/2004 175,000,000 173,930,556
Lehman Brothers Holdings Inc.
1.06%, 11/26/2003--12/5/2003 200,000,000 200,000,000
Morgan Stanley & Co. Inc.
1.13%, 12/9/2003 100,000,000 100,000,000
MPS U.S. Commercial Paper Corp.
1.04%, 10/3/2003 49,500,000 49,409,910
New Center Asset Trust
1.00%, 12/8/2003 70,000,000 69,749,167
Norddeutsche Landesbank Luxembourg S.A.
1.05%, 1/5/2004 100,000,000 99,544,264
Swedbank Inc.
1.42%, 8/15/2003 200,000,000 199,890,722
UBS Finance Delaware LLC
1.11%, 8/1/2003 500,000,000 500,000,000
Unicredito Italiano (DE) Inc.
1.00%, 9/12/2003 92,000,000 91,892,667
TOTAL COMMERCIAL PAPER
(cost $4,336,791,729) 4,336,791,729
The Funds
STATEMENT OF INVESTMENTS (Unaudited) (CONTINUED)
Principal
DREYFUS CASH MANAGEMENT PLUS, INC. (CONTINUED) Amount ($) Value ($)
- ------------------------------------------------------------------------------------------------------------------------------------
CORPORATE NOTES--9.7%
Abbey National Treasury Services PLC
1.07%, 9/30/2003 300,000,000 (a) 299,982,740
General Electric Capital Corp.
1.22%, 11/20/2003 125,000,000 (a) 125,052,112
Lehman Brothers Holdings Inc.
.99%, 4/1/2004 32,322,000 33,513,655
Merrill Lynch & Co. Inc.
1.07%, 1/14/2004 150,000,000 (a) 150,152,547
Nordea Bank Finland PLC
1.05%, 5/21/2004 150,000,000 (a) 149,981,926
Paradigm Funding LLC
1.08%, 10/31/2003 425,000,000 (a,b) 425,000,000
Societe Generale N.A. Inc.
1.05%--1.06%, 2/13/2004--2/18/2004 675,000,000 (a) 674,978,851
U.S. Bank N.A.
1.05%, 3/15/2004 200,000,000 (a) 199,987,466
Wells Fargo & Co.
1.82%, 8/15/2003 75,840,000 75,909,814
Wells Fargo & Co.
1.05%, 5/21/2004 225,000,000 (a) 224,982,012
TOTAL CORPORATE NOTES
(cost $2,359,541,123) 2,359,541,123
- ------------------------------------------------------------------------------------------------------------------------------------
PROMISSORY NOTES--3.5%
Goldman Sachs Group Inc.
1.41%--2.01%, 10/15/2003--1/21/2004
(cost $860,000,000) 860,000,000 (c) 860,000,000
- ------------------------------------------------------------------------------------------------------------------------------------
SHORT TERM BANK NOTES--12.5%
Abbey National PLC
1.06%, 11/18/2003 500,000,000 (a) 499,977,424
Bank One N.A.
1.07%, 12/23/2003 100,000,000 (a) 100,000,000
BNP Paribas
1.06%, 6/16/2004 400,000,000 (a) 399,929,495
Marshall & Ilsley Bank Milwaukee
1.05%, 3/12/2004 125,000,000 (a) 124,988,433
National City Bank
1.04%--1.08%, 8/22/2003--2/23/2004 1,440,000,000 (a) 1,440,017,221
Swedbank
1.08%, 9/10/2003 200,000,000 (a) 199,993,400
Wells Fargo Bank N.A.
1.05%, 8/13/2003 100,000,000 (a) 100,000,163
Westdeutsche Landesbank Girozentrale
1.07%, 9/10/2003 200,000,000 (a) 199,993,401
TOTAL SHORT TERM BANK NOTES
(cost $3,064,899,537) 3,064,899,537
Principal
DREYFUS CASH MANAGEMENT PLUS, INC. (CONTINUED) Amount ($) Value ($)
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AGENCIES--6.7%
Federal Home Loan Banks, Notes
1.05%--1.41%, 3/8/2004--7/14/2004 900,000,000 900,000,000
Federal National Mortgage Association, Notes
1.02%--1.17%, 7/26/2004--8/17/2004 750,000,000 750,000,000
TOTAL U.S. GOVERNMENT AGENCIES
(cost $1,650,000,000) 1,650,000,000
- ------------------------------------------------------------------------------------------------------------------------------------
TIME DEPOSITS--7.5%
Fifth Third Bank (Grand Cayman)
1.00%, 8/1/2003 128,000,000 128,000,000
Fortis Bank Generale De Belgie (Grand Cayman)
1.13%, 8/1/2003 400,000,000 400,000,000
KBC Bank N.V. (Grand Cayman)
1.08%, 8/1/2003 500,000,000 500,000,000
Rabobank Nederland (Grand Cayman)
1.10%, 8/1/2003 300,000,000 300,000,000
Royal Bank of Canada (Grand Cayman)
1.03%, 8/1/2003 250,000,000 250,000,000
Sun Trust Bank (Grand Cayman)
1.03%, 8/1/2003 250,000,000 250,000,000
TOTAL TIME DEPOSITS
(cost $1,828,000,000) 1,828,000,000
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS (cost $24,422,212,785) 100.0% 24,422,212,785
LIABILITIES, LESS CASH AND RECEIVABLES (0.0%) (5,354,341)
NET ASSETS 100.0% 24,416,858,444
(A) VARIABLE INTEREST RATE--SUBJECT TO PERIODIC CHANGE.
(B) SECURITIES EXEMPT FROM REGISTRATION, UNDER RULE 144A OF THE SECURITIES ACT
OF 1933. THESE SECURITIES MAY BE RESOLD IN TRANSACTIONS EXEMPT FROM
REGISTRATION, NORMALLY TO QUALIFIED INSTITUTIONAL BUYERS. AT JULY 31, 2003,
THESE SECURITIES AMOUNTED TO $1,299,823,977 OR APPROXIMATELY 5.3% OF NET ASSETS
(C) THESE NOTES WERE ACQUIRED FOR INVESTMENT, AND NOT WITH THE INTENT TO
DISTRIBUTE OR SELL. SECURITIES RESTRICTED AS TO PUBLIC RESALE. THESE SECURITIES
WERE ACQUIRED FROM 10/15/2002 TO 2/25/2003 AT A COST OF $860,000,000. AT JULY
31, 2003, THE AGGREGATE VALUE OF THESE SECURITIES WAS $860,000,000, REPRESENTING
APPROXIMATELY 3.5% OF NET ASSETS AND ARE VALUED AT AMORTIZED COST.
SEE NOTES TO FINANCIAL STATEMENTS.
The Funds
STATEMENT OF INVESTMENTS
July 31, 2003 (Unaudited)
Annualized
Yield on
Date of Principal
DREYFUS GOVERNMENT CASH MANAGEMENT Purchase (%) Amount ($) Value ($)
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. TREASURY NOTES--.5%
- --------------------------------------------------------------------------------
5.75%, 8/15/2003
(cost $50,077,837) 1.65 50,000,000 50,077,837
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AGENCIES--98.0%
- --------------------------------------------------------------------------------
Federal Farm Credit Banks, Consolidated Systemwide Floating Rate Notes
9/25/2003 1.06 (a) 50,000,000 49,996,984
3/16/2004 1.02 (a) 100,000,000 99,987,496
3/30/2004 1.00 (a) 200,000,000 199,973,455
7/14/2004 1.02 (a) 300,000,000 300,000,000
8/3/2004 1.02 (a) 25,000,000 24,997,465
9/27/2004 1.02 (a) 150,000,000 149,965,391
11/8/2004 1.03 (a) 75,000,000 74,976,114
12/2/2004 1.02 (a) 230,000,000 229,938,541
12/3/2004 1.02 (a) 75,000,000 74,974,784
Federal Home Loan Banks, Discount Notes
8/1/2003 .95 200,000,000 200,000,000
8/22/2003 1.02 200,000,000 199,881,583
9/15/2003 1.11 26,956,000 26,918,868
10/24/2003 1.03 150,000,000 149,641,250
11/3/2003 1.41 22,796,000 22,713,263
Federal Home Loan Banks, Floating Rate Notes
9/15/2003 1.02 (a) 450,000,000 449,985,766
10/24/2003 .95 (a) 350,000,000 350,000,000
7/30/2004 1.01 (a) 350,000,000 350,000,000
8/19/2004 1.03 (a) 300,000,000 299,952,656
11/24/2004 1.02 (a) 400,000,000 399,894,633
12/2/2004 1.02 (a) 100,000,000 100,006,769
12/15/2004 1.02 (a) 250,000,000 249,974,182
Federal Home Loan Banks, Notes
9/15/2003 1.52 54,205,000 54,440,108
11/14/2003 1.51 109,800,000 110,223,978
3/5/2004 1.39 250,000,000 250,000,000
5/14/2004 1.38 150,000,000 150,000,000
5/24/2004 1.38 200,000,000 200,000,000
7/6/2004 1.20 500,000,000 500,000,000
7/30/2004 1.14 100,000,000 100,000,000
Federal Home Loan Mortgage Corporation, Discount Notes
9/3/2003 1.72 23,951,000 23,913,896
9/11/2003 1.72 35,440,000 35,371,788
9/19/2003 1.72 196,957,000 196,503,944
11/25/2003 1.01 200,000,000 199,349,111
12/4/2003 1.47 211,255,000 210,195,057
12/12/2003 1.25 205,125,000 204,185,300
Federal Home Loan Mortgage Corporation, Floating Rate Notes
2/17/2004 1.30 (a) 83,385,000 85,162,524
Federal Home Loan Mortgage Corporation, Notes
9/15/2003 1.53 79,782,000 79,970,464
11/17/2003 1.31 100,000,000 101,438,482
8/9/2004 1.17 200,000,000 200,000,000
Annualized
Yield on
Date of Principal
DREYFUS GOVERNMENT CASH MANAGEMENT (CONTINUED) Purchase (%) Amount ($) Value ($)
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AGENCIES (CONTINUED)
Federal National Mortgage Association, Discount Notes
10/17/2003 1.40 525,500,000 523,948,900
11/14/2003 1.44 175,358,000 174,629,168
12/16/2003 1.00 10,803,000 10,761,889
12/17/2003 1.00 102,006,000 101,614,977
6/25/2004 1.08 25,000,000 24,755,535
Federal National Mortgage Association, Floating Rate Notes
9/19/2003 1.05 (a) 375,000,000 374,984,766
2/13/2004 1.15 (a) 213,786,000 218,251,900
6/17/2004 1.01 (a) 150,000,000 149,960,161
9/17/2004 1.03 (a) 250,000,000 249,901,011
10/7/2004 1.03 (a) 200,000,000 199,928,827
10/28/2004 1.03 (a) 166,000,000 165,937,936
Federal National Mortgage Association, Notes
8/17/2004 1.17 250,000,000 250,000,000
TOTAL U.S. GOVERNMENT AGENCIES
(cost $9,149,208,922) 9,149,208,922
- ------------------------------------------------------------------------------------------------------------------------------------
REPURCHASE AGREEMENT--1.3%
Goldman Sachs & Co.
dated 7/31/2003, due 8/1/2003 in the amount of $119,002,314
(fully collateralized by $69,027,000 U.S. Treasury Notes, 4.375%
due 8/15/2012, $4,575,000 U.S. Treasury Bonds, 9.875%
due 11/15/2015 and $44,464,000 U.S. Treasury Bills,
due 1/29/2004, value $121,381,382)
(cost $119,000,000) .70 119,000,000 119,000,000
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS (cost $9,318,286,759) 99.8% 9,318,286,759
CASH AND RECEIVABLES (NET) .2% 15,774,304
NET ASSETS 100.0% 9,334,061,063
(A) VARIABLE INTEREST--RATE SUBJECT TO PERIODIC CHANGE.
SEE NOTES TO FINANCIAL STATEMENTS.
The Funds
STATEMENT OF INVESTMENTS
July 31, 2003 (Unaudited)
Annualized
Yield on
Date of Principal
DREYFUS GOVERNMENT PRIME CASH MANAGEMENT Purchase (%) Amount ($) Value ($)
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. TREASURY BILLS--12.1%
8/28/2003 1.07 25,000,000 24,979,938
10/2/2003 .87 50,000,000 49,925,514
12/11/2003 .85 50,000,000 49,844,167
TOTAL U.S. TREASURY BILLS
(cost $124,749,619) 124,749,619
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. TREASURY NOTES--2.4%
3.25%, 12/31/2003
(cost $25,167,858) 1.54 25,000,000 25,167,858
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AGENCIES--85.4%
Federal Farm Credit Bank, Consolidated Systemwide Discount Notes
8/6/2003 1.31 37,940,000 37,933,150
Federal Farm Credit Bank, Consolidated Systemwide Floating Rate Notes
3/30/2004 1.00 (a) 50,000,000 49,993,364
7/14/2004 1.01 (a) 100,000,000 100,000,000
11/8/2004 1.03 (a) 25,000,000 24,992,038
12/3/2004 1.02 (a) 25,000,000 24,991,595
Federal Home Loan Banks, Discount Notes
8/8/2003 .94 10,000,000 9,998,172
8/20/2003 .93 22,000,000 21,989,202
8/22/2003 .94 24,300,000 24,286,676
9/17/2003 1.00 21,019,000 20,991,559
9/26/2003 1.01 57,000,000 56,910,447
1/16/2004 1.04 42,000,000 41,798,120
Federal Home Loan Banks, Discount Notes
8/15/2003 1.36 5,500,000 5,505,769
9/15/2003 1.48 25,000,000 25,110,481
11/14/2003 1.79 25,830,000 25,921,757
Student Loan Marketing Association, Notes
8/1/2003 .95 176,414,000 176,414,000
7/21/2004 1.01 25,000,000 25,000,000
Tennessee Valley Authority, Discount Notes
8/7/2003 .95 26,667,000 26,662,777
8/28/2003 .86 35,000,000 34,977,424
9/11/2003 .98 95,000,000 94,893,797
9/25/2003 .95 50,000,000 49,927,430
TOTAL U.S. GOVERNMENT AGENCIES
(cost $878,297,758) 878,297,758
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS (cost $1,028,215,235) 99.9% 1,028,215,235
CASH AND RECEIVABLES (NET) .1% 683,379
NET ASSETS 100.0% 1,028,898,614
(A) VARIABLE INTEREST RATE--SUBJECT TO PERIODIC CHANGE.
