DREYFUS CASH MANAGEMENT PLUS, INC.
LETTER TO SHAREHOLDERS
Dear Shareholder:
It is a pleasure to send you this report on Dreyfus Cash Management Plus,
Inc. For the 12 months ended September 30, 1996, your Fund's Class A shares
produced an annualized yield of 5.44% and Class B shares produced an
annualized yield of 5.19%. Income dividends of approximately $.055 per share
were paid during the period for Class A shares and $.052 for Class B shares.
Assuming the reinvestment of these dividends and accounting for the effect of
compounding, annualized effective yields of 5.58% and 5.32% were achieved for
Class A shares and Class B shares, respectively.*
ECONOMIC REVIEW
The Federal Reserve Board ("the Fed") twice in recent months has thwarted
market expectations for policy tightening, perhaps to test the hypothesis
that somewhat faster economic growth won't foster inflation. So far, rising
wages and a tight labor market have failed to boost price indexes. Yet the
U.S. business cycle is now entering the late-cycle phase when inflationary
pressures typically emerge. Although profit growth slowed in 1996, better
profit growth may be in store for some economic sectors next year. The Fed's
stance has caused short-term interest rates to become quite volatile,
although long-term rates have held fairly steady since the spring. True to
form, the U.S. business cycle is entering the late-cycle phase and we believe
that this portends sustained, steady growth ahead.
In 1996, the unemployment rate has plunged toward 5% while wage growth
has exceeded price inflation for the first time since 1989. Yet there is
little evidence to date of rising price inflation, prompting the Fed to leave
its interest rate policy unchanged. This is very different from 1994 when the
Fed preemptively hiked interest rates to stem potential price inflation that
subsequently did not materialize.
Real Gross Domestic Product grew 3.3% in the first half, led by strong
manufacturing, housing and consumer sectors. Since midyear, home sales have
reached new cyclical highs, orders for exports and capital goods have
resurged, and many foreign economies are improving. However, despite
favorable income growth, high confidence and better job security, consumer
spending has been lackluster since midyear. This has caused many analysts to
conclude that the economy has shifted to a slower growth. Corporate profit
growth decelerated in 1996, chiefly reflecting lagging midcycle slowdowns in
some sectors (resource industries, exports, capital goods). Many of these
sectors are now improving.
As we start the fourth quarter of the year, interest rates are actually
little different than they were in the spring. Should new inflation signs
begin to emerge, then both short- and long-term rates would likely rise.
As the U.S. economy moves into the late-cycle phase it is, as usual, out
of sync with business cycles overseas which, by and large, are at a much
earlier stage. This portends faster world growth in 1997. Hopefully, the U.S.
economy can participate in a world economy that is accelerating in growth
without igniting inflation.
THE MONEY MARKET AND THE PORTFOLIO
For much of the past year, money market interest rates edged upward,
propelled by a strengthening economy and, most importantly, by fears that
inflation might resume and that the Federal Reserve might raise interest
rates to offset it.
In recent weeks, it has become fairly clear that the economy, while
continuing to grow, is not in any immediate danger of causing inflation to
reappear. Moreover, the Fed has not raised short-term rates since last
February. A widely watched Fed meeting in late September came and went with
no official action on rates.
On several occasions during the spring and summer, strong employment
numbers and decreases in the unemployment figures spooked the fixed-income
markets. Efforts of traders to outguess the Fed had the effect of pumping up
short-term rates. This was the case even though from February through
September, the Fed held eight meetings without taking overt action to
increase rates. In effect, the market was doing the job for them.
Since the last meeting of the Federal Open Market Committee in September,
interest rates have subsided. The latest economic indicators, while still
showing growth, have given the market few reasons to push up rates again.
The way we have dealt with this environment is to extend portfolio
maturities when opportunities arose. This enabled the Fund to continue to
generate competitive yields when interest rates moved lower.
We continue to watch market developments very closely and reserve the
option of changing our approach if conditions warrant.
