DREYFUS CASH MANAGEMENT
LETTER TO SHAREHOLDERS
Dear Shareholder:
We are pleased to provide you with this report on Dreyfus Cash
Management. For its semi-annual reporting period ended July 31, 1996, your
Fund produced annualized yields of 5.23% for Class A shares and 4.98% for
Class B shares. Reinvesting dividends and calculating the effect of
compounding resulted in annualized effective yields of 5.36% and 5.10% for
Class A shares and Class B shares, respectively.*
ECONOMIC REVIEW
U.S. economic growth accelerated in the first half of 1996 after 1995's
slowdown. However, this year's faster economy is accompanied by reports of
slowing corporate profit growth. Faster growth fostered fears of higher
future inflation, even while reported inflation remained tame. The fear of
inflation, as distinguished from the reality, pushed bond yields higher and
raised expectations of a Federal Reserve Board ("Fed") tightening. Some of
these fears have receded recently on evidence indicating a softer economy in
the summer months.
This year's reacceleration in the economy was due to a sharp rebound in
domestic demand that left inventories lean. Real Gross Domestic Product grew
2.0% and 4.2% in the first and second quarters, respectively, driven largely
by consumer spending and housing investment. Industrial output growth
likewise strengthened as producers tried to replenish inventory. The faster
economy has fueled steady job creation that sustains support for consumers'
incomes and spending power. However, economic strength has not been
broadbased: exports are slow and some previously strong capital goods sectors
have weakened. Moreover, early evidence on the third quarter indicates a
slower profile for spending and production this summer. Despite faster
overall economic growth this year, the peak in profit growth for this cycle
may already have occurred last year.
Wage increases accelerated in this year's tight labor market, which added
to the case for renewed inflation. Thus, bond yields rose substantially.
Short-term market rates also surged on expectation of a Federal tightening,
but have since retreated. So far, long-term rates have risen much more than
short-term rates, forcing the yield curve to steepen. A steep yield curve is
usually supportive of sustained growth in the real economy.
The debate over whether the economy might slow down in the near term
without a Fed tightening appears to be resolved by incoming evidence of a
sluggish summer economy. Nevertheless, fundamentals remain supportive of
sustained growth. Household income growth is robust and supportive of
sustained demand growth. And inventories are lean, which can lead to
sustained production growth. Summer sluggishness, however, would keep
inflation fears at bay, deferring expectations for a Fed tightening out into
the future.
THE MONEY MARKET AND THE PORTFOLIO
A year ago, the main concern of monetary policy makers was whether the
U.S. economy would head into a recession. Unemployment figures were
stubbornly high, profits were slack, and the economic growth rate slowed
noticeably. The Fed addressed these problems with a succession of steps to
reduce short-term interest rates, the last such step being taken at the end
of January, 1996.
Since then, the central bank authorities appear to have stepped away from
such an active management role. The economy has strengthened on its own, with
the marketplace exerting more force than Government actions.
As explained in the previous section of this report, the strength shown
by the economy has brought policy expectations full circle. The market now is
apprehensive about a tightening in interest rates by the Fed and certainly
does not expect the Fed to loosen the credit reins.
As spring gave way to summer, there were a succession of economic
indicators showing a stronger tone in the economy, yet without imminent
danger of runaway price or wage inflation. Early in the spring and summer,
the money market was jolted by early signs of economic revival such as strong
employment numbers. By July, however, the market appeared to take such
indications more in stride, especially now that the latest figures point to a
more subdued rate of growth.
As the latest semi-annual period ended, the money market appeared
prepared for possible tightening moves by the Fed, but not necessarily any
imminent action. If the present course of slower growth continues, it might
not be necessary for the Fed to flex its muscles until after the November
elections.
We have been vigilant in keeping an eye on the changing tone of the
market.
Bearing all this in mind, we intend to maintain our policy of somewhat
longer portfolio maturities until we see clearer signs that a more defensive
policy should be instituted.
We appreciate the opportunity to manage money on your behalf and will
continue our best efforts to bring you rewarding returns.
Sincerely,
[Patricia A. Larkin signature logo]
Patricia A. Larkin
Senior Portfolio Manager
August 13, 1996
New York, N.Y.
