-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, BZuzpMDpvLB5jrW5UtRYkzoSWU1t0w7aXvhKo4pONr/3DBxunG1t5+UhhVfU/Q+a YjARv/kPRbHxeXr1MkKiVA== 0000759667-03-000003.txt : 20030326 0000759667-03-000003.hdr.sgml : 20030325 20030326151624 ACCESSION NUMBER: 0000759667-03-000003 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20030131 FILED AS OF DATE: 20030326 EFFECTIVENESS DATE: 20030326 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DREYFUS CASH MANAGEMENT CENTRAL INDEX KEY: 0000759667 STATE OF INCORPORATION: NY FISCAL YEAR END: 0131 FILING VALUES: FORM TYPE: N-30D SEC ACT: 1940 Act SEC FILE NUMBER: 811-04175 FILM NUMBER: 03618143 BUSINESS ADDRESS: STREET 1: THE DREYFUS CORPORATION STREET 2: 200 PARK AVENUE CITY: NEW YORK STATE: NY ZIP: 10166 BUSINESS PHONE: 2129228297 MAIL ADDRESS: STREET 1: C/O DREYFUS CORP STREET 2: 200 PARK AVENUE, 8TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10166 FORMER COMPANY: FORMER CONFORMED NAME: CORNWALL MONEY MARKET FUND INC DATE OF NAME CHANGE: 19850310 FORMER COMPANY: FORMER CONFORMED NAME: DREYFUS CASH MANAGEMENT INC/NY DATE OF NAME CHANGE: 19880425 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DREYFUS TAX EXEMPT CASH MANAGEMENT CENTRAL INDEX KEY: 0000740123 STATE OF INCORPORATION: NY FISCAL YEAR END: 0131 FILING VALUES: FORM TYPE: N-30D SEC ACT: 1940 Act SEC FILE NUMBER: 811-03954 FILM NUMBER: 03618144 BUSINESS ADDRESS: STREET 1: THE DREYFUS CORPORATION STREET 2: 200 PARK AVENUE CITY: NEW YORK STATE: NY ZIP: 10166 BUSINESS PHONE: 2129228297 MAIL ADDRESS: STREET 1: C/O DREYFUS CORP STREET 2: 200 PARK AVENUE, 8TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10166 FORMER COMPANY: FORMER CONFORMED NAME: DREYFUS NEW TAX EXEMPT BOND FUND INC DATE OF NAME CHANGE: 19841219 FORMER COMPANY: FORMER CONFORMED NAME: CORNWALL TAX EXEMPT MONEY MARKET FUND INC DATE OF NAME CHANGE: 19850310 FORMER COMPANY: FORMER CONFORMED NAME: DREYFUS TAX EXEMPT CASH MANAGEMENT INC DATE OF NAME CHANGE: 19880425 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DREYFUS TREASURY PRIME CASH MANAGEMENT CENTRAL INDEX KEY: 0000843781 STATE OF INCORPORATION: NY FISCAL YEAR END: 0228 FILING VALUES: FORM TYPE: N-30D SEC ACT: 1940 Act SEC FILE NUMBER: 811-05718 FILM NUMBER: 03618145 BUSINESS ADDRESS: STREET 1: THE DREYFUS CORPORATION STREET 2: 200 PARKA VENUE CITY: NEW YORK STATE: NY ZIP: 10166 BUSINESS PHONE: 2129228297 MAIL ADDRESS: STREET 1: C/O DREYFUS CORP STREET 2: 200 PARK AVENUE, 8TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10166 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DREYFUS TREASURY CASH MANAGEMENT CENTRAL INDEX KEY: 0000796251 STATE OF INCORPORATION: NY FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: N-30D SEC ACT: 1940 Act SEC FILE NUMBER: 811-04723 FILM NUMBER: 03618146 BUSINESS ADDRESS: STREET 1: THE DREYFUS CORPORATION STREET 2: 200 PARKA VENUE CITY: NEW YORK STATE: NY ZIP: 10166 BUSINESS PHONE: 2129228297 MAIL ADDRESS: STREET 1: C/O DREYFUS CORP STREET 2: 200 PARK AVENUE, 8TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10166 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DREYFUS NEW YORK MUNICIPAL CASH MANAGEMENT CENTRAL INDEX KEY: 0000878734 IRS NUMBER: 113077343 STATE OF INCORPORATION: MA FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: N-30D SEC ACT: 1940 Act SEC FILE NUMBER: 811-06395 FILM NUMBER: 03618148 BUSINESS ADDRESS: STREET 1: 200 PARK AVE STREET 2: C/O DREYFUS CORP CITY: NEW YORK STATE: NY ZIP: 10166 BUSINESS PHONE: 2129228297 MAIL ADDRESS: STREET 1: THE DREYFUS CORP STREET 2: 200 PARK AVE CITY: NEW YORK STATE: NY ZIP: 10166 FORMER COMPANY: FORMER CONFORMED NAME: DREYFUS NEW YORK TAX EXEMPT CASH MANAGEMENT DATE OF NAME CHANGE: 19600201 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DREYFUS MUNICIPAL CASH MANAGEMENT PLUS CENTRAL INDEX KEY: 0000867955 STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-30D SEC ACT: 1940 Act SEC FILE NUMBER: 811-06172 FILM NUMBER: 03618149 BUSINESS ADDRESS: STREET 1: 200 PARK AVE STREET 2: THE DREYFUS CORPORATION CITY: NEW YORK STATE: NY ZIP: 10166 BUSINESS PHONE: 2129228297 MAIL ADDRESS: STREET 1: C/O DREYFUS CORP STREET 2: 200 PARK AVENUE, 8TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10166 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DREYFUS GOVERNMENT CASH MANAGEMENT CENTRAL INDEX KEY: 0000740766 STATE OF INCORPORATION: NY FISCAL YEAR END: 0131 FILING VALUES: FORM TYPE: N-30D SEC ACT: 1940 Act SEC FILE NUMBER: 811-03964 FILM NUMBER: 03618150 BUSINESS ADDRESS: STREET 1: THE DREYFUS CORPORATION STREET 2: 200 PARK AVENUE CITY: NEW YORK STATE: NY ZIP: 10166 BUSINESS PHONE: 2129228297 MAIL ADDRESS: STREET 1: C/0 DREYFUS CORP STREET 2: 200 PARK AVENUE, 8TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10166 FORMER COMPANY: FORMER CONFORMED NAME: DREYFUS GOVERNMENT SECURITIES MONEY MARKET FUND INC DATE OF NAME CHANGE: 19841219 FORMER COMPANY: FORMER CONFORMED NAME: CORNWALL GOVERNMENT SECURITIES MONEY MARKET FUND INC DATE OF NAME CHANGE: 19850310 FORMER COMPANY: FORMER CONFORMED NAME: DREYFUS GOVERNMENT CASH MANAGEMENT INC DATE OF NAME CHANGE: 19880425 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DREYFUS CASH MANAGEMENT PLUS INC CENTRAL INDEX KEY: 0000820482 STATE OF INCORPORATION: NY FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: N-30D SEC ACT: 1940 Act SEC FILE NUMBER: 811-05295 FILM NUMBER: 03618151 BUSINESS ADDRESS: STREET 1: THE DREYFUS CORPORATION STREET 2: 200 PARK AVENUE CITY: NEW YORK STATE: NY ZIP: 10166 BUSINESS PHONE: 2129228297 MAIL ADDRESS: STREET 1: C/O DREYFUS CORP STREET 2: 200 PARK AVENUE, 8TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10166 N-30D 1 pn30d-cashmanagement.txt ANNUAL REPORT Dreyfus Cash Management Funds ANNUAL REPORT January 31, 2003 DREYFUS CASH MANAGEMENT DREYFUS CASH MANAGEMENT PLUS DREYFUS GOVERNMENT CASH MANAGEMENT DREYFUS GOVERNMENT PRIME CASH MANAGEMENT DREYFUS TREASURY CASH MANAGEMENT DREYFUS TREASURY PRIME CASH MANAGEMENT DREYFUS MUNICIPAL CASH MANAGEMENT PLUS DREYFUS NEW YORK MUNICIPAL CASH MANAGEMENT DREYFUS TAX EXEMPT CASH MANAGEMENT Contents The Funds - -------------------------------------------------------------------------------- Letter to Shareholders (Taxable) 3 Letter to Shareholders (Tax-Exempt) 5 Statements of Investments 7 Statements of Assets and Liabilities 41 Statements of Operations 43 Statements of Changes in Net Assets 45 Financial Highlights 49 Notes to Financial Statements 58 Report of Independent Auditors 62 Important Tax Information 63 Board Members Information 64 Officers of the Funds 65 For More Information - -------------------------------------------------------------------------------- Back cover The views expressed in this report reflect those of the portfolio manager only through the end of the period covered and do not necessarily represent the views of Dreyfus or any other person in the Dreyfus organization. Any such views are subject to change at any time based upon market or other conditions and Dreyfus disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Dreyfus fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Dreyfus fund. * Not FDIC-Insured * Not Bank-Guaranteed * May Lose Value The Funds Dreyfus Cash Management Funds LETTER TO SHAREHOLDERS Dear Shareholder: We present the annual report for Dreyfus Cash Management Funds (Taxable). For the 12-month period ended January 31, 2003, the six taxable money market funds that comprise Dreyfus Cash Management Funds (Taxable) produced the following yields and effective yields:(1) - -------------------------------------------------------------------------------- Effective Yield (%) Yield (%) - -------------------------------------------------------------------------------- DREYFUS CASH MANAGEMENT Institutional Shares 1.65 1.66 Investor Shares 1.40 1.41 Administrative Shares 1.55 1.56 Participant Shares 1.25 1.25 - -------------------------------------------------------------------------------- DREYFUS CASH MANAGEMENT PLUS, INC. Institutional Shares 1.77 1.78 Investor Shares 1.52 1.53 Administrative Shares 1.67 1.68 Participant Shares 1.37 1.38 - -------------------------------------------------------------------------------- DREYFUS GOVERNMENT CASH MANAGEMENT Institutional Shares 1.74 1.75 Investor Shares 1.48 1.49 Administrative Shares 1.64 1.65 Participant Shares 1.34 1.34 - -------------------------------------------------------------------------------- DREYFUS GOVERNMENT PRIME CASH MANAGEMENT Institutional Shares 1.60 1.61 Investor Shares 1.35 1.36 Administrative Shares 1.50 1.51 Participant Shares 1.20 1.21 - -------------------------------------------------------------------------------- DREYFUS TREASURY CASH MANAGEMENT Institutional Shares 1.58 1.59 Investor Shares 1.33 1.33 Administrative Shares 1.48 1.49 Participant Shares 1.18 1.18 - -------------------------------------------------------------------------------- DREYFUS TREASURY PRIME CASH MANAGEMENT Institutional Shares 1.57 1.58 Investor Shares 1.32 1.32 Administrative Shares 1.47 1.48 Participant Shares 1.17 1.17 Economic and Market Environment When the reporting period began, the nation had just emerged from the 2001 recession, and investors were looking forward to a resumption of more robust economic growth. To stimulate an expansion, the Federal Reserve Board (the "Fed") implemented 11 interest-rate reductions in 2001, driving the benchmark federal funds rate to 1.75%, a 40-year low. When economic recovery began during the first quarter of 2002, many investors expected that the Fed would begin raising interest rates later in the year. In March, the Fed fueled such speculation when it shifted from an accommodative bias to a neutral one, suggesting that the risks of recession and inflation were evenly balanced. In fact, GDP growth for the first quarter of 2001 was estimated at a robust 5.0% annualized rate. By the spring, however, it had become apparent that the recovery was weaker and more uneven than most investors had hoped. Jobless claims increased in May, and consumers began to spend at a slower rate. As a result, the economic growth rate for the second quarter of 2002 declined to just 1.3%, according to revised government estimates, and investors began to push back their expectations of the timing of eventual interest-rate hikes. The economy continued to give mixed signals in June, July and August. For example, the unemployment rate and manufacturing activity rose in June and then fell in July. Historically low interest rates continued to spur mortgage-refinancing activity, putting cash in consumers' pockets. At the same time, productivity gains during the second quarter of 2002 suggested that businesses could enhance profits without expanding their payrolls. However, corporate spending remained weak and stock market volatility continued. Ultimately, negative influences overshadowed positive ones, as corporate scandals, weaker corporate earnings and uncertain consumer and heightened international tensions took their toll. As a result, at its August meeting the Fed shifted its bias to a more accommodative stance. Economic weakness continued to prevail in the fall. The economy lost jobs in September, and a key index of manufacturing output suggested continuing weakness. In October, consumer confidence dropped to a nine-year low, and the unemployment rate rose along The Funds 3 LETTER TO SHAREHOLDERS (CONTINUED) with jobless claims. The stock market continued its decline, reaching its lowest levels of the year. The length of the workweek declined, as did the number of temporary workers employed. Finally, the third quarter's annualized GDP growth rate of 4% was weaker than anticipated. At month-end, most analysts expected the Fed to reduce interest rates by 0.25 basis points at its next meeting. Indeed, in early November the Fed cut the federal funds rate. However, it did so by a larger than expected 50 basis points, suggesting that the economy had reached a "soft spot" because of the threat of war and allegations of corporate scandal. At the same time, the Fed shifted its bias back to neutral. After the Fed took action, the economy showed some signs of improvement. While the labor market remained weak, retail sales in November came in higher than most analysts had expected, and the stock market rallied. In addition, consumer confidence improved during December. Nonetheless, the fourth quarter's GDP growth rate fell to an estimated annualized rate of just 0.7%. Overall, the U.S. economy was estimated to have grown 2.4% in 2002. At the end of January 2003, the Fed kept the federal funds rate unchanged at 1.25%, citing high oil prices and heightened geopolitical risks as economic restraints. However, the Fed also indicated that corporate spending and hiring were likely to improve over time as the economy responded to an accommodative monetary policy and growing productivity levels. In the meantime, the economy has continued to send mixed signals. Home sales rose in January, but consumer confidence fell below the low it had established in October. Manufacturing expanded in January and personal incomes rose, but stock prices fell as investors remained concerned about the possibility of war with Iraq. Portfolio Focus Against this challenging economic backdrop, the fund ended the reporting period with a weighted average maturity that was longer than its peer group average, reflecting our efforts to seek competitive yields in a low interest-rate environment. As always, we are prepared to change our strategy as market conditions develop. Sincerely, /s/Patricia A. Larkin Patricia A. Larkin Senior Portfolio Manager February 14, 2003 New York, N.Y. (1) EFFECTIVE YIELD IS BASED UPON DIVIDENDS DECLARED DAILY AND REINVESTED MONTHLY. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. YIELDS FLUCTUATE. AN INVESTMENT IN EACH FUND IS NOT INSURED OR GUARANTEED BY THE FDIC OR THE U.S. GOVERNMENT. ALTHOUGH EACH FUND SEEKS TO PRESERVE THE VALUE OF YOUR INVESTMENT AT $1.00 PER SHARE, IT IS POSSIBLE TO LOSE MONEY BY INVESTING IN THE FUNDS. LETTER TO SHAREHOLDERS Dear Shareholder: We present the annual report for Dreyfus Cash Management Funds (Tax Exempt). For the 12-month period ended January 31, 2003, the three tax-exempt money market portfolios that comprise Dreyfus Cash Management Funds (Tax Exempt) produced the following yields and effective yields:(1) - -------------------------------------------------------------------------------- Effective Yield (%) Yield (%) - -------------------------------------------------------------------------------- DREYFUS MUNICIPAL CASH MANAGEMENT PLUS Institutional Shares 1.32 1.33 Investor Shares 1.07 1.08 Administrative Shares 1.23 1.23 Participant Shares 0.93 0.93 - -------------------------------------------------------------------------------- DREYFUS NEW YORK MUNICIPAL CASH MANAGEMENT Institutional Shares 1.26 1.26 Investor Shares 1.01 1.01 Administrative Shares 1.15 1.15 Participant Shares 0.86 0.86 - -------------------------------------------------------------------------------- DREYFUS TAX EXEMPT CASH MANAGEMENT Institutional Shares 1.29 1.29 Investor Shares 1.04 1.04 Administrative Shares 1.19 1.19 Participant Shares 0.88 0.89 Economic and Market Environment When the reporting period began on February 1, 2002, the U.S. economy had just started a slow and uneven recovery from the 2001 recession. The Federal Reserve Board (the "Fed" ) cut interest rates aggressively in 2001 in an attempt to stimulate renewed economic growth. As a result, the reporting period began with a federal funds rate target of 1.75% , the lowest in 40 years. In this environment, yields on one-year tax-exempt notes fell to historically low levels. Despite the Fed's previous easing of monetary policy and what appeared to be a strong start, the economy failed to gather momentum after the first few months of the year. As a result, early expectations that the Fed would raise interest rates gave way to the belief that further rate cuts might be necessary. Indeed, in November 2002 the Fed reduced interest rates another 50 basis points in an attempt to tide the economy over a "soft spot" caused by allegations of corporate accounting scandal and the threat of war with Iraq. In addition, a persistently volatile stock market caused a "flight to quality" among equity investors who sought a relatively stable investment alternative for their assets. As a result, total assets invested in tax-exempt money market funds rose throughout the reporting period, putting additional downward pressure on yields. As the national economy faltered, income taxes, sales taxes and capital gains taxes failed to meet revenue projections, and many state and local governments experienced budget shortfalls. State and local governments attempted to bridge their deficits by cutting expenses, raising certain taxes and fees, tapping rainy day funds and borrowing in the tax-exempt bond market. Consequently, issuance of short-term, tax-exempt securities rose approximately 50% compared to the same period one year earlier. Although an increase in the supply of tax-exempt securities usually puts upward pressure on yields, most new issuance during the reporting period was easily absorbed by the surge in investor demand Like many other states, New York's fiscal condition deteriorated during the reporting period. The effects of general economic weakness were intensified by poor business conditions on Wall Street, which led to layoffs among many of the financial services companies that drive a significant portion of New York's economy. Portfolio Focus For most of the reporting period, we set the weighted average maturities of Dreyfus Tax Exempt Cash Management and Dreyfus Municipal Cash Management Plus at points that were in line with those of their peer groups. More recently, when it became clearer to us that interest rates were unlikely to rise during the foreseeable future, we attempted to extend these funds' weighted average maturities. The Funds 5 LETTER TO SHAREHOLDERS (CONTINUED) However, a limited supply of eligible securities made it difficult to do so. There typically is little new issuance during the first quarter, and investor demand has remained strong. For Dreyfus New York Municipal Cash Management, we generally maintained a weighted average maturity that was slightly longer than the fund's peer group average. Because New York has historically been a high-issuance state, we had less difficulty finding eligible securities from New York issuers. When purchasing new securities for all three funds, we focused primarily on municipal notes and commercial paper with maturities between six and nine months. In our view, it made little sense to lock in historically low yields by purchasing securities with one-year maturities. Because of credit quality concerns in the weak economy, we often preferred securities backed by bank letters of credit, insured and prerefunded securities.(2 ) In our view, these strategies are designed to help the fund weather the current period of economic weakness while maintaining flexibility to seek out opportunities when the supply of newly issued tax-exempt money market instruments increases. Sincerely, /s/Colleen Meehan Colleen Meehan Portfolio Manager February 14, 2003 New York, NY (1) EFFECTIVE YIELD IS BASED UPON DIVIDENDS DECLARED DAILY AND REINVESTED MONTHLY. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. YIELDS FLUCTUATE. FOR THE NATIONAL FUNDS, INCOME MAY BE SUBJECT TO STATE AND LOCAL TAXES. FOR THE NEW YORK FUND, INCOME MAY BE SUBJECT TO STATE AND LOCAL TAXES FOR OUT-OF-STATE RESIDENTS. FOR EACH FUND, SOME INCOME MAY BE SUBJECT TO THE FEDERAL ALTERNATIVE MINIMUM TAX (AMT). AN INVESTMENT IN EACH FUND IS NOT INSURED OR GUARANTEED BY THE FDIC OR THE U.S. GOVERNMENT. ALTHOUGH EACH FUND SEEKS TO PRESERVE THE VALUE OF YOUR INVESTMENT AT $1.00 PER SHARE, IT IS POSSIBLE TO LOSE MONEY BY INVESTING IN THE FUNDS. (2) INSURANCE ON INDIVIDUAL PORTFOLIO SECURITIES EXTENDS TO THE REPAYMENT OF PRINCIPAL AND THE PAYMENT OF INTEREST IN THE EVENT OF DEFAULT. IT DOES NOT EXTEND TO THE MARKET VALUE OF THE PORTFOLIO SECURITIES OR THE VALUE OF THE FUNDS' SHARES. 