DREYFUS CASH MANAGEMENT
LETTER TO SHAREHOLDERS
Dear Shareholder:
The past six months have seen a slow decline in the rate of economic
activity. This has been accompanied, inevitably, by declining interest rates.
In this environment, we are pleased that for the six months ended July
31, 1995, Dreyfus Cash Management's annualized yield provided by Class A
shares was 5.99%. The annualized effective yield for Class A shares was 6.16%
after taking into account the effect of compounding.* For Class B shares, the
corresponding yields were 5.75% and 5.90%.
In managing your assets during the six-month period, we lengthened
maturities gradually. This was done in anticipation of lower interest rates,
which grew more and more likely over the course of the past six months as the
economy gave continued signs of slowing down.
The Federal Reserve Board, which raised interest rates seven times during
1994 and early 1995 to head off inflation, became concerned that the drop in
economic performance might turn into an actual business recession.
Accordingly, in early July the Federal Reserve reversed course and made a
modest cut in the Federal Funds rate.
As of this date, the economy has cooled off as compared to the activity
that prevailed last year. Thus, the Fed's policies can be viewed as having
been successful. Inflation has been held at bay and few experts believe that
the "soft landing" will turn into a full-blown economic recession.
However, the Federal Reserve showed laudable caution in the July
reduction of short-term rates. If more of that medicine is needed, the Fed
may not hesitate to act accordingly. Nonetheless, the central bank must be
ever watchful so that rate-cutting does not rekindle inflation which the Fed
has so strenuously sought to avoid.
The money markets can be seen as having already built in the possibility
of further Fed moves to lower interest rates due to current market prices.
Our strategy under these circumstances is to remain in the long end of the
market as long as necessary, in an effort to maintain high current yields.
We appreciate the opportunity to put your cash to work in the money
market, and will continue to exert our best efforts to attempt to obtain
competitive returns on your behalf.
Sincerely,
[Patricia A. Larkin signature logo]
Patricia A. Larkin
Portfolio Manager
August 12, 1995
New York, N.Y.
* Annualized effective yield is based upon dividends declared daily and
reinvested monthly.
<TABLE>
<CAPTION>
DREYFUS CASH MANAGEMENT
STATEMENT OF INVESTMENTS JULY 31, 1995 (UNAUDITED)
PRINCIPAL
NEGOTIABLE BANK CERTIFICATES OF DEPOSIT--1.9% AMOUNT VALUE
---------------- ----------------
<S> <C> <C>
Harris Trust & Savings Bank (London)
6.04%, 8/18/95
(cost $50,000,000)...................................................... $ 50,000,000 $ 50,000,000
=============
COMMERCIAL PAPER-52.3%
AES Shady Point Inc.
5.81%, 8/17/95-8/18/95 (a).............................................. $ 41,500,000 $ 41,390,180
AT&T Corp.
6.11%, 1/29/96.......................................................... 25,000,000 24,264,687
Abbey National North America
5.70%-6.50%, 10/25/95-1/2/96............................................ 90,000,000 88,276,819
Budget Funding Corp.
5.75%-6.04%, 8/8/95-10/13/95............................................ 104,100,000 103,602,420
Chemical Banking Corp.
6.31%, 8/28/95.......................................................... 25,000,000 24,884,687
Chrysler Financial Corp.
6.05%, 10/16/95-10/17/95................................................ 65,000,000 64,182,154
Ciesco L.P.
5.84%, 8/17/95.......................................................... 20,000,000 19,948,711
Commerzbank U.S. Finance Inc.
6.03%, 8/8/95........................................................... 30,000,000 29,965,292
Den Danske Corp. Inc.
5.76%-6.24%, 8/16/95-10/23/95........................................... 115,000,000 113,991,799
Ford Motor Credit Co.
6.07%-6.34%, 10/16/95-1/26/96........................................... 50,000,000 48,940,236
General Electric Capital Corp.
6.26%, 8/1/95........................................................... 50,000,000 50,000,000
General Motors Acceptance Corp.
5.81%-6.14%, 9/8/95-2/26/96............................................. 124,000,000 121,360,223
Generale Bank Inc.
