N-Q 1 formnq264.htm FORM N-Q formnq264

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)

Michael A. Rosenberg, 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:    4/30/08     

FORM N-Q

Item 1.    Schedule of Investments. 

STATEMENT OF INVESTMENTS
Dreyfus Tax Exempt Cash Management
April 30, 2008 (Unaudited)
    Coupon        Maturity    Principal     
Short-Term Investments--100.6%    Rate (%)        Date    Amount ($)    Value ($) 
Alabama--1.3%                     
Greater Montgomery Educational                     
Building Authority,                     
Educational Facility Revenue                     
(Huntingdon College Project)                     
(LOC; Regions Bank)        2.43    5/7/08    16,116,000 a    16,116,000 
Jefferson County,                     
Sewer Revenue Capital                     
Improvement Warrants        5.75    2/1/09    7,500,000 b    7,821,063 
Jefferson County Public Park and                     
Recreation Board, Revenue                     
(YMCA of Birmingham Project)                     
(LOC; Amsouth Bank)        2.68    5/1/08    1,965,000 a    1,965,000 
Lower Alabama Gas District,                     
Gas Supply Revenue (Liquidity                     
Facility; Societe Generale)        2.35    5/7/08    30,000,000 a    30,000,000 
Prattville Educational Building                     
Authority, Revenue (Prattville                     
Christian Academy, Inc.                     
Project) (LOC; Regions Bank)        2.47    5/7/08    5,000,000 a    5,000,000 
University of Alabama Board of                     
Trustees, General Revenue                     
(University of Alabama)                     
(Insured; MBIA and Liquidity                     
Facility; Southtrust Bank)        3.50    5/7/08    6,435,000 a    6,435,000 
 
Arizona--3.3%                     
Arizona Health Facilities                     
Authority, HR (Phoenix                     
Children's Hospital)                     
(Liquidity Facility; BNP                     
Paribas and LOC; BNP Paribas)        2.46    5/7/08    12,495,000 a,c    12,495,000 
Arizona Health Facilities                     
Authority, HR (Phoenix                     
Children's Hospital)                     
(Liquidity Facility; Merrill                     
Lynch Capital Services and                     
LOC; Merrill Lynch)        2.42    5/7/08    9,620,000 a,c    9,620,000 
Arizona Health Facilities                     
Authority, HR (Phoenix                     
Children's Hospital)                     
(Liquidity Facility; Merrill                     
Lynch Capital Services and                     
LOC; Merrill Lynch)        2.46    5/7/08    14,320,000 a,c    14,320,000 
Arizona Health Facilities                     
Authority, Revenue (La Loma                     
Village) (LOC; Citibank NA)        2.42    5/7/08    18,300,000 a    18,300,000 

Arizona School District,                 
COP (TAN Financing Program)    4.50    7/30/08    16,500,000    16,533,773 
Maricopa County,                 
HR, Refunding (Sun Health                 
Corporation) (LOC; ABN-AMRO)    2.48    5/7/08    21,455,000 a    21,455,000 
Puttable Floating Option Tax                 
Exempt Receipts (Phoenix Civic                 
Improvement Corporation,                 
Junior Lien Water System                 
Revenue) (Insured; MBIA and                 
Liquidity Facility; Merrill                 
Lynch Capital Services)    2.49    5/7/08    20,430,000 a,c    20,430,000 
Salt River Project Agricultural                 
Improvement and Power                 
District, CP (Salt River                 
Project) (Liquidity Facility:                 
Bank of America, Citibank NA,                 
JPMorgan Chase Bank and Wells                 
Fargo Bank)    1.15    7/8/08    25,000,000    25,000,000 
Salt River Project Agricultural                 
Improvement and Power                 
District, CP (Salt River                 
Project) (Liquidity Facility:                 
Bank of America, Citibank NA,                 
JPMorgan Chase Bank and Wells                 
Fargo Bank)    2.07    7/9/08    35,000,000    35,000,000 
 
Arkansas--1.1%                 
Benton County Public Facilities                 
Board, College Parking                 
Facility Revenue (NorthWest                 
Arkansas Community College                 
Project) (LOC; Regions Bank)    2.45    5/7/08    8,150,000 a    8,150,000 
North Little Rock Health                 
Facilities Board, Healthcare                 
Revenue (Baptist Health)                 
(Insured; MBIA and Liquidity                 
Facility; JPMorgan Chase Bank)    3.50    5/7/08    49,000,000 a    49,000,000 
 
California--.3%                 
California,                 
RAN    4.00    6/30/08    15,000,000    15,015,211 
 
Colorado--1.9%                 
Avon Urban Renewal Authority,                 
Tax Increment Renewal Revenue                 
(Town Center West Area Urban                 
Renewal Project) (LOC; DEPFA                 
Bank PLC)    2.35    5/7/08    5,000,000 a    5,000,000 
Centerra Metropolitan District,                 
Improvement Revenue, Refunding                 
(LOC; Compass Bank)    2.65    5/7/08    12,000,000 a    12,000,000 
Colorado Housing and Finance                 
Authority, SFMR (Liquidity                 

Facility; Dexia Credit Locale)    2.70    5/7/08    27,955,000 a    27,955,000 
RBC Municipal Products Inc. Trust                 
(Meridian Village Metropolitan                 
District Number One,                 
Improvement Revenue)                 
(Liquidity Facility; Royal                 
Bank of Canada and LOC; Royal                 
Bank of Canada)    2.51    5/7/08    17,600,000 a,c    17,600,000 
Southern Ute Indian Tribe of the                 
Southern Ute Indian                 
Reservation, Revenue    2.50    5/7/08    26,000,000 a    26,000,000 
Southglenn Metropolitan District,                 
Special Revenue (LOC; BNP                 
Paribas)    2.48    5/7/08    8,000,000 a    8,000,000 
 
Delaware--.4%                 
Delaware Economic Development                 
Authority, MFHR (School House                 
Project) (LOC; HSBC Bank USA)    2.70    5/7/08    12,700,000 a    12,700,000 
Delaware Economic Development                 
Authority, Revenue                 
(Connections CSP Project)                 
(LOC; Mercantile-Safe Deposit                 
and Trust Company)    2.45    5/7/08    6,940,000 a    6,940,000 
 
District of Columbia--1.8%                 
Anacostia Waterfront Corporation,                 
PILOT Revenue (Merlots                 
Program) (Liquidity Facility;                 
Wachovia Bank and LOC;                 
Wachovia Bank)    2.72    5/7/08    80,000,000 a,c    80,000,000 
District of Columbia,                 
Revenue, Refunding (American                 
Association of Homes and                 
Services for the Aging, Inc.                 
Issue) (LOC; Unicredito                 
Italiano SPA)    2.49    5/7/08    11,090,000 a    11,090,000 
 
Florida--7.1%                 
ABN-AMRO Munitops Certificates                 
Trust (Port Saint Lucie,                 
Utility System Revenue)                 
(Insured; MBIA and LOC;                 
ABN-AMRO)    3.23    5/1/08    3,500,000 a    3,500,000 
Broward County,                 
Sales Tax Revenue, CP                 
(Liquidity Facility; Dexia                 
Credit Locale)    1.65    6/13/08    25,000,000    25,000,000 
Capital Trust Agency,                 
MFHR (Brittany Bay Apartments                 
- Waterman's Crossing)                 
(Liquidity Facility; FHLMC and                 
LOC; FHLMC)    2.67    5/7/08    23,350,000 a,c    23,350,000 
Collier County Health Facilities                 

Authority, Health Facility                 
Revenue (The Moorings, Inc.                 
Project) (LOC; Wachovia Bank)    2.45    5/7/08    15,000,000 a    15,000,000 
Florida, State Board of Education,                 
Public Education Capital                 
Outlay, GO Notes (LOC;                 
Citibank NA)    2.43    5/1/08    5,930,000 a    5,930,000 
Florida Higher Educational                 
Facilities Financing                 
Authority, Revenue                 
(Jacksonville University                 
Project) (LOC; Regions Bank)    2.40    5/7/08    7,000,000 a    7,000,000 
Florida Hurricane Catastrophe Fund                 
Finance Corporation, Revenue    5.00    7/1/08    15,500,000    15,531,292 
Highlands County Health Facilities                 
Authority, HR (Adventist                 
Health System/Sunbelt                 
Obligated Group)    2.55    5/7/08    18,500,000 a    18,500,000 
Hillsborough County,                 
Capital Improvement Program                 
Revenue, CP (LOC; State Street                 
Bank and Trust Co.)    1.43    8/7/08    17,002,000    17,002,000 
Hillsborough County,                 
Community Investment Tax                 
Revenue (Insured; AMBAC)    5.00    11/1/08    7,135,000    7,189,374 
Jacksonville Electric Authority,                 
Revenue, CP (Liquidity                 
Facility; JPMorgan Chase Bank)    0.95    5/5/08    20,000,000    20,000,000 
JEA,                 
Water and Sewer System                 
Subordinated Revenue                 
(Liquidity Facility; State                 
Street Corporation)    2.56    5/7/08    10,200,000 a    10,200,000 
Marion County Hospital District,                 
Health System Improvement                 
Revenue (Munroe Regional                 
Health System) (LOC; Amsouth                 
Bank)    2.60    5/7/08    7,060,000 a    7,060,000 
Martin County,                 
PCR, Refunding (Florida Power                 
and Light Company Project)    2.85    5/1/08    12,500,000 a    12,500,000 
Miami-Dade County,                 
Water and Sewer System                 
Revenue, Refunding (Insured;                 
FSA and Liquidity Facility;                 
JPMorgan Chase Bank)    2.45    5/7/08    14,100,000 a    14,100,000 
Orange County Health Facilities                 
Authority, Revenue, CP (LOC;                 
SunTrust Bank)    1.98    6/12/08    22,200,000    22,200,000 
Orange County Housing Finance                 
Authority, MFHR, Refunding                 
(Heather Glen Apartments)                 
(Insured; FNMA and Liquidity                 
Facility; FNMA)    2.47    5/7/08    1,800,000 a    1,800,000 

Palm Beach County School District,                 
GO Notes, TAN    4.00    9/24/08    26,000,000    26,057,103 
Port Orange,                 
Revenue (Palmer College of                 
Chiropractic Florida Project)                 
(LOC; ABN-AMRO)    2.45    5/7/08    4,280,000 a    4,280,000 
Port Saint Lucie,                 
Utility System Revenue                 
(Insured; MBIA and Liquidity                 
Facility; Royal Bank of Canada)    4.75    5/7/08    22,265,000 a    22,265,000 
Sunshine State Governmental                 
Financing Commission, Revenue,                 
CP (Liquidity Facility; DEPFA                 
Bank PLC)    0.95    5/5/08    19,383,000    19,383,000 
Sunshine State Governmental                 
Financing Commission, Revenue,                 
CP (Liquidity Facility; DEPFA                 
Bank PLC)    1.45    6/4/08    15,438,000    15,438,000 
Sunshine State Governmental                 
Financing Commission, Revenue,                 
CP (Liquidity Facility; DEPFA                 
Bank PLC)    2.58    6/11/08    29,890,000    29,890,000 
Sunshine State Governmental                 
Financing Commission, Revenue,                 
CP (Liquidity Facility;                 
JPMorgan Chase Bank)    2.70    5/9/08    10,000,000    10,000,000 
Tampa,                 
Educational Facilities Revenue                 
(Trinity School for Children                 
Project) (LOC; Regions Bank)    2.46    5/7/08    4,775,000 a    4,775,000 
University of South Florida,                 
COP (University of South                 
Florida Financing Corporation                 
Master Lease Program) (LOC;                 
Wachovia Bank)    2.55    5/7/08    11,500,000 a    11,500,000 
 
