N-Q 1 lp1.htm FORM N-Q lp1.htm - Generated by SEC Publisher for SEC Filing

 

 

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT
INVESTMENT COMPANY

Investment Company Act file number

811-06172

 

 

 

Dreyfus Municipal Cash Management Plus

 

 

(Exact name of Registrant as specified in charter)

 

 

 

 

 

 

c/o The Dreyfus Corporation

200 Park Avenue

New York, New York 10166

 

 

(Address of principal executive offices) (Zip code)

 

 

 

 

 

Bennett A. MacDougall, Esq.

200 Park Avenue

New York, New York 10166

 

 

(Name and address of agent for service)

 

 

Registrant's telephone number, including area code:

(212) 922-6000

 

 

Date of fiscal year end:

 

1/31

 

Date of reporting period:

10/31/15

 

             

 


 

 

FORM N-Q

Item 1.                        Schedule of Investments.

                       


 

STATEMENT OF INVESTMENTS           
Dreyfus Municipal Cash Management Plus           
October 31, 2015 (Unaudited)           
 
  Coupon  Maturity  Principal    
Short-Term Investments--100.5%  Rate (%)  Date  Amount ($)   Value ($) 
Alabama--.7%           
Mobile County Industrial           
Development Authority, Gulf           
Opportunity Zone Revenue (SSAB           
Alabama Inc.) (LOC; Swedbank)   0.03 11/7/15  2,000,000 a  2,000,000 
 
Arizona--.5%           
Tucson,           
Senior Lien Street and Highway           
User Revenue, Refunding   3.00 7/1/16  1,500,000   1,525,313 
 
Colorado--.6%           
Lafayette, Exempla Improvement           
District, Special Improvement           
District Number 02-01, Special           
Assessment and Improvement           
Revenue, Refunding (LOC; Wells           
Fargo Bank)   0.05  11/7/15  1,725,000 a  1,725,000 
 
Connecticut--1.6%           
Connecticut Health and Educational           
Facilities Authority, Revenue           
(Connecticut State University           
System Issue)   5.00  11/1/15  1,305,000   1,305,170 
Connecticut Health and Educational           
Facilities Authority, Revenue           
(Yale University Issue)   0.01  11/2/15  2,285,000 a  2,285,000 
Farmington,           
GO Notes, BAN   2.00  11/18/15  725,000   725,587 
Plainville,           
GO Notes, BAN   2.00  5/18/16  500,000   504,631 

 


 

Delaware--.1%         
Delaware,         
GO Notes  3.63  3/1/16  300,000  303,309 
 
District of Columbia--1.3%         
Metropolitan Washington Airports         
Authority, Dulles Toll Road         
Revenue, CP (LOC; JPMorgan         
Chase Bank)  0.07  11/5/15  4,000,000  4,000,000 
 
Florida--7.1%         
Branch Banking and Trust Co.         
Municipal Trust (Series 2042)         
(Collier County School Board,         
COP, Refunding (Master         
Lease-Purchase Agreement))         
(Liquidity Facility; Branch         
Banking and Trust Co. and LOC;         
Branch Banking and Trust Co.)  0.05  11/7/15  4,800,000 a,b,c  4,800,000 
Collier County Health Facilities         
Authority, Revenue, CP         
(Cleveland Clinic Health         
System)  0.18  12/10/15  2,000,000  2,000,000 
Gainesville,         
Utility System Revenue, CP         
(Liquidity Facility;         
Bayerische Landesbank)  0.07  11/10/15  1,915,000  1,915,000 
Jacksonville Electric Authority,         
Electric System Revenue, CP         
(Liquidity Facility; U.S. Bank         
NA)  0.04  11/12/15  4,500,000  4,500,000 
Jacksonville Electric Authority         
Electric System Revenue, CP         
(Liquidity Facility; U.S. Bank         
NA)  0.03  11/24/15  4,800,000  4,800,000 
Jacksonville Electric Authority,         
Water and Sewer System         
Subordinated Revenue         

