LETTER TO SHAREHOLDERS
Dear Shareholder:
Dreyfus Cash Management Plus, Inc. completed its latest semi-annual
fiscal period on March 31, 1995. Interest rates rose in the first few months
of this period, but recently trended lower as growth in the U.S. economy
showed signs of slowing.
These developments were reflected in the yield provided by your Fund. For
the six-month reporting period, Class A shares of Dreyfus Cash Management
Plus produced an annualized yield of 5.45%, or an annualized effective yield
of 5.58% after compounding.* The comparable figures for the Class B shares
were 5.20% and 5.33%, respectively.
The primary cause of these higher yields was, of course, the Federal
Reserve Board's continuing policy of heading off inflation. Since February
1994, the Federal Reserve Board has raised key interest rates seven times. At
the same time, economic activity continued to increase, particularly here in
the U.S., but also in some of our major trading partners abroad. Economic
strength thus was another factor contributing to the rise in money market
yields.
Lately, the pace of domestic expansion appears to have cooled, with small
increases in unemployment figures, more restrained figures on factory output,
and a shortening of the work week. This was the Federal Reserve's objective
in initiating its policy of tightening credit. Accordingly, the Fed is
currently being praised for engineering a "soft landing" for the economy from
the frenetic expansion of last fall and early winter.
One gauge of the Fed's success can be seen in the fact that consumer
price increases have been moderate in size, though there are signs of upward
price pressures at the wholesale and intermediate manufacturing level.
When the Federal Reserve's Open Market Committee met in March, it decided
not to take any steps at that time to change underlying interest rates.
However, since then the U.S. dollar has declined precipitously on foreign
exchange markets, the Fed may now have reason to re-examine its current
posture. Thus there can be no assurance that the central bank has ended its
series of steps toward higher interest rates.
Our objective continues to be maximizing current yields without incurring
unnecessary market risk. We appreciate the opportunity to serve your
investment goals, and wish to thank you for your confidence in Dreyfus
investment management.
Sincerely,
(Patricia A. Larkin Signature Logo)
Patricia A. Larkin
Portfolio Manager
April 18, 1995
New York, N.Y.
* Annualized effective yield is based upon dividends declared daily and
reinvested monthly.
<TABLE>
<CAPTION>
DREYFUS CASH MANAGEMENT PLUS, INC.
STATEMENT OF INVESTMENTS MARCH 31, 1995 (UNAUDITED)
PRINCIPAL
NEGOTIABLE BANK CERTIFICATES OF DEPOSIT--21.6% AMOUNT VALUE
---------------- --------------
<S> <C> <C>
Bank of Tokyo Ltd. (Yankee)
6.31%, 5/23/95........................................................ $ 10,000,000 $ 10,003,549
Banque Paribas (Yankee)
6.30%, 9/27/95........................................................ 20,000,000 20,001,502
Commerzbank AG (Yankee)
6.33%, 10/10/95....................................................... 12,000,000 12,039,150
Dai-Ichi Kangyo Bank Ltd. (Yankee)
6.16-6.37%, 5/17/95-6/30/95........................................... 88,000,000 88,039,333
Fuji Bank Ltd. (Yankee)
6.17-6.35%, 4/24/95-6/7/95............................................ 80,000,000 80,000,000
Industrial Bank of Japan Ltd. (Yankee)
6.19-6.27%, 6/2/95-6/30/95............................................ 75,000,000 75,001,755
Mitsubishi Bank Ltd. (Foreign)
6.13%, 5/17/95........................................................ 20,000,000 20,001,101
Mitsubishi Bank Ltd. (Yankee)
6.15-6.26%, 4/13/95-6/15/95........................................... 100,000,000 100,017,146
Sanwa Bank Ltd. (Foreign)
6.23%, 6/16/95........................................................ 45,000,000 45,013,860
Sanwa Bank Ltd. (Yankee)
6.15-6.41%, 4/20/95-6/9/95............................................ 25,000,000 25,008,281
Societe Generale (Yankee)
6.42%, 12/15/95....................................................... 45,000,000 45,001,209
Sumitomo Bank Ltd. (Yankee)
6.15-6.36%, 5/12/95-10/3/95........................................... 96,000,000 96,007,044
--------------
TOTAL NEGOTIABLE BANK CERTIFICATES OF DEPOSIT
(cost $616,133,930)................................................... $ 616,133,930
==============
BANKERS' ACCEPTANCES--4.9%
Bank of Tokyo Ltd. (Yankee)
6.16-6.36%, 5/23/95-6/20/95........................................... $ 44,000,000 $ 43,445,939
Dai-Ichi Kangyo Bank Ltd. (Yankee)
6.16-6.41%, 5/15/95-6/30/95........................................... 45,500,000 45,108,135
Industrial Bank of Japan Ltd. (Yankee)
6.35%, 6/27/95........................................................ 6,000,000 5,910,100
Sanwa Bank Ltd. (Yankee)
6.20-6.25%, 4/18/95-5/16/95........................................... 23,500,000 23,367,852
Societe Generale (Yankee)
6.24%, 5/22/95-5/23/95................................................ 11,913,826 11,809,396
Sumitomo Bank Ltd. (Yankee)
6.12%, 5/9/95......................................................... 10,150,000 10,085,074
--------------
TOTAL BANKERS' ACCEPTANCES
(cost $139,726,496)................................................... $ 139,726,496
==============
DREYFUS CASH MANAGEMENT PLUS, INC.
