<PAGE>
DREYFUS
MUNICIPAL
CASH
MANAGEMENT
PLUS
ANNUAL REPORT
DECEMBER 31, 1993
<PAGE>
- --------------------------------------------------------------------------------
PRESIDENT'S LETTER
Dear Shareholder:
We are pleased to provide you with this annual report for Dreyfus Municipal
Cash Management Plus Class A Shares. For the period ended December 31, 1993, the
yield provided by your Fund was 2.41%. After taking into account the effect of
compounding, the effective yield was 2.44%.* Dividends of approximately $.02 per
share paid during the period were exempt from Federal income tax.**
ECONOMIC OUTLOOK
Since our last report, inflation has remained at relatively low levels and
any increase in economic and credit demand growth has been modest. Recent
indicators of economic strength do not appear strong enough to result in any
immediate tightening action by the Federal Reserve Board. However, economic
growth is projected to pick up early this year and it may influence the Federal
Reserve to implement a more restrictive monetary policy. As a result, short-term
yields may rise, but we expect supply and demand factors in the municipal money
market to be the overriding influence on tax exempt money market rates.
ATTRACTIVE RATE ENVIRONMENT
Over the past several months, many issuers returned to the marketplace with
their traditional annual financings -- the most recent example being a $1.4
billion State of New Jersey Tax Revenue Anticipation Note issue that was well
received. During times when issuance of this type outpaced demand, yields rose
on municipal notes creating opportunities for attractive purchases for your
Fund's portfolio. At these times, high-quality securities were added to the
portfolio to enhance the Fund's yield. As expected, technical factors
(supply/demand) in the municipal money market caused rates on notes to rise
temporarily at year-end. As in previous years, this occurred as individuals and
corporations tapped their money funds to meet seasonal needs. This attractive
rate environment provided your Fund with a temporary boost in yields at
year-end.
MARKET SHIFTS
The situation reversed immediately in January as cash flowed back into the
money funds and supply evaporated. We expect the dearth of available issues will
continue until early February when it is expected that the State of California
will issue warrants in excess of $1 billion. Supply could become even more ample
if some of the pending note issues are announced by their State Treasurers in
coming weeks. In any event, we will adjust your portfolio holdings to take
advantage of these market shifts to help your Fund continue to provide one of
the best returns available among the institutional tax exempt money market
funds.***
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
President
January 12, 1994
New York, N.Y.
* Effective yield is based upon dividends declared daily and reinvested monthly.
** Some income may be subject to the Federal Alternative Minimum Tax (AMT) for
certain shareholders.
***Source: LIPPER ANALYTICAL SERVICES, INC. -- Ranked 1 of 48 Institutional Tax
Exempt Money Market Funds for the 12-month period ended 12/ 31/93. Past
performance is no guarantee of future results.
<PAGE>
- --------------------------------------------------------------------------------
PRESIDENT'S LETTER
Dear Shareholder:
We are pleased to provide you with this first annual report for Dreyfus
Municipal Cash Management Plus Class B Shares. For the period from September 30,
1993 (the inception date for Class B Shares) through December 31, 1993, the
annualized yield provided by your Fund was 2.09%. After taking into account the
effect of compounding, the annualized effective yield was 2.11%.* Dividends of
approximately $.01 per share paid during the period were exempt from Federal
income tax.**
ECONOMIC OUTLOOK
Since mid-1993, inflation has remained at relatively low levels and any
increase in economic and credit demand growth has been modest. Recent indicators
of economic strength do not appear strong enough to result in any immediate
tightening action by the Federal Reserve Board. However, economic growth is
projected to pick up early this year and it may influence the Federal Reserve to
implement a more restrictive monetary policy. As a result, short-term yields may
rise, but we expect supply and demand factors in the municipal money market to
be the overriding influence on tax exempt money market rates.