* Annualized effective yield is based upon dividends declared daily and
reinvested monthly.
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DREYFUS CASH MANAGEMENT
STATEMENT OF INVESTMENTS JULY 31, 1996 (UNAUDITED)
PRINCIPAL
NEGOTIABLE BANK CERTIFICATES OF DEPOSIT-6.4% AMOUNT VALUE
________ ________
<S> <C> <C>
Chase Manhattan Bank (USA)
5.25%, 10/17/96......................................................... $ 50,000,000 $ 50,000,000
Old Kent Bank & Trust Co.
5.13%-5.18%, 10/25/96-10/28/96.......................................... 45,000,000 45,000,000
Union Bank of California
5.20%-5.73%, 8/2/96-12/10/96............................................ 75,000,000 75,000,000
__________
TOTAL NEGOTIABLE BANK CERTIFICATES OF DEPOSIT
(cost $170,000,000)..................................................... $ 170,000,000
==============
COMMERCIAL PAPER-39.1%
ABN-AMRO North America Finance Inc.
5.43%-5.44%, 11/12/96-12/20/96.......................................... $ 144,150,000 $ 141,605,725
Abbey National North America
5.67%, 1/6/97........................................................... 50,000,000 48,790,861
Chase Manhattan Corp.
5.59%, 2/21/97.......................................................... 25,000,000 24,239,250
Ciesco L.P.
5.51%, 10/18/96......................................................... 15,000,000 14,823,525
Corporate Asset Funding Co. Inc.
5.51%, 10/11/96......................................................... 50,000,000 49,464,542
Dresdner U.S. Finance Inc.
5.52%, 2/14/97.......................................................... 25,000,000 24,274,931
General Electric Capital Corp.
5.40%-5.44%, 9/12/96-12/27/96........................................... 135,000,000 133,247,933
General Electric Capital Services Inc.
5.40%-5.75%, 9/16/96-3/3/97............................................. 135,000,000 132,847,053
Goldman Sachs Group L.P.
5.40%, 8/22/96.......................................................... 10,000,000 9,969,083
Kredietbank N.A. Finance Corp.
5.50%, 11/13/96......................................................... 50,000,000 49,227,222
Merrill Lynch & Co. Inc.
5.14%-5.63%, 9/6/96-11/7/96............................................. 85,000,000 83,985,978
Morgan (J.P.) & Co. Inc.
5.35%, 8/2/96........................................................... 50,000,000 49,992,708
Morgan Stanley Group Inc.
5.37%, 8/23/96.......................................................... 70,000,000 69,773,278
UBS Finance (Delaware) Inc.
5.68%, 8/1/96........................................................... 115,000,000 115,000,000
DREYFUS CASH MANAGEMENT
STATEMENT OF INVESTMENTS (CONTINUED) JULY 31, 1996 (UNAUDITED)
PRINCIPAL
COMMERCIAL PAPER (CONTINUED) AMOUNT VALUE
________ ________
Vereinsbank Finance (Delaware) Inc.
5.54%, 11/19/96......................................................... $ 100,000,000 $ 98,337,778
__________
TOTAL COMMERCIAL PAPER
(cost $1,045,579,867)................................................... $1,045,579,867
==============
CORPORATE NOTES-7.3%
Bear Stearns Companies Inc.
5.38%-5.39%, 1/29/97-2/18/97 (a)........................................ $ 75,000,000 $ 75,000,000
Lehman Brothers Holdings Inc.
5.50%, 1/6/97 (a)....................................................... 50,000,000 50,000,000
Merrill Lynch & Co. Inc.
5.43%, 1/16/97.......................................................... 44,000,000 44,000,000
PNC Bank N.A.
5.50%, 5/15/97 (a)...................................................... 25,000,000 24,980,623
__________
TOTAL CORPORATE NOTES
(cost $193,980,623)..................................................... $ 193,980,623
==============
SHORT-TERM BANK NOTES-6.6%
Banc One Milwaukee
5.37%, 2/6/97 (a)....................................................... $ 50,000,000 $ 49,990,026
Bank of America NT & SA
5%, 1/29/97............................................................. 10,000,000 10,002,582
Comerica Bank
5.36%, 2/14/97 (a)...................................................... 50,000,000 49,981,584
Morgan Guaranty Trust Co.
