LETTER TO SHAREHOLDERS
Dear Shareholder:
For the fiscal year ended January 31, 1995, the yield of Dreyfus Cash
Management Class A shares was 4.20%. After taking into account the effect of
compounding, the effective yield was 4.28%.* For Class B shares, the
corresponding yields were 3.96% and 4.03%.*
The year's returns for Dreyfus Cash Management Fund reflect both the much
lower level of interest rates when the year began and the steady rises since
then.
The performance of the U.S. economy last year was most impressive, in
spite of slow retail sales during the Christmas season. During the year, we
saw a robust housing market, booming automobile sales, notable expansion in
new jobs, a drop in the jobless rate, and expanding industrial production.
All this was accomplished with a very modest level of inflation, whether you
measure inflation by the existing numbers or revise it downward, as has been
suggested by the Chairman of the Federal Reserve Board, Alan Greenspan. In
January, he told Congress he thinks the currently published inflation numbers
overstate the Consumer Price Index by 0.5% to 1.5%.
Lately, there have been some signs of slowing in the rate of expansion,
along with the first signs that the costs of raw materials and semifinished
goods may be starting to rise.
At the time of this writing, it is too early to tell whether the economy
is in fact starting to slow down. If that is the case, it might not be
necessary for the Federal Reserve Board to use its powers to raise interest
rates in late May. The economy itself could conceivably act as a brake on
inflation.
However, if the indications of a so-called "soft landing" for the U.S.
economy are misleading, then the cost increases that have been noted in the
early stages of the production pipeline may soon work through to the consumer
level. In that case, increases in producer prices and in the consumer price
level would most likely persuade the Federal Reserve to take further measures
to increase the Federal Funds rate, or the discount rate, or both.
With such important questions still unresolved, we are following cautious
policies in handling the portfolio of your Fund. Our preference is to keep
average maturities shorter than we would under more stable market conditions.
This places the Fund in a good position to lengthen maturities when we detect
signs that interest rates are stabilizing, or even turning around.
As always, we will be watching economic developments closely and will not
hesitate to make portfolio adjustments as required.
Sincerely,
(logo signature)
Patricia A. Larkin
Portfolio Manager
February 23, 1995
New York, N.Y.
* Effective yield is based upon dividends declared daily and reinvested
monthly.
<TABLE>
<CAPTION>
DREYFUS CASH MANAGEMENT
STATEMENT OF INVESTMENTS JANUARY 31, 1995
PRINCIPAL
NEGOTIABLE BANK CERTIFICATES OF DEPOSIT--1.9% AMOUNT VALUE
---------- -----------
<S> <C> <C>
Harris Trust & Savings Bank (London)
6.72%, 6/5/95........................................................... $ 25,000,000 $ 24,982,482
NationsBank of North Carolina (London)
5.04%, 3/14/95.......................................................... 12,000,000 12,000,000
------------
TOTAL NEGOTIABLE BANK CERTIFICATES OF DEPOSIT
(cost $36,982,482)...................................................... $ 36,982,482
=============
COMMERCIAL PAPER--30.5%
Den Danske Corp. Inc.
6.44%, 5/11/95.......................................................... $ 25,000,000 $ 24,566,875
Ford Motor Credit Co.
6.15%-6.24%, 4/27/95-4/28/95............................................ 50,000,000 49,276,785
General Electric Capital Corp.
5.11%-5.19%, 2/27/95-3/10/95............................................ 90,000,000 89,650,067
General Electric Capital Services Inc.
5.11%-6.50%, 2/27/95-4/19/95............................................ 85,000,000 84,340,601
General Motors Acceptance Corp.
6.05%-6.42%, 2/27/95-5/8/95............................................. 85,000,000 84,206,356
Goldman Sachs Group L.P.
6.64%, 5/4/95........................................................... 50,000,000 49,169,444
Internationale Nederlanden (U.S.) Funding
6.66%, 7/12/95.......................................................... 10,000,000 9,711,542
NYNEX Corp.