Georgia--5.3%                 
Atlanta,                 
Airport General Revenue,                 
Refunding (Hartsfield                 
International Airport)                 
(Insured; MBIA and Liquidity                 
Facility; Bayerische                 
Landesbank)    3.20    5/7/08    65,330,000 a    65,330,000 
Burke County Development                 
Authority, PCR, CP (Oglethorpe                 
Power Corporation) (Liquidity                 
Facility; Bank of America)    3.90    5/8/08    25,000,000    25,000,000 
Burke County Development                 
Authority, PCR, CP (Oglethorpe                 
Power Corporation) (Liquidity                 
Facility; Rabobank Nederland)    5.25    5/20/08    27,750,000    27,750,000 
Burke County Development                 
Authority, PCR, CP (Oglethorpe                 

Power Corporation) (Liquidity                 
Facility; Rabobank Nederland)    5.25    5/20/08    24,700,000    24,700,000 
Fulton County Housing Authority,                 
MFHR (Insured; FHMLC and                 
Liquidity Facility; FHLMC)    2.67    5/7/08    25,365,000 a,c    25,365,000 
Georgia,                 
GO Notes    7.25    7/1/08    6,470,000    6,537,895 
Georgia Ports Authority,                 
Revenue (Garden City Terminal                 
Project) (LOC; SunTrust Bank)    2.70    5/7/08    12,000,000 a    12,000,000 
Medical Center Hospital Authority,                 
Revenue (Doctor's Community                 
Hospital) (Liquidity Facility;                 
Citibank NA and LOC; Citibank                 
NA)    2.51    5/7/08    16,000,000 a,c    16,000,000 
Metropolitan Atlanta Rapid Transit                 
Authority, Sales Tax Revenue,                 
CP (LOC; Dexia Credit Locale)    2.70    5/8/08    15,000,000    15,000,000 
Monroe County Development                 
Authority, PCR, CP (Oglethorpe                 
Power Corporation) (Liquidity                 
Facility; Rabobank Nederland)    5.25    5/20/08    5,000,000    5,000,000 
Municipal Electric Authority of                 
Georgia, CP (LOC; JPMorgan                 
Chase Bank)    1.45    7/9/08    25,420,000    25,420,000 
Private Colleges and Universities                 
Authority, CP (Emory                 
University Project)    1.35    5/14/08    15,500,000    15,500,000 
Private Colleges and Universities                 
Authority, CP (Emory                 
University Project)    1.35    5/15/08    3,750,000    3,750,000 
Private Colleges and Universities                 
Authority, CP (Emory                 
University Project)    1.40    5/15/08    6,000,000    6,000,000 
 
Idaho--.1%                 
Idaho Housing and Finance                 
Association, Nonprofit                 
Facilities Revenue (Albertson                 
College of Idaho Project)                 
(LOC; Key Bank)    2.45    5/7/08    3,885,000 a    3,885,000 
 
Illinois--5.1%                 
Channahon,                 
Revenue, Refunding (Morris                 
Hospital) (LOC; U.S. Bank NA)    2.25    5/7/08    3,915,000 a    3,915,000 
Chicago O'Hare International                 
Airport, General Airport Third                 
Lien Revenue (Insured; FGIC                 
and Liquidity Facility; PB                 
Finance Inc.)    2.48    5/7/08    5,090,000 a,c    5,090,000 
DuQuoin,                 
Industrial Improvement                 
Revenue, Refunding (Marshall                 

Browning Hospital Project)                 
(LOC; Comerica Bank)    2.48    5/7/08    10,250,000 a    10,250,000 
Elgin,                 
GO Notes (Corporate Purpose)    4.00    12/15/08    2,590,000 d    2,622,116 
Illinois,                 
GO Certificates    3.00    5/23/08    50,000,000    50,027,310 
Illinois Development Finance                 
Authority, Revenue (Lyric                 
Opera of Chicago Project)                 
(LOC: Bank One N.A., Harris                 
N.A. and Northern Trust Co.)    1.55    5/7/08    30,300,000 a    30,300,000 
Illinois Educational Facilities                 
Authority, Revenue, CP (Pooled                 
Finance Program)    1.85    5/20/08    31,000,000    31,000,000 
Illinois Finance Authority,                 
Revenue (Riverside Health                 
System) (LOC; JPMorgan Chase                 
Bank)    2.55    5/7/08    5,620,000 a    5,620,000 
Illinois Finance Authority,                 
Revenue (The Clare at Water                 
Tower Project) (LOC; ABN-AMRO)    2.50    5/7/08    13,200,000 a    13,200,000 
Illinois Finance Authority,                 
Revenue (The University of                 
Chicago) (Liquidity Facility;                 
Bank of America)    2.05    5/7/08    24,720,000 a    24,720,000 
Illinois Finance Authority,                 
Revenue, Refunding (Bradley                 
University) (LOC; Northern                 
Trust Company)    2.00    4/1/09    7,345,000    7,345,000 
Illinois Finance Authority,                 
Revenue, Refunding (Fairview                 
Obligated Group) (LOC;                 
ABN-AMRO)    2.50    5/7/08    21,795,000 a    21,795,000 
Illiniois Health Facilities                 
Authority, Revenue (Revolving                 
Fund Pooled Financing Program)                 
(Insured; FSA and Liquidity                 
Facility; Barclays Bank PLC)    2.70    5/7/08    9,400,000 a    9,400,000 
Illinois Housing Development                 
Authority, Homeowner Mortgage                 
Revenue    3.45    10/1/08    2,240,000    2,240,000 
Illinois Toll Highway Authority,                 
Toll Highway Senior Revenue,                 
Refunding (Insured; FSA and                 
Liquidity Facility; Dexia                 
Credit Locale)    2.05    5/7/08    23,000,000 a    23,000,000 
Illinois Toll Highway Authority,                 
Toll Highway Senior Revenue,                 
Refunding (Insured; FSA and                 
Liquidity Facility; Dexia                 
Credit Locale)    2.35    5/7/08    23,000,000 a    23,000,000 
 
Indiana--2.8%                 
Indiana Educational Facilities                 

Authority, Revenue (Martin                 
University Project) (LOC; Key                 
Bank)    2.48    5/7/08    2,945,000 a    2,945,000 
Indiana Health and Educational                 
Facility Financing Authority,                 
Revenue (Ascension Health                 
Senior Credit Group)                 
(Liquidity Facility; Citigroup                 
Inc.)    2.43    5/7/08    80,060,000 a,c    80,060,000 
Indiana Health Facility Financing                 
Authority, Revenue (Ascension                 
Health Credit Group)    1.75    4/1/09    10,000,000    10,000,000 
Indianapolis Local Public                 
Improvement Bond Bank, Limited                 
Recourse Notes (City of                 
Indianapolis County Option                 
Income TRAN)    4.25    10/2/08    5,500,000    5,562,380 
Indianapolis Local Public                 
Improvement Bond Bank, Limited                 
Recourse Notes (City of                 
Indianapolis County Option                 
Income TRAN)    4.00    1/12/09    6,250,000    6,285,949 
Indianapolis Local Public                 
Improvement Bond Bank, Notes    2.90    7/1/08    20,000,000    20,000,000 
Indianapolis Local Public                 
Improvement Bond Bank, Notes    2.95    1/8/09    18,000,000    18,000,000 
Pike Township Multi-School                 
Building Corporation, First                 
Mortgage Revenue (Insured;                 
AMBAC)    4.50    7/15/08    3,250,000    3,255,373 
 
Kansas--.6%                 
Olathe,                 
Temporary Notes    4.00    6/1/08    28,615,000    28,628,263 
 
Kentucky--1.5%                 
Fort Mitchell, Kentucky League of                 
Cities Funding Trust, LR                 
(Trust Lease Program) (LOC;                 
U.S. Bank NA)    2.47    5/7/08    7,800,000 a    7,800,000 
Jefferson County,                 
Retirement Home Revenue                 
(Nazareth Literary and                 
Benevolent Institution                 
Project) (LOC; Fifth Third                 
Bank)    2.49    5/7/08    9,500,000 a    9,500,000 
Kentucky Asset/Liability                 
Commission, General Fund                 
Revenue, CP (Liquidity                 
Facility; Dexia Credit Locale)    0.80    6/2/08    25,000,000    25,000,000 
Kentucky Property and Buildings                 
Commission, Revenue, Refunding             
(Project Number 84) (Liquidity                 
Facility; Dexia Credit Locale                 

and LOC; Dexia Credit Locale)    2.46    5/7/08    16,530,000 a,c    16,530,000 
Madisonville,                 
HR (Trover Clinic Foundation,                 
Inc.) (Insured; Assured                 
Guaranty and Liquidity                 
Facility; JPMorgan Chase Bank)    2.48    5/7/08    19,250,000 a    19,250,000 
Richmond,                 
Lease Program Revenue                 
(Kentucky League of Cities                 
Funding Trust) (LOC; U.S. Bank                 
NA)    2.47    5/7/08    2,000,000 a    2,000,000 
 
Louisiana--2.3%                 
Louisiana Local Government                 
Environmental Facilities and                 
Community Development                 
Authority, Healthcare                 
Facilities Revenue, Refunding                 
(Saint James Place of Baton                 
Rouge Project) (LOC; ABN-AMRO)    2.68    5/7/08    11,520,000 a    11,520,000 
Louisiana Local Government                 
Environmental Facilities and                 
Community Development                 
Authority, Revenue                 
(Northwestern State University                 
Student Housing Project) (LOC;                 
Regions Bank)    2.51    5/7/08    10,480,000 a    10,480,000 
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)    2.51    5/7/08    27,029,000 a,c    27,029,000 
Louisiana Public Facilities                 
Authority, HR (Touro Infirmary                 
Project) (Liquidity Facility;                 
Merrill Lynch)    3.39    5/7/08    34,045,000 a,c    34,045,000 
Louisiana Public Facilities                 
Authority, Revenue (Tiger                 
Athletic Foundation Project)                 
(LOC; Regions Bank)    2.43    5/7/08    25,000,000 a    25,000,000 
Plaquemines Port Harbor and                 
Terminal District, Port                 
Facility Revenue (Chevron Pipe                 
Line Company Project)    3.85    9/1/08    4,895,000    4,894,468 
Saint Tammany Parish Development                 
District, Revenue (Rooms To Go                 
Saint Tammany LLC Project)                 
(LOC; SunTrust Bank)    2.70    5/7/08    5,000,000 a    5,000,000 
 
Maryland--.7%                 
Baltimore County Revenue                 
Authority, Golf System Revenue                 