6 STATEMENT OF INVESTMENTS January 31, 2003 Principal DREYFUS CASH MANAGEMENT Amount ($) Value ($) - ------------------------------------------------------------------------------------------------------------------------------------ NEGOTIABLE BANK CERTIFICATES OF DEPOSIT--18.1% - ------------------------------------------------------------------------------------------------------------------------------------ Bank of New York 1.85%, 8/22/2003 60,000,000 60,006,381 Bank of New York 1.31%, 3/26/2003 200,000,000 (a) 199,982,474 Chase Manhattan Bank USA 1.33%--1.66%, 2/10/2003--2/20/2003 675,000,000 675,000,684 Citibank N.A. 1.25%--1.34%, 3/10/2003--5/5/2003 273,500,000 273,500,000 First Tennessee Bank N.A. 1.28%--1.33%, 2/20/2003--7/2/2003 425,000,000 425,001,136 Marshall & Ilsley Bank 1.34%, 3/6/2003 65,000,000 65,000,000 U.S. Bank N.A. 1.30%--2.00%, 7/14/2003--7/22/2003 300,000,000 300,000,000 Wachovia Bank and Trust Co. 1.30%, 10/20/2003 150,000,000 (a) 150,000,000 Wells Fargo Bank N.A. 1.29%, 2/3/2003 83,000,000 83,000,092 Wilmington Trust Co. 1.35%--1.75%, 2/10/2003--6/2/2003 300,000,000 300,003,330 TOTAL NEGOTIABLE BANK CERTIFICATES OF DEPOSIT (cost $2,531,494,097) 2,531,494,097 COMMERCIAL PAPER--41.9% - ------------------------------------------------------------------------------------------------------------------------------------ Abbey National North America 1.31%--1.33%, 2/3/2003--2/20/2003 400,000,000 399,845,055 Amstel Funding Inc. 1.30%, 7/24/2003 138,682,000 (b) 137,822,287 Barclays U.S. Funding Corp. 1.33%, 3/7/2003--3/18/2003 275,000,000 274,574,542 Bear Stearns Cos. Inc. 1.31%, 6/27/2003 75,000,000 74,604,583 Deutsche Bank Financial Inc. 1.31%, 7/2/2003 250,000,000 248,636,806 FCAR Owner Trust 1.26%--1.80%, 2/20/2003--7/9/2003 499,084,000 497,985,952 GE Capital International Funding Inc. 1.55%, 2/7/2003 150,000,000 149,961,500 General Electric Capital Corp. 1.66%, 2/4/2003 375,000,000 374,948,438 General Electric Capital Services Inc. 1.28%--1.77%, 2/18/2003--6/23/2003 500,000,000 498,676,562 ING (US) Funding LLC 1.25%--1.77%, 2/24/2003--7/14/2003 610,000,000 608,698,679 Lehman Brothers Holdings Inc. 1.34%, 3/12/2003 100,000,000 100,000,000 Mane Funding Corp 1.36%, 3/18/2003 50,000,000 (b) 49,915,000 The Funds 7 STATEMENT OF INVESTMENTS (CONTINUED) Principal DREYFUS CASH MANAGEMENT (CONTINUED) Amount ($) Value ($) - ------------------------------------------------------------------------------------------------------------------------------------ COMMERCIAL PAPER (CONTINUED) - ------------------------------------------------------------------------------------------------------------------------------------ Morgan Stanley Group Inc. 1.30%--1.35%, 3/14/2003--4/11/2003 615,000,000 613,815,178 Nordea North America Inc. 1.65%, 2/6/2003 200,000,000 199,954,444 PB Finance (Delaware) Inc. 1.30%, 4/8/2003--4/21/2003 220,000,000 219,419,334 Salomon Smith Barney Holdings Inc. 1.34%, 3/11/2003 250,000,000 249,647,708 Societe Generale N.A. Inc. 1.33%--1.97%, 3/18/2003--4/4/2003 700,000,000 698,499,973 Stadshypotek Delaware Inc. 1.26%, 3/27/2003 30,000,000 (b) 29,943,300 Svenska Handelsbanken Inc. 1.26%-1.30%, 4/23/2003-7/7/2003 150,000,000 149,299,700 UBS Finance Delaware LLC 1.32%, 2/3/2003 300,000,000 299,978,000 TOTAL COMMERCIAL PAPER (cost $5,876,227,041) 5,876,227,041 CORPORATE NOTES--10.7% - ------------------------------------------------------------------------------------------------------------------------------------ Beta Finance Inc. 1.35%, 5/7/2003 100,000,000 (a,b) 100,000,000 CC (USA) Inc. 1.33%, 8/1/2003 200,000,000 (a,b) 199,990,083 K2 (USA) LLC 1.36%, 4/15/2003--5/15/2003 300,000,000 (a,b) 300,000,000 Paradigm Funding LLC 1.32%, 10/22/2003--10/28/2003 300,000,000 (a,b) 300,000,000 Sigma Finance Inc. 1.32%--1.37%, 2/21/2003--7/25/2003 600,000,000 (a,b) 600,000,000 TOTAL CORPORATE NOTES (cost $1,499,990,083) 1,499,990,083 PROMISSORY NOTES--4.0% - ------------------------------------------------------------------------------------------------------------------------------------ Goldman Sachs Group Inc. 1.70%--2.22%, 2/21/2003--11/24/2003 (cost $560,000,000) 560,000,000 (c) 560,000,000 8 Principal DREYFUS CASH MANAGEMENT (CONTINUED) Amount ($) Value ($) - ------------------------------------------------------------------------------------------------------------------------------------ SHORT-TERM BANK NOTES--9.6% - ------------------------------------------------------------------------------------------------------------------------------------ Bank One N.A. 1.30%, 7/23/2003 300,000,000 300,000,000 National City Bank 1.45%, 11/10/2003 100,000,000 100,007,719 National City Bank 1.30%--1.31%, 10/8/2003--2/23/2004 450,000,000 (a) 449,973,047 Wells Fargo Bank N.A. 1.30%, 1/15/2004 500,000,000 (a) 500,000,000 TOTAL SHORT-TERM BANK NOTES (cost $1,349,980,766) 1,349,980,766 U.S. GOVERNMENT AGENCIES--3.1% - ------------------------------------------------------------------------------------------------------------------------------------ Federal Home Loan Banks, Notes 1.48%--1.69%, 12/5/2003--1/21/2004 (cost $425,000,000) 425,000,000 425,000,000 TIME DEPOSITS--14.4% - ------------------------------------------------------------------------------------------------------------------------------------ Bank of America FSB 1.30%, 2/3/2003 250,000,000 250,000,000 Branch Banking & Trust Co. Inc. (Grand Cayman) 1.33%, 2/3/2003 500,000,000 500,000,000 HSBC Bank USA (Grand Cayman) 1.31%, 2/3/2003 600,000,000 600,000,000 Regions Bank (Grand Cayman) 1.31%--1.34%, 2/3/2003 520,000,000 520,000,000 South Trust Bank (Grand Cayman) 1.34%, 2/3/2003 150,000,000 150,000,000 TOTAL TIME DEPOSITS (cost $2,020,000,000) 2,020,000,000 TOTAL INVESTMENTS (cost $14,262,691,987) 101.8% 14,262,691,987 LIABILITIES, LESS CASH AND RECEIVABLES (1.8%) (252,392,882) NET ASSETS 100.0% 14,010,299,105 (A) VARIABLE INTEREST RATE--SUBJECT TO PERIODIC CHANGE. (B) SECURITIES EXEMPT FROM REGISTRATION UNDER RULE 144A OF THE SECURITIES ACT OF 1933. THESE SECURITIES MAY BE RESOLD IN TRANSACTIONS EXEMPT FROM REGISTRATION, NORMALLY TO QUALIFIED INSTITUTIONAL BUYERS. AT JANUARY 31,2003, THESE SECURITIES AMOUNTED TO $1,717,670,670 OR APPROXIMATELY 12.3% OF NET ASSETS. (C) THESE NOTES WERE ACQUIRED FOR INVESTMENT, AND NOT WITH THE INTENT TO DISTRIBUTE OR SELL. SECURITIES RESTRICTED AS TO PUBLIC RESALE. THESE SECURITIES WERE ACQUIRED FROM 6/18/2002 TO 11/4/2002 AT A COST OF PAR VALUE. AT JANUARY 31, 2003, THE AGGREGATE VALUE OF THESE SECURITIES WAS $560,000,000, REPRESENTING APPROXIMATELY 4.0% OF NET ASSETS AND ARE VALUED AT AMORTIZED COST. SEE NOTES TO FINANCIAL STATEMENTS. The Funds 9 STATEMENT OF INVESTMENTS January 31, 2003 Principal DREYFUS CASH MANAGEMENT PLUS, INC. Amount ($) Value ($) - ------------------------------------------------------------------------------------------------------------------------------------ NEGOTIABLE BANK CERTIFICATES OF DEPOSIT--49.0% - ------------------------------------------------------------------------------------------------------------------------------------ ABN-AMRO Bank NV (Yankee) 1.80%, 11/3/2003 250,000,000 250,000,000 Alliance & Leicester PLC (London) 1.53%--2.00%, 4/11/2003--11/21/2003 300,000,000 300,010,715 Bank of New York 1.45%, 10/29/2003 100,000,000 100,273,089 Bank of Nova Scotia (London) 1.33%, 2/24/2003 75,000,000 75,000,000 Bank of Nova Scotia (Yankee) 1.51%--1.64%, 10/6/2003--11/18/2003 400,000,000 399,970,635 Barclays Bank PLC (London) 2.00%, 4/30/2003 100,000,000 100,001,203 BNP Paribas (London) 1.30%--1.33%, 2/24/2003--6/30/2003 700,000,000 700,000,000 Canadian Imperial Bank of Commerce (Yankee) 1.30%--2.03%, 3/24/2003--7/14/2003 475,000,000 475,038,531 Canadian Imperial Bank of Commerce (Yankee) 1.33%, 6/23/2003 300,000,000 (a) 299,947,301 Credit Agricole Indosuez S.A. (London) 1.26%--2.00%, 3/27/2003--7/22/2003 350,000,000 350,037,665 Credit Agricole Indosuez S.A. (Yankee) 1.27%--2.22%, 2/20/2003--3/7/2003 550,000,000 550,000,000 Credit Agricole Indosuez S.A. (Yankee) 1.30%, 1/12/2004 400,000,000 (a) 400,000,000 Credit Lyonnais N.A. Inc. (Yankee) 1.31%, 6/30/2003 100,000,000 100,011,982 Credit Suisse First Boston (Yankee) 1.91%, 9/19/2003 250,000,000 250,000,000 Danske Bank A/S (London) 1.26%, 4/10/2003 67,000,000 67,006,208 Den Norske Bank ASA (London) 1.34%, 3/10/2003 50,000,000 50,000,512 Deutsche Bank AG (London) 1.26%--1.35%, 4/22/2003--5/21/2003 390,000,000 390,003,935 First Tennessee Bank N.A. 1.34%, 2/18/2003--3/3/2003 250,000,000 250,000,000 Hamburgische Landesbank Girozentrale (London) 1.34%--1.38%, 2/24/2003--6/16/2003 500,000,000 500,003,571 Harris Trust & Savings Bank 2.07%, 8/19/2003 125,000,000 124,993,243 HBOS Treasury Services PLC (London) 1.31%--1.64%, 2/10/2003--8/29/2003 1,405,000,000 1,405,086,591 Landesbank Baden-Wuerttemberg (London) 1.34%--2.01%, 2/24/2003--7/22/2003 175,000,000 175,024,400 Landesbank Hessen-Thuringen Girozentrale (London) 1.30%, 7/15/2003 70,000,000 70,003,168 10 Principal DREYFUS CASH MANAGEMENT PLUS, INC. (CONTINUED) Amount ($) Value ($) - ------------------------------------------------------------------------------------------------------------------------------------ NEGOTIABLE BANK CERTIFICATES OF DEPOSIT (CONTINUED) - ------------------------------------------------------------------------------------------------------------------------------------ Landesbank Hessen-Thuringen Girozentrale (Yankee) 1.58%, 2/5/2003 50,000,000 50,000,000 National Australia Bank Ltd. (London) 2.00%--2.05%, 3/20/2003--7/23/2003 350,000,000 350,005,854 Norddeutsche Landesbank Girozentrale (London) 1.26%, 4/28/2003 200,000,000 200,004,763 Nordea Bank Finland PLC (Yankee) 1.68%--2.00%, 2/3/2003--4/11/2003 225,000,000 225,000,000 Rabobank Nederland (Yankee) 2.56%, 7/1/2003 200,000,000 199,991,892 Societe Generale (London) 1.27%--1.66%, 2/7/2003--7/15/2003 670,000,000 669,998,914 Svenska Handelsbanken (Yankee) 1.30%--2.02%, 3/6/2003--11/18/2003 780,000,000 780,001,376 Swedbank (London) 2.03%, 3/21/2003 100,000,000 100,000,000 Swedbank (Yankee) 1.76%--2.02%, 3/3/2003--3/24/2003 100,000,000 100,001,046 Swedbank (Yankee) 1.33%--1.36%, 10/1/2003--1/21/2004 600,000,000 (a) 599,953,768 Toronto-Dominion Bank (Yankee) 1.30%--2.56%, 6/23/2003--11/12/2003 1,020,000,000 1,020,167,116 Unicredito Italiano SpA (London) 1.27%--1.64%, 3/10/2003--10/6/2003 1,500,000,000 1,500,040,299 Wachovia Bank & Trust Co. 1.30%, 10/20/2003 200,000,000 (a) 200,000,000 Westdeutsche Landesbank Girozentrale (London) 1.39%, 6/5/2003 50,000,000 50,003,420 Westdeutsche Landesbank Girozentrale (Yankee) 1.41%--1.76%, 2/24/2003--11/12/2003 1,100,000,000 1,100,000,000 Wilmington Trust Co. 1.65%, 4/22/2003 100,000,000 100,000,000 TOTAL NEGOTIABLE BANK CERTIFICATES OF DEPOSIT (cost $14,627,581,197) 14,627,581,197 COMMERCIAL PAPER--27.4% - ------------------------------------------------------------------------------------------------------------------------------------ Abbey National North America 1.31%, 2/3/2003 250,000,000 249,981,806 Alliance & Leicester PLC 1.33%, 3/20/2003 150,000,000 149,739,542 Bank of Ireland 2.06%, 3/14/2003 100,000,000 99,768,806 Bear Stearns Cos. Inc. 1.30%, 6/27/2003 300,000,000 298,430,500 Bear Stearns Cos. Inc. 1.30%, 5/9/2003 200,000,000 (a) 200,000,000 The Funds 11 STATEMENT OF INVESTMENTS (CONTINUED) Principal DREYFUS CASH MANAGEMENT PLUS, INC. (CONTINUED) Amount ($) Value ($) - ------------------------------------------------------------------------------------------------------------------------------------ COMMERCIAL PAPER (CONTINUED) - ------------------------------------------------------------------------------------------------------------------------------------ Danske Bank A/S 1.30%--1.33%, 2/24/2003--4/28/2003 511,000,000 509,973,419 Danske Corp. Inc. 1.35%, 5/23/2003 50,000,000 49,793,417 Deutsche Bank Financial LLC Inc. 1.31%, 7/2/2003 500,000,000 497,273,611 FCAR Owner Trust 1.35%--1.70%, 2/13/2003--2/19/2003 316,250,000 316,053,263 GE Capital International Funding Inc. 1.78%, 2/20/2003--2/21/2003 400,000,000 399,609,125 General Electric Capital Corp. 1.33%--1.38%, 3/14/2003--6/5/2003 800,000,000 797,186,139 Hamburgische Landesbank Girozentrale 1.34%--1.41%, 2/25/2003--3/14/2003 376,000,000 375,510,213 ING U.S. Funding LLC 1.39%--2.01%, 3/27/2003--6/5/2003 700,000,000 697,376,083 Landesbank Schleswig-Holstein Girozentrale 1.34%, 3/7/2003--3/24/2003 500,000,000 499,196,000 Mane Funding Corp 1.29%--1.36%, 3/24/2003--4/17/2003 255,165,000 (b) 254,558,200 Morgan Stanley & Co. Inc. 1.35%, 2/14/2003 500,000,000 499,756,250 Nationwide Building Society 1.31%, 6/9/2003 100,000,000 99,537,778 Norddeutsche Landesbank 1.26%, 4/23/2003 95,000,000 94,730,675 Norddeutsche Landesbank Luxembourg S.A. 1.34%, 3/19/2003 100,000,000 99,828,778 PB Finance (DE) Inc 1.34%--1.77%, 2/27/2003--6/5/2003 550,000,000 548,456,529 Philip Morris Companies 1.28%--1.30%, 4/17/2003--4/24/2003 150,000,000 149,579,244 Spintab AB 1.26%--1.27%, 4/24/2003--5/21/2003 200,000,000 199,331,500 Stadshypotek Delaware Inc. 1.34%, 2/25/2003 300,000,000 (b) 299,733,000 Swedbank Inc. 1.39%--1.42%, 6/3/2003--8/15/2003 300,000,000 298,010,250 UBS Finance Delaware LLC 1.32%, 2/3/2003 300,000,000 299,978,000 Westdeutsche Landesbank Girozentrale 1.97%, 4/9/2003 200,000,000 199,277,889 TOTAL COMMERCIAL PAPER (cost $8,182,670,017) 8,182,670,017 12 Principal DREYFUS CASH MANAGEMENT PLUS, INC. (CONTINUED) Amount ($) Value ($) - ------------------------------------------------------------------------------------------------------------------------------------ CORPORATE NOTES--8.4% - ------------------------------------------------------------------------------------------------------------------------------------ Abbey National Treasury Service 1.32%, 9/30/2003 300,000,000 (a) 299,930,671 CC (USA) Inc. 1.33%, 7/16/2003 100,000,000 (a,b) 100,000,000 Lehman Brothers Holdings Inc. 1.40%, 4/4/2003 71,570,000 (a) 71,616,388 Links Finance LLC 2.15%, 2/3/2003 150,000,000 (a,b) 150,000,000 Merrill Lynch & Co. Inc. 1.34%--1.36%, 3/6/2003--1/14/2004 615,000,000 (a) 615,318,879 Paradigm Funding LLC 1.33%, 10/31/2003 425,000,000 (a,b) 425,000,000 Sigma Finance Inc. 1.34%--1.37%, 5/15/2003--7/25/2003 775,000,000 (a,b) 774,997,232 Wells Fargo & Co. 1.75%, 8/15/2003 75,840,000 76,812,413 TOTAL CORPORATE NOTES (cost $2,513,675,583) 2,513,675,583 PROMISSORY NOTES--3.5% - ------------------------------------------------------------------------------------------------------------------------------------ Goldman Sachs Group Inc. 1.82%--2.14%, 2/25/2003--10/17/2003 (cost $1,035,000,000) 1,035,000,000 (c) 1,035,000,000 SHORT-TERM BANK NOTES--8.7% - ------------------------------------------------------------------------------------------------------------------------------------ Abbey National Treasury Service 1.31%, 11/18/2003 500,000,000 (a) 499,939,933 Bank One N.A. 1.32%, 12/23/2003 100,000,000 (a) 100,000,000 Lasalle National Bank N.A. 2.65%, 4/22/2003 100,000,000 99,997,668 National City Bank 1.29%--1.31%, 8/22/2003--1/20/2004 1,390,000,000 (a) 1,389,929,325 Swedbank 1.35%, 9/10/2003 200,000,000 (a) 199,963,537 Wells Fargo Bank N.A. 1.30%, 8/13/2003 100,000,000 (a) 100,002,643 Westdeutsche Landesbank Girozentrale 1.34%, 9/10/2003 200,000,000 (a) 199,963,537 TOTAL SHORT-TERM BANK NOTES (cost $2,589,796,643) 2,589,796,643 The Funds 13 STATEMENT OF INVESTMENTS (CONTINUED) Principal DREYFUS CASH MANAGEMENT PLUS, INC. (CONTINUED) Amount ($) Value ($) - ------------------------------------------------------------------------------------------------------------------------------------ U.S. GOVERNMENT AGENCIES--1.3% - ------------------------------------------------------------------------------------------------------------------------------------ Federal Home Loan Banks, Notes 1.66%, 12/8/2003 (cost $400,000,000) 400,000,000 400,000,000 TIME DEPOSITS--3.5% - ------------------------------------------------------------------------------------------------------------------------------------ Fifth Third Bank (Grand Cayman) 1.34%, 2/3/2003 343,000,000 343,000,000 Rabobank Nederland (Grand Cayman) 1.38%, 2/3/2003 200,000,000 200,000,000 Societe Generale (Grand Cayman) 1.31%, 2/3/2003 100,000,000 100,000,000 Wells Fargo Bank N.A. (Grand Cayman) 1.34%, 2/3/2003 400,000,000 400,000,000 TOTAL TIME DEPOSITS (cost $1,043,000,000) 1,043,000,000 - ------------------------------------------------------------------------------------------------------------------------------------ TOTAL INVESTMENTS (cost $30,391,723,440) 101.8% 30,391,723,440 LIABILITIES, LESS CASH AND RECEIVABLES (1.8%) (529,563,196) NET ASSETS 100.0% 29,862,160,244 (A) VARIABLE INTEREST RATE--SUBJECT TO PERIODIC CHANGE. (B) SECURITIES EXEMPT FROM REGISTRATION UNDER RULE 144A OF THE SECURITIES ACT OF 1933. THESE SECURITIES MAY BE RESOLD IN TRANSACTIONS EXEMPT FROM REGISTRATION, NORMALLY TO QUALIFIED INSTITUTIONAL BUYERS. AT JANUARY 31, 2003, THESE SECURITIES AMOUNTED TO $2,004,288,432 OR APPROXIMATELY 6.7% OF NET ASSETS (C) THESE NOTES WERE ACQUIRED FOR INVESTMENT, AND NOT WITH THE INTENT TO DISTRIBUTE OR SELL. SECURITIES RESTRICTED AS TO PUBLIC RESALE. THESE SECURITIES WERE ACQUIRED FROM 7/16/2002 TO 10/18/2002 AT A COST OF PAR VALUE. AT JANUARY 31, 2003, THE AGGREGATE VALUE OF THESE SECURITIES WAS $1,035,000,000, REPRESENTING APPROXIMATELY 3.5% OF NET ASSETS AND ARE VALUED AT AMORTIZED COST. SEE NOTES TO FINANCIAL STATEMENTS. 14 STATEMENT OF INVESTMENTS January 31, 2003 Annualized Yield on Date of Principal DREYFUS GOVERNMENT CASH MANAGEMENT Purchase (%) Amount ($) Value ($) - ------------------------------------------------------------------------------------------------------------------------------------ U.S. TREASURY NOTES--.5% - ------------------------------------------------------------------------------------------------------------------------------------ 5.75%, 8/15/2003 (cost $51,084,164) 1.56 50,000,000 51,084,164 U.S. GOVERNMENT AGENCIES--92.9% - ------------------------------------------------------------------------------------------------------------------------------------ Federal Farm Credit Banks, Consolidated Systemwide Floating Rate Notes 6/2/2003 1.25 (a) 250,000,000 249,979,847 9/25/2003 1.31 (a) 50,000,000 49,987,060 3/16/2004 1.27 (a) 100,000,000 99,977,568 3/30/2004 1.25 (a) 200,000,000 199,953,601 7/14/2004 1.27 (a) 300,000,000 300,000,000 Federal Home Loan Banks, Discount Notes 2/3/2003 1.19 100,000,000 99,993,389 2/5/2003 2.21 50,000,000 49,999,956 2/21/2003 1.20 50,000,000 49,966,667 3/26/2003 1.21 350,543,000 349,919,651 4/9/2003 1.23 350,000,000 349,196,000 4/21/2003 1.23 99,500,000 99,231,433 4/23/2003 1.22 350,000,000 349,045,438 7/22/2003 2.22 250,000,000 249,957,137 11/3/2003 1.41 22,796,000 22,553,951 Federal Home Loan Banks, Floating Rate Notes 2/3/2003 1.27 (a) 100,000,000 100,000,000 3/20/2003 1.27 (a) 225,000,000 224,993,649 3/24/2003 1.24 (a) 100,000,000 99,997,174 5/9/2003 1.24 (a) 400,000,000 400,002,612 6/27/2003 1.27 (a) 150,000,000 149,985,186 9/15/2003 1.27 (a) 450,000,000 449,928,514 10/24/2003 1.20 (a) 350,000,000 350,000,000 7/30/2004 1.26 (a) 350,000,000 350,000,000 Federal Home Loan Banks, Notes 2/6/2003 1.71 250,000,000 250,000,000 2/7/2003 2.19 28,000,000 28,000,051 2/28/2003 1.84 297,045,000 297,672,774 3/14/2003 1.40 50,000,000 50,053,471 6/13/2003 1.38 25,000,000 25,109,009 9/15/2003 1.54 54,205,000 55,385,766 11/14/2003 1.55 109,800,000 110,954,834 12/5/2003 1.66 200,000,000 200,000,000 12/8/2003 1.72 33,400,000 33,400,000 12/16/2003 1.52 303,500,000 303,500,000 Federal Home Loan Mortgage Corporation, Discount Notes 9/3/2003 1.72 23,951,000 23,710,386 9/11/2003 1.72 35,440,000 35,070,656 9/19/2003 1.72 196,957,000 194,830,412 12/4/2003 1.47 211,255,000 208,660,260 The Funds 15 STATEMENT OF INVESTMENTS (CONTINUED) Annualized Yield on Date of Principal DREYFUS GOVERNMENT CASH MANAGEMENT (CONTINUED) Purchase (%) Amount ($) Value ($) - ------------------------------------------------------------------------------------------------------------------------------------ U.S. GOVERNMENT AGENCIES (CONTINUED) - ------------------------------------------------------------------------------------------------------------------------------------ Federal Home Loan Mortgage Corporation, Notes 2/18/2003 1.85 178,933,000 179,333,571 3/15/2003 2.27 20,000,000 20,054,910 7/15/2003 1.41 112,000,000 114,167,292 9/15/2003 1.54 79,782,000 80,728,510 11/17/2003 1.46 100,000,000 103,849,271 Federal National Mortgage Association, Discount Notes 2/3/2003 2.16 100,000,000 99,988,167 4/4/2003 2.61 100,000,000 99,562,556 4/25/2003 1.30 200,000,000 199,405,167 5/7/2003 1.25 165,007,000 164,467,060 5/30/2003 1.90 255,000,000 253,436,992 6/18/2003 1.25 158,287,000 157,540,061 6/27/2003 2.04 50,000,000 49,594,444 10/17/2003 1.40 525,500,000 520,302,805 11/14/2003 1.44 175,358,000 173,372,801 Federal National Mortgage Association, Floating Rate Notes 4/3/2003 1.22 (a) 200,000,000 199,998,406 5/7/2003 