DREYFUS NEW YORK MUNICIPAL CASH MANAGEMENT
LETTER TO SHAREHOLDERS
Dear Shareholder:
We are pleased to provide you with this report on Dreyfus New York
Municipal Cash Management. For its semi-annual reporting period ended January
31, 1996, your Fund's Class A and Class B shares produced annualized yields
of 3.64% and 3.39%, respectively. Income dividends of approximately $.018 per
share were paid during the period for Class A shares and $.017 for Class B
shares. Reinvesting these dividends and calculating the effect of compounding
resulted in annualized effective yields of 3.70% and 3.44% for Class A shares
and Class B shares, respectively.* These dividends were exempt from Federal,
New York State and New York City personal income taxes.**
THE ECONOMY
On January 31, 1996, the last day of the Fund's reporting period, the
Federal Reserve Board once again lowered the Federal Funds rate another
quarter of a point to 5.25%. The Federal Reserve also reduced the Discount
Rate, the rate that the Fed charges banks for loans, to 5.0%. The reduction
in interest rates was a continuation of the easing monetary policy of the
Fed, a stance that has prevailed since last July.
Mounting evidence that economic growth was indeed slowing, combined with
favorable inflation reports, indicate that the threat of recession outweighed
near-term worry of a resurgence in price inflation. The Consumer Price Index
rose only 2.5% in 1995, the lowest rate in nearly a decade. It also marked
the fifth consecutive year that the CPI was in the 3% or less range. The
consumer sector of the economy was of increasing concern to economic policy
makers. The consumer sector comprises two thirds of the nation's economic
activity, and retail sales reports in December revealed the worst holiday
season since the 1990-91 recession. Personal income growth remained sluggish.
The Conference Board, an independent business group, reported that the
Board's index of consumer confidence declined sharply in January as consumers
worried about Federal budget negotiations and the recent flurry of layoff
announcements by major corporations.
Industrial production was only moderate. Output of the nation's factories
crept up 0.1% in December. The annual rate of production slowed to 0.8% in
the fourth quarter of 1995, compared with 3.2% for the previous three months.
For the full calendar year, output rose 3.2%, little more than half the 5.9%
rate in 1994.
There were strong indications that inflation was under control. Until
midyear 1995, fear of inflation was the overriding concern of the Federal
Reserve. Now the focus seems to have shifted to actions designed to avoid
recession. Since last July, the Fed has moved three times to lower interest
rates. Should more signs of economic weakness emerge, it is likely that
short-term interest rates will continue to be lowered.
MARKET ENVIRONMENT
The short-term municipal market certainly is influenced by any Federal
Reserve Board decision to lower interest rates; however, market technicals
(i.e., supply/demand) were the overriding factor affecting the yields that
prevailed throughout this period. By Fall 1995, rates on short-term issues
had settled into a trading range. A steady interchange of variable rate
demand notes (VRDNs) between corporate holders and municipal money market
funds kept rates on these securities attractive, which resulted in an
inverted yield curve (rates on shorter maturities were higher than rates on
longer note issues) during most of the season. Despite the Fed's easing move
in early December, its second rate reduction of the year, rates on
VRDNs trended even higher toward year-end. That was a seasonal occurrence (as
prior years have demonstrated) which reverses dramatically in January as cash
returns to the money market arena. The "January effect" leads to a high
increase in demand for VRDNs and, accordingly, a substantial yield drop on
these issues as well. The unusually large asset inflows abated by late
January, thereby lessening the high demand for VRDNs and serving to restore
stability to short-term yields.
In previous years, the impact on yield levels in January has been
substantial - lower rates have been sustained through most of the month and
into February. This year's drop in rates was less pronounced. We attribute
this aberration to the unresolved issues surrounding tax reform. This
uncertainty prompted remarketing agents to price VRDNs at more attractive
yields, which, of course, enhanced your Fund's overall performance.
