President's Letter
Dear Shareholder:
As Dreyfus Treasury Cash Management Class A shares ended its
semi-annual reporting period on January 31, 1994, the annualized yield
was 2.94%. After taking into account the effect of compounding, the
annualized effective yield was 2.98%.*
The U.S. economy is recovering from the recession at a moderate
pace as all the widely followed economic indicators have begun showing
gains in the past few weeks and months. Industrial production, retail
sales, auto sales and sales of new and existing homes have all improved
from their recessionary lows. The unemployment picture has been the
laggard in this recovery; however, it continues to improve.
On February 4, 1994, the apparent strength of the economy caused
the Federal Reserve Board to raise the Federal Funds rate for the first
time in five years from 3.00% to 3.25%. The history of the relationship
between the business cycle and short-term interest rates may provide
some guidance as to possible developments over the next year. The
cyclical decline in short-term interest rates usually stops close to the
time when a sustained economic expansion is under way.
Given this change in direction by the Federal Reserve Board, we will
continue to monitor closely any crosscurrents in the money markets and
seek to bring you highly competitive returns on your short-term money
market assets.
Sincerely,
(Joseph S. DiMartino Signature Logo)
Joseph S.DiMartino
President
February 17, 1994
New York, N.Y.
*Annualized effective yield is based upon dividends declared daily and
reinvested monthly.
President's Letter
Dear Shareholder:
Dreyfus Treasury Cash Management Class B shares ended its semi-
annual reporting period on January 31, 1994. For the period since inception
on January 10, 1994, Class B shares provided an annualized yield of 2.68%.
The U.S. economy is recovering from the recession at a moderate
pace as all the widely followed economic indicators have begun showing
gains in the past few weeks and months. Industrial production, retail
sales, auto sales and sales of new and existing homes have all improved
from their recessionary lows. The unemployment picture has been the
laggard in this recovery; however, it continues to improve.
On February 4, 1994, the apparent strength of the economy caused
the Federal Reserve Board to raise the Federal Funds rate for the first
time in five years from 3.00% to 3.25%. The history of the relationship
between the business cycle and short-term interest rates may provide
some guidance as to possible developments over the next year. The
cyclical decline in short-term interest rates usually stops close to the
time when a sustained economic expansion is under way.
Given this change in direction by the Federal Reserve Board, we will
continue to monitor closely any crosscurrents in the money markets and
seek to bring you highly competitive returns on your short-term money
market assets.
Sincerely,
(Joseph S. DiMartino Signature Logo)
Joseph S. DiMartino
President
February 17, 1994
New York, N.Y.
<TABLE>
<CAPTION>
DREYFUS TREASURY CASH MANAGEMENT
Statement of Investments January 31, 1994 (Unaudited)
Annualized
Yield on
Date of Principal
U.S. Treasury Bills_51.9% Purchase Amount Value
---------- -------------- --------------
<S> <C> <C> <C> <C>
2/3/94.................................................................. 2.87% $ 225,000,000 $ 224,964,125
2/10/94................................................................. 3.15 215,000,000 214,833,231
2/17/94................................................................. 3.19 50,000,000 49,930,222
2/24/94................................................................. 3.15 100,000,000 99,801,945
3/10/94................................................................. 3.20 77,000,000 76,754,382
4/7/94.................................................................. 3.15 75,000,000 74,586,076
4/21/94................................................................. 3.19 100,000,000 99,310,944
5/5/94.................................................................. 3.19 50,000,000 49,600,875
5/12/94................................................................. 3.32 50,000,000 49,546,528
6/2/94.................................................................. 3.56 3,000,000 2,965,313
7/14/94................................................................. 3.30 50,000,000 49,264,236
7/21/94................................................................. 3.15 75,000,000 73,900,313
8/25/94................................................................. 3.23 25,000,000 24,554,410
9/22/94................................................................. 3.31 90,000,000 88,131,146
11/17/94................................................................ 3.53 50,000,000 48,631,264
12/15/94................................................................ 3.57 25,000,000 24,240,521
1/12/95................................................................. 3.59 150,000,000 145,021,458
--------------
TOTAL U.S. TREASURY BILLS (cost $1,396,036,989)............................. $1,396,036,989
==============
Repurchase Agreements-48.1%
Barclays de Zoete Wedd Securities Inc.
