(R) Dreyfus
Cash Management
Plus, Inc.
Annual Report
January 31, 1997
<PAGE>
Dreyfus Cash Management Plus, Inc.
- -------------------------------------------------------------------------------
Letter to Shareholders
Dear Shareholder:
We are pleased to report the performance of Dreyfus Cash Management Plus,
Inc. for the four-month fiscal period ended January 31, 1997, as shown in the
following table:
<TABLE>
<CAPTION>
Annualized
Annualized Yield Effective Yield*
-------------- ------------
<S> <C> <C>
Institutional Shares 5.32% 5.45%
Investor Shares 5.07% 5.19%
Administrative Shares ** 5.22% 5.35%
Participant Shares ** 4.92% 5.03%
</TABLE>
Please note that the fiscal year-end for the Fund has been changed to the
last day of January from the last day of September. Accordingly, the Fund
completed a shortened, four-month fiscal year on January 31, 1997. Please
understand that this change does not have any detrimental effect on the Fund or
on shareholders.
ECONOMIC REVIEW
The release of a 4.7% estimate for the fourth quarter's real Gross Domestic
Product ("GDP") growth has restored an above-trend growth trajectory to the U.S.
economy. Hence, the much anticipated slowdown to a benign 2% path is no longer a
valid viewpoint. This has left the Federal Reserve Open Market Committee (the
"Fed") with the policy decision of whether to act on its GDP growth yardstick,
or pursue a wait-and-see option with regard to inflation. The economy is
embarking on its seventh expansion year with good momentum.
Real GDP grew at an annualized 3.3% rate in the first half of 1996 and 3.4%
in the second half. Key forces to sustain growth include steady income growth
that supports consumer spending, reviving economic growth abroad to help exports
(despite some offset from a higher dollar) and a lean inventory situation that
should keep manufacturing buoyant. However, capital goods orders have slowed
recently. Excess capacity still exists in some sectors, while the higher dollar
can especially hurt import-competing industries. The stronger dollar
additionally may hurt profits related to foreign sales, although overall
corporate profits should sustain steady growth.
While the Fed has held a bias favoring tighter policy since mid-1996, it has
so far delayed tightening. A slow economy in the summer months and, more
recently, the surging dollar have curbed inflation fears, giving ample reason to
leave policy unchanged. Indeed, accelerating wage inflation and high oil prices
have been accompanied by lower general price inflation in recent months.
However, while a rising dollar typically depresses prices in the traded goods
sector, the attendant boost to purchasing power risks higher inflation pressures
elsewhere.
MARKET OVERVIEW
The money market during the past year was characterized by considerable
volatility. However, by the end of this Fund's fiscal year, short-term rates
were actually little changed from when the year began.
Throughout the period, inflation and what, if anything, the Fed might do
about it, continued to be the major concern. Early in the year, rates generally
rose, especially after strong employment reports in late spring and early summer
convinced the market that the Fed would need to tighten money rates in order to
prevent a recurrence of inflation. By late summer, however, it became clear that
inflation was not an immediate threat. The Fed acknowledged as much by taking no
preemptive action. Furthermore, the economy was a constructive influence, *
providing continued yet moderate growth without exerting undue upward pressure
on wage levels or general price
<PAGE>
indicators. Thus, in the latter part of the year, interest rates simmered down,
though not without short-lived inflation scares.
As the time approached for the February 1997 meeting of the rate-setting Fed,
the market was nervous but essentially neutral, as rates edged slightly lower.
The most significant recent development has been a flattening of the yield
curve, with rates on the 30-year Treasury bond narrowing the gap with short-term
Treasury yields. As it turned out, the Fed in early February left rates
undisturbed. There has been no rate change by the Fed since January 1996, when
there was a modest cut in the Federal Funds rate of 25 basis points.
In recent days, a new factor has entered the picture--the decision by the
U.S. and the Group of Seven major industrial nations not to try to push the U.S.
dollar's valuation any higher. Eventually, this change in strategy could affect
the U.S. money market. The initial reaction in the markets, however, was to
take it in stride.
