DREYFUS CASH MANAGEMENT PLUS, INC.
LETTER TO SHAREHOLDERS
Dear Shareholder:
The Federal Reserve Board relaxed its policy of monetary restraint in
July 1995 when it modestly lowered the Fed Funds rate. This reduction ended
the upward pressure on short-term rates that had prevailed since the
beginning of 1994. The Fed's restraint was based on concern about a
resurgence of inflation, given the strong economic news then prevailing. But
in July, reports indicated a significant weakening trend in the economy. The
July reduction in the Fed Funds rate signaled that economic growth issues
outweighed, for a time, Federal Reserve fears of a resurgence of inflation.
The Fed's easing was limited to a lowering of the Fed Funds rate by 25 basis
points; the discount rate remained at 5.25% - its level for most of 1995. For
its annual reporting period ended September 30, 1995. Dreyfus Cash Management
Plus, Inc.'s yield provided by Class A shares was 5.71%. The effective yield
for Class A shares was 5.86% after taking into account the effect of
compounding.* For Class B shares, the corresponding yields were 5.46% and
5.60%.*
THE ECONOMY
The Fed easing was triggered by concern about the weakening economy.
Economic reports indicated flagging home and auto sales, and new home
construction weakened from earlier this year. Furthermore, rising business
inventories (a frequent harbinger of a business slowdown) and weakening
retail sales lent additional credibility to the case for easier credit
conditions. By midyear jobless claims were also on the rise, a particularly
politically sensitive indicator made even more so by the coming Presidential
election year. In anticipation of the Federal Reserve Board's reaction to
these economic indicators, and in an effort to provide attractive yields, we
chose to extend the average maturity of your Fund's portfolio. Since the
early summer easing, economic signals have remained mixed and inflationary
expectations have remained subdued. Accordingly, interest rates have
stabilized.
THE MARKET AND THE PORTFOLIO
Your Fund was managed in an environment of declining interest rates
during its fiscal period. Nonetheless, by carrying fairly long average
maturities, we were able to provide rewarding yields in a declining rate
environment.
The next few months should prove pivotal for the short-term market, the
direction of the economy, deficit reduction and, of course, potential changes
in monetary policy. The money market has been very sensitive to the changing
U.S. economy, and given the relatively mixed signals regarding economic
strength, we intend to remain cautious and flexible, at all times trying to
anticipate and take advantage of any market moves.
As always, investments in Dreyfus Cash Management Plus, Inc. are limited
to high quality issuers and include a broad range of very liquid instruments.
Included in this report is a series of detailed statements about your
Fund's holdings and its financial condition. We hope you find them
informative. Please know that we greatly appreciate your continued confidence
in the Fund and in Dreyfus.
Sincerely,
[Patricia A. Larkin signature logo]
Patricia A. Larkin
Portfolio Manager
October 9, 1995
New York, N.Y.
*Effective yield is based upon dividends declared daily and reinvested
monthly.
<TABLE>
<CAPTION>
DREYFUS CASH MANAGEMENT PLUS, INC.
