LETTER TO SHAREHOLDERS
Dear Shareholder:
We are pleased to provide you with this semi-annual report for Dreyfus
Municipal Cash Management Plus. For the six months ended June 30, 1994, the
annualized yield provided by the Fund's Class A Shares was 2.42%. After
taking into account the effect of compounding, the annualized effective yield
was 2.45%.* Dividends of approximately $.01 per share were paid during the
period. For Class B Shares, these numbers were 2.17%, 2.19% and $.01,
respectively. All income was exempt from Federal income tax.**
At our last reporting, we were keeping a watchful eye on the status of
the U.S. economy, the direction of interest rates and any significant
variation in inflationary indicators. Early in the period, economic numbers
hinted that the nation's growth might be more anemic than anticipated. With
no clear threat of rekindled inflation, the municipal market responded with
strength, providing some of the lowest historic yields in both the bond and
money markets. In a somewhat unusual turn of events, assets of municipal
money market funds increased despite this unprecedented low yield
environment.
In the first half of 1994, however, signs of economic strength began to
emerge along with the specter of a tighter Federal Reserve Board policy.
Through a series of tightening moves between February 4 and May 17, the Fed
signaled its desire to choke off inflationary pressures before they had an
opportunity to build significantly. In a step-by-step process through the
first four months of the year, the Fed inched up the Fed Funds rate by 75
basis points to the 3 3/4% level. The bond market responded with an uneasy
100 basis point rise in rates, with short-term rates moving upward by 50
basis points. The most overt move came on May 17 when the Fed raised both the
discount rate and the Federal Funds rate by 50 basis points, to 3.50% and
4.25%, respectively. The moves appeared to reach a neutral monetary policy,
clearly signalling the end of the Fed's 1993 accommodative stance. At this
point the market responded with relief, feeling that this would be the last
move for a time.
With these earlier changes in the Federal Reserve's monetary stance, the
unease in the markets served to bolster rates in the short-term municipal
market as cash moved into these investments from both equities and bond
funds. Short-term municipal rates increased, but to a lesser degree than
their taxable counterparts. Total net assets of money market funds reached an
all-time high of over $119 billion, which declined once again as the tax
season arrived. Traditionally, money market funds lose assets during this
period as investors tap their money funds to pay income taxes. During this
period, municipal notes continued to provide attractive returns compared to
taxable alternatives. While your Fund's tax exempt yield has remained
attractive, the hike in tax rates which took place last year has made these
returns even more attractive to many investors.
We sorted through the various spring and summer financings which flooded
the market in the last few months to obtain those issues we felt represented
the best values for your portfolio while maintaining our high quality
standards and a high degree of liquidity. In those cases where the spread
between issues subject to the Alternative Minimum Tax (AMT) and non-AMT
securities was wide enough, we made additional commitments to those
attractively trading notes. We will continue to adjust our strategy when neces
sary, to respond to changes in the market, in Federal Reserve policy and to
the proposed changes in the regulations governing tax exempt money market
funds which we have received from the Securities and Exchange Commission. We
will keep you informed in future letters as to the impact of these various
changes on our market and how they will affect our portfolio strategy.
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 Signature Logo)
Richard J. Moynihan
President
July 15, 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.