Some tightening of rates by the Fed is to be expected in coming months, if
the U.S. economy continues to exhibit strong growth. The rising dollar has acted
as a restraint on inflation until now. It remains to be seen what the effect of
the new dollar strategy will be.
PORTFOLIO FOCUS
Our maturity structure has been geared to deal with changeable eventualities
while seeking superior yields. At times this has resulted in an average maturity
longer than the industry average. We intend to continue this approach until
events in the marketplace dictate a change.
It is a pleasure and a privilege to serve your investment needs.
Sincerely,
Patricia A. Larkin
Senior Portfolio Manager
February 18, 1997 New York, N.Y.
* Annualized effective yield takes into account the effect of compounding and
is based upon dividends declared daily and reinvested monthly.
** Since inception on November 21, 1996.
<PAGE>
<TABLE>
<CAPTION>
Dreyfus Cash Management Plus, Inc.
- -------------------------------------------------------------------------------
Statement of Investments January 31, 1997
Principal
Negotiable Bank Certificates of Deposit--39.7% Amount Value
- ----------------------------------------------------------------------------- ------------ -------------
<S> <C> <C>
Bank of America NT & SA (Yankee)
5.36%, 2/5/97............................................................. $ 20,000,000 $ 19,999,942
Bank of Tokyo-Mitsubishi, Ltd. (London)
5.47%-5.66%, 2/12/97-3/5/97............................................... 75,000,000 75,000,918
Bank of Tokyo-Mitsubishi, Ltd. (Yankee)
5.63%-5.86%, 2/18/97-1/7/98............................................... 155,000,000 154,995,223
Bankers Trust Co. (London)
5.51%, 7/14/97............................................................ 50,000,000 50,002,203
Bankers Trust Co.
5.80%, 1/9/98............................................................. 100,000,000 99,963,272
Bayerische Hypotheken-und Wechsel-Bank AG (London)
5.78%, 1/9/98............................................................. 50,000,000 50,011,796
Bayerische Vereinsbank AG (Yankee)
5.27%, 2/24/97............................................................ 95,000,000 95,000,000
Caisse Nationale de Credit Agricole (Yankee)
5.75%, 12/8/97............................................................ 50,000,000 50,000,000
Dai-Ichi Kangyo Bank Ltd. (London)
5.49%, 3/12/97............................................................ 50,000,000 50,001,405
Dai-Ichi Kangyo Bank Ltd. (Yankee)
5.39%-5.66%, 2/18/97-4/23/97.............................................. 172,000,000 172,000,188
Deutsche Bank AG (Yankee)
5.70%, 12/2/97............................................................ 50,000,000 49,995,836
Fuji Bank Ltd. (Yankee)
5.45%-5.65%, 2/12/97-4/30/97.............................................. 322,000,000 322,004,151
Industrial Bank of Japan Ltd. (Yankee)
5.42%-5.68%, 2/10/97-4/10/97.............................................. 290,000,000 289,999,620
Sanwa Bank Ltd. (London)
5.43%-5.67%, 2/12/97-3/5/97............................................... 42,000,000 42,000,763
Sanwa Bank Ltd. (Yankee)
5.39%-5.52%, 2/10/97-4/14/97.............................................. 139,000,000 139,006,332
Societe Generale (Yankee)
5.34%-6.03%, 3/24/97-1/9/98............................................... 300,000,000 300,181,871
Sumitomo Bank Ltd. (London)
5.57%, 4/7/97............................................................. 30,000,000 30,002,091
Sumitomo Bank Ltd. (Yankee)
5.42%-5.82%, 2/5/97-1/12/98............................................... 278,000,000 278,000,364
SwedBank (Yankee)
5.56%-5.65%, 2/14/97-11/14/97............................................. 160,000,000 159,998,952
Union Bank of California
5.71%, 3/17/97............................................................ 65,000,000 65,000,000
Westdeutsche Landesbank Girozentrale (London)
5.46%, 3/27/97............................................................ 9,000,000 9,001,971
---------------
TOTAL NEGOTIABLE BANK CERTIFICATES OF DEPOSIT
(cost $2,502,166,898)..................................................... $2,502,166,898
===============
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Dreyfus Cash Management Plus, Inc.
