DREYFUS NEW YORK MUNICIPAL CASH MANAGEMENT
LETTER TO SHAREHOLDERS
Dear Shareholder:
We are pleased to report the performance for Dreyfus New York Municipal
Cash Management for the six-month fiscal period ended January 31, 1997 as
shown in the following table:
<TABLE>
<CAPTION>
Annualized
Annualized Yield Effective Yield*
-------------------- ------------------
<S> <C> <C>
Institutional Shares 3.27% 3.32%
Investor Shares 3.02% 3.06%
Administrative Shares** 3.23% 3.28%
Participant Shares** 2.93% 2.97%
</TABLE>
Please note that the fiscal year-end for the Fund was formally changed to
the last day of January of each year from the last
day of July of each year. The returns set forth above represent a six-month
fiscal year, and are annualized accordingly. Please understand that this
change does not have any detrimental effect on the Fund or on shareholders.
THE ECONOMY
In recent months, the U.S. economy appeared to be advancing more rapidly
than it had been previously, as incoming data reflected an accelerated pace.
December's strong gains in nonfarm payrolls and the length of the workweek,
along with upward revisions of both for November, convinced many analysts
that fourth quarter Gross Domestic Product (GDP) growth would be strong - in
the 4% range. Their estimates were, in actuality, low, as the reported GDP
rate was a brisk 4.7%. While such strong economic growth has not yet produced
higher inflation, forthcoming data on wage and benefits growth, home sales,
and purchasing managers' outlays may rekindle inflation concerns. Some
Federal Reserve Board officials have been voicing concern already, although
Fed Chairman Greenspan gave little sense of urgency in his commentary to the
Senate Budget Committee on January 21. Additionally, the Fed Beige Book
survey of national economic conditions contained few hints of price
pressures.
Given these indications, the Fed seems likely to rely on anti-inflation
rhetoric rather than action until evidence of price pressures becomes more
persuasive. Nonetheless, words of caution from Fed Chairman Alan Greenspan
during December, and January's robust economic data, have pushed up market
interest rates on six-month to one-year money market securities, as investors
begin to see the possibility of higher rates ahead.
MARKET/PORTFOLIO OVERVIEW
The economic picture is always an important component of our overall
portfolio strategy. However, market expectations can also affect the
short-term municipal market-as was the case in this most recent period. The
anticipation of Federal Reserve activity prior to the Presidential election
this past November left the market jittery, while the lack of Fed action in
the weeks following the election helped settle the market into a trading
range. However, various other influences which affect our market (most
specifically supply/demand) can lead us to adjust our strategy, and result in
a portfolio structure and/or average maturity which may not appear to
coincide exactly with interest rate moves, economic conditions, or forecasts.
For example, during this period, one might have expected that your Fund's
average maturity would be relatively short in expectation of higher rates.
However, we were comfortable extending the average maturity beyond 50 days,
and locking in attractive rates as 1996 drew to a close, due to the
expectation of limited availability of high quality municipal note issues in
early 1997. This strategy served us well when rates dropped significantly
(albeit temporarily) in January, and also leaves flexibility to extend
further should conditions warrant and opportunities arise. In the New York
market specifically, our effort to extend was, at times, hampered by the lack
of high quality New York-exempt issues. This scarcity often necessitates
paying a premium for New York notes.
In the coming months, we expect additional technical market situations to
occur such as increased redemptions due to tax payments during April and the
maturation of significant note issues in June. As a result of these
anticipated market events, we expect to adjust the Portfolio's composition to
respond to the supply and cash flow changes in an effort to maximize your
Fund's yield performance. As we endeavor to accomplish this, we will continue
to commit to those issues which meet our high quality investment guidelines
and which provide the appropriate level of liquidity for your Fund's needs.
Additionally, we will monitor those conditions which affect our marketplace
and adjust our investment policy where necessary in seeking to enhance your
Fund's performance.
Included in this report is a series of detailed statements about your
Fund's holdings and its financial condition. We hope they are informative.
Please know that we appreciate greatly your continued confidence in the Fund
and in The Dreyfus Corporation.
