N-Q 1 form264.htm FORM NQ form264
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION 
Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT 
INVESTMENT COMPANY

Investment Company Act file number    811-3954 

Dreyfus Tax Exempt Cash Management Funds 
(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 area code:    (212) 922-6000 

Date of fiscal year end:    1/31 

Date of reporting period:    4/30/07 

FORM N-Q

Item 1.    Schedule of Investments. 

STATEMENT OF INVESTMENTS 
Dreyfus Tax Exempt Cash Management 
April 30, 2007 (Unaudited) 

    Coupon        Maturity    Principal     
Short-Term Investments--101.8%    Rate (%)        Date    Amount ($)    Value ($) 
Alabama--.8%                     
Greater Montgomery Educational                     
Building Authority,                     
Educational Facility Revenue                     
(Huntingdon College Project)                     
(LOC; Regions Bank)        3.95    5/7/07    16,116,000 a    16,116,000 
University of Alabama Board of                     
Trustees, General Revenue                     
(University of Alabama)                     
(Insured; MBIA and Liquidity                     
Facility; Southtrust Bank)        3.95    5/7/07    6,435,000 a    6,435,000 
 
Arizona--3.7%                     
Arizona Health Facilities                     
Authority, HR (Phoenix                     
Children's Hospital)                     
(Liquidity Facility; BNP                     
Paribas and LOC; BNP Paribas)        4.00    5/7/07    12,535,000 a,b    12,535,000 
Arizona Health Facilities                     
Authority, HR (Phoenix                     
Children's Hospital)                     
(Liquidity Facility; Merrill                     
Lynch Capital Services and                     
LOC; Merrill Lynch)        4.00    5/7/07    9,995,000 a,b    9,995,000 
Arizona Health Facilities                     
Authority, HR (Phoenix                     
Children's Hospital)                     
(Liquidity Facility; Merrill                     
Lynch Capital Services and                     
LOC; Merrill Lynch)        4.01    5/7/07    16,000,000 a,b    16,000,000 
Arizona Health Facilities                     
Authority, HR (Phoenix                     
Children's Hospital)                     
(Liquidity Facility; Merrill                     
Lynch Capital Services and                     
LOC; Merrill Lynch)        4.01    5/7/07    48,000,000 a,b    48,000,000 
Arizona Health Facilities                     
Authority, Revenue (La Loma                     
Village) (LOC; Citibank NA)        3.97    5/7/07    7,000,000 a    7,000,000 
Phoenix Civic Improvement                     
Corporation, Excise Tax                     
Revenue (Putters Program)                     
(Civic Plaza Expansion                     
Project) (Insured; FGIC and                     
Liquidity Facility; PB Capital                     
Finance)        3.97    5/7/07    8,255,000 a,b    8,255,000 
Salt River Project Agricultural                     

Improvement and Power                 
District, CP (Liquidity                 
Facility: Bank of America,                 
Bank One, Citibank NA,                 
JPMorgan Chase Bank, Marshall                 
and Isley Bank and Wells Fargo                 
Bank)    3.63    5/10/07    9,000,000    9,000,000 
 
Arkansas--.3%                 
Benton County Public Facilities                 
Board, College Parking                 
Facility Revenue (NorthWest                 
Arkansas Community College                 
Project) (LOC; Regions Bank)    3.94    5/7/07    8,250,000 a    8,250,000 
 
Colorado--2.1%                 
ABN AMRO Munitops Certificate                 
Trust (Denver City and County                 
Airport) (Insured; XLCA and                 
Liquidity Facility; ABN-AMRO)    3.99    5/7/07    22,345,000 a,b    22,345,000 
Colorado Education Loan Program,                 
TRAN    3.75    8/3/07    20,000,000    20,007,928 
Southern Ute Indian Tribe of the                 
Southern Ute Indian                 
Reservation, Revenue    3.93    5/7/07    21,000,000 a    21,000,000 
 
Delaware--.7%                 
Delaware Economic Development                 
Authority, MFHR (School House                 
Project) (LOC; HSBC Bank USA)    4.10    5/7/07    13,000,000 a    13,000,000 
Delaware Economic Development                 
Authority, Revenue                 
(Connections CSP Project)                 
(LOC; Mercantile-Safe Deposit                 
and Trust Company)    3.97    5/7/07    7,035,000 a    7,035,000 
 
Florida--4.9%                 
Alachua County Health Facilities                 
Authority, Continuing Care                 
Retirement Community Revenue                 
(Oak Hammock at the University                 
of Florida Project) (LOC; BNP                 
Paribas)    4.06    5/1/07    11,660,000 a    11,660,000 
Broward County,                 
Sales Tax Revenue, CP                 
(Liquidity Facility; Dexia                 
Credit Locale)    3.60    6/6/07    10,000,000    10,000,000 
Broward County,                 
Sales Tax Revenue, CP                 
(Liquidity Facility; Dexia                 
Credit Locale)    3.70    8/20/07    8,610,000    8,610,000 
Broward County Health Facilities                 
Authority, Revenue, Refunding                 
(John Knox Village of Florida,                 

