Dreyfus Liquid Assets NCSRS Certified semi-annual shareholder report (management investment company)

Dreyfus Liquid Assets N-CSRSCertified semi-annual shareholder report (management investment company)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number			811-02410

	Dreyfus Liquid Assets, Inc.
	(Exact name of Registrant as specified in charter)

	c/o The Dreyfus Corporation 200 Park Avenue New York, New York 10166
	(Address of principal executive offices) (Zip code)

	John Pak, Esq. 200 Park Avenue New York, New York 10166
	(Name and address of agent for service)

Registrant's telephone number, including area code:				(212) 922-6000

Date of fiscal year end:		12/31
Date of reporting period:		6/30/15

FORM N-CSR

Item 1. Reports to Stockholders.

Dreyfus

Liquid Assets, Inc.

SEMIANNUAL REPORT June 30, 2015

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The views expressed in this report reflect those of the portfolio manager only through the end of the period covered and do not necessarily represent the views of Dreyfus or any other person in the Dreyfus organization. Any such views are subject to change at any time based upon market or other conditions and Dreyfus disclaims any responsibility to update such views.These views may not be relied on as investment advice and, because investment decisions for a Dreyfus fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Dreyfus fund.

Not FDIC-Insured " Not Bank-Guaranteed " May Lose Value

	Contents
	THE FUND
2	A Letter from the President
3	Discussion of Fund Performance
6	Understanding Your Fund s Expenses
6	Comparing Your Fund s Expenses With Those of Other Funds
7	Statement of Investments
10	Statement of Assets and Liabilities
11	Statement of Operations
12	Statement of Changes in Net Assets
13	Financial Highlights
15	Notes to Financial Statements
23	Information About the Renewal of the Fund s Management Agreement
	FOR MORE INFORMATION
	Back Cover

Dreyfus
Liquid Assets, Inc.

The Fund

A LETTER FROM THE PRESIDENT

Dear Shareholder:

We are pleased to present this semiannual report for Dreyfus Liquid Assets, Inc., covering the six-month period from January 1, 2015, through June 30, 2015. For information about how the fund performed during the reporting period, as well as general market perspectives, we provide a Discussion of Fund Performance on the pages that follow.

Longer term U.S.Treasury securities fared well during the first quarter of 2015 when long-term interest rates fell amid robust demand from global investors, but those gains were erased over the second quarter amid heightened market volatility stemming from renewed domestic economic concerns and expectations of higher short-term interest rates over the months ahead. Yet, yields of money market instruments remained steady, anchored near zero percent by an unchanged target for overnight interest rates.Yields also experienced downward pressure from robust demand for a relatively limited supply of money market-eligible instruments.

We expect economic uncertainty to persist over the near term as Europe continues to struggle with instability in Greece, China addresses a stubborn economic slowdown, geopolitical conflicts flare across the Middle East, and U.S. investors await the first in a series of short-term interest rate hikes. We remain more optimistic regarding the economy s long-term outlook, which we believe should be supported by improved consumer and business confidence as well as aggressively accommodative monetary policies from many of the world s major central banks. Nonetheless, we expect short-term interest rates to remain near current levels at least until later in 2015, and any eventual rate hikes are expected to be gradual and modest.As always, we urge you to discuss these observations with your financial advisor, who can help you assess their implications for your investment portfolio.

Thank you for your continued confidence and support.

J. Charles Cardona
President
The Dreyfus Corporation
July 15, 2015

DISCUSSION OF FUND PERFORMANCE

For the period of January 1, 2015, through June 30, 2015, as provided by Patricia A. Larkin, Senior Portfolio Manager

Fund and Market Performance Overview

For the six-month period ended June 30, 2015, Dreyfus Liquid Assets Class 1 shares produced an annualized yield of 0.00%, and its Class 2 shares produced an annualized yield of 0.02%. Taking into account the effects of compounding, the fund s Class 1 and Class 2 shares provided annualized effective yields of 0.00% and 0.02%, respectively, for the same period.¹

Money market yields remained anchored near zero percent during a choppy economic recovery over the first half of 2015 as the Federal Reserve Board (the Fed ) left its target for the federal funds rate unchanged in a range between 0% and 0.25%.

The Fund s Investment Approach

The fund seeks as high a level of current income as is consistent with the preservation of capital.To pursue this goal, the fund invests in a diversified portfolio of high-quality, short-term debt securities, including securities issued or guaranteed by the U.S. government or its agencies or instrumentalities, certificates of deposit, time deposits, bankers acceptances, and other short-term securities issued by domestic and foreign banks or thrifts or their subsidiaries or agencies or branches, repurchase agreements, including tri-party repurchase agreements, asset-backed securities, municipal securities, commercial paper and other short-term corporate obligations of U.S. issuers, including those with floating or variable rates of interest.

Normally, the fund invests at least 25% of its net assets in bank obligations.

U.S. Economic Recovery Back on Track after Soft Patch

The reporting period began in the midst of a sustained domestic economic recovery. January 2015 saw 201,000 new jobs and a jump in compensation for hourly workers by its largest margin since the recession.The unemployment rate dipped to 5.5% in February, and 266,000 jobs were created across a variety of industries. Wages and

The Fund 3

DISCUSSION OF FUND PERFORMANCE (continued)

personal incomes also moved higher, while energy prices began to rebound from depressed levels. On a more negative note, exports and orders for durable goods weakened in February, and retail sales proved disappointing.