- -------------------------------------------------------------------------------
Statement of Investments (continued) January 31, 1997
Principal
Bankers' Acceptances--1.1% Amount Value
- ---------------------------------------------------------------------------- ------------ -------------
<S> <C> <C>
Bank of Tokyo-Mitsubishi, Ltd. (Yankee)
5.63%, 3/11/97............................................................ $ 16,000,000 $ 15,907,280
Dai-Ichi Kangyo Bank Ltd. (Yankee)
5.52%-5.63%, 2/3/97-5/27/97............................................... 43,600,000 43,093,650
Industrial Bank of Japan Ltd. (Yankee)
5.63%-5.71%, 2/28/97-3/19/97.............................................. 12,100,000 12,035,191
---------------
TOTAL BANKERS` ACCEPTANCES
(cost $71,036,121)........................................................ $ 71,036,121
===============
Commercial Paper--19.4%
- -------------------------------------------------------------------------------
Bankers Trust New York Corp.
5.47%, 10/17/97 (a)....................................................... $150,000,000 $ 150,000,000
BFCE U.S. Finance Corp.
5.58%, 2/7/97............................................................. 50,000,000 49,954,750
Chrysler Financial Corp.
5.41%, 3/10/97............................................................ 50,000,000 49,724,042
Den Danske Corp. Inc.
5.50%, 7/9/97............................................................. 25,000,000 24,412,986
General Electric Capital Corp.
5.52%, 5/23/97............................................................ 10,000,000 9,835,658
General Motors Acceptance Corp.
5.44%-5.60%, 2/4/97-8/6/97................................................ 255,000,000 248,839,702
Lehman Brothers Holdings Inc.
5.50%-5.78%, 8/1/97-10/3/97............................................... 270,000,000 262,988,545
Mitsubishi Motors Credit of America Inc.
5.52%, 2/18/97 (LOC; Industrial Bank of Japan LTD) (b).................... 16,000,000 15,959,049
Paine Webber Group Inc.
5.45%-5.67%, 2/10/97-4/1/97............................................... 40,000,000 39,830,548
Salomon Inc.
5.75%-5.80%, 2/3/97-7/7/97................................................ 125,000,000 122,928,483
Sanwa Business Credit Corp.
5.41%-5.44%, 2/18/97-2/20/97.............................................. 50,000,000 49,865,750
UBS Finance (DE) Inc.
5.58%, 2/3/97............................................................. 200,000,000 199,938,000
---------------
TOTAL COMMERCIAL PAPER
(cost $1,224,277,513)..................................................... $1,224,277,513
===============
Corporate Notes--12.4%
- -------------------------------------------------------------------------------
Abbey National Treasury Services PLC
5.60%, 11/21/97........................................................... $ 50,000,000 $ 49,959,479
Bear Stearns Companies Inc.
5.38%-5.83%, 2/18/97-1/28/98 (a).......................................... 300,000,000 300,000,000
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Dreyfus Cash Management Plus, Inc.
- -------------------------------------------------------------------------------
Statement of Investments (continued) January 31, 1997
Principal
Corporate Notes (continued) Amount Value
- ---------------------------------------------------------------------------- ------------ -------------
<S> <C> <C>
General Motors Acceptance Corp.
5.65%, 10/8/97............................................................ $ 30,000,000 $ 30,003,721
Lehman Brothers Holdings Inc.
5.47%-5.53%, 6/15/97-8/29/97.............................................. 22,690,000 22,919,164
Merrill Lynch & Co. Inc.
5.38%-5.47%, 2/13/97-2/12/98 (a).......................................... 215,000,000 214,974,198
Paine Webber Group Inc.
5.60%, 1/8/98-1/9/98 (a).................................................. 80,000,000 80,000,000
Salomon Brothers Inc.
5.69%, 11/10/97 (a)....................................................... 80,000,000 80,000,000
---------------
TOTAL CORPORATE NOTES
(cost $777,856,562)....................................................... $ 777,856,562
===============
Promissory Notes--4.9%
- -------------------------------------------------------------------------------
Goldman Sachs Group L.P.