Very truly yours,
[Richard J. Moynihan signature logo]
Richard J. Moynihan
Director, Municipal Portfolio Management
The Dreyfus Corporation
February 18, 1997
New York, N.Y.
* Annualized effective yield takes into account the effect of compounding
and is based upon dividends declared daily and reinvested monthly.
**Since inception on November 21, 1996.
<TABLE>
<CAPTION>
DREYFUS NEW YORK MUNICIPAL CASH MANAGEMENT
STATEMENT OF INVESTMENTS JANUARY 31, 1997
Principal
Tax Exempt Investments-100.0% Amount Value
------- -------
<S> <C> <C>
New York-92.3%
Buffalo, RAN 4.25%, Series A, 7/15/97 (LOC; Landesbank Hessen) (a).......... $ 5,000,000 $ 5,014,333
Town of Islip Industrial Development Agency, IDR, VRDN
(Brentwood Distribution Project) 3.30% (LOC; Bankers Trust Co.) (a,b)..... 3,750,000 3,750,000
Monroe County Industrial Development Agency, Revenue, VRDN (Enbi Corp.)
3.30% (LOC; ABN-Amro Bank) (a,b).......................................... 100,000 100,000
Nassau County Industrial Development Agency, IDR, VRDN
(Manhassett Association Project) 3.55% (LOC; Bankers Trust Co.) (a,b)..... 2,000,000 2,000,000
City of New York:
VRDN:
3.65%, Series B (Liquidity Facility; Bank of Austria and LOC; MBIA) (a,b) 4,500,000 4,500,000
3.65%, Series E-3 (LOC; Morgan Guaranty Trust Co.) (a,b)................ 3,100,000 3,100,000
Trust Cultural Resource Revenue, Refunding (American Museum of Natural
History)
3.35%, Series A (Insured; MBIA and SBPA; Credit Suisse) (b)........... 3,000,000 3,000,000
RAN 4.50%, Series B, 6/30/97 (Liquidity Facility: Bank of Nova Scotia,
Canadian Imperial Bank of Commerce and Commerz Bank).................... 5,000,000 5,013,909
TAN 4.50%, 2/12/97........................................................ 7,000,000 7,001,477
New York City Housing Development Corporation, MFMR, VRDN
(York Avenue Development Project) 3.55% (LOC; Midland Bank) (a,b)......... 5,000,000 5,000,000
New York City Industrial Development Agency, VRDN:
Civil Facility Revenue
(Childrens Oncology Society-Ronald McDonald House)
3.40% (LOC; Barclays Bank) (a,b)........................................ 100,000 100,000
IDR
(Field Hotel Association JFK Project) 3.55% (LOC; Banque Indosuez) (a,b) 9,400,000 9,400,000
New York City Municipal Water Finance Authority, Water and Sewer Systems
Revenue, VRDN
3.75%, Series A (Insured; FGIC and Liquidity Facility; FGIC) (b).......... 5,500,000 5,500,000
New York State, CP 3.55%, Series S, 2/12/97 (LOC; Westdeutsche Landesbank) (a) 9,000,000 9,000,000
New York State Dormitory Authority, Revenues, VRDN (Metropolitan Museum of
Art)
3.40%, Series A (Corp. Guaranty; Metropolitan Museum of Art) (b).......... 6,400,000 6,400,000
New York State Energy, Research and Development Authority, PCR, VRDN:
(Central Hudson Gas and Electric Project)
3.45%, Series A (LOC; Union Bank of Switzerland) (a,b).................. 3,000,000 3,000,000
(Niagara Mohawk Power Corp.):
3.75%, Series A (LOC; Toronto Dominion Bank) (a,b)...................... 6,200,000 6,200,000
3.80%, Series B (LOC; Morgan Guaranty Trust Co.) (a,b).................. 9,500,000 9,500,000
Refunding (New York State Electric and Gas Corp.)