SEE NOTES TO FINANCIAL STATEMENTS
STATEMENT OF INVESTMENTS
July 31, 2003 (Unaudited)
Annualized
Yield on
Date of Principal
DREYFUS TREASURY CASH MANAGEMENT Purchase (%) Amount ($) Value ($)
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. TREASURY BILLS--37.0%
8/21/2003 .94 1,260,000,000 1,259,342,000
12/26/2003 .81 500,000,000 498,356,459
1/8/2004 .94 100,000,000 99,582,222
TOTAL U.S. TREASURY BILLS
(cost $1,857,280,681) 1,857,280,681
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. TREASURY NOTES--19.7%
3.625%, 8/31/2003 1.24 100,000,000 100,198,685
2.75%, 9/30/2003 1.69 100,000,000 100,162,016
2.75%, 10/31/2003 1.49 145,000,000 145,428,826
3.00%, 11/30/2003 1.30 100,000,000 100,544,957
3.25%, 12/31/2003 1.33 125,000,000 125,959,826
3.00%, 2/29/2004 1.15 180,000,000 181,822,217
3.625%, 3/31/2004 1.22 58,000,000 58,899,474
3.25%, 5/31/2004 1.14 100,000,000 101,689,352
2.25%, 7/31/2004 1.01 75,000,000 75,876,188
TOTAL U.S. TREASURY NOTES
(cost $990,581,541) 990,581,541
- ------------------------------------------------------------------------------------------------------------------------------------
REPURCHASE AGREEMENTS--43.2%
ABN AMRO Inc.
dated 7/31/2003, due 8/1/2003 in the amount of $400,011,111
(fully collateralized by $35,342,000 U.S. Treasury Notes, 1.125%-6.50%,
due from 7/31/2004-5/15/2013, $179,724,000 U.S. Treasury Bonds,
5.375%-7.125%, due from 2/15/2023-2/15/2031, $16,990,000
U.S. Treasury Bills, due 11/13/2003, and $478,370,234 GNMA,
due from 8/15/2025-7/15/2033, value $408,000,744) 1.00 400,000,000 400,000,000
Barclays Capital Inc.
dated 7/31/2003, due 8/1/2003 in the amount of $200,005,778
(fully collateralized by $29,482,000 U.S. Treasury Bills,
due 1/15/2004, and $160,945,000 U.S. Treasury Bonds,
3.00%, due 7/15/2012, value $204,000,911) 1.04 200,000,000 200,000,000
Goldman, Sachs & Co.
dated 7/31/2003, due 8/1/2003 in the amount of $593,014,336
(fully collateralized by $70,520,000 U.S. Treasury Notes,
3.00%-7.25%, due from 8/15/2003-5/15/2004, $316,373,000
U.S. Treasury Bonds, 5.25%-13.875%, due from
5/15/2009-11/15/2028, and $134,615,000 U.S. Treasury Bills,
due from 10/30/2003-12/11/2003, value $604,860,682) .87 593,000,000 593,000,000
Morgan Stanley Dean Witter & Co.
dated 7/31/2003, due 8/1/2003 in the amount of $300,008,583
(fully collateralized by $471,800,000 U.S. Treasury Bonds,
due from 11/15/2011-5/15/2013, value $315,180,181) 1.03 300,000,000 300,000,000
The Funds
STATEMENT OF INVESTMENTS (Unaudited) (CONTINUED)
Annualized
Yield on
Date of Principal
DREYFUS TREASURY CASH MANAGEMENT (CONTINUED) Purchase (%) Amount ($) Value ($)
- ------------------------------------------------------------------------------------------------------------------------------------
REPURCHASE AGREEMENTS (CONTINUED)
UBS Warburg, Inc.
dated 7/31/2003, due 8/1/2003 in the amount
of $278,008,031 (fully collateralized by
$280,178,000 U.S. Treasury Notes, 3.25%,
due 12/31/2003, value $283,512,118) 1.04 278,000,000 278,000,000
Westdeutsche Landesbank Girozentrale
dated 7/31/2003, due 8/1/2003 in the amount
of $400,011,222 (fully collateralized by
$319,827,000 U.S. Treasury Bonds, 7.50%,
due 11/15/2016, value $408,001,044) 1.01 400,000,000 400,000,000
TOTAL REPURCHASE AGREEMENTS
(cost $2,171,000,000) 2,171,000,000
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS (cost $5,018,862,222) 99.9% 5,018,862,222
CASH AND RECEIVABLES (NET) .1% 5,567,158
NET ASSETS 100.0% 5,024,429,380
SEE NOTES TO FINANCIAL STATEMENTS.
STATEMENT OF INVESTMENTS
July 31, 2003 (Unaudited)
Annualized
Yield on
Date of Principal
DREYFUS TREASURY PRIME CASH MANAGEMENT Purchase (%) Amount ($) Value ($)
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. TREASURY BILLS--87.5%
8/7/2003 .86 55,472,000 55,464,041
8/21/2003 .91 92,429,000 92,382,628
8/28/2003 1.12 400,000,000 399,664,000
9/4/2003 .97 161,304,000 161,156,428
9/11/2003 .85 98,208,000 98,112,929
9/18/2003 .86 169,967,000 169,773,644
9/25/2003 .82 577,043,000 576,326,157
10/2/2003 .91 506,286,000 505,491,772
10/9/2003 1.18 490,000,000 488,900,313
10/16/2003 1.17 104,000,000 103,744,429
11/13/2003 1.11 160,000,000 159,491,555
12/4/2003 .92 243,538,000 242,757,007
12/11/2003 .91 126,252,000 125,830,739
12/18/2003 .92 96,246,000 95,904,113
1/22/2004 .94 57,000,000 56,741,030
TOTAL U.S. TREASURY BILLS
(cost $3,331,740,785) 3,331,740,785
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. TREASURY NOTES--12.5%
5.75%, 8/15/2003 1.65 50,000,000 50,077,840
2.75%, 9/30/2003 1.69 125,000,000 125,202,460
3.25%, 12/31/2003 1.44 145,000,000 146,034,886
3.375%, 4/30/2004 1.21 100,000,000 101,550,842
5.25%, 5/15/2004 1.16 50,000,000 51,549,230
TOTAL U.S. TREASURY NOTES
(cost $474,415,258) 474,415,258
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS (cost $3,806,156,043) 100.0% 3,806,156,043
LIABILITIES, LESS CASH AND RECEIVABLES (0.0%) (500,848)
NET ASSETS 100.0% 3,805,655,195
SEE NOTES TO FINANCIAL STATEMENT.
The Funds
STATEMENT OF INVESTMENTS
July 31, 2003 (Unaudited)
Principal
DREYFUS MUNICIPAL CASH MANAGEMENT PLUS Amount ($) Value ($)
- --------------------------------------------------------------------------------
TAX EXEMPT INVESTMENTS--101.1%
- --------------------------------------------------------------------------------
ALABAMA--.2%
Columbia Industrial Development Board, PCR, Refunding
VRDN (Alabama Power Company Project) 1.05% 800,000 (a) 800,000
ARKANSAS--.8%
Clark County Sales and Use Tax, SWDR, Refunding
VRDN (Alcoa Inc. Project) 1.35% 3,750,000 (a) 3,750,000
ARIZONA--2.2%
Maricopa County Industrial Development Authority, MFHR, Refunding, VRDN
(San Martin Apartments Project) .91% (Liquidity Facility; FNMA) 6,500,000 (a) 6,500,000
Phoenix Civic Improvement Corporation, Airport Revenue, VRDN, Merlots
Program 1% (Insured; FGIC and Liquidity Facility; Wachovia Bank) 4,710,000 (a) 4,710,000
CALIFORNIA--4.3%
State of California, RAW 2%, 6/16/2004 (Liquidity Facility:
Lehman Brothers, Merrill Lynch, and Societe Generale) 20,000,000 20,154,198
California Housing Finance Agency, Revenue, VRDN .90% (Insured:
AMBAC and MBIA and Liquidity Facility; JPMorgan Chase Bank) 1,465,000 (a) 1,465,000
COLORADO--2.6%
Colorado Housing and Finance Authority, MFHR
1.70%, 10/1/2003 (Liquidity Facility; FHLB) 2,320,000 2,320,000
Denver City and County, Airport Revenue, VRDN, Refunding .
.95% (Insured; MBIA and Liquidity Facility; Bank One) 5,000,000 (a) 5,000,000
Jefferson County School District, LR, COP
2%, 12/15/2003 (Insured; AMBAC) 665,000 667,107
Southern Ute Indian Tribe of Southern Ute Indian Reservation,
Industrial Revenue 1.62%, 8/7/2003 (Liquidity Facility; Bank One) 5,000,000 5,000,000
DELAWARE--2.8%
Delaware Economic Development Authority, VRDN:
IDR
(Star Enterprise Project) 1.05% (LOC; Motiva Enterprises LLC) 10,000,000 (a) 10,000,000
Private Schools Revenue (St. Anne's Episcopal School Project)
.95% (LOC; Wilmington Trust Co.) 4,000,000 (a) 4,000,000
FLORIDA--4.4%
Orange County Housing Finance Authority, LR, VRDN .98%
(Insured: FNMA and GNMA and Liquidity Facility; Lehman Liquidity LLC) 5,475,000 (a) 5,475,000
Orange County Industrial Development Authority, IDR
VRDN (Central Florida YMCA Project) .90% (LOC; Bank of America) 4,700,000 (a) 4,700,000
St. Lucie County, Revenue, VRDN
(Sage Living Center Project) .90% (LOC; Regions Bank) 6,000,000 (a) 6,000,000
Sunshine State Governmental Finance Commission
Revenue, CP .95%, 9/10/2003 (Liquidity
Facility; Landesbank Hessen-Thuringen Girozentrale) 5,550,000 5,550,000
GEORGIA--1.0%
Atlanta Urban Residential Finance Authority, MFHR, VRDN
(Auburn Glenn Apartments) .95% (LOC; Wachovia Bank) 5,000,000 (a) 5,000,000
ILLINOIS--7.5%
State of Illinois, GO Notes, VRDN, Merlots Program
.95% (Insured; FGIC and Liquidity Facility; Wachovia Bank) 5,390,000 (a) 5,390,000
Illinois Development Finance Authority Revenue, VRDN
(North Shore Country Day) .90% (LOC; Northern Trust Co.) 3,000,000 (a) 3,000,000
Principal
DREYFUS MUNICIPAL CASH MANAGEMENT PLUS (CONTINUED) Amount ($) Value ($)
- --------------------------------------------------------------------------------
TAX EXEMPT INVESTMENTS (CONTINUED)
- --------------------------------------------------------------------------------
ILLINOIS (CONTINUED)
Illinois Health Facilities Authority, Revenue:
(Evanston Hospital Corp.):
1.08%, 8/28/2003 5,000,000 5,000,000
.87%, 12/11/2003 5,000,000 5,000,000
VRDN (Northwestern Memorial Hospital) .90%
(Liquidity Facility; WestLB AG) 10,400,000 (a) 10,400,000
Upper Illinois River Valley Development Authority, SWDR
VRDN (Exolon-Esk Co. Project) .95% (LOC; Fleet National Bank) 8,405,000 (a) 8,405,000
INDIANA--2.3%
Highland School Building Corporation
LR, Refunding 2%, 1/10/2004 (Insured; MBIA) 1,255,000 1,259,685
Indiana Educational Facilities Authority College and University
Revenue, VRDN (Martin University Project) 1% (LOC; Key Bank) 3,500,000 (a) 3,500,000
Indiana Toll Road Commission, Toll Road Revenue, VRDN
Merlots Program .95% (Liquidity Facility; Wachovia Bank) 3,445,000 (a,b) 3,445,000
St. Joseph County, Health Care Facility Revenue, VRDN
(South Bend Medical Foundation Project) .95% (LOC; Key Bank) 3,400,000 (a) 3,400,000
IOWA--1.2%
Iowa Higher Education Loan Authority
College and University Revenue, VRDN
(Loras College Project) .90% (LOC; ABN-AMRO) 5,815,000 (a) 5,815,000
KANSAS--.7%
Mission, MFHR, Refunding, VRDN (The Falls
Apartments Project) .97% (Insured; FNMA) 3,350,000 (a) 3,350,000
LOUISIANA--.2%
New Orleans, GO Notes, Refunding 6.50%, 10/1/2003 (Insured; AMBAC) 1,000,000 1,009,061
MAINE--1.8%
City of Auburn, Obligation Securities Revenue, VRDN
(J&A Properties) 1% (LOC; Citizens Bank of Massachusetts) 3,060,000 (a) 3,060,000
Maine Finance Authority, Private Schools Revenue, VRDN
(Kents Hill School) .95% (LOC; Allied Irish Banks) 6,000,000 (a) 6,000,000
MARYLAND--2.8%
Baltimore County:
EDR, VRDN
(Art Litho Co. Project) 1% (LOC; Allied Irish Banks) 6,000,000 (a) 6,000,000
Revenue, CP 1%, 8/15/2003 (Liquidity Facility; WestLB AG) 5,700,000 5,700,000
Maryland Economic Development Corporation, Revenue
Refunding, VRDN (United Cerebral Palsy Project)
1.05% (LOC; Allfirst Bank) 2,384,500 (a) 2,384,500
MASSACHUSETTS--4.1%
City of Beverly, GO Notes, BAN 1.50%, 11/12/2003 3,400,000 3,403,904
Koch Certificate Trust, Revenue, VRDN 1% (Insured; AMBAC
and Liquidity Facility; State Street Bank & Trust Co.) 4,114,328 (a) 4,114,328
Masconomet Regional School District, GO Notes, BAN
1.50%, 2/12/2004 3,820,000 3,827,059
Mendon Upton Regional School District, GO Notes, BAN
2.25%, 9/19/2003 5,000,000 5,005,289
Town of Oxford, GO Notes, BAN 1.50%, 1/15/2004 3,850,000 3,858,734
The Funds
STATEMENT OF INVESTMENTS (Unaudited) (CONTINUED)
Principal
DREYFUS MUNICIPAL CASH MANAGEMENT PLUS (CONTINUED) Amount ($) Value ($)
- --------------------------------------------------------------------------------
TAX EXEMPT INVESTMENTS (CONTINUED)
- --------------------------------------------------------------------------------
MICHIGAN--6.3%
Michigan Higher Education Student Loan Authority, Student Loan Revenue
VRDN .90% (Insured; AMBAC and Liquidity Facility; Lloyds TSB Bank) 10,000,000 (a) 10,000,000
Michigan Hospital Finance Authority, Revenue, VRDN, Healthcare
Equipment Loan Program .91% (LOC; Standard Federal Bank) 5,000,000 (a) 5,000,000
Michigan Housing Development Authority, Revenue 1.08%, 6/01/2004 3,340,000 3,340,000
Michigan Municipal Bond Authority, Revenue
2.25%, 8/22/2003 (LOC; JPMorgan Chase Bank) 5,000,000 5,002,266
Michigan Strategic Fund, LOR, VRDN:
(HME Incorporated Project) .96% (LOC; Fifth Third Bank) 2,500,000 (a) 2,500,000
(Peckham Vocational Industries Project) 1% (LOC; ABN-AMRO) 2,800,000 (a) 2,800,000
(PFG Enterprises Inc. Project) 1.05% (LOC; Huntington NB) 2,560,000 (a) 2,560,000
MINNESOTA--1.0%
Minnesota Housing Finance Agency, Revenue, Residential
Program 1.35%, 8/28/2003 (LOC; Bayerische Landesbank) 5,000,000 5,000,000
NEW MEXICO--1.7%
Jicarilla Apache Nation, Revenue 1.45%, 8/13/2003 2,000,000 2,000,000
New Mexico Mortgage Finance Authority, Revenue, VRDN
.99% (Liquidity Facility: AIG Funding Inc. and Merrill Lynch) 6,280,000 (a) 6,280,000
NEW YORK--3.2%
New York City Municipal Water Finance Authority
Water and Sewer System Revenue, CP 1%, 9/12/2003
(Liquidity Facility: Bayerische Landesbank and WestLB AG) 5,000,000 5,000,000
New York Counties Tobacco Trust, Revenue, VRDN
1% (Liquidity Facility; Merrill Lynch and LOC; Merrill Lynch) 8,000,000 (a) 8,000,000
New York Mortgage Agency, Revenue 1.125%, 4/2/2004 3,000,000 3,000,000
NORTH CAROLINA--1.0%
City of Winston-Salem, Water and Sewer System Revenue
Refunding, VRDN .85% (Liquidity Facility; Dexia Credit Locale) 4,900,000 (a) 4,900,000
OHIO--2.2%
State of Ohio, Solid Waste Revenue, VRDN
(Pel Technologies):
.95%, Series A-2 (LOC; Key Bank) 3,000,000 (a) 3,000,000
.95%, Series A-8 (LOC; Key Bank) 1,000,000 (a) 1,000,000
Ohio Water Development Authority, Solid Waste Facilities
Revenue, VRDN (Pel Technologies Project) .95% (LOC; Key Bank) 7,000,000 (a) 7,000,000
OREGON--.8%
Oregon Housing and Community Services Department
SFMR 1.35%, 12/23/2003 3,885,000 3,885,000
PENNSYLVANIA--12.4%
Cumberland County, GO Notes, VRDN
.93% (Insured; AMBAC and Liquidity Facility; Wachovia Bank) 4,550,000 (a) 4,550,000
Emmaus General Authority, Revenue, VRDN:
.88% (GIC; Goldman Sachs & Company) 5,000,000 (a) 5,000,000
Local Government Pool Program .86% (LOC; KBC Bank) 1,800,000 (a) 1,800,000
Pennsylvania Loan Program .90% (Insured; FSA
and Liquidity Facility; Wachovia Bank) 10,000,000 (a) 10,000,000
Lancaster County Hospital Authority, Healthcare Facilities
Revenue, VRDN (Willow Valley Retirement Project) .95%
(Insured; Radian Bank and Liquidity Facility; Fleet National Bank) 6,000,000 (a) 6,000,000
Principal
DREYFUS MUNICIPAL CASH MANAGEMENT PLUS (CONTINUED) Amount ($) Value ($)
- ------------------------------------------------------------------------------------------------------------------------------------
TAX EXEMPT INVESTMENTS (CONTINUED)
- --------------------------------------------------------------------------------
PENNSYLVANIA (CONTINUED)
Langhorne Manor Borough Higher Education and Health Authority
Revenue, VRDN (Heritage Towers Project) .95% (LOC; Fleet National Bank) 4,155,000 (a) 4,155,000
Montgomery County Industrial Development Authority
Industrial Revenue, VRDN (Recigno Laboratories)
1.05% (LOC; Wachovia Bank) 2,150,000 (a) 2,150,000
Pennsylvania Higher Education Assistance Agency
Student Loan Revenue, VRDN .85% (Insured; AMBAC
and Liquidity Facility; WestLB AG) 16,700,000 (a) 16,700,000
