DREYFUS MUNICIPAL CASH MANAGEMENT PLUS
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-month period ended June 30, 1995,
the annualized yields provided by your Fund were 3.85% for Class A shares and
3.60% for Class B shares. After taking into account the effect of
compounding, the annualized effective yields were 3.92% and 3.66% for Class A
and Class B shares, respectively.* Income dividends of approximately $.019
per share for Class A shares and $.018 per share for Class B shares were paid
during the period; all of this income was exempt from Federal personal income
tax.**
Federal Reserve Board action since our last letter included one
50-basis-point tightening move on February 1, which represented a decrease in
magnitude from previous actions, and then an easing in July. The fact that
the increase was smaller reflected, in part, the belief that some slowing in
the economy had occurred. However, as some economic indicators had continued
to conflict with that sentiment, the argument for a move, even a more
moderate hike, appeared to be in order. Shortly thereafter, economic
indicators supported the view that inflationary pressures had abated enough
to allow for a modest downward adjustment in interest rates. At the July 6,
1995 Federal Open Market Committee meeting, the Federal Reserve Board made a
decision to lower interest rates by 25 basis points, the first time since
September 1992. In anticipation of such a move by the Federal Reserve Board,
and in an effort to lock in attractive yields for a period of time, many
money market fund managers chose to extend the average maturities of their
portfolios.
While market fundamentals do affect the short-term municipal market, the
overriding influence continues to be market technicals (i.e. supply/demand).
Since the rates on those securities in the portfolio that provide the highest
degree of liquidity (1-day and 7-day demand notes) are adjusted on a daily or
weekly basis, your Fund's yield reflects these rapid adjustments and
fluctuates accordingly. Additionally, the entire tax-exempt note market
exhibited significant strength during late June and early July as demand
exceeded supply, and short-term yields on municipal issues dropped
accordingly. More recently, market conditions have begun to stabilize and
yields have returned to more attractive levels. However, over the coming
months, supply and demand conditions could still result in market weakness,
thereby providing additional buying opportunities. This does not rule out
the possibility of another Fed easing before September. Nevertheless, we
would expect the market's technical factors to outweigh the effect of any
further monetary action.
In the wake of the Orange County, California, bankruptcy filing in
December, we continue to use our credit research facilities to locate those
credits which achieve our high internal standards and which provide your Fund
with attractive returns. We have enclosed 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
Director, Municipal Portfolio Management
The Dreyfus Corporation
July 17, 1995
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.
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DREYFUS MUNICIPAL CASH MANAGEMENT PLUS
STATEMENT OF INVESTMENTS JUNE 30, 1995 (UNAUDITED)
PRINCIPAL
TAX EXEMPT INVESTMENTS-100.0% AMOUNT VALUE
--------- --------
<S> <C> <C>
CALIFORNIA-6.0%
California School Cash Reserve Program Authority:
4.50%, Series A, 7/5/95................................................. $ 7,000,000 $ 7,000,554
4.75%, Series A, 7/3/96................................................. 7,000,000 7,067,060
