N-30D 1 pncashmgmt-288.txt ANNUAL REPORT Dreyfus Cash Management Funds ANNUAL REPORT January 31, 2002 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 42 Statements of Operations 44 Statements of Changes in Net Assets 46 Financial Highlights 50 Notes to Financial Statements 59 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 herein are current to the date of this report. These views and the composition of the funds' portfolios are subject to change at any time based on market and other conditions. * Not FDIC-Insured * Not Bank-Guaranteed * May Lose Value The Funds Dreyfus Cash Management Funds LETTER TO SHAREHOLDERS Dear Shareholder: We are pleased to present the annual report for Dreyfus Cash Management Funds (Taxable) . For the 12-month reporting period ended January 31, 2002, the six taxable money market funds produced the following yields and effective yields: (1) -------------------------------------------------------------------------------- Effective Yield(%) Yield(%) -------------------------------------------------------------------------------- DREYFUS CASH MANAGEMENT Institutional Shares 3.71 3.77 Investor Shares 3.46 3.51 Administrative Shares 3.61 3.67 Participant Shares 3.31 3.36 -------------------------------------------------------------------------------- DREYFUS CASH MANAGEMENT PLUS, INC. Institutional Shares 3.85 3.91 Investor Shares 3.60 3.65 Administrative Shares 3.75 3.81 Participant Shares 3.44 3.50 -------------------------------------------------------------------------------- DREYFUS GOVERNMENT CASH MANAGEMENT Institutional Shares 3.74 3.81 Investor Shares 3.49 3.55 Administrative Shares 3.64 3.70 Participant Shares 3.34 3.39 -------------------------------------------------------------------------------- DREYFUS GOVERNMENT PRIME CASH MANAGEMENT Institutional Shares 3.51 3.56 Investor Shares 3.26 3.31 Administrative Shares 3.41 3.46 Participant Shares 3.11 3.15 -------------------------------------------------------------------------------- DREYFUS TREASURY CASH MANAGEMENT Institutional Shares 3.56 3.62 Investor Shares 3.31 3.36 Administrative Shares 3.46 3.52 Participant Shares 3.16 3.21 -------------------------------------------------------------------------------- DREYFUS TREASURY PRIME CASH MANAGEMENT Institutional Shares 3.62 3.68 Investor Shares 3.37 3.42 Administrative Shares 3.52 3.57 Participant Shares 3.22 3.26 Economic and Market Environment The U.S. economy was already slowing when the reporting period began on February 1, 2001, and the Federal Reserve Board (the "Fed" ) had recently reduced short-term interest rates in two separate moves. The Fed was apparently reacting to weak retail sales, diminishing consumer confidence and softening manufacturing activity. During the reporting period, the Fed continued to reduce interest rates with a 50-basis point reduction in March. These moves toward a more accommodative monetary policy appeared to be justified when it was determined that Gross Domestic Product ("GDP") growth for the first quarter of 2001 grew at an annualized rate of just 1.10%. According to the National Bureau of Economic Research, the U.S. entered its first recession in 10 years just as the second quarter of 2001 began. The Fed continued to reduce short-term interest rates by 50 basis points each in April and May and by 25 basis points in June. Yet, despite six months of aggressive easing, capital spending remained weak and manufacturing activity remained sluggish. GDP growth during the second quarter was estimated to grow at an annualized rate of just 0.30%. In the third quarter, some economists began to detect signs of possible economic improvement. Evidence emerged that inventories had returned closer to normal levels, energy prices had moderated and consumer spending remained relatively strong. Nonetheless, at its August meeting the Fed cited reduced capital spending, weak consumption and slower overseas growth for its decision to reduce short-term interest rates by another 25 basis points. On September 11 disaster struck. In addition to the immense losses of human lives and property, the terrorist attacks made an already weak economy even weaker. Consumer spending plunged as individuals canceled travel plans and cut back on new purchases. For its part, the Fed acted quickly, cutting interest rates another 50 basis points even before the stock market reopened on September 17. It also injected approximately $50 billion into the economy. Its goals were to ensure the continued smooth operations of the financial markets and to stimulate eco The Funds LETTER TO SHAREHOLDERS (CONTINUED) nomic growth. Nonetheless, U.S. GDP growth contracted by 1.30% in the third quarter, the economy's worst performance in a decade. The Fed followed up in the fourth quarter by cutting rates another 50 basis points each in October and November, citing "heightened uncertainty and concerns about a deterioration in business conditions both in the U.S. and abroad." This was followed by a 25-basis point cut at its December meeting, despite early signs that the rate of economic deterioration had slowed. In fact, it was later estimated that the U.S. economy grew at a 1.40% annualized rate, driven primarily by consumer spending. Buoyed by the economy's apparent gains, the Fed refrained from cutting short-term interest rates further at the Federal Open Market Committee meeting in January. At the same time, however, the Fed released a statement saying that the risks remained slanted toward economic weakness. Portfolio Focus A significant effect of the Fed's interest-rate reductions has been lower yields on money market securities. In this environment, we continued to maintain the portfolio' s relatively long average weighted maturity in seeking to maintain then current yields for as long as we deemed practical. As of January 31, 2002, consumer confidence seems to have improved, retail sales have picked up and fewer workers have submitted jobless claims. In light of the economy's unexpected gains during the fourth quarter of 2001, we currently believe that the prospects for an economic recovery are positive and that the Fed has probably ended its cycle of interest-rate reductions. However, we also believe that it could be quite some time before we see sufficient economic growth for the Fed to adopt a higher interest-rate policy. As always, we are monitoring the economy, our current strategy and the funds' average weighted maturity as economic and market conditions develop. Sincerely, Patricia A. Larkin Senior Portfolio Manager February 15, 2002 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 are pleased to present the annual report for Dreyfus Cash Management Funds (Tax-Exempt) . For the 12-month reporting period ended January 31, 2002, 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 2.56 2.59 Investor Shares 2.31 2.33 Administrative Shares 2.46 2.48 Participant Shares 2.16 2.18 -------------------------------------------------------------------------------- DREYFUS N.Y. MUNICIPAL CASH MANAGEMENT Institutional Shares 2.39 2.41 Investor Shares 2.13 2.15 Administrative Shares 2.28 2.30 Participant Shares 2.02 2.04 -------------------------------------------------------------------------------- DREYFUS TAX EXEMPT CASH MANAGEMENT Institutional Shares 2.47 2.50 Investor Shares 2.22 2.25 Administrative Shares 2.37 2.40 Participant Shares 2.07 2.09 Economic and Market Environment According to economists, the nation's first recession in 10 years began in March 2001. Well before the United States officially entered the recession, however, the Federal Reserve Board (the "Fed") began to take steps to stimulate renewed economic growth. The Fed reduced short-term interest rates in two separate moves in January 2001, before the reporting period began. All told during the reporting period, the Fed reduced short-term interest rates by 375 basis points to its lowest level since the 1960s. Yields on one-year tax-exempt notes fell to historically low levels in this environment. In addition, tax-exempt money market yields declined in response to a sharply declining stock market during much of the reporting period. Persistent stock market weakness caused a "flight to quality" among investors seeking an investment alternative for their assets. As a result, total assets invested in tax-exempt money market funds rose throughout the reporting period, keeping short-term interest rates low due to the increased demand. However, the extent to which tax-exempt yields fell was limited by the occurrence of two major economic shocks during the reporting period. The first was the California energy crisis in which rising oil and gas prices and a flawed deregulation plan sent a Southern California electric utility into bankruptcy. To avert widespread power disruptions, California issued $5.7 billion in new short-term debt. The second shock occurred on September 11, when terrorists destroyed New York' s World Trade Center complex. In October, New York issued $2.5 billion of tax-exempt securities. In addition, as the U.S. economy weakened, many states and municipalities received less tax revenue than they had originally anticipated. Budget shortfalls created short-term cash needs for many local governments. Accordingly, municipalities issued more tax-exempt notes and commercial paper than during the same period one year earlier. At times, these unexpected increases in the supply of tax-exempt money market instruments caused their yields to nearly match those of comparable-maturity U.S. Treasury bills, which were in relatively short supply. We anticipate 2002 will again be another large supply year as states and municipalities balance budgets. The Funds LETTER TO SHAREHOLDERS (CONTINUED) Portfolio Focus In this declining interest-rate environment, we generally maintained the funds' weighted average maturities at points that were longer than those of their respective peer groups. This positioning proved advantageous because it enabled us to lock in higher prevailing yields for as long as we deemed practical while short-term interest rates fell. As tax-exempt yields fell, we continued to strive to maintain a "laddered" portfolio in which holdings mature in stages to help protect the fund against unexpected changes in interest rates. However, with yields on municipal notes currently at very low levels, we have recently focused primarily on commercial paper with three- to six-month maturities for the laddered portion of the portfolio. Otherwise, as existing holdings have matured, we have had little choice but to reinvest in very short-term securities at today's low yields. Of course, we may look to change our current strategy and the portfolio's composition as market conditions develop. Sincerely, Colleen Meehan Portfolio Manager February 15, 2002 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 $1.00 PER SHARE, IT IS POSSIBLE TO LOSE MONEY BY INVESTING IN THE FUNDS. STATEMENT OF INVESTMENTS January 31, 2002 Principal DREYFUS CASH MANAGEMENT Amount ($) Value ($) ------------------------------------------------------------------------------------------------------------------------------------ NEGOTIABLE BANK CERTIFICATES OF DEPOSIT--9.5% ------------------------------------------------------------------------------------------------------------------------------------ American Express Centurion Bank 1.75%, 2/12/2002 90,000,000 90,000,000 Chase Manhattan Bank USA 1.80%, 2/6/2002 200,000,000 200,002,148 Firstar Bank N.A. 4.20%, 5/22/2002 150,000,000 149,995,604 First Tennessee Bank N.A. 1.81%, 2/19/2002 200,000,000 200,000,000 First Union National Bank 5.02%, 2/26/2002 100,000,000 100,000,000 J.P. Morgan Chase & Co. 1.77% 3/11/2002 370,000,000 370,000,000 National City Bank 1.80%, 3/11/2002 225,000,000 (a) 224,991,953 Standard Federal Bank 2.40%, 12/3/2002 60,000,000 59,985,112 Wells Fargo Bank N.A. 1.82%, 10/18/2002 50,000,000 (a) 50,000,000 TOTAL NEGOTIABLE BANK CERTIFICATES OF DEPOSIT (cost $1,444,974,817) 1,444,974,817 ------------------------------------------------------------------------------------------------------------------------------------ COMMERCIAL PAPER--56.1% ----------------------------------------------------------------------------------------------------------------------------------- Abbey National North America 1.87%--2.15%, 2/1/2002--4/4/2002 397,000,000 396,644,172 AIG Funding Inc. 1.87%, 2/1/2002 337,000,000 337,000,000 American General Corp. 1.88%, 2/1/2002 49,000,000 49,000,000 Amstel Funding 1.81%--2.08%, 2/6/2002--4/4/2002 358,949,000 (b) 358,398,758 Amsterdam Funding Corp. 1.90%, 2/1/2002 24,022,000 (b) 24,022,000 Barclays U.S. Funding Corp. 1.73%, 4/8/2002 500,000,000 498,423,333 Bavaria TRR Corp. 1.81%--1.83%, 2/12/2002--4/29/2002 325,000,000 (b) 324,060,104 BCI Funding Corp. 1.86%, 3/4/2002 100,000,000 99,840,694 Bear Stearns Cos. Inc. 1.95%, 2/1/2002 400,000,000 400,000,000 Canadian Imperial Holdings Inc. 1.75%, 2/8/2002 150,000,000 149,949,046 Ciesco L.P. 1.90%, 2/1/2002 79,600,000 (b) 79,600,000 Danske Corp. Inc. 1.87%, 3/11/2002 200,000,000 199,607,333 Deutsche Bank Financial Inc. 1.84%--2.03%, 2/1/2002--2/4/2002 700,000,000 699,949,500 The Funds STATEMENT OF INVESTMENTS (CONTINUED) Principal DREYFUS CASH MANAGEMENT (CONTINUED) Amount ($) Value ($) ------------------------------------------------------------------------------------------------------------------------------------ COMMERCIAL PAPER (CONTINUED) ------------------------------------------------------------------------------------------------------------------------------------ Dexia Delaware LLC 1.82%--1.88%, 3/6/2002--7/11/2002 400,000,000 398,685,750 General Electric Capital Corp. 1.75%--2.00%, 2/15/2002--5/8/2002 750,000,000 748,200,500 General Electric Capital Services Inc. 1.90%--2.00%, 5/8/2002--7/8/2002 290,000,000 288,206,100 Greyhawk Funding LLC 1.81%--1.90%, 2/1/2002--4/25/2002 241,000,000 (b) 240,460,500 HSBC USA Inc. 2.08%, 2/5/2002 200,000,000 199,954,000 ING Bank 1.90%, 2/1/2002 300,000,000 300,000,000 Kraft Foods Inc. 1.90%, 2/1/2002 26,500,000 26,500,000 Lehman Brothers Holdings Inc. 1.93%--2.31%, 4/19/2002--7/12/2002 300,000,000 297,803,944 Links Finance LLC 1.93%, 2/1/2002 55,000,000 (b) 55,000,000 Morgan Stanley Dean Witter & Co. 1.83%--1.84%, 2/15/2002--2/22/2002 550,000,000 549,512,335 Paradigm Funding LLC 1.78%--1.90%, 2/1/2002--2/5/2002 235,000,000 (b) 234,973,300 Prudential Funding LLC 1.85%, 2/1/2002 200,000,000 200,000,000 Salomon Smith Barney Holdings Inc. 1.87%, 2/1/2002 700,000,000 700,000,000 UBS Finance Delaware LLC 1.90%, 2/1/2002 700,000,000 700,000,000 TOTAL COMMERCIAL PAPER (cost $8,555,791,369) 8,555,791,369 ------------------------------------------------------------------------------------------------------------------------------------ CORPORATE NOTES--13.1% ------------------------------------------------------------------------------------------------------------------------------------ Beta Finance Inc. 1.85%--1.86%, 6/7/2002--7/22/2002 115,000,000 (a,b) 114,993,093 CC (USA) Inc. 1.83%--1.86%, 5/28/2002--7/15/2002 450,000,000 (a,b) 450,000,000 CC (USA) Inc. 2.21%--4.20%, 6/5/2002--11/13/2002 200,000,000 (b) 199,868,156 Donaldson, Lufkin & Jenrette Securities Corp. 4.72%, 4/1/2002 41,300,000 41,362,292 K2 (USA) LLC 1.83%--1.86%, 7/15/2002--11/12/2002 165,000,000 (a,b) 165,000,000 Links Finance LLC 2.25%--3.63%, 8/28/2002--11/13/2002 250,000,000 (b) 250,000,000 Principal DREYFUS CASH MANAGEMENT (CONTINUED) Amount ($) Value ($) ------------------------------------------------------------------------------------------------------------------------------------ CORPORATE NOTES (CONTINUED) ------------------------------------------------------------------------------------------------------------------------------------ Merrill Lynch & Co. Inc. 4.27%, 5/2/2002 200,000,000 200,000,000 Sigma Finance Inc. 1.81%, 2/7/2002 250,000,000 (a,b) 250,000,000 Sigma Finance Inc. 4.01%--4.25%, 5/20/2002--7/15/2002 325,000,000 (b) 325,017,266 TOTAL CORPORATE NOTES (cost $1,996,240,807) 1,996,240,807 ------------------------------------------------------------------------------------------------------------------------------------ PROMISSORY NOTES--4.7% ------------------------------------------------------------------------------------------------------------------------------------ Goldman Sachs Group Inc. 1.93%--4.16%, 2/15/2002--8/29/2002 (cost $710,000,000) 710,000,000 (c ) 710,000,000 ------------------------------------------------------------------------------------------------------------------------------------ SHORT-TERM BANK NOTES--7.1% ------------------------------------------------------------------------------------------------------------------------------------ Bank of New York 4.78%, 3/15/2002 150,000,000 149,995,827 Harris Trust & Savings Bank 1.79%, 5/9/2002 100,000,000 (a) 99,997,342 LaSalle Bank N.A. 2.28%--4.07%, 5/17/2002--12/3/2002 300,000,000 299,982,720 