(LOC; M&T Bank)    2.46    5/7/08    4,100,000 a    4,100,000 
Frederick County,                 
Revenue, Refunding                 
(Manekin-Frederick Associates                 
Facility) (LOC; M&T Bank)    2.55    5/7/08    2,550,000 a    2,550,000 
Maryland Economic Development                 
Corporation, Revenue (Easter                 
Seals Facility) (LOC; M&T Bank)    2.48    5/7/08    6,900,000 a    6,900,000 
Maryland Economic Development                 
Corporation, Revenue (Legal                 
Aid Bureau Inc. Facility)                 
(LOC; M&T Bank)    2.50    5/7/08    2,230,000 a    2,230,000 
Montgomery County,                 
CP (Liquidity Facility; Fortis                 
Bank)    1.35    6/2/08    22,500,000    22,500,000 
 
Massachusetts--3.4%                 
Massachusetts,                 
CP (Liquidity Facility; Bank                 
of Nova Scotia)    1.35    5/12/08    40,000,000    40,000,000 
Massachusetts,                 
GO Notes, Refunding (Insured;                 
FSA)    5.25    1/1/09    2,500,000    2,567,241 
Massachusetts Bay Transportation                 
Authority, Sales Tax Revenue,                 
CP (Liquidity Facility; Fortis                 
Bank)    1.80    6/23/08    10,750,000    10,750,000 
Massachusetts Development Finance                 
Agency, Revenue (Clark                 
University Issue) (LOC; TD                 
Banknorth N.A.)    2.55    5/7/08    5,000,000 a    5,000,000 
Massachusetts Development Finance                 
Agency, Revenue (Lesley                 
University Issue) (LOC; Bank                 
of America)    2.53    5/7/08    7,200,000 a    7,200,000 
Massachusetts Development Finance                 
Agency, Revenue (Northfield                 
Mount Hermon School Issue)                 
(LOC; JPMorgan Chase Bank)    2.53    5/7/08    30,000,000 a    30,000,000 
Massachusetts Development Finance                 
Agency, Revenue (Suffolk                 
University Issue) (Insured;                 
Assured Guaranty and Liquidity                 
Facility; JPMorgan Chase Bank)    2.70    5/7/08    11,000,000 a    11,000,000 
Massachusetts Development Finance                 
Agency, Revenue, Refunding                 
(Wentworth Institute of                 
Technology Issue) (LOC;                 
JPMorgan Chase Bank)    2.53    5/7/08    20,000,000 a    20,000,000 
Massachusetts Development Finance                 
Agency, Revenue, Refunding                 
(Wentworth Institute of                 
Technology Issue) (LOC;                 
JPMorgan Chase Bank)    2.53    5/7/08    14,635,000 a    14,635,000 

Massachusetts Health and                 
Educational Facilities                 
Authority, Revenue (Cape Cod                 
Healthcare Obligated Group                 
Issue) (Insured; Assured                 
Guaranty and Liquidity                 
Facility; Bank of America)    2.43    5/7/08    15,000,000 a    15,000,000 
Massachusetts Health and                 
Educational Facilities                 
Authority, Revenue (Partners                 
HealthCare System Issue)    2.25    5/7/08    8,500,000 a    8,500,000 
Massachusetts Health and                 
Educational Facilities                 
Authority, Revenue, CP                 
(Partners Healthcare)    1.55    11/3/08    9,000,000    9,000,000 
Massachusetts School Building                 
Authority, Dedicated Sales Tax                 
Bonds (Putters Program)                 
(Insured; FSA and Liquidity                 
Facility; JPMorgan Chase Bank)    2.51    5/7/08    3,180,000 a,c    3,180,000 
 
Michigan--4.6%                 
Detroit,                 
Water Supply System Revenue                 
(Merlots Program) (Insured;                 
MBIA and Liquidity Facility;                 
Wachovia Bank)    3.52    5/7/08    12,760,000 a,c    12,760,000 
Eastern Michigan University Board                 
of Regents, General Revenue,                 
Refunding (LOC; Dexia Credit                 
Locale)    2.45    5/7/08    13,000,000 a    13,000,000 
Greater Detroit Resource Recovery                 
Authority, RRR (Insured; AMBAC)    6.25    12/13/08    7,755,000    7,919,296 
Marquette County Economic                 
Development Corporation, LOR                 
(Bell Memorial Hospital                 
Project) (LOC; Charter One                 
Bank)    2.48    5/7/08    32,285,000 a    32,285,000 
Michigan,                 
GO Notes    4.00    9/30/08    20,000,000    20,086,720 
Michigan Building Authority,                 
Multi-Modal Revenue                 
(Facilities Program) (LOC;                 
JPMorgan Chase Bank)    2.50    5/7/08    35,500,000 a    35,500,000 
Michigan Higher Education                 
Facilities Authority, Revenue,                 
Refunding (Walsh College                 
Project) (LOC; Commerce Bank)    2.45    5/7/08    9,535,000 a    9,535,000 
Michigan Hospital Finance                 
Authority, Revenue (Ascension                 
Health Senior Credit Group)    2.25    5/7/08    11,000,000 a    11,000,000 
Michigan Hospital Finance                 
Authority, Revenue (Healthcare                 
Equipment Loan Program) (LOC;                 

Fifth Third Bank)    2.60    5/7/08    10,000,000 a    10,000,000 
Michigan Hospital Finance                 
Authority, Revenue (Healthcare                 
Equipment Loan Program) (LOC;                 
Fifth Third Bank)    2.60    5/7/08    15,000,000 a    15,000,000 
Michigan Hospital Finance                 
Authority, Revenue (Healthcare                 
Equipment Loan Program) (LOC;                 
Fifth Third Bank)    2.60    5/7/08    5,200,000 a    5,200,000 
Michigan Hospital Finance                 
Authority, Revenue, Refunding                 
(McLaren Health Care)                 
(Liquidity Facility; Citibank                 
NA and LOC; Citibank NA)    2.51    5/7/08    10,000,000 a,c    10,000,000 
Michigan Municipal Bond Authority,                 
Revenue Notes    4.50    8/20/08    15,000,000    15,035,938 
Michigan Municipal Bond Authority,                 
Revenue Notes (LOC; Bank of                 
Nova Scotia)    4.50    8/20/08    10,000,000    10,023,959 
Michigan Strategic Fund,                 
LOR (Legal Aid and Defender                 
Association, Inc. Project)                 
(LOC; JPMorgan Chase Bank)    2.51    5/7/08    12,640,000 a    12,640,000 
Michigan Strategic Fund,                 
LOR, Refunding (Consumers                 
Energy Company Project) (LOC;                 
Wells Fargo Bank)    2.56    5/7/08    5,700,000 a    5,700,000 
University of Michigan,                 
CP    1.90    5/8/08    2,760,000    2,760,000 
Waterford Township Economic                 
Development Corporation, LOR,                 
Refunding (Canterbury Health                 
Care Inc. Project) (LOC; KBC                 
Bank)    2.48    5/7/08    10,585,000 a    10,585,000 
 
Minnesota--1.8%                 
Minneapolis and Saint Paul Housing                 
and Redevelopment Authority,                 
Revenue (Children's Hospitals                 
and Clinics) (Insured; FSA and                 
Liquidity Facility; U.S. Bank                 
NA)    2.63    5/1/08    3,000,000 a    3,000,000 
Rochester,                 
Health Care Facilities                 
Revenue, CP (Mayo Foundation)    1.45    6/12/08    10,000,000    10,000,000 
Saint Cloud,                 
Health Care Revenue                 
(CentraCare Health System                 
Project) (Insured; Assured                 
Guaranty and Liquidity                 
Facility; Bank of Nova Scotia)    2.50    5/7/08    5,300,000 a    5,300,000 
Saint Cloud,                 
Health Care Revenue                 
(CentraCare Health System                 

Project) (Insured; Assured                 
Guaranty and Liquidity                 
Facility; JPMorgan Chase Bank)    2.50    5/7/08    7,700,000 a    7,700,000 
Saint Cloud,                 
Health Care Revenue                 
(CentraCare Health System                 
Project) (Insured; Assured                 
Guaranty and Liquidity                 
Facility; Royal Bank of Canada)    2.43    5/7/08    5,000,000 a    5,000,000 
University of Minnesota,                 
CP    2.50    5/20/08    20,000,000    20,000,000 
University of Minnesota,                 
CP    2.55    5/20/08    25,000,000    25,000,000 
University of Minnesota,                 
CP    1.40    6/4/08    7,000,000    7,000,000 
University of Minnesota,                 
CP    1.30    7/8/08    10,000,000    10,000,000 
 
Mississippi--1.6%                 
Mississippi Business Finance                 
Corporation, Gulf Opportunity                 
Zone IDR (Chevron U.S.A Inc.                 
Project)    2.55    5/7/08    5,000,000 a    5,000,000 
Mississippi Business Finance                 
Corporation, Gulf Opportunity                 
Zone IDR (Chevron U.S.A. Inc.                 
Project)    2.69    5/7/08    12,000,000 a    12,000,000 
Mississippi Business Finance                 
Corporation, Health Care                 
Facilities Revenue (Rush                 
Medical Foundation Project)                 
(LOC; Regions Bank)    2.47    5/7/08    24,100,000 a    24,100,000 
Mississippi Business Finance                 
Corporation, Revenue (DDR                 
Gulfport Promenade LLC                 
Project) (LOC; Regions Bank)    2.43    5/7/08    7,000,000 a    7,000,000 
Mississippi Business Finance                 
Corporation, Revenue (Gulf                 
Ship, L.L.C. Project Phase                 
III) (LOC; Regions Bank)    2.43    5/7/08    15,000,000 a    15,000,000 
Mississippi Business Finance                 
Corporation, Revenue                 
(Renaissance at Colony Park,                 
LLC Project) (LOC; Regions                 
Bank)    2.45    5/7/08    12,890,000 a    12,890,000 
University of Mississippi                 
Educational Building                 
Corporation, Revenue (Campus                 
Improvements Project)                 
(Insured; MBIA and Liquidity                 
Facility; Amsouth Bank)    3.50    5/7/08    4,760,000 a    4,760,000 
 
Missouri--.5%                 
Missouri Health and Educational                 

Facilities Authority, Revenue                 
(Ascension Health Credit Group)    1.75    3/3/09    15,000,000    15,000,000 
Missouri Health and Educational                 
Facilities Authority, School                 
District Advance Funding                 
Program Notes (Mehlville R-IX                 
School District)    4.25    11/3/08    6,955,000    6,980,508 
Saint Louis,                 
General Fund Revenue, TRAN    4.50    6/30/08    3,000,000    3,012,049 
 
Nebraska--1.3%                 
Nebhelp Inc.,                 
Revenue (Insured; MBIA and                 
Liquidity Facility; Lloyds TSB                 
Bank PLC)    4.00    5/7/08    31,780,000 a    31,780,000 
Nebhelp Inc.,                 
Revenue (Insured; MBIA and                 
Liquidity Facility; Lloyds TSB                 
Bank PLC)    4.00    5/7/08    35,560,000 a    35,560,000 
Southern Public Power District,                 
Electric Utility Revenue, BAN    4.00    12/15/08    2,120,000    2,148,694 
 
