DREYFUS GOVERNMENT CASH MANAGEMENT
LETTER TO SHAREHOLDERS
Dear Shareholder:
We are pleased to provide you with this report on Dreyfus Government Cash
Management. For its annual reporting period ended January 31, 1996, Class A
shares of your Fund produced a yield of 5.85% and Class B shares a yield of
5.60%. Reinvesting dividends and calculating the effect of compounding
resulted in effective yields of 6.01% and 5.75% for Class A shares and Class
B shares respectively.*
THE ECONOMY
On January 31, the last day of the Fund's reporting period, the Federal
Reserve Board lowered the Federal Funds rate from 5.50% to 5.25%, which
prompted banks to lower the Prime Rate from 8.50% to 8.25%.This was the
second move for these key rates in a two-month time span. The Federal Reserve
also reduced the Discount Rate from 5.25% to 5.00%. The reduction in interest
rates was a continuation of an easing in monetary policy that has prevailed
since last July. Economic activity over the course of the period had
fundamentally declined. The period between the July and December rate cuts,
however, revealed a strengthening in some areas such as raw materials,
finished goods, employment and income which subsequently abated. Later,
regional business activity showed a moderate growth trend, particularly in
the Northeast where performance was adversely affected by weather-related
circumstances. In the retail sector, disappointing sales left businesses
with excess inventories contributing to one of the worst holiday seasons
in recent years. Other sectors, including manufacturing and consumer
confidence, also turned down. The Consumer Price Index remained well under
control.
Concern arose over prolonged sluggishness that could threaten long-term
sustainable growth. Actions were taken by the Federal Reserve to accelerate
the rate of growth without sparking inflation. Should more signs of weakness
emerge to undermine economic expansion, it is likely that short-term interest
rates will continue to decline. However, in early February concerns about
inflation tempered the outlook.
MARKET ENVIRONMENT/PORTFOLIO ACTIVITY
The gradual moderation in economic expansion and reduction of
inflationary pressures were fundamental backdrops to a positive market
environment. Solid technical factors, led by a stable dollar, increased the
participation of foreign investors. Overall domestic demand also helped the
market absorb the supply of Treasury securities and contributed to positive
market psychology throughout the period.
Concerns over Washington's ability to formulate a balanced budget
amendment and to resolve debt ceiling limit issues affected the market
periodically throughout this reporting period. However, low long-term
interest rates, if they continue, would have a favorable effect on the value
of short-term government securities. Portfolio activity for your Fund
centered on extending the average maturity and seeking to enhance yield
through spread evaluations and market timing.
Included in this report is a series of detailed statements about your
Fund's holdings and its financial condition. We hope they are informative.
Please know that we greatly appreciate your continued confidence in the Fund
and in The Dreyfus Corporation.
Sincerely,
[Patricia A. Larkin signature logo]
Patricia A. Larkin
Senior Portfolio Manager
February 15, 1996
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, 1996
ANNUALIZED
YIELD ON
DATE OF PRINCIPAL
U.S. TREASURY BILLS-16.1% PURCHASE AMOUNT VALUE
______ ______________ _________
<S> <C> <C> <C>
8/22/96.................................................... 5.85% $455,000,000 $ 440,820,309
10/17/96................................................... 5.47 150,000,000 144,400,923
11/14/96................................................... 5.37 145,000,000 139,096,171
1/9/97..................................................... 5.14 75,000,000 71,509,260
2/6/97..................................................... 4.98 50,000,000 47,603,667
___________
TOTAL U.S. TREASURY BILLS
(cost $843,430,330)........................................ $ 843,430,330
===========
U.S. GOVERNMENT AGENCIES-81.2%
Federal Farm Credit Banks, Consolidated Systemwide
Floating Rate Notes
3/7/96..................................................... 5.75%(a) $140,000,000 $139,990,339
3/21/96.................................................... 5.82 (a) 65,000,000 64,989,931
3/21/96.................................................... 5.74 (a) 53,705,000 53,697,788
4/24/96.................................................... 5.56 (a) 50,000,000 50,004,031
6/13/96.................................................... 5.62 (a) 50,000,000 49,991,158
6/28/96.................................................... 5.62 (a) 150,000,000 149,976,635