Scranton-Lackawanna Health and Welfare Authority
LR, VRDN, Merlots Program .95% (Insured;
AMBAC and Liquidity Facility; Wachovia Bank) 3,385,000 (a) 3,385,000
Upper Dauphin Industrial Development Authority, Revenue, VRDN
(United Church of Christ Homes) .95% (LOC; First Tennessee Bank) 2,000,000 (a) 2,000,000
West Cornwall Township Municipal Authority, Revenue
VRDN, Pennsylvania General Government Loan Program
.90% (Insured; FSA and Liquidity Facility; Dexia Credit Locale) 6,000,000 (a) 6,000,000
RHODE ISLAND--.6%
Rhode Island Housing and Mortgage Finance Corporation, Revenue
VRDN, Putters Program .97% (Liquidity Facility; JPMorgan Chase Bank) 2,870,000 (a) 2,870,000
TENNESSEE--2.0%
Sevier County Public Building Authority, Revenue, VRDN
Local Government Public Improvement .92% (Insured; FSA
and Liquidity Facility; JPMorgan Chase Bank) 10,000,000 (a) 10,000,000
TEXAS-- 14.6%
Austin Independent School District, GO Notes, Refunding
7%, 8/1/2004 (Insured; Texas Permanent School Fund) 1,500,000 1,589,080
Brazos River Authority, PCR, Refunding, VRDN (TXU Energy
Company Project) .92% (LOC; JPMorgan Chase Bank) 8,000,000 (a) 8,000,000
Dallas Independent School District, GO Notes
5.40%, 8/15/2003 (Insured; Texas Permanent School Fund) 2,245,000 2,248,632
City of Houston, Water and Sewer System Revenue, CP
.80%, 8/13/2003 (Liquidity Facility: Bayerische
Landesbank and WestLB AG) 5,000,000 5,000,000
North Central Texas Health Facility Development Corporation
Health Care Facilities Revenue (Texas Health Resources
Health System) 5.50%, 2/15/2004 (Insured; MBIA) 3,010,000 3,080,185
Northside Independent School District, GO Notes, Refunding
1%, 8/1/2004 (Insured; Texas Permanent School Fund) 6,000,000 6,000,000
State of Texas:
GO Notes:
Refunding (College Student Loan) .95%, 7/1/2004
(Liquidity Facility; Landesbank Hessen-Thuringen Girozentrale) 7,000,000 7,000,000
(Veterans Housing Assistance Fund II) VRDN .88% (Liquidity Facility;
Landesbank Hessen-Thuringen Girozentrale) 5,600,000 (a) 5,600,000
Revenue, TRAN 2.75%, 8/29/2003 10,250,000 10,263,292
Texas Municipal Power Agency, Utility Electric Revenue, CP:
.87%, 9/9/2003 (Liquidity Facility: Bayerische
Landesbank, JPMorgan Chase Bank, and Street Bank and Trust Co.) 10,000,000 10,000,000
.85%, 10/8/2003 (Liquidity Facility: Bayerische Landesbank,
JPMorgan Chase Bank, and State Street Bank and Trust Co.) 7,700,000 7,700,000
The Funds
STATEMENT OF INVESTMENTS (Unaudited) (CONTINUED)
Principal
DREYFUS MUNICIPAL CASH MANAGEMENT PLUS (CONTINUED) Amount ($) Value ($)
- ------------------------------------------------------------------------------------------------------------------------------------
TAX EXEMPT INVESTMENTS (CONTINUED)
TEXAS (CONTINUED)
University of Texas Systems Board of Regents
Revenue, CP:
1.08%, 10/9/2003 1,000,000 1,000,000
1.05%, 10/24/2003 5,000,000 5,000,000
UTAH--.8%
Salt Lake County, GO Notes, TRAN 1.50%, 12/30/2003 4,000,000 4,010,819
VERMONT--1.5%
Vermont Educational and Health Buildings Financing Agency, Revenue
VRDN (St. Johnsbury Academy Project) .85% (LOC; Allied Irish Bank) 7,630,000 (a) 7,630,000
VIRGINIA--2.3%
Norfolk Economic Development Authority
New Empowerment Zone Facility Revenue, VRDN
(Metropolitan Machine Corp. Project)
.95% (LOC; Wachovia Bank) 7,500,000 (a) 7,500,000
Virginia Beach Development Authority, IDR, Refunding
VRDN (Giant Square Shopping Center) .90% (LOC; Wachovia Bank) 4,000,000 (a) 4,000,000
WASHINGTON--7.6%
Energy Northwest, Utilities Revenue, Refunding, VRDN
(Project No. 3) .85% (LOC; JPMorgan Chase Bank) 14,925,000 (a) 14,925,000
Everett Industrial Development Corporation, Exempt Facilities
Revenue, VRDN (Kimberly Clark Corp. Project) .95% 3,200,000 (a) 3,200,000
Seattle Housing Authority, Revenue, VRDN
(Newholly Project-Phase III) .95% (LOC; Key Bank) 3,750,000 (a) 3,750,000
Port of Tacoma, Revenue, CP .80%, 8/25/2003
(LOC; WestLB AG) 6,500,000 6,500,000
State of Washington, GO Notes, VRDN, Merlots Program
.95% (Insured: FGIC and MBIA and Liquidity Facility; Wachovia Bank) 4,000,000 (a) 4,000,000
Washington Economic Development Finance Authority
SWDR, VRDN (Waste Management Project)
.95% (LOC; Fleet National Bank) 5,500,000 (a) 5,500,000
WISCONSIN--2.3%
Wisconsin Health and Educational Facilities Authority
VRDN:
College and University Revenue (Wisconsin Lutheran College)
1% (LOC; U.S. Bank NA) 7,000,000 (a) 7,000,000
HR (Gunderson Lutheran):
.90%, Series A (Insured; FSA and Liquidity Facility ;Dexia Credit Locale) 2,600,000 (a) 2,600,000
.90%, Series B (Insured; FSA and Liquidity Facility; Dexia Credit Locale) 2,000,000 (a) 2,000,000
WYOMING--1.9%
County of Campbell, IDR (Two Elk Power General Station Project)
1.60%, 12/3/2003 (GIC; Bayerische Landesbank) 9,500,000 9,500,000
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS (cost $502,893,139) 101.1% 502,893,139
LIABILITIES, LESS CASH AND RECEIVABLES (1.1%) (5,635,950)
NET ASSETS 100.0% 497,257,189
SEE FOOTNOTES ON PAGE 37.
SEE NOTES TO FINANCIAL STATEMENTS.
STATEMENT OF INVESTMENTS
July 31, 2003 (Unaudited)
Principal
DREYFUS NEW YORK MUNICIPAL CASH MANAGEMENT Amount ($) Value ($)
- ------------------------------------------------------------------------------------------------------------------------------------
TAX EXEMPT INVESTMENTS--101.3%
- --------------------------------------------------------------------------------
Albany Industrial Development Agency
Housing Revenue, VRDN (South Mall Towers Project)
.90% (Liquidity Facility; FNMA) 5,945,000 (a) 5,945,000
City of Binghamton, GO Notes, BAN 2.25%, 9/25/2003 8,000,000 8,007,944
Chautauqua County Industrial Development Agency, Civic Facility Revenue
VRDN (Gerry Homes Project) .85% (LOC; HSBC Bank USA) 7,350,000 (a) 7,350,000
Chemung County Industrial Development Agency
IDR, VRDN, MMARS 2nd Program-Trayer Inc.
.90% (LOC; HSBC Bank USA) 1,300,000 (a) 1,300,000
Town of Clarence, GO Notes, BAN 1.75%, 8/5/2004 2,260,000 2,275,594
Connetquot Central School District of Islip, GO Notes
TAN 1.50%, 6/30/2004 7,000,000 7,031,591
Corning City School District, GO Notes, BAN
2.25%, 8/15/2003 2,250,000 2,250,596
Dutchess County Industrial Development Agency
Civic Facility Revenue, VRDN:
(Marist College Civic Facility) .80% (LOC; Key Bank) 7,000,000 (a) 7,000,000
(Samuel F.B. Morse Historic Site)
.90% (LOC; Allied Irish Bank) 3,865,000 (a) 3,865,000
Erie County Industrial Development Agency, Civic Facility
Revenue, VRDN (YMCA of Greater Buffalo Project):
.85%, Series A (LOC; HSBC Bank USA) 3,600,000 (a) 3,600,000
.85%, Series B (LOC; HSBC Bank USA) 4,000,000 (a) 4,000,000
Freeport, GO Notes, BAN 2.25%, 1/22/2004 5,000,000 5,024,236
Greece Central School District, GO Notes, BAN
1.80%, 12/18/2003 10,000,000 10,022,984
Harborfields Central School District, GO Notes, BAN
1.75%, 3/5/2004 3,300,000 3,311,791
Harriman Village, GO Notes, BAN 2%, 11/19/2003 1,610,000 1,610,000
Hauppauge Union Free School District, GO Notes, TAN
1.50%, 6/29/2004 3,000,000 3,013,501
Herkimer County Industrial Development Agency, IDR, VRDN
(F.E. Hale Manufacturing Co.) .90% (LOC; HSBC Bank USA) 2,910,000 (a) 2,910,000
Herricks Union Free School District, GO Notes, BAN
2%, 12/3/2003 500,000 501,188
Islip Industrial Development Agency, IDR, VRDN (Brentwood
Distribution Co. Facility) .85% (LOC; Fleet National Bank) 3,750,000 (a) 3,750,000
Katonah-Lewisboro Union Free School District, GO Notes
BAN 1.50%, 7/23/2004 3,461,000 3,477,689
Metropolitan Transportation Authority, Transit Facility Revenue:
CP 1.05%, 8/11/2003 (LOC; ABN-AMRO) 7,000,000 7,000,000
VRDN .90% (Insured; AMBAC and Liquidity Facility; The Bank of New York) 5,677,000 (a) 5,677,000
Monroe County Industrial Development Agency, LR, VRDN
(Robert Weslayan College) .90% (LOC; M&T Bank Corp.) 2,940,000 (a) 2,940,000
Monroe Tobacco Asset Securitization Corporation, Tobacco Settlement
Revenue, VRDN 1% (Liquidity Facility; WestLB AG) 3,000,000 (a) 3,000,000
Nassau County Industrial Development Agency, Civic Facility Revenue
VRDN (St. Mary's Children Project) 1.05% (LOC; Fleet National Bank) 2,480,000 (a) 2,480,000
New Rochelle City School District, Education Revenue
TAN 1.75%, 6/30/2004 3,500,000 3,523,765
The Funds
STATEMENT OF INVESTMENTS (Unaudited) (CONTINUED)
Principal
DREYFUS NEW YORK MUNICIPAL CASH MANAGEMENT (CONTINUED) Amount ($) Value ($)
- --------------------------------------------------------------------------------
TAX EXEMPT INVESTMENTS (CONTINUED)
New York City, GO Notes:
CP:
.75%, 8/15/2003 (Insured; MBIA and Liquidity Facility;
Landesbank-Hessen Thuringen Girozentrale) 5,000,000 5,000,000
.85%, 8/25/2003 (Insured; MBIA and Liquidity Facility;
Landesbank-Hessen Thuringen Girozentrale) 5,000,000 5,000,000
VRDN:
.85% (LOC; JPMorgan Chase Bank) 3,400,000 (a) 3,400,000
.87% (LOC; WestLB AG) 6,550,000 (a) 6,550,000
.95% (Liquidity Facility; Merrill Lynch and LOC; Merrill Lynch) 7,000,000 (a) 7,000,000
New York City Industrial Development Agency, VRDN:
Civic Facility Revenue:
(Brooklyn United Methodist Project) .80% (LOC; The Bank of New York) 3,960,000 (a) 3,960,000
(Jewish Community Center) .90% (LOC; M&T Bank Corp.) 5,000,000 (a) 5,000,000
(Jewish Community Center of Manhattan) .90% (LOC; M&T Bank Corp.) 3,700,000 (a) 3,700,000
IDR, Refunding (Plaza Packaging Project) 1% (LOC; The Bank of New York) 2,155,000 (a) 2,155,000
Special Facility Revenue (Korean Airlines Co.) .78% (LOC; Rabobank Nederland) 12,700,000 (a) 12,700,000
New York City Municipal Water Finance Authority
Water and Sewer System Revenue:
CP:
.75%, 9/8/2003 (LOC: Helaba Bank and Landesbank Baden-Wuerttemberg) 10,000,000 10,000,000
1%, 9/12/2003 (Liquidity Facility: Bayerische Landesbank and WestLB AG) 5,000,000 5,000,000
VRDN .85%, (Liquidity Facility; J.P.JPMorgan Chase Bank) 15,100,000 (a) 15,100,000
New York City Transitional Finance Authority, Revenues:
BAN 2%, 2/19/2004 14,000,000 14,068,913
VRDN, Merlots Program .89% (Insured; MBIA and
Liquidity Facility; Wachovia Bank) 12,785,000 (a) 12,785,000
New York State Dormitory Authority, Revenues
VRDN:
(Mental Health Services):
.88% (Liquidity Facility; HSH Nordbank AG) 6,000,000 (a) 6,000,000
.90% (Liquidity Facility; HSBC Bank USA) 5,000,000 (a) 5,000,000
(Teresian House Housing Corp.) .85% (LOC; Lloyds TSB Bank PLC) 3,300,000 (a) 3,300,000
New York State Environmental, GO Notes, CP
.70%, 8/14/2003 (LOC: Bayerische Landesbank and Helaba Bank) 4,000,000 4,000,000
New York State Housing Finance Agency, VRDN:
LR .95% (Liquidity Facility; Merrill Lynch) 4,990,000 (a) 4,990,000
Revenue:
(Historic Front Street) .80% (LOC; The Bank of New York) 15,000,000 (a) 15,000,000
(Saville Housing) .83% (LOC; Fleet National Bank) 14,400,000 (a) 14,400,000
Service Contract Revenue, Refunding .82% (LOC;
Landesbank Hessen-Thuringen Girozentrale) 7,000,000 (a) 7,000,000
New York State Mortgage Agency, Housing Revenue
1.125%, 4/2/2004 4,000,000 4,000,000
New York State Power Authority, Power Supply Revenue
CP .95%, 8/14/2003 (Liquidity Facility: The Bank of New York, Bank of Nova Scotia,
Bayerische Landesbank, Dexia Credit Locale, JPMorgan Chase Bank, Landesbank
Hessen-Thuringen Girozentrale, State Street Bank and Trust Co. and Wachovia Bank) 10,000,000 10,000,000
New York State Thruway Authority, Transportation Revenue, CP
.85%, 11/6/2003 (Liquidity Facility; Landesbank Hessen-Thuringen Girozentrale) 13,750,000 13,750,000
City of Olean, GO Notes, BAN 2%, 8/21/2003 3,500,000 3,500,000
Principal
DREYFUS NEW YORK MUNICIPAL CASH MANAGEMENT (CONTINUED) Amount ($) Value ($)
- ------------------------------------------------------------------------------------------------------------------------------------
TAX EXEMPT INVESTMENTS (CONTINUED)
Ontario County Industrial Development Agency, IDR
VRDN (Dixit Enterprises) .90% (LOC; HSBC Bank USA) 3,250,000 (a) 3,250,000
Port Authority of New York and New Jersey
Special Obligation Revenue, VRDN (Versatile Structure):
.90% (Liquidity Facility; Bank of Nova Scotia) 1,100,000 (a) 1,100,000
.90% (Liquidity Facility; Bayerische Landesbank) 9,200,000 (a) 9,200,000
.90% (Liquidity Facility; Landesbank Hessen-Thuringen Girozentrale) 6,900,000 (a) 6,900,000
Poughkeepsie Industrial Development Agency, Senior Living Facility Revenue, VRD
(Manor at Woodside Project) .90% (LOC; The Bank of New York) 5,000,000 (a) 5,000,000
Queensbury Union Free School District
GO Notes, BAN 2.125%, 1/7/2004 7,300,000 7,325,885
Renesselaer Industrial Development Agency, IDR
(Capital View Office Park Project)
1.50%, 12/31/2003 (LOC; SunTrust Bank) 2,995,000 2,995,000
Sachem Central School District of Holbrook, Education
Revenue, TAN 1.50%, 6/24/2004 5,000,000 5,022,125
Suffolk County, GO Notes, TAN 2.50%, 9/9/2003 2,000,000 2,003,323
Suffolk County Water Authority, Revenue, VRDN
BAN .78% (Liquidity Facility; Bank of Nova Scotia) 10,000,000 (a) 10,000,000
Syracuse Industrial Development Agency, Civic Facility Revenue, VRDN
(Community Development Properties-Larned Project) .95% (LOC; M&T Bank Corp.) 6,690,000 (a) 6,690,000
Tobacco Settlement Financing Authority, Special Tax Revenue, VRDN
.96% (Liquidity Facility; Merrill Lynch and LOC; Merrill Lynch) 3,520,000 (a) 3,520,000
Tompkins County Industrial Development Agency, College and University
Revenue, VRDN (Cortland College) .85% (LOC; HSBC Bank USA) 4,800,000 (a) 4,800,000
Troy Industrial Development Authority, Civic Facility Revenue, VRDN
(Renesselaer Polytechnic Institute Project) .85% 6,750,000 (a) 6,750,000
Ulster County, GO Notes, BAN 1.75%, 6/11/2004 6,500,000 6,541,509
Ulster County Industrial Development Agency, IDR
VRDN (Selux Corp. Project) 1% (LOC; The Bank of New York) 2,430,000 (a) 2,430,000
West Babylon Union Free School District, GO Notes
TAN 1.50%, 6/29/2004 2,000,000 2,008,999
West Islip Union Free School District, GO Notes
TAN 1.50%, 6/30/2004 3,300,000 3,313,299
Westchester County Industrial Development Agency
VRDN:
Civic Facility Revenue:
(The Masters School) .85% (LOC; Allied Irish Bank) 3,650,000 (a) 3,650,000
(Young Men's Christian Association) .90% (LOC; Allied Irish Bank) 4,000,000 (a) 4,000,000
Commercial Facility Revenue (Panorama Flight Service Inc. Project)
.90% (LOC; The Bank of New York) 5,260,000 (a) 5,260,000
Yonkers Industrial Development Agency, Revenue
VRDN, Merlots Program .94% (Liquidity Facility;
Wachovia Bank and LOC; GNMA) 4,215,000 (a) 4,215,000
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS (cost $419,201,932) 101.3% 419,201,932
LIABILITIES, LESS CASH AND RECEIVABLES (1.3%) (5,569,200)
NET ASSETS 100.0% 413,632,732
SEE FOOTNOTE ON PAGE 37.
