The Registrant has adopted a code of ethics
that applies to the Registrant's principal executive officer, principal financial officer, principal accounting officer or controller,
or persons performing similar functions. There have been no amendments to, or waivers in connection with, the Code of Ethics during the
period covered by this Report.
|
Item 3. |
Audit Committee Financial Expert. |
The Registrant's Board has determined that J.
Charles Cardona, a member of the Audit Committee of the Board, is an audit committee financial expert as defined by the Securities and
Exchange Commission (the "SEC"). Mr. Cardona is "independent" as defined by the SEC for purposes of audit committee financial
expert determinations.
|
Item 4. |
Principal Accountant Fees and Services. |
(a) Audit
Fees. The aggregate fees billed for each of the last two fiscal years (the "Reporting Periods") for professional services
rendered by the Registrant's principal accountant (the "Auditor") for the audit of the Registrant's annual financial statements
or services that are normally provided by the Auditor in connection with the statutory and regulatory filings or engagements for the Reporting
Periods, were $37,725 in 2025 and $37,725 in 2026.
(b) Audit-Related
Fees. The aggregate fees billed in the Reporting Periods for assurance and related services by the Auditor that are reasonably
related to the performance of the audit of the Registrant's financial statements and are not reported under paragraph (a) of this Item
4 were $7,479 in 2025 and $7,770 in 2026. These services consisted of one or more of the following: (i) agreed upon procedures related
to compliance with Internal Revenue Code section 817(h), (ii) security counts required by Rule 17f-2 under the Investment Company Act
of 1940, as amended, (iii) advisory services as to the accounting or disclosure treatment of Registrant transactions or events and (iv)
advisory services to the accounting or disclosure treatment of the actual or potential impact to the Registrant of final or proposed rules,
standards or interpretations by the Securities and Exchange Commission, the Financial Accounting Standards Boards or other regulatory
or standard-setting bodies.
The aggregate fees billed in the Reporting Periods
for non-audit assurance and related services by the Auditor to the Registrant's investment adviser (not including any sub-investment adviser
whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling,
controlled by or under common control with the investment adviser that provides ongoing services to the Registrant ("Service Affiliates"),
that were reasonably related to the performance of the annual audit of the Service Affiliate, which required pre-approval by the Audit
Committee were $0 in 2025 and $0 in 2026.
(c) Tax
Fees. The aggregate fees billed in the Reporting Periods for professional services rendered by the Auditor for tax compliance,
tax advice, and tax planning ("Tax Services") were $3,342 in 2025 and $3,342 in 2026. These services consisted of: (i) review
or preparation of U.S. federal, state, local and excise tax returns; (ii) U.S. federal, state and local tax planning, advice and assistance
regarding statutory, regulatory or administrative developments; (iii) tax advice regarding tax qualification matters and/or treatment
of various financial instruments held or proposed to be acquired or held, and (iv) determination of Passive Foreign Investment Companies.
The aggregate fees billed in the Reporting Periods for Tax Services by the Auditor to Service Affiliates, which required pre-approval
by the Audit Committee were $7,799 in 2025 and $8,133 in 2026.
(d) All
Other Fees. The aggregate fees billed in the Reporting Periods for products and services provided by the Auditor, other than the
services reported in paragraphs (a) through (c) of this Item, were $1,662 in
2025
and
$1,764
in
2026.
These
services
consisted
of
a
review
of
the
Registrant's
anti-money
laundering
program.
The
aggregate
fees
billed
in
the
Reporting
Periods
for
Non-Audit
Services
by
the
Auditor
to
Service
Affiliates,
other
than
the
services
reported
in
paragraphs
(b)
through
(c)
of
this
Item,
which
required
pre-approval
by
the
Audit
Committee,
were
$0
in
2025
and
$0
in
2026.
(e)(1)
Audit
Committee
Pre-Approval
Policies
and
Procedures.
The
Registrant's
Audit
Committee
has
established
policies
and
procedures
(the
"Policy")
for
pre-approval
(within
specified
fee
limits)
of
the
Auditor's
engagements
for
non-audit
services
to
the
Registrant
and
Service
Affiliates
without
specific
case-by-case
consideration.
The
pre-approved
services
in
the
Policy
can
include
pre-approved
audit
services,
pre-approved
audit-related
services,
pre-approved
tax
services
and
pre-approved
all
other
services.
Pre-approval
considerations
include
whether
the
proposed
services
are
compatible
with
maintaining
the
Auditor's
independence.
Pre-approvals
pursuant
to
the
Policy
are
considered
annually.
(e)(2)
Note.
None
of
the
services
described
in
paragraphs
(b)
through
(d)
of
this
Item
4
were
approved
by
the
Audit
Committee
pursuant
to
paragraph
(c)(7)(i)(C)
of
Rule
2-01
of
Regulation
S-X.
(f)
None
of
the
hours
expended
on
the
principal
accountant's
engagement
to
audit
the
registrant's
financial
statements
for
the
most
recent
fiscal
year
were
attributed
to
work
performed
by
persons
other
than
the
principal
accountant's
full-time,
permanent
employees.
