LETTER TO SHAREHOLDERS
Dear Shareholder:
We are pleased to provide you with this semi-annual report for Dreyfus
New York Municipal Cash Management. For the six-month period ended January
31, 1995, the annualized yield provided by the Fund's Class A shares was
3.07%. After taking into account the effect of compounding, the annualized
effective yield was 3.11%.* For Class B shares, the annualized yield was
2.82% and the annualized effective yield was 2.85%.* Income dividends of
approximately $.015 per Class A share and .014 per Class B share paid during
the period were exempt from Federal, New York State and New York City income
taxes.**
Our last letter recapped the series of Federal Reserve Board moves
throughout the first half of 1994--moves designed to reach a more neutral
monetary policy stance in response to continued economic expansion. With
further evidence of economic strength in the latter half of the year, the
Federal Reserve continued its move toward tighter policy. In two successive
moves in August and November, the Fed increased rates an additional 125 basis
points. By November 15, total monetary policy actions taken in 1994 increased
the discount rate from 3.00% to 4.75%. In addition, the Federal Funds rate
moved from 3.00% to 5.50% between February and November of last year. On
February 1 of this year, the Fed continued with its policy as it raised both
the Federal Funds and discount rate an additional 50 basis points to 6.00%
and 5.25%, respectively. Throughout the year, yields on municipal money
market funds increased in response to these higher short-term rates.
One of the most significant events in the second half of last year which
affected the short-term municipal market was the bankruptcy filing by Orange
County, California. The uncertainty that resulted caused temporary market
weakness in both the national and state-specific money markets. As your Fund
continues to invest exclusively in New York-exempt issues, it had no direct
exposure to Orange County. However, prices on short-term municipal notes
(especially California issues) declined during December as the market awaited
additional information about the County's filing. The prevailing market
weakness provided several attractive buying opportunities. With an average
maturity in the 60-day-plus range, we were able to take advantage of some of
these opportunities. While maintaining our conservative investment
philosophy, we committed selectively to those New York-exempt issues which
provided the portfolio with a high level of diversity and liquidity.
We have included a current Statement of Investments and recent financial
statements for your review and look forward to serving your investment needs
in the future.
Very truly yours,
(Richard J. Moynihan Signature Logo)
Richard J. Moynihan
Director, Municipal Portfolio Management
The Dreyfus Corporation
February 16, 1995
New York, N.Y.
* Annualized effective yield is based upon dividends declared daily and
reinvested monthly.
** Some income may be subject to the Federal Alternative Minimum Tax
(AMT) for certain shareholders.
<TABLE>
<CAPTION>
DREYFUS NEW YORK MUNICIPAL CASH MANAGEMENT
STATEMENT OF INVESTMENTS JANUARY 31, 1995 (UNAUDITED)
PRINCIPAL
TAX EXEMPT INVESTMENTS--100.0% AMOUNT VALUE
-------------- ------------
<S> <C> <C>
NEW YORK--96.3%
Erie County, RAN, 4.75%, 8/15/95............................................ $ 5,000,000 $ 5,019,259
Town of Islip Industrial Development Agency, IDR, VRDN:
(Brentwood Distribution Project) 2.975% (LOC; Bankers Trust) (a,b)...... 1,750,000 1,750,000
(Radiation Dynamics Project) 4.125%, Series A (LOC; Sumitomo Bank) (a,b) 100,000 100,000
Monroe County Industrial Development Agency, Revenue, VRDN (Enbi Corp.)
3.45% (LOC; ABN-Amro Bank) (a,b)........................................ 100,000 100,000
Nassau County Industrial Development Agency, IDR, VRDN
(Manhassett Association Project) 4% (LOC; Bankers Trust) (a,b).......... 2,000,000 2,000,000
City of New York:
RAN, 4.50%, 4/12/95..................................................... 3,000,000 3,004,209
VRDN:
4%, Series A-7(LOC; Chemical Bank) (a,b).............................. 5,000,000 5,000,000
4.10%, Series E-5 (LOC; Sumitomo Bank) (a,b).......................... 4,000,000 4,000,000
4.25%, Series B (Insured; MBIA) (a)................................... 8,600,000 8,600,000
Trust Cultural Resource Revenue
(American Museum of Natural History) 3.35%, Series A
(Insured; MBIA and SBPA; Credit Suisse) (a)....................... 3,000,000 3,000,000
New York City Housing Development Corp., MFMR, VRDN
(York Avenue Development Project) 3.60% (LOC; Chemical Bank) (a,b)...... 5,000,000 5,000,000
New York City Industrial Development Agency, VRDN:
Civil Facility Revenue
(Childrens Oncology Society-Ronald McDonald House)
3.35% (LOC; Barclays Bank) (a,b)...................................... 100,000 100,000
IDR:
(Japan Airlines Co. Limited Project) 4.10% (LOC; Morgan Guaranty Trust
Co.)(a,b) ...................................................... 12,100,000 12,100,000
(Nobart-New York Ink Project) 3.10% (LOC; Dai-Ichi Kangyo Bank) (a,b). 3,100,000 3,100,000
New York City Municipal Water Finance Authority, Water and Sewer Systems
Revenue,
VRDN 3.90%, Series C (Insured; FGIC) (a)................................ 4,000,000 4,000,000
New York State, GO Notes 4.90%, 3/1/95...................................... 3,060,000 3,064,010
New York State Energy, Research and Development Authority, PCR:
Bonds:
(LILCO Project) 3%, Series A, 3/1/95 (LOC; Deutsche Bank) (b)......... 7,000,000 7,000,000
(New York State Electric and Gas Corp.) 3.25%, 3/15/95 (LOC; JP Morgan) (b) 3,000,000 3,000,000
VRDN:
(Central Hudson Gas and Electric Project)
3.45%, Series A (LOC; Bankers Trust)(a,b)......................... 3,000,000 3,000,000
(Niagara Mohawk Power Corp.)