6.55%, 6/16/95.......................................................... 10,000,000 9,760,750
Prudential Funding Corp.
5.85%, 2/1/95........................................................... 50,000,000 50,000,000
Sears Roebuck Acceptance Corp.
6.53%-6.70%, 6/12/95-6/23/95............................................ 30,000,000 29,254,205
Seventy Five State St.
6.11%, 3/10/95 (a)...................................................... 20,000,000 19,875,639
UBS Finance (Delaware) Inc.
5.85%, 2/1/95........................................................... 80,000,000 80,000,000
-------------
TOTAL COMMERCIAL PAPER (cost $579,812,264).................................. $ 579,812,264
===============
CORPORATE NOTES--10.2%
Bear Stearns Companies Inc.
6.09%-6.12%, 8/25/95-1/26/96 (b)........................................ $ 74,000,000 $ 74,000,000
Lehman Brothers Holdings Inc.
5.97%, 9/21/95 (b)...................................................... 50,000,000 50,000,000
Merrill Lynch & Co. Inc.
5.94%, 2/23/95 (b)...................................................... 70,000,000 70,000,000
--------------
TOTAL CORPORATE NOTES (cost $194,000,000)................................... $ 194,000,000
===============
</TABLE>
<TABLE>
<CAPTION>
DREYFUS CASH MANAGEMENT
STATEMENT OF INVESTMENTS (CONTINUED) JANUARY 31, 1995
PRINCIPAL
SHORT-TERM BANK NOTES--4.2% AMOUNT VALUE
---------------- ------------
<S> <C> <C>
First National Bank of Boston
6.25%-6.25%, 4/27/95-5/1/95
(cost $80,000,000). .................................................... $ 80,000,000 $ 80,000,000
===============
U.S. TREASURY BILLS--5.3%
3.64%, 2/9/95
(cost $99,922,000)...................................................... $ 100,000,000 $ 99,922,000
===============
U.S. GOVERNMENT AGENCIES--7.9%
Federal Home Loan Banks, Consolidated Systemwide,
Floating Rate Bonds
6.05%, 2/3/97 (b)....................................................... $ 50,000,000 $ 49,981,040
Federal National Mortgage Association, Consolidated
Systemwide, Floating Rate Bonds
5.97%, 2/14/97 (b)...................................................... 100,000,000 100,000,000
-------------
TOTAL U.S. GOVERNMENT AGENCIES (cost $149,981,040).......................... $149,981,040
============
TIME DEPOSITS--13.4%
Chase Manhattan Bank NA (London)
5.63%, 2/1/95........................................................... $ 45,000,000 $ 45,000,000
Chemical Bank (London)
5.88%, 2/1/95........................................................... 80,000,000 80,000,000
Morgan Guaranty Trust Co. (London)
5.69%, 2/1/95........................................................... 80,000,000 80,000,000
Republic National Bank of New York (London)
5.63%, 2/1/95........................................................... 50,041,000 50,041,000
------------
TOTAL TIME DEPOSITS (cost $255,041,000)..................................... $255,041,000
=============
REPURCHASE AGREEMENTS--21.0%
Daiwa Securities America Inc.
5.78%, dated 1/31/95, due 2/1/95 in the amount
of $80,000,000 (fully collateralized by
$81,465,000 U.S. Treasury Notes, 4.25%-4.625%
due 7/31/95 to 12/31/95, value $80,927,342)............................. $ 80,000,000 $ 80,000,000
Goldman, Sachs & Co.
5.70%, dated 1/31/95, due 2/1/95 in the amount
of $80,000,000 (fully collateralized by
$82,820,000 U.S. Treasury Notes, 4.25%
due 11/30/95, value $81,737,254)........................................ 80,000,000 80,000,000
Lehman Government Securities, Inc.