ATTRACTIVE RATE ENVIRONMENT
Over the past several months, many issuers returned to the marketplace with
their traditional annual financings -- the most recent example being a $1.4
billion State of New Jersey Tax Revenue Anticipation Note issue that was well
received. During times when issuance of this type outpaced demand, yields rose
on municipal notes creating opportunities for attractive purchases for your
Fund's portfolio. At these times, high-quality securities were added to the
portfolio to enhance the Fund's yield. As expected, technical factors
(supply/demand) in the municipal money market caused rates on notes to rise
temporarily at year-end. As in previous years, this occurred as individuals and
corporations tapped their money funds to meet seasonal needs. This attractive
rate environment provided your Fund with a temporary boost in yields at year
end.
MARKET SHIFTS
The situation reversed immediately in January as cash flowed back into the
money funds and supply evaporated. We expect the dearth of available issues will
continue until early February when it is expected that the State of California
will issue warrants in excess of $1 billion. Supply could become even more ample
if some of the pending note issues are announced by their State Treasurers in
coming weeks. In any event, we will adjust your portfolio holdings to take
advantage of these market shifts to help your Fund continue to provide
competitive yields.
We have included a current Statement of Investments and recent financial
statements for your review and look forward to serving your investment needs in
the future.
Very truly yours,
Richard J. Moynihan
President
January 12, 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 (AMT) for
certain shareholders.
<PAGE>
- --------------------------------------------------------------------------------
DREYFUS MUNICIPAL CASH MANAGEMENT PLUS
STATEMENT OF INVESTMENTS DECEMBER 31, 1993
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------- PRINCIPAL
TAX EXEMPT INVESTMENTS--100.0% AMOUNT VALUE
------------ ------------
<S> <C> <C>
- -------------------------------------------------------------------------------------
ALABAMA--.4%
Alabama Higher Education Loan Corp., Student Loan Revenue, VRDN 3.50%, Series A
(LOC; Fuji Bank) (a,b)............................................................. $ 1,500,000 $ 1,500,000
- -------------------------------------------------------------------------------------
CALIFORNIA--7.7%
California Pollution Control Financing Authority, RRR, Refunding, VRDN
(Ultra Power Rocklin Project) 4.50%, Series A (LOC; Bank of America) (a,b)......... 5,000,000 5,000,000
California School Cash Reserve Program Authority, Pooled Bonds
3.40%, Series A, 7/5/94............................................................ 6,000,000 6,014,750
Los Angeles County Metropolitan Transportation Authority, Sales Tax Revenue,
Refunding,
VRDN (Property C Second Senior) 2.90% (Insured; MBIA and SBPA; Industrial
Bank of Japan) (a)................................................................. 7,000,000 7,000,000
State of California, GO Notes, RAN 3.50%, 6/28/94.................................... 10,000,000 10,026,886
- -------------------------------------------------------------------------------------
COLORADO--5.3%
Colorado Student Obligation Bond Authority, Student Loan Revenue, VRDN
3.45%, Series A (LOC; Sumitomo Bank) (a,b)......................................... 19,400,000 19,400,000
- -------------------------------------------------------------------------------------
CONNECTICUT--1.7%
Connecticut Special Assessment Unemployment Compensation Advance Fund, Revenue
(Connecticut Unemployment) 3%, Series C, 7/1/94 (Insured; FGIC).................... 6,000,000 6,005,759
- -------------------------------------------------------------------------------------
DISTRICT OF COLUMBIA--10.1%
District of Columbia, VRDN:
4.25%, Series A3 (LOC; Bank of Tokyo) (a,b)........................................ 16,600,000 16,600,000
(General Fund Recovery) 4.75%, Series B (LOC; Sanwa Bank) (a,b).................... 20,100,000 20,100,000
- -------------------------------------------------------------------------------------
