N-Q 1 form132.htm FORM N-Q form132
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    811-6172 

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) 

Michael A. Rosenberg, 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:    4/30/08 

FORM N-Q

Item 1.    Schedule of Investments. 

STATEMENT OF INVESTMENTS 
Dreyfus Municipal Cash Management Plus 
April 30, 2008 (Unaudited) 

    Coupon        Maturity    Principal     
Short-Term Investments--100.6%    Rate (%)        Date    Amount ($)    Value ($) 
Alabama--2.9%                     
Alabama Housing Finance Authority,                     
SFMR (LOC; Bayerische                     
Landesbank)        2.75    5/7/08    15,000,000 a    15,000,000 
Evergreen Industrial Development                     
Board, Industrial Revenue,                     
Refunding (Tenax Manufacturing                     
Project) (LOC; San Paolo Bank)        2.45    5/7/08    2,200,000 a    2,200,000 
Macon Trust Various Certificates                     
(Spanish Fort Redevelopment                     
Authority - Spanish Fort Town                     
Center) (Liquidity Facility;                     
Bank of America and LOC; Bank                     
of America)        2.47    5/7/08    20,750,000 a,b    20,750,000 
Scottsboro Industrial Development                     
Board, IDR (Aluminum One of                     
Alabama, Inc. Project) (LOC;                     
National City Bank)        2.80    5/7/08    6,800,000 a    6,800,000 
Stevenson Industrial Development                     
Board, EIR (The Mead                     
Corporation Project) (LOC;                     
JPMorgan Chase Bank)        2.66    5/7/08    3,400,000 a    3,400,000 
 
Arizona--.6%                     
Arizona Health Facilities                     
Authority, Revenue (La Loma                     
Village) (LOC; Citibank NA)        2.42    5/7/08    9,700,000 a    9,700,000 
Maricopa County Industrial                     
Development Authority, MFHR                     
(San Clemente Apartments                     
Project) (Insured; FNMA and                     
Liquidity Facility; FNMA)        2.66    5/7/08    1,010,000 a    1,010,000 
 
Arkansas--1.6%                     
Morgan Keegan Municipal Product                     
Trust Receipt (Arkansas                     
Development Finance Authority,                     
SFMR (Warehouse Program))                     
(Liquidity Facility; Lloyds                     
TSB Bank PLC and LOC; Lloyds                     
TSB Bank PLC)        2.63    5/7/08    20,330,000 a,b    20,330,000 
Pulaski County Public Facilities                     
Board, MFHR, Refunding                     
(Markham Oaks and Indian Hills                     
Apartments Projects) (LOC;                     
Regions Bank)        2.55    5/7/08    6,400,000 a    6,400,000 

California--1.9%                 
FHLMC Multifamily Certificates                 
(Liquidity Facility; FHLMC and                 
LOC; FHLMC)    2.58    5/7/08    16,538,179 a,b    16,538,179 
Puttable Floating Option Tax                 
Exempt Receipts (San Jose                 
Redevelopment Agency, MFHR                 
(101 San Fernando Apartments))                 
(Liquidity Facility; FHLMC and                 
LOC; FHLMC)    2.68    5/7/08    15,995,000 a,b    15,995,000 
 
Colorado--2.3%                 
Colorado Educational and Cultural                 
Facilities Authority, Revenue                 
(Capital Christian School                 
Project) (LOC; Union Bank of                 
California)    2.50    5/7/08    3,250,000 a    3,250,000 
Colorado Housing and Finance                 
Authority, EDR (Monaco LLC                 
Project) (LOC; JPMorgan Chase                 
Bank)    2.63    5/7/08    2,940,000 a    2,940,000 
Colorado Housing and Finance                 
Authority, EDR (Popiel                 
Properties, LLC Project) (LOC;                 
Wells Fargo Bank)    2.60    5/7/08    3,100,000 a    3,100,000 
Colorado Housing and Finance                 
Authority, EDR (Wanco Inc.                 
Project) (LOC; U.S. Bank NA)    2.63    5/7/08    3,035,000 a    3,035,000 
Denver City and County,                 
Airport System Revenue    5.00    11/15/08    4,975,000    5,027,681 
Erie,                 
COP (LOC; Key Bank)    2.70    5/7/08    4,165,000 a    4,165,000 
Morgan Keegan Municipal Products                 
Inc. Trust (City and County of                 
Denver) (Liquidity Facility;                 
Lloyds TSB Bank PLC and LOC;                 
Natixis Commercial Paper                 
Corporation)    2.63    5/7/08    14,400,000 a,b    14,400,000 
Southglenn Metropolitan District,                 
Special Revenue (LOC; BNP                 
Paribas)    2.48    5/7/08    2,600,000 a    2,600,000 
 
Connecticut--1.4%                 
Connecticut Health and Educational                 
Facilities Authority, Revenue                 
(Saint Francis Hospital and                 
Medical Center Issue) (LOC;                 
Morgan Stanley Bank)    1.79    5/7/08    23,865,000 a,b    23,865,000 
 
Delaware--.2%                 
Delaware Economic Development                 
Authority, Revenue (Saint                 
Anne's Episcopal School                 
Project) (LOC; Wilmington                 

Trust Co.)    2.43    5/7/08    3,800,000 a    3,800,000 
 
District of Columbia--1.1%                 
Metropolitan Washington DC Airport                 
Authority, CP (LOC; Bank of                 
America)    2.97    5/19/08    18,000,000    18,000,000 
 