5.60%-5.78%, 2/10/97-10/17/97 (c,d)
(cost $310,000,000)....................................................... $310,000,000 $ 310,000,000
===============
Short-Term Bank Notes--7.4%
- -------------------------------------------------------------------------------
Banc One Milwaukee
5.37%, 2/6/97-2/7/97...................................................... $250,000,000 $ 249,998,152
Bank of America Illinois
5.58%, 11/19/97........................................................... 75,000,000 74,971,311
Comerica Bank
5.36%, 2/14/97 (a)........................................................ 125,000,000 124,996,962
First National Bank of Boston
5.50%, 3/17/97............................................................ 15,000,000 15,000,000
---------------
TOTAL SHORT-TERM BANK NOTES
(cost $464,966,425)....................................................... $ 464,966,425
===============
U.S. Government Agencies--8.7%
- -------------------------------------------------------------------------------
Federal Farm Credit Banks,
Consolidated Systemwide Medium Term Notes
5.33%-5.34%, 7/25/97-1/30/98 (a).......................................... $150,000,000 $ 149,953,675
Federal National Mortgage Association,
Floating Rate Notes
5.30%-5.45%, 3/27/97-6/19/98 (a).......................................... 398,000,000 397,904,626
---------------
TOTAL U.S. GOVERNMENT AGENCIES
(cost $547,858,301)....................................................... $ 547,858,301
===============
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Dreyfus Cash Management Plus, Inc.
- -------------------------------------------------------------------------------
Statement of Investments (continued) January 31, 1997
Principal
Time Deposits--5.5% Amount Value
- ----------------------------------------------------------------------------- ------------ --------------
<S> <C> <C>
Berliner Handels-und Frankforter Bank (Grand Cayman)
5.56%, 2/3/97............................................................. $250,000,000 $ 250,000,000
Westdeutsche Landesbank Girozentrale (Grand Cayman)
5.44%, 2/3/97............................................................. 96,170,000 96,170,000
---------------
TOTAL TIME DEPOSITS
(cost $346,170,000)....................................................... $ 346,170,000
===============
Repurchase Agreements--4.4%
- -------------------------------------------------------------------------------
Goldman, Sachs & Co., 5.37% dated 1/31/97, due 2/3/97 in the amount of
$125,055,938 (fully collateralized by $126,595,000 U.S. Treasury Notes,
5.875%-6.50%, due from 5/15/97
to 7/31/97, value $127,594,475)........................................... $125,000,000 $ 125,000,000
SBC Capital Markets, 5.35%
dated 1/31/97, due 2/3/97 in the amount of
$150,066,875 (fully collateralized by $150,924,000
U.S. Treasury Notes, 6.125%-6.50%, due from 5/15/97
to 5/31/97, value $152,855,766)........................................... 150,000,000 150,000,000
---------------
TOTAL REPURCHASE AGREEMENTS
(cost $275,000,000)....................................................... $ 275,000,000
===============
TOTAL INVESTMENTS
(cost $6,519,331,820)............................................. 103.5% $6,519,331,820
====== ===============
LIABILITIES, LESS CASH AND RECEIVABLES............................... (3.5%) $ (220,888,833)
====== ===============
NET ASSETS........................................................... 100.0% $6,298,442,987
====== ===============
<FN>
Notes to Statement of Investments:
- -------------------------------------------------------------------------------
(a) Variable interest rate-subject to periodic change.
(b) Backed by irrevocable letter of credit.
(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 5/16/96 to 1/21/97 at a cost of par value. At January 31, 1997, the
aggregate value of these securities is $310 million, representing approximately
4.9% of net assets and are valued at amortized cost.
</TABLE>
See notes to financial statements.
<PAGE>
<TABLE>
<CAPTION>
Dreyfus Cash Management Plus, Inc.