COLORADO-4.9%
Arapahoe County Capital Improvement Trust Fund, Highway Revenue (E-470
Project)
4.45%, Series L, 8/31/95 (LOC; Swiss Bank Corp) (a)..................... 7,000,000 7,000,000
Colorado Student Obligation Bond Authority, Student Loan Revenue, VRDN
4.30%, Series A (LOC; Student Loan Marketing Association) (a,b)......... 4,400,000 4,400,000
FLORIDA-4.4%
Hillsboro County Industrial Development Authority, PCR, Refunding, VRDN
(Tampa Electric Co.) 4.30% (Corp. Guaranty; Tampa Electric Co.) (b)..... 4,700,000 4,700,000
Sunshine Governmental Financing Commission, Revenue, CP
4.10%, 7/13/95 (Liquidity Facility; State Board Administration of Florida) 5,500,000 5,500,000
GEORGIA-.4%
Rockdale County Development Authority, Industrial Revenue, VRDN
(Liochem Inc. Project) 4.50% (LOC; Sanwa Bank) (a,b).................... 1,000,000 1,000,000
HAWAII-3.0%
City and County of Honolulu, MFHR, VRDN (HaleKua Gardens Project)
4.55%, Series A (LOC; Bank of Tokyo) (a,b).............................. 7,071,000 7,071,000
IDAHO-2.2%
State of Idaho, TAN 4.50%, 6/27/96.......................................... 5,000,000 5,032,900
ILLINOIS-11.6%
Chicago O'Hare International Airport, Revenue, VRDN (American Airlines)
4.35%, Series C (LOC; Sanwa Bank) (a,b)................................. 6,400,000 6,400,000
City of Fulton, Solid Waste Disposal Facilities, Revenue (CGE Fulton Project)
4.35%, 9/7/95 (Escrowed in; U.S. Treasury Bills)........................ 8,000,000 8,000,000
Illinois Health Facility Authority, Revenue, VRDN (Resurrection Health Care
System)
4.35% (LOC; Comerica Bank, First Chicago and National Bank of Delaware) (a,b) 10,700,000 10,700,000
West Chicago, IDR, VRDN (Acme Printing Ink Project)
4.375% (LOC; Bank of Tokyo) (a,b)....................................... 2,000,000 2,000,000
IOWA-2.1%
Iowa Finance Authority, SWDR, VRDN (Cedar River Paper Co. Project)
4.45%, Series A (LOC; Swiss Bank Corp.) (a,b)........................... 5,000,000 5,000,000
KENTUCKY-4.0%
Boone County, IDR, VRDN (Curtin Matheson Scientific Project)
4.40% (LOC; Barclays Bank) (a,b)........................................ 1,500,000 1,500,000
City of Danville, Multi City Lease Revenue, CP (Municipal League Pooled
Program)
4.35%, 7/14/95 (LOC; Pittsburgh National Corporation) (a)............... 3,205,000 3,205,000
DREYFUS MUNICIPAL CASH MANAGEMENT PLUS
STATEMENT OF INVESTMENTS (CONTINUED) JUNE 30, 1995 (UNAUDITED)
PRINCIPAL
TAX EXEMPT INVESTMENTS (CONTINUED) AMOUNT VALUE
------- -------
KENTUCKY (CONTINUED)
Daviess County Solid Waste Disposal Facility, Revenue, VRDN (Scott Paper Co.
Project)
4.15%, Series A (LOC; Morgan Guaranty Trust Co.) (a,b).................. $ 4,600,000 $ 4,600,000
Georgetown, Public Project Revenue, VRDN 4.50% (LOC; Bank of Tokyo) (a,b)... 80,000 80,000
LOUISIANA-6.7%
New Orleans Aviation Board, Revenue, VRDN (Passenger Facility Charge
Projects)
4.60% (LOC; Banque Paribas and Canadian Imperial Bank of Commerce) (a,b) 10,000,000 10,000,000
Parish of Plaquemines, Environmental Revenue, VRDN
(British Petroleum Exploration and Oil Project)
4.20% (Corp. Guaranty; British Petroleum) (b)........................... 5,500,000 5,500,000
MASSACHUSETTS-1.5%
Massachusetts Housing Finance Agency, SFHR 4.15%, 6/1/96 (GIC; FGIC)........ 3,600,000 3,600,000
MICHIGAN-11.7%
Michigan Higher Education Student Loan Authority, Revenue, VRDN
4.30%, 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,
VRDN
4.05%, Series C (LOC; Credit Suisse) (a,b).............................. 7,000,000 7,000,000
Michigan Municipal Bond Authority, Revenue 4.75%, Series B, 7/20/95......... 7,000,000 7,002,514