THE PORTFOLIO
With the inverted yield curve, daily and weekly demand notes yielded
moderately more than both commercial paper and longer-term notes through most
of the period. Our investment strategy involved lengthening the portfolio's
maturity, when possible, in order to lock in rates that we felt would
outperform variable rate notes early in 1996.
The commercial paper and one-year note markets provided the primary means
for us to extend, while seeking to maintain a competitive yield. However, our
success in achieving the desired average maturity was limited due to a
scarcity of high quality New York-exempt issues from which to choose. As a
result, your Fund's current average maturity still leaves room to extend
should a change in market or supply conditions warrant.
Included in this report is a series of detailed statements about your
Fund's holdings and its financial condition. We hope they are informative.
Please know that we appreciate greatly your continued confidence in the Fund
and in The Dreyfus Corporation.
Very truly yours,
[Richard J. Moynihan signature logo]
Richard J. Moynihan
Director, Municipal Portfolio Management
The Dreyfus Corporation
February 15, 1996
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.
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DREYFUS NEW YORK MUNICIPAL CASH MANAGEMENT
STATEMENT OF INVESTMENTS JANUARY 31, 1996 (UNAUDITED)
PRINCIPAL
TAX EXEMPT INVESTMENTS-100.0% AMOUNT VALUE
_______ _______
<S> <C> <C>
NEW YORK-96.5%
Town of Islip Industrial Development Agency, IDR, VRDN
(Brentwood Distribution Project) 3.10% (LOC; Bankers Trust) (a,b)....... $3,750,000 $ 3,750,000
Monroe County Industrial Development Agency, Revenue, VRDN (Enbi Corp.)
3% (LOC; ABN-Amro Bank) (a,b)........................................... 100,000 100,000
Nassau County Industrial Development Agency, IDR, VRDN
(Manhassett Association Project) 3.10% (LOC; Bankers Trust) (a,b)....... 2,000,000 2,000,000
City of New York, VRDN:
3.75%, Series A-7 (LOC; Morgan Guaranty Trust Co.) (a,b)................ 3,400,000 3,400,000
3.75%, Series B (Insured; MBIA and SBPA; West Deutsche Landesbank) (a).. 6,800,000 6,800,000
3.75%, Series E-4 (LOC; State Street Bank and Trust Co.) (a,b).......... 1,800,000 1,800,000
Trust Cultural Resource Revenue, Refunding (American Museum of Natural
History)
2.90%, Series A (Insured; MBIA and SPBA; Credit Suisse) (a)........... 3,000,000 3,000,000
New York City Housing Development Corporation, MFMR, VRDN
(York Avenue Development Project) 3.10% (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)
2.90% (LOC; Barclays Bank) (a,b)...................................... 100,000 100,000
IDR (Japan Airlines Co. Limited Project)
3.90% (LOC; Morgan Guaranty Trust Co.) (a,b).......................... 4,300,000 4,300,000
New York State Dormitory Authority, Revenues:
CP (Memorial Sloan Kettering) 3.45%, Series C, 3/28/96 (LOC; Chemical Bank) (b) 4,500,000 4,500,000
VRDN (Metropolitan Museum of Art) 2.75%, Series A (a)................... 9,000,000 9,000,000
New York State Energy, Research and Development Authority, PCR:
Bonds (New York State Electric and Gas Corp.)
4.65%, 3/15/96 (LOC; JP Morgan) (b)................................... 3,000,000 3,000,000
VRDN:
(Central Hudson Gas and Electric Project)
3%, Series A (LOC; Union Bank of Switzerland)(a,b)................ 3,000,000 3,000,000
(Niagara Mohawk Power Corp.):
3.75%, Series B (LOC; Toronto Dominion Bank) (a,b)................ 1,000,000 1,000,000
3.80%, Series A (LOC; Toronto Dominion Bank) (a,b)................ 8,600,000 8,600,000
3.90%, Series A (LOC; Morgan Guaranty Trust Co.) (a,b)............ 2,000,000 2,000,000
Refunding (New York State Electric and Gas Corp.)