Non-Audit
Fees.
The
aggregate
non-audit
fees
billed
by
the
Auditor
for
services
rendered
to
the
Registrant,
and
rendered
to
Service
Affiliates,
for
the
Reporting
Periods
were
$1,425,815
in
2025
and
$1,797,256
in
2026.
Auditor
Independence.
The
Registrant's
Audit
Committee
has
considered
whether
the
provision
of
non-audit
services
that
were
rendered
to
Service
Affiliates,
which
were
not
pre-approved
(not
requiring
pre-approval),
is
compatible
with
maintaining
the
Auditor's
independence.
|
Item 5. |
Audit Committee of Listed Registrants. |
Not applicable.
Not applicable.
Dreyfus Treasury Securities Cash
Management
ANNUAL FINANCIALS
AND OTHER INFORMATION
Save
time. Save paper. View your next shareholder report online as soon as it’s available. Log into www.bny.com/investments
and sign up for eCommunications. It’s simple and only takes a few minutes.
The
views expressed in this report reflect those of the portfolio manager(s) only through the end of the period
covered and do not necessarily represent the views of BNY Mellon Investment Adviser, Inc. or any other
person in the BNY Mellon Investment Adviser, Inc. organization. Any such views are subject to change
at any time based upon market or other conditions and BNY Mellon Investment Adviser, Inc. disclaims
any responsibility to update such views. These views may not be relied on as investment advice and,
because investment decisions for a fund in the BNY Mellon Family of Funds are based on numerous factors,
may not be relied on as an indication of trading intent on behalf of any fund in the BNY Mellon
Family of
Funds.
Not FDIC-Insured
• Not Bank-Guaranteed • May Lose Value
Contents
Please note
the Annual Financials and Other Information only contains Items 7-11 required in Form N-CSR.
All other required items will be filed with the Securities and Exchange Commission (the “SEC”).
Item
7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
Dreyfus Treasury Securities Cash
Management
SCHEDULE OF INVESTMENTS
|
|
|
|
|
|
|
U.S.
Treasury Bills — 82.4% |
|
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|
|
|
Total
U.S. Treasury Bills
(cost
$54,876,754,809) |
|
|
|
|
|
U.S.
Treasury Floating Rate Notes — 13.6% |
|
|
|
|
|
2/2/2026
(3 Month USBMMY +0.10%)(b)
|
|
|
|
|
|
2/2/2026
(3 Month USBMMY +0.15%)(b)
|
|
|
|
|
|
2/2/2026
(3 Month USBMMY +0.16%)(b)
|
|
|
|
|
|
2/2/2026
(3 Month USBMMY +0.16%)(b)
|
|
|
|
|
|
2/2/2026
(3 Month USBMMY +0.18%)(b)
|
|
|
|
|
|
2/2/2026
(3 Month USBMMY +0.19%)(b)
|
|
|
|
|
|
SCHEDULE OF INVESTMENTS (continued)
|
|
|
|
|
|
|
U.S.
Treasury Floating Rate Notes — 13.6% (continued) |
|
|
|
|
|
2/2/2026
(3 Month USBMMY +0.21%)(b)
|
|
|
|
|
|
2/3/2026
(3 Month USBMMY +0.10%)(b)
|
|
|
|
|
|
Total
U.S. Treasury Floating Rate Notes
(cost
$9,036,499,998) |
|
|
|
|
|
U.S.
Treasury Notes — 8.4% |
|
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|
|
|
Total
U.S. Treasury Notes
(cost
$5,596,587,419) |
|
|
|
|
|
Total
Investments (cost $69,509,842,226)
|
|
|
|
|
|
Liabilities,
Less Cash and Receivables |
|
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|
|
|
|
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|
|
|
USBMMY—U.S.
Treasury Bill Money Market Yield |
|
|
Security
is a discount security. Income is recognized through the accretion of discount. |
|
|
Variable
rate security—interest rate resets periodically and rate shown is the interest rate in effect at period end. Date shown represents
the earlier of the next
interest
reset date or ultimate maturity date. Security description also includes the reference rate and spread if published and available.
|
See notes to financial
statements.
STATEMENT
OF ASSETS AND LIABILITIES
January 31, 2026
|
|
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|
|
|
|
|
Investments
in securities—See Schedule of Investments |
|
|
|
|
|
|
Receivable
for investment securities sold |
|
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|
|
|
|
Receivable
for shares of Beneficial Interest subscribed |
|
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|
|
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Due
to BNY Mellon Investment Adviser, Inc. and affiliates—Note
2(c)
|
|
|
Payable
for investment securities purchased |
|
|
Payable
for shares of Beneficial Interest redeemed |
|
|
Trustees’
fees and expenses payable |
|
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|
Composition
of Net Assets ($): |
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|
|
|
Total
distributable earnings (loss) |
|
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|
|
|
Net
Asset Value Per Share |
|
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|
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|
|
|
|
|
|
|
|
|
|
|
Net
Asset Value Per Share ($) |
|
|
|
|
Net
Asset Value Per Share |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Asset Value Per Share ($) |
|
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|
See notes to financial statements.