National City Bank 1.79%, 9/13/2002 25,000,000 (a) 25,000,000 National City Bank 2.25%--2.30%, 1/3/2003--1/14/2003 165,000,000 165,000,000 Standard Federal Bank 2.38%, 10/10/2002 100,000,000 99,993,193 U.S. Bank N.A. 2.26%, 12/6/2002 250,000,000 249,905,913 TOTAL SHORT-TERM BANK NOTES (cost $1,089,874,995) 1,089,874,995 ------------------------------------------------------------------------------------------------------------------------------------ TIME DEPOSITS--5.2% ------------------------------------------------------------------------------------------------------------------------------------ HSBC Bank USA (Grand Cayman) 1.78%, 2/1/2002 229,000,000 229,000,000 J.P. Morgan Chase & Co. (London) 1.81%, 2/1/2002 135,000,000 135,000,000 State Street Bank & Trust Co. (Grand Cayman) 1.86%, 2/1/2002 425,000,000 425,000,000 TOTAL TIME DEPOSITS (cost $789,000,000) 789,000,000 The Funds STATEMENT OF INVESTMENTS (CONTINUED) Principal DREYFUS CASH MANAGEMENT (CONTINUED) Amount ($) Value ($) ------------------------------------------------------------------------------------------------------------------------------------ U.S. GOVERNMENT AGENCIES--.8% ------------------------------------------------------------------------------------------------------------------------------------ Federal Home Loan Mortgage Corporation, Discount Notes 2.28%, 1/2/2003 25,000,000 24,481,215 Student Loan Marketing Association, Discount Notes 1.80%, 2/1/2002 106,764,000 106,764,000 TOTAL U.S. GOVERNMENT AGENCIES (cost $131,245,215) 131,245,215 ------------------------------------------------------------------------------------------------------------------------------------ REPURCHASE AGREEMENTS--3.3% ------------------------------------------------------------------------------------------------------------------------------------ ABN Amro North America Finance Inc. 1.77%, dated 1/31/2002, due 2/1/2002 in the amount of $500,024,583 (fully collateralized by $305,994,000 U.S. Treasury Bills, due between 5/9/2002 and 6/6/2002, and $200,000,000 U.S. Treasury Notes, 6.625%, due 4/30/2002, value $510,001,925) (cost $500,000,000) 500,000,000 500,000,000 ------------------------------------------------------------------------------------------------------------------------------------ TOTAL INVESTMENTS (cost $15,217,127,203) 99.8% 15,217,127,203 CASH AND RECEIVABLES (NET) .2% 36,368,855 NET ASSETS 100.0% 15,253,496,058 (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, 2002, THESE SECURITIES AMOUNTED TO $3,071,393,177 OR 20.1% 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 5/24/2001 TO 1/31/2002 AT A COST OF PAR VALUE. AT JANUARY 31, 2002, THE AGGREGATE VALUE OF THESE SECURITIES WAS $710,000,000, REPRESENTING 4.7% OF NET ASSETS AND ARE VALUED AT AMORTIZED COST. SEE NOTES TO FINANCIAL STATEMENTS. STATEMENT OF INVESTMENTS January 31, 2002 Principal DREYFUS CASH MANAGEMENT PLUS, INC. Amount ($) Value ($) ------------------------------------------------------------------------------------------------------------------------------------ NEGOTIABLE BANK CERTIFICATES OF DEPOSIT--39.8% ------------------------------------------------------------------------------------------------------------------------------------ Abbey National PLC (Yankee) 2.31%, 12/30/2002 500,000,000 499,775,059 ABN-AMRO Bank N.V. (Yankee) 5.05%, 2/4/2002 200,000,000 199,999,841 Alliance & Leicester PLC (London) 1.84%--1.86%, 3/11/2002--10/18/2002 150,000,000 150,004,598 American Express Centurion Bank 2.08%, 2/4/2002 50,000,000 50,000,000 Banca Intesa BCI (London) 1.89%, 7/31/2002 500,000,000 500,024,739 Banca Intesa SpA (London) 1.75%--2.45%, 3/13/2002--4/10/2002 525,000,000 525,031,228 Bank of Nova Scotia (Yankee) 1.90%--2.00%, 7/16/2002--11/8/2002 250,000,000 250,104,375 Bank of Scotland (London) 1.85%--5.05%, 2/4/2002--9/4/2002 355,000,000 355,023,196 Bank One N.A. 4.30%, 4/23/2002 100,000,000 99,997,844 Bank One N.A. 1.80%, 11/5/2002 125,000,000 (a) 125,000,000 Barclays Bank PLC (London) 1.81%--1.82%, 7/15/2002--10/18/2002 300,000,000 300,010,646 Barclays Bank PLC (Yankee) 1.80%, 9/13/2002 175,000,000 (a) 174,989,260 Bayerische Hypo-und Vereinsbank AG 1.78%--1.81%, 3/12/2002--10/22/2002 275,000,000 (a) 274,991,741 Bayerische Hypo-und Vereinsbank AG (Yankee) 1.90%--4.25%, 6/19/2002--7/19/2002 880,000,000 879,990,841 BCI Funding Corp. (London) 1.90%, 7/5/2002 100,000,000 100,004,237 BNP Paribas (London) 2.19%, 11/5/2002 50,000,000 49,989,303 BNP Paribas (Yankee) 2.37%, 12/31/2002 300,000,000 299,918,844 Canadian Imperial Bank of Commerce (Yankee) 1.78%--1.81%, 3/12/2002--6/26/2002 750,000,000 (a) 749,957,326 Canadian Imperial Bank of Commerce (Yankee) 2.00%--4.28%, 4/23/2002--11/25/2002 450,000,000 450,097,368 Chase Manhattan Bank USA 1.80%, 2/6/2002 100,000,000 100,001,074 Commerzbank AG (Yankee) 1.82%--1.83%, 6/28/2002--8/15/2002 500,000,000 (a) 499,960,186 Commerzbank AG (Yankee) 4.25%, 4/23/2002 150,000,000 150,023,944 Commonwealth Bank of Australia (London) 4.05%, 6/5/2002 17,000,000 17,005,393 Credit Agricole Indosuez S.A. (London) 1.77%--2.10%, 3/12/2002--10/9/2002 300,000,000 300,254,792 Deutsche Bank AG (Yankee) 1.73%--3.80%, 4/10/2002--10/4/2002 640,000,000 639,999,455 The Funds STATEMENT OF INVESTMENTS (CONTINUED) Principal DREYFUS CASH MANAGEMENT PLUS, INC. (CONTINUED) Amount ($) Value ($) ------------------------------------------------------------------------------------------------------------------------------------ NEGOTIABLE BANK CERTIFICATES OF DEPOSIT (CONTINUED) ------------------------------------------------------------------------------------------------------------------------------------ Dexia Delaware LLC (Yankee) 4.11%, 5/14/2002 100,000,000 99,998,640 Dresdner Bank AG (London) 2.00%, 4/2/2002 58,000,000 58,007,594 First Union National Bank 5.02%, 2/26/2002 225,000,000 225,000,000 Halifax PLC (London) 1.82%--2.15%, 3/11/2002--4/22/2002 274,000,000 274,036,728 Harris Trust & Savings Bank 2.44%, 11/25/2002 100,000,000 99,991,965 J.P. Morgan Chase & Co. 1.78%, 3/11/2002 550,000,000 550,000,000 Landesbank Baden-Wuerttemberg (London) 1.77%--2.00%, 3/7/2002--4/29/2002 295,000,000 295,066,244 Landesbank Baden-Wuerttemberg (Yankee) 2.42%, 10/4/2002 50,000,000 50,056,137 Merita Bank PLC (London) 2.47%, 2/1/2002 200,000,000 200,000,000 Merita Bank PLC (Yankee) 2.20%--4.05%, 6/13/2002--11/18/2002 225,000,000 225,003,522 Nordea North America Inc. (Yankee) 2.47%, 12/27/2002 200,000,000 199,946,592 Rabobank Nederland (Yankee) 1.80%, 10/17/2002 100,000,000 100,007,070 Societe Generale (London) 1.80%, 9/4/2002 300,000,000 300,011,641 Svenska Handelsbanken (London) 2.00%--2.15%, 3/11/2002--5/8/2002 100,000,000 100,011,639 Svenska Handelsbanken (Yankee) 2.00%-4.20%, 11/8/2002-7/30/2002 300,000,000 300,082,329 Swedbank (Yankee) 2.47%--2.50%, 10/17/2002--10/21/2002 250,000,000 250,001,748 Toronto-Dominion Bank (Yankee) 2.00%, 9/4/2002 150,000,000 150,000,000 UniCredito Italiano SpA (London) 2.20%, 2/1/2002 50,000,000 50,000,000 Union Bank of Switzerland (Yankee) 2.33%, 12/17/2002 90,000,000 90,018,152 Westdeutsche Landesbank Girozentrale (London) 4.24%, 5/17/2002 200,000,000 200,000,000 Westdeutsche Landesbank Girozentrale (Yankee) 2.44%--4.27%, 4/1/2002--7/24/2002 350,000,000 350,000,000 Westpac Banking Corp. (Yankee) 2.30%, 12/30/2002 50,000,000 50,004,499 Wilmington Trust Co. 2.00%, 11/7/2002 35,000,000 35,047,855 TOTAL NEGOTIABLE BANK CERTIFICATES OF DEPOSIT (cost $11,994,447,645) 11,994,447,645 Principal DREYFUS CASH MANAGEMENT PLUS, INC. (CONTINUED) Amount ($) Value ($) ------------------------------------------------------------------------------------------------------------------------------------ COMMERCIAL PAPER--18.8% ------------------------------------------------------------------------------------------------------------------------------------ American Home Products Corp. 1.86%, 4/22/2002 45,000,000 44,815,000 Amstel Funding Corp. 1.78%--2.08%, 2/15/2002--7/15/2002 398,641,000 (b) 397,348,834 Bavaria TRR Corp. 1.83%, 2/12/2002 100,000,000 (b) 99,944,083 CXC Inc. 2.19%, 2/8/2002 100,000,000 (b) 99,957,611 Den Norske Bank ASA 1.86%, 3/8/2002 47,000,000 46,915,465 General Electric Capital Corp. 1.96%--3.59%, 2/1/2002--5/9/2002 950,000,000 948,156,055 General Electric Capital Services Inc. 2.44%--3.59%, 2/5/2002--2/28/2002 200,000,000 199,708,194 Greyhawk Funding LLC 1.80%, 4/25/2002 200,000,000 199,174,611 Morgan Stanley Dean Witter & Co. 1.84%, 2/8/2002 275,000,000 274,901,611 Moriarty Ltd. 2.02%, 5/7/2002 100,000,000 (b) 99,472,222 MPS U.S. Commercial Paper Corp. 1.85%, 3/8/2002 50,000,000 49,910,556 Nordea North America Inc. 1.80%, 4/22/2002 200,000,000 199,204,444 Paradigm Funding LLC 1.78%, 3/27/2002 93,000,000 (b) 92,753,085 Salomon Smith Barney Holdings Inc. 1.87%, 2/1/2002 375,000,000 375,000,000 Sigma Finance Inc. 2.48%, 4/5/2002 30,485,000 (b) 30,354,296 Spintab AB 1.75%--2.24%, 2/15/2002--4/9/2002 585,000,000 583,899,352 Stadshypotek Delaware Inc. 1.79%--1.83%, 2/6/2002--2/21/2002 270,000,000 (b) 269,780,472 UBS Finance Delaware LLC 1.88%, 2/1/2002 1,600,000,000 1,600,000,000 Westpac Trust Securities NZ Ltd. 2.01%, 5/7/2002 50,000,000 49,737,431 TOTAL COMMERCIAL PAPER (cost $5,661,033,322) 5,661,033,322 ------------------------------------------------------------------------------------------------------------------------------------ CORPORATE NOTES--16.3% ------------------------------------------------------------------------------------------------------------------------------------ Beta Finance Inc. 3.60%--4.14%, 6/5/2002--8/20/2002 130,000,000 (b) 130,006,548 Beta Finance Inc. 1.83%--1.86%, 5/21/2002--9/16/2002 702,000,000 (a,b) 702,000,000 CC (USA) Inc. 3.60%--4.25%, 5/28/2002--8/20/2002 155,000,000 (b) 155,010,875 The Funds STATEMENT OF INVESTMENTS (CONTINUED) Principal DREYFUS CASH MANAGEMENT PLUS, INC. (CONTINUED) Amount ($) Value ($) ------------------------------------------------------------------------------------------------------------------------------------ CORPORATE NOTES (CONTINUED) ------------------------------------------------------------------------------------------------------------------------------------ CC (USA) Inc. 1.85%, 6/3/2002--6/5/2002 165,000,000 (a,b) 165,000,000 CSFB Finance B.V. 1.88%, 9/9/2002 171,500,000 (a,b) 171,500,000 K2 (USA) LLC 4.01%, 7/15/2002 100,000,000 (b) 100,000,000 K2 (USA) LLC 1.85%, 6/28/2002--7/25/2002 100,000,000 (a,b) 100,000,000 Lehman Brothers Holdings Inc. 1.82%, 3/22/2002--4/2/2002 175,000,000 (a) 175,191,816 Lehman Brothers Holdings Inc. 2.73%, 10/1/2002 17,500,000 17,979,733 Liberty Lighthouse US Capital Co. LLC 4.84%, 4/11/2002 100,000,000 (b) 100,000,000 Liberty Lighthouse US Capital Co. LLC 1.86%, 7/1/2002 150,000,000 (a,b) 150,000,000 Links Finance LLC 2.15%--4.01%, 7/15/2002--2/3/2003 525,000,000 (b) 525,012,217 Links Finance LLC 1.84%--1.85%, 7/5/2002--7/22/2002 200,000,000 (a,b) 200,000,000 Merrill Lynch & Co. Inc. 4.27%, 5/3/2002 100,000,000 100,000,000 Merrill Lynch & Co. Inc. 1.93%--1.97%, 3/5/2002--11/13/2002 300,000,000 (a) 300,170,109 Paradigm Funding LLC 1.79%--1.80%, 10/11/2002--10/29/2002 450,000,000 (a,b) 450,000,000 Sigma Finance Inc. 1.85%, 8/15/2002 200,000,000 (a,b) 200,000,000 Sigma Finance Inc. 2.23%--4.80%, 3/19/2002--1/8/2003 960,000,000 (b) 959,986,249 Wells Fargo Financial Inc. 1.85%, 1/10/2003 225,000,000 (a) 225,000,000 TOTAL CORPORATE NOTES (cost $4,926,857,547) 4,926,857,547 ------------------------------------------------------------------------------------------------------------------------------------ PROMISSORY NOTES--4.9% ----------------------------------------------------------------------------------------------------------------------------------- Goldman Sachs Group Inc. 1.93%--4.16%, 2/15/2002--1/15/2003 (cost $1,485,000,000) 1,485,000,000 (c ) 1,485,000,00 ------------------------------------------------------------------------------------------------------------------------------------ SHORT-TERM BANK NOTES--6.2% ------------------------------------------------------------------------------------------------------------------------------------ Bank One N.A. 3.59%--5.00%, 2/27/2002--8/15/2002 300,000,000 299,993,399 Bayerische Hypo-und Vereinsbank AG 1.82%, 11/5/2002 100,000,000 (a) 99,992,411 Principal DREYFUS CASH MANAGEMENT PLUS, INC. (CONTINUED) Amount ($) Value ($) ------------------------------------------------------------------------------------------------------------------------------------ SHORT-TERM BANK NOTES (CONTINUED) ------------------------------------------------------------------------------------------------------------------------------------ Harris Trust & Savings Bank 1.80%, 6/17/2002 100,000,000 (a) 99,996,264 Key Bank N.A. 1.78%--1.80%, 2/5/2002--3/27/2002 350,000,000 (a) 350,000,108 Standard Federal Bank 1.90%--2.50%, 7/31/2002--10/4/2002 200,000,000 199,993,363 Swedbank 2.41%, 10/11/2002 200,000,000 200,000,000 U.S. Bank N.A. 2.40%--3.45%, 10/1/2002--10/28/2002 325,000,000 325,000,000 U.S. Bank N.A 1.79%--1.82%, 11/12/2002--1/17/2003 300,000,000 (a) 299,995,219 TOTAL SHORT-TERM BANK NOTES (cost $1,874,970,764) 1,874,970,764 ------------------------------------------------------------------------------------------------------------------------------------ TIME DEPOSITS--15.9% ------------------------------------------------------------------------------------------------------------------------------------ BNP Paribas (Grand Cayman) 1.88%, 2/1/2002 275,000,000 275,000,000 HSBC Bank USA (Grand Cayman) 1.77%, 2/1/2002 529,000,000 529,000,000 J.P. Morgan Chase & Co. (London) 1.88%, 2/1/2002 830,000,000 830,000,000 Nordea North America Inc. (Grand Cayman) 1.94%, 2/1/2002 850,000,000 850,000,000 Rabobank Nederland (Grand Cayman) 1.88%, 2/1/2002 999,000,000 999,000,000 Societe Generale (Grand Cayman) 1.88%, 2/1/2002 999,000,000 999,000,000 State Street Bank & Trust Co. (Grand Cayman) 1.81%, 2/1/2002 300,000,000 300,000,000 TOTAL TIME DEPOSITS (cost $4,782,000,000) 4,782,000,000 ------------------------------------------------------------------------------------------------------------------------------------ TOTAL INVESTMENTS (cost $30,724,309,278) 101.9% 30,724,309,278 LIABILITIES, LESS CASH AND RECEIVABLES (1.9%) (575,031,080) NET ASSETS 100.0% 30,149,278,198 (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, 2002, THESE SECURITIES AMOUNTED TO $5,198,126,492 OR 17.2 % 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 5/24/2001 TO 1/31/2002 AT A COST OF PAR VALUE. AT JANUARY 31, 2002, THE AGGREGATE VALUE OF THESE SECURITIES WAS $1,485,000,000 REPRESENTING 4.9% OF NET ASSETS AND ARE VALUED AT AMORTIZED COST. SEE NOTES TO FINANCIAL STATEMENTS. The Funds STATEMENT OF INVESTMENTS January 31, 2002 Annualized Yield on Date of Principal DREYFUS GOVERNMENT CASH MANAGEMENT Purchase (%) Amount ($) Value ($) ------------------------------------------------------------------------------------------------------------------------------------ U.S. TREASURY NOTES--.6% ------------------------------------------------------------------------------------------------------------------------------------ 5.750%, 10/31/2002 2.28 20,000,000 20,499,018 5.625%, 11/30/2002 2.38 10,000,000 10,257,288 5.625%, 12/31/2002 2.11 25,000,000 25,782,688 TOTAL U.S. TREASURY NOTES (cost $56,538,994) 56,538,994 ------------------------------------------------------------------------------------------------------------------------------------ U.S. GOVERNMENT AGENCIES--97.1% ------------------------------------------------------------------------------------------------------------------------------------ Federal Farm Credit Banks, Consolidated Systemwide Medium Term Notes 2/1/2002 1.77 (a) 75,000,000 75,000,000 2/8/2002 1.65 (a) 225,000,000 224,999,581 3/1/2002 1.74 (a) 150,000,000 149,998,361 6/21/2002 1.83 (a) 75,000,000 74,994,678 9/5/2002 1.75 (a) 150,000,000 149,982,862 10/30/2002 1.73 (a) 50,000,000 50,009,848 1/21/2003 1.75 (a) 50,000,000 50,000,000 6/2/2003 1.75 (a) 250,000,000 249,919,055 Federal Farm Credit Banks, Consolidated Systemwide Notes 5/1/2002 4.14 100,000,000 100,006,096 10/22/2002 2.37 96,625,000 96,625,000 11/1/2002 2.24 100,000,000 100,001,353 Federal Home Loan Banks, Discount Notes 2/5/2002 4.89 50,000,000 49,999,890 2/7/2002 4.84 100,000,000 99,999,133 5/29/2002 1.72 5,341,000 5,311,317 5/31/2002 1.72 7,672,000 7,628,634 6/27/2002 3.75 10,000,000 9,853,189 7/8/2002 3.82 19,700,000 19,383,837 7/12/2002 3.82 17,385,000 17,098,881 7/15/2002 3.71 56,955,000 56,026,127 8/6/2002 3.44 50,000,000 49,992,029 8/12/2002 3.53 17,717,000 17,393,842 8/20/2002 3.46 126,850,000 126,822,306 8/30/2002 3.51 52,825,000 51,780,386 10/17/2002 2.30 54,668,000 53,786,478 11/14/2002 2.29 58,088,000 57,054,292 12/5/2002 2.30 66,630,000 66,552,662 12/12/2002 2.34 100,000,000 99,973,116 12/17/2002 2.44 150,000,000 149,985,752 12/27/2002 2.12 5,000,000 4,904,956 Federal Home Loan Banks, Floating Rate Notes 2/14/2002 