- -------------------------------------------------------------------------------
Statement of Assets and Liabilities January 31, 1997
Cost Value
------------- ----------------
<S> <C> <C>
ASSETS: Investments in securities--See Statement of
Investments--Note 1(b).......................... $6,519,331,820 $6,519,331,820
Interest receivable.............................. 51,961,919
----------------
6,571,293,739
----------------
LIABILITIES: Due to The Dreyfus Corporation and affiliates.... 1,036,860
Due to Distributor............................... 156,552
Cash overdraft due to Custodian.................. 43,575,717
Payable for investment securities purchased...... 228,081,623
----------------
272,850,752
----------------
NET ASSETS..................................................................... $6,298,442,987
================
REPRESENTED BY: Paid-in capital.................................. $6,299,322,693
Accumulated net realized gain (loss) on investments (879,706)
----------------
NET ASSETS..................................................................... $6,298,442,987
================
</TABLE>
<TABLE>
<CAPTION>
NET ASSET VALUE PER SHARE
-------------------------
Institutional Administrative Investor Participant
Shares Shares Shares Shares
---------------- -------------- -------------- -----------
<S> <C> <C> <C> <C>
Net Assets........................................ $5,515,851,390 $199,340 $781,919,924 $472,333
Shares Outstanding................................ 5,516,722,684 199,340 781,928,336 472,333
NET ASSET VALUE PER SHARE......................... $1.00 $1.00 $1.00 $1.00
===== ===== ===== =====
</TABLE>
See notes to financial statements.
<PAGE>
Dreyfus Cash Management Plus, Inc.
- -------------------------------------------------------------------------------
Statement of Operations
<TABLE>
<CAPTION>
Four Months Ended Year Ended
January 31, September 30,
1997* 1996
--------------- ---------------
INVESTMENT INCOME
<S> <C> <C>
INCOME Interest Income................................. $121,897,903 $331,440,841
EXPENSES: Management fee--Note 2(a)......................... $ 4,417,546 $ 11,722,426
Distribution fees--Note 2(b)..................... 630,491 1,234,656
-------------- -------------
Total Expenses.............................. 5,048,037 12,957,082
-------------- -------------
INVESTMENT INCOME--NET.......................................................... 116,849,866 318,483,759
NET REALIZEDGAIN(LOSS) ONINVESTMENTS--Note 1(b)................................ 45,711 (2,194)
-------------- -------------
NET INCREASEINNETASSETSRESULTINGFROMOPERATIONS................................ $116,895,577 $318,481,565
============== =============
<FN>
- -----------------
*The Fund has changed its fiscal year end from September 30 to January 31.
</TABLE>
See notes to financial statements.
<PAGE>
Dreyfus Cash Management Plus, Inc.
- -------------------------------------------------------------------------------
Statement of Changes in Net Assets
<TABLE>
<CAPTION>
Four Months Ended Year Ended Year Ended
January 31, 1997(1) September 30, 1996 September 30, 1995
------------------- ------------------ ------------------
OPERATIONS:
<S> <C> <C> <C>
Investment income--net........................... $ 116,849,866 $ 318,483,759 $ 232,479,885
Net realized gain (loss) on investments......... 45,711 (2,194) 61,322
------------------ ------------------ ------------------
Net Increase (Decrease) in Net Assets Resulting
from Operations........................... 116,895,577 318,481,565 232,541,207
------------------ ------------------ ------------------
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income--net:
Institutional Shares(2)....................... (104,056,031) (292,838,918) (226,918,456)
Administrative Shares(3)...................... (25,840) -- --
Investor Shares(2)............................ (12,765,741) (25,644,841) (5,561,429)
Participant Shares(3)......................... (2,254) -- --
------------------ ------------------ ------------------
Total Dividends............................. (116,849,866) (318,483,759) (232,479,885)
------------------ ------------------ ------------------
CAPITAL STOCK TRANSACTIONS ($1.00 per share):
Net proceeds from shares sold:
Institutional Shares(2)....................... 38,291,611,554 93,822,519,259 57,520,547,392
Administrative Shares(3)...................... 15,887,500 -- --
Investor Shares(2)............................ 2,019,845,977 3,923,658,426 1,165,069,960
Participant Shares(3)......................... 1,420,390 -- --
Dividends reinvested:
Institutional Shares(2)....................... 48,591,073 115,307,526 54,890,923
Administrative Shares(3)...................... 25,840 -- --
Investor Shares(2)............................ 12,241,124 24,908,745 5,333,819