March saw less encouraging data when job creation moderated to 119,000 positions, the unemployment rate was unchanged, and an appreciating U.S. dollar drove the U.S. trade deficit to a six-and-a-half year high. In contrast, average hourly wages rose 0.3% during the month, helping to push the personal savings rate to its highest level in more than two years. For the first quarter overall, the U.S. economy contracted modestly, posting an annualized GDP growth rate of 0.2%.

The economy began to rebound in April. The unemployment rate slid to 5.4%, and 187,000 new jobs were created, lending credence to the Fed s comments that the winter soft patch would be transitory. Average hourly earnings advanced modestly during the month, and the manufacturing and service sectors continued to expand.The housing market also showed renewed signs of life when housing starts surged and permit issuance for new construction climbed above year-ago levels. In contrast, industrial production dropped for the fifth consecutive month, which some analysts attributed to seasonal factors and the impact of lower commodity prices on mining output.

The rebound gained momentum in May, as employers added an estimated 254,000 jobs and hourly wages in the private sector rose 0.3%. The unemployment rate ticked higher to 5.5%. Meanwhile, stabilizing currency exchange rates enabled the U.S. trade deficit to shrink significantly during the month, and retail sales posted robust gains. Fuel prices continued to rebound, sending the inflation rate higher, but energy prices remained well below year-ago levels.

Investor sentiment in the financial markets deteriorated in June in the midst of uncertainty regarding debt relief for Greece, but the U.S. economy continued to gain traction. 223,000 new jobs were added during the month, while the unemployment rate fell to a multi-year low of 5.3%, partly due to people leaving the workforce. Manufacturing activity expanded for the 30th consecutive month, and consumer spending rose as Americans earned higher levels of disposable income.

Rates May Begin Rising Gradually Later This Year

At its June meeting, the Fed reiterated that it will take a balanced approach consistent with its longer-run goals of maximum employment and inflation of 2%, and economic conditions may, for some time, warrant keeping the target federal funds rate below levels the Committee views as normal in the longer run. Therefore, while many analysts expect the first in a series of rate hikes later this year, those increases are likely to be gradual.

In light of these expectations and until it becomes clearer that higher short-term rates are imminent we currently intend to maintain the fund s weighted average maturity in a range we consider to be in line with industry averages. As always, we remain focused on well-established issuers with good quality and liquidity characteristics.

July 15, 2015

An investment in the fund is not insured or guaranteed by the FDIC or any other government agency. Although

the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing

in the fund.

Short-term corporate and asset-backed securities holdings, while rated in the highest rating category by one or more

NRSRO (or unrated, if deemed of comparable quality by Dreyfus), involve credit and liquidity risks and risk of

principal loss.

1 Annualized effective yield is based upon dividends declared daily and reinvested monthly. Past performance is no

guarantee of future results.Yields fluctuate.Yields provided for the fund s Class 1 shares reflect the absorption of

certain fund expenses by The Dreyfus Corporation which may be terminated by Dreyfus at any time without notice.

Yields provided for the fund s Class 2 shares reflect the absorption of certain fund expenses by The Dreyfus

Corporation, so that direct annual fund operating expenses for Class 2 shares (excluding taxes, interest, brokerage

commissions, commitment fees on borrowings, and extraordinary expenses) do not exceed 0.55%.The Dreyfus

Corporation may terminate this undertaking upon at least 90 days prior notice to investors. Had these expenses for

Class 1 shares and Class 2 shares not been absorbed, fund yields would have been lower, and in some cases, 7-day

yields during the reporting period would have been negative absent the expense absorption.

The Fund 5

UNDERSTANDING YOUR FUND’S EXPENSES (Unaudited)

As a mutual fund investor, you pay ongoing expenses, such as management fees and other expenses. Using the information below, you can estimate how these expenses affect your investment and compare them with the expenses of other funds.You also may pay one-time transaction expenses, including sales charges (loads) and redemption fees, which are not shown in this section and would have resulted in higher total expenses. For more information, see your fund’s prospectus or talk to your financial adviser.

Review your fund’s expenses

The table below shows the expenses you would have paid on a $1,000 investment in Dreyfus Liquid Assets, Inc. from January 1, 2015 to June 30, 2015. It also shows how much a $1,000 investment would be worth at the close of the period, assuming actual returns and expenses.


Expenses and Value of a $1,000 Investment
assuming actual returns for the six months ended June 30, 2015
		Class 1	Class 2
Expenses paid per $1,000^†		$ .94	$.89
Ending value (after expenses)	$1,000.00		$1,000.10

COMPARING YOUR FUND’S EXPENSES
WITH THOSE OF OTHER FUNDS (Unaudited)

Using the SEC’s method to compare expenses

The Securities and Exchange Commission (SEC) has established guidelines to help investors assess fund expenses. Per these guidelines, the table below shows your fund’s expenses based on a $1,000 investment, assuming a hypothetical 5% annualized return. You can use this information to compare the ongoing expenses (but not transaction expenses or total cost) of investing in the fund with those of other funds. All mutual fund shareholder reports will provide this information to help you make this comparison. Please note that you cannot use this information to estimate your actual ending account balance and expenses paid during the period.