1.65 (a) 25,000,000 25,000,000 4/18/2002 1.75 (a) 250,000,000 250,002,466 8/23/2002 1.75 (a) 200,000,000 199,990,599 12/12/2002 1.77 (a) 150,000,000 149,949,443 12/27/2002 1.78 (a) 75,000,000 74,973,510 2/3/2003 1.77 (a) 100,000,000 100,000,000 3/20/2003 1.77 (a) 225,000,000 224,944,329 3/24/2003 1.74 (a) 100,000,000 99,976,949 5/9/2003 1.74 (a) 400,000,000 400,012,438 6/27/2003 1.77 (a) 150,000,000 149,948,153 10/24/2003 1.70 (a) 350,000,000 350,000,000 Annualized Yield on Date of Principal DREYFUS GOVERNMENT CASH MANAGEMENT (CONTINUED) Purchase (%) Amount ($) Value ($) ------------------------------------------------------------------------------------------------------------------------------------ U.S. GOVERNMENT AGENCIES (CONTINUED) -------------------------------------------------------------------------------- Federal Home Loan Banks, Notes 2/1/2002 4.71 100,000,000 100,000,000 2/15/2002 4.96 43,555,000 43,581,479 2/26/2002 4.50 25,000,000 25,008,303 4/4/2002 4.29 62,045,000 62,060,871 5/1/2002 3.94 225,275,000 226,752,470 5/3/2002 3.99 10,030,000 10,035,523 5/15/2002 4.10 40,000,000 40,341,554 7/18/2002 3.49 38,800,000 39,380,280 8/15/2002 3.44 56,515,000 57,233,602 10/18/2002 2.40 100,000,000 100,014,901 10/29/2002 2.33 50,000,000 50,005,918 11/1/2002 2.39 50,000,000 50,000,000 11/15/2002 1.91 25,000,000 25,854,075 11/27/2002 2.25 50,000,000 50,000,000 1/13/2003 2.26 50,000,000 51,307,880 1/29/2003 2.24 100,000,000 100,000,000 Federal Home Loan Mortgage Corporation, Discount Notes 6/26/2002 1.75 9,000,000 8,937,288 7/1/2002 3.76 75,000,000 73,865,625 8/15/2002 3.51 115,000,000 112,890,479 8/21/2002 3.25 50,000,000 49,120,625 12/20/2002 2.70 15,000,000 14,993,384 1/2/2003 2.27 50,000,000 48,967,083 Federal Home Loan Mortgage Corporation, Floating Rate Notes 1/10/2003 1.75 (a) 150,000,000 150,000,000 Federal Home Loan Mortgage Corporation, Notes 5/15/2002 3.97 106,233,000 106,668,136 10/15/2002 2.08 25,000,000 25,718,563 2/15/2003 1.83 175,000,000 183,801,551 Federal National Mortgage Association, Discount Notes 5/3/2002 4.01 175,000,000 173,292,486 5/31/2002 3.88 92,508,000 91,364,344 6/18/2002 1.76 90,000,000 89,400,625 6/28/2002 3.76 75,000,000 73,888,313 8/9/2002 3.50 120,150,000 118,017,938 8/23/2002 3.25 50,000,000 49,111,875 9/20/2002 2.44 50,000,000 49,236,417 Federal National Mortgage Association, Floating Rate Notes 7/25/2002 1.73 (a) 300,000,000 300,000,000 8/20/2002 1.73 (a) 200,000,000 200,000,000 1/3/2003 1.77 (a) 705,000,000 704,890,116 4/3/2003 1.72 (a) 200,000,000 199,988,867 5/7/2003 1.74 (a) 100,000,000 99,972,904 7/22/2003 1.76 (a) 100,000,000 99,985,275 Federal National Mortgage Association, Notes 2/1/2002 4.97 16,675,000 16,675,000 4/15/2002 4.23 50,000,000 50,213,073 8/15/2002 3.40 35,610,000 36,206,075 2/14/2003 2.01 125,745,000 129,259,384 The Funds STATEMENT OF INVESTMENTS (CONTINUED) Annualized Yield on Date of Principal DREYFUS GOVERNMENT CASH MANAGEMENT (CONTINUED) Purchase (%) Amount ($) Value ($) ------------------------------------------------------------------------------------------------------------------------------------ U.S. GOVERNMENT AGENCIES (CONTINUED) ------------------------------------------------------------------------------------------------------------------------------------ Student Loan Marketing Association, Discount Notes 6/28/2002 1.73 25,000,000 24,824,417 6/28/2002 3.73 100,000,000 99,989,932 7/1/2002 3.78 35,000,000 34,992,733 Student Loan Marketing Association, Floating Rate Notes 1/27/2003 1.75 (a) 100,000,000 100,000,000 2/13/2003 1.78 (a) 300,000,000 299,890,390 4/25/2003 1.74 (a) 250,000,000 249,962,695 Student Loan Marketing Association, Notes 1/27/2003 2.24 38,400,000 38,400,000 TOTAL U.S. GOVERNMENT AGENCIES (cost $9,425,983,997) 9,425,983,997 ------------------------------------------------------------------------------------------------------------------------------------ REPURCHASE AGREEMENT--1.9% ------------------------------------------------------------------------------------------------------------------------------------ Goldman Sachs & Co. dated 1/31/2002, due 2/1/2002 in the amount of $186,573,810 (fully collateralized by $185,798,000 U.S.Treasury Notes, 5.00% due 8/15/2011, value $190,296,533) (cost $186,565,000) 1.70 186,565,000 186,565,000 ------------------------------------------------------------------------------------------------------------------------------------ TOTAL INVESTMENTS (cost $9,669,087,991) 99.6% 9,669,087,991 CASH AND RECEIVABLES (NET) .4% 36,530,836 NET ASSETS 100.0% 9,705,618,827 (A) VARIABLE INTEREST RATE--SUBJECT TO PERIODIC CHANGE. SEE NOTES TO FINANCIAL STATEMENTS. STATEMENT OF INVESTMENTS January 31, 2002 Annualized Yield on Date of Principal DREYFUS GOVERNMENT PRIME CASH MANAGEMENT Purchase (%) Amount ($) Value ($) ------------------------------------------------------------------------------------------------------------------------------------ U.S. TREASURY BILLS--16.6% ------------------------------------------------------------------------------------------------------------------------------------ 2/21/2002 1.63 25,000,000 24,977,361 3/7/2002 1.70 104,810,000 104,642,108 3/21/2002 1.66 31,700,000 31,630,260 4/11/2002 1.65 11,745,000 11,708,082 TOTAL U.S. TREASURY BILLS (cost $172,957,811) 172,957,811 ------------------------------------------------------------------------------------------------------------------------------------ U.S. GOVERNMENT AGENCIES--84.3% ------------------------------------------------------------------------------------------------------------------------------------ Federal Farm Credit Banks, Consolidated Systemwide Discount Notes 2/1/2002 3.35 5,762,000 5,762,000 2/7/2002 1.60 12,000,000 11,996,800 4/11/2002 1.58 20,624,000 20,561,724 4/19/2002 1.71 60,000,000 59,781,406 5/8/2002 1.90 25,000,000 24,874,667 5/13/2002 1.88 25,000,000 24,869,542 5/20/2002 1.96 24,000,000 23,860,320 Federal Farm Credit Banks, Consolidated Systemwide Floating Rate Notes 6/21/2002 1.83 (a) 25,000,000 24,998,226 Federal Home Loan Banks, Discount Notes 3/13/2002 1.65 25,000,000 24,954,444 5/29/2002 1.96 26,000,000 25,836,070 6/28/2002 3.73 5,000,000 4,999,678 11/8/2002 2.31 25,655,000 25,204,042 Federal Home Loan Banks, Floating Rate Notes 4/18/2002 1.75 (a) 50,000,000 50,000,493 12/27/2002 1.78 (a) 50,000,000 49,982,340 3/20/2003 1.77 (a) 25,000,000 24,993,814 Federal Home Loan Banks, Notes 4/25/2002 3.70 5,760,000 5,778,819 7/9/2002 3.96 5,000,000 5,000,304 7/18/2002 3.53 20,000,000 20,292,620 8/15/2002 3.43 6,150,000 6,228,493 9/4/2002 3.45 6,500,000 6,501,225 Student Loan Marketing Association, Discount Notes 2/1/2002 1.80 143,236,000 143,236,000 2/15/2002 1.58 15,900,000 15,890,230 6/14/2002 3.84 25,000,000 24,658,726 6/28/2002 1.58 24,000,000 23,846,140 Student Loan Marketing Association, Floating Rate Notes 2/13/2003 1.78 (a) 25,000,000 24,990,102 Student Loan Marketing Association, Notes 1/27/2003 2.24 5,000,000 5,000,000 Tennessee Valley Authority, Discount Notes 2/15/2002 1.64 15,000,000 14,990,433 2/25/2002 1.56 25,000,000 24,974,083 2/28/2002 1.67 50,000,000 49,937,375 3/15/2002 1.69 80,000,000 79,842,733 The Funds STATEMENT OF INVESTMENTS (CONTINUED) Annualized Yield on Date of Principal DREYFUS GOVERNMENT PRIME CASH MANAGEMENT (CONTINUED) Purchase (%) Amount ($) Value ($) ------------------------------------------------------------------------------------------------------------------------------------ U.S. GOVERNMENT AGENCIES (CONTINUED) ------------------------------------------------------------------------------------------------------------------------------------ Tennessee Valley Authority, Notes 9/24/2002 3.49 23,870,000 24,228,683 TOTAL U.S. GOVERNMENT AGENCIES (cost $878,071,532) 878,071,532 ------------------------------------------------------------------------------------------------------------------------------------ TOTAL INVESTMENTS (cost $1,051,029,343) 100.9% 1,051,029,343 LIABILITIES, LESS CASH AND RECEIVABLES (.9%) (9,708,249) NET ASSETS 100.0% 1,041,321,094 (A) VARIABLE INTEREST RATE--SUBJECT TO PERIODIC CHANGE. SEE NOTES TO FINANCIAL STATEMENTS. STATEMENT OF INVESTMENTS January 31, 2002 Annualized Yield on Date of Principal DREYFUS TREASURY CASH MANAGEMENT Purchase (%) Amount ($) Value ($) ------------------------------------------------------------------------------------------------------------------------------------ U.S. TREASURY BILLS--35.6% ------------------------------------------------------------------------------------------------------------------------------------ 2/7/2002 1.58 1,000,000,000 999,736,584 3/14/2002 1.95 300,000,000 299,338,306 6/6/2002 1.89 100,000,000 99,348,958 8/1/2002 1.86 50,000,000 49,536,188 TOTAL U. S. TREASURY BILLS (cost $1,447,960,036) 1,447,960,036 ------------------------------------------------------------------------------------------------------------------------------------ U.S. TREASURY NOTES--21.5% ------------------------------------------------------------------------------------------------------------------------------------ 6.50%, 2/28/2002 4.31 133,000,000 133,194,679 6.625%, 3/31/2002 4.14 50,000,000 50,179,151 6.375%, 4/30/2002 3.93 25,000,000 25,141,519 6.375%, 6/30/2002 3.67 80,000,000 80,822,952 6.25%, 7/31/2002 3.65 50,000,000 50,593,547 6.125%, 8/31/2002 3.27 150,000,000 152,370,692 6.25%, 8/31/2002 3.37 50,000,000 50,759,846 5.875%, 9/30/2002 2.41 50,000,000 51,110,725 5.75%, 10/31/2002 2.27 50,000,000 51,248,860 5.625%, 11/30/2002 2.38 100,000,000 102,572,878 5.625%, 12/31/2002 1.94 75,000,000 77,424,369 5.50%, 1/31/2003 1.92 50,000,000 51,734,267 TOTAL U.S. TREASURY NOTES (cost $877,153,485) 877,153,485 ------------------------------------------------------------------------------------------------------------------------------------ REPURCHASE AGREEMENTS--42.8% ------------------------------------------------------------------------------------------------------------------------------------ ABN Amro North America Finance Inc. dated 1/31/2002, due 2/1/2002 in the amount of $200,010,333 (fully collateralized by $183,989,000 U.S. Treasury Bonds, 6.25%, due 5/15/2030, value $204,000,232) 1.86 200,000,000 200,000,000 Barclays Capital Inc. dated 1/31/2002, due 2/1/2002 in the amount of $250,013,056 (fully collateralized by $255,240,000 U.S. Treasury Bills, due from 5/16/2002 to 6/13/2002, value $253,743,277) 1.88 250,000,000 250,000,000 Bear Stearns Cos. Inc. dated 1/31/2002, due 2/1/2002 in the amount of $67,003,443 (fully collateralized by $65,230,000 U.S. Treasury Notes, 5.75%, due 11/30/2002, value $67,858,769) 1.85 67,000,000 67,000,000 CIBC World Markets PLC dated 1/31/2002, due 2/1/2002 in the amount of $25,001,250 (fully collateralized by $25,450,000 U.S. Treasury Bills, due 5/23/2002, value $25,312,570) 1.80 25,000,000 25,000,000 Credit Suisse First Boston dated 1/31/2002, due 2/1/2002 in the amount of $225,011,563 (fully collateralized by $231,134,000 U.S. Treasury Bills, due 6/27/2002, value $229,492,949) 1.85 225,000,000 225,000,000 Goldman, Sachs & Co. dated 1/31/2002, due 2/1/2002 in the amount of $349,273,493 (fully collateralized by $38,244,220 U.S. Treasury Strips, due 11/15/2005 to 8/15/2011, and $327,489,000 U.S. Treasury Bills, due 7/11/2002, value $356,241,121) 1.80 349,256,000 349,256,000 The Funds STATEMENT OF INVESTMENTS (CONTINUED) Annualized Yield on Date of Principal DREYFUS TREASURY CASH MANAGEMENT (CONTINUED) Purchase (%) Amount ($) Value ($) ------------------------------------------------------------------------------------------------------------------------------------ REPURCHASE AGREEMENTS ------------------------------------------------------------------------------------------------------------------------------------ J.P. Morgan Chase & Co. dated 1/31/2002, due 2/1/2002 in the amount of $200,010,278 (fully collateralized by $49,390,000 U.S. Treasury Bills, due 3/7/2002, and $150,000,000 U.S. Treasury Notes, 5.125%, due 12/31/2002, value $204,035,537) 1.85 200,000,000 200,000,000 Lehman Brothers Inc. dated 1/31/2002, due 2/1/2002 in the amount of $83,004,150 (fully collateralized by $84,980,000 U.S. Treasury Bills, due 5/2/2002, value $84,657,076) 1.80 83,000,000 83,000,000 Morgan Stanley Dean Witter & Co. dated 1/31/2002, due 2/1/2002 in the amount of $27,001,365 (fully collateralized by $26,755,000 U.S. Treasury Notes, 6.50%, due 3/31/2002, value $27,544,380) 1.82 27,000,000 27,000,000 UBS Warburg, Inc. dated 1/31/2002, due 2/1/2002 in the amount of $251,013,108 (fully collateralized by $256,149,000 U.S. Treasury Bills, due 2/7/2002, value $256,020,926) 1.88 251,000,000 251,000,000 Westdeutsche Landesbank Girozentrale dated 1/31/2002, due 2/1/2002 in the amount of $65,003,322 (fully collateralized by $66,640,000 U.S. Treasury Bills, due 5/16/2002, value $66,309,466) 1.84 65,000,000 65,000,000 TOTAL REPURCHASE AGREEMENTS (cost $1,742,256,000) 1,742,256,000 ------------------------------------------------------------------------------------------------------------------------------------ TOTAL INVESTMENTS (cost $4,067,369,521) 99.9% 4,067,369,521 CASH AND RECEIVABLES (NET) .1% 2,064,832 NET ASSETS 100.0% 4,069,434,353 SEE NOTES TO FINANCIAL STATEMENTS. STATEMENT OF INVESTMENTS January 31, 2002 Annualized Yield on Date of Principal DREYFUS TREASURY PRIME CASH MANAGEMENT Purchase (%) Amount ($) Value ($) ------------------------------------------------------------------------------------------------------------------------------------ U.S. TREASURY BILLS--83.5% ------------------------------------------------------------------------------------------------------------------------------------ 2/7/2002 1.94 598,005,000 597,812,700 2/14/2002 1.67 139,226,000 139,142,252 2/21/2002 1.85 561,687,000 561,111,345 2/28/2002 1.92 250,000,000 249,640,938 3/7/2002 1.72 572,720,000 571,794,863 3/14/2002 1.66 350,000,000 349,341,438 3/21/2002 2.18 112,090,000 111,767,402 3/28/2002 1.72 300,000,000 299,214,722 4/4/2002 1.69 94,131,000 93,859,090 4/11/2002 1.81 278,198,000 277,239,690 4/18/2002 1.67 8,031,000 8,002,856 4/25/2002 1.67 518,806,000 516,812,915 5/2/2002 1.72 26,278,000 26,165,333 6/13/2002 1.70 150,000,000 149,070,500 7/5/2002 1.74 143,888,000 142,824,432 7/11/2002 1.58 24,115,000 23,947,383 7/18/2002 1.68 40,025,000 39,714,929 8/1/2002 1.84 200,000,000 198,169,889 TOTAL U.S. TREASURY BILLS (cost $4,355,632,677) 4,355,632,677 ------------------------------------------------------------------------------------------------------------------------------------ U.S. TREASURY NOTES--16.4% ------------------------------------------------------------------------------------------------------------------------------------ 6.625%, 3/31/2002 4.14 50,000,000 50,179,151 6.625%, 5/31/2002 3.50 100,000,000 100,972,756 6.125%, 8/31/2002 3.27 100,000,000 101,511,260 6.25%, 8/31/2002 3.44 30,000,000 30,477,421 6%, 9/30/2002 3.25 50,000,000 50,841,560 5.75%, 10/31/2002 2.14 225,000,000 230,893,167 5.625%, 11/30/2002 1.82 230,000,000 237,049,293 5.625%, 12/31/2002 2.11 50,000,000 51,565,192 TOTAL U.S. TREASURY NOTES (cost $853,489,800) 853,489,800 ------------------------------------------------------------------------------------------------------------------------------------ TOTAL INVESTMENTS (cost $5,209,122,477) 99.9% 5,209,122,477 CASH AND RECEIVABLES (NET) .1% 6,204,221 NET ASSETS 100.0% 5,215,326,698 SEE NOTES TO FINANCIAL STATEMENTS. The Funds STATEMENT OF INVESTMENTS January 31, 2002 Principal DREYFUS MUNICIPAL CASH MANAGEMENT PLUS Amount ($) Value ($) ------------------------------------------------------------------------------------------------------------------------------------ TAX EXEMPT INVESTMENTS--99.4% ------------------------------------------------------------------------------------------------------------------------------------ ALABAMA--3.6% Columbia Industrial Development Board, PCR, Refunding, VRDN (Alabama Power Co. Project) 1.50% 10,000,000 (a) 10,000,000 ARIZONA--.4% Nogales Municipal Development Authority Inc., Municipal Facilities Revenue, Refunding 5%, 6/1/2002 (Insured; MBIA) 1,000,000 1,009,711 CALIFORNIA--1.5% California Higher Education Loan Authority Inc., Student Loan Revenue 2.70%, 7/1/2002 (LOC; Student Loan Marketing Association) 4,000,000 4,000,000 DELAWARE--5.1% Delaware Economic Development Authority, VRDN: IDR, Refunding (Star Enterprise Project) 1.65% (LOC; Motiva Enterprises LLC) 10,000,000 (a) 10,000,000 Private Schools Revenue (St. Annes Episcopal School Project) 1.65% (LOC; Wilmington Trust Co.) 4,000,000 (a) 4,000,000 GEORGIA--2.3% Georgia Municipal Association Inc., LR, COP (City Court Atlanta Project) 4%, 12/1/2002 (Insured; AMBAC) 1,360,000 1,382,280 Georgia Road and Thruway Authority, Highway Tolls Revenue BAN 2.75%, 11/20/2002 5,000,000 5,013,276 ILLINOIS--9.0% Illinois Development Finance Authority, Revenues, VRDN (Evanston Northwestern Healthcare Corp.) 1.40% (Liquidity Facility; Bank One Corp.) 5,000,000 (a) 