Midland County Economic Development Corp., Economic Development, LOR, VRDN
(Dow Chemical Co. Project) 4.40% (Corp. Guaranty; Dow Chemical Co.) (b). 6,000,000 6,000,000
State of Michigan, GO Notes 5%, 9/29/95..................................... 5,000,000 5,011,376
MINNESOTA-2.8%
Minnesota Housing Finance Agency, Single Family Mortgage
5.25%, Series F, 1/16/96 (GIC; Bayerische Landesbank)................... 6,600,000 6,600,000
MISSOURI-6.0%
Mexico Industrial Development Authority, Industrial Revenue, VRDN
(Optec DD USA Inc. Project) 4.625% (LOC; Industrial Bank of Japan) (a,b) 1,000,000 1,000,000
Missouri Environmental Improvement and Energy Resource Authority, PCR
(Union Electric Co.) 3.25%, Series A, 6/1/96 (LOC; Swiss Bank Corp.) (a) 6,500,000 6,500,000
Missouri Higher Education Loan Authority, Student Loan Revenue, Refunding,
VRDN
4.05%, Series B
(Insured; MBIA and Liquidity Facility; Internationale Nederlanden Bank) (b) 6,500,000 6,500,000
NEW YORK-2.1%
Suffolk County, TAN
5.25%, 8/15/95 (LOC; Westdeutsche Landesbank Girozentrale) (a).......... 5,000,000 5,002,702
NORTH CAROLINA-2.0%
Craven County Industrial Facilities and Pollution Control Financing
Authority,
VRDN (Craven Wood Energy) 4.45%, Series B (LOC; ABN-Amro Bank) (a,b).... 4,600,000 4,600,000
DREYFUS MUNICIPAL CASH MANAGEMENT PLUS
STATEMENT OF INVESTMENTS (CONTINUED) JUNE 30, 1995 (UNAUDITED)
PRINCIPAL
TAX EXEMPT INVESTMENTS (CONTINUED) AMOUNT VALUE
--------- -------
OHIO-1.7%
Montgomery County, IDR, VRDN (Modern Industrial Plastics Project)
4.375% (LOC; Industrial Bank of Japan) (a,b)............................ $ 1,000,000 $ 1,000,000
Piqua, IDR, VRDN (Berwick Steel Co. Project) 4.75%, (LOC; Sanwa Bank) (a,b). 3,000,000 3,000,000
OREGON-.9%
State of Oregon, EDR, VRDN (JAE Oregon Inc. Project)
4.375% (LOC; Bank of Tokyo) (a,b)....................................... 2,000,000 2,000,000
TEXAS-21.5%
Brazos River Harbor Naval District, Harbor Revenue, VRDN
(Dow Chemical Co. Project) 4.20% (Corp. Guaranty; Dow Chemical Co.) (b). 4,000,000 4,000,000
Greater East Texas Higher Education Authority Inc., Student Loan Revenue,
VRDN
4.20%, Series B (LOC; Student Loan Marketing Association) (a,b)......... 13,000,000 13,000,000
Gulf Coast, Industrial Development Authority, SWDR, VRDN
(Citgo Petroleum Corp. Project) 4.20% (LOC; Wachovia Bank of Georgia) (a,b) 4,000,000 4,000,000
Harris County Industrial Development Corp., PCR, VRDN (Exxon Corp. Project)
4.15%, (Corp. Guaranty; Exxon Corp.) (b)................................ 4,100,000 4,100,000
City of Houston, Water and Sewer System Revenue, CP 4.20%, Series A, 8/15/95
(Liquidity Facility; Swiss Bank Corp. and West Deutsche Landesbank)..... 5,000,000 5,000,000
Houston Independent School District, TRAN 4.50%, 8/31/95.................... 5,000,000 5,003,465
San Antonio Housing Finance Corp., MFHR, VRDN (Sunrise Apartments Project)
4.30% (LOC; Swiss Bank Corp.) (a,b)..................................... 2,500,000 2,500,000
State of Texas, TRAN 5%, 8/31/95............................................ 12,600,000 12,606,018
VERMONT-1.9%
Vermont Industrial Development Authority, IDR, VRDN (Ryegate Project)
3.85% (LOC; ABN-Amro Bank) (a,b)........................................ 4,300,000 4,300,000
VIRGINIA-2.6%
Charles City and County Industrial Development Authority, Exempt Facility
Revenue,
VRDN (Chambers Development Virginia Inc. Project)
4.40% (LOC; North Carolina National Bank) (a,b)......................... 4,500,000 4,500,000
Chesapeake Industrial Development Authority, IDR, VRDN (Sumitomo Mach Co.)