FLORIDA--.5%
Dade County, Solid Waste, IDR, VRDN (Montenay Ltd. Project)
3.20%, Series A (LOC; Banque Nationale de Paris) (a,b)............................. 2,000,000 2,000,000
- -------------------------------------------------------------------------------------
GEORGIA--.3%
Rockdale County Development Authority, Industrial Revenue, VRDN
(Liochem Inc. Project) 3.50% (LOC; Sanwa Bank) (a,b)............................... 1,000,000 1,000,000
- -------------------------------------------------------------------------------------
HAWAII--2.0%
Honolulu City and County, MFHR, VRDN (Hale Kua Gardens Project)
3.40%, Series A (LOC; Bank of Tokyo) (a,b)......................................... 7,222,000 7,222,000
- -------------------------------------------------------------------------------------
ILLINOIS--6.9%
City of Chicago, GO Notes 2.75%, Series 93B, 4/5/94 (LOC: Dai-Ichi Kangyo Bank,
Industrial Bank of Japan, Mitsubishi Bank, Sanwa Bank and Sumitomo Bank) (b)....... 5,000,000 5,000,000
</TABLE>
<PAGE>
- --------------------------------------------------------------------------------
DREYFUS MUNICIPAL CASH MANAGEMENT PLUS
STATEMENT OF INVESTMENTS (CONTINUED) DECEMBER 31, 1993
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------- PRINCIPAL
TAX EXEMPT INVESTMENTS--(CONTINUED) AMOUNT VALUE
------------ ------------
<S> <C> <C>
- -------------------------------------------------------------------------------------
ILLINOIS (CONTINUED)
Newman, RRR, VRDN (Recontek Project) 3.20% (LOC; Bank of America) (a,b).............. $ 4,600,000 $ 4,600,000
State of Illinois, GO Notes 3.50%, 6/15/94........................................... 12,560,000 12,593,228
Village of Skokie, VRDN (Fashion Square Associates) 3.50% (LOC; Bankers Trust)
(a,b)................................................................................ 1,000,000 1,000,000
West Chicago, IDR, VRDN (Acme Printing Ink Project) 3.375% (LOC; Bank of Tokyo)
(a,b)................................................................................ 2,000,000 2,000,000
- -------------------------------------------------------------------------------------
INDIANA--1.4%
Indiana Bond Bank Advance Education Funding Program, Tax Exempt Notes
3.15%, Series A-2, 1/18/94......................................................... 5,000,000 5,000,906
- -------------------------------------------------------------------------------------
KENTUCKY--6.9%
Boone County, IDR, VRDN (Curtin Matheson Science) 3.35%, (LOC; Barclays Bank)
(a,b)................................................................................ 1,500,000 1,500,000
Daviess County, Solid Waste Disposal Facility Revenue, VRDN (Scott Paper C. Project)
4.25% (LOC; Morgan Guaranty Trust) (a,b)........................................... 11,800,000 11,800,000
Georgetown, Public Project Revenue, VRDN 3.50% (LOC; Bank of Tokyo) (a,b)............ 80,000 80,000
Kentucky Association of Counties Reinsurance Trust, Revenue, VRDN
3.60% (LOC; Hong Kong Shanghai Bank) (a,b)......................................... 5,300,000 5,300,000
Kentucky Housing Corp., HR, Bonds 2.80%, Series E, 10/27/94.......................... 6,300,000 6,300,000
- -------------------------------------------------------------------------------------
MASSACHUSETTS--4.2%
Commonwealth of Massachusetts, GO Notes 3.40%, 11/22/94.............................. 15,000,000 15,110,408
- -------------------------------------------------------------------------------------
MICHIGAN--.5%
Michigan Higher Education Student Loan Authority, Revenue, VRDN 3.30%, Series XII-F
(Insured; AMBAC and Liquidity Agreement; Sumitomo Bank) (a)........................ 2,000,000 2,000,000
- -------------------------------------------------------------------------------------
MINNESOTA--.9%
Minnesota Housing Finance Agency, Single Family Mortgage 2.60%, Series D, 1/12/95
(LOC; Societe Generale) (b)........................................................ 3,325,000 3,325,000
- -------------------------------------------------------------------------------------
MISSOURI--2.1%
Mexico Industrial Development Authority, Industrial Revenue, VRDN