1.24 (a) 100,000,000 99,994,404 7/22/2003 1.25 (a) 100,000,000 99,995,302 9/19/2003 1.30 (a) 375,000,000 374,928,492 Federal National Mortgage Association, Notes 2/14/2003 2.11 201,195,000 201,389,142 5/15/2003 1.29 128,750,000 129,958,718 Student Loan Marketing Association, Discount Notes 2/4/2003 2.28 90,000,000 89,983,167 2/7/2003 2.29 26,000,000 25,990,250 5/6/2003 2.34 22,000,000 21,868,452 5/27/2003 2.32 16,505,000 16,385,316 7/8/2003 2.07 46,000,000 45,592,759 Student Loan Marketing Association, Floating Rate Notes 2/13/2003 1.28 (a) 300,000,000 299,996,511 4/25/2003 1.24 (a) 250,000,000 249,993,089 Tennessee Valley Authority, Discount Notes 2/14/2003 1.19 48,250,000 48,229,266 2/20/2003 1.22 65,000,000 64,958,147 TOTAL U.S. GOVERNMENT AGENCIES (cost $10,646,081,480) 10,646,081,480 16 Annualized Yield on Date of Principal DREYFUS GOVERNMENT CASH MANAGEMENT (CONTINUED) Purchase (%) Amount ($) Value ($) - ------------------------------------------------------------------------------------------------------------------------------------ REPURCHASE AGREEMENTS--7.4% - ------------------------------------------------------------------------------------------------------------------------------------ ABN-AMRO Inc. dated 1/31/2003, due 2/3/2003 in the amount of $300,031,250 (fully collateralized by $650,664,120 GNMA, 6.00%--7.50% due 12/15/2026--4/20/2032, value $304,417,346) 1.25 300,000,000 300,000,000 Barclays Capital Inc. dated 1/31/2003, due 2/3/2003 in the amount of $181,019,156 (fully collateralized by $170,704,000 U.S. Treasury Inflation Protection Securities, 3.00% due 7/15/2012, value $184,620,004) 1.27 181,000,000 181,000,000 Goldman Sachs & Co. dated 1/31/2003, due 2/3/2003 in the amount of $368,036,567 (fully collateralized by $58,047,000 U.S. Treasury Notes, 6.00%--6.75% due 8/15/2004--5/15/2005, $199,965,000 U.S. Treasury Bonds, 8.125%--13.25% due 11/15/2010--8/15/2021 and $16,865,000 U.S. Treasury Bills, due 5/8/2003, value $375,360,767) 1.19 368,000,000 368,000,000 TOTAL REPURCHASE AGREEMENTS (cost $849,000,000) 849,000,000 TOTAL INVESTMENTS (cost $11,546,165,644) 100.8% 11,546,165,644 LIABILITIES, LESS CASH AND RECEIVABLES (.8%) (87,781,077) NET ASSETS 100.0% 11,458,384,567 (A) VARIABLE INTEREST RATE--SUBJECT TO PERIODIC CHANGE. SEE NOTES TO FINANCIAL STATEMENTS. The Funds 17 STATEMENT OF INVESTMENTS January 31, 2003 Annualized Yield on Date of Principal DREYFUS GOVERNMENT PRIME CASH MANAGEMENT Purchase (%) Amount ($) Value ($) - ------------------------------------------------------------------------------------------------------------------------------------ U.S. TREASURY BILLS--9.6% - ------------------------------------------------------------------------------------------------------------------------------------ 4/24/2003 (cost $105,722,863) 1.15 106,000,000 105,722,863 U.S. TREASURY NOTES--2.3% - ------------------------------------------------------------------------------------------------------------------------------------ 3.25%, 12/31/2003 (cost $25,367,740) 1.59 25,000,000 25,367,740 U.S. GOVERNMENT AGENCIES--87.8% - ------------------------------------------------------------------------------------------------------------------------------------ Federal Farm Credit Banks, Consolidated Systemwide Discount Notes 8/6/2003 1.31 37,940,000 37,685,170 Federal Farm Credit Banks, Consolidated Systemwide Floating Rate Notes 6/30/2003 1.27 (a) 25,000,000 25,000,000 9/25/2003 1.31 (a) 100,000,000 99,974,120 3/30/2004 1.25 (a) 50,000,000 49,988,400 7/14/2004 1.27 (a) 100,000,000 100,000,000 Federal Home Loan Banks, Discount Notes 4/16/2003 1.23 17,174,000 17,130,578 5/16/2003 1.62 12,801,000 12,741,831 7/22/2003 2.22 10,000,000 9,998,285 Federal Home Loan Banks, Floating Rate Notes 3/20/2003 1.27 (a) 25,000,000 24,999,294 Federal Home Loan Banks, Notes 2/28/2003 2.15 45,000,000 45,092,158 6/13/2003 1.38 25,000,000 25,109,009 8/15/2003 1.30 5,500,000 5,580,353 9/15/2003 1.46 25,000,000 25,554,859 11/14/2003 1.84 25,830,000 26,079,930 12/16/2003 1.57 12,880,000 12,880,000 1/21/2004 1.48 25,000,000 25,000,000 Student Loan Marketing Association, Discount Notes 2/3/2003 1.19 3,447,000 3,446,772 2/7/2003 2.24 36,000,000 35,986,800 Student Loan Marketing Association, Floating Rate Notes 2/13/2003 1.28 (a) 25,000,000 24,999,686 4/25/2003 1.27 (a) 100,000,000 99,990,720 Tennessee Valley Authority, Discount Notes 2/6/2003 1.23 170,000,000 169,970,876 2/26/2003 1.19 40,000,000 39,966,945 3/7/2003 1.19 49,000,000 48,944,929 TOTAL U.S. GOVERNMENT AGENCIES (cost $966,120,715) 966,120,715 TOTAL INVESTMENTS (cost $1,097,211,318) 99.7% 1,097,211,318 CASH AND RECEIVABLES (NET) .3% 2,855,514 NET ASSETS 100.0% 1,100,066,832 (A) VARIABLE INTEREST RATE--SUBJECT TO PERIODIC CHANGE. SEE NOTES TO FINANCIAL STATEMENTS. 18 STATEMENT OF INVESTMENTS January 31, 2003 Annualized Yield on Date of Principal DREYFUS TREASURY CASH MANAGEMENT Purchase (%) Amount ($) Value ($) - ------------------------------------------------------------------------------------------------------------------------------------ U.S. TREASURY BILLS--38.0% - ------------------------------------------------------------------------------------------------------------------------------------ 2/6/2003 1.12 1,050,000,000 1,049,836,806 3/6/2003 1.61 250,000,000 249,633,333 3/13/2003 1.64 150,000,000 149,728,333 4/10/2003 1.52 150,000,000 149,572,167 5/8/2003 1.36 100,000,000 99,640,000 TOTAL U.S. TREASURY BILLS (cost $1,698,410,639) 1,698,410,639 U.S. TREASURY NOTES--19.7% - ------------------------------------------------------------------------------------------------------------------------------------ 5.50%, 3/31/2003 2.01 100,000,000 100,539,729 5.50%, 5/31/2003 1.92 100,000,000 101,139,365 3.875%, 7/31/2003 1.79 100,000,000 100,997,031 3.625%, 8/31/2003 1.34 100,000,000 101,322,497 2.75%, 9/30/2003 1.71 100,000,000 100,650,764 2.75%, 10/31/2003 1.54 145,000,000 146,281,766 3.00%, 11/30/2003 1.34 100,000,000 101,353,458 3.25%, 12/31/2003 1.38 125,000,000 127,102,776 TOTAL U.S. TREASURY NOTES (cost $879,387,386) 879,387,386 REPURCHASE AGREEMENTS--42.2% - ------------------------------------------------------------------------------------------------------------------------------------ ABN AMRO Inc. dated 1/31/2003, due 2/3/2003 in the amount of $300,031,250 (fully collateralized by $577,662,000 U.S. Treasury Bonds, due from 5/15/2018-11/15/2018, and $70,853,171 GNMA due 12/15/2028, value $305,781,511) 1.25 300,000,000 300,000,000 Barclays Capital Inc. dated 1/31/2003, due 2/3/2003 in the amount of $400,042,333 (fully collateralized by $377,247,000 U.S. Treasury Bonds, due 7/15/2012 value $408,000,647) 1.27 400,000,000 400,000,000 Credit Suisse First Boston dated 1/31/2003, due 2/3/2003 in the amount of $150,015,625 (fully collateralized by $153,444,000 U.S. Treasury Bills, due 5/1/2003 value $152,999,012) 1.25 150,000,000 150,000,000 Goldman, Sachs & Co. dated 1/31/2003, due 2/3/2003 in the amount of $149,013,658 (fully collateralized by $75,128,000 U.S. Treasury Notes, 7.25%, due 8/15/2004, and $67,866,000 U.S. Treasury Bills due 3/20/2003, value $151,980,353) 1.10 149,000,000 149,000,000 Morgan Stanley Dean Witter & Co. dated 1/31/2003, due 2/3/2003 in the amount of $189,019,530 (fully collateralized by $183,495,000 U.S. Treasury Notes, 5.75% due 8/15/2003, value $192,784,801) 1.24 189,000,000 189,000,000 UBS Warburg, Inc. dated 1/31/2003, due 2/3/2003 in the amount of $400,042,000 (fully collateralized by $397,150,000 U.S. Treasury Notes, 4.25%-10.75% due from 2/15/2003-6/30/2003, value $408,002,000) 1.26 400,000,000 400,000,000 The Funds 19 STATEMENT OF INVESTMENTS (CONTINUED) Annualized Yield on Date of Principal DREYFUS TREASURY CASH MANAGEMENT (CONTINUED) Purchase (%) Amount ($) Value ($) - ------------------------------------------------------------------------------------------------------------------------------------ REPURCHASE AGREEMENTS (CONTINUED) - ------------------------------------------------------------------------------------------------------------------------------------ Westdeutsche Landesbank Girozentrale dated 1/31/2003, due 2/3/2003 in the amount of $300,031,750 (fully collateralized by $285,190,000 U.S. Treasury Notes, 2.875%, due 6/30/2004, and $14,428,000 U.S. Treasury Bills due from 2/27/2003-4/3/2003, value $306,000,678) 1.27 300,000,000 300,000,000 TOTAL REPURCHASE AGREEMENTS (cost $1,888,000,000) 1,888,000,000 TOTAL INVESTMENTS (cost $4,465,798,025) 99.9% 4,465,798,025 CASH AND RECEIVABLES (NET) .1% 6,121,966 NET ASSETS 100.0% 4,471,919,991 SEE NOTES TO FINANCIAL STATEMENTS. 20 STATEMENT OF INVESTMENTS January 31, 2003 Annualized Yield on Date of Principal DREYFUS TREASURY PRIME CASH MANAGEMENT Purchase (%) Amount ($) Value ($) - ------------------------------------------------------------------------------------------------------------------------------------ U.S. TREASURY BILLS--91.8% - ------------------------------------------------------------------------------------------------------------------------------------ 2/6/2003 1.53 531,012,000 530,899,632 2/13/2003 1.55 359,010,000 358,824,952 2/20/2003 1.21 631,009,000 630,607,450 2/27/2003 1.30 380,152,000 379,796,204 4/3/2003 1.15 2,253,000 2,248,610 4/17/2003 1.15 450,000,000 448,921,875 4/24/2003 1.12 10,200,000 10,173,962 5/1/2003 1.14 509,739,000 508,302,385 5/8/2003 1.29 604,189,000 602,127,820 5/22/2003 1.17 61,706,000 61,487,287 5/29/2003 1.28 301,431,000 300,181,969 6/26/2003 1.21 100,000,000 99,514,653 7/3/2003 1.21 430,873,000 428,695,124 7/17/2003 1.23 300,000,000 298,312,333 TOTAL U.S. TREASURY BILLS (cost $4,660,094,256) 4,660,094,256 - ------------------------------------------------------------------------------------------------------------------------------------ U.S. TREASURY NOTES--8.1% - -------------------------------------------------------------------------------- 5.50%, 5/31/2003 1.70 90,000,000 91,092,844 5.75%, 8/15/2003 1.56 50,000,000 51,084,200 2.75%, 9/30/2003 1.71 125,000,000 125,813,215 3.25%, 12/31/2003 1.49 145,000,000 147,267,217 TOTAL U.S. TREASURY NOTES (cost $415,257,476) 415,257,476 TOTAL INVESTMENTS (cost $5,075,351,732) 99.9% 5,075,351,732 CASH AND RECEIVABLES (NET) .1% 2,807,189 NET ASSETS 100.0% 5,078,158,921 SEE NOTES TO FINANCIAL STATEMENT. The Funds 21 STATEMENT OF INVESTMENTS January 31, 2003 Principal DREYFUS MUNICIPAL CASH MANAGEMENT PLUS Amount ($) Value ($) - ------------------------------------------------------------------------------------------------------------------------------------ TAX EXEMPT INVESTMENTS--100.5% - ------------------------------------------------------------------------------------------------------------------------------------ ALABAMA--3.3% Columbia Industrial Development Board, PCR, Refunding VRDN (Alabama Power Company Project): 1.30% 1,400,000 (a) 1,400,000 1.35% 10,000,000 (a) 10,000,000 1.45% 800,000 (a) 800,000 Jefferson County, GO Notes, VRDN 1.30% (Liquidity Facility: Bayerische Landesbank and JPMorgan Chase Bank) 2,300,000 (a) 2,300,000 ARIZONA--2.5% Maricopa County Industrial Development Authority, MFHR, Refunding VRDN (San Martin Apartments Project) 1.20% (Liquidity Facility; FNMA) 6,500,000 (a) 6,500,000 Phoenix Civic Improvement Corporation, Airport Revenue, VRDN, Merlots Program 1.29% (Insured; FGIC and Liquidity Facility; Wachovia Bank) 4,725,000 (a) 4,725,000 CALIFORNIA--.9% California Higher Education Loan Authority, Inc., Student Loan Revenue 1.65%, 7/1/2003 (LOC; Student Loan Marketing Association) 4,000,000 4,000,000 COLORADO--2.6% Colorado Housing and Finance Authority, MFHR 1.70%, 10/1/2003 (Liquidity Facility; FHLB) 2,320,000 2,320,000 El Paso County School District Number 11, GO Notes, TAN 2.50%, 6/30/2003 4,000,000 4,017,818 Southern Ute Indian Tribe of Southern Ute Indian Reservation Industrial Revenue 1.62%, 8/7/2003 (Liquidity Facility; Bank One) 5,000,000 5,000,000 DELAWARE--3.2% Delaware Economic Development Authority, VRDN: IDR (Star Enterprise Project) 1.35% (LOC; Motiva Enterprises LLC) 10,000,000 (a) 10,000,000 Private Schools Revenue (St. Anne's Episcopal School Project) 1.25% (LOC; Wilmington Trust Co.) 4,000,000 (a) 4,000,000 DISTRICT OF COLUMBIA--.9% District of Columbia National Academy of Science, Revenue, CP 1.40% 2/13/2003 (Insured; AMBAC and Liquidity Facility; NationsBank NA) 4,000,000 4,000,000 FLORIDA--4.4% Broward County, Sales Tax Revenue, CP 1.10%, 2/27/2003 (Liquidity Facility; Dexia Credit Locale) 2,500,000 2,500,000 Orange County Industrial Development Authority, IDR VRDN (Central Florida YMCA Project) 1.15% (LOC; Bank of America) 5,000,000 (a) 5,000,000 St Lucie County, VRDN: PCR, Refunding (Florida Power and Light Co. Project) 1.35% 1,300,000 (a) 1,300,000 Revenue (Sage Living Center Project) 1.18% (LOC; Regions Bank) 6,000,000 (a) 6,000,000 Sunshine State Governmental Financing Commission, Revenue, CP 1.05%, 4/9/2003 (Insured; FGIC and Liquidity Facility; Landesbank Hessen-Thuringen Girozentrale) 4,650,000 4,650,000 GEORGIA--1.1% Atlanta Urban Residential Finance Authority, MFHR, VRDN (Auburn Glenn Apartments) 1.25% (LOC; Wachovia Bank) 5,000,000 (a) 5,000,000 HAWAII--1.0% State of Hawaii, Airport Systems Revenue, Refunding 5.75%, 7/1/2003 (Insured; MBIA) 4,230,000 4,308,519 22 Principal DREYFUS MUNICIPAL CASH MANAGEMENT PLUS (CONTINUED) Amount ($) Value ($) - ------------------------------------------------------------------------------------------------------------------------------------ TAX EXEMPT INVESTMENTS (CONTINUED) - ------------------------------------------------------------------------------------------------------------------------------------ ILLINOIS--14.2% City of Chicago, GO Notes, VRDN 1.15% (Insured; FGIC and Liquidity Facility; Landesbank Baden-Wuerttemberg) 13,000,000 (a) 13,000,000 Chicago Metropolitan Water Reclamation District, GO Notes, VRDN 1.10% (Liquidity Facility; Landesbank Hessen-Thuringen Girozentrale) 10,000,000 (a) 10,000,000 State of Illinois: GO Notes, VRDN, Merlots Program 1.24% (Insured; FGIC and Liquidity Facility; Wachovia Bank) 5,395,000 (a) 5,395,000 Revenue, RAC: 3%, 4/15/2003 490,000 491,752 2.50%, 5/15/2003 450,000 451,624 Illinois Development Finance Authority, Revenue, VRDN (Evanston Northwestern) 1.15% (Liquidity Facility; Bank One) 2,000,000 (a) 2,000,000 Illinois Health Facilities Authority, Revenue: (Evanston Hospital Corp.): 1.48%, 2/27/2003 5,000,000 5,000,000 1.05%, 7/10/2003 5,000,000 5,000,000 (Evanston Northwestern Corp.) 1.30%, 3/6/2003 3,000,000 3,000,000 VRDN (Northwestern Memorial Hospital) 1.30% (Liquidity Facility; Westdeutsche Landesbank) 10,000,000 (a) 10,000,000 Upper Illinois River Valley Development Authority, SWDR, VRDN (Exolon-Esk Co. Project) 1.30% (LOC; Fleet National Bank) 8,405,000 (a) 8,405,000 INDIANA--2.4% Indiana Educational Facilities Authority, College and University Revenue VRDN (Martin University Project) 1.30% (LOC; Key Bank) 3,500,000 (a) 3,500,000 Indiana Toll Road Commission, Toll Road Revenue, VRDN Merlots Program 1.24% (Liquidity Facility; Wachovia Bank) 3,540,000 (a,b) 3,540,000 St. Joseph County Health Care Facility, Revenue, VRDN (South Bend Medical Foundation Project) 1.25% (LOC; Key Bank) 3,500,000 (a) 3,500,000 IOWA--.3% Iowa Higher Education Loan Authority, College and University Revenue (Morningside College) 3%, 5/23/2003 (LOC; U.S. Bank NA) 1,500,000 1,504,019 KANSAS--2.2% Mission, MFHR, Refunding, VRDN (The Falls Apartments Project) 1.25% (Liquidity Facility; FNMA) 3,350,000 (a) 3,350,000 Unified Government of Wyandotte County/Kansas City, GO Notes 1.28%, 7/1/2003 2,502,396 2,502,396 City of Wichita, GO Notes 2.50%, 2/20/2003 4,000,000 4,002,585 KENTUCKY--.7% Kentucky Asset/Liability Commission, General Fund Revenue 3.75%, 6/26/2003 3,000,000 3,012,793 MAINE--2.0% City of Auburn, Obligation Securities Revenue, VRDN (J&A Properties) 1.35% (LOC; Citizens Bank of Massachusetts) 3,060,000 (a) 3,060,000 Maine Finance Authority, Private Schools Revenue, VRDN (Kents Hill School) 1.35% (LOC; Allied Irish Banks) 6,000,000 (a) 6,000,000 MARYLAND--3.2% Baltimore County: EDR, VRDN (Art Litho Co. Project) 1.30% (LOC; Allied Irish Banks) 6,000,000 (a) 6,000,000 Revenue, CP 1.15%, 4/10/2003 (Liquidity Facility; Westdeutsche Landesbank) 5,700,000 5,700,000 The Funds 23 STATEMENT OF INVESTMENTS (CONTINUED) Principal DREYFUS MUNICIPAL CASH MANAGEMENT PLUS (CONTINUED) Amount ($) Value ($) - ------------------------------------------------------------------------------------------------------------------------------------ TAX EXEMPT INVESTMENTS (CONTINUED) - ------------------------------------------------------------------------------------------------------------------------------------ MARYLAND (CONTINUED) Maryland Economic Development Corporation, Revenue Refunding, VRDN (United Cerebral Palsy Project): 1.16% (LOC; Allfirst Bank) 75,000 (a) 75,000 1.33% (LOC; Allfirst Bank) 2,384,500 (a) 2,384,500 MASSACHUSETTS--5.0% Koch Certificate Trust, Revenue, VRDN 1.33% (Insured; AMBAC and Liquidity Facility; State Street Bank & Trust Co.) 4,779,904 (a) 4,779,904 Massachusetts Water Reserve Authority, Revenue, CP 1%, 3/12/2003 (LOC; State Street Bank & Trust Co.) 8,500,000 8,500,000 City of Medway, GO Notes, BAN 2.25%, 4/25/2003 (Insured; AMBAC) 3,606,712 3,612,947 Mendon Upton Regional School District, GO Notes, BAN 2.25%, 9/19/2003 5,000,000 5,024,827 MICHIGAN--7.3% Detroit Downtown Development Authority, Revenue, Refunding, VRDN (Millender Center Project)1.15% (LOC; HSBC Bank USA) 4,200,000 (a) 4,200,000 Michigan Higher Education Student Loan Authority, Student Loan Revenue VRDN 1.20% (Insured; AMBAC and Liquidity Facility; Lloyds TSB Bank) 10,000,000 (a) 10,000,000 Michigan Hospital Finance Authority, Revenue, VRDN, Healthcare Equipment Loan Program 1.16% (LOC; Standard Federal Bank) 5,000,000 (a) 5,000,000 Michigan Municipal Bond Authority, Revenue 2.25%, 8/22/2003 (LOC; JPMorgan Chase Bank) 5,000,000 5,021,800 Michigan Strategic Fund, LOR, VRDN: (Home Incorporated Project) 1.26% (LOC; Fifth Third Bank) 2,500,000 (a) 2,500,000 (Peckham Vocational Industries Project) 1.23% (LOC; ABN-AMRO) 2,800,000 (a) 2,800,000 (PFG Enterprises Inc. Project) 1.33% (LOC; Huntington NB) 2,560,000 (a) 2,560,000 MINNESOTA--1.1% Minnesota Housing Finance Agency, Revenue, Residential Program 1.35%, 8/28/2003 (LOC; Bayerische Landesbank) 5,000,000 5,000,000 MISSOURI--1.1% Missouri Health and Educational Facilities Authority, Educational Facilities Revenue, VRDN (St. Louis University) 1.35% (Liquidity Facility; Bank of America) 4,700,000 (a) 4,700,000 NEW MEXICO--2.7% Jicarilla Apache Nation, Revenue 1.45%, 8/13/2003 2,000,000 2,000,000 New Mexico Mortgage Finance Authority, Revenue, VRDN 1.11% (Liquidity Facility: AIG Funding Inc. and Merrill Lynch) 10,000,000 (a) 10,000,000 NEW YORK--4.0% Monroe County, GO Notes, RAN 2.50%, 4/15/2003 2,500,000 2,504,957 New York City Municipal Water Finance Authority Revenue, CP 1.05%, 2/12/2003 (Liquidity Facility: Bayerische Landesbank and Westdeutsche Landesbank) 5,000,000 5,000,000 New York City Power Authority, Revenue, CP 1%, 3/3/2003 (Liquidity Facility: Bank of New York, Bank of Nova Scotia, Bayerische Landesbank, Dexia Credit Locale, JPMorgan Chase Bank, Landesbank Hessen-Thuringen Girozentrale, State Street Bank & Trust Co. and Wachovia Bank) 10,000,000 10,000,000 NORTH CAROLINA--1.1% City of Winston-Salem, Water and Sewer System Revenue Refunding, VRDN 1.15% (Liquidity Facility; Dexia Credit Locale) 5,000,000 (a) 5,000,000 24 Principal DREYFUS MUNICIPAL CASH MANAGEMENT PLUS (CONTINUED) Amount ($) Value ($) - ------------------------------------------------------------------------------------------------------------------------------------ TAX EXEMPT INVESTMENTS (CONTINUED) - ------------------------------------------------------------------------------------------------------------------------------------ OHIO--3.0% State of Ohio, Solid Waste Revenue VRDN (Pel Technologies): 1.30%, Series A-2 (LOC; Key Bank) 3,000,000 (a) 3,000,000 1.30%, Series A-8 (LOC; Key Bank) 1,000,000 (a) 1,000,000 Ohio Water Development Authority, Solid Waste Facilities Revenue VRDN (Pel Technologies Project) 1.25% (LOC; Key Bank) 7,000,000 (a) 7,000,000 University of Toledo, College and University Revenue VRDN 1.35% (Insured; FGIC and Liquidity Facility; U.S. Bank NA) 2,100,000 (a) 2,100,000 OREGON--.9% Oregon Housing and Community Services Department SFMR 1.35%, 12/23/2003 3,885,000 3,885,000 PENNSYLVANIA-- 9.7% Allegheny County Industrial Development Authority, Health and Housing