PRESIDENT'S LETTER
Dear Shareholder:
We are pleased to provide you with this semi-annual report for
Dreyfus New York Municipal Cash Management Class A shares. For the 6-
month period ended January 31, 1994, the annualized yield provided by
Class A shares was 2.14%. After taking into account the effect of
compounding, the annualized effective yield was 2.16%.* Dividends of
approximately $.01 per share paid during the period were exempt from
Federal, New York State and New York City income taxes.**
At our last reporting, we were keeping a watchful eye on the status
of the U.S. economy, the direction of interest rates and any significant
variation in inflationary indicators. Early in the period, economic numbers
hinted that the nation's growth might be more anemic than anticipated.
With no strong threat of a rekindling of inflation, the municipal market
responded with strength, providing some of the lowest historic yields in
both the bond and money markets. In a somewhat unusual turn of events,
total assets of municipal money market funds increased despite the
unprecedented low yield environment - at one point reaching over $112
billion - an all-time high!
In the first quarter of 1994, however, signs of economic strength
began to emerge along with the specter of a tighter Federal Reserve Board
policy. In fact, on February 4, 1994, through a direct announcement by
Chairman Alan Greenspan, the Fed "snugged up" the Federal Funds rate
target a quarter of a percentage point to 3 1/4%. The market reaction was
a corresponding backup in rates, which was exacerbated to some degree by
the anticipation of new supply in the marketplace - including $3.2 billion
State of California Revenue Anticipation Warrants in mid-February. With a
significant portion of your Fund invested in variable rate demand notes
(which quickly reflect the market conditions through both daily and
weekly repricing mechanisms), your Fund continued to provide an
attractive yield for the New York investor. Bear in mind that securities
with a New York exemption continue to trade at a premium to national
names, resulting in lower yields. However, with the new tax rates in
effect, on an after-tax basis, your Fund continued to provide an attractive
yield relative to taxable alternatives.
Our strategy in the coming weeks will be to choose carefully along
the one-year yield curve as attractive opportunities appear. In selectively
investing in the municipal note market, we will continue to seek out high
quality New York exempt issues while providing the portfolio with a high
level of diversity and liquidity.
We have included a current Statement of Investments and recent
financial statements for your review. We look forward to serving your
investment needs in the future.
Very truly yours,
(Richard J. Moynihan Signature Logo)
Richard J. Moynihan
President
February 16, 1994
New York, N.Y.
*Annualized effective yield is based upon dividends declared daily and
reinvested monthly.
**Some income may be subject to the Federal Alternative Minimum Tax
for certain shareholders.
PRESIDENT'S LETTER
Dear Shareholder:
We are pleased to provide you with this semi-annual report for
Dreyfus New York Municipal Cash Management Class B shares. For the
period since inception on January 18, 1994 through January 31, 1994, the
annualized yield provided by Class B shares was 1.74%. Dividends paid
during the period were exempt from Federal, New York State and New York
City income taxes.*
We have been keeping a watchful eye on the status
of the U.S. economy, the direction of interest rates and any significant
variation in inflationary indicators. Early in 1993, economic numbers
hinted that the nation's growth might be more anemic than anticipated.
With no strong threat of a rekindling of inflation, the municipal market
responded with strength, providing some of the lowest historic yields in
both the bond and money markets. In a somewhat unusual turn of events,
total assets of municipal money market funds increased despite the
unprecedented low yield environment - at one point reaching over $112
billion - an all-time high!
In the first quarter of 1994, however, signs of economic strength
began to emerge along with the specter of a tighter Federal Reserve Board
policy. In fact, on February 4, 1994, through a direct announcement by
Chairman Alan Greenspan, the Fed "snugged up" the Federal Funds rate
target a quarter of a percentage point to 3 1/4%. The market reaction was
a corresponding backup in rates, which was exacerbated to some degree by
the anticipation of new supply in the marketplace - including $3.2 billion
State of California Revenue Anticipation Warrants in mid-February. With a
significant portion of your Fund invested in variable rate demand notes
(which quickly reflect the market conditions through both daily and
weekly repricing mechanisms), your Fund continued to provide an
attractive yield for the New York investor. Bear in mind that securities
with a New York exemption continue to trade at a premium to national
names, resulting in lower yields. However, with the new tax rates in
effect, on an after-tax basis, your Fund continued to provide an attractive
yield relative to taxable alternatives.