 


 

(Liquidity Facility; State           
Street Bank and Trust Co.)  0.02  11/7/15  3,350,000 a  3,350,000 
 
Illinois--1.7%           
DuPage County,           
Revenue (The Morton Arboretum           
Project) (LOC; Northern Trust           
Company)  0.02  11/7/15  5,000,000 a  5,000,000 
 
Indiana--.6%           
Indianapolis Local Public           
Improvement Bond Bank, Revenue  1.00  1/1/16  1,675,000   1,677,261 
 
Iowa--1.4%           
Iowa Finance Authority,           
Revenue (YMCA and           
Rehabilitation Center Project)           
(LOC; Bank of America)  0.03  11/7/15  4,085,000 a  4,085,000 
 
Louisiana--1.3%           
Louisiana Public Facilities           
Authority, Revenue (Air           
Products and Chemicals Project)  0.01  11/2/15  4,000,000 a  4,000,000 
 
Maryland--2.9%           
Maryland,           
GO Notes (State and Local           
Facilities Loan)  5.00  3/1/16  2,000,000   2,031,186 
Maryland,           
GO Notes (State and Local           
Facilities Loan)  3.50  3/15/16  1,610,000   1,629,343 
Maryland Department of           
Transportation, Consolidated           
Transportation Revenue  4.25  2/15/16  975,000   986,487 
Montgomery County,           
CP (Liquidity Facility;           
JPMorgan Chase Bank)  0.04  11/10/15  4,000,000   4,000,000 

 


 

Massachusetts--.7%           
Massachusetts Health and           
Educational Facilities           
Authority, Revenue (Baystate           
Medical Center Issue) (LOC;           
Wells Fargo Bank)  0.01  11/2/15  2,000,000 a  2,000,000 
 
Michigan--.9%           
Pittsfield Township Economic           
Development Corporation, LOR,           
Refunding (Arbor Project)           
(LOC; Comerica Bank)  0.06  11/7/15  2,775,000 a  2,775,000 
 
Minnesota--.9%           
Metropolitan Council           
(Minneapolis-Saint Paul           
Metropolitan Area) GO Park           
Notes  5.00  3/1/16  1,450,000   1,472,733 
Minnesota Rural Water Finance           
Authority, Public Projects           
Construction Notes  1.00  12/1/15  1,250,000   1,250,836 
 
Mississippi--2.7%           
Mississippi Business Finance           
Corporation, Gulf Opportunity           
Zone IDR (Chevron U.S.A. Inc.           
Project)  0.01  11/2/15  4,700,000 a  4,700,000 
Mississippi Business Finance           
Corporation, Gulf Opportunity           
Zone IDR (Chevron U.S.A. Inc.           
Project)  0.01  11/2/15  3,400,000 a  3,400,000 
 
Missouri--.7%           
Missouri Health and Educational           
Facilities Authority, Revenue           
(Ascension Health Senior           
Health Group)  0.01  11/7/15  2,100,000 a  2,100,000 

 


 

New Hampshire--4.1%           
New Hampshire Health and Education           
Facilities Authority, Revenue           
(University System of New           
Hampshire Issue) (Liquidity           
Facility; U.S. Bank NA)  0.02  11/2/15  6,500,000 a  6,500,000 
New Hampshire Health and Education           
Facilities Authority, Revenue           
(University System of New           
Hampshire Issue) (Liquidity           
Facility; Wells Fargo Bank)  0.02  11/2/15  5,800,000 a  5,800,000 
 
New Jersey--2.3%           
Jersey City,           
GO Notes (BAN, Real Property           
Tax Appeal Notes and Special           
Emergency Notes)  1.00  12/11/15  2,000,000   2,001,074 
Monmouth County Improvement           
Authority, Governmental Pooled           
Loan Revenue  3.00  12/1/15  450,000   451,038 
New Brunswick,           
GO Notes, BAN  2.00  6/8/16  2,881,000   2,905,085 
Pennsauken Township,           
GO Notes, BAN  1.00  6/23/16  1,536,000   1,539,422 
 