6.35%, 1/19/96.......................................................... 25,000,000 24,280,375
Goldman Sachs Group L.P.
6.28%, 8/21/95.......................................................... 20,000,000 19,932,000
Merrill Lynch & Co. Inc.
5.73%-6.23%, 11/14/95-2/2/96............................................ 75,000,000 73,416,007
Mitsubishi Motors Credit of America Inc.
5.88%, 10/25/95 (a)..................................................... 30,000,000 29,589,875
NYNEX Corp.
5.99%-6.19%, 9/11/95-11/6/95............................................ 71,060,000 70,314,794
NationsBank Corp.
5.74%-6.15%, 10/27/95-11/1/95........................................... 120,000,000 118,249,326
DREYFUS CASH MANAGEMENT
STATEMENT OF INVESTMENTS (CONTINUED) JULY 31, 1995 (UNAUDITED)
PRINCIPAL
COMMERCIAL PAPER (CONTINUED) AMOUNT VALUE
---------------- ----------------
Sears Roebuck Acceptance Corp.
5.80%-5.84%, 10/5/95-10/10/95........................................... $ 139,000,000 $ 137,514,518
SwedBank Inc.
5.79%-5.83%, 10/10/95-10/23/95.......................................... 125,000,000 123,503,459
Toronto-Dominion Holdings USA Inc.
5.91%, 11/1/95.......................................................... 25,000,000 24,630,083
UBS Finance (Delaware) Inc.
5.82%, 8/1/95........................................................... 50,000,000 50,000,000
----------------
TOTAL COMMERCIAL PAPER (cost $1,402,237,645)................................ $1,402,237,645
=============
BANK NOTES - 11.9%
Bank of New York (Delaware)
6.32%, 6/3/96 (b)....................................................... $ 50,000,000 $ 50,000,000
Comerica Bank
6.48%, 5/2/96........................................................... 45,000,000 44,990,195
First National Bank of Boston
5.98%, 6/21/96-6/24/96 (b).............................................. 100,000,000 100,000,000
Morgan Guaranty Trust Co.
5.95%, 7/18/96 (b)...................................................... 50,000,000 50,000,000
NBD Bank, N.A.
6.42%, 4/26/96.......................................................... 50,000,000 50,000,000
PNC Bank N.A.
6.44%, 12/11/95......................................................... 25,000,000 25,003,411
----------------
TOTAL BANK NOTES (cost $319,993,606)........................................ $ 319,993,606
=============
CORPORATE NOTES-15.6%
Bear Stearns Companies Inc.
5.77%-6.08%, 8/25/95-7/17/96 (b)........................................ $ 139,000,000 $ 139,000,000
Comerica Bank
5.90%, 7/26/96 (b)...................................................... 70,000,000 69,997,968
General Electric Capital Corp.
6.02%-6.03%, 3/29/96-4/12/96 (b)........................................ 60,000,000 59,986,828
Lehman Brothers Holdings Inc.
6.22%, 9/21/95 (b)...................................................... 50,000,000 50,000,000
Merrill Lynch & Co. Inc.
6.06%-6.14%, 3/13/96-7/2/96 (b)......................................... 50,000,000 49,988,474
PHH Corp.
5.76%, 2/9/96 (b)....................................................... 50,000,000 50,000,000
----------------
TOTAL CORPORATE NOTES (cost $418,973,270)................................... $ 418,973,270
=============
DREYFUS CASH MANAGEMENT
STATEMENT OF INVESTMENTS (CONTINUED) JULY 31, 1995 (UNAUDITED)
PRINCIPAL
U.S. GOVERNMENT AGENCIES-5.6% AMOUNT VALUE
---------------- ----------------
Federal Home Loan Banks, Consolidated Systemwide,
Floating Rate Notes
6.30%, 2/3/97 (b)....................................................... $ 50,000,000 $ 49,985,722
Federal National Mortgage Association,
Consolidated Systemwide, Floating Rate Notes
6.42%, 2/14/97 (b)...................................................... 100,000,000 100,000,000
----------------
TOTAL U.S. GOVERNMENT AGENCIES (cost $149,985,722).......................... $ 149,985,722
=============
TIME DEPOSITS-4.5%
Chemical Bank (London)
5.81%, 8/1/95........................................................... $ 100,000,000 $ 100,000,000
Republic National Bank of New York (London)
5.87%, 8/1/95........................................................... 21,926,000 21,926,000
----------------
TOTAL TIME DEPOSITS (cost $121,926,000)..................................... $ 121,926,000
=============
REPURCHASE AGREEMENTS-7.7%
Aubrey G. Lanston & Co., Inc.
