DREYFUS CASH MANAGEMENT PLUS, INC.
LETTER TO SHAREHOLDERS
Dear Shareholder:
We are pleased to provide you with this report on Dreyfus Cash Management
Plus, Inc. For its semi-annual reporting period ended March 31, 1996, your
Fund's Class A shares produced an annualized yield of 5.59%, and Class B
shares produced an annualized yield of 5.34%. Income dividends of
approximately $.028 per share were paid during the period for Class A shares
and $.027 for Class B shares. Assuming the reinvestment of these dividends
and accounting for the effect of compounding, annualized effective yields of
5.74% and 5.48% were achieved for Class A shares and Class B shares,
respectively.*
THE ECONOMY
In April the U.S. economy embarked on its sixth expansion year for this
business cycle. However, the previous year was one of slow economic expansion
with the picture remaining sluggish in the past six months. This kept
inflation moderate, but it also began to erode corporate profitability. The
combination of slow economic growth and low inflation helped pull interest
rates down sharply in 1995. While short-term interest rates remained quite
low until recently, long-term rates have risen substantially since January.
Higher long-term rates reflect a shift in the market's view about the
direction of the economy. Long-term rates that rise higher than short-term
rates indicate a steepening yield curve, which is favorable for sustained
economic growth. Hence, we believe that this business cycle could last still
longer.
Although the economy surged 3.6% in the third quarter of 1995, it then
slowed to only 0.5% in the fourth quarter and remains below its 2.0% trend in
early 1996. Sequential events have made the economy volatile in the last six
months: the Boeing and GM strikes, the Federal shutdown and the severe winter
weather. These shocks created caution in key economic sectors. Since the
third quarter, real consumer spending has increased only 1.9%. Capital
spending slowed from its previously strong pace. And weak overseas economies
may now be curbing exports. On the plus side, job growth has been steady,
boosting real disposable income by 3.6%-almost double the rise in consumer
spending. New orders for capital goods are robust. Housing construction and
sales are at high levels. The uncertainty of demand nevertheless kept
producers cautious, leaving inventories quite lean in many economic sectors.
Low inventories relative to demand provide a force for sustained economic
growth and could spur the economy to somewhat faster growth in coming months.
MARKET ENVIRONMENT/PORTFOLIO ACTIVITY
The primary focus of the market has been on Federal Reserve Policy and
its possible implications for the direction of interest rates in 1996. The
Federal Reserve Board is expected to remain in its neutral posture until
there is statistical evidence of a clearer trend in accelerating growth.
Concern that inflation may be growing at a rate which could reignite
inflation and raise benchmark rates in the future has made market
participants cautious. At present, the underlying evidence shows inflation
under control.
The current higher interest rate environment may not be sustainable
without the support of faster economic growth. We hope to take full advantage
of these cross-currents by adjusting the average maturity and duration of the
portfolio as market conditions require.
We thank you for investing in Dreyfus Cash Management Plus, Inc. and we
look forward to further serving your investment needs.