<TABLE>
<CAPTION>
DREYFUS MUNICIPAL CASH MANAGEMENT PLUS
STATEMENT OF INVESTMENTS JUNE 30, 1994 (UNAUDITED)
PRINCIPAL
TAX EXEMPT INVESTMENTS--100.0% AMOUNT VALUE
-------------- ------------
<S> <C> <C>
ARIZONA--4.4%
Salt Lake County, PCR, Refunding, VRDN (Service Station Holdings Project)
3.50% (Corp. Guaranty; British Petroleum) (a)........................... $ 14,800,000 $ 14,800,000
CALIFORNIA--5.6%
California Pollution Control Financing Authority, RRR, Refunding, VRDN
(Ultra Power Rocklin Project) 3.45%, Series A (LOC; Bank of America) (a,b) 5,000,000 5,000,000
California School Cash Reserve Program Authority 4.50%, Series A, 7/5/95.... 7,000,000 7,050,540
Los Angeles County Metropolitan Transportation Authority, Sales Tax Revenue, Refunding,
VRDN (Property C Second Senior) 2.40%, Series A (Insured; MBIA and SBPA;
IndustrialBank of Japan) (a)............................................ 7,000,000 7,000,000
COLORADO--5.7%
Colorado Student Obligation Bond Authority, Student Loan Revenue, VRDN
2.30%, Series A (LOC; Sumitomo Bank) (a,b).............................. 19,400,000 19,400,000
FLORIDA--.6%
Dade County, Solid Waste IDR, VRDN (Montenay-Dade Ltd. Project)
2.45%, Series A (LOC; Banque Paribas) (a,b)............................. 2,000,000 2,000,000
GEORGIA--2.7%
Municipal Electric Authority, General Resolution 3.05%, Series C, 3/1/95
(SBPA; Morgan Guaranty Trust)........................................... 8,000,000 8,000,000
Rockdale County Development Authority, Industrial Revenue, VRDN
(Liochem Inc. Project) 2.75% (LOC; Sanwa Bank) (a,b).................... 1,000,000 1,000,000
HAWAII--2.1%
Honolulu City and County, MFHR, VRDN (HaleKua Gardens Project)
3.30%, Series A (LOC; Bank of Tokyo) (a,b).............................. 7,222,000 7,222,000
ILLINOIS--3.5%
City of Chicago, GO Notes 3.15%, Series 93B, 10/31/94 (LOC: Dai-Ichi Kangyo
Bank,
Industrial Bank of Japan, Mitsubishi Bank, Sanwa Bank and Sumitomo Bank) (b) 5,000,000 5,000,000
Southwestern Development Authority, SWDR, VRDN (Shell Oil Co. Wood River
Project)
3.10% (Corp. Guaranty; Shell Oil Co.) (a)............................... 4,000,000 4,000,000
Village of Skokie, IDR, VRDN (Fashion Square Associates) 2.75% (LOC; Bankers Trust) (a,b) 1,000,000 1,000,000
West Chicago, IDR, VRDN (Acme Printing Ink Project) 2.625% (LOC; Bank of Tokyo) (a,b) 2,000,000 2,000,000
INDIANA--2.1%
Indiana Bond Bank Advance Education Funding Program, Tax Exempt Notes
3.03%, Series A-2, 1/17/95.............................................. 7,000,000 7,010,423
KENTUCKY--9.7%
Boone County, IDR, VRDN (Curtin Matheson Scientific Project)
2.90%, (LOC; Barclays Bank) (a,b)....................................... 1,500,000 1,500,000
DREYFUS MUNICIPAL CASH MANAGEMENT PLUS
STATEMENT OF INVESTMENTS (CONTINUED) JUNE 30, 1994 (UNAUDITED)
PRINCIPAL
TAX EXEMPT INVESTMENTS (CONTINUED) AMOUNT VALUE
-------------- ------------
KENTUCKY (CONTINUED)
Daviess County, Solid Waste Disposal Facility Revenue, VRDN (Scott Paper Co. Project):
3.10%, Series A (LOC; Morgan Guaranty Trust Co.) (a,b).................. $ 13,800,000 $ 13,800,000
3.15%, Series B (LOC; ABN-Amro Bank) (a,b).............................. 5,800,000 5,800,000
Georgetown, Public Project Revenue, VRDN 2.75% (LOC; Bank of Tokyo) (a,b)... 80,000 80,000
Kentucky Association of Counties Reinsurance Trust, Revenue, VRDN
2.60% (LOC; Hong Kong Shanghai Bank) (a,b).............................. 5,300,000 5,300,000
Kentucky Housing Corp., Housing Revenue, Bonds 2.80%, Series E, 10/27/94.... 6,300,000 6,300,000