5.50%, 1/8/97........................................................... 5,000,000 5,000,000
Society National Bank, Cleveland
5.37%, 2/14/97 (a)...................................................... 62,000,000 61,960,549
__________
TOTAL SHORT-TERM BANK NOTES
(cost $176,934,741)..................................................... $ 176,934,741
==============
U.S. GOVERNMENT AGENCIES-19.3%
Federal Farm Credit Bank, Notes
5.21%, 3/3/97........................................................... $ 75,000,000 $ 74,889,766
Federal Home Loan Banks, Floating Rate Notes
5.80%, 2/3/97 (a)....................................................... 50,000,000 49,995,189
Federal National Mortgage Association, Floating Rate Notes
5.30%-5.72%, 12/16/96-5/14/98 (a)....................................... 392,000,000 392,127,169
__________
TOTAL U.S. GOVERNMENT AGENCIES
(cost $517,012,124)..................................................... $ 517,012,124
==============
DREYFUS CASH MANAGEMENT
STATEMENT OF INVESTMENTS (CONTINUED) JULY 31, 1996 (UNAUDITED)
PRINCIPAL
TIME DEPOSITS-2.7% AMOUNT VALUE
________ ________
Republic National Bank of New York (London)
6%, 8/1/96.............................................................. $ 40,000,000 $ 40,000,000
Republic New York Corp. (London)
6.50%, 8/1/96........................................................... 33,299,000 33,299,000
__________
TOTAL TIME DEPOSITS
(cost $73,299,000)...................................................... $ 73,299,000
==============
REPURCHASE AGREEMENTS-18.0%
Barclays De Zoete Wedd
5.60%, dated 7/31/96, due 8/1/96 in the amount of
$200,031,111 (fully collateralized by
$210,236,000 U.S. Treasury Bills due from
12/19/96 to 6/26/97, value $202,940,598)................................ $ 200,000,000 $ 200,000,000
SBC Capital Markets
5.71%, dated 7/31/96, due 8/1/96 in the amount of
$280,044,417 (fully collateralized by
$291,485,000 U.S. Treasury Bills due from
12/12/96 to 12/19/96, value $285,715,747)............................... 280,000,000 280,000,000
__________
TOTAL REPURCHASE AGREEMENTS
(cost $480,000,000)..................................................... $ 480,000,000
==============
TOTAL INVESTMENTS
(cost $2,656,806,355)........................................ 99.4% $2,656,806,355
======== ==============
CASH AND RECEIVABLES (NET)....................................... .6% $ 15,008,582
======== ==============
NET ASSETS .................................................. 100.0% $2,671,814,937
======== ==============
NOTE TO STATEMENT OF INVESTMENTS;
(a) Variable interest rate-subject to periodic change.
See independent accountants' review report and notes to financial statements.
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DREYFUS CASH MANAGEMENT
STATEMENT OF ASSETS AND LIABILITIES JULY 31, 1996 (UNAUDITED)
<S> <C> <C>
ASSETS:
Investments in securities, at value
(including repurchase agreements of $480,000,000)-Note 1(a,b)......... $2,656,806,355
Cash.................................................................... 2,874,739
Interest receivable..................................................... 12,706,705
_____________
2,672,387,799
LIABILITIES:
Due to The Dreyfus Corporation and affiliates........................... $545,846
Due to Distributor...................................................... 27,016 572,862
___________ _____________
NET ASSETS ................................................................ $2,671,814,937
===============
REPRESENTED BY:
Paid-in capital......................................................... $2,672,134,771
Accumulated net realized (loss) on investments.......................... (319,834)
_____________
NET ASSETS at value......................................................... $2,671,814,937
===============
Shares of Beneficial Interest outstanding:
Class A shares
(unlimited number of $.001 par value shares authorized)............... 2,215,395,089
===============
Class B shares
(unlimited number of $.001 par value shares authorized)............... 456,739,682
===============
NET ASSET VALUE per share:
Class A shares
($2,215,074,080 / 2,215,395,089 shares)............................... $1.00
======
Class B shares
($456,740,857/ 456,739,682 shares).................................... $1.00
======
See independent accountants' review report and notes to financial statements.