Inc. Project) (Insured; Radian                 
Bank and Liquidity Facility;                 
SunTrust Bank)    4.15    5/1/07    3,600,000 a    3,600,000 
Highlands County Health Facilities                 
Authority, HR (Adventist                 
Health System/Sunbelt                 
Obligated Group)    3.98    5/7/07    7,000,000 a    7,000,000 
JEA,                 
Electric System Revenue, CP                 
(Liquidity Facility;                 
Landesbank Hessen-Thuringen                 
Girozentrale)    3.65    5/29/07    15,000,000    15,000,000 
Orange County Health Facilities                 
Authority, Revenue, CP (LOC;                 
SunTrust Bank)    3.75    9/13/07    10,900,000    10,900,000 
Palm Beach County Educational                 
Facilities Authority,                 
Educational Facilities Revenue                 
(Palm Beach Atlantic College,                 
Inc. Project) (LOC; Bank of                 
America)    3.97    5/7/07    11,000,000 a    11,000,000 
Sunshine State Governmental                 
Financing Commission, Revenue,                 
CP (Liquidity Facility; DEPFA                 
Bank PLC)    3.67    5/7/07    14,890,000    14,890,000 
Sunshine State Governmental                 
Financing Commission, Revenue,                 
CP (Liquidity Facility; DEPFA                 
Bank PLC)    3.65    5/10/07    10,000,000    10,000,000 
Sunshine State Governmental                 
Financing Commission, Revenue,                 
CP (Liquidity Facility; DEPFA                 
Bank PLC)    3.65    5/14/07    16,000,000    16,000,000 
Sunshine State Governmental                 
Financing Commission, Revenue,                 
CP (Liquidity Facility; Dexia                 
Credit Locale)    3.67    5/7/07    19,170,000    19,170,000 
Tampa,                 
Educational Facilities Revenue                 
(Trinity School for Children                 
Project) (LOC; Regions Bank)    3.95    5/7/07    4,980,000 a    4,980,000 
Volusia County Educational                 
Facilities Authority,                 
Educational Facilities Revenue                 
(Embry-Riddle Aeronautical                 
University, Inc. Project)                 
(Insured; Radian Bank and                 
Liquidity Facility; Citibank                 
NA)    3.99    5/7/07    5,645,000 a,b    5,645,000 
 
Georgia--4.9%                 
Atlanta,                 
Airport General Revenue,                 
Refunding (Hartsfield                 

International Airport)                 
(Insured; MBIA and Liquidity                 
Facility; Bayerische                 
Landesbank)    3.97    5/7/07    65,330,000 a    65,330,000 
Cobb County,                 
GO Notes, TAN    4.00    12/31/07    15,000,000    15,033,598 
Fulton County Housing Authority,                 
MFHR (Liquidity Facility;                 
Merrill Lynch Capital Services                 
and LOC; Merrill Lynch Capital                 
Services)    4.01    5/7/07    25,365,000 a,b    25,365,000 
Metropolitan Atlanta Rapid Transit                 
Authority, Sales Tax Revenue,                 
CP (LOC; Dexia Credit Locale)    3.70    5/14/07    12,500,000    12,500,000 
Municipal Electric Authority of                 
Georgia, CP (LOC; JPMorgan                 
Chase Bank)    3.75    5/11/07    20,000,000    20,000,000 
Private Colleges and University                 
Authority, CP (Emory                 
University Project)    3.70    9/12/07    10,000,000    10,000,000 
 
Hawaii--.5%                 
Hawaii Department of Budget and                 
Finance, Special Purpose                 
Revenue (Hawaii Pacific Health                 
Obligated Group) (Insured;                 
Radian Bank and Liquidity                 
Facility; Bank of Nova Scotia)    4.02    5/7/07    14,500,000 a    14,500,000 
 
Idaho--.1%                 
Idaho Housing and Finance                 
Association, Nonprofit                 
Facilities Revenue (Albertson                 
College of Idaho Project)                 
(LOC; Key Bank)    3.96    5/7/07    4,070,000 a    4,070,000 
 
Illinois--2.0%                 
Chicago O'Hare International                 
Airport, General Airport Third                 
Lien Revenue (Insured; FGIC                 
and Liquidity Facility; PB                 
Finance Inc.)    3.97    5/7/07    5,110,000 a,b    5,110,000 
Illinois,                 
GO Certificates    4.25    6/7/07    30,000,000    30,012,777 
Illinois Educational Facilities                 
Authority, Revenue, CP (Pooled                 
Finance Program) (LOC;                 
Northern Trust Company)    3.73    9/12/07    15,000,000    15,000,000 
Regional Transportation Authority,                 
GO Notes (Merlots Program)                 
(Insured; MBIA and Liquidity                 
Facility; Wachovia Bank)    3.99    5/7/07    10,085,000 a,b    10,085,000 
 
Indiana--3.2%                 

Indiana Health Facility Financing                 
Authority, Revenue (Ascension                 
Health Credit Group)    3.62    6/1/07    14,000,000    14,000,000 
Indiana Health Facility Financing                 
Authority, Revenue (Ascension                 
Health Subordinate Credit                 
Group)    5.00    11/1/07    3,200,000    3,220,572 
Indianapolis Local Public                 
Improvement Bond Bank, Notes    4.00    7/5/07    51,425,000    51,465,367 
Indianapolis Local Public                 
Improvement Bond Bank, Notes    4.00    7/5/07    6,375,000    6,380,004 
Merrillville Community School                 
Corporation, Temporary Loan                 
Warrants    4.00    12/31/07    20,000,000    20,051,565 
 
Iowa--4.3%                 
Iowa,                 
TRAN    4.25    6/29/07    85,000,000    85,088,087 
Iowa Finance Authority,                 
Health Facilities Revenue                 
(Care Initiatives Project)                 
(LOC; KBC Bank)    4.11    5/1/07    5,000,000 a    5,000,000 
Louisa County,                 
PCR, Refunding (Midwest Power                 
Systems Inc. Project)    3.98    5/7/07    27,900,000 a    27,900,000 
Tobacco Settlement Authority of                 
Iowa, Tobacco Settlement                 
Asset-Backed Bonds (Liquidity                 
Facility; Citibank NA and LOC;                 
Citigroup Global Market                 
Holdings)    3.99    5/7/07    11,810,000 a,b    11,810,000 
 