3.75%, Series B (LOC; Toronto Dominion Bank) (a,b)................ 3,000,000 3,000,000
New York State Local Government Assistance Corp., VRDN 3.40%, Series 93A
(LOC: Credit Suisse, Swiss Bank Corp. and Union Bank of Switzerland) (a,b) 6,000,000 6,000,000
New York State Thruway Authority, General Revenue, VRDN 3.70% (Insured; FGIC) (a) 2,300,000 2,300,000
DREYFUS NEW YORK MUNICIPAL CASH MANAGEMENT
STATEMENT OF INVESTMENTS (CONTINUED) JANUARY 31, 1995 (UNAUDITED)
PRINCIPAL
TAX EXEMPT INVESTMENTS (CONTINUED) AMOUNT VALUE
-------------- ------------
NEW YORK (CONTINUED)
County of Niagara, BAN, 5.50%, 1/25/96...................................... $ 4,000,000 $ 4,016,792
Orange County Industrial Development Agency, IDR, VRDN
(Minolta Advance Technology Project) 4.125% (LOC; Sanwa Bank) (a,b)..... 2,100,000 2,100,000
Rochester, BAN, 4.75%, 11/2/95.............................................. 3,000,000 3,011,232
South Huntington Union Free School District, TAN 4.25%, 6/30/95............. 4,000,000 4,005,492
Suffolk County, TAN 4.50%, Series II, 9/14/95.............................. 3,000,000 3,007,449
Triborough Bridge and Tunnel Authority, Special Obligation, VRDN
3.40% (Insured; FGIC) (a)............................................... 4,900,000 4,900,000
U.S. RELATED--3.7%
Puerto Rico Municipal Finance Agency 4.75%, Series A, 7/1/95................ 4,000,000 4,011,909
--------------
TOTAL INVESTMENTS (cost $109,290,352)....................................... $109,290,352
============
</TABLE>
<TABLE>
<CAPTION>
SUMMARY OF ABBREVIATIONS
<S> <C> <C> <C>
BAN Bond Anticipation Notes MFMR Multi-Family Mortgage Revenue
FGIC Financial Guaranty Insurance Company PCR Pollution Control Revenue
GO General Obligation RAN Revenue Anticipation Notes
IDR Industrial Development Revenue SBPA Standby Bond Purchase Agreement
LOC Letter of Credit TAN Tax Anticipation Notes
MBIA Municipal Bond Investors Assurance VRDN Variable Rate Demand Notes
</TABLE>
<TABLE>
<CAPTION>
SUMMARY OF COMBINED RATINGS
FITCH (C) OR MOODY'S OR STANDARD & POOR'S PERCENTAGE OF VALUE
- --------- --------- -------------------- -----------------------
<S> <C> <C> <C>
F1+/F1 VMIG1/MIG1, P1 SP1+/SP1, A1+/A1 91.4%
AAA/AA (d) Aaa/Aa (d) AAA/AA (d) 3.5
Not Rated (e) Not Rated (e) Not Rated (e) 5.1
--------
100.0%
======
</TABLE>
NOTES TO STATEMENT OF INVESTMENTS:
(a) Securities payable on demand. The interest rate, which is subject to
change, is based upon bank prime rates or an index of market interest
rates.
(b) Secured by letters of credit. At January 31, 1995, 52.0% of the
Fund's net assets are backed by letters of credit issued by domestic
banks, foreign banks and brokerage firms, of which 11.0% was provided by
Morgan Guaranty Trust Co.
(c) Fitch currently provides creditworthiness information for a limited
number of investments.
(d) Notes which are not F, MIG or SP rated are represented by bond
ratings of the issuers.