8/23/96.................................................... 5.59 (a) 50,000,000 49,981,049
9/30/96.................................................... 5.80 (a) 50,000,000 50,000,000
11/1/96.................................................... 5.45 (a) 50,000,000 50,015,168
11/7/96.................................................... 5.58 (a) 207,000,000 206,847,245
11/22/96................................................... 5.58 (a) 100,000,000 99,922,252
11/25/96................................................... 5.59 (a) 50,000,000 49,972,820
12/6/96.................................................... 5.58 (a) 125,000,000 124,888,019
12/30/96................................................... 5.58 (a) 115,000,000 114,860,055
7/25/97.................................................... 5.58 (a) 50,000,000 49,971,727
9/15/97.................................................... 5.63 (a) 115,000,000 114,912,735
1/20/98.................................................... 6.02 (a) 25,000,000 24,963,222
1/30/98.................................................... 5.59 (a) 100,000,000 99,887,120
8/14/98.................................................... 5.67 (a) 50,000,000 49,973,626
Federal Farm Credit Banks, Discount Notes
3/5/96..................................................... 6.12 7,525,000 7,484,854
3/19/96.................................................... 6.49 8,500,000 8,432,307
5/3/96..................................................... 6.24 15,000,000 14,774,983
Federal Home Loan Banks, Consolidated Systemwide
Floating Rate Notes
2/9/96..................................................... 5.39 (a) 70,000,000 70,002,229
5/6/96..................................................... 5.82 (a) 11,450,000 11,448,750
7/8/96..................................................... 5.54 (a) 30,000,000 29,997,908
11/7/96.................................................... 5.46 (a) 25,000,000 24,996,254
12/23/96................................................... 5.64 (a) 40,000,000 40,073,745
2/3/97..................................................... 5.92 (a) 50,000,000 50,036,164
DREYFUS GOVERNMENT CASH MANAGEMENT
STATEMENT OF INVESTMENTS (CONTINUED) JANUARY 31, 1996
ANNUALIZED
YIELD ON
DATE OF PRINCIPAL
U.S. GOVERNMENT AGENCIES (CONTINUED) PURCHASE AMOUNT VALUE
______ _______ _________
Federal Home Loan Banks, Consolidated Systemwide
Floating Rate Notes (continued)
6/16/97.................................................... 5.71%(a) $ 15,000,000 $ 14,996,145
7/14/97.................................................... 5.62 (a) 150,000,000 149,959,836
1/20/98.................................................... 6.06 (a) 25,000,000 24,965,553
Federal Home Loan Banks, Discount Notes
2/1/96..................................................... 5.75 90,000,000 90,000,000
2/14/96.................................................... 6.42 50,000,000 49,890,313
3/28/96.................................................... 6.50 20,000,000 19,810,222
3/29/96.................................................... 5.23 100,000,000 99,178,250
4/29/96.................................................... 6.13 10,000,000 9,858,711
Federal Home Loan Mortgage Corp., Consolidated Systemwide
Floating Rate Notes
6/15/96.................................................... 5.87 (a) 25,000,000 25,018,972
5/26/98.................................................... 5.68 (a) 100,000,000 100,337,436
Federal Home Loan Mortgage Corp., Discount Notes
3/21/96.................................................... 6.48 10,000,000 9,917,244
Federal National Mortgage Association, Consolidated Systemwide
Floating Rate Notes
6/3/96..................................................... 5.67 (a) 160,000,000 159,976,710
6/20/96.................................................... 5.65 (a) 100,000,000 99,985,270
9/27/96.................................................... 5.59 (a) 90,000,000 89,977,080
10/4/96.................................................... 5.90 (a) 200,000,000 200,038,178
10/18/96................................................... 5.61 (a) 140,000,000 139,942,317
12/16/96................................................... 5.56 (a) 63,000,000 62,946,655
1/13/97.................................................... 5.68 (a) 100,000,000 100,000,000
2/18/97.................................................... 5.99 (a) 25,000,000 25,008,991
4/4/97..................................................... 5.03 (a) 50,000,000 49,972,561
6/20/97.................................................... 5.71 (a) 50,000,000 49,993,551
7/24/97.................................................... 5.61 (a) 100,000,000 100,000,000
8/18/97.................................................... 5.63 (a) 140,000,000 139,967,595
8/25/97.................................................... 5.60 (a) 100,000,000 99,976,566