Kansas--.5%                 
Olathe,                 
Temporary Notes    4.00    6/1/07    15,500,000    15,505,668 
 
Kentucky--.9%                 
Fort Mitchell, Kentucky League of                 
Cities Funding Trust, LR                 
(Trust Lease Program) (LOC;                 
U.S. Bank NA)    3.98    5/7/07    8,200,000 a    8,200,000 
Madisonville,                 
HR (Trover Clinic Foundation,                 
Inc.) (Insured; Assured                 
Guaranty and Liquidity                 
Facility; JPMorgan Chase Bank)    3.96    5/7/07    19,250,000 a    19,250,000 
 
Louisiana--3.0%                 
Bank of New York Municipal                 
Certificates Trust (Liquidity                 
Facility; The Bank of New York                 
and LOC; The Bank of New York)    3.99    5/7/07    18,910,000 a,b    18,910,000 
Louisiana Municipal Natural Gas                 
Purchasing and Distribution                 

Authority, Revenue (Putters                 
Program) (Gas Project Number                 
1) (Liquidity Facility;                 
JPMorgan Chase Bank and LOC;                 
JPMorgan Chase Bank)    3.98    5/7/07    29,000,000 a,b    29,000,000 
Louisiana Public Facilities                 
Authority, HR (Touro Infirmary                 
Project) (Liquidity Facility;                 
Merrill Lynch)    4.00    5/7/07    34,045,000 a,b    34,045,000 
Tobacco Settlement Financing                 
Corporation of Louisiana,                 
Tobacco Settlement                 
Asset-Backed Bonds (Liquidity                 
Facility; Merrill Lynch)    4.01    5/7/07    9,115,000 a,b    9,115,000 
 
Maryland--.8%                 
Frederick County,                 
Revenue, Refunding                 
(Manekin-Frederick Associates                 
Facility) (LOC; M&T Bank)    4.04    5/7/07    2,700,000 a    2,700,000 
Maryland Economic Development                 
Corporation, Revenue (Legal                 
Aid Bureau Inc. Facility)                 
(LOC; M&T Bank)    3.99    5/7/07    2,355,000 a    2,355,000 
Montgomery County,                 
CP (Liquidity Facility; Fortis                 
Bank)    3.64    5/21/07    20,000,000    20,000,000 
 
Massachusetts--3.4%                 
Massachusetts Development Finance                 
Agency, Revenue                 
(Carleton-Willard Village)                 
(LOC; Bank of America)    3.97    5/7/07    9,110,000 a    9,110,000 
Massachusetts Development Finance                 
Agency, Revenue (Lesley                 
University Issue) (LOC; Bank                 
of America)    4.00    5/7/07    7,300,000 a    7,300,000 
Massachusetts Development Finance                 
Agency, Revenue (Northfield                 
Mount Hermon School Issue)                 
(Insured; Radian Bank and                 
Liquidity Facility; Bank of                 
America)    4.03    5/7/07    15,000,000 a    15,000,000 
Massachusetts Development Finance                 
Agency, Revenue (Suffolk                 
University Issue) (Insured;                 
Radian Bank and Liquidity                 
Facility: Bank of America and                 
State Street Bank and Trust                 
Co.)    4.03    5/7/07    32,700,000 a    32,700,000 
Massachusetts Development Finance                 
Agency, Revenue (Wentworth                 
Institute of Technology, Inc.                 
Issue) (Insured; Radian Bank                 

and Liquidity Facility; Bank                 
of America)    4.03    5/7/07    17,900,000 a    17,900,000 
Massachusetts Health and                 
Educational Facilities                 
Authority, Revenue (Cape Cod                 
Healthcare Obligated Group                 
Issue) (Insured; Assured                 
Guaranty and Liquidity                 
Facility; Bank of America)    3.96    5/7/07    20,000,000 a    20,000,000 
 
Michigan--5.7%                 
Detroit,                 
Sewage Disposal Revenue                 
(Merlots Program) (Insured;                 
FGIC and Liquidity Facility;                 
Wachovia Bank)    3.99    5/7/07    22,015,000 a,b    22,015,000 
Detroit Downtown Development                 
Authority, LR, Refunding                 
(Millender Center Project)                 
(LOC; HSBC Bank USA)    4.20    5/7/07    17,200,000 a    17,200,000 
Detroit Water Supply System,                 
Water Revenue (Merlots                 
Program) (Insured; MBIA and                 
Liquidity Facility; Wachovia                 
Bank)    3.99    5/7/07    10,470,000 a,b    10,470,000 
Marquette County Economic                 
Development Corporation, LOR                 
(Bell Memorial Hospital                 
Project) (LOC; Charter One                 
Bank)    3.97    5/7/07    32,285,000 a    32,285,000 
Michigan,                 
GO Notes (LOC; DEPFA Bank PLC)    4.25    9/28/07    30,000,000    30,089,844 
Michigan Building Authority,                 
Revenue, CP (LOC: State Street                 
Bank and Trust Co. and The                 
Bank of New York)    3.70    6/28/07    8,930,000    8,930,000 
Michigan Higher Education                 
Facilities Authority, Revenue,                 
Refunding (Walsh College                 
Project) (LOC; Commerce Bank)    3.96    5/7/07    10,195,000 a    10,195,000 
Michigan Hospital Finance                 
Authority, Revenue (Healthcare                 
Equipment Loan Program) (LOC;                 
Fifth Third Bank)    3.97    5/7/07    10,000,000 a    10,000,000 
Michigan Hospital Finance                 
Authority, Revenue (Healthcare                 
Equipment Loan Program) (LOC;                 
Fifth Third Bank)    3.97    5/7/07    15,000,000 a    15,000,000 
Michigan Hospital Finance                 
Authority, Revenue (Healthcare                 
Equipment Loan Program) (LOC;                 
Fifth Third Bank)    3.97    5/7/07    5,200,000 a    5,200,000 
Waterford Township Economic                 
Development Corporation, LOR,                 