Facilities Revenue, VRDN Refunding (Longwood at Oakmont Inc.) 1.40% (Insured; Radian Bank and Liquidity Facility; Fleet National Bank) 3,800,000 (a) 3,800,000 Cumberland County, GO Notes, VRDN 1.20% (Insured; AMBAC and Liquidity Facility; Wachovia Bank) 4,555,000 (a) 4,555,000 East Hempfield Township Industrial Development Authority, Revenue, VRDN (Menomite Home Project) 1.20% (LOC; Northern Trust Co.) 2,000,000 (a) 2,000,000 Emmaus General Authority, Revenue, VRDN: Local Government Pool Program 1.20% (LOC; KBC Bank) 1,800,000 (a) 1,800,000 (South York County School District) 1.20% (LOC; KBC Bank) 1,400,000 (a) 1,400,000 Lancaster County Hospital Authority, Healthcare Facilities Revenue VRDN (Willow Valley Retirement Project) 1.18% (Insured; Radian Bank and Liquidity Facility; Fleet National Bank) 6,000,000 (a) 6,000,000 Langhorne Manor Borough Higher Education and Health Authority, Revenue VRDN (Heritage Towers Project) 1.30% (LOC; Fleet National Bank) 4,155,000 (a) 4,155,000 Montgomery County Industrial Development Authority Industrial Revenue, VRDN (Recigno Laboratories) 1.35% (LOC; Wachovia Bank) 2,150,000 (a) 2,150,000 Pennsylvania Higher Education Assistance Agency Student Loan Revenue: Refunding 2.35%, 7/1/2003 (Insured; FSA and Liquidity Facility: Bayerische Landesbank, Lloyds TSB Bank, State Street Bank and Trust Co. and Westdeutsche Landesbank) 5,000,000 5,006,050 VRDN, Merlots Program 1.29% (Insured; FSA and LOC; Wachovia Bank) 4,000,000 (a) 4,000,000 Scranton-Lackawanna Health and Welfare Authority LR, VRDN, Merlots Program 1.24% (Insured; AMBAC and Liquidity Facility; Wachovia Bank) 3,450,000 (a) 3,450,000 Union County Hospital Authority, HR, VRDN (United Methodist Continuing Care) 1.35% (LOC; Allfirst Bank) 1,575,000 (a) 1,575,000 Upper Dauphin Industrial Development Authority, Revenue, VRDN (United Church of Christ Homes) 1.20% (LOC; First Tennessee Bank) 2,000,000 (a) 2,000,000 Venango County Industrial Development Authority, Revenue, CP (Scrub Grass Project) 1.35%, 2/14/2003 (LOC; Dexia Credit Locale) 1,000,000 1,000,000 The Funds 25 STATEMENT OF INVESTMENTS (CONTINUED) Principal DREYFUS MUNICIPAL CASH MANAGEMENT PLUS (CONTINUED) Amount ($) Value ($) - ------------------------------------------------------------------------------------------------------------------------------------ TAX EXEMPT INVESTMENTS (CONTINUED) - ------------------------------------------------------------------------------------------------------------------------------------ RHODE ISLAND--.8% Coventry, GO Notes 4.50%, 6/15/2003 (Insured; AMBAC) 585,000 591,174 Rhode Island Housing and Mortgage Finance Corporation, Revenue, VRDN Putters Program 1.26% (Liquidity Facility; JPMorgan Chase Bank) 2,870,000 (a) 2,870,000 TEXAS--6.3% Brazos River Authority, PCR, Refunding, VRDN (TXU Energy Company Project) 1.25% (LOC; JPMorgan Chase Bank) 8,000,000 (a) 8,000,000 Greater East Texas Higher Education, Student Loan Revenue VRDN 1.20% (LOC; Student Loan Marketing Association) 5,000,000 (a) 5,000,000 Greater East Texas Student Loan Corporation, Student Loan Revenue VRDN 1.20% (LOC; Student Loan Marketing Association) 10,000,000 (a) 10,000,000 University of Texas Systems Board of Regents Revenue, CP 1.05%, 2/20/2003 5,000,000 5,000,000 VIRGINIA--2.6% Norfolk Economic Development Authority, New Empowerment Zone Facility Revenue, VRDN (Metro Machine Corp. Project) 1.20% (LOC; Wachovia Bank) 7,500,000 (a) 7,500,000 Virginia Beach Development Authority, IDR, Refunding VRDN (Giant Square) 1.20% (LOC; Wachovia Bank) 4,000,000 (a) 4,000,000 WASHINGTON--4.7% Everett Industrial Development Corporation, Exempt Facilities Revenue, VRDN (Kimberly Clark Corp. Project) 1.25% 3,200,000 (a) 3,200,000 Seattle Housing Authority, Revenue, VRDN (Newholly Project) 1.25% (LOC; Keybank) 3,750,000 (a) 3,750,000 Snohomish County Public Utility District Number 001, Generation System Revenue Refunding, VRDN 1.10% (Insured; FSA and Liquidity Facility; Dexia Credit Locale) 3,600,000 (a) 3,600,000 Port of Tacoma, Sub-Lien Revenue, CP 1.05%, 7/10/2003 (LOC; Westdeutsche Landesbank) 5,000,000 5,000,000 Washington Economic Development Finance Authority, SWDR, VRDN (Waste Management Project) 1.25% (LOC; Fleet National Bank) 5,500,000 (a) 5,500,000 WISCONSIN--3.2% Wisconsin Health and Educational Facilities Authority VRDN: College and University Revenue (Wisconsin Lutheran College) 1.25% (LOC; U.S. Bank NA) 7,000,000 (a) 7,000,000 HR (Gunderson Lutheran) 1.35% (Insured; FSA and Liquidity Facility; Dexia Credit Locale) 7,290,000 (a) 7,290,000 WYOMING--2.1% Campbell County, IDR (Two Elk Power General Station Project) 2.10%, 12/3/2003 (GIC; Bayerische Landesbank) 9,500,000 9,500,000 - ------------------------------------------------------------------------------------------------------------------------------------ TOTAL INVESTMENTS (cost $444,577,665) 100.5% 444,577,665 LIABILITIES, LESS CASH AND RECEIVABLES (.5%) (2,269,055) NET ASSETS 100.0% 442,308,610 SEE FOOTNOTES ON PAGE 40. SEE NOTES TO FINANCIAL STATEMENTS. 26 STATEMENT OF INVESTMENTS January 31, 2003 Principal DREYFUS NEW YORK MUNICIPAL CASH MANAGEMENT Amount ($) Value ($) - ------------------------------------------------------------------------------------------------------------------------------------ TAX EXEMPT INVESTMENTS--100.2% - ------------------------------------------------------------------------------------------------------------------------------------ Albany Industrial Development Agency, IDR, VRDN (Corning Homes Project) 1.20% (LOC; JPMorgan Chase Bank) 4,600,000 (a) 4,600,000 Alfred Almond Central School District, GO Notes Refunding 2.50%, 6/1/2003 (Insured; FSA) 325,000 325,740 Amherst Central School District, GO Notes Refunding 2.50%, 6/15/2003 (Insured; FSA) 520,000 521,323 Bethpage Union Free School District, GO Notes BAN 2.50%, 2/6/2003 2,000,000 2,000,199 City of Binghamton, GO Notes, BAN 2.25%, 9/25/2003 8,000,000 8,034,087 Cambridge Central School District, GO Notes Refunding 2.50%, 6/15/2003 (Insured; FGIC) 530,000 531,878 Canandaigua City School District, GO Notes Refunding 2.25%, 4/1/2003 (Insured; FSA) 720,000 720,399 Chautauqua County Industrial Development Agency, Civic Facility Revenue, VRDN (Gerry Homes Project) 1.10% (LOC; HSBC Bank USA) 7,510,000 (a) 7,510,000 Chemung County Industrial Development Agency, IDR, VRDN, MMARS 2nd Program-Trayer Inc. 1.15% (LOC; HSBC Bank USA) 1,400,000 (a) 1,400,000 Commack Union Free School District, GO Notes TAN 2.50%, 6/27/2003 5,000,000 5,016,721 Corning City School District, GO Notes, BAN 2.25%, 8/15/2003 2,250,000 2,258,301 Cortland County Industrial Development Agency, Civic Facility Revenue (Cortland Memorial Hospital Project) 2.50%, 7/1/2003 (Insured; Radian Bank) 195,000 195,474 Dutchess County Industrial Development Agency, Civic Facility Revenue, VRDN: (Marist College Civic Facility) 1.15% (LOC; Key Bank) 7,000,000 (a) 7,000,000 (Samuel F.B. Morse Historic Site): 1.10% (LOC; Allied Irish Bank) 50,000 (a) 50,000 1.20% (LOC; Allied Irish Bank) 3,865,000 (a) 3,865,000 East Bloomfield Central School District, GO Notes Refunding 2.25%, 6/15/2003 (Insured; FGIC) 370,000 370,943 East Rockaway Union Free School District, GO Notes TAN 2.25%, 6/24/2003 3,500,000 3,514,206 Elmira City School District, GO Notes, Refunding 2%, 6/15/2003 (Insured; MBIA) 540,000 541,186 Erie County Industrial Development Agency, Civic Facility Revenue, VRDN (YMCA of Greater Buffalo Project): 1.10%, Series A (LOC; HSBC Bank USA) 3,600,000 (a) 3,600,000 1.10%, Series B (LOC; HSBC Bank USA) 4,000,000 (a) 4,000,000 Fayetteville-Manlius Central School District, GO Notes Refunding 2%, 6/15/2003 (Insured; FGIC) 490,000 490,355 Freeport, GO Notes, BAN 2.25%, 1/22/2004 5,000,000 5,049,446 Glen Cove, GO Notes, BAN 1.98%, 3/28/2003 2,493,582 2,495,335 Greece Central School District, GO Notes, BAN 1.80%, 12/18/2003 10,000,000 10,052,912 Harriman Village, GO Notes, BAN 2%, 11/19/2003 1,610,000 1,612,725 Herkimer County Industrial Development Agency, IDR, VRDN (Hale Manufacturing Co.) 1.15% (LOC; HSBC Bank USA) 2,910,000 (a) 2,910,000 Herricks Union Free School District, GO Notes, BAN 2%, 12/3/2003 500,000 502,922 Town of Islip Industrial Development Agency, IDR, VRDN (Brentwood Distribution Co. Facility) 1.10% (LOC; Fleet National Bank) 3,750,000 (a) 3,750,000 Long Island Power Authority, Power Supply Revenue, CP 1.05% 3/31/2003 (LOC: Banque Paribas, Bayerische Landesbank, JPMorgan Chase Bank and State Street Bank and Trust Co.) 10,000,000 10,000,000 Lowville Central School District, GO Notes, Refunding 2.50%, 6/15/2003 (Insured; FGIC) 1,020,000 1,023,121 The Funds 27 STATEMENT OF INVESTMENTS (CONTINUED) Principal DREYFUS NEW YORK MUNICIPAL CASH MANAGEMENT (CONTINUED) Amount ($) Value ($) - ------------------------------------------------------------------------------------------------------------------------------------ TAX EXEMPT INVESTMENTS (CONTINUED) - ------------------------------------------------------------------------------------------------------------------------------------ McGraw Central School District, GO Notes, Refunding 2.50%, 2/15/2003 (Insured; FGIC) 555,000 555,175 Metropolitan Transportation Authority, Transit Facility Revenue: 5%, 7/1/2003 (Insured; AMBAC) 1,055,000 1,070,057 CP 1.35%, 3/7/2003 (LOC; ABN-AMRO) 7,000,000 7,000,000 VRDN 1.13% (Insured; AMBAC and Liquidity Facility; The Bank of New York) 5,679,000 (a) 5,679,000 Monroe County, GO Notes, RAN 2.50%, 4/15/2003 7,500,000 7,514,870 Monroe County Industrial Development Agency, LR, VRDN (Robert Weslayan College) 1.20% (LOC; M&T Bank Corp.) 2,940,000 (a) 2,940,000 Monroe Tobacco Asset Securitization Corporation, Tobacco Settlement Revenue VRDN 1.22% (Liquidity Facility; Westdeutsche Landesbank) 3,000,000 (a) 3,000,000 Nassau County Industrial Development Agency, Civic Facility Revenue, VRDN (St. Mary's Children Project) 1.30% (LOC; Fleet National Bank) 2,480,000 (a) 2,480,000 New York City, GO Notes: CP 1.10%, 2/26/2003 (Insured; MBIA and Liquidity Facility; Landesbank Hessen-Thuringen Girozentrale) 5,000,000 5,000,000 RAN 2.50%, 4/11/2003 17,000,000 17,035,320 VRDN 1.10% (LOC; JPMorgan Chase Bank) 3,400,000 (a) 3,400,000 New York City Housing Development Corporation, VRDN MFHR (Brittany Development) 1.10% (LOC; FNMA) 8,300,000 (a) 8,300,000 Mortgage Revenue (Residential East 17th Street) 1.30% (LOC; JPMorgan Chase Bank) 4,700,000 (a) 4,700,000 New York City Industrial Development Agency, VRDN: Civic Facility Revenue: (Brooklyn United Methodist Project) 1.15% (LOC; The Bank of New York) 4,060,000 (a) 4,060,000 (Jewish Community Center) 1.20% (LOC; M&T Bank Corp.) 5,000,000 (a) 5,000,000 (Jewish Community Center of Manhattan) 1.20% (LOC; M&T Bank Corp.) 3,700,000 (a) 3,700,000 IDR, Refunding (Plaza Packaging Project) 1.35% (LOC; The Bank of New York) 2,155,000 (a) 2,155,000 Special Facility Revenue (Korean Airlines Co.) 1.20% (LOC; Citibank) 12,700,000 (a) 12,700,000 New York City Municipal Water Finance Authority, Water and Sewer System Revenue CP: 1.05%, 2/12/2003 (Liquidity Facility: Bayerische Landesbank and Westdeutsche Landesbank) 15,000,000 15,000,000 1%, 2/21/2003 (Liquidity Facility: Landesbank Hessen-Thuringen Girozentrale and Landesbank Baden-Wuerttemberg) 5,000,000 5,000,000 1.05%, 2/25/2003 (Liquidity Facility: Landesbank Hessen-Thuringen Girozentrale and Landesbank Baden-Wuerttemberg) 6,000,000 6,000,000 1.05%, 2/13/2003 (LOC: Bayerische Landesbank, Landesbank Hessen-Thuringen Girozentrale and Westdeutsche Landesbank) 6,000,000 6,000,000 1.10%, 2/12/2003 (LOC; Bayerische Landesbank and Westdeutsche Landesbank) 18,400,000 18,400,000 VRDN 1.10%, (Liquidity Facility; JPMorgan Chase Bank) 15,100,000 (a) 15,100,000 New York City Transitional Finance Authority, Revenues: 2.50%, 2/26/2003 375,000 375,319 VRDN, Merlots Program 1.16% (Insured; MBIA and Liquidity Facility; Wachovia Bank) 12,790,000 (a) 12,790,000 New York State Dormitory Authority, Revenues: CP: (Cornell University) 1.03%, 6/11/2003 4,300,000 4,300,000 (Mount Sinai Medical School) 1.05%, 3/13/2003 (LOC; JPMorgan Chase Bank) 2,500,000 2,500,000 (Mental Health Services Facilities) 6%, 2/15/2003 1,300,000 1,302,605 Refunding (Brookdale Hospital Medical Center) 5.50%, 2/15/2003 (Insured; FSA) 1,940,000 1,943,552 School Districts Financing Program 3%, 4/1/2003 (Insured; MBIA) 1,530,000 1,533,539 28 Principal DREYFUS NEW YORK MUNICIPAL CASH MANAGEMENT (CONTINUED) Amount ($) Value ($) - ------------------------------------------------------------------------------------------------------------------------------------ TAX EXEMPT INVESTMENTS (CONTINUED) - ------------------------------------------------------------------------------------------------------------------------------------ New York State Dormitory Authority, Revenues (continued): VRDN, Merlots Program: 1.16% (Insured; AMBAC and Liquidity Facility; Wachovia Bank) 2,990,000 (a) 2,990,000 1.16% (Insured; MBIA and Liquidity Facility; Wachovia Bank) 5,000,000 (a) 5,000,000 (St. Luke's Hospital) 1.16% (Liquidity Facility; Wachovia Bank) 4,615,000 (a) 4,615,000 New York State Environmental, GO Notes, CP 1.05%, 2/12/2003 (LOC: Bayerische Landesbank and Helaba Bank) 5,000,000 5,000,000 New York State Housing Finance Agency, VRDN: LR 1.23% (Liquidity Facility; Merrill Lynch) 4,990,000 (a) 4,990,000 Revenue (Saville Housing) 1.12% (LOC; Fleet National Bank) 14,400,000 (a) 14,400,000 New York State Power Authority, Power Supply Revenue CP: 1%, 2/25/2003 (Liquidity Facility: The Bank of New York, Bank of Nova Scotia, Bayerische Landesbank, Dexia Credit Locale, JPMorgan Chase Bank, Landesbank Hessen-Thuringen Girozentrale, State Street Bank and Trust Co. and Wachovia Bank) 23,970,000 23,970,000 1%, 3/3/2003 (Liquidity Facility: The Bank of New York, Bank of Nova Scotia, Bayerische Landesbank, Dexia Credit Locale, JPMorgan Chase Bank, Landesbank Hessen-Thuringen Girozentrale, State Street Bank and Trust Co. and Wachovia Bank) 17,850,000 17,850,000 1%, 3/6/2003 (Liquidity Facility: The Bank of New York, Bank of Nova Scotia, Bayerische Landesbank, Dexia Credit Locale, JPMorgan Chase Bank, Landesbank Hessen-Thuringen Girozentrale, State Street Bank and Trust Co. and Wachovia Bank) 5,600,000 5,600,000 New York State Thruway Authority Service Contract Revenue 5.40%, 4/1/2003 400,000 402,665 City of Olean, GO Notes, BAN 2%, 8/21/2003 3,500,000 3,501,303 Ontario County Industrial Development Agency, IDR VRDN (Dixit Enterprises) 1.15% (LOC; HSBC Bank USA) 3,250,000 (a) 3,250,000 Oswego County Industrial Development Agency, PCR, Refunding VRDN (Philip Morris Companies Project) 1.22% 6,000,000 (a) 6,000,000 Palmyra-Macedon Central School District GO Notes, Refunding 2%, 4/15/2003 (Insured; FSA) 450,000 450,087 Phelps-Clifton Springs Central School District, GO Notes Refunding 2.25%, 6/1/2003 (Insured; FGIC) 720,000 721,881 Poughkeepsie Industrial Development Agency, Senior Living Facility Revenue VRDN (Manor at Woodside Project) 1.25% (LOC; The Bank of New York) 5,000,000 (a) 5,000,000 Queensbury Union Free School District GO Notes, BAN 2.125%, 1/7/2004 7,300,000 7,355,352 Renesselaer Industrial Development Agency, IDR (Capital View Office Park Project) 1.50%, 12/31/2003 (LOC; SunTrust Bank) 2,995,000 2,995,000 Rockland County, GO Notes, RAN 3%, 4/9/2003 3,685,000 3,694,626 Rondout Valley Central School District at Accord, GO Notes, Refunding 2.50%, 6/15/2003 (Insured; FGIC) 300,000 301,095 Southern Cayuga Central School District, GO Notes, Refunding 2.50%, 5/15/2003 (Insured; FSA) 400,000 400,780 Suffolk County Water Authority, Revenue, VRDN 1.15% (Liquidity Facility; Bank of Nova Scotia) 10,000,000 (a) 10,000,000 The Funds 29 STATEMENT OF INVESTMENTS (CONTINUED) Principal DREYFUS NEW YORK MUNICIPAL CASH MANAGEMENT (CONTINUED) Amount ($) Value ($) - ------------------------------------------------------------------------------------------------------------------------------------ TAX EXEMPT INVESTMENTS (CONTINUED) - ------------------------------------------------------------------------------------------------------------------------------------ Syracuse Industrial Development Agency, Civic Facility Revenue, VRDN (Community Development Properties-Larned Project) 1.25% (LOC; M&T Bank Corp.) 6,890,000 (a) 6,890,000 Topkins County Industrial Development Agency, College and University Revenue, VRDN (Cortland College) 1.10% (LOC; HSBC Bank USA) 4,800,000 (a) 4,800,000 Troy Industrial Development Authority, Civic Facility Revenue, VRDN (Renesselaer Polytechnic Institute Project) 1.10% 6,750,000 (a) 6,750,000 Ulster County Industrial Development Agency, IDR VRDN (Selux Corp. Project) 1.35% (LOC; The Bank of New York) 2,430,000 (a) 2,430,000 Westchester County Industrial Development Agency VRDN: Civic Facility Revenue: (The Masters School) 1.15% (LOC; Allied Irish Bank) 3,650,000 (a) 3,650,000 (Young Men's Christian Association) 1.20% (LOC; Allied Irish Bank) 4,000,000 (a) 4,000,000 Commercial Facility Revenue (Panorama Flight Service Inc. Project) 1.25% (LOC; The Bank of New York) 5,260,000 (a) 5,260,000 Yonkers Industrial Development Agency, Revenue, VRDN, Merlots Program 1.21% (Liquidity Facility; Wachovia Bank and LOC; GNMA) 4,215,000 (a) 4,215,000 TOTAL INVESTMENTS (cost $446,959,499) 100.2% 446,959,499 LIABILITIES, LESS CASH AND RECEIVABLES (.2%) (1,076,711) NET ASSETS 100.0% 445,882,788 SEE FOOTNOTES ON PAGE 40. SEE NOTES TO FINANCIAL STATEMENTS. 30 STATEMENT OF INVESTMENTS January 31, 2003 Principal DREYFUS TAX EXEMPT CASH MANAGEMENT Amount ($) Value ($) - ------------------------------------------------------------------------------------------------------------------------------------ TAX EXEMPT INVESTMENTS--100.7% - ------------------------------------------------------------------------------------------------------------------------------------ ALABAMA--4.0% Homewood Educational Building Authority College and University Revenue, VRDN (Samford University) 1.30% (Insured; AMBAC and Liquidity Facility; Bank of Nova Scotia) 5,500,000 (a) 5,500,000 Jefferson County, VRDN: GO Notes 1.30% (Liquidity Facility: Bayerische Landesbank and JPMorgan Chase Bank) 26,500,000 (a) 26,500,000 Sewer Revenue, Refunding: 1.20% (Insured; XL Capital Assurance and Liquidity Facility; Bank of Nova Scotia) 43,700,000 (a) 43,700,000 1.25% (Insured; XL Capital Assurance and Liquidity Facility; JPMorgan Chase Bank) 25,000,000 (a) 25,000,000 ALASKA--.2% Alaska Housing Finance Corporation, Revenue, VRDN (State Capital Project) 1.125% (Insured; MBIA) 6,250,000 (a) 6,250,000 ARKANSAS--.4% University of Arkansas, University Revenues, Refunding, VRDN (UAMS Campus) 1.18% (Insured; MBIA and Liquidity Facility; Bank of America) 10,300,000 (a) 10,300,000 ARIZONA--1.0% Apache County Industrial Development Authority, IDR, VRDN (Tucson Electric Power--Springerville Project) 1.15% (LOC; The Bank of New York) 24,200,000 (a) 24,200,000 COLORADO--1.7% Colorado Health Facilities Authority, Revenue VRDN (Covenant Retirement) 1.15% (LOC; ABN-AMRO) 12,900,000 (a) 12,900,000 Colorado Housing and Finance Authority, Multi-Family Class Revenue 1.70%, 10/1/2003 (Liquidity Facility; FHLB) 8,320,000 8,320,000 El Paso County School District Number 11, GO Notes, TAN 2.50%, 6/30/2003 10,000,000 10,044,544 Southern Ute Indian Tribe of Southern Ute Indian Reservation Industrial Revenue 1.62%, 8/7/2003 (Liquidity Facility; Bank One) 11,000,000 11,000,000 DELAWARE--1.1% Delaware Economic Development Authority, VRDN: MFHR (School House Project) 1.15% (LOC; HSBC Bank USA) 14,400,000 (a) 14,400,000 Private Schools Revenue (Catholic Diocese Wilmington) 1.20% (LOC; Allied Irish Bank) 12,500,000 (a) 12,500,000 DISTRICT OF COLUMBIA--2.3% District of Columbia, VRDN: Enterprise Zone Revenue (United Planning Organization) 1.23% (LOC; Allfirst Bank) 10,480,000 (a) 10,480,000 Revenues: (American Public Health Association) 1.20% (LOC; PNC Bank) 9,960,000 (a) 9,960,000 (Henry J. Kaiser Foundation) 1.13% (Liquidity Facility; JPMorgan Chase Bank) 16,000,000 (a) 16,000,000 District of Columbia National Academy of Science CP 1.40%, 2/13/2003 (Insured; AMBAC and Liquidity Facility; NationsBank NA) 12,500,000 12,500,000 District of Columbia Water and Sewer Authority, Revenue, CP 1.65%, 2/7/2003 (LOC; Westdeutsche Landesbank) 9,500,000 9,500,000 FLORIDA--4.8% Capital Projects Finance Authority, Revenue, VRDN Capital Projects Loan Program 1.15% (Insured; FSA and LOC; SunTrust Bank) 20,335,000 (a) 20,335,000 Dade County Industrial Development Authority, Exempt Facilities Revenue, Refunding, VRDN (Florida Power and Light Co.) 1.35% 18,550,000 (a) 18,550,000 Florida State Department of Environmental Protection and Preservation, Revenue 4%, 7/1/2003 (Insured; MBIA) 2,680,000 2,710,874 Gainesville, Utilities System Revenue, CP 1%, 4/10/2003 (LOC; Bayerische Landesbank) 9,028,000 9,028,000 The Funds 31 STATEMENT OF INVESTMENTS (CONTINUED) Principal DREYFUS TAX EXEMPT CASH MANAGEMENT (CONTINUED) Amount ($) Value ($) - ------------------------------------------------------------------------------------------------------------------------------------ TAX EXEMPT INVESTMENTS (CONTINUED) - ------------------------------------------------------------------------------------------------------------------------------------ FLORIDA (CONTINUED) Highlands County Health Facilities Authority, Revenue, VRDN (Adventist Health System) 1.15% (Insured; MBIA and Liquidity Facility; Bank of America) 37,500,000 (a) 37,500,000 Jacksonville Electric Authority, Revenue, VRDN 1.35% (Liquidity Facility; Westdeutsche Landesbank) 21,000,000 (a) 21,000,000 City of Tampa, Educational Facilities Revenue, VRDN (Trinity School for Children Project) 1.13% (LOC; Regions Bank) 5,500,000 (a) 5,500,000 Tampa Bay Water Utility System, Water Revenue, VRDN, Merlots Program 1.24% (Insured; FGIC and Liquidity Facility; Wachovia Bank) 5,705,000 (a) 5,705,000 GEORGIA--2.2% Albany Dougherty Payroll Development Authority, PCR Refunding, VRDN (Philip Morris Co. Inc.) 1.30% 10,000,000 (a) 10,000,000 Fulton County Housing Authority, MFHR, Refunding, VRDN (Spring Creek Crossing) 1.15% (LOC; Wachovia Bank) 30,000,000 (a) 30,000,000 Gainesville and Hall County Development Authority, Revenue, VRDN (Senior Living Facility-Lanier Village Estates) 1.25% (LOC; Regions Bank) 15,000,000 (a) 15,000,000 HAWAII--.2% Honolulu City and County, GO Notes 1.30%, 12/4/2003 (Insured; FGIC and Liquidity Facility; FGIC) 5,600,000 5,600,000 IDAHO--.3% Idaho Housing and Finance Association, Nonprofit Facilities Revenue VRDN (Albertson College of Idaho Project) 1.20% (LOC; Key Bank) 8,250,000 (a) 8,250,000 ILLINOIS--9.5% Chicago Board of Education, GO Notes, VRDN: 1.15%, Series C (Insured; FSA and LOC; Dexia Credit Locale) 25,000,000 (a) 25,000,000 1.15%, Series D (Insured; FSA and LOC; Dexia Credit Locale) 12,600,000 (a) 12,600,000 Chicago Park District, Revenue, TAN 3%, 5/1/2003 10,000,000 10,034,918 Chicago School Finance Authority, GO Notes Refunding 6.20%, 6/1/2003 (Insured; FGIC) 7,500,000 7,626,182 State of Illinois: GO Notes, VRDN, Merlots Program 1.24% (Insured; FSA and Liquidity Facility; Wachovia Bank) 16,965,000 (a) 16,965,000 Revenue, RAC 2.50%, 5/15/2003 10,000,000 10,030,970 Illinois Educational Facilities Authority, Revenues: (University of Chicago): 1.55%, 6/3/2003 6,000,000 6,000,000 1.60%, 8/1/2003 8,000,000 8,000,000 1.65%, 7/1/2003 8,000,000 8,000,000 VRDN (Art Institute of Chicago) 1.20% (Liquidity Facility; Bank of Montreal) 15,000,000 (a) 15,000,000 Illinois Health Facilities Authority, Revenues: (Evanston Hospital Corp.): 1.05%, 7/10/2003 15,000,000 15,000,000 1.48%, 2/27/2003 15,000,000 15,000,000 (Evanston Northwestern Corp.) 1.30%, 3/6/2003 20,000,000 20,000,000 VRDN: (Franciscan Eldercare Service) 1.15% (LOC; ABN-AMRO) 12,160,000 (a) 12,160,000 (Northwestern Memorial Hospital) 1.30% (LOC; Northern Trust Co.) 5,000,000 (a) 5,000,000 (Rehabilitation Institute of Chicago Project) 1.15% (LOC; Bank of America) 45,100,000 (a) 45,100,000 Regional Transportation Authority, Revenue, VRDN, Merlots Program 1.24% (Insured; MBIA and Liquidity Facility; Wachovia Bank) 4,975,000 (a) 4,975,000 32 Principal DREYFUS TAX EXEMPT CASH MANAGEMENT (CONTINUED) Amount ($) Value ($) - ------------------------------------------------------------------------------------------------------------------------------------ TAX EXEMPT INVESTMENTS (CONTINUED) - ------------------------------------------------------------------------------------------------------------------------------------ ILLINOIS (CONTINUED) University of Illinois, University Revenues, VRDN, Merlots Program 1.24% (Insured; AMBAC and Liquidity Facility; Wachovia Bank) 3,095,000 (a) 3,095,000 INDIANA--1.9% Indiana Health Facility Financing Authority, VRDN: Health Facility Revenue (Clark Memorial Hospital Project) 1.30% (LOC; Bank One) 9,665,000 (a) 9,665,000 Revenue, Refunding (Baptist Homes of Indiana) 1.15% (LOC; ABN-AMRO) 9,900,000 (a) 9,900,000 Indianapolis Local Public Improvement Bond Bank, Revenue 2%, 7/8/2003 29,000,000 29,107,711 IOWA--.7% Louisa County, PCR, Refunding, VRDN (Midwest Power System Inc. Project) 1.20% 17,900,000 (a) 17,900,000 KANSAS--1.4% Kansas City, MFHR, Refunding, VRDN (Wood View Apartments Project) 1.18% (LOC; FHLB) 10,195,000 (a) 10,195,000 Midwest Tax-Exempt Bond Grantor Trust, Revenue, VRDN 1.50% (LOC; Huntington NB) 9,475,450 (a) 9,475,450 United Government of Wyandotte County/Kansas City, GO Notes 1.75%, 2/1/2003 6,270,980 6,270,980 City of Wichita, GO Notes 2.50%, 2/20/2003 8,640,000 8,645,583 KENTUCKY--2.6% Jefferson County, VRDN: Industrial Building Revenue, Refunding (Ursuline Campus) 1.16% (LOC; Fifth Third Bank) 7,000,000 (a) 7,000,000 Retirement Home Revenue (Nazareth Library Project) 1.16% (LOC; Fifth Third Bank) 13,665,000 (a) 13,665,000 Student Housing Industrial Building Revenue (University of Louisville Project) 1.18% (LOC; Wachovia Bank) 20,000,000 (a) 20,000,000 Logan/Todd Regional Water Community, Water Revenue, BAN 3%, 8/1/2003 10,250,000 10,316,051 Warren County, Hospital Facility Revenue, VRDN (Bowling Green-Warren County) 1.20% (LOC; Bank One) 15,000,000 (a) 15,000,000 LOUISIANA--4.9% State of Louisiana, Gas and Fuel Tax Revenue, Refunding 4%, 11/15/2003 (Insured; FSA) 3,000,000 3,063,784 Louisiana Local Government Environmental Facilities Community Development Authority, Revenues, VRDN Merlots Program 1.24% (Insured; AMBAC and Liquidity Facility; Wachovia Bank) 8,150,000 (a) 8,150,000 Louisiana Public Facilities Authority, VRDN: HR, Refunding, Hospital Equipment Financing Program 1.15% (LOC; Bank One) 35,400,000 (a) 35,400,000 Revenue: (Metairie Park Country Day) 1.23% (LOC; Branch Banking and Trust) 11,975,000 (a) 11,975,000 (Pennington Medical Foundation Project) 1.15% (LOC; Bank One) 30,000,000 (a) 30,000,000 (Roman Catholic Church of New Orleans) 1.23% (LOC; KBC Bank) 4,670,000 (a) 4,670,000 Plaquemines Port Harbor and Terminal District, Port Facilities Revenue (Chevron Pipe Line Co.) 1.55%, 9/1/2003 13,000,000 13,000,000 Tobacco Settlement Financing Corporation, Revenue, VRDN: 1.30% (Liquidity Facility; Merrill Lynch) 10,010,000 (a) 10,010,000 1.35% (Liquidity Facility; Merrill Lynch) 6,995,000 (a) 6,995,000 MARYLAND--2.1% Baltimore County Metropolitan District, CP 1.15%, 4/10/2003 (Liquidity Facility; Westdeutsche Landesbank) 15,000,000 15,000,000 Frederick County, Industrial Revenue, Refunding, VRDN (Manekin-Frederick Facility) 1.33% (LOC; Allfirst Bank) 3,225,000 (a) 3,225,000 Maryland Economic Development Corporation, Revenue VRDN (Legal Aid Bureau Inc. Facility): 1.28% (LOC; Allfirst Bank) 100,000 (a) 100,000 1.33% (LOC; Allfirst Bank) 2,800,000 (a) 2,800,000 The Funds 33 STATEMENT OF INVESTMENTS (CONTINUED) Principal DREYFUS TAX EXEMPT CASH MANAGEMENT (CONTINUED) Amount ($) Value ($) - ------------------------------------------------------------------------------------------------------------------------------------ TAX EXEMPT INVESTMENTS (CONTINUED) - ------------------------------------------------------------------------------------------------------------------------------------ MARYLAND (CONTINUED) Maryland Health and Higher Educational Facilities Authority Revenue, VRDN: (Mercy Ridge) 1.25% (LOC; Allfirst Bank) 22,050,000 (a) 22,050,000 (Stella Maris) 1.20% (LOC; Allfirst Bank) 9,710,000 (a) 9,710,000 MASSACHUSETTS--2.9% State of Massachusetts, GO Notes, Refunding, VRDN 1.10% (Liquidity Facility; Westdeutsche Landesbank) 7,400,000 (a) 7,400,000 Massachusetts Development Finance Agency, College and University Revenue, VRDN (Suffolk University) 1.23% (Insured; Radian Bank and Liquidity Facility: Fleet National Bank and State Street Bank and Trust Co.) 32,000,000 (a) 32,000,000 Millbury, GO Notes, BAN 1.80%, 1/23/2004 8,429,927 8,472,140 North Brookfield, GO Notes, BAN: 2.75%, 5/23/2003 7,500,000 7,514,958 2%, 1/22/2004 2,000,000 2,012,469 Pembroke, GO Notes, BAN 2.75%, 8/7/2003 4,500,000 4,525,615 Springfield, GO Notes, BAN 3%, 7/8/2003 5,997,000 6,031,256 Wachusett Regional School District, GO Notes, RAN 3%, 6/30/2003 6,000,000 6,026,437 MICHIGAN--2.6% City of Detroit, Sewage Disposal Revenue, VRDN, Merlots Program 1.24% (Insured; FGIC and Liquidity Facility; Wachovia Bank) 6,350,000 (a) 6,350,000 Detroit Downtown Development Authority, Revenue, Refunding, VRDN (Millender Center Project) 1.15% (LOC; HSBC Bank USA) 8,000,000 (a) 8,000,000 Lake St. Clair Shores Drainage District, GO Notes VRDN 1.18% (LOC; Comerica Bank) 4,965,000 (a) 4,965,000 Michigan Municipal Bond Authority, Revenue 2.25%, 8/22/2003 (LOC; JPMorgan Chase Bank) 20,000,000 20,087,202 Michigan Hospital Finance Authority, Revenues, VRDN: (Crittenton Hospital) 1.25% (LOC; Comerica Bank) 10,000,000 (a) 10,000,000 Hospital Equipment Loan Program 1.16% (LOC; ABN-AMRO) 16,200,000 (a) 16,200,000 MINNESOTA--.7% Bloomington, MFHR, Refunding, VRDN (Bristol Village) 1.10% (Liquidity Facility; FNMA) 17,000,000 (a) 17,000,000 MISSISSIPPI--.4% Mississippi Business Finance Corporation, College and University Revenue VRDN (Mississippi College Project) 1.25% (LOC; First Tennessee Bank) 11,000,000 (a) 11,000,000 MISSOURI--.6% Missouri Health and Educational Authority, Educational Facilities Revenue, VRDN (Drury College) 1.35% (LOC; Mercantile Bank) 15,000,000 (a) 15,000,000 NEBRASKA--1.3% Nebhelp Inc., Revenue, VRDN 1.20% (Insured; MBIA and Liquidity Facility; Lloyds TSB Bank) 31,780,000 (a) 31,780,000 NEW HAMPSHIRE--1.0% State of New Hampshire, GO Notes, CP 1.15%, 3/6/2003 (Liquidity Facility; Landesbank Hessen-Thuringen Girozentrale) 15,000,000 15,000,000 New Hampshire Health and Education Authority, HR VRDN (Wentworth Douglass Hospital) 1.40% (Insured; Radian Bank and Liquidity Facility; Fleet National Bank) 9,890,000 (a) 9,890,000 34 Principal DREYFUS TAX EXEMPT CASH MANAGEMENT (CONTINUED) Amount ($) Value ($) - ------------------------------------------------------------------------------------------------------------------------------------ TAX EXEMPT INVESTMENTS (CONTINUED) - ------------------------------------------------------------------------------------------------------------------------------------ NEW JERSEY--.5% New Brunswick, GO Notes 1.85%, 8/13/2003 13,300,000 13,325,546 NEW MEXICO--.6% Jicarilla Apache Nation, Revenue 1.45%, 8/13/2003 15,000,000 15,000,000 NEW YORK--3.5% ABN-AMRO Munitops Certificates Trust, Highway Revenue Tolls, VRDN 1.30% (Insured; MBIA and Liquidity Facility; ABN-AMRO) 15,000,000 (a) 15,000,000 Greece Central School District, GO Notes BAN 1.80%, 12/18/2003 18,897,000 18,996,988 New York City Municipal Water Finance Authority Water and Sewer System Revenue, CP: 1%, 2/21/2003 (Liquidity Facility: Landesbank Baden- Wuerttemberg and Landesbank-Hessen Thuringen Girozentrale) 10,000,000 10,000,000 1.10%, 2/12/2003 (LOC: Bayerische Landesbank and Westdeutsche Landesbank) 30,000,000 30,000,000 New York State Dormitory Authority, Revenue, CP (Cornell University) 1.03%, 6/11/2003 4,000,000 4,000,000 New York State Environmental, CP 1.10%, 2/6/2003 (LOC: Bayerische Landesbank, Helaba Bank and JPMorgan Chase Bank) 10,000,000 9,999,745 NORTH CAROLINA--1.1% State of North Carolina, Revenue, Refunding, VRDN 1.07% (Liquidity Facility; Landesbank Baden-Wuerttemberg) 28,870,000 (a) 28,870,000 OHIO--1.0% Akron Bath Copley Joint Township Hospital District, Health Care Facilities Revenue, VRDN (Sumner Project) 1.20% (LOC; KBC Bank) 7,500,000 (a) 7,500,000 Hamilton County, VRDN: EDR (Taft Museum Project) 1.16% (LOC; Fifth Third Bank) 6,000,000 (a) 6,000,000 Electric Revenue, Refunding 1.20% (Insured; FSA and Liquidity Facility; Dexia Credit Locale) 4,900,000 (a) 4,900,000 University of Toledo General Receipts Bonds, College and University Revenue Refunding, VRDN 1.35% (Insured; FGIC and Liquidity Facility; U.S. Bank NA) 6,000,000 (a) 6,000,000 OKLAHOMA--.1% Oklahoma Development Finance Authority, Revenue VRDN (Continuing Care Community) 1.35% (LOC; KBC Bank) 2,000,000 (a) 2,000,000 OREGON--.4% Oregon Housing and Community Services Department Mortgage Revenue 1.30%, 12/23/2003 9,000,000 9,000,000 PENNSYLVANIA--14.1% Allegheny County Industrial Development Authority Health and Housing Facilities Revenue, Refunding VRDN (Longwood at Oakmount Inc.) 1.40% (Insured; Radian Bank and Liquidity Facility; Fleet National Bank) 7,080,000 (a) 7,080,000 Cumberland County, GO Notes, VRDN 1.20% (Insured; AMBAC and Liquidity Facility; Wachovia Bank) 3,180,000 (a) 3,180,000 Dauphin County General Authority, Revenue, VRDN: 1.15% (Insured; AMBAC and LOC; Bank of Nova Scotia) 46,945,000 (a) 46,945,000 School District Pooled Financing Program 1.15% (Insured; AMBAC and Liquidity Facility; Bank of Scotia) 39,050,000 (a) 39,050,000 The Funds 35 STATEMENT OF INVESTMENTS (CONTINUED) Principal DREYFUS TAX EXEMPT CASH MANAGEMENT (CONTINUED) Amount ($) Value ($) - ------------------------------------------------------------------------------------------------------------------------------------ TAX EXEMPT INVESTMENTS (CONTINUED) - ------------------------------------------------------------------------------------------------------------------------------------ PENNSYLVANIA (CONTINUED) Emmaus, General Authority Revenue, VRDN: 1.20%, Series C (GIC; Goldman Sachs and Co.) 15,000,000 (a) 15,000,000 1.20%, Series D (GIC; Goldman Sachs and Co.) 22,500,000 (a) 22,500,000 1.20%, Series E (GIC; Goldman Sachs and Co.) 8,000,000 (a) 8,000,000 1.20%, Series H (GIC; Goldman Sachs and Co.) 20,000,000 (a) 20,000,000 (Conewagos School District) 1.20% (LOC; Bayerische Landesbank) 10,000,000 (a) 10,000,000 Local Government: 1.20%, Series B-6 (GIC; Goldman Sachs and Co.) 37,700,000 (a) 37,700,000 1.20%, Series F-1 (GIC; Goldman Sachs and Co.) 34,000,000 (a) 34,000,000 (Kutztown School) 1.20% (LOC; KBC Bank) 10,000,000 (a) 10,000,000 (Lower Dauphin School) 1.20% (LOC; Bayerische Landesbank) 10,000,000 (a) 10,000,000 Lancaster County Hospital Authority, Revenue, VRDN (Luthercare Project): 1.20% (LOC; Allfirst Bank) 315,000 (a) 315,000 1.25% (LOC; Allfirst Bank) 14,685,000 (a) 14,685,000 Lebanon County Health Facilities Authority, VRDN: Health Center Revenue (United Church of Christ Homes) 1.23% (LOC; Allfirst Bank) 8,780,000 (a) 8,780,000 Revenue (Cornwall Manor Project) 1.20% (Insured; Radian Bank and Liquidity Facility; Fleet National Bank) 6,000,000 (a) 6,000,000 Montgomery County Higher Education and Health Authority VRDN: Health Facilities Revenue ((Philadelphia Geriatric Center) 1.15% (LOC; Allied Irish Bank) 4,630,000 (a) 4,630,000 Private Schools Revenue (William Penn Charter) 1.18% (LOC; PNC Bank) 11,000,000 (a) 11,000,000 New Garden General Authority, Municipal Revenue VRDN, Municipal Pooled Financing Program 1.05% (Insured; AMBAC and Liquidity Facility; Bank of Nova Scotia) 5,300,000 (a) 5,300,000 Philadelphia Authority for Industrial Development, Revenues, VRDN (Girard Estate Aramark Project) 1.15% (LOC; JPMorgan Chase Bank) 14,600,000 (a) 14,600,000 Philadelphia Hospitals and Higher Education Facilities Authority Revenue, Refunding VRDN (Philadelphia Protestant Home) 1.30% (LOC; Fleet National Bank) 9,600,000 (a) 9,600,000 Schuylkill County, GO Notes, VRDN 1.20% (Insured; AMBAC and LOC; Wachovia Bank) 7,995,000 (a) 7,995,000 Southcentral General Authority, Revenue, VRDN 1.20% (Insured; AMBAC and Liquidity Facility; JPMorgan Chase Bank) 8,000,000 (a) 8,000,000 RHODE ISLAND--.8% East Providence, GO Notes, TAN 1.65%, 7/8/2003 17,000,000 17,033,496 State of Rhode Island Industrial Facilities Corporation, IDR VRDN (Handy and Harman Electric Project) 1.25% (LOC; Citibank) 4,500,000 (a) 4,500,000 SOUTH CAROLINA--1.9% Dorchester County, Revenue, TAN 1.90%, 4/15/2003 7,900,000 7,905,600 Greers, Combined Utilities System Revenue, VRDN Merlots Program 1.24% (Insured; AMBAC and Liquidity Facility; Wachovia Bank) 8,340,000 (a) 8,340,000 36 Principal DREYFUS TAX EXEMPT CASH MANAGEMENT (CONTINUED) Amount ($) Value ($) - ------------------------------------------------------------------------------------------------------------------------------------ TAX EXEMPT INVESTMENTS (CONTINUED) - ------------------------------------------------------------------------------------------------------------------------------------ SOUTH CAROLINA (CONTINUED) Oconee County School District, GO Notes, TAN 1.55%, 3/14/2003 5,000,000 5,000,000 South Carolina Jobs Economic Development Authority, Health Facilities Revenue, Refunding, VRDN (Episcopal Church Home) 1.18% (Insured; Radian Bank and Liquidity Facility; Wachovia Bank) 15,000,000 (a) 15,000,000 Tobacco Settlement Revenue Management Authority Tobacco Settlement Revenue, VRDN 1.35% (Liquidity Facility; Merrill Lynch) 2,645,000 (a) 2,645,000 Union Hospital District, Health Care Revenue, VRDN (Wallace Thompson) 1.15% (LOC; Wachovia Bank) 9,060,000 (a) 9,060,000 TENNESSEE--4.5% Chattanooga Health, Education and Housing Facility Board Revenue (North Park Hospital Project) 8.50%, 2/1/2003 9,000,000 (b) 9,183,064 Clarksville Public Building Authority, Revenue, VRDN (Pooled Financing-Tennessee Municipal Bond Fund) 1.30% (LOC; Bank of America) 12,000,000 (a) 12,000,000 Johnson City Health and Educational Facilities Board HR, VRDN, Merlots Program 1.29% (Insured; MBIA and Liquidity Facility; Wachovia Bank) 19,755,000 (a) 19,755,000 Montgomery County Public Building Authority Pooled Financing Revenue, VRDN (Montgomery County Loan) 1.15% (LOC; SunTrust Bank) 20,300,000 (a) 20,300,000 Sevier County Public Building Authority, Local Government Public Improvement, VRDN: Revenue: 1.15% (Insured; AMBAC and Liquidity Facility; KBC Bank) 9,030,000 (a) 9,030,000 1.15% (Insured; AMBAC and Liquidity Facility; Landesbank Hessen-Thuringen Girozentrale) 9,145,000 (a) 9,145,000 1.35%, Series IV-1 (Insured; FSA and Liquidity Facility; JPMorgan Chase Bank) 5,600,000 (a) 5,600,000 1.35%, Series IV-B-1 (Insured; FSA and Liquidity Facility; JPMorgan Chase Bank) 15,350,000 (a) 15,350,000 Water and Sewer Revenue 1.15% (Insured; AMBAC and Liquidity Facility; KBC Bank) 12,500,000 (a) 12,500,000 TEXAS--14.3% Dallas Water and Sewer System, Water and Sewer Revenue, CP 1.10%, 6/18/2003 (Liquidity Facility; JPMorgan Chase Bank) 20,000,000 20,000,000 Harris County Health Facilities Development Corporation Revenue, VRDN: (Methodist Hospital) 1.35% 23,000,000 (a) 23,000,000 (St. Lukes Episcopal Hospital): 1.10% (Liquidity Facility: Bank of America, Bayerische Landesbank, JPMorgan Chase Bank and Northern Trust Co.) 215,000 (a) 215,000 1.35% (Liquidity Facility: Bank of America, Bayerische Landesbank, JPMorgan Chase Bank, and Northern Trust Co.) 29,685,000 (a) 29,685,000 The Funds 37 STATEMENT OF INVESTMENTS (CONTINUED) Principal DREYFUS TAX EXEMPT CASH MANAGEMENT (CONTINUED) Amount ($) Value ($) - ------------------------------------------------------------------------------------------------------------------------------------ TAX EXEMPT INVESTMENTS (CONTINUED) - ------------------------------------------------------------------------------------------------------------------------------------ TEXAS (CONTINUED) Houston Higher Education Facility, Higher Education Revenue, CP (Rice University) 1.30%, 2/12/2003 8,300,000 8,300,000 Houston Water and Sewer System, Water and Sewer Revenue CP: 1.10%, 2/13/2003 (Liquidity Facility: Bayerische Landesbank and Westdeutsche Landesbank) 20,000,000 20,000,000 1.05%, 3/12/2003 (Liquidity Facility: Bayerische Landesbank and Westdeutsche Landesbank) 10,000,000 10,000,000 1.15%, 4/8/2003 (Liquidity Facility: Bayerische Landesbank and Westdeutsche Landesbank) 20,000,000 20,000,000 North Central Health Facility Development Corporation Revenue (Methodist Hospitals of Dallas): CP, Refunding 1.10%, 2/7/2003 (Insured; AMBAC and Liquidity Facility; Dexia Credit Locale) 20,500,000 20,500,000 VRDN 1.35% (Insured; MBIA and Liquidity Facility; Dexia Credit Locale) 9,950,000 (a) 9,950,000 Pasadena Independent School District, GO Notes 2.25%, 4/1/2003 (Liquidity Facility: Permanent School Fund-Guaranteed and Westdeutsche Landesbank) 15,000,000 15,001,188 City of San Antonio, Water Revenue: CP 1.10%, 5/12/2003 (Liquidity Facility: Landesbank