dated 1/31/94, due 2/1/94, in the amount of $300,025,833
(fully collateralized by $295,000,000 U.S. Treasury Bills
due from 4/21/94 to 11/17/94 and by $11,850,000 U.S Treasury
Notes, 4.625% to 12.625% due from 8/15/94 to 11/30/94,
value $304,534,759)..................................................... 3.10% $ 300,000,000 $ 300,000,000
Goldman, Sachs & Co.
dated 1/31/94, due 2/1/94, in the amount of $284,024,456
(fully collateralized by $285,690,000 U.S. Treasury Notes,
4.25% to 6.875% due from 2/15/94 to 1/31/95,
value $290,333,343)..................................................... 3.10 284,000,000 284,000,000
J.P. Morgan Securities Inc.
dated 1/31/94, due 2/1/94, in the amount of $300,025,833
(fully collateralized by $49,360,000 U.S. Treasury Bills due
12/15/94 and by $250,000,000 U.S. Treasury Notes, 4.25% to
8.625% due from 6/30/94 to 8/15/94, value $306,123,113)................. 3.10 300,000,000 300,000,000
Kidder, Peabody & Co. Inc.
dated 1/31/94, due 2/1/94, in the amount of $149,258,114
(fully collateralized by $50,175,000 U.S. Treasury
Bills due from 2/10/94 to 3/10/94 and by $98,890,000 U.S.
Treasury Notes, 4.625% to 9.50% due from 6/30/94 to 11/30/94,
value $151,522,028)..................................................... 3.16 149,245,000 149,245,000
UBS Securities Inc.
dated 1/31/94, due 2/1/94, in the amount of $262,022,743
(fully collateralized by $271,195,000 U.S. Treasury Bills
due from 3/10/94 to 1/12/95, value $267,261,233)........................ 3.13 262,000,000 262,000,000
--------------
TOTAL REPURCHASE AGREEMENTS (cost $1,295,245,000)........................... $1,295,245,000
==============
TOTAL INVESTMENTS (cost $2,691,281,989).............................. 100.0% $2,691,281,989
====== ==============
CASH AND RECEIVABLES (NET)........................................... .0% $ 504,928
====== ==============
NET ASSETS........................................................... 100.0% $2,691,786,917
====== ==============
See independent accountants' review report and notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
DREYFUS TREASURY CASH MANAGEMENT
Statement of Assets and Liabilities January 31, 1994 (Unaudited)
ASSETS:
<S> <C> <C>
Investments in securities, at value
(including repurchase agreements of $1,295,245,000)_Note 1(a,b)........ $2,691,281,989
Cash....................................................................... 857,341
Interest receivable........................................................ 111,979
--------------
2,692,251,309
LIABILITIES:
Due to The Dreyfus Corporation............................................. $ 462,251
Accrued expenses........................................................... 2,141 464,392
-------------- --------------
NET ASSETS..................................................................... $2,691,786,917
==============
REPRESENTED BY:
Paid-in capital............................................................ $2,691,769,040
Accumulated undistributed net realized gain on investments................. 17,877
--------------
NET ASSETS at value............................................................ $2,691,786,917
==============
Shares of Beneficial Interest outstanding:
Class A Shares
(unlimited number of $.001 par value shares authorized)................ 2,687,468,456
==============
Class B Shares
(unlimited number of $.001 par value shares authorized)................ 4,300,584
==============
NET ASSET VALUE per share:
Class A Shares
($2,687,486,333 / 2,687,468,456 shares)................................ $1.00
=====
Class B Shares
($4,300,584 / 4,300,584 shares)........................................ $1.00
=====
See independent accountants' review report and notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
DREYFUS TREASURY CASH MANAGEMENT
Statement of Operations six months ended January 31, 1994 (Unaudited)
INVESTMENT INCOME:
<S> <C> <C>
Interest Income............................................................ $ 40,804,674
Expenses:
Management fee_Note 2(a)............................................... $2,601,453
Custodian fees......................................................... 117,491
Shareholder servicing costs_Note 2(c).................................. 53,338
Registration fees...................................................... 9,083
Professional fees...................................................... 5,899
Prospectus and shareholders' reports................................... 1,691
Trustees' fees and expenses_Note 2(d).................................. 531
Distribution fees (Class B shares)_Note 2(b)........................... 354
Miscellaneous.......................................................... 16,710
--------------
2,806,550
Less_reduction in management fee due to
undertaking_Note 2(a).............................................. 204,581
--------------
Total Expenses................................................. 2,601,969
--------------
INVESTMENT INCOME_NET.......................................................... 38,202,705
NET REALIZED GAIN ON INVESTMENTS_Note 1(b)..................................... 17,877
--------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........................... $ 38,220,582