5,000,000 Illinois Health Facilities Authority, Revenues: (Evanston Northwestern Corp.) 2.90%, 5/31/2002 3,000,000 3,000,000 VRDN (Northwestern Memorial Hospital) 1.50% (Liquidity Facility; Westdeutsche Landesbank) 13,000,000 (a) 13,000,000 State of Illinois, GO Notes, VRDN Merlots Program 1.50% (Insured; FGIC and Liquidity Facility; First Union Bank) 3,600,000 (a) 3,600,000 INDIANA--3.9% Indiana Educational Facilities Authority College and University Revenue, VRDN (Martin University Project) 1.50% (LOC; Key Bank) 3,500,000 (a) 3,500,000 Indiana Toll Road Commission, Toll Road Revenue, VRDN Merlots Program 1.50% (Liquidity Facility; Wachovia Bank) 3,540,000 (a) 3,540,000 St. Joseph County Industrial Health Care Facility, Revenue, VRDN (South Bend Medical Foundation Project) 1.45% (LOC; Key Bank) 3,600,000 (a) 3,600,000 IOWA--1.5% State of Iowa, GO Notes, TRAN 3%, 6/27/2002 4,000,000 4,018,264 KANSAS--1.8% Mission, MFHR, Refunding, VRDN (The Falls Apartments Project) 1.45% (Liquidity Facility; FNMA) 3,350,000 (a) 3,350,000 Unified Government of Wyandotte County/Kansas City: GO Notes 3.30%, 5/1/2002 423,000 423,000 Revenue 4.10%, 2/1/2002 1,146,000 1,146,000 Principal DREYFUS MUNICIPAL CASH MANAGEMENT PLUS (CONTINUED) Amount ($) Value ($) ------------------------------------------------------------------------------------------------------------------------------------ TAX EXEMPT INVESTMENTS (CONTINUED) ------------------------------------------------------------------------------------------------------------------------------------ KENTUCKY--1.3% Ohio County, PCR, VRDN (Big Rivers Electric Corp. Project) 1.35% (Insured; AMBAC and Liquidity Facility; Credit Suisse Group) 3,700,000 (a) 3,700,000 LOUISIANA--3.6% Jefferson Parish School Board, Sales and Use Tax Revenue Merlots Program, VRDN 1.50% (Insured; MBIA and Liquidity Facility; First Union Bank) 3,765,000 (a) 3,765,000 Louisiana Local Government Environmental Facilities Community Development Authority, Revenue, VRDN LCDA Loan Financing Program 1.60% (Liquidity Facility: AmSouth and Banque Paribas and LOC; CDC Funding Corp.) 5,000,000 (a) 5,000,000 State of Louisiana, GO Notes, Refunding 6%, 8/1/2002 (Insured; FGIC) 1,100,000 1,122,676 MAINE--3.4% City of Auburn, Obligation Securities Revenue, VRDN (J&A Properties) 1.50% (LOC; Citizens Bank of Massachusetts) 3,230,000 (a) 3,230,000 Maine Finance Authority, Private Schools Revenue, VRDN (Kents Hill School) 1.50% (LOC; Allied Irish Banks) 6,000,000 (a) 6,000,000 MARYLAND--2.2% Baltimore County, EDR, VRDN (Art Litho Co. Project) 1.45% (LOC; Allied Irish Banks) 6,000,000 (a) 6,000,000 MASSACHUSETTS--3.2% City of Haverhill, GO Notes, BAN 3.25%, 6/28/2002 (LOC; Fleet Bank) 5,000,000 5,009,793 City of North Adams, GO Notes, BAN 4%, 2/26/2002 3,300,000 3,301,308 State of Massachusetts, GO Notes, Refunding 6.25%, 7/1/2002 500,000 507,045 MICHIGAN--7.3% Detroit Downtown Development Authority, Revenue, Refunding VRDN (Millender Center Project) 1.35% (LOC; HSBC USA) 4,200,000 (a) 4,200,000 Lake St. Clair Shores Drainage District, GO Notes, VRDN 1.36% (Liquidity Facility; Comerica Bank) 2,775,000 (a) 2,775,000 Michigan Higher Education Student Loan Authority Student Loan Revenue, Refunding, VRDN 1.40% (Insured; AMBAC and Liquidity Facility; Lloyds TSB Bank) 10,000,000 (a) 10,000,000 Michigan Strategic Fund, LOR, VRDN (Peckham Vocational Industries Project) 1.41% (LOC; Michigan National Bank) 2,975,000 (a) 2,975,000 MISSOURI--3.3% Missouri Health and Educational Facilities Authority, School District Revenues Advanced Funding Program (Bayless School District) 3%, 10/21/2002 970,000 975,128 Saint Charles County Industrial Development Authority, Industrial Revenue Refunding, VRDN (Country Club Apartments Project) 1.37% (LOC; LaSalle Bank) 5,000,000 (a) 5,000,000 St. Louis Industrial Development Authority, Elderly Housing Revenue VRDN (Homer G. Phillips Project) 1.65% (LOC; U.S. Bank N.A.) 3,100,000 (a) 3,100,000 MONTANA--.7% Montana Board Investment, RRR (Colstrip Project) 3.25%, 4/1/2002 (LOC; Dexia Credit Locale) 1,940,000 1,940,000 The Funds STATEMENT OF INVESTMENTS (CONTINUED) Principal DREYFUS MUNICIPAL CASH MANAGEMENT PLUS (CONTINUED) Amount ($) Value ($) ------------------------------------------------------------------------------------------------------------------------------------ TAX EXEMPT INVESTMENTS (CONTINUED) ------------------------------------------------------------------------------------------------------------------------------------ NEVADA--.8% Clark County School District, Highway Revenue, CP 1.65%, 2/21/2002 (LOC; Toronto Dominion Bank) 2,300,000 2,300,000 NEW JERSEY--1.8% New Jersey Transport, CP 1.65%, 2/13/2002 (Liquidity Facility: Bank of Nova Scotia and Commerzbank) 5,000,000 5,000,000 NEW MEXICO--.9% New Mexico Hospital Equipment Loan Council, Revenues, VRDN Pooled Loan Program 1.60% (GIC; CDC Funding Corp. and Liquidity Facility; Landesbank Hessen-Thuringen Girozentrale) 2,600,000 (a) 2,600,000 NEW YORK--4.1% The City of New York, GO Notes, RAN 3%, 4/12/2002 7,230,000 7,244,312 New York City Transitional Finance Authority, GO Notes 3.25%, 10/2/2002 4,000,000 4,029,187 OHIO--1.8% Ohio Water Development Authority, Pollution Control Facilities Revenue, Refunding, VRDN (Duquesne Light Co.) 1.45% (Insured; AMBAC and Liquidity Facility; The Bank of New York) 5,000,000 (a) 5,000,000 PENNSYLVANIA--6.4% Cumberland County, GO Notes, VRDN 1.45% (Insured; AMBAC and Liquidity Facility; First Union Bank) 4,560,000 (a) 4,560,000 East Hampfield Township Industrial Development Authority, Revenues, VRDN (Menomite Home Project) 1.43% (LOC; Northern Trust Co.) 2,000,000 (a) 2,000,000 Emmaus General Authority, Revenue, VRDN: Local Government Pool Program 1.35% (LOC; Kredietbank NA Finance Corp.) 5,000,000 (a) 5,000,000 (Northhampton Area School District) 1.35% (LOC; Kredietbank NA Finance Corp.) 1,000,000 (a) 1,000,000 Lancaster County, GO Notes, VRDN 1.43% (Insured; FGIC and Liquidity Facility; FGIC) 3,000,000 (a) 3,000,000 Upper Dauphin Industrial Development Authority, Revenues VRDN (United Church of Christ Homes) 1.45% (LOC; First Tennessee Bank) 2,000,000 (a) 2,000,000 RHODE ISLAND--1.6% Rhode Island, GO Notes Consolidated Capital Development Loan 6.25%, 8/1/2002 (Insured; FGIC) 1,440,000 1,470,588 Rhode Island Housing and Mortgage Finance Corporation Revenue, VRDN, Putters Program 1.48% (Liquidity Facility; Morgan Guaranty Trust Co.) 2,870,000 (a) 2,870,000 TEXAS--12.7% Houston Higher Education Facility, Higher Education Revenue, CP (Rice University) 1.25%, 2/26/2002 5,000,000 5,000,000 Lower Colorado River Authority, Water Revenue, Refunding and Improvement, RAN 4%, 5/15/2002 (Insured; MBIA) 2,000,000 2,012,090 Panhandle-Plains Higher Education Authority Inc. Student Loan Revenue, VRDN 1.40% (LOC; Student Loan Marketing Association) 10,000,000 (a) 10,000,000 Principal DREYFUS MUNICIPAL CASH MANAGEMENT PLUS (CONTINUED) Amount ($) Value ($) ------------------------------------------------------------------------------------------------------------------------------------ TAX EXEMPT INVESTMENTS (CONTINUED) ------------------------------------------------------------------------------------------------------------------------------------ TEXAS (CONTINUED) State of Texas, TRAN 3.75%, 8/29/2002 3,000,000 3,021,620 Texas Association of School Boards, Revenue, COP, BAN 2.75%, 8/30/2002 5,112,000 5,116,288 Texas Department of Housing and Community Affairs Residential Mortgage Revenue 2.20%, 7/1/2002 2,300,000 2,300,000 Texas Municipal Power Agency, Electric Revenue, CP 1.40%, 4/4/2002 (Liquidity Facility: Bayerische Landesbank, Morgan Guaranty Trust Co., and State Street Bank and Trust Co.) 5,000,000 5,000,000 Texas Public Finance Authority, GO Notes, CP 1.25%, 2/20/2002 2,600,000 2,600,000 UTAH--.9% Intermountain Power Agency, Electric Power Supply Revenue, CP 1.30%, 3/11/2002 (Liquidity Facility: Bank of America and Bank of Nova Scotia) 2,500,000 2,500,000 VIRGINIA--5.5% Richmond Industrial Development Authority, Industrial Revenue VRDN (Cogentrix of Richmond Project) 1.65% (LOC; BNP Paribas) 11,000,000 (a) 11,000,000 Virginia Beach Development Authority, IDR, Refunding, VRDN (Giant Square) 1.40% (LOC; Wachovia Bank) 4,150,000 (a) 4,150,000 WASHINGTON--3.1% Washington Economic Development Finance Authority, SWDR VRDN (Waste Management Project) 1.55% (LOC; Fleet Bank) 5,500,000 (a) 5,500,000 Yakima County Public Corporation, IDR, Refunding, VRDN (John I Hass Inc. Project) 1.65% (LOC: Bayerische Hypo-Und Vereinsbank and Deutsche Bank) 3,000,000 (a) 3,000,000 WISCONSIN--5.7% Douglas County, GO Notes, BAN 3%, 12/1/2002 2,200,000 2,211,307 Freedom Area School District Outagamie County, Revenue BAN 2.375%, 11/12/2002 1,325,000 1,326,034 Milwaukee Redevelopment Authority, Redevelopment Revenue VRDN (American Society for Quality) 1.30% (LOC; U.S. Bank NA) 2,000,000 (a) 2,000,000 State of Wisconsin, General Fund Revenue 3.75%, 6/17/2002 3,000,000 3,018,194 Wisconsin Health and Educational Facilities Authority College and University Revenue, VRDN (Wisconsin Lutheran College) 1.55% (LOC; U.S. Bank NA) 7,000,000 (a) 7,000,000 ------------------------------------------------------------------------------------------------------------------------------------ TOTAL INVESTMENTS (cost $273,013,101) 99.4% 273,013,101 CASH AND RECEIVABLES (NET) .6% 1,579,114 NET ASSETS 100.0% 274,592,215 SEE FOOTNOTES ON PAGE 41. SEE NOTES TO FINANCIAL STATEMENTS. The Funds STATEMENT OF INVESTMENTS January 31, 2002 Principal DREYFUS NEW YORK MUNICIPAL CASH MANAGEMENT Amount ($) Value ($) ------------------------------------------------------------------------------------------------------------------------------------ TAX EXEMPT INVESTMENTS--100.5% ------------------------------------------------------------------------------------------------------------------------------------ Albany, GO Notes, BAN 3.50%, 8/2/2002 2,250,000 2,263,202 Albany Industrial Development Agency, VRDN: Civic Facility Revenue (Saint Rose Project) 1.25% (Insured; AMBAC and Liquidity Facility; Key Bank) 5,180,000 (a) 5,180,000 IDR (Corning Homes Project) 1.35% (LOC; Chase Manhattan Bank) 4,600,000 (a) 4,600,000 Briarcliff Manor Union Free School District GO Notes, BAN 2.50%, 6/28/2002 5,000,000 5,011,375 Broome County, GO Notes, BAN 3.40%, 4/1/2002 8,000,000 8,005,018 Chautauqua County Industrial Development Agency Civic Facility Revenue, VRDN (Gerry Homes Project) 1.25% (LOC; HSBC Bank USA) 7,600,000 (a) 7,600,000 Clinton Central School District GO Notes, BAN 2.125%, 6/28/2002 9,475,000 9,491,454 Dutchess County Industrial Development Agency Civic Facility Revenue, VRDN (Marist College Civic Facility) 1.30% (LOC; Key Bank) 7,000,000 (a) 7,000,000 Erie County, GO Notes, Public Improvement 4.50%, 8/15/2002 (Insured; FGIC) 1,035,000 1,050,063 Herkimer County Industrial Development Agency IDR, VRDN (Hale Manufacturing Company) 1.20% (LOC; HSBC Bank USA) 2,960,000 (a) 2,960,000 Town of Islip Industrial Development Agency, IDR VRDN (Brentwood Distribution Co. Facility) 1.25% (LOC; Fleet Bank) 3,750,000 (a) 3,750,000 Katonah-Lewisboro Union Free School District GO Notes, BAN 3.25%, 7/26/2002 4,606,000 4,617,174 Long Island Power Authority, Electric System Revenue, CP: 1.50%, 2/11/2002 (Liquidity Facility: Bayerische Landesbank, BNP Paribas, JP Morgan Chase Bank and State Street Bank and Trust Co.) 3,000,000 3,000,000 1.15%, 3/11/2002 (Liquidity Facility: Bayerische Landesbank, BNP Paribas, JP Morgan Chase Bank and State Street Bank and Trust Co.) 17,000,000 17,000,000 1.65%, 3/25/2002 (Liquidity Facility: Bayerische Landesbank, BNP Paribas, JP Morgan Chase Bank and State Street Bank and Trust Co.) 3,000,000 3,000,000 1.25%, 6/12/2002 (Liquidity Facility: Bayerische Landesbank, BNP Paribas, JP Morgan Chase Bank and State Street Bank and Trust Co.) 8,000,000 8,000,000 Metropolitan Transportation Authority, Transit Facility Revenue, CP: 1.35%, 3/7/2002 (LOC; ABN-AMRO) 12,800,000 12,800,000 1.35%, 3/26/2002 (LOC; ABN-AMRO) 15,000,000 15,000,000 1.35%, 3/28/2002 (LOC; ABN-AMRO) 6,500,000 6,500,000 1.35%, 3/29/2002 (LOC; ABN-AMRO) 15,000,000 15,000,000 1.25%, 6/12/2002 (LOC; ABN-AMRO) 10,700,000 10,700,000 Middle Country Central School District GO Notes 4%, 6/1/2002 (Insured; FSA) 1,600,000 1,609,863 Monroe County, Public Improvement GO Notes, BAN 2.25%, 3/15/2002 5,860,000 5,866,110 Monroe County Industrial Development Agency LR, VRDN (Robert Weslayan College) 1.40% (LOC; Manufacturers and Traders Trust Company) 2,940,000 (a) 2,940,000 Principal DREYFUS NEW YORK MUNICIPAL CASH MANAGEMENT (CONTINUED) Amount ($) Value ($) ------------------------------------------------------------------------------------------------------------------------------------ TAX EXEMPT INVESTMENTS (CONTINUED) ------------------------------------------------------------------------------------------------------------------------------------ Monroe Tobacco Asset Securitization Corporation Tobacco Settlement Revenue, VRDN 1.55% (Liquidity Facility; Merrill Lynch) 3,000,000 (a) 3,000,000 Nassau County Industrial Development Agency Civic Facility Revenue, VRDN (St. Mary's Children Project) 1.50% (LOC; Fleet Bank) 2,635,000 (a) 2,635,000 Nassau County Interim Finance Authority, Revenue, BAN: 2.50%, 5/2/2002 4,600,000 4,613,043 2.50%, 7/18/2002 5,400,000 5,424,563 2.50%, 9/12/2002 6,200,000 6,235,500 New York City, GO Notes: 7.20%, 2/1/2002 (Insured; AMBAC) 4,400,000 (b) 4,466,000 7.75%, 2/1/2002 2,000,000 (b) 2,030,000 6.625%, 8/1/2002 (Insured; AMBAC) 500,000 (b) 519,655 RAN 3%, 4/12/2002 15,000,000 15,029,439 VRDN 1.25% (LOC; Commerzbank) 15,200,000 (a) 15,200,000 New York City Housing Development Corporation, VRDN: (Marmion Avenue Project) 1.30% (LOC; Key Bank) 6,700,000 (a) 6,700,000 (Westmont Apartments) 1.25% 22,000,000 (a) 22,000,000 New York City Industrial Development Agency, VRDN: Civic Facility Revenue: (Brooklyn United Methodist Project) 1.30% (LOC; The Bank of New York) 4,105,000 (a) 4,105,000 (Jewish Community Center) 1.35% (LOC; Manufacturers and Traders Trust Company) 8,700,000 (a) 8,700,000 IDR, Refunding (Plaza Packaging Project) 1.50% (LOC; The Bank of New York) 2,380,000 (a) 2,380,000 Special Facility Revenue (Korean Airlines Co.) 1.40% (LOC; Citibank) 12,700,000 (a) 12,700,000 New York City Municipal Water Finance Authority Water and Sewer System Revenue: CP: 1.25%, 3/7/2002 (LOC: Bank of Nova Scotia, Commerzbank and Toronto-Dominion Bank) 13,000,000 13,000,000 1.20%, 3/12/2002 (LOC: Bank of Nova Scotia, Commerzbank and Toronto-Dominion Bank) 18,500,000 18,500,000 1.20%, 4/25/2002 (LOC; Westdeutsche Landesbank) 4,500,000 4,500,000 VRDN 1.50% (Insured; FGIC and Liquidity Facility; FGIC) 6,000,000 (a) 6,000,000 New York City Transitional Finance Authority, Revenues: BAN 2.75%, 11/13/2002 15,000,000 15,098,808 New York City Recovery Notes 3.25%, 10/2/2002 13,550,000 13,649,688 VRDN, Future Tax Secured: 1.30% (Liquidity Facility; JP Morgan Chase Bank) 7,200,000 (a) 7,200,000 1.50% (Liquidity Facility; Landesbank Baden-Wuerttemberg) 10,200,000 (a) 10,200,000 New York State, GO Notes 2.60%, 8/7/2002 (LOC; Dexia Credit Locale) 2,200,000 2,200,000 The Funds STATEMENT OF INVESTMENTS (CONTINUED) Principal DREYFUS NEW YORK MUNICIPAL CASH MANAGEMENT (CONTINUED) Amount ($) Value ($) ------------------------------------------------------------------------------------------------------------------------------------ TAX EXEMPT INVESTMENTS (CONTINUED) ------------------------------------------------------------------------------------------------------------------------------------ New York State Dormitory Authority, Revenues: CP (Cornell University) 1.40%, 4/8/2002 11,800,000 11,800,000 (NSARC Inc.) 2.25%, 7/1/2002 (Insured; FSA) 315,000 315,448 VRDN: (Memorial Sloan Kettering): 1.50%, Series A (LOC; Chase Manhattan Bank) 3,600,000 (a) 3,600,000 1.50%, Series B (LOC; Chase Manhattan Bank) 4,000,000 (a) 4,000,000 Merlots Program: 1.43%, Series A (Insured; AMBAC and Liquidity Facility; First Union Bank) 2,995,000 (a) 2,995,000 1.43%, Series X (Insured; MBIA and Liquidity Facility; First Union Bank) 5,000,000 (a) 5,000,000 (Metropolitan Museum of Art) 1.25% 5,580,000 (a) 5,580,000 (Miriam Osborne Memorial Home) 1.45% (LOC; BNP Paribas) 2,510,000 (a) 2,510,000 (St. Lukes Hospital) 1.43% (Liquidity Facility; First Union Bank) 4,990,000 (a) 4,990,000 New York State Energy Research and Development Authority: Facilities Revenue, VRDN (Consolidated Edison Co.): 1.30%, Series A-1 (LOC; Barclays Bank) 9,500,000 (a) 9,500,000 1.30%, Series A-3 (LOC; Barclays Bank) 7,900,000 (a) 7,900,000 PCR: (New York State Electric and Gas Co.): 3.13%, 3/15/2002 (LOC; JP Morgan Chase Bank) 4,500,000 4,500,000 2.15%, 10/15/2002 (LOC; Chase Manhattan Bank) 4,000,000 4,000,000 1.92%, 12/1/2002 (LOC; Fleet Bank) 5,500,000 5,500,000 VRDN: 1.50% (LOC; Bank One Corp.) 7,200,000 (a) 7,200,000 (Niagara Mohawk Power Co. Project) 