† Expenses are equal to the fund’s annualized expense ratio of .19% for Class 1 and .18% for Class 2, multiplied by
the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

STATEMENT OF INVESTMENTS

June 30, 2015 (Unaudited)


	Principal
Negotiable Bank Certificates of Deposit 51.4%	Amount ($)		Value ($)
Bank of Montreal (Yankee)
0.27%, 7/7/15	35,000,000		35,000,000
Bank of Nova Scotia (Yankee)
0.25%, 10/28/15	30,000,000	^a	30,000,000
Bank of Tokyo-Mitsubishi Ltd. (Yankee)
0.24%, 8/20/15	30,000,000		30,000,000
Canadian Imperial
Bank of Commerce (Yankee)
0.14%, 7/28/15	35,000,000		35,000,000
Credit Agricole (Yankee)
0.15%, 7/1/15	35,000,000		35,000,000
Credit Suisse New York (Yankee)
0.28%, 10/1/15	20,000,000		20,000,000
DZ Bank AG (Yankee)
0.33%, 10/14/15	25,000,000		25,000,000
Landesbank Hessen-Thuringen
Girozentrale (Yankee)
0.15%, 7/27/15	20,000,000	^a	20,000,000
Mizuho Bank Ltd/NY (Yankee)
0.26%, 7/8/15	30,000,000		30,000,000
Norinchukin Bank/NY (Yankee)
0.24% 0.26%, 7/8/15 8/26/15	30,000,000		30,000,000
Rabobank Nederland/NY (Yankee)
0.29%, 10/16/15	25,000,000		25,000,000
Sumitomo Mitsui Banking Corp. (Yankee)
0.26%, 9/16/15	35,000,000	^a	35,000,000
Sumitomo Mitsui Trust Bank (Yankee)
0.26%, 8/25/15	30,000,000	^a	30,000,000
Toronto Dominion Bank NY (Yankee)
0.31%, 10/26/15	10,000,000		10,000,000
Total Negotiable Bank Certificates of Deposit
(cost $390,000,000)			390,000,000

The Fund 7

STATEMENT OF INVESTMENTS (Unaudited) (continued)


	Principal
Commercial Paper 16.2%	Amount ($)		Value ($)
BNP Paribas Fortis SA
0.25%, 8/19/15	33,000,000		32,988,771
Coca Cola Company
0.22%, 7/15/15	30,000,000	^a	29,997,433
DBS Bank Ltd./Singapore
0.22%, 9/8/15	30,000,000	^a	29,987,350
State Street Corp.
0.20%, 9/16/15	30,000,000		29,987,167
Total Commercial Paper
(cost $122,960,721)			122,960,721

Asset-Backed Commercial Paper 8.0%
Antalis U.S. Funding Corp.
0.20%, 7/31/15	31,000,000	^a	30,994,833
Collateralized Commercial Paper Program Co., LLC
0.35%, 9/17/15	30,000,000		29,977,250
Total Asset-Backed Commercial Paper
(cost $60,972,083)			60,972,083

Time Deposits 20.3%
Australia and New Zealand
Banking Group Ltd. (Grand Cayman)
0.06%, 7/1/15	30,000,000		30,000,000
Lloyds Bank (London)
0.06%, 7/1/15	35,000,000		35,000,000
Royal Bank of Canada (Toronto)
0.05%, 7/1/15	19,000,000		19,000,000
Skandinaviska Enskilda
Banken NY (Grand Cayman)
0.04%, 7/1/15	35,000,000		35,000,000
Svenska Handelsbanken Inc (Grand Cayman)
0.04%, 7/1/15	35,000,000		35,000,000
Total Time Deposits
(cost $154,000,000)			154,000,000


	Principal
Repurchase Agreement 3.9%	Amount ($)		Value ($)
ABN AMRO Bank N.V.
0.13%, dated 6/30/15, due 7/1/15 in the
amount of $30,000,108 (fully collateralized
by $66,025,842 Government National
Mortgage Association, Mortgage Pools,
2%-5%, due 4/15/38-7/20/44,
value $30,513,135 and $85,526
U.S. Treasury Notes, 1.38%,
due 7/31/18, value $86,869)
(cost $30,000,000)	30,000,000		30,000,000

Total Investments (cost $757,932,804)	99.8	%	757,932,804

Cash and Receivables (Net)	.2	%	1,816,229

Net Assets	100.0	%	759,749,033

a Securities exempt from registration pursuant to Rule 144A under the Securities Act of 1933.These securities may be
resold in transactions exempt from registration, normally to qualified institutional buyers.At June 30, 2015, these
securities amounted to $205,979,616 or 27.1% of net assets.


Portfolio Summary (Unaudited)

	Value (%)		Value (%)
Banking	83.9	Asset-Backed/Banking	3.9
Asset-Backed/Special Purpose Entity	4.1	Repurchase Agreement	3.9
Beverages-Soft Drink	4.0		99.8

Based on net assets.
See notes to financial statements.