==============
See independent accountants' review report and notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
DREYFUS TREASURY CASH MANAGEMENT
Statement of Changes in Net Assets
Year Ended Six Months Ended
July 31, January 31, 1994
1993 (Unaudited)
--------------- --------------
OPERATIONS:
<S> <C> <C>
Investment income_net...................................................... $ 104,908,642 $ 38,202,705
Net realized gain on investments........................................... 10,783 17,877
--------------- --------------
Net Increase In Net Assets Resulting From Operations............... 104,919,425 38,220,582
--------------- --------------
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income_net:
Class A shares......................................................... (104,908,642) (38,198,923)
Class B shares......................................................... __ (3,782)
Net realized gain on investments:
Class A shares......................................................... __ (43,474)
Class B shares......................................................... __ __
--------------- --------------
Total Dividends.................................................... (104,908,642) (38,246,179)
--------------- --------------
BENEFICIAL INTEREST TRANSACTIONS ($1.00 per share):
Net proceeds from shares sold:
Class A shares......................................................... 26,869,739,941 11,493,689,265
Class B shares......................................................... __ 4,300,579
Dividends reinvested:
Class A shares......................................................... 18,355,341 6,273,131
Class B shares......................................................... __ 5
Cost of shares redeemed:
Class A shares......................................................... (28,584,557,782) (11,219,054,740)
Class B shares......................................................... __ __
--------------- --------------
Increase (Decrease) In Net Assets From Beneficial
Interest Transactions.......................................... (1,696,462,500) 285,208,240
--------------- --------------
Total Increase (Decrease) In Net Assets........................ (1,696,451,717) 285,182,643
NET ASSETS:
Beginning of period........................................................ 4,103,055,991 2,406,604,274
--------------- --------------
End of period.............................................................. $ 2,406,604,274 $2,691,786,917
=============== ==============
See independent accountants' review report and notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
DREYFUS TREASURY CASH MANAGEMENT
Financial Highlights
Contained below is per share operating performance data for a share of Beneficial
Interest outstanding, total investment return, ratios to average net assets and other
supplemental data for each period indicated. This information has been derived from
information provided in the Fund's financial statements.
Class A Shares Class B Shares
------------------------------------------------------------------- ----------------
Year Ended July 31, Six Months Ended Period Ended
---------------------------------------------------January 31, 1994 January 31, 1994
PER SHARE DATA: 1989 1990 1991 1992 1993 (Unaudited) (Unaudited)(1)
------- ------- ------- ------- ------- ------------ ------------
<S> <C> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period... $ .9996 $ .9996 $ .9999 $1.0000 $1.0000 $1.0000 $1.0000
------- ------- ------- ------- ------- ------- -------
Investment Operations:
Investment income_net.................. .0854 .0824 .0688 .0452 .0310 .0148 .0016
Net realized gain on investments....... - .0003 .0001 - - - -
------- ------- ------- ------- ------- ------- -------
Total from Investment
Operations......................... .0854 .0827 .0689 .0452 .0310 .0148 .0016
------- ------- ------- ------- ------- ------- -------
Distributions:
Dividends from investment
income_net........................... (.0854) (.0824) (.0688) (.0452) (.0310) (.0148) (.0016)
Dividends from net realized gain
on investments....................... -- -- -- -- -- -- --
------- ------- ------- ------- ------- ------- -------
Total Distributions.................. (.0854) (.0824) (.0688) (.0452) (.0310) (.0148) (.0016)
------- ------- ------- ------- ------- ------- -------
Net asset value, end of period......... $ .9996 $ .9999 $1.0000 $1.0000 $1.0000 $1.0000 $1.0000
======= ======= ======= ======= ======= ======= =======
TOTAL INVESTMENT RETURN 8.88% 8.56% 7.10% 4.62% 3.14% 2.96%(2) 2.65%(2)
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average
net assets........................... .20% .20% .20% .20% .20% .20%(2) .45%(2)
Ratio of net investment income to
average net assets................... 8.53% 8.19% 6.75% 4.45% 3.12% 2.94%(2) 2.67%(2)
Decrease reflected in above expense
ratios due to undertaking by
the Manager.......................... .05% .07% .06% .05% .04% .02%(2) -
Net Assets, end of period
(000's Omitted)...................... $777,371 $1,558,493 $2,643,267 $4,103,056 $2,406,604 $2,687,486 $4,301
- -------------------------
(1) From January 10, 1994 (commencement of initial offering) to January 31, 1994.