Year Ended January
31, 2026
|
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|
|
|
Shareholder
servicing costs—Note 2(b)
|
|
Administrative
services fees—Note 2(c)
|
|
|
|
|
|
|
|
Trustees’
fees and expenses—Note 2(d)
|
|
|
|
|
Prospectus
and shareholders’ reports |
|
Chief
Compliance Officer fees—Note 2(c)
|
|
Shareholder
and regulatory reports service fees—Note
2(c)
|
|
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|
|
|
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|
Less—reduction
in expenses due to undertaking—Note 2(a)
|
|
Less—reduction
in fees due to earnings credits—Note 2(c)
|
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|
|
|
|
|
Net
Realized Gain (Loss) on Investments—Note 1(b) ($) |
|
Net
Increase in Net Assets Resulting from Operations |
|
See notes to financial statements.
STATEMENT
OF CHANGES IN NET ASSETS
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|
Net
realized gain (loss) on investments |
|
|
Net
Increase (Decrease) in Net Assets Resulting from Operations |
|
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|
|
Distributions
to shareholders: |
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|
Beneficial
Interest Transactions ($1.00 per share): |
|
|
Net
proceeds from shares sold: |
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Distributions
reinvested: |
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|
Increase
(Decrease) in Net Assets from Beneficial Interest Transactions |
|
|
Total
Increase (Decrease) in Net Assets |
|
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|
On
July 22, 2025, the fund commenced offering Token-Enabled shares. |
|
|
During
the period ended January 31, 2025, 10,818 Service shares representing $10,852 were exchanged for 10,852 Wealth shares.
|
See notes to financial statements.
The
following tables describe the performance for each share class for the fiscal periods indicated. All information reflects financial
results for a single fund share. Net
asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period,
reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day
of the period. Net asset value total
return includes adjustments in accordance with accounting principles generally accepted in the United States of
America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ
from the net asset value and returns for shareholder
transactions.
|
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|
|
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|
|
Net
asset value, beginning of period |
|
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|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
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|
|
Dividends
from net investment income |
|
|
|
|
|
Net
asset value, end of period |
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental
Data (%): |
|
|
|
|
Ratio
of total expenses to average net assets |
|
|
|
|
|
Ratio
of net expenses to average net assets(b)
|
|
|
|
|
|
Ratio
of net investment income to average net
|
|
|
|
|
|
Net
Assets, end of period ($ x 1,000) |
|
|
|
|
|
|
|
Amount
represents less than $.001 per share. |
|
|
Amount
inclusive of reduction in expenses due to undertaking. |
|
|
Amount
inclusive of reduction in fees due to earnings credits. |
See notes to financial statements.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends
from net investment income |
|
|
|
|
|
Net
asset value, end of period |
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental
Data (%): |
|
|
|
|
Ratio
of total expenses to average net assets |
|
|
|
|
|
Ratio
of net expenses to average net assets(b)
|
|
|
|
|
|
Ratio
of net investment income to average net
|
|
|
|
|
|
Net
Assets, end of period ($ x 1,000) |
|
|
|
|
|
|
|
Amount
represents less than $.001 per share. |
|
|
Amount
inclusive of reduction in expenses due to undertaking. |
|
|
Amount
inclusive of reduction in fees due to earnings credits. |
See notes to financial statements.
FINANCIAL
HIGHLIGHTS (continued)
|
|
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|
|
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|
|
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends
from net investment income |
|
|
|
|
|
Net
asset value, end of period |
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental
Data (%): |
|
|
|
|
Ratio
of total expenses to average net assets |
|
|
|
|
|
Ratio
of net expenses to average net assets(b)
|
|
|
|
|
|
Ratio
of net investment income to average net
|
|
|
|
|
|
Net
Assets, end of period ($ x 1,000) |
|
|
|
|
|
|
|
Amount
represents less than $.001 per share. |
|
|
Amount
inclusive of reduction in expenses due to undertaking. |
|
|
Amount
inclusive of reduction in fees due to earnings credits. |
See notes to financial statements.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends
from net investment income |
|
|
|
|
|
Net
asset value, end of period |
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental
Data (%): |
|
|
|
|
Ratio
of total expenses to average net assets |
|
|
|
|
|
Ratio
of net expenses to average net assets(b)
|
|
|
|
|
|
Ratio
of net investment income to average net
|
|
|
|
|
|
Net
Assets, end of period ($ x 1,000) |
|
|
|
|
|
|
|
Amount
represents less than $.001 per share. |
|
|
Amount
inclusive of reduction in expenses due to undertaking. |
|
|
Amount
inclusive of reduction in fees due to earnings credits. |
See notes to financial statements.