SEE NOTES TO FINANCIAL STATEMENTS.
The Funds
STATEMENT OF INVESTMENTS
July 31, 2003 (Unaudited)
Principal
DREYFUS TAX EXEMPT CASH MANAGEMENT Amount ($) Value ($)
- --------------------------------------------------------------------------------
TAX EXEMPT INVESTMENTS--101.3%
ALABAMA--4.5%
DCH Health Care Authority, Health Care Facilities Revenue
VRDN, .85% (LOC; Regions Bank) 10,000,000 (a) 10,000,000
Jefferson County, Sever Revenue, Refunding, VRDN:
.85% (Insured; XL Capital Assurance and Liquidity Facility; Regions Bank) 16,000,000 (a) 16,000,000
.86% (Insured; XL Capital Assurance and Liquidity Facility; The Bank of New York) 12,500,000 (a) 12,500,000
.89% (Insured; XL Capital Assurance and Liquidity Facility; Sociate Generale) 10,000,000 (a) 10,000,000
.95% (Insured; XL Capital Assurance and Liquidity Facility; Bank of Nova Scotia) 43,700,000 (a) 43,700,000
.95% (Insured; XL Capital Assurance and Liquidity Facility; JPMorgan Chase Bank) 25,000,000 (a) 25,000,000
ARKANSAS--.4%
University of Arkansas, University Revenues, Refunding, VRDN
(UAMS Campus) .90% (Insured; MBIA and Liquidity Facility; Bank of America) 10,300,000 (a) 10,300,000
ARIZONA--1.6%
Apache County Industrial Development Authority, IDR, VRDN
(Tucson Electric Power--Springerville Project)
.85% (LOC; The Bank of New York) 24,200,000 (a) 24,200,000
Phoenix Civic Improvement Corporation, Water System
Revenue, CP .84%, 11/6/2003 (LOC; Dexia Credit Locale) 12,800,000 12,800,000
Pinal County Industrial Development Authority, IDR
(Casa Grande Regional Medical Center) 8.125%, 12/1/2003 3,625,000 (b) 3,819,655
CALIFORNIA--5.5%
State of California, Revenue, RAW:
2%, 6/16/2004 (Liquidity Facility: Bank of America, Citigroup
Inc., Goldman Sachs and JPMorgan Chase Bank) 25,000,000 25,190,549
2%, 6/16/2004 (Liquidity Facility: Merrill Lynch, Lehman
Brothers Inc. and Societe Generale) 85,500,000 86,157,833
California State Department of Water Resources, Power Supply
Revenue, VRDN .90% (LOC: California State Teachers
Retirement and JPMorgan Chase Bank) 32,200,000 (a) 32,200,000
COLORADO--1.2%
Colorado Health Facilities Authority, Revenue
VRDN (Covenant Retirement) .85% (LOC; ABN-AMRO) 12,900,000 (a) 12,900,000
Colorado Housing and Finance Authority, MFHR
1.70%, 10/1/2003 (Liquidity Facility; FHLB) 8,320,000 8,320,000
Southern Ute Indian Tribe of Southern Ute Indian Reservation
Industrial Revenue 1.62%, 8/7/2003 (Liquidity Facility; Bank One) 11,000,000 11,000,000
CONNECTICUT--.8%
South Central Regional Water Authority, Water System Revenue, VRDN
.85% (Insured; MBIA and Liquidity Facility; JPMorgan Chase Bank) 20,400,000 (a) 20,400,000
DELAWARE--1.0%
Delaware Economic Development Authority, VRDN:
MFHR (School House Project) .85% (LOC; HSBC Bank USA) 14,200,000 (a) 14,200,000
Private Schools Revenue (Catholic Diocese Wilmington)
.90% (LOC; Allied Irish Bank) 12,500,000 (a) 12,500,000
DISTRICT OF COLUMBIA--1.8%
District of Columbia, VRDN:
Enterprise Zone Revenue (United Planning Organization) .95% (LOC; Allfirst Bank) 10,480,000 (a) 10,480,000
Revenues (American Public Health Association) .90% (LOC; PNC Bank) 9,960,000 (a) 9,960,000
District of Columbia National Academy of Science, Revenue, CP:
.88%, Series B, 9/16/2003 (Insured; AMBAC and Liquidity Facility; NationsBank NA) 8,000,000 8,000,000
.88%, Series C, 9/16/2003 (Insured; AMBAC and Liquidity Facility; NationsBank NA) 17,500,000 17,500,000
Principal
DREYFUS TAX EXEMPT CASH MANAGEMENT (CONTINUED) Amount ($) Value ($)
- ------------------------------------------------------------------------------------------------------------------------------------
TAX EXEMPT INVESTMENTS (CONTINUED)
FLORIDA--4.6%
Capital Projects Finance Authority, Revenue, VRDN
Capital Projects Loan Program
.85% (Insured; FSA and LOC; SunTrust Bank) 13,710,000 (a) 13,710,000
Highlands County Health Facilities Authority, Revenue, VRDN
(Adventist Health System):
.85% (Insured; Capital Markets Assurance and
Liquidity Facility; Bank One) 15,000,000 (a) 15,000,000
.85% (Insured; MBIA and Liquidity Facility; Bank of America) 37,500,000 (a) 37,500,000
Kissimmee Utility Authority, Utility Electric Revenue, CP
1%, 8/6/2003 (Liquidity Facility; Bank of Nova Scotia) 10,000,000 10,000,000
South Broward Hospital District, Revenue, VRDN
Putters Program .93% (Insured; MBIA and Liquidity
Facility; JPMorgan Chase Bank) 4,565,000 (a) 4,565,000
Sunshine State Governmental Finance Commission, Revenue, CP
.95%, 9/10/2003 (Liquidity Facility; Dexia Credit Locale) 27,835,000 27,835,000
City of Tampa, Educational Facilities Revenue, VRDN
(Trinity School for Children Project) .90% (LOC; Regions Bank) 5,500,000 (a) 5,500,000
Tampa Bay Water, Utility System Revenue, VRDN, Merlots Program
.95% (Insured; FGIC and Liquidity Facility; Wachovia Bank) 5,705,000 (a) 5,705,000
GEORGIA--.6%
Gainesville and Hall County Development Authority, Revenue, VRDN
(Senior Living Facility-Lanier Village Estates) .90% (LOC; Regions Bank) 15,000,000 (a) 15,000,000
HAWAII--.2%
Honolulu City and County, GO Notes 1.30%, 12/4/2003
(Insured; FGIC and Liquidity Facility; FGIC) 5,600,000 5,600,000
IDAHO--.2%
Idaho Housing and Finance Association, Nonprofit Facilities Revenue
VRDN (Albertson College of Idaho Project) .90% (LOC; Key Bank) 4,250,000 (a) 4,250,000
ILLINOIS--7.1%
State of Chicago, GO Notes, VRDN .88% (Insured; FGIC
and Liquidity Facility; Landesbank Baden-Wuerttemberg) 13,000,000 (a) 13,000,000
State of Illinois, GO Notes:
5%, 8/2/2004 4,000,000 4,156,394
VRDN, Merlots Program .95% (Insured; FSA and
Liquidity Facility; Wachovia Bank) 16,960,000 (a) 16,960,000
Illinois Educational Facilities Authority, Revenues:
(University of Chicago):
1%, 8/1/2003 6,000,000 6,000,000
1.60%, 8/1/2003 8,000,000 8,000,000
VRDN (Art Institute of Chicago)
.90% (Liquidity Facility; Bank of Montreal) 600,000 (a) 600,000
Illinois Health Facilities Authority, Revenues:
(Evanston Hospital Corp.):
1.05%, 8/14/2003 28,000,000 28,000,000
1.08%, 8/28/2003 15,000,000 15,000,000
1.05%, 10/9/2003 5,000,000 5,000,000
.87%, 12/11/2003 15,000,000 15,000,000
VRDN:
(Franciscan Eldercare Service) .85% (LOC; ABN-AMRO) 12,160,000 (a) 12,160,000
(Rehabilitation Institute of Chicago Project)
.85% (LOC; Bank of America) 45,100,000 (a) 45,100,000
The Funds
STATEMENT OF INVESTMENTS (Unaudited) (CONTINUED)
Principal
DREYFUS TAX EXEMPT CASH MANAGEMENT (CONTINUED) Amount ($) Value ($)
- ------------------------------------------------------------------------------------------------------------------------------------
TAX EXEMPT INVESTMENTS (CONTINUED)
ILLINOIS (CONTINUED)
Illinois Rural Bond Bank, Revenue
(Public Project Construction Notes) 2%, 6/1/2004 7,500,000 7,552,600
Regional Transportation Authority, Revenue, VRDN
Merlots Program .95% (Insured; MBIA and
Liquidity Facility; Wachovia Bank) 4,965,000 (a) 4,965,000
University of Illinois, University Revenues, VRDN
Merlots Program .95% (Insured; AMBAC and
Liquidity Facility; Wachovia Bank) 3,090,000 (a) 3,090,000
INDIANA--1.7%
Indiana Bond Bank, Revenue (Reassessment Assistance)
1.75%, 1/6/2004 (LOC; Bank of America) 25,000,000 25,073,477
Indiana Health Facility Financing Authority, VRDN:
Health Facility Revenue (Clark Memorial Hospital Project)
1% (LOC; Bank One) 9,665,000 (a) 9,665,000
Revenue, Refunding (Baptist Homes of Indiana)
.85% (LOC; ABN-AMRO) 9,900,000 (a) 9,900,000
IOWA--.7%
Louisa County, PCR, Refunding, VRDN
(Midwest Power System Inc. Project) 1% 17,900,000 (a) 17,900,000
KANSAS--.8%
Kansas City, MFHR, Refunding, VRDN
(Wood View Apartments Project) .90% (LOC; FHLB) 10,195,000 (a) 10,195,000
Midwest Tax-Exempt Bond Grantor Trust, Revenue
VRDN 1.15% (LOC; Huntington NB) 9,075,450 (a) 9,075,450
KENTUCKY--3.7%
Jefferson County, VRDN:
Industrial Building Revenue, Refunding
(Ursuline Campus) .88% (LOC; Fifth Third Bank) 6,595,000 (a) 6,595,000
Retirement Home Revenue
(Nazareth Library Project) .88% (LOC; Fifth Third Bank) 13,665,000 (a) 13,665,000
Student Housing Industrial Building Revenue
(University of Louisville Project) .88% (LOC; Wachovia Bank) 20,000,000 (a) 20,000,000
Kentucky Association of Counties, Revenue, COP
TRAN, Advance Revenue Program 2%, 6/30/2004 25,491,600 25,735,559
Lexington-Fayette Urban County Government, Educational
Building Revenue, Refunding, VRDN (Lexington Christian)
.88% (LOC; Fifth Third Bank) 4,885,000 (a) 4,885,000
Logan/Todd Regional Water Commission, Water Revenue
BAN 3%, 8/1/2003 10,250,000 10,250,000
Warren County, Hospital Facility Revenue, VRDN
(Bowling Green-Warren County) .90% (LOC; Bank One) 15,000,000 (a) 15,000,000
LOUISIANA--5.1%
State of Louisiana, Gas and Fuel Tax Revenue
Refunding 4%, 11/15/2003 (Insured; FSA) 3,000,000 3,023,836
Louisiana Local Government Environmental Facilities Community
Development Authority, Revenues, VRDN, Merlots Program
.95% (Insured; AMBAC and Liquidity Facility; Wachovia Bank) 8,150,000 (a) 8,150,000
Principal
DREYFUS TAX EXEMPT CASH MANAGEMENT (CONTINUED) Amount ($) Value ($)
- ------------------------------------------------------------------------------------------------------------------------------------
TAX EXEMPT INVESTMENTS (CONTINUED)
LOUISIANA (CONTINUED)
Louisiana Public Facilities Authority, VRDN:
HR, Refunding, Hospital Equipment Financing Program .87% (LOC; Bank One) 39,300,000 (a) 39,300,000
Revenue:
(Metairie Park Country Day) .95% (LOC; Branch Banking and Trust) 9,975,000 (a) 9,975,000
(Pennington Medical Foundation Project) .85% (LOC; Bank One) 37,150,000 (a) 37,150,000
(Roman Catholic Church of New Orleans) .95% (LOC; KBC Bank) 4,435,000 (a) 4,435,000
Plaquemines Port Harbor and Terminal District, Port Facilities
Revenue (Chevron Pipe Line Co.) 1.55%, 9/1/2003 13,000,000 13,000,000
Tobacco Settlement Financing Corporation, Revenue, VRDN
1.12% (Liquidity Facility; Merrill Lynch) 17,005,000 (a) 17,005,000
MARYLAND--1.9%
Baltimore County Metropolitan District, GO Notes, CP
1%, 8/15/2003 (Liquidity Facility; WestLB AG) 10,200,000 10,200,000
Frederick County, Industrial Revenue, Refunding, VRDN
(Manekin-Frederick Facility) 1.05% (LOC; Allfirst Bank) 3,225,000 (a) 3,225,000
Maryland Economic Development Corporation, Revenue
VRDN (Legal Aid Bureau Inc. Facility) 1.05% (LOC; Allfirst Bank) 2,800,000 (a) 2,800,000
Maryland Health and Higher Educational Facilities Authority
Revenue, VRDN:
(Mercy Ridge) .90% (LOC; Allfirst Bank) 22,050,000 (a) 22,050,000
(Stella Maris Inc.) .90% (LOC; Allfirst Bank) 9,710,000 (a) 9,710,000
MASSACHUSETTS--3.7%
City of Beverly, GO Notes, BAN 1.50%, 11/12/2003 11,000,000 11,012,630
State of Massachusetts, GO Notes, Refunding, VRDN
.93% (Liquidity Facility; Landesbank
Hessen-Thuringen Girozentrale) 11,700,000 (a) 11,700,000
Massachusetts Development Finance Agency
College and University Revenue, VRDN (Suffolk University)
.95% (Insured; Radian Bank and Liquidity Facility: Fleet National
Bank and State Street Bank and Trust Co.) 32,000,000 (a) 32,000,000
Town of Millbury, GO Notes, BAN 1.80%, 1/23/2004 8,429,927 8,450,678
Town of Milton, GO Notes, BAN 2%, 3/12/2004 13,800,000 13,874,053
Town of North Brookfield, GO Notes, BAN 2%, 1/22/2004 2,000,000 2,006,111
Town of Pembroke, GO Notes, BAN 2.75%, 8/7/2003 4,500,000 4,500,822
Town of Shirley, GO Notes, BAN 2%, 4/9/2004 13,000,000 13,074,471
MICHIGAN--4.1%
City of Detroit, Sewage Disposal Revenue, VRDN
Merlots Program .95% (Insured; FGIC and
Liquidity Facility; Wachovia Bank) 17,435,000 (a) 17,435,000
Detroit Downtown Development Authority, Revenue
Refunding, VRDN (Millender Center Project)
.85% (LOC; HSBC Bank USA) 17,200,000 (a) 17,200,000
Lake St. Clair Shores Drainage District, GO Notes
VRDN .95% (LOC; Comerica Bank) 4,965,000 (a) 4,965,000
Michigan Building Authority, LR, CP
1.05%, 8/21/2003 (LOC; The Bank of New York) 24,000,000 24,000,000
The Funds
STATEMENT OF INVESTMENTS (Unaudited) (CONTINUED)
Principal
DREYFUS TAX EXEMPT CASH MANAGEMENT (CONTINUED) Amount ($) Value ($)
- ------------------------------------------------------------------------------------------------------------------------------------
TAX EXEMPT INVESTMENTS (CONTINUED)
MICHIGAN (CONTINUED)
Michigan Hospital Finance Authority, Revenues, VRDN:
(Crittenton Hospital) .90% (LOC; Comerica Bank) 10,000,000 (a) 10,000,000
Hospital Equipment Loan Program .91% (LOC; ABN-AMRO) 12,000,000 (a) 12,000,000
Michigan Municipal Bond Authority, Revenue
2.25%, 8/22/2003 (LOC; JPMorgan Chase Bank) 20,000,000 20,009,066
MISSISSIPPI--.3%
Mississippi Development Bank, Special Obligation
Revenue, VRDN, Merlots Program .95%
(Insured; AMBAC and Liquidity Facility; Wachovia Bank) 7,500,000 (a) 7,500,000
NEBRASKA--1.2%
Nebhelp Inc., Revenue, VRDN .90% (Insured; MBIA
and Liquidity Facility; Lloyds TSB Bank) 31,780,000 (a) 31,780,000
NEW HAMPSHIRE--.3%
New Hampshire Health and Education Authority, HR