Florida--10.3%                 
Broward County,                 
Sales Tax Revenue, CP                 
(Liquidity Facility; Dexia                 
Credit Locale)    1.50    5/8/08    5,000,000    5,000,000 
Broward County,                 
Sales Tax Revenue, CP                 
(Liquidity Facility; Dexia                 
Credit Locale)    1.65    6/13/08    10,000,000    10,000,000 
Broward County Housing Finance                 
Authority, MFHR (Cypress Grove                 
Apartments Project) (LOC;                 
FNMA)    2.68    5/7/08    13,230,000 a    13,230,000 
Florida, State Board of Education,                 
Public Education Capital                 
Outlay GO Notes    4.00    6/1/08    1,000,000    1,001,415 
Florida, State Board of Education,                 
Public Education Capital                 
Outlay GO Notes    5.00    6/1/08    2,810,000    2,816,326 
Florida, State Board of Education,                 
Public Education Capital                 
Outlay GO Notes    5.00    6/1/08    1,000,000    1,002,251 
Florida, State Board of Education,                 
Public Education Capital                 
Outlay GO Notes, Refunding    5.00    6/1/08    3,350,000    3,357,542 
Florida, State Board of Education,                 
Public Education Capital                 
Outlay GO Notes, Refunding    5.00    6/1/08    1,800,000    1,804,052 
Greater Orlando Aviation                 
Authority, Airport Facility                 
Revenue (FlightSafety                 
International Inc. Project)                 
(LOC; Berkshire Hathaway)    2.59    5/7/08    6,700,000 a    6,700,000 
Hillsborough County,                 
Capital Improvement Program                 
Revenue, CP (LOC; State Street                 
Bank and Trust Co.)    1.40    8/28/08    6,000,000    6,000,000 
Jacksonville Health Facilities                 
Authority, Health Facilities                 
Revenue (River Garden/Coves                 
Project) (LOC; Wachovia Bank)    2.45    5/7/08    540,000 a    540,000 
Kissimmee Utility Authority,                 
CP (Liquidity Facility;                 
JPMorgan Chase Bank)    2.60    5/22/08    22,000,000    22,000,000 
Miami-Dade County Industrial                 
Development Authority, IDR                 
(Fine Art Lamps Project) (LOC;                 

SunTrust Bank)    2.59    5/7/08    4,750,000 a    4,750,000 
Miami-Dade County School District,                 
Revenue Anticipation Renewal                 
Notes    3.50    5/29/08    15,000,000    15,017,647 
Orange County Housing Finance                 
Authority, Homeowner Revenue                 
(Insured: FNMA and GNMA and                 
Liquidity Facility; Lehman                 
Liquidity LLC)    3.35    5/7/08    1,325,000 a,b    1,325,000 
Orlando Utilities Commission,                 
Water and Electric Revenue,                 
Refunding    5.00    10/1/08    5,000,000    5,031,521 
Port Saint Lucie,                 
Utility System Revenue                 
(Insured; MBIA and Liquidity                 
Facility; Royal Bank of Canada)    4.75    5/7/08    20,000,000 a    20,000,000 
Sunshine State Governmental                 
Financing Commission, Revenue                 
(Governmental Financing                 
Program) (Insured; AMBAC and                 
Liquidity Facility; Dexia                 
Credit Locale)    5.50    5/1/08    11,000,000 a    11,000,000 
Sunshine State Governmental                 
Financing Commission, Revenue,                 
CP (Liquidity Facility; DEPFA                 
Bank PLC)    2.58    6/11/08    12,000,000    12,000,000 
Sunshine State Governmental                 
Financing Commission, Revenue,                 
CP (Liquidity Facility; DEPFA                 
Bank PLC)    2.63    6/11/08    6,000,000    6,000,000 
Sunshine State Governmental                 
Financing Commission, Revenue,                 
CP (Liquidity Facility; DEPFA                 
Bank PLC)    2.65    6/11/08    22,000,000    22,000,000 
Sunshine State Governmental                 
Financing Commission, Revenue,                 
CP (Liquidity Facility;                 
SunTrust Bank)    2.70    5/9/08    2,461,000    2,461,000 
 
Georgia--4.0%                 
Athens-Clarke County Residential                 
Care Facilities for the                 
Elderly Authority, Revenue,                 
Refunding (Wesley Woods of                 
Athens, Inc. Project) (LOC;                 
SunTrust Bank)    2.75    5/7/08    1,000,000 a    1,000,000 
Burke County Development                 
Authority, PCR, CP (Oglethorpe                 
Power Corporation) (Liquidity                 
Facility; Bank of America)    3.90    5/8/08    15,000,000    15,000,000 
Municipal Electric Authority of                 
Georgia, CP (LOC; JPMorgan                 
Chase Bank)    2.65    5/8/08    9,800,000    9,800,000 
Municipal Electric Authority of                 

Georgia, CP (LOC; JPMorgan                 
Chase Bank)    1.45    7/9/08    20,000,000    20,000,000 
Private Colleges and Universities                 
Authority, CP (Emory                 
University Project)    1.35    5/14/08    10,000,000    10,000,000 
RBC Municipal Products Inc. Trust                 
(Dekalb County Housing                 
Authority, MFHR (North Hills                 
Apartments Project))                 
(Liquidity Facility; Royal                 
Bank of Canada and LOC; Royal             
Bank of Canada)    2.58    5/7/08    11,595,000 a,b    11,595,000 
 
