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NEW YORK
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MUNICIPAL
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CASH
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TRUST
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SEMI-ANNUAL REPORT
TO SHAREHOLDERS
DATED APRIL 30, 1994
FEDERATED SECURITIES CORP.
(LOGO)
- ---------------------------------------------
Distributor
A subsidiary of FEDERATED INVESTORS
FEDERATED INVESTORS TOWER
PITTSBURGH, PA 15222-3779
8060106 (6/94)
PRESIDENT'S MESSAGE
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Dear Shareholder:
I am pleased to present the Semi-Annual Report to Shareholders of New York
Municipal Cash Trust (the "Trust"), which covers the six-month period from
November 1, 1993 through April 30, 1994. The Report includes an interview with
the portfolio manager about economic factors affecting the Trust, followed by
Financial Statements containing the Trust's Portfolio of Investments.
The Trust is a convenient and stable* way to put your cash to work earning
triple-tax-free income--free from federal regular income tax, New York state
income tax, and New York City local income tax**-- through a portfolio
concentrated in high-quality, short-term New York municipal securities. As a
shareholder in the Trust, you have the opportunity to earn a greater after-tax
yield than you could in a comparable high-quality taxable investment.
On the last day of the report period, the Trust's total net assets exceeded $332
million.
The Trust's highly diversified portfolio consisted of municipal bonds issued to
fund projects as varied as education, health care, housing, mass transit, and
public utilities. Through these bonds, the Trust paid more than $3.3 million in
dividends to all shareholders during the report period.+
We believe the Trust offers significant tax-free income opportunities for
tax-sensitive New York residents. As always, we'll continue to provide you with
the highest level of professional service possible. We appreciate your support
and invite your questions or comments.
Sincerely,
Glen R. Johnson
President
June 15, 1994
* As a money market mutual fund, the Trust is managed to pursue a stable share
price of $1.00, although there is no guarantee that it will do so. An
investment in the Trust is neither insured nor guaranteed by the U.S.
government, the State of New York, or their respective agencies or
subdivisions.
** Income may be subject to the federal alternative minimum tax.
+ Please note that this Report includes financial highlights ratios for both
Cash II and Institutional Service Shares.
INVESTMENT REVIEW
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An Interview with the Trust's Portfolio Manager, Jeff Kozemchak
Q
What has happened to interest rates and the municipal money markets since
our last reporting?
A
Throughout most of last year, economic numbers continued to be more anemic
than anticipated, and inflation appeared to be under control. With little
threat of inflation, the municipal markets responded with some of the
lowest yields over the past decade in both the bond and the money markets.
Despite the low yield environment, total assets of municipal money market funds
reached an all-time high of over $116 billion in March of 1994, illustrating the
popularity of tax-exempt cash investments.
In the first quarter of 1994, signs of economic strength prompted the Federal
Reserve Board (the "Fed") to twice "tighten" or increase short-term interest
rates, moving the Federal Funds rate target from 3.0% to 3.50%.
The municipal money market reacted with a corresponding back-up in rates, which
was somewhat exacerbated by $3.2 billion of new fixed-rate supply offered by the
State of California in mid-February. With renewed concerns of economic recovery
and inflation, investors immediately began to demand higher liquidity premiums
to invest further out the yield curve, causing rates on 1-year fixed rate notes
to rise to their highest levels since June, 1992. In April, the municipal money
market was affected by heavy cash outflows as investors withdrew cash to pay tax
bills. Also, in mid-April and mid-May the Fed tightened twice, moving the funds
rate target from 3.50% to 4.25%.
Q
How are you managing the portfolio to capitalize on this rate environment?
A
Unlike most of last year, when expectations of stable to lower interest
rates were commonplace, we now are in an environment of rising interest
rate expectations. For most of last year, I maintained a longer average
maturity, taking advantage of the yield premium available on fixed-rate notes
and commercial paper relative to variable rate demand notes. Since November of
1993, I shortened the average maturity of the Trust from 61 days to 52 days at
the end of April, 1994. A shorter average maturity, combined with a higher
percentage of liquid variable rate demand notes, should allow the Trust to be
even more responsive to a rising rate environment.
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Q
Jeff, how has the Trust performed over the period?
A
For the six-month period ending April 30, 1994, the Trust had an annualized
total return of 2.01% for the Institutional Service Shares (IS Shares) and
1.85% for the Cash II Shares (CII Shares).* For a New York resident in the
highest federal and state brackets, this was equivalent to a taxable returns of
3.83% and 3.52% for IS Shares and CII Shares, respectively. For New York City
residents in the highest brackets, the taxable return advantage is even
higher--4.18% for IS Shares and 3.85% for CII Shares. These numbers illustrate
the attractiveness of the Trust relative to comparable taxable money market
funds.
Q
Going forward, what is your outlook for the tax-free money market and the
Trust?
A
I believe that interest rates will continue to rise over the year, and that
the Federal Funds rate target will be 4.25% to 4.50% by mid-year and 4.75%
or higher by year-end. In a rising interest rate environment, stable net
asset value money market funds like the Trust are a key component in any
strategy to preserve principal value. The Trust's yield should continue to rise
as interest rates rise. Also, I continue to expect that tax-free cash vehicles
like the Trust will continue to outperform taxable money fund alternatives as
they have over the past several years. If interest rates continue to rise this
year, I will keep the average maturity short and the portfolio liquid, while
choosing carefully and selectively along the yield curve as attractive
fixed-rate opportunities appear.
* Performance quoted represents past performance.