MASSACHUSETTS--3.8%
Massachusetts Education Loan Authority, Education Loan Revenue, VRDN
2%, Series A (Insured; FGIC) (a)........................................ 13,000,000 13,000,000
MICHIGAN--5.6%
Michigan Higher Education Student Loan Authority, Revenue, VRDN 2.30%, Series XII-F
(Insured; AMBAC and Liquidity Agreement; Sumitomo Bank) (a)............. 2,000,000 2,000,000
Michigan Housing Development Authority, Rental Housing Revenue, Refunding
3.10%, Series C, 2/28/95 (LOC; Credit Suisse) (b)....................... 7,000,000 7,000,000
Midland County Economic Development Corp., EDR, VRDN
3.60% (Corp. Guaranty; Dow Chemical) (a)................................ 10,100,000 10,100,000
MINNESOTA--1.0%
Minnesota Housing Finance Agency, Single Family Mortgage
2.60%, Series D, 1/12/95 (GIC; Societe Generale)........................ 3,325,000 3,325,000
MISSOURI--2.2%
Mexico Industrial Development Authority, Industrial Revenue, VRDN
(Optec DD USA Inc. Project) 3% (LOC; Industrial Bank of Japan) (a,b).... 1,000,000 1,000,000
Missouri Higher Education Loan Authority, Student Loan Revenue, Refunding, VRDN
2.40%, Series B (Insured; MBIA and Liquidity Facility;
Internationale Nederlanden Bank) (a).................................... 6,500,000 6,500,000
NEW YORK--11.4%
City of New York, GO Notes, VRDN:
3.55%, Series A-6 (LOC; Landesbank) (a,b)............................... 3,700,000 3,700,000
3.60%, Series A-5 (LOC; Krediet) (a,b).................................. 9,285,000 9,285,000
New York City Municipal Water Finance Authority, Water and Sewer System Revenue,
BAN 3.75%, Series A, 12/15/94........................................... 10,000,000 10,039,575
New York State Energy, Research and Development Authority, PCR:
(Lilco Project) 3%, Series B, 3/1/95 (LOC; Deutsche Bank) (b)........... 11,550,000 11,550,000
VRDN (Niagara Mohawk Power Corp.) 3%, Series B (LOC; Toronto-Dominion Bank) (a,b) 4,000,000 4,000,000
NORTH CAROLINA--2.4%
Craven County Industrial Facilities and Pollution Control Financing
Authority,
VRDN (Craven Wood Energy) 3.50%, Series B (LOC; Mitsubishi Bank) (a,b).. 2,300,000 2,300,000
DREYFUS MUNICIPAL CASH MANAGEMENT PLUS
STATEMENT OF INVESTMENTS (CONTINUED) JUNE 30, 1994 (UNAUDITED)
PRINCIPAL
TAX EXEMPT INVESTMENTS (CONTINUED) AMOUNT VALUE
-------------- ------------
NORTH CAROLINA (CONTINUED)
North Carolina Eastern Municipal Power Agency, Power System Revenue, CP
3%, 8/15/94 (LOC; Industrial Bank of Japan) (b)......................... $ 5,975,000 $ 5,975,000
OHIO--4.0%
Montgomery County, IDR, VRDN (Modern Industrial Plastic Project)
2.625% (LOC; Industrial Bank of Japan) (a,b)............................ 1,000,000 1,000,000
Piqua, IDR, VRDN (Berwick Steel Co. Project) 3.125%, (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
OREGON--2.1%
Klamoth Falls, Electric Revenue (Salt Caves Hydroelectric)
3.75%, Series E, 5/2/95 (Escrowed in; U.S. Treasury Bills).............. 5,000,000 5,000,000
State of Oregon, EDR, VRDN (Jae Oregon Inc. Project)
2.625% (LOC; Bank of Tokyo) (a,b)....................................... 2,000,000 2,000,000
PENNSYLVANIA--1.7%
Cambria County Industrial Development Authority, RRR, VRDN (Cambria Cogen Project)
2.40%, Series V-2 (LOC; Fuji Bank) (a,b)................................ 1,000,000 1,000,000
Upper Allegheny Joint Sanitary Authority, Electric Revenue (Allegheny Valley North)
2.85%, Series B, 7/15/94 (GIC; American International Group)............ 4,750,000 4,750,000
TEXAS--18.7%
Brazos River Authority, PCR, Refunding, CP (Texas Utilities Electric Co.)