Our strategy in the coming weeks will be to choose carefully along
the one-year yield curve as attractive opportunities appear. In selectively
investing in the municipal note market, we will continue to seek out high
quality New York tax exempt issues while providing the portfolio with a
high level of diversity and liquidity.
We have included a current Statement of Investments and recent
financial statements for your review. We look forward to serving your
investment needs in the future.
Very truly yours,
(Richard J. Moynihan Signature Logo)
Richard J. Moynihan
President
February 16, 1994
New York, N.Y.
*Some income may be subject to the Federal Alternative Minimum Tax for
certain shareholders.
<TABLE>
<CAPTION>
DREYFUS NEW YORK MUNICIPAL CASH MANAGEMENT
STATEMENT OF INVESTMENTS JANUARY 31, 1994 (UNAUDITED)
PRINCIPAL
TAX EXEMPT INVESTMENTS-100.0% AMOUNT VALUE
------------ ------------
<S> <C> <C>
Babylon Industrial Development Agency, RRR, VRDN (Equity Babylon Project)
2.15% (LOC; Union Bank of Switzerland) (a,b).................................... $ 3,800,000 $ 3,800,000
Fulton County Industrial Development Agency, Revenue, VRDN (SLM Action Sports Project)
2.325% (LOC; Royal Bank of Canada) (a,b)........................................ 2,100,000 2,100,000
Half Hallow Hills Central School District, Huntington and Babylon, TAN 3%, 6/24/94...... 4,000,000 4,009,175
Town of Islip Industrial Development Agency, IDR, VRDN:
(Brentwood District Co.) 2.425% (LOC; Bankers Trust) (a,b)...................... 1,750,000 1,750,000
(Radiation Dynamics Project) 2.70%, Series A (LOC; Sumitomo Bank) (a,b)......... 100,000 100,000
Monroe County, BAN 3%, 6/10/94.......................................................... 4,570,000 4,577,078
Monroe County Industrial Development Agency, IDR, VRDN (Enbi Corp.)
2.10% (LOC; ABN-Amro Bank) (a,b)................................................ 100,000 100,000
Nassau County Industrial Development Agency, IDR, VRDN
(Manhassett Association Project) 2.575% (LOC; Bankers Trust) (a,b).............. 2,000,000 2,000,000
City of New York:
RAN 3.50%, Series B, 6/30/94.................................................... 4,000,000 4,009,532
VRDN:
GO Notes:
2.05%, Series D (SBPA; Citibank) (a)............................ 10,700,000 10,700,000
2.05%, Series E (LOC; Fuji Bank) (a,b).......................... 2,100,000 2,100,000
2.20%, Series A-7 (LOC; Morgan Guaranty Trust) (a,b)............ 9,400,000 9,400,000
Trust Cultural Resource Revenue:
(American Museum of Natural History) 2.10%, Series A
(Insured; MBIA and SBPA; Credit Suisse) (a)............. 3,000,000 3,000,000
(Soloman R. Guggenheim) 2.05%, Series B (LOC; Swiss Bank Corp.) (a,b) 2,900,000 2,900,000
New York City Industrial Development Agency, VRDN:
Civil Facility Revenue:
(Childrens Oncology Society-Ronald McDonald House)
1.80% (LOC; Barclays Bank) (a,b)................................ 100,000 100,000
(National Audubon Society) 2.05% (LOC; Swiss Bank Corp.) (a,b).......... 5,300,000 5,300,000
IDR (Nobart Inc. Project) 2.55% (LOC; Dai-Ichi Kangyo Bank) (a,b)............... 3,100,000 3,100,000
New York City Municipal Water Finance Authority, Water and Sewer Systems Revenue:
BAN 2.75%, 4/15/94.............................................................. 5,000,000 5,003,424
VRDN 2.15%, Series C (Insured; FGIC) (a)........................................ 8,000,000 8,000,000
