LETTER TO SHAREHOLDERS
Dear Shareholder:
Yields on short-term Government securities have continued to rise for the
past year, due to a combination of factors: the Federal Reserve Board's
campaign to curb inflation, and the pressures of a robustly expanding
economy.
For investors in Dreyfus Government Cash Management the returns over the
past twelve months reflect these developments.
For the fiscal year ended January 31, 1995, the yield of the Fund's Class
A shares was 4.13%. After taking into account the effect of compounding, the
effective yield was 4.21%.* For Class B shares, the corresponding yields were
3.88% and 3.95%.*
The actions of the Federal Reserve Board in raising interest rates seven
times during the past twelve months were instrumental in shaping the yield
curve. However, the role of the expanding U.S. economy cannot be
underestimated. For most of the year, there has been steady expansion in such
critical measurements as Gross Domestic Product, utilization of factory
capacity, creation of new jobs, production of automobiles, new housing and
heavy construction.
All this has been accomplished, so far, with very modest increases in
consumer and producer prices.
Lately, there have been some signs of slowing in the rate of expansion,
along with the first signs that the costs of raw materials and semifinished
goods may be starting to rise.
At the time of this writing, it is too early to tell whether the economy
is in fact starting to slow down. If that is the case, it might not be
necessary for the Federal Reserve Board to use its powers to raise interest
rates in late May. The economy itself could conceivably act as a brake on
inflation.
However, if the indications of a so-called "soft landing" for the U.S.
economy are misleading, then the cost increases that have been noted in the
early stages of the production pipeline may soon work through to the consumer
level. In that case, increases in producer prices and in the consumer price
level would most likely persuade the Federal Reserve to take further measures
to increase the Federal Funds rate, or the discount rate, or both.
With such important questions still unresolved, we are following cautious
policies in handling the portfolio of your Fund. Our preference is to keep
average maturities shorter than we would under more stable market conditions.
This places the Fund in a good position to lengthen maturities when we detect
signs that interest rates are stabilizing, or even turning around.
As always, we will be watching economic developments closely and will not
hesitate to make portfolio adjustments as required.
Sincerely,
(logo signature)
Patricia A. Larkin
Portfolio Manager
February 23, 1995
New York, N.Y.
* Effective yield is based upon dividends declared daily and reinvested
monthly.
<TABLE>
<CAPTION>
DREYFUS GOVERNMENT CASH MANAGEMENT
STATEMENT OF INVESTMENTS JANUARY 31, 1995
ANNUALIZED
YIELD ON
DATE OF PRINCIPAL
U.S. TREASURY BILLS--13.0% PURCHASE AMOUNT VALUE
------------ ---------- ----------
<S> <C> <C> <C>
3/9/95..................................................... 4.59% $110,000,000 $ 109,511,100
3/16/95..................................................... 5.03 100,000,000 99,413,528
6/1/95...................................................... 5.08 95,000,000 93,468,000
11/16/95.................................................... 6.84 50,000,000 47,430,000
12/14/95.................................................... 6.98 20,000,000 18,855,378
------------ ---------- ----------
TOTAL U.S. TREASURY BILLS
(cost $368,678,006)......................................... $ 368,678,006
===============
U.S. GOVERNMENT AGENCIES--74.1%
Federal Farm Credit Banks,
Consolidated Systemwide
Floating Rate Notes
5/10/95..................................................... 5.75%(a) $115,000,000 $ 115,000,000
5/26/95..................................................... 5.78(a) 10,000,000 9,999,816
11/17/95.................................................... 5.96(a) 100,000,000 99,960,410
3/21/96..................................................... 5.82(a) 65,000,000 64,914,925
9/30/96..................................................... 5.80(a) 50,000,000 50,000,000
Federal Farm Credit Banks, Discount Notes
4/7/95...................................................... 6.17 10,400,000 10,285,831
1/16/96..................................................... 7.18 4,480,000 4,189,012
1/17/96..................................................... 7.05 38,000,000 35,569,056
Federal Home Loan Banks,