Very truly yours,
[Patricia A. Larkin signature logo]
Patricia A. Larkin
Senior Portfolio Manager
April 15, 1996
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, 1996 (UNAUDITED)
PRINCIPAL
NEGOTIABLE BANK CERTIFICATES OF DEPOSIT-23.2% AMOUNT VALUE
________ ________
<S> <C> <C>
Bank of Tokyo Ltd. (London)
5.30%, 5/7/96-5/8/96.................................................... $ 70,000,000 $70,000,677
Bayerische Vereinsbank AG (Yankee)
5.31%, 2/24/97.......................................................... 155,000,000 155,000,000
Canadian Imperial Bank of Commerce (Yankee)
5.50%, 1/9/97........................................................... 100,000,000 100,000,000
Dai-Ichi Kangyo Bank Ltd. (London)
5.30%-6.46%, 4/9/96-5/8/96.............................................. 118,000,000 118,001,749
Dai-Ichi Kangyo Bank Ltd. (Yankee)
5.49%, 4/29/96.......................................................... 24,000,000 24,000,184
Industrial Bank of Japan Ltd. (Yankee)
5.50%, 9/16/96.......................................................... 65,000,000 65,000,000
Mitsubishi Bank Ltd. (London)
5.30%-5.52%, 4/24/96-5/1/96............................................. 40,000,000 40,002,614
Mitsubishi Bank Ltd. (Yankee)
5.50%, 6/25/96.......................................................... 25,000,000 25,000,000
Sanwa Bank Ltd. (London)
5.25%-5.52%, 4/9/96-5/8/96.............................................. 98,000,000 98,001,157
Sanwa Bank Ltd. (Yankee)
5.30%-5.52%, 4/29/96-9/23/96............................................ 130,000,000 130,001,901
Societe Generale (Yankee)
5.34%, 3/24/97.......................................................... 50,000,000 50,000,000
Sumitomo Bank Ltd. (London)
5.30%-5.51%, 5/2/96-6/25/96............................................. 35,000,000 35,000,987
Sumitomo Bank Ltd. (Yankee)
5.30%-5.62%, 4/16/96-5/7/96............................................. 107,000,000 107,002,978
SwedBank (Yankee)
5.24%-5.32%, 5/6/96-6/26/96............................................. 120,000,000 120,000,000
_______
TOTAL NEGOTIABLE BANK CERTIFICATES OF DEPOSIT
(cost $1,137,012,247)................................................... $1,137,012,247
=======
BANKERS' ACCEPTANCES-1.6%
Bank of Tokyo Ltd. (Yankee)
5.51%, 4/25/96.......................................................... $ 10,000,000 $ 9,963,800
Dai-Ichi Kangyo Bank Ltd. (Yankee)
5.52%-5.64%, 4/1/96-8/19/96............................................. 28,500,000 28,268,785
Industrial Bank of Japan Ltd. (Yankee)
5.51%, 9/16/96.......................................................... 30,000,000 29,248,200
Sanwa Bank Ltd. (Yankee)
5.50%-5.54%, 6/20/96-8/1/96............................................. 11,750,000 11,570,334
_______
TOTAL BANKERS' ACCEPTANCES
(cost $79,051,119)...................................................... $ 79,051,119
=======
DREYFUS CASH MANAGEMENT PLUS, INC.
STATEMENT OF INVESTMENTS (CONTINUED) MARCH 31, 1996 (UNAUDITED)
PRINCIPAL
COMMERCIAL PAPER-12.4% AMOUNT VALUE
________ ________
AES Shady Point Inc.
5.37%, 4/19/96 (a) ..................................................... $ 25,000,000 $ 24,933,250
American Home Products Corp.
5.25%, 5/9/96........................................................... 8,965,000 8,915,792
Den Danske Corp. Inc.
5.04%-5.12%, 5/20/96-8/16/96............................................ 50,000,000 49,359,736
General Motors Acceptance Corp.
5.41%-5.46%, 5/30/96-6/28/96............................................ 150,000,000 148,480,723
Lehman Brothers Holdings Inc.
5.32%-5.40%, 5/7/96-6/7/96 (b) ......................................... 140,000,000 139,525,700
Maguire/Thomas Partners Westlake/Southlake Partnership
5.38%, 4/12/96 (a) ..................................................... 38,410,000 38,347,210
Merrill Lynch & Co. Inc.
5.18%-5.20%, 5/17/96-7/29/96............................................ 65,000,000 64,167,764
NYNEX Corp.
5.24%, 4/12/96.......................................................... 39,000,000 38,938,033
Paine Webber Group Inc.
5.21%-5.40%, 4/19/96-5/22/96............................................ 50,000,000 49,746,250
SwedBank Inc.
5.19%, 7/8/96........................................................... 45,000,000 44,375,250
_______
TOTAL COMMERCIAL PAPER
(cost $606,789,708)..................................................... $ 606,789,708
=======
CORPORATE NOTES-20.0%
Bear Stearns Companies Inc.
5.32%-5.56%, 5/31/96-2/18/97 (b)........................................ $ 245,000,000 $ 245,000,000
CIT Group Holdings Inc.
5.40%, 12/23/96 (b) .................................................... 135,000,000 134,885,933
Comerica Bank
5.40%, 7/26/96 (b) ..................................................... 50,000,000 49,999,535
General Electric Capital Corp.
