LETTER TO SHAREHOLDERS
Dear Shareholder:
Continued expansion of the U.S. economy and actions by the Federal
Reserve Board to contain any inflationary effects have resulted in rising
interest rates throughout the first three quarters of 1994.
Accordingly, the yield of Dreyfus Cash Management Plus, Inc., Class A
shares reached 3.59% for the latest annual fiscal period ended September 30,
1994. For Class B shares, the annualized yield since inception on January 24,
1994 was 3.57%. After taking into account the effect of compounding, the
effective yield for Class A shares was 3.65% and the annualized effective
yield since inception for Class B shares was 3.63%.*
An impressive number of factors have converged to exert upward pressure
on interest rates. First and foremost is the strength exhibited by the
American economy. Many indicators attest to this: rising industrial
production, increases in prices to manufacturers, and the appearance of
shortages of skilled labor and certain materials in a few areas.
These changes impelled the Federal Reserve Board in February to initiate
a series of five tightening steps, with the latest occurring in mid-August.
As the Federal Reserve continues to monitor the effects of their past
moves on the economy, the markets remain poised for a possible sixth
tightening by mid-November. In this environment, we have managed your
portfolio with a short average maturity, keeping the Fund in a more defensive
position so as to take advantage of any further increase in rates.
Overseas, in both Europe and Japan, the economies continue to recover
from recession, keeping downward pressure on the exchange rate for the U.S.
dollar. These factors could increase demand for U.S. goods abroad,
contributing to price and wage increases.
It is a privilege to serve your cash management needs and we thank you,
once again, for the business you have directed to this Fund.
Sincerely,
(Patricia A. Larkin Signature Logo)
Patricia A. Larkin
Portfolio Manager
October 21, 1994
New York, N.Y.
* Effective yield in the case of Class A shares and the annualized
effective yield in the case of Class B shares is based upon dividends
declared daily and reinvested monthly.
<TABLE>
<CAPTION>
DREYFUS CASH MANAGEMENT PLUS, INC.
STATEMENT OF INVESTMENTS SEPTEMBER 30, 1994
PRINCIPAL
NEGOTIABLE BANK CERTIFICATES OF DEPOSIT-18.8% AMOUNT VALUE
------------- ------------
<S> <C> <C>
Bank of Tokyo Ltd. (Yankee)
5.12%,1/30/95........................................................... $ 25,000,000 $ 25,000,000
Dai-Ichi Kangyo Bank Ltd. (Yankee)
3.46%,10/28/94.......................................................... 50,000,000 49,999,817
Industrial Bank of Japan Ltd. (Yankee)
5.13%,1/27/95........................................................... 37,000,000 37,000,000
Mitsubishi Bank Ltd. (Yankee)
3.46%,10/24/94.......................................................... 60,000,000 60,000,000
Norinchukin Bank (London)
3.45%,10/28/94.......................................................... 10,000,000 10,000,790
Sumitomo Bank Ltd.
3.61%-5.30%,12/13/94-3/10/95............................................ 105,000,000 104,997,184
SwedBank (Yankee)
3.75%-5.02%,11/3/94-1/13/95............................................. 70,000,000 69,999,785
----------
TOTAL NEGOTIABLE BANK CERTIFICATES OF DEPOSIT
(cost $356,997,576)..................................................... $ 356,997,576
==============
BANKERS' ACCEPTANCES-.5%
Dai-Ichi Kangyo Bank Ltd.
4.88%-5.16%,11/25/94-1/13/95
(cost $9,890,389)....................................................... $ 10,000,000 $ 9,890,389
==============
COMMERCIAL PAPER-23.6%
Bear Stearns Companies Inc.
5.21%,1/20/95........................................................... $ 50,000,000 $ 49,216,833
Credito Italiano (DE) Inc.
5.09%,11/30/94.......................................................... 15,000,000 14,873,750
Den Danske Corp. Inc.
5.11%,1/27/95........................................................... 25,000,000 24,590,278
Ford Motor Credit Co.