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DREYFUS CASH MANAGEMENT
STATEMENT OF OPERATIONS SIX MONTHS ENDED JULY 31, 1996 (UNAUDITED)
<S> <C> <C>
INVESTMENT INCOME:
INTEREST INCOME......................................................... $81,268,722
EXPENSES:
Management fee-Note 2(a).............................................. $2,982,899
Distribution fees (Class B shares)-Note 2(b).......................... 557,750
___________
TOTAL EXPENSES.................................................... 3,540,649
____________
INVESTMENT INCOME-NET....................................................... 77,728,073
NET REALIZED (LOSS) ON INVESTMENTS-Note 1(b)................................ (121,913)
____________
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........................ $77,606,160
============
See independent accountants' review report and notes to financial statements.
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DREYFUS CASH MANAGEMENT
STATEMENT OF CHANGES IN NET ASSETS
YEAR ENDED SIX MONTHS ENDED
JANUARY 31, JULY 31, 1996
1996 (UNAUDITED)
____________ ___________
<S> <C> <C>
OPERATIONS:
Investment income-net........................................... $ 151,199,266 $ 77,728,073
Net realized gain (loss) on investments........................... 428,428 (121,913)
____________ ____________
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........ 151,627,694 77,606,160
____________ ____________
DIVIDENDS TO SHAREHOLDERS FROM;
Investment income-net:
Class A shares.................................................. (141,323,993) (66,578,311)
Class B shares.................................................. (9,875,273) (11,149,762)
____________ ____________
TOTAL DIVIDENDS............................................. (151,199,266) (77,728,073)
____________ ____________
BENEFICIAL INTEREST TRANSACTIONS ($1.00 per share):
Net proceeds from shares sold:
Class A shares................................................ 19,851,202,552 9,988,594,608
Class B shares.................................................. 1,517,423,779 1,628,503,021
Dividends reinvested:
Class A shares.................................................. 38,568,632 21,789,196
Class B shares.................................................. 4,217,122 2,555,268
Cost of shares redeemed:
Class A shares.................................................. (19,264,692,986) (10,237,852,308)
Class B shares.................................................. (1,176,698,999) (1,604,601,804)
____________ ____________
INCREASE (DECREASE) IN NET ASSETS FROM BENEFICIAL
INTEREST TRANSACTIONS..................................... 970,020,100 (201,012,019)
____________ ____________
TOTAL INCREASE (DECREASE) IN NET ASSETS................... 970,448,528 (201,133,932)
NET ASSETS:
Beginning of period............................................... 1,902,500,341 2,872,948,869
____________ ____________
End of period..................................................... $ 2,872,948,869 $ 2,671,814,937
================ =================
See independent accountants' review report and notes to financial statements.
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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
___________________________________________________________________________
SIX
YEAR ENDED JANUARY 31, MONTHS ENDED
____________________________________________________________ JULY 31, 1996
PER SHARE DATA: 1992 1993 1994 1995 1996 (UNAUDITED)
_______ ______ ______ ______ ______ ___________
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period.. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
_______ ______ ______ ______ ______ _______
INVESTMENT OPERATIONS;
Investment income_net................ .058 .036 .031 .042 .059 .026
_______ ______ ______ ______ ______ _______
DISTRIBUTIONS;
Dividends from investment income_net. (.058) (.036) (.031) (.042) (.059) (.026)
_______ ______ ______ ______ ______ _______
Net asset value, end of period........ $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======= ======== ======== ======= ======= ========
TOTAL INVESTMENT RETURN................... 5.96% 3.68% 3.15% 4.28% 6.03% 5.29%*
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets .20% .20% .20% .20% .20% .20%*
Ratio of net investment income to average
net assets.......................... 5.78% 3.60% 3.11% 4.08% 5.86% 5.23%*
Decrease reflected in above expense ratios
due to undertaking by the Manager... .03% .04% .03% _ _ _
Net Assets, end of period (000's Omitted) $6,508,999 $5,475,181 $2,894,853 $1,817,166 $2,442,647 $2,215,074
*Annualized.