3.45%, Series B (LOC; Union Bank of Switzerland) (a,b)............ 1,600,000 1,600,000
New York State Environmental Facilities Corporation, RRR, VRDN
(Equity Huntington Project) 3.85% (LOC; Union Bank of Switzerland) (a,b) 1,400,000 1,400,000
New York State Local Government Assistance Corporation, VRDN
2.95%, Series 93A (LOC: Credit Suisse, Swiss Bank Corp. and
Union Bank of Switzerland) (a,b)........................................ 8,800,000 8,800,000
DREYFUS NEW YORK MUNICIPAL CASH MANAGEMENT
STATEMENT OF INVESTMENTS (CONTINUED) JANUARY 31, 1996 (UNAUDITED)
PRINCIPAL
TAX EXEMPT INVESTMENTS (CONTINUED) AMOUNT VALUE
_______ _______
NEW YORK (CONTINUED)
Patchogue-Medford Union Free School District, TAN 4.307%, 6/27/96........... $ 5,000,000 $5,009,907
Port Authority of New York and New Jersey, Special Obligation Revenue, VRDN
(Versatile Structure) 3.55%, Series #3 (LOC; Morgan Guaranty Trust Co.) (a,b) 4,600,000 4,600,000
Sachem Central School District, TAN 4.50%, 6/27/96.......................... 2,000,000 2,005,806
Smithtown Central School District, TAN 4.50%, 6/27/96....................... 5,000,000 5,015,487
Suffolk County, TAN:
3.947%, Series I, 8/15/96............................................... 5,000,000 5,018,424
4.424%, Series II, 9/12/96.............................................. 3,000,000 3,011,482
Triborough Bridge and Tunnel Authority, Special Obligation, VRDN
2.95% (Insured; FGIC) (a)............................................... 2,900,000 2,900,000
U.S. RELATED-3.5%
Commonwealth of Puerto Rico Government Development Bank, VRDN
2.85% (LOC; Credit Suisse) (a,b)........................................ 3,600,000 3,600,000
_________
TOTAL INVESTMENTS (cost $104,311,106)....................................... $104,311,106
=============
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<CAPTION>
DREYFUS NEW YORK MUNICIPAL CASH MANAGEMENT
SUMMARY OF ABBREVIATIONS
<S> <C> <S> <C>
CP Commercial Paper MFMR Multi-Family Mortgage Revenue
FGIC Financial Guaranty Insurance Company PCR Pollution Control Revenue
IDR Industrial Development Revenue RRR Resources Recovery Revenue
LOC Letter of Credit SBPA Standby Bond Purchase Agreement
MBIA Municipal Bond Investors Assurance TAN Tax Anticipation Notes
Insurance Corporation VRDN Variable Rate Demand Notes
</TABLE>
<TABLE>
<CAPTION>
SUMMARY OF COMBINED RATINGS (UNAUDITED)
<S> <C> <C> <C>
FITCH (C) OR MOODY'S OR STANDARD & POOR'S PERCENTAGE OF VALUE
_____ _____________ __________________ ____________________
F1+/F1 VMIG1/MIG1, P1 (d) SP1+/SP1, A1+/A1 (d) 94.5%
AAA/AA (e) Aaa/Aa (e) AAA/AA (e) 5.5
________
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, 1996, 59.8% of the
Fund's net assets are backed by letters of credit issued by domestic
banks, foreign banks and brokerage firms, of which Morgan Guaranty Trust
Co. provided letters of credit to 13.7% of the Fund's net assets.
(c) Fitch currently provides creditworthiness information for a limited
number of investments.
(d) P1 and A1 are the highest ratings assigned tax exempt commercial
paper by Moody's and Standard & Poor's, respectively.
(e) Notes which are not F, MIG or SP rated are represented by bond
ratings of the issuers.