VRDN (Wentworth Douglass Hospital) 1% (Insured;
Radian Bank and Liquidity Facility; Fleet National Bank) 7,500,000 (a) 7,500,000
NEW JERSEY--.5%
New Brunswick, GO Notes 1.85%, 8/13/2003 13,300,000 13,301,588
NEW MEXICO--.6%
Jicarilla Apache Nation, Revenue 1.45%, 8/13/2003 15,000,000 15,000,000
NEW YORK--5.9%
ABN-AMRO Munitops Certificates Trust, Highway Revenue
Tolls, VRDN .89% (Insured; MBIA and Liquidity Facility; ABN-AMRO) 15,000,000 (a) 15,000,000
Greece Central School District, GO Notes
BAN 1.80%, 12/18/2003 18,897,000 18,940,432
New York City Municipal Water Finance Authority
Water and Sewer System Revenue, CP:
.75%, 9/8/2003 (LOC: Landesbank Baden-Wuettemberg
and WestLB AG) 34,500,000 34,500,000
1%, 9/12/2003 (Liquidity Facility: Bayerische Landesbank
and WestLB AG) 28,000,000 28,000,000
New York City Transitional Finance Authority, VRDN:
Income Tax Revenue 1.03% (Liquidity Facility; BNP Paribas) 4,000,000 (a) 4,000,000
Revenue, Merlots Program .89% (Insured; MBIA and
Liquidity Facility; Wachovia Bank) 6,000,000 (a) 6,000,000
New York Counties Tobacco Trust, Revenue, VRDN
1% (Liquidity Facility; Merrill Lynch) 21,525,000 (a) 21,525,000
New York State Urban Development Corporation, Revenue, VRDN, Merlots
Program .89% (Insured; AMBAC and Liquidity Facility; Wachovia Bank) 5,000,000 (a) 5,000,000
Sullivan West Central School District, GO Notes
BAN 2%, 4/16/2004 10,000,000 10,056,548
Tobacco Settlement Finance Corporation, Revenue, VRDN .96% (Liquidity
Facility: Landesbank Hessen-Thuringen Girozentrale and Merrill Lynch) 10,000,000 (a) 10,000,000
OHIO--2.6%
Akron Bath Copley Joint Township Hospital District
Health Care Facilities Revenue, VRDN
(Sumner Project) .95% (LOC; KBC Bank) 7,500,000 (a) 7,500,000
Principal
DREYFUS TAX EXEMPT CASH MANAGEMENT (CONTINUED) Amount ($) Value ($)
- ------------------------------------------------------------------------------------------------------------------------------------
TAX EXEMPT INVESTMENTS (CONTINUED)
OHIO (CONTINUED)
Cincinnati City School District, GO Notes
BAN 1.30%, 1/20/2004 40,000,000 40,083,446
Hamilton County, EDR, VRDN
(Taft Museum Project) .88% (LOC; Fifth Third Bank) 6,000,000 (a) 6,000,000
Toledo, GO Notes, BAN 1.75%, 10/23/2003 8,840,000 8,851,911
University of Cincinnati, College and University Revenue
BAN 1.75%, 3/18/2004 6,010,000 6,034,275
OKLAHOMA--.3%
Oklahoma Water Resources Board, Loan Program Revenue
.87%, 4/1/2004 (LOC; Bank of America) 8,000,000 8,000,000
OREGON--.3%
Oregon Housing and Community Services Department
Mortgage Revenue 1.30%, 12/23/2003 9,000,000 9,000,000
PENNSYLVANIA--17.3%
Chester County Health and Education Facilities Authority
Retirement Community Revenue, VRDN (Kendall-Cosslands
Communities Project) .93% (LOC; Allied Irish Bank) 8,000,000 (a) 8,000,000
Cumberland County, GO Notes, VRDN .93% (Insured;
AMBAC and Liquidity Facility; Wachovia Bank) 3,175,000 (a) 3,175,000
Dallas Town Area School District, GO Notes, VRDN
.90% (Insured; FGIC and Liquidity Facility; BNP Paribas) 5,000,000 (a) 5,000,000
Dauphin County General Authority, Revenue, VRDN:
.95% (Insured; AMBAC and Liquidity Facility; Bank of Nova Scotia) 46,945,000 (a) 46,945,000
School District Pooled Financing Program II
.95% (Insured; AMBAC and Liquidity Facility; Bank of Nova Scotia) 39,050,000 (a) 39,050,000
Emmaus General Authority, Revenue, VRDN:
.88%, Series D (GIC; Goldman Sachs and Co.) 32,500,000 (a) 32,500,000
.88%, Series E (GIC; Goldman Sachs and Co.) 14,400,000 (a) 14,400,000
.88%, Series G (GIC; Goldman Sachs and Co.) 20,700,000 (a) 20,700,000
.88%, Series H (GIC; Goldman Sachs and Co.) 30,000,000 (a) 30,000,000
.89% (GIC; Goldman Sachs and Co.) 6,900,000 (a) 6,900,000
Local Government:
.88%, Series B (GIC; Goldman Sachs and Co.) 47,700,000 (a) 47,700,000
.88%, Series F-1 (GIC; Goldman Sachs and Co.) 44,100,000 (a) 44,100,000
Lancaster County Hospital Authority, Revenue, VRDN:
(Luthercare Project) .97% (LOC; Allfirst Bank) 14,685,000 (a) 14,685,000
(Masonic Homes of Pennsylvania) .85% (Insured; AMBAC
and Liquidity Facility; PNC Bank) 11,980,000 (a) 11,980,000
Lebanon County Health Facilities Authority, VRDN:
Health Center Revenue (United Church of Christ Homes)
.95% (LOC; Allfirst Bank) 8,780,000 (a) 8,780,000
Revenue (Cornwall Manor Project) .95% (Insured; Radian Bank
and Liquidity Facility; Fleet National Bank) 5,945,000 (a) 5,945,000
Montgomery County Higher Education and Health Authority, Private
Schools Revenue, VRDN (William Penn Charter) .90% (LOC; PNC Bank) 11,000,000 (a) 11,000,000
Montgomery County Industrial Development Authority, Revenue, VRDN
(Northwestern Human Services) .95% (LOC; Commerce Bank) 13,930,000 (a) 13,930,000
The Funds
STATEMENT OF INVESTMENTS (Unaudited) (CONTINUED)
Principal
DREYFUS TAX EXEMPT CASH MANAGEMENT (CONTINUED) Amount ($) Value ($)
- ------------------------------------------------------------------------------------------------------------------------------------
TAX EXEMPT INVESTMENTS (CONTINUED)
PENNSYLVANIA (CONTINUED)
New Garden General Authority, Municipal Revenue
VRDN, Municipal Pooled Financing Program I .95%
(Insured; AMBAC and Liquidity Facility; Bank of Nova Scotia) 6,300,000 (a) 6,300,000
State of Pennsylvania, GO Notes, VRDN, Merlots Program
.95% (Insured; MBIA and Liquidity Facility; Wachovia Bank) 5,875,000 (a) 5,875,000
Philadelphia Hospitals and Higher Education Facilities
Authority, Revenue, VRDN:
Refunding (Philadelphia Protestant Home)
.95% (LOC; Fleet National Bank) 9,600,000 (a) 9,600,000
(Temple University) .80% (LOC; PNC Bank) 5,700,000 (a) 5,700,000
Schuylkill County, GO Notes, VRDN
.93% (Insured; AMBAC and LOC; Wachovia Bank) 7,995,000 (a) 7,995,000
Southcentral General Authority, Revenue, VRDN .90% (Insured;
AMBAC and Liquidity Facility; JPMorgan Chase Bank) 8,000,000 (a) 8,000,000
Temple University of the Commonwealth System of Higher Education, College
and University Revenue (University Funding Obligation) 1.20%, 5/4/2004 10,500,000 10,500,000
West Cornwall Township Municipal Authority, VRDN:
GO Notes, Refunding (Bethlehem School District Project)
.90% (Insured; FSA and Liquidity Facility; Dexia Credit Locale) 18,000,000 (a) 18,000,000
Revenue, Pennsylvania General Government Loan Program
.90% (Insured; FSA and Liquidity Facility; Dexia Credit Locale) 15,000,000 (a) 15,000,000
RHODE ISLAND--.2%
Rhode Island Industrial Facilities Corporation, IDR, VRDN
(Handy and Harman Electric Project) .95% (LOC; Citibank) 4,500,000 (a) 4,500,000
SOUTH CAROLINA--1.9%
Greers, Combined Utilities System Revenue, VRDN, Merlots Program
.95% (Insured; AMBAC and Liquidity Facility; Wachovia Bank) 8,335,000 (a) 8,335,000
Piedmont Municipal Power Agency, Electric Revenue, VRDN
Refunding .83% (Insured; MBIA and Liquidity Facility; Credit Suisse) 22,900,000 (a) 22,900,000
South Carolina Jobs Economic Development Authority, Health Facilities
Revenue, Refunding, VRDN (Episcopal Church Home) .95%
(Insured; Radian Bank and Liquidity Facility; Wachovia Bank) 14,805,000 (a) 14,805,000
Tobacco Settlement Revenue Management Authority
Tobacco Settlement Revenue, VRDN
1.12% (Liquidity Facility; Merrill Lynch) 2,645,000 (a) 2,645,000
TENNESSEE--1.0%
Knox County, GO Notes, BAN 1%, 11/1/2003 3,600,000 3,600,430
Sevier County Public Building Authority, Local Government
Public Improvement, Revenue, VRDN:
.86% (Insured; AMBAC and Liquidity Facility; KBC Bank) 8,755,000 (a) 8,755,000
.86% (Insured; AMBAC and Liquidity Facility;
Landesbank Hessen-Thuringen Girozentrale) 8,760,000 (a) 8,760,000
Shelby County, Health Care Facilities Revenue, CP (Baptist
Memorial Hospital) .85%, 6/26/2003 (LOC; Bank of America) 6,000,000 6,000,000
TEXAS--12.0%
Aldine Independent School District, GO Notes
1%, 6/15/2004 (Insured; Permanent School Fund
and Liquidity Facility; Dexia Credit Locale) 15,000,000 15,000,000
Principal
DREYFUS TAX EXEMPT CASH MANAGEMENT (CONTINUED) Amount ($) Value ($)
- ------------------------------------------------------------------------------------------------------------------------------------
TAX EXEMPT INVESTMENTS (CONTINUED)
TEXAS (CONTINUED)
Dallas Area Rapid Transit, Transportation Revenue:
CP .90%, 12/9/2003 (Liquidity Facility: Bayerische Landesbank,
Landesbank Baden-Wuerttemberg,
State Street Bank and Trust Co. and WestLB AG) 20,000,000 20,000,000
VRDN, Merlots Program .95% (Insured: AMBAC and FGIC
and Liquidity Facility; Wachovia Bank) 24,090,000 (a) 24,090,000
City of Houston, GO Notes, CP .95%, 8/11/2003 (Liquidity
Facility: Bank of Nova Scotia, Landesbank Hessen-Thuringen
Girozentrale and Toronto Dominion Bank) 12,300,000 12,300,000
Houston Higher Education Facility, Higher Education
Revenue, CP (Rice University):
.90%, 10/9/2003 800,000 800,000
1.10%, 10/9/2003 8,300,000 8,300,000
Houston Water and Sewer System, Water and Sewer Revenue
CP:
.80%, 9/8/2003 (Liquidity Facility: Bayerische
Landesbank and WestLB AG) 15,000,000 15,000,000
.85%, 10/9/2003 (Liquidity Facility: Bayerische
Landesbank and WestLB AG) 15,000,000 15,000,000
City of San Antonio, Water Revenue, VRDN
Merlots Program .95% (Liquidity Facility; Wachovia Bank) 10,000,000 (a) 10,000,000
State of Texas, Revenue, TRAN 2.75%, 8/29/2003 91,000,000 91,103,991
Texas Association of School Boards, COP, TAN
2.50%, 8/29/2003 15,000,000 15,011,368
Texas Municipal Power Agency, Electric Revenue, CP:
.95%, 8/5/2003 (Liquidity Facility: Bayerische Landesbank,
JPMorgan Chase Bank and State Street Bank and Trust Co.) 20,000,000 20,000,000
.85%, 10/8/2003 (Liquidity Facility: Bayerische Landesbank,
JPMorgan Chase Bank and State Street Bank and Trust Co.) 20,000,000 20,000,000
.87%, 9/9/2003 (Liquidity Facility: Bayerische Landesbank,
JPMorgan Chase Bank and State Street Bank and Trust Co.) 26,700,000 26,700,000
University of Texas System Board of Regents
Revenues, CP 1.05%, 10/24/2003 20,000,000 20,000,000
UTAH--.3%
Intermountain Power Agency, Power Supply Revenue
1%, 9/15/2003 (Insured; AMBAC and Liquidity Facility;
Landesbank Hessen-Thuringen Girozentrale) 9,000,000 9,000,000
VERMONT--.6%
Vermont Educational and Health Buildings Financing Agency
VRDN:
College and University Revenue, Capital Asset
Financing Program .95% (LOC; M&T Bank) 8,910,000 (a) 8,910,000
Revenue (Rutland Regional Medical Project) .95%
(Insured; Radian Bank and Liquidity Facility; Fleet National Bank) 6,575,000 (a) 6,575,000
VIRGINIA--.6%
Alexandria Industrial Development Authority, Revenue, VRDN
(Institute for Defense Analyses) .94% (Insured; AMBAC
and Liquidity Facility; Wachovia Bank) 16,445,000 (a) 16,445,000
The Funds
STATEMENT OF INVESTMENTS (Unaudited) (CONTINUED)
Principal
DREYFUS TAX EXEMPT CASH MANAGEMENT (CONTINUED) Amount ($) Value ($)
- ------------------------------------------------------------------------------------------------------------------------------------
TAX EXEMPT INVESTMENTS (CONTINUED)
WASHINGTON--2.6%
City of Seattle, Power Supply Revenue
(Municipal Light and Power):
CP .90%, 1/8/2004 (LOC; JPMorgan Chase Bank) 9,700,000 9,700,000
RAN 2.50%, 11/21/2003 7,000,000 7,021,157
State of Washington, GO Notes, VRDN, Merlots Program:
.95% (Insured; MBIA and Liquidity Facility; Wachovia Bank) 5,980,000 (a) 5,980,000
.95% (Insured: FGIC and MBIA and Liquidity Facility; Wachovia Bank) 10,000,000 (a) 10,000,000
Washington Health Care Facilities Authority, Revenues, VRDN:
(Provail) .90% (LOC; Key Bank) 7,070,000 (a) 7,070,000
(Seattle Cancer Care) .90% (LOC; Key Bank) 21,100,000 (a) 21,100,000
Washington Higher Education Facilities Authority, Revenue
VRDN (St. Martins College Project) .90% (LOC; U.S. Bank NA) 7,315,000 (a) 7,315,000
WEST VIRGINIA--.0%
West Virginia Hospital Finance Authority, Revenues, VRDN
WVHA Pooled Financing Program .95% (Liquidity Facility: Bank
of Nova Scotia and BNP Paribas and LOC; Bank of America) 615,000 (a) 615,000
WISCONSIN--1.6%
Badger Tobacco Asset Securitization Corporation
Tobacco Settlement Revenue, VRDN 1.07%
(Liquidity Facility: Lloyds TBS Bank and Merrill Lynch) 7,000,000 (a) 7,000,000
Franklin Community Development Authority, Redevelopment Revenue
VRDN (Indian Community School of Milwaukee) .90% (LOC; Bank One) 11,000,000 (a) 11,000,000
City of Greenfield, GO Notes, Refunding
4.75%, 9/1/2003 (Insured; AMBAC) 3,415,000 3,425,510
West Allis, Revenue, VRDN (State Fair Park Exposition)
.92% (LOC; U.S. Bank NA) 6,200,000 (a) 6,200,000
Wisconsin Health and Educational Facilities Authority
Revenue, VRDN, Pooled Loan Financing Program .95% (GIC; Bank
of America and Liquidity Facility; The Bank of New York) 13,785,000 (a) 13,785,000
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS (cost $2,636,648,840) 101.3% 2,636,648,840
LIABILITIES, LESS CASH AND RECEIVABLES (1.3%) (32,739,872)
NET ASSETS 100.0% 2,603,908,968
SEE FOOTNOTES ON PAGE 37.
