LETTER TO SHAREHOLDERS
Dear Shareholder:
Dreyfus Government Cash Management completed its latest semi-annual
reporting period on July 31, 1994, in an environment of rising interest
rates.
Accordingly, the annualized yield for this six-month period was 3.46% for
the Class A shares. After taking into account the effect of compounding, the
annualized effective yield was 3.52%. For the Class B shares, the annualized
yield was 3.22%, and the annualized effective yield was 3.27%.*
There were sharp increases in a number of economic indicators in the last
calendar quarter of 1993 and in January, 1994. These changes impelled the
Federal Reserve Board in February to initiate a series of increases in
interest rates in an effort to head off a return of inflation. By the end of
the Fund's fiscal period, there had been four tightening moves by the Federal
Reserve and a fifth one in mid-August.
As interest rates rose, we thought it prudent to shorten average
maturities in the portfolio. Since there is no clear indication yet that
interest rates have levelled off, we are keeping the Fund in a defensive
position, with fairly short average maturities. These of course can be
lengthened if and when the monetary outlook changes.
As we see the picture now, the U.S. economy continues to strengthen, even
though the last few weeks have seen a modest slackening in some areas, such
as housing starts and auto sales.
However, a cooling off in some sectors of the economy is exactly what the
Federal Reserve had in mind in initiating its anti-inflation program. Thus no
one should be dismayed if some of the froth is skimmed off the economy, as
long as the basic thrust of the economic expansion continues.
The Federal Reserve obviously believes that, in the long run, an
expanding economy without inflationary excesses is better for all concerned.
If this policy works out, we would expect interest rates to stabilize at some
point down the road. We will of course adjust the Fund's investment posture
to take account of such changes in economic conditions.
We appreciate your confidence in this Fund and look forward to continuing
to serve your cash management needs.
Sincerely,
(Patricia Larkin Signature Logo)
Patricia Larkin
Portfolio Manager
August 18, 1994
New York, N.Y.
* Annualized effective yield is based upon dividends declared daily and
reinvested monthly.
<TABLE>
<CAPTION>
DREYFUS GOVERNMENT CASH MANAGEMENT
STATEMENT OF INVESTMENTS JULY 31, 1994 (UNAUDITED)
ANNUALIZED
YIELD ON
DATE OF PRINCIPAL
U.S. TREASURY BILLS--16.1% PURCHASE AMOUNT VALUE
------------ ---------------- --------------
<S> <C> <C> <C>
8/25/94 ................................................... 3.23% $ 25,000,000 $ 24,947,833
9/22/94.................................................... 3.32 100,000,000 99,536,334
10/20/94................................................... 3.34 50,000,000 49,640,833
12/8/94.................................................... 4.56 75,000,000 73,801,375
1/12/95.................................................... 3.47 100,000,000 98,473,888
2/9/95..................................................... 3.78 25,000,000 24,514,667
3/9/95..................................................... 4.24 60,000,000 58,509,500
6/1/95..................................................... 5.08 95,000,000 91,118,934
--------------
TOTAL U.S. TREASURY BILLS (cost $520,543,364).................. $ 520,543,364
==============
U.S. TREASURY NOTE--.8%
4.25%, 8/1/94
(cost $25,000,000)......................................... 3.15% $ 25,000,000 $ 25,000,000
==============
U.S. GOVERNMENT AGENCIES--57.1%
BONDS--31.2%
Federal Farm Credit Banks, Consolidated Systemwide, Floating Rate Bonds
3.45%, 10/19/94............................................ 4.70%(a) $ 85,000,000 $ 85,000,000
3.25%, 5/10/95............................................. 4.50(a) 115,000,000 115,000,000
3.40%, 11/17/95............................................ 4.70(a) 100,000,000 99,935,206
Federal Home Loan Banks, Consolidated Systemwide, Floating Rate Bonds