Baden-Wuerttemberg and Westdeutsche Landesbank) 12,500,000 12,500,000 VRDN, Merlots Program 1.24% (Liquidity Facility; Wachovia Bank) 10,000,000 (a) 10,000,000 State of Texas, Revenue, TRAN 2.75%, 8/29/2003 62,000,000 62,481,863 Texas A & M University Board of Regents, College and University Revenue, CP 1.15%, 6/10/2003 10,000,000 10,000,000 Texas Association of School Boards, COP, TAN 2.75%, 8/29/2003 15,000,000 15,084,855 Texas Municipal Power Agency, Power Supply Revenue, CP: 1.15%, 3/10/2003 (Liquidity Facility: Bayerische Landesbank, JPMorgan Chase Bank and State Street Bank and Trust Co.) 15,500,000 15,500,000 1.05%, 4/7/2003 (Liquidity Facility: Bayerische Landesbank, JPMorgan Chase Bank and State Street Bank and Trust Co.) 10,000,000 10,000,000 Texas Public Finance Authority, Revenue, CP 1.15%, 6/9/2003 10,000,000 10,000,000 University of Texas System Board of Regents Revenues, CP: 1.05%, 2/20/2003 20,000,000 20,000,000 1.15%, 4/21/2003 18,406,000 18,406,000 UTAH--.9% Intermountain Power Agency, Power Supply Revenue CP 1.05%, 2/19/2003 (Liquidity Facility: Bank of America and Bank of Nova Scotia) 21,700,000 21,700,000 VERMONT--.4% Vermont Educational and Health Buildings Financing Agency College and University Revenue, VRDN, Capital Asset Financing Program 1.25% (LOC; M&T Bank) 9,085,000 (a) 9,085,000 38 Principal DREYFUS TAX EXEMPT CASH MANAGEMENT (CONTINUED) Amount ($) Value ($) - ------------------------------------------------------------------------------------------------------------------------------------ TAX EXEMPT INVESTMENTS (CONTINUED) - ------------------------------------------------------------------------------------------------------------------------------------ VIRGINIA--.7% Alexandria Industrial Development Authority, Revenue, VRDN (Institute for Defense Analyses) 1.25% (Insured; AMBAC and Liquidity Facility; Wachovia Bank) 16,445,000 (a) 16,445,000 WASHINGTON--2.3% City of Seattle, Power Supply Revenue (Municipal Light and Power): CP 1.18%, 6/3/2003 (LOC; JPMorgan Chase Bank) 10,000,000 10,000,000 RAN 2.50%, 11/21/2003 7,000,000 7,055,349 Washington, Revenue, VRDN, Merlots Program 1.24% (Insured; MBIA and Liquidity Facility; Wachovia Bank) 4,990,000 (a) 4,990,000 Washington Health Care Facilities Authority, Revenues, VRDN: (Provail) 1.20% (LOC; Key Bank) 7,070,000 (a) 7,070,000 (Seattle Cancer Care) 1.20% (LOC; Key Bank) 21,100,000 (a) 21,100,000 Washington Higher Education Facilities Authority Revenue, VRDN (St. Martins College Project) 1.15% (LOC; U.S. Bank NA) 7,415,000 (a) 7,415,000 WEST VIRGINIA--.0% West Virginia Hospital Finance Authority, Revenues, VRDN WVHA Pooled Financing Program 1.25% (Liquidity Facility: Bank of Nova Scotia and BNP Paribas and LOC; Bank of America) 615,000 (a) 615,000 WISCONSIN--2.8% Badger Tobacco Asset Securitization Corporation Tobacco Settlement Revenue, VRDN: 1.25% (Liquidity Facility; Merrill Lynch) 7,000,000 (a) 7,000,000 1.30% (Liquidity Facility; Merrill Lynch) 1,995,000 (a) 1,995,000 Franklin Community Development Authority, Redevelopment Revenue, VRDN (Indian Community School of Milwaukee) 1.20% (LOC; Bank One) 11,000,000 (a) 11,000,000 City of Greenfield, GO Notes, Refunding 4.75%, 9/1/2003 (Insured; AMBAC) 3,415,000 3,484,954 Hamilton School District, GO Notes, BAN 1.75%, 10/1/2003 2,100,000 2,101,273 West Allis, Revenue, VRDN (State Fair Park Exposition) 1.20% (LOC; Firstar Bank) 6,200,000 (a) 6,200,000 State of Wisconsin, Transportation Revenue, CP 1.15%, 3/6/2003 (Liquidity Facility; Westdeutsche Landesbank) 11,000,000 11,000,000 Wisconsin Health and Educational Facilities Authority Revenue, VRDN, Pooled Loan Financing Program 1.25% (GIC; Bank of America and Liquidity Facility; The Bank of New York) 28,035,000 (a) 28,035,000 TOTAL INVESTMENTS (cost $2,534,577,800) 100.7% 2,534,580,045 LIABILITIES, LESS CASH AND RECEIVABLES (.7%) (17,975,157) NET ASSETS 100.0% 2,516,604,888 SEE FOOTNOTES ON PAGE 40. SEE NOTES TO FINANCIAL STATEMENTS. The Funds 39 Summary of Abbreviations AMBAC American Municipal Bond Assurance Corporation LOC Letter of Credit BAN Bond Anticipation Notes LOR Limited Obligation Revenue COP Certificate of Participation LR Lease Revenue CP Commercial Paper MBIA Municipal Bond Investors Assurance Insurance Corporation EDR Economic Development Revenue MFHR Multi-Family Housing Revenue FGIC Financial Guaranty Insurance Company PCR Pollution Control Revenue FHLB Federal Home Loan Bank RAC Revenue Anticipation Certifica FNMA Federal National Mortgage Association RAN Revenue Anticipation Notes FSA Financial Security Assurance SFMR Single Family Mortgage Revenue GIC Guaranteed Invesment Contract SWDR Solid Waste Disposal Revenue GNMA Government National Mortgage Association TAN Tax Anticipation Notes GO General Obligation TRAN Tax and Revenue Anticipation N HR Hospital Revenue VRDN Variable Rate Demand Notes IDR Industrial Development Revenue Summary of Combined Ratings (Unaudited) VALUE (%) ____________________________ DREYFUS DREYFUS DREYFUS MUNICIPAL CASH NEW YORK TAX EXEMPT MANAGEMENT MUNICIPAL CASH CASH FITCH OR MOODY'S OR STANDARD & POOR'S PLUS MANAGEMENT MANAGEMENT - ----- ------- ----------------- ------------- -------------- ----------- F1+, F1 VMIG1, MIG1, P1 SP1+, SP1, A1+, A1 84.7 83.3 80.8 AAA, AA, A (c) Aaa, Aa, A (c) AAA, AA, A (c) 9.5 3.7 12.5 Not Rated (d) Not Rated (d) Not Rated (d) 5.8 13.0 6.7 100.0 100.0 100.0 (A) SECURITIES PAYABLE ON DEMAND. VARIABLE INTEREST RATE--SUBJECT TO PERIODIC CHANGE. (B) BONDS WHICH ARE PREREFUNDED ARE COLLATERALIZED BY U.S. GOVERNMENT SECURITIES WHICH ARE HELD IN ESCROW AND ARE USED TO PAY PRINCIPAL AND INTEREST ON THE MUNICIPAL ISSUE AND TO RETIRE THE BONDS IN FULL AT THE EARLIEST REFUNDING DATE. (C) NOTES WHICH ARE NOT F, MIG AND SP RATED ARE REPRESENTED BY BOND RATINGS OF THE ISSUERS. (D) SECURITIES WHICH, WHILE NOT RATED BY FITCH, MOODY'S AND STANDARD & POOR'S, HAVE BEEN DETERMINED BY THE MANAGER TO BE OF COMPARABLE QUALITY TO THOSE RATED SECURITIES IN WHICH THE FUND MAY INVEST. SEE NOTES TO FINANCIAL STATEMENTS. 40 STATEMENT OF ASSETS AND LIABILITIES (amounts in thousands, except Net Asset Value Per Share) January 31, 2003 DREYFUS DREYFUS DREYFUS DREYFUS DREYFUS DREYFUS CASH GOVERNMENT GOVERNMENT TREASURY TREASURY CASH MANAGEMENT CASH PRIME CASH CASH PRIME CASH MANAGEMENT PLUS, INC. MANAGEMENT MANAGEMENT MANAGEMENT MANAGEMENT - ------------------------------------------------------------------------------------------------------------------------------------ ASSETS ($): Investments at value--Note 1(a,b)((+)) 14,262,692 30,391,723 11,546,166(a 1,097,211 4,465,798(a 5,075,352 Cash -- -- -- 921 -- 514 Interest receivable 19,263 86,190 34,493 2,389 7,273 3,763 14,281,955 30,477,913 11,580,659 1,100,521 4,473,071 5,079,629 LIABILITIES ($): Due to The Dreyfus Corporation and affiliates 3,070 6,092 2,644 392 999 1,235 Cash overdraft due to Custodian 16,036 13,740 6,709 -- 152 -- Payable for investment securities purchased 250,000 595,031 112,921 -- -- -- Payable for shares of Beneficial Interest/Common Stock redeemed 2,550 890 -- 62 -- 235 271,656 615,753 122,274 454 1,151 1,470 NET ASSETS ($) 14,010,299 29,862,160 11,458,385 1,100,067 4,471,920 5,078,159 COMPOSITION OF NET ASSETS ($): Paid-in capital 14,010,420 29,862,154 11,458,374 1,100,127 4,472,090 5,078,220 Accumulated net realized gain (loss) on investments (121) 6 11 (60) (170) (61) NET ASSETS ($) 14,010,299 29,862,160 11,458,385 1,100,067 4,471,920 5,078,159 NET ASSET VALUE PER SHARE INSTITUTIONAL SHARES Net Assets ($) 11,409,559 24,637,238 8,084,219 285,391 3,397,334 3,291,347 Shares Outstanding 11,409,697 24,637,329 8,084,255 285,423 3,397,572 3,291,590 NET ASSET VALUE PER SHARE ($) 1.00 1.00 1.00 1.00 1.00 1.00 INVESTOR SHARES Net Assets ($) 1,813,504 2,166,307 1,591,067 273,033 999,012 1,261,020 Shares Outstanding 1,813,504 2,166,269 1,591,049 273,038 998,966 1,260,930 NET ASSET VALUE PER SHARE ($) 1.00 1.00 1.00 1.00 1.00 1.00 ADMINISTRATIVE SHARES Net Assets ($) 669,489 2,030,329 1,137,645 216,217 23,455 204,848 Shares Outstanding 669,483 2,030,307 1,137,629 216,218 23,443 204,833 NET ASSET VALUE PER SHARE ($) 1.00 1.00 1.00 1.00 1.00 1.00 PARTICIPANT SHARES Net Assets ($) 117,747 1,028,286 645,454 325,426 52,119 320,944 Shares Outstanding 117,736 1,028,249 645,441 325,448 52,109 320,867 NET ASSET VALUE PER SHARE ($) 1.00 1.00 1.00 1.00 1.00 1.00 ((+)) Investments at cost ($) 14,262,692 30,391,723 11,546,166 1,097,211 4,465,798 5,075,352 (A) AMOUNTS INCLUDE REPURCHASE AGREEMENTS OF $849,000,000 AND $1,888,000,000 FOR DREYFUS GOVERNMENT CASH MANAGEMENT AND DREYFUS TREASURY CASH MANAGEMENT, RESPECTIVELY. SEE NOTE 1(B). SEE NOTES TO FINANCIAL STATEMENTS. The Funds 41 STATEMENT OF ASSETS AND LIABILITIES (CONTINUED) (amounts in thousands, except Net Asset Value Per Share) DREYFUS DREYFUS DREYFUS MUNICIPAL CASH NEW YORK TAX EXEMPT MANAGEMENT MUNICIPAL CASH CASH PLUS MANAGEMENT MANAGEMENT - ------------------------------------------------------------------------------------------------------------------------------------ ASSETS ($): Investments at value--Note 1(a,b)((+)) 444,578 446,959 2,534,580 Interest receivable 949 1,222 6,189 445,527 448,181 2,540,769 - ------------------------------------------------------------------------------------------------------------------------------------ LIABILITIES ($): Due to The Dreyfus Corporation and affiliates 98 73 471 Cash overdraft due to Custodian 3,116 2,225 23,633 Payable for shares of Beneficial Interest redeemed 4 -- 60 3,218 2,298 24,164 - ------------------------------------------------------------------------------------------------------------------------------------ NET ASSETS ($) 442,309 445,883 2,516,605 - ------------------------------------------------------------------------------------------------------------------------------------ COMPOSITION OF NET ASSETS ($): Paid-in capital 442,338 445,886 2,516,999 Accumulated net realized gain (loss) on investments (29) (3) (396) Accumulated gross unrealized appreciation on investments -- -- 2 - ------------------------------------------------------------------------------------------------------------------------------------ NET ASSETS ($) 442,309 445,883 2,516,605 - ------------------------------------------------------------------------------------------------------------------------------------ NET ASSET VALUE PER SHARE INSTITUTIONAL SHARES Net Assets ($) 223,804 416,783 2,073,229 Shares Outstanding 223,933 416,785 2,073,617 NET ASSET VALUE PER SHARE ($) 1.00 1.00 1.00 - ------------------------------------------------------------------------------------------------------------------------------------ INVESTOR SHARES Net Assets ($) 92,258 20,816 119,452 Shares Outstanding 92,250 20,818 119,471 NET ASSET VALUE PER SHARE ($) 1.00 1.00 1.00 - ------------------------------------------------------------------------------------------------------------------------------------ ADMINISTRATIVE SHARES Net Assets ($) 110,126 6,322 184,937 Shares Outstanding 110,121 6,322 184,932 NET ASSET VALUE PER SHARE ($) 1.00 1.00 1.00 - ------------------------------------------------------------------------------------------------------------------------------------ PARTICIPANT SHARES Net Assets ($) 16,121 1,962 138,987 Shares Outstanding 16,117 1,962 138,979 NET ASSET VALUE PER SHARE ($) 1.00 1.00 1.00 - ------------------------------------------------------------------------------------------------------------------------------------ ((+)) Investments at cost ($) 444,578 446,959 2,534,578 SEE NOTES TO FINANCIAL STATEMENTS. 42 STATEMENT OF OPERATIONS (amounts in thousands) Year Ended January 31, 2003 DREYFUS DREYFUS DREYFUS DREYFUS DREYFUS DREYFUS CASH GOVERNMENT GOVERNMENT TREASURY TREASURY CASH MANAGEMENT CASH PRIME CASH CASH PRIME CASH MANAGEMENT PLUS, INC. MANAGEMENT MANAGEMENT MANAGEMENT MANAGEMENT - ------------------------------------------------------------------------------------------------------------------------------------ INVESTMENT INCOME ($): INTEREST INCOME 301,417 616,476 239,071 21,457 87,704 91,119 EXPENSES: Management fee--Note 2(a) 32,578 62,542 24,676 2,393 9,881 10,347 Distribution fees--Note 2(b): Investor Shares 4,263 5,564 4,242 672 2,966 3,609 Administrative Shares 551 1,347 982 167 121 131 Participant Shares 792 3,384 2,292 1,531 419 1,746 TOTAL EXPENSES 38,184 72,837 32,192 4,763 13,387 15,833 INVESTMENT INCOME--NET 263,233 543,639 206,879 16,694 74,317 75,286 NET REALIZED GAIN (LOSS) ON INVESTMENTS--NOTE 1(B) ($) 48 313 202 (4) 150 151 NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS 263,281 543,952 207,081 16,690 74,467 75,437 SEE NOTES TO FINANCIAL STATEMENTS. The Funds 43 STATEMENT OF OPERATIONS (CONTINUED) (amounts in thousands) DREYFUS DREYFUS DREYFUS MUNICIPAL CASH NEW YORK TAX EXEMPT MANAGEMENT MUNICIPAL CASH CASH PLUS MANAGEMENT MANAGEMENT - ------------------------------------------------------------------------------------------------------------------------------------ INVESTMENT INCOME ($): INTEREST INCOME 6,158 7,119 37,457 EXPENSES: Management fee--Note 2(a) 815 981 5,057 Distribution fees--Note 2(b): Investor Shares 231 48 411 Administrative Shares 66 5 95 Participant Shares 59 4 569 TOTAL EXPENSES 1,171 1,038 6,132 INVESTMENT INCOME--NET 4,987 6,081 31,325 REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS--NOTE 1(B) ($): Net realized gain (loss) on investments 26 -- 118 Net unrealized appreciation (depreciation) on investments -- -- 2 NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS 26 -- 120 NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS 5,013 6,081 31,445 SEE NOTES TO FINANCIAL STATEMENTS. 44 STATEMENT OF CHANGES IN NET ASSETS (amounts in thousands) DREYFUS CASH MANAGEMENT DREYFUS CASH MANAGEMENT PLUS, INC. YEAR ENDED JANUARY 31, YEAR ENDED JANUARY 31, 2003 2002 2003 2002 - ------------------------------------------------------------------------------------------------------------------------------------ OPERATIONS ($): Investment income--net 263,233 477,753 543,639 709,589 Net realized gain (loss) on investments 48 336 313 485 NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS 263,281 478,089 543,952 710,074 - ------------------------------------------------------------------------------------------------------------------------------------ DIVIDENDS TO SHAREHOLDERS FROM ($): Investment income--net: Institutional Shares (228,584) (414,430) (477,402) (647,891) Investor Shares (23,699) (43,466) (33,154) (36,292) Administrative Shares (8,444) (10,756) (21,856) (11,025) Participant Shares (2,506) (9,101) (11,227) (14,381) TOTAL DIVIDENDS (263,233) (477,753) (543,639) (709,589) - ------------------------------------------------------------------------------------------------------------------------------------ BENEFICIAL INTEREST/CAPITAL STOCK TRANSACTIONS ($1.00 per share): Net proceeds from shares sold: Institutional Shares 115,563,270 108,595,273 225,348,588 195,539,966 Investor Shares 10,818,647 8,366,746 11,959,471 6,063,282 Administrative Shares 3,314,021 3,572,869 10,848,954 4,314,907 Participant Shares 848,390 999,116 3,116,145 1,614,817 Dividends reinvested: Institutional Shares 72,339 125,040 226,804 267,566 Investor Shares 11,672 23,160 30,972 32,051 Administrative Shares 4,414 4,452 18,859 6,305 Participant Shares 1,614 2,159 10,791 13,692 Cost of shares redeemed: Institutional Shares (117,485,627) (104,586,113) (228,117,170) (178,981,470) Investor Shares (10,303,249) (8,070,028) (11,371,269) (5,297,675) Administrative Shares (3,155,439) (3,196,431) (9,769,906) (3,427,468) Participant Shares (933,297) (1,001,778) (2,589,670) (1,567,495) INCREASE (DECREASE) IN NET ASSETS FROM BENEFICIAL INTEREST/CAPITAL STOCK TRANSACTIONS (1,243,245) 4,834,465 (287,431) 18,578,478 TOTAL INCREASE (DECREASE) IN NET ASSETS (1,243,197) 4,834,801 (287,118) 18,578,963 NET ASSETS ($): Beginning of Period 15,253,496 10,418,695 30,149,278 11,570,315 END OF PERIOD 14,010,299 15,253,496 29,862,160 30,149,278 SEE NOTES TO FINANCIAL STATEMENTS. The Funds 45 STATEMENT OF CHANGES IN NET ASSETS (CONTINUED) (amounts in thousands) DREYFUS GOVERNMENT DREYFUS GOVERNMENT CASH MANAGEMENT PRIME CASH MANAGEMENT --------------- -------------------------- YEAR ENDED JANUARY 31, YEAR ENDED JANUARY 31, 2003 2002 2003 2002 - ------------------------------------------------------------------------------------------------------------------------------------ OPERATIONS ($): Investment income--net 206,879 259,840 16,694 27,375 Net realized gain (loss) on investments 202 (53) (4) 22 NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS 207,081 259,787 16,690 27,397 - ------------------------------------------------------------------------------------------------------------------------------------ DIVIDENDS TO SHAREHOLDERS FROM ($): Investment income--net: Institutional Shares (158,450) (204,320) (6,056) (10,955) Investor Shares (25,074) (32,870) (3,641) (2,586) Administrative Shares (15,754) (13,631) (2,366) (749) Participant Shares (7,601) (9,019) (4,631) (13,085) TOTAL DIVIDENDS (206,879) (259,840) (16,694) (27,375) BENEFICIAL INTEREST TRANSACTIONS ($1.00 per share): Net proceeds from shares sold: Institutional Shares 71,534,713 39,634,599 1,588,690 1,249,360 Investor Shares 9,449,442 8,504,933 742,536 341,509 Administrative Shares 3,637,223 2,223,305 1,775,196 517,756 Participant Shares 1,733,372 2,019,203 1,291,550 1,985,414 Dividends reinvested: Institutional Shares 75,364 82,919 4,640 9,625 Investor Shares 21,233 23,586 2,768 2,380 Administrative Shares 8,645 7,001 2,227 604 Participant Shares 5,396 7,871 4,395 12,768 Cost of shares redeemed: Institutional Shares (70,575,247) (36,732,284) (1,667,742) (1,187,197) Investor Shares (9,389,898) (7,660,783) (668,582) (212,640) Administrative Shares (3,130,999) (1,677,728) (1,647,367) (438,096) Participant Shares (1,616,680) (1,552,985) (1,369,561) (1,919,117) INCREASE (DECREASE) IN NET ASSETS FROM BENEFICIAL INTEREST TRANSACTIONS 1,752,564 4,879,637 58,750 362,366 TOTAL INCREASE (DECREASE) IN NET ASSETS 1,752,766 4,879,584 58,746 362,388 NET ASSETS ($): Beginning of Period 9,705,619 4,826,035 1,041,321 678,933 END OF PERIOD 11,458,385 9,705,619 1,100,067 1,041,321 SEE NOTES TO FINANCIAL STATEMENTS. 46 DREYFUS TREASURY CASH MANAGEMENT DREYFUS TREASURY PRIME CASH MANAGEMENT ----------------------------------- ------------------------------------- YEAR ENDED JANUARY 31, YEAR ENDED JANUARY 31, 2003 2002 2003 2002 - ------------------------------------------------------------------------------------------------------------------------------------ OPERATIONS ($): Investment income--net 74,317 113,977 75,286 130,809 Net realized gain (loss) on investments 150 410 151 848 NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS 74,467 114,387 75,437 131,657 DIVIDENDS TO SHAREHOLDERS FROM ($): Investment income--net: Institutional Shares (55,337) (83,305) (49,392) (84,481) Investor Shares (15,785) (25,635) (18,831) (24,886) Administrative Shares (1,925) (1,156) (1,861) (1,145) Participant Shares (1,270) (3,881) (5,202) (20,297) TOTAL DIVIDENDS (74,317) (113,977) (75,286) (130,809) BENEFICIAL INTEREST TRANSACTIONS ($1.00 per share): Net proceeds from shares sold: Institutional Shares 29,856,546 23,721,628 12,582,861 56,318,445 Investor Shares 7,681,626 6,111,052 5,120,020 4,726,123 Administrative Shares 1,111,395 348,107 458,064 259,799 Participant Shares 296,098 475,395 1,373,883 976,078 Dividends reinvested: Institutional Shares 9,733 15,888 20,803 26,180 Investor Shares 5,333 7,602 13,967 11,453 Administrative Shares 1,784 1,066 1,808 1,025 Participant Shares 422 757 1,996 2,377 Cost of shares redeemed: Institutional Shares (29,256,376) (23,088,161) (12,643,738) (54,949,539) Investor Shares (7,722,910) (5,754,740) (5,173,196) (3,939,425) Administrative Shares (1,216,251) (244,469) (316,543) (209,144) Participant Shares (365,064) (474,716) (1,577,244) (1,065,526) INCREASE (DECREASE) IN NET ASSETS FROM BENEFICIAL INTEREST TRANSACTIONS 402,336 1,119,409 (137,319) 2,157,846 TOTAL INCREASE (DECREASE) IN NET ASSETS 402,486 1,119,819 (137,168) 2,158,694 NET ASSETS ($): Beginning of Period 4,069,434 2,949,615 5,215,327 3,056,633 END OF PERIOD 4,471,920 4,069,434 5,078,159 5,215,327 SEE NOTES TO FINANCIAL STATEMENTS. The Funds 47 STATEMENT OF CHANGES IN NET ASSETS (CONTINUED) (amounts in thousands) DREYFUS MUNICIPAL CASH DREYFUS NEW YORK MUNICIPAL DREYFUS TAX EXEMPT MANAGEMENT PLUS CASH MANAGEMENT CASH MANAGEMENT --------------------- -------------------------- ------------------ YEAR ENDED JANUARY 31, YEAR ENDED JANUARY 31, YEAR ENDED JANUARY 31, 2003 2002 2003 2002 2003 2002 - ------------------------------------------------------------------------------------------------------------------------------------ OPERATIONS ($): Investment income--net 4,987 5,628 6,081 9,942 31,325 48,692 Net realized gain (loss) on investments 26 22 -- -- 118 152 Net unrealized appreciation (depreciation) on investments -- (6) -- -- 2 (25) NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS 5,013 5,644 6,081 9,942 31,445 48,819 - ------------------------------------------------------------------------------------------------------------------------------------ DIVIDENDS TO SHAREHOLDERS FROM ($): Investment income--net: Institutional Shares (3,077) (3,914) (5,826) (9,341) (27,269) (41,493) Investor Shares (984) (1,222) (195) (468) (1,714) (3,814) Administrative Shares (790) (168) (51) (119) (1,086) (200) Participant Shares (136) (324) (9) (14) (1,256) (3,185) TOTAL DIVIDENDS (4,987) (5,628) (6,081) (9,942) (31,325) (48,692) - ------------------------------------------------------------------------------------------------------------------------------------ BENEFICIAL INTEREST TRANSACTIONS ($1.00 per share): Net proceeds from shares sold: Institutional Shares 1,417,114 1,028,974 991,623 1,008,008 11,723,375 10,073,793 Investor Shares 451,037 378,240 20,039 47,151 754,771 860,612 Administrative Shares 259,489 89,519 63,311 106,901 406,460 52,282 Participant Shares 15,834 26,521 2,888 2,462 436,904 378,861 Dividends reinvested: Institutional Shares 2,419 2,783 1,580 3,011 11,288 15,514 Investor Shares 800 974 195 451 749 1,833 Administrative Shares 787 167 51 107 1,066 182 Participant Shares 136 324 9 12 39 -- Cost of shares redeemed: Institutional Shares (1,320,808) (1,039,967) (1,164,624) (752,509) (11,541,102) (9,747,664) Investor Shares (422,450) (361,421) (16,439) (42,752) (830,704) (821,988) Administrative Shares (221,310) (18,739) (60,470) (103,785) (229,562) (45,593) Participant Shares (15,357) (25,343) (1,240) (2,935) (449,093) (395,521) INCREASE (DECREASE) IN NET ASSETS FROM BENEFICIAL INTEREST TRANSACTIONS 167,691 82,032 (163,077) 266,122 284,191 372,311 TOTAL INCREASE (DECREASE) IN NET ASSETS 167,717 82,048 (163,077) 266,122 284,311 372,438 NET ASSETS ($): Beginning of Period 274,592 192,544 608,960 342,838 2,232,294 1,859,856 END OF PERIOD 442,309 274,592 445,883 608,960 2,516,605 2,232,294 SEE NOTES TO FINANCIAL STATEMENTS.