Consolidated Systemwide
Floating Rate Notes
6/1/95...................................................... 3.29(a) 70,000,000 70,000,000
5/6/96...................................................... 5.82(a) 11,450,000 11,443,949
2/3/97...................................................... 5.92(a) 50,000,000 50,072,032
Federal Home Loan Banks, Discount Notes
2/8/95...................................................... 5.17 18,500,000 18,481,870
3/7/95....................................................... 5.98 13,000,000 12,927,316
3/27/95..................................................... 6.09 110,150,000 109,156,998
4/28/95..................................................... 6.10 32,000,000 31,540,569
12/29/95.................................................... 7.11 39,100,000 36,703,979
1/8/96...................................................... 7.04 50,000,000 46,883,639
Federal Home Loan Mortgage Corp., Discount Notes
3/2/95...................................................... 6.21 65,690,000 65,366,148
1/11/96..................................................... 7.09 7,375,000 6,908,474
1/19/96..................................................... 7.18 5,000,000 4,672,444
</TABLE>
<TABLE>
<CAPTION>
DREYFUS GOVERNMENT CASH MANAGEMENT
STATEMENT OF INVESTMENTS (CONTINUED) JANUARY 31, 1995
ANNUALIZED
YIELD ON
DATE OF PRINCIPAL
U.S. GOVERNMENT AGENCIES (CONTINUED) PURCHASE AMOUNT VALUE
------------ ------ --------
<S> <C> <C> <C>
Federal National Mortgage Association,
Consolidated Systemwide
Floating Rate Notes
10/4/96..................................................... 5.95(a)% $100,000,000 $ 100,000,000
10/4/96..................................................... 5.85(a) 100,000,000 100,094,824
2/18/97..................................................... 5.99(a) 25,000,000 25,017,559
Federal National Mortgage Association, Discount Notes
2/3/95...................................................... 5.20 185,000,000 184,947,833
2/17/95..................................................... 5.15 49,100,000 48,990,452
2/22/95..................................................... 6.01 50,000,000 49,826,458
3/3/95...................................................... 6.19 139,010,000 138,303,365
3/8/95...................................................... 6.07 225,000,000 223,693,576
4/10/95..................................................... 6.19 4,005,000 3,958,929
6/16/95..................................................... 6.27 15,000,000 14,656,313
1/8/96...................................................... 7.07 5,000,000 4,687,417
Student Loan Marketing Association, Discount Notes
4/28/95..................................................... 6.10 130,000,000 128,133,561
Student Loan Marketing Association,
Floating Rate Notes
9/10/96..................................................... 5.88(a) 150,000,000 150,000,000
12/20/96.................................................... 6.09(a) 75,000,000 75,000,000
------ ----------- -----------
TOTAL U.S. GOVERNMENT AGENCIES
(cost $2,101,386,755)....................................... $2,101,386,755
==============
REPURCHASE AGREEMENTS--13.9%
Barclays De Zoette Wedd Securities, Inc.
dated 1/31/95, due 2/1/95 in the amount of $35,400,555
(fully collateralized by $35,150,000 U.S. Treasury Notes,
3.875-8.50% due 3/31/95 to 5/15/95, value $35,955,137)..... 5.65% $ 35,395,000 $ 35,395,000
Bear, Stearns & Co., Inc.
dated 1/31/95, due 2/1/95 in the amount of $140,022,556
(fully collateralized by $111,656,000 U.S. Treasury Bills
due 6/29/95 to 7/27/95, and $33,265,000 U.S. Treasury Notes,
3.875% due 8/31/95 to 9/30/95, value $141,680,316).......... 5.80 140,000,000 140,000,000
Lehman Government Securities, Inc.
dated 1/31/95 due 2/1/95 in the amount of $100,016,111
(fully collateralized by $50,000,000 U.S. Treasury Bills
due 6/22/95, and $52,640,000 U.S. Treasury Notes, 3.875-8.50%
due 3/31/95 to 5/15/95 value $102,025,296).................. 5.80 100,000,000 100,000,000
</TABLE>
<TABLE>
<CAPTION>
DREYFUS GOVERNMENT CASH MANAGEMENT
STATEMENT OF INVESTMENTS (CONTINUED) JANUARY 31, 1995
ANNUALIZED
YIELD ON
DATE OF PRINCIPAL
REPURCHASE AGREEMENTS (CONTINUED) PURCHASE AMOUNT VALUE
------------ --------- -----------
<S> <C> <C> <C>
- -----------------
Nikko Securities Co. International, Inc.
dated 1/31/95, due 2/1/95 in the amount of $60,009,667
(fully collateralized by $63,525,000 U.S. Treasury Bills,
due 10/19/95, value $60,614,285)............................ 5.80% $ 60,000,000 $ 60,000,000
Yamaichi International (America), Inc.