4.75% (LOC; Sumitomo Bank) (a,b)........................................ 1,500,000 1,500,000
----------
TOTAL INVESTMENTS (cost $233,082,589)....................................... $233,082,589
============
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DREYFUS MUNICIPAL CASH MANAGEMENT PLUS
SUMMARY OF ABBREVIATIONS
<S> <C> <S> <C>
AMBAC American Municipal Bond Assurance Corporation MBIA Municipal Bond Investors Assurance
CP Commercial Paper Insurance Corporation
EDR Economic Development Revenue MFHR Multi-Family Housing Revenue
FGIC Financial Guaranty Insurance Company PCR Pollution Control Revenue
GIC Guaranteed Investment Contract SFHR Single Family Housing Revenue
GO General Obligation SWDR Solid Waste Disposal Revenue
IDR Industrial Development Revenue TAN Tax Anticipation Notes
LOC Letter of Credit TRAN Tax and Revenue Anticipation Notes
LOR Limited Obligation Revenue VRDN Variable Rate Demand Notes
</TABLE>
<TABLE>
<CAPTION>
SUMMARY OF COMBINED RATINGS (UNAUDITED)
FITCH (C) OR MOODY'S OR STANDARD & POOR'S PERCENTAGE OF VALUE
- ---------- ------- ----------------- -----------------
<S> <C> <S> <C>
F1+/F1 VMIG1/MIG1, P1 (d) SP1+/SP1, A1+/A1 (d) 96.6%
Not Rated (e) Not Rated (e) Not Rated (e) 3.4
-----
100.0%
=====
NOTES TO STATEMENT OF INVESTMENTS:
(a) Secured by letters of credit. At June 30, 1995, 53.9% of the Fund's
net assets are backed by letters of credit issued by domestic banks,
foreign banks and Government agencies.
(b) Securities payable on demand. The interest rate, which is subject to
change, is based upon bank prime rates or an index of market interest
rates.
(c) Fitch currently provides creditworthiness information for a limited
number of investments.
(d) P1 and A1 are the highest ratings assigned tax-exempt commercial
paper by Moody's and Standard & Poor's, respectively.
(e) Securities which, while not rated by Fitch, Moody's or Standard &
Poor's have been determined by the Fund's Board of Trustees to be of
comparable quality to those rated securities in which the Fund may
invest.
See independent accountants' review report and notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
DREYFUS MUNICIPAL CASH MANAGEMENT PLUS
STATEMENT OF ASSETS AND LIABILITIES JUNE 30, 1995 (UNAUDITED)
<S> <C> <C>
ASSETS:
Investments in securities, at value-Note 1(a)........................... $233,082,589
Cash.................................................................... 4,521,182
Interest receivable..................................................... 2,488,343
Prepaid expenses........................................................ 10,282
---------
240,102,396
LIABILITIES:
Due to The Dreyfus Corporation.......................................... $ 39,740
Due to Distributor...................................................... 1,034
Payable for investment securities purchased............................. 12,099,960 12,140,734
---------- -----------
NET ASSETS.................................................................. $227,961,662
===========
REPRESENTED BY:
Paid-in capital......................................................... $228,112,782
Accumulated net realized (loss) on investments.......................... (151,120)
---------
NET ASSETS at value......................................................... $227,961,662
===========
Shares of Beneficial Interest Outstanding:
Class A Shares
(unlimited number of $.001 par value shares authorized)............... 217,911,671
===========
Class B Shares
(unlimited number of $.001 par value shares authorized)............... 10,201,111
===========
NET ASSET VALUE per share:
Class A Shares
($217,762,191 / 217,911,671 shares)................................... $1.00
=====
Class B Shares
($10,199,471 / 10,201,111 shares)..................................... $1.00
=====
STATEMENT OF OPERATIONS SIX MONTHS ENDED JUNE 30, 1995 (UNAUDITED)
INVESTMENT INCOME:
INTEREST INCOME......................................................... $ 4,257,139
EXPENSES:
Management fee-Note 2(a).............................................. $ 210,180
Distribution fees (Class B shares)-Note 2(b).......................... 4,989
------------
TOTAL EXPENSES.................................................... 215,169
------------
INVESTMENT INCOME-NET....................................................... 4,041,970
NET REALIZED (LOSS) ON INVESTMENTS-Note 1(b)................................ (7,262)
------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........................ $ 4,034,708
===========
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, 1995
1994 (UNAUDITED)
--------- ----------
<S> <C> <C>
OPERATIONS:
Investment income-net............................................... $ 8,090,433 $ 4,041,970
Net realized (loss) on investments.................................. (143,858) (7,262)
--------- ---------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS.......... 7,946,575 4,034,708
--------- ---------
DIVIDENDS TO SHAREHOLDERS FROM;
Investment income-net:
Class A shares.................................................... (7,957,559) (3,968,682)
Class B shares.................................................... (132,874) (73,288)
--------- ----------
TOTAL DIVIDENDS............................................... (8,090,433) (4,041,970)
--------- ----------
BENEFICIAL INTEREST TRANSACTIONS ($1.00 per share):
Net proceeds from shares sold:
Class A shares.................................................... 3,749,958,726 1,304,210,166
Class B shares.................................................... 129,706,391 49,754,152
Dividends reinvested:
Class A shares.................................................... 6,736,334 3,732,139
Class B shares.................................................... 124,735 66,675
Cost of shares redeemed:
Class A shares.................................................... (3,928,426,717) (1,282,882,826)
Class B shares.................................................... (128,420,059) (41,031,286)
--------- ----------
INCREASE (DECREASE) IN NET ASSETS FROM BENEFICIAL
INTEREST TRANSACTIONS....................................... (170,320,590) 33,849,020
---------- ----------
TOTAL INCREASE (DECREASE) IN NET ASSETS..................... (170,464,448) 33,841,758
NET ASSETS:
Beginning of period................................................. 364,584,352 194,119,904
---------- ----------
End of period....................................................... $ 194,119,904 $ 227,961,662
============== =============
See independent accountants' review report and notes to financial statements.