48 FINANCIAL HIGHLIGHTS The following tables describe the performance for each share class for the fiscal periods indicated. All information reflects financial results for a single fund share. Total return shows how much your investment in the fund would have increased (or decreased) during each period, assuming you had reinvested all dividends and distributions. These figures have been derived from the fund's financial statements. PER SHARE DATA ($) RATIOS/SUPPLEMENTAL DATA (%) ------------------------------------------------ ----------------------------- RATIO OF NET NET ASSET DIVIDENDS NET ASSET RATIO OF INVESTMENT NET ASSETS VALUE NET FROM NET VALUE EXPENSES INCOME TO END OF BEGINNING INVESTMENT INVESTMENT END TOTAL TO AVERAGE AVERAGE PERIOD OF PERIOD INCOME INCOME OF PERIOD RETURN (%) NET ASSETS NET ASSETS ($X1,000,000) - ------------------------------------------------------------------------------------------------------------------------------------ DREYFUS CASH MANAGEMENT INSTITUTIONAL SHARES Year Ended January 31, 2003 1.00 .016 (.016) 1.00 1.66 .20 1.65 11,410 2002 1.00 .037 (.037) 1.00 3.77 .20 3.64 13,260 2001 1.00 .063 (.063) 1.00 6.46 .20 6.24 9,125 2000 1.00 .051 (.051) 1.00 5.19 .20 5.12 9,015 1999 1.00 .053 (.053) 1.00 5.45 .20 5.32 6,273 INVESTOR SHARES Year Ended January 31, 2003 1.00 .014 (.014) 1.00 1.41 .45 1.40 1,814 2002 1.00 .035 (.035) 1.00 3.51 .45 3.39 1,286 2001 1.00 .060 (.060) 1.00 6.19 .45 5.99 967 2000 1.00 .048 (.048) 1.00 4.93 .45 4.88 678 1999 1.00 .051 (.051) 1.00 5.19 .45 5.07 462 ADMINISTRATIVE SHARES Year Ended January 31, 2003 1.00 .015 (.015) 1.00 1.56 .30 1.55 669 2002 1.00 .036 (.036) 1.00 3.67 .30 3.54 506 2001 1.00 .062 (.062) 1.00 6.35 .30 6.14 126 2000 1.00 .050 (.050) 1.00 5.08 .30 5.02 173 1999 1.00 .052 (.052) 1.00 5.34 .30 5.22 195 PARTICIPANT SHARES Year Ended January 31, 2003 1.00 .012 (.012) 1.00 1.26 .60 1.25 118 2002 1.00 .033 (.033) 1.00 3.36 .60 3.24 201 2001 1.00 .059 (.059) 1.00 6.04 .60 5.84 202 2000 1.00 .047 (.047) 1.00 4.77 .60 4.72 216 1999 1.00 .049 (.049) 1.00 5.03 .60 4.92 65 SEE NOTES TO FINANCIAL STATEMENTS. The Funds 49 FINANCIAL HIGHLIGHTS (CONTINUED) PER SHARE DATA ($) RATIOS/SUPPLEMENTAL DATA (%) ------------------------------------------------ ------------------------------------ RATIO OF NET NET ASSET DIVIDENDS NET ASSET RATIO OF INVESTMENT NET ASSETS VALUE NET FROM NET VALUE EXPENSES INCOME TO END OF BEGINNING INVESTMENT INVESTMENT END TOTAL TO AVERAGE AVERAGE PERIOD OF PERIOD INCOME INCOME OF PERIOD RETURN (%) NET ASSETS NET ASSETS ($X1,000,000) - ------------------------------------------------------------------------------------------------------------------------------------ DREYFUS CASH MANAGEMENT PLUS, INC. INSTITUTIONAL SHARES Year Ended January 31, 2003 1.00 .018 (.018) 1.00 1.78 .20 1.78 24,637 2002 1.00 .038 (.038) 1.00 3.91 .20 3.54 27,179 2001 1.00 .063 (.063) 1.00 6.49 .20 6.33 10,352 2000 1.00 .051 (.051) 1.00 5.22 .20 5.08 6,524 1999 1.00 .054 (.054) 1.00 5.50 .20 5.36 7,448 INVESTOR SHARES Year Ended January 31, 2003 1.00 .015 (.015) 1.00 1.53 .45 1.53 2,166 2002 1.00 .036 (.036) 1.00 3.66 .45 3.29 1,547 2001 1.00 .061 (.061) 1.00 6.23 .45 6.08 749 2000 1.00 .048 (.048) 1.00 4.95 .45 4.84 697 1999 1.00 .051 (.051) 1.00 5.24 .45 5.12 690 ADMINISTRATIVE SHARES Year Ended January 31, 2003 1.00 .017 (.017) 1.00 1.68 .30 1.68 2,030 2002 1.00 .037 (.037) 1.00 3.81 .30 3.44 932 2001 1.00 .062 (.062) 1.00 6.39 .30 6.23 39 2000 1.00 .050 (.050) 1.00 5.12 .30 4.99 30 1999 1.00 .053 (.053) 1.00 5.39 .30 5.26 31 PARTICIPANT SHARES Year Ended January 31, 2003 1.00 .014 (.014) 1.00 1.38 .60 1.38 1,028 2002 1.00 .034 (.034) 1.00 3.50 .60 3.14 491 2001 1.00 .059 (.059) 1.00 6.07 .60 5.93 430 2000 1.00 .047 (.047) 1.00 4.80 .60 4.70 186 1999 1.00 .050 (.050) 1.00 5.07 .60 4.96 67 SEE NOTES TO FINANCIAL STATEMENTS. 50 PER SHARE DATA ($) RATIOS/SUPPLEMENTAL DATA (%) ------------------------------------------------ ------------------------------------ RATIO OF NET NET ASSET DIVIDENDS NET ASSET RATIO OF INVESTMENT NET ASSETS VALUE NET FROM NET VALUE EXPENSES INCOME TO END OF BEGINNING INVESTMENT INVESTMENT END TOTAL TO AVERAGE AVERAGE PERIOD OF PERIOD INCOME INCOME OF PERIOD RETURN (%) NET ASSETS NET ASSETS ($X1,000,000) - ------------------------------------------------------------------------------------------------------------------------------------ DREYFUS GOVERMENT CASH MANAGEMENT INSTITUTIONAL SHARES Year Ended January 31, 2003 1.00 .017 (.017) 1.00 1.75 .20 1.74 8,084 2002 1.00 .037 (.037) 1.00 3.81 .20 3.55 7,049 2001 1.00 .061 (.061) 1.00 6.28 .20 6.08 4,064 2000 1.00 .049 (.049) 1.00 5.00 .20 4.88 3,573 1999 1.00 .052 (.052) 1.00 5.35 .20 5.22 4,019 INVESTOR SHARES Year Ended January 31, 2003 1.00 .015 (.015) 1.00 1.50 .45 1.49 1,591 2002 1.00 .035 (.035) 1.00 3.55 .45 3.30 1,510 2001 1.00 .059 (.059) 1.00 6.01 .45 5.83 643 2000 1.00 .046 (.046) 1.00 4.74 .45 4.62 504 1999 1.00 .050 (.050) 1.00 5.08 .45 4.96 811 ADMINISTRATIVE SHARES Year Ended January 31, 2003 1.00 .016 (.016) 1.00 1.65 .30 1.64 1,138 2002 1.00 .036 (.036) 1.00 3.71 .30 3.45 623 2001 1.00 .060 (.060) 1.00 6.17 .30 5.98 70 2000 1.00 .048 (.048) 1.00 4.89 .30 4.78 19 1999 1.00 .051 (.051) 1.00 5.24 .30 5.12 52 PARTICIPANT SHARES Year Ended January 31, 2003 1.00 .013 (.013) 1.00 1.35 .60 1.34 645 2002 1.00 .033 (.033) 1.00 3.40 .60 3.15 523 2001 1.00 .057 (.057) 1.00 5.85 .60 5.68 49 2000 1.00 .045 (.045) 1.00 4.58 .60 4.48 43 1999 1.00 .048 (.048) 1.00 4.93 .60 4.81 270 SEE NOTES TO FINANCIAL STATEMENTS. The Funds 51 FINANCIAL HIGHLIGHTS (CONTINUED) PER SHARE DATA ($) RATIOS/SUPPLEMENTAL DATA (%) ------------------------------------------------ ------------------------------------ RATIO OF NET NET ASSET DIVIDENDS NET ASSET RATIO OF INVESTMENT NET ASSETS VALUE NET FROM NET VALUE EXPENSES INCOME TO END OF BEGINNING INVESTMENT INVESTMENT END TOTAL TO AVERAGE AVERAGE PERIOD OF PERIOD INCOME INCOME OF PERIOD RETURN (%) NET ASSETS NET ASSETS ($X1,000,000) - ------------------------------------------------------------------------------------------------------------------------------------ DREYFUS GOVERNMENT PRIME CASH MANAGEMENT INSTITUTIONAL SHARES Year Ended January 31, 2003 1.00 .016 (.016) 1.00 1.61 .20 1.60 285 2002 1.00 .035 (.035) 1.00 3.56 .20 3.39 360 2001 1.00 .061 (.061) 1.00 6.27 .20 5.99 288 2000 1.00 .049 (.049) 1.00 5.04 .20 4.98 397 1999 (a) 1.00 .048 (.048) 1.00 5.33(b) .20(b) 5.20(b) 194 INVESTOR SHARES Year Ended January 31, 2003 1.00 .014 (.014) 1.00 1.36 .45 1.35 273 2002 1.00 .033 (.033) 1.00 3.31 .45 3.14 196 2001 1.00 .058 (.058) 1.00 6.00 .45 5.74 65 2000 1.00 .047 (.047) 1.00 4.78 .45 4.73 39 1999 (a) 1.00 .046 (.046) 1.00 5.06(b) .45(b) 4.95(b) 15 ADMINISTRATIVE SHARES Year Ended January 31, 2003 1.00 .015 (.015) 1.00 1.51 .30 1.50 216 2002 1.00 .034 (.034) 1.00 3.46 .30 3.29 86 2001 1.00 .060 (.060) 1.00 6.16 .30 5.89 6 2000 1.00 .048 (.048) 1.00 4.95 .30 4.88 1 1999 (a) 1.00 .047 (.047) 1.00 5.22(b) .30(b) 5.10(b) 2 PARTICIPANT SHARES Year Ended January 31, 2003 1.00 .012 (.012) 1.00 1.21 .60 1.20 325 2002 1.00 .031 (.031) 1.00 3.15 .60 2.99 399 2001 1.00 .057 (.057) 1.00 5.84 .60 5.59 320 2000 1.00 .045 (.045) 1.00 4.63 .60 4.58 196 1999 (a) 1.00 .045 (.045) 1.00 4.90(b) .60(b) 4.80(b) 163 (A) FROM FEBRUARY 27, 1998 (COMMENCEMENT OF OPERATIONS) TO JANUARY 31, 1999. (B) ANNUALIZED. SEE NOTES TO FINANCIAL STATEMENTS. 52 PER SHARE DATA ($) RATIOS/SUPPLEMENTAL DATA (%) ----------------------------------------------- ------------------------------------ RATIO OF NET NET ASSET DIVIDENDS NET ASSET RATIO OF INVESTMENT NET ASSETS VALUE NET FROM NET VALUE EXPENSES INCOME TO END OF BEGINNING INVESTMENT INVESTMENT END TOTAL TO AVERAGE AVERAGE PERIOD OF PERIOD INCOME INCOME OF PERIOD RETURN (%) NET ASSETS NET ASSETS ($X1,000,000) - ------------------------------------------------------------------------------------------------------------------------------ DREYFUS TREASURY CASH MANAGEMENT INSTITUTIONAL SHARES Year Ended January 31, 2003 1.00 .016 (.016) 1.00 1.59 .20 1.57 3,397 2002 1.00 .036 (.036) 1.00 3.62 .20 3.42 2,787 2001 1.00 .060 (.060) 1.00 6.12 .20 5.93 2,138 2000 1.00 .048 (.048) 1.00 4.88 .20 4.76 1,879 1999 1.00 .051 (.051) 1.00 5.21 .20 5.09 2,865 INVESTOR SHARES Year Ended January 31, 2003 1.00 .013 (.013) 1.00 1.34 .45 1.32 999 2002 1.00 .033 (.033) 1.00 3.36 .45 3.17 1,035 2001 1.00 .057 (.057) 1.00 5.86 .45 5.68 671 2000 1.00 .045 (.045) 1.00 4.62 .45 4.53 472 1999 1.00 .048 (.048) 1.00 4.95 .45 4.84 538 ADMINISTRATIVE SHARES Year Ended January 31, 2003 1.00 .015 (.015) 1.00 1.49 .30 1.47 23 2002 1.00 .035 (.035) 1.00 3.52 .30 3.32 127 2001 1.00 .059 (.059) 1.00 6.02 .30 5.83 22 2000 1.00 .047 (.047) 1.00 4.78 .30 4.66 23 1999 1.00 .050 (.050) 1.00 5.10 .30 4.99 17 PARTICIPANT SHARES Year Ended January 31, 2003 1.00 .012 (.012) 1.00 1.19 .60 1.17 52 2002 1.00 .032 (.032) 1.00 3.21 .60 3.02 121 2001 1.00 .056 (.056) 1.00 5.70 .60 5.53 119 2000 1.00 .044 (.044) 1.00 4.46 .60 4.36 33 1999 1.00 .047 (.047) 1.00 4.79 .60 4.68 126 SEE NOTES TO FINANCIAL STATEMENTS. The Funds 53 FINANCIAL HIGHLIGHTS (CONTINUED) PER SHARE DATA ($) RATIOS/SUPPLEMENTAL DATA (%) ----------------------------------------------- ------------------------------------ RATIO OF NET NET ASSET DIVIDENDS NET ASSET RATIO OF INVESTMENT NET ASSETS VALUE NET FROM NET VALUE EXPENSES INCOME TO END OF BEGINNING INVESTMENT INVESTMENT END TOTAL TO AVERAGE AVERAGE PERIOD OF PERIOD INCOME INCOME OF PERIOD RETURN (%) NET ASSETS NET ASSETS ($X1,000,000) - ------------------------------------------------------------------------------------------------------------------------------------ DREYFUS TREASURY PRIME CASH MANAGEMENT INSTITUTIONAL SHARES Year Ended January 31, 2003 1.00 .016 (.016) 1.00 1.58 .20 1.56 3,291 2002 1.00 .036 (.036) 1.00 3.68 .20 3.40 3,331 2001 1.00 .058 (.058) 1.00 5.94 .20 5.74 1,936 2000 1.00 .046 (.046) 1.00 4.72 .20 4.61 2,227 1999 1.00 .050 (.050) 1.00 5.07 .20 4.96 2,784 INVESTOR SHARES Year Ended January 31, 2003 1.00 .013 (.013) 1.00 1.32 .45 1.31 1,261 2002 1.00 .034 (.034) 1.00 3.42 .45 3.15 1,300 2001 1.00 .055 (.055) 1.00 5.68 .45 5.49 502 2000 1.00 .044 (.044) 1.00 4.46 .45 4.36 412 1999 1.00 .047 (.047) 1.00 4.81 .45 4.71 434 ADMINISTRATIVE SHARES Year Ended January 31, 2003 1.00 .015 (.015) 1.00 1.48 .30 1.46 205 2002 1.00 .035 (.035) 1.00 3.57 .30 3.30 62 2001 1.00 .057 (.057) 1.00 5.84 .30 5.64 10 2000 1.00 .045 (.045) 1.00 4.62 .30 4.51 19 1999 1.00 .049 (.049) 1.00 4.97 .30 4.86 56 PARTICIPANT SHARES Year Ended January 31, 2003 1.00 .012 (.012) 1.00 1.18 .60 1.16 321 2002 1.00 .032 (.032) 1.00 3.26 .60 3.00 522 2001 1.00 .054 (.054) 1.00 5.52 .60 5.34 609 2000 1.00 .042 (.042) 1.00 4.31 .60 4.23 138 1999 1.00 .046 (.046) 1.00 4.65 .60 4.56 132 SEE NOTES TO FINANCIAL STATEMENTS. 54 PER SHARE DATA ($) RATIOS/SUPPLEMENTAL DATA (%) ------------------------------------------------ ----------------------------------- RATIO OF NET NET ASSET DIVIDENDS NET ASSET RATIO OF INVESTMENT NET ASSETS VALUE NET FROM NET VALUE EXPENSES INCOME TO END OF BEGINNING INVESTMENT INVESTMENT END TOTAL TO AVERAGE AVERAGE PERIOD OF PERIOD INCOME INCOME OF PERIOD RETURN (%) NET ASSETS NET ASSETS ($X1,000,000) - ------------------------------------------------------------------------------------------------------------------------------------ DREYFUS MUNICIPAL CASH MANAGEMENT PLUS INSTITUTIONAL SHARES Year Ended January 31, 2003 1.00 .013 (.013) 1.00 1.33 .20 1.31 224 2002 1.00 .026 (.026) 1.00 2.59 .20 2.52 125 2001 1.00 .039 (.039) 1.00 4.01 .20 3.94 133 2000 1.00 .031 (.031) 1.00 3.18 .20 3.12 129 1999 1.00 .033 (.033) 1.00 3.37 .20 3.31 208 INVESTOR SHARES Year Ended January 31, 2003 1.00 .011 (.011) 1.00 1.08 .45 1.06 92 2002 1.00 .023 (.023) 1.00 2.34 .45 2.27 63 2001 1.00 .037 (.037) 1.00 3.75 .45 3.69 45 2000 1.00 .029 (.029) 1.00 2.93 .45 2.86 49 1999 1.00 .031 (.031) 1.00 3.12 .45 3.07 50 ADMINISTRATIVE SHARES Year Ended January 31, 2003 1.00 .012 (.012) 1.00 1.23 .30 1.21 110 2002 1.00 .025 (.025) 1.00 2.48 .30 2.42 71 2001 1.00 .038 (.038) 1.00 3.91 .30 3.84 --(a) 2000 1.00 .030 (.030) 1.00 3.08 .30 3.02 --(a) 1999 1.00 .032 (.032) 1.00 3.27 .30 3.54 --(a) PARTICIPANT SHARES Year Ended January 31, 2003 1.00 .009 (.009) 1.00 .93 .60 .91 16 2002 1.00 .022 (.022) 1.00 2.18 .60 2.12 16 2001 1.00 .035 (.035) 1.00 3.60 .60 3.54 14 2000 1.00 .027 (.027) 1.00 2.77 .60 2.72 --(a) 1999 1.00 .029 (.029) 1.00 2.97 .60 2.91 15 (A) AMOUNT REPRESENTS LESS THAN $1 MILLION. SEE NOTES TO FINANCIAL STATEMENTS. The Funds 55 FINANCIAL HIGHLIGHTS (CONTINUED) PER SHARE DATA ($) RATIOS/SUPPLEMENTAL DATA (%) ------------------------------------------------ ------------------------------------ RATIO OF NET NET ASSET DIVIDENDS NET ASSET RATIO OF INVESTMENT NET ASSETS VALUE NET FROM NET VALUE EXPENSES INCOME TO END OF BEGINNING INVESTMENT INVESTMENT END TOTAL TO AVERAGE AVERAGE PERIOD OF PERIOD INCOME INCOME OF PERIOD RETURN (%) NET ASSETS NET ASSETS ($X1,000,000) - ------------------------------------------------------------------------------------------------------------------------------------ DREYFUS NEW YORK MUNICIPAL CASH MANAGEMENT INSTITUTIONAL SHARES Year Ended January 31, 2003 1.00 .013 (.013) 1.00 1.26 .20 1.25 417 2002 1.00 .024 (.024) 1.00 2.41 .20 2.24 588 2001 1.00 .038 (.038) 1.00 3.87 .20 3.80 330 2000 1.00 .030 (.030) 1.00 3.03 .20 2.98 265 1999 1.00 .031 (.031) 1.00 3.19 .20 3.12 268 INVESTOR SHARES Year Ended January 31, 2003 1.00 .010 (.010) 1.00 1.01 .45 1.00 21 2002 1.00 .021 (.021) 1.00 2.15 .45 1.99 17 2001 1.00 .036 (.036) 1.00 3.61 .45 3.55 12 2000 1.00 .027 (.027) 1.00 2.77 .45 2.73 11 1999 1.00 .029 (.029) 1.00 2.93 .45 2.92 9 ADMINISTRATIVE SHARES Year Ended January 31, 2003 1.00 .011 (.011) 1.00 1.15 .30 1.15 6 2002 1.00 .023 (.023) 1.00 2.30 .30 2.14 3 2001 1.00 .037 (.037) 1.00 3.77 .30 3.70 --(a 2000 1.00 .029 (.029) 1.00 2.93 .30 2.88 --(a 1999 1.00 .030 (.030) 1.00 3.09 .30 3.02 --(a PARTICIPANT SHARES Year Ended January 31, 2003 1.00 .009 (.009) 1.00 .86 .60 .85 2 2002 1.00 .020 (.020) 1.00 2.04 .60 1.84 --(a 2001 1.00 .034 (.034) 1.00 3.46 .60 3.40 1 2000 1.00 .026 (.026) 1.00 2.62 .60 2.58 --(a 1999 1.00 .027 (.027) 1.00 2.78 .60 2.72 1 (A) AMOUNT REPRESENTS LESS THAN $1 MILLION. SEE NOTES TO FINANCIAL STATEMENTS. 56 PER SHARE DATA ($) RATIOS/SUPPLEMENTAL DATA (%) ------------------------------------------------ ----------------------------------- RATIO OF NET NET ASSET DIVIDENDS NET ASSET RATIO OF INVESTMENT NET ASSETS VALUE NET FROM NET VALUE EXPENSES INCOME TO END OF BEGINNING INVESTMENT INVESTMENT END TOTAL TO AVERAGE AVERAGE PERIOD OF PERIOD INCOME INCOME OF PERIOD RETURN (%) NET ASSETS NET ASSETS ($X1,000,000) - ------------------------------------------------------------------------------------------------------------------------------ DREYFUS TAX EXEMPT CASH MANAGEMENT INSTITUTIONAL SHARES Year Ended January 31, 2003 1.00 .013 (.013) 1.00 1.29 .20 1.28 2,073 2002 1.00 .025 (.025) 1.00 2.50 .20 2.40 1,880 2001 1.00 .039 (.039) 1.00 3.95 .20 3.85 1,538 2000 1.00 .031 (.031) 1.00 3.11 .20 3.05 1,059 1999 1.00 .032 (.032) 1.00 3.26 .20 3.20 1,286 INVESTOR SHARES Year Ended January 31, 2003 1.00 .010 (.010) 1.00 1.04 .45 1.03 119 2002 1.00 .022 (.022) 1.00 2.25 .45 2.15 195 2001 1.00 .036 (.036) 1.00 3.69 .45 3.60 154 2000 1.00 .028 (.028) 1.00 2.86 .45 2.80 223 1999 1.00 .030 (.030) 1.00 3.00 .45 2.96 161 ADMINISTRATIVE SHARES Year Ended January 31, 2003 1.00 .012 (.012) 1.00 1.19 .30 1.18 185 2002 1.00 .024 (.024) 1.00 2.40 .30 2.30 7 2001 1.00 .038 (.038) 1.00 3.85 .30 3.75 --(a) 2000 1.00 .030 (.030) 1.00 3.00 .30 2.95 2 1999 1.00 .031 (.031) 1.00 3.15 .30 2.95 1 PARTICIPANT SHARES Year Ended January 31, 2003 1.00 .009 (.009) 1.00 .89 .60 .88 139 2002 1.00 .021 (.021) 1.00 2.10 .60 2.00 151 2001 1.00 .035 (.035) 1.00 3.54 .60 3.45 168 2000 1.00 .027 (.027) 1.00 2.70 .60 2.65 131 1999 1.00 .028 (.028) 1.00 2.85 .60 2.81 73 (A) AMOUNT REPRESENTS LESS THAN$1 MILLION. SEE NOTES TO FINANCIAL STATEMENTS.