1.60% (LOC; Bank One Corp.) 600,000 (a) 600,000 New York State Housing Finance Agency, VRDN Housing Revenue: (PA 623) 1.35% (Liquidity Facility; Merrill Lynch) 4,990,000 (a) 4,990,000 (Saxony Housing) 1.25% (LOC; FNMA) 21,000,000 (a) 21,000,000 (Theatre Row Tower) 1.35% (LOC; Bayerische Hypo-und Vereinsbank) 7,000,000 (a) 7,000,000 New York State Local Government Assistance Corporation 7%, 4/1/2002 1,595,000 (b) 1,640,297 New York State Mortgage Agency, Revenue 2.20%, 10/1/2002 7,000,000 7,000,000 New York State Power Authority, CP: 1.45%, 3/7/2002 (Liquidity Facility: The Bank of New York, Bank of Nova Scotia, Bayerische Landesbank, Commerzbank, Dexia Credit Locale, First Union Bank, JP Morgan Chase Bank, Landesbank Hessen-Thueringen Girozentrale and State Street Bank and Trust Co.) 3,000,000 3,000,000 1.20%, 3/8/2002 (LOC: The Bank of New York, Bank of Nova Scotia, Bayerische Landesbank, Commerzbank, Dexia Credit Locale, First Union Bank, JP Morgan Chase Bank, Landesbank Hessen-Thueringen Girozentrale, and State Street Bank and Trust Co.) 7,000,000 7,000,000 Principal DREYFUS NEW YORK MUNICIPAL CASH MANAGEMENT (CONTINUED) Amount ($) Value ($) ------------------------------------------------------------------------------------------------------------------------------------ TAX EXEMPT INVESTMENTS (CONTINUED) ------------------------------------------------------------------------------------------------------------------------------------ New York State Thruway Authority : CP 1.20%, 4/10/2002 (LOC; Landesbank Hessen-Thueringen Girozentrale) 16,000,000 16,000,000 Service Contract Revenue 3%, 4/1/2002 7,200,000 7,214,678 Ontario County Industrial Development Agency, IDR VRDN (Dixit Enterprises) 1.40% (LOC; HSBC Bank USA) 3,320,000 (a) 3,320,000 Oswego County Industrial Development Agency, PCR Refunding, VRDN (Philip Morris Companies Project) 1.20% 6,000,000 (a) 6,000,000 Oyster Bay, Public Improvement, GO Notes 3.50%, 4/15/2002 2,247,000 2,254,639 Poughkeepsie Industrial Development Agency, Senior Living Facility Revenue, VRDN (Manor at Woodside Project) 1.40% (LOC; The Bank of New York) 5,000,000 (a) 5,000,000 Renesselaer Industrial Development Agency, IDR (Capital View Office Park Project) 2.09%, 12/31/2002 (LOC; SunTrust Bank) 3,145,000 3,145,000 Spencerport Central School District, GO Notes RAN 2.50%, 10/30/2002 3,200,000 3,219,504 Stony Point, GO Notes, BAN 3.75%, 2/7/2002 4,875,000 4,875,310 Suffolk County Water Authority, VRDN, Water Revenue 1.30% (Liquidity Facility; Bank of Novia Scotia) 15,000,000 (a) 15,000,000 Syracuse Industrial Development Agency, Civic Facility Revenue, VRDN (Community Development Properties-Larned Project) 1.45% (LOC; Manufacturers and Traders Trust Company) 7,235,000 (a) 7,235,000 Triborough Bridge and Tunnel Authority, Revenues, VRDN 1.30%, (Insured; AMBAC and Liquidity Facility; State Street Bank and Trust Co.) 14,000,000 (a) 14,000,000 Ulster County Industrial Development Agency, IDR VRDN (Selux Corporation Project) 1.50% (LOC; The Bank of New York) 2,600,000 (a) 2,600,000 Warren and Washington Counties Industrial Development Agency, Civic Facility Revenue, VRDN (Glen at Hiland Meadows Project) 1.30% (LOC: PNC Bank and Sovereign Bank) 5,000,000 (a) 5,000,000 Westchester County Industrial Agency, VRDN: Civic Facility Revenue (Young Men's Christian Association) 1.30% (LOC; Allied Irish Bank) 4,000,000 (a) 4,000,000 Commercial Facility Revenue (Panorama Flight Service Inc. Project) 1.40% (LOC; The Bank of New York) 5,260,000 (a) 5,260,000 Yates County, GO Notes, BAN 3%, 4/11/2002 4,000,000 4,003,339 Yonkers Industrial Development Agency, Revenue, VRDN, Merlots Program 1.48% (Liquidity Facility; First Union Bank) 3,215,000 (a) 3,215,000 ------------------------------------------------------------------------------------------------------------------------------------ TOTAL INVESTMENTS (cost $611,994,170) 100.5% 611,994,170 LIABILITIES, LESS CASH AND RECEIVABLES (.5%) (3,034,219) NET ASSETS 100.0% 608,959,951 SEE FOOTNOTES ON PAGE 41. SEE NOTES TO FINANCIAL STATEMENTS. The Funds STATEMENT OF INVESTMENTS January 31, 2002 Principal DREYFUS TAX EXEMPT CASH MANAGEMENT Amount ($) Value ($) ------------------------------------------------------------------------------------------------------------------------------------ TAX EXEMPT INVESTMENTS--100.7% ------------------------------------------------------------------------------------------------------------------------------------ ALABAMA--1.2% Alabama Association of Governmental Organizations, COP TRAN 2.75%, 9/30/2002 (Insured; AMBAC) 17,000,000 17,099,424 Columbia Industrial Development Board, PCR, Refunding VRDN (Alabama Power Co. Project): 1.50%, Series A 1,500,000 (a) 1,500,000 1.50%, Series C 3,800,000 (a) 3,800,000 West Jefferson Industrial Development Board, PCR, Refunding VRDN (Alabama Power Co. Project) 1.60% 5,000,000 (a) 5,000,000 ARIZONA--1.7% Apache County Industrial Development Authority, IDR, VRDN (Tucson Electric Power--Springerville Project) 1.35% (LOC; The Bank of New York) 10,500,000 (a) 10,500,000 Salt River Agricultural Improvement and Power District, Electric Systems Revenue, CP: 1.45%, 2/12/2002 9,500,000 9,500,000 1.20%, 2/20/2002 11,400,000 11,400,000 1.30%, 3/8/2002 7,000,000 7,000,000 ARKANSAS--.5% University of Arkansas, University Revenues, Refunding VRDN (UAMS Campus) 1.38% (Insured; MBIA and LOC; Credit Suisse) 10,800,000 (a) 10,800,000 COLORADO--1.1% Colorado Health Facilities Authority, Revenues, VRDN (Covenant Retirement Communities Inc.) 1.40% (LOC; LaSalle Bank) 12,900,000 (a) 12,900,000 Southern Ute Indian Tribe of Southern Ute Indian Reservation GO Notes 1.95%, 8/7/2002 11,000,000 11,000,000 DELAWARE--.9% Delaware Economic Development Authority, VRDN: MFHR (School House Project) 1.40% (LOC; HSBC Bank USA) 14,800,000 (a) 14,800,000 Private Schools Revenue (Saint Andrews School Project) 1.40% (LOC; Allied Irish Bank) 5,000,000 (a) 5,000,000 DISTRICT OF COLUMBIA--1.5% District of Columbia, Revenue: CP 1.65%, 6/12/2002 (LOC; Westdeutsche Landesbank) 6,500,000 6,500,000 VRDN: (American Public Health Association) 1.45% (LOC; PNC Bank) 12,180,000 (a) 12,180,000 (Henry J. Kaiser Foundation) 1.40% (Liquidity Facility; Chase Manhattan Bank) 16,000,000 (a) 16,000,000 FLORIDA--7.9% Broward County, Sales Tax Revenue, CP 1.40%, 2/6/2002 (Liquidity Facility; Dexia Credit Locale) 20,000,000 20,000,000 Capital Projects Finance Authority, Revenue, VRDN Capital Projects Loan Program: 1.35% (Insured; FSA and LOC; SunTrust Bank) 22,085,000 (a) 22,085,000 1.60% (GIC; CDC Funding Corp. and LOC: The Bank of New York, Bayerische Hypo-und Vereinsbank and Landesbank Hessen-Thuringen Girozentrale) 27,200,000 (a) 27,200,000 Principal DREYFUS TAX EXEMPT CASH MANAGEMENT (CONTINUED) Amount ($) Value ($) ------------------------------------------------------------------------------------------------------------------------------------ TAX EXEMPT INVESTMENTS (CONTINUED) ------------------------------------------------------------------------------------------------------------------------------------ FLORIDA (CONTINUED) Florida Housing Finance Agency, MFHR, VRDN 1.35% (LOC; Federal Home Loan Banks) 5,300,000 (a) 5,300,000 Highlands County Health Facilities Authority, Revenue, VRDN (Adventist Health System) 1.40% (Insured; MBIA and Liquidity Facility; Bank of America) 37,500,000 (a) 37,500,000 Hillsborough County Industrial Development Authority, PCR, Refunding VRDN (Tampa Electric Company) 1.65% 9,450,000 (a) 9,450,000 Jacksonville: PCR, Refunding, VRDN (Florida Power and Light Company Project) 1.60% 14,125,000 (a) 14,125,000 Water and Sewer Systems Revenue, CP 1.30%, 2/11/2002 (Liquidity Facility; Toronto Dominion Bank) 7,000,000 7,000,000 Jacksonville Electric Authority, Revenue, CP 1.50%, 2/6/2002 (Liquidity Facility; JP Morgan Chase Bank) 14,000,000 14,000,000 Orange County Health Facilities Authority, Revenues, VRDN (Florida Hospital Association) 1.60% (GIC; CDC Funding Corp. and Liquidity Facility: The Bank of New York, Bank of Nova Scotia and BNP Paribas) 13,000,000 (a) 13,000,000 Tampa Bay Water Utility System, Water Revenue, VRDN Merlots Program 1.50% (Insured; FGIC and Liquidy Facility; First Union Bank) 5,715,000 (a) 5,715,000 GEORGIA--4.7% Albany Dougherty Payroll Development Authority, PCR Refunding, VRDN (Philip Morris Co. Inc.) 1.45% 10,000,000 (a) 10,000,000 Atlanta, Water and Waste Water Revenue, VRDN 1.35% (Insured; FSA and Liquidity Facility; Dexia Credit Locale) 20,000,000 (a) 20,000,000 Dekalb County Hospital Authority, HR, VRDN (Dekalb Medical Center Inc. Project) 1.35% (LOC; Wachovia Bank) 12,500,000 (a) 12,500,000 Fulton County Housing Authority, MFHR, Refunding, VRDN (Spring Creek Crossing) 1.35% (LOC; Wachovia Bank) 15,400,000 (a) 15,400,000 Gainesville and Hall County Development Authority, Revenue VRDN (Senior Living Facility--Lanier) 1.45% (LOC; Regions Bank) 15,000,000 (a) 15,000,000 Gainesville Redevelopment Authority, Educational Facilities Revenue VRDN (Riverside Military Project) 1.40% (LOC; SunTrust Bank) 6,000,000 (a) 6,000,000 Georgia Road and Thruway Authority, Revenue, BAN 2.75%, 11/20/2002 27,000,000 27,071,692 HAWAII--.3% Honolulu City and County, GO Notes 2.85%, 12/4/2002 (Insured; FGIC and Liquidity Facility; FGIC) 5,600,000 5,636,767 IDAHO--.4% Idaho Housing and Finance Association, Nonprofit Facilities Revenue VRDN (Albertson College Project) 1.40% (LOC; Key Bank) 8,250,000 (a) 8,250,000 ILLINOIS--13.3% Chicago, GO Notes 1.90%, 1/3/2003 (LOC; Landesbank Hessen-Thuringen Girozentrale) 13,000,000 13,000,000 Chicago Board of Education, GO Notes, VRDN: 1.35% (Insured; FSA and LOC; Dexia Credit Locale) 25,000,000 (a) 25,000,000 1.40% (Insured; FSA and LOC; Dexia Credit Locale) 12,600,000 (a) 12,600,000 The Funds STATEMENT OF INVESTMENTS (CONTINUED) Principal DREYFUS TAX EXEMPT CASH MANAGEMENT (CONTINUED) Amount ($) Value ($) ------------------------------------------------------------------------------------------------------------------------------------ TAX EXEMPT INVESTMENTS (CONTINUED) ------------------------------------------------------------------------------------------------------------------------------------ ILLINOIS (CONTINUED) Illinois Development Finance Authority, Revenue, VRDN (Evanston Northwestern) 1.40% (Liquidity Facility; Bank One Corp.) 35,000,000 (a) 35,000,000 Illinois Educational Facilities Authority, Revenues: VRDN (Art Institute of Chicago) 1.45% (Liquidity Facility; Harris Trust and Savings) 15,000,000 (a) 15,000,000 (University of Chicago): 2.05%, 8/1/2002 8,000,000 8,000,000 CP 2.10%, 10/2/2002 6,000,000 6,000,000 Illinois Health Facilities Authority, Revenues: (Evanston Hospital Corp.): 1%, Series C, 2/14/2002 5,000,000 5,000,000 1%, Series D, 2/14/2002 10,000,000 10,000,000 (Evanston Northwestern Corp.) 2.90%, 5/31/2002 20,000,000 20,000,000 VRDN: (Franciscan Eldercare Service) 1.40% (LOC; LaSalle Bank) 10,000,000 (a) 10,000,000 (Northwestern Memorial Hospital): 1.50% (Liquidity Facility; Northern Trust Co.) 29,750,000 (a) 29,750,000 1.50% (Liquidity Facility; Westdeutsche Landesbank) 10,000,000 (a) 10,000,000 (Rehab Institute Chicago Project) 1.40% (LOC; Bank of America) 45,100,000 (a) 45,100,000 (Resurrection Health) 1.35% (Insured; FSA and Liquidity Facility; LaSalle Bank) 28,350,000 (a) 28,350,000 Regional Transportation Authority, VRDN Merlots Program 1.50% (Insured; MBIA and Liquidity Facility; First Union Bank) 5,000,000 (a) 5,000,000 Saint Clair County, Industrial Building Revenue, Refunding VRDN (Winchester Apartments Project) 1.37% (LOC; LaSalle Bank) 15,550,000 (a) 15,550,000 University of Illinois, University Revenue, VRDN, Merlots Program 1.50% (Insured; AMBAC and Liquidity Facility; Wachovia Bank) 3,100,000 (a) 3,100,000 INDIANA--1.6% Indiana Bond Bank, GO Notes Advance Funding Program 2.25%, 7/23/2002 (LOC; The Bank of New York) 15,000,000 15,065,400 Indiana Health Facilities Financing Authority Health Facilities Revenue, VRDN: (Baptist Homes of Indiana) 1.40% (LOC; LaSalle Bank) 10,000,000 (a) 10,000,000 (Clark Memorial Hospital Project) 1.55% (LOC; Bank One Corp.) 10,000,000 (a) 10,000,000 IOWA--1.7% Iowa, GO Notes, TRAN 3%, 6/27/2002 20,000,000 20,091,319 Louisa County, PCR, Refunding, VRDN (Midwest Power System Inc. Project) 1.40% 17,900,000 (a) 17,900,000 KANSAS--2.4% Kansas City, MFHR, Refunding, VRDN (Wood View Apartments Project) 1.40% (LOC; Federal Home Loan Bank) 10,195,000 (a) 10,195,000 Midwest Tax-Exempt Bond Grantor Trust, Revenue, VRDN 1.70% (LOC; Huntington National Bank) 9,675,450 (a) 9,675,450 Principal DREYFUS TAX EXEMPT CASH MANAGEMENT (CONTINUED) Amount ($) Value ($) ------------------------------------------------------------------------------------------------------------------------------------ TAX EXEMPT INVESTMENTS (CONTINUED) ------------------------------------------------------------------------------------------------------------------------------------ KANSAS (CONTINUED) Wyandotte County/Kansas City Unified Government Renewal Municipal Temporary Notes: GO Notes: 2.70%, 2/1/2002 2,729,000 2,729,000 4.04%, 2/1/2002 7,717,000 7,717,000 4.05%, 2/1/2002 5,275,000 5,275,000 3.20%, 5/1/2002 4,658,000 4,658,000 2.75%, 6/1/2002 3,172,000 3,172,000 Revenue 1.75%, 2/1/2003 10,000,000 10,000,000 KENTUCKY--3.5% Jefferson County, Student Housing Industrial Building Revenue VRDN (University of Louisville Project) 1.31% (LOC; First Union Bank) 20,000,000 (a) 20,000,000 Kentucky Interlocal School Transportation Association, COP TRAN 3.75%, 6/28/2002 7,500,000 7,530,265 Ohio County, PCR, VRDN (Big Rivers Electric Corp. Project) 1.35% (Insured; AMBAC and Liquidity Facility; Credit Suisse) 34,800,000 (a) 34,800,000 Warren County, Hospital Facility Revenue, VRDN (Bowling Green) 1.45% (LOC; Bank One Corp.) 15,000,000 (a) 15,000,000 LOUISIANA--6.1% Louisiana Local Government Environmental Facilities Community Development Authority Revenues, VRDN: LCDA Loan Financing Program 1.60% (Liquidity Facility: AmSouth Bank and BNP Paribas and LOC; CDC Funding Corp.) 15,000,000 (a) 15,000,000 Merlots Program 1.50% (Insured; AMBAC and LOC; First Union Bank) 8,150,000 (a) 8,150,000 Louisiana Public Facilities Authority: CP: 1.25%, 2/25/2002 (Insured; AMBAC and Liquidity Facility; Credit Suisse) 10,000,000 10,000,000 1.25%, 4/4/2002 (Insured; AMBAC and Liquidity Facility; Credit Suisse) 10,000,000 10,000,000 VRDN: HR, Refunding, Hospital Equipment Finance Program 1.35% (LOC; Bank One Corp.) 21,800,000 (a) 21,800,000 Revenue: Equipment and Capital Facilities Loan Program: 1.45% (LOC; Branch Banking and Trust) 11,975,000 (a) 11,975,000 1.45% (LOC; Kredietbank) 9,000,000 (a) 9,000,000 (Pennington Medical Funding Project) 1.45% (LOC; Bank One Corp.) 20,000,000 (a) 20,000,000 Plaquemines Port Harbor and Terminal District, Port Facilities Revenue (Chevron Pipe Line) 2.74%, 9/3/2002 13,000,000 13,000,000 Tobacco Settlement Financing Corporation, Revenue, VRDN 1.70% (Liquidity Facility; Merrill Lynch) 17,005,000 (a) 17,005,000 MARYLAND--1.3% Maryland Health and Higher Educational Facilities Authority Revenue, VRDN (Mercey Ridge) 1.35% (LOC; Allied Irish Banks) 28,200,000 (a) 28,200,000 The Funds STATEMENT OF INVESTMENTS (CONTINUED) Principal DREYFUS TAX EXEMPT CASH MANAGEMENT (CONTINUED) Amount ($) Value ($) ------------------------------------------------------------------------------------------------------------------------------------ TAX EXEMPT INVESTMENTS (CONTINUED) ------------------------------------------------------------------------------------------------------------------------------------ MASSACHUSETTS--3.3% Acushnet, GO Notes, BAN 2.50%, 8/16/2002 13,000,000 13,048,252 Commonwealth of Massachusetts, CP 1.40%, 2/12/2002 (Liquidity Facility; BNP Paribas) 10,000,000 10,000,000 Massachusetts Development Finance Agency, Revenue, VRDN (Carleton-Willard Village) 1.30% (LOC; Fleet Bank) 13,600,000 (a) 13,600,000 Medford, GO Notes, BAN 2.40%, 11/14/2002 10,000,000 10,048,231 New England Education Loan Marketing Corporation Student Loan Revenue, Refunding 5.80%, 3/1/2002 12,000,000 12,023,386 North Adams, GO Notes, BAN 4%, 2/26/2002 6,000,000 6,002,378 Southeastern Regional Transit Authority, RAN 3.125%, 9/13/2002 8,235,000 8,264,771 MICHIGAN--2.2% Detroit Downtown Development Authority, Revenue, Refunding VRDN (Millender Center Project) 1.35% (LOC; HSBC Bank USA) 8,000,000 (a) 8,000,000 Detroit Sewage Disposal, Revenue, VRDN, Merlots Program 1.50% (Insured; FGIC and Liquidity Facility; Wachovia Bank) 6,350,000 (a) 6,350,000 Lake St. Clair Shores Drainage District, GO Notes, VRDN 1.36% (Liquidity Facility; Comerica Bank) 10,000,000 (a) 10,000,000 Michigan Hospital Finance Authority, Revenues, VRDN Hospital Equipment Loan Program 1.26% (LOC; Michigan National Bank) 19,500,000 (a) 19,500,000 Michigan Municipal Board Authority, Revenue 4%, 4/11/2002 6,000,000 6,010,117 MINNESOTA--1.6% Minnesota School Districts, TAN, COP, Tax and Aid Anticipation