FINANCIAL
HIGHLIGHTS (continued)
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
Dividends
from net investment income |
|
|
|
|
|
Net
asset value, end of period |
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental
Data (%): |
|
|
|
|
Ratio
of total expenses to average net assets |
|
|
|
|
|
Ratio
of net expenses to average net assets(b)
|
|
|
|
|
|
Ratio
of net investment income to average net assets(b)
|
|
|
|
|
|
Net
Assets, end of period ($ x 1,000) |
|
|
|
|
|
|
|
Amount
represents less than $.001 per share. |
|
|
Amount
inclusive of reduction in expenses due to undertaking. |
|
|
Amount
inclusive of reduction in fees due to earnings credits. |
See notes to financial statements.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends
from net investment income |
|
|
|
|
|
Net
asset value, end of period |
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental
Data (%): |
|
|
|
|
Ratio
of total expenses to average net assets |
|
|
|
|
|
Ratio
of net expenses to average net assets(b)
|
|
|
|
|
|
Ratio
of net investment income to average net
|
|
|
|
|
|
Net
Assets, end of period ($ x 1,000) |
|
|
|
|
|
|
|
Amount
represents less than $.001 per share. |
|
|
Amount
inclusive of reduction in expenses due to undertaking. |
|
|
Amount
inclusive of reduction in fees due to earnings credits. |
See notes to financial statements.
FINANCIAL
HIGHLIGHTS (continued)
|
|
|
|
|
Net
asset value, beginning of period |
|
|
|
|
|
|
|
|
|
Dividends
from net investment income |
|
Net
asset value, end of period |
|
|
|
|
Ratios/Supplemental
Data (%): |
Ratio
of total expenses to average net assets |
|
Ratio
of net expenses to average net assets(d)
|
|
Ratio
of net investment income to average net assets(d)
|
|
Net
Assets, end of period ($ x 1,000) |
|
|
|
On
July 22, 2025, the fund commenced offering Token-Enabled shares. |
|
|
|
|
|
|
|
|
Amount
inclusive of reduction in expenses due to undertaking. |
See notes to financial statements.
NOTES
TO FINANCIAL STATEMENTS
NOTE
1—
Significant
Accounting Policies:
Dreyfus Treasury
Securities Cash Management (the “fund”),
which is registered under the Investment Company Act of 1940, as amended
(the “Act”),
is a diversified open-end management investment company. The fund’s investment objective is to seek as high a level
of current income as is consistent with the preservation of capital and the maintenance of liquidity. BNY Mellon Investment Adviser,
Inc. (the “Adviser”),
a wholly-owned subsidiary of The Bank of New York Mellon Corporation (“BNY”),
serves as the fund’s investment
adviser. Dreyfus, a division of Mellon Investments Corporation (the “Sub-Adviser”),
an indirect wholly-owned subsidiary of BNY and an
affiliate of the Adviser, serves as the fund’s sub-adviser.
On July 22, 2025, the fund
commenced offering Token-Enabled Shares.
BNY Mellon
Securities Corporation (the “Distributor”), a wholly-owned subsidiary of the Adviser, is the distributor of the fund’s
shares, which are sold without a
sales charge. The fund is authorized to issue an unlimited number of $.001 par value shares of Beneficial Interest
in each of the following classes of shares: Institutional, Investor, Administrative, Participant, Wealth, Service and Token-Enabled.
Each share class of the fund except for Token-Enabled shares are subject to a Shareholder Services Plan. Participant and Service shares
of the fund are subject to an Administrative Services Plan. Other differences between the classes include the services offered to and
the expenses borne by each class,
the allocation of certain transfer agency costs and certain voting rights. Income, expenses (other than expenses
attributable to a specific class), and realized and unrealized gains or losses on investments are allocated to each class of shares based
on its relative net assets.
Investors
are required to purchase Token-Enabled shares through BNY, on BNY’s platform. BNY will maintain the share ownership records
of its clients using its traditional books and records methods, and also will mirror such share ownership via a blockchain system. A
“blockchain”
is a type of digital database or ledger that facilitates the process of recording transactions and tracking assets in a business network.
Unlike the currently implemented traditional books and records maintained by fund transfer agents, including the funds’ transfer
agent, a blockchain is a system that allows for the sharing of information across its network. Assets are represented on the blockchain
through “tokens,”
which are a digital representation of an asset and are built into the blockchain.
As of January
31, 2026, MBC Investments Corporation, an indirect subsidiary of BNY, held all of the outstanding Token-Enabled shares
of the fund.
The fund operates
as a “government
money market fund” as that term is defined in Rule 2a-7 under the Act. It is the fund’s policy to maintain
a constant net asset value (“NAV”) per share of $1.00, and 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 constant NAV
per share of $1.00.
The Financial
Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) is the exclusive reference of authoritative
U.S. generally accepted accounting principles (“GAAP”) recognized by the FASB to be applied by nongovernmental entities. Rules
and interpretive releases of the SEC under authority of federal laws are also sources of authoritative GAAP for SEC registrants. The
fund is an investment company and applies the accounting and reporting guidance of the FASB ASC Topic 946 Financial Services-Investment
Companies. The fund’s financial statements are prepared in accordance with GAAP, which may require the use of management
estimates and assumptions. Actual results could differ from those estimates.
The fund enters
into contracts that contain a variety of indemnifications. The fund’s maximum exposure under these arrangements is unknown.