5.53%, 4/12/96 (b) ..................................................... 30,000,000 29,999,639
Lehman Brothers Holdings Inc.
5.50%-5.70%, 5/16/96-1/6/97 (b) ........................................ 175,000,000 175,000,000
Merrill Lynch & Co. Inc.
5.38%-5.49%, 6/27/96-2/13/97 (b) ....................................... 150,000,000 150,000,000
PHH Corp.
5.40%-5.41%, 8/19/96-11/12/96 (b) ...................................... 194,000,000 193,952,139
_______
TOTAL CORPORATE NOTES
(cost $978,837,246)..................................................... $ 978,837,246
=======
DREYFUS CASH MANAGEMENT PLUS, INC.
STATEMENT OF INVESTMENTS (CONTINUED) MARCH 31, 1996 (UNAUDITED)
PRINCIPAL
PROMISSORY NOTES-6.3% AMOUNT VALUE
________ ________
Goldman Sachs Group L.P.
5.13%-5.75%, 4/2/96-8/19/96 (c,d)
(cost $307,000,000)..................................................... $ 307,000,000 $ 307,000,000
=======
SHORT-TERM BANK NOTES-13.1%
Banc One Milwaukee
5.37%, 2/6/97-2/7/97 (b)................................................ $ 250,000,000 $ 249,901,120
Comerica Bank
5.36%, 2/14/97 (b) ..................................................... 125,000,000 124,925,447
First National Bank of Boston
5.44%-5.47%, 7/5/96-7/12/96 (b) ........................................ 265,000,000 265,000,000
_______
TOTAL SHORT-TERM BANK NOTES
(cost $639,826,567)..................................................... $ 639,826,567
=======
U.S. TREASURY BILLS-2.9%
4.88%, 2/6/97
(cost $143,961,417)..................................................... $ 150,000,000 $ 143,961,417
=======
U.S. GOVERNMENT AGENCIES-16.7%
Federal Farm Credit Banks,
Floating Rate Notes
5.33%-5.55%, 9/30/96-1/30/98 (b)........................................ $ 170,000,000 $ 169,897,941
Federal Home Loan Banks,
Floating Rate Notes
5.46%, 7/10/97 (b) ..................................................... 200,000,000 200,000,000
Federal National Mortgage Association,
Floating Rate Notes
5.30%-5.85%, 2/14/97-6/19/98 (b) ....................................... 448,000,000 447,826,612
_______
TOTAL U.S. GOVERNMENT AGENCIES
(cost $817,724,553)..................................................... $ 817,724,553
=======
TIME DEPOSITS-3.2%
Berliner Handels-und Frankforter Bank (Grand Cayman)
5.25%, 4/1/96........................................................... $ 100,000,000 $ 100,000,000
Republic National Bank of New York (London)
5%, 4/1/96.............................................................. 58,509,000 58,509,000
_______
TOTAL TIME DEPOSITS
(cost $158,509,000)..................................................... $ 158,509,000
=======
DREYFUS CASH MANAGEMENT PLUS, INC.
STATEMENT OF INVESTMENTS (CONTINUED) MARCH 31, 1996 (UNAUDITED)
PRINCIPAL
REPURCHASE AGREEMENTS-1.6% AMOUNT VALUE
________ ________
SBC Capital Markets
5.25%, dated 3/29/96, due 4/1/96
in the amount of $80,035,000 (fully collateralized
by $81,641,000 U.S. Treasury Bills due 8/29/96,
value $81,600,180)
(cost $80,000,000)...................................................... $ 80,000,000 $ 80,000,000
=======
TOTAL INVESTMENTS
(cost $4,948,711,857).......................................... 101.0% $4,948,711,857
====== =======
LIABILITIES, LESS CASH AND RECEIVABLES............................. (1.0%) $ (49,583,785)
====== =======
NET ASSETS ....................................................... 100.0% $4,899,128,072
====== =======
NOTES TO STATEMENT OF INVESTMENTS:
(a) Backed by an irrevocable letter of credit.
(b) Variable rate-subject to periodic change.
(c) These notes were acquired for investment, not with intent to
distribute or sell.