4.83%-4.88%,11/16/94-11/18/94........................................... 65,000,000 64,593,334
General Electric Capital Corp.
4.84%-5.12%,10/11/94-1/26/95............................................ 100,000,000 98,670,900
General Electric Capital Services Inc.
5.11%, 3/10/95.......................................................... 15,000,000 14,672,000
General Motors Acceptance Corp.
4.67%-5.11%,10/04/94-1/10/95............................................ 30,000,000 29,783,833
Generale Bank Inc.
5.23%,1/13/95........................................................... 25,000,000 24,628,778
DREYFUS CASH MANAGEMENT PLUS, INC.
STATEMENT OF INVESTMENTS (CONTINUED) SEPTEMBER 30, 1994
PRINCIPAL
COMMERCIAL PAPER (CONTINUED) AMOUNT VALUE
------------- ------------
National Australia Funding (DE) Inc.
5.11%,1/26/95........................................................... $ 10,000,000 $ 9,837,500
Nations Bank Corp.
5.18%,1/18/95........................................................... 40,000,000 39,388,389
NYNEX Corp.
5.12%-5.15%,1/10/95-1/12/95............................................. 30,000,000 29,571,592
ORIX America Inc.
5.23%,1/20/95(a)........................................................ 3,500,000 3,444,963
Paine Webber Group Inc.
5.29%, 2/8/95........................................................... 20,000,000 19,628,056
Salomon Inc.
5.35%,12/21/94.......................................................... 25,000,000 24,703,000
--------------
TOTAL COMMERCIAL PAPER
(cost $447,603,206)..................................................... $ 447,603,206
==============
CORPORATE NOTES-13.6%
Bear Stearns Companies Inc.
5.06%-5.15%, 8/25/95-9/14/95(b)......................................... $ 50,000,000$ 50,000,000
Goldman Sachs Group L.P.
5.40%, 3/10/95(b)....................................................... 50,000,000 50,000,000
Lehman Brothers Holdings Inc.
5.24%-5.40%,1/13/95-9/01/95(b).......................................... 97,000,000 97,000,000
Merrill Lynch & Co. Inc.
5.25%,10/04/94(b)....................................................... 7,000,000 7,000,000
Westdeutsche Landesbank Girozentrale
3.80%,1/11/95(b)........................................................ 55,000,000 54,983,401
--------------
TOTAL CORPORATE NOTES
(cost $258,983,401)..................................................... $ 258,983,401
==============
PROMISSORY NOTES-2.9%
Goldman Sachs Group L.P.
5.06%-5.25%,1/9/95-3/3/95
(cost $55,000,000)...................................................... $ 55,000,000 $ 55,000,000
==============
SHORT TERM BANK NOTES-5.9%
Comerica Bank
3.45%,10/18/94.......................................................... $ 63,000,000$ 62,997,334
First National Bank of Chicago
5.00%,10/31/94(b)....................................................... 50,000,000 50,000,000
--------------
TOTAL SHORT TERM BANK NOTES
(cost $112,997,334)..................................................... $ 112,997,334
==============
DREYFUS CASH MANAGEMENT PLUS, INC.