NEW YORK MUNICIPAL CASH TRUST
PORTFOLIO OF INVESTMENTS
APRIL 30, 1994
(UNAUDITED)
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<TABLE>
<CAPTION>
CREDIT
RATING:
PRINCIPAL MOODY'S
AMOUNT OR S&P* VALUE
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<C> <S> <C> <C>
SHORT-TERM MUNICIPAL SECURITIES--99.3%
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NEW YORK--95.0%
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$ 715,000 Amherst, NY, IDA Weekly VRDNS (Nanhardt Alexander,
Inc.)/(Marine Midland Bank LOC)/(Subject to AMT) A-2 $ 715,000
-------------------------------------------------------
7,500,000 Babylon, NY, 3.00% GO BANs (Series 1994A), 9/21/94 NR(3) 7,514,432
-------------------------------------------------------
580,000 Babylon, NY, IDA Weekly VRDNs (M. Goldfarb-My
Florist)/(Dai-Ichi Kangyo Bank, Ltd. LOC), Ford Motor
Credit BPA) P-1 580,000
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3,500,000 Binghamton, NY, 2.60% GO BANs, 5/20/94 NR(4) 3,500,266
-------------------------------------------------------
1,122,000 Buffalo, NY, General Improvement, 4.75% SB (Series
1994A)/(MBIA Insured), 2/1/95 AAA 1,137,475
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7,400,000 Chautauqua County, NY, 3.00% TANs, 12/22/94 NR(3) 7,413,942
-------------------------------------------------------
4,700,000 Chautauqua County, NY, IDA Weekly VRDNs (Cliffstar
Corp.)/(Society Bank, Cleveland LOC)/(Subject to AMT) P-1 4,700,000
-------------------------------------------------------
3,900,000 Chautauqua County, NY, IDA Weekly VRDNs
(Mogen David Wine Corp.)/(Mellon Bank N.A. LOC)/
(Subject to AMT) P-1 3,900,000
-------------------------------------------------------
1,220,000 Colonie, NY, IDA Weekly VRDNs (Herbert S. Ellis)/
(Marine Midland Bank N.A. LOC)/(Subject to AMT) A-2 1,220,000
-------------------------------------------------------
875,000 Colonie, NY, IDA Weekly VRDNs (Series 1988)/(13 Green
Mountain Drive)/(Marine Midland Bank N.A. LOC)/
(Subject to AMT) A-2 875,000
-------------------------------------------------------
1,750,000 Cortland County, NY, IDA Weekly VRDNs (General Signal
Corp.)/(Wachovia Bank of Georgia N.A. LOC) A-1+ 1,750,000
-------------------------------------------------------
4,600,000 Eastchester, NY, United Free School District, 3.00%
TANs, 5/19/94 NR(3) 4,600,444
-------------------------------------------------------
1,440,000 Erie County, NY, IDA Weekly VRDNs (Data-Rex Inc.)/
(Marine Midland Bank N.A. LOC)/(Subject to AMT) A-2 1,440,000
-------------------------------------------------------
</TABLE>
NEW YORK MUNICIPAL CASH TRUST
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<TABLE>
<CAPTION>
CREDIT
RATING:
PRINCIPAL MOODY'S
AMOUNT OR S&P* VALUE
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<C> <S> <C> <C>
SHORT-TERM MUNICIPAL SECURITIES--CONTINUED
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NEW YORK--CONTINUED
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$ 1,349,200 Fort Plain, NY, 2.74% BANs, 5/11/94 NR $ 1,349,225
-------------------------------------------------------
1,800,000 Franklin County, NY, IDA Weekly VRDNs (Series 1991A)/
(KES Chateaugay)/(Bank of Tokyo, Ltd. LOC) A-1 1,800,000
-------------------------------------------------------
1,500,000 Guilderland, NY, IDA Weekly VRDNs Series 1993A)/
(Northeastern Industrial Park, Inc.)/(Chemical Bank
LOC) P-1 1,500,000
-------------------------------------------------------
1,900,000 Herkimer County, NY, IDA Weekly VRDNs (Granny's
Kitchens, Ltd.)/(Chemical Bank LOC)/(Subject to AMT) A-1 1,900,000
-------------------------------------------------------
10,975,000 Islip, NY, 3.125% GO BANs, 8/24/94 NR(3) 10,989,424
-------------------------------------------------------
5,000,000 Longwood Central School District, NY, 3.25% TANs,
6/30/94 NR 5,001,195
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2,225,000 Madison County, NY, IDA Monthly VRDNs (Series
1989A)/(Upstate Metals Corp.)/(Fleet Bank of New York
LOC)/(Subject to AMT) A-1 2,225,000
-------------------------------------------------------
15,000,000 Marine Midland, NY, Premium Tax-Exempt Bond & Loan
Trust Weekly VRDNs (Marine Midland Bank N.A. LOC) R P-1 15,000,000
-------------------------------------------------------
3,295,000 Mechanicville and Town of Stillwater, NY, IDA Weekly
VRDNs (1987 Tagsons Paper Inc.)/(Marine Midland Bank
N.A. LOC)/(Subject to AMT) A-2 3,295,000
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6,000,000 Metropolitan Transportation Authority of New York,
Weekly VRTCs (FGIC, MBIA and AMBAC Insured) R A-1 6,000,000
-------------------------------------------------------
6,300,000 Monroe County, NY, IDA Monthly VRDNs (Neu Lac DeVille
Associates, Inc.)/(Fleet Bank of New York N.A. LOC) A-1 6,300,000
-------------------------------------------------------
3,000,000 Nassau County, NY, 3.25% BANs, 8/15/94 SP-1 3,002,114
-------------------------------------------------------
677,000 Nassau County, NY, IDA Weekly VRDNs (465 Endo
Associates)/(Dai-Ichi Kangyo Bank, Ltd. LOC, Ford Motor
Credit BPA) P-1 677,000
-------------------------------------------------------
</TABLE>
NEW YORK MUNICIPAL CASH TRUST
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<TABLE>
<CAPTION>
CREDIT
RATING:
PRINCIPAL MOODY'S
AMOUNT OR S&P* VALUE
- ----------- ------------------------------------------------------- -------- ------------
<C> <S> <C> <C>
SHORT-TERM MUNICIPAL SECURITIES--CONTINUED
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NEW YORK--CONTINUED
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$ 1,387,497 Nassau County, NY, IDA Weekly VRDNs (D.L. Blair
Corp.)/(Dai-Ichi Kangyo Bank, Ltd. LOC, Ford Motor
Credit Co. BPA) P-1 $ 1,387,497