(2) Annualized.
See independent accountants' review report and notes to financial statements.
</TABLE>
DREYFUS TREASURY CASH MANAGEMENT
NOTES TO FINANCIAL STATEMENTS (Unaudited)
NOTE 1_Significant Accounting Policies:
The Fund is registered under the Investment Company Act of 1940
("Act") as a diversified open-end management investment company.
Dreyfus Service Corporation ("Distributor") acts as the exclusive
distributor of the Fund's shares, which are sold to the public without a
sales load. The Distributor is a wholly-owned subsidiary of The Dreyfus
Corporation ("Manager").
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.
On July 14, 1993, the Fund's Board of Trustees approved an amendment
to the Fund's Agreement and Declaration of Trust to provide for the
issuance of additional classes of shares of the Fund. The amendment was
approved by Fund shareholders on January 6, 1994. Effective January 10,
1994, existing Fund shares were classified as Class A shares and an
unlimited number of Class B shares were authorized. The Fund began
offering both Class A and Class B shares on January 10, 1994. Class B
shares are subject to a Service Plan adopted pursuant to Rule 12b-1 under
the Act. Other differences between the two Classes include the services
offered to and the expenses borne by each Class and certain voting rights.
(a) Portfolio valuation: Investments are valued at amortized cost, which
has been determined by the Fund's Board of Trustees to represent the fair
value of the Fund's investments.
(b) Securities transactions and investment income: Securities
transactions are recorded on a trade date basis. Realized gain and loss
from securities transactions are recorded on the identified cost basis.
Interest income is recognized on the accrual basis. Cost of investments
represents amortized cost.
The Fund may enter into repurchase agreements with financial
institutions, deemed to be creditworthy by the Manager, subject to the
seller's agreement to repurchase and the Fund's agreement to resell such
securities at a mutually agreed upon price. Securities purchased subject
to repurchase agreements are deposited with the Fund's custodians and,
pursuant to the terms of the repurchase agreement, must have an
aggregate market value greater than or equal to the repurchase price plus
accrued interest at all times. If the value of the underlying securities
falls below the value of the repurchase price plus accrued interest, the
Fund will require the seller to deposit additional collateral by the next
business day. If the request for additional collateral is not met, or the
seller defaults on its repurchase obligation, the Fund
maintains the right to sell the underlying securities at market value and
may claim any resulting loss against the seller.
(c) Dividends to shareholders: It is the policy of the Fund to declare
dividends from investment income-net on each business day. Such
dividends are paid monthly. Dividends from net realized capital gain are
normally declared and paid annually, but the Fund may make distributions
on a more frequent basis to comply with the
distribution requirements of the Internal Revenue Code. To the extent that
net realized capital gain can be offset by capital loss carryovers, if any,
it is the policy of the Fund not to distribute such gain.
(d) Federal income taxes: It is the policy of the Fund to continue to
qualify as a regulated investment company, if such qualification is in the
best interests of its shareholders, by complying with the provisions
available to certain investment companies, as defined in applicable
sections of the Internal Revenue Code, and to make distributions of
taxable income sufficient to relieve it from all, or substantially all,
Federal income taxes.
At January 31, 1994, the cost of investments for Federal income tax
purposes was substantially the same as the cost for financial reporting
purposes (see the Statement of Investments).
NOTE 2_Management Fee and Other Transactions With Affiliates:
(a) Pursuant to a management agreement ("Agreement") with the
Manager, the management fee is computed at the annual rate of .20 of 1%
of the average daily value of the Fund's net assets and is payable monthly.
DREYFUS TREASURY CASH MANAGEMENT
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
The Agreement provides for an expense reimbursement from the
Manager should the Fund's aggregate expenses, exclusive of taxes, interest
on borrowings, brokerage commissions and extraordinary expenses, exceed
1 1/2% of the average value of the Fund's net assets for any full fiscal
year. However, the Manager had undertaken through January 9, 1994 to
reduce the management fee paid by, or bear such excess expenses of the
Fund, to the extent that the Fund's aggregate expenses (excluding certain
expenses as described above) exceed an annual rate of .20 of 1% of the
average daily value of the Fund's net assets. The reduction in management
fee, pursuant to the undertaking, amounted to $204,581 for the period
from August 1, 1993 through January 9, 1994.
Commencing January 10, 1994, the Manager, and not the Fund, will be
liable for those expenses of the Fund (excluding certain expenses as
described above) other than management fee, and with respect to the
Fund's Class B shares, Rule 12b-1 Service Plan expenses.