Borrowing Program 4%, 2/12/2002 5,000,000 5,000,992 Rochester, Health Care Facilities Revenue, CP (Mayo Clinic) 1.25%, 2/11/2002 (LOC; Wells Fargo Bank) 30,000,000 30,000,000 MISSISSIPPI--.4% Mississippi Business Finance Corporation, Revenue, VRDN (Mississipi College Project) 1.43% (LOC; First Tennessee Bank) 9,700,000 (a) 9,700,000 MISSOURI--.9% Kansas City Industrial Development Authority, MFHR, Refunding, VRDN (Coach House South Apartments) 1.35% (LOC; FHLM) 20,000,000 (a) 20,000,000 NEBRASKA--1.2% Nebhelp Inc., Revenue, VRDN Multiple Mode Student Loan 1.40% (Insured; MBIA and Liquidity Facility; Student Loan Marketing Association) 27,340,000 (a) 27,340,000 NEVADA--.4% Las Vegas Valley Water District, CP 1.45%, 2/11/2002 (LOC: Union Bank of Switzerland and Westdeutsche Landesbank) 10,000,000 10,000,000 NEW HAMPSHIRE--.4% New Hampshire Health and Education Authority, HR VRDN (Wentworth Douglass Hospital) 1.60% (Liquidity Facility: Asset Guaranty and Fleet Bank) 8,000,000 (a) 8,000,000 NEW MEXICO--.2% New Mexico Hospital Equipment Loan Council, Revenue, VRDN Pooled Loan Program 1.60% (GIC; CDC Funding Corp. and Liquidity Facility; Landesbank Hessen-Thuringen Girozentrale) 5,000,000 (a) 5,000,000 Principal DREYFUS TAX EXEMPT CASH MANAGEMENT (CONTINUED) Amount ($) Value ($) ------------------------------------------------------------------------------------------------------------------------------------ TAX EXEMPT INVESTMENTS (CONTINUED) ------------------------------------------------------------------------------------------------------------------------------------ NEW YORK--2.5% New York, GO Notes, RAN 3%, 4/12/2002 47,000,000 47,092,538 New York City Transitional Finance Authority, Revenue 3.25%, 10/2/2002 8,845,000 8,909,783 NORTH CAROLINA--.9% North Carolina Medical Care Commission, Health Care Facilities Revenue, VRDN (Grace Hospital Inc.) 1.35% (LOC; Wachovia Bank) 20,400,000 (a) 20,400,000 OHIO--1.1% Hamilton County, Hospital Facilities Revenue, VRDN (Children's Hospital Medical Center): 1.46% (LOC; U. S. Bank) 5,000,000 (a) 5,000,000 1.48% (LOC; PNC Bank) 9,250,000 (a) 9,250,000 Ohio Water Development Authority Water Pollution Control Revenue, BAN 2.50%, 3/28/2002 10,000,000 10,017,500 PENNSYLVANIA--9.2% Allegheny County Industrial Development Authority, Refunding, VRDN: Health and Housing Facilities Revenue (Longwood) 1.55% (Liquidity Facility: Asset Guaranty and Fleet Bank) 8,630,000 (a) 8,630,000 PCR (Duquesne) 1.45% (Insured; AMBAC and Liquidity Facility; The Bank of New York) 6,300,000 (a) 6,300,000 Dauphin County General Authority, Revenue, VRDN School District Pooled Financing Program 1.35% (Insured; AMBAC and Liquidity Facility: Bank of Nova Scotia and Commerzbank) 40,000,000 (a) 40,000,000 Emmaus, General Authority Revenue, VRDN: 1.35% (LOC; Bayerische Hypo-und Vereinsbank) 10,000,000 (a) 10,000,000 1.40%, Series A (GIC; Goldman Sachs and Co.) 7,000,000 (a) 7,000,000 1.40%, Series E (GIC; Goldman Sachs and Co.) 17,000,000 (a) 17,000,000 (Hanover Public School) 1.35% (LOC; Bayerische Hypo-und Vereinsbank) 7,000,000 (a) 7,000,000 Local Government: 1.40%, Series B-6 (GIC; Goldman Sachs and Co.) 28,700,000 (a) 28,700,000 1.40%, Series F-1 (GIC; Goldman Sachs and Co.) 10,000,000 (a) 10,000,000 (Council Rock School) 1.35% (LOC; Bayerische Landesbank) 5,000,000 (a) 5,000,000 (Freeport School) 1.35% (LOC; Kredietbank) 8,000,000 (a) 8,000,000 (Kutztown School) 1.35% (LOC; Kredietbank) 10,000,000 (a) 10,000,000 (Lower Dauphin School) 1.35% (LOC; Bayerische Landesbank) 10,000,000 (a) 10,000,000 (Springfield School) 1.35% (LOC; Bayerische Landesbank) 7,500,000 (a) 7,500,000 (Upper Moreland) 1.35% (LOC; Bayerische Landesbank) 2,910,000 (a) 2,910,000 Huntingdon County General Authority College and University Revenue (Juanita College Project) 4%, 5/1/2002 (LOC; PNC Bank) 10,450,000 10,474,897 Schuylkill County, GO Notes, VRDN 1.45% (Insured; AMBAC and LOC; First Union Bank) 8,000,000 (a) 8,000,000 Southcentral General Authority, Revenue, VRDN 1.43% (Insured; AMBAC and Liquidity Facility; JP Morgan Chase Bank) 8,000,000 (a) 8,000,000 The Funds STATEMENT OF INVESTMENTS (CONTINUED) Principal DREYFUS TAX EXEMPT CASH MANAGEMENT (CONTINUED) Amount ($) Value ($) ------------------------------------------------------------------------------------------------------------------------------------ TAX EXEMPT INVESTMENTS (CONTINUED) ------------------------------------------------------------------------------------------------------------------------------------ SOUTH CAROLINA--1.6% Chesterfield County School District, GO Notes, BAN 3%, 8/1/2002 15,000,000 15,062,152 South Carolina Jobs Economic Development Authority, Health Facilities Revenue, VRDN (Presbyterian Home of South Carolina) 1.35% (LOC; Wachovia Bank) 8,350,000 (a) 8,350,000 Tobacco Settlement Revenue Management Authority Tobacco Settlement Revenue, VRDN 1.70% (LOC; Merrill Lynch) 2,645,000 (a) 2,645,000 Union Hospital District, Health Care Revenue, VRDN (Wallace Thompson) 1.35% (LOC; Wachovia Bank) 9,460,000 (a) 9,460,000 TENNESSEE--7.6% Johnson City Health and Educational Facilities Board, HR, VRDN Merlots Program 1.55% (Insured; MBIA and LOC; First Union Bank) 19,865,000 (a) 19,865,000 Montgomery County Public Building Authority Pooled Financing Revenue, VRDN: Government Obligation (Montgomery County Loan) 1.40% (LOC; Bank of America) 21,595,000 (a) 21,595,000 (Tennessee County Loan) 1.40% (LOC; Bank of America) 44,790,000 (a) 44,790,000 Sevier County Public Building Authority, Local Government Public Improvement, VRDN: Revenue: 1.38% (Insured; AMBAC and Liquidity Facility; Kredietbank) 9,290,000 (a) 9,290,000 1.38% (Insured; AMBAC and Liquidity Facility; Landesbank Hessen-Thuringen Girozentrale) 10,000,000 (a) 10,000,000 Water and Sewer Revenue 1.38% (Insured; AMBAC and Liquidity Facility; Kredietbank) 12,500,000 (a) 12,500,000 Shelby County, CP (Baptist Memorial Hospital): 1.25%, 4/18/2002 (LOC; Bank of America) 4,500,000 4,500,000 1.40%, 4/18/2002 (LOC; Bank of America) 11,700,000 11,700,000 Shelby County Health Educational and Housing Facilities Board HR, CP (Baptist Memorial Hospital) 1.45%, 4/18/2002 (LOC; Bank of America) 35,000,000 35,000,000 TEXAS--5.8% Harris County Health Facilities Development Corporation HR, VRDN (Texas Children's Hospital) 1.50% (Insured; MBIA and Liquidity Facility; JP Morgan Chase Bank) 1,100,000 (a) 1,100,000 Hockley County Industrial Development Corporation, PCR (Amoco Project-Standard Oil Co.) 2.70%, 9/1/2002 10,000,000 10,000,000 City of Houston, Water and Sewer Systems Revenue: CP 1.70%, 2/20/2002 (Liquidity Facility: Bayerische Landesbank and Westdeutsche Landesbank) 10,000,000 10,000,000 VRDN, Merlots Program 1.50% (Insured; MBIA and LOC; First Union Bank) 3,945,000 (a) 3,945,000 Houston Independent School District, GO Notes 5%, 7/15/2002 6,500,000 6,593,765 North Central Health Facility Development Corporation, Revenue VRDN (Retirement Facility--Northwest Senior Housing) 1.40% (LOC; LaSalle Bank) 12,500,000 (a) 12,500,000 Principal DREYFUS TAX EXEMPT CASH MANAGEMENT (CONTINUED) Amount ($) Value ($) ------------------------------------------------------------------------------------------------------------------------------------ TAX EXEMPT INVESTMENTS (CONTINUED) ------------------------------------------------------------------------------------------------------------------------------------ TEXAS (CONTINUED) City of San Antonio, Electric and Gas Revenue: 6%, 2/1/2002 10,155,000 (b) 10,256,550 Water Revenue: CP 1.25%, 4/9/2002 (Liquidity Facility: Landesbank Baden-Wurttemberg and Westdeutsche Landesbank) 12,500,000 12,500,000 VRDN, Merlots Program 1.50% (Liquidity Facility; First Union Bank) 10,000,000 (a) 10,000,000 Texas Association of School Boards, COP, BAN 2.75%, 8/30/2002 22,000,000 22,018,454 Texas Municipal Power Agency, Revenue, CP 1.40%, 4/4/2002 (Liquidity Facility: Bayerische Landesbank, JP Morgan Chase Bank and State Street Bank and Trust Co.) 15,000,000 15,000,000 Texas Public Finance Authority, Revenue, CP 1.25%, 2/20/2002 6,000,000 6,000,000 University of Texas System Board of Regents, University Revenues CP 1.75%, 5/23/2002 10,000,000 10,000,000 UTAH--1.1% Intermountain Power Agency, Power Supply Revenue: 2.05%, 3/15/2002 (Insured; AMBAC and Liquidity Facility; Landesbank Hessen-Thuringen Girozentrale) 9,200,000 9,200,000 CP 1.30%, 3/11/2002 (Liquidity Facility: Bank of America and Bank of Nova Scotia) 15,000,000 15,000,000 VERMONT--.4% Vermont Educational and Health Buildings Financing Agency Revenue, VRDN, Capital Asset Financing Program 1.40% (LOC: Manufacturers and Traders Bank and Vermont National Bank) 9,425,000 (a) 9,425,000 VIRGINIA--2.5% Alexandria Industrial Development Authority, Revenue, VRDN (Institute Defense Analyses) 1.45% (Insured; AMBAC and Liquidity Facility; First Union Bank) 16,445,000 (a) 16,445,000 Fredericksburg Industrial Development Authority, Historical Facilities Revenue, VRDN (George Washington Foundation) 1.35% (LOC; First Union Bank) 10,000,000 (a) 10,000,000 Virginia Beach Development Authority, Residential Care Facility Mortgage Revenue, VRDN (Westminster--Canterbury) 1.35% (LOC; First Union Bank) 30,500,000 (a) 30,500,000 WASHINGTON--1.7% Washington, GO Notes, Refunding 5.375%, 9/1/2002 11,650,000 11,885,144 Washington Health Care Facilities Authority, Revenues, VRDN: (Provail) 1.40% (LOC; Key Bank) 5,635,000 (a) 5,635,000 (Seattle Cancer Care) 1.35% (LOC; Key Bank) 21,100,000 (a) 21,100,000 WEST VIRGINIA--.9% Weirton Municipal Hospital Building Commission, HR (Weirton Medical Center Inc.) 3.50%, 12/1/2002 (LOC; PNC Bank) 7,250,000 7,329,660 The Funds STATEMENT OF INVESTMENTS (CONTINUED) Principal DREYFUS TAX EXEMPT CASH MANAGEMENT (CONTINUED) Amount ($) Value ($) ------------------------------------------------------------------------------------------------------------------------------------ TAX EXEMPT INVESTMENTS (CONTINUED) ------------------------------------------------------------------------------------------------------------------------------------ WEST VIRGINIA (CONTINUED) West Virginia Hospital Finance Authority, Revenues, VRDN WVHA Pooled Finance Program 1.50% (Liquidity Facility: Bank of Nova Scotia and BNP Paribas and LOC; Bank of America) 13,900,000 (a) 13,900,000 WISCONSIN--4.7% Byron, IDR, Refunding, VRDN (Ocean Spray Inc. Project) 1.35% (LOC; Wachovia Bank) 6,500,000 (a) 6,500,000 Douglas County, GO Notes, BAN 2.75%, 12/1/2002 5,200,000 5,225,428 New Berlin School District, Go Notes, TRAN 2.40%, 9/13/2002 8,000,000 8,014,347 West Allis, Revenue, VRDN (State Fair Park Exposition) 1.40% (LOC; Firstar Bank) 7,000,000 (a) 7,000,000 State of Wisconsin: 3.75%, 6/17/2002 17,000,000 17,103,098 2.795%, 8/1/2002 10,000,000 10,000,000 Wisconsin Health and Educational Facilities Authority Revenues, VRDN: (Gunderson Lutheran) 1.50% (Insured; FSA and Liquidity Facility; Dexia Credit Locale) 5,000,000 (a) 5,000,000 Pooled Loan Financing Program 1.50% (GIC; Bank of America and Liquidity Facility; The Bank of New York) 39,780,000 (a) 39,780,000 Wisconsin School Districts, COP Cash Flow Management Program 2.25%, 11/1/2002 7,000,000 7,011,793 ------------------------------------------------------------------------------------------------------------------------------------ TOTAL INVESTMENTS (cost $2,248,399,553) 100.7% 2,248,399,553 LIABILITIES, LESS CASH AND RECEIVABLES (.7%) (16,105,678) NET ASSETS 100.0% 2,232,293,875 SEE FOOTNOTES ON PAGE 41. SEE NOTES TO FINANCIAL STATEMENTS. Summary of Abbreviations AMBAC American Municipal Bond Assurance Corporation BAN Bond Anticipation Notes COP Certificate of Participation CP Commercial Paper EDR Economic Development Revenue FGIC Financial Guaranty Insurance Company FHLM Federal Home Loan Mortgage FNMA Federal National Mortgage Association FSA Financial Security Assurance GIC Guaranteed Investment Contract GO General Obligation HR Hospital Revenue IDR Industrial Development Revenue LOC Letter of Credit LOR Limited Obligation Revenue LR Lease Revenue MBIA Municipal Bond Investors Assurance Insurance Corporation MFHR Multi-Family Housing Revenue PCR Pollution Control Revenue RAN Revenue Anticipation Notes RRR Resources Recovery Revenue SWDR Solid Waste Disposal Revenue TAN Tax Anticipation Notes TRAN Tax and Revenue Anticipation Notes VRDN Variable Rate Demand Notes 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 82.3 86.9 87.9 AAA/AA (c) Aaa/Aa (c) AAA/AA (c) 10.1 5.0 7.3 Not Rated (d) Not Rated (d) Not Rated (d) 7.6 8.1 4.8 100.0 100.0 100.0 (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 OR 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. (E) AT JANUARY 31, 2002, DREYFUS TAX EXEMPT CASH MANAGEMENT HAD $679,549,659 (30.4% OF NET ASSETS) INVESTED IN SECURITIES WHOSE PAYMENT OF PRINCIPAL AND INTEREST IS DEPENDENT UPON REVENUES GENERATED FROM HEALTH CARE PROJECTS. SEE NOTES TO FINANCIAL STATEMENTS. The Funds STATEMENT OF ASSETS AND LIABILITIES (amounts in thousands, except Net Asset Value Per Share) January 31, 2002 DREYFUS DREYFUS DREYFUS DREYFUS DREYFUS DREYFUS CASH GOVERNMENT GOVERNMENT TREASURY TREASURY CASH MANAGEMENT CASH PRIME CASH CASH PRIME CASH MANAGEMENT PLUS, INC. MANAGEMENT MANAGEMENT MANAGEMENT MANAGEMENT ------------------------------------------------------------------------------------------------------------------------------------ ASSETS ($): Investments at value--Note 1(a,b)((+)) 15,217,127(a) 30,724,309 9,669,088(a) 1,051,029 4,067,370(a) 5,209,122 Interest receivable 59,567 190,086 50,370 1,276 14,047 12,469 15,276,694 30,914,395 9,719,458 1,052,305 4,081,417 5,221,591 ------------------------------------------------------------------------------------------------------------------------------------ LIABILITIES ($): Due to The Dreyfus Corporation and affiliates 1,697 4,724 2,315 387 814 1,097 Cash overdraft due to Custodian 21,501 60,381 11,524 634 11,169 5,167 Payable for investment securities purchased -- 700,012 -- 9,963 -- -- 23,198 765,117 13,839 10,984 11,983 6,264 ------------------------------------------------------------------------------------------------------------------------------------ NET ASSETS ($) 15,253,496 30,149,278 9,705,619 1,041,321 4,069,434 5,215,327 ------------------------------------------------------------------------------------------------------------------------------------ COMPOSITION OF NET ASSETS ($): Paid-in capital 15,253,665 30,149,585 9,705,810 1,041,377 4,069,754 5,215,539 Accumulated net realized gain (loss) on investments (169) (307) (191) (56) (320) (212) ------------------------------------------------------------------------------------------------------------------------------------ NET ASSETS ($) 15,253,496 30,149,278 9,705,619 1,041,321 4,069,434 5,215,327 ------------------------------------------------------------------------------------------------------------------------------------ NET ASSET VALUE PER SHARE INSTITUTIONAL SHARES Net Assets ($) 13,259,537 27,178,757 7,049,243 359,804 2,787,323 3,331,329 Shares Outstanding 13,259,715 27,179,107 7,049,425 359,835 2,787,669 3,331,664 NET ASSET VALUE PER SHARE ($) 1.00 1.00 1.00 1.00 1.00 1.00 ------------------------------------------------------------------------------------------------------------------------------------ INVESTOR SHARES Net Assets ($) 1,286,428 1,547,105 1,510,260 196,312 1,034,931 1,300,186 Shares Outstanding 1,286,434 1,547,095 1,510,272 196,316 1,034,917 1,300,139 NET ASSET VALUE PER SHARE ($) 1.00 1.00 1.00 1.00 1.00 1.00 ------------------------------------------------------------------------------------------------------------------------------------ ADMINISTRATIVE SHARES Net Assets ($) 506,491 932,405 622,758 86,161 126,521 61,513 Shares Outstanding 506,487 932,400 622,760 86,162 126,515 61,504 NET ASSET VALUE PER SHARE ($) 1.00 1.00 1.00 1.00 1.00 1.00 ------------------------------------------------------------------------------------------------------------------------------------ PARTICIPANT SHARES Net Assets ($) 201,040 491,011 523,358 399,044 120,659 522,299 Shares Outstanding 201,029 490,983 523,353 399,064 120,653 522,232 NET ASSET VALUE PER SHARE ($) 1.00 1.00 1.00 1.00 1.00 1.00 ------------------------------------------------------------------------------------------------------------------------------------ ((+)) Investments at cost ($) 15,217,127 30,724,309 9,669,088 1,051,029 4,067,370 5,209,122 (A) AMOUNTS INCLUDE REPURCHASE AGREEMENTS OF $500,000,000, $186,565,000 AND $1,742,256,000 FOR DREYFUS CASH MANAGEMENT, DREYFUS GOVERNMENT CASH MANAGEMENT AND DREYFUS TREASURY CASH MANAGEMENT, RESPECTIVELY. SEE NOTE 1(B). SEE NOTES TO FINANCIAL STATEMENTS. DREYFUS DREYFUS DREYFUS MUNICIPAL CASH NEW YORK TAX EXEMPT MANAGEMENT MUNICIPAL CASH CASH PLUS MANAGEMENT MANAGEMENT ------------------------------------------------------------------------------------------------------------------------------------ ASSETS ($): Investments at value--Note 