3.949%, 9/22/94............................................ 2.61(a) 50,000,000 50,000,000
4.158%, 11/1/94............................................ 2.57(a) 70,000,000 70,000,000
3.345%, 6/1/95............................................. 2.77(a) 70,000,000 70,000,000
3.28%, 5/6/96.............................................. 4.57(a) 11,450,000 11,441,528
Federal National Mortgage Association, Consolidated Systemwide,
Floating Rate Bond
3.45%, 10/4/96............................................. 4.70(a) 100,000,000 100,000,000
Student Loan Marketing Association, Consolidated Systemwide,
Floating Rate Bonds
5.40%, 10/11/94............................................ 4.65(a) 100,000,000 100,000,000
5.01%, 6/2/95.............................................. 4.77(a) 87,000,000 87,000,000
4.00%, 3/20/96............................................. 4.82(a) 70,000,000 70,000,000
3.38%, 9/10/96............................................. 4.63(a) 150,000,000 150,000,000
--------------
1,008,376,734
--------------
NOTES--25.9%
Federal Farm Credit Banks, Discount Notes
8/5/94..................................................... 4.10 35,175,000 35,158,976
10/3/94.................................................... 3.42 10,000,000 9,942,075
Federal Home Loan Banks, Discount Notes
8/12/94.................................................... 4.17 25,000,000 24,968,222
8/29/94.................................................... 4.42 20,000,000 19,931,711
9/8/94..................................................... 4.36 19,500,000 19,411,286
9/30/94.................................................... 3.39 48,000,000 47,737,600
DREYFUS GOVERNMENT CASH MANAGEMENT
STATEMENT OF INVESTMENTS (CONTINUED) JULY 31, 1994 (UNAUDITED)
ANNUALIZED
YIELD ON
DATE OF PRINCIPAL
U.S. GOVERNMENT AGENCIES (CONTINUED) PURCHASE AMOUNT VALUE
------------ ------------- --------------
NOTES (CONTINUED)
Federal Home Loan Banks, Discount Notes (continued)
11/23/94................................................... 3.61% $ 9,200,000 $ 9,098,325
Federal Home Loan Mortgage Corp., Discount Notes
11/23/94................................................... 3.61 9,000,000 8,900,535
Federal National Mortgage Association, Discount Notes
8/25/94.................................................... 3.30 50,000,000 49,893,000
8/31/94.................................................... 3.40 30,000,000 29,916,750
9/6/94..................................................... 3.37 29,185,000 29,089,565
9/19/94.................................................... 3.40 53,650,000 53,409,938
9/22/94.................................................... 3.30 10,000,000 9,953,344
10/6/94.................................................... 3.52 25,000,000 24,843,250
10/11/94................................................... 3.54 48,025,000 47,699,592
10/12/94................................................... 3.58 20,000,000 19,861,200
10/13/94................................................... 3.56 24,000,000 23,831,613
10/17/94................................................... 3.50 45,000,000 44,671,788
10/18/94................................................... 3.56 50,000,000 49,625,167
11/14/94................................................... 3.61 50,000,000 49,489,583
11/28/94................................................... 3.41 66,800,000 66,069,116
Student Loan Marketing Association, Discount Notes
8/16/94.................................................... 4.23 17,825,000 17,793,658
8/22/94.................................................... 4.26 123,000,000 122,695,779
8/29/94.................................................... 4.28 25,000,000 24,917,167
--------------
838,909,240
--------------
TOTAL U.S. GOVERNMENT AGENCIES (cost $1,847,285,974)........... $1,847,285,974
==============
REPURCHASE AGREEMENTS--26.0%
Barclays De Zoete Wedd Securities, Inc.
dated 7/29/94, due 8/1/94 in the amount of $60,020,750
(fully collateralized by $64,215,000 U.S. Treasury Bills
due 7/27/95, value $60,919,219)............................ 4.15% $ 60,000,000 $ 60,000,000
Daiwa Securities America Inc.