New York--9.2%           
Metropolitan Transportation           
Authority, Dedicated Tax Fund,           
BAN  0.75  6/1/16  2,000,000   2,006,034 
Metropolitan Transportation           
Authority, Transportation           
Revenue, BAN  1.00  3/1/16  5,000,000   5,010,866 
Monroe County Industrial           
Development Agency, Revenue           
(HDF-RWC Project 1, LLC -           
Robert Weslayan College           
Project) (LOC; M&T Trust)  0.06  11/7/15  2,600,000 a  2,600,000 
New York City Transitional Finance           

 


 

Authority, Future Tax Secured           
Subordinate Revenue  5.00  11/1/15  150,000   150,019 
New York City Transitional Finance           
Authority, Future Tax Secured           
Subordinate Revenue (SBPA;           
Royal Bank of Canada)  0.01  11/2/15  3,000,000 a  3,000,000 
New York State Dormitory           
Authority, Revenue (The           
Rockefeller University)           
(Liquidity Facility; JPMorgan           
Chase Bank)  0.01  11/7/15  15,000,000 a  15,000,000 
 
North Carolina--1.0%           
North Carolina Capital Facilities           
Finance Agency, CP (Duke           
University Project)  0.06  12/10/15  3,000,000   3,000,000 
 
North Dakota--.5%           
North Dakota Rural Water Finance           
Corporation, Public Projects           
Construction Notes  1.00  4/1/16  1,500,000   1,504,348 
 
Ohio--1.9%           
Cincinnati City School District           
Board of Education, GO Notes,           
Refunding (Classroom           
Facilities Construction and           
Improvement)  5.00  12/1/15  1,970,000   1,977,639 
Montgomery County,           
Revenue (Miami Valley           
Hospital) (Liquidity Facility;           
Wells Fargo Bank)  0.01  11/2/15  1,200,000 a  1,200,000 
Union Township           
GO Notes, BAN (Various Purpose)  1.50  9/8/16  2,500,000   2,520,130 
 
Oregon--.4%           
Oregon Department of           
Transportation, Highway User           

 


 

Tax Senior Lien Revenue  5.00  11/15/15  1,210,000   1,212,401 
 
Pennsylvania--2.3%           
Philadelphia Authority for           
Industrial Development,           
Revenue (The Philadelphia           
Protestant Home Project) (LOC;           
Bank of America)  0.11  11/7/15  7,010,000 a  7,010,000 
 
South Carolina--5.9%           
Beaufort County,           
GO Notes  5.00  3/1/16  465,000   472,243 
Columbia,           
Waterworks and Sewer System           
Revenue (LOC; Sumitomo Mitsui           
Banking Corp.)  0.01  11/7/15  10,000,000 a  10,000,000 
Oconee County School District,           
GO Notes  5.00  3/1/16  1,235,000   1,254,562 
South Carolina Association of           
Governmental Organizations, COP  1.50  4/14/16  6,000,000   6,035,121 
 
Tennessee--8.9%           
Blount County Public Building           
Authority, Local Government           
Public Improvement Revenue           
(Liquidity Facility; Branch           
Banking and Trust Co.)  0.02  11/7/15  5,375,000 a  5,375,000 
Clarksville Public Building           
Authority, Pooled Financing           
Revenue (Tennessee Municipal           
Bond Fund) (LOC; Bank of           
America)  0.06  11/7/15  7,300,000 a  7,300,000 
Memphis Regional Authority,           
CP (Liquidity Facility; Mizuho           
Bank, Ltd.)  0.04  11/17/15  4,000,000   4,000,000 
Sevier County Public Building           
Authority, Local Government           
Public Improvement Revenue           