The Funds NOTES TO FINANCIAL STATEMENTS NOTE 1--Significant Accounting Policies: Dreyfus Cash Management, Dreyfus Cash Management Plus, Inc., Dreyfus Government Cash Management, Dreyfus Government Prime Cash Management, Dreyfus Treasury Cash Management, Dreyfus Treasury Prime Cash Management, Dreyfus Municipal Cash Management Plus, Dreyfus New York Municipal Cash Management and Dreyfus Tax Exempt Cash Management, (each, a "fund" and collectively, the "funds") are open-end management investment companies registered under the Investment Company Act of 1940, as amended (the "Act"). Each fund, other than Dreyfus New York Municipal Cash Management, is a diversified series. Dreyfus New York Municipal Cash Management is a non-diversified series. Dreyfus Government Cash Management and Dreyfus Government Prime Cash Management are each a separate series of Dreyfus Government Cash Management Funds (the "Company") which currently offers two series. Each fund' s investment objective is to provide investors with as high a level of current income as is consistent with the preservation of capital and the maintenance of liquidity and, in the case of Dreyfus Municipal Cash Management Plus and Dreyfus Tax Exempt Cash Management only, which is exempt from federal income tax, and, in the case of Dreyfus New York Municipal Cash Management only, which is exempt from federal, New York state and New York city personal income taxes. The Dreyfus Corporation (the "Manager") serves as each fund's investment adviser. The Manager is a direct subsidiary of Mellon Bank, N.A., which is a wholly-owned subsidiary of Mellon Financial Corporation. Dreyfus Service Corporation (the "Distributor"), a wholly-owned subsidiary of the Manager, is the distributor of the funds' shares, which are sold to the public without a sales charge. Each fund offers the following classes of shares: Institutional Shares, Investor Shares, Administrative Shares and Participant Shares. Investor Shares, Administrative Shares and Participant Shares are subject to a Service Plan adopted pursuant to Rule 12b-1 under the Act. Other differences between the classes include the services offered to and the expenses borne by each class and certain voting rights. It is each fund's policy to maintain a continuous net asset value per share of $1.00; each fund has adopted certain investment, portfolio valuation and dividend and distribution policies to enable it to do so. There is no assurance, however, that any fund will be able to maintain a stable net asset value per share of $1.00. Each fund' s financial statements are prepared in accordance with accounting principles generally accepted in the United States, which may require the use of management estimates and assumptions. Actual results could differ from those estimates. (a) Portfolio valuation: Investments in securities are valued at amortized cost in accordance with Rule 2a-7 of the Act, which has been determined by the funds' Board members to represent the fair value of each fund's investments. (b) Securities transactions and investment income: Securities transactions are recorded on a trade date basis. Realized gain and loss from securities transactions are recorded on the identified cost basis. Interest income, adjusted for amortization of premium and discount on investments, is earned from settlement date and recognized on the accrual basis. Cost of investments represents amortized cost. Under the terms of the custody agreement, each fund receives net earnings credits based on available cash balances left on deposit. The following funds received net earnings credits during the period ended January 31, 2003: Dreyfus Cash Management Plus $118,542 Dreyfus Treasury Prime Cash Management 10,477 Dreyfus Municipal Cash Management Plus 17,156 Dreyfus New York Municipal Cash Management 47,063 Dreyfus Tax Exempt Cash Management 185,469 Income earned under this arrangement is included in interest income. Dreyfus New York Municipal Cash Management follows an investment policy of investing primarily in municipal obligations of one state. Economic changes affecting the state and 58 certain of its public bodies and municipalities may affect the ability of issuers within the state to pay interest on, or repay principal of, municipal obligations held by the fund. Dreyfus Cash Management, Dreyfus Cash Management Plus, Inc., Dreyfus Government Cash Management and Dreyfus Treasury Cash Management may enter into repurchase agreements with financial institutions, deemed to be creditworthy by the Manager, subject to the seller' s agreement to repurchase and the fund's agreement to resell such securities at a mutually agreed upon price. Securities purchased subject to repurchase agreements are deposited with the fund's custodians and, pursuant to the terms of the repurchase agreement, must have an aggregate market value greater than or equal to the repurchase price plus accrued interest at all times. If the value of the underlying securities falls below the value of the repurchase price plus accrued interest, the fund will require the seller to deposit additional collateral by the next business day. If the request for additional collateral is not met, or the seller defaults on its repurchase obligation, the fund maintains the right to sell the underlying securities at market value and may claim any resulting loss against the seller. (c) Expenses: With regards to the Company, expenses directly attributable to each series are charged to that series' operations; expenses which are applicable to both series are allocated between them. (d) Dividends to shareholders: It is the policy of each fund to declare dividends from investment income-net on each business day. Such dividends are paid monthly. Dividends from net realized capital gain, if any, are normally declared and paid annually, but each fund may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code of 1986, as amended (the "Code"). To the extent that net realized capital gain can be offset by capital loss carryovers, it is the policy of each fund not to distribute such gain. (e) Federal income taxes: It is the policy of each fund (except for Dreyfus Municipal Cash Management Plus, Dreyfus New York Municipal Cash Management and Dreyfus Tax Exempt Cash Management) to continue to qualify as a regulated investment company, if such qualification is in the best interests of its shareholders, by complying with the applicable provisions of the Code and to make distributions of taxable income sufficient to relieve it from substantially all federal income and excise taxes. It is the policy of Dreyfus Municipal Cash Management Plus, Dreyfus New York Municipal Cash Management and Dreyfus Tax Exempt Cash Management to continue to qualify as a regulated investment company, which can distribute tax exempt dividends, by complying with the applicable provisions of the Code and to make distributions of income sufficient to relieve it from substantially all federal income and excise taxes. The following summarizes each fund's accumulated capital losses available to be applied against future net securities profits, if any, realized subsequent to January 31, 2003. EXPIRING IN FISCAL: ($ X 1,000) 2004 2005 2006 2007 2008 2009 2010 2011 TOTAL Dreyfus Cash Management -- -- 61 -- 60 -- -- -- 121 Dreyfus Cash Management Plus, Inc. -- -- -- -- -- -- -- -- -- Dreyfus Government Cash Management -- -- -- -- -- -- -- -- -- Dreyfus Government Prime Cash Management -- -- -- -- 20 39 -- 4 63 Dreyfus Treasury Cash Management -- -- -- 43 80 47 -- -- 170 Dreyfus Treasury Prime Cash Management -- -- -- -- -- 61 -- -- 61 Dreyfus Municipal Cash Management Plus -- 11 -- 18 -- -- -- -- 29 Dreyfus New York Municipal Cash Management -- 3 -- -- -- -- -- -- 3 Dreyfus Tax Exempt Cash Management -- 110 43 25 219 -- -- -- 397
The Funds 59 NOTES TO FINANCIAL STATEMENTS (CONTINUED) At January 31, 2003, the components of accumulated earnings on a tax basis were substantially the same for financial reporting purposes. The tax character of each fund's distributions paid to shareholders (except for Dreyfus Municipal Cash Management Plus, Dreyfus New York Municipal Cash Management and Dreyfus Tax Exempt Cash Management) during the fiscal periods ended January 31, 2003 and January 31, 2002, respectively, were all ordinary income. The tax character of distributions paid to shareholders of Dreyfus Municipal Cash Management Plus, Dreyfus New York Municipal Cash Management and Dreyfus Tax Exempt Cash Management during the fiscal periods ended January 31, 2003 and January 31, 2002, respectively, were all tax exempt income. At January 31, 2003, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes (see the Statements of Investments). During the period ended January 31, 2003, as a result of permanent book to tax differences, Dreyfus New York Municipal Cash Management reclassified $1,008 between accumulated net realized gain (loss) on investments and paid-in-capital due to the expiration of capital loss carryovers. Net assets were not affected by this reclassification. NOTE 2--Management Fee and Other Transactions with Affiliates: (a) Pursuant to separate management agreements with the Manager, the management fee of each fund is computed at the annual rate of .20 of 1% of the value of such fund's average daily net assets and is payable monthly. As to each fund, unless the Manager gives a fund's investors 90 days notice to the contrary, the Manager, and not the fund, will be liable for fund expenses (exclusive of taxes, brokerage fees, interest on borrowings and extraordinary expenses) other than the following expenses, which will be borne by the fund: the management fee, and with respect to the fund' s Investor Shares, Administrative Shares and Participant Shares, Rule 12b-1 Service Plan expenses. (b) Under each fund's Service Plan (the "Plan") adopted pursuant to Rule 12b-1 under the Act, relating to its Investor Shares, Administrative Shares and Participant Shares, each fund pays the Distributor for distributing such classes of shares and for advertising and marketing relating to such classes of shares and for providing certain services relating to shareholder accounts in such classes of shares, such as answering shareholder inquiries regarding the fund and providing reports and other information, and services related to the maintenance of shareholder accounts ("Servicing"), at an aggregate annual rate of .25, .10 and .40 of 1% of the value of the average daily net assets of Investor Shares, Administrative Shares and Participant Shares, respectively. The Distributor may pay one or more Service Agents (a securities dealer, financial institution or other industry professional) a fee in respect of a fund's, Investor Shares, Administrative Shares and Participant Shares owned by shareholders with whom the Service Agent has a Servicing relationship or for whom the Service Agent is the dealer or holder of record. The Distributor determines the amounts, if any, to be paid to Service Agents under the Plan and the basis on which such payments are made. The fees payable under each Plan are payable without regard to actual expenses incurred. During the period ended January 31, 2003, each fund was charged the following pursuant to the Plan: Dreyfus Cash Management $5,605,646 Dreyfus Cash Management Plus, Inc. 10,295,172 Dreyfus Government Cash Management 7,515,663 Dreyfus Government Prime Cash Management 2,370,333 Dreyfus Treasury Cash Management 3,506,262 Dreyfus Treasury Prime Cash Management 5,485,812 Dreyfus Municipal Cash Management Plus 356,270 Dreyfus New York Municipal Cash Management 57,374 Dreyfus Tax Exempt Cash Management 1,074,455 60 (c) Each fund (except for Dreyfus New York Municipal Cash Management) pays its Board members an annual fee of $3,000 and an attendance fee of $500 per meeting. Dreyfus New York Municipal Cash Management pays its Board members an annual fee of $1,000 and an attendance fee of $500 per meeting. These amounts are borne by the Manager as to each fund pursuant to the undertakings in effect. See Note 2(a). NOTE 3--Capital Share Transactions: Each fund (except for Dreyfus Cash Management Plus, Inc.) is authorized to issue an unlimited number of $.001 par value shares of Beneficial Interest. Dreyfus Cash Management Plus, Inc. is authorized to issue 90 billion shares of $.001 par value Common Stock. The Funds 61 REPORT OF INDEPENDENT AUDITORS Shareholders and Board of Trustees/Directors Dreyfus Cash Management Dreyfus Cash Management Plus, Inc. Dreyfus Government Cash Management Dreyfus Government Prime Cash Management Dreyfus Treasury Cash Management Dreyfus Treasury Prime Cash Management Dreyfus Municipal Cash Management Plus Dreyfus New York Municipal Cash Management Dreyfus Tax Exempt Cash Management We have audited the accompanying statements of assets and liabilities, including the statements of investments, of Dreyfus Cash Management, Dreyfus Cash Management Plus, Inc., Dreyfus Government Cash Management, Dreyfus Government Prime Cash Management, Dreyfus Treasury Cash Management, Dreyfus Treasury Prime Cash Management, Dreyfus Municipal Cash Management Plus, Dreyfus New York Municipal Cash Management and Dreyfus Tax Exempt Cash Management (the "funds") as of January 31, 2003, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and financial highlights for each of the periods indicated therein. These financial statements and financial highlights are the responsibility of the Fund' s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights. Our procedures included confirmation of securities owned as of January 31, 2003 by correspondence with the custodian and others. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of each of the Funds referred to above at January 31, 2003, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the indicated periods, in conformity with accounting principles generally accepted in the United States. /s/Ernst & Young LLP ERNST & YOUNG LLP New York, New York March 14, 2003 62 IMPORTANT TAX INFORMATION (Unaudited) In accordance with federal tax law, Dreyfus Tax Exempt Cash Management, Dreyfus Municipal Cash Management Plus and Dreyfus New York Municipal Cash Management hereby makes the following designations regarding the dividends paid from investment income-net during their fiscal year ended January 31, 2003: -- all the dividends paid from investment income-net are "exempt-interest dividends" (not generally subject to regular federal income taxes). - -- for individuals who are residents of New York, "exempt-interest dividends" paid by Dreyfus New York Municipal Cash Management are also not subject to New York State and New York City personal income tax. For State individual income tax purposes Dreyfus Government Cash Management, Dreyfus Government Prime Cash Management, Dreyfus Treasury Cash Management and Dreyfus Treasury Prime Cash Management hereby designate the following percentage of ordinary dividends paid during the fiscal year ended January 31, 2003 as attributable to interest income from direct obligations of the United States. Such dividends are currently exempt from taxation for income tax purposes in most states, including New York, California and the District of Columbia: Dreyfus Government Cash Management 49.47% Dreyfus Government Prime Cash Management 100.00% Dreyfus Treasury Cash Management 50.70% Dreyfus Treasury Prime Cash Management 100.00% The Funds 63 BOARD MEMBERS INFORMATION (Unaudited) JOSEPH S. DIMARTINO (59) CHAIRMAN OF THE BOARD (1995) PRINCIPAL OCCUPATION DURING PAST 5 YEARS: * Corporate Director and Trustee OTHER BOARD MEMBERSHIPS AND AFFILIATIONS: * The Muscular Dystrophy Association, Director * Levcor International, Inc., an apparel fabric processor, Director * Century Business Services, Inc., a provider of outsourcing functions for small and medium size companies, Director * The Newark Group, a provider of a national market of paper recovery facilities, paperboard mills and paperboard converting plants, Director NO. OF PORTFOLIOS FOR WHICH BOARD MEMBER SERVES: 191 -------------- DAVID W. BURKE (66) BOARD MEMBER (1994) PRINCIPAL OCCUPATION DURING PAST 5 YEARS: * Corporate Director and Trustee OTHER BOARD MEMBERSHIPS AND AFFILIATIONS: * John F. Kennedy Library Foundation, Director * U.S.S. Constitution Museum, Director NO. OF PORTFOLIOS FOR WHICH BOARD MEMBER SERVES: 87 -------------- ISABEL DUNST (55) BOARD MEMBER (1991) PRINCIPAL OCCUPATION DURING PAST 5 YEARS: * Partner, Hogan & Hartson OTHER BOARD MEMBERSHIPS AND AFFILIATIONS: * Union of American Hebrew Congregations, a religious organization, Trustee NO. OF PORTFOLIOS FOR WHICH BOARD MEMBER SERVES: 9 LYLE GRAMLEY (76) BOARD MEMBER (1986) PRINCIPAL OCCUPATION DURING PAST 5 YEARS: * Consulting Economist OTHER BOARD MEMBERSHIPS AND AFFILIATIONS: * IndyMac Bank, Inc., Director * NUWave Technologies, Inc., a technology company, Director NO. OF PORTFOLIOS FOR WHICH BOARD MEMBER SERVES: 9 -------------- WARREN B. RUDMAN (72) BOARD MEMBER (1993) PRINCIPAL OCCUPATION DURING PAST 5 YEARS: * Partner in the law firm Paul, Weiss, Rifkind, Wharton & Garrison OTHER BOARD MEMBERSHIPS AND AFFILIATIONS: * Collins & Aikman Corporation, Director * Allied Waste Corporation, Director * Chubb Corporation, Director * Raytheon Company, Director * Boston Scientific, Director * Kennedy School of Government, Senior Advisory Board Member NO. OF PORTFOLIOS FOR WHICH BOARD MEMBER SERVES: 21 -------------- ONCE ELECTED ALL BOARD MEMBERS SERVE FOR AN INDEFINITE TERM. ADDITIONAL INFORMATION ABOUT THE BOARD MEMBERS, INCLUDING THEIR ADDRESS IS AVAILABLE IN THE FUND'S STATEMENT OF ADDITIONAL INFORMATION WHICH CAN BE OBTAINED FROM DREYFUS FREE OF CHARGE BY CALLING THIS TOLL FREE NUMBER: 1-800-554-4611. 64 OFFICERS OF THE FUNDS (Unaudited) STEPHEN E. CANTER, PRESIDENT SINCE MARCH 2000. Chairman of the Board, Chief Executive Officer and Chief Operating Officer of the Manager, and an officer of 94 investment companies (comprised of 187 portfolios) managed by the Manager. Mr. Canter also is a Board member and, where applicable, an Executive Committee Member of the other investment management subsidiaries of Mellon Financial Corporation, each of which is an affiliate of the Manager. He is 57 years old and has been an employee of the Manager since May 1995. STEPHEN R. BYERS, EXECUTIVE VICE PRESIDENT SINCE NOVEMBER 2002. Chief Investment Officer, Vice Chairman and a Director of the Manager, and an officer of 94 investment companies (comprised of 187 portfolios) managed by the Manager. Mr. Byers also is an Officer, Director or an Executive Committee Member of certain other investment management subsidiaries of Mellon Financial Corporation, each of which is an affiliate of the Manager. He is 49 years old and has been an employee of the Manager since January 2000. Prior to joining the Manager, he served as an Executive Vice President-Capital Markets, Chief Financial Officer and Treasurer at Gruntal & Co., L.L.C. CHARLES CARDONA, EXECUTIVE VICE PRESIDENT SINCE NOVEMBER 2001. Vice Chairman and a Director of the Manager, Executive Vice President of the Distributor, President of Dreyfus Institutional Services Division, and an officer of 12 investment companies (comprised of 16 portfolios) managed by the Manager. He is 47 years old and has been an employee of the Manager since February 1981. MARK N. JACOBS, VICE PRESIDENT SINCE MARCH 2000. Executive Vice President, Secretary and General Counsel of the Manager, and an officer of 95 investment companies (comprised of 203 portfolios) managed by the Manager. He is 56 years old and has been an employee of the Manager since June 1977. JOHN B. HAMMALIAN, SECRETARY SINCE MARCH 2000. Associate General Counsel of the Manager, and an officer of 36 investment companies (comprised of 43 portfolios) managed by the Manager. He is 39 years old and has been an employee of the Manager since February 1991. STEVEN F. NEWMAN, ASSISTANT SECRETARY SINCE MARCH 2000. Associate General Counsel and Assistant Secretary of the Manager, and an officer of 95 investment companies (comprised of 203 portfolios) managed by the Manager. He is 53 years old and has been an employee of the Manager since July 1980. MICHAEL A. ROSENBERG, ASSISTANT SECRETARY SINCE MARCH 2000. Associate General Counsel of the Manager, and an officer of 93 investment companies (comprised of 199 portfolios) managed by the Manager. He is 42 years old and has been an employee of the Manager since October 1991. JAMES WINDELS, TREASURER SINCE NOVEMBER 2001. Director-Mutual Fund Accounting of the Manager, and an officer of 95 investment companies (comprised of 203 portfolios) managed by the Manager. He is 44 years old and has been an employee of the Manager since April 1985. MICHAEL CONDON, ASSISTANT TREASURER SINCE MARCH 2000. Senior Treasury Manager of the Manager, and an officer of 37 investment companies (comprised of 78 portfolios) managed by the Manager. He is 41 years old and has been an employee of the Manager since August 1984. KENNETH J. SANDGREN, ASSISTANT TREASURER SINCE NOVEMBER 2001. Mutual Funds Tax Director of the Manager, and an officer of 95 investment companies (comprised of 203 portfolios) managed by the Manager. He is 48 years old and has been an employee of the Manager since June 1993. WILLIAM GERMENIS ANTI-MONEY LAUNDERING COMPLIANCE OFFICER SINCE NOVEMBER 2002. Vice President and Anti-Money Laundering Compliance Officer of the Distributor, and the Anti-Money Laundering Compliance Officer of 90 investment companies (comprised of 198 portfolios) managed by the Manager. He is 32 years old and has been an employee of the Distributor since October 1998. Prior to joining the Distributor, he was a Vice President of Compliance Data Center, Inc. The Funds 65 NOTES For More Information Dreyfus Cash Management Funds 200 Park Avenue New York, NY 10166 Manager The Dreyfus Corporation 200 Park Avenue New York, NY 10166 Custodian The Bank of New York 100 Church Street New York, NY 10286 Transfer Agent & Dividend Disbursing Agent Dreyfus Transfer, Inc. 200 Park Avenue New York, NY 10166 Distributor Dreyfus Service Corporation 200 Park Avenue New York, NY 10166 To obtain information: BY TELEPHONE Call your Dreyfus Institutional Services Division representative or 1-800-346-3621 BY E-MAIL Access Dreyfus Institutional Services Division at www.LIONSALES.com. You can obtain product information and E-mail requests for information or literature. BY MAIL Write to: Dreyfus Institutional Services Division 144 Glenn Curtiss Boulevard Uniondale, NY 11556-0144 (c) 2003 Dreyfus Service Corporation CMGTAR0103 -----END PRIVACY-ENHANCED MESSAGE-----