SEE NOTES TO FINANCIAL STATEMENTS.
Summary of Abbreviations
AMBAC American Municipal Bond Assurance Corporation LOC Letter of Credit
BAN Bond Anticipation Notes LOR Limited Obligation Revenue
COP Certificate of Participation LR Lease Revenue
CP Commercial Paper MBIA Municipal Bond Investors Assurance
EDR Economic Development Revenue Insurance Corporation
FGIC Financial Guaranty Insurance Company MFHR Multi-Family Housing Revenue
FHLB Federal Home Loan Bank PCR Pollution Control Revenue
FNMA Federal National Mortgage Association RAN Revenue Anticipation Notes
FSA Financial Security Assurance RAW Revenue Anticipation Warrants
GIC Guaranteed Invesment Contract SFMR Single Family Mortgage Revenue
GNMA Government National Mortgage Association SWDR Solid Waste Disposal Revenue
GO General Obligation TAN Tax Anticipation Notes
HR Hospital Revenue TRAN Tax and Revenue Anticipation Notes
IDR Industrial Development Revenue VRDN Variable Rate Demand Notes
Summary of Combined Ratings (Unaudited)
VALUE (%)
_____________________________________________
DREYFUS DREYFUS DREYFUS
MUNICIPAL CASH NEW YORK TAX EXEMPT
MANAGEMENT MUNICIPAL CASH CASH
FITCH OR MOODY'S OR STANDARD & POOR'S PLUS MANAGEMENT MANAGEMENT
_____ ________ __________________ ______________ _______________ ____________
F1+, F1 VMIG1, MIG1, P1 SP1+, SP1, A1+, A1 88.6 85.4 85.6
AAA, AA, A (c) Aaa, Aa, A (c) AAA, AA, A (c) 7.3 .7 9.8
Not Rated (d) Not Rated (d) Not Rated( d) 4.1 13.9 4.6
100.0 100.0 100.0
(A) SECURITIES PAYABLE ON DEMAND. VARIABLE INTEREST RATE--SUBJECT TO PERIODIC
CHANGE.
(B) BONDS WHICH ARE PREREFUNDED ARE COLLATERALIZED BY U.S. GOVERNMENT
SECURITIES WHICH ARE HELD IN ESCROW AND ARE USED TO PAY PRINCIPAL AND
INTEREST ON THE MUNICIPAL ISSUE AND TO RETIRE THE BONDS IN FULL AT THE
EARLIEST REFUNDING DATE.
(C) NOTES WHICH ARE NOT F, MIG AND SP RATED ARE REPRESENTED BY BOND RATINGS OF
THE ISSUERS.
(D) SECURITIES WHICH, WHILE NOT RATED BY FITCH, MOODY'S AND STANDARD & POOR'S,
HAVE BEEN DETERMINED BY THE MANAGER TO BE OF COMPARABLE QUALITY TO THOSE
RATED SECURITIES IN WHICH THE FUND MAY INVEST.
SEE NOTES TO FINANCIAL STATEMENTS.
The Funds
STATEMENT OF ASSETS AND LIABILITIES
(amounts in thousands, except Net Asset Value Per Share)
July 31, 2003 (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 ($):
Investments at value--Note 1(a,b)((+)) 13,175,220 24,422,213 9,318,287 1,028,215 5,018,862 3,806,156
Interest receivable 12,891 66,309 22,234 1,062 7,846 4,295
13,188,111 24,488,522 9,340,521 1,029,277 5,026,708 3,810,451
- ------------------------------------------------------------------------------------------------------------------------------------
LIABILITIES ($):
Due to The Dreyfus Corporation
and affiliates 2,738 5,321 2,436 298 1,159 1,033
Cash overdraft due to Custodian 8,402 15,515 4,009 80 1,120 2,489
Payable for investment
securities purchased 50,245 --
Payable for shares of Beneficial
Interest/Common Stock redeemed 40 583 15 -- -- 1,274
11,180 71,664 6,460 378 2,279 4,796
- ------------------------------------------------------------------------------------------------------------------------------------
NET ASSETS ($) 13,176,931 24,416,858 9,334,061 1,028,899 5,024,429 3,805,655
- ------------------------------------------------------------------------------------------------------------------------------------
COMPOSITION OF NET ASSETS ($):
Paid-in capital 13,176,978 24,416,866 9,334,185 1,028,948 5,024,438 3,805,729
Accumulated net realized
gain (loss) on investments (47) (8) (124) (49) (9) (74)
- ------------------------------------------------------------------------------------------------------------------------------------
NET ASSETS ($) 13,176,931 24,416,858 9,334,061 1,028,899 5,024,429 3,805,655
- ------------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE PER SHARE
INSTITUTIONAL SHARES
Net Assets ($) 10,860,764 19,861,469 6,287,473 411,930 3,700,598 2,382,198
Shares Outstanding 10,860,839 19,861,571 6,287,602 411,959 3,700,706 2,382,450
NET ASSET VALUE PER SHARE ($) 1.00 1.00 1.00 1.00 1.00 1.00
- ------------------------------------------------------------------------------------------------------------------------------------
INVESTOR SHARES
Net Assets ($) 1,562,034 1,538,160 1,441,420 262,119 1,087,367 1,131,106
Shares Outstanding 1,562,027 1,538,124 1,441,423 262,120 1,087,284 1,131,019
NET ASSET VALUE PER SHARE ($) 1.00 1.00 1.00 1.00 1.00 1.00
- ------------------------------------------------------------------------------------------------------------------------------------
ADMINISTRATIVE SHARES
Net Assets ($) 659,866 2,055,314 1,038,123 176,760 15,172 48,854
Shares Outstanding 659,857 2,055,293 1,038,121 176,759 15,170 48,839
NET ASSET VALUE PER SHARE ($) 1.00 1.00 1.00 1.00 1.00 1.00
- ------------------------------------------------------------------------------------------------------------------------------------
PARTICIPANT SHARES
Net Assets ($) 94,267 961,915 567,045 178,090 221,292 243,497
Shares Outstanding 94,255 961,878 567,039 178,110 221,278 243,421
NET ASSET VALUE PER SHARE ($) 1.00 1.00 1.00 1.00 1.00 1.00
- ------------------------------------------------------------------------------------------------------------------------------------
((+)) Investments at cost ($) 13,175,220 24,422,213 9,318,287 1,028,215 5,018,862 3,806,156
(A) AMOUNTS INCLUDE REPURCHASE AGREEMENTS OF $119,000,000 AND $2,171,000,000
FOR DREYFUS GOVERNMENT CASH MANAGEMENT AND DREYFUS TREASURY CASH MANAGEMENT,
RESPECTIVELY. SEE NOTE 1(B).
SEE NOTES TO FINANCIAL STATEMENTS.
DREYFUS DREYFUS DREYFUS
MUNICIPAL CASH NEW YORK TAX EXEMPT
MANAGEMENT MUNICIPAL CASH CASH
PLUS MANAGEMENT MANAGEMENT
- ------------------------------------------------------------------------------------------------------------------------------------
ASSETS ($):
Investments at value--Note 1 (a,b)((+)) 502,893 419,202 2,636,649
Cash -- 2,599
Interest receivable 1,515 1,063 7,858
504,408 422,864 2,644,507
- ------------------------------------------------------------------------------------------------------------------------------------
LIABILITIES ($):
Due to The Dreyfus Corporation
and affiliates 109 68 500
Cash overdraft due to Custodian 7,042 -- 40,098
Payable for investment
securities purchased -- 9,113
Payable for shares of Beneficial
Interest redeemed -- 50 --
7,151 9,231 40,598
- ------------------------------------------------------------------------------------------------------------------------------------
NET ASSETS ($) 497,257 413,633 2,603,909
- ------------------------------------------------------------------------------------------------------------------------------------
COMPOSITION OF NET ASSETS ($):
Paid-in capital 497,238 413,636 2,604,009
Accumulated net realized
gain (loss) on investments 19 (3) (100)
497,257 413,633 2,603,909
- ------------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE PER SHARE
INSTITITUTIONAL SHARES
Net Assets ($) 236,452 378,878 2,132,770
Shares Outstanding 236,558 378,880 2,132,911
NET ASSET VALUE PER SHARE ($) 1.00 1.00 1.00
- ------------------------------------------------------------------------------------------------------------------------------------
INVESTOR SHARES
Net Assets ($) 113,912 21,919 169,806
Shares Outstanding 113,893 21,921 169,812
NET ASSET VALUE PER SHARE ($) 1.00 1.00 1.00
- ------------------------------------------------------------------------------------------------------------------------------------
ADMINISTRATIVE SHARES
Net Assets ($) 126,190 9,997 261,771
Shares Outstanding 126,173 9,997 261,744
NET ASSET VALUE PER SHARE ($) 1.00 1.00 1.00
- ------------------------------------------------------------------------------------------------------------------------------------
PARTICIPANT SHARES
Net Assets ($) 20,703 2,839 39,562
Shares Outstanding 20,697 2,839 39,542
NET ASSET VALUE PER SHARE ($) 1.00 1.00 1.00
- ------------------------------------------------------------------------------------------------------------------------------------
((+)) Investments at cost ($) 502,893 419,202 2,636,649
SEE NOTES TO FINANCIAL STATEMENTS.
The Funds
STATEMENT OF OPERATIONS
(amounts in thousands)
Six Months Ended July 31, 2003 (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 ($):
INTEREST INCOME 85,850 183,779 70,238 5,990 30,799 25,901
EXPENSES:
Management fee--Note 2(a) 13,264 26,672 10,580 960 4,984 4,271
Distribution fees--Note 2(b) 2,507 5,148 3,681 841 1,555 2,222
TOTAL EXPENSES 15,771 31,820 14,261 1,801 6,539 6,493
INVESTMENT INCOME--NET 70,079 151,959 55,977 4,189 24,260 19,408
- ------------------------------------------------------------------------------------------------------------------------------------
NET REALIZED GAIN (LOSS) ON
INVESTMENTS--NOTE 1(B) ($) 74 (14) (135) 11 161 (13)
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS 70,153 151,945 55,842 4,200 24,421 19,395
SEE NOTES TO FINANCIAL STATEMENTS.
DREYFUS DREYFUS DREYFUS
MUNICIPAL CASH NEW YORK TAX EXEMPT
MANAGEMENT MUNICIPAL CASH CASH
PLUS MANAGEMENT MANAGEMENT
- ------------------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME ($):
INTEREST INCOME 2,872 2,561 14,399
EXPENSES:
Management fee--Note 2(a) 483 450 2,504
Distribution fees--Note 2(b) 214 43 387
TOTAL EXPENSES 697 493 2,891
INVESTMENT INCOME--NET 2,175 2,068 11,508
====================================================================================================================================
NET REALIZED GAIN (LOSS) ON INVESTMENTS--NOTE 1(B) ($):
Net realized gain (loss) on investments 48 296
Net unrealized appreciation (depreciation) on investments -- -- (2)
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS 48 -- 294
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS 2,223 2,068 11,802
SEE NOTES TO FINANCIAL STATEMENTS.