5.80%, dated 1/31/95, due 2/1/95 in the amount
of $80,000,000 (fully collateralized by
$28,100,000 U.S. Treasury Bills due 4/20/95 and
$52,475,000 U.S. Treasury Notes, 5.875%-11.25%
due 5/15/95, value $81,591,393)......................................... 80,000,000 80,000,000
</TABLE>
<TABLE>
<CAPTION>
DREYFUS CASH MANAGEMENT
STATEMENT OF INVESTMENTS (CONTINUED) JANUARY 31, 1995
PRINCIPAL
REPURCHASE AGREEMENTS (CONTINUED) AMOUNT VALUE
---------------- --------------
<S> <C> <C>
Sanwa Securities USA Co. L.P.
5.80%,dated 1/31/95,due 2/1/95 in the amount
of $80,000,000 (fully collaterized by
$83,298,000 U.S. Treasury Bills due 7/20/95
value $80,898,555)...................................................... $ 80,000,000 $ 80,000,000
Yamaichi International America, Inc.
5.80%,dated 1/31/95,due 2/1/95 in the amount
of $80,000,000 (fully collateralized by
$78,285,000 U.S. Treasury Notes,8.50-10.50%
due 2/15/95 to 11/15/95,value $80,521,856).............................. 80,000,000 80,000,000
------------
TOTAL REPURCHASE AGREEMENTS (cost $400,000,000)............................. $ 400,000,000
==============
TOTAL INVESTMENTS (cost $1,795,738,786)............................ 94.4% $ 1,795,738,786
====== ==============
CASH AND RECEIVABLES (NET)......................................... 5.6% $ 106,761,555
====== ==============
NET ASSETS .................................................. 100.0% $ 1,902,500,341
====== ===============
</TABLE>
NOTES TO STATEMENT OF INVESTMENTS:
(a) Backed by irrevocable bank letter of credit.
(b) Variable interest rate-subject to periodic change.
See notes to financial statements.
<TABLE>
<CAPTION>
DREYFUS CASH MANAGEMENT
STATEMENT OF ASSETS AND LIABILITIES JANUARY 31, 1995
ASSETS:
<S> <C> <C>
Investments in securities, at value
(including repurchase agreements of $400,000,000)-Note 1(a,b)......... $ 1,795,738,786
Receivable for investment securities sold............................... 108,729,607
Interest receivable..................................................... 4,539,601
----------------
1,909,007,994
LIABILITIES:
Due to The Dreyfus Corporation.......................................... $ 291,381
Due to Distributor...................................................... 18,969
Due to Custodian........................................................ 6,197,303 6,507,653
------------ -------------
NET ASSETS ................................................................ $ 1,902,500,341
==============
REPRESENTED BY:
Paid-in capital......................................................... $ 1,903,126,690
Accumulated net realized (loss) on investments.......................... (626,349)
----------------
NET ASSETS at value......................................................... $ 1,902,500,341
==============
Shares of Beneficial Interest outstanding:
Class A shares
(unlimited number of $.001 par value shares authorized)............... 1,817,785,395
==============
Class B shares
(unlimited number of $.001 par value shares authorized)............... 85,341,295
============
NET ASSET VALUE per share:
Class A shares
($1,817,166,206 / 1,817,785,395 shares)............................... $1.00
=====
Class B shares
($85,334,135 / 85,341,295 shares)..................................... $1.00
=====
</TABLE>
See notes to financial statements.
<TABLE>
<CAPTION>
DREYFUS CASH MANAGEMENT
STATEMENT OF OPERATIONS YEAR ENDED JANUARY 31, 1995
INVESTMENT INCOME:
<S> <C> <C>
INTEREST INCOME......................................................... $ 98,597,301
EXPENSES:
Management fee-Note 2(a).............................................. $4,607,084
Distribution fees (Class B shares)-Note 2(b).......................... 232,599
------------
TOTAL EXPENSES.................................................... 4,839,683
-------------
INVESTMENT INCOME--NET...................................................... 93,757,618
NET REALIZED (LOSS) ON INVESTMENTS--Note 1(b)............................... (185,931)
-------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........................ $93,571,687
==============
</TABLE>
See notes to financial statements.