Nevada--1.1%                 
Clark County,                 
Airport System Subordinate                 
Lien Revenue (LOC; Landesbank                 
Baden-Wurttemberg)    2.56    5/7/08    16,100,000 a    16,100,000 
Clark County,                 
Airport System Subordinate                 
Lien Revenue (LOC; Landesbank                 
Baden-Wurttemberg)    2.56    5/7/08    6,600,000 a    6,600,000 
Clark County School District,                 
GO Notes (Putters Program)                 
(Insured; FSA and Liquidity                 
Facility; PB Capital Finance)    2.51    5/7/08    6,905,000 a,c    6,905,000 
Las Vegas Convention and Visitors                 
Authority, Revenue, CP (LOC:                 
Bank of Nova Scotia, Fortis                 
Bank and State Street                 
Corporation)    2.25    5/21/08    10,000,000    10,000,000 
Las Vegas Valley Water District,                 
CP (LOC: BNP Paribas and                 
Lloyds TSB Bank PLC)    1.43    8/7/08    12,100,000    12,100,000 
Las Vegas Valley Water District,                 
Revenue, Refunding    5.00    6/1/08    2,750,000    2,753,075 
 
New Hampshire--.7%                 
New Hampshire Health and Education                 
Facilities Authority, HR                 
(Catholic Medical Center                 
Issue) (LOC; Citizens Bank of                 
Massachusetts)    2.45    5/7/08    9,235,000 a    9,235,000 
New Hampshire Health and Education                 
Facilities Authority,                 

RAN/Capital Notes (The                 
Riverwoods Company, at Exeter,                 
New Hampshire)    4.50    9/26/08    4,000,000    4,009,326 
New Hampshire Health and Education                 
Facilities Authority, Revenue                 
(University System of New                 
Hampshire Issue)    3.00    3/26/09    6,000,000    6,000,000 
New Hamshire Business Finance                 
Authority, Revenue (Littleton                 
Regional Hospital Issue) (LOC;                 
TD Banknorth NA)    2.48    5/7/08    18,000,000 a    18,000,000 
 
New Mexico--.6%                 
Dona Ana County,                 
IDR (Foamex Products, Inc.                 
Project) (LOC; Bank of Nova                 
Scotia)    2.44    5/7/08    6,000,000 a    6,000,000 
Farmington,                 
PCR, Refunding (Arizona Public                 
Service Company Four Corners                 
Project) (LOC; Bank of America)    2.65    5/1/08    15,950,000 a    15,950,000 
New Mexico Finance Authority,                 
State Transportation Revenue,                 
Refunding (Subordinate Lien)                 
(LOC; UBS Finance Delaware LLC)    2.45    5/7/08    8,000,000 a    8,000,000 
 
New York--.3%                 
Suffolk County,                 
GO Notes, TAN    3.50    8/14/08    10,000,000    10,019,781 
Tobacco Settlement Financing                 
Corporation of New York,                 
Asset-Backed Revenue (State                 
Contingency Contract Secured)                 
(Liquidity Facility; DEPFA                 
Bank PLC)    2.47    5/7/08    7,495,000 a,c    7,495,000 
 
North Carolina--.3%                 
North Carolina Capital Facilities                 
Finance Agency, CP (Duke                 
University Project)    2.15    5/7/08    6,000,000    6,000,000 
North Carolina Capital Facilities                 
Finance Agency, CP (Duke                 
University Project)    1.90    6/3/08    1,482,000    1,482,000 
North Carolina Medical Care                 
Commission, Health Care                 
Facilities First Mortgage                 
Revenue (Carol Woods Project)                 
(Liquidity Facility; Branch                 
Banking and Trust Co.)    2.65    5/1/08    4,160,000 a    4,160,000 
Piedmont Triad Airport Authority,                 
Airport Revenue (LOC; Branch                 
Banking and Trust Co.)    2.45    5/7/08    5,000,000 a    5,000,000 
 
Ohio--3.0%                 

Akron Bath Copley Joint Township                 
Hospital District, Health Care                 
Facilities Revenue (Sumner                 
Project) (LOC; KBC Bank)    2.48    5/7/08    5,300,000 a    5,300,000 
Clark County,                 
Health Care Facilities Revenue                 
(The Ohio Masonic Home                 
Project) (Insured; AMBAC and                 
Liquidity Facility; JPMorgan                 
Chase Bank)    2.47    5/7/08    10,175,000 a    10,175,000 
Cleveland-Cuyahoga County Port                 
Authority, Development                 
Revenue, Refunding (Judson                 
Project) (LOC; National City                 
Bank)    2.68    5/7/08    22,250,000 a    22,250,000 
Franklin County,                 
Health Care Facilities Revenue                 
(Creekside at the Village                 
Project) (LOC; Key Bank)    2.45    5/7/08    7,250,000 a    7,250,000 
Hamilton County,                 
Hospital Facilities Revenue                 
(Christ Hospital) (Insured;                 
FSA and Liquidity Facility;                 
Svenska Handelsbanken)    2.42    5/7/08    54,460,000 a,c    54,460,000 
Hamilton County,                 
Hospital Facilities Revenue                 
(Cincinnati Children's                 
Hospital Medical Center                 
Project) (LOC; JPMorgan Chase             
Bank)    2.50    5/7/08    5,275,000 a    5,275,000 
Ohio,                 
Higher Education Capital                 
Facilities Revenue    5.50    12/1/08    1,555,000    1,587,748 
Ohio Air Quality Development                 
Authority, PCR, Refunding                 
(FirstEnergy Generation                 
Corporation Project) (LOC; Key                 
Bank)    2.65    5/7/08    35,000,000 a    35,000,000 
Ohio Higher Education Facility,                 
Revenue (Ashland University                 
Project) (LOC; Key Bank)    2.58    5/7/08    4,400,000 a    4,400,000 
Toledo-Lucas County Port                 
Authority, Cultural Facilities                 
Revenue (The Toledo Museum of             
Art Project) (LOC; Fifth Third                 
Bank)    2.45    5/7/08    2,490,000 a    2,490,000 
University of Cincinnati,                 
General Receipts Revenue                 
(Insured; FGIC)    5.50    6/1/08    1,500,000    1,502,479 
Zanesville-Muskingum County Port                 
Authority, EDR, Refunding                 
(Grove City Church of the                 
Nazarene Project) (LOC;                 
National City Bank)    2.70    5/7/08    7,630,000 a    7,630,000 

Oklahoma--1.8%                 
Oklahoma Development Finance                 
Authority, Continuing Care                 
Retirement Community Revenue,             
Refunding (Inverness Village                 
Project) (LOC; KBC Bank)    2.49    5/7/08    7,000,000 a    7,000,000 
Oklahoma Development Finance                 
Authority, Revenue, Refunding                 
(Saint John Health System)    6.00    2/15/09    6,750,000 b    7,069,534 
Oklahoma Water Resources Board,                 
State Loan Program Revenue                 
(Liquidity Facility; Bank of                 
America)    1.88    10/1/08    14,755,000    14,755,000 
Oklahoma Water Resources Board,                 
State Loan Program Revenue                 
(Liquidity Facility; State                 
Street Bank and Trust Co.)    1.88    10/1/08    10,920,000    10,920,000 
Tulsa County Industrial Authority,                 
Capital Improvements Revenue    5.00    5/15/09    12,360,000    12,732,778 
Tulsa County Industrial Authority,                 
Capital Improvements Revenue                 
(Liquidity Facility; Bank of                 
America)    3.45    5/15/08    38,600,000    38,600,000 
 
Oregon--1.3%                 
Astoria Hospital Facilities                 
Authority, HR (Columbia                 
Memorial Hospital Project)                 
(LOC; U.S. Bank NA)    2.48    5/7/08    18,880,000 a    18,880,000 
Oregon,                 
TAN    4.50    6/30/08    30,000,000    30,041,473 
Portland,                 
EDR (Broadway Project)                 
(Insured; AMBAC and Liquidity                 
Facility; Key Bank)    6.00    5/7/08    5,100,000 a    5,100,000 
Salem Hospital Facility Authority,                 
Revenue (Capital Manor, Inc.                 
Project) (LOC; Bank of America)    2.48    5/7/08    5,670,000 a    5,670,000 
Salem Hospital Facility Authority,                 
Revenue, Refunding (Capital                 
Manor, Inc. Project) (LOC;                 
Bank of America)    2.48    5/7/08    8,970,000 a    8,970,000 
 
Pennsylvania--17.1%                 
Allegheny County Hospital                 
Development Authority, Health                 
Center Revenue                 
(Presbyterian-University                 
Health System, Inc.) (Insured;                 
MBIA and Liquidity Facility;                 
JPMorgan Chase Bank)    2.85    5/7/08    2,800,000 a    2,800,000 
Bethlehem Area School District,                 
GO Notes (Insured; FSA and                 

Liquidity Facility; Dexia                 
Credit Locale)    2.47    5/7/08    54,985,000 a    54,985,000 
Butler County Industrial                 
Development Authority, Revenue                 
(Concordia Lutheran                 
Ministries) (LOC; Bank of                 
America)    2.50    5/7/08    9,890,000 a    9,890,000 
Butler County Industrial                 
Development Authority, Revenue                 
(Concordia Lutheran                 
Ministries) (LOC; Bank of                 
America)    2.50    5/7/08    3,640,000 a    3,640,000 
Chester County Health and                 
Educational Facilities                 
Authority, Retirement                 
Community Revenue                 
(Kendal-Crosslands Communities                 
Project) (LOC; Wachovia Bank)    2.45    5/7/08    7,370,000 a    7,370,000 
Chestnut Ridge School District,                 
GO (Insured; FSA and Liquidity                 
Facility; Dexia Credit Locale)    2.47    5/7/08    10,870,000 a    10,870,000 
Cumberland County Municipal                 
Authority, Revenue (Diakon                 
Lutheran Social Ministries                 
Project) (LOC; Wachovia Bank)    2.35    5/7/08    11,500,000 a    11,500,000 
Dauphin County General Authority,                 
Revenue (Education and Health                 
Loan Program) (Insured; AMBAC                 
and Liquidity Facility;                 
JPMorgan Chase Bank)    5.50    5/7/08    7,525,000 a    7,525,000 
Dauphin County General Authority,                 
Revenue (School District                 
Pooled Financing Program)                 
(Insured; FSA and Liquidity                 
Facility: Bank of Nova Scotia                 
and KBC Bank)    2.65    5/7/08    13,955,000 a    13,955,000 
Dauphin County General Authority,                 
Revenue (School District                 
Pooled Financing Program)                 
(Insured; FSA and Liquidity                 
Facility: Bank of Nova Scotia                 
and KBC Bank)    2.65    5/7/08    16,000,000 a    16,000,000 
Dauphin County General Authority,                 
Revenue (School District                 
Pooled Financing Program)                 
(Insured; FSA and Liquidity                 
Facility: Bank of Nova Scotia                 
and KBC Bank)    2.65    5/7/08    83,640,000 a    83,640,000 
Dauphin County General Authority,                 
Revenue (School District                 
Pooled Financing Program II)                 
(Liquidity Facility; Bank of                 
Nova Scotia)    5.50    5/7/08    85,945,000 a    85,945,000 