STATEMENT OF INVESTMENTS (CONTINUED) MARCH 31, 1995 (UNAUDITED)
PRINCIPAL
COMMERCIAL PAPER--44.6% AMOUNT VALUE
---------------- --------------
AB Spintab
6.14-6.23%, 5/17/95-6/27/95........................................... $ 85,000,000 $ 84,091,527
AES Shady Point Inc.
6.56%, 7/12/95 (a).................................................... 20,000,000 19,637,900
American Home Products Corp.
6.71-6.82%, 6/5/95-6/9/95............................................. 73,100,000(b) 72,198,717
Chrysler Financial Corp.
6.25-6.49%, 5/1/95-6/19/95............................................ 140,000,000 138,785,604
Fleet Financial Group Inc.
6.19%, 5/23/95........................................................ 25,000,000 24,779,722
Ford Motor Credit Co.
6.23%, 6/23/95-7/27/95................................................ 70,000,000 68,727,472
General Electric Capital Corp.
6.09%, 5/24/95........................................................ 75,000,000 74,337,500
General Electric Capital Services Inc.
6.49-6.56%, 5/8/95-5/12/95............................................ 62,000,000 61,583,300
General Motors Acceptance Corp.
6.21-6.51%, 5/3/95-7/27/95............................................ 180,000,000 178,105,381
Merrill Lynch & Co. Inc.
6.17%, 6/1/95......................................................... 60,000,000 59,381,867
NYNEX Corp.
6.18-6.31%, 5/4/95-8/21/95............................................ 136,000,000 134,008,983
Repsol International Finance B.V.
6.19%, 6/15/95........................................................ 32,000,000 31,595,333
Sears Roebuck Acceptance Corp.
6.28-6.70%, 5/3/95-6/23/95............................................ 105,000,000 103,983,359
SwedBank Inc.
6.10-6.25%, 5/24/95-7/24/95........................................... 100,000,000 98,589,389
UBS Finance (DE) Inc.
6.40%, 4/3/95......................................................... 125,000,000 124,955,556
--------------
TOTAL COMMERCIAL PAPER
(cost $1,274,761,610)................................................. $1,274,761,610
==============
CORPORATE NOTES--15.5%
Avco Financial Services Inc.
6.28%, 4/1/96......................................................... $ 90,000,000 $ 90,000,000
Bear Stearns Companies Inc.
5.95-6.40%, 8/25/95-1/26/96 (c)....................................... 75,000,000 75,000,000
General Electric Capital Corp.
6.28-6.35%, 2/9/96-3/29/96 (c)........................................ 75,000,000 74,993,305
Lehman Brothers Holdings Inc.
6.49%, 9/1/95......................................................... 77,000,000 77,000,000
Merrill Lynch & Co. Inc.
6.40%, 3/13/96 (c).................................................... 125,000,000 124,954,415
--------------
TOTAL CORPORATE NOTES
(cost $441,947,720)................................................... $ 441,947,720
==============
DREYFUS CASH MANAGEMENT PLUS, INC.
STATEMENT OF INVESTMENTS (CONTINUED) MARCH 31, 1995 (UNAUDITED)
PRINCIPAL
PROMISSORY NOTES--6.4% AMOUNT VALUE
---------------- -------------
Goldman Sachs Group L.P.
6.13-6.88%, 4/10/95-7/6/95............................................ $ 165,000,000(b) $ 165,000,000
Goldman Sachs Group L.P.