Refunding (Canterbury Health                 
Care Inc. Project) (LOC; KBC                 
Bank)    3.97    5/7/07    10,815,000 a    10,815,000 
 
Minnesota--1.9%                 
Mankato,                 
Revenue (Bethany Lutheran                 
College, Inc. Project) (LOC;                 
Wells Fargo Bank)    4.06    5/1/07    3,810,000 a    3,810,000 
Rochester,                 
Health Care Facilities                 
Revenue, CP (Mayo Foundation)    3.65    6/12/07    30,000,000    30,000,000 
Southern Minnesota Municipal Power                 
Agency, Power Supply System                 
Revenue, CP (Liquidity                 
Facility; Landesbank                 
Hessen-Thuringen Girozentrale)    3.65    6/11/07    14,200,000    14,200,000 
University of Minnesota,                 
CP    3.63    5/22/07    10,000,000    10,000,000 
 
Mississippi--1.2%                 
Mississippi Business Finance                 
Corporation, Health Care                 
Facilities Revenue (Rush                 
Medical Foundation Project)                 
(LOC; Regions Bank)    3.96    5/7/07    25,000,000 a    25,000,000 
Mississippi Business Finance                 
Corporation, Revenue (Outback                 
98 West CC, LLC Project) (LOC;                 
First Tennessee Bank N.A.)    3.95    5/7/07    5,600,000 a    5,600,000 
Mississippi Development Bank,                 
Special Obligation Revenue,                 
Refunding (MSLoan                 
Program-DeSoto County                 
Convention Center Project)                 
(Insured; AMBAC and Liquidity                 
Facility; Dexia Credit Locale)    3.95    5/7/07    6,560,000 a    6,560,000 
 
Missouri--.8%                 
Kansas City Industrial Development                 
Authority, Revenue (Ewing                 
Marion Kauffman Foundation                 
Project)    4.06    5/1/07    3,000,000 a    3,000,000 
Missouri Health and Educational                 
Facilities Authority, Health                 
Facilities Revenue (Saint                 
Francis Medical Center) (LOC;                 
Bank of America)    4.06    5/1/07    11,005,000 a    11,005,000 
Saint Louis,                 
General Fund Revenue, TRAN    4.50    6/29/07    10,000,000    10,011,685 
 
Nebraska--1.3%                 
Nebhelp Inc.,                 
Revenue (Insured; MBIA and                 

Liquidity Facility; Lloyds TSB                 
Bank PLC)    4.00    5/7/07    11,780,000 a    11,780,000 
Nebraska Educational Finance                 
Authority, Revenue (Creighton                 
University Project) (Insured;                 
FGIC and Liquidity Facility;                 
JPMorgan Chase Bank)    4.10    5/1/07    10,900,000 a    10,900,000 
Scotts Bluff County Hospital                 
Authority Number 1, Revenue,                 
Refunding (Regional West                 
Medical Center) (Insured;                 
Radian and Liquidity Facility;                 
Key Bank)    4.01    5/7/07    16,960,000 a    16,960,000 
 
Nevada--.8%                 
Clark County,                 
Highway Revenue, CP (Motor                 
Vehicle Fuel Tax) (LOC;                 
Landesbank Hessen-Thuringen                 
Girozentrale)    3.65    5/29/07    17,500,000    17,500,000 
Clark County School District,                 
GO Notes (Putters Program)                 
(Insured; FSA and Liquidity                 
Facility; PB Capital Finance)    3.97    5/7/07    6,935,000 a,b    6,935,000 
 
New Hampshire--.3%                 
New Hampshire Health and Education             
Facilities Authority, HR                 
(Catholic Medical Center                 
Issue) (LOC; Citizens Bank of                 
Massachusetts)    3.94    5/7/07    9,395,000 a    9,395,000 
 
New Jersey--2.7%                 
New Jersey,                 
TRAN    4.50    6/22/07    79,650,000    79,738,535 
 
New York--3.4%                 
New York City Transitional Finance                 
Authority, General Capital                 
Purpose, BAN    4.25    6/29/07    75,000,000    75,086,450 
Tobacco Settlement Financing                 
Corporation of New York, Asset                 
Backed Revenue Bonds (State                 
Contingency Contract Secured)                 
(Liquidity Facility; DEPFA                 
Bank PLC)    3.97    5/7/07    17,495,000 a,b    17,495,000 
Tobacco Settlement Financing                 
Corporation of New York,                 
Revenue (Liquidity Facility:                 
Landesbank Hessen-Thuringen                 
Girozentrale and Merrill Lynch)    3.97    5/7/07    10,000,000 a,b    10,000,000 
 