New York State Dormitory Authority, Revenues, VRDN (Metropolitan Museum of Art)
2%, Series A (Guaranteed by; Metropolitan Museum of Art) (a).................... 11,000,000 11,000,000
New York State Energy, Research and Development Authority, PCR:
Bonds:
(LILCO Project) 2.50%, Series A, 3/1/94 (LOC; Deutsche Bank) (b)........ 4,000,000 4,000,000
(New York State Electric and Gas Corp.) 2.50%, Series 85A, 3/15/94
(LOC; Morgan Guaranty Trust) (b)................................ 5,000,000 5,000,000
(Rochester Gas and Electric Corp.) 2.75%, 11/14/94 (LOC; Credit Suisse) (a,b) 5,000,000 5,000,000
VRDN (Central Hudson Gas and Electric Project) 2.25%, Series A
(LOC; Bankers Trust) (a,b).............................................. 3,000,000 3,000,000
New York State Local Government Assistance Corp., VRDN 2.05%, Series 93A
(LOC: Credit Suisse, Swiss Bank Corp. and Union Bank of Switzerland) (a,b)...... 6,000,000 6,000,000
New York State Thruway Authority, General Revenue, VRDN 2.25% (Insured; FGIC) (a)....... 2,700,000 2,700,000
Onondaga County Industrial Development Agency, IDR, VRDN
(Edgecomb Metals Co. Project) 2.05% (LOC; Banque Nationale de Paris) (a,b)...... 1,100,000 1,100,000
Orange County Industrial Development Agency, IDR, VRDN
(Minolta Advance Technology Projects) 2.70% (LOC; Sanwa Bank) (a,b)............. 2,100,000 2,100,000
DREYFUS NEW YORK MUNICIPAL CASH MANAGEMENT
STATEMENT OF INVESTMENTS (CONTINUED) JANUARY 31, 1994 (UNAUDITED)
PRINCIPAL
TAX EXEMPT INVESTMENTS (CONTINUED) AMOUNT VALUE
------------ ------------
Port Authority of New York and New Jersey, Special Obilgation Revenue, VRDN
(Third Installment) 2.05%, Series 3 (LOC; Deutsche Bank) (a,b).................. $ 5,000,000 $ 5,000,000
Rochester County, BAN 2.26%, 3/14/94.................................................... 6,000,000 6,000,324
Suffolk County, TAN:
2.70%, 8/16/94 (LOC; Mitsubishi Bank) (b)....................................... 5,000,000 5,017,281
3%, Series II, 9/15/94 (LOC; Chemical Bank) (b)................................. 4,000,000 4,003,611
Syracuse Industrial Development Authority, Civil Facilities Revenue, VRDN
(Syracuse University Project) 2.05% (LOC; Morgan Guaranty Trust) (a,b).......... 6,300,000 6,300,000
------------
TOTAL INVESTMENTS (cost $138,270,425)................................................... $138,270,425
============
</TABLE>
<TABLE>
<CAPTION>
SUMMARY OF ABBREVIATIONS
<S> <C> <S> <C>
BAN Bond Anticipation Notes PCR Pollution Control Revenue
FGIC Financial Guaranty Insurance Corporation RAN Revenue Anticipation Notes
GO General Obligation RRR Resources Recovery Revenue
IDR Industrial Development Revenue SBPA Standby Bond Purchase Agreeement
LOC Letter of Credit TAN Tax Anticipation Notes
MBIA Municipal Bond Insurance Association VRDN Variable Rate Demand Notes
</TABLE>
<TABLE>
<CAPTION>
SUMMARY OF COMBINED RATINGS
FITCH (C) OR MOODY'S OR STANDARD & POOR'S PERCENTAGE OF VALUE
- --------- ------- ----------------- -------------------
<S> <C> <S> <C>
F1+/F1 VMIG1/MIG1, P1 (d) SP1+/SP1, A1+/A1 (d) 88.8%
AAA/AA (e) Aaa/Aa (e) AAA/AA (e) 3.5
Not Rated (f) Not Rated (f) Not Rated (f) 7.7
------
100.0%
======
NOTES TO STATEMENT OF INVESTMENTS:
(a) Securities payable on demand. The interest rate, which is subject to change,
is based upon bank prime rates or an index of market interest rates.