The Fund 9

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2015 (Unaudited)


	Cost	Value
Assets ($):
Investments in securities See Statement of
Investments (including repurchase agreements
of $30,000,000) Note 1(b)	757,932,804	757,932,804
Cash		2,077,060
Interest receivable		167,952
Receivable for shares of Common Stock subscribed		2,158
Prepaid expenses		53,167
		760,233,141
Liabilities ($):
Due to The Dreyfus Corporation and affiliates Note 2(b)		186,173
Payable for shares of Common Stock redeemed		228,722
Accrued expenses		69,213
		484,108
Net Assets ($)		759,749,033
Composition of Net Assets ($):
Paid-in capital		759,746,975
Accumulated net realized gain (loss) on investments		2,058
Net Assets ($)		759,749,033


Net Asset Value Per Share
	Class 1	Class 2
Net Assets ($)	561,712,821	198,036,212
Shares Outstanding	562,029,212	198,138,043
Net Asset Value Per Share ($)	1.00	1.00

See notes to financial statements.

STATEMENT OF OPERATIONS

Six Months Ended June 30, 2015 (Unaudited)


Investment Income ($):
Interest Income	742,124
Expenses:
Management fee Note 2(a)	1,904,424
Shareholder servicing costs Note 2(b)	1,054,068
Custodian fees Note 2(b)	61,922
Prospectus and shareholders reports	36,126
Professional fees	35,694
Registration fees	34,365
Directors fees and expenses Note 2(c)	3,242
Miscellaneous	15,114
Total Expenses	3,144,955
Less reduction in expenses due to undertaking Note 2(a)	(2,419,337	)
Less reduction in fees due to earnings credits Note 2(b)	(2,435	)
Net Expenses	723,183
Investment Income Net, representing net increase
in net assets resulting from operations	18,941

See notes to financial statements.

The Fund 11

STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended
	June 30, 2015		Year Ended
	(Unaudited)		December 31, 2014
Operations ($):
Investment income net	18,941		7,190
Net realized gain (loss) on investments			2,058
Net Increase (Decrease) in Net Assets
Resulting from Operations	18,941		9,248
Dividends to Shareholders from ($):
Investment income net:
Class 1			(1,361	)
Class 2	(18,941	)	(7,726	)
Total Dividends	(18,941	)	(9,087	)
Capital Stock Transactions ($1.00 per share):
Net proceeds from shares sold:
Class 1	100,163,246		205,375,320
Class 2	181,853,768		350,434,951
Dividends reinvested:
Class 1			1,345
Class 2	18,941		7,542
Cost of shares redeemed:
Class 1	(132,843,720	)	(290,681,638	)
Class 2	(177,491,328	)	(331,965,774	)
Increase (Decrease) in Net Assets
from Capital Stock Transactions	(28,299,093	)	(66,828,254	)
Total Increase (Decrease) in Net Assets	(28,299,093	)	(66,828,093	)
Net Assets ($):��
Beginning of Period	788,048,126		854,876,219
End of Period	759,749,033		788,048,126

See notes to financial statements.

FINANCIAL HIGHLIGHTS

The following tables describe the performance for each share class for the fiscal periods indicated. All information reflects financial results for a single fund share. Total return shows how much your investment in the fund would have increased (or decreased) during each period, assuming you had reinvested all dividends and distributions.These figures have been derived from the fund s financial statements.


	Six Months Ended
	June 30, 2015					Year Ended December 31,
Class 1 Shares		(Unaudited)		2014		2013		2012		2011		2010
Per Share Data ($):
Net asset value,
beginning of period		1.00		1.00		1.00		1.00		1.00		1.00
Investment Operations:
Investment income net		.000	^a	.000	^a					.000	^a	.000	^a
Distributions:
Dividends from
investment income net		(.000	)^a	(.000	)^a					(.000	)^a	(.000	)^a
Net asset value, end of period		1.00		1.00		1.00		1.00		1.00		1.00
Total Return (%)				.00	^b	.00	^b	.00	^b	.00	^b	.00	^b
Ratios/Supplemental Data (%):
Ratio of total expenses
to average net assets		.91	^c	.91		.94		.91		.87		.87
Ratio of net expenses
to average net assets		.19	^c	.15		.16		.19		.22		.31
Ratio of net investment income
to average net assets				.00	^b					.00	^b	.00	^b
Net Assets, end of period
($ x 1,000)		561,713		594,393		679,673		748,427		850,461		1,066,647

a	Amount represents less than $.001 per share.
b	Amount represents less than .01%.
c Annualized.
See notes to financial statements.

The Fund 13

FINANCIAL HIGHLIGHTS (continued)


Six Months Ended
	June 30, 2015				Year Ended December 31,
Class 2 Shares	(Unaudited)		2014		2013		2012		2011		2010
Per Share Data ($):
Net asset value,
beginning of period	1.00		1.00		1.00		1.00		1.00		1.00
Investment Operations:
Investment income net	.000	^a	.000	^a	.000	^a	.001		.001		.002
Distributions:
Dividends from
investment income net	(.000	)^a	(.000	)^a	(.000	)^a	(.001	)^a	(.001	)	(.002	)
Net asset value, end of period	1.00		1.00		1.00		1.00		1.00		1.00
Total Return (%)	.01	^b	.00	^c	.01		.05		.08		.16
Ratios/Supplemental
Data (%):
Ratio of total expenses
to average net assets	.59	^b	.58		.61		.51		.51		.52
Ratio of net expenses
to average net assets	.18	^b	.16		.16		.16		.13		.16
Ratio of net investment income
to average net assets	.02	^b	.00	^c	.00	^c	.04		.08		.16
Net Assets, end of period
($ x 1,000)	198,036		193,655		175,203		142,360		3,878,857		3,339,211

a Amount represents less than $.001 per share.
b Annualized.
c Amount represents less than .01%.
See notes to financial statements.