Delaware County Industrial                 
Development Authority, PCR, CP                 
(Exelon Project) (LOC;                 
Wachovia Bank)    1.15    7/8/08    21,235,000    21,235,000 
East Hempfield Township Industrial                 
Development Authority, IDR                 
(The Mennonite Home Project)                 
(LOC; M&T Bank)    2.48    5/7/08    11,360,000 a    11,360,000 
East Hempfield Township Industrial                 
Development Authority, Revenue                 
(The Mennonite Home Project)                 
(LOC; M&T Bank)    2.48    5/7/08    8,630,000 a    8,630,000 
Emmaus General Authority                 
(Pennsylvania Variable Rate                 
Loan Program) (Insured; FSA                 
and Liquidity Facility;                 
Wachovia Bank)    2.65    5/7/08    15,375,000 a    15,375,000 
Emmaus General Authority,                 
Local Government Revenue (GIC;                 
Goldman Sachs and Co.)    2.53    5/7/08    10,000,000 a    10,000,000 
Emmaus General Authority,                 
Local Government Revenue (LOC;                 
DEPFA Bank PLC)    2.53    5/7/08    7,900,000 a    7,900,000 
Emmaus General Authority,                 
Local Government Revenue (LOC;                 
DEPFA Bank PLC)    2.53    5/7/08    8,000,000 a    8,000,000 
Emmaus General Authority,                 
Local Government Revenue (LOC;                 
DEPFA Bank PLC)    2.53    5/7/08    10,400,000 a    10,400,000 
Emmaus General Authority,                 
Local Government Revenue (LOC;                 
DEPFA Bank PLC)    2.53    5/7/08    7,800,000 a    7,800,000 
Emmaus General Authority,                 
Local Government Revenue (LOC;                 
DEPFA Bank PLC)    2.53    5/7/08    12,400,000 a    12,400,000 
Emmaus General Authority,                 
Local Government Revenue (LOC;                 
DEPFA Bank PLC)    2.53    5/7/08    11,800,000 a    11,800,000 
Emmaus General Authority,                 
Local Government Revenue (LOC;                 
DEPFA Bank PLC)    2.53    5/7/08    13,900,000 a    13,900,000 
Emmaus General Authority,                 
Local Government Revenue (LOC;                 
DEPFA Bank PLC)    2.53    5/7/08    17,500,000 a    17,500,000 
Emmaus General Authority,                 
Local Government Revenue (LOC;                 
DEPFA Bank PLC)    2.53    5/7/08    9,500,000 a    9,500,000 
Emmaus General Authority,                 
Local Government Revenue (LOC;                 
DEPFA Bank PLC)    2.53    5/7/08    12,400,000 a    12,400,000 
Emmaus General Authority,                 
Local Government Revenue (LOC;                 
DEPFA Bank PLC)    2.53    5/7/08    10,000,000 a    10,000,000 
Emmaus General Authority,                 
Local Government Revenue (LOC;                 

DEPFA Bank PLC)    2.53    5/7/08    9,700,000 a    9,700,000 
General Authority of South Central                 
Pennsylvania, Revenue                 
(Lutheran Social Services of                 
South Central Pennsylvania                 
Project) (LOC; M&T Bank)    2.48    5/7/08    12,700,000 a    12,700,000 
Lancaster County Hospital                 
Authority, Health Center                 
Revenue (Luthercare Project)                 
(LOC; M&T Bank)    2.43    5/7/08    29,885,000 a    29,885,000 
Lancaster County Hospital                 
Authority, Revenue (Landis                 
Home Retirement Community                 
Project) (LOC; M&T Bank)    2.48    5/7/08    7,970,000 a    7,970,000 
Moon Industrial Development                 
Authority, First Mortgage                 
Revenue (Providence Point                 
Project) (LOC; Bank of                 
Scotland)    2.30    5/7/08    25,000,000 a    25,000,000 
Pennsylvania Higher Educational                 
Facilities Authority, Revenue                 
(The Trustees of the                 
University of Pennsylvania)    1.70    3/17/09    7,000,000    7,000,000 
Pennsylvania Higher Educational                 
Facilities Authority, Student                 
Housing Revenue (Washington                 
and Jefferson Development                 
Corporation - Washington and                 
Jefferson College Project)                 
(LOC; Unicredito Italiano SPA)    2.45    5/7/08    7,900,000 a    7,900,000 
Philadelphia,                 
Gas Works Revenue, CP (LOC;                 
JPMorgan Chase Bank)    1.30    5/12/08    25,000,000    25,000,000 
Philadelphia,                 
Multi-Modal GO, Refunding                 
(Insured; FSA and Liquidity                 
Facility; Dexia Credit Locale)    2.46    5/7/08    82,205,000 a    82,205,000 
Philadelphia School District,                 
GO, Refunding (LOC; Commerce             
Bank NA)    2.40    5/7/08    15,000,000 a    15,000,000 
Philadelphia School District,                 
TRAN (LOC; Bank of America)    4.50    6/27/08    18,000,000    18,024,771 
Puttable Floating Option Tax                 
Exempt Receipts (Allegheny                 
County Airport Authority,                 
Airport Revenue (Pittsburgh                 
International Airport))                 
(Insured; FSA and Liquidity                 
Facility; DEPFA Bank PLC)    2.42    5/7/08    50,610,000 a,c    50,610,000 
Souderton Area School District,                 
Revenue (High School                 
Completion Project) (Insured;                 
FSA and Liquidity Facility;                 
DEPFA Bank PLC)    2.30    5/7/08    5,400,000 a    5,400,000 

Spring Grove Area School District,                 
GO Notes (Insured; FSA and                 
Liquidity Facility; Dexia                 
Credit Locale)    2.47    5/7/08    17,340,000 a    17,340,000 
Spring Grove Area School District,                 
GO Notes (Insured; FSA and                 
Liquidity Facility; Dexia                 
Credit Locale)    2.47    5/7/08    19,995,000 a    19,995,000 
Wallingford-Swarthmore School                 
District, GO Notes (Insured;                 
FSA and Liquidity Facility;                 
Dexia Credit Locale)    2.45    5/7/08    10,000,000 a    10,000,000 
West Cornwall Township Municipal                 
Authority, GO Notes, Refunding                 
(Bethlehem Area School                 
District Project) (Insured;                 
FSA and Liquidity Facility;                 
Dexia Credit Locale)    2.47    5/7/08    38,000,000 a    38,000,000 
 
South Carolina--.6%                 
South Carolina Jobs-Economic                 
Development Authority, EDR                 
(Bon Secours Health System,                 
Inc.) (Insured; MBIA and                 
Liquidity Facility; Landesbank                 
Baden-Wurttemberg)    3.75    5/7/08    30,200,000 a    30,200,000 
 
Tennessee--5.2%                 
Blount County Public Building                 
Authority, Local Government                 
Public Improvement Revenue                 
(City of Alcoa) (Insured;                 
AMBAC and Liquidity Facility;                 
DEPFA Bank PLC)    4.75    5/1/08    21,250,000 a    21,250,000 
Claiborne County Industrial                 
Development Board, Revenue                 
(Lincoln Memorial University                 
Project) (LOC; Amsouth Bank)    2.43    5/7/08    9,000,000 a    9,000,000 
Clarksville Public Building                 
Authority, Financing Revenue                 
(City of Murfreesboro Loan)                 
(LOC; SunTrust Bank)    2.44    5/7/08    5,000,000 a    5,000,000 
Knoxville,                 
Wastewater Systems Revenue                 
(Putters Program) (Insured;                 
MBIA and Liquidity Facility;                 
PB Finance Inc.)    2.58    5/7/08    8,040,000 a,c    8,040,000 
Metropolitan Government of                 
Nashville and Davidson County                 
Health and Educational                 
Facilities Board, Revenue (The                 
Vanderbilt University)                 
(Liquidity Facility: Bayerische                 
Landesbank and Landesbank                 

Hessen-Thruingen Girozentrale)    2.40    5/7/08    19,790,000 a    19,790,000 
Municipal Energy Acquisition                 
Corporation, Gas Revenue                 
(Putters Program) (Liquidity                 
Facility; JPMorgan Chase Bank                 
and LOC; JPMorgan Chase Bank)    2.51    5/7/08    13,085,000 a,c    13,085,000 
Sevier County Public Building                 
Authority, Local Government                 
Public Improvement Revenue                 
(Insured; AMBAC and Liquidity                 
Facility; KBC Bank)    4.00    5/7/08    6,635,000 a    6,635,000 
Sevier County Public Building                 
Authority, Local Government                 
Public Improvement Revenue                 
(Insured; AMBAC and Liquidity                 
Facility; Landesbank                 
Hessen-Thuringen Girozentrale)    8.25    5/7/08    7,015,000 a    7,015,000 
Sevier County Public Building                 
Authority, Local Government                 
Public Improvement Revenue                 
(Insured; AMBAC and Liquidity                 
Facility; Landesbank                 
Hessen-Thuringen Girozentrale)    8.25    5/7/08    10,000,000 a    10,000,000 
Shelby County,                 
GO, Refunding (Liquidity                 
Facility; Dexia Credit Locale)    2.43    5/7/08    31,450,000 a    31,450,000 
Shelby County Health Educational                 
and Housing Facility Board,                 
Revenue (Trezevant Manor                 
Project) (LOC; ABN-AMRO)    2.43    5/7/08    7,000,000 a    7,000,000 
Tennergy Corporation,                 
Gas Revenue (Putters Program)                 
(Liquidity Facility; JPMorgan                 
Chase Bank)    2.51    5/7/08    22,500,000 a,c    22,500,000 
Tennergy Corporation,                 
Gas Revenue (Putters Program)                 
(LOC; BNP Paribas)    2.51    5/7/08    83,455,000 a,c    83,455,000 
Tennessee,                 
CP (Liquidity Facility;                 
Tennessee Consolidated                 
Retirement System)    1.00    8/1/08    26,000,000    26,000,000 
 
Texas--14.9%                 
ABN AMRO Munitops Certificates                 
Trust (Comal Independent                 
School District) (Liquidity                 
Facility; Bank of America and                 
LOC; Texas Permanent School                 
Fund Guarantee Program)    2.44    5/7/08    13,450,000 a,c    13,450,000 
Dallas,                 
CP (Liquidity Facility; Bank                 
of America)    1.40    6/26/08    8,695,000    8,695,000 
Dallas,                 
Waterworks and Sewer Revenue,                 

CP (Liquidity Facility; Bank                 
of America)    2.00    6/24/08    25,000,000    25,000,000 
Dallas,                 
Waterworks and Sewer System                 
Revenue, CP (Liquidity                 
Facility; Bank of America)    3.05    6/11/08    45,161,000    45,161,000 
El Paso Independent School                 
District, Unlimited Tax School                 
Building Bonds (Liquidity                 
Facility; DEPFA Bank PLC and                 
LOC; Permanent School Fund                 
Guarantee Program)    3.00    5/7/08    15,000,000 a    15,000,000 
Harris County,                 
CP (Liquidity Facility; Bank                 
of Nova Scotia)    2.08    5/6/08    39,980,000    39,980,000 
Harris County Flood Control                 
District (Liquidity Facility;                 
Citibank NA)    2.43    5/7/08    8,000,000 a,c    8,000,000 
Harrison County Health Facilities                 
Development Corporation, HR                 
(Marshall Regional Medical                 
Center Project) (LOC; Amsouth                 
Bank)    2.43    5/7/08    9,500,000 a    9,500,000 
Houston Independent School                 
District (Insured; FSA and                 
Liquidity Facility; Citibank                 
NA)    2.48    5/7/08    18,615,000 a,c    18,615,000 
Houston,                 
CP (Liquidity Facility; DEPFA                 
Bank PLC)    1.40    7/7/08    30,000,000    30,000,000 
Houston,                 
CP (Liquidity Facility; DEPFA                 
Bank PLC)    1.40    7/7/08    4,500,000    4,500,000 
Houston,                 
CP (Liquidity Facility; DEPFA                 
Bank PLC)    1.42    7/9/08    25,000,000    25,000,000 
Houston,                 
CP (Liquidity Facility; Dexia                 
Credit Locale)    2.66    6/9/08    3,000,000    3,000,000 
Kendall County Health Facilities                 
Development Corporation,                 
Health Care Revenue                 
(Morningside Ministries                 
Project) (LOC; Allied Irish                 
Banks)    2.45    5/7/08    6,530,000 a    6,530,000 
Lamar Consolidated Independent                 
School District, Unlimited Tax                 
Schoolhouse Bonds, Refunding                 
(Liquidity Facility; Wachovia                 
Bank and LOC; Texas Permanent             
School Fund Guarantee)    2.72    5/7/08    9,350,000 a,c    9,350,000 
Lower Colorado River Authority,                 
CP (LCRA Transportation                 
Services Corporation)                 