The fund does not anticipate recognizing any loss related to these arrangements.
(a) Portfolio
valuation: Investments in securities are valued at
amortized cost in accordance with Rule 2a-7 under the Act. If amortized
cost is determined not to approximate fair market value, the fair value of the portfolio securities will be determined by procedures
established by and under the general oversight of the fund’s Board of Trustees
(the “Board”) pursuant to Rule 2a-5 under the Act.
The fair value
of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction
between market participants at the measurement date (i.e., the exit price). GAAP establishes a fair value hierarchy that prioritizes
the inputs of valuation techniques used to measure fair value. This hierarchy gives the highest priority to unadjusted quoted prices
in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).
Additionally,
GAAP provides guidance on determining whether the volume and activity in a market has decreased significantly and whether
such a decrease in activity results in transactions that are not orderly. GAAP requires enhanced disclosures around valuation inputs
and techniques used during annual and interim periods.
NOTES
TO FINANCIAL STATEMENTS (continued)
Various
inputs are used in determining the value of the fund’s investments relating to fair value measurements. These inputs are summarized
in the three broad levels listed below:
Level 1—unadjusted
quoted prices in active markets for identical investments.
Level 2—other
significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit
risk, etc.).
Level 3—significant
unobservable inputs (including the fund’s own assumptions in determining the fair value of investments).
The inputs
or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
Money market
securities are valued using amortized cost, in accordance with rules under the Act, which does not take into account unrealized
gains or losses. This involves valuing an instrument at its cost and thereafter assuming a constant amortization to maturity of any
discount or premium, regardless of the impact of fluctuating interest rates on the market value of the instrument. While this method provides
certainty in valuation, it may result in periods during which value, as determined by amortized cost, is higher or lower than the price
the fund would receive if it sold the instrument. The Board oversees this fund has established, as a particular responsibility within
the overall duty of care owed to
fund investors, procedures reasonably designed to stabilize the fund price per share as computed for the purpose
of purchases and redemptions at $1.00. Such procedures include periodic review by the Board of the deviation of the fund NAV calculated
by using available market quotations or market equivalents (including valuations obtained from a Service) from the fund $1.00
per share based on amortized cost. A fund cannot guarantee that its NAV will always remain at $1.00 per share. These securities are
generally categorized within Level 2 of the fair value hierarchy.
The following is a summary
of the inputs used as of January 31, 2026 in valuing the fund’s investments:
|
|
Level
1 -
Unadjusted
Quoted
Prices |
Level
2- Other
Significant
Observable
Inputs |
Level
3-
Significant
Unobservable
Inputs
|
|
|
|
|
|
|
|
Investments
in Securities:†
|
|
|
|
|
|
|
|
|
|
|
U.S.
Treasury Floating Rate Notes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See
Schedule of Investments for additional detailed categorizations, if any. |
(b) Securities
transactions and investment income: Securities
transactions are recorded on a trade date basis. Interest income, adjusted
for accretion of discount and amortization of premium on investments, is earned from settlement date and is recognized on the accrual
basis. Realized gains and losses from securities transactions are recorded on the identified cost basis.
(c) Market
Risk: The value of the securities in which the fund
invests may be affected by political, regulatory, economic and social developments.
Events such as war, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, recessions,
elevated levels of government debt, changes in trade regulation or economic sanctions, internal unrest and discord, or other events
could have a significant impact on the fund and its investments.
Interest Rate Risk: This
risk refers to the decline in the prices of fixed-income securities that may accompany a rise in the overall level of
interest rates. A sharp and unexpected rise in interest rates could impair the fund’s ability to maintain a stable net asset value.
A wide variety of market factors
can cause interest rates to rise, including central bank monetary policy, rising inflation and changes in general economic
conditions. It is difficult to predict the pace at which central banks or monetary authorities may increase (or decrease) interest rates
or the timing, frequency, or magnitude of such changes. Changing interest rates may have unpredictable effects on markets, may result
in heightened market volatility and may detract from fund performance. For floating and variable rate obligations, there may be a
lag between an actual change in the underlying interest rate benchmark and the reset time for an interest payment of such an obligation,
which could harm or benefit the fund, depending on the interest rate environment or other circumstances.
NOTES
TO FINANCIAL STATEMENTS (continued)
U.S.
Treasury Securities Risk: A security backed by the
U.S. Treasury or the full faith and credit of the United States is guaranteed only as
to the timely payment of interest and principal when held to maturity, but the market prices for such securities are not guaranteed and
will fluctuate.
(d) Dividends
and distributions to shareholders: It is the policy
of the fund to declare dividends daily from net investment income. Such
dividends are paid monthly. Dividends from net realized capital gains, if any, are normally declared and paid annually, but the fund may
make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code of 1986, as
amended (the “Code”). To the extent that net realized capital gains can be offset by capital loss carryovers, it is the policy
of the fund not to distribute such gains.
(e) Federal
income taxes: It is the policy of the fund to continue
to qualify as a regulated investment company, if such qualification is in
the best interests of its shareholders, by complying with the applicable provisions of the Code, and to make distributions of taxable
income and net realized capital gain sufficient to
relieve it from substantially all federal income and excise taxes.