Federal National Mortgage Association, Discount Notes
3/15/96.................................................... 6.50 19,150,000 19,010,242
3/18/96.................................................... 6.49 75,000,000 74,414,458
4/15/96.................................................... 6.31 55,000,000 54,328,450
Student Loan Marketing Association, Floating Rate Notes
4/15/96.................................................... 5.56 (a) 25,000,000 25,024,372
8/22/96.................................................... 5.23 (a) 25,175,000 25,210,946
9/10/96.................................................... 5.88 (a) 150,000,000 150,000,000
12/20/96................................................... 5.28 (a) 95,000,000 95,001,374
DREYFUS GOVERNMENT CASH MANAGEMENT
STATEMENT OF INVESTMENTS (CONTINUED) JANUARY 31, 1996
ANNUALIZED
YIELD ON
DATE OF PRINCIPAL
U.S. GOVERNMENT AGENCIES (CONTINUED) PURCHASE AMOUNT VALUE
______ _______ _________
Student Loan Marketing Association, Floating Rate Notes (continued)
1/21/97.................................................... 5.63%(a) $ 20,000,000 $ 20,049,438
1/23/97.................................................... 5.23 (a) 20,000,000 20,036,481
_______
TOTAL U.S. GOVERNMENT AGENCIES
(cost $4,246,886,031)...................................... $4,246,886,031
=======
REPURCHASE AGREEMENTS-5.3%
Lehman Government Securities, Inc.
dated 1/31/96, due 2/1/96 in the amount of $ 58,509,588
(fully collateralized by $ 50,000,000 U.S. Treasury Bills due
4/4/96 and $ 10,035,000 U.S. Treasury Notes, 6% due
6/30/96, value $59,685,218)................................ 5.90% $ 58,500,000 $ 58,500,000
SBC Capital Markets
dated 1/31/96, due 2/1/96 in the amount of $ 217,579,236
(fully collateralized by $ 78,940,000 U.S. Treasury Bills due
9/19/96, and $ 144,170,000 U.S. Treasury Notes, 6% due
6/30/96, value $ 221,936,011).............................. 5.50 217,546,000 217,546,000
___________
TOTAL REPURCHASE AGREEMENTS
(cost $276,046,000)........................................ $ 276,046,000
===========
TOTAL INVESTMENTS (cost $5,366,362,361).......... 102.6% $5,366,362,361
==== ===========
LIABILITIES, LESS CASH AND RECEIVABLES........... (2.6%) $ (136,794,039)
==== ===========
NET ASSETS....................................... 100.0% $5,229,568,322
==== ===========
NOTE TO STATEMENT OF INVESTMENTS;
(a) Variable interest rate subject to change.
See notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
DREYFUS GOVERNMENT CASH MANAGEMENT
STATEMENT OF ASSETS AND LIABILITIES JANUARY 31, 1996
<S> <C> <C>
ASSETS:
Investments in securities, at value-Note 1(a,b)......................... $5,366,362,361
Interest receivable..................................................... 28,320,229
_______
5,394,682,590
LIABILITIES:
Due to The Dreyfus Corporation.......................................... $ 896,131
Due to Distributor...................................................... 91,454
Due to Custodian........................................................ 116,523,016
Payable for investment securities purchased............................. 47,603,667 165,114,268
_______ _______
NET ASSETS.................................................................. $5,229,568,322
=======
REPRESENTED BY:
Paid-in capital......................................................... $5,229,903,562
Accumulated net realized (loss) on investments.......................... (335,240)
_______
NET ASSETS at value......................................................... $5,229,568,322
=======
Shares of Beneficial Interest outstanding:
Class A Shares
(unlimited number of $.001 par value shares authorized)............... 4,778,238,666
=======
Class B Shares
(unlimited number of $.001 par value shares authorized)............... 451,664,896
=======
NET ASSET VALUE per share:
Class A Shares
($4,777,903,327 / 4,778,238,666 shares)............................... $1.00
=======
Class B Shares
($451,664,995 / 451,664,896 shares)................................... $1.00
=======
STATEMENT OF OPERATIONS YEAR ENDED JANUARY 31, 1996
INVESTMENT INCOME:
INTEREST INCOME......................................................... $ 267,350,340
EXPENSES:
Management fee-Note 2(a).............................................. $ 8,865,414
Distribution fees (Class B shares)-Note 2(b).......................... 366,469
_______
TOTAL EXPENSES.................................................... 9,231,883
_______
INVESTMENT INCOME-NET....................................................... 258,118,457
NET REALIZED GAIN ON INVESTMENTS-Note 1(b).................................. 196,222
_______
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........................ $ 258,314,679
=======
See notes to financial statements.