STATEMENT OF INVESTMENTS SEPTEMBER 30, 1995
PRINCIPAL
NEGOTIABLE BANK CERTIFICATES OF DEPOSIT-43.6% AMOUNT VALUE
---------------- ---------------
<S> <C> <C>
Bank of Tokyo Ltd. (Yankee)
5.94%-5.95%, 12/5/95-1/16/96............................................ $ 200,000,000 $ 200,000,889
Bayerische Landesbank Girozentrale (London)
5.65%, 10/5/95.......................................................... 45,000,000 45,001,374
Bayerische Vereinsbank AG (London)
6.02%-6.16%, 7/17/96-8/27/96............................................ 314,000,000 314,000,000
Canadian Imperial Bank of Commerce (London)
6.04%-6.09%, 7/29/96-8/14/96............................................ 200,000,000 200,000,000
Commerzbank AG (Yankee)
6.33%-6.39%, 10/10/95-3/8/96............................................ 27,000,000 27,024,034
Dai-Ichi Kangyo Bank Ltd. (London)
5.79%-6.46%, 10/12/95-5/7/96............................................ 170,000,000 170,003,064
Dai-Ichi Kangyo Bank Ltd. (Yankee)
5.98%-6.50%, 12/20/95-1/2/96............................................ 65,000,000 65,029,385
Deutsche Bank AG (London)
6.02%, 8/16/96.......................................................... 75,000,000 75,000,000
Dresdner Bank AG (Yankee)
6.30%, 3/29/96.......................................................... 10,000,000 10,011,278
Industrial Bank of Japan Ltd. (Yankee)
5.82%-5.98%, 12/6/95-1/22/96............................................ 180,000,000 180,001,225
Mitsubishi Bank Ltd. (London)
5.77%-5.89%, 10/12/95-12/13/95.......................................... 145,000,000 145,000,955
Mitsubishi Bank Ltd. (Yankee)
6.11%-6.57%, 12/8/95-1/31/96............................................ 104,000,000 104,113,766
Sanwa Bank Ltd. (London)
5.80%-5.93%, 10/13/95-7/12/96........................................... 80,000,000 80,000,197
Sanwa Bank Ltd. (Yankee)
5.83%-6.52%, 11/10/95-1/24/96........................................... 164,000,000 163,997,686
Societe Generale (London)
6.08%, 8/15/96.......................................................... 100,000,000 99,997,428
Societe Generale (Yankee)
6.30%-6.42%, 12/15/95-3/22/96........................................... 60,000,000 60,019,544
Sumitomo Bank Ltd. (Foreign)
5.97%, 12/5/95.......................................................... 30,000,000 30,001,442
Sumitomo Bank Ltd. (Yankee)
5.97%-6.12%, 12/5/95-1/2/96............................................. $ 105,000,000 $ 105,000,911
------------
TOTAL NEGOTIABLE BANK CERTIFICATES OF DEPOSIT
(cost $2,074,203,178)................................................... $2,074,203,178
==============
DREYFUS CASH MANAGEMENT PLUS, INC.
STATEMENT OF INVESTMENTS (CONTINUED) SEPTEMBER 30, 1995
PRINCIPAL
BANKERS' ACCEPTANCES-1.8% AMOUNT VALUE
---------------- ----------------
Bank of Tokyo Ltd. (Yankee)
5.77%-5.99%, 10/20/95-12/11/95.......................................... $ 47,250,000 $ 46,902,370
Dai-Ichi Kangyo Bank Ltd. (Yankee)
5.80%-6%, 11/28/95-2/7/96............................................... 35,000,000 34,464,429
Sanwa Bank Ltd. (Yankee)
5.94%, 1/17/96.......................................................... 5,000,000 4,912,850
------------
TOTAL BANKERS' ACCEPTANCES
(cost $86,279,649)...................................................... $ 86,279,649
=============
COMMERCIAL PAPER-10.4%
Abbey National North America
6.50%, 1/2/96........................................................... $ 50,000,000 $ 49,199,167
Bankers Trust New York Corp.
5.81%, 3/15/96.......................................................... 25,000,000 24,349,833
Chrysler Financial Corp.
5.94%-6%, 11/22/95-12/1/95.............................................. 55,000,000 54,493,556
General Motors Acceptance Corp.
5.80%-6.36%, 10/13/95-2/26/96........................................... 56,000,000 55,278,188
Lehman Brothers Holdings Inc.
5.90%, 6/7/96 (a)....................................................... 50,000,000 50,000,000
Merrill Lynch & Co. Inc.
6.19%, 2/2/96........................................................... 60,000,000 58,776,533
Mitsubishi Motor Credit of America
5.86%-5.92%, 10/25/95-1/19/96 (b)....................................... 65,000,000 64,406,897
Sears Roebuck Acceptance Corp.