Hawaii--1.2%                 
Hawaii Housing Finance and                 
Development Corporation, Multi                 
Family Housing (Kukui Gardens                 
Project) (Liquidity Facility;                 
Citigroup and LOC; Citigroup)    2.61    5/7/08    20,000,000 a,b    20,000,000 
 
Illinois--4.8%                 
Chicago,                 
Collateralized SFMR    3.65    8/27/08    15,000,000    15,000,000 
Chicago,                 
Collateralized SFMR    3.58    10/7/08    1,565,000    1,565,000 
Chicago,                 
IDR (Victoria Limited LLC                 
Project) (LOC; ABN-AMRO)    2.60    5/7/08    3,200,000 a    3,200,000 
Chicago O'Hare International                 
Airport, General Airport Third                 
Lien Revenue (Insured; MBIA                 
and Liquidity Facility;                 
Citibank NA)    2.71    5/7/08    25,285,000 a,b    25,285,000 
Illinois Educational Facilities                 
Authority, Revenue, CP (Field                 
Museum of Natural History)                 
(LOC; Bank of America)    1.40    8/7/08    8,000,000    8,000,000 
Illinois Finance Authority,                 
Revenue (Fenwick High School,                 
Inc. Project) (LOC; JPMorgan                 
Chase Bank)    2.65    5/7/08    7,835,000 a    7,835,000 
Morgan Keegan Municipal Products                 
Inc. (Aurora, SFMR) (Liquidity                 
Facility; BNP Paribas and LOC;                 
AIG Matched Funding                 
Corporation)    2.68    5/7/08    11,160,000 a,b    11,160,000 
Upper Illinois River Valley                 
Development Authority, SWDR                 
(Exolon-ESK Company Project)                 
(LOC; Bank of America)    2.49    5/7/08    8,405,000 a    8,405,000 
 
Indiana--2.1%                 
Carmel,                 
Waterworks Revenue, BAN    3.75    9/22/08    13,000,000    13,000,000 

Elkhart County,                 
EDR (Four Seasons                 
Manufacturing Project) (LOC;                 
National City Bank)    2.80    5/7/08    3,725,000 a    3,725,000 
Indiana Finance Authority,                 
EDR (Beford Machine and Tool,                 
Inc., Metal Technologies, Inc.                 
and Beford Recycling, Inc.                 
Project) (LOC; Fifth Third                 
Bank)    2.49    5/7/08    7,000,000 a    7,000,000 
Indiana Finance Authority,                 
EDR (JRL Leasing, Inc. and                 
LaSarre Co., LLC Project)                 
(LOC; National City Bank)    2.80    5/7/08    3,710,000 a    3,710,000 
Indianapolis Local Public                 
Improvement Bond Bank, Notes    2.95    1/8/09    5,000,000    5,000,000 
Saint Joseph County,                 
Health Care Facility Revenue                 
(South Bend Medical Foundation                 
Project) (LOC; National City                 
Bank)    2.70    5/7/08    2,530,000 a    2,530,000 
 
Kansas--1.1%                 
Junction City,                 
GO Temporary Notes    5.00    6/1/08    6,000,000    6,004,924 
Kansas Development Finance                 
Authority, MFHR (Tree House                 
Apartments) (LOC; Bank of                 
America)    2.66    5/7/08    10,000,000 a    10,000,000 
Mission,                 
MFHR, Refunding (The Falls                 
Apartments Project) (Insured;                 
FNMA)    2.61    5/7/08    3,350,000 a    3,350,000 
 
Kentucky--2.4%                 
Kentucky Asset/Liability Commission,                 
CP (Liquidity Facility; Dexia                 
Credit Locale)    1.55    6/5/08    6,700,000    6,700,000 
Kentucky Economic Development                 
Finance Authority, Industrial                 
Building Revenue (Republic                 
Services, Inc. Project) (LOC;                 
Bank One)    3.30    5/7/08    6,100,000 a    6,100,000 
Kentucky Rural Water Finance                 
Corporation, Public Projects                 
Construction Notes    2.63    10/1/08    7,200,000    7,200,000 
Kentucky Turnpike Authority,                 
Economic Development Road                 
Revenue, Refunding                 
(Revitalization Projects)    5.50    7/1/08    1,000,000    1,005,701 
Kentucky Turnpike Authority,                 
Economic Development Road                 
Revenue, Refunding                 
(Revitalization Projects)    6.50    7/1/08    7,155,000    7,207,660 

Lexington-Fayette Urban County                 
Government, Industrial                 
Building Revenue (Northeast                 
Christian Project) (LOC; Fifth                 
Third Bank)    2.55    5/7/08    4,430,000 a    4,430,000 
Warren County,                 
HR, Refunding (Bowling                 
Green-Warren County Community             
Hospital Corporation Project)                 
(Insured; Assured Guaranty and                 
Liquidity Facility; Branch                 
Banking and Trust Co.)    2.43    5/7/08    8,555,000 a    8,555,000 
 