(b) Secured by letters of credit. At January 31, 1994, 55.6% of the Fund's net
assets are backed by letters of credit issued by domestic banks, foreign
banks and brokerage firms, of which 14.5% was provided by Morgan Guaranty Trust.
(c) Fitch currently provides creditworthiness information for a limited amount of investments.
(d) P1 and A1 are the highest ratings assigned tax-exempt commercial paper by Moody's
and Standard & Poor's, respectively.
(e) Notes which are not F, MIG or SP rated are represented by bond ratings of the issuers.
(f) Securities which, while not rated by Fitch, Moody's or Standard & Poor's have
been determined by the Fund's Board of Trustees to be of comparable quality to
those rated securities in which the Fund may invest.
See independent accountants' review report and notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
DREYFUS NEW YORK MUNICIPAL CASH MANAGEMENT
STATEMENT OF ASSETS AND LIABILITIES JANUARY 31, 1994 (UNAUDITED)
ASSETS:
<S> <C> <C>
Investments in securities, at value-Note 1(a)................................... $138,270,425
Cash............................................................................ 3,484,463
Interest receivable............................................................. 813,592
Prepaid expenses................................................................ 2,348
------------
142,570,828
LIABILITIES;
Due to The Dreyfus Corporation.................................................. 22,797
------------
NET ASSETS.............................................................................. $142,548,031
============
REPRESENTED BY:
Paid-in capital................................................................. $142,548,721
Accumulated net realized (loss) on investments.................................. (690)
------------
NET ASSETS at value..................................................................... $142,548,031
============
Shares of Beneficial Interest outstanding:
Class A Shares
(unlimited number of $.001 par value shares authorized)................. 142,548,220
============
Class B Shares
(unlimited number of $.001 par value shares authorized)................. 501
============
NET ASSET VALUE per share:
Class A Shares
($142,547,530 / 142,548,220 shares)...................................., $1.00
=====
Class B Shares
($501 / 501 shares)..................................................... $1.00
=====
STATEMENT OF OPERATIONS SIX MONTHS ENDED JANUARY 31, 1994 (UNAUDITED)
INVESTMENT INCOME:
INTEREST INCOME................................................................. $ 1,502,367
EXPENSES:
Management fee-Note 2(a)................................................ $128,540
Shareholder servicing costs-Note 2(c)................................... 27,394
Legal fees.............................................................. 13,838
Prospectus and shareholders' reports.................................... 8,177
Custodian fees.......................................................... 5,676
Registration fees....................................................... 2,553
Trustees' fees and expenses-Note 2(d)................................... 1,918
Auditing fees........................................................... 1,565
Miscellaneous........................................................... 7,284
--------
196,945
Less-reduction in management fee due
to undertaking-Note 2(a)........................................ 68,405
--------
TOTAL EXPENSES.......................................... 128,540
------------
INVESTMENT INCOME-NET, representing net increase in
net assets resulting from operations............................................ $ 1,373,827
============
See independent accountants' review report and notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
DREYFUS NEW YORK MUNICIPAL CASH MANAGEMENT
STATEMENT OF CHANGES IN NET ASSETS
SIX MONTHS ENDED
YEAR ENDED JANUARY 31, 1994
JULY 31, 1993 (UNAUDITED)
------------ ------------
OPERATIONS:
<S> <C> <C>
Investment income-net........................................................... $ 2,225,395 $ 1,373,827
Net realized (loss) on investments.............................................. (135) --