As of and
during the period ended January 31, 2026, the fund did not have any liabilities for any uncertain tax positions. The fund recognizes
interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statement of Operations. During the
period ended January 31, 2026, the fund did not incur any interest or penalties.
Each tax year
in the four-year period ended January 31, 2026 remains subject to examination by the Internal Revenue Service and state taxing
authorities.
At January
31, 2026, the components of accumulated earnings on a tax basis were as follows: undistributed ordinary income $128,023, accumulated
capital losses $1,676,642 and unrealized depreciation $30,218.
The fund is
permitted to carry forward capital losses for an unlimited period. Furthermore, capital loss carryovers retain their character as
either short-term or long-term capital losses.
The accumulated
capital loss carryover is available for federal income tax purposes to be applied against future net realized capital gains, if
any, realized subsequent to January 31, 2026. The fund has $1,676,642 of short-term capital losses which can be carried forward for an
unlimited period.
The tax character
of distributions paid to shareholders during the fiscal years ended January 31, 2026 and January 31, 2025 were as follows:
ordinary income $2,472,142,081 and $2,812,568,677, respectively.
At January
31, 2026, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes
(see the Schedule of Investments).
(f) Operating
segment reporting: In
accordance with FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) -
Improvements to Reportable Segment Disclosures (“ASU 2023-07”), the fund has operated and been managed as a single reportable
segment, generating returns through
dividends, interest, and/or gains from investments aligned with its single stated investment objective
as outlined in the fund’s prospectus. The fund’s accounting policies are consistent with those described in these Notes to
Financial Statements. The chief
operating decision maker (“CODM”) is represented by BNY Investments and is comprised of Senior Management
and Directors of BNY Investments. The CODM considers the net increase in net assets resulting from operations when deciding
whether to purchase additional investments or make distributions to shareholders. Detailed financial information for the fund is
presented in these financial statements, including total assets and liabilities in the Statement of Assets and Liabilities, investments
held in the Schedule of Investments,
results of operations and significant segment expenses in the Statement of Operations, and additional performance
information—such as total return, portfolio turnover, and ratios—in the Financial Highlights.
NOTE
2—
Management
Fee, Sub-Advisory Fee
and Other Transactions with Affiliates:
(a) Pursuant
to a management agreement with the Adviser, the management fee is computed at the annual rate of .20% of the value of the
fund’s average daily net assets and is payable monthly. The Adviser has contractually agreed, from February 1, 2025 through May
30, 2026, to waive receipt of a
portion of its management fee in the amount of .03% of the value of the fund’s average daily net assets. On or
after May 30, 2026, the Adviser may terminate this waiver agreement at any time.
The Adviser
has also contractually agreed, from February 1, 2025 through May 30, 2026, to waive receipt of its fees and/or assume the direct
expenses of the fund so that the direct expenses of the fund’s Wealth and Service shares (excluding taxes, brokerage commissions
and extraordinary expenses) do not
exceed .47% and 1.01%, respectively, of the value of the applicable share class’ average daily net assets.
To the extent that it is necessary for the Adviser to waive receipt of its management fee or reimburse the fund’s common expenses,
the amount of the waiver or reimbursement
will be applied equally to each share class of the fund. On or after May 30, 2026, the Adviser
NOTES
TO FINANCIAL STATEMENTS (continued)
may
terminate this expense limitation agreement at any time. The reduction in expenses, pursuant to these undertakings, amounted to $18,876,980
during the period ended January 31, 2026.
Pursuant to
a sub-investment advisory agreement between the Adviser and the Sub-Adviser, the Adviser pays to the Sub-Adviser a monthly
fee of 50% of the monthly management fee the Adviser receives from the fund with respect to the value of the sub-advised net assets
of the fund, net of any fee waivers and/or expense reimbursements made by the Adviser.
(b) Under
the Compensation Shareholder Services Plan with respect to Investor, Administrative, Participant, Wealth and Service shares (the
“Compensation Shareholder Services Plan”), Investor, Administrative, Participant, Wealth and Service shares pay the Distributor
at an annual rate of .25%, .10%,
.25%, .25% and .25%, respectively, of the value of the average daily net assets of its shares for the provision
of certain services. The services provided may include personal services relating to shareholder accounts, such as answering shareholder
inquiries regarding the fund, and services related to the maintenance of shareholder accounts. The Distributor may make payments
to Service Agents with respect to these services. The Distributor determines the amounts to be paid to Service Agents. During the
period ended January 31, 2026, Investor, Administrative, Participant, Wealth and Service shares were charged $3,832,109, $5,147,088,
$7,085,465, $849,086 and $7,757,453, respectively, pursuant to each of their respective Compensation Shareholder Services
Plan.