NOTES TO FINANCIAL STATEMENTS (Unaudited)

NOTE 1 Significant Accounting Policies:

Dreyfus Liquid Assets, Inc. (the fund ) is registered under the Investment Company Act of 1940, as amended (the Act ), as a diversified open-end management investment company. The fund s investment objective is to seek as high a level of current income as is consistent with the preservation of capital.The Dreyfus Corporation (the Manager or Dreyfus ), a wholly-owned subsidiary of The Bank of New York Mellon Corporation ( BNY Mellon ), serves as the fund s investment adviser.

MBSC Securities Corporation (the Distributor ), a wholly-owned subsidiary of Dreyfus, is the distributor of the fund s shares, which are sold to the public without a sales charge.The fund is authorized to issue 30 billion shares of $.001 par value Common Stock.The fund currently offers two classes of shares: Class 1 (23.5 billion shares authorized) and Class 2 (6.5 billion shares authorized). Class 1 and Class 2 shares are identical except for the services offered to and the expenses borne by each class, the allocation of certain transfer agency costs, and certain voting rights. Class 2 shares are offered only to certain eligible financial institutions. Income, expenses (other than expenses attributable to a specific class), and realized and unrealized gains or losses on investments are allocated to each class of shares based on its relative net assets.

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 per share of $1.00.

The Financial Accounting Standards Board ( FASB ) Accounting Standards Codification ( ASC ) is the exclusive reference of authoritative U.S. generally accepted accounting principles ( GAAP ) recognized by the FASB to be applied by nongovernmental entities. Rules and inter-

The Fund 15

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

pretive releases of the Securities and Exchange Commission ( SEC ) under authority of federal laws are also sources of authoritative GAAP for SEC registrants. The fund s financial statements are prepared in accordance with GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.

The fund enters into contracts that contain a variety of indemnifications. The fund s maximum exposure under these arrangements is unknown.The fund does not anticipate recognizing any loss related to these arrangements.

(a) Portfolio valuation: Investments in securities are valued at amortized cost in accordance with Rule 2a-7 under the Act. If amortized cost is determined not to approximate market value, the fair value of the portfolio securities will be determined by procedures established by and under the general supervision of the fund s Board of Directors (the Board ).

The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). GAAP establishes a fair value hierarchy that prioritizes the inputs of valuation techniques used to measure fair value.This hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).

Additionally, GAAP provides guidance on determining whether the volume and activity in a market has decreased significantly and whether such a decrease in activity results in transactions that are not orderly. GAAP requires enhanced disclosures around valuation inputs and techniques used during annual and interim periods.

Various inputs are used in determining the value of the fund s investments relating to fair value measurements.These inputs are summarized in the three broad levels listed below:

Level 1 unadjusted quoted prices in active markets for identical investments.

Level 2 other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.).

Level 3 significant unobservable inputs (including the fund s own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, money market securities are valued using amortized cost, in accordance with rules under the Act. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected within Level 2 of the fair value hierarchy.

The following is a summary of the inputs used as of June 30, 2015 in valuing the fund s investments:


	Short-Term
Valuation Inputs	Investments ($)
Level 1 Unadjusted Quoted Prices
Level 2 Other Significant Observable Inputs	757,932,804
Level 3 Significant Unobservable Inputs
Total	757,932,804
See Statement of Investments for additional detailed categorizations.

At June 30, 2015, there were no transfers between Level 1 and Level 2 of the fair value hierarchy.

The Fund 17

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

(b) Securities transactions and investment income: Securities transactions are recorded on a trade date basis. Interest income, adjusted for accretion of discount and amortization of premium on investments, is earned from settlement date and is recognized on the accrual basis. Realized gains and losses from securities transactions are recorded on the identified cost basis. Cost of investments represents amortized cost.

The fund may enter into repurchase agreements with financial institutions, deemed to be creditworthy by Dreyfus, subject to the seller s agreement to repurchase and the fund s agreement to resell such securities at a mutually agreed upon price. Pursuant to the terms of the repurchase agreement, such securities must have an aggregate market value greater than or equal to the terms of 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 its right to sell the underlying securities at market value and may claim any resulting loss against the seller.The fund may also jointly enter into one or more repurchase agreements with other Dreyfus-managed funds in accordance with an exemptive order granted by the SEC pursuant to section 17(d) and Rule 17d-1 under the Act. Any joint repurchase agreements must be collateralized fully by U.S. Government securities

(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 gains, 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 of 1986, as amended (the Code ).To the extent that net realized capital gains can be offset by capital loss carryovers, it is the policy of the fund not to distribute such gains.

(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 Code, and to make distributions of taxable income sufficient to relieve it from substantially all federal income and excise taxes.

As of and during the period ended June 30, 2015, the fund did not have any liabilities for any uncertain tax positions.The fund recognizes interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statement of Operations. During the period ended June 30, 2015, the fund did not incur any interest or penalties.

Each tax year in the three-year period ended December 31, 2014 remains subject to examination by the Internal Revenue Service and state taxing authorities.