3.60%, Series D (LOC; Union Bank of Switzerland) (a,b).................. 3,000,000 3,000,000
New York State Local Government Assistance Corporation, VRDN
3.45%, Series A (LOC: Credit Suisse and Union Bank of Switzerland) (a,b).. 6,400,000 6,400,000
New York State Power Authority, Revenue and General Purpose (Jr. Lien)
3.70%, 3/1/97 (LOC: Bank of America, Bank of Tokyo-Mitsubishi,
Morgan Guaranty Trust Co. and Sumitomo Bank) (a).......................... 5,000,000 5,000,000
Rochester, BAN 3.75%, Series I, 3/11/97..................................... 6,815,000 6,818,429
DREYFUS NEW YORK MUNICIPAL CASH MANAGEMENT
STATEMENT OF INVESTMENTS (CONTINUED) JANUARY 31, 1997
Principal
Tax Exempt Investments (continued) Amount Value
------- -------
New York (continued)
Sachem Central School District, TAN 4.50%, 6/26/97.......................... $ 7,000,000 $ 7,014,703
South Huntington Union Free School District, TAN 4.50%, 6/30/97............. 3,750,000 3,758,244
Suffolk County, TAN
4%, Series I, 8/14/97 (LOC: Canadian Imperial Bank of Commerce,
National Westminster Bank and Westdeutsche Landesbank) (a)................ 3,000,000 3,012,238
Triborough Bridge and Tunnel Authority, Special Obligation, VRDN
3.40% (Insured; FGIC and Liquidity Facility; FGIC) (b).................... 4,800,000 4,800,000
U.S. Related-7.7%
Commonwealth of Puerto Rico, TRAN 4%, Series A, 7/30/97..................... 8,625,000 8,646,187
Puerto Rico Industrial Medical and Environmental Pollution Control
Facilities Finance Authority, Revenue (Key Pharmaceuticals)
3.75%, Series A, 12/1/97 (LOC; Morgan Guaranty Trust Co.) (a)............. 2,000,000 2,000,000
-------
TOTAL INVESTMENTS (cost $138,029,520)....................................... $138,029,520
=======
</TABLE>
<TABLE>
<CAPTION>
Summary of Abbreviations
<S> <C> <S> <C>
BAN Bond Anticipation Notes MFMR Multi-Family Mortgage Revenue
CP Commercial Paper PCR Pollution Control Revenue
FGIC Financial Guaranty Insurance Company RAN Revenue Anticipation Notes
IDR Industrial Development Revenue SBPA Standby Bond Purchase Agreement
LOC Letter of Credit TAN Tax Anticipation Notes
MBIA Municipal Bond Investors Assurance TRAN Tax and Revenue Anticipation Notes
Insurance Corporation VRDN Variable Rate Demand Notes
</TABLE>
<TABLE>
<CAPTION>
Summary of Combined Ratings (Unaudited)
Fitch (c) or Moody's or Standard & Poor's Percentage of Value
- -------- -------- ------------------ --------------------
<S> <C> <C> <C>
F1+/F1 VMIG1/MIG1, P1 (d) SP1+/SP1, A1+/A1 (d) 95.3%
Not Rated (e) Not Rated (e) Not Rated (e) 4.7
----
100.0%
====
</TABLE>
Notes to Statement of Investments:
(a) Secured by letters of credit. At January 31, 1997, 56.8% of the
Fund's net assets are backed by letters of credit issued by domestic
banks, foreign banks and brokerage firms, of which Morgan Guaranty Trust
Co. provided letters of credit to 11.7% of the Fund's net assets.
(b) 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.
(c) Fitch currently provides creditworthiness information for a limited
number of investments.
(d) P1 and A1 are the highest ratings assigned tax exempt commercial
paper by Moody's and Standard & Poor's, respectively.
(e) Securities which, while not rated by Fitch, Moody's and 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 notes to financial statements.