Under the
Reimbursement Shareholder Services Plan with respect to its Institutional shares (the “Reimbursement Shareholder Services Plan”),
Institutional shares reimburse the Distributor at an amount not to exceed an annual rate of .25% of the value of the average daily net
assets of its shares for certain allocated expenses of providing certain services to the holders of Institutional shares. The services
provided may include personal services
relating to shareholder accounts, such as answering shareholder inquiries regarding Institutional shares
of the fund, and services related to the maintenance of shareholder accounts. During the period ended January 31, 2026, Institutional
shares were charged $240,846 pursuant to the Reimbursement Shareholder Services Plan.
(c) Under
the Administrative Services Plan with respect to Participant and Service shares, pursuant to which the fund may pay the Distributor
for the provision of certain type of recordkeeping and other related services (which are not services for which a “service fee”
as defined under the Conduct Rules
of FINRA is intended to compensate). Pursuant to the Administrative Services Plan, the fund will pay
the Distributor at an annual rate of .15% and .55%, respectively, of the value of their average daily net assets attributable to the fund’s
Participant and Service shares for the provision of such services, which include, at a minimum: mailing periodic reports, prospectuses
and other fund communications to beneficial owners; client onboarding; anti-money laundering and related regulatory oversight;
manual transaction processing; transmitting wires; withholding on dividends and distributions as may be required by state or Federal
authorities from time to time; receiving, tabulating, and transmitting proxies executed by beneficial owners; fund statistical reporting;
technical support; business continuity support; and blue sky support. During
the period ended January 31, 2026, Participant and Service
shares were charged $4,251,279 and $17,066,397, pursuant to the Administrative Services Plan.
The fund has
an arrangement with BNY Mellon Transfer, Inc., (the “Transfer Agent”), a subsidiary of BNY and an affiliate of the Adviser,
whereby the fund may receive earnings credits when positive cash balances are maintained, which are used to offset Transfer Agent
fees. For financial reporting purposes, the fund includes transfer agent net earnings credits, if any, as an expense offset in the Statement
of Operations.
The fund has
an arrangement with The Bank of New York Mellon (the “Custodian”), a subsidiary of BNY and an affiliate of the Adviser, whereby
the fund will receive interest income or be charged overdraft fees when cash balances are maintained. For financial reporting purposes,
the fund includes this interest income and overdraft fees, if any, as interest income in the Statement of Operations.
The fund compensates
the Transfer Agent, under a transfer agency agreement, for providing transfer agency and cash management services
for the fund. The majority of Transfer Agent fees are comprised of amounts paid on a per account basis, while cash management fees
are related to fund subscriptions and redemptions. During the period ended January 31, 2026, the fund was charged $51,795 for transfer
agency services. These fees are included in Shareholder servicing costs in the Statement of Operations. These fees were partially offset
by earnings credits of $721.
The fund compensates
the Custodian, under a custody agreement, for providing custodial services for the fund. These fees are determined
based on net assets, geographic region and transaction activity. During the period ended January 31, 2026, the fund was charged $657,111
pursuant to the custody agreement.
The fund compensates
the Custodian, under a shareholder redemption draft processing agreement, for providing certain services related to
the fund’s check writing privilege. During the period ended January 31, 2026, the fund was charged $3,829 pursuant to the agreement,
which is included in Shareholder servicing costs in the Statement of Operations.
NOTES
TO FINANCIAL STATEMENTS (continued)
During
the period ended January 31, 2026, the fund was charged $25,290 for services performed by the fund’s Chief Compliance Officer
and his staff. These fees are included in Chief Compliance Officer fees in the Statement of Operations.
The fund compensates
the Custodian for providing shareholder reporting and regulatory services for the fund. These fees are included in
Shareholder and regulatory reports service fees in the Statement of Operations. During the period ended January 31, 2026, the Custodian
was compensated $11,500 for financial reporting and regulatory services.
The components
of “Due to BNY Mellon Investment Adviser, Inc. and affiliates” in the Statement of Assets and Liabilities consist of:
Management fee of $11,587,929, Administrative Services Plan fees of $1,822,003, Shareholder Services Plans fees of $2,194,839,
Custodian fees of $219,927, Chief
Compliance Officer fees of $3,917, Transfer Agent fees of $8,634, Checkwriting fees of $599 and Shareholder
and regulatory reports service fees of $6,708, which are offset against an expense reimbursement currently in effect in the amount
of $1,736,502.
(d) Each
board member of the fund also serves as a board member of other funds in the BNY Mellon Family of Funds complex. Annual retainer
fees and attendance fees are allocated to each fund based on net assets.
REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the
Shareholders and the Board of Trustees of Dreyfus Treasury Securities Cash Management
Opinion on the Financial Statements
We have audited
the accompanying statement of assets and liabilities of Dreyfus Treasury Securities Cash Management (the “Fund”),
including the schedule of investments,
as of January 31, 2026, and the related statement of operations for the year then ended, the statements of changes in net assets for
each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related
notes (collectively referred to as
the “financial
statements”).
In our opinion, the financial statements present fairly, in all material respects, the financial position
of the Fund at January 31, 2026, the results of its operations for the year then ended, the changes in its net assets for each of the
two years in the period then ended
and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting
principles.