Sincerely,
[Patricia A. Larkin signature logo]
Patricia A. Larkin
Senior Portfolio Manager
October 18, 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 SEPTEMBER 30, 1996
PRINCIPAL
NEGOTIABLE BANK CERTIFICATES OF DEPOSIT-38.4% AMOUNT VALUE
________ ________
<S> <C> <C>
Bank of Tokyo-Mitsubishi, Ltd. (London)
5.66%, 2/12/97.......................................................... $ 45,000,000 $45,001,628
Bank of Tokyo-Mitsubishi, Ltd. (Yankee)
5.61%-5.71%, 12/23/96-2/19/97........................................... 170,000,000 170,000,000
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. (Yankee)
5.43%-5.66%, 11/20/96-2/19/97........................................... 194,000,000 194,000,000
Fuji Bank Ltd. (Yankee)
5.53%-5.73%, 10/11/96-11/21/96.......................................... 160,000,000 160,003,309
Industrial Bank of Japan Ltd. (Yankee)
5.47%-5.75%, 10/21/96-2/13/97........................................... 268,000,000 267,996,728
Royal Bank of Canada (Yankee)
5.44%, 12/31/96......................................................... 81,000,000 81,059,227
Sanwa Bank Ltd. (London)
5.50%-5.77%, 11/13/96-2/12/97........................................... 162,000,000 161,990,434
Sanwa Bank Ltd. (Yankee)
5.65%-5.70%, 1/6/97-3/31/97............................................. 73,000,000 73,005,574
Societe Generale (Yankee)
5.34%-6.03%, 3/24/97-7/21/97............................................ 100,000,000 99,994,956
Sumitomo Bank Ltd. (Yankee)
5.62%-5.71%, 10/25/96-2/5/97............................................ 143,000,000 143,001,316
SwedBank (Yankee)
5.46%-5.72%, 11/29/96-1/9/97............................................ 255,000,000 254,963,734
Union Bank of California
5.71%-5.75%, 3/17/97-4/2/97............................................. 165,000,000 165,000,000
_______
TOTAL NEGOTIABLE BANK CERTIFICATES OF DEPOSIT
(cost $2,071,016,906)................................................... $2,071,016,906
=======
BANKERS' ACCEPTANCES-4.6%
Dai-Ichi Kangyo Bank Ltd. (Yankee)
5.52%-5.70%, 10/11/96-2/3/97............................................ $ 143,800,000 $141,880,968
Fuji Bank Ltd. (Yankee)
5.55%-5.62%, 10/22/96-11/19/96.......................................... 77,000,000 76,558,050
Industrial Bank of Japan Ltd. (Yankee)
5.71%, 3/19/97.......................................................... 5,000,000 4,869,494
DREYFUS CASH MANAGEMENT PLUS, INC.
STATEMENT OF INVESTMENTS (CONTINUED) SEPTEMBER 30, 1996
PRINCIPAL
BANKERS' ACCEPTANCES (CONTINUED) AMOUNT VALUE
________ ________
Sanwa Bank Ltd. (Yankee)
5.45%-5.53%, 10/18/96-11/14/96.......................................... $ 18,000,000 $17,921,990
Sumitomo Bank Ltd. (Yankee)
5.53%, 10/2/96.......................................................... 5,100,000 5,099,227
_______
TOTAL BANKERS' ACCEPTANCES
(cost $246,329,729)..................................................... $246,329,729
=======
COMMERCIAL PAPER-14.7%
ABN-AMRO North America Finance Inc.
5.45%, 11/12/96......................................................... $ 40,000,000 $39,748,000
BFCE U.S. Finance Corp.
5.43%-5.58%, 11/7/96-2/7/97............................................. 100,000,000 98,751,681
BHF Finance (DE) Inc.
5.42%, 12/19/96......................................................... 100,000,000 98,832,556
Ciesco L.P.
5.34%, 10/30/96......................................................... 25,000,000 24,893,667
General Motors Acceptance Corp.