-------------------------------------------------------
1,850,000 Nassau County, NY, IDA Weekly VRDNs (R.M. Pascucci
Corp.)/(Dai-Ichi Kangyo Bank, Ltd. LOC, Ford Motor
Credit BPA) P-1 1,850,000
-------------------------------------------------------
7,131,000 New Rochelle, NY, Urban Renewal Notes, 3.55% BANs
(Series 1994)/(Subject to AMT), 3/22/95 NR(3) 7,134,048
-------------------------------------------------------
3,700,000 New York City HDC Weekly VRDNs (Series 1993A)/
(Columbus Gardens)/(Citibank N.A. LOC) A-1 3,700,000
-------------------------------------------------------
2,000,000 New York City, NY, Housing Development Corp. Weekly
VRDNs (Series A))/(East 96th Street
Project)/(Mitsubishi Bank, Ltd. LOC) VMIG1 2,000,000
-------------------------------------------------------
6,000,000 New York City Municipal Water Finance Authority Weekly
VRDNs (Series 1992A)/(MBIA Insured) VMIG1 6,000,000
-------------------------------------------------------
383,334 New York City, NY, IDA Weekly VRDNs (David Rosen Bakers
Supply, Inc.)/(Dai-Ichi Kangyo Bank, Ltd. LOC, Ford
Motor Credit BPA) P-1 383,334
-------------------------------------------------------
433,356 New York City, NY, IDA Weekly VRDNs (Feature
Enterprise)/(Dai-Ichi Kangyo Bank, Ltd, LOC, Ford Motor
Credit BPA) P-1 433,356
-------------------------------------------------------
586,668 New York City, NY, IDA Weekly VRDNs (Lomar Development
Corp.)/(Dai-Ichi Kangyo Bank, Ltd. LOC, Ford Motor
Credit BPA) P-1 586,668
-------------------------------------------------------
900,000 New York City, NY, IDA Weekly VRDNs (Mindel
Associates)/(Chemical Bank LOC)/(Subject to AMT) A-1 900,000
-------------------------------------------------------
243,763 New York City, NY, IDA Weekly VRDNs (MLN
Associates)/(Dai-Ichi Kangyo Bank, Ltd. LOC, Ford Motor
Credit BPA) P-1 243,763
-------------------------------------------------------
</TABLE>
NEW YORK MUNICIPAL CASH TRUST
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<TABLE>
<CAPTION>
CREDIT
RATING:
PRINCIPAL MOODY'S
AMOUNT OR S&P* VALUE
- ----------- ------------------------------------------------------- -------- ------------
<C> <S> <C> <C>
SHORT-TERM MUNICIPAL SECURITIES--CONTINUED
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NEW YORK--CONTINUED
-------------------------------------------------------
$ 1,900,000 New York City, NY, IDA Weekly VRDNs Special Facility
Revenue Bonds (Series 1990)/(Air France)/(Societe
Generale LOC)/(Subject to AMT) A-1+ $ 1,900,000
-------------------------------------------------------
5,475,000 New York State Dormitory Authority Weekly VRDNs
PA-60 (Series 1993)/(Rochester General Hospital)/
(FHA Insured) R A-1+ 5,475,000
-------------------------------------------------------
2,800,000 New York State Dormitory Authority, 2.60% CP (Series
1989A)/(Sloan-Kettering Memorial Cancer Center)/ (Fuji
Bank, Ltd. LOC), Mandatory Tender 5/17/94 A-1 2,800,000
-------------------------------------------------------
6,100,000 New York State Energy Research & Development Authority,
3.00% TOBs (Series 1985A)/(Long Island Lighting Co.)/
(Deutsche Bank AG LOC), Mandatory Tender 3/1/95 VMIG1 6,100,000
-------------------------------------------------------
6,000,000 New York State Energy Research & Development Authority,
Weekly VRDNs (Series 1993A)/(Long Island Lighting Co.)/
(Toronto-Dominion Bank LOC) VMIG1 6,000,000
-------------------------------------------------------
5,000,000 New York State Energy Research & Development Authority,
2.85% Annual TOBs (Series 1993B)/(Long Island Lighting
Co.)/(Toronto-Dominion Bank LOC), Mandatory Tender
11/1/94 VMIG1 5,000,000
-------------------------------------------------------
8,000,000 New York State Floating Rate Trust Certificate Weekly
VRDNs (Series 144A)/(AMBAC Insured) R A-1+ 8,000,000
-------------------------------------------------------
1,000,000 New York State HFA Weekly VRDNs (Normandie Corp.)/
(Bankers Trust Company LOC)/(Subject to AMT) VMIG1 1,000,000
-------------------------------------------------------
14,320,000 New York State HFA Weekly VRDNs (Special Surgery
Hospital)/(Chemical Bank LOC) VMIG1 14,320,000
-------------------------------------------------------
1,365,000 New York State Job Development Authority Weekly VRDNs
(New York State, Guaranty)/(Subject to AMT) VMIG1 1,365,000
-------------------------------------------------------
1,680,000 New York State Job Development Authority Weekly VRDNs
(Sumitomo Bank, Ltd. LOC)/(Subject to AMT) VMIG1 1,680,000
-------------------------------------------------------
</TABLE>
NEW YORK MUNICIPAL CASH TRUST
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CREDIT
RATING:
PRINCIPAL MOODY'S
AMOUNT OR S&P* VALUE
- ----------- ------------------------------------------------------- -------- ------------
<C> <S> <C> <C>
SHORT-TERM MUNICIPAL SECURITIES--CONTINUED
- ----------------------------------------------------------------------
NEW YORK--CONTINUED
-------------------------------------------------------
$ 8,000,000 New York State Medical Care Facilities Finance Agency
Weekly VRDNs (Series 1993G)/(St. Luke's-Rossevelt
Hospital Center)/(FHA Insured, Hong Kong & Shanghai
Banking Corp. BPA) R A-1+ $ 8,000,000
-------------------------------------------------------
3,700,000 New York State Mortgage Agency Weekly VRDNs (Series
PA-29) R VMIG1 3,700,000
-------------------------------------------------------
8,000,000 New York State Mortgage Agency Weekly VRDNs Homeowner
Mortgage Revenue (Series PT-15B) R VMIG1 8,000,000
-------------------------------------------------------
5,000,000 New York State Mortgage Agency, 3.20% TOBs Homeowner
Mortgage Revenue Bonds (Series 36B)/(Subject to AMT),
Mandatory Tender 9/29/94 VMIG1 5,000,000