STATEMENT OF INVESTMENTS (CONTINUED) SEPTEMBER 30, 1994
PRINCIPAL
U.S. GOVERNMENT AGENCIES-23.4% AMOUNT VALUE
------------- ------------
Federal Farm Credit Banks, Consolidated Systemwide,
Floating Rate Bonds
5.05%,9/30/96(b)........................................................ $ 20,000,000 $ 20,000,000
Federal Home Loan Banks, Consolidated Systemwide,
Floating Rate Bonds
5.30%-5.33%,1/31/97-2/3/97(b)........................................... 150,000,000 149,977,777
Federal National Mortgage Association, Consolidated Systemwide,
Floating Rate Bonds
5.20%-5.23%,10/4/96-2/14/97(b).......................................... 200,000,000 200,000,000
Federal National Mortgage Association, Discount Notes
3.54%-3.60%,10/20/94-11/22/94........................................... 75,000,000 74,783,554
--------------
TOTAL U.S. GOVERNMENT AGENCIES
(cost $444,761,331)..................................................... $ 444,761,331
==============
TIME DEPOSITS-12.1%
Bayerische Vereinsbank AG (Cayman)
5.00%,10/3/94........................................................... $ 80,000,000$ 80,000,000
Berliner Handels-und Frankfurter Bank AG (Cayman)
5.13%,10/3/94........................................................... 80,000,000 80,000,000
Credit Agricole USA Inc. (Cayman)
5.50%,10/3/94........................................................... 50,000,000 50,000,000
Republic National Bank of New York (London)
4.81%,10/3/94........................................................... 18,864,000 18,864,000
----------
TOTAL TIME DEPOSITS
(cost $228,864,000)..................................................... $ 228,864,000
==============
TOTAL INVESTMENTS
(cost $1,915,097,237)................................................... 100.8% $ 1,915,097,237
====== ===============
LIABILITIES, LESS CASH AND RECEIVABLES...................................... (.8%) $ (15,525,031)
====== ===============
NET ASSETS ................................................................ 100.0% $1,899,572,206
====== ==============
NOTES TO STATEMENT OF INVESTMENTS:
(a) Backed by irrevocable bank letter of credit.
(b) Variable interest rate - subject to periodic change.
See notes to financial statements.
</TABLE>
<TABLE>
DREYFUS CASH MANAGEMENT PLUS, INC.
STATEMENT OF ASSETS AND LIABILITIES SEPTEMBER 30, 1994
<S> <C> <C>
ASSETS:
Investments in securities, at value-Note 1(a)........................... $1,915,097,237
Interest receivable..................................................... 12,925,146
Prepaid expenses........................................................ 17,940
----------
1,928,040,323
LIABILITIES:
Due to The Dreyfus Corporation.......................................... $ 340,916
Due to Custodian........................................................ 28,125,978
Accrued expenses........................................................ 1,223 28,468,117
------------- ------------
NET ASSETS ................................................................ $1,899,572,206
==============
REPRESENTED BY:
Paid-in capital......................................................... $1,900,556,751
Accumulated net realized (loss) on investments.......................... (984,545)
----------
NET ASSETS at value......................................................... $1,899,572,206
==============
Shares of Common Stock outstanding:
Class A Shares
(15 billion shares of $.001 par value shares authorized).............. 1,894,467,994
==============
Class B Shares
(15 billion shares of $.001 par value shares authorized).............. 6,088,757
==============
NET ASSET VALUE per share:
Class A Shares
($1,893,485,419 / 1,894,467,994 shares)............................... $1.00
=====
Class B Shares
($6,086,787 / 6,088,757 shares)....................................... $1.00
=====
See notes to financial statements.
</TABLE>
<TABLE>
DREYFUS CASH MANAGEMENT PLUS, INC.
STATEMENT OF OPERATIONS YEAR ENDED SEPTEMBER 30, 1994
<S> <C> <C>
INVESTMENT INCOME:
INTEREST INCOME......................................................... $97,658,447
EXPENSES:
Management fee-Note 2(a).............................................. $5,287,681
Shareholder servicing costs-Note 2(c)................................. 214,322
Custodian fees........................................................ 120,004
Registration fees..................................................... 16,767
Professional fees..................................................... 16,218
Distribution fees (Class B shares)-Note 2(b).......................... 4,401
Directors' fees and expenses-Note 2(d)................................ 4,233
Prospectus and shareholders' reports.................................. 3,506
Miscellaneous......................................................... 14,603
----------
5,681,735
Less-reduction in management fee due to
undertaking-Note 2(a)............................................. 389,653
----------
TOTAL EXPENSES.................................................. 5,292,082
----------
INVESTMENT INCOME-NET....................................................... 92,366,365
NET REALIZED (LOSS) ON INVESTMENTS-Note 1(b)................................ (956,312)
----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........................ $91,410,053
===========
See notes to financial statements.