Ohio--3.3%                 
Akron Bath Copley Joint Township                 

Hospital District, Health Care                 
Facilities Revenue (Sumner                 
Project) (LOC; KBC Bank)    3.96    5/7/07    5,300,000 a    5,300,000 
Cincinnati School District,                 
GO Notes (Putters Program)                 
(Insured; FSA and Liquidity                 
Facility; PB Capital Finance)    3.97    5/7/07    6,835,000 a,b    6,835,000 
Cleveland-Cuyahoga County Port                 
Authority, Revenue, Refunding                 
(Judson Project) (LOC;                 
National City Bank)    3.97    5/7/07    11,320,000 a    11,320,000 
Franklin County,                 
Health Care Facilities                 
Refunding and Improvement                 
Revenue (Ohio Presbyterian                 
Retirement Services) (Insured;                 
Radian Group and Liquidity                 
Facility; National City Bank)    3.99    5/7/07    12,000,000 a    12,000,000 
Franklin County,                 
Health Care Facilities Revenue                 
(Creekside at the Village                 
Project) (LOC; Key Bank)    3.96    5/7/07    7,250,000 a    7,250,000 
Hamilton County,                 
Hospital Facilities Revenue                 
(Christ Hospital) (Insured;                 
FSA and Liquidity Facility;                 
Svenska Handelsbanken)    4.01    5/7/07    45,000,000 a,b    45,000,000 
Jackson,                 
Hospital Facilities Revenue,                 
Refunding (Holzer Consolidated                 
Health Systems Obligated                 
Group) (Insured; Radian Group                 
and Liquidity Facility;                 
JPMorgan Chase Bank)    4.01    5/7/07    5,785,000 a    5,785,000 
Ohio Higher Education Facility,                 
Revenue (Ashland University                 
Project) (LOC; Key Bank)    3.97    5/7/07    4,600,000 a    4,600,000 
 
Oklahoma--.3%                 
Oklahoma Water Resources Board,                 
State Loan Program Revenue                 
(Liquidity Facility; Bank of                 
America)    3.70    10/1/07    5,000,000    5,000,000 
Oklahoma Water Resources Board,                 
State Loan Program Revenue                 
(Liquidity Facility; State                 
Street Bank and Trust Co.)    3.70    10/1/07    3,000,000    3,000,000 
 
Oregon--.8%                 
Oregon,                 
Homeowner Revenue (Liquidity                 
Facility; Landesbank                 
Hessen-Thuringen Girozentrale                 
and LOC; Trinity Funding Group)    4.00    5/7/07    8,960,000 a,b    8,960,000 

Salem Hospital Facility Authority,                 
Revenue (Capital Manor, Inc.                 
Project) (LOC; Bank of America)    3.97    5/7/07    5,670,000 a    5,670,000 
Salem Hospital Facility Authority,                 
Revenue, Refunding (Capital                 
Manor, Inc. Project) (LOC;                 
Bank of America)    3.97    5/7/07    9,150,000 a    9,150,000 
 
Pennsylvania--16.9%                 
Bethlehem Area School District,                 
GO Notes (Insured; FSA and                 
Liquidity Facility; Dexia                 
Credit Locale)    3.95    5/7/07    54,990,000 a    54,990,000 
Chester County Industrial                 
Development Authority, Student                 
Housing Revenue (University                 
Student Housing LLC Project at                 
West Chester University) (LOC;                 
Citizens Bank of Pennsylvania)    3.99    5/7/07    4,000,000 a    4,000,000 
Chestnut Ridge School District,                 
GO (Insured; FSA and Liquidity                 
Facility; Dexia Credit Locale)    3.95    5/7/07    10,875,000 a    10,875,000 
Dauphin County General Authority,                 
Revenue (Insured; FSA and                 
Liquidity Facility: Bank of                 
Nova Scotia and KBC Bank)    3.95    5/7/07    65,100,000 a    65,100,000 
Dauphin County General Authority,                 
Revenue (Insured; FSA and                 
Liquidity Facility: Bank of                 
Nova Scotia and KBC Bank)    3.95    5/7/07    14,010,000 a    14,010,000 
Dauphin County General Authority,                 
Revenue (School District                 
Pooled Financing Program II)                 
(Insured; AMBAC and Liquidity                 
Facility; Bank of Nova Scotia)    3.95    5/7/07    90,465,000 a    90,465,000 
Emmaus General Authority,                 
Local Government Revenue (GIC;                 
Goldman Sachs and Co.)    3.96    5/7/07    10,000,000 a    10,000,000 
Emmaus General Authority,                 
Local Government Revenue (GIC;                 
Goldman Sachs and Co.)    3.96    5/7/07    14,500,000 a    14,500,000 
Emmaus General Authority,                 
Local Government Revenue (LOC;                 
DEPFA Bank PLC)    3.96    5/7/07    7,900,000 a    7,900,000 
Emmaus General Authority,                 
Local Government Revenue (LOC;                 
DEPFA Bank PLC)    3.96    5/7/07    8,000,000 a    8,000,000 
Emmaus General Authority,                 
Local Government Revenue (LOC;                 
DEPFA Bank PLC)    3.96    5/7/07    6,200,000 a    6,200,000 
Emmaus General Authority,                 
Local Government Revenue (LOC;                 
DEPFA Bank PLC)    3.96    5/7/07    10,600,000 a    10,600,000 
Emmaus General Authority,                 

