DREYFUS TAX EXEMPT CASH MANAGEMENT (Third Prospectus Summary) | DREYFUS TAX EXEMPT CASH MANAGEMENT

Fund Summary

Investment Objective

The fund seeks as high a level of current income exempt from federal income tax
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 TAX EXEMPT CASH MANAGEMENT Investor Shares
Management fees	0.20%
Distribution and/or Service (Rule 12b-1) fees	0.25%
Other expenses	0.02%
Total annual fund operating expenses	0.47%

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 TAX EXEMPT CASH MANAGEMENT Investor Shares	48	151	263	591

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 assets in short-term, high quality municipal
obligations that provide income exempt from federal income taxes. The fund also
may invest in high quality, short-term structured notes, which are derivative
instruments whose value is tied to underlying municipal obligations. In
addition, the fund may invest temporarily in high quality, taxable money market
instruments, including when the portfolio manager believes that acceptable
municipal obligations are unavailable for investment.

While the fund is permitted to invest up to 20% of its assets in municipal
obligations that provide income that may be subject to the federal alternative
minimum tax, the fund currently is managed so that income paid by the fund will
not be subject to the federal alternative minimum tax.

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.

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 Investor 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 Investor
shares from year to year.

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

Best Quarter             
Q3, 2007: 0.83%          
Worst Quarter            
Q3, 2011: 0.00%          

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

Average Annual Total Returns as of 12/31/11

Average Annual Total Returns	Average Annual Returns, 1 Year	Average Annual Returns, 5 Years	Average Annual Returns, 10 Years
DREYFUS TAX EXEMPT CASH MANAGEMENT Investor Shares	none	1.10%	1.30%

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