6.40%, 10/2/95.......................................................... 10,000,000 9,998,278
Spintab AB
5.85%-6.11%, 10/20/95-12/27/95.......................................... 80,000,000 79,221,070
SwedBank Inc.
5.89%, 12/18/95......................................................... 50,000,000 49,378,708
----------
TOTAL COMMERCIAL PAPER
(cost $495,102,230)..................................................... $ 495,102,230
============
CORPORATE NOTES-17.6%
Avco Financial Services Inc.
6.03%, 4/1/96 (a)....................................................... $ 90,000,000 $ 90,000,000
Bear Stearns Companies Inc.
5.46%-6.06%, 1/26/96-6/10/96 (a)........................................ 145,000,000 145,000,000
Comerica Bank
5.90%, 7/26/96 (a)...................................................... 50,000,000 49,998,795
DREYFUS CASH MANAGEMENT PLUS, INC.
STATEMENT OF INVESTMENTS (CONTINUED) SEPTEMBER 30, 1995
PRINCIPAL
CORPORATE NOTES (CONTINUED) AMOUNT VALUE
---------------- ----------------
General Electric Capital Corp.
6.03%-6.10%, 2/9/96-4/12/96 (a)......................................... $ 105,000,000 $ 104,990,319
Lehman Brothers Holdings Inc.
6.20%, 5/16/96 (a)...................................................... 100,000,000 100,000,000
Merrill Lynch & Co. Inc.
5.95%-6.14%, 3/13/96-9/24/96 (a)........................................ 150,000,000 149,987,073
PHH Corp.
5.91%, 8/19/96 (a)...................................................... 100,000,000 99,981,637
Westdeutsche Landesbank Girozentrale
5.94%, 12/13/95......................................................... 98,500,000 98,703,180
------------
TOTAL CORPORATE NOTES
(cost $838,661,004)..................................................... $838,661,004
============
PROMISSORY NOTES-4.7%
Goldman Sachs Group L.P.
5.81%-6.15%, 11/7/95-1/18/96 (c,d)
(cost $223,000,000)..................................................... $ 223,000,000 $ 223,000,000
============
SHORT-TERM BANK NOTES-7.7%
First National Bank of Boston
5.94%-5.97%, 7/5/96-7/12/96 (a)......................................... $ 265,000,000 $ 265,000,000
Morgan Guaranty Trust Co.
5.95%, 7/18/96.......................................................... 50,000,000 50,000,000
NationsBank of Texas
6.15%, 8/28/96.......................................................... 50,000,000 50,000,000
------------
TOTAL SHORT-TERM BANK NOTES
(cost $365,000,000)..................................................... $ 365,000,000
============
U.S. GOVERNMENT AGENCY-12.0%
Federal Farm Credit Banks, Floating Rate Notes
6.05%, 9/30/96 (a)...................................................... $ 20,000,000 $ 20,000,000
Federal Home Loan Banks, Floating Rate Notes
5.96%, 7/10/97 (a)...................................................... 200,000,000 200,000,000
Federal National Mortgage Association, Floating Rate Notes
5.85%-6.21%, 2/14/97-6/19/98 (a)........................................ $ 350,000,000 $ 349,896,710
------------
TOTAL U.S. GOVERNMENT AGENCY
(cost $569,896,710)..................................................... $ 569,896,710
============
TIME DEPOSITS-3.0%
Fleet Bank of New York N.A. (Cayman)
6.50%, 10/2/95
(cost $142,256,000)..................................................... $ 142,256,000 $ 142,256,000
============
DREYFUS CASH MANAGEMENT PLUS, INC.
STATEMENT OF INVESTMENTS (CONTINUED) SEPTEMBER 30, 1995
PRINCIPAL
AMOUNT VALUE
---------------- ----------------
TOTAL INVESTMENTS
(cost $4,794,398,771)......................................... 100.8% $4,794,398,771
====== ==============
LIABILITIES, LESS
CASH AND RECEIVABLES.......................................... (.8%) $ (36,910,666)
====== ==============
NET ASSETS ................................................. 100.0% $4,757,488,105
====== ==============
NOTES TO STATEMENT OF INVESTMENTS:
(a) Variable interest rate - subject to periodic change.