See independent accountants' review report and notes to financial statements.
<TABLE>
<CAPTION>
DREYFUS NEW YORK MUNICIPAL CASH MANAGEMENT
STATEMENT OF ASSETS AND LIABILITIES JANUARY 31, 1996 (UNAUDITED)
<S> <C> <C>
ASSETS:
Investments in securities, at value-Note 1(a)........................... $104,311,106
Interest receivable..................................................... 701,187
Other assets............................................................ 8,106
_____________
105,020,399
LIABILITIES:
Due to The Dreyfus Corporation.......................................... $16,231
Due to Distributor...................................................... 1,917
Due to Custodian........................................................ 412,738 430,886
_________ _________
NET ASSETS ................................................................ $104,589,513
============
REPRESENTED BY:
Paid-in capital......................................................... $104,594,175
Accumulated net realized (loss) on investments.......................... (4,662)
_____________
NET ASSETS at value......................................................... $104,589,513
============
Shares of Beneficial Interest outstanding:
Class A Shares
(unlimited number of $.001 par value shares authorized)............... 95,413,070
============
Class B Shares
(unlimited number of $.001 par value shares authorized)............... 9,181,105
============
NET ASSET VALUE per share:
Class A Shares
($95,410,072 / 95,413,070 shares)..................................... $1.00
=======
Class B Shares
($9,179,441 / 9,181,105 shares)....................................... $1.00
=======
STATEMENT OF OPERATIONS SIX MONTHS ENDED JANUARY 31, 1996 (UNAUDITED)
INVESTMENT INCOME:
INTEREST INCOME......................................................... $1,773,665
EXPENSES:
Management fee-Note 2(a).............................................. $ 92,456
Distribution fees (Class B shares)-Note 2(b).......................... 9,208
_________
TOTAL EXPENSES.................................................... 101,664
__________
INVESTMENT INCOME-NET, representing net increase in net assets
resulting from operations............................................... $ 1,672,001
============
See independent accountants' review report and notes to financial statements.
DREYFUS NEW YORK MUNICIPAL CASH MANAGEMENT
STATEMENT OF CHANGES IN NET ASSETS
YEAR ENDED SIX MONTHS ENDED
JULY 31, JANUARY 31, 1996
1995 (UNAUDITED)
________ __________
OPERATIONS:
Investment income-net, representing net increase in net assets
resulting from operations.......................................... $ 3,607,440 $ 1,672,001
___________ ___________
DIVIDENDS TO SHAREHOLDERS FROM;
Investment income-net:
Class A shares..................................................... (3,081,774) (1,547,220)
Class B shares..................................................... (525,666) (124,781)
___________ ___________
TOTAL DIVIDENDS................................................ (3,607,440) (1,672,001)
___________ ___________
BENEFICIAL INTEREST TRANSACTIONS ($1.00 per share):
Net proceeds from shares sold:
Class A shares..................................................... 440,951,394 243,517,119
Class B shares..................................................... 34,815,709 11,285,491
Dividends reinvested:
Class A shares..................................................... 88,054 92,451
Class B shares..................................................... 121,361 124,027
Cost of shares redeemed:
Class A shares..................................................... (422,485,469) (249,508,313)
Class B shares..................................................... (82,238,094) (8,253,316)
___________ ___________
(DECREASE) IN NET ASSETS
FROM BENEFICIAL INTEREST TRANSACTIONS........................ (28,747,045) (2,742,541)
___________ ___________
TOTAL (DECREASE) IN NET ASSETS............................... (28,747,045) (2,742,541)
NET ASSETS:
Beginning of period.................................................. 136,079,099 107,332,054
___________ ___________
End of period........................................................ $ 107,332,054 $ 104,589,513
============== ===============
See independent accountants' review report and notes to financial statements.