(e) Securities which, while not rated by Fitch, Moody's or Standard &
Poor's have been determined by the Fund's Board of Trustees to be of
comparable quality to those rated securities in which the Fund may
invest.
See independent accountants' review report and notes to financial statements.
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<CAPTION>
DREYFUS NEW YORK MUNICIPAL CASH MANAGEMENT
STATEMENT OF ASSETS AND LIABILITIES JANUARY 31, 1995 (UNAUDITED)
ASSETS:
<S> <C> <C>
Investments in securities, at value-Note 1(a)........................... $109,290,352
Cash.................................................................... 157,796
Interest receivable..................................................... 810,519
--------------
110,258,667
LIABILITIES:
Due to The Dreyfus Corporation.......................................... $32,859
Due to Distributor...................................................... 3,085 35,944
-------- --------------
NET ASSETS ................................................................ $110,222,723
==============
REPRESENTED BY:
Paid-in capital......................................................... $110,227,385
Accumulated net realized (loss) on investments.......................... (4,662)
--------------
NET ASSETS at value......................................................... $110,222,723
==============
Shares of Beneficial Interest outstanding:
Class A Shares
(unlimited number of $.001 par value shares authorized)............... 96,469,469
==============
Class B Shares
(unlimited number of $.001 par value shares authorized)............... 13,757,916
==============
NET ASSET VALUE per share:
Class A Shares
($96,466,471 / 96,469,469 shares)..................................... $1.00
======
Class B Shares
($13,756,252 / 13,757,916 shares)..................................... $1.00
======
</TABLE>
See independent accountants' review report and notes to financial statements.
<TABLE>
<CAPTION>
DREYFUS NEW YORK MUNICIPAL CASH MANAGEMENT
STATEMENT OF OPERATIONS SIX MONTHS ENDED JANUARY 31, 1995 (UNAUDITED)
INVESTMENT INCOME:
<S> <C> <C>
INTEREST INCOME......................................................... $1,919,504
EXPENSES:
Management fee_Note 2(a).............................................. $118,555
Distribution fees (Class B shares)_Note 2(b).......................... 41,933
----------
TOTAL EXPENSES.................................................... 160,488
------------
INVESTMENT INCOME--NET, representing net increase in net assets
resulting from operations............................................... $1,759,016
===========
</TABLE>
See independent accountants' review report and notes to financial statements.
<TABLE>
<CAPTION>
DREYFUS NEW YORK MUNICIPAL CASH MANAGEMENT
STATEMENT OF CHANGES IN NET ASSETS
YEAR ENDED SIX MONTHS ENDED
JULY 31, JANUARY 31, 1995
1994 (UNAUDITED)
-------------- -------------------
<S> <C> <C>
OPERATIONS:
Investment income-net.................................................. $ 2,835,422 $ 1,759,016
Net realized (loss) on investments..................................... (3,972) ___
-------------- --------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS............. 2,831,450 1,759,016
-------------- --------------
DIVIDENDS TO SHAREHOLDERS FROM;
Investment income_net:
Class A shares....................................................... (2,492,078) (1,301,129)
Class B shares....................................................... (343,344) (457,887)
-------------- --------------
TOTAL DIVIDENDS.................................................. (2,835,422) (1,759,016)
-------------- --------------
BENEFICIAL INTEREST TRANSACTIONS ($1.00 per share):
Net proceeds from shares sold:
Class A shares....................................................... 491,336,951 235,850,425
Class B shares....................................................... 92,810,600 21,329,645
Dividends reinvested:
Class A shares....................................................... 212,107 57,307
Class B shares....................................................... 77,110 59,173
Cost of shares redeemed:
Class A shares....................................................... (525,319,271) (222,196,095)
Class B shares....................................................... (39,561,783) (60,956,831)
-------------- --------------
INCREASE (DECREASE) IN NET ASSETS FROM BENEFICIAL INTEREST TRANSACTIONS 19,555,714 (25,856,376)
============== ==============
TOTAL INCREASE (DECREASE) IN NET ASSETS........................ 19,551,742 (25,856,376)
NET ASSETS:
Beginning of period.................................................... 116,527,357 136,079,099
-------------- --------------
End of period.......................................................... $136,079,099 $110,222,723
============== ==============
</TABLE>
See independent accountants' review report and notes to financial statements.