6.19%, 5/9/95......................................................... 18,000,000 18,000,000
-------------
TOTAL PROMISSORY NOTES
(cost $183,000,000)................................................... $ 183,000,000
=============
SHORT-TERM BANK NOTES--1.4%
First National Bank of Boston
6.13%, 5/10/95........................................................ $ 15,000,000 $ 15,000,000
NationsBank of North Carolina
6.27%, 5/15/95........................................................ 25,000,000 25,000,000
--------------
TOTAL SHORT-TERM BANK NOTES
(cost $40,000,000).................................................... $ 40,000,000
==============
U.S. GOVERNMENT AGENCIES--4.2%
Federal Farm Credit Banks
6.30%, 9/30/96 (c).................................................... $ 20,000,000 $ 20,000,000
Federal National Mortgage Association
6.67%, 2/14/97 (c).................................................... 100,000,000 100,000,000
--------------
TOTAL U.S. GOVERNMENT AGENCies
(cost $120,000,000)................................................... $ 120,000,000
==============
TIME DEPOSITS--2.9%
Chemical Bank (London)
6.38%, 4/3/95......................................................... $ 75,000,000 $ 75,000,000
Fleet Bank of New York N.A. (Cayman)
6.12%, 4/3/95......................................................... 9,800,000 9,800,000
--------------
TOTAL TIME DEPOSITS
(cost $84,800,000).................................................... $ 84,800,000
==============
REPURCHASE AGREEMENTS--1.7%
Goldman Sachs & Co.
6.15%, dated 3/31/95, due 4/3/95 in the amount of
$50,025,625 (fully collateralized by $51,125,000
U.S. Treasury Notes 4.25% due 11/30/95, value
$51,022,750) (cost $50,000,000)....................................... $ 50,000,000 $ 50,000,000
===============
TOTAL INVESTMENTS
(cost $2,950,369,756)...................................... 103.2% $ 2,950,369,756
======== ===============
LIABILITIES, LESS CASH AND RECEIVABLES......................... (3.2%) $ (92,452,265)
======== ===============
NET ASSETS..................................................... 100.0% $ 2,857,917,491
======== ===============
NOTES TO STATEMENT OF INVESTMENTS:
(a) Backed by an irrevocable letter of credit.
(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
March 31, 1995, these securities amounted to $237,198,717 or 8.3% of net
assets.
(c) Variable interest rate - subject to periodic change.
See independent accountants' review report and notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
DREYFUS CASH MANAGEMENT PLUS, INC.
STATEMENT OF ASSETS AND LIABILITIES MARCH 31, 1995 (UNAUDITED)
<S> <C> <C>
ASSETS:
Investments in securities, at value-Note 1(a,b)......................... $2,950,369,756
Interest receivable..................................................... 9,418,968
--------------
2,959,788,724
LIABILITIES:
Due to The Dreyfus Corporation.......................................... $ 629,629
Due to Custodian........................................................ 46,229,738
Due to Distributor...................................................... 9,640
Payable for investment securities purchased............................. 55,002,226 101,871,233
----------- --------------
NET ASSETS ................................................................ $2,857,917,491
==============
REPRESENTED BY:
Paid-in capital......................................................... $2,858,793,635
Accumulated net realized (loss) on investments.......................... (876,144)
--------------
NET ASSETS at value......................................................... $2,857,917,491
==============
Shares of Common Stock outstanding
Class A Shares
(15 billion shares of $.001 par value shares authorized).............. 2,805,679,523
==============
Class B Shares
(15 billion shares of $.001 par value shares authorized).............. 53,114,112
==============
NET ASSET VALUE per share:
Class A Shares
($2,804,805,076 / 2,805,679,523 shares)............................... $1.00
=====
Class B Shares
($53,112,415 / 53,114,112 shares)..................................... $1.00
=====
See independent accountants' review report and notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
DREYFUS CASH MANAGEMENT PLUS, INC.
STATEMENT OF OPERATIONS SIX MONTHS ENDED MARCH 31, 1995 (UNAUDITED)
<S> <C> <C>
INVESTMENT INCOME:
INTEREST INCOME......................................................... $76,022,979
EXPENSES:
Management fee-Note 2(a).............................................. $2,656,376
Distribution fees (Class B shares)-Note 2(b).......................... 20,278
----------
TOTAL EXPENSES.................................................... 2,676,654
------------
INVESTMENT INCOME--NET...................................................... 73,346,325
NET REALIZED GAIN ON INVESTMENTS--Note 1(b)................................. 108,401
------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........................ $73,454,726
============
See independent accountants' review report and notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
DREYFUS CASH MANAGEMENT PLUS, INC.