-------------------------------------------------------
8,000,000 New York State Power Authority VRDC Trust Certificates
Weekly VRTCs, R A-1+ 8,000,000
-------------------------------------------------------
2,500,000 New York State, 3.00% GO CP (Series N), Mandatory
Tender 6/23/94 A-1 2,500,000
-------------------------------------------------------
3,500,000 New York State, 3.00% GO CP (Series P), Mandatory
Tender 7/21/94 A-1 3,500,000
-------------------------------------------------------
1,728,000 Niagara County, NY, 3.00% GO BANs, 12/9/94 NR(3) 1,730,470
-------------------------------------------------------
2,175,000 Niagara County, NY, 3.25% BANs, 10/14/94 NR(3) 2,180,205
-------------------------------------------------------
6,000,000 Niagara County, NY, 3.25% BANs, 9/16/94 NR(3) 6,007,680
-------------------------------------------------------
3,500,000 Niagara Falls, NY, Toll Bridge System Revenue Bonds
Weekly VRDNs (Series 1993A)/(FGIC Insured, Industrial
Bank of Japan, Ltd. BPA) A-1 3,500,000
-------------------------------------------------------
923,000 Northville, NY, 2.78% Central School District BANs,
6/17/94 NR(4) 923,092
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1,725,000 Onondaga County, NY, IDA Weekly VRDNs (W.W. Grainger,
Inc.) A-1+ 1,725,000
-------------------------------------------------------
1,030,000 Onondaga County, NY, IDA Weekly VRDNs (Beverage
Corp.)/(Marine Midland Bank N.A. LOC)/
(Subject to AMT) A-2 1,030,000
-------------------------------------------------------
</TABLE>
NEW YORK MUNICIPAL CASH TRUST
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<TABLE>
<CAPTION>
CREDIT
RATING:
PRINCIPAL MOODY'S
AMOUNT OR S&P* VALUE
- ----------- ------------------------------------------------------- -------- ------------
<C> <S> <C> <C>
SHORT-TERM MUNICIPAL SECURITIES--CONTINUED
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NEW YORK--CONTINUED
-------------------------------------------------------
$ 1,175,000 Onondaga County, NY, IDA Weekly VRDNs (Series 1987)/
(Southern Container Corp.)/(Chemical Bank LOC)/
(Subject to AMT) VMIG1 $ 1,175,000
-------------------------------------------------------
1,600,000 Ontario, NY, IDA Weekly VRDNs (Hillcrest
Enterprises/Buckeye Corrugated, Inc.
Facility)/(National City Bank, Cleveland LOC)/(Subject
to AMT) P-1 1,600,000
-------------------------------------------------------
5,700,000 Oswego County, NY, IDA Weekly VRDNs (Copperweld
Co.)/(PNC Bank N.A. LOC) P-1 5,700,000
-------------------------------------------------------
7,300,000 Plainview-Old Bethpage, NY, 3.00% TANs, 6/29/94 NR 7,299,678
-------------------------------------------------------
3,000,000 Port Authority of New York and New Jersey Special
Project Bonds Weekly VRDNs (Series 3)/(KIAC
Partners)/(Subject to AMT)/(Deutsche Bank AG LOC) A-1+ 3,000,000
-------------------------------------------------------
15,000,000 Port Authority of New York and New Jersey Weekly VRDNs A-1+ 15,000,000
-------------------------------------------------------
1,000,000 Port Authority of New York and New Jersey Weekly VRDNs
(Series 1991-4)/(Subject to AMT) P-1 1,000,000
-------------------------------------------------------
15,000,000 Port Authority of New York and New Jersey Weekly VRDNs
(Subject to AMT) A-1+ 15,000,000
-------------------------------------------------------
2,000,000 Rotterdam, NY, IDA Weekly VRDNs (Series 1993A)/
(Rotterdam Industrial Park)/(Chemical Bank LOC) P-1 2,000,000
-------------------------------------------------------
833,833 Schenectady, NY, IDA Weekly VRDNs (McClellan Street
Associates)/(Dai-Ichi Kangyo Bank, Ltd. LOC, Ford Motor
Credit BPA) P-1 833,833
-------------------------------------------------------
960,000 Schuylerville, NY, Central School District, 2.74% BANs,
6/22/94 NR 960,119
-------------------------------------------------------
4,200,000 South Seneca, NY, Central School District, 2.65% BANs,
6/24/94 NR 4,200,299
-------------------------------------------------------
1,000,000 Suffolk County, NY, 3.00% TANs (Series II)/(Chemical
Bank LOC), 9/15/94 MIGI 1,000,547
-------------------------------------------------------
</TABLE>
NEW YORK MUNICIPAL CASH TRUST
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CREDIT
RATING:
PRINCIPAL MOODY'S
AMOUNT OR S&P* VALUE
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<C> <S> <C> <C>
SHORT-TERM MUNICIPAL SECURITIES--CONTINUED
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NEW YORK--CONTINUED
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$ 3,998,000 Suffolk County, NY, 3.25% RANs, 10/28/94 NR(4) $ 4,005,650
-------------------------------------------------------
1,800,000 Suffolk County, NY, IDA, 3.90% Semi-Annual TOBs (W.W.
Grainger, Inc. Guaranty), Optional Tender 6/1/94 A-1+ 1,800,000
-------------------------------------------------------
3,900,000 Suffolk County, NY, IDA Weekly VRDNs (C & J Realty
Corp.)/(Dai-Ichi Kangyo Bank, Ltd. LOC, Ford Motor
Credit BPA) P-1 3,900,000
-------------------------------------------------------
674,167 Suffolk County, NY, IDA Weekly VRDNs (CS Property/Tara
Toy, Inc.)/(Dai-Ichi Kangyo Bank, Ltd. LOC, Ford Motor
Credit BPA) P-1 674,167
-------------------------------------------------------
636,000 Suffolk County, NY, IDA Weekly VRDNs (D.A. Yaron)/
(Dai-Ichi Kangyo Bank, Ltd. LOC, Ford Motor Credit
BPA)/ (Subject to AMT) P-1 636,000
-------------------------------------------------------
1,200,000 Suffolk County, NY, IDA Weekly VRDNs (Poly Research
Corp.)/(Marine Midland Bank N.A. LOC)/(Subject to AMT) A-2 1,200,000
-------------------------------------------------------
6,495,000 Warren & Washington Counties, NY, IDA Monthly VRDNs
(Sandy Hill Corp.)/(Fleet Bank of New York N.A.