 


 

(LOC; Bank of America)  0.01  11/7/15  10,000,000 a  10,000,000 
 
Texas--26.4%           
Conroe Independent School           
District, GO Notes, Refunding  3.00  2/15/16  1,340,000   1,351,056 
Cypress-Fairbanks Independent           
School District, GO Notes,           
Refunding (LOC; Permanent           
School Fund Guarantee Program)  2.00  2/15/16  1,130,000   1,135,074 
Dallas County Community College           
District, GO Notes  5.00  2/15/16  430,000   435,810 
Dallas Independent School           
District, Unlimited Tax School           
Building Bonds (LOC; Permament           
School Fund Guarantee Program)  5.25  2/15/16  500,000   507,308 
Dripping Springs Independent           
School District, GO Notes,           
Refunding  2.00  2/15/16  1,290,000   1,296,882 
El Paso County,           
Water and Sewer Revenue, CP           
(Liquidity Facility; Bank of           
America)  0.05  11/30/15  5,000,000   5,000,000 
El Paso Independent School           
District, Unlimited Tax School           
Building Bonds (Liquidity           
Facility; JPMorgan Chase Bank           
and LOC; Permanent School Fund           
Guarantee Program)  0.10  11/19/15  2,000,000   2,000,000 
Gulf Coast Industrial Development           
Authority, Revenue (ExxonMobil           
Project)  0.01  11/2/15  12,100,000 a  12,100,000 
Harris County Health Facilities           
Development Corporation,           
Revenue, Refunding (The           
Methodist Hospital System)  0.01  11/2/15  11,750,000 a  11,750,000 
Houston,           
CP (Liquidity Facility; Mizuho           
Bank, Ltd.)  0.04  11/5/15  5,000,000   5,000,000 

 


 

Houston,           
GO Notes, Refunding (Public           
Improvement Bonds)  5.00  3/1/16  2,000,000   2,031,044 
Liberty Independent School           
District, GO Notes (LOC;           
Permanent School Fund           
Guarantee Program)  5.00  2/15/16  395,000   400,241 
Northwest Independent School           
District, GO Notes, Refunding           
(LOC; Permanent School Fund           
Guarantee Program)  1.50  2/15/16  1,380,000   1,384,444 
RBC Municipal Products Inc. Trust           
(Series E-27) (Harris County           
Health Facilities Development           
Corporation, HR, Refunding           
(Memorial Hermann Healthcare           
System)) (Liquidity Facility;           
Royal Bank of Canada and LOC;           
Royal Bank of Canada)  0.02  11/7/15  15,000,000   a,b,c 15,000,000 
San Antonio,           
Electric and Gas Systems           
Junior Lien Revenue, Refunding  5.00  2/1/16  1,885,000   1,907,748 
San Antonio,           
Electric and Gas Systems           
Revenue, Refunding  5.00  2/1/16  400,000   404,745 
Sherman Independent School           
District, GO Notes, Refunding  3.00  2/15/16  400,000   403,122 
Texas Transportation Commission,           
GO Mobility Fund Bonds           
(Liquidity Facility:           
California Public Employees           
Retirement System and State           
Street Bank and Trust Co.)  0.01  11/7/15  14,000,000 a  14,000,000 
Tyler Independent School District,           
GO Notes (LOC; Permanent School           
Fund Guarantee Program)  5.00  2/15/16  1,000,000   1,013,959 
University of North Texas,           
University Financing System           

 


 

Revenue, CP  0.06  11/19/15  1,457,000   1,457,000 
University of Texas System Board           
of Regents, Permanent           
University Fund Bonds  0.01  11/7/15  1,100,000 a  1,100,000 
 
Utah--2.7%           
Murray City,           
HR (Intermountain Health Care           
Health Services, Inc.)  0.01  11/2/15  8,100,000 a  8,100,000 
 