dated 7/29/94, due 8/1/94 in the amount of $49,905,460
(fully collateralized by $50,000,000 U.S. Treasury Notes,
3.875% due 2/28/95, value $50,467,052)..................... 4.20 49,888,000 49,888,000
The First Boston Corporation
dated 7/29/94, due 8/1/94 in the amount of $55,018,792
(fully collateralized by $55,615,000 U.S. Treasury Bills due
8/4/94, value $55,579,406)................................. 4.10 55,000,000 55,000,000
Kidder, Peabody & Co. Inc.
dated 7/29/94, due 8/1/94 in the amount of $208,606,178
(fully collateralized by $208,925,000 U.S. Treasury Bills due
10/20/94 to 7/27/95, and $8,525,000 U.S. Treasury Notes, 4.25%
due 8/31/94, value $211,992,901)........................... 4.21 208,533,000 208,533,000
DREYFUS GOVERNMENT CASH MANAGEMENT
STATEMENT OF INVESTMENTS (CONTINUED) JULY 31, 1994 (UNAUDITED)
ANNUALIZED
YIELD ON
DATE OF PRINCIPAL
REPURCHASE AGREEMENTS (CONTINUED) PURCHASE AMOUNT VALUE
------------ ---------------- --------------
Lehman Government Securities, Inc.
dated 7/29/94, due 8/1/94 in the amount of $75,026,125
(fully collateralized by $74,350,000 U.S. Treasury Notes,
4.625-11.25% due 12/31/94 to 2/15/95, value $76,543,707)... 4.18% $ 75,000,000 $ 75,000,000
UBS Securities Inc.
dated 7/29/94, due 8/1/94 in the amount of $200,070,000
(fully collateralized by $211,780,000 U.S. Treasury Bills due
1/12/95 to 7/27/95, value $204,107,650).................... 4.20 200,000,000 200,000,000
Yamaichi International (America) Inc.
dated 7/29/94, due 8/1/94 in the amount of $194,068,223
(fully collateralized by $1,850,000 U.S. Treasury Bills due
10/13/94, and $189,630,000 U.S. Treasury Notes, 3.875-8.50% due
2/15/95 to 8/15/95, value $196,248,389).................... 4.22 194,000,000 194,000,000
--------------
TOTAL REPURCHASE AGREEMENTS (cost $842,421,000)................ $ 842,421,000
==============
TOTAL INVESTMENTS (cost $ 3,235,250,338)............. 100.0% $3,235,250,338
====== ==============
CASH AND RECEIVABLES (NET)........................... .0% $ 979,318
====== ==============
NET ASSETS........................................... 100.0% $3,236,229,656
====== ==============
NOTE TO STATEMENT OF INVESTMENTS;
(a) Variable interest rate - subject to periodic change.
See independent accountants' review report and notes to financial statements.
</TABLE>
<TABLE>
DREYFUS GOVERNMENT CASH MANAGEMENT
STATEMENT OF ASSETS AND LIABILITIES
JULY 31, 1994 (UNAUDITED)
<S> <C> <C>
ASSETS:
Investments in securities, at value
(including repurchase agreements of $842,421,000)-Note 1(a,b)......... $3,235,250,338
Interest receivable..................................................... 6,874,538
Prepaid expenses........................................................ 574
----------------
3,242,125,450
LIABILITIES:
Due to The Dreyfus Corporation.......................................... $ 551,019
Due to Custodian........................................................ 5,331,598
Accrued expenses........................................................ 13,177 5,895,794
------------ -------------
NET ASSETS ................................................................ $3,236,229,656
==============
REPRESENTED BY:
Paid-in capital......................................................... $3,236,485,928
Accumulated net realized (loss) on investments.......................... (256,272)
--------------
NET ASSETS at value......................................................... $3,236,229,656
==============
Shares of Beneficial Interest outstanding:
Class A Shares
(unlimited number of $.001 par value shares authorized)............... 3,153,876,746
==============
Class B Shares
(unlimited number of $.001 par value shares authorized)............... 82,609,182
==============
NET ASSET VALUE per share:
Class A Shares
($3,153,620,488 / 3,153,876,746 shares)............................... $1.00
=====
Class B Shares
($82,609,168 / 82,609,182 shares)..................................... $1.00
=====
</TABLE>
<TABLE>
STATEMENT OF OPERATIONS SIX MONTHS ENDED JULY 31, 1994 (UNAUDITED)
<S> <C> <C>
INVESTMENT INCOME:
INTEREST INCOME......................................................... $ 65,157,527
EXPENSES:
Management fee-Note 2(a).............................................. $3,584,908
Distribution fees (Class B shares)-Note 2(b).......................... 21,438
------------
TOTAL EXPENSES.................................................... 3,606,346
--------------
INVESTMENT INCOME--NET...................................................... 61,551,181
NET REALIZED GAIN ON INVESTMENTS--Note 1(b)................................. 45,874
--------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........................ $ 61,597,055
==============
See independent accountants' review report and notes to financial statements.