LOC)/(Subject to AMT) A-1 6,495,000
-------------------------------------------------------
1,665,000 Yates County, NY, IDA, Weekly VRDNs (Series 1992A)/
(Clearplass Containers, Inc.)/(Norstar Bank of Upstate
NY LOC)/(Subject to AMT) A-1 1,665,000
-------------------------------------------------------
4,000,000 Yonkers, NY, IDA Weekly VRDNs (Consumers Union
Facility)/(Industrial Bank of Japan, Ltd. LOC) VMIG1 4,000,000
------------------------------------------------------- ------------
Total 315,585,923
------------------------------------------------------- ------------
</TABLE>
NEW YORK MUNICIPAL CASH TRUST
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<TABLE>
<CAPTION>
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RATING:
PRINCIPAL MOODY'S
AMOUNT OR S&P* VALUE
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<C> <S> <C> <C>
SHORT-TERM MUNICIPAL SECURITIES--CONTINUED
- ----------------------------------------------------------------------
PUERTO RICO--4.3%
-------------------------------------------------------
$ 6,200,000 Commonwealth of Puerto Rico, 3.00% TRANs (Series
1994A), 7/29/94 SP-1+ $ 6,205,044
-------------------------------------------------------
8,000,000 Government Development Bank of Puerto Rico Weekly VRDNs
(Credit Suisse and Sumitomo Bank Ltd., LOCs) A-1+ 8,000,000
------------------------------------------------------- ------------
Total 14,205,044
------------------------------------------------------- ------------
TOTAL INVESTMENTS, AT AMORTIZED COST $329,790,967+
------------------------------------------------------- ------------
</TABLE>
* Please refer to the Appendix of the Statement of Additional Information for an
explanation of the credit ratings.
+ Also represents cost for federal tax purposes.
Note: The categories of investments are shown as a percentage of net assets
($332,185,590) at April 30, 1994.
NEW YORK MUNICIPAL CASH TRUST
- --------------------------------------------------------------------------------
The following abbreviations are used in this portfolio:
<TABLE>
<S> <C>
AMBAC -- American Municipal Bond Assurance Corporation
AMT -- Alternative Minimum Tax
BANs -- Bond Anticipation Notes
BPA -- Bond Purchase Agreement
CP -- Commercial Paper
HDC -- Housing Development Corporation
FGIC -- Financial Guaranty Insurance Company
FHA -- Federal Housing Administration
GO -- General Obligation
HFA -- Housing Finance Authority/Agency
IDA -- Industrial Development Authority
LIQ -- Liquidity Agreement
LOC -- Letter of Credit
LOCs -- Letter(s) of Credit
MBIA -- Municipal Bond Investors Assurance
R -- Denotes restricted securities which are subject to restrictions on resale under
Federal securities laws. These securities are considered liquid under criteria
established by the Board of Trustees
RANs -- Revenue Anticipation Notes
SB -- Serial Bond
TANs -- Tax Anticipation Notes
TOBs -- Tender Option Bonds
TRANs -- Tax and Revenue Anticipation Notes
VRDNs -- Variable Rate Demand Notes
VRTCs -- Variable Rate Trust Certificates
</TABLE>
(See Notes which are an integral part of the Financial Statements)
NEW YORK MUNICIPAL CASH TRUST
STATEMENT OF ASSETS AND LIABILITIES
APRIL 30, 1994
(UNAUDITED)
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<TABLE>
<S> <C> <C>
ASSETS:
- -------------------------------------------------------------------------------
Investments, at amortized cost and value (Note 2A) $329,790,967
- -------------------------------------------------------------------------------
Cash 623,378
- -------------------------------------------------------------------------------
Interest receivable 2,314,125
- -------------------------------------------------------------------------------
Receivable from Adviser 8,274
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Total assets 332,736,744
- -------------------------------------------------------------------------------
LIABILITIES:
- -------------------------------------------------------------------------------
Dividends payable $451,231
- --------------------------------------------------------------------
Payable to Transfer and Dividend Disbursing agent (Note 4) 8,645
- --------------------------------------------------------------------
Accrued expenses 91,278
- -------------------------------------------------------------------- --------
Total liabilities 551,154
- ------------------------------------------------------------------------------- ------------
NET ASSETS for 332,203,520 shares of beneficial interest outstanding $332,185,590
- ------------------------------------------------------------------------------- ------------
NET ASSETS CONSIST OF:
- -------------------------------------------------------------------------------
Paid-in capital $332,203,520
- -------------------------------------------------------------------------------
Accumulated net realized loss on investments (17,930)
- ------------------------------------------------------------------------------- ------------
Total $332,185,590
- ------------------------------------------------------------------------------- ------------
NET ASSET VALUE, Offering Price, and Redemption Price Per Share--Institutional
Service Shares ($226,600,447 / 226,618,574 shares of beneficial interest
outstanding) $1.00
- ------------------------------------------------------------------------------- ------------
NET ASSET VALUE, Offering Price, and Redemption Price Per Share--Cash II Shares
($105,585,143 / 105,584,946 shares of beneficial interest outstanding) $1.00
- ------------------------------------------------------------------------------- ------------
</TABLE>
(See Notes which are an integral part of the Financial Statements)
NEW YORK MUNICIPAL CASH TRUST
STATEMENT OF OPERATIONS
SIX MONTHS ENDED APRIL 30, 1994
(UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C>
INVESTMENT INCOME:
- ----------------------------------------------------------------------------------
Interest Income (Note 2B) $4,251,825
- ----------------------------------------------------------------------------------
EXPENSES:
- ----------------------------------------------------------------------------------
Investment advisory fee (Note 4) $ 663,522
- ---------------------------------------------------------------------
Trustees' fees 3,472
- ---------------------------------------------------------------------
Administrative personnel and services (Note 4) 156,476
- ---------------------------------------------------------------------
Custodian and recordkeeping fees and expenses 47,142
- ---------------------------------------------------------------------
Transfer and dividend disbursing agent fees and expenses (Note 4) 14,835
- ---------------------------------------------------------------------