The Funds
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, 2003 JANUARY 31, JULY 31, 2003 JANUARY 31,
(UNAUDITED) 2003 (UNAUDITED) 2003
- ------------------------------------------------------------------------------------------------------------------------------------
OPERATIONS ($):
Investment income--net 70,079 263,233 151,959 543,639
Net realized gain (loss) on investments 74 48 (14) 313
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS 70,153 263,281 151,945 543,952
- ------------------------------------------------------------------------------------------------------------------------------------
DIVIDENDS TO SHAREHOLDERS FROM ($):
Investment income--net:
Institutional Shares (60,055) (228,584) (128,860) (477,402)
Investor Shares (6,843) (23,699) (7,986) (33,154)
Administrative Shares (2,813) (8,444) (11,285) (21,856)
Participant Shares (368) (2,506) (3,828) (11,227)
TOTAL DIVIDENDS (70,079) (263,233) (151,959) (543,639)
- ------------------------------------------------------------------------------------------------------------------------------------
BENEFICIAL INTEREST/CAPITAL STOCK
TRANSACTIONS ($1.00 per share):
Net proceeds from shares sold:
Institutional Shares 44,322,270 115,563,270 89,935,494 225,348,588
Investor Shares 5,674,237 10,818,647 4,529,476 11,959,471
Administrative Shares 2,196,310 3,314,021 6,135,917 10,848,954
Participant Shares 195,740 848,390 1,709,791 3,116,145
Dividends reinvested:
Institutional Shares 16,664 72,339 59,576 226,804
Investor Shares 3,381 11,672 7,018 30,972
Administrative Shares 984 4,414 10,921 18,859
Participant Shares 304 1,614 3,660 10,791
Cost of shares redeemed:
Institutional Shares (44,887,792) (117,485,627) (94,770,827) (228,117,170)
Investor Shares (5,929,094) (10,303,249) (5,164,639) (11,371,269)
Administrative Shares (2,206,921) (3,155,439) (6,121,853) (9,769,906)
Participant Shares (219,525) (933,297) (1,779,822) (2,589,670)
INCREASE (DECREASE) IN NET ASSETS FROM
BENEFICIAL INTEREST/CAPITAL STOCK TRANSACTIONS (833,442) (1,243,245) (5,445,288) (287,431)
TOTAL INCREASE (DECREASE) IN NET ASSETS (833,368) (1,243,197) (5,445,302) (287,118)
- ------------------------------------------------------------------------------------------------------------------------------------
NET ASSETS ($):
Beginning of Period 14,010,299 15,253,496 29,862,160 30,149,278
END OF PERIOD 13,176,931 14,010,299 24,416,858 29,862,160
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, 2003 JANUARY 31, JULY 31, 2003 JANUARY 31,
(UNAUDITED) 2003 (UNAUDITED) 2003
- ------------------------------------------------------------------------------------------------------------------------------------
OPERATIONS ($):
Investment income--net 55,977 206,879 4,189 16,694
Net realized gain (loss) on investments (135) 202 11 (4)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS 55,842 207,081 4,200 16,690
- ------------------------------------------------------------------------------------------------------------------------------------
DIVIDENDS TO SHAREHOLDERS FROM ($):
Investment income--net:
Institutional Shares (41,346) (158,450) (1,467) (6,056)
Investor Shares (7,085) (25,074) (1,146) (3,641)
Administrative Shares (5,484) (15,754) (941) (2,366)
Participant Shares (2,062) (7,601) (635) (4,631)
TOTAL DIVIDENDS (55,977) (206,879) (4,189) (16,694)
- ------------------------------------------------------------------------------------------------------------------------------------
BENEFICIAL INTEREST TRANSACTIONS ($1.00 per share):
Net proceeds from shares sold:
Institutional Shares 33,280,049 71,534,713 612,644 1,588,690
Investor Shares 4,603,017 9,449,442 316,177 742,536
Administrative Shares 1,828,594 3,637,223 614,052 1,775,196
Participant Shares 506,169 1,733,372 749,628 1,291,550
Dividends reinvested:
Institutional Shares 18,470 75,364 1,287 4,640
Investor Shares 5,983 21,233 956 2,768
Administrative Shares 3,444 8,645 883 2,227
Participant Shares 1,393 5,396 479 4,395
Cost of shares redeemed:
Institutional Shares (35,095,173) (70,575,247) (487,396) (1,667,742)
Investor Shares (4,758,627) (9,389,898) (328,052) (668,582)
Administrative Shares (1,931,545) (3,130,999) (654,393) (1,647,367)
Participant Shares (585,963) (1,616,680) (897,444) (1,369,561)
INCREASE (DECREASE) IN NET ASSETS FROM
BENEFICIAL INTEREST TRANSACTIONS (2,124,189) 1,752,564 (71,179) 58,750
TOTAL INCREASE (DECREASE) IN NET ASSETS (2,124,324) 1,752,766 (71,168) 58,746
- ------------------------------------------------------------------------------------------------------------------------------------
NET ASSETS ($):
Beginning of Period 11,458,385 9,705,619 1,100,067 1,041,321
END OF PERIOD 9,334,061 11,458,385 1,028,899 1,100,067
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, 2003 JANUARY 31, JULY 31, 2003 JANUARY 31,
(UNAUDITED) 2003 (UNAUDITED) 2003
- ------------------------------------------------------------------------------------------------------------------------------------
OPERATIONS ($):
Investment income--net 24,260 74,317 19,408 75,286
Net realized gain (loss) on investments 161 150 (13) 151
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS 24,421 74,467 19,395 75,437
- ------------------------------------------------------------------------------------------------------------------------------------
DIVIDENDS TO SHAREHOLDERS FROM ($):
Investment income--net:
Institutional Shares (19,564) (55,337) (13,146) (49,392)
Investor Shares (4,369) (15,785) (4,742) (18,831)
Administrative Shares (92) (1,925) (608) (1,861)
Participant Shares (235) (1,270) (912) (5,202)
TOTAL DIVIDENDS (24,260) (74,317) (19,408) (75,286)
- ------------------------------------------------------------------------------------------------------------------------------------
BENEFICIAL INTEREST TRANSACTIONS ($1.00 per share):
Net proceeds from shares sold:
Institutional Shares 14,087,555 29,856,546 4,230,057 12,582,861
Investor Shares 3,728,714 7,681,626 2,168,100 5,120,020
Administrative Shares 174,398 1,111,395 66,740 458,064
Participant Shares 391,594 296,098 588,389 1,373,883
Dividends reinvested:
Institutional Shares 4,496 9,733 5,551 20,803
Investor Shares 1,700 5,333 2,693 13,967
Administrative Shares 88 1,784 525 1,808
Participant Shares 132 422 466 1,996
Cost of shares redeemed:
Institutional Shares (13,788,917) (29,256,376) (5,144,748) (12,643,738)
Investor Shares (3,642,096) (7,722,910) (2,300,704) (5,173,196)
Administrative Shares (182,759) (1,216,251) (223,259) (316,543)
Participant Shares (222,557) (365,064) (666,301) (1,577,244)
INCREASE (DECREASE) IN NET ASSETS FROM
BENEFICIAL INTEREST TRANSACTIONS 552,348 402,336 (1,272,491) (137,319)
TOTAL INCREASE (DECREASE) IN NET ASSETS 552,509 402,486 (1,272,504) (137,168)
- ------------------------------------------------------------------------------------------------------------------------------------
NET ASSETS ($):
Beginning of Period 4,471,920 4,069,434 5,078,159 5,215,327
END OF PERIOD 5,024,429 4,471,920 3,805,655 5,078,159
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, 2003 JANUARY 31, JULY 31, 2003 JANUARY 31, JULY 31, 2003 JANUARY 31,
(UNAUDITED) 2003 (UNAUDITED) 2003 (UNAUDITED) 2003
- ------------------------------------------------------------------------------------------------------------------------------------
OPERATIONS ($):
Investment income--net 2,175 4,987 2,068 6,081 11,508 31,325
Net realized gain (loss) on investments 48 26 -- -- 296 118
Net unrealized appreciation
(depreciation) on investments -- -- -- -- (2) 2
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS 2,223 5,013 2,068 6,081 11,802 31,445
- ------------------------------------------------------------------------------------------------------------------------------------
DIVIDENDS TO SHAREHOLDERS FROM ($):
Investment income--net:
Institutional Shares (1,229) (3,077) (1,942) (5,826) (9,903) (27,269)
Investor Shares (353) (984) (93) (195) (434) (1,714)
Administrative Shares (545) (790) (25) (51) (1,012) (1,086)
Participant Shares (48) (136) (8) (9) (159) (1,256)
TOTAL DIVIDENDS (2,175) (4,987) (2,068) (6,081) (11,508) (31,325)
- ------------------------------------------------------------------------------------------------------------------------------------
BENEFICIAL INTEREST TRANSACTIONS ($1.00 per share):
Net proceeds from shares sold:
Institutional Shares 670,876 1,417,114 422,236 991,623 5,090,882 11,723,375
Investor Shares 189,721 451,037 41,321 20,039 279,648 754,771
Administrative Shares 166,215 259,489 54,000 63,311 243,016 406,460
Participant Shares 23,977 15,834 2,762 2,888 119,129 436,904
Dividends reinvested:
Institutional Shares 979 2,419 609 1,580 4,309 11,288
Investor Shares 318 800 93 195 206 749
Administrative Shares 543 787 25 51 797 1,066
Participant Shares 47 136 8 9 38 39
Cost of shares redeemed:
Institutional Shares (659,230) (1,320,808) (460,750) (1,164,624) (5,035,897) (11,541,102)
Investor Shares (168,396) (422,450) (40,311) (16,439) (229,514) (830,704)
Administrative Shares (150,706) (221,310) (50,350) (60,470) (167,000) (229,562)
Participant Shares (19,444) (15,357) (1,893) (1,240) (218,604) (449,093)
INCREASE (DECREASE) IN NET ASSETS FROM
BENEFICIAL INTEREST TRANSACTIONS 54,900 167,691 (32,250) (163,077) 87,010 284,191
TOTAL INCREASE (DECREASE) IN NET ASSETS 54,948 167,717 (32,250) (163,077) 87,304 284,311
- ------------------------------------------------------------------------------------------------------------------------------------
NET ASSETS ($):
Beginning of Period 442,309 274,592 445,883 608,960 2,516,605 2,232,294
END OF PERIOD 497,257 442,309 413,633 445,883 2,603,909 2,516,605
SEE NOTES TO FINANCIAL STATEMENTS.
The Funds
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 the 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
Six Months Ended July 31, 2003
(Unaudited) 1.00 .005 (.005) 1.00 1.09(a) .20(a) 1.09(a) 10,861
Year Ended January 31,
2003 1.00 .016 (.016) 1.00 1.66 .20 1.65 11,410
2002 1.00 .037 (.037) 1.00 3.77 .20 3.64 13,260
2001 1.00 .063 (.063) 1.00 6.46 .20 6.24 9,125
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
INVESTOR SHARES
Six Months Ended July 31, 2003
(Unaudited) 1.00 .004 (.004) 1.00 .85(a) .45(a) .84(a) 1,562
Year Ended January 31,
2003 1.00 .014 (.014) 1.00 1.41 .45 1.40 1,814
2002 1.00 .035 (.035) 1.00 3.51 .45 3.39 1,286
2001 1.00 .060 (.060) 1.00 6.19 .45 5.99 967
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
ADMINISTRATIVE SHARES
Six Months Ended July 31, 2003
(Unaudited) 1.00 .005 (.005) 1.00 .99(a) .30(a) .99(a) 660
Year Ended January 31,
2003 1.00 .015 (.015) 1.00 1.56 .30 1.55 669
2002 1.00 .036 (.036) 1.00 3.67 .30 3.54 506
2001 1.00 .062 (.062) 1.00 6.35 .30 6.14 126
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
PARTICIPANT SHARES
Six Months Ended July 31, 2003
(Unaudited) 1.00 .003 (.003) 1.00 .69(a) .60(a) .69(a) 94
Year Ended January 31,
2003 1.00 .012 (.012) 1.00 1.26 .60 1.25 118
2002 1.00 .033 (.033) 1.00 3.36 .60 3.24 201
2001 1.00 .059 (.059) 1.00 6.04 .60 5.84 202
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
(A) ANNUALIZED.
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, 2003
(Unaudited) 1.00 .006 (.006) 1.00 1.17(a) .20(a) 1.17(a) 19,861
Year Ended January 31,
2003 1.00 .018 (.018) 1.00 1.78 .20 1.78 24,637
2002 1.00 .038 (.038) 1.00 3.91 .20 3.54 27,179
2001 1.00 .063 (.063) 1.00 6.49 .20 6.33 10,352
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
INVESTOR SHARES
Six Months Ended July 31, 2003
(Unaudited) 1.00 .005 (.005) 1.00 .93(a) .45(a) .92(a) 1,538
Year Ended January 31,
2003 1.00 .015 (.015) 1.00 1.53 .45 1.53 2,166
2002 1.00 .036 (.036) 1.00 3.66 .45 3.29 1,547
2001 1.00 .061 (.061) 1.00 6.23 .45 6.08 749
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
ADMINISTRATIVE SHARES
Six Months Ended July 31, 2003
(Unaudited) 1.00 .005 (.005) 1.00 1.09(a) .30(a) 1.07(a) 2,055
Year Ended January 31,
2003 1.00 .017 (.017) 1.00 1.68 .30 1.68 2,030
2002 1.00 .037 (.037) 1.00 3.81 .30 3.44 932
2001 1.00 .062 (.062) 1.00 6.39 .30 6.23 39
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
PARTICIPANT SHARES
Six Months Ended July 31, 2003
(Unaudited) 1.00 .004 (.004) 1.00 .77(a) .60(a) .77(a) 962
Year Ended January 31,
2003 1.00 .014 (.014) 1.00 1.38 .60 1.38 1,028
2002 1.00 .034 (.034) 1.00 3.50 .60 3.14 491
2001 1.00 .059 (.059) 1.00 6.07 .60 5.93 430
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
(A) ANNUALIZED.
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, 2003
(Unaudited) 1.00 .006 (.006) 1.00 1.13(a) .20(a) 1.13(a) 6,287
Year Ended January 31,
2003 1.00 .017 (.017) 1.00 1.75 .20 1.74 8,084
2002 1.00 .037 (.037) 1.00 3.81 .20 3.55 7,049
2001 1.00 .061 (.061) 1.00 6.28 .20 6.08 4,064
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
INVESTOR SHARES
Six Months Ended July 31, 2003
(Unaudited) 1.00 .004 (.004) 1.00 .89(a) .45(a) .88(a) 1,441
Year Ended January 31,
2003 1.00 .015 (.015) 1.00 1.50 .45 1.49 1,591
2002 1.00 .035 (.035) 1.00 3.55 .45 3.30 1,510
2001 1.00 .059 (.059) 1.00 6.01 .45 5.83 643
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
ADMINISTRATIVE SHARES
Six Months Ended July 31, 2003
(Unaudited) 1.00 .005 (.005) 1.00 1.03(a) .30(a) 1.03(a) 1,038
Year Ended January 31,
2003 1.00 .016 (.016) 1.00 1.65 .30 1.64 1,138
2002 1.00 .036 (.036) 1.00 3.71 .30 3.45 623
2001 1.00 .060 (.060) 1.00 6.17 .30 5.98 70
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
PARTICIPANT SHARES
Six Months Ended July 31, 2003
(Unaudited) 1.00 .004 (.004) 1.00 .73(a) .60(a) .73(a) 567
Year Ended January 31,
2003 1.00 .013 (.013) 1.00 1.35 .60 1.34 645
2002 1.00 .033 (.033) 1.00 3.40 .60 3.15 523
2001 1.00 .057 (.057) 1.00 5.85 .60 5.68 49
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
(A) ANNUALIZED.
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, 2003
(Unaudited) 1.00 .005 (.005) 1.00 1.05(a) .20(a) 1.03(a) 412
Year Ended January 31,
2003 1.00 .016 (.016) 1.00 1.61 .20 1.60 285
2002 1.00 .035 (.035) 1.00 3.56 .20 3.39 360
2001 1.00 .061 (.061) 1.00 6.27 .20 5.99 288
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, 2003
(Unaudited) 1.00 .004 (.004) 1.00 .81(a) .45(a) .78(a) 262
Year Ended January 31,
2003 1.00 .014 (.014) 1.00 1.36 .45 1.35 273
2002 1.00 .033 (.033) 1.00 3.31 .45 3.14 196
2001 1.00 .058 (.058) 1.00 6.00 .45 5.74 65
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, 2003
(Unaudited) 1.00 .005 (.005) 1.00 .95(a) .30(a) .93(a) 177
Year Ended January 31,
2003 1.00 .015 (.015) 1.00 1.51 .30 1.50 216
2002 1.00 .034 (.034) 1.00 3.46 .30 3.29 86
2001 1.00 .060 (.060) 1.00 6.16 .30 5.89 6
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, 2003
(Unaudited) 1.00 .003 (.003) 1.00 .65(a) .60(a) .63(a) 178
Year Ended January 31,
2003 1.00 .012 (.012) 1.00 1.21 .60 1.20 325
2002 1.00 .031 (.031) 1.00 3.15 .60 2.99 399
2001 1.00 .057 (.057) 1.00 5.84 .60 5.59 320
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, 2003
(Unaudited) 1.00 .005 (.005) 1.00 1.05(a) .20(a) 1.04(a) 3,701
Year Ended January 31,
2003 1.00 .016 (.016) 1.00 1.59 .20 1.57 3,397
2002 1.00 .036 (.036) 1.00 3.62 .20 3.42 2,787
2001 1.00 .060 (.060) 1.00 6.12 .20 5.93 2,138
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
INVESTOR SHARES
Six Months Ended July 31, 2003
(Unaudited) 1.00 .004 (.004) 1.00 .79(a) .45(a) .79(a) 1,087
Year Ended January 31,
2003 1.00 .013 (.013) 1.00 1.34 .45 1.32 999
2002 1.00 .033 (.033) 1.00 3.36 .45 3.17 1,035
2001 1.00 .057 (.057) 1.00 5.86 .45 5.68 671
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
ADMINISTRATIVE SHARES
Six Months Ended July 31, 2003
(Unaudited) 1.00 .005 (.005) 1.00 .95(a) .30(a) .94(a) 15
Year Ended January 31,
2003 1.00 .015 (.015) 1.00 1.49 .30 1.47 23
2002 1.00 .035 (.035) 1.00 3.52 .30 3.32 127
2001 1.00 .059 (.059) 1.00 6.02 .30 5.83 22
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
PARTICIPANT SHARES
Six Months Ended July 31, 2003
(Unaudited) 1.00 .003 (.003) 1.00 .65(a) .60(a) .64(a) 221
Year Ended January 31,
2003 1.00 .012 (.012) 1.00 1.19 .60 1.17 52
2002 1.00 .032 (.032) 1.00 3.21 .60 3.02 121
2001 1.00 .056 (.056) 1.00 5.70 .60 5.53 119
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
(A) ANNUALIZED.