(Optec DD USA Inc. Project) 3.275% (LOC; Industrial Bank of Japan) (a,b)........... 1,000,000 1,000,000
Missouri Higher Education Loan Authority, Student Loan Revenue, Refunding, VRDN
3.15%, Series B (Insured; MBIA and Liquidity Facility;
Internationale Nederlanden Bank) (a)............................................... 6,500,000 6,500,000
- -------------------------------------------------------------------------------------
NEW YORK--9.6%
City of New York:
RAN 3.50%, Series B, 6/30/94....................................................... 9,000,000 9,026,330
TAN 3.125%, Series A, 4/8/94....................................................... 10,000,000 10,013,555
Suffolk County, TAN 3%, 9/15/94 (LOC; Chemical Bank) (b)............................. 16,000,000 16,016,425
</TABLE>
<PAGE>
- --------------------------------------------------------------------------------
DREYFUS MUNICIPAL CASH MANAGEMENT PLUS
STATEMENT OF INVESTMENTS (CONTINUED) DECEMBER 31, 1993
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------- PRINCIPAL
TAX EXEMPT INVESTMENTS--(CONTINUED) AMOUNT VALUE
------------ ------------
<S> <C> <C>
- -------------------------------------------------------------------------------------
NORTH CAROLINA--.6%
Craven County Industrial Facilities and Pollution Control Financing Authority,
VRDN (Craven Wood Energy) 4.50%, Series A (LOC; Mitsubishi Bank) (a,b)............. $ 2,300,000 $ 2,300,000
- -------------------------------------------------------------------------------------
OHIO--5.4%
Montgomery County, IDR, VRDN (Modern Industrial Plastic Project)
3.375% (LOC; Industrial Bank of Japan) (a,b)....................................... 1,000,000 1,000,000
Ohio Housing Finance Authority, SFMR 2.95%, Series A-2, 6/1/94
(GIC; Goldman, Sachs and Co.)...................................................... 5,000,000 5,000,000
Piqua, IDR, VRDN (Berwick Steel Co. Project) 3.40%, (LOC; Sanwa Bank) (a,b).......... 3,000,000 3,000,000
Student Loan Funding Corp., Student Loan Revenue:
2.90%, Series A, 7/1/94 (LOC; Fuji Bank) (b)....................................... 9,500,000 9,500,000
VRDN 3.40%, Series B-1 (LOC; Sumitomo Bank) (a,b).................................. 1,000,000 1,000,000
- -------------------------------------------------------------------------------------
OKLAHOMA--1.6%
Tulsa Industrial Authority, HR, VRDN (Hillcrest Medical Center Project)
3% (LOC; Sumitomo Bank) (a,b)...................................................... 5,700,000 5,700,000
- -------------------------------------------------------------------------------------
OREGON--.5%
State of Oregon, EDR, VRDN (Jae Oregon Inc. Proj.)
3.375% (LOC; Bank of Tokyo) (a,b).................................................. 2,000,000 2,000,000
- -------------------------------------------------------------------------------------
PENNSYLVANIA--10.9%
Cambria County Hospital Development Authority, HR (Mercy Johnstown Hospital)
2.50%, 3/1/94 (LOC; Bank of Tokyo) (b)............................................. 4,000,000 4,000,000
Cambria County Industrial Development Authority, RRR, VRDN (Cambria Cogen Project)
3.25%, Series V-2 (LOC; Fuji Bank) (a,b)........................................... 1,000,000 1,000,000
Carbon County Industrial Development Authority, RRR, CP (Panther Creek Partners
Project)
2.35%, Series A, 3/8/94 (LOC; National Westminster Bank) (b)....................... 30,000,000 30,000,000
Upper Allegheny Joint Sanitary Authority, Electric Revenue (Allegheny Valley North)
2.85%, 7/15/94 (GIC; American International Group)................................. 4,750,000 4,750,000
- -------------------------------------------------------------------------------------
TENNESSEE--1.1%
Metropolitan Government Nashville and Davidson County Health and Education
Facilities Board, Revenue (Vanderbilt University) 2.60%, Series A, 1/15/94......... 4,000,000 4,000,000
- -------------------------------------------------------------------------------------
TEXAS--12.4%
Brazos Higher Education Authority Inc., Student Loan Revenue
2.80%, Series B-1, 6/1/94 (LOC; Sallie Mae) (b).................................... 5,000,000 5,000,000
Greater East Texas Higher Education Authority Inc., Student Loan Revenue
(Senior Lein):