5.58%-5.71%, 12/2/96-1/17/97............................................ 198,400,000 196,144,632
Lehman Brothers Holdings Inc.
5.63%-6.06%, 10/7/96-6/6/97............................................. 148,000,000 145,857,631
National Australia Funding (DE) Inc.
5.52%, 12/2/96.......................................................... 50,000,000 49,533,278
Salomon Inc.
5.63%-5.80%, 12/19/96-2/3/97............................................ 140,000,000 137,995,459
_______
TOTAL COMMERCIAL PAPER
(cost $791,756,904)..................................................... $ 791,756,904
=======
CORPORATE NOTES-10.7%
Bear Stearns Companies Inc.
5.51%, 7/8/97........................................................... $ 75,000,000 $75,000,000
Bear Stearns Companies Inc.
5.38%-5.39%, 1/29/97-2/18/97 (a) ....................................... 125,000,000 125,000,000
CIT Group Holdings Inc.
5.40%, 12/23/96 (a) .................................................... 135,000,000 134,964,408
Lehman Brothers Holdings Inc.
5.50%, 1/6/97 (a)....................................................... 75,000,000 75,000,000
Merrill Lynch & Co. Inc.
5.38%, 2/13/97 (a)...................................................... 75,000,000 75,000,000
DREYFUS CASH MANAGEMENT PLUS, INC.
STATEMENT OF INVESTMENTS (CONTINUED) SEPTEMBER 30, 1996
PRINCIPAL
CORPORATE NOTES (CONTINUED) AMOUNT VALUE
________ ________
PHH Corp.
5.40%, 11/12/96 (a)..................................................... $ 94,000,000 $ 93,992,552
_______
TOTAL CORPORATE NOTES
(cost $578,956,960)..................................................... $ 578,956,960
=======
PROMISSORY NOTES-6%
Goldman Sachs Group L.P.
5.47%-5.78%, 10/8/96-5/2/97 (b,c)
(cost $323,000,000)..................................................... $ 323,000,000 $323,000,000
=======
SHORT-TERM BANK NOTES-9.1%
Banc One Milwaukee
5.37%, 2/6/97-2/7/97 (a)................................................ $ 250,000,000 $249,959,149
Comerica Bank
5.36%, 2/14/97 (a)...................................................... 125,000,000 124,968,215
First National Bank of Boston
5.41%, 10/2/96.......................................................... 53,000,000 53,000,000
Society National Bank, Cleveland
5.92%, 5/21/97.......................................................... 65,000,000 65,000,000
_______
TOTAL SHORT-TERM BANK NOTES
(cost $492,927,364)..................................................... $ 492,927,364
=======
U.S. TREASURY BILLS-2.8%
4.88%-5.59%, 2/6/97-8/21/97
(cost $151,190,179)..................................................... $ 155,000,000 $151,190,179
=======
U.S. GOVERNMENT AGENCIES-10.1%
Federal Farm Credit Banks,
Floating Rate Notes
5.33%-5.34%, 7/25/97-1/30/98 (a)........................................ $ 150,000,000 $149,931,273
Federal National Mortgage Association,
Floating Rate Notes
5.30%-5.45%, 3/27/97-6/19/98 (a) ....................................... 398,000,000 397,873,267
_______
TOTAL U.S. GOVERNMENT AGENCIES
(cost $547,804,540)..................................................... $ 547,804,540
=======
TIME DEPOSITS-4.7%
Berliner Handels-und Frankforter Bank (Grand Cayman)
6%, 10/1/96............................................................. $ 100,000,000 $100,000,000
Deutsche Bank AG (Grand Cayman)
6%, 10/1/96............................................................. 50,000,000 50,000,000
DREYFUS CASH MANAGEMENT PLUS, INC.