</TABLE>
<TABLE>
DREYFUS GOVERNMENT CASH MANAGEMENT
STATEMENT OF CHANGES IN NET ASSETS
YEAR ENDED SIX MONTHS ENDED
JANUARY 31, JULY 31, 1994
1994 (UNAUDITED)
----------------- -------------------
<S> <C> <C>
OPERATIONS:
Investment income--net............................................ $ 198,656,059 $ 61,551,181
Net realized gain (loss) on investments........................... (260,444) 45,874
----------------- -----------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........ 198,395,615 61,597,055
----------------- -----------------
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income--net:
Class A shares.................................................. (198,637,877) (61,260,361)
Class B shares.................................................. (18,182) (290,820)
----------------- -----------------
TOTAL DIVIDENDS............................................. (198,656,059) (61,551,181)
----------------- -----------------
BENEFICIAL INTEREST TRANSACTIONS ($1.00 per share):
Net proceeds from shares sold:
Class A shares.................................................. 70,804,093,679 11,529,803,231
Class B shares.................................................. 41,634,102 109,090,619
Dividends reinvested:
Class A shares.................................................. 70,688,354 30,034,941
Class B shares.................................................. 41,392 51,946
Cost of shares redeemed:
Class A shares.................................................. (76,588,413,781) (12,922,209,547)
Class B shares.................................................. (26,578,196) (41,630,680)
----------------- -----------------
(DECREASE) IN NET ASSETS FROM BENEFICIAL INTEREST TRANSACTIONS (5,698,534,450) (1,294,859,490)
----------------- -----------------
TOTAL (DECREASE) IN NET ASSETS............................ (5,698,794,894) (1,294,813,616)
NET ASSETS:
Beginning of period............................................... 10,229,838,166 4,531,043,272
----------------- -----------------
End of period..................................................... $ 4,531,043,272 $ 3,236,229,656
================= =================
See independent accountants' review report and notes to financial statements.
</TABLE>
<TABLE>
DREYFUS GOVERNMENT CASH MANAGEMENT
FINANCIAL HIGHLIGHTS
Contained below is per share operating performance data for a share of
Beneficial Interest 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 YEAR SIX MONTHS
ENDED ENDED ENDED
YEAR ENDED JANUARY 31, JULY 31, 1994 JANUARY 31, JULY 31, 1994
-------------------------------------------------
PER SHARE DATA: 1990 1991 1992 1993 1994 (UNAUDITED) 1994(1) (UNAUDITED)
------- ------- ------- ------- ------- ----------- ------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Net asset value, beginning
of period............. $ .9995 $ .9996 $ .9998 $1.0000 $1.0000 $ .9999 $1.0000 $1.0000
------- ------- ------- ------- ------- ------- ------- -------
INVESTMENT OPERATIONS:
Investment income--net.. .0888 .0786 .0581 .0370 .0307 .0172 .0017 .0160
Net realized gain (loss)
on investments........ .0001 .0002 .0002 - (.0001) - - -
------- ------- ------- ------- ------- ------- ------- -------
TOTAL FROM INVESTMENT
OPERATIONS........ .0889 .0788 .0583 .0370 .0306 .0172 .0017 .0160
------- ------- ------- ------- ------- ------- ------- -------
DISTRIBUTIONS;
Dividends from investment
income-net............ (.0888) (.0786) (.0581) (.0370) (.0307) (.0172) (.0017) (.0160)
------- ------- ------- ------- ------- ------- ------- -------
Net asset value,
end of period......... $ .9996 $ .9998 $1.0000 $1.0000 $ .9999 $ .9999 $1.0000 $1.0000
======= ======= ======= ======= ======= ======= ======= =======
TOTAL INVESTMENT RETURN..... 9.25% 8.15% 5.97% 3.76% 3.12% 3.49%(2) 2.82%(2) 3.25%(2)
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average