2.75%, Series A, 5/1/94 (LOC; Sallie Mae) (b).................................... 4,500,000 4,500,000
Refunding 2.75%, Series B, 5/1/94 (LOC; Sallie Mae) (b).......................... 3,000,000 3,000,000
</TABLE>
<PAGE>
- --------------------------------------------------------------------------------
DREYFUS MUNICIPAL CASH MANAGEMENT PLUS
STATEMENT OF INVESTMENTS (CONTINUED) DECEMBER 31, 1993
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------- PRINCIPAL
TAX EXEMPT INVESTMENTS--(CONTINUED) AMOUNT VALUE
------------ ------------
<S> <C> <C>
- -------------------------------------------------------------------------------------
TEXAS (CONTINUED)
Harris County, VRDN (Toll Road Unlimited Tax-Sublien):
3%, Series D (SBPA; Sumitomo Bank) (a)............................................. $ 8,000,000 $ 8,000,000
3%, Series E (SBPA; Sumitomo Bank) (a)............................................. 10,000,000 10,000,000
Houston Health Facilities Development Corp., HR, VRDN
4.50% (SBPA: Methodist Hospital and Morgan Guaranty Trust) (a)..................... 12,300,000 12,300,000
San Antonio Housing Finance Corp., MFHR, VRDN (Sunrise Apartments Project)
3.30% (LOC; Swiss Bank Corp.) (a,b)................................................ 2,500,000 2,500,000
- -------------------------------------------------------------------------------------
VERMONT--1.2%
Vermont Industrial Development Authority, IDR, VRDN (Ryegate Project)
3.60% (LOC; ABN-Amro Bank) (a,b)................................................... 4,300,000 4,300,000
- -------------------------------------------------------------------------------------
VIRGINIA--2.5%
Campbell County Industrial Development Authority, Exempt Facility Revenue, VRDN
(Hadson Power Project) 4.65%, Series 12A (LOC; Barclays Bank) (a,b)................ 2,800,000 2,800,000
Charles City and County Industrial Development Authority, Exempt Facility Revenue,
VRDN (Chambers Development Inc. Project) 3.25% (LOC; North Carolina
National Bank) (a,b)............................................................... 4,700,000 4,700,000
Chesapeake Industrial Development Authority, IDR, VRDN (Sumitomo Mach Co.)
3.40% (LOC; Sumitomo Bank) (a,b)................................................... 1,500,000 1,500,000
- -------------------------------------------------------------------------------------
PUERTO RICO--3.3%
Commonwealth of Puerto Rico, TRAN 3%, 7/29/94........................................ 12,000,000 12,025,419
------------
TOTAL INVESTMENTS (cost $363,910,666)................................................ $363,910,666
------------
------------
</TABLE>
- --------------------------------------------------------------------------------
SUMMARY OF ABBREVIATIONS
<TABLE>
<S> <C> <C> <C>
AMBAC American Municipal Bond Assurance Corporation MBIA Municipal Bond Insurance Association
CP Commercial Paper MFHR Multi-Family Housing Revenue
EDR Economic Development Revenue RAN Revenue Anticipation Notes
FGIC Federal Guaranty Insurance Company RRR Resources Recovery Revenue
GIC Guaranty Investment Contract SBPA Standby Bond Purchase Agreeement
GO General Obligation SFMR Single Family Mortgage Revenue
HR Hospital Revenue TAN Tax Anticipation Notes
IDR Industrial Development Revenue TRAN Tax and Revenue Anticipation Notes
LOC Letter of Credit VRDN Variable Rate Demand Notes
</TABLE>
<PAGE>
- --------------------------------------------------------------------------------
DREYFUS MUNICIPAL CASH MANAGEMENT PLUS
- --------------------------------------------------------------------------------
SUMMARY OF COMBINED RATINGS (UNAUDITED)
<TABLE>
<CAPTION>
PERCENTAGE OF
FITCH (C) OR MOODY'S OR STANDARD & POOR'S VALUE -------------
- ----------- ------------------- ---------------------
<S> <C> <C> <C> <C> <C>
F1+/F1 VMIG1/MIG1, P1 (d) SP1+/SP1, A1+/A1 (d) 98.5%
AAA/AA (e) Aaa/Aa (e) AAA/AA (e) 1.5
--------
100.0%
--------
--------
<FN>
- --------------------------------------------------------------------------------
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 December 31, 1993, 58.22% of the Fund's
net assets are backed by letters of credit issued by domestic banks,
foreign banks and Government agencies.