Local Government Revenue (LOC;                 
DEPFA Bank PLC)    3.96    5/7/07    7,800,000 a    7,800,000 
Emmaus General Authority,                 
Local Government Revenue (LOC;                 
DEPFA Bank PLC)    3.96    5/7/07    13,000,000 a    13,000,000 
Emmaus General Authority,                 
Local Government Revenue (LOC;                 
DEPFA Bank PLC)    3.96    5/7/07    4,000,000 a    4,000,000 
Emmaus General Authority,                 
Local Government Revenue (LOC;                 
DEPFA Bank PLC)    3.96    5/7/07    11,900,000 a    11,900,000 
Emmaus General Authority,                 
Local Government Revenue (LOC;                 
DEPFA Bank PLC)    3.96    5/7/07    7,500,000 a    7,500,000 
Emmaus General Authority,                 
Local Government Revenue (LOC;                 
Goldman Sachs and Co.)    3.96    5/7/07    13,075,000 a    13,075,000 
Harrisburg Authority,                 
Water Revenue, Refunding                 
(Insured; FGIC and Liquidity                 
Facility; FGIC)    3.97    5/7/07    14,405,000 a    14,405,000 
Lancaster County,                 
GO Notes (Insured; FSA and                 
Liquidity Facility; Royal Bank                 
of Canada)    3.95    5/7/07    19,615,000 a    19,615,000 
Lancaster County Hospital                 
Authority, Health Center                 
Revenue (Luthercare Project)                 
(LOC; M&T Bank)    3.97    5/7/07    13,680,000 a    13,680,000 
Lebanon County Health Facilities                 
Authority, Revenue (Cornwall                 
Manor Project) (Insured;                 
Radian Bank and Liquidity                 
Facility; Bank of America)    4.00    5/7/07    5,510,000 a    5,510,000 
Pennsylvania Higher Educational                 
Facilities Authority, Student                 
Housing Revenue (Washington                 
and Jefferson Development                 
Corp. - Washington and                 
Jefferson College Project)                 
(LOC; Unicredito Italiano SPA)    3.95    5/7/07    8,000,000 a    8,000,000 
Philadelphia School District,                 
GO Notes, TRAN (LOC; Bank of                 
America)    4.50    6/29/07    14,500,000    14,516,250 
Schuylkill County,                 
GO Notes (Insured; AMBAC and                 
Liquidity Facility; Wachovia                 
Bank)    3.97    5/7/07    6,420,000 a    6,420,000 
Spring Grove Area School District,                 
GO Notes (Insured; FSA and                 
Liquidity Facility; Dexia                 
Credit Locale)    3.95    5/7/07    17,495,000 a    17,495,000 
Spring Grove Area School District,                 
GO Notes (Insured; FSA and                 

Liquidity Facility; Dexia                 
Credit Locale)    3.95    5/7/07    20,000,000 a    20,000,000 
West Cornwall Township Municipal                 
Authority, GO Notes, Refunding             
(Bethlehem Area School                 
District Project) (Insured;                 
FSA and Liquidity Facility;                 
Dexia Credit Locale)    3.95    5/7/07    28,500,000 a    28,500,000 
West Cornwall Township Municipal                 
Authority, Revenue                 
(Pennsylvania General                 
Government Loan Program)                 
(Insured; FSA and Liquidity                 
Facility; Dexia Credit Locale)    3.95    5/7/07    3,357,000 a    3,357,000 
 
South Carolina--.2%                 
South Carolina Jobs-Economic                 
Development Authority, Health                 
Facilities Revenue, Refunding                 
(The Episcopal Church Home)                 
(Insured; Radian Bank and                 
Liquidity Facility; Wachovia                 
Bank)    3.99    5/7/07    6,735,000 a    6,735,000 
 
South Dakota--.3%                 
South Dakota Housing Development             
Authority, SFMR (Liquidity                 
Facility; Merrill Lynch                 
Capital Services and LOC;                 
Pallas Capital Corporation)    4.00    5/7/07    8,360,000 a,b    8,360,000 
 
Tennessee--10.6%                 
Blount County Public Building                 
Authority, Local Government                 
Public Improvement Revenue                 
(Insured; AMBAC and Liquidity                 
Facility; Regions Bank)    3.96    5/7/07    3,555,000 a    3,555,000 
Blount County Public Building                 
Authority, Local Government                 
Public Improvement Revenue                 
(Insured; AMBAC and Liquidity                 
Facility; Regions Bank)    3.96    5/7/07    5,000,000 a    5,000,000 
Blount County Public Building                 
Authority, Local Government                 
Public Improvement Revenue                 
(Insured; AMBAC and Liquidity                 
Facility; Regions Bank)    3.96    5/7/07    6,500,000 a    6,500,000 
Claiborne County Industrial                 
Development Board, Revenue                 
(Lincoln Memorial University                 
Project) (LOC; Amsouth Bank)    3.96    5/7/07    9,000,000 a    9,000,000 
Franklin Industrial Development                 
Board, Multifamily Revenue                 

(Landings Apartment Project)                 
(Liquidity Facility; Goldman                 
Sachs Group and LOC; Goldman                 
Sachs Group)    3.98    5/7/07    30,720,000 a,b    30,720,000 
Knoxville,                 
Wastewater Systems Revenue                 
(Putters Program) (Insured;                 
MBIA and Liquidity Facility;                 
PB Finance Inc.)    3.97    5/7/07    8,070,000 a,b    8,070,000 
Metropolitan Government of                 
Nashville and Davidson County,                 
CP    3.70    6/18/07    15,000,000    15,000,000 
Municipal Energy Acquisition                 
Corporation, Gas Revenue                 
(Putters Program) (Liquidity                 
Facility; JPMorgan Chase Bank                 
and LOC; JPMorgan Chase Bank)    3.98    5/7/07    13,375,000 a,b    13,375,000 
Sevier County Public Building                 
Authority, Local Government                 
Public Improvement Revenue                 
(Insured; AMBAC and Liquidity                 
Facility; JPMorgan Chase Bank)    4.12    5/1/07    5,000,000 a    5,000,000 
Sevier County Public Building                 
Authority, Local Government                 
Public Improvement Revenue                 
(Insured; AMBAC and Liquidity                 
Facility; KBC Bank)    3.96    5/7/07    7,395,000 a    7,395,000 
Sevier County Public Building                 
Authority, Local Government                 
Public Improvement Revenue                 
(Insured; AMBAC and Liquidity                 
Facility; Landesbank                 
Hessen-Thuringen Girozentrale)    3.96    5/7/07    7,485,000 a    7,485,000 
Sevier County Public Building                 
Authority, Local Government                 
Public Improvement Revenue                 
(Insured; AMBAC and Liquidity                 
Facility; Landesbank                 
Hessen-Thuringen Girozentrale)    3.96    5/7/07    10,000,000 a    10,000,000 
Tennergy Corporation,                 
Gas Revenue (Putters Program)                 
(Liquidity Facility; JPMorgan                 
Chase Bank)    3.98    5/7/07    25,000,000 a,b    25,000,000 
Tennergy Corporation,                 
Gas Revenue (Putters Program)                 
(LOC; BNP Paribas)    3.98    5/7/07    92,725,000 a,b    92,725,000 
Tennessee Energy Acquisition                 
Corporation, Gas Project                 
Revenue (Liquidity Facility;                 
Deutsche Bank AG and LOC;                 
Goldman Sachs Group)    4.00    5/7/07    10,845,000 a,b    10,845,000 
Tennessee Energy Acquisition                 
Corporation, Gas Project                 
Revenue (Liquidity Facility;                 