Vermont--.7%           
Vermont Municipal Bond Bank,           
Revenue  3.00  12/1/15  2,115,000   2,119,946 
 
Virginia--.1%           
Virginia Resources Authority,           
Infrastructure Revenue           
(Virginia Pooled Financing           
Program)  4.00  11/1/15  405,000   405,042 
 
Washington--1.6%           
King County,           
Sewer Revenue, Refunding  5.00  1/1/16  1,580,000   1,592,809 
King County Public Hospital           
District Number 2, GO Notes,           
Refunding (EvergreenHealth)  3.00  12/1/15  2,285,000   2,290,284 
Snohomish County,           
GO Notes, Refunding  5.00  12/1/15  1,060,000   1,064,147 
 
Wisconsin--6.8%           
PMA Levy and Aid Anticipation           
Notes Program Notes           
Participations  2.00  2/22/16  2,500,000   2,513,346 
Wisconsin Health and Educational           
Facilities Authority, Revenue,           
CP (Aurora Health Care) (LOC;           
JPMorgan Chase Bank)  0.09  3/3/16  3,470,000   3,470,000 
Wisconsin Housing and Economic           

 


 

Development Authority, Home           
Ownership Revenue (Liquidity           
Facility; Royal Bank of Canada)  0.01  11/7/15  5,500,000 a  5,500,000
Wisconsin Housing and Economic           
Development Authority, MFHR           
(Liquidity Facility; PNC Bank           
NA)  0.02  11/7/15  8,830,000 a  8,830,000
 
 
Total Investments (cost $302,235,846)      100.5 %  302,235,845
Liabilities, Less Cash and Receivables      (.5 %)  (1,563,140)
Net Assets      100.0 %  300,672,705

 

a  Variable rate demand note - rate shown is the interest rate in effect at October 31, 2015. Maturity date represents the 
  next demand date, or the ultimate maturity date if earlier. 
b  Securities exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be 
  resold in transactions exempt from registration, normally to qualified institutional buyers. At October 31, 2015, these 
  securities amounted to $19,800,000 or 6.6% of net assets. 
c  The fund does not directly own the municipal security indicated; the fund owns an interest in a special purpose entity 
  that, in turn, owns the underlying municipal security. The special purpose entity permits the fund to own interests in 
  underlying assets, but in a manner structured to provide certain advantages not inherent in the underlying bonds (e.g., 
  enhanced liquidity, yields linked to short-term rates). 

 

At October 31, 2015, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes.

Summary of Abbreviations     
ABAG  Association of Bay Area Governments  ACA  American Capital Access 
AGC  ACE Guaranty Corporation  AGIC  Asset Guaranty Insurance Company 
AMBAC  American Municipal Bond Assurance Corporation  ARRN  Adjustable Rate Receipt Notes 
BAN  Bond Anticipation Notes  BPA  Bond Purchase Agreement 
CIFG  CDC Ixis Financial Guaranty  COP  Certificate of Participation 
CP  Commercial Paper  DRIVER  Derivative Inverse Tax-Exempt Receipts 
EDR  Economic Development Revenue  EIR  Environmental Improvement Revenue 
FGIC  Financial Guaranty Insurance Company  FHA  Federal Housing Administration 
FHLB  Federal Home Loan Bank  FHLMC  Federal Home Loan Mortgage Corporation 
FNMA  Federal National Mortgage Association  GAN  Grant Anticipation Notes 
GIC  Guaranteed Investment Contract  GNMA  Government National Mortgage Association 

 


 