Louisiana--3.5%                 
Louisiana Public Facilities                 
Authority, Revenue, Refunding                 
(Putters Program) (Tulane                 
University of Louisiana                 
Project) (Insured; MBIA and                 
Liquidity Facility; JPMorgan                 
Chase Bank)    3.18    5/7/08    14,505,000 a,b    14,505,000 
Morgan Keegan Municipal Products                 
Inc. (East Baton Rouge                 
Mortgage Finance Authority,                 
SFMR) (Insured; Transamerica                 
Life and Insurance and                 
Liquidity Facility; BNP                 
Paribas)    2.63    5/7/08    20,360,000 a,b    20,360,000 
Morgan Keegan Municipal Products                 
Inc. (New Orleans Finance                 
Authority) (Liquidity                 
Facility; Lloyds TSB Bank PLC                 
and LOC; Transamerica Life and                 
Insurance)    2.63    5/7/08    25,000,000 a,b    25,000,000 
 
Maine--.7%                 
Maine Finance Authority,                 
Revenue (Waynflete School                 
Issue) (LOC; JPMorgan Chase                 
Bank)    2.53    5/7/08    11,090,000 a    11,090,000 
 
Maryland--1.2%                 
Anne Arundel County,                 
EDR (Atlas Container                 
Corporation Project) (LOC; M&T                 
Bank)    2.22    5/7/08    7,275,000 a    7,275,000 
Baltimore County Revenue                 
Authority, Golf System Revenue                 
(LOC; M&T Bank)    2.46    5/7/08    6,680,000 a    6,680,000 
Maryland Economic Development                 
Corporation, Revenue,                 
Refunding (United Cerebral                 
Palsy Project) (LOC; M&T Bank)    2.55    5/7/08    1,959,500 a    1,959,500 
Maryland Health and Higher                 

Educational Facilities                 
Authority, Revenue (Charles                 
County Nursing Center)                 
(Liquidity Facility; M&T Bank)    2.48    5/7/08    3,900,000 a    3,900,000 
 
Massachusetts--6.0%                 
Macon Trust Various Certificates                 
(Massachusetts Health and                 
Educational Facilities                 
Authority - Harvard Vanguard                 
Medical Associates Issue)                 
(Liquidity Facility; Bank of                 
America and LOC; Bank of                 
America)    2.47    5/7/08    10,750,000 a,b    10,750,000 
Massachusetts,                 
Consolidated Loan (Liquidity                 
Facility; Dexia Credit Locale)    2.84    5/1/08    18,450,000 a    18,450,000 
Massachusetts,                 
CP (Liquidity Facility; Bank                 
of Nova Scotia)    1.35    5/12/08    25,000,000    25,000,000 
Massachusetts,                 
Special Obligation Revenue                 
(Consolidated Loan) (Insured;                 
FSA and Liquidity Facility;                 
Morgan Stanley Bank)    2.47    5/7/08    22,930,000 a,b    22,930,000 
Massachusetts Development Finance             
Agency, Multifamily Revenue                 
(Kennedy Lofts Project)                 
(Liquidity Facility; FHLMC and                 
LOC; FHLMC)    2.67    5/7/08    4,000,000 a,b    4,000,000 
Massachusetts Health and                 
Educational Facilities                 
Authority, Health Care                 
Facilities Revenue (Hallmark                 
Health System Issue) (Insured;             
FSA and Liquidity Facility;                 
Bank of America)    3.36    5/7/08    6,070,000 a    6,070,000 
Massachusetts Health and                 
Educational Facilities                 
Authority, Revenue, CP                 
(Partners Healthcare)    1.55    10/6/08    9,500,000    9,500,000 
West Bridgewater,                 
GO Notes, BAN    2.00    8/11/08    4,500,000    4,503,725 
 
Michigan--3.7%                 
Detroit,                 
Sewage Disposal Revenue                 
(Insured; Assured Guaranty and             
Liquidity Facility; PB Finance                 
Inc.)    2.48    5/7/08    12,590,000 a,b    12,590,000 
Michigan Hospital Finance                 
Authority, HR (Chelsea                 
Community Hospital) (LOC;                 
National City Bank)    2.55    5/7/08    3,620,000 a    3,620,000 

Michigan Hospital Finance                 
Authority, Revenue (Healthcare                 
Equipment Loan Program) (LOC;                 
ABN-AMRO)    2.60    5/7/08    5,000,000 a    5,000,000 
Michigan Hospital Finance                 
Authority, Revenue (Healthcare                 
Equipment Loan Program) (LOC;                 
Fifth Third Bank)    2.60    5/7/08    6,500,000 a    6,500,000 
Michigan Housing Development                 
Authority, SFMR    3.05    9/3/08    18,000,000    18,000,000 
Michigan Strategic Fund,                 
LOR (HME Inc. Project) (LOC;                 
Fifth Third Bank)    2.56    5/7/08    1,860,000 a    1,860,000 
Michigan Strategic Fund,                 
LOR, Refunding (Grand Rapids                 
Christian School Association                 
Project) (LOC; Fifth Third                 
Bank)    2.67    5/7/08    7,335,000 a    7,335,000 
Oakland County Economic                 
Development Corporation, LOR                 
(Michigan Seamless Tube LLC                 
Project) (LOC; ABN-AMRO)    2.58    5/7/08    3,000,000 a    3,000,000 
Pittsfield Township Economic                 
Development Corporation, LOR,                 
Refunding (Arbor Project)                 
(LOC; Comerica Bank)    2.48    5/7/08    4,625,000 a    4,625,000 
 
Minnesota--.4%                 
Minneapolis and Saint Paul Housing                 
and Redevelopment Authority,                 
Health Care Facilities Revenue                 
(Children's Hospitals and                 
Clinics of Minnesota)                 
(Insured; FSA and Liquidity                 
Facility; U.S. Bank NA)    2.63    5/1/08    6,900,000 a    6,900,000 
 