The tax character of distributions paid to shareholders during the fiscal year ended December 31, 2014 was all ordinary income.The tax character of current year distributions will be determined at the end of the current fiscal year.

At June 30, 2015, 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 (the Agreement ) with Dreyfus, the management fee is based on the value of the fund s average daily net assets and is computed at the following annual rates: .50% of the first $1.5 billion; .48% of the next $500 million; .47% of the next $500 million; and .45% over $2.5 billion. The fee is payable monthly. The effective management fee rate during the period ended

The Fund 19

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

June 30, 2015 was .50%.The Agreement provides that if in any full fiscal year the aggregate expenses, excluding taxes, brokerage fees and extraordinary expenses, exceed 1% of the value of the fund s average daily net assets, Dreyfus will reimburse the fund, or bear the excess expense over 1%. Dreyfus had undertaken, from January 1, 2015 through May 1, 2015, to waive receipt of its fees and/or assume the expenses of the fund s Class 1 shares, so that direct annual fund operating expenses (excluding expenses as described above) did not exceed .69% of the value of Class 1 s average daily net assets. Dreyfus has also undertaken to waive receipt of its fees and/or assume the expenses of the fund s Class 2 shares, so that direct annual fund operating expenses (excluding expenses as described above) do not exceed .55% of the value of Class 2 s average daily net assets. Dreyfus may terminate this undertaking upon at least 90 days prior notice to investors.

Dreyfus had also voluntarily limited, from January 1, 2015 through May 1, 2015, Class 1 s management fee to .16% of the value of Class 1 s average daily net assets and is waiving non-class specific expenses. Dreyfus had limited, from January 1, 2015 through May 1, 2015, Class 2 s current direct expenses, including the management fee, to .16% of the value of Class 2 s average daily net assets and, additionally, is waiving non-class specific expenses. These expense limitations and waivers are voluntary, not contractual, and may be terminated at any time. The waiver of fees, pursuant to these undertakings, amounted to $1,060,901 during the period ended June 30, 2015.

Dreyfus has also undertaken to waive receipt of the management fee and/or reimburse operating expenses in order to facilitate a daily yield at or above a certain level which may change from time to time.This undertaking is voluntary and not contractual, and may be terminated at any time. The reduction in expenses, pursuant to this undertaking, amounted to $1,358,436 during the period ended June 30, 2015.

(b) Under the Shareholder Services Plan, Class 1 shares reimburse the Distributor an amount not to exceed an annual rate of .25% of the value of Class 1 s average daily net assets for the provision of certain services. The services provided may include personal services relating

to 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. During the period ended June 30, 2015, Class 1 shares were charged $672,375, pursuant to the Shareholder Services Plan.

The fund has arrangements with the transfer agent and the custodian whereby the fund may receive earnings credits when positive cash balances are maintained, which are used to offset transfer agency and custody fees. For financial reporting purposes, the fund includes net earnings credits as an expense offset in the Statement of Operations.

The fund compensates Dreyfus Transfer, Inc., a wholly-owned subsidiary of Dreyfus, under a transfer agency agreement for providing transfer agency and cash management services for the fund. The majority of transfer agency fees are comprised of amounts paid on a per account basis, while cash management fees are related to fund subscriptions and redemptions. During the period ended June 30, 2015, the fund was charged $313,550 for transfer agency services and $16,156 for cash management services. These fees are included in Shareholder servicing costs in the Statement of Operations. Cash management fees were partially offset by earnings credits of $756.

The fund compensates The Bank of New York Mellon, a subsidiary of BNY Mellon and an affiliate of Dreyfus, under a custody agreement for providing custodial services for the fund.These fees are determined based on net assets, geographic region and transaction activity. During the period ended June 30, 2015, the fund was charged $61,922 pursuant to the custody agreement. These fees were partially offset by earnings credits of $1,679.

The fund compensates The Bank of New York Mellon for performing certain cash management services related to fund subscriptions and redemptions, including shareholder redemption draft processing, under a cash management agreement. During the period ended December 31, 2014, the fund was charged $11,924 pursuant to the agreement, which is included in Shareholder servicing costs in the Statement of Operations.

The Fund 21

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

During the period ended June 30, 2015, the fund was charged $6,240 for services performed by the Chief Compliance Officer and his staff.

The components of Due to The Dreyfus Corporation and affiliates in the Statement of Assets and Liabilities consist of: management fees $312,001, Shareholder Services Plan fees $99,000, custodian fees $49,966, Chief Compliance Officer fees $3,169 and transfer agency fees $101,024, which are offset against an expense reimbursement currently in effect in the amount of $378,987.

(b) Each Board member also serves as a Board member of other funds within the Dreyfus complex. Annual retainer fees and attendance fees are allocated to each fund based on net assets.

NOTE 3 Regulatory Developments:

On July 23, 2014, the SEC adopted amendments to the rules that govern money market mutual funds. In part, the amendments will require structural changes to most types of money market funds to one extent or another; however, the SEC provided for an extended two-year transition period to comply with such structural requirements. At this time, management is evaluating the reforms adopted and the manner for implementing these reforms over time and its impact on the financial statements.