STATEMENT OF INVESTMENTS (CONTINUED) SEPTEMBER 30, 1996
PRINCIPAL
TIME DEPOSITS (CONTINUED) AMOUNT VALUE
________ ________
Republic National Bank of New York (London)
5.75%, 10/1/96.......................................................... $ 102,800,000 $102,800,000
_______
TOTAL TIME DEPOSITS
(cost $252,800,000)..................................................... $ 252,800,000
=======
TOTAL INVESTMENTS
(cost $5,455,782,582)................................................... 101.1% $5,455,782,582
==== =======
LIABILITIES, LESS CASH AND RECEIVABLES...................................... (1.1%) $ (60,219,088)
==== =======
NET ASSETS ................................................................ 100.0% $5,395,563,494
==== =======
NOTES TO STATEMENT OF INVESTMENTS:
(a) Variable interest rate-subject to periodic change.
(b) These notes were acquired for investment, not with intent to
distribute or sell.
(c) Securities restricted as to public resale. These securities were
acquired from 5/16/96 to 9/18/96 at a cost of par value. At September 30,
1996, the aggregate value of these securities is $323 million,
representing approximately 6.0% of net assets and are valued at amortized
cost.
See notes to financial statements.
DREYFUS CASH MANAGEMENT PLUS, INC.
STATEMENT OF ASSETS AND LIABILITIES SEPTEMBER 30, 1996
ASSETS:
Investments in securities, at value-Note 1(a)........................... $5,455,782,582
Interest receivable..................................................... 44,068,423
_______
5,499,851,005
LIABILITIES:
Due to The Dreyfus Corporation and affiliates........................... $ 1,004,856
Due to Custodian........................................................ 53,146,679
Due to Distributor...................................................... 116,908
Payable for investment securities purchased............................. 50,019,068 104,287,511
_____- _______
NET ASSETS.................................................................. $5,395,563,494
=======
REPRESENTED BY:
Paid-in capital......................................................... $5,396,488,911
Accumulated net realized (loss) on investments.......................... (925,417)
_______
NET ASSETS at value......................................................... $5,395,563,494
=======
NET ASSET VALUE per share:
Class A Shares
15 billion shares of $.001 par value shares authorized
($4,766,312,021 / 4,767,223,951 shares of Common Stock outstanding)... $1.00
=======
Class B Shares
15 billion shares of $.001 par value shares authorized
($629,251,473 / 629,264,960 shares of Common Stock outstanding)....... $1.00
=======
See notes to financial statements.
DREYFUS CASH MANAGEMENT PLUS, INC.
STATEMENT OF OPERATIONS YEAR ENDED SEPTEMBER 30, 1996
INVESTMENT INCOME:
INTEREST INCOME......................................................... $331,440,841
EXPENSES:
Management fee-Note 2(a).............................................. $11,722,426
Distribution fees (Class B shares)-Note 2(b).......................... 1,234,656
_____
TOTAL EXPENSES.................................................... 12,957,082
_______
INVESTMENT INCOME-NET....................................................... 318,483,759
NET REALIZED (LOSS) ON INVESTMENTS-Note 1(b)................................ (2,194)
_______
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........................ $318,481,565
=======
See notes to financial statements.
DREYFUS CASH MANAGEMENT PLUS, INC.
STATEMENT OF CHANGES IN NET ASSETS
YEAR ENDED SEPTEMBER 30,
-------------------------------------
1995 1996
_________ _________
OPERATIONS:
Investment income-net............................................... $ 232,479,885 $ 318,483,759
Net realized gain (loss) on investments............................. 61,322 (2,194)
________ ________
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS.......... 232,541,207 318,481,565
________ ________
DIVIDENDS TO SHAREHOLDERS FROM;
Investment income-net:
Class A shares.................................................... (226,918,456) (292,838,918)
Class B shares.................................................... (5,561,429) (25,644,841)
________ ________
TOTAL DIVIDENDS............................................... (232,479,885) (318,483,759)
________ ________
CAPITAL STOCK TRANSACTIONS ($1.00 per share):
Net proceeds from shares sold:
Class A shares.................................................... 57,520,547,392 93,822,519,259
Class B shares.................................................... 1,165,069,960 3,923,658,426
Dividends reinvested:
Class A shares.................................................... 54,890,923 115,307,526
Class B shares.................................................... 5,333,819 24,908,745
Cost of shares redeemed:
Class A shares.................................................... (55,063,997,497) (93,576,511,645)
Class B shares.................................................... (823,990,020) (3,671,804,728)
________ ________
INCREASE IN NET ASSETS FROM CAPITAL STOCK TRANSACTIONS........ 2,857,854,577 638,077,583
________ ________
TOTAL INCREASE IN NET ASSETS................................ 2,857,915,899 638,075,389
NET ASSETS:
Beginning of year................................................... 1,899,572,206 4,757,488,105
________ ________
End of year......................................................... $ 4,757,488,105 $ 5,395,563,494
======== ========
</TABLE>
See notes to financial statements.