Goldman Sachs Group and LOC;             
Goldman Sachs Group)    3.97    5/7/07    50,000,000 a,b    50,000,000 
Tennessee Energy Acquisition                 
Corporation, Gas Project                 
Revenue (Merlots Program)                 
(Liquidity Facility; The Bank                 
of New York)    4.00    5/7/07    19,980,000 a,b    19,980,000 
 
Texas--9.6%                 
ABN AMRO Munitops Certificates                 
Trust (Comal Independent                 
School District) (Liquidity                 
Facility; ABN-AMRO and LOC;                 
Texas Permanent School Fund                 
Guarantee Program)    3.99    5/7/07    13,450,000 a,b    13,450,000 
ABN AMRO Munitops Certificates                 
Trust (Tarrant Regional Water                 
District, Water Revenue)                 
(Insured; FGIC and Liquidity                 
Facility; ABN-AMRO)    3.99    5/7/07    11,460,000 a,b    11,460,000 
Dallas Area Rapid Transit,                 
Transportation Revenue                 
(Merlots Program) (Insured:                 
AMBAC and FGIC and Liquidity                 
Facility; Wachovia Bank)    3.99    5/7/07    24,055,000 a,b    24,055,000 
Harris County Metropolitan Transit                 
Authority, Sales and Use Tax                 
Revenue, CP (LOC; DEPFA Bank             
PLC)    3.70    8/15/07    20,000,000    20,000,000 
Houston,                 
CP (Liquidity Facility; DEPFA                 
Bank PLC)    3.68    7/11/07    35,000,000    35,000,000 
Houston,                 
CP (Liquidity Facility; DEPFA                 
Bank PLC)    3.68    7/11/07    35,000,000    35,000,000 
North Central Texas Health                 
Facilities Development                 
Corporation, Revenue, CP                 
(Methodist Hospital) (Insured;                 
AMBAC and Liquidity Facility;                 
Dexia Credit Locale)    3.62    5/2/07    12,000,000    12,000,000 
San Antonio,                 
Water Revenue (Merlots                 
Program) (Liquidity Facility;                 
Wachovia Bank)    3.99    5/7/07    10,000,000 a,b    10,000,000 
Spring Independent School                 
District, Schoolhouse                 
(Insured; FSA and Liquidity                 
Facility; Dexia Credit Locale)    3.75    8/15/07    5,000,000    5,000,000 
Texas,                 
CP    3.77    6/12/07    7,100,000    7,100,000 
Texas,                 
TRAN    4.50    8/31/07    30,000,000    30,077,576 
Texas Municipal Gas Acquisition                 

and Supply Corporation I, Gas                 
Supply Revenue (Liquidity                 
Facility; Merrill Lynch                 
Capital Services and LOC;                 
Merrill Lynch Capital Services)    3.99    5/7/07    5,325,000 a,b    5,325,000 
Texas Municipal Gas Acquisition                 
and Supply Corporation I, Gas                 
Supply Revenue (Liquidity                 
Facility; Merrill Lynch                 
Capital Services and LOC;                 
Merrill Lynch)    4.01    5/7/07    19,805,000 a,b    19,805,000 
Texas Municipal Power Agency,                 
Revenue, CP (Liquidity                 
Facility: Bayerische                 
Landesbank and Bank of America)    3.63    5/22/07    10,000,000    10,000,000 
Texas Public Finance Authority,                 
Revenue, CP    3.63    5/21/07    11,900,000    11,900,000 
Texas Water Development Board,                 
State Revolving Fund                 
Subordinate Lien Revenue,                 
Refunding (Liquidity Facility;                 
JPMorgan Chase Bank)    3.90    5/1/07    30,000,000 a,c    30,000,000 
University of Texas,                 
University Revenue, CP    3.65    7/11/07    8,830,000    8,830,000 
 
Vermont--.2%                 
Vermont Educational and Health                 
Buildings Financing Agency, HR                 
(Rutland Regional Medical                 
Center Project) (Insured;                 
Radian Group and Liquidity                 
Facility; TD Banknorth N.A.)    4.06    5/1/07    6,785,000 a    6,785,000 
 
Virginia--1.4%                 
Alexandria Industrial Development                 
Authority, Revenue (Institute                 
for Defense Analyses Project)                 
(Insured; AMBAC and Liquidity                 
Facility; Wachovia Bank)    3.98    5/7/07    13,675,000 a    13,675,000 
Norfolk Redevelopment and Housing                 
Authority, First Mortgage                 
Revenue (Fort Norfolk                 
Retirement Community, Inc. -                 
Harbor's Edge Project) (LOC;                 
HSH Nordbank AG)    3.97    5/7/07    20,000,000 a    20,000,000 
Tobacco Settlement Financing                 
Corporation of Virginia,                 
Tobacco Settlement                 
Asset-Backed Bonds (Liquidity                 
Facility; Merrill Lynch)    3.97    5/7/07    7,500,000 a,b    7,500,000 
 
Washington--1.2%                 
Energy Northwest,                 
Electric Revenue, Refunding                 