Missouri--1.4%                 
Missouri Development Finance                 
Board, LR, CP (LOC; U.S. Bank                 
NA)    2.10    6/3/08    10,000,000    10,000,000 
Missouri Health and Educational                 
Facilities Authority, School                 
District Advance Funding                 
Program Notes (Webster Groves                 
School District)    4.25    11/3/08    3,240,000    3,251,883 
Missouri Public Utilities                 
Commission, Revenue (Interim                 
Construction Notes)    4.75    9/1/08    5,000,000    5,015,457 
Saint Louis Industrial Development                 
Authority, Elderly Housing                 
Revenue (Homer G. Phillips                 
Dignity House Project) (LOC;                 
ABN-AMRO)    2.70    5/1/08    5,215,000 a    5,215,000 

Montana--.2%                 
Puttable Floating Option Tax                 
Exempt Receipts (Montana                 
Facility Finance Authority, HR                 
(Benefis Healthcare System))                 
(Insured; Assured Guaranty and                 
Liquidity Facility; Merrill                 
Lynch Capital Services)    2.46    5/7/08    2,585,000 a,b    2,585,000 
 
Nebraska--.2%                 
Nebraska Public Power District,                 
General Revenue    5.00    1/1/09    3,475,000    3,514,565 
 
Nevada--1.3%                 
Clark County,                 
Airport System Subordinate                 
Lien Revenue (LOC; Landesbank                 
Baden-Wurttemberg)    2.80    5/7/08    15,500,000 a    15,500,000 
Las Vegas Convention and Visitors                 
Authority, Revenue, CP (LOC:                 
Bank of Nova Scotia, Fortis                 
Bank and State Street                 
Corporation)    2.25    5/21/08    6,000,000    6,000,000 
 
New Hampshire--2.0%                 
New Hampshire Business Finance                 
Authority, IDR (The Keeney                 
Manufacturing Company Project)                 
(LOC; Bank of America)    2.67    5/7/08    2,880,000 a    2,880,000 
New Hampshire Business Finance                 
Authority, Water Facility                 
Revenue (Pennichuck Water                 
Works, Inc. Project) (Insured;                 
AMBAC and Liquidity Facility;                 
FHLB)    3.55    5/1/08    16,360,000    16,360,000 
New Hampshire Health and Education             
Facilities Authority, Revenue                 
(Kimball Union Academy) (LOC;                 
RBS Citizens NA)    2.53    5/7/08    5,000,000 a    5,000,000 
New Hampshire Higher Educational                 
and Health Facilities                 
Authority, Revenue (Hunt                 
Community Issue) (LOC; Bank of                 
America)    2.78    5/7/08    8,790,000 a    8,790,000 
 
New Mexico--.5%                 
Farmington,                 
PCR, Refunding (Arizona Public                 
Service Company Four Corners                 
Project) (LOC; Bank of America)    2.65    5/1/08    9,000,000 a    9,000,000 
 
New York--.6%                 
New York City Housing Development                 
Corporation, MFHR (Liquidity                 

Facility; JPMorgan Chase Bank)    2.80    5/7/08    10,000,000 a    10,000,000 
 
North Carolina--2.9%                 
Durham County,                 
Multifamily Revenue (Falls                 
Pointe Apartments) (Liquidity                 
Facility; Merrill Lynch and                 
LOC; Merrill Lynch)    3.54    5/7/08    4,140,000 a,b    4,140,000 
North Carolina Capital Facilities                 
Finance Agency, SWDR,                 
Refunding (Duke Energy                 
Carolinas) (LOC; Wells Fargo                 
Bank)    2.59    5/7/08    15,000,000 a    15,000,000 
North Carolina Education                 
Assistance Authority, Student                 
Loan Revenue (Insured; AMBAC                 
and Liquidity Facility; Royal                 
Bank of Canada)    4.25    5/7/08    24,855,000 a    24,855,000 
North Carolina Medical Care                 
Commission, Health Care                 
Facilities First Mortgage                 
Revenue (Carol Woods Project)                 
(Liquidity Facility; Branch                 
Banking and Trust Co.)    2.65    5/1/08    5,000,000 a    5,000,000 
 
Ohio--4.7%                 
Cuyahoga County,                 
IDR (King Nut Project) (LOC;                 
Key Bank)    2.90    5/7/08    2,960,000 a    2,960,000 
Hamilton County,                 
Hospital Facilities Revenue                 
(Christ Hospital) (Insured;                 
FSA and Liquidity Facility;                 
Svenska Handelsbanken)    2.42    5/7/08    9,900,000 a,b    9,900,000 
Lancaster Port Authority,                 
Gas Supply Revenue (Liquidity                 
Facility; Royal Bank of Canada)    2.45    5/7/08    20,000,000 a    20,000,000 
Middletown,                 
Hospital Facilities Revenue                 
(Middletown Hospital Group)                 
(Liquidity Facility; Merrill                 
Lynch Capital Services and                 
LOC; Merrill Lynch)    2.42    5/7/08    20,510,000 a,b    20,510,000 
Montgomery County,                 
Revenue (Miami Valley                 
Hospital) (Liquidity Facility;                 
National City Bank)    4.00    5/1/08    10,500,000 a    10,500,000 
Ohio Higher Educational                 
Facilities, Revenue                 
(Cedarville University                 
Project) (LOC; Key Bank)    2.49    5/7/08    5,700,000 a    5,700,000 
Ohio Water Development Authority,                 
PCR, Refunding (FirstEnergy                 
Nuclear Generation Corporation                 