5.95%, dated 7/31/95, due 8/1/95 in the amount of $100,016,528
(fully collateralized by $103,255,000 U.S. Treasury Bills due
10/19/95-1/4/96, value $101,272,764).................................... $ 100,000,000 $ 100,000,000
Daiwa Securities America Inc.
5.82%, dated 7/31/95, due 8/1/95 in the amount of $7,097,147
(fully collateralized by $7,165,000 U.S. Treasury Notes, 4.25%, due
11/30/95, value $7,182,166)............................................. 7,096,000 7,096,000
Lehman Government Securities, Inc.
6.00%, dated 7/31/95, due 8/1/95 in the amount of $100,016,667
(fully collateralized by $105,530,000 U.S. Treasury Bills due
3/7/96, value $102,073,206)............................................. 100,000,000 100,000,000
----------------
TOTAL REPURCHASE AGREEMENTS (cost $207,096,000)............................. $ 207,096,000
=============
TOTAL INVESTMENTS
(cost $2,670,212,243).......................................... 99.5% $2,670,212,243
====== ==============
CASH AND RECEIVABLES (NET)......................................... .5% $ 12,073,392
====== ==============
NET ASSETS .................................................. 100.0% $2,682,285,635
====== ==============
NOTES TO STATEMENT OF INVESTMENTS:
(a) Backed by irrevocable letter of credit.
(b) Variable interest rate - subject to periodic change.
See independent accountants' review report and notes to financial statements.
</TABLE>
<TABLE>
DREYFUS CASH MANAGEMENT
STATEMENT OF ASSETS AND LIABILITIES JULY 31, 1995 (UNAUDITED)
<S> <C> <C>
ASSETS:
Investments in securities, at value-Note 1(a,b)......................... $2,670,212,243
Cash.................................................................... 3,459,046
Interest receivable..................................................... 9,132,036
----------------
2,682,803,325
LIABILITIES:
Due to The Dreyfus Corporation.......................................... $ 476,896
Due to Distributor...................................................... 40,794 517,690
------------ ----------------
NET ASSETS ................................................................ $2,682,285,635
=============
REPRESENTED BY:
Paid-in capital......................................................... $2,682,562,650
Accumulated net realized (loss) on investments.......................... (277,015)
----------------
NET ASSETS at value......................................................... $2,682,285,635
=============
Shares of Beneficial Interest outstanding:
Class A shares
(unlimited number of $.001 par value shares authorized)............... 2,459,892,416
=============
Class B shares
(unlimited number of $.001 par value shares authorized)............... 222,670,234
=============
NET ASSET VALUE per share:
Class A shares
($2,459,606,890 / 2,459,892,416 shares)............................... $1.00
=====
Class B shares
($222,678,745 / 222,670,234 shares)................................... $1.00
=====
</TABLE>
<TABLE>
STATEMENT OF OPERATIONS SIX MONTHS ENDED JULY 31, 1995 (UNAUDITED)
<S> <C> <C>
INVESTMENT INCOME:
INTEREST INCOME......................................................... $ 72,885,395
EXPENSES:
Management fee-Note 2(a).............................................. $2,352,601
Distribution fees (Class B shares)-Note 2(b).......................... 142,069
------------
TOTAL EXPENSES.................................................... 2,494,670
----------------
INVESTMENT INCOME-NET....................................................... 70,390,725
NET REALIZED GAIN ON INVESTMENTS-Note 1(b).................................. 349,334
----------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........................ $ 70,740,059
=============
See independent accountants' review report and notes to financial statements.