3.30%, Series A, 8/15/94 (LOC; Canadian Imperial Bank of Commerce) (b).. 13,000,000 13,000,000
Greater East Texas Higher Education Authority Inc., Student Loan Revenue, VRDN:
(Senior Lein) 2.80%, Series A (LOC; Student Loan Marketing Association) (a,b) 4,500,000 4,500,000
2.80%, Series B (LOC; Student Loan Marketing Association) (a,b)......... 3,000,000 3,000,000
Gulf Coast Industrial Development Authority, Marine Terminal Revenue, VRDN
(Amoco Oil Co. Project) 3.10% (Corp. Guaranty; Amoco Credit Corp.) (a).. 9,200,000 9,200,000
Gulf Coast Waste Disposal Authority, PCR, VRDN (Amoco Oil Co. Project)
3.10% (Corp Guaranty; Amoco Credit Corp.) (a)........................... 8,800,000 8,800,000
Harris County, VRDN (Toll Road Unlimited Tax-Sublien)
2.25%, Series B (SBPA; Sumitomo Bank) (a)............................... 11,500,000 11,500,000
Harris County Health Facilities Development Corp., HR, Refunding, VRDN
(Saint Lukes Episcopal Hospital) 3.30%, Series A
(Liquidity Facility; Saint Lukes Hospital) (a).......................... 11,000,000 11,000,000
San Antonio Housing Finance Corp., MFHR, VRDN (Sunrise Apartments Project)
2.35% (LOC; Swiss Bank Corp.) (a,b)..................................... 2,500,000 2,500,000
VERMONT--1.3%
Vermont Industrial Development Authority, IDR, VRDN (Ryegate Project)
2.65% (LOC; ABN-Amro Bank) (a,b)........................................ 4,300,000 4,300,000
DREYFUS MUNICIPAL CASH MANAGEMENT PLUS
STATEMENT OF INVESTMENTS (CONTINUED) JUNE 30, 1994 (UNAUDITED)
PRINCIPAL
TAX EXEMPT INVESTMENTS (CONTINUED) AMOUNT VALUE
-------------- ------------
VIRGINIA--5.0%
Campbell County Industrial Development Authority, Exempt Facility Revenue, VRDN
(Hadson Power Project) 3.50%, 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 Virginia Inc. Project)
3.10% (LOC; North Carolina National Bank) (a,b)......................... 4,700,000 4,700,000
Chesapeake Industrial Development Authority, IDR, VRDN (Sumitomo Mach Co.)