(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) At December 31, 1993, the Fund had $92,461,699 (25.4% of net assets)
invested in securities whose payment of principal and interest is dependent
upon revenues generated from State/Territory projects.
</TABLE>
See notes to financial statements.
<PAGE>
- --------------------------------------------------------------------------------
DREYFUS MUNICIPAL CASH MANAGEMENT PLUS
- --------------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES DECEMBER 31, 1993
<TABLE>
<S> <C> <C>
ASSETS:
Investments in securities, at value--Note 1(a).......................................... $363,910,666
Cash.................................................................................... 2,067,021
Interest receivable..................................................................... 1,991,231
Prepaid expenses........................................................................ 11,456
------------
367,980,374
LIABILITIES:
Due to The Dreyfus Corporation.......................................................... $ 69,581
Payable for investment securities purchased............................................. 3,326,441 3,396,022
---------- ------------
NET ASSETS at value represented by paid in capital........................................ $364,584,352
------------
------------
Shares of Beneficial Interest Outstanding:
Class A Shares
(unlimited number of $.001 par value shares authorized)............................... 364,583,849
------------
------------
Class B Shares
(unlimited number of $.001 par value shares authorized)............................... 503
------------
------------
NET ASSET VALUE per share:
Class A Shares
($364,583,849 / 364,583,849 shares)................................................. $1.00
-----
-----
Class B Shares
($503 / 503 shares)................................................................. $1.00
-----
-----
</TABLE>
- --------------------------------------------------------------------------------
STATEMENT OF OPERATIONS YEAR ENDED DECEMBER 31, 1993
<TABLE>
<S> <C> <C>
INVESTMENT INCOME:
INTEREST INCOME......................................................................... $ 9,102,487
EXPENSES:
Management fee--Note 2(a)............................................................. $ 699,818
Shareholder servicing costs--Note 2(c)................................................ 88,826
Registration fees..................................................................... 57,402
Custodian fees........................................................................ 41,838
Professional fees..................................................................... 26,895
Prospectus and shareholders' reports.................................................. 8,683
Trustees' fees and expenses--Note 2(d)................................................ 4,913
Miscellaneous......................................................................... 14,296
----------
942,671
Less--reduction in management fee due to
undertakings--Note 2(a)............................................................. 242,853
----------
TOTAL EXPENSES.................................................................... 699,818
------------
INVESTMENT INCOME--NET.................................................................... 8,402,669
NET REALIZED GAIN ON INVESTMENTS--Note 1(b)............................................... 4,545
------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS...................................... $ 8,407,214
------------
------------
</TABLE>
See notes to financial statements.
<PAGE>
- --------------------------------------------------------------------------------
DREYFUS MUNICIPAL CASH MANAGEMENT PLUS
- --------------------------------------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
YEAR ENDED DECEMBER 31,
-------------------------------------
1992 1993
-------------- --------------
<S> <C> <C>
OPERATIONS:
Investment income--net......................................................... $ 7,148,526 $ 8,402,669
Net realized gain on investments............................................... 54,348 4,545
Net unrealized (depreciation) on investments for the year...................... (991) --
-------------- --------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS....................... 7,201,883 8,407,214
-------------- --------------
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income--net:
Class A shares............................................................... (7,148,526) (8,402,666)
Class B shares............................................................... -- (3)
Net realized gain on investments:
Class A shares............................................................... (51,667) (4,545)
Class B shares............................................................... -- --
-------------- --------------
TOTAL DIVIDENDS............................................................ (7,200,193) (8,407,214)
-------------- --------------
BENEFICIAL INTEREST TRANSACTIONS ($1.00 per share):
Net proceeds from shares sold:
Class A shares............................................................... 2,416,796,830 4,389,322,884
Class B shares............................................................... -- 500
Dividends reinvested:
Class A shares............................................................... 5,301,627 6,579,664
Class B shares............................................................... -- 3
Cost of shares redeemed:
Class A shares............................................................... (2,313,768,261) (4,290,735,104)
Class B shares............................................................... -- --
-------------- --------------
INCREASE IN NET ASSETS FROM BENEFICIAL INTEREST TRANSACTIONS............... 108,330,196 105,167,947
-------------- --------------
TOTAL INCREASE IN NET ASSETS............................................. 108,331,886 105,167,947
NET ASSETS:
Beginning of year.............................................................. 151,084,519 259,416,405
-------------- --------------
End of year.................................................................... $ 259,416,405 $ 364,584,352
-------------- --------------
-------------- --------------
</TABLE>
See notes to financial statements.