Net unrealized (depreciation) on investments for the period..................... (236) --
------------ ------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS............ 2,225,024 1,373,827
------------ ------------
DIVIDENDS TO SHAREHOLDERS FROM;
Investment income-net:
Class A shares.......................................................... (2,225,395) (1,373,827)
Class B shares.......................................................... -- --
------------ ------------
TOTAL DIVIDENDS................................................. (2,225,395) (1,373,827)
------------ ------------
BENEFICIAL INTEREST TRANSACTIONS ($1.00 per share):
Net proceeds from shares sold:
Class A shares.......................................................... 448,998,173 271,889,175
Class B shares.......................................................... -- 501
Dividends reinvested:
Class A shares.......................................................... 188,530 118,527
Class B shares.......................................................... -- --
Cost of shares redeemed:
Class A shares.......................................................... (409,489,394) (245,987,529)
Class B shares.......................................................... -- --
------------ ------------
INCREASE IN NET ASSETS FROM BENEFICIAL INTEREST TRANSACTIONS.... 39,697,309 26,020,674
------------ ------------
TOTAL INCREASE IN NET ASSETS............................ 39,696,938 26,020,674
NET ASSETS:
Beginning of period............................................................. 76,830,419 116,527,357
------------ ------------
End of period................................................................... $116,527,357 $142,548,031
============ ============
See independent accountants' review report and notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
DREYFUS NEW YORK MUNICIPAL CASH MANAGEMENT
FINANCIAL HIGHLIGHTS
Contained below is per share operating performance data for a share of
Beneficial Interest outstanding, total investment return, ratios to average net
assets and other supplemental data for each period indicated. This information
has been derived from information provided in the Fund's financial statements.
CLASS A SHARES CLASS B SHARES
----------------------------------- -----------------
YEAR ENDED JULY 31, SIX MONTHS SIX MONTHS
ENDED ENDED
-------------------- JANUARY 31, 1994 JANUARY 31, 1994
PER SHARE DATA: 1992(1) 1993 (UNAUDITED) (UNAUDITED)(2)
------- ------- ----------- -------------
<S> <C> <C> <C> <C>
Net asset value, beginning of period........................... $1.0000 $1.0000 $1.0000 $1.0000
------- ------- ------- -------
INVESTMENT OPERATIONS;
Investment income-net.......................................... .0222 .0225 .0108 .0007
------- ------- ------- -------
DISTRIBUTIONS;
Dividends from investment income-net........................... (.0222) (.0225) (.0108) (.0007)
------- ------- ------- -------
Net asset value, end of period................................. $1.0000 $1.0000 $1.0000 $1.0000
======= ======= ======= =======
TOTAL INVESTMENT RETURN 3.02%(3) 2.27% 2.14%(3) 1.83%(3)
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets........................ .20%(3) .20% .20%(3) .45%(3)
Ratio of net investment income to average net assets........... 2.71%(3) 2.20% 2.14%(3) 1.77%(3)
Decrease reflected in above expense ratios due to undertaking
by the Manager......................................... .37%(3) .18% .11%(3) --
Net Assets, end of period (000's Omitted)...................... $76,830 $116,527 $142,547 $1
(1) From November 4, 1991 (commencement of operations) to July 31, 1992.
(2) From January 18, 1994 (commencement of initial offering) to January 31, 1994.
(3) Annualized.
See independent accountants' review report and notes to financial statements.
</TABLE>
DREYFUS NEW YORK MUNICIPAL CASH MANAGEMENT
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
NOTE 1-SIGNIFICANT ACCOUNTING POLICIES:
The Fund is registered under the Investment Company Act of 1940
("Act") as a non-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 charge. 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 13, 1994.