(b) Backed by an irrevocable letter of credit.
(c) This note was acquired for investment, not with the intent to
distribute or sell.
(d) Securities restricted as to public resale. These securities were
acquired from 4/10/95 to 9/11/95 at a cost of par value. At September
30, 1995, the value of these securities is $223 million, representing
approximately 4.7% of net assets and are valued at amortized cost.
See notes to financial statements.
</TABLE>
<TABLE>
DREYFUS CASH MANAGEMENT PLUS, INC.
STATEMENT OF ASSETS AND LIABILITIES SEPTEMBER 30, 1995
<S> <C> <C>
ASSETS:
Investments in securities, at value-Note 1(a)........................... $4,794,398,771
Interest receivable..................................................... 48,473,075
--------------
4,842,871,846
LIABILITIES:
Due to The Dreyfus Corporation.......................................... $ 1,054,396
Due to Custodian........................................................ 54,255,272
Due to Distributor...................................................... 74,073
Payable for investment securities purchased............................. 30,000,000 85,383,741
------------ -------------
NET ASSETS ................................................................ $4,757,488,105
==============
REPRESENTED BY:
Paid-in capital......................................................... $4,758,411,328
Accumulated net realized (loss) on investments.......................... (923,223)
--------------
NET ASSETS at value......................................................... $4,757,488,105
==============
Shares of Common Stock outstanding:
Class A Shares
(15 billion shares of $.001 par value shares authorized).............. 4,405,908,812
==============
Class B Shares
(15 billion shares of $.001 par value shares authorized).............. 352,502,516
==============
NET ASSET VALUE per share:
Class A Shares
($4,404,988,961 / 4,405,908,812 shares)............................... $1.00
=====
Class B Shares
($352,499,144 / 352,502,516 shares)................................... $1.00
=====
</TABLE>
<TABLE>
STATEMENT OF OPERATIONS YEAR ENDED SEPTEMBER 30, 1995
<S> <C> <C>
INVESTMENT INCOME:
INTEREST INCOME......................................................... $ 240,739,171
EXPENSES:
Management fee-Note 2(a).............................................. $ 8,013,464
Distribution fees (Class B shares)-Note 2(b).......................... 245,822
------------
TOTAL EXPENSES.................................................... 8,259,286
----------
INVESTMENT INCOME-NET....................................................... 232,479,885
NET REALIZED GAIN ON INVESTMENTS--Note 1(b)................................. 61,322
-----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........................ $ 232,541,207
=============
See notes to financial statements.
</TABLE>
<TABLE>
DREYFUS CASH MANAGEMENT PLUS, INC.