3.125% (LOC; Sumitomo Bank) (a,b)....................................... 1,500,000 1,500,000
Virginia Housing Development Authority, Commonwealth Mortgage
3.10%, Series A, 12/15/94............................................... 8,000,000 8,000,000
WISCONSIN--4.4%
City of Milwaukee, Promissory Notes, RAN 3.50%, Series A, 2/23/95........... 15,000,000 15,047,270
--------------
TOTAL INVESTMENTS (cost $339,134,808)....................................... $339,134,808
==============
</TABLE>
<TABLE>
<CAPTION>
SUMMARY OF ABBREVIATIONS
<S> <C> <S> <C>
AMBAC American Municipal Bond Assurance Corporation LOC Letter of Credit
BAN Bond Anticipation Notes MBIA Municipal Bond Insurance Association
CP Commercial Paper MFHR Multi-Family Housing Revenue
EDR Economic Development Revenue PCR Pollution Control Revenue
FGIC Federal Guaranty Insurance Corporation RAN Revenue Anticipation Notes
GIC Guaranteed Investment Contract RRR Resources Recovery Revenue
GO General Obligation SBPA Standby Bond Purchase Agreement
HR Hospital Revenue SWDR Solid Waste Disposal Revenue
IDR Industrial Development Revenue VRDN Variable Rate Demand Notes
</TABLE>
<TABLE>
<CAPTION>
SUMMARY OF COMBINED RATINGS
FITCH (C) OR MOODY'S OR STANDARD & POOR'S PERCENTAGE OF VALUE
- --------- --------- -------------------- -----------------------
<S> <C> <S> <C>
F1+/F1 VMIG1/MIG1, P1 (d) SP1+/SP1, A1+/A1 (d) 98.9%
AAA/AA (e) Aaa/Aa (e) AAA/AA (e) 1.1
--------
100.0%
======
</TABLE>
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 June 30, 1994, 45.9% 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.
See independent accountants' review report and notes to financial statements.
<TABLE>
<CAPTION>
DREYFUS MUNICIPAL CASH MANAGEMENT PLUS
STATEMENT OF ASSETS AND LIABILITIES JUNE 30, 1994 (UNAUDITED)
ASSETS:
<S> <C> <C>
Investments in securities, at value--Note 1(a).......................... $339,134,808
Cash.................................................................... 28,662,124
Interest receivable..................................................... 1,755,393
Prepaid expenses........................................................ 28,048
--------------
369,580,373
LIABILITIES:
Due to The Dreyfus Corporation.......................................... $ 58,622
Payable for investment securities purchased............................. 7,050,540 7,109,162
------------ --------------
NET ASSETS ................................................................ $362,471,211
=============
REPRESENTED BY:
Paid-in capital......................................................... $362,581,489
Accumulated net realized (loss) on investments.......................... (110,278)
--------------
NET ASSETS at value......................................................... $362,471,211
=============
Shares of Beneficial Interest Outstanding:
Class A Shares
(unlimited number of $.001 par value shares authorized)............... 350,655,943
=============
Class B Shares
(unlimited number of $.001 par value shares authorized)............... 11,925,546
=============
NET ASSET VALUE per share:
Class A Shares
($350,546,230 / 350,655,943 shares)................................... $1.00
=====
Class B Shares
($11,924,981 / 11,925,546 shares)..................................... $1.00
=====
STATEMENT OF OPERATIONS SIX MONTHS ENDED JUNE 30, 1994 (UNAUDITED)
INVESTMENT INCOME:
INTEREST INCOME......................................................... $ 5,018,885
EXPENSES:
Management fee--Note 2(a)............................................. $ 384,794
Distribution fees (Class B shares)_Note 2(b).......................... 8,981
------------
TOTAL EXPENSES.................................................... 393,775
--------------
INVESTMENT INCOME--NET...................................................... 4,625,110
NET REALIZED (LOSS) ON INVESTMENTS--Note 1(b)............................... (110,278)
--------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........................ $ 4,514,832
=============
See independent accountants' review report and notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
DREYFUS MUNICIPAL CASH MANAGEMENT PLUS
STATEMENT OF CHANGES IN NET ASSETS
YEAR ENDED SIX MONTHS ENDED
DECEMBER 31, JUNE 30, 1994
1993 (UNAUDITED)
-------------- -----------------
<S> <C> <C>
OPERATIONS:
Investment income--net.............................................. $ 8,402,669 $ 4,625,110