1(a,b)((+)) 273,013 611,994 2,248,400 Cash 382 -- -- Interest receivable 1,255 2,274 7,622 274,650 614,268 2,256,022 ------------------------------------------------------------------------------------------------------------------------------------ LIABILITIES ($): Due to The Dreyfus Corporation and affiliates 58 91 425 Cash overdraft due to Custodian -- 209 3,012 Payable for investment securities purchased -- 5,008 20,291 58 5,308 23,728 ------------------------------------------------------------------------------------------------------------------------------------ NET ASSETS ($) 274,592 608,960 2,232,294 ------------------------------------------------------------------------------------------------------------------------------------ COMPOSITION OF NET ASSETS ($): Paid-in capital 274,647 608,964 2,232,808 Accumulated net realized gain (loss) on investments (55) (4) (514) ------------------------------------------------------------------------------------------------------------------------------------ NET ASSETS ($) 274,592 608,960 2,232,294 ------------------------------------------------------------------------------------------------------------------------------------ NET ASSET VALUE PER SHARE INSTITITUTIONAL SHARES Net Assets ($) 125,064 588,204 1,879,565 Shares Outstanding 125,208 588,206 1,880,056 NET ASSET VALUE PER SHARE ($) 1.00 1.00 1.00 ------------------------------------------------------------------------------------------------------------------------------------ INVESTOR SHARES Net Assets ($) 62,866 17,021 194,629 Shares Outstanding 62,863 17,023 194,655 NET ASSET VALUE PER SHARE ($) 1.00 1.00 1.00 ------------------------------------------------------------------------------------------------------------------------------------ ADMINISTRATIVE SHARES Net Assets ($) 71,156 3,430 6,969 Shares Outstanding 71,155 3,430 6,968 NET ASSET VALUE PER SHARE ($) 1.00 1.00 1.00 ------------------------------------------------------------------------------------------------------------------------------------ PARTICIPANT SHARES Net Assets ($) 15,506 305 151,131 Shares Outstanding 15,504 305 151,129 NET ASSET VALUE PER SHARE ($) 1.00 1.00 1.00 ------------------------------------------------------------------------------------------------------------------------------------ ((+)) Investments at cost ($) 273,013 611,994 2,248,400 SEE NOTES TO FINANCIAL STATEMENTS. The Funds STATEMENT OF OPERATIONS (amounts in thousands) Year Ended January 31, 2002 DREYFUS DREYFUS DREYFUS DREYFUS DREYFUS DREYFUS CASH GOVERNMENT GOVERNMENT TREASURY TREASURY CASH MANAGEMENT CASH PRIME CASH CASH PRIME CASH MANAGEMENT PLUS, INC. MANAGEMENT MANAGEMENT MANAGEMENT MANAGEMENT ------------------------------------------------------------------------------------------------------------------------------------ INVESTMENT INCOME ($): INTEREST INCOME 508,832 754,629 279,514 31,077 123,331 143,413 EXPENSES: Management fee--Note 2(a) 26,488 40,316 15,243 1,745 6,815 7,971 Distribution fees--Note 2(b): Investor Shares 3,235 2,655 2,673 219 2,013 2,087 Administrative Shares 345 366 469 36 41 42 Participant Shares 1,011 1,703 1,289 1,702 485 2,504 TOTAL EXPENSES 31,079 45,040 19,674 3,702 9,354 12,604 INVESTMENT INCOME--NET 477,753 709,589 259,840 27,375 113,977 130,809 ------------------------------------------------------------------------------------------------------------------------------------ NET REALIZED GAIN (LOSS) ON INVESTMENTS--NOTE 1(B) ($) 336 485 (53) 22 410 848 NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS 478,089 710,074 259,787 27,397 114,387 131,657 SEE NOTES TO FINANCIAL STATEMENTS. DREYFUS DREYFUS DREYFUS MUNICIPAL CASH NEW YORK TAX EXEMPT MANAGEMENT MUNICIPAL CASH CASH PLUS MANAGEMENT MANAGEMENT ------------------------------------------------------------------------------------------------------------------------------------ INVESTMENT INCOME ($): INTEREST INCOME 6,314 10,899 53,907 EXPENSES: Management fee--Note 2(a) 474 892 4,145 Distribution fees--Note 2(b): Investor Shares 142 56 441 Administrative Shares 10 6 9 Participant Shares 60 3 620 TOTAL EXPENSES 686 957 5,215 INVESTMENT INCOME--NET 5,628 9,942 48,692 ------------------------------------------------------------------------------------------------------------------------------------ REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS--NOTE 1(B) ($): Net realized gain (loss) on investments 22 -- 152 Net unrealized appreciation (depreciation) on investments (6) -- (25) NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS 16 -- 127 NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS 5,644 9,942 48,819 SEE NOTES TO FINANCIAL STATEMENTS. The Funds STATEMENT OF CHANGES IN NET ASSETS (amounts in thousands) DREYFUS CASH MANAGEMENT DREYFUS CASH MANAGEMENT PLUS, INC. --------------------------- ---------------------------------- YEAR ENDED JANUARY 31, YEAR ENDED JANUARY 31, 2002 2001 2002 2001 ------------------------------------------------------------------------------------------------------------------------------------ OPERATIONS ($): Investment income--net 477,753 531,358 709,589 582,399 Net realized gain (loss) on investments 336 15 485 750 NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS 478,089 531,373 710,074 583,149 ------------------------------------------------------------------------------------------------------------------------------------ DIVIDENDS TO SHAREHOLDERS FROM ($): Investment income--net: Institutional Shares (414,430) (451,577) (647,891) (516,137) Investor Shares (43,466) (51,160) (36,292) (38,200) Administrative Shares (10,756) (8,485) (11,025) (9,975) Participant Shares (9,101) (20,136) (14,381) (18,087) TOTAL DIVIDENDS (477,753) (531,358) (709,589) (582,399) ------------------------------------------------------------------------------------------------------------------------------------ BENEFICIAL INTEREST/CAPITAL STOCK TRANSACTIONS ($1.00 per share): Net proceeds from shares sold: Institutional Shares 108,595,273 82,455,912 195,539,966 119,652,542 Investor Shares 8,366,746 5,327,180 6,063,282 3,814,805 Administrative Shares 3,572,869 1,185,330 4,314,907 749,495 Participant Shares 999,116 1,801,353 1,614,817 2,044,207 Dividends reinvested: Institutional Shares 125,040 129,897 267,566 247,367 Investor Shares 23,160 15,255 32,051 32,429 Administrative Shares 4,452 2,858 6,305 8,868 Participant Shares 2,159 7,325 13,692 17,353 Cost of shares redeemed: Institutional Shares (104,586,113) (82,475,817) (178,981,470) (116,072,086) Investor Shares (8,070,028) (5,053,743) (5,297,675) (3,795,228) Administrative Shares (3,196,431) (1,235,703) (3,427,468) (749,806) Participant Shares (1,001,778) (1,823,477) (1,567,495) (1,818,000) INCREASE (DECREASE) IN NET ASSETS FROM BENEFICIAL INTEREST/CAPITAL STOCK TRANSACTIONS 4,834,465 336,370 18,578,478 4,131,946 TOTAL INCREASE (DECREASE) IN NET ASSETS 4,834,801 336,385 18,578,963 4,132,696 ------------------------------------------------------------------------------------------------------------------------------------ NET ASSETS ($): Beginning of Period 10,418,695 10,082,310 11,570,315 7,437,619 END OF PERIOD 15,253,496 10,418,695 30,149,278 11,570,315 SEE NOTES TO FINANCIAL STATEMENTS. DREYFUS GOVERNMENT DREYFUS GOVERNMENT CASH MANAGEMENT PRIME CASH MANAGEMENT ------------------------ ------------------------- YEAR ENDED JANUARY 31, YEAR ENDED JANUARY 31, 2002 2001 2002 2001 ------------------------------------------------------------------------------------------------------------------------------------ OPERATIONS ($): Investment income--net 259,840 256,909 27,375 33,804 Net realized gain (loss) on investments (53) 554 22 (39) NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS 259,787 257,463 27,397 33,765 ------------------------------------------------------------------------------------------------------------------------------------ DIVIDENDS TO SHAREHOLDERS FROM ($): Investment income--net: Institutional Shares (204,320) (211,312) (10,955) (15,156) Investor Shares (32,870) (40,171) (2,586) (3,219) Administrative Shares (13,631) (2,381) (749) (89) Participant Shares (9,019) (3,045) (13,085) (15,340) TOTAL DIVIDENDS (259,840) (256,909) (27,375) (33,804) ------------------------------------------------------------------------------------------------------------------------------------ BENEFICIAL INTEREST TRANSACTIONS ($1.00 per share): Net proceeds from shares sold: Institutional Shares 39,634,599 32,206,685 1,249,360 1,341,983 Investor Shares 8,504,933 6,009,329 341,509 124,286 Administrative Shares 2,223,305 686,232 517,756 7,724 Participant Shares 2,019,203 757,352 1,985,414 863,442 Dividends reinvested: Institutional Shares 82,919 96,291 9,625 13,593 Investor Shares 23,586 21,423 2,380 3,151 Administrative Shares 7,001 1,652 604 75 Participant Shares 7,871 2,682 12,768 15,213 Cost of shares redeemed: Institutional Shares (36,732,284) (31,812,665) (1,187,197) (1,465,038) Investor Shares (7,660,783) (5,892,034) (212,640) (101,695) Administrative Shares (1,677,728) (636,717) (438,096) (2,577) Participant Shares (1,552,985) (753,934) (1,919,117) (754,573) INCREASE (DECREASE) IN NET ASSETS FROM BENEFICIAL INTEREST TRANSACTIONS 4,879,637 686,296 362,366 45,584 TOTAL INCREASE (DECREASE) IN NET ASSETS 4,879,584 686,850 362,388 45,545 ------------------------------------------------------------------------------------------------------------------------------------ NET ASSETS ($): Beginning of Period 4,826,035 4,139,185 678,933 633,388 END OF PERIOD 9,705,619 4,826,035 1,041,321 678,933 SEE NOTES TO FINANCIAL STATEMENTS. The Funds STATEMENT OF CHANGES IN NET ASSETS (CONTINUED) (amounts in thousands) DREYFUS TREASURY CASH MANAGEMENT DREYFUS TREASURY PRIME CASH MANAGEMENT -------------------------------------------------- YEAR ENDED JANUARY 31, YEAR ENDED JANUARY 31, 2002 2001 2002 2001 ------------------------------------------------------------------------------------------------------------------------------------ OPERATIONS ($): Investment income--net 113,977 166,563 130,809 151,870 Net realized gain (loss) on investments 410 (47) 848 (219) NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS 114,387 166,516 131,657 151,651 ------------------------------------------------------------------------------------------------------------------------------------ DIVIDENDS TO SHAREHOLDERS FROM ($): Investment income--net: Institutional Shares (83,305) (129,821) (84,481) (113,858) Investor Shares (25,635) (33,704) (24,886) (26,337) Administrative Shares (1,156) (1,229) (1,145) (719) Participant Shares (3,881) (1,809) (20,297) (10,956) TOTAL DIVIDENDS (113,977) (166,563) (130,809) (151,870) ------------------------------------------------------------------------------------------------------------------------------------ BENEFICIAL INTEREST TRANSACTIONS ($1.00 per share): Net proceeds from shares sold: Institutional Shares 23,721,628 26,653,590 56,318,445 37,709,621 Investor Shares 6,111,052 6,048,054 4,726,123 3,323,541 Administrative Shares 348,107 31,452 259,799 17,254 Participant Shares 475,395 354,638 976,078 1,288,456 Dividends reinvested: Institutional Shares 15,888 23,058 26,180 34,859 Investor Shares 7,602 6,827 11,453 12,028 Administrative Shares 1,066 1,208 1,025 711 Participant Shares 757 423 2,377 3,720 Cost of shares redeemed: Institutional Shares (23,088,161) (26,417,427) (54,949,539) (38,035,154) Investor Shares (5,754,740) (5,856,436) (3,939,425) (3,245,790) Administrative Shares (244,469) (33,887) (209,144) (26,713) Participant Shares (474,716) (268,708) (1,065,526) (820,441) INCREASE (DECREASE) IN NET ASSETS FROM BENEFICIAL INTEREST TRANSACTIONS 1,119,409 542,792 2,157,846 262,092 TOTAL INCREASE (DECREASE) IN NET ASSETS 1,119,819 542,745 2,158,694 261,873 ------------------------------------------------------------------------------------------------------------------------------------ NET ASSETS ($): Beginning of Period 2,949,615 2,406,870 3,056,633 2,794,760 END OF PERIOD 4,069,434 2,949,615 5,215,327 3,056,633 SEE NOTES TO FINANCIAL STATEMENTS. 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, 2002 2001 2002 2001 2002 2001 ------------------------------------------------------------------------------------------------------------------------------------ OPERATIONS ($): Investment income--net 5,628 8,376 9,942 12,681 48,692 61,354 Net realized gain (loss) on investments 22 18 -- -- 152 65 Net unrealized appreciation (depreciation) on investments (6) 6 -- -- (25) 25 NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS 5,644 8,400 9,942 12,681 48,819 61,444 ------------------------------------------------------------------------------------------------------------------------------------ DIVIDENDS TO SHAREHOLDERS FROM ($): Investment income--net: Institutional Shares (3,914) (6,287) (9,341) (12,259) (41,493) (48,564) Investor Shares (1,222) (1,788) (468) (380) (3,814) (7,128) Administrative Shares (168) (8) (119) (7) (200) (31) Participant Shares (324) (293) (14) (35) (3,185) (5,631) TOTAL DIVIDENDS (5,628) (8,376) (9,942) (12,681) (48,692) (61,354) ------------------------------------------------------------------------------------------------------------------------------------ BENEFICIAL INTEREST TRANSACTIONS ($1.00 per share): Net proceeds from shares sold: Institutional Shares 1,028,974 755,327 1,008,008 1,805,150 10,073,793 8,736,800 Investor Shares 378,240 298,798 47,151 7,140 860,612 1,056,530 Administrative Shares 89,519 200 106,901 200 52,282 531 Participant Shares 26,521 41,229 2,462 3,652 378,861 372,406 Dividends reinvested: Institutional Shares 2,783 5,515 3,011 3,540 15,514 17,664 Investor Shares 974 1,287 451 379 1,833 1,431 Administrative Shares 167 8 107 7 182 30 Participant Shares 324 292 12 35 -- -- Cost of shares redeemed: Institutional Shares (1,039,967) (756,944) (752,509) (1,744,040) (9,747,664) (8,275,268) Investor Shares (361,421) (303,559) (42,752) (6,123) (821,988) (1,126,907) Administrative Shares (18,739) -- (a) (103,785) -- (a) (45,593) (2,064) Participant Shares (25,343) (27,519) (2,935) (3,357) (395,521) (335,253) INCREASE (DECREASE) IN NET ASSETS FROM BENEFICIAL INTEREST TRANSACTIONS 82,032 14,634 266,122 66,583 372,311 445,900 TOTAL INCREASE (DECREASE) IN NET ASSETS 82,048 14,658 266,122 66,583 372,438 445,990 ------------------------------------------------------------------------------------------------------------------------------------ NET ASSETS ($): Beginning of Period 192,544 177,886 342,838 276,255 1,859,856 1,413,866 END OF PERIOD 274,592 192,544 608,960 342,838 2,232,294 1,859,856 (A) AMOUNT REPRESENTS LESS THAN $1,000. SEE NOTES TO FINANCIAL STATEMENTS.