(d) Securities restricted as to public resale. These securities were
acquired from 11/29/95 to 2/20/96 at a cost of par value. At March 31,
1996, the aggregate value of these securities is $307 million,
representing approximately 6.3% of net assets and are valued at amortized
cost.
</TABLE>
See independent accountants' review report and notes to financial statements.
<TABLE>
<CAPTION>
DREYFUS CASH MANAGEMENT PLUS, INC.
STATEMENT OF ASSETS AND LIABILITIES MARCH 31, 1996 (UNAUDITED)
<S> <C> <C>
ASSETS:
Investments in securities, at value-Note 1(a,b)......................... $4,948,711,857
Interest receivable..................................................... 33,445,069
_______
4,982,156,926
LIABILITIES:
Due to The Dreyfus Corporation.......................................... $ 988,132
Due to Distributor...................................................... 94,099
Due to Custodian........................................................ 81,946,623 83,028,854
______ _______
NET ASSETS ................................................................ $4,899,128,072
=========
REPRESENTED BY:
Paid-in capital......................................................... $4,899,853,132
Accumulated net realized (loss) on investments.......................... (725,060)
_______
NET ASSETS at value......................................................... $4,899,128,072
=========
Shares of Common Stock outstanding:
Class A Shares
(15 billion shares of $.001 par value shares authorized).............. 4,438,922,299
=========
Class B Shares
(15 billion shares of $.001 par value shares authorized).............. 460,930,833
=========
NET ASSET VALUE per share:
Class A Shares
($4,438,189,070 / 4,438,922,299 shares)............................... $1.00
=========
Class B Shares
($460,939,002 / 460,930,833 shares)................................... $1.00
=========
</TABLE>
See independent accountants' review report and notes to financial statements.
<TABLE>
<CAPTION>
DREYFUS CASH MANAGEMENT PLUS, INC.
STATEMENT OF OPERATIONS SIX MONTHS ENDED MARCH 31, 1996 (UNAUDITED)
<S> <C> <C>
INVESTMENT INCOME:
INTEREST INCOME......................................................... $169,219,968
EXPENSES:
Management fee-Note 2(a).............................................. $5,829,559
Distribution fees (Class B shares)-Note 2(b).......................... 548,823
_____
TOTAL EXPENSES.................................................... 6,378,382
______
INVESTMENT INCOME-NET....................................................... 162,841,586
NET REALIZED GAIN ON INVESTMENTS-Note 1(b).................................. 198,163
______
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........................ $163,039,749
=========
</TABLE>
See independent accountants' review report and notes to financial statements.
<TABLE>
<CAPTION>
DREYFUS CASH MANAGEMENT PLUS, INC.
STATEMENT OF CHANGES IN NET ASSETS
YEAR ENDED SIX MONTHS ENDED
SEPTEMBER 30, MARCH 31, 1996
1995 (UNAUDITED)
_________ _________
<S> <C> <C>
OPERATIONS:
Investment income-net............................................. $ 232,479,885 $ 162,841,586
Net realized gain on investments.................................. 61,322 198,163
_________ _________
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........ 232,541,207 163,039,749
_________ _________
DIVIDENDS TO SHAREHOLDERS FROM;
Investment income-net:
Class A shares.................................................. (226,918,456) (151,071,012)
Class B shares.................................................. (5,561,429) (11,770,574)
_________ _________
TOTAL DIVIDENDS............................................. (232,479,885) (162,841,586)
_________ _________
CAPITAL STOCK TRANSACTIONS ($1.00 per share):
Net proceeds from shares sold:
Class A shares.................................................. 57,520,547,392 44,927,701,004
Class B shares.................................................. 1,165,069,960 1,733,036,227
Dividends reinvested:
Class A shares.................................................. 54,890,923 55,644,306
Class B shares.................................................. 5,333,819 11,441,137
Cost of shares redeemed:
Class A shares.................................................. (55,063,997,497) (44,950,331,823)
Class B shares.................................................. (823,990,020) (1,636,049,047)
_________ _________
INCREASE IN NET ASSETS FROM CAPITAL STOCK TRANSACTIONS...... 2,857,854,577 141,441,804
_________ _________
TOTAL INCREASE IN NET ASSETS.............................. 2,857,915,899 141,639,967
NET ASSETS:
Beginning of period............................................... 1,899,572,206 4,757,488,105
_________ _________
End of period..................................................... $ 4,757,488,105 $ 4,899,128,072
========= ==========
</TABLE>
See independent accountants' review report and notes to financial statements.