<TABLE>
<CAPTION>
DREYFUS NEW YORK MUNICIPAL 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
--------------------------------- ---------------------------------------------------
SIX MONTHS ENDED SIX MONTHS ENDED
YEAR ENDED JULY 31, JANUARY 31, 1995 YEAR ENDED JANUARY 31, 1995
--------------------------------
PER SHARE DATA: 1992(1) 1993 1994 (UNAUDITED) JULY 31, 1994(2) (UNAUDITED)
-------- -------- -------- ----------------- --------------- ---------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning
of period................. $1.0000 $1.0000 $1.0000 $1.0000 $1.0000 $1.0000
-------- -------- -------- -------- --------- --------
INVESTMENT OPERATIONS:
Investment income--net...... .0222 .0225 .0221 .0155 .0107 .0142
Net realized and unrealized gain
(loss) on investments..... -- -- -- -- -- --
-------- -------- -------- -------- --------- --------
TOTAL FROM INVESTMENT
OPERATIONS............ .0222 .0225 .0221 .0155 .0107 .0142
-------- -------- -------- -------- --------- --------
DISTRIBUTIONS;
Dividends from investment
income--net............... (.0222) (.0225) (.0221) (.0155) (.0107) (.0142)
-------- -------- -------- -------- --------- --------
Net asset value, end of period $1.0000 $1.0000 $1.0000 $1.0000 $1.0000 $1.0000
======== ======= ======= ======= ======= =======
TOTAL INVESTMENT RETURN......... 3.02%(3) 2.27% 2.23% 3.09%(3) 2.02%(3) 2.84%(3)
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net
assets.................... .20%(3) .20% .20% .20%(3) .45%(3) .45%(3)
Ratio of net investment income to
average net assets........ 2.71%(3) 2.20% 2.18% 3.06%(3) 2.12%(3) 2.73%(3)
Decrease reflected in above expense
ratios due to undertaking
by the Manager............ .37%(3) .18% .06% -- -- --
Net Assets, end of period
(000's Omitted)........... $76,830 $116,527 $82,755 $96,466 $53,324 $13,756
</TABLE>
- ---------------------------
(1) From November 4, 1991 (commencement of operations) to July 31, 1992.
(2) From January 8, 1994 (commencement of initial offering) to July 31, 1994.
(3) Annualized.
See independent accountants' review report and notes to financial statements.
DREYFUS NEW YORK MUNICIPAL 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 non-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. Interest income, adjusted
for amortization of premiums and original issue discounts on investments, is
earned from settlement date and recognized on the accrual basis. Realized
gain and loss from securities transactions are recorded on the identified
cost basis.
The Fund 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.
(C) DIVIDENDS TO SHAREHOLDERS: It is the policy of the Fund to declare
dividends daily from investment income-net. Such dividends are paid monthly.
Dividends from net realized capital gain, if any, 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, which can distribute tax exempt
dividends, by complying with the applicable provisions of the Internal
Revenue Code, and to make distributions of income and net realized capital
gain sufficient to relieve it from substantially all Federal income and
excise taxes.
The Fund has an unused capital loss carryover of $690 available for
Federal income tax purposes to be applied against future net securities
profits, if any, realized subsequent to July 31, 1994. The carryover does not
include net realized securities losses from November 1, 1993 through July 31,
1994 which are treated, for Federal income tax purposes, as arising in fiscal
1995. If not applied, $555 of the carryover expires in fiscal 2001 and $135
expires in fiscal 2002.
DREYFUS NEW YORK MUNICIPAL CASH MANAGEMENT
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
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 the expense limitation of
any state having jurisdiction over the Fund for any full fiscal year. The
most stringent state expense limitation applicable to the Fund presently
requires reimbursement of expenses in any full fiscal year that such expenses
(excluding certain expenses as described above) exceed 2 1/2% of the first
$30 million, 2% of the next $70 million and 1 1/2% of the excess over $100
million of the average value of the Fund's net assets in accordance with
California "blue sky" regulations.
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
shareholder accounts, such as answering shareholder inquiries regarding the
Fund and providing reports and other information, and services related to the
maintence for 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 Fund's 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 from August 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 Agents.
DREYFUS NEW YORK MUNICIPAL CASH MANAGEMENT
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
During the six months ended January 31, 1995, $33,751 was charged to the
Fund, pursuant to the Plan and $8,182 was charged to the Fund pursuant to the
prior Class B Service Plan.
(D) 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 $1,000 and an attendance fee of $250 per meeting.
DREYFUS NEW YORK MUNICIPAL CASH MANAGEMENT
REVIEW REPORT OF ERNST & YOUNG LLP, INDEPENDENT ACCOUNTANTS
SHAREHOLDERS AND BOARD OF TRUSTEES
DREYFUS NEW YORK MUNICIPAL CASH MANAGEMENT
We have reviewed the accompanying statement of assets and liabilities of
Dreyfus New York Municipal Cash Management, including the statement of
investments, as of January 31, 1995, and the related statements of operations
and changes in net assets and financial highlights for the six month period
ended January 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
July 31, 1994 and financial highlights for each of the three years in the
period ended July 31, 1994 and in our report dated September 8, 1994, 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
March 8, 1995
DREYFUS NEW YORK MUNICIPAL
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. 287/677SA951
DREYFUS
NEW YORK
MUNICIPAL
CASH
MANAGEMENT
SEMI-ANNUAL REPORT
January 31, 1995