(Putters Program) (Columbia                 
Generating Station) (Insured;                 
AMBAC and Liquidity Facility;                 
PB Finance Inc.)    3.97    5/7/07    5,235,000 a,b    5,235,000 
Washington,                 
GO Notes (Merlots Program)                 
(Insured: FGIC and MBIA and                 
Liquidity Facility; Wachovia                 
Bank)    3.99    5/7/07    20,000,000 a,b    20,000,000 
Washington Health Care Facilities                 
Authority, Revenue (Seattle                 
Cancer Care Alliance) (LOC;                 
Key Bank)    3.97    5/7/07    4,055,000 a    4,055,000 
Washington Higher Education                 
Facilities Authority, Revenue                 
(Saint Martin's College                 
Project) (LOC; U.S. Bank NA)    4.00    5/7/07    6,695,000 a    6,695,000 
 
Wisconsin--1.8%                 
Badger Tobacco Asset                 
Securitization Corporation,                 
Tobacco Settlement                 
Asset-Backed Bonds (Liquidity                 
Facility: Lloyds TSB Bank PLC                 
and Merrill Lynch)    3.98    5/7/07    5,860,000 a,b    5,860,000 
Wisconsin Health and Educational                 
Facilities Authority, Revenue                 
(ProHealth Care, Inc.                 
Obligated Group) (Insured;                 
AMBAC and LOC; Bank One)    4.06    5/1/07    30,940,000 a    30,940,000 
Wisconsin Health and Educational                 

Facilities Authority, Revenue                 
(Saint John's Communities,                 
Inc.) (Insured; Radian Bank                 
and Liquidity Facility;                 
Marshall and Ilsley Bank)    3.99    5/7/07    5,700,000 a    5,700,000 
Wisconsin Public Power Inc.,                 
Power Supply System Revenue                 
(Putters Program) (Insured;                 
AMBAC and Liquidity Facility;                 
PB Capital Finance)    3.97    5/7/07    10,360,000 a,b    10,360,000 
 
Wyoming--1.0%                 
Natrona County,                 
HR, Refunding (Wyoming Medical                 
Center Project) (Insured;                 
AMBAC and Liquidity Facility;                 
Bank of Nova Scotia)    3.94    5/7/07    28,700,000 a    28,700,000 
 
 
Total Investments (cost $3,058,153,906)            101.8%    3,058,153,906 
Liabilities, Less Cash and Receivables            (1.8%)    (55,301,226) 
Net Assets            100.0%    3,002,852,680 

a    Securities payable on demand. 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 April 30, 2007, these securities 
    amounted to $786,050,000 or 26.2% of net assets. 
c    Purchased on a delayed delivery basis. 

Securities valuation policies and other investment related disclosures are hereby incorporated by reference to the annual and semi-annual reports previously filed with the Securities and Exchange Commission on Form N-CSR.

Summary of Abbreviations         
ACA    American Capital Access    AGC    ACE Guaranty Corporation 
AGIC    Asset Guaranty Insurance Company    AMBAC    American Municipal Bond Assurance Corporation 
ARRN    Adjustable Rate Receipt Notes    BAN    Bond Anticipation Notes 
BIGI    Bond Investors Guaranty Insurance    BPA    Bond Purchase Agreement 
CGIC    Capital Guaranty Insurance Company    CIC    Continental Insurance Company 
CIFG    CDC Ixis Financial Guaranty    CMAC    Capital Market Assurance Corporation 
COP    Certificate of Participation    CP    Commercial Paper 
EDR    Economic Development Revenue    EIR    Environmental Improvement Revenue 
FGIC    Financial Guaranty Insurance Company    FHA    Federal Housing Administration 
FHLB    Federal Home Loan Bank    FHLMC    Federal Home Loan Mortgage Corporation 
FNMA    Federal National Mortgage Association    FSA    Financial Security Assurance 
GAN    Grant Anticipation Notes    GIC    Guaranteed Investment Contract 
GNMA    Government National Mortgage Association    GO    General Obligation 
HR    Hospital Revenue    IDB    Industrial Development Board 
IDC    Industrial Development Corporation    IDR    Industrial Development Revenue 
LOC    Letter of Credit    LOR    Limited Obligation Revenue 
LR    Lease Revenue    MBIA    Municipal Bond Investors Assurance Insurance 
            Corporation 
MFHR    Multi-Family Housing Revenue    MFMR    Multi-Family Mortgage Revenue 
PCR    Pollution Control Revenue    PILOT    Payment in Lieu of Taxes 
RAC    Revenue Anticipation Certificates    RAN    Revenue Anticipation Notes 
RAW    Revenue Anticipation Warrants    RRR    Resources Recovery Revenue 
SAAN    State Aid Anticipation Notes    SBPA    Standby Bond Purchase Agreement 
SFHR    Single Family Housing Revenue    SFMR    Single Family Mortgage Revenue 
SONYMA    State of New York Mortgage Agency    SWDR    Solid Waste Disposal Revenue 
TAN    Tax Anticipation Notes    TAW    Tax Anticipation Warrants 
TRAN    Tax and Revenue Anticipation Notes    XLCA    XL Capital Assurance 

Item 2. 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-Q 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-Q 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 control over financial reporting that occurred during the Registrant's most recently ended fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

Item 3.    Exhibits. 

(a) Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940.

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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 Tax Exempt Cash Management Funds

By:    /s/ J. David Officer 
    J. David Officer 
    President 
 
Date:    June 19, 2007 

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/ J. David Officer 
    J. David Officer 
    President 
 
Date:    June 19, 2007 

By:    /s/ James Windels 
    James Windels 
    Treasurer 
 
Date:    June 19, 2007 

EXHIBIT INDEX

(a) 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)

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