(Liquidity Facility; JPMorgan                 
Chase Bank)    2.50    5/2/08    14,100,000    14,100,000 
Lower Colorado River Authority,                 
Revenue, CP (LCRA                 
Transportation Services                 
Corporation) (Liquidity                 
Facility; JPMorgan Chase Bank)    1.35    6/11/08    20,000,000    20,000,000 
Macon Trust Various States                 
(Dallas Area Rapid Transit,                 
Senior Lien Sales Tax Revenue)                 
(Insured; AMBAC and Liquidity                 
Facility; Bank of America)    2.51    5/7/08    4,305,000 a,c    4,305,000 
North Texas Tollway Authority,                 
BAN    4.13    11/19/08    171,500,000    171,571,121 
San Antonio,                 
Sales Tax Revenue, CP (LOC;                 
Bank of America)    2.60    6/9/08    4,000,000    4,000,000 
San Antonio,                 
Water Revenue (Merlots                 
Program) (Liquidity Facility;                 
Wachovia Bank)    2.72    5/7/08    10,000,000 a,c    10,000,000 
San Antonio,                 
Water System Revenue, CP                 
(Liquidity Facility; Bank of                 
America)    2.00    6/18/08    3,500,000    3,500,000 
Spring Independent School                 
District, Unlimited Tax                 
Schoolhouse Bonds (Insured;                 
FSA and Liquidity Facility;                 
Dexia Credit Locale)    3.72    8/15/08    8,500,000    8,500,000 
Texas,                 
TRAN    4.50    8/28/08    17,000,000    17,057,318 
Texas A&M University System Board                 
of Regents, Financing System                 
Revenue    3.15    5/15/08    4,235,000    4,235,464 
Texas Affordable Housing                 
Corporation, MFHR (American                 
Housing Foundation Portfolio)                 
(Insured; MBIA and Liquidity                 
Facility; Goldman Sachs Group)    2.44    5/7/08    52,315,047 a,c    52,315,047 
Texas Department of                 
Transportation, State Highway                 
Fund Revenue, CP (LOC: Bank of             
America and State Street Bank                 
and Trust Co.)    2.00    6/2/08    30,000,000    30,000,000 
Texas Municipal Gas Acquisition                 
and Supply Corporation I, Gas                 
Supply Revenue (Liquidity                 
Facility; Merrill Lynch                 
Capital Services and LOC;                 
Merrill Lynch)    3.28    5/7/08    45,615,000 a,c    45,615,000 
Texas Public Finance Authority,                 
Building Revenue, Refunding                 
(Insured; AMBAC)    6.25    2/1/09    5,900,000    6,049,864 

Texas Public Finance Authority,                 
CP    0.95    5/6/08    2,000,000    2,000,000 
Texas Public Finance Authority,                 
GO Notes, Refunding    5.00    10/1/08    4,810,000    4,853,021 
Texas Public Finance Authority,                 
GO Notes, Refunding    5.25    10/1/08    2,500,000    2,537,889 
Texas Public Finance Authority,                 
Unemployment Compensation                 
Obligation Assessment Revenue    5.00    6/15/08    5,000,000    5,021,033 
Texas Transportation Commission,                 
GO Mobility Fund Bonds                 
(Liquidity Facility; JPMorgan                 
Chase Bank)    2.51    5/7/08    9,200,000 a,c    9,200,000 
Texas Transportation Commission,                 
GO Mobility Fund Bonds                 
(Putters Program) (Liquidity                 
Facility; PNC Bank NA)    2.51    5/7/08    2,200,000 a,c    2,200,000 
Texas Turnpike Authority, Central                 
Texas Turnpike System, Second                 
Tier BAN    5.00    6/1/08    30,965,000    31,024,777 
University of Texas,                 
Permanent University Fund, CP    2.10    6/5/08    25,000,000    25,000,000 
University of Texas,                 
Permanent University Fund, CP                 
(LOC; Texas Permanent School                 
Fund Guarantee)    1.50    7/7/08    10,000,000    10,000,000 
University of Texas,                 
University Revenue, CP    2.00    6/4/08    25,000,000    25,000,000 
 
Utah--.7%                 
Murray City,                 
HR (IHC Health Services Inc.)    2.50    5/7/08    32,000,000 a    32,000,000 
Utah Housing Finance Agency,                 
MFHR, Refunding (Candlestick                 
Apartments Project) (Insured;                 
FNMA and Liquidity Facility;                 
FNMA)    2.50    5/7/08    6,400,000 a    6,400,000 
 
Vermont--.1%                 
University of Vermont and State                 
Agricultural College, CP    2.00    9/3/08    5,685,000    5,685,000 
 
Virginia--1.5%                 
Alexandria Industrial Development                 
Authority, Headquarters                 
Facilities Revenue (American                 
Academy of Otolaryngology-Head             
and Neck Surgery Foundation,                 
Inc.) (LOC; Bank of America)    2.43    5/7/08    6,310,000 a    6,310,000 
Alexandria Industrial Development                 
Authority, Revenue (Institute                 
for Defense Analyses Project)                 
(Insured; AMBAC and Liquidity                 
Facility; Wachovia Bank)    5.25    5/7/08    13,310,000 a    13,310,000 

Chesapeake Bay Bridge and Tunnel                 
District, General Resolution                 
Revenue, Refunding (LOC;                 
Branch Banking and Trust Co.)    2.44    5/7/08    6,250,000 a    6,250,000 
Norfolk Redevelopment and Housing                 
Authority, First Mortgage                 
Revenue (Fort Norfolk                 
Retirement Community, Inc. -                 
Harbor's Edge Project) (LOC;                 
HSH Nordbank AG)    2.47    5/7/08    16,300,000 a    16,300,000 
Roanoke Industrial Development                 
Authority, HR (Carilion Health                 
System Obligated Group)                 
(Insured; FSA and Liquidity                 
Facility; Wachovia Bank)    2.65    5/1/08    13,000,000 a    13,000,000 
Roanoke Industrial Development                 
Authority, HR (Carilion Health                 
System Obligated Group)                 
(Insured; FSA and Liquidity                 
Facility; Wachovia Bank)    2.65    5/1/08    13,000,000 a    13,000,000 
Tobacco Settlement Financing                 
Corporation of Virginia,                 
Tobacco Settlement                 
Asset-Backed Bonds (Liquidity                 
Facility; Merrill Lynch)    2.46    5/7/08    7,500,000 a,c    7,500,000 
 
Washington--.9%                 
Central Puget Sound Regional                 
Transit Authority, Sales Tax                 
Bonds (Putters Program)                 
(Insured; FSA and Liquidity                 
Facility; PNC Bank NA)    2.51    5/7/08    3,300,000 a,c    3,300,000 
Energy Northwest,                 
Electric Revenue (Bonneville                 
Power Administration)                 
(Liquidity Facility; Goldman                 
Sachs Group)    2.44    5/7/08    18,195,000 a,c    18,195,000 
Washington,                 
Motor Vehicle Fuel Tax GO Notes    4.00    7/1/08    7,720,000    7,726,093 
Washington Health Care Facilities                 
Authority, Revenue (Seattle                 
Cancer Care Alliance House)                 
(LOC; Key Bank NA)    2.48    5/7/08    7,000,000 a    7,000,000 
Washington Health Care Facilities                 
Authority, Revenue (Seattle                 
Cancer Care Alliance House)                 
(LOC; Key Bank)    2.48    5/7/08    3,945,000 a    3,945,000 
Washington Higher Education                 
Facilities Authority, Revenue,                 
Refunding (Saint Martins                 
University Project) (LOC; Key                 
Bank)    2.53    5/7/08    8,890,000 a    8,890,000 
 
Wisconsin--.9%                 

Badger Tobacco Asset                 
Securitization Corporation,                 
Tobacco Settlement                 
Asset-Backed Bonds (Liquidity                 
Facility: Lloyds TSB Bank PLC                 
and Merrill Lynch)    2.42    5/7/08    8,775,000 a,c    8,775,000 
Wisconsin,                 
Transportation Revenue, CP                 
(Liquidity Facility:                 
California State Teachers                 
Retirement System and State                 
Street Bank and Trust Co.)    1.85    7/2/08    26,675,000    26,675,000 
Wisconsin Public Power Inc.,                 
Power Supply System Revenue                 
(Putters Program) (Insured;                 
AMBAC and Liquidity Facility;                 
JP Morgan Chase Bank NA)    3.43    5/7/08    10,305,000 a,c    10,305,000 
 
U.S. Related--.8%                 
Puerto Rico Commonwealth,                 
TRAN (LOC: Banco Bilbao                 
Vizcaya Argentaria S.A., Banco                 
Santander S.A., Bank of Nova                 
Scotia, BNP Paribas, Dexia                 
Credit Locale, Fortis Bank and                 
KBC Bank)    4.25    7/30/08    38,000,000    38,077,830 
Puerto Rico Municipal Financing                 
Agency, GO Notes (Insured; FSA                 
and Liquidity Facility;                 
Merrill Lynch Capital Services)    2.44    5/7/08    4,850,000 a,c    4,850,000 
 
 
Total Investments (cost $5,204,011,069)            100.6%    5,204,012,397 
Liabilities, Less Cash and Receivables            (.6%)    (29,711,437) 
Net Assets            100.0%    5,174,300,960 

a    Securities payable on demand. Variable interest rate--subject to periodic change. 
b    These securities are prerefunded; the date shown represents the prerefunded date. 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    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, 2008, these securities 
    amounted to $880,399,047 or 17.0% of net assets. 
d    Purchased on a delayed delivery basis. 

At April 30, 2008, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes.

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 

Various inputs are used in determining the value of the fund's investments relating to Financial Accounting Standard No. 157 (FAS 157),

  Fair Value Measurements.
These inputs are summarized in the three broad levels listed below.
Level 1 - quoted prices in active markets for identical securities.
Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds,
credit risk, etc.)
Level 3 - significant unobservable inputs (including fund's own assumption in determining the fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, money market securities are valued using amortized cost, in accordance with rules under the Investment Company Act of 1940. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected as Level 2.

The following is a summary of the inputs used as of April 30, 2008 in valuing the fund's assets carried at fair value:

Valuation Inputs    Investments in Securities ($)    Other Financial Instruments* ($)     
Level 1 - Quoted Prices    0        0 
Level 2 - Other Significant Observable Inputs    5,204,012,397        0 
Level 3 - Significant Unobservable Inputs    0        0 
Total    5,204,012,397        0 

*Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation/depreciation on the instrument.