DREYFUS GOVERNMENT CASH MANAGEMENT
STATEMENT OF CHANGES IN NET ASSETS
YEAR ENDED JANUARY 31,
________________________________________
1995 1996
_________ _________
OPERATIONS:
Investment income-net............................................... $ 135,006,251 $ 258,118,457
Net realized gain (loss) on investments............................. (229,316) 196,222
________ ________
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS.......... 134,776,935 258,314,679
________ ________
DIVIDENDS TO SHAREHOLDERS FROM;
Investment income-net:
Class A shares.................................................... (133,468,917) (250,073,080)
Class B shares.................................................... (1,537,334) (8,045,377)
________ ________
TOTAL DIVIDENDS............................................... (135,006,251) (258,118,457)
________ ________
BENEFICIAL INTEREST TRANSACTIONS ($1.00 per share):
Net proceeds from shares sold:
Class A shares.................................................... 24,281,160,017 53,820,087,580
Class B shares.................................................... 154,255,749 1,554,851,130
Dividends reinvested:
Class A shares.................................................... 62,602,011 88,481,202
Class B shares.................................................... 121,968 4,636,780
Cost of shares redeemed:
Class A shares.................................................... (26,062,839,044) (51,927,501,221)
Class B shares.................................................... (129,764,341) (1,147,533,687)
________ ________
INCREASE (DECREASE) IN NET ASSETS FROM
BENEFICIAL INTEREST TRANSACTIONS............................ (1,694,463,640) 2,393,021,784
________ ________
TOTAL INCREASE (DECREASE) IN NET ASSETS..................... (1,694,692,956) 2,393,218,006
NET ASSETS:
Beginning of year................................................... 4,531,043,272 2,836,350,316
________ ________
End of year......................................................... $ 2,836,350,316 $ 5,229,568,322
======== ========
See notes to financial statements.
</TABLE>
<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 JANUARY 31, YEAR ENDED JANUARY 31,
________________________________________________ ____________________________
PER SHARE DATA: 1992 1993 1994 1995 1996 1994(1) 1995 1996
____ ____ ____ ____ ____ ____ ____ ____
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of year $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
____ ____ ____ ____ ____ ____ ____ ____
INVESTMENT OPERATIONS;
Investment income-net........ .058 .037 .031 .041 .059 .002 .039 .056
____ ____ ____ ____ ____ ____ ____ ____
DISTRIBUTIONS;
Dividends from
investment income-net...... (.058) (.037) (.031) (.041) (.059) (.002) (.039) (.056)
____ ____ ____ ____ ____ ____ ____ ____
Net asset value, end of year. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
==== ==== ==== ==== ==== ==== ==== ====
TOTAL INVESTMENT RETURN.......... 5.97% 3.76% 3.12% 4.21% 6.01% 2.82%(2) 3.95% 5.75%
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to
average net assets......... .20% .20% .20% .20% .20% .45%(2) .45% .45%
Ratio of net investment income to
average net assets......... 5.67% 3.61% 3.08% 4.04% 5.83% 2.83%(2) 4.22% 5.49%
Decrease reflected in above expense
ratios due to undertaking by
the Manager................ .04% .05% .03% - - - - -
Net Assets, end of year
(000's Omitted)............ $4,750,205 $10,229,838 $4,515,946 $2,796,646 $4,777,903 $15,097 $39,704 $451,665
__________________________________
(1) From January 10, 1994 (commencement of initial offering) to January 31, 1994.
(2) Annualized.
See notes to financial statements.
</TABLE>
DREYFUS GOVERNMENT CASH MANAGEMENT
NOTES TO FINANCIAL STATEMENTS
NOTE 1-SIGNIFICANT ACCOUNTING POLICIES:
Dreyfus Government Cash Management (the "Fund") is registered under the
Investment Company Act of 1940 ("Act") as a diversified open-end management
investment company. The Fund's investment objective is to provide investors
with as high a level of current income as is consistent with the preservation
of capital and the maintenance of liquidity. The Dreyfus Corporation
("Manager") serves as the Fund's investment adviser. The Manager is a direct
subsidiary of Mellon Bank, N.A.