Participant Shares(3)......................... 2,254 -- --
Cost of shares redeemed:
Institutional Shares(2)....................... (37,590,703,894) (93,576,511,645) (55,063,997,497)
Administrative Shares(3)...................... (15,714,000) -- --
Investor Shares(2)............................ (1,879,423,725) (3,671,804,728) (823,990,020)
Participant Shares(3)......................... (950,311) -- --
------------------ ------------------ ------------------
Increase (Decrease) in Net Assets from
Capital Stock Transactions................ 902,833,782 638,077,583 2,857,854,577
------------------ ------------------ ------------------
Total Increase (Decrease) in Net Assets 902,879,493 638,075,389 2,857,915,899
NET ASSETS:
Beginning of Period............................. 5,395,563,494 4,757,488,105 1,899,572,206
------------------ ------------------ ------------------
End of Period................................... $ 6,298,442,987 $ 5,395,563,494 $ 4,757,488,105
================== ================== ==================
<FN>
- --------------------
(1) The Fund has changed its fiscal year end from September 30 to January 31.
(2) Effective November 20, 1996, Class A shares were redesignated as
Institutional Shares and Class B shares were redesignated as Investor Shares.
(3) From November 21, 1996 (commencement of initial offering) to January 31,
1997.
</TABLE>
See notes to financial statements.
<PAGE>
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.
<TABLE>
<CAPTION>
Institutional Shares
------------------------------------------------------------------------------
Four Months Ended
January 31, Year Ended September 30,
------------------------------------------------------------------------------
PER SHARE DATA: 1997(1,2) 1996 1995 1994 1993 1992
-------- ------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period.. $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
------ ------ ------ ------ ------ ------
Investment Operations:
Investment income--net................. .018 .055 .057 .036 .032 .043
------ ------ ------ ------ ------ ------
Distributions:
Dividends from investment income--net.. (.018) (.055) (.057) (.036) (.032) (.043)
------ ------ ------ ------ ------ ------
Net asset value, end of period........ $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
====== ====== ====== ====== ====== ======
TOTAL INVESTMENT RETURN.................. 5.34%(3) 5.59% 5.86% 3.65% 3.20% 4.39%
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets .20%(3) .20 .20% .20% .20% .20%
Ratio of net investment income
to average net assets.............. 5.32%(3) 5.46% 5.81% 3.49% 3.15% 4.36%
Decrease reflected in above expense ratios
due to undertakings by the Manager. -- -- -- .01% .04% .05%
Net Assets, end of period (000's Omitted).. $5,515,851 $4,766,312 $4,404,989 $1,893,485 $3,003,344 $2,300,382
<FN>
- --------------------
(1) Effective November 20, 1996, Class A shares were redesignated as
Institutional Shares.
(2) The Fund has changed its fiscal year end from September 30 to January 31.
(3) Annualized.
</TABLE>
See notes to financial statements.
<PAGE>
Dreyfus Cash Management Plus, Inc.
- -------------------------------------------------------------------------------
Financial Highlights (continued)
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.
<TABLE>
<CAPTION>
Administrative Participant
Shares Investor Shares Shares
------------ ------------------------------------------- -----------
Four Months
Period Ended Ended Period Ended
January 31, January 31, Year Ended September 30, January 31,
- -----------------------------------------------------------------------------------------------------------------------
PER SHARE DATA: 1997(1) 1997(2,3) 1996 1995 1994(4) 1997(1)
------ ------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period.. $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
------ ------ ------ ------ ------ ------
Investment Operations:
Investment income--net................. .010 .017 .052 .055 .025 .010
------ ------ ------ ------ ------ ------
Distributions:
Dividends from investment income--net.. (.010) (.017) (.052) (.055) (.025) (.010)
------ ------ ------ ------ ------ ------
Net asset value, end of period........ $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
====== ====== ====== ====== ====== ======
TOTAL INVESTMENT RETURN.................. 5.22%(5) 5.10%(5) 5.33% 5.61% 3.61%(5) 4.92%(5)
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets .30%(5) .45%(5) .45% .45% .45%(5) .60%(5)
Ratio of net investment income
to average net assets.............. 4.99%(5) 5.07%(5) 5.19% 5.66% 4.00%(5) 4.78%(5)
Net Assets, end of period (000's Omitted) $199 $781,920 $629,251 $352,499 $6,087 $472
<FN>
- --------------------
(1) From November 21, 1996 (commencement of initial offering) to January 31, 1997.