STATEMENT OF INVESTMENTS
Dreyfus California AMT-Free Municipal Cash Management
April 30, 2008 (Unaudited)
    Coupon        Maturity    Principal     
Short-Term Investments--100.2%    Rate (%)        Date    Amount ($)    Value ($ 
California--92.7%                     
Alameda County,                     
COP (Alameda County Medical                     
Center Project) (Insured; MBIA)        5.25    6/1/08    100,000    100,127 
Alameda-Contra Costa Schools                     
Financing Authority, COP                     
(Capital Improvement Financing                     
Projects) (LOC; Bank of Nova                     
Scotia)        2.18    5/7/08    100,000 a    100,000 
Alameda-Contra Costa Schools                     
Financing Authority, COP                     
(Capital Improvement Financing                     
Projects) (LOC; KBC Bank)        2.18    5/7/08    275,000 a    275,000 
California,                     
Economic Recovery Bonds        3.00    7/1/08    100,000    100,107 
California,                     
Economic Recovery Bonds        5.00    7/1/08    700,000    703,344 
California,                     
Economic Recovery Bonds        5.00    1/1/09    1,235,000    1,257,810 
California,                     
Economic Recovery Bonds                     
(Liquidity Facility; JPMorgan                     
Chase Bank)        2.20    5/1/08    5,800,000 a    5,800,000 
California,                     
GO Notes        4.75    5/1/08    250,000    250,000 
California,                     
GO Notes        5.00    6/1/08    100,000    100,158 
California,                     
GO Notes        4.25    9/1/08    100,000    100,611 
California,                     
GO Notes        4.00    10/1/08    650,000    656,475 
California,                     
GO Notes        6.00    10/1/08    100,000    101,763 
California,                     
GO Notes (Insured; MBIA)        4.75    6/1/08    455,000    455,929 
California,                     
GO Notes                     
(Kindergarten-University)                     
(LOC: California State                     
Teachers Retirement System and                     
Citibank NA)        2.20    5/1/08    2,800,000 a    2,800,000 
California,                     
GO Notes                     
(Kindergarten-University)                     
(LOC: Citibank NA, National                     
Australia Bank and State                     
Street Bank and Trust Co.)        2.19    5/1/08    4,900,000 a    4,900,000 
California,                     

GO Notes                 
(Kindergarten-University)                 
(LOC: Citibank NA, National                 
Australia Bank and State                 
Street Bank and Trust Co.)    2.25    5/1/08    9,275,000 a    9,275,000 
California,                 
GO Notes                 
(Kindergarten-University)                 
(LOC: Citibank NA, National                 
Australia Bank and State                 
Street Bank and Trust Co.)    2.40    5/1/08    3,740,000 a    3,740,000 
California,                 
GO Notes                 
(Kindergarten-University)                 
(LOC: Citibank NA, National                 
Australia Bank and State                 
Street Bank and Trust Co.)    2.27    5/7/08    11,650,000 a    11,650,000 
California,                 
GO Notes (LOC: Bank of                 
America, Bank of Nova Scotia                 
and Landesbank                 
Hessen-Thuringen Girozentrale)    2.27    5/7/08    1,000,000 a    1,000,000 
California,                 
GO Notes (Various Purpose)    5.00    6/1/08    100,000    100,183 
California,                 
GO Notes (Various Purpose)    4.75    9/1/08    100,000    100,576 
California,                 
GO Notes (Various Purpose)    6.25    9/1/08    100,000    101,070 
California,                 
GO Notes (Various Purpose)    6.40    9/1/08    500,000    508,176 
California,                 
GO Notes (Various Purpose)    6.50    10/1/08    165,000    167,368 
California,                 
GO Notes (Various Purpose)    6.50    11/1/08    300,000    304,558 
California,                 
GO Notes (Various Purpose)    2.80    2/1/09    100,000    100,000 
California,                 
GO Notes (Various Purpose)                 
(Liquidity Facility; Goldman                 
Sachs Group Inc. and LOC;                 
Goldman Sachs Group Inc.)    2.41    5/7/08    1,990,000 a,b    1,990,000 
California,                 
GO Notes (Veterans)    8.50    10/1/08    100,000    102,060 
California,                 
GO Notes (Veterans)    9.20    10/1/08    1,000,000    1,022,441 
California,                 
GO Notes, Refunding    6.00    2/1/09    100,000    102,741 
California,                 
RAN    4.00    6/30/08    17,450,000    17,490,654 
California Department of Water                 
Resources, Power Supply                 
Revenue (Insured; MBIA)    5.00    5/1/08    125,000    125,000 
California Department of Water                 
Resources, Power Supply                 
Revenue (LOC; Bank of America)    2.35    5/1/08    8,800,000 a    8,800,000 

California Department of Water                 
Resources, Power Supply                 
Revenue (LOC; BNP Paribas)    2.55    5/1/08    9,300,000 a    9,300,000 
California Department of Water                 
Resources, Power Supply                 
Revenue (LOC: California State                 
Teachers Retirement System and             
JPMorgan Chase Bank)    2.23    5/7/08    1,400,000 a    1,400,000 
California Department of Water                 
Resources, Power Supply                 
Revenue (LOC; Landesbank                 
Hessen-Thuringen Girozentrale)    2.35    5/1/08    12,400,000 a    12,400,000 
California Department of Water                 
Resources, Power Supply                 
Revenue (LOC; State Street                 
Bank and Trust Co.)    2.19    5/1/08    3,300,000 a    3,300,000 
California Department of Water                 
Resources, Water Revenue, CP                 
(Liquidity Facility;                 
Landesbank Hessen-Thuringen                 
Girozentrale)    1.30    5/8/08    6,100,000    6,100,000 
California Department of Water                 
Resources, Water Revenue, CP                 
(Liquidity Facility;                 
Landesbank Hessen-Thuringen                 
Girozentrale)    1.30    5/8/08    9,500,000    9,500,000 
California Educational Facilities                 
Authority, Revenue (University                 
of Judaism) (LOC; Allied Irish                 
Banks)    2.43    5/7/08    3,100,000 a    3,100,000 
California Health Facilities                 
Financing Authority, Insured                 
Revenue (Southern California                 
Presbyterian Homes) (Insured;                 
MBIA and Liquidity Facility;                 
Bank of America)    3.50    5/7/08    13,635,000 a    13,635,000 
California Health Facilities                 
Financing Authority, Revenue                 
(Kaiser Permanente)    2.41    5/7/08    450,000 a    450,000 
California Housing Finance Agency,                 
MFHR (Liquidity Facility; FNMA)    2.58    5/7/08    12,640,000 a    12,640,000 
California Infrastructure and                 
Economic Development Bank,                 
Revenue (Saint Margaret's                 
Episcopal School) (LOC; Allied                 
Irish Banks)    2.35    5/7/08    3,400,000 a    3,400,000 
California Infrastructure and                 
Economic Development Bank,                 
Revenue (Southern California                 
Public Radio Project) (LOC;                 
Allied Irish Banks)    2.45    5/1/08    4,000,000 a    4,000,000 
California Infrastructure and                 
Economic Development Bank,                 
Revenue (Southern California                 

Public Radio Project) (LOC;                 
Allied Irish Banks)    2.45    5/1/08    7,000,000 a    7,000,000 
California Pollution Control                 
Financing Authority, PCR                 
(Southdown, Inc. Project)                 
(LOC; Wachovia Bank)    1.90    5/30/08    400,000 a    400,000 
California Pollution Control                 
Financing Authority, PCR,                 
Refunding (Pacific Gas and                 
Electric Company) (LOC;                 
JPMorgan Chase Bank)    2.35    5/1/08    13,500,000 a    13,500,000 
California Pollution Control                 
Financing Authority, PCR,                 
Refunding (U.S. Borax Inc.                 
Project) (LOC; Wachovia Bank)    2.28    5/7/08    1,275,000 a    1,275,000 
California State Public Works                 
Board, LR (UCLA Replacement                 
Hospitals) (Insured; FSA)    4.75    10/1/08    200,000    201,386 
California State University                 
Trustees, Systemwide Revenue                 
(Insured; MBIA and Liquidity                 
Facility; Morgan Stanley Bank)    2.53    5/7/08    1,000,000 a,b    1,000,000 
California Statewide Communities                 
Development Authority, Revenue                 
(Goodwill of Santa Cruz) (LOC;                 
Wells Fargo Bank)    2.22    5/7/08    500,000 a    500,000 
California Statewide Communities                 
Development Authority, Revenue                 
(House Ear Institute Project)                 
(LOC; City National Bank)    2.53    5/7/08    100,000 a    100,000 
California Statewide Communities                 
Development Authority, Revenue                 
(Kaiser Permanente)    2.41    5/7/08    3,220,000 a    3,220,000 
California Statewide Communities                 
Development Authority, Revenue                 
(Kaiser Permanente)    2.75    5/7/08    3,000,000 a    3,000,000 
California Statewide Communities                 
Development Authority,                 
Revenue, Refunding (University                 
Retirement Community at Davis                 
Project) (LOC; Bank of America)    2.35    5/1/08    6,490,000 a    6,490,000 
Central Union High School                 
District, GO Notes, Refunding                 
(Insured; FGIC)    3.50    8/1/08    105,000    105,108 
Cerritos Community College                 
District, GO Notes    5.00    8/1/08    140,000    140,550 
Contra Costa Water District,                 
Water Revenue, Refunding                 
(Insured; FSA)    5.00    10/1/08    150,000    151,699 
Covina Redevelopment Agency,                 
MFHR, Refunding (Shadowhills                 
Apartments Project) (LOC; FNMA)    2.24    5/7/08    100,000 a    100,000 
Dos Palos-Oro Loma Joint Unified                 
School District, TRAN    4.00    12/26/08    1,700,000    1,710,230 

Foothill/Eastern Transportation                 
Corridor Agency, Toll Road                 
Revenue, Refunding (Insured;                 
MBIA)    5.50    1/15/09    500,000    508,409 
Fullerton School District,                 
GO Notes (Insured; FSA)    4.50    8/1/08    150,000    150,786 
Golden State Tobacco                 
Securitization Corporation,                 
Enhanced Tobacco Settlement                 
Asset-Backed Bonds (Insured;                 
FGIC and Liquidity Facility;                 
Morgan Stanley Bank)    2.20    5/7/08    4,000,000 a,b    4,000,000 
Hawthorne School District,                 
GO Notes, BAN    6.25    9/1/08    2,800,000    2,826,104 
Hemet Unified School District,                 
COP (School Facilities                 
Project) (Insured; AMBAC and                 
Liquidity Facility; State                 
Street Bank and Trust Co.)    4.75    5/7/08    5,000,000 a    5,000,000 
Irvine Assessment District Number                 
04-20, Limited Obligation                 
Improvement Bonds (LOC; KBC                 
Bank)    2.20    5/1/08    1,765,000 a    1,765,000 
Irvine Assessment District Number                 
87-8, Limited Obligation                 
Improvement Bonds (LOC; KBC                 
Bank)    2.20    5/1/08    511,000 a    511,000 
Irvine Assessment District Number                 
89-10, Limited Obligation                 
Improvement Bonds (LOC;                 
Bayerische Hypo-und                 
Vereinsbank AG)    2.21    5/1/08    1,125,000 a    1,125,000 
Irvine Assessment District Number                 
97-17, Limited Obligation                 
Improvement Bonds (LOC; State                 
Street Bank and Trust Co.)    2.19    5/1/08    1,635,000 a    1,635,000 
Irvine Ranch Water District,                 
GO of Improvement District                 
Numbers 105, 140, 240 and 250                 
(LOC; Bank of America)    2.19    5/1/08    2,225,000 a    2,225,000 
Livermore Valley Joint Unified                 
School District, GO Notes                 
(Insured; FGIC)    7.50    8/1/08    250,000    252,753 
Livermore Valley Joint Unified                 
School District, GO Notes                 
(Insured; MBIA)    4.63    8/1/08    100,000    100,402 
Los Angeles,                 
GO Notes, TRAN    4.50    6/30/08    3,410,000    3,416,628 
Los Angeles,                 
Wastewater System Revenue,                 
Refunding (Insured; FSA)    5.00    6/1/08    200,000    200,500 
Los Angeles County,                 
GO Notes, TRAN    4.50    6/30/08    300,000    300,571 
Los Angeles County,                 