</TABLE>
<TABLE>
DREYFUS CASH MANAGEMENT PLUS, INC.
STATEMENT OF CHANGES IN NET ASSETS
YEAR ENDED SEPTEMBER 30,
---------------------------------
1993 1994
-------------- -------------
<S> <C> <C>
OPERATIONS:
Investment income-net................................................ $ 114,410,274 $ 92,366,365
Net realized gain (loss) on investments.............................. 51,835 (956,312)
-------------- -------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........... 114,462,109 91,410,053
-------------- -------------
DIVIDENDS TO SHAREHOLDERS FROM;
Investment income-net:
Class A shares..................................................... (114,410,274) (92,295,952)
Class B shares..................................................... -- (70,413)
-------------- -------------
TOTAL DIVIDENDS................................................ (114,410,274) (92,366,365)
-------------- -------------
CAPITAL STOCK TRANSACTIONS ($1.00 per share):
Net proceeds from shares sold:
Class A shares..................................................... 53,505,416,859 31,741,072,296
Class B shares..................................................... -- 16,083,958
Dividends reinvested:
Class A shares..................................................... 17,286,764 18,340,378
Class B shares..................................................... -- 69,835
Cost of shares redeemed:
Class A shares..................................................... (52,819,793,558) (32,868,317,086)
Class B shares..................................................... -- (10,065,036)
-------------- -------------
INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL
STOCK TRANSACTIONS........................................... 702,910,065 (1,102,815,655)
-------------- -------------
TOTAL INCREASE (DECREASE) IN NET ASSETS.................. 702,961,900 (1,103,771,967)
NET ASSETS:
Beginning of year.................................................... 2,300,382,273 3,003,344,173
-------------- -------------
End of year.......................................................... $ 3,003,344,173 $ 1,899,572,206
=============== ===============
See notes to financial statements.
</TABLE>
<TABLE>
DREYFUS CASH MANAGEMENT PLUS, INC.
FINANCIAL HIGHLIGHTS
Contained below is per share operating performance data for a share of
Common Stock outstanding, total investment return, ratios to average net
assets and other supplemental data for each year indicated. This information
has been derived from the Fund's financial statements.
CLASS A SHARES CLASS B SHARES
---------------------------------------------------- ----------------
YEAR ENDED
YEAR ENDED SEPTEMBER 30, SEPTEMBER 30,
----------------------------------------------------
PER SHARE DATA: 1990 1991 1992 1993 1994 1994(1)
------- ------- ------- ------- ------- --------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of year.... $ .9999 $ .9999 $ .9999 $1.0000 $1.0000 $1.0000
------- ------- ------- ------- ------- --------
INVESTMENT OPERATIONS:
Investment income-net................. .0832 .0675 .0431 .0316 .0359 .0245
Net realized gain (loss) on investments -- -- .0001 -- (.0005) (.0003)
------- ------- ------- ------- ------- --------
TOTAL FROM INVESTMENT OPERATIONS.... .0832 .0675 .0432 .0316 .0354 .0242
------- ------- ------- ------- ------- --------
DISTRIBUTIONS;
Dividends from investment income-net.. (.0832) (.0675) (.0431) (.0316) (.0359) (.0245)
------- ------- ------- ------- ------- --------
Net asset value, end of year.......... $.9999 $.9999 $1.0000 $1.0000 $ .9995 $.9997
======== ====== ======= ======= ======= =========
TOTAL INVESTMENT RETURN................... 8.65% 6.97% 4.39% 3.20% 3.65% 3.61%(2)
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets .20% .20% .20% .20% .20% .45%(2)
Ratio of net investment income to average
net assets.......................... 8.29% 6.62% 4.36% 3.15% 3.49% 4.00%(2)
Decrease reflected in above expense ratios
due to undertaking by the Manager... .04% .04% .05% .04% .01% --
Net Assets, end of year (000's Omitted) $1,177,475 $1,780,058 $2,300,382 $3,003,344 $1,893,485 $6,087
- ----------------------------
(1) From January 24, 1994 (commencement of initial offering) to Setember 30, 1994.