<TABLE>
<CAPTION>
DREYFUS NEW YORK MUNICIPAL CASH MANAGEMENT
STATEMENT OF ASSETS AND LIABILITIES JANUARY 31, 1997
Cost Value
------- -------
<S> <C> <C> <C>
ASSETS: Investments in securities-See Statement of Investments $138,029,520 $138,029,520
Cash....................................... 1,831,728
Interest receivable........................ 1,246,451
-------
141,107,699
-------
LIABILITIES: Due to The Dreyfus Corporation............. 21,912
Due to Distributor......................... 2,194
-------
24,106
-------
NET ASSETS.................................................................. $141,083,593
=======
REPRESENTED BY: Paid-in capital............................ $141,091,289
Accumulated net realized gain (loss) on investments (7,696)
-------
NET ASSETS.................................................................. $141,083,593
=======
</TABLE>
<TABLE>
<CAPTION>
NET ASSET VALUE PER SHARE
----------------------------------
Institutional Administrative Investor Participant
Shares Shares Shares Shares
-------- -------- ------- --------
<S> <C> <C> <C> <C>
Net Assets................................. $132,685,729 $100 $8,397,664 $100
Shares Outstanding......................... 132,691,510 100 8,399,579 100
NET ASSET VALUE PER SHARE.................. $1.00 $1.00 $1.00 $1.00
=== === === ===
See notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
DREYFUS NEW YORK MUNICIPAL CASH MANAGEMENT
STATEMENT OF OPERATIONS
Six Months Ended Year Ended
January 31, 1997* July 31, 1996
---------- -------
<S> <C> <C>
INVESTMENT INCOME
INCOME Interest Income............................ $2,610,139 $3,716,054
EXPENSES: Management fee-Note 2(a)................... $ 150,092 $ 210,603
Distribution fees-Note 2(b)................ 17,645 21,087
------ ------
Total Expenses......................... 167,737 231,690
------ ------
INVESTMENT INCOME-NET....................................................... 2,442,402 3,484,364
NET REALIZED GAIN (LOSS) ON INVESTMENTS-Note 1(b)........................... --- (3,034)
------ ------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........................ $2,442,402 $3,481,330
====== ======
*The Fund has changed its fiscal year end from July 31 to January 31.
See notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
DREYFUS NEW YORK MUNICIPAL CASH MANAGEMENT
STATEMENT OF CHANGES IN NET ASSETS
Six Months Ended Year Ended Year Ended
January 31,1997(1) July 31, 1996 July 31, 1995
---------- -------- --------
<S> <C> <C> <C>
OPERATIONS:
Investment income-net.............................. $ 2,442,402 $ 3,484,364.....$ 3,607,440
Net realized gain (loss) on investments............ --- (3,034) ---
-------- -------- --------
Net Increase (Decrease) in Net Assets Resulting
from Operations.............................. 2,442,402 3,481,330 3,607,440
-------- -------- --------
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income-net:
Institutional Shares(2).......................... (2,228,568) (3,223,728) (3,081,774)
Investor Shares(2)............................... (213,834) (260,636) (525,666)
-------- -------- --------
Total Dividends................................ (2,442,402) (3,484,364) (3,607,440)
-------- -------- --------
BENEFICIAL INTEREST TRANSACTIONS ($1.00 per share):
Net proceeds from shares sold:
Institutional Shares(2).......................... 242,549,499 517,022,996 440,951,394
Administrative Shares(3)......................... 100 --- ---
Investor Shares(2)............................... 19,482,768 29,578,345 34,815,709
Participant Shares(3)............................ 100 --- ---
Dividends reinvested:
Institutional Shares(2).......................... 79,831 200,622 88,054
Investor Shares(2)............................... 212,062 259,507 121,361
Cost of shares redeemed:
Institutional Shares(2).......................... (242,313,788) (486,159,463) (422,485,469)
Investor Shares(2)............................... (25,614,225) (21,543,781) (82,238,094)
-------- -------- --------
Increase (Decrease) in Net Assets from
Beneficial Interest Transactions............. (5,603,653) 39,358,226 (28,747,045)
-------- -------- --------
Total Increase (Decrease) in Net Assets.... (5,603,653) 39,355,192 (28,747,045)
NET ASSETS:
Beginning of Period................................ 146,687,246 107,332,054 136,079,099
-------- -------- --------
End of Period...................................... $ 141,083,593 $ 146,687,246 $ 107,332,054
======== ======== ========
(1) The Fund has changed its fiscal year end from July 31 to January 31.
(2) Effective November 20, 1996, Class A shares were redesignated as
Institutional Shares and Class B shares were redesignated as Investor Shares.
(3) From November 21, 1996 (commencement of initial offering) to January 31, 1997.
See notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
DREYFUS NEW YORK MUNICIPAL CASH MANAGEMENT
FINANCIAL HIGHLIGHTS
Contained below is per share operating performance data for a share of
Beneficial Interest outstanding, total investment return, ratios to average
net assets and other supplemental data for each period indicated. This
information has been derived from the Fund's financial statements.
Institutional Shares
--------------------------------------------------------------------------
Six Months Ended
January 31, Year Ended July 31,
----------------------------------------------------
PER SHARE DATA: 1997(1,2) 1996 1995 1994 1993 1992(3)
------ ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period.. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
---- ---- ---- ---- ---- ----
Investment Operations:
Investment income-net................. .017 .034 .034 .022 .023 .022
---- ---- ---- ---- ---- ----
Distributions:
Dividends from investment income-net.. (.017) (.034) (.034) (.022) (.023) (.022)
---- ---- ---- ---- ---- ----
Net asset value, end of period........ $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
==== ==== ==== ==== ==== ====
TOTAL INVESTMENT RETURN................... 3.29%(4) 3.44% 3.46% 2.23% 2.27% 3.02%(4)
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets .20%(4) .20% .20% .20% .20% .20%(4)
Ratio of net investment income
to average net assets............... 3.28%(4) 3.33% 3.42% 2.18% 2.20% 2.71%(4)
Decrease reflected in above expense ratios
due to undertakings by the Manager.. - - - .06% .18% .37%(4)
Net Assets, end of period (000's Omitted) $132,686 $132,370 $101,309 $82,755 $116,527 $76,830
(1) The Fund has changed its fiscal year end from July 31 to January 31.
(2) Effective November 20, 1996, Class A shares were redesignated as Institutional Shares.
(3) From November 4, 1991 (commencement of operations) to July 31, 1992.
(4) Annualized.
See notes to financial statements.
DREYFUS NEW YORK MUNICIPAL CASH MANAGEMENT
FINANCIAL HIGHLIGHTS (CONTINUED)
Contained below is per share operating performance data for a share of
Beneficial Interest outstanding, total investment return, ratios to average
net assets and other supplemental data for each period indicated. This
information has been derived from the Fund's financial statements.
Administrative Shares Investor Shares Participant Shares
---------------------- ------------------------------------------------- ------------------
Period Ended Six Months Ended Period Ended
January 31, January 31, Year Ended July 31, January 31,
------------------------------
PER SHARE DATA: 1997(1) 1997(2,3) 1996 1995 1994(4) 1997(1)
------- --------- ---- ---- ---- -------
Net asset value,
beginning of period. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
---- ---- ---- ---- ---- ----
Investment Operations:
Investment income-net. .006 .015 .031 .032 .011 .006
---- ---- ---- ---- ---- ----
Distributions:
Dividends from investment
income-net.......... (.006) (.015) (.031) (.032) (.011) (.006)
---- ---- ---- ---- ---- ----
Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
==== ==== ==== ==== ==== ====
TOTAL INVESTMENT RETURN... 3.24%(5) 3.04%(5) 3.18% 3.20% 2.02%(5) 2.94%(5)
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to
average net assets.. .30%(5) .45%(5) .45% .45% .45%(5) .60%(5)
Ratio of net investment income
to average net assets 3.24%(5) 3.03%(5) 3.09% 2.81% 2.12%(5) 2.88%(5)
Net Assets, end of period
(000's Omitted)..... - $8,398 $14,317 $6,023 $53,324 -
(1) From November 21, 1996 (commencement of initial offering) to January
31, 1997.
(2) The Fund has changed its fiscal year end from July 31 to January 31.
(3) Effective November 20, 1996, Class B shares were redesignated as Investor Shares.
(4) From January 18, 1994 (commencement of initial offering) to July 31, 1994.
(5) Annualized.
See notes to financial statements.