net assets............ .20% .20% .20% .20% .20% .20%(2) .45%(2) .45%(2)
Ratio of net investment income
to average net assets. 8.84% 7.82% 5.67% 3.61% 3.08% 3.43%(2) 2.83%(2) 3.39%(2)
Decrease reflected in above
expense ratios due to
undertakings by the Manager .05% .04% .04% .05% .03% - - -
Net assets, end of period
(000's Omitted)....... $1,590,159 $2,171,778 $4,750,20$10,229,838 $4,515,946 $3,153,620 $15,097 $82,609
- ----------------------------
(1) From January 10, 1994 (commencement of initial offering) to January 31, 1994.
(2) Annualized.
See independent accountants' review report and notes to financial statements.
</TABLE>
DREYFUS GOVERNMENT CASH MANAGEMENT
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
NOTE 1--SIGNIFICANT ACCOUNTING POLICIES:
The Fund is registered under the Investment Company Act of 1940 ("Act")
as a diversified, open-end management investment company. Dreyfus Service
Corporation acted as the distributor of the Fund's shares until August 24,
1994, which are sold to the public without a sales load. Dreyfus Service
Corporation is a wholly-owned subsidiary of The Dreyfus Corporation
("Manager"). Effective August 24, 1994, the Manager became a direct
subsidiary of Mellon Bank, N.A.
On August 24, 1994, Premier Mutual Fund Services, Inc. ("Premier") was
engaged as the Fund's distributor. Premier, located at One Exchange Place,
Boston, Massachusetts 02109, is a wholly-owned subsidiary of Institutional
Administration Services, Inc., a provider of mutual fund administration
services, the parent company of which is Boston Institutional Group, Inc.
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.
The Fund offers both Class A and Class B shares. Class B shares are
subject to a Service Plan adopted pursuant to Rule 12b-1 under the Act. Other
differences between the two Classes include the services offered to and the
expenses borne by each Class and certain voting rights.
(A) PORTFOLIO VALUATION: Investments are valued at amortized cost, which
has been determined by the Fund's Board of Trustees 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 Manager, subject to the
seller's agreement to repurchase and the Fund's agreement to resell such
securities at a mutually agreed upon price. Securities purchased subject to
repurchase agreements are deposited with the Fund's custodians and, pursuant
to the terms of the repurchase agreement, must have an aggregate market value
greater than or equal to the repurchase price plus accrued interest at all
times. If the value of the underlying securities falls below the value of the
repurchase price plus accrued interest, the Fund will require the seller to
deposit additional collateral by the next business day. If the request for
additional collateral is not met, or the seller defaults on its repurchase
obligation, the Fund maintains the right to sell the underlying securities at
market value and may claim any resulting loss against the seller.
(C) DIVIDENDS TO SHAREHOLDERS: It is the policy of the Fund to declare
dividends from investment income-net on each business day. Such dividends are
paid monthly. Dividends from net realized capital gain are normally declared
and paid annually, but the Fund may make distributions on a more frequent
basis to comply with the distribution requirements of the Internal Revenue
Code. To the extent that net realized capital gain can be offset by capital
loss carryovers, it is the policy of the Fund not to distribute such gain.
(D) FEDERAL INCOME TAXES: It is the policy of the Fund to continue to
qualify as a regulated investment company, if such qualification is in the
best interests of its shareholders, by complying with the applicable
provisions of the Internal Revenue Code, and to make distributions of taxable
income sufficient to relieve it from substantially all Federal income taxes.