GO  General Obligation  HR  Hospital Revenue 
IDB  Industrial Development Board  IDC  Industrial Development Corporation 
IDR  Industrial Development Revenue  LIFERS  Long Inverse Floating Exempt Receipts 
LOC  Letter of Credit  LOR  Limited Obligation Revenue 
LR  Lease Revenue  MERLOT  Municipal Exempt Receipts Liquidity Option Tender 
MFHR  Multi-Family Housing Revenue  MFMR  Multi-Family Mortgage Revenue 
PCR  Pollution Control Revenue  PFLOAT  Puttable Floating Option Tax-Exempt Receipts 
PILOT  Payment in Lieu of Taxes  PUTTERS  Puttable Tax-Exempt Receipts 
RAC  Revenue Anticipation Certificates  RAN  Revenue Anticipation Notes 
RAW  Revenue Anticipation Warrants  RIB  Residual Interest Bonds 
ROCS  Reset Option Certificates  RRR  Resources Recovery Revenue 
SAAN  State Aid Anticipation Notes  SBPA  Standby Bond Purchase Agreement 
SFHR  Single Family Housing Revenue  SFMR  Single Family Mortgage Revenue 
SONYMA  State of New York Mortgage Agency  SPEARS  Short Puttable Exempt Adjustable Receipts 
SWDR  Solid Waste Disposal Revenue  TAN  Tax Anticipation Notes 
TAW  Tax Anticipation Warrants  TRAN  Tax and Revenue Anticipation Notes 
XLCA  XL Capital Assurance     

 


 

The following is a summary of the inputs used as of October 31, 2015 in valuing the fund's investments:

Valuation Inputs  Short-Term Investments ($)+ 
Level 1 - Unadjusted Quoted Prices  - 
Level 2 - Other Significant Observable Inputs  302,235,845 
Level 3 - Significant Unobservable Inputs  - 
Total  302,235,845 

 

+ See Statement of Investments for additional detailed categorizations.


 

The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) is the exclusive reference of authoritative U.S. generally accepted accounting principles (“GAAP”) recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the Securities and Exchange Commission (“SEC”) under authority of federal laws are also sources of authoritative GAAP for SEC registrants. The fund's financial statements are prepared in accordance with GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.

Portfolio valuation: Investments in securities are valued at amortized cost in accordance with Rule 2a-7 under the Act. If amortized cost is determined not to approximate market value, the fair value of the portfolio securities will be determined by procedures established by and under the general supervision of the fund's Board.

The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e. the exit price). GAAP establishes a fair value hierarchy that prioritizes the inputs of valuation techniques used to measure fair value. This hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).

Additionally, GAAP provides guidance on determining whether the volume and activity in a market has decreased significantly and whether such a decrease in activity results in transactions that are not orderly. GAAP requires enhanced disclosures around valuation inputs and techniques used during annual and interim periods.

Various inputs are used in determining the value of the fund’s investments relating to fair value measurements. These inputs are summarized


 

in the three broad levels listed below:

Level 1—unadjusted quoted prices in active markets for identical investments.

Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.).

Level 3—significant unobservable inputs (including the fund’s own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, money market securities are valued using amortized cost, in accordance with rules under the Act. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected as Level 2.

Additional investment related disclosures are hereby incorporated by reference to the annual and semi-annual reports previously filed with the Securities and Exchange Commission on Form N-CSR.


 

 

Item 2.                        Controls and Procedures.

(a)        The Registrant's principal executive and principal financial officers have concluded, based on their evaluation of the Registrant's disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant's disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-Q is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-Q is accumulated and communicated to the Registrant's management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

(b)        There were no changes to the Registrant's internal control over financial reporting that occurred during the Registrant's most recently ended fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting. 

Item 3.                        Exhibits.

(a)        Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940.

 

 


 

 

 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

Dreyfus Municipal Cash Management Plus

By:       /s/ Bradley J. Skapyak

            Bradley J. Skapyak

            President

 

Date:    December 22, 2015

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this Report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

 

By:       /s/ Bradley J. Skapyak

            Bradley J. Skapyak

            President

 

Date:    December 22, 2015

 

By:       /s/ James Windels

            James Windels

            Treasurer

 

Date:    December 22, 2015

 

EXHIBIT INDEX

(a)        Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940.  (EX-99.CERT)