<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
------------------------------------------------------------------ ------------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED
YEAR ENDED SEPTEMBER 30, MARCH 31, 1996 SEPTEMBER 30, MARCH 31, 1996
---------------------------------------------- ------------- ---------------
PER SHARE DATA: 1991 1992 1993 1994 1995 (UNAUDITED) 1994(1) 1995 (UNAUDITED
---- ---- ---- ---- ---- ----------- ---- ---- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Net asset value,
beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
---- ---- ---- ---- ---- ---- ---- ---- ----
INVESTMENT OPERATIONS;
Investment income-net .068 .043 .032 .036 .057 .028 .025 .055 .027
---- ---- ---- ---- ---- ---- ---- ---- ----
DISTRIBUTIONS;
Dividends from
investment income-net (.068) (.043) (.032) (.036) (.057) (.028) (.025) (.055) (.027)
---- ---- ---- ---- ---- ---- ---- ---- ----
Net asset value,
end of period...... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
==== ==== ==== ==== ==== ==== ==== ==== ====
TOTAL INVESTMENT
RETURN ............. 6.97% 4.39% 3.20% 3.65% 5.86% 5.66%(2) 3.61%(2) 5.61% 5.41%(2)
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to
average net assets .20% .20% .20% .20% .20% .20%(2) .45%(2) .45% .45%(2)
Ratio of net investment income
to average net assets 6.62% 4.36% 3.15% 3.49% 5.81% 5.59%(2) 4.00%(2) 5.66% 5.35%(2)
Decrease reflected in above
expense ratios due to
undertakings by
the Manager........ .04% .05% .04% .01% -- -- -- -- --
Net Assets,
end of period
(000's Omitted).... $1,780,058 $2,300,382 $3,003,344 $1,893,485 $4,404,989 $4,438,189 $6,087 $352,499 $460,939
(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:
Dreyfus Cash Management Plus, Inc. ("the Fund") is registered under the
Investment Company Act of 1940 ("Act") as a
diversified open-end management investment company. The Fund's investment
objective is to provide investors with as high a level of current income as
is consistent with the preservation of capital and the maintenance of
liquidity. The Dreyfus Corporation ("Manager") serves as the Fund's
investment adviser. The Manager is a direct subsidiary of Mellon Bank, N.A.
Premier Mutual Fund Services, Inc. (the "Distributor") acts as the
distributor of the Fund's shares, which are sold without a sales load. 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.
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.
(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 daily from investment income-net. 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 interest 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 $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 March 31, 1996, 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.
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, 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 average daily net assets of Class B.
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 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 determines
the amounts, if any, to be paid to Service Agents under the Class B Service
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, 1996, $548,823 was charged to the Fund pursuant to
the Plan.
Effective December 1, 1995, the Fund entered into a transfer agency
agreement with Dreyfus Transfer, Inc., a wholly-owned subsidiary of the
Manager, to provide personnel and facilities to perform transfer agency
services for the Fund.
(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.
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, 1996, and the related statements of operations and changes in
net assets and financial highlights for the six month period ended March 31,
1996. 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, 1995 and financial highlights for each of the five years in the
period ended September 30, 1995 and in our report dated November 2, 1995, we
expressed an unqualified opinion on such statement of changes in net assets
and financial highlights.
[Ernst and Young LLP signature logo]
New York, New York
May 2, 1996
[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
DREYFUS TRANSFER, INC.
ONE AMERICAN EXPRESS PLAZA
PROVIDENCE, RI 02903
Further information is contained
in the Prospectus, which must
precede or accompany this report.
Printed in U.S.A. 719/671SA963
[Dreyfus logo]
DREYFUS
CASH
MANAGEMENT
PLUS, INC.
SEMI-ANNUAL REPORT
MARCH 31, 1996
