July 31, 2007

DREYFUS CASH MANAGEMENT FUNDS

-  Dreyfus Cash Management 

-  Dreyfus Cash Management Plus, Inc. 

-  Dreyfus Government Cash Management 

-  Dreyfus Government Prime Cash Management 

-  Dreyfus Municipal Cash Management Plus 

-  Dreyfus New York Municipal Cash Management 

-  Dreyfus Tax Exempt Cash Management 

-  Dreyfus Treasury Cash Management 

-  Dreyfus Treasury Prime Cash Management 

SUPPLEMENT TO COMBINED PROSPECTUS DATED JUNE 1, 2007 

(PARTICIPANT SHARES)

The following information replaces the section of the Funds’ Combined Prospectus entitled “The Funds – INTRODUCTION – Concepts to Understand – Repurchase agreement”:

a commercial bank or securities dealer sells securities to a fund and agrees to repurchase them at an agreed-upon date and price. These agreements offer a fund a means of investing money for a short period of time.