Distribution Service fees--Institutional Service Shares (Note 4) 77,732
- ---------------------------------------------------------------------
Distribution Service fees--Cash II Shares (Note 4) 102,271
- ---------------------------------------------------------------------
Trust share registration costs 11,100
- ---------------------------------------------------------------------
Legal fees 14,182
- ---------------------------------------------------------------------
Auditing fees 8,058
- ---------------------------------------------------------------------
Printing and postage 13,757
- ---------------------------------------------------------------------
Taxes 201
- ---------------------------------------------------------------------
Insurance premiums 5,216
- ---------------------------------------------------------------------
Miscellaneous 2,633
- --------------------------------------------------------------------- ----------
Total expenses 1,120,597
- ---------------------------------------------------------------------
Deduct--Waiver of investment advisory fee (Note 4) 182,450
- --------------------------------------------------------------------- ----------
Net expenses 938,147
- ---------------------------------------------------------------------------------- ----------
Net investment income $3,313,678
- ----------------------------------------------------------------------------------
Net realized gain (loss) on investments--identified cost basis --
- ---------------------------------------------------------------------------------- ----------
Change in net assets resulting from operations $3,313,678
- ---------------------------------------------------------------------------------- ----------
</TABLE>
(See Notes which are an integral part of the Financial Statements)
NEW YORK MUNICIPAL CASH TRUST
STATEMENT OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
YEAR ENDED OCTOBER 31,
------------------------------
1994* 1993
------------- -------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
- --------------------------------------------------------------
OPERATIONS--
- --------------------------------------------------------------
Net investment income $ 3,313,678 $ 5,644,182
- --------------------------------------------------------------
Net realized gain (loss) on investments--identified cost basis -- 1,437
- -------------------------------------------------------------- ------------- -------------
Change in net assets resulting from operations 3,313,678 5,645,619
- -------------------------------------------------------------- ------------- -------------
DISTRIBUTIONS TO SHAREHOLDERS (NOTE 2B)--
- --------------------------------------------------------------
Dividends to shareholders from net investment income:
- --------------------------------------------------------------
Institutional Service Shares (2,552,719) (4,957,980)
- --------------------------------------------------------------
Cash Series Shares -- (2,054)
- --------------------------------------------------------------
Cash II Shares (760,959) (684,148)
- -------------------------------------------------------------- ------------- -------------
Change in net assets resulting from distributions to
shareholders (3,313,678) (5,644,182)
- -------------------------------------------------------------- ------------- -------------
TRUST SHARE (PRINCIPAL) TRANSACTIONS (NOTE 3)--
- --------------------------------------------------------------
Proceeds from sale of shares 442,984,448 705,610,755
- --------------------------------------------------------------
Net asset value of shares issued to shareholders
in payment of dividends declared 997,780 903,326
- --------------------------------------------------------------
Cost of shares redeemed (445,038,612) (553,583,683)
- -------------------------------------------------------------- ------------- -------------
Change in net assets from Trust share transactions (1,056,384) 152,930,398
- -------------------------------------------------------------- ------------- -------------
Change in net assets (1,056,384) 152,931,835
- --------------------------------------------------------------
NET ASSETS:
- --------------------------------------------------------------
Beginning of period 333,241,974 180,310,139
- -------------------------------------------------------------- ------------- -------------
End of period $ 332,185,590 $ 333,241,974
- -------------------------------------------------------------- ------------- -------------
</TABLE>
* Six months ended April 30, 1994 (unaudited).
(See Notes which are an integral part of the Financial Statements)
NEW YORK MUNICIPAL CASH TRUST
FINANCIAL HIGHLIGHTS--INSTITUTIONAL SERVICE SHARES
- --------------------------------------------------------------------------------
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
<TABLE>
<CAPTION>
YEAR ENDED OCTOBER 31,
--------------------------------------------------------------------------------------------------------
1994* 1993 1992 1991 1990 1989 1988 1987 1986 1985
----- ----- ----- ----- ----- ----- ----- ----- ----- -----
<S> <C> <C> <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 $1.00 $1.00
- ---------------------
INCOME FROM
INVESTMENT
OPERATIONS
- ---------------------
Net investment
income 0.01 0.02 0.03 0.04 0.05 0.06 0.05 0.04 0.04 0.05
- ---------------------
LESS DISTRIBUTIONS
- ---------------------
Dividends to
shareholders from
net investment
income (0.01) (0.02) (0.03) (0.04) (0.05) (0.06) (0.05) (0.04) (0.04) (0.05)
---
- --------------------- ---- ---- ---- ---- ---- ---- ---- ---- ----
NET ASSET VALUE, END
OF PERIOD $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
---
- --------------------- ---- ---- ---- ---- ---- ---- ---- ---- ----
TOTAL RETURN** 1.01 % 2.16% 3.01% 4.59% 5.51% 5.70% 4.66% 3.90% 4.35% 4.88%
- ---------------------
RATIOS TO AVERAGE NET
ASSETS
- ---------------------
Expenses 0.52 %(a) 0.54% 0.57% 0.52% 0.54% 0.55% 0.51% 0.47% 0.47% 0.47%
- ---------------------
Net investment
income 2.04 %(a) 2.14% 2.99% 4.48% 5.36% 5.56% 4.57% 3.81% 4.18% 4.75%
- ---------------------
Expense
waiver/reimbursement(b) 0.11 %(a) 0.17% -- -- -- -- -- -- -- --
- ---------------------
SUPPLEMENTAL DATA
- ---------------------
Net assets, end of
period (000 omitted) $226,600 $274,357 $164,492 $191,616 $197,213 $245,542 $212,786 $141,040 $183,941 $83,085
- ---------------------
</TABLE>
* Six months ended April 30, 1994 (unaudited),
** Based on net asset value, which does not reflect the sales load or contingent
deferred sales charge, if applicable.
(a) Computed on an annualized basis.
(b) This voluntary expense decrease is reflected in both the expense and net
investment income ratios shown above (Note 4).