</TABLE>
DREYFUS NEW YORK MUNICIPAL CASH MANAGEMENT
NOTES TO FINANCIAL STATEMENTS
NOTE 1-SIGNIFICANT ACCOUNTING POLICIES:
Dreyfus New York Municipal Cash Management (the "Fund") is registered
under the Investment Company Act of 1940 ("Act") as a non-diversified
open-end management investment company. The Fund's investment objective is to
provide investors with as high a level of current income as is consistent
with the preservation of capital and the maintenance of liquidity. The
Dreyfus Corporation ("Manager") serves as the Fund's investment adviser. The
Manager is a direct subsidiary of Mellon Bank, N.A.
Premier Mutual Fund Services, Inc. (the "Distributor") acts as the
distributor of the Fund's shares, which are sold without a sales load. The
Fund is authorized to issue an unlimited number of $.001 par value shares in
the following classes of shares: Institutional Shares, Administrative Shares,
Investor Shares and Participant Shares. Effective November 20, 1996, Class A
shares were redesignated as Institutional Shares and Class B shares were
redesignated as Investor Shares. Administrative Shares, Investor Shares and
Participant Shares are subject to a Service Plan adopted pursuant to Rule
12b-1 under the Act. Other differences between the classes include the
services offered to and the expenses borne by each class and certain voting
rights.
It is the Fund's policy to maintain a continuous net asset value per
share of $1.00; the Fund has adopted certain investment, portfolio valuation
and dividend and distribution policies to enable it to do so. There is no
assurance, however, that the Fund will be able to maintain a stable net asset
value per share of $1.00.
The Fund's financial statements are prepared in accordance with generally
accepted accounting principles which may require the use of management
estimates and assumptions. Actual results could differ from those estimates.
The Fund has changed its fiscal year end from July 31 to January 31.
(A) PORTFOLIO VALUATION: Investments are valued at amortized cost, which
has been determined by the Fund's Board of Trustees to represent the fair
value of the Fund's investments.
(B) SECURITIES TRANSACTIONS AND INVESTMENT INCOME: Securities
transactions are recorded on a trade date basis. Interest income, adjusted
for amortization of premiums and original issue discounts on investments, is
earned from settlement date and recognized on the accrual basis. Realized
gain and loss from securities transactions are recorded on the identified
cost basis. Cost of investments represents amortized cost.
The Fund follows an investment policy of investing primarily in municipal
obligations of one state. Economic changes affecting the state and certain of
its public bodies and municipalities may affect the ability of issuers within
the state to pay interest on, or repay principal of, municipal obligations
held by the Fund.
(C) DIVIDENDS TO SHAREHOLDERS: It is the policy of the Fund to declare
dividends daily from investment income-net. Such dividends are paid monthly.
Dividends from net realized capital gain, if any, are normally declared and
paid annually, but the Fund may make distributions on a more frequent basis
to comply with the distribution requirements of the Internal Revenue Code. To
the extent that net realized capital gain can be offset by capital loss
carryovers, it is the policy of the Fund not to distribute such gain.
(D) FEDERAL INCOME TAXES: It is the policy of the Fund to continue to
qualify as a regulated investment company, which can distribute tax exempt
dividends, by complying with the applicable provisions of the Internal
Revenue Code, and to make distributions of income and net realized capital
gain sufficient to relieve it from substantially all Federal income and
excise taxes.
DREYFUS NEW YORK MUNICIPAL CASH MANAGEMENT
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
The Fund has an unused capital loss carryover of approximately $7,700
available for Federal income tax purposes to be applied
against future net securities profits, if any, realized subsequent to January
31, 1997. If not applied, $600 of the carryover expires in fiscal 2001, $100
expires in fiscal 2002, $4,000 expires in fiscal 2003 and $3,000 expires in
fiscal 2005.
At January 31, 1997, 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 value
of the Fund's average daily net assets and is payable monthly.
Unless the Manager gives the Fund's investors 90 days notice to the
contrary, the Manager and not the Fund, will be liable for Fund expenses
(exclusive of taxes, brokerage, interest on borrowings and with the prior
written consent of the necessary state securities commissions, extraordinary
expenses) other than the following expenses, which will be borne by the Fund:
the management fee, and with respect to the Fund's Administrative Shares,
Investor Shares and Participant Shares, Rule 12b-1 Service Plan expenses.