Pension Obligation                 
Certificates (Insured; MBIA)    6.90    6/30/08    875,000    880,028 
Los Angeles County Housing                 
Authority, MFHR, Refunding                 
(Meadowridge Apartments                 
Project) (LOC; FNMA)    2.35    5/7/08    900,000 a    900,000 
Los Angeles Department of Water                 
and Power, Water System                 
Revenue (Liquidity Facility;                 
Banco Bilboa Vizcaya)    2.19    5/1/08    6,100,000 a    6,100,000 
Los Angeles Municipal Improvement                 
Corporation, LR, CP (LOC; Bank                 
of America)    1.05    8/11/08    3,800,000    3,800,000 
Los Angeles Municipal Improvement                 
Corporation, Sanitation                 
Equipment Charge Revenue                 
(Insured; FSA)    4.10    2/1/09    100,000    101,409 
Los Angeles Unified School                 
District, GO Notes (Insured;                 
FSA)    5.00    7/1/08    200,000    200,875 
Macon Trust Various Certificates                 
(Irvine Unified School                 
District) (Liquidity Facility;                 
Bank of America and LOC; Bank                 
of America)    2.45    5/7/08    3,000,000 a,b    3,000,000 
Maywood,                 
COP (Infrastructure Financing                 
Project) (LOC; Allied Irish                 
Banks)    2.40    5/7/08    2,630,000 a    2,630,000 
Modesto Irrigation District                 
Financing Authority, Revenue                 
(Domestic Water Project)                 
(Liquidity Facility; DEPFA                 
Bank PLC)    2.53    5/7/08    3,950,000 a,b    3,950,000 
North Sacramento School District,                 
GO Notes (Insured; FSA)    7.00    8/1/08    215,000    217,528 
Orange County,                 
Apartment Development Revenue,             
Refunding (Villa Aliento                 
Issue) (LOC; FNMA)    2.30    5/7/08    1,140,000 a    1,140,000 
Orange County,                 
Apartment Development Revenue,             
Refunding (Villa La Paz Issue)                 
(LOC; FNMA)    2.30    5/7/08    2,910,000 a    2,910,000 
Orange County Sanitation District,                 
COP (Liquidity Facility; DEPFA                 
Bank PLC)    2.25    5/1/08    4,750,000 a    4,750,000 
Orange County Sanitation District,                 
COP (Liquidity Facility; Dexia                 
Credit Locale)    2.20    5/1/08    1,030,000 a    1,030,000 
Orange County Sanitation District,                 
COP, Refunding (Liquidity                 
Facility; Dexia Credit Locale)    2.20    5/1/08    2,500,000 a    2,500,000 
Pittsburg Redevelopment Agency,                 

Subordinate Tax Allocation                 
Revenue (Los Medanos Community             
Development Project) (Insured;                 
AMBAC and Liquidity Facility:                 
California State Teachers                 
Retirement System and State                 
Street Bank and Trust Co.)    5.00    5/1/08    7,000,000 a    7,000,000 
Puttable Floating Option Tax                 
Exempt Receipts (California                 
Statewide Communities                 
Development Authority, MFHR                 
(La Mision Village Apartments                 
Project)) (Liquidity Facility;                 
Merrill Lynch and LOC; Merrill                 
Lynch)    3.06    5/7/08    3,800,000 a,b    3,800,000 
Puttable Floating Option Tax                 
Exempt Receipts (Japanese                 
Museum) (Liquidity Facility;                 
Merrill Lynch Capital Services                 
and LOC; Merrill Lynch Capital                 
Services)    3.03    5/7/08    4,700,000 a,b    4,700,000 
Sacramento Municipal Utility                 
District, Electric Revenue                 
(Insured; MBIA)    4.00    8/15/08    100,000    100,140 
San Bernardino County,                 
COP (Justice Center/Airport                 
Improvements Refunding                 
Project) (Insured; MBIA)    3.25    7/1/08    100,000    100,027 
San Francisco City and County                 
Redevelopment Financing                 
Authority, Tax Allocation                 
Revenue, Refunding (San                 
Francisco Redevelopment                 
Projects) (Insured; MBIA)    5.00    8/1/08    1,000,000    1,003,925 
Santa Fe Springs Community                 
Development Commission, Tax                 
Allocation Revenue                 
(Consolidated Redevelopment                 
Project) (Insured; MBIA)    3.50    9/1/08    285,000    285,389 
Santa Rosa High School District,                 
GO Notes, Refunding (Insured;                 
FSA)    4.75    5/1/08    175,000    175,000 
Southern California Public Power                 
Authority, Transmission Power                 
Revenue, Refunding (Southern                 
Transmission Project)                 
(Insured; FSA and Liquidity                 
Facility; Dexia Credit Locale)    2.45    5/7/08    435,000 a    435,000 
Stockton,                 
Health Facility Revenue                 
(Dameron Hospital Association)                 
(LOC; Citibank NA)    2.45    5/1/08    1,720,000 a    1,720,000 
Susanville Public Financing                 
Authority, Revenue (Insured;                 

MBIA)    4.60    6/1/08    140,000    140,163 
Sweetwater Union High School                 
District, GO Notes (Insured;                 
FSA)    2.50    8/1/08    200,000    200,000 
Tustin Community Redevelopment                 
Agency, Revenue (Liquidity                 
Facility; Citigroup and LOC;                 
Citigroup)    2.50    5/7/08    2,400,000 a,b    2,400,000 
Tustin Public Financing Authority,                 
Revenue (Tustin Ranch)                 
(Insured; FSA)    5.00    9/2/08    115,000    115,568 
University of California Regents,                 
General Revenue    3.00    5/15/08    585,000    585,223 
University of California Regents,                 
Limited Project Revenue                 
(Liquidity Facility; Wells                 
Fargo Bank and LOC; Wells                 
Fargo Bank)    2.53    5/7/08    6,000,000 a,b    6,000,000 
Vacaville Industrial Development                 
Authority, Industrial Revenue,                 
Refunding (Leggett & Platt                 
Inc.) (LOC; Wachovia Bank)    2.75    5/7/08    1,600,000 a    1,600,000 
Ventura County,                 
GO Notes, TRAN    4.50    7/1/08    360,000    360,819 
WateReuse Finance Authority,                 
Revenue (WateReuse Variable                 
Rate Finance Program)                 
(Insured; FSA and Liquidity                 
Facility; DEPFA Bank PLC)    2.55    5/7/08    1,375,000 a    1,375,000 
Yuba Community College District,                 
GO Notes, TRAN    4.00    10/2/08    2,220,000    2,225,145 
 
U.S. Related--7.5%                 
BB&T Municipal Trust                 
(Puerto Rico Infrastructure                 
Financing Authority, Special                 
Tax Revenue) (Liquidity                 
Facility; Branch Banking and                 
Trust Co.)    2.46    5/7/08    4,485,000 a,b    4,485,000 
Guam,                 
Limited Obligation                 
Infrastructure Improvement                 
Revenue (Insured; AMBAC)    5.50    11/1/08    200,000    202,027 
Puerto Rico Commonwealth,                 
Public Improvement, GO Notes                 
(Insured; MBIA)    5.50    7/1/08    395,000    396,376 
Puerto Rico Commonwealth,                 
Public Improvement, GO Notes                 
(Insured; MBIA)    5.50    7/1/08    50,000    50,171 
Puerto Rico Commonwealth,                 
Public Improvement, GO Notes                 
(Insured; MBIA)    6.25    7/1/08    150,000    150,654 
Puerto Rico Commonwealth,                 
Public Improvement, GO Notes,                 

Refunding (Insured; FSA and                 
Liquidity Facility; Dexia                 
Credit Locale)    2.20    5/1/08    10,600,000 a    10,600,000 
Puerto Rico Commonwealth,                 
TRAN (LOC: Banco Bilbao                 
Vizcaya Argentaria S.A., Banco                 
Santander S.A., Bank of Nova                 
Scotia, BNP Paribas, Dexia                 
Credit Locale, Fortis Bank and                 
KBC Bank)    4.25    7/30/08    4,200,000    4,208,602 
Puerto Rico Highways and                 
Transportation Authority,                 
Highway Revenue (Insured; FGIC)    5.00    7/1/08    100,000    100,236 
Puerto Rico Highways and                 
Transportation Authority,                 
Transportation Revenue                 
(Insured; XLCA)    5.00    7/1/08    400,000    401,047 
Puerto Rico Infrastructure                 
Financing Authority, Special                 
Tax Revenue, Refunding                 
(Insured; AMBAC)    5.50    7/1/08    2,000,000    2,006,966 
Puerto Rico Public Buildings                 
Authority, Public Education                 
and Health Facilities Revenue,                 
Refunding (Insured; MBIA)    5.60    7/1/08    500,000    501,642 
University of Puerto Rico,                 
University System Revenue,                 
Refunding (Insured; MBIA)    6.25    6/1/08    100,000    100,284 
 
 
Total Investments (cost $308,151,521)            100.2%    308,151,521 
Liabilities, Less Cash and Receivables            (.2%)    (626,784) 
Net Assets            100.0%    307,524,737 

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, 2008, these securities 
    amounted to $35,325,000 or 11.5% of net assets. 

At April 30, 2008, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes.

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 

Various inputs are used in determining the value of the fund's investments relating to Financial Accounting Standard No. 157 (FAS 157),

  Fair Value Measurements.
These inputs are summarized in the three broad levels listed below.
Level 1 - quoted prices in active markets for identical securities.
Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds,
credit risk, etc.)
Level 3 - significant unobservable inputs (including fund's own assumption in determining the fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, money market securities are valued using amortized cost, in accordance with rules under the Investment Company Act of 1940. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected as Level 2.

The following is a summary of the inputs used as of April 30, 2008 in valuing the fund's assets carried at fair value:

Valuation Inputs    Investments in Securities ($)    Other Financial Instruments* ($)     
Level 1 - Quoted Prices    0        0 
Level 2 - Other Significant Observable Inputs    308,151,521        0 
Level 3 - Significant Unobservable Inputs    0        0 
Total    308,151,521        0 

*Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation/depreciation on the instrument.

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.

-2-

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 18, 2008

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 18, 2008

By:    /s/ James Windels 
    James Windels 
    Treasurer

Date: June 18, 2008

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)

-3-