<TABLE>
<CAPTION>
DREYFUS CASH MANAGEMENT
STATEMENT OF CHANGES IN NET ASSETS
YEAR ENDED JANUARY 31,
---------------------------------
1994 1995
------------ ----------
<S> <C> <C>
OPERATIONS:
Investment income--net.............................................. $ 124,597,162 $ 93,757,618
Net realized gain (loss) on investments............................. 330,758 (185,931)
-------------- -------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS.......... 124,927,920 93,571,687
-------------- -------------
DIVIDENDS TO SHAREHOLDERS FROM;
Investment income--net:
Class A shares.................................................... (124,557,691) (90,088,510)
Class B shares.................................................... (39,471) (3,669,108)
-------------- -------------
TOTAL DIVIDENDS............................................... (124,597,162) (93,757,618)
-------------- -------------
BENEFICIAL INTEREST TRANSACTIONS ($1.00 per share):
Net proceeds from shares sold:
Class A shares.................................................... 44,940,158,583 17,326,303,484
Class B shares.................................................... 95,036,034 670,809,160
Dividends reinvested:
Class A shares.................................................... 21,715,882 21,969,146
Class B shares.................................................... 78,861 1,713,385
Cost of shares redeemed:
Class A shares.................................................... (47,542,533,683) (18,425,780,190)
Class B shares.................................................... (42,843,195) (639,452,949)
-------------- -------------
(DECREASE) IN NET ASSETS FROM BENEFICIAL INTEREST TRANSACTIONS (2,528,387,518) (1,044,437,964)
-------------- -------------
TOTAL (DECREASE) IN NET ASSETS.............................. (2,528,056,760) (1,044,623,895)
NET ASSETS:
Beginning of year................................................... 5,475,180,996 2,947,124,236
-------------- -------------
End of year......................................................... $ 2,947,124,236 $ 1,902,500,341
================ ================
</TABLE>
See notes to financial statements.
<TABLE>
<CAPTION>
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 year indicated. This
information has been derived from the Fund's financial statements.
CLASS A SHARES CLASS B SHARES
------------------------------------------------------- --------------------
YEAR ENDED YEAR ENDED
JANUARY 31, JANUARY 31,
------------------------------------------------------- --------------------
PER SHARE DATA: 1991 1992 1993 1994 1995 1994(1) 1995
------- ------- ------- ------- ------- ------- ------
<S> <C> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of year $ .9996 $ .9997 $ .9999 $ .9999 $ .9998 $1.0000 $1.0000
------- ------- ------- ------- ------- ------- -------
INVESTMENT OPERATIONS:
Investment income--net.......... .0801 .0581 .0362 .0311 .0420 .0017 .0396
Net realized gain (loss) on investments .0001 .0002 -- (.0001) (.0001) -- (.0001)
------- ------- ------- ------- ------- ------- -------
TOTAL FROM INVESTMENT
OPERATIONS................ .0802 .0583 .0362 .0310 .0419 .0017 .0395
------- ------- ------- ------- ------- ------- -------
DISTRIBUTIONS;
Dividends from investment
income--net................... (.0801) (.0581) (.0362) (.0311) (.0420) (.0017) (.0396)
------- ------- ------- ------- ------- ------- -------
Net asset value, end of year.... $ .9997 $ .9999 $ .9999 $ .9998 $ .9997 $1.0000 $ .9999
======= ======= ======= ======= ======= ======= =======
TOTAL INVESTMENT RETURN............. 8.31% 5.96% 3.68% 3.15% 4.28% 2.82%(2) 4.03%
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets .20% .20% .20% .20% .20% .45%(2) .45%
Ratio of net investment income to
average net assets............ 7.99% 5.78% 3.60% 3.11% 4.08% 2.83%(2) 3.94%
Decrease reflected in above expense ratios
due to undertaking by the Manager .02% .03% .04% .03% -- -- --
Net Assets, end of year (000's Omitted) $5,041,688 $6,508,999 $5,475,181 $2,894,853 $1,817,16 $52,272 $85,334
</TABLE>
(1) From January 10, 1994 (commencement of initial offering) to January 31,
1994.