Net realized gain (loss) on investments............................. 4,545 (110,278)
--------------- -------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS.......... 8,407,214 4,514,832
--------------- -------------
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income--net:
Class A shares.................................................... (8,402,666) (4,545,171)
Class B shares.................................................... (3) (79,939)
Net realized gain on investments:
Class A shares.................................................... (4,545) -----
Class B shares.................................................... ----- -----
--------------- -------------
TOTAL DIVIDENDS............................................... (8,407,214) (4,625,110)
--------------- -------------
BENEFICIAL INTEREST TRANSACTIONS ($1.00 per share):
Net proceeds from shares sold:
Class A shares.................................................... 4,389,322,884 2,539,629,802
Class B shares.................................................... 500 107,272,272
Dividends reinvested:
Class A shares.................................................... 6,579,664 3,681,972
Class B shares.................................................... 3 79,898
Cost of shares redeemed:
Class A shares.................................................... (4,290,735,104) (2,557,239,680)
Class B shares.................................................... ----- (95,427,127)
--------------- -------------
INCREASE (DECREASE) IN NET ASSETS FROM BENEFICIAL INTEREST TRANSACTIONS 105,167,947 (2,002,863)
--------------- -------------
TOTAL INCREASE (DECREASE) IN NET ASSETS..................... 105,167,947 (2,113,141)
NET ASSETS:
Beginning of period................................................. 259,416,405 364,584,352
--------------- -------------
End of period....................................................... $ 364,584,352 $ 362,471,211
--------------- ---------------
See independent accountants' review report and notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
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 period indicated. This
information has been derived from the Fund's financial statements.
CLASS A SHARES CLASS B SHARES
---------------------------------------------------------------- -----------------------------
YEAR ENDED DECEMBER 31, SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED
----------------------------------------------- JUNE 30, 1994 DECEMBER 31, JUNE 30, 1994
PER SHARE DATA: 1990(1) 1991 1992 1993 (UNAUDITED) 1993(2) (UNAUDITED)
------- ------- ------- ------- ----------- ------- -----------
<S> <C> <C> <C> <C> <C> <C> <C>
Net asset value,
beginning of period.. $1.0000 $1.0000 $1.0000 $1.0000 $1.0000 $1.0000 $1.0000
------- ------- ------- ------- ------- ------- -------
INVESTMENT OPERATIONS:
Investment income--net .0125 .0465 .0309 .0241 .0120 .0053 .0108
Net realized and unrealized
gain (loss) on investments -- -- .0002 -- (.0003) -- --
------- ------- ------- ------- ------- ------- -------
TOTAL FROM INVESTMENT
OPERATIONS........... .0125 .0465 .0311 .0241 .0117 .0053 .0108
------- ------- ------- ------- ------- ------- -------
DISTRIBUTIONS:
Dividends from investment
income-net........... (.0125) (.0465) (.0309) (.0241) (.0120) (.0053) (.0108)
Dividends from net realized
gain on investments.. -- -- (.0002) -- -- -- --
------- ------- ------- ------- ------- ------- -------
TOTAL DISTRIBUTIONS.. (.0125) (.0465) (.0311) (.0241) (.0120) (.0053) (.0108)
------- ------- ------- ------- ------- ------- -------
Net asset value,
end of period........ $1.0000 $1.0000 $1.0000 $1.0000 $ .9997 $1.0000 $1.0000
======= ======= ======= ======= ======= ======= =======
TOTAL INVESTMENT
RETURN............... 5.90%(3) 4.75% 3.16% 2.44% 2.44%(3) 2.12%(3) 2.18%(3)
RATIOS/SUPPLEMENTAL
DATA:
Ratio of expenses to average
net assets........... .20%(3) .20% .20% .20% .20%(3) .45%(3) .45%(3)
Ratio of net investment
income to average
net assets........... 6.55%(3) 4.54% 3.04% 2.40% 2.41%(3) 2.14%(3) 2.23%(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%(3) .33% .10% .07% -- -- --
Net Assets, end of period
(000's Omitted)...... $22,911 $151,085 $259,416 $364,584 $350,546 $1 $11,925
- ----------------------------
(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.