(See Notes which are an integral part of the Financial Statements)
NEW YORK MUNICIPAL CASH TRUST
FINANCIAL HIGHLIGHTS--CASH II SHARES
- --------------------------------------------------------------------------------
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
<TABLE>
<CAPTION>
YEAR ENDED OCTOBER 31,
------------------------------------------
1994** 1993 1992 1991*
------ ----- ----- -----
<S> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $1.00 $1.00 $1.00 $1.00
- ------------------------------------------------
INCOME FROM INVESTMENT OPERATIONS
- ------------------------------------------------
Net investment income 0.01 0.02 0.03 0.02
- ------------------------------------------------
LESS DISTRIBUTIONS
- ------------------------------------------------
Dividends to shareholders from net investment
income (0.01 ) (0.02) (0.03) (0.02)
- ------------------------------------------------
NET ASSET VALUE, END OF PERIOD $1.00 $1.00 $1.00 $1.00
- ------------------------------------------------ ------ ----- ----- -----
TOTAL RETURN*** 0.92 % 1.98% 2.86% 2.20%
- ------------------------------------------------
RATIOS TO AVERAGE NET ASSETS
- ------------------------------------------------
Expenses 0.71 %(a) 0.71% 0.73% 0.46%(a)
- ------------------------------------------------
Net investment income 1.86 %(a) 1.96% 2.46% 4.08%(a)
- ------------------------------------------------
Expense waiver/reimbursement(b) 0.11 %(a) 0.17% -- --
- ------------------------------------------------
SUPPLEMENTAL DATA
- ------------------------------------------------
Net assets, end of period (000 omitted) $105,585 $58,884 $4,641 $56
- ------------------------------------------------
</TABLE>
* For the Period from April 25, 1991 (date of initial public investment) to
October 31, 1991.
** Six months ended April 30, 1994 (unaudited).
*** Based on net asset value, which does not reflect the sales load or
contingent deferred sales charge, if applicable.
(a) Computed on an annualized basis.
(b) This voluntary expense decrease is reflected in both the expense and net
investment income ratios shown above (Note 4).
(See Notes which are an integral part of the Financial Statements)
NEW YORK MUNICIPAL CASH TRUST
NOTES TO FINANCIAL STATEMENTS
APRIL 30, 1994
(UNAUDITED)
- --------------------------------------------------------------------------------
(1) ORGANIZATION
New York Municipal Cash Trust (the "Trust") is registered under the Investment
Company Act of 1940, as amended, as a non-diversified, open-end, management
investment company.
The Trust provides two classes of shares ("Institutional Service Shares" and
"Cash II Shares"). Each class of shares will be sold pursuant to a Distribution
Plan adopted in accordance with Rule 12b-1 under The Investment Company Act Rule
of 1940, as amended. Prior to August 27, 1992, the Trust had provided a third
class of shares ("Cash Series Shares"). On that date the Board of Trustees voted
to reduce the 12b-1 fee of the Cash Series Shares to 0.25 of 1% of average daily
net assets, and to combine these shares with Cash II Shares, both effective
November 9, 1992.
(2) SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of significant accounting policies consistently
followed by the Trust in the preparation of its financial statements. These
policies are in conformity with generally accepted accounting principles (GAAP).
<TABLE>
<S> <C>
A. VALUATION OF INVESTMENTS--The Trust's use of the amortized cost method to value its
portfolio securities is in accordance with Rule 2a-7 under the Investment Company Act of
1940.
Since the Trust invests a substantial portion of its assets in issuers located in one
state, it will be more susceptible to factors adversely affecting issuers of that state,
than would be a comparable general tax-exempt mutual fund. In order to reduce the credit
risk associated with such factors, at April 30, 1994, 54.3% of the securities in the
portfolio of investments are backed by letters of credit or bond insurance of various
financial institutions and financial guaranty assurance agencies. The aggregate by
financial institutions and agencies ranged from 0.07% to 4.5% of total investments.
B. INVESTMENT INCOME, EXPENSES AND DISTRIBUTIONS--Interest income and expenses are accrued
daily. Bond premium and discount are amortized as required by the Internal Revenue Code,
as amended (the "Code"). Distributions to shareholders are recorded on the ex-dividend
date.
C. FEDERAL TAXES--It is the Trust's policy to comply with the provisions of the Code
applicable to regulated investment companies and to distribute to shareholders each year
substantially all of its taxable income. Accordingly, no provisions for federal tax are
necessary. At October 31, 1993, the Trust, for federal tax purposes, had a capital loss
carryforward of $17,930 which will reduce the Trust's taxable income arising from future
net realized gains on investments, if any, to the extent permitted by the Code, and thus
will reduce the amount of the distributions to shareholders which would otherwise be
necessary to relieve the Trust of any liability for federal tax. Pursuant to the Code,
such capital loss carryforward will expire in 1996.
</TABLE>
NEW YORK MUNICIPAL CASH TRUST
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
D. WHEN-ISSUED AND DELAYED DELIVERY TRANSACTIONS--The Trust may engage in when-issued or
delayed delivery transactions. The Trust records when-issued securities on the trade
date and maintains security positions such that sufficient liquid assets will be
available to make payment for the securities purchased. Securities purchased on a
when-issued or delayed delivery basis are marked to market daily and begin earning
interest on the settlement date.
E. RESTRICTED SECURITIES--Restricted securities are securities that may only be resold upon
registration under Federal securities laws or in transactions exempt from such
registration. Many restricted securities may be resold in the secondary market in
transactions exempt from registration. In some cases, the restricted securities may be
resold without registration upon exercise of a demand feature. Such restricted
securities may be determined to be liquid under criteria established by the Board of
Trustees. The Trust will not incur any registration costs upon such resales. Restricted
securities are valued at amortized cost in accordance with Rule 2a-7 under the
Investment Company Act of 1940, as amended. Additional information on each restricted
security held at April 30, 1994, is as follows:
</TABLE>
<TABLE>
<CAPTION>
ACQUISITION ACQUISITION
SECURITY DATE COST
---------------------------------------------------- -------------------- ------------