(2) Effective November 20, 1996, Class B shares were redesignated as Investor Shares.
(3) The Fund has changed its fiscal year end from September 30 to January 31.
(4) From January 24, 1994 (commencement of initial offering) to September 30, 1994.
(5) Annualized.
</TABLE>
See notes to financial statements.
<PAGE>
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
is authorized to issue 15 billion shares of $.001 par value Common Stock in each
of the following classes of shares: Institutional Shares, Administrative Shares,
Investor Shares and Participant Shares. Effective November 20, 1996, Class A
shares were redesignated as Institutional Shares and Class B shares were
redesignated as Investor Shares. Administrative Shares, Investor Shares and
Participant Shares are subject to a Service Plan adopted pursuant to Rule 12b-1
under the Act. Other differences between the 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.
The Fund has changed its fiscal year end from September 30 to January 31.
(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.
<PAGE>
Dreyfus Cash Management Plus, Inc.
- ------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (continued)
(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 $866,000
available for Federal income tax purposes to be applied against future net
securities profits, if any, realized subsequent to January 31, 1997. The
carryover does not include net realized securities losses from November 1, 1996
through January 31, 1997 which are treated, for Federal income tax purposes, as
arising in fiscal 1998. If not applied, $15,000 of the carryover expires in
fiscal 2002, $811,000 expires in fiscal 2003 and $40,000 expires in fiscal 2004.
At January 31, 1997, 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 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 Administrative Shares, Investor Shares and
Participant Shares, Rule 12b-1 Service Plan expenses.
(B) Under the Fund's Service Plan (the "Plan") adopted pursuant to Rule 12b-1
under the Act, relating to its Administrative Shares, Investor Shares and
Participant Shares, the Fund (a) reimburses the Distributor for distributing
such classes of 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 such classes of shares and
for providing certain services relating to shareholder accounts in such classes
of shares, 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 .10, .25
and .40 of 1% of the value of the average daily net assets of Administrative
Shares, Investor Shares and Participant Shares, respectively. Both the
Distributor and Dreyfus may pay one or more Service Agents (a securities dealer,
financial institution or other industry professional) a fee in respect of the
Fund's Administrative Shares, Investor Shares and Participant 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 four
month period ended January 31, 1997, the Rule 12b-1 service fees borne by the
Fund with respect to its Administrative Shares, Investor Shares and Participant
Shares were $518, $629,784 and $189, respectively.
(C) Each director receives an annual fee of $3,000 and an attendance fee of
$500 per meeting.
<PAGE>
Dreyfus Cash Management Plus, Inc.
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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 January 31, 1997, and the related statement of operations for the four months
ended January 31, 1997 and for the year ended September 30, 1996, the statement
of changes in net assets for the four months ended January 31, 1997 and for each
of the two years in the period ended September 30, 1996, and financial
highlights for each of the periods 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 and financial highlights. Our procedures included confirmation of
securities owned as of January 31, 1997 by correspondence with the custodians
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 January 31, 1997, the results of its
operations for the four months ended January 31, 1997 and for the year ended
September 30, 1996, the changes in its net assets for the four months ended
January 31, 1997 and for each of the two years in the period ended September 30,
1996, and the financial highlights for each of the indicated periods, in
conformity with generally accepted accounting principles.
Ernst & Young LLP
New York, New York
March 6, 1997
<PAGE>
(R) [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.
P.O. Box 9671
Providence, RI 02940
Printed in U.S.A. 719/671/579/599AR971