STATEMENT OF CHANGES IN NET ASSETS
YEAR ENDED SIX MONTHS ENDED
SEPTEMBER 30, MARCH 31, 1995
1994 (UNAUDITED)
----------------- ----------------
<S> <C> <C>
OPERATIONS:
Investment income-net............................................. $ 92,366,365 $ 73,346,325
Net realized gain (loss) on investments........................... (956,312) 108,401
----------------- ----------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS............ 91,410,053 73,454,726
----------------- ----------------
DIVIDENDS TO SHAREHOLDERS FROM;
Investment income-net:
Class A shares.................................................. (92,295,952) (72,897,916)
Class B shares.................................................. (70,413) (448,409)
----------------- ----------------
TOTAL DIVIDENDS............................................. (92,366,365) (73,346,325)
----------------- ----------------
CAPITAL STOCK TRANSACTIONS ($1.00 per share):
Net proceeds from shares sold:
Class A shares.................................................. 31,741,072,296 18,963,435,235
Class B shares.................................................. 16,083,958 110,179,751
Dividends reinvested:
Class A shares.................................................. 18,340,378 15,456,594
Class B shares.................................................. 69,835 412,840
Cost of shares redeemed:
Class A shares.................................................. (32,868,317,086) (18,067,680,300)
Class B shares.................................................. (10,065,036) (63,567,236)
----------------- ----------------
INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL
STOCK TRANSACTIONS........................................ (1,102,815,655) 958,236,884
----------------- ----------------
TOTAL INCREASE (DECREASE) IN NET ASSETS............... (1,103,771,967) 958,345,285
NET ASSETS:
Beginning of period............................................... 3,003,344,173 1,899,572,206
================= ================
End of period................................................... $ 1,899,572,206 $ 2,857,917,491
================= ================
See independent accountants' review report and notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
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 period indicated. This
information has been derived from the Fund's financial statements.
CLASS A SHARES CLASS B SHARES
------------------------------------------------------------------- -----------------------------
YEAR ENDED SEPTEMBER 30, SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED
--------------------------------------------------- MARCH 31, 1995 SEPTEMBER 30, MARCH 31, 1995
PER SHARE DATA: 1990 1991 1992 1993 1994 (UNAUDITED) 1994(1) (UNAUDITED)
------- ------- ------- ------- ------- -------------- ----------- --------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Net asset value, beginning
of period................. $ .9999 $ .9999 $ .9999 $1.0000 $1.0000 $ .9995 $1.0000 $ .9997
------- ------- ------- ------- ------- ------- ------- -------
INVESTMENT OPERATIONS:
Investment income--net..... .0832 .0675 .0431 .0316 .0359 .0272 .0245 .0259
Net realized gain (loss) on
investments............... -- -- .0001 -- (.0005) .0002 (.0003) .0003
------- ------- ------- ------- ------- ------- ------- -------
TOTAL FROM INVESTMENT
OPERATIONS............... .0832 .0675 .0432 .0316 .0354 .0274 .0242 .0262
------- ------- ------- ------- ------- ------- ------- -------
DISTRIBUTIONS;
Dividends from investment
income-net................ (.0832) (.0675) (.0431) (.0316) (.0359) (.0272) (.0245) (.0259)
------- ------- ------- ------- ------- ------- ------- -------
Net asset value, end of
period.................... $ .9999 $ .9999 $1.0000 $1.0000 $ .9995 $ .9997 $ .9997 $1.0000
------- ------- ------- ------- ------- ------- ------- -------
TOTAL INVESTMENT RETURN..... 8.65% 6.97% 4.39% 3.20% 3.65% 5.52%(2) 3.61%(2) 5.25%(2)
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average
net assets................ .20% .20% .20% .20% .20% .20%(2) .45%(2) .45%(2)
Ratio of net investment income
to average net assets..... 8.29% 6.62% 4.36% 3.15% 3.49% 5.52%(2) 4.00%(2) 5.53%(2)
Decrease reflected in above
expense ratios due to
undertaking by the Manager. .04% .04% .05% .04% .01% -- -- --
Net Assets, end of period
(000's Omitted)........... $1,177,475 $1,780,058 $2,300,382 $3,003,344 $1,893,485 $2,804,805 $6,087 $53,112
- -------------------------
(1) From January 24, 1994 (commencement of initial offering) to September 30, 1994.