See independent accountants' review report and notes to financial statements.
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DREYFUS CASH MANAGEMENT
FINANCIAL HIGHLIGHTS (CONTINUED)
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 B SHARES
____________________________________________________________
SIX
YEAR ENDED JANUARY 31, MONTHS ENDED
______________________________________ JULY 31, 1996
PER SHARE DATA: 1994(1) 1995 1996 (UNAUDITED)
______ ______ ______ ___________
<S> <C> <C> <C> <C>
Net asset value, beginning of period.................... $ 1.00 $ 1.00 $ 1.00 $ 1.00
______ ______ ______ _______
INVESTMENT OPERATIONS;
Investment income_net.............................. .002 .040 .056 .025
______ ______ ______ _______
DISTRIBUTIONS;
Dividends from investment income_net.................... (.002) (.040) (.056) (.025)
______ ______ _______ _______
Net asset value, end of period.......................... $ 1.00 $ 1.00 $ 1.00 $ 1.00
======= ======= ========= ==========
TOTAL INVESTMENT RETURN..................................... 2.82%(2) 4.03% 5.76% 5.03%(2)
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets................. .45%(2) .45% .45% .45%(2)
Ratio of net investment income to average net assets.... 2.83%(2) 3.94% 5.54% 4.98%(2)
Net Assets, end of period (000's Omitted)............... $52,272 $85,334 $430,302 $456,741
(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.
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DREYFUS CASH MANAGEMENT
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
NOTE 1-SIGNIFICANT ACCOUNTING POLICIES:
Dreyfus Cash Management (the "Fund") is registered under the Investment
Company Act of 1940 ("Act") as a diversified open-end management investment
company. The 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. The Dreyfus Corporation ("Manager") serves
as the Fund's investment adviser. The Manager is a direct subsidiary of
Mellon Bank, N.A.
Premier Mutual Fund Services, Inc. (the "Distributor") acts as the
distributor of the Fund's shares, which are sold without a sales load. 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.
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's financial statements are prepared in accordance with generally
accepted accounting principles which may require the use of management
estimates and assumptions. Actual results could differ from those estimates.
(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.
DREYFUS CASH MANAGEMENT
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
(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 $198,000
available for Federal income tax purposes to be applied against future net
securities profits, if any, realized subsequent to January 31, 1996. If not
applied, $10,000 of the carryover expires in fiscal 1999 and $188,000 expires
in fiscal 2003.
At July 31, 1996, 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 value
of the Fund's average daily net assets and is payable monthly.
Unless the Manager gives the 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, interest on borrowings and, with the prior
written consent of the necessary state securities commissions, extraordinary
expenses) other than the following expenses, which will be borne by the Fund:
the management fee, and with respect to the Fund's Class B shares, Rule 12b-1
Service Plan expenses.
The Manager compensates Dreyfus Transfer, Inc., a wholly-owned
subsidiary, under a transfer agency agreement, for providing personnel and
facilities to perform transfer agency services for the Fund. Such
compensation amounted to $9,385 during the six months ended July 31, 1996.
(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 average daily net assets of Class B.
Both the Distributor and Dreyfus may pay one or more Service Agents (a
securities dealer, financial institutional or other industry professional) 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, 1996, $557,750 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, 1996, and the related statements of operations and changes in net assets
and financial highlights for the six month period ended July 31, 1996. 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, 1996 and financial highlights for each of the five years in the
period ended January 31, 1996 and in our report dated March 5, 1996, we
expressed an unqualified opinion on such statement of changes in net assets
and financial highlights.
[Ernst & Young LLP signature logo]
New York, New York
August 30, 1996
September 3, 1996
September 4, 1996
September 5, 1996
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
DREYFUS TRANSFER, INC.
P.O. BOX 9671
PROVIDENCE, RI 02940
Printed in U.S.A. 288/670SA967
DREYFUS
CASH
MANAGEMENT
SEMI-ANNUAL REPORT
JULY 31, 1996