See independent accountants' review report and notes to financial statements.
</TABLE>
DREYFUS MUNICIPAL CASH MANAGEMENT PLUS
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
NOTE 1--SIGNIFICANT ACCOUNTING POLICIES:
The Fund is registered under the Investment Company Act of 1940 ("Act")
as a diversified open-end management investment company. Dreyfus Service
Corporation ("Distributor") acts as the 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.
The Fund offers both Class A and Class B shares. 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
carryover, 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 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 taxes.
At June 30, 1994, the cost of investments for Federal income tax purposes
was substantially the same as the cost for financial reporting purposes (see
the Statement of Investments).
NOTE 2--MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES:
(A) Pursuant to a management agreement ("Agreement") with the Manager,
the management fee is computed at the annual rate of .20 of 1% of the average
daily value of the Fund's net assets and is payable monthly.
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" regulations.
DREYFUS MUNICIPAL CASH MANAGEMENT PLUS
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
Currently, due to an undertaking, the Manager, and not the Fund, is
liable for all 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, 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. During the six months ended June 30, 1994,
$8,981 was charged to the Fund, pursuant to the Class B Service Plan.
(C) 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.
(D) On December 5, 1993, the Manager entered into an Agreement and Plan
of Merger (the "Merger Agreement") 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 receipt of certain regulatory approvals and
approvals of the stockholders of the Manager and of Mellon. The merger is
expected to occur in August 1994, but could occur later.
As a result of regulatory requirements and the terms of the Merger
Agreement, the Manager will seek various approvals from the Fund's
stockholders before the completion of the merger. Proxy materials, approved
by the Fund's Board, recently have been mailed to Fund shareholders.
DREYFUS MUNICIPAL CASH MANAGEMENT PLUS
REVIEW REPORT OF ERNST & YOUNG LLP, INDEPENDENT ACCOUNTANTS
SHAREHOLDERS AND BOARD OF TRUSTEES
DREYFUS MUNICIPAL CASH MANAGEMENT PLUS
We have reviewed the accompanying statement of assets and liabilities of
Dreyfus Municipal Cash Management Plus, including the statement of
investments, as of June 30, 1994, and the related statements of operations
and changes in net assets and financial highlights for the six months period
ended June 30, 1994. These financial statements and financial highlights are
the responsibility of the Fund's management.
We conducted our review in accordance with standards established by the
American Institute of Certified Public Accountants. A review of interim
financial information consists principally of applying analytical procedures
to financial data, and making inquiries of persons responsible for financial
and accounting matters. It is substantially less in scope than an audit
conducted in accordance with generally accepted auditing standards, which
will be performed for the full year with the objective of expressing an
opinion regarding the financial statements and financial highlights taken as
a whole. Accordingly, we do not express such an opinion.
Based on our review, we are not aware of any material modifications that
should be made to the interim financial statements and financial highlights
referred to above for them to be in conformity with generally accepted
accounting principles.
We have previously audited, in accordance with generally accepted
auditing standards, the statement of changes in net assets for the year ended
December 31, 1993 and financial highlights for each of the four years in the
period ended December 31, 1993 and in our report dated February 4, 1994, we
expressed an unqualified opinion on such statement of changes in net assets
and financial highlights.
(Ernst & Young LLP Signature Logo)
New York, New York
August 1, 1994
DREYFUS MUNICIPAL CASH
MANAGEMENT PLUS
144 GLENN CURTISS BOULEVARD
UNIONDALE, NY 11556
MANAGER
THE DREYFUS 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. 132/676SA946
DREYFUS
MUNICIPAL
CASH
MANAGEMENT
PLUS
SEMI-ANNUAL REPORT
JUNE 30, 1994