(2) Annualized.
See independent accountants' review report and notes to financial statements.
</TABLE>
DREYFUS CASH MANAGEMENT PLUS, INC.
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
NOTE 1--SIGNIFICANT ACCOUNTING POLICIES:
The Fund is registered under the Investment Company Act of 1940 ("Act")
as a diversified open-end management investment company. Premier Mutual Fund
Services, Inc. (the "Distributor") acts as the distributor of the Fund's
shares, which are sold to the public without a sales load. The Distributor,
located at One Exchange Place, Boston, Massachusetts 02109, is a wholly-owned
subsidiary of Institutional Administration Services, Inc., a provider of
mutual fund administration services, 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.
The Fund may enter into repurchase agreements with financial
institutions, deemed to be creditworthy by the Fund's Manager, subject to the
seller's agreement to repurchase and the Fund's agreement to resell such
securities at a mutually agreed upon price. Securities purchased subject to
repurchase agreements are deposited with the Fund's custodians and, pursuant
to the terms of the repurchase agreement, must have an aggregate market value
greater than or equal to the repurchase price plus accrued interest at all
times. If the value of the underlying securities falls below the value of the
repurchase price plus accrued interest, the Fund will require the seller to
deposit additional collateral by the next business day. If the request for
additional collateral is not met, or the seller defaults on its repurchase
obligation, the Fund maintains the right to sell the underlying securities at
market value and may claim any resulting loss against the seller.
(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.
DREYFUS CASH MANAGEMENT PLUS, INC.
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
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.
At March 31, 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).
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.
Currently, due to an undertaking, the Manager, and not the Fund, is
liable for all expenses of the Fund (excluding certain expenses as described
above) other than the management fee, and with respect to the Fund's Class B
shares, Rule 12b-1 Service Plan expenses.
The Manager may modify the existing undertaking provided that the Fund's
shareholders are given 90 days prior notice.
(B) Under the Class B Service Plan (the "Plan") pursuant to Rule 12b-1
under the Act, 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, 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
Service Corporation 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 Service
Corporation determine the amounts, if any, to be paid to the Service Agents
under the Plan and the basis on which such payments are made. The fees
payable under the Plan are payable without regard to actual expenses
incurred. During the six months ended March 31, 1995, $20,278 was charged to
the Fund pursuant to the Plan.
(C) 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.
The Chairman of the Board receives an additional 25% of such compensation.
DREYFUS CASH MANAGEMENT PLUS, INC.
REVIEW REPORT OF ERNST & YOUNG LLP, INDEPENDENT ACCOUNTANTS
SHAREHOLDERS AND BOARD OF DIRECTORS
DREYFUS CASH MANAGEMENT PLUS, INC.
We have reviewed the accompanying statement of assets and liabilities of
Dreyfus Cash Management Plus, Inc., including the statement of investments,
as of March 31, 1995, and the related statements of operations and changes in
net assets and financial highlights for the six month period ended March 31,
1995. These financial statements and financial highlights are the
responsibility of the Fund's management.
We conducted our review in accordance with standards established by the
American Institute of Certified Public Accountants. A review of interim
financial information consists principally of applying analytical procedures
to financial data, and making inquiries of persons responsible for financial
and accounting matters. It is substantially less in scope than an audit
conducted in accordance with generally accepted auditing standards, which
will be performed for the full year with the objective of expressing an
opinion regarding the financial statements and financial highlights taken as
a whole. Accordingly, we do not express such an opinion.
Based on our review, we are not aware of any material modifications that
should be made to the interim financial statements and financial highlights
referred to above for them to be in conformity with generally accepted
accounting principles.
We have previously audited, in accordance with generally accepted auditing
standards, the statement of changes in net assets for the year ended
September 30, 1994 and financial highlights for each of the five years in the
period ended September 30, 1994 and in our report dated November 8, 1994, we
expressed an unqualified opinion on such statement of changes in net assets
and financial highlights.
(Ernst and Young Signature Logo)
New York, New York
May 5, 1995
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. 719/671SA953
DREYFUS
CASH
MANAGEMENT
PLUS, INC.
SEMI-ANNUAL REPORT
MARCH 31, 1995