Project) (LOC; Barclays Bank                 
PLC)    2.71    5/7/08    9,700,000 a    9,700,000 
 
Oregon--1.0%                 
Oregon,                 
TAN    4.50    6/30/08    5,000,000    5,006,912 
Washington County Housing                 
Authority, MFHR (Cedar Mill                 
Project) (LOC; M&T Bank)    2.25    5/7/08    11,290,000 a    11,290,000 
 
Pennsylvania--10.2%                 
Allegheny County Hospital                 
Development Authority, Health                 
Center Revenue                 
(Presbyterian-University                 
Health System, Inc.) (Insured;                 
MBIA and Liquidity Facility;                 
JPMorgan Chase Bank)    2.60    5/7/08    3,100,000 a    3,100,000 
Allegheny County Hospital                 
Development Authority, Health                 
Center Revenue                 
(Presbyterian-University                 
Health System, Inc.) (Insured;                 
MBIA and Liquidity Facility;                 
JPMorgan Chase Bank)    2.85    5/7/08    3,100,000 a    3,100,000 
Allegheny County Hospital                 
Development Authority, Health                 
Center Revenue                 
(Presbyterian-University                 
Health System, Inc.) (Insured;                 
MBIA and Liquidity Facility;                 
Wachovia Bank)    2.60    5/7/08    17,600,000 a    17,600,000 
Chartiers Valley Industrial and                 
Commercial Development                 
Authority, Revenue (Wesley                 
Hills Project) (LOC; Fifth                 
Third Bank)    2.57    5/7/08    6,810,000 a    6,810,000 
Chester County Industrial                 
Development Authority, Revenue             
(Archdiocese of Philadelphia)                 
(LOC; Wachovia Bank)    2.53    5/1/08    10,340,000 a    10,340,000 
Dauphin County General Authority,                 
Revenue (School District                 
Pooled Financing Program II)                 
(Liquidity Facility; Bank of                 
Nova Scotia)    5.50    5/7/08    25,000,000 a    25,000,000 
Emmaus General Authority,                 
Local Government Revenue (GIC;             
Goldman Sachs and Co.)    2.53    5/7/08    4,100,000 a    4,100,000 
Emmaus General Authority,                 
Local Government Revenue (LOC;             
DEPFA Bank PLC)    2.53    5/7/08    3,900,000 a    3,900,000 
Emmaus General Authority,                 
Local Government Revenue (LOC;             

Goldman Sachs and Co.)    2.53    5/7/08    6,400,000 a    6,400,000 
Horizon Hospital System Authority,                 
Senior Health and Housing                 
Facilities Revenue (Saint Paul                 
Homes Project) (LOC; M&T Bank)    2.48    5/7/08    5,400,000 a    5,400,000 
Lancaster Municipal Authority,                 
Revenue (Ephrata Community                 
Hospital Project) (LOC; Fulton                 
Bank)    2.70    5/7/08    3,700,000 a    3,700,000 
Lancaster Municipal Authority,                 
Revenue (Garden Spot Village                 
Project) (LOC; Fulton Bank)    2.90    5/7/08    7,435,000 a    7,435,000 
Pennsylvania Economic Development                 
Financing Authority, Exempt                 
Facility Revenue (PPL Energy                 
Supply) (LOC; Wachovia Bank)    1.80    4/9/09    8,000,000    8,000,000 
Pennsylvania Economic Development                 
Financing Authority, Revenue                 
(Evergreen Community Power                 
Facility) (LOC; M&T Bank)    2.58    5/7/08    16,000,000 a    16,000,000 
Pennsylvania Higher Educational                 
Facilities Authority, Revenue                 
(Drexel University) (LOC;                 
Allied Irish Banks)    2.43    5/7/08    105,000 a    105,000 
Philadelphia,                 
Airport Revenue, Refunding                 
(Insured; MBIA and Liquidity                 
Facility; JPMorgan Chase Bank)    2.95    5/7/08    10,700,000 a    10,700,000 
Puttable Floating Option Tax                 
Exempt Receipts (Allegheny                 
County Airport Authority,                 
Airport Revenue (Pittsburgh                 
International Airport))                 
(Insured; FSA and Liquidity                 
Facility; DEPFA Bank PLC)    2.42    5/7/08    20,000,000 a,b    20,000,000 
Puttable Floating Option Tax                 
Exempt Receipts (Lehigh County                 
General Purpose Authority, HR                 
(Saint Luke's Hospital of                 
Bethlehem, Pennsylvania                 
Project)) (Liquidity Facility;                 
Merrill Lynch Capital Services                 
and LOC; Merrill Lynch)    2.99    5/7/08    10,680,000 a,b    10,680,000 
Puttable Floating Option Tax                 
Exempt Receipts (Montgomery                 
County Redevelopment                 
Authority, MFHR, Hunt Club                 
Apartments) (Insured; FHLMC                 
and Liquidity Facility; FHLMC)    2.67    5/7/08    10,000,000 a,b    10,000,000 
 
South Carolina--1.9%                 
South Carolina Jobs-Economic                 
Development Authority, HR                 
(Oconee Memorial Hospital,                 

