Dreyfus New York AMT-Free Municipal Cash Management (Second Prospectus Summary) | Dreyfus New York AMT-Free Municipal Cash Management

Fund Summary

Investment Objective

The fund seeks as high a level of current income exempt from federal, New York
state and New York city personal income taxes as is consistent with the
preservation of capital and the maintenance of liquidity.

Fees and Expenses

This table describes the fees and expenses that you may pay if you buy and hold
shares of the fund.

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Annual Fund Operating Expenses	Dreyfus New York AMT-Free Municipal Cash Management Institutional Shares
Management fees	0.20%
Other expenses (including shareholder services fees)	0.11%
Total annual fund operating expenses	0.31%

Example

The Example is intended to help you compare the cost of investing in the fund
with the cost of investing in other mutual funds. The Example assumes that you
invest $10,000 in the fund for the time periods indicated and then redeem all of
your shares at the end of those periods. The Example also assumes that your
investment has a 5% return each year and that the fund's operating expenses
remain the same. Although your actual costs may be higher or lower, based on
these assumptions your costs would be:

Expense Example (USD $)	Expense Example, With Redemption, 1 Year	Expense Example, With Redemption, 3 Years	Expense Example, With Redemption, 5 Years	Expense Example, With Redemption, 10 Years
Dreyfus New York AMT-Free Municipal Cash Management Institutional Shares	32	100	174	393

Principal Investment Strategy

As a money market fund, the fund is subject to the maturity, quality, liquidity
and diversification requirements of Rule 2a-7 under the Investment Company Act
of 1940, as amended, which are designed to help money market funds maintain a
stable share price of $1.00. To pursue its goal, the fund normally invests
substantially all of its net assets in short-term, high quality municipal
obligations that provide income exempt from federal, New York state and New York
city income taxes. The fund does not invest in municipal obligations that pay
interest subject to the federal alternative minimum tax. The fund also may
invest in high quality, short-term structured notes, which are derivative
instruments whose value is tied to underlying municipal obligations.

Although the fund seeks to provide income exempt from federal, New York state
and New York city personal income taxes, the fund may invest temporarily in high
quality, taxable money market instruments and/or municipal obligations that pay
income exempt only from federal income tax, including when the portfolio manager
believes that acceptable New York municipal obligations are unavailable for
investment.

Principal Risks

An investment in the fund is not insured or guaranteed by the Federal Deposit
Insurance Corporation (FDIC) or any other government agency. Although the fund
seeks to preserve the value of your investment at $1.00 per share, it is
possible to lose money by investing in the fund.

The fund's yield will fluctuate as the short-term securities in its portfolio
mature and the proceeds are reinvested in securities with different interest
rates. Additionally, while the fund has maintained a constant share price since
inception, and will continue to try to do so, neither The Dreyfus Corporation
nor its affiliates are required to make a capital infusion, enter into a capital
support agreement or take other actions to prevent the fund's share price from
falling below $1.00. The following are the principal risks that could reduce the
fund's income level and/or share price:

o Interest rate risk. This risk refers to the decline in the prices of
fixed-income securities that may accompany a rise in the overall level of
interest rates. A sharp and unexpected rise in interest rates could cause a
money market fund's share price to drop below a dollar.

o Credit risk. Failure of an issuer to make timely interest or principal
payments, or a decline or perception of a decline in the credit quality of a
security, can cause the security's price to fall, potentially lowering the
fund's share price. Although the fund invests only in high quality debt
securities, any of the fund's holdings could have its credit rating downgraded
or could default. The credit quality of the securities held by the fund can
change rapidly in certain market environments, and the default of a single
holding could have the potential to cause significant deterioration of the
fund's net asset value.

o Liquidity risk. When there is little or no active trading market for specific
types of securities, it can become more difficult to sell the securities at or
near their perceived value. In such a market, the value of such securities may
fall dramatically, potentially lowering the fund's share price, even during
periods of declining interest rates. Also, during such periods, redemptions by a
few large investors in the fund may have a significant adverse effect on the
fund's net asset value and remaining fund shareholders.

o Tax risk. To be tax-exempt, municipal obligations generally must meet certain
regulatory requirements. If any such municipal obligation fails to meet these
regulatory requirements, the interest received by the fund from its investment
in such obligations and distributed to fund shareholders will be taxable.

o Structured notes risk. Structured notes, a type of derivative instrument, can
be volatile, and the possibility of default by the financial institution or
counterparty may be greater for these instruments than for other types of money
market instruments. Structured notes typically are purchased in privately
negotiated transactions from financial institutions and, thus, an active trading
market for such instruments may not exist.

o State-specific risk. The fund is subject to the risk that New York's economy,
and the revenues underlying its municipal obligations, may decline. Investing
primarily in a single state makes the fund more sensitive to risks specific to
the state and may magnify other risks.

o Non-diversification risk. The fund is non-diversified, which means that a
relatively high percentage of the fund's assets may be invested in a limited
number of issuers. Therefore, the fund's performance may be more vulnerable to
changes in the market value of a single issuer or a group of issuers and more
susceptible to risks associated with a single economic, political or regulatory
occurrence than a diversified fund.

Performance

The following bar chart and table provide some indication of the risks of
investing in the fund. The table shows the average annual total returns of
the fund's Institutional shares over time. The fund's past performance
(before and after taxes) is no guarantee of future results. More recent
performance information may be available at www.dreyfus.com.

The bar chart shows changes in the performance of the fund's Institutional
shares from year to year.

Year-by-Year Total Returns as of 12/31 each year (%)

^[1]

Best Quarter             
Q2, 2007: 0.87%          
Worst Quarter            
Q3, 2011: 0.00%          

The year-to-date total return of the fund's Institutional shares as of 3/31/12
was 0.00%.

Average Annual Total Returns as of 12/31/11

^[1]

Average Annual Total Returns	Average Annual Returns, 1 Year	Average Annual Returns, 5 Years	Average Annual Returns, Since Inception	Average Annual Returns, Inception Date
Dreyfus New York AMT-Free Municipal Cash Management Institutional Shares	0.03%	1.23%	1.45%	Mar. 28, 2002

For the current yield for Institutional shares call toll-free 1-800-346-3621.      
Individuals or entities for whom institutions may purchase or redeem shares should
call the institution directly.

[1] The fund commenced operations after all of the assets of another investment company, BNY Hamilton New York AMT-Free Municipal Money Fund (the predecessor fund), were transferred to the fund in a tax-free reorganization on September 12, 2008. Total returns for periods prior to September 13, 2008 (the commencement of operations of Institutional shares) reflect the performance of the Institutional shares of the predecessor fund, and the performance of the fund's Institutional shares since that date.