</TABLE>
<TABLE>
DREYFUS CASH MANAGEMENT
STATEMENT OF CHANGES IN NET ASSETS
YEAR ENDED SIX MONTHS ENDED
JANUARY 31, JULY 31, 1995
1995 (UNAUDITED)
----------------- -------------------
<S> <C> <C>
OPERATIONS:
Investment income-net............................................. $ 93,757,618 $ 70,390,725
Net realized gain (loss) on investments........................... (185,931) 349,334
----------------- -----------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........ 93,571,687 70,740,059
----------------- -----------------
DIVIDENDS TO SHAREHOLDERS FROM;
Investment income-net:
Class A shares.................................................. (90,088,510) (67,133,062)
Class B shares.................................................. (3,669,108) (3,257,663)
----------------- -----------------
TOTAL DIVIDENDS............................................. (93,757,618) (70,390,725)
----------------- -----------------
BENEFICIAL INTEREST TRANSACTIONS ($1.00 per share):
Net proceeds from shares sold:
Class A shares.................................................. 17,326,303,484 9,164,005,245
Class B shares.................................................. 670,809,160 383,248,714
Dividends reinvested:
Class A shares.................................................. 21,969,146 17,443,559
Class B shares.................................................. 1,713,385 1,668,652
Cost of shares redeemed:
Class A shares.................................................. (18,425,780,190) (8,539,341,783)
Class B shares.................................................. (639,452,949) (247,588,427)
----------------- -----------------
INCREASE (DECREASE) IN NET ASSETS FROM BENEFICIAL
INTEREST TRANSACTIONS..................................... (1,044,437,964) 779,435,960
----------------- -----------------
TOTAL INCREASE (DECREASE) IN NET ASSETS............... (1,044,623,895) 779,785,294
NET ASSETS:
Beginning of period............................................... 2,947,124,236 1,902,500,341
----------------- -----------------
End of period..................................................... $ 1,902,500,341 $ 2,682,285,635
============= =============
See independent accountants' review report and notes to financial statements.
</TABLE>
<TABLE>
DREYFUS CASH MANAGEMENT
FINANCIAL HIGHLIGHTS
Contained below is per share operating performance data for a share of
Beneficial Interest outstanding, total investment return, ratios to average
net assets and other supplemental data for each period indicated. This
information has been derived from the Fund's financial statements.
CLASS A SHARES CLASS B SHARES
---------------------------------------------- -----------------------------------------
YEAR ENDED JANUARY 31, SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED
----------------------------------------------- JULY 31, 1995 JANUARY 31, JULY 31, 1995
PER SHARE DATA: 1991 1992 1993 1994 1995 (UNAUDITED) 1994(1) 1995 (UNAUDITED)
-------- -------- -------- -------- --------- --------- -------- -------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Net asset value, beginning
of period............. $ .9996 $ .9997 $ .9999 $ .9999 $ .9998 $ .9997 $1.0000 $1.0000 $ .9999
-------- -------- -------- -------- --------- --------- -------- -------- -------
INVESTMENT OPERATIONS:
Investment income-net... .0801 .0581 .0362 .0311 .0420 .0297 .0017 .0396 .0285
Net realized gain (loss)
on investments........ .0001 .0002 - (.0001) (.0001) .0001 - (.0001) .0001
-------- -------- -------- -------- --------- --------- -------- -------- -------
TOTAL FROM INVESTMENT
OPERATIONS........ .0802 .0583 .0362 .0310 .0419 .0298 .0017 .0395 .0286
-------- -------- -------- -------- --------- --------- -------- -------- -------
DISTRIBUTIONS;
Dividends from investment
income-net............ (.0801) (.0581) (.0362) (.0311) (.0420) (.0297) (.0017) (.0396) (.0285)
-------- -------- -------- -------- --------- --------- -------- -------- -------
Net asset value, end of period $.9997 $ .9999 $ .9999 $ .9998 $ .9997 $ .9998 $1.0000 $ .9999 $1.0000
======== ======== ======== ======== ======== ======= ======== ======= =======
TOTAL INVESTMENT RETURN..... 8.31% 5.96% 3.68% 3.15% 4.28% 6.07%(2) 2.82%(2) 4.03% 5.81%(2)
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average
net assets............ .20% .20% .20% .20% .20% .20%(2) .45%(2) .45% .45%(2)
Ratio of investment income to
average net assets.... 7.99% 5.78% 3.60% 3.11% 4.08% 6.00%(2) 2.83%(2) 3.94% 5.73%(2)
Decrease reflected in above
expense ratios due to
undertaking by the Manager .02% .03% .04% .03% - - - - -
Net Assets, end of period
(000's Omitted)....... $5,041,688 $6,508,999 $5,475,181 $2,894,853 $1,817,166 $2,459,607 $52,272 $85,334 $222,679
(1) From January 10, 1994 (commencement of initial offering) to January 31, 1994.