The Funds FINANCIAL HIGHLIGHTS The following tables describe the performance for each share class for the fiscal periods indicated. All information reflects financial results for a single fund share. Total return shows how much your investment in the fund would have increased (or decreased) during each period, assuming you had reinvested all dividends and distributions. These figures have been derived from the fund's financial statements. PER SHARE DATA ($) 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 ($X1,000,000) ------------------------------------------------------------------------------------------------------------------------------------ DREYFUS CASH MANAGEMENT INSTITUTIONAL SHARES Year Ended January 31, 2002 1.00 .037 (.037) 1.00 3.77 .20 3.64 13,260 2001 1.00 .063 (.063) 1.00 6.46 .20 6.24 9,125 2000 1.00 .051 (.051) 1.00 5.19 .20 5.12 9,015 1999 1.00 .053 (.053) 1.00 5.45 .20 5.32 6,273 1998 1.00 .054 (.054) 1.00 5.58 .20 5.45 4,103 INVESTOR SHARES Year Ended January 31, 2002 1.00 .035 (.035) 1.00 3.51 .45 3.39 1,286 2001 1.00 .060 (.060) 1.00 6.19 .45 5.99 967 2000 1.00 .048 (.048) 1.00 4.93 .45 4.88 678 1999 1.00 .051 (.051) 1.00 5.19 .45 5.07 462 1998 1.00 .052 (.052) 1.00 5.31 .45 5.18 464 ADMINISTRATIVE SHARES Year Ended January 31, 2002 1.00 .036 (.036) 1.00 3.67 .30 3.54 506 2001 1.00 .062 (.062) 1.00 6.35 .30 6.14 126 2000 1.00 .050 (.050) 1.00 5.08 .30 5.02 173 1999 1.00 .052 (.052) 1.00 5.34 .30 5.22 195 1998 1.00 .053 (.053) 1.00 5.48 .30 5.37 2 PARTICIPANT SHARES Year Ended January 31, 2002 1.00 .033 (.033) 1.00 3.36 .60 3.24 201 2001 1.00 .059 (.059) 1.00 6.04 .60 5.84 202 2000 1.00 .047 (.047) 1.00 4.77 .60 4.72 216 1999 1.00 .049 (.049) 1.00 5.03 .60 4.92 65 1998 1.00 .050 (.050) 1.00 5.16 .60 5.21 99 SEE NOTES TO FINANCIAL STATEMENTS. PER SHARE DATA ($) 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 ($X1,000,000) ------------------------------------------------------------------------------------------------------------------------------------ DREYFUS CASH MANAGEMENT PLUS, INC. INSTITUTIONAL SHARES Year Ended January 31, 2002 1.00 .038 (.038) 1.00 3.91 .20 3.54 27,179 2001 1.00 .063 (.063) 1.00 6.49 .20 6.33 10,352 2000 1.00 .051 (.051) 1.00 5.22 .20 5.08 6,524 1999 1.00 .054 (.054) 1.00 5.50 .20 5.36 7,448 1998 1.00 .055 (.055) 1.00 5.64 .20 5.50 5,793 INVESTOR SHARES Year Ended January 31, 2002 1.00 .036 (.036) 1.00 3.66 .45 3.29 1,547 2001 1.00 .061 (.061) 1.00 6.23 .45 6.08 749 2000 1.00 .048 (.048) 1.00 4.95 .45 4.84 697 1999 1.00 .051 (.051) 1.00 5.24 .45 5.12 690 1998 1.00 .053 (.053) 1.00 5.38 .45 5.25 750 ADMINISTRATIVE SHARES Year Ended January 31, 2002 1.00 .037 (.037) 1.00 3.81 .30 3.44 932 2001 1.00 .062 (.062) 1.00 6.39 .30 6.23 39 2000 1.00 .050 (.050) 1.00 5.12 .30 4.99 30 1999 1.00 .053 (.053) 1.00 5.39 .30 5.26 31 1998 1.00 .054 (.054) 1.00 5.54 .30 5.40 26 PARTICIPANT SHARES Year Ended January 31, 2002 1.00 .034 (.034) 1.00 3.50 .60 3.14 491 2001 1.00 .059 (.059) 1.00 6.07 .60 5.93 430 2000 1.00 .047 (.047) 1.00 4.80 .60 4.70 186 1999 1.00 .050 (.050) 1.00 5.07 .60 4.96 67 1998 1.00 .051 (.051) 1.00 5.22 .60 5.10 15 SEE NOTES TO FINANCIAL STATEMENTS. The Funds FINANCIAL HIGHLIGHTS (CONTINUED) PER SHARE DATA ($) 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 ($X1,000,000) ------------------------------------------------------------------------------------------------------------------------------------ DREYFUS GOVERMENT CASH MANAGEMENT INSTITUTIONAL SHARES Year Ended January 31, 2002 1.00 .037 (.037) 1.00 3.81 .20 3.55 7,049 2001 1.00 .061 (.061) 1.00 6.28 .20 6.08 4,064 2000 1.00 .049 (.049) 1.00 5.00 .20 4.88 3,573 1999 1.00 .052 (.052) 1.00 5.35 .20 5.22 4,019 1998 1.00 .054 (.054) 1.00 5.55 .20 5.41 4,137 INVESTOR SHARES Year Ended January 31, 2002 1.00 .035 (.035) 1.00 3.55 .45 3.30 1,510 2001 1.00 .059 (.059) 1.00 6.01 .45 5.83 643 2000 1.00 .046 (.046) 1.00 4.74 .45 4.62 504 1999 1.00 .050 (.050) 1.00 5.08 .45 4.96 811 1998 1.00 .052 (.052) 1.00 5.28 .45 5.16 779 ADMINISTRATIVE SHARES Year Ended January 31, 2002 1.00 .036 (.036) 1.00 3.71 .30 3.45 623 2001 1.00 .060 (.060) 1.00 6.17 .30 5.98 70 2000 1.00 .048 (.048) 1.00 4.89 .30 4.78 19 1999 1.00 .051 (.051) 1.00 5.24 .30 5.12 52 1998 1.00 .053 (.053) 1.00 5.44 .30 5.31 236 PARTICIPANT SHARES Year Ended January 31, 2002 1.00 .033 (.033) 1.00 3.40 .60 3.15 523 2001 1.00 .057 (.057) 1.00 5.85 .60 5.68 49 2000 1.00 .045 (.045) 1.00 4.58 .60 4.48 43 1999 1.00 .048 (.048) 1.00 4.93 .60 4.81 270 1998 1.00 .050 (.050) 1.00 5.13 .60 5.01 31 SEE NOTES TO FINANCIAL STATEMENTS. PER SHARE DATA ($) 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 ($X1,000,000) ------------------------------------------------------------------------------------------------------------------------------------ DREYFUS GOVERNMENT PRIME CASH MANAGEMENT INSTITUTIONAL SHARES Year Ended January 31, 2002 1.00 .035 (.035) 1.00 3.56 .20 3.39 360 2001 1.00 .061 (.061) 1.00 6.27 .20 5.99 288 2000 1.00 .049 (.049) 1.00 5.04 .20 4.98 397 1999(a) 1.00 .048 (.048) 1.00 5.33(b) .20(b) 5.20(b) 194 INVESTOR SHARES Year Ended January 31, 2002 1.00 .033 (.033) 1.00 3.31 .45 3.14 196 2001 1.00 .058 (.058) 1.00 6.00 .45 5.74 65 2000 1.00 .047 (.047) 1.00 4.78 .45 4.73 39 1999(a) 1.00 .046 (.046) 1.00 5.06(b) .45(b) 4.95(b) 15 ADMINISTRATIVE SHARES Year Ended January 31, 2002 1.00 .034 (.034) 1.00 3.46 .30 3.29 86 2001 1.00 .060 (.060) 1.00 6.16 .30 5.89 6 2000 1.00 .048 (.048) 1.00 4.95 .30 4.88 1 1999(a) 1.00 .047 (.047) 1.00 5.22(b) .30(b) 5.10(b) 2 PARTICIPANT SHARES Year Ended January 31, 2002 1.00 .031 (.031) 1.00 3.15 .60 2.99 399 2001 1.00 .057 (.057) 1.00 5.84 .60 5.59 320 2000 1.00 .045 (.045) 1.00 4.63 .60 4.58 196 1999(a) 1.00 .045 (.045) 1.00 4.90(b) .60(b) 4.80(b) 163 (A) FROM FEBRUARY 27, 1998 (COMMENCEMENT OF OPERATIONS) TO JANUARY 31, 1999. (B) ANNUALIZED. SEE NOTES TO FINANCIAL STATEMENTS.. The Funds FINANCIAL HIGHLIGHTS (CONTINUED) PER SHARE DATA ($) 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 CASH MANAGEMENT INSTITUTIONAL SHARES Year Ended January 31, 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 1998 1.00 .053 (.053) 1.00 5.42 .20 5.30 2,921 INVESTOR SHARES Year Ended January 31, 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 1998 1.00 .051 (.051) 1.00 5.17 .45 5.07 597 ADMINISTRATIVE SHARES Year Ended January 31, 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 1998 1.00 .052 (.052) 1.00 5.32 .30 5.20 -- (a) PARTICIPANT SHARES Year Ended January 31, 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 1998 1.00 .049 (.049) 1.00 5.00 .60 4.90 102 (A) AMOUNT IS LESS THAN $1 MILLION. SEE NOTES TO FINANCIAL STATEMENTS. PER SHARE DATA ($) 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 ($X1,000,000) ------------------------------------------------------------------------------------------------------------------------------------ DREYFUS TREASURY PRIME CASH MANAGEMENT INSTITUTIONAL SHARES Year Ended January 31, 2002 1.00 .036 (.036) 1.00 3.68 .20 3.40 3,331 2001 1.00 .058 (.058) 1.00 5.94 .20 5.74 1,936 2000 1.00 .046 (.046) 1.00 4.72 .20 4.61 2,227 1999 1.00 .050 (.050) 1.00 5.07 .20 4.96 2,784 1998 1.00 .052 (.052) 1.00 5.30 .20 5.17 2,907 INVESTOR SHARES Year Ended January 31, 2002 1.00 .034 (.034) 1.00 3.42 .45 3.15 1,300 2001 1.00 .055 (.055) 1.00 5.68 .45 5.49 502 2000 1.00 .044 (.044) 1.00 4.46 .45 4.36 412 1999 1.00 .047 (.047) 1.00 4.81 .45 4.71 434 1998 1.00 .049 (.049) 1.00 5.03 .45 4.91 304 ADMINISTRATIVE SHARES Year Ended January 31, 2002 1.00 .035 (.035) 1.00 3.57 .30 3.30 62 2001 1.00 .057 (.057) 1.00 5.84 .30 5.64 10 2000 1.00 .045 (.045) 1.00 4.62 .30 4.51 19 1999 1.00 .049 (.049) 1.00 4.97 .30 4.86 56 1998 1.00 .051 (.051) 1.00 5.19 .30 5.10 7 PARTICIPANT SHARES Year Ended January 31, 2002 1.00 .032 (.032) 1.00 3.26 .60 3.00 522 2001 1.00 .054 (.054) 1.00 5.52 .60 5.34 609 2000 1.00 .042 (.042) 1.00 4.31 .60 4.23 138 1999 1.00 .046 (.046) 1.00 4.65 .60 4.56 132 1998 1.00 .048 (.048) 1.00 4.88 .60 4.79 110 SEE NOTES TO FINANCIAL STATEMENTS. The Funds FINANCIAL HIGHLIGHTS (CONTINUED) PER SHARE DATA ($) 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 MUNICIPAL CASH MANAGEMENT PLUS INSTITUTIONAL SHARES Year Ended January 31, 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 1998 1.00 .035 (.035) 1.00 3.59 .20 3.53 134 INVESTOR SHARES Year Ended January 31, 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 1998 1.00 .033 (.033) 1.00 3.34 .45 3.26 47 ADMINISTRATIVE SHARES Year Ended January 31, 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) 1998 1.00 .034 (.034) 1.00 3.49 .30 3.53 -- (a) PARTICIPANT SHARES Year Ended January 31, 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 1998 1.00 .031 (.031) 1.00 3.18 .60 3.17 7 (A) AMOUNT REPRESENTS LESS THAN $1 MILLION. SEE NOTES TO FINANCIAL STATEMENTS. PER SHARE DATA ($) 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 NEW YORK MUNICIPAL CASH MANAGEMENT INSTITUTIONAL SHARES Year Ended January 31, 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 1998 1.00 .034 (.034) 1.00 3.46 .20 3.40 196 INVESTOR SHARES Year Ended January 31, 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 1998 1.00 .032 (.032) 1.00 3.20 .45 3.17 13 ADMINISTRATIVE SHARES Year Ended January 31, 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) 1998 1.00 .033 (.033) 1.00 3.35 .30 3.30 -- (a) PARTICIPANT SHARES Year Ended January 31, 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 1998 1.00 .030 (.030) 1.00 3.05 .60 3.01 1 (A) AMOUNT REPRESENTS LESS THAN $1 MILLION. SEE NOTES TO FINANCIAL STATEMENTS. The Funds FINANCIAL HIGHLIGHTS (CONTINUED) PER SHARE DATA ($) 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 TAX EXEMPT CASH MANAGEMENT INSTITUTIONAL SHARES Year Ended January 31, 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 1998 1.00 .034 (.034) 1.00 3.50 .20 3.44 1,319 INVESTOR SHARES Year Ended January 31, 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 1998 1.00 .032 (.032) 1.00 3.24 .45 3.22 149 ADMINISTRATIVE SHARES Year Ended January 31, 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 1998 1.00 .033 (.033) 1.00 3.39 .30 3.35 1 PARTICIPANT SHARES Year Ended January 31, 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 1998 1.00 .030 (.030) 1.00 3.09 .60 3.08 72 (A) AMOUNT REPRESENTS LESS THAN $1 MILLION. SEE NOTES TO FINANCIAL STATEMENTS.
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 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, 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 premiums and discounts 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, 2002: Dreyfus Cash Management $1,154,263 Dreyfus Cash Management Plus, Inc. 752,077 Dreyfus Government Cash Management 108,323 Dreyfus Treasury Cash Management 58,277 Dreyfus Treasury Prime Cash Management 235,429 Dreyfus Municipal Cash Management Plus 30,532 Dreyfus New York Municipal Cash Management 24,901 Dreyfus Tax Exempt Cash Management 107,134 Income earned under this arrangement is included in interest income. The Funds NOTES TO FINANCIAL STATEMENTS (CONTINUED) 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 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 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. At January 31, 2002, the components of accumulated earnings on a tax basis were substantially the same as for financial reporting purposes. The tax character of each fund's distributions paid to shareholders during the fiscal periods ended January 31, 2001 and January 31, 2002, respectively, were all ordinary income. 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, 2002. EXPIRING IN FISCAL: ($ X 1,000) 2003 2004 2005 2006 2007 2008 2009 2010 TOTAL Dreyfus Cash Management -- -- -- 109 -- 60 -- -- 169 Dreyfus Cash Management Plus, Inc. -- -- -- -- -- 307 -- -- 307 Dreyfus Government Cash Management -- -- 114 -- 24 -- -- 52 190 Dreyfus Government Prime Cash Management -- -- -- -- -- 20 39 -- 59 Dreyfus Treasury Cash Management -- -- -- 6 186 80 47 -- 319 Dreyfus Treasury Prime Cash Management -- -- -- -- -- -- 212 -- 212 Dreyfus Municipal Cash Management Plus 13 7 17 -- 18 -- -- -- 55 Dreyfus New York Municipal Cash Management 1 -- 3 -- -- -- -- -- 4 Dreyfus Tax Exempt Cash Management -- 72 156 43 25 219 -- -- 515
At January 31, 2002, 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, 2002, as a result of permanent book to tax differences, Dreyfus Municipal Cash Management Plus reclassified $83,173 between accumulated net gain (loss) on investments and paid-in capital due to the expiration of capital loss carryovers. The results of operations and 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, 2002, each fund was charged the following pursuant to the Plan: Dreyfus Cash Management $4,590,887 Dreyfus Cash Management Plus, Inc. 4,724,348 Dreyfus Government Cash Management 4,431,093 Dreyfus Government Prime Cash Management 1,957,468 Dreyfus Treasury Cash Management 2,539,291 Dreyfus Treasury Prime Cash Management 4,633,006 Dreyfus Municipal Cash Management Plus 212,107 Dreyfus New York Municipal Cash Management 64,884 Dreyfus Tax Exempt Cash Management 1,070,342 (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 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 as of January 31, 2002, 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, 2002 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 as of January 31, 2002, 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. New York, New York March 15, 2002 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 make the following designations regarding the dividends paid from investment income-net during their fiscal year ended January 31, 2002: -- 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 percentages of ordinary dividends paid during the fiscal year ended January 31, 2002 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 49.34% Dreyfus Government Prime Cash Management 100% Dreyfus Treasury Cash Management 38.39% Dreyfus Treasury Prime Cash Management 100% The Funds BOARD MEMBERS INFORMATION (Unaudited) JOSEPH S. DIMARTINO (58) CHAIRMAN OF THE BOARD (1995) PRINCIPAL OCCUPATION DURING PAST 5 YEARS: * Chairman of the Board of various funds in the Dreyfus Family of Funds OTHER DIRECTORSHIPS AND AFFILIATIONS: * The Muscular Dystrophy Association * Plan Vista Corporation (formerly HealthPlan Services Corporation), a provider of marketing, administrative and risk management services to health and other benefit programs * Carlyle Industries, Inc., button packager and distributor * Century Business Services, Inc., provider of various outsourcing functions for small and medium size companies * The Newark Group, privately held company providing a national network of paper recovery facilities, paperboard mills and paperboard converting plants * QuikCAT.com, Inc., private company engaged in the development of high speed movement, routing, storage and encryption of data across all modes of data transport NO. OF PORTFOLIOS FOR WHICH BOARD MEMBER SERVES: 190 -------------- DAVID W. BURKE (65) BOARD MEMBER (1994) PRINCIPAL OCCUPATION DURING PAST 5 YEARS: * Corporate Director and Trustee OTHER DIRECTORSHIPS AND AFFILIATIONS: * John F. Kennedy Library Foundation * U.S.S. Constitution Museum NO. OF PORTFOLIOS FOR WHICH BOARD MEMBER SERVES: 59 -------------- ISABEL P. DUNST (54) BOARD MEMBER (1991) PRINCIPAL OCCUPATION DURING PAST 5 YEARS: * Partner in the law firm of Hogan & Hartson OTHER DIRECTORSHIPS AND AFFILIATIONS: * Union of American Hebrew Congregations, a religious organization NO. OF PORTFOLIOS FOR WHICH BOARD MEMBER SERVES: 9 LYLE E. GRAMLEY (75) BOARD MEMBER (1986) PRINCIPAL OCCUPATION DURING PAST 5 YEARS: * Consulting Economist, Mortgage Bankers Association of America OTHER DIRECTORSHIPS AND AFFILIATIONS: * IndyMac Bank, Inc.. NUWave Technologies, Inc., a technology company NO. OF PORTFOLIOS FOR WHICH BOARD MEMBER SERVES: 9 -------------- WARREN B. RUDMAN (71) BOARD MEMBER (1993) PRINCIPAL OCCUPATION DURING PAST 5 YEARS: * Partner in the law firm of Paul, Weiss, Rifkind, Wharton & Garrison OTHER DIRECTORSHIPS AND AFFILIATIONS: * Boston Scientific, provider of medical devices * Collins & Aikmen Corporation, provider of automotive floor and acoustic systems * Chubb Corporation, an insurance company * Raytheon Company, an aerospace and engineering company * Allied Waste Industries, Inc., a waste management company * Serves as a member of the Senior Advisory Board of the Institute of Politics of the Kennedy School of Government at Harvard University 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. 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 92 investment companies (comprised of 183 portfolios) managed by the Manager. Mr. Canter also is a Director and Executive Committee Member of the other investment management subsidiaries of Mellon Financial Corporation, each of which is an affiliate of the Manager. He is 56 years old, and has been an employee of the Manager since May 1995. MARK N. JACOBS, VICE PRESIDENT SINCE MARCH 2000. Executive Vice President, Secretary and General Counsel of the Manager, and an officer of 93 investment companies (comprised of 196 portfolios) managed by the Manager. He is 55 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 24 investment companies (comprised of 28 portfolios) managed by the Manager. He is 38 years old, and has been an employee of the Manager since February 1991. MICHAEL A. ROSENBERG, ASSISTANT SECRETARY SINCE MARCH 2000. Associate General Counsel of the Manager, and an officer of 93 investment companies (comprised of 196 portfolios) managed by the Manager. He is 42 years old, and has been an employee of the Manager since October 1991. STEVEN F. NEWMAN, ASSISTANT SECRETARY SINCE MARCH 2000. Associate General Counsel and Assistant Secretary of the Manager, and an officer of 93 investment companies (comprised of 196 portfolios) managed by the Manager. He is 52 years old, and has been an employee of the Manager since July 1980. JAMES WINDELS, TREASURER SINCE NOVEMBER 2001. Director of Mutual Fund Treasury Accounting of the Manager, and an officer of 93 investment companies (comprised of 196 portfolios) managed by the Manager. He is 43 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 35 investment companies (comprised of 76 portfolios) managed by the Manager. He is 40 years old, and has been an employee of the Manager since August 1984. GREGORY S. GRUBER, ASSISTANT TREASURER SINCE MARCH 2000. Senior Treasury Manager of the Manager, and an officer of 30 investment companies (comprising 59 portfolios) managed by the Manager. He is 42 years old, and has been an employee of the Manager since August 1981. KENNETH SANDGREN, ASSISTANT TREASURER SINCE NOVEMBER 2001. Mutual Funds Tax Director of the Manager, and an officer of 93 investment companies (comprised of 196 portfolios) managed by the Manager. He is 47 years old, and has been an employee of the Manager since June 1993. The Funds 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 15 Broad Street New York, NY 10286 Transfer Agent & Dividend Disbursing Agent Dreyfus Transfer, Inc. P.O. Box 9263 Boston, MA 02205-8501 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) 2002 Dreyfus Service Corporation CMGTAR0102