DREYFUS GOVERNMENT CASH MANAGEMENT
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
The Fund has an unused capital loss carryover of approximately $260,000
available for Federal income tax purposes to be applied against future net
securities profits, if any, realized subsequent to January 31, 1994. The
carryover does not include net realized securities losses from November 1,
1993 through January 31, 1994 which are treated, for Federal income tax
purposes, as arising in fiscal 1995. If not applied, the carryover expires in
fiscal 2002.
At July 31, 1994, the cost of investments for Federal income tax purposes
was substantially the same as the cost for financial reporting purposes (see
the Statement of Investments).
NOTE 2--MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES:
(A) Pursuant to a management agreement ("Agreement") with the Manager,
the management fee is computed at the annual rate of .20 of 1% of the average
daily value of the Fund's net assets and is payable monthly.
The Agreement provides for an expense reimbursement from the Manager
should the Fund's aggregate expenses, exclusive of taxes, brokerage, interest
on borrowings and extraordinary expenses, exceed 11/2% of the average value
of the Fund's net assets for any full fiscal year.
Currently, due to an undertaking, the Manager, and not the Fund, is
liable for all expenses of the Fund (excluding certain expenses as described
above) other than management fee, and with respect to the Fund's Class B
shares, Rule 12b-1 Service Plan expenses.
The Manager may modify the existing undertaking provided that the Fund's
shareholders are given 90 days prior notice.
(B) Under the Service Plan ("Class B Service Plan") adopted pursuant to
Rule 12b-1 under the Act, the Fund pays Dreyfus Service Corporation, at an
annual rate of .25 of 1% of the value of the Fund's Class B shares average
daily net assets, for costs and expenses in connection with advertising,
marketing and distributing Class B shares and for providing certain services
to holders of Class B shares. Dreyfus Service Corporation will make payments
to one or more Service Agents (financial institutions, securities dealers, or
other industry professionals) based on the value of the Fund's Class B shares
owned by clients of the Service Agent. During the six months ended July 31,
1994, $21,438 was charged to the Fund, pursuant to the Class B Service Plan.
(C) Certain officers and trustees of the Fund are "affiliated persons,"
as defined in the Act, of the Manager and/or Dreyfus Service Corporation.
Each trustee who is not an "affiliated person" receives an annual fee of
$3,000 and an attendance fee of $500 per meeting.
DREYFUS GOVERNMENT CASH MANAGEMENT
REVIEW REPORT OF ERNST & YOUNG LLP, INDEPENDENT ACCOUNTANTS
SHAREHOLDERS AND BOARD OF TRUSTEES
DREYFUS GOVERNMENT CASH MANAGEMENT
We have reviewed the accompanying statement of assets and liabilities of
Dreyfus Government Cash Management, including the statement of investments,
as of July 31, 1994, and the related statements of operations and changes in
net assets and financial highlights for the six month period ended July 31,
1994. 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
January 31, 1994 and financial highlights for each of the five years in the
period ended January 31, 1994 and in our report dated March 4, 1994, we
expressed an unqualified opinion on such statement of changes in net assets
and financial highlights.
(Ernst & Young Signature Logo)
New York, New York
September 6, 1994
DREYFUS GOVERNMENT
CASH MANAGEMENT
144 GLENN CURTISS BOULEVARD
UNIONDALE, NY 11556
MANAGER
THE DREYFUS CORPORATION
200 PARK AVENUE
NEW YORK, NY 10166
CUSTODIAN
THE BANK OF NEW YORK
90 WASHINGTON STREET
NEW YORK, NY 10286
TRANSFER AGENT &
DIVIDEND DISBURSING AGENT
THE SHAREHOLDER SERVICES GROUP, INC.
P.O. BOX 9671
PROVIDENCE, RI 02940
Further information is contained
in the Prospectus, which must
precede or accompany this report.
Printed in U.S.A. 289/672SA947
DREYFUS
GOVERNMENT
CASH
MANAGEMENT
SEMI-ANNUAL REPORT
July 31, 1994