(2) Annualized.
See notes to financial statements.
</TABLE>
DREYFUS CASH MANAGEMENT PLUS, INC.
NOTES TO FINANCIAL STATEMENTS
NOTE 1-SIGNIFICANT ACCOUNTING POLICIES:
The Fund is registered under the Investment Company Act of 1940 ("Act")
as a diversified open-end management investment company. Dreyfus Service
Corporation, until August 24, 1994, acted as the distributor of the Fund's
shares, which are sold to the public without a sales load. Dreyfus Service
Corporation is a wholly owned subsidiary of The Dreyfus Corporation
("Manager"). Effective August 24, 1994, the Manager became a direct
subsidiary of Mellon Bank, N.A.
On August 24, 1994, Premier Mutual Fund Services, Inc. (the
"Distributor") was engaged as the Fund's distributor. The Distributor,
located at One Exchange Place, Boston, Massachusetts 02109, is a wholly owned
subsidiary of Institutional Administration Services, Inc., a provider of
mutual fund administration services, the parent company of which is Boston
Institutional Group, Inc.
It is the Fund's policy to maintain a continuous net asset value per
share of $1.00; the Fund has adopted certain investment, portfolio valuation
and dividend and distribution policies to enable it to do so.
On July 14, 1993, the Fund's Board of Trustees approved an amendment to
the Fund's Agreement and Declaration of Trust to provide for the issuance of
additional classes of shares of the Fund. The amendment was approved by Fund
shareholders on January 6, 1994. Effective January 24, 1994, existing Fund
shares were classified as Class A shares and an umlimited number of Class B
shares were authorized. The Fund began offering both Class A and Class B
shares on January 24, 1994. 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 Directors 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. Realized gain and loss from
securities transactions are recorded on the identified cost basis. Interest
income is recognized on the accrual basis. Cost of investments represents
amortized cost.
(C) DIVIDENDS TO SHAREHOLDERS: It is the policy of the Fund to declare
dividends from investment income-net on each business day. Such dividends
are paid monthly. Dividends from net realized capital gain are normally
declared and paid annually, but the Fund may make distributions on a more
frequent basis to comply with the distribution requirements of the Internal
Revenue Code. To the extent that net realized capital gain can be offset by
capital loss carryovers, 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, if such qualification is in the
best interests of its shareholders, by complying with the applicable
provisions of the Internal Revenue Code, and to make distributions of taxable
income sufficient to relieve it from substantially all Federal income and
excise taxes.
The Fund has an unused capital loss carryover of approximately $74,000
available for Federal income tax purposes to be applied against future net
securities profits, if any, realized subsequent to September 30, 1994. The
carryover does not include net realized securities losses from November 1,
1993 through September 30, 1994 which are treated, for Federal income tax
purposes, as arising in fiscal 1995. If not applied, $22,000 of the carryover
expires in fiscal 1997, $4,000 expires in fiscal 1999, $2,000 expires in
fiscal 2000 and $46,000 expires in fiscal 2002.
DREYFUS CASH MANAGEMENT PLUS, INC.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
At September 30, 1994, the cost of investments for Federal income tax
purposes was substantially the same as the cost for financial reporting
purposes (see the Statement of Investments).
NOTE 2-MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES:
(A) Pursuant to a management agreement ("Agreement") with the Manager,
the management fee is computed at the annual rate of .20 of 1% of the average
daily value of the Fund's net assets and is payable monthly.
The Agreement provides for an expense reimbursement from the Manager
should the Fund's aggregate expenses, exclusive of taxes, interest on
borrowings, brokerage and extraordinary expenses, exceed 1 1/2% of the
average value of the Fund's net assets for any full fiscal year. However, the
Manager had undertaken from October 1, 1993 through January 23, 1994 to
reduce the management fee paid by, or bear such excess expenses of the Fund,
to the extent that the Fund's aggregate expenses (excluding certain expenses
as described above) exceed an annual rate of .20 of 1% of the average daily
value of the Fund's net assets. The reduction in management fee, pursuant to
the undertaking, amounted to $389,653 for the period from October 1, 1993
through January 23, 1994.