Inc. Project) (Liquidity                 
Facility; Wachovia Bank)    2.48    5/7/08    27,000,000 a    27,000,000 
Three Rivers Solid Waste                 
Authority, Solid Waste                 
Disposal Facilities, COP (TRA,                 
Inc.) (LOC; U.S. Bank NA)    2.75    10/1/08    5,915,000    5,915,000 
 
South Dakota--.5%                 
South Dakota Housing Development                 
Authority, Homeownership                 
Mortgage Revenue (Liquidity                 
Facility; Citigroup)    2.51    5/7/08    9,200,000 a,b    9,200,000 
 
Tennessee--4.4%                 
Blount County Public Building                 
Authority, Local Government                 
Public Improvement Revenue                 
(Insured; AMBAC and Liquidity                 
Facility: KBC Bank and                 
Landesbank-Baden Wurttemberg)    4.75    5/1/08    11,600,000 a    11,600,000 
Memphis and Shelby County Sports                 
Authority Inc., Revenue,                 
Refunding (Memphis Arena                 
Project) (Insured; MBIA and                 
Liquidity Facility; Dexia                 
Credit Locale)    3.50    5/7/08    45,100,000 a    45,100,000 
Shelby County,                 
GO, Refunding (Liquidity                 
Facility; Dexia Credit Locale)    2.43    5/7/08    17,355,000 a    17,355,000 
 
Texas--9.5%                 
Collin County Housing Finance                 
Corporation, Multifamily                 
Revenue (Liquidity Facility;                 
FHLMC and LOC; FHLMC)    2.67    5/7/08    5,000,000 a,b    5,000,000 
Dallas,                 
Waterworks and Sewer Revenue,                 
CP (Liquidity Facility; Bank                 
of America)    2.00    6/24/08    20,000,000    20,000,000 
DeSoto Industrial Development                 
Authority, IDR, Refunding                 
(National Service Industries                 
Inc. Project) (LOC; Wachovia                 
Bank)    2.45    5/7/08    3,660,000 a    3,660,000 
El Paso County Hospital District,                 
GO Notes (Putters Program)                 
(Insured; AMBAC and Liquidity                 
Facility; Deutsche Postbank)    2.68    5/7/08    3,460,000 a,b    3,460,000 
El Paso Independent School                 
District, Unlimited Tax School                 
Building Bonds (Liquidity                 
Facility; DEPFA Bank PLC and                 
LOC; Permanent School Fund                 
Guarantee Program)    3.00    5/7/08    15,000,000 a    15,000,000 

Gregg County Health Facilities                 
Development Corporation, HR                 
(Good Shepherd Medical Center                 
Project) (LOC; JPMorgan Chase                 
Bank)    2.70    5/1/08    11,000,000 a    11,000,000 
Houston,                 
Public Improvement GO Notes,                 
Refunding (Insured; MBIA)    5.00    3/1/09    3,925,000    4,021,833 
North Texas Tollway Authority,                 
BAN    4.13    11/19/08    45,000,000    45,000,000 
Oakbend Medical Center,                 
HR (LOC; Regions Bank)    1.00    5/1/08    6,250,000 a    6,250,000 
Port of Port Arthur Navigation                 
District, Revenue, CP (BASF                 
Corporation Project)    2.78    5/8/08    10,000,000    10,000,000 
Revenue Bond Certificate Series                 
Trust Various States, Housing                 
Revenue (Pebble Brooke) (GIC;                 
AIG Funding Inc.)    2.83    5/7/08    7,000,000 a,b    7,000,000 
Revenue Bond Certificate Series                 
Trust Various States, Revenue                 
(Chimney Project) (GIC; AIG                 
Funding Inc.)    2.83    5/7/08    6,135,000 a,b    6,135,000 
Texas Department of Housing and                 
Community Affairs, MFHR                 
(Putters Program) (Liquidity                 
Facility; JPMorgan Chase Bank                 
and LOC; JPMorgan Chase Bank)    2.61    5/7/08    13,490,000 a,b    13,490,000 
Texas Department of Housing and                 
Community Affairs, MFHR,                 
Refunding (Champions Crossing                 
Apartments) (Liquidity                 
Facility; FNMA and LOC; FNMA)    2.63    5/7/08    5,125,000 a    5,125,000 
Texas Department of Housing and                 
Community Affairs, SFMR                 
(Insured; FSA and Liquidity                 
Facility; DEPFA Bank PLC)    2.60    5/7/08    5,800,000 a    5,800,000 
 
Utah--.4%                 
Salt Lake Valley Fire Service                 
Area, TRAN    3.75    12/30/08    7,000,000    7,033,923 
 
Vermont--.6%                 
Vermont Economic Development                 
Authority, Revenue, CP                 
(Economic Development Capital                 
Program) (LOC; Calyon)    2.10    6/10/08    5,800,000    5,800,000 
Vermont Educational and Health                 
Buildings Financing Agency, HR                 
(Rutland Regional Medical                 
Center Project) (Liquidity                 
Facility; TD Banknorth, N.A.)    2.65    5/1/08    5,000,000 a    5,000,000 
 
Virginia--1.2%                 

Lynchburg Redevelopment and                 
Housing Authority, Housing                 
Revenue (KHM                 
Properties-Lynchburg, LLC                 
Project) (LOC; M&T Bank)    2.53    5/7/08    13,520,000 a    13,520,000 
Norfolk,                 
GO Notes, Refunding    3.00    11/1/08    1,855,000    1,864,197 
Norfolk Economic Development                 
Authority, New Empowerment                 
Zone Facility Revenue (Metro                 
Machine Corp. Project) (LOC;                 
Wachovia Bank)    2.48    5/7/08    5,600,000 a    5,600,000 
 