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.
<TABLE>
<CAPTION>
CLASS A SHARES CLASS B SHARES
----------------------------------------------------- -------------------------------
YEAR ENDED SEPTEMBER 30, YEAR ENDED SEPTEMBER 30,
----------------------------------------------------- --------------------------------
PER SHARE DATA: 1992 1993 1994 1995 1996 1994(1) 1995 1996
___ ___ ___ ___ ___ ___ ___ ___
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Net asset value,
beginning of year..... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
___ ___ ___ ___ ___ ___ ___ ___
INVESTMENT OPERATIONS;
Investment income-net... .043 .032 .036 .057 .055 .025 .055 .052
___ ___ ___ ___ ___ ___ ___ ___
DISTRIBUTIONS;
Dividends from investment
income-net............ (.043) (.032) (.036) (.057) (.055) (.025) (.055) (.052)
___ ___ ___ ___ ___ ___ ___ ___
Net asset value, end of year $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
=== === === === === === === ===
TOTAL INVESTMENT RETURN..... 4.39% 3.20% 3.65% 5.86% 5.59% 3.61%(2) 5.61% 5.33%
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average
net assets............ .20% .20% .20% .20% .20% .45%(2) .45% .45%
Ratio of net investment income
to average net assets. 4.36% 3.15% 3.49% 5.81% 5.46% 4.00%(2) 5.66% 5.19%
Decrease reflected in above
expense ratios due to
undertakings by
the Manager........... .05% .04% .01% - - - - -
Net Assets, end of year
(000's Omitted)....... $2,300,382 $3,003,344 $1,893,485 $4,404,989 $4,766,312 $6,087 $352,499 $629,251
(1) From January 24, 1994 (commencement of initial offering) to September 30, 1994.
(2) Annualized.
</TABLE>
See notes to financial statements.
DREYFUS CASH MANAGEMENT PLUS, INC.
NOTES TO FINANCIAL STATEMENTS
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 per share of $1.00.
The Fund's financial statements are prepared in accordance with generally
accepted accounting principles which may require the use of management
estimates and assumptions. Actual results could differ from those estimates.
(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
DREYFUS CASH MANAGEMENT PLUS, INC.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
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 $925,000
available for Federal income tax purposes to be applied against future net
securities profits, if any, realized subsequent to September 30, 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,
$811,000 expires in fiscal 2003 and $40,000 expires in fiscal 2004.
At September 30, 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 value
of the Fund's average daily 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.
Effective December 1, 1995, the Manager compensates Dreyfus Transfer,
Inc., a wholly-owned subsidiary of the Manager, under a transfer agency
agreement for providing personnel and facilities to perform transfer agency
services for the Fund. Such compensation amounted to $9,208 during the period
ended September 30, 1996.
(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 determine
the amounts, if any, to be paid to 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 Sept
ember 30, 1996, $1,234,656 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.
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, 1996, 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, 1996 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, 1996, 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
October 31, 1996
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.
P.O. BOX 9671
PROVIDENCE, RI 02940
Printed in U.S.A. 719/671AR969
DREYFUS
CASH
MANAGEMENT
PLUS, INC.
ANNUAL REPORT
SEPTEMBER 30, 1996