<S> <C> <C>
Marine Midland, NY, Premium Tax-Exempt Bond & Loan
Trust Weekly VRDNs 11/23/92-8/3/93 $15,000,000
Metropolitan Transportation Authority of New York,
Weekly VRTCs 12/1/93 6,000,000
New York State Dormitory Authority Weekly VRDNs 4/11/94 5,475,000
New York State Floating Rate Trust Certificate
Weekly VRDNs 7/2/93-4/12/93 8,000,000
New York State Medical Care Facilities Finance
Agency Weekly VRDNs 9/10/93 8,000,000
New York State Mortgage Agency Weekly VRDNs 12/3/93 3,700,000
New York State Mortgage Agency Weekly VRDNs 12/30/93-3/4/94 8,000,000
New York State Power Authority VRDCs Trust
Certificates Weekly VRTCs 8/20/93 8,000,000
F. OTHER--Investment transactions are accounted for on the trade date.
</TABLE>
NEW YORK MUNICIPAL CASH TRUST
- --------------------------------------------------------------------------------
(3) SHARES OF BENEFICIAL INTEREST
The Declaration of Trust permits the Trustees to issue an unlimited number of
full and fractional shares of beneficial interest (without par value) for each
class of shares. Transactions in Trust shares were as follows:
<TABLE>
<CAPTION>
YEAR ENDED OCTOBER 31,
----------------------------
1994* 1993
------------ ------------
<S> <C> <C>
INSTITUTIONAL SERVICE SHARES
- ----------------------------------------------------------------
Shares sold 263,112,265 547,195,442
- ----------------------------------------------------------------
Shares issued to shareholders in payment of dividends declared 377,771 399,406
- ----------------------------------------------------------------
Shares redeemed (311,247,004) (437,710,908)
- ---------------------------------------------------------------- ------------ ------------
(47,756,968) 109,883,940
- ---------------------------------------------------------------- ------------ ------------
CASH SERIES SHARES
- ----------------------------------------------------------------
Shares sold 34,712
- ----------------------------------------------------------------
Shares issued to shareholders in payment of dividends declared -- --
- ----------------------------------------------------------------
Shares redeemed -- --
- ----------------------------------------------------------------
Shares exchange for Cash II Shares -- (11,231,551)
- ---------------------------------------------------------------- ------------ ------------
-- (11,196,839)
- ---------------------------------------------------------------- ------------ ------------
CASH II SHARES
- ----------------------------------------------------------------
Shares sold 179,872,183 147,149,050
- ----------------------------------------------------------------
Shares issued in exchange for Cash Series Shares -- 11,231,551
- ----------------------------------------------------------------
Shares issued to shareholders in payment of dividends declared 620,009 503,920
- ----------------------------------------------------------------
Shares redeemed (133,791,608) (104,641,224)
- ---------------------------------------------------------------- ------------ ------------
46,700,584 54,243,297
- ---------------------------------------------------------------- ------------ ------------
Net change from Trust Share Transactions (1,056,384) 152,930,398
- ---------------------------------------------------------------- ------------ ------------
</TABLE>
* Six months ended April 30, 1994.
(4) INVESTMENT ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES
INVESTMENT ADVISORY FEE--Federated Management, the Trust's investment adviser
(the "Adviser"), receives for its services an annual investment advisory fee
equal to 0.40 of 1% of the Trust's average daily net assets. The Adviser may
voluntarily choose to waive a portion of its fee. The Adviser can modify or
terminate this voluntary waiver at any time at its sole discretion.
NEW YORK MUNICIPAL CASH TRUST
- --------------------------------------------------------------------------------
ADMINISTRATION FEE--Federated Administrative Services ("FAS") provides the Trust
administrative personnel and services. Prior to March 1, 1994, these services
were provided at approximate cost. Effective March 1, 1994, the fee is based on
the level of average aggregate daily net assets of all funds advised by
subsidiaries of Federated Investors for the period. The administrative fee
received during any fiscal year shall be at least $125,000 per portfolio and
$30,000 per each additional class of shares.
DISTRIBUTION AND SERVICE PLANS--The Trust has adopted a Distribution Plan (the
"Plan") pursuant to Rule 12b-1 under the Investment Company Act of 1940. The
Trust will reimburse Federated Securities Corp. ("FSC"), the principal
distributor, from the net assets of the Trust to finance activities intended to
result in the sale of the Trust's Institutional Services Shares and Cash II
Shares. The Plan provides that the Trust may incur distribution expenses up to
.10 of 1% of the average daily net assets of the Trust's Institutional Service
Shares, and .25 of 1% of the average daily net assets of Cash II Shares,
annually, to reimburse the distributor.
Under the terms of a shareholder services agreement with Federated Shareholder
Services ("FSS"), the Trust will pay FSS up to .25 of 1% of average net assets
of the Trust for the period. This fee is to obtain certain personal services for
shareholders and the maintenance of shareholder accounts.
INTERFUND TRANSACTIONS--During the six months ended April 30, 1994, the Trust
engaged in purchase and sale transactions with other funds advised by the
Adviser pursuant to Rule 17a-7 of the Investment Company Act of 1940 amounting
to $160,960,000 and $162,760,000, respectively. These purchases and sales were
conducted on an arms length basis and transacted for cash consideration only, at
independent current market prices and without brokerage commissions, fees or
other remuneration.
TRANSFER AND DIVIDEND DISBURSING AGENT FEE--Federated Services Company ("FServ")
serves as transfer and dividend disbursing agent for the Trust. The fee is based
on the size, type and number of accounts and transactions made by shareholders.
Certain of the Officers and Trustees of the Trust are Officers and Trustees or
Directors of the above companies.
TRUSTEES OFFICERS
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
John F. Donahue John F. Donahue
John T. Conroy, Jr. Chairman
William J. Copeland Glen R. Johnson
James E. Dowd President
Lawrence D. Ellis, M.D. J. Christopher Donahue
Edward L. Flaherty, Jr. Vice President
Peter E. Madden Richard B. Fisher
Gregor F. Meyer Vice President
Wesley W. Posvar Edward C. Gonzales
Marjorie P. Smuts Vice President and Treasurer
John A. Staley, IV John W. McGonigle
Vice President and Secretary
John A. Staley, IV
Vice President
David M. Taylor
Assistant Treasurer
Robert C. Rosselot
Assistant Secretary
</TABLE>
Mutual funds are not obligations of or insured by any bank nor are they insured
by the federal government or any of its agencies.
This report is authorized for distribution to prospective investors only when
preceded
or accompanied by the Trust's prospectus which contains facts concerning its
objective and policies, management fees, expenses and other information.