These financial
statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial
statements based on our audits. We
are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”)
and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules
and regulations of the Securities and Exchange Commission
and the PCAOB.
We conducted
our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required
to have, nor were we engaged to perform,
an audit of the Fund’s internal control over financial reporting. As part of our audits, we are required to obtain
an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of
the Fund’s internal control over financial reporting.
Accordingly, we express no such opinion.
Our audits
included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud,
and performing procedures that respond
to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures
in the financial statements. Our procedures included confirmation of securities owned as of January 31, 2026, by correspondence with the
custodian, brokers and others; when
replies were not received from brokers and others, we performed other auditing procedures. Our audits also included
evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation
of the financial statements. We believe that our audits
provide a reasonable basis for our opinion. 
We have served
as the auditor of one or more investment companies in the BNY Mellon Family of Funds since at least 1957, but we are unable to determine
the specific year.
New
York, New York
March 20, 2026
IMPORTANT
TAX INFORMATION (Unaudited)
In
accordance with federal tax law, the fund hereby reports 100% of ordinary dividends paid during the fiscal year ended January 31, 2026
as attributable to interest income from direct obligations of the United States. Such dividends are currently exempt from taxation for
income tax purposes in most states, including New York, Connecticut, California and the District of Columbia. For federal tax purposes,
the fund hereby reports 100% of ordinary income dividends paid during the fiscal period ended January 31, 2026 as qualifying
interest related dividends.
Item
8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies
(Unaudited)
Item
9. Proxy Disclosures for Open-End Management Investment Companies (Unaudited)
Item
10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
(Unaudited)
Each
board member also serves as a board member of other funds in the BNY Mellon Family of Funds complex, and annual retainer fees and
meeting attendance fees are allocated to each fund based on net assets. The fund is charged for services performed by the fund’s
Chief Compliance Officer. Compensation
paid by the fund during the period to the board members and the Chief Compliance Officer are
within Item 7. Statement of Operations as Trustees’ fees and expenses and Chief Compliance Officer fees, respectively. The aggregate
amount of Trustees’ fees and expenses and Chief
Compliance Officer fees paid by the fund during the period was $282,597.
Item
11. Statement Regarding Basis for Approval of Investment Advisory Contracts (Unaudited)
©
2026 BNY Mellon Securities Corporation
Code-0761NCSRAR0126
|
Item 12. |
Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. |
Not applicable.
|
Item 13. |
Portfolio Managers for Closed-End Management Investment Companies. |
Not applicable.
|
Item 14. |
Purchases of Equity Securities By Closed-End Management Investment Companies and Affiliated Purchasers.
|
Not applicable.
|
Item 15. |
Submission of Matters to a Vote of Security Holders. |
There have been no material changes to the procedures
applicable to Item 15.
|
Item 16. |
Controls and Procedures. |
|
(a) |
The Registrant's principal executive and principal financial officers have concluded, based on their
evaluation of the Registrant's disclosure controls and procedures as of a date within 90 days of the filing date of this report, that
the Registrant's disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the
Registrant on Form N-CSR is recorded, processed, summarized and reported within the required time periods and that information required
to be disclosed by the Registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the Registrant's
management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required
disclosure. |
|
(b) |
There were no changes to the Registrant's internal control over financial reporting that occurred
during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's
internal control over financial reporting. |
|
Item 17. |
Disclosure of Securities Lending Activities for Closed-End Management Investment Companies. |
Not applicable.
|
Item 18. |
Recovery of Erroneously Awarded Compensation. |
Not applicable.
(a)(1) Code of ethics referred to in Item 2.
(a)(3) Not applicable.
SIGNATURES
Pursuant
to
the
requirements
of
the
Securities
Exchange
Act
of
1934
and
the
Investment
Company
Act
of
1940,
the
Registrant
has
duly
caused
this
Report
to
be
signed
on
its
behalf
by
the
undersigned,
thereunto
duly
authorized.
Dreyfus
Treasury
Securities
Cash
Management
By: /s/
David
J.
DiPetrillo
David
J.
DiPetrillo
President
(Principal
Executive
Officer)
Date: March
19,
2026
Pursuant
to
the
requirements
of
the
Securities
Exchange
Act
of
1934
and
the
Investment
Company
Act
of
1940,
this
Report
has
been
signed
below
by
the
following
persons
on
behalf
of
the
Registrant
and
in
the
capacities
and
on
the
dates
indicated.
By: /s/
David
J.
DiPetrillo
David
J.
DiPetrillo
President
(Principal
Executive
Officer)
Date: March
19,
2026
By: /s/
James
Windels
James
Windels
Treasurer
(Principal
Financial
Officer)
Date: March
19,
2026
EXHIBIT
INDEX
|
(a)(1) |
Code of ethics referred to in Item 2. |
|
(a)(2) |
Certifications of principal executive and principal financial officers as required by Rule 30a-2(a)
under the Investment Company Act of 1940. (EX-99.CERT) |
|
(b) |
Certification of principal executive and principal financial officers as required by Rule 30a-2(b)
under the Investment Company Act of 1940. (EX-99.906CERT) |