STATEMENT OF CHANGES IN NET ASSETS
YEAR ENDED SEPTEMBER 30,
---------------------------------------
1994 1995
------------------ ------------------
<S> <C> <C>
OPERATIONS:
Investment income-net............................................... $ 92,366,365 $ 232,479,885
Net realized gain (loss) on investments............................. (956,312) 61,322
------------ -------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS.......... 91,410,053 232,541,207
------------ -------------
DIVIDENDS TO SHAREHOLDERS FROM;
Investment income-net:
Class A shares.................................................... (92,295,952) (226,918,456)
Class B shares.................................................... (70,413) (5,561,429)
------------ -------------
TOTAL DIVIDENDS............................................... (92,366,365) (232,479,885)
------------ -------------
CAPITAL STOCK TRANSACTIONS ($1.00 per share):
Net proceeds from shares sold:
Class A shares.................................................... 31,741,072,296 57,520,547,392
Class B shares.................................................... 16,083,958 1,165,069,960
Dividends reinvested:
Class A shares.................................................... 18,340,378 54,890,923
Class B shares.................................................... 69,835 5,333,819
Cost of shares redeemed:
Class A shares.................................................... (32,868,317,086) (55,063,997,497)
Class B shares.................................................... (10,065,036) (823,990,020)
------------ -------------
INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL
STOCK TRANSACTIONS.......................................... (1,102,815,655) 2,857,854,577
============ =============
TOTAL INCREASE (DECREASE) IN NET ASSETS.................... . (1,103,771,967) 2,857,915,899
NET ASSETS:
Beginning of year................................................... 3,003,344,173 1,899,572,206
------------ -------------
End of year......................................................... $ 1,899,572,206 $ 4,757,488,105
============ =============
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 SEPTEMBER 30, YEAR ENDED SEPTEMBER 30,
-------------------------------------------------------------- -----------------------
PER SHARE DATA: 1991 1992 1993 1994 1995 1994(1) 1995
-------- -------- -------- -------- --------- -------- --------
<S> <C> <C> <C> <C> <C> <C> <C>
Net asset value,
beginning of year........... $ .9999 $ .9999 $1.0000 $1.0000 $ .9995 $1.0000 $ .9997
-------- -------- -------- -------- --------- -------- --------
INVESTMENT OPERATIONS:
Investment income-net......... .0675 .0431 .0316 .0359 .0571 .0245 .0546
Net realized gain (loss)
on investments.............. .- .0001 .- (.0005) .0003 (.0003) .0003
-------- -------- -------- -------- --------- -------- --------
TOTAL FROM
INVESTMENT OPERATIONS... .0675 .0432 .0316 .0354 .0574 .0242 .0549
-------- -------- -------- -------- --------- -------- --------
DISTRIBUTIONS;
Dividends from
investment income--net...... (.0675) (.0431) (.0316) (.0359) (.0571) (.0245) (.0546)
-------- -------- -------- -------- --------- -------- --------
Net asset value, end of year.. $ .9999 $1.0000 $1.0000 $ .9995 $ .9998 $ .9997 $1.0000
======== ======== ======== ======== ======== ======== ========
TOTAL INVESTMENT RETURN........... 6.97% 4.39% 3.20% 3.65% 5.86% 3.61%(2) 5.61%
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average
net assets.................. .20% .20% .20% .20% .20% .45%(2) .45%
Ratio of net investment income
to average net assets....... 6.62% 4.36% 3.15% 3.49% 5.81% 4.00%(2) 5.66%
Decrease reflected in above
expense ratios due to
undertaking by the Manager. .04% .05% .04% .01% .-- .- .-
Net Assets, end of year
(000's Omitted)............. $1,780,058 $2,300,382 $3,003,344 $1,893,485 $4,404,989 $6,087 $352,499
(1) From January 24, 1994 (commencement of initial offering) to September 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. Premier Mutual Fund
Services, Inc. (the "Distributor") acts as the distributor of the Fund's
shares, which are sold to the public without a sales load. The Distributor,
located at One Exchange Place, Boston, Massachusetts 02109, is a wholly-owned
subsidiary of FDI Distribution Services, Inc., a provider of mutual fund
administration services, which in turn is a wholly-owned subsidiary of FDI
Holdings, Inc., the parent company of which is Boston Institutional Group,
Inc. The Dreyfus Corporation ("Manager") serves as the Fund's investment
adviser. The Manager is a direct subsidiary of Mellon Bank, N.A.
It is the Fund's policy to maintain a continuous net asset value per
share of $1.00; the Fund has adopted certain investment, portfolio valuation
and dividend and distribution policies to enable it to do so. There is no
assurance, however, that the Fund will be able to maintain a stable net asset
value of $1.00.
The Fund offers both Class A and Class B shares. Class B shares are
subject to a Service Plan adopted pursuant to Rule 12b-1 under the Act. Other
differences between the two Classes include the services offered to and the
expenses borne by each Class and certain voting rights.