</TABLE>
<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, 1996 YEAR ENDED JULY 31, JANUARY 31, 1996
_________________________________ __________________
PER SHARE DATA: 1992(1) 1993 1994 1995 (UNAUDITED) 1994(2) 1995 (UNAUDITED)
______ ______ ______ ______ __________ _____ _____ _________
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Net asset value,
beginning of period...... $ 1.00 $ 1.00 $1.00 $1.00 $ 1.00 $1.00 $1.00 $1.00
______ _____ ______ ______ ______ _____ _____ _____
INVESTMENT OPERATIONS;
Investment income-net..... .022 .023 .022 .034 .018 .011 .032 .017
______ _____ ______ ______ ______ _____ _____ _____
DISTRIBUTIONS;
Dividends from investment
income-net.......... ... (.022) (.023) (.022) (.034) (.018) (.011) (.032) (.017)
______ _____ ______ ______ ______ _____ _____ _____
Net asset value, end of period. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $1.00
====== ======= ====== ====== ======= ======== ======= ======
TOTAL INVESTMENT RETURN......... 3.02%(3) 2.27% 2.23% 3.46% 3.67%(3) 2.02%(3) 3.20% 3.41%(3)
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average
net assets ......... .20%(3) .20% .20% .20% .20%(3) .45%(3) .45% .45%(3)
Ratio of net investment income
to average net assets .... 2.71%(3) 2.20% 2.18% 3.42% 3.63%(3) 2.12%(3) 2.81% 3.38%(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 $101,309 $95,410 $53,324 $6,023 $9,180
(1) From November 4, 1991 (commencement of operations) to July 31, 1992.
(2) From January 18, 1994 (commencement of initial offering) to July 31, 1994.
(3) Annualized.
See independent accountants' review report and notes to financial statements.
</TABLE>
DREYFUS NEW YORK MUNICIPAL CASH MANAGEMENT
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
NOTE 1-SIGNIFICANT ACCOUNTING POLICIES:
Dreyfus New York Municipal Cash Management (the "Fund") is registered
under the Investment Company Act of 1940 ("Act") as a non-diversified
open-end management investment company. The Fund's investment objective is
to provide investors with as high a level of current income exempt from
Federal, New York State and New York City personal income taxes to the extent
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.
(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. Cost of investments represents amortized cost.
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 approximately $4,700
available for Federal income tax purposes to be applied against future net
securities profits, if any, realized subsequent to July 31, 1995. If not
applied, $600 of the carryover expires in fiscal 2001, $100 expires in fiscal
2002 and $4,000 expires in fiscal 2003.
DREYFUS NEW YORK MUNICIPAL CASH MANAGEMENT
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
At January 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 average
daily value of the Fund's 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.
Effective December 1, 1995, the Fund compensates Dreyfus Transfer, Inc.,
a wholly-owned subsidiary of the Manager, under a transfer agency agreement
for providing personnel and facilities to perform transfer agency services
for the Fund. Such compensation amounted to $1,607 for the period from
December 1, 1995 through January 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, 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 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 six months
ended January 31, 1996, $9,208 was charged to the Fund, pursuant to the Plan.
(C) Each trustee who is not an "affiliated person" receives an annual fee
of $1,000 and an attendance fee of $500 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, 1996, and the related statements of operations
and changes in net assets and financial highlights for the six month period
ended January 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
July 31, 1995 and financial highlights for each of the four years in the
period ended July 31, 1995 and in our report dated September 1, 1995, we
expressed an unqualified opinion on such statement of changes in net assets
and financial highlights.
[Ernst & Young signature logo]
New York, New York
March 8, 1996
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
DREYFUS TRANSFER, INC.
ONE AMERICAN EXPRESS PLAZA
PROVIDENCE, RI 02903
Further information is contained
in the Prospectus, which must
precede or accompany this report.
Printed in U.S.A. 287/677SA961
DREYFUS
NEW YORK
MUNICIPAL
CASH
MANAGEMENT
SEMI-ANNUAL REPORT
JANUARY 31, 1996