(2) Annualized.
See notes to financial statements.
DREYFUS CASH MANAGEMENT
NOTES TO FINANCIAL STATEMENTS
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. Dreyfus Service
Corporation, until August 24, 1994, acted as the distributor of the Fund's
shares, which are sold to the public without a sales load. Dreyfus Service
Corporation is a wholly-owned subsidiary of The Dreyfus Corporation
("Manager"). Effective August 24, 1994, the Manager became a direct
subsidiary of Mellon Bank, N.A.
On August 24, 1994, Premier Mutual Fund Services, Inc. (the
"Distributor") was engaged as the Fund's distributor. The Distributor,
located at One Exchange Place, Boston, Massachusetts 02109, is a wholly-owned
subsidiary of Institutional Administration Services, Inc., a provider of
mutual fund administration services, the parent company of which is Boston
Institutional Group, Inc.
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.
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
DREYFUS CASH MANAGEMENT
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
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 2003.
At January 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) On August 5, 1994, Fund shareholders approved a revised Class B
Service Plan (the "Plan") pursuant to Rule 12b-1 under the Act. Pursuant to
the Plan, effective August 24, 1994, the Fund reimburses the Distributor for
distributing the Fund's Class B shares. The Fund also pays The Dreyfus
Corporation and Dreyfus Service Corporation, 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 sharehol
der accounts, such as answering shareholder inquiries regarding the Fund and
providing reports and other information, and services related to the
maintenance of shareholder accounts, at an aggregate annual rate of .25 of 1%
of the value of the Fund's Class B shares 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 period form February 1, 1994, through August 23, 1994, the
Fund's Service Plan ("prior Class B Service Plan") provided that the Fund pay
Dreyfus Service Corporation at an annual rate of .25 of 1% of the value of
the Fund's Class B shares average daily net assets, for costs and expenses in
connection with advertising, marketing and distributing Class B shares and
for providing certain services to holders of Class B shares. Dreyfus Service
Corporation made payments to one or more Service Agents based on the value of
the Fund's Class B shares owned by clients of the Service Agent.
During the year ended January 31, 1995, $96,113 was charged to the Fund
pursuant to the Plan and $136,486 was charged to the Fund pursuant to the
Prior Class B Service Plan.
(C) Prior to August 24, 1994, certain officers and trustees of the Fund
were "affiliated persons," as defined in the Act, of the Manager and/or
Dreyfus Service Corporation. Each trustee who is not an "affiliated person"
receives an annual fee of $3,000 and an attendance fee of $500 per meeting.
DREYFUS CASH MANAGEMENT
REPORT OF ERNST & YOUNG LLP, INDEPENDENT AUDITORS
SHAREHOLDERS AND BOARD OF TRUSTEES
DREYFUS CASH MANAGEMENT
We have audited the accompanying statement of assets and liabilities of
Dreyfus Cash Management, including the statement of investments, as of
January 31, 1995, and the related statement of operations for the year then
ended, the statement of changes in net assets for each of the two years in
the period then ended, and financial highlights for each of the years
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 generally accepted auditing
standards. 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. Our procedures included confirmation of
securities owned as of January 31, 1995 by correspondence with the custodians
and brokers. 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 Dreyfus Cash Management at January 31, 1995, the results of its
operations for the year then ended, the changes in its net assets for each of
the two years in the period then ended, and the financial highlights for each
of the indicated years, in conformity with generally accepted accounting
principles.
(Logo Signature)
New York, New York
March 7, 1994
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. 288/670AR951
DREYFUS
CASH
MANAGEMENT
ANNUAL REPORT
JANUARY 31, 1995