dated 1/31/95, due 2/1/95 in the amount of $58,738,462
(fully collateralized by $16,380,000 U.S. Treasury Bills,
due 7/27/95, and $43,415,000 U.S. Treasury Notes, 3.875%
due 8/31/95, value $59,380,156)............................. 5.80 58,729,000 58,729,000
-----------
TOTAL REPURCHASE AGREEMENTS
(cost $394,124,000)......................................... $ 394,124,000
=============
TOTAL INVESTMENTS (cost $2,864,188,761)................ 101.0% $2,864,188,761
====== ==============
LIABILITIES, LESS CASH AND RECEIVABLES................. (1.0%) $ (27,838,445)
====== ==============
NET ASSETS............................................. 100.0% $2,836,350,316
====== ==============
</TABLE>
NOTE TO STATEMENT OF INVESTMENTS;
(a) Variable interest rates-subject to change.
See notes to financial statements.
<TABLE>
<CAPTION>
DREYFUS GOVERNMENT CASH MANAGEMENT
STATEMENT OF ASSETS AND LIABILITIES JANUARY 31, 1995
<S> <C> <C>
ASSETS:
Investments in securities, at value
(including repurchase agreements of $394,124,000)--Note 1(a,b)........ $2,864,188,761
Interest receivable..................................................... 7,889,853
----------------
2,872,078,614
LIABILITIES:
Due to The Dreyfus Corporation.......................................... $ 494,751
Due to Custodian........................................................ 35,224,188
Due to Distributor...................................................... 9,359 35,728,298
------------- -------------
NET ASSETS ................................................................ $2,836,350,316
==============
REPRESENTED BY:
Paid-in capital......................................................... $2,836,881,778
Accumulated net realized (loss) on investments.......................... (531,462)
----------------
NET ASSETS at value ........................................................ $2,836,350,316
==============
Shares of Beneficial Interest outstanding:
Class A Shares
(unlimited number of $.001 par value shares authorized................ $2,797,171,105
==============
Class B Shares
(unlimited number of $.001 par value shares authoriized............... 39,710,673
==============
NET ASSET VALUE per share:
Class A Shares
($2,796,646,499 / 2,797,171,105 shares)............................... 1.00
Class B Shares =====
($39,703,817 / 39,710,673 shares)..................................... 1.00
====
STATEMENT OF OPERATIONS YEAR ENDED JANUARY 31, 1995
INVESTMENT INCOME:
INTEREST INCOME......................................................... $ 141,769,534
EXPENSES:
Management fee--Note 2(a)............................................. $ 6,672,265
Distribution fees (Class B shares)_Note 2(b).......................... 91,018
------------
TOTAL EXPENSES.................................................... 6,763,283
-------------
INVESTMENT INCOME--NET...................................................... 135,006,251
NET REALIZED (LOSS) ON INVESTMENTS--Note 1(b)............................... (229,316)
--------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........................ $ 134,776,935
==============
</TABLE>
See notes to financial statements.
<TABLE>
<CAPTION>
DREYFUS GOVERNMENT CASH MANAGEMENT
STATEMENT OF CHANGES IN NET ASSETS
YEAR ENDED JANUARY 31,
---------------------------------------
1994 1995
------------------ ---------------
<S> <C> <C>
OPERATIONS:
Investment income--net.............................................. $198,656,059 $ 135,006,251
Net realized (loss) on investments.................................. (260,444) (229,316)
------------ -------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS.......... 198,395,615 134,776,935
------------ -------------
DIVIDENDS TO SHAREHOLDERS FROM;
Investment income--net:
Class A shares.................................................... (198,637,877) (133,468,917)
Class B shares.................................................... (18,182) (1,537,334)
------------ -------------
TOTAL DIVIDENDS............................................... (198,656,059) (135,006,251)
------------ -------------
BENEFICIAL INTEREST TRANSACTIONS ($1.00 per share):
Net proceeds from shares sold:
Class A shares.................................................... 70,804,093,679 24,281,160,017
Class B shares.................................................... 41,634,102 154,255,749
Dividends reinvested:
Class A shares.................................................... 70,688,354 62,602,011
Class B shares.................................................... 41,392 121,968
Cost of shares redeemed:
Class A shares.................................................... (76,588,413,781) (26,062,839,044)
Class B shares.................................................... (26,578,196) (129,764,341)
------------ -------------
(DECREASE) IN NET ASSETS FROM
BENEFICIAL INTEREST TRANSACTIONS............................ (5,698,534,450) (1,694,463,640)
------------ -------------
TOTAL (DECREASE) IN NET ASSETS.......................... (5,698,794,894) (1,694,692,956)
NET ASSETS:
Beginning of year................................................... 10,229,838,166 4,531,043,272
------------ -------------
End of year......................................................... $ 4,531,043,272 $ 2,836,350,316
================ ==============
</TABLE>
See notes to financial statements.