<PAGE>
- --------------------------------------------------------------------------------
DREYFUS MUNICIPAL CASH MANAGEMENT PLUS
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
Contained below is per share operating performance for a share of
Beneficial Interest outstanding, total investment return, ratios to average net
assets and other supplemental data for each year indicated. This information
has been derived from information provided in the Fund's financial statements.
<TABLE>
<CAPTION>
CLASS B
CLASS A SHARES SHARES
---------------------------------------------- ------------
YEAR ENDED DECEMBER 31, YEAR ENDED
- --------------------------------------------------------- ---------------------------------------------- DECEMBER 31,
PER SHARE DATA: 1990(1) 1991 1992 1993 1993(2)
------- ------- ------- ------- ------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of year..................... $1.0000 $1.0000 $1.0000 $1.0000 $ 1.0000
------- ------- ------- ------- ------------
INVESTMENT OPERATIONS:
Investment income--net................................. .0125 .0465 .0309 .0241 .0053
Net realized and unrealized gain (loss) on
investments............................................ -- -- .0002 -- --
------- ------- ------- ------- ------------
TOTAL FROM INVESTMENT OPERATIONS..................... .0125 .0465 .0311 .0241 .0053
------- ------- ------- ------- ------------
DISTRIBUTIONS:
Dividends from investment income--net.................. (.0125) (.0465) (.0309) (.0241) (.0053)
Dividends from net realized gain on investments........ -- -- (.0002) -- --
------- ------- ------- ------- ------------
TOTAL DISTRIBUTIONS.................................. (.0125) (.0465) (.0311) (.0241) (.0053)
------- ------- ------- ------- ------------
Net asset value, end of year........................... $1.0000 $1.0000 $1.0000 $1.0000 $ 1.0000
------- ------- ------- ------- ------------
------- ------- ------- ------- ------------
5.90%(2) 4.75% 3.16% 2.44% 2.12%(3)
- ---------------------------------------------------------
TOTAL INVESTMENT RETURN
- ---------------------------------------------------------
RATIOS / SUPPLEMENTAL DATA:
Ratio of expenses to average net assets................ .20%(2) .20% .20% .20% .45%(3)
Ratio of net investment income to average net assets... 6.55%(2) 4.54% 3.04% 2.40% 2.14%(3)
Decrease reflected in above expense ratios due to
undertakings
by the Manager (limited to the expense limitation
provision
of the management agreement)........................... 2.30%(2) .33% .10% .07% --
Net Assets, end of year (000's Omitted)................ $22,911 $151,085 $259,416 $364,584 $1
<FN>
- ---------------
(1) From October 15, 1990 (commencement of operations) to December 31, 1990.
(2) From September 30, 1993 (commencement of initial offering) to December 31, 1993.
(3) Annualized.
</TABLE>
See notes to financial statements.
<PAGE>
- --------------------------------------------------------------------------------
DREYFUS MUNICIPAL CASH MANAGEMENT PLUS
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS
NOTE 1--SIGNIFICANT ACCOUNTING POLICIES:
The Fund is registered under the Investment Company Act of 1940 ("Act") as
a diversified open-end management investment company. Dreyfus Service
Corporation ("Distributor") acts as the exclusive distributor of the Fund's
shares, which are sold to the public without a sales load. The Distributor is a
wholly-owned subsidiary of The Dreyfus Corporation ("Manager").