Effective January 18, 1994, existing Fund shares were classified as Class
A shares and unlimited number of Class B shares were authorized. The
Fund began offering both Class A and Class B shares on January 18, 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. Interest income, adjusted
for amortization of premiums and, when appropriate, discounts on
investments, is earned from settlement date and recognized on the accrual
basis. Realized gain and loss from securities transactions are recorded on
the identified cost basis.
The Fund follows an investment policy of investing primarily in
municipal obligations of one state. Economic changes affecting the state
and certain of its public bodies and municipalities may affect the ability
of issuers within the state to pay interest on, or repay principal of,
municipal obligations held by the Fund.
(C) DIVIDENDS TO SHAREHOLDERS: It is the policy of the Fund to
declare dividends daily from investment income-net. Such dividends are
paid monthly. Dividends from net realized capital gain, if any, are
normally declared and paid annually, but the Fund may make distributions
on a more frequent basis to comply with the distribution requirements of
the Internal Revenue Code. To the extent that net realized capital gain can
be offset by capital loss carryovers, it is the policy of the Fund not to
distribute such gain.
(D) FEDERAL INCOME TAXES: It is the policy of the Fund to continue to
qualify as a regulated investment company, which can distribute tax
exempt dividends, by complying with the provisions available to certain
investment companies, as defined in applicable sections of the Internal
Revenue Code, and to make distributions of income and net realized capital
gain sufficient to relieve it from all, or substantially all, Federal income
taxes.
The Fund has an unused capital loss carryover of $555 available for
Federal income tax purposes to be applied against future net securities
profits, if any, realized subsequent to July 31, 1993. The carryover does
not include net realized securities losses from November 1, 1992 through
July 31, 1993 which are treated, for Federal income tax purposes, as
arising in fiscal 1994. If not applied, the carryover expires in fiscal 2001.
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).
DREYFUS NEW YORK MUNICIPAL CASH MANAGEMENT
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
NOTE 2-MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES:
(A) Pursuant to a management agreement ("Agreement") with the
Manager, the management fee is computed at the annual rate of .20 of 1%
of the average daily value of the Fund's net assets and is payable monthly.
The Agreement provides for an expense reimbursement from the
Manager should the Fund's aggregate expenses, exclusive of taxes,
brokerage, interest on borrowings and extraordinary expenses, exceed the
expense limitation of any state having jurisdiction over the Fund for any
full fiscal year. The most stringent state expense limitation applicable to
the Fund presently requires reimbursement of expenses in any full fiscal
year that such expenses (excluding certain expenses as described above)
exceed 2 1/2% of the first $30 million, 2% of the next $70 million and 1
1/2% of the excess over $100 million of the average value of the Fund's
net assets in accordance with California "blue sky" regulations. However,
the Manager had undertaken through September 29,1993 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 $68,405 for the period from August 1,
1993 through January 17, 1994.
Commencing January 18, 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 18, 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 Service Agents (financial institutions,
securities dealers, or other industry professional) based on the value of
the Fund's Class B shares owned by clients of the Service Agent. From
January 18, 1994 through January 31, 1994, pursuant to the Class B
Service Plan, the Fund was not charged.
(C) Pursuant to the Fund's Shareholder Services Plan ("Class A
Shareholder Services 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 17, 1994, the Fund was charged an aggregate of $4,897 pursuant
to the Class A 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
$1,000 and an attendance fee of $250 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
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 NEW YORK MUNICIPAL CASH MANAGEMENT
REVIEW REPORT OF ERNST & YOUNG, INDEPENDENT ACCOUNTANTS
SHAREHOLDERS AND BOARD OF TRUSTEES
DREYFUS NEW YORK MUNICIPAL CASH MANAGEMENT
We have reviewed the accompanying statement of assets and
liabilities of Dreyfus New York Municipal Cash Management, including the
statement of investments, as of January 31, 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 two 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, 1994
DREYFUS NEW YORK MUNICIPAL
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. 287SA941
DREYFUS
NEW YORK
MUNICIPAL
CASH
MANAGEMENT
SEMI-ANNUAL REPORT
JANUARY 31, 1994