</TABLE>
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<CAPTION>
DREYFUS MUNICIPAL CASH MANAGEMENT PLUS
FINANCIAL HIGHLIGHTS
Contained below is per share operating performance data for a share of
Beneficial Interest outstanding, total investment return, ratios to average
net assets and other supplemental data for each period indicated. This
information has been derived from the Fund's financial statements.
CLASS A SHARES CLASS B SHARES
---------------------------------------------------------- -----------------------------
YEAR ENDED SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED
DECEMBER 31, JUNE 30, 1995 DECEMBER 31, JUNE 30, 1995
--------------------------------------------- ------------- ------------ -------------
PER SHARE DATA: 1990(1) 1991 1992 1993 1994 (UNAUDITED) 1993(2) 1994 (UNAUDITED)
----- ---- ----- ---- ---- --------- ------ ------ ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Net asset value,
beginning of period... $1.0000 $1.0000 $1.0000 $1.0000 $1.0000 $ .9993 $1.0000 $1.0000 $ .9990
------ ------ ------ ------ ------ ------ ------ ------ ------
INVESTMENT OPERATIONS:
Investment income-net... .0125 .0465 .0309 .0241 .0273 .0191 .0053 .0248 .0179
Net realized and unrealized gain
(loss) on investments. -- -- .0002 -- (.0007) -- -- (.0010) .0008
------ ------ ------ ------ ------ ------ ------ ------ ------
TOTAL FROM INVESTMENT
OPERATIONS........ .0125 .0465 .0311 .0241 .0266 .0191 .0053 .0238 .0187
------ ------ ------ ------ ------ ------ ------ ------ ------
DISTRIBUTIONS:
Dividends from investment
income-net............ (.0125) (.0465) (.0309) (.0241) (.0273) (.0191) (.0053) (.0248) (.0179)
Dividends from net realized
gain on investments... -- -- (.0002) -- -- -- -- -- --
------ ------ ------ ------ ------ ------ ------ ------ ------
TOTAL DISTRIBUTIONS... (.0125) (.0465) (.0311) (.0241) (.0273) (.0191) (.0053) (.0248) (.0179)
------ ------ ------ ------ ------ ------ ------ ------ ------
Net asset value, end of period $1.0000 $1.0000 $1.0000 $1.0000 $ .9993 $ .9993 $1.0000 $ .9990 $ .9998
===== ===== ===== ====== ===== ===== ====== ===== ======
TOTAL INVESTMENT RETURN..... 5.90%(3) 4.75% 3.16% 2.44% 2.76% 3.89%(3) 2.12%(3) 2.51%3 .63%(3)
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average
net assets............ .20%(3) .20% .20% .20% .20% .20%(3) .45%(3) .45% .45%(3)
Ratio of net investment income
to average net assets. 6.55%(3) 4.54% 3.04% 2.40% 2.62% 3.85%(3) 2.14%(3) 2.43% 3.67%(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 $192,710 $217,762 $ 1 $1,410 $10,199
(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. Premier Mutual Fund Services, Inc. (the "Distributor") acts as the
distributor of the Fund's shares, which are sold to the public without a
sales load. The Distributor, located at One Exchange Place, Boston,
Massachusetts 02109, is a wholly-owned subsidiary of FDI Distribution
Services, Inc., a provider of mutual fund administration services, which in
turn is a wholly-owned subsidiary of FDI Holdings, Inc., the parent company
of which is Boston Institutional Group, Inc. The Dreyfus Corporation
("Manager") serves as the Fund's investment adviser. The Manager is a direct
subsidiary of Mellon Bank, N.A.