(2) Annualized.
See independent accountants' review report and notes to financial statements.
</TABLE>
DREYFUS CASH MANAGEMENT
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
NOTE 1-SIGNIFICANT ACCOUNTING POLICIES:
The Fund is registered under the Investment Company Act of 1940 ("Act")
as a diversified open-end management investment company. Premier Mutual Fund
Services, Inc. (the "Distributor") acts as the distributor of the Fund's
shares, which are sold to the public without a sales load. The Distributor,
located at One Exchange Place, Boston, Massachusetts 02109, is a wholly-owned
subsidiary of FDI Distribution Services, Inc., a provider of mutual fund
administration services, which in turn is a wholly-owned subsidiary of FDI
Holdings, Inc., the parent company of which is Boston Institutional Group,
Inc. The Dreyfus Corporation ("Manager") serves as the Fund's investment
adviser. The Manager is a direct subsidiary of Mellon Bank, N.A.
It is the Fund's policy to maintain a continuous net asset value per
share of $1.00; the Fund has adopted certain investment, portfolio valuation
and dividend and distribution policies to enable it to do so. There is no
assurance, however, that the Fund will be able to maintain a stable net asset
value of $1.00.
The Fund offers both Class A and Class B shares. Class B shares are
subject to a Service Plan adopted pursuant to Rule 12b-1 under the Act. Other
differences between the two Classes include the services offered to and the
expenses borne by each Class and certain voting rights.
(A) PORTFOLIO VALUATION: Investments are valued at amortized cost, which
has been determined by the Fund's Board of Trustees to represent the fair
value of the 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 is recognized on the accrual basis. Cost of investments represents
amortized cost.
The Fund 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) DIVIDENDS TO SHAREHOLDERS: It is the policy of the 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 the Fund may make distributions on a more frequent
basis to comply with the distribution requirements of the Internal Revenue
Code. To the extent that net realized capital gain can be offset by capital
loss carryovers, it is the policy of the Fund not to distribute such gain.
(D) FEDERAL INCOME TAXES: It is the policy of the Fund 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 Internal Revenue Code, and to make distributions of taxable
income sufficient to relieve it from substantially all Federal income and
excise taxes.
DREYFUS CASH MANAGEMENT
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
The Fund has an unused capital loss carryover of approximately $569,000
available for Federal income tax purposes to be
applied against future net securities profits, if any, realized subsequent to
January 31, 1995. The carryover does not include net realized securities
losses from November 1, 1994 through January 31, 1995 which are treated for
Federal income tax purposes as arising in fiscal 1996. If not applied,
$427,000 of the carryover expires in fiscal 1996, $11,000 expires in fiscal
1999 and $131,000 expires in fiscal 2003.
At July 31, 1995, the cost of investments for Federal income tax purposes
was substantially the same as the cost for financial reporting purposes (see
the Statement of Investments).
NOTE 2-MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES:
(A) Pursuant to a management agreement ("Agreement") with the Manager,
the management fee is computed at the annual rate of .20 of 1% of the average
daily value of the Fund's net assets and is payable monthly.