Effective January 24, 1994, the Manager, and not the Fund, is liable for
those expenses of the Fund (excluding certain expenses as described above)
other than management fee, and with respect to the Fund's Class B shares,
Rule 12b-1 Service Plan expenses.
The Manager may modify the existing undertaking provided that the Fund's
shareholders are given 90 days prior notice.
(B) On August 5, 1994, Fund shareholders approved the adoption of a new
Class B Service Plan (the "Plan") pursuant to Rule 12b-1 under the Act.
Pursuant to the Plan, effective August 24, 1994, the Fund reimburses the
Distributor for distributing the Fund's Class B shares. The Fund also pays
The Dreyfus Corporation and Dreyfus Service Corporation, 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 pay
able without regard to actual expenses incurred.
During the period from January 24, 1994, through August 24, 1994, the
Fund's Service Plan ("Prior Class B Service Plan") provided that the Fund pay
Dreyfus Service Corporation at an annual rate of .25 of 1% of the value of
the Fund's Class B shares average daily net assets, for costs and expenses in
connection with advertising, marketing and distributing Class B shares and
for providing certain services to holders of Class B shares. Dreyfus Service
Corporation made payments to one or more Service Agents based on the value of
the Fund's Class B shares owned by clients of the Service Agent.
During the period ended September 30, 1994, $669 was charged to the Fund
pursuant to the Plan and $3,732 was charged to the Fund pursuant to the Prior
Class B Service Plan.
DREYFUS CASH MANAGEMENT PLUS, INC.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
(C) Pursuant to the Fund's Shareholder Services Plan ("Class A
Shareholder Service Plan") the Fund reimburses Dreyfus Service Corporation an
amount not to exceed an annual rate of .25 of 1% of the value of the Fund's
average daily net assets for servicing shareholder accounts. The services
provided may include personal services relating to shareholder accounts, such
as answering shareholder inquiries regarding the Fund and providing reports
and other information, and services related to the maintenance of shareholder
accounts. During the period from October 1, 1993 through January 23, 1994,
the Fund was charged an aggregate of $214,322 pursuant to the Class A
Shareholder Services Plan.
(D) Prior to August 24, 1994 certain officers and directors of the Fund
were "affiliated persons," as defined in the Act, of the Manager and/or
Dreyfus Service Corporation. Each director who is not an "affiliated person"
receives an annual fee of $3,000 and an attendance fee of $500 per meeting.
REPORT OF ERNST & YOUNG LLP, INDEPENDENT AUDITORS
SHAREHOLDERS AND BOARD OF DIRECTORS
DREYFUS CASH MANAGEMENT PLUS, INC.
We have audited the accompanying statement of assets and liabilities of
Dreyfus Cash Management Plus, Inc., including the statement of investments,
as of September 30, 1994, and the related statement of operations for the
year then ended, the statement of changes in net assets for each of the two
years in the period then ended, and financial highlights for each of the
years indicated therein. These financial statements and financial highlights
are the responsibility of the Fund's management. Our responsibility is to
express an opinion on these financial statements and financial highlights
based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. Our procedures included confirmation of
securities owned as of September 30, 1994, by correspondence with the custodia
n. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights
referred to above present fairly, in all material respects, the financial
position of Dreyfus Cash Management Plus, Inc. at September 30, 1994, the
results of its operations for the year then ended, the changes in its net
assets for each of the two years in the period then ended, and the financial
highlights for each of the indicated years, in conformity with generally
accepted accounting principles.
New York, New York
November 8, 1994
DREYFUS CASH MANAGEMENT
PLUS, INC.
144 GLENN CURTISS BOULEVARD
UNIONDALE, NY 11556
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. 719AR949
DREYFUS
CASH
MANAGEMENT
PLUS, INC.
ANNUAL REPORT
September 30, 1994