NOTE 4 Plan of Reorganization

On April 30, 2015, the Board approved an Agreement and Plan of Reorganization (the Reorganization ) between the fund and Dreyfus Worldwide Dollar Money Market Fund, Inc., (the Acquired Fund ). The Reorganization is anticipated to occur on or about September 18, 2015.The Reorganization provides for the Acquired Fund to transfer all of its assets, subject to its liabilities, to the fund, in exchange for a number of Class Z shares of the fund of equal value to the assets less liabilities of the Acquired Fund.The fund s Class Z shares will then be distributed to the Acquired Fund s shareholders on a pro rata basis in liquidation of the Acquired Fund. Class Z shares of the fund are new and have been authorized by the fund s Board to be issued to fund shareholders in connection with the Reorganization.

INFORMATION ABOUT THE RENEWAL OF THE
FUND S MANAGEMENT AGREEMENT (Unaudited)

At a meeting of the fund s Board of Directors held on April 30, 2015, the Board considered the renewal of the fund s Management Agreement pursuant to which Dreyfus provides the fund with investment advisory and administrative services (the Agreement ). The Board members, a majority of whom are not interested persons (as defined in the Investment Company Act of 1940, as amended) of the fund, were assisted in their review by independent legal counsel and met with counsel in executive session separate from Dreyfus representatives. In considering the renewal of the Agreement, the Board considered all factors that it believed to be relevant, including those discussed below. The Board did not identify any one factor as dispositive, and each Board member may have attributed different weights to the factors considered.

Analysis of Nature, Extent, and Quality of Services Provided to the Fund. The Board considered information provided to them at the meeting and in previous presentations from Dreyfus representatives regarding the nature, extent, and quality of the services provided to funds in the Dreyfus fund complex. Dreyfus provided the number of open accounts in the fund, the fund s asset size and the allocation of fund assets among distribution channels. Dreyfus also had previously provided information regarding the diverse intermediary relationships and distribution channels of funds in the Dreyfus fund complex (such as retail direct or intermediary, in which intermediaries typically are paid by the fund and/or Dreyfus) and Dreyfus corresponding need for broad, deep, and diverse resources to be able to provide ongoing shareholder services to each intermediary or distribution channel, as applicable to the fund.

The Board also considered research support available to, and portfolio management capabilities of, the fund s portfolio management personnel and that Dreyfus also provides oversight of day-to-day fund operations, including fund accounting and administration and assistance in meeting legal and regulatory requirements. The Board also considered Dreyfus extensive administrative, accounting and compliance infrastructures.

The Fund 23

INFORMATION ABOUT THE RENEWAL OF THE FUND S
MANAGEMENT AGREEMENT (Unaudited) (continued)

Comparative Analysis of the Fund s Performance and Management Fee and Expense Ratio. The Board reviewed reports prepared by Lipper, Inc. ( Lipper ), an independent provider of investment company data, which included information comparing (1) the fund s performance with the performance of a group of comparable funds (the Performance Group ) and with a broader group of funds (the Performance Universe ), all for various periods ended February 28, 2015, and (2) the fund s actual and contractual management fees and total expenses with those of a group of comparable funds (the Expense Group ) and with a broader group of funds (the Expense Universe ), the information for which was derived in part from fund financial statements available to Lipper as of the date of its analysis. Dreyfus previously had furnished the Board with a description of the methodology Lipper used to select the Performance Group and Performance Universe and the Expense Group and Expense Universe.

Dreyfus representatives stated that the usefulness of performance comparisons may be affected by a number of factors, including different investment limitations that may be applicable to the fund and comparison funds.The Board discussed with representatives of Dreyfus and its affiliates the results of the comparisons and noted that the fund s total return performance was one basis point below the Performance Group and Performance Universe medians, for all periods except the ten-year period, when the fund s performance was above the Performance Group and Performance Universe medians.

The Board also reviewed the range of actual and contractual management fees and total expenses of the Expense Group and Expense Universe funds and discussed the results of the comparisons. The Board noted that the fund s contractual management fee was above the Expense Group median, the fund s actual management fee (which was zero) was at the Expense Group and Expense Universe medians and the fund s total expenses were below the Expense Group and Expense Universe medians.

The Board also considered the current fee waiver and expense reimbursement arrangement undertaken by Dreyfus.

Dreyfus representatives reviewed with the Board the management or investment advisory fees paid by funds advised or administered by Dreyfus that are in the same Lipper category as the fund (the Similar Funds ), and explained the nature of the Similar Funds.They discussed differences in fees paid and the relationship of the fees paid in light of any differences in the services provided and other relevant factors.The Board considered the relevance of the fee information provided for the Similar Funds to evaluate the appropriateness and reasonableness of the fund s management fee.

Analysis of Profitability and Economies of Scale. Dreyfus representatives reviewed the expenses allocated and profit received by Dreyfus and its affiliates and the resulting profitability percentage for managing the fund and the aggregate profitability percentage to Dreyfus and its affiliates for managing the funds in the Dreyfus fund complex, and the method used to determine the expenses and profit. The Board concluded that the profitability results were not unreasonable, given the services rendered and service levels provided by Dreyfus. The Board also noted the fee waiver and expense reimbursement arrangement and its effect on the profitability of Dreyfus and its affiliates. The Board also had been provided with information prepared by an independent consulting firm regarding Dreyfus approach to allocating costs to, and determining the profitability of, individual funds and the entire Dreyfus fund complex. The consulting firm also had analyzed where any economies of scale might emerge in connection with the management of a fund.