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 TREASURY
PRIME CASH MANAGEMENT
INSTITUTIONAL SHARES
Six Months Ended July 31, 2003
(Unaudited) 1.00 .005 (.005) 1.00 1.01(a) .20(a) 1.01(a) 2,382
Year Ended January 31,
2003 1.00 .016 (.016) 1.00 1.58 .20 1.56 3,291
2002 1.00 .036 (.036) 1.00 3.68 .20 3.40 3,331
2001 1.00 .058 (.058) 1.00 5.94 .20 5.74 1,936
2000 1.00 .046 (.046) 1.00 4.72 .20 4.61 2,227
1999 1.00 .050 (.050) 1.00 5.07 .20 4.96 2,784
INVESTOR SHARES
Six Months Ended July 31, 2003
(Unaudited) 1.00 .004 (.004) 1.00 .77(a) .45(a) .76(a) 1,131
Year Ended January 31,
2003 1.00 .013 (.013) 1.00 1.32 .45 1.31 1,261
2002 1.00 .034 (.034) 1.00 3.42 .45 3.15 1,300
2001 1.00 .055 (.055) 1.00 5.68 .45 5.49 502
2000 1.00 .044 (.044) 1.00 4.46 .45 4.36 412
1999 1.00 .047 (.047) 1.00 4.81 .45 4.71 434
ADMINISTRATIVE SHARES
Six Months Ended July 31, 2003
(Unaudited) 1.00 .005 (.005) 1.00 .91(a) .30(a) .91(a) 49
Year Ended January 31,
2003 1.00 .015 (.015) 1.00 1.48 .30 1.46 205
2002 1.00 .035 (.035) 1.00 3.57 .30 3.30 62
2001 1.00 .057 (.057) 1.00 5.84 .30 5.64 10
2000 1.00 .045 (.045) 1.00 4.62 .30 4.51 19
1999 1.00 .049 (.049) 1.00 4.97 .30 4.86 56
PARTICIPANT SHARES
Six Months Ended July 31, 2003
(Unaudited) 1.00 .003 (.003) 1.00 .60(a) .60(a) .61(a) 243
Year Ended January 31,
2003 1.00 .012 (.012) 1.00 1.18 .60 1.16 321
2002 1.00 .032 (.032) 1.00 3.26 .60 3.00 522
2001 1.00 .054 (.054) 1.00 5.52 .60 5.34 609
2000 1.00 .042 (.042) 1.00 4.31 .60 4.23 138
1999 1.00 .046 (.046) 1.00 4.65 .60 4.56 132
(A) ANNUALIZED.
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, 2003
(Unaudited) 1.00 .005 (.005) 1.00 .99(a) .20(a) .99(a) 236
Year Ended January 31,
2003 1.00 .013 (.013) 1.00 1.33 .20 1.31 224
2002 1.00 .026 (.026) 1.00 2.59 .20 2.52 125
2001 1.00 .039 (.039) 1.00 4.01 .20 3.94 133
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
INVESTOR SHARES
Six Months Ended July 31, 2003
(Unaudited) 1.00 .004 (.004) 1.00 .75(a) .45(a) .74(a) 114
Year Ended January 31,
2003 1.00 .011 (.011) 1.00 1.08 .45 1.06 92
2002 1.00 .023 (.023) 1.00 2.34 .45 2.27 63
2001 1.00 .037 (.037) 1.00 3.75 .45 3.69 45
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
ADMINISTRATIVE SHARES
Six Months Ended July 31, 2002
(Unaudited) 1.00 .004 (.004) 1.00 .89(a) .30(a) .89(a) 126
Year Ended January 31,
2003 1.00 .012 (.012) 1.00 1.23 .30 1.21 110
2002 1.00 .025 (.025) 1.00 2.48 .30 2.42 71
2001 1.00 .038 (.038) 1.00 3.91 .30 3.84 --(b)
2000 1.00 .030 (.030) 1.00 3.08 .30 3.02 --(b)
1999 1.00 .032 (.032) 1.00 3.27 .30 3.54 --(b)
PARTICIPANT SHARES
Six Months Ended July 31, 2002
(Unaudited) 1.00 .003 (.003) 1.00 .58(a) .60(a) .59(a) 21
Year Ended January 31,
2003 1.00 .009 (.009) 1.00 .93 .60 .91 16
2002 1.00 .022 (.022) 1.00 2.18 .60 2.12 16
2001 1.00 .035 (.035) 1.00 3.60 .60 3.54 14
2000 1.00 .027 (.027) 1.00 2.77 .60 2.72 --(b)
1999 1.00 .029 (.029) 1.00 2.97 .60 2.91 15
(A) ANNUALIZED.
(B) 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 NEW YORK
MUNICIPAL CASH MANAGEMENT
INSTITUTIONAL SHARES
Six Months Ended July 31, 2003
(Unaudited) 1.00 .005 (.005) 1.00 .93(a) .20(a) .94(a) 379
Year Ended January 31,
2003 1.00 .013 (.013) 1.00 1.26 .20 1.25 417
2002 1.00 .024 (.024) 1.00 2.41 .20 2.24 588
2001 1.00 .038 (.038) 1.00 3.87 .20 3.80 330
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
INVESTOR SHARES
Six Months Ended July 31, 2003
(Unaudited) 1.00 .003 (.003) 1.00 .69(a) .45(a) .69(a) 22
Year Ended January 31,
2003 1.00 .010 (.010) 1.00 1.01 .45 1.00 21
2002 1.00 .021 (.021) 1.00 2.15 .45 1.99 17
2001 1.00 .036 (.036) 1.00 3.61 .45 3.55 12
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
ADMINISTRATIVE SHARES
Six Months Ended July 31, 2003
(Unaudited) 1.00 .004 (.004) 1.00 .85(a) .30(a) .84(a) 10
Year Ended January 31,
2003 1.00 .011 (.011) 1.00 1.15 .30 1.15 6
2002 1.00 .023 (.023) 1.00 2.30 .30 2.14 3
2001 1.00 .037 (.037) 1.00 3.77 .30 3.70 --(b
2000 1.00 .029 (.029) 1.00 2.93 .30 2.88 --(b
1999 1.00 .030 (.030) 1.00 3.09 .30 3.02 --(b
PARTICIPANT SHARES
Six Months Ended July 31, 2003
(Unaudited) 1.00 .003 (.003) 1.00 .54(a) .60(a) .54(a) 3
Year Ended January 31,
2003 1.00 .009 (.009) 1.00 .86 .60 .85 2
2002 1.00 .020 (.020) 1.00 2.04 .60 1.84 --(b
2001 1.00 .034 (.034) 1.00 3.46 .60 3.40 1
2000 1.00 .026 (.026) 1.00 2.62 .60 2.58 --(b
1999 1.00 .027 (.027) 1.00 2.78 .60 2.72 1
(A) ANNUALIZED.
(B) 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 TAX EXEMPT CASH MANAGEMENT
INSTITUTIONAL SHARES
Six Months Ended July 31, 2003
(Unaudited) 1.00 .005 (.005) 1.00 .97(a) .20(a) .95(a) 2,133
Year Ended January 31,
2003 1.00 .013 (.013) 1.00 1.29 .20 1.28 2,073
2002 1.00 .025 (.025) 1.00 2.50 .20 2.40 1,880
2001 1.00 .039 (.039) 1.00 3.95 .20 3.85 1,538
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
INVESTOR SHARES
Six Months Ended July 31, 2003
(Unaudited) 1.00 .004 (.004) 1.00 .71(a) .45(a) .70(a) 170
Year Ended January 31,
2003 1.00 .010 (.010) 1.00 1.04 .45 1.03 119
2002 1.00 .022 (.022) 1.00 2.25 .45 2.15 195
2001 1.00 .036 (.036) 1.00 3.69 .45 3.60 154
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
ADMINISTRATIVE SHARES
Six Months Ended July 31, 2003
(Unaudited) 1.00 .004 (.004) 1.00 .85(a) .30(a) .85(a) 262
Year Ended January 31,
2003 1.00 .012 (.012) 1.00 1.19 .30 1.18 185
2002 1.00 .024 (.024) 1.00 2.40 .30 2.30 7
2001 1.00 .038 (.038) 1.00 3.85 .30 3.75 --(b)
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
PARTICIPANT SHARES
Six Months Ended July 31, 2002
(Unaudited) 1.00 .003 (.003) 1.00 .56(a) .60(a) .55(a) 40
Year Ended January 31,
2003 1.00 .009 (.009) 1.00 .89 .60 .88 139
2002 1.00 .021 (.021) 1.00 2.10 .60 2.00 151
2001 1.00 .035 (.035) 1.00 3.54 .60 3.45 168
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
(A) ANNUALIZED.
(B) AMOUNT REPRESENTS LESS THAN $1 MILLION.
SEE NOTES TO FINANCIAL STATEMENTS.
NOTES TO FINANCIAL STATEMENTS (Unaudited)
NOTE 1--Significant Accounting Policies:
Dreyfus Cash Management, Dreyfus Cash Management Plus, Inc., Dreyfus Government
Cash Management, Dreyfus Government Prime Cash Management, Dreyfus Treasury Cash
Management, Dreyfus Treasury Prime Cash Management, Dreyfus Municipal Cash
Management Plus, Dreyfus 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
personal income taxes. The Dreyfus Corporation (the "Manager") serves as each
fund' s investment adviser. The Manager is a wholly-owned subsidiary of Mellon
Bank, N.A., which is a wholly-owned subsidiary of Mellon Financial Corporation.
Dreyfus Service Corporation (the "Distributor"), a wholly-owned subsidiary of
the Manager, is the distributor of the funds' shares, which are sold to the
public without a sales charge. Each fund offers the following classes of shares:
Institutional Shares, Investor Shares, Administrative Shares and Participant
Shares. Investor Shares, Administrative 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 accounting
principles generally accepted in the United States, 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
in accordance with Rule 2a-7 of the Act, which has been determined by the funds'
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 premium and 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, 2003:
Dreyfus Cash Management 37,519
Dreyfus Municipal
Cash Management Plus 26,861
Dreyfus New York Municipal
Cash Management 30,284
Dreyfus Tax Exempt Cash Management 109,286
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
agree The Funds
NOTES TO FINANCIAL STATEMENTS (Unaudited) (CONTINUED)
ments with financial institutions, deemed to be creditworthy by the 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, if any, 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 (except for Dreyfus
Municipal Cash Management Plus, Dreyfus New York Municipal Cash Management and
Dreyfus Tax Exempt Cash Management) 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.
It is the policy of Dreyfus Municipal Cash Management Plus, Dreyfus New York
Municipal Cash Management and Dreyfus Tax Exempt Cash Management to continue to
qualify as a regulated investment company, which can distribute tax exempt
dividends, by complying with the applicable provisions of the Code and to make
distributions of income sufficient to relieve it from substantially all federal
income and excise taxes.
The tax character of each fund's distributions paid to shareholders (except for
Dreyfus Municipal Cash Management Plus, Dreyfus New York Municipal Cash
Management and Dreyfus Tax Exempt Cash Management) during the fiscal year ended
January 31, 2003, were all ordinary income. The tax character of current year
distributions will be determined at the end of the current fiscal year.
The tax character of Dreyfus Municipal Cash Management Plus, Dreyfus New York
Municipal Cash Management and Dreyfus Tax Exempt Cash Management distributions
paid to shareholders during the fiscal year ended January 31, 2003, were all tax
exempt income. The tax character of current year distributions will be
determined at the end of the current fiscal year.
The following summarizes each fund's accumulated capital losses available to be
applied against future net securities profits, if any, realized subsequent to
January 31, 2003.
EXPIRING IN FISCAL: ($ X 1,000)
2004 2005 2006 2007 2008 2009 2010 2011 TOTAL
- ------------------------------------------------------------------------------------------------------------------------------------
Dreyfus Cash Management -- -- 61 -- 60 -- -- -- 121
Dreyfus Cash Management Plus, Inc. -- -- -- -- -- -- -- -- --
Dreyfus Government Cash Management -- -- -- -- -- -- -- -- --
Dreyfus Government Prime Cash Management -- -- -- -- 20 39 -- 4 63
Dreyfus Treasury Cash Management -- -- -- 43 80 47 -- -- 170
Dreyfus Treasury Prime Cash Management -- -- -- -- -- 61 -- -- 61
Dreyfus Municipal Cash Management Plus -- 11 -- 18 -- -- -- -- 29
Dreyfus New York Municipal Cash Management -- 3 -- -- -- -- -- -- 3
Dreyfus Tax Exempt Cash Management -- 110 43 25 219 -- -- -- 397
At July 31, 2003, 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 Investor Shares,
Administrative 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 Investor Shares, Administrative Shares and
Participant Shares, each fund pays the Distributor for distributing such classes
of shares and for advertising and marketing relating to such classes of shares
and for providing certain services relating to shareholder accounts in such
classes of shares, such as answering shareholder inquiries regarding the fund
and providing reports and other information, and services related to the
maintenance of shareholder accounts ("Servicing"), at an aggregate annual rate
of .25, .10 and .40 of 1% of the value of the average daily net assets of
Investor Shares, Administrative Shares and Participant Shares, respectively. 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,
Investor Shares, Administrative 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. The table below summarizes
the amount each fund was charged pursuant to the Plan during the period ended
July 31, 2003.
(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 90 billion shares of $.001 par
value Common Stock.
Investor Administrative Participant
Shares ($) Shares ($) Shares ($)
- ------------------------------------------------------------------------------------------------------------------------------------
Dreyfus Cash Management 2,014,549 281,542 211,002
Dreyfus Cash Management Plus, Inc. 2,139,098 1,044,085 1,965,234
Dreyfus Government Cash Management 2,016,689 533,151 1,131,643
Dreyfus Government Prime Cash Management 358,763 97,891 384,576
Dreyfus Treasury Cash Management 1,390,361 9,506 155,240
Dreyfus Treasury Prime Cash Management 1,564,335 65,123 592,386
Dreyfus Municipal Cash Management Plus 119,897 61,297 32,800
Dreyfus New York Municipal Cash Management 33,606 3,021 5,967
Dreyfus Tax Exempt Cash Management 155,726 118,648 113,106
The Funds
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.
200 Park Avenue
New York, NY 10166
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) 2003 Dreyfus Service Corporation CMGTSA0703
ITEM 2. CODE OF ETHICS.
Not applicable.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable.
ITEM 6. [RESERVED]
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 8. [RESERVED]
ITEM 9. CONTROLS AND PROCEDURES.
(a) The Registrant's principal executive and principal financial officers
have concluded, based on their evaluation of the Registrant's disclosure
controls and procedures as of a date within 90 days of the filing date of
this report, that the Registrant's disclosure controls and procedures are
reasonably designed to ensure that information required to be disclosed by
the Registrant on Form N-CSR is recorded, processed, summarized and reported
within the required time periods and that information required to be
disclosed by the Registrant in the reports that it files or submits on Form
N-CSR is accumulated and communicated to the Registrant's management,
including its principal executive and principal financial officers, as
appropriate to allow timely decisions regarding required disclosure.
(b) There were no changes to the Registrant's internal controls over
financial reporting that occurred during the Registrant's most recently ended
fiscal half-year that has materially affected, or is reasonably likely to
materially affect, the Registrant's internal control over financial
reporting.
ITEM 10. EXHIBITS.
(a)(1) Not applicable.
(a)(2) Certifications of principal executive and principal financial
officers as required by Rule 30a-2(a) under the Investment Company Act of
1940.
(b) Certification of principal executive and principal financial officers
as required by Rule 30a-2(b) under the Investment Company Act of 1940.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the Registrant has duly caused this Report to
be signed on its behalf by the undersigned, thereunto duly authorized.
Dreyfus New York Municipal Cash Management
By: /s/ Stephen E. Canmter
---------------------
Stephen E. Canter
President
Date: September 24, 2003
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this Report has been signed below by the
following persons on behalf of the Registrant and in the capacities and on the
dates indicated.
By: /s/ Stephen E. Canter
-----------------------
Stephen E. Canter
Chief Executive Officer
Date: September 24, 2003
By: /s/ James Windels
-----------------------
James Windels
Chief Financial Officer
Date: September 24, 2003
EXHIBIT INDEX
(a)(2) Certifications of principal executive and principal
financial officers as required by Rule 30a-2(a) under the
Investment Company Act of 1940. (EX-99.CERT)
(b) Certification of principal executive and principal
financial officers as required by Rule 30a-2(b) under the
Investment Company Act of 1940. (EX-99.906CERT)