(B) Under the Fund's Service Plan (the "Plan") adopted pursuant to Rule
12b-1 under the Act, relating to its Administrative Shares, Investor Shares
and Participant Shares, the Fund (a) reimburses the Distributor for
distributing such classes of shares and (b) pays the Manager, Dreyfus Service
Corporation, a wholly-owned subsidiary of the Manager, and their affiliates
(collectively, "Dreyfus") for advertising and marketing relating to such
classes of shares and for providing certain services relating to shareholder
accounts in such classes of shares, such as answering shareholder inquiries
regarding the Fund and providing reports and other information, and services
related to the maintenance of shareholder accounts ("Servicing"), at an
aggregate annual rate of .10, .25 and .40 of 1% of the value of the average
daily net assets of Administrative Shares, Investor Shares and Participant
Shares, respectively. Both the Distributor and Dreyfus may pay one or more
Service Agents (a securities dealer, financial institution or other industry
professional) a fee in respect of the Fund's Administrative Shares, Investor
Shares and Participant Shares owned by shareholders with whom the Service
Agent has a Servicing relationship or for whom the Service Agent is the dealer
or holder of record. Both the Distributor and Dreyfus determine the amounts,
if any, to be paid to Service Agents under the Plan and the basis on which
such payments are made. The fees payable under the Plan are payable without
regard to actual expenses incurred. During the period ended January 31, 1997,
$17,645 was charged to the Fund with respect to Investor Shares. The amounts
charged to the Fund with respect to Administrative Shares and Participant
Shares for the period ended January 31, 1997 were immaterial.
(C) Each trustee receives an annual fee of $1,000 and an attendance fee
of $500 per meeting.
DREYFUS NEW YORK MUNICIPAL CASH MANAGEMENT
REPORT OF ERNST & YOUNG LLP, INDEPENDENT AUDITORS
SHAREHOLDERS AND BOARD OF TRUSTEES
DREYFUS NEW YORK MUNICIPAL CASH MANAGEMENT
We have audited the accompanying statement of assets and liabilities of
Dreyfus New York Municipal Cash Management, including the statement of
investments, as of January 31, 1997, and the related statement of operations
for the six months ended January 31, 1997 and for the year ended July 31,
1996, the statement of changes in net assets for the six months ended January
31, 1997 and for each of the two years in the period ended July 31, 1996, and
financial highlights for each of the periods indicated therein. These
financial statements and financial highlights are the responsibility of the
Fund's management. Our responsibility is to express an opinion on these
financial statements and financial highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements and financial highlights. Our procedures included
confirmation of securities owned as of January 31, 1997 by correspondence
with the custodian. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights
referred to above present fairly, in all material respects, the financial
position of Dreyfus New York Municipal Cash Management at January 31, 1997,
the results of its operations for the six months ended January 31, 1997 and
for the year ended July 31, 1996, the changes in its net assets for the six
months ended January 31, 1997 and for each of the two years in the period
ended July 31, 1996, and the financial highlights for each of the indicated
periods, in conformity with generally accepted accounting principles.
[Ernst and Young LLP signature logo]
New York, New York
March 6, 1997
DREYFUS NEW YORK MUNICIPAL CASH MANAGEMENT
IMPORTANT TAX INFORMATION (UNAUDITED)
In accordance with Federal tax law, the Fund hereby designates all the
dividends paid from investment income-net during the six months ended January
31, 1997 as "exempt-interest dividends" (not subject to regular Federal and,
for individuals who are New York residents, New York State and New York City
personal income taxes).
Registration Mark
[Dreyfus lion "d" logo]
DREYFUS NEW YORK MUNICIPAL
CASH MANAGEMENT
200 Park Avenue
New York, NY 10166
MANAGER
The Dreyfus Corporation
200 Park Avenue
New York, NY 10166
CUSTODIAN
The Bank of New York
90 Washington Street
New York, NY 10286
TRANSFER AGENT &
DIVIDEND DISBURSING AGENT
Dreyfus Transfer, Inc.
P.O. Box 9671
Providence, RI 02940
Printed in U.S.A. 287/677/585/595AR971
Registration Mark
[Dreyfus logo]
New York
Municipal
Cash Management
Annual Report
January 31, 1997