<TABLE>
<CAPTION>
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 year indicated. This
information has been derived from the Fund's financial statements.
CLASS A SHARES CLASS B SHARES
------------------------------------------------------- --------------------
YEAR ENDED
YEAR ENDED JANUARY 31, JANUARY 31,
------------------------------------------------------- --------------------
<S> <C> <C> <C> <C> <C> <C> <C>
PER SHARE DATA: 1991 1992 1993 1994 1995 1994(1) 1995
-------- -------- -------- -------- ------ -------- --------
Net asset value,
beginning of year............. $ .9996 $ .9998 $1.0000 $1.0000 $ .9999 $1.0000 $1.0000
-------- ------- ------- ------- ------- ------- -------
INVESTMENT OPERATIONS:
Investment income--net.......... .0786 .0581 .0370 .0307 .0413 .0017 .0388
Net realized gain (loss) on investments .0002 .0002 -- (.0001) (.0001) -- (.0002)
-------- ------- ------- ------- ------- ------- -------
TOTAL FROM INVESTMENT
OPERATIONS................ .0788 .0583 .0370 .0306 .0412 .0017 .0386
-------- ------- ------- ------- ------- ------- -------
DISTRIBUTIONS;
Dividends from investment
income--net................... (.0786) (.0581) (.0370) (.0307) (.0413) (.0017) (.0388)
-------- ------- ------- ------- ------- ------- -------
Net asset value, end of year.... $.9998 $1.0000 $1.0000 $ .9999 $.9998 $1.0000 $ .9998
======= ======= ====== ======= ====== ======= =======
TOTAL INVESTMENT RETURN............. 8.15% 5.97% 3.76% 3.12% 4.21% 2.82%(2) 3.95%
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average
net assets.................... .20% .20% .20% .20% .20% .45%(2) .45%
Ratio of net investment income
to average net assets......... 7.82% 5.67% 3.61% 3.08% 4.04% 2.83%(2) 4.22%
Decrease reflected in above expense
ratios due to undertaking
by the Manager................ .04% .04% .05% .03% -- -- --
Net Assets, end of year (000's Omitted) $2,171,778 $4,750,205 $10,229,838 $4,515,946 $2,796,646 $15,097 $39,704
</TABLE>
(1) From January 10, 1994 (commencement of initial offering) to January 31,
1994.
(2) Annualized.
See notes to financial statements.
DREYFUS GOVERNMENT CASH MANAGEMENT
NOTES TO FINANCIAL STATEMENTS
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, until August 24, 1994, acted as the distributor of the Fund's
shares, 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. (the
"Distributor") was engaged as the Fund's distributor. The Distributor,
located at One Exchange Place, Boston, Massachusetts 02109, is a wholly-owned
subsidiary of Institutional Administration Services, Inc., a provider of
mutual fund administration services, the parent company of which is Boston
Institutional Group, Inc.
It is the Fund's policy to maintain a continuous net asset value per
share of $1.00; the Fund has adopted certain investment, portfolio valuation
and dividend and distribution policies to enable it to do so. There is no
assurance, however, that the Fund will be able to maintain a stable net asset
value of $1.00.
The Fund offers both Class A and Class B shares. Class B shares are
subject to a Service Plan adopted pursuant to Rule 12b-1 under the Act. Other
differences between the two Classes include the services offered to and the
expenses borne by each Class and certain voting rights.
(A) PORTFOLIO VALUATION: Investments are valued at amortized cost, which
has been determined by the Fund's Board of 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, if any, 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 shareholder, by complying with the applicable
provisions of the Internal Revenue Code, and to make distributions of taxable
income sufficient to relieve it from substantially all Federal income and
excise taxes.