The Board considered, on the advice of its counsel, the profitability analysis (1) as part of its evaluation of whether the fees under the Agreement bear a reasonable relationship to the mix of services provided by Dreyfus, including the nature, extent and quality of such

The Fund 25

INFORMATION ABOUT THE RENEWAL OF THE FUND S
MANAGEMENT AGREEMENT (Unaudited) (continued)

services, and (2) in light of the relevant circumstances for the fund and the extent to which economies of scale would be realized if the fund grows and whether fee levels reflect these economies of scale for the benefit of fund shareholders. Dreyfus representatives noted that a discussion of economies of scale is predicated on a fund having achieved a substantial size with increasing assets and that, if a fund s assets had been stable or decreasing, the possibility that Dreyfus may have realized any economies of scale would be less. Dreyfus representatives also noted that, as a result of shared and allocated costs among funds in the Dreyfus fund complex, the extent of economies of scale could depend substantially on the level of assets in the complex as a whole, so that increases and decreases in complex-wide assets can affect potential economies of scale in a manner that is disproportionate to, or even in the opposite direction from, changes in the fund s asset level. The Board also considered potential benefits to Dreyfus from acting as investment adviser and noted that there were no soft dollar arrangements in effect for trading the fund s investments.

At the conclusion of these discussions, the Board agreed that it had been furnished with sufficient information to make an informed business decision with respect to the renewal of the Agreement. Based on the discussions and considerations as described above, the Board concluded and determined as follows.

The Board concluded that the nature, extent and quality of the services provided by Dreyfus are adequate and appropriate.
The Board was satisfied with the fund s relative performance.
The Board concluded that the fee paid to Dreyfus was reasonable in light of the considerations described above.
The Board determined that the economies of scale which may accrue to Dreyfus and its affiliates in connection with the management of the fund had been adequately considered by Dreyfus in connection with the fee rate charged to the fund pursuant to the Agreement and that, to the extent in the future it were determined that material economies of scale had not been shared with the fund, the Board would seek to have those economies of scale shared with the fund.

In evaluating the Agreement, the Board considered these conclusions and determinations and also relied on its previous knowledge, gained through meetings and other interactions with Dreyfus and its affiliates, of the fund and the services provided to the fund by Dreyfus. The Board also relied on information received on a routine and regular basis throughout the year relating to the operations of the fund and the investment management and other services provided under the Agreement, including information on the investment performance of the fund in comparison to similar mutual funds and benchmark performance measures; general market outlook as applicable to the fund; and compliance reports. In addition, the Board s consideration of the contractual fee arrangements for this fund had the benefit of a number of years of reviews of prior or similar agreements during which lengthy discussions took place between the Board and Dreyfus representatives. Certain aspects of the arrangements may receive greater scrutiny in some years than in others, and the Board s conclusions may be based, in part, on their consideration of the same or similar arrangements in prior years.The Board determined to renew the Agreement.

The Fund 27

NOTES

For More Information

Telephone 1-800-DREYFUS

Mail The Dreyfus Family of Funds, 144 Glenn Curtiss Boulevard, Uniondale, NY 11556-0144

E-mail Send your request to info@dreyfus.com

Internet Information can be viewed online or downloaded at: http://www.dreyfus.com

The fund will disclose daily, on www.dreyfus.com, the fund s complete schedule of holdings as of the end of the previous business day. The schedule of holdings will remain on the website until the fund files its Form N-Q or Form N-CSR for the period that includes the date of the posted holdings.

The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission ( SEC ) for the first and third quarters of each fiscal year on Form N-Q. The fund's Forms N-Q are available on the SEC s website at http://www.sec.gov and may be reviewed and copied at the SEC s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

Information regarding how the fund voted proxies relating to portfolio securities for the most recent 12-month period ended June 30 is available on the SEC s website at http://www.sec.gov and without charge, upon request, by calling 1-800-DREYFUS.

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers.

Not applicable. [CLOSED END FUNDS ONLY]

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures applicable to Item 10.

Item 11. Controls and Procedures.

(a) The Registrant's principal executive and principal financial officers have concluded, based on their evaluation of the Registrant's disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant's disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the Registrant's management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

(b) There were no changes to the Registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

Item 12. Exhibits.

(a)(1) Not applicable.

(a)(2) Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940.

(a)(3) Not applicable.

(b) Certification of principal executive and principal financial officers as required by Rule 30a-2(b) under the Investment Company Act of 1940.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

Dreyfus Liquid Assets, Inc.

By: /s/ Bradley J. Skapyak
Bradley J. Skapyak, President
Date:	August 20, 2015

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this Report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By: /s/ Bradley J. Skapyak
Bradley J. Skapyak, President
Date:	August 20, 2015

By: /s/ James Windels
James Windels, Treasurer
Date:	August 20, 2015

EXHIBIT INDEX

(a)(2) Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940. (EX-99.CERT)

(b) Certification of principal executive and principal financial officers as required by Rule 30a-2(b) under the Investment Company Act of 1940. (EX-99.906CERT)

Expenses and Value of a $1,000 Investment

assuming a hypothetical 5% annualized return for the six months ended June 30, 2015

Class 1

Class 2

Expenses paid per $1,000^†

Ending value (after expenses)