It is the Fund's policy to maintain a continuous net asset value per share
of $1.00; the Fund has adopted certain investment, portfolio valuation and
dividend and distribution policies to enable it to do so.
On July 14, 1993, the Fund's Board of Trustees approved an amendment to
the Fund's Agreement and Declaration of Trust to provide for the issuance of
additional classes of shares of the Fund. The amendment was approved by Fund
shareholders on September 14, 1993. Effective September 30, 1993, existing
Fund shares were classified as Class A shares and an unlimited number of Class
B shares were authorized. The Fund began offering both Class A and Class B
shares on September 30, 1993. 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.
(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 are normally declared and paid
annually, but the Fund may make distributions on a more frequent basis to
comply with the distribution requirements of the Internal Revenue Code. To the
extent that net realized capital gain can be offset by capital loss carryovers,
if any, it is the policy of the Fund not to distribute such gain.
(D) FEDERAL INCOME TAXES: It is the policy of the Fund to continue to
qualify as a regulated investment company, 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.
At December 31, 1993, the cost of investments for Federal income tax
purposes was substantially the same as the cost for financial reporting
purposes (see the Statement of Investments).
NOTE 2--MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES:
(A) Pursuant to a management agreement ("Agreement") with the Manager, the
management fee is computed at the annual rate of .20 of 1% of the average daily
value of the Fund's net assets and is payable monthly.
The Agreement provides for an expense reimbursement from the Manager
should the Fund's aggregate expenses, exclusive of taxes, interest on
borrowings, brokerage and extraordinary expenses, exceed the expense limitation
of any state having jurisdiction over the Fund for any full year. The most
stringent state expense limitation applicable to the Fund presently requires
reimbursement of expenses in any full 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"
<PAGE>
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DREYFUS MUNICIPAL CASH MANAGEMENT PLUS
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NOTES TO FINANCIAL STATEMENTS (CONTINUED)
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) exceeded 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 undertakings, amounted to $242,853 for the period from January 1, 1993
through September 29, 1993.
Commencing September 30, 1993, 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 September 30, 1993, 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 September 30 ,1993 through
December 31, 1993, 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 average daily net assets of Class
A shares 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 year ended December 31, 1993, the Fund was charged an aggregate of
$46,447 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 direct
subsidiary of Mellon Bank, N.A. Closing of this merger is subject to a number
of contingencies, including the receipt of certain regulatory approvals and the
approvals of the stockholders of the Manager and of Mellon. The merger is
expected to occur in mid-1994, but could occur significantly 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.
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DREYFUS MUNICIPAL CASH MANAGEMENT PLUS
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REPORT OF ERNST & YOUNG, INDEPENDENT AUDITORS
SHAREHOLDERS AND BOARD OF TRUSTEES
DREYFUS MUNICIPAL CASH MANAGEMENT PLUS
We have audited the accompanying statement of assets and liabilities of
Dreyfus Municipal Cash Management Plus, including the statement of investments,
as of December 31, 1993, and the related statement of operations for the year
then ended, the statement of changes in net assets for each of the two years in
the period then ended, and financial highlights for each of the years 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. Our procedures included confirmation of securities owned as of
December 31, 1993 by correspondence with the custodian and brokers. 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 Municipal Cash Management Plus. at December 31, 1993, 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 the financial highlights for each
of the indicated years, in conformity with generally accepted accounting
principles.
Ernst & Young
New York, New York
February 4, 1994
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DREYFUS MUNICIPAL CASH MANAGEMENT PLUS
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IMPORTANT TAX INFORMATION (UNAUDITED)
In accordance with Federal tax law, the Fund hereby designates all the
dividends paid from investment incomenet during the calendar year ended
December 31, 1993 as "exempt-interest dividends" (not generally subject to
regular Federal income tax).
<PAGE>
DREYFUS MUNICIPAL CASH
MANAGEMENT PLUS
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. 132AR9312