The Manager may modify the existing undertaking provided that the
Fund's shareholders are given 90 days prior notice.
(b) Under the Service Plan ("Class B Service Plan") adopted pursuant to
Rule 12b-1 under the Act, effective January 10, 1994, the Fund pays the
Distributor, at an annual rate of .25 of 1% of the value of the Fund's Class
B shares average daily net assets, for costs and expenses in connection
with advertising, marketing and distributing Class B shares and for
providing certain services to holders of Class B shares. The Distributor
will make payments to one or more Services Agents (financial
institutions, securities dealers, or other industry professionals) based on
the value of the Fund's Class B shares owned by clients of the Service
Agent. From January 10, 1994 through January 31, 1994, $354 was
charged to the Fund pursuant to the Class B Service Plan.
(c) Pursuant to the Fund's Shareholder Services Plan ("Class A
Shareholder Service Plan") the Fund reimburses the Distributor an amount
not to exceed an annual rate of .25 of 1% of the value of the Fund's average
daily net assets for servicing shareholder accounts. 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 from August 1, 1993 through
January 9, 1994, the Fund was charged an aggregate of $37,141 pursuant
to the Shareholder Services Plan.
(d) Certain officers and trustees of the Fund are "affiliated persons,"
as defined in the Act, of the Manager and/or the Distributor. Each trustee
who is not an "affiliated person" receives an annual fee of $3,000 and an
attendance fee of $500 per meeting.
(e) On December 5, 1993, the Manager entered into an Agreement and
Plan of Merger providing for the merger of the Manager with a subsidiary
of Mellon Bank Corporation ("Mellon").
Following the merger, it is planned that the Manager will be a direct
subsidiary of Mellon Bank, N.A. Closing of this merger is subject to a
number of contingencies, including the receipt of certain regulatory
approvals and the approvals of the stockholders of the Manager and of
Mellon. The merger is expected to occur in mid-1994, but could occur
later.
Because the merger will constitute an "assignment" of the Fund's
Management Agreement with the Manager under the Investment Company
Act of 1940, and thus a termination of such Agreement, the Manager will
seek prior approval from the Fund's Board and shareholders.
DREYFUS TREASURY CASH MANAGEMENT
Review Report of Ernst & Young, Independent Accountants
Shareholders and Board of Trustees
DREYFUS TREASURY CASH MANAGEMENT
We have reviewed the accompanying statement of assets and liabilities
of Dreyfus Treasury Cash Management, including the statement of
investments, as of January 31, 1994, and the related statements of
operations and changes in net assets and financial highlights for the six
month period ended January 31, 1994. These financial statements and
financial highlights are the responsibility of the Fund's management.
We conducted our review in accordance with standards established by
the American Institute of Certified Public Accountants. A review of
interim financial information consists principally of applying analytical
procedures to financial data, and making inquiries of persons responsible
for financial and accounting matters. It is substantially less in scope than
an audit conducted in accordance with generally accepted auditing
standards, which will be performed for the full year with the objective of
expressing an opinion regarding the financial statements and financial
highlights taken as a whole. Accordingly, we do not express such an
opinion.
Based on our review, we are not aware of any material modifications
that should be made to the interim financial statements and financial
highlights referred to above for them to be in conformity with generally
accepted accounting principles.
We have previously audited, in accordance with generally accepted
auditing standards, the statement of changes in net assets for the year
ended July 31, 1993 and financial highlights for each of the five years in
the period ended July 31, 1993 and in our report dated August 27, 1993,
we expressed an unqualified opinion on such statement of changes in net
assets and financial highlights.
(Ernst & Young Signature Logo)
New York, New York
March 4, 1993
Dreyfus Treasury
Cash Management
144 Glenn Curtiss Boulevard
Uniondale, NY 11556
Manager
The Dreyfus Corporation
200 Park Avenue
New York, NY 10166
Distributor
Dreyfus Service Corporation
200 Park Avenue
New York, NY 10166
Custodian
The Bank of New York
110 Washington Street
New York, NY 10286
Transfer Agent &
Dividend Disbursing Agent
The Shareholder Services Group, Inc.
P.O. Box 9671
Providence, RI 02940
Further information is contained
in the Prospectus, which must
precede or accompany this report.
Printed in U.S.A. 521SA941
DREYFUS
Treasury
CASH
MANAGEMENT
SEMI-ANNUAL REPORT
January 31, 1994