Washington--2.0%                 
Everett Industrial Development                 
Corporation, Exempt Facilities                 
Revenue (Kimberly-Clark                 
Corporation Project)    3.10    5/7/08    3,200,000 a    3,200,000 
King County,                 
GO Notes, Refunding    5.00    1/1/09    3,905,000    3,982,335 
Pierce County Economic Development                 
Corporation, Multi-Mode                 
Industrial Revenue (SeaTac                 
Packaging Project) (LOC; HSBC                 
Bank USA)    2.63    5/7/08    5,590,000 a    5,590,000 
Tacoma Housing Authority,                 
Revenue (Crown Assisted Living                 
Project) (LOC; Key Bank)    2.74    5/7/08    600,000 a    600,000 
Washington Economic Development                 
Finance Authority, SWDR (Lemay                 
Enterprises Project) (LOC;                 
Bank of America)    2.75    5/7/08    5,235,000 a    5,235,000 
Washington Housing Finance                 
Commission, Nonprofit Revenue                 
(Panorama Project) (LOC; Key                 
Bank)    2.48    5/7/08    4,000,000 a    4,000,000 
Washington Housing Finance                 
Commission, Nonprofit Revenue,                 
Refunding (Panorama City                 
Project) (LOC; Key Bank)    2.55    5/1/08    880,000 a    880,000 
Washington Housing Finance                 
Commission, Single-Family                 
Program Bonds (Liquidity                 
Facility; Citibank NA)    2.51    5/7/08    9,870,000 a,b    9,870,000 
 
Wisconsin--1.3%                 
Fond Du Lac,                 
Waterworks System Revenue, BAN    4.50    7/1/08    5,000,000    5,000,000 
New Richmond School District,                 
BAN    4.13    6/6/08    1,145,000    1,145,000 
Wisconsin School Districts,                 
COP (Cash Flow Management                 
Program) (LOC; U.S. Bank NA)    4.50    9/18/08    6,300,000    6,332,195 
Wisconsin School Districts,                 

COP (Cash Flow Management                 
Program) (LOC; U.S. Bank NA)    4.00    10/30/08    10,000,000    10,045,039 
 
Wyoming--.4%                 
Campbell County,                 
IDR (Two Elk Partners Project)    3.65    11/28/08    7,000,000    7,000,000 
 
 
Total Investments (cost $1,698,962,463)            100.6%    1,698,962,463 
Liabilities, Less Cash and Receivables            (.6%)    (10,437,234) 
Net Assets            100.0%    1,688,525,229 

a    Securities payable on demand. Variable interest rate--subject to periodic change. 
b    Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in 
    transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2008, these securities 
    amounted to $423,348,179 or 25.1% of net assets. 

At April 30, 2008, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes.

Securities valuation policies and other 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.

Summary of Abbreviations         
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 
BIGI    Bond Investors Guaranty Insurance    BPA    Bond Purchase Agreement 
CGIC    Capital Guaranty Insurance Company    CIC    Continental Insurance Company 
CIFG    CDC Ixis Financial Guaranty    CMAC    Capital Market Assurance Corporation 
COP    Certificate of Participation    CP    Commercial Paper 
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    FSA    Financial Security Assurance 
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 

LOC    Letter of Credit    LOR    Limited Obligation Revenue 
LR    Lease Revenue    MBIA    Municipal Bond Investors Assurance Insurance 
            Corporation 
MFHR    Multi-Family Housing Revenue    MFMR    Multi-Family Mortgage Revenue 
PCR    Pollution Control Revenue    PILOT    Payment in Lieu of Taxes 
RAC    Revenue Anticipation Certificates    RAN    Revenue Anticipation Notes 
RAW    Revenue Anticipation Warrants    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    SWDR    Solid Waste Disposal Revenue 
TAN    Tax Anticipation Notes    TAW    Tax Anticipation Warrants 
TRAN    Tax and Revenue Anticipation Notes    XLCA    XL Capital Assurance 

Various inputs are used in determining the value of the fund's investments relating to Financial Accounting Standard No. 157 (FAS 157), 
Fair Value Measurements. 
These inputs are summarized in the three broad levels listed below. 
Level 1 - quoted prices in active markets for identical securities. 
Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, 
credit risk, etc.) 
Level 3 - significant unobservable inputs (including fund's own assumption 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 Investment 
Company Act of 1940. 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. 
The following is a summary of the inputs used as of April 30, 2008 in valuing the fund's assets carried 
at fair value: 

Valuation Inputs    Investments in Securities ($)    Other Financial Instruments* ($) 
Level 1 - Quoted Prices    0    0 
Level 2 - Other Significant Observable Inputs    1,698,962,463    0 
Level 3 - Significant Unobservable Inputs    0    0 
Total    1,698,962,463    0 
*Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as futures, forwards and 
swap contracts, which are valued at the unrealized appreciation/depreciation on the instrument. 

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.

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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/ J. David Officer_ 
    J. David Officer 
    President 
 
Date:    June 18, 2008 

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/ J. David Officer_ 
    J. David Officer 
    President 
 
Date:    June 18, 2008 

By:    /s/ James Windels 
    James Windels 
    Treasurer
 
Date:    June 18, 2008 

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)

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