It is the Fund's policy to maintain a continuous net asset value per
share of $1.00; the Fund has adopted certain investment, portfolio valuation
and dividend and distribution policies to enable it to do so. There is no
assurance, however, that the Fund will be able to maintain a stable net asset
value of $1.00.
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 original issue discounts on investments, is
earned from settlement date and recognized on the accrual basis. Realized
gain and loss from securities transactions are recorded on the identified
cost basis.
(C) DIVIDENDS TO SHAREHOLDERS: It is the policy of the Fund to declare
dividends daily from investment income-net. Such dividends are paid monthly.
Dividends from net realized capital gain, if any, are normally declared and
paid annually, but the Fund may make distributions on a more frequent basis
to comply with the distribution requirements of the Internal Revenue Code. To
the extent that net realized capital gain can be offset by capital loss
carryovers, it is the policy of the Fund not to distribute such gain.
(D) FEDERAL INCOME TAXES: It is the policy of the Fund to continue to
qualify as a regulated investment company, which can distribute tax exempt
dividends, by complying with the applicable provisions of the Internal
Revenue Code, and to make distributions of income and net realized capital
gain sufficient to relieve it from substantially all Federal income and
excise taxes.
The Fund has an unused capital loss carryover of approximately $144,000
available for Federal income tax purposes to be applied against future net
securities profits, if any, realized subsequent to December 31, 1994. If not
applied, the carryover expires in fiscal 2002.
At June 30, 1995, the cost of investments for Federal income tax purposes
was substantially the same as the cost for financial reporting purposes (see
the Statement of Investments).
DREYFUS MUNICIPAL CASH MANAGEMENT PLUS
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
NOTE 2-MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES:
(A) Pursuant to a management agreement ("Agreement") with the Manager,
the management fee is computed at the annual rate of .20 of 1% of the average
daily value of the Fund's net assets and is payable monthly.
The Agreement provides for an expense reimbursement from the Manager
should the Fund's aggregate expenses, exclusive of taxes, 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.
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 (a) reimburses the Distributor for
distributing the Fund's Class B shares and (b) pays the Manager and Dreyfus
Service Corporation, a wholly-owned subsidiary of the Manager, and their
affiliates (collectively "Dreyfus") for advertising and marketing relating to
the Fund's Class B shares and for providing certain services relating to
Class B 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 ("Servicing"), at an
aggregate annual rate of .25 of 1% of the value of the Fund's average daily
net assets. Both the Distributor and Dreyfus may pay one or more Service
Agents a fee in respect of the Fund's Class B shares owned by the
shareholders with whom the Service Agent has a Servicing relationship or for
whom the Service Agent is the dealer or holder of record. Both the
Distributor and Dreyfus determine the amounts, if any, to be paid to the
Service Agents under the plan and the basis on which such payments are made.
The fees payable under the Plan are payable without regard to actual expenses
incurred. During the six months ended June 30, 1995, $4,989 was charged to
the Fund pursuant to the Class B Service Plan.
(C) Each trustee who is not an "affiliated person" as defined in the Act
receives an annual fee of $3,000 and an attendance fee of $500 per meeting.
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, 1995, and the related statements of operations
and changes in net assets and financial highlights for the six month period
ended June 30, 1995. 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 accepting
auditing standards, the statement of changes in net assets for the year ended
December 31, 1994 and financial highlights for each of the five years in the
period ended December 31, 1994 and in our report dated February 6, 1995, we
expressed an unqualified opinion on such statement of changes in net assets
and financial highlights.
[Ernst and Young LLP signature logo]
New York, New York
August 2, 1995
[Dreyfus lion "d" logo]
DREYFUS MUNICIPAL CASH
MANAGEMENT PLUS
200 PARK AVENUE
NEW YORK, NY 10166
MANAGER
THE DREYFUS CORPORATION
200 PARK AVENUE
NEW YORK, NY 10166
CUSTODIAN
THE BANK OF NEW YORK
90 WASHINGTON STREET
NEW YORK, NY 10286
TRANSFER AGENT &
DIVIDEND DISBURSING AGENT
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. 132/676SA956
[Dreyfus lion logo]
DREYFUS
MUNICIPAL
CASH
MANAGEMENT
PLUS
SEMI-ANNUAL REPORT
JUNE 30, 1995