DREYFUS GOVERNMENT CASH MANAGEMENT
NOTES TO FINANCIAL STATMENTS (CONTINUED)
The Fund has an unused capital loss carryover of approximately $466,000
available for Federal income tax purposes to be applied against future net
securities profits, if any, realized subsequent to January 31, 1995. The
carryover does not include net realized securities losses from November 1,
1994 through January 31, 1995 which are treated, for Federal income tax
purposes, as arising in fiscal 1996. If not applied, $260,000 of the
carryover expires in fiscal 2002 and $206,000 expires in fiscal 2003.
At January 31, 1995, the cost of investments for Federal income tax
purposes was substantially the same as the cost for financial reporting
purposes (see the Statement of Investments).
NOTE 2--MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES:
(A) Pursuant to a management agreement ("Agreement") with the Manager,
the management fee is computed at the annual rate of .20 of 1% of the average
daily value of the Fund's net assets and is payable monthly.
The Agreement provides for an expense reimbursement from the Manager
should the Fund's aggregate expenses, exclusive of taxes, 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) On August 5, 1994, Fund shareholders approved a revised Class B
Service Plan (the "Plan") pursuant to Rule 12b-1 under the Act. Pursuant to
the Plan, effective August 24, 1994, the Fund reimburses the Distributor for
distributing the Fund's Class B shares. The Fund also pays The Dreyfus
Corporation and Dreyfus Service Corporation, and their affiliates
(collectively "Dreyfus") for advertising and marketing relating to the Fund's
Class B shares and for providing certain services relating to Class B sharehol
der accounts, such as answering shareholder inquiries regarding the Fund and
providing reports and other information, and services related to the
maintenance of shareholder accounts, at an aggregate annual rate of .25 of 1%
of the value of the Fund's Class B shares average daily net assets. Both the
Distributor and Dreyfus may pay one or more Service Agents a fee in respect
of the Fund's Class B shares owned by the shareholders with whom the Service
Agent has a servicing relationship or for whom the Service Agent is the
dealer or holder of record. Both the Distributor and Dreyfus determine the
amounts, if any, to be paid to the Service Agents under the Plan and the
basis on which such payments are made. The fees payable under the Plan are
payable without regard to actual expenses incurred.
During the period from February 1, 1994 through August 23, 1994, the
Fund's Service Plan ("prior Class B Service Plan") provided that the Fund pay
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 made payments to one or more Service Agents based on the value of
the Fund's Class B shares owned by clients of the Service Agent.
During the year ended January 31, 1995, $59,538 was charged to the Fund,
pursuant to the Plan and $31,480 was charged to the Fund pursuant to the
prior Class B Service Plan.
DREYFUS GOVERNMENT CASH MANAGEMENT
NOTES TO FINANCIAL STATMENTS (CONTINUED)
(C) Prior to August 24, 1994, certain officers and trustees of the Fund
were "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
REPORT OF ERNST & YOUNG, LLP INDEPENDENT AUDITORS
SHAREHOLDERS AND BOARD OF TRUSTEES
DREYFUS GOVERNMENT CASH MANAGEMENT
We have audited the accompanying statement of assets and liabilities of
Dreyfus Government Cash Management, including the statement of investments,
as of January 31, 1995, 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 January 31, 1995 by correspondence with the custodian
and others. 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 Government Cash Management at January 31, 1995, 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.
(logo signature)
New York, New York
March 10, 1995
IMPORTANT TAX INFORMATION (UNAUDITED)
For State individual income tax purposes, the Fund hereby designates
54.75% of the ordinary income dividends paid during its fiscal year ended
January 31, 1995 as attributable to interest income from direct obligations
of the United States. Such dividends are currently exempt from taxation for
individual income tax purposes in most states, including New York, California
and the District of Columbia.
DREYFUS GOVERNMENT
CASH MANAGEMENT
200 PARK AVENUE
NEW YORK, NY 10166
MANAGER
THE DREYFUS CORPORATION
200 PARK AVENUE
NEW YORK, NY 10166
CUSTODIAN
THE BANK OF NEW YORK
90 WASHINGTON STREET
NEW YORK, NY 10286
TRANSFER AGENT &
DIVIDEND DISBURSING AGENT
THE SHAREHOLDER SERVICES GROUP, INC.
P.O. BOX 9671
PROVIDENCE, RI 02940
Further information is contained
in the Prospectus, which must
precede or accompany this report.
Printed in U.S.A. 289/672AR951
DREYFUS
GOVERNMENT
CASH
MANAGEMENT
ANNUAL REPORT
JANUARY 31, 1995