(A) PORTFOLIO VALUATION: Investments are valued at amortized cost, which
has been determined by the Fund's Board of 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 $885,000
available for Federal income tax purposes to be applied against future net
securities profits, if any, realized subsequent to September 30, 1995. The
carryover does not include net realized securities losses from November 1,
1994 through September 30, 1995 which are treated, for Federal income tax
purposes, as arising in fiscal 1996. If not applied, $22,000 of the carryover
expires in fiscal 1997, $3,000 expires in fiscal 1999, $3,000 expires in
fiscal 2000, $46,000 expires in fiscal 2002 and $811,000 expires in fiscal
2003.
At September 30, 1995, the cost of investments for Federal income tax
purposes was substantially the same as the cost for financial reporting
purposes (see the Statement of Investments).
DREYFUS CASH MANAGEMENT PLUS, INC.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
NOTE 2-MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES:
(A) Pursuant to a management agreement ("Agreement") with the Manager,
the management fee is computed at the annual rate of .20 of 1% of the average
daily value of the Fund's net assets and is payable monthly.
Unless the Manager gives the Fund's investors 90 days notice to the
contrary, the Manager and not the Fund, will be liable for Fund expenses
(exclusive of taxes, brokerage, interest on borrowings and, with the prior
written consent of the necessary state securities commissions, extraordinary
expenses) other than the following expenses, which will be borne by the Fund:
the management fee, and with respect to the Fund's Class B shares, Rule 12b-1
Service Plan expenses.
(B) Under the Class B Service Plan (the "Plan") adopted pursuant to Rule
12b-1 under the Act, the Fund (a) reimburses the Distributor for distributing
the Fund's Class B shares and (b) pays the Manager and Dreyfus Service
Corporation, a wholly-owned subsidiary of the Manager, and their affiliates
(collectively "Dreyfus") for advertising and marketing relating to the Fund's
Class B shares and for providing certain services relating to Class B
shareholder accounts, such as answering shareholder inquiries regarding the
Fund and providing reports and other information, and services related to the
maintenance of shareholder accounts ("Servicing"), at an aggregate annual
rate of .25 of 1% of the value of the Fund's Class B shares average daily net
assets. Both the Distributor and Dreyfus may pay one or more Service Agents a
fee in respect of the Fund's Class B shares owned by the shareholders with
whom the Service Agent has a Servicing relationship or for whom the Service
Agent is the dealer or holder of record. Both the Distributor and Dreyfus
determine the amounts, if any, to be paid to the Service Agents under the
Plan and the basis on which such payments are made. The fees payable under
the Plan are payable without regard to actual expenses incurred. During the
year ended September 30, 1995, $245,822 was charged to the Fund pursuant to
the Plan.
(D) Each director who is not an "affiliated person" as defined in the Act
receives an annual fee of $3,000 and an attendance fee of $500 per meeting.
DREYFUS CASH MANAGEMENT PLUS, INC.
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, 1995, 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, 1995 by correspondence with the custodian
and brokers. 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, 1995, 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.
[Ernst and Young LLP signature logo]
New York, New York
November 2, 1995
[Dreyfus lion "d" logo]
DREYFUS CASH MANAGEMENT
PLUS, INC.
200 PARK AVENUE
NEW YORK, NY 10166
MANAGER
THE DREYFUS CORPORATION
200 PARK AVENUE
NEW YORK, NY 10166
CUSTODIAN
THE BANK OF NEW YORK
90 WASHINGTON STREET
NEW YORK, NY 10286
TRANSFER AGENT &
DIVIDEND DISBURSING AGENT
THE SHAREHOLDER SERVICES GROUP, INC.
P.O. BOX 9671
PROVIDENCE, RI 02940
Further information is contained
in the Prospectus, which must
precede or accompany this report.
Printed in U.S.A. 719/671AR959
[Dreyfus logo]
DREYFUS
CASH
MANAGEMENT
PLUS, INC.
ANNUAL REPORT
SEPTEMBER 30, 1995