The Agreement provides for an expense reimbursement from the Manager
should the Fund's aggregate expenses, exclusive of taxes, brokerage, interest
on borrowings and extraordinary expenses, exceed 1 1/2% of the average value
of the Fund's net assets for any full fiscal year.
Currently, due to an undertaking, the Manager, and not the Fund, is
liable for all expenses of the Fund (excluding certain expenses as described
above) other than management fee, and with respect to the Fund's Class B
shares, Rule 12b-1 Service Plan expenses.
The Manager may modify the existing undertaking provided that the Fund's
shareholders are given 90 days prior notice.
(B) Under the Class B Service Plan (the "Plan") adopted pursuant to Rule
12b-1 under the Act, the Fund (a) reimburses the Distributor for distributing
the Fund's Class B shares and (b) pays the Manager and Dreyfus Service
Corporation, a wholly-owned subsidiary of the Manager, and their affiliates
(collectively "Dreyfus") for advertising and marketing relating to the Fund's
Class B shares and for providing certain services relating to Class B
shareholder accounts, 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 of 1% of the value of the Fund's average daily net assets. Both
the Distributor and Dreyfus may pay one or more Service Agents a fee in
respect of the Funds' Class B shares owned by the shareholders with whom the
Service Agent has a servicing relationship or for whom the Service Agent is
the dealer or holder of record. Both the Distributor and Dreyfus determine
the amounts, if any, to be paid to the Service Agents under the Plan and the
basis on which such payments are made. The fees payable under the Plan are
payable without regard to actual expenses incurred. During the six months
ended July 31, 1995, $142,069 was charged to the Fund, pursuant to the Plan.
(C) Each trustee who is not an "affiliated person" as defined in the Act
receives an annual fee of $3,000 and an attendance fee of $500 per meeting.
DREYFUS CASH MANAGEMENT
REVIEW REPORT OF ERNST & YOUNG LLP, INDEPENDENT ACCOUNTANTS
SHAREHOLDERS AND BOARD OF TRUSTEES
DREYFUS CASH MANAGEMENT
We have reviewed the accompanying statement of assets and liabilities of
Dreyfus Cash Management, including the statement of investments, as of July
31, 1995, and the related statements of operations and changes in net assets
and financial highlights for the six month period ended July 31, 1995. These
financial statements and financial highlights are the responsibility of the
Fund's management.
We conducted our review in accordance with standards established by the
American Institute of Certified Public Accountants. A review of interim
financial information consists principally of applying analytical procedures
to financial data, and making inquiries of persons responsible for financial
and accounting matters. It is substantially less in scope than an audit
conducted in accordance with generally accepted auditing standards, which
will be performed for the full year with the objective of expressing an
opinion regarding the financial statements and financial highlights taken as
a whole. Accordingly, we do not express such an opinion.
Based on our review, we are not aware of any material modifications that
should be made to the interim financial statements and financial highlights
referred to above for them to be in conformity with generally accepted
accounting principles.
We have previously audited, in accordance with generally accepted
auditing standards, the statement of changes in net assets for the year ended
January 31, 1995 and financial highlights for each of the five years in the
period ended January 31, 1995 and in our report dated March 7, 1995, we
expressed an unqualified opinion on such statement of changes in net assets
and financial highlights.
[Ernst and Young LLP signature logo]
New York, New York
September 5, 1995
[Dreyfus lion "d" logo]
DREYFUS CASH
MANAGEMENT
200 PARK AVENUE
NEW YORK, NY 10166
MANAGER
THE DREYFUS CORPORATION
200 PARK AVENUE
NEW YORK, NY 10166
CUSTODIAN
THE BANK OF NEW YORK
90 WASHINGTON STREET
NEW YORK, NY 10286
TRANSFER AGENT &
DIVIDEND DISBURSING AGENT
THE SHAREHOLDER SERVICES GROUP, INC.
P.O. BOX 9671
PROVIDENCE, RI 02940
Further information is contained
in the Prospectus, which must
precede or accompany this report.
Printed in U.S.A. 288/670SA957
[Dreyfus logo]
DREYFUS
CASH
MANAGEMENT
SEMI-ANNUAL REPORT
July 31, 1995