Premier Mutual Fund Services, Inc. (the "Distributor") acts as the
distributor of the Fund's shares, which are sold without a sales load. The
Fund offers both Class A and Class B shares. Class B shares are subject to a
Service Plan adopted pursuant to Rule 12b-1 under the Act. Other differences
between the two classes include the services offered to and the expenses
borne by each class and certain voting rights.
It is the Fund's policy to maintain a continuous net asset value per
share of $1.00; the Fund has adopted certain investment, portfolio valuation
and dividend and distribution policies to enable it to do so. There is no
assurance, however, that the Fund will be able to maintain a stable net asset
value of $1.00.
(A) PORTFOLIO VALUATION: Investments are valued at amortized cost, which
has been determined by the Fund's Board of 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 and
excise taxes.
DREYFUS GOVERNMENT CASH MANAGEMENT
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
The Fund has an unused capital loss carryover of approximately $314,000
available for Federal income tax purposes to be applied against future net
securities profits, if any, realized subsequent to January 31, 1996. If not
applied, $108,000 of the carryover expires in fiscal 2002 and $206,000
expires in fiscal 2003.
At January 31, 1996, the cost of investments for Federal income tax
purposes was substantially the same as the cost for financial reporting
purposes (see the Statement of Investments).
NOTE 2-MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES:
(A) Pursuant to a management agreement ("Agreement") with the Manager,
the management fee is computed at the annual rate of .20 of 1% of the average
daily value of the Fund's net assets and is payable monthly.
Unless the Manager gives the Fund's investors 90 days notice to the
contrary, the Manager and not the Fund, will be liable for Fund expenses
(exclusive of taxes, brokerage, interest on borrowings and with prior written
consent of the necessary state securities commissions, extraordinary
expenses) other than the following expenses, which will be borne by the Fund:
the management fee, and with respect to the Fund's Class B shares, Rule 12b-1
Service Plan expenses.
Effective December 1, 1995, the Fund compensates Dreyfus Transfer, Inc.,
a wholly-owned subsidiary of the Manager, under a transfer agency agreement
for providing personnel and facilities to perform transfer agency services
for the Fund. Such compensation amounted to $1,215 for the period from
December 1, 1995 through January 31, 1996.
(B) Under the Class B Service Plan (the "Plan") adopted pursuant to Rule
12b-1 under the Act, the Fund (a) reimburses the Distributor for distributing
the Fund's Class B shares and (b) pays the Manager and Dreyfus Service
Corporation, a wholly-owned subsidiary of the Manager, and their affiliates
(collectively "Dreyfus") for advertising and marketing relating to the Fund's
Class B shares and for providing certain services relating to Class B
shareholder accounts, such as answering shareholder inquiries regarding the
Fund and providing reports and other information, and services related to the
maintenance of shareholder accounts ("Servicing"), at an aggregate annual
rate of .25 of 1% of the value of the average daily net assets of Class B.
Both the Distributor and Dreyfus may pay one or more Service Agents a fee in
respect of the Fund's Class B shares owned by 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 year ended
January 31, 1996, $366,469 was charged to the Fund, pursuant to the Plan.
(C) Each trustee who is not an "affiliated person" as defined in the Act
receives an annual fee of $3,000 and an attendance fee of $500 per meeting.
DREYFUS 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, 1996, and the related statement of operations for the year
then ended, the statement of changes in net assets for each of the two years
in the period then ended, and financial highlights for each of the years
indicated therein. These financial statements and financial highlights are
the responsibility of the Fund's management. Our responsibility is to express
an opinion on these financial statements and financial highlights based on
our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. Our procedures included confirmation of
securities owned as of January 31, 1996 by correspondence with the custodian
and brokers. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits provide
a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights
referred to above present fairly, in all material respects, the financial
position of Dreyfus Government Cash Management at January 31, 1996, the
results of its operations for the year then ended, the changes in its net
assets for each of the two years in the period then ended, and the financial
highlights for each of the indicated years, in conformity with generally
accepted accounting principles.
[Ernst and Young LLP signature logo]
New York, New York
March 6, 1996
IMPORTANT TAX INFORMATION (UNAUDITED)
For State individual income tax purposes, the Fund hereby designates
52.13% of the ordinary income dividends paid during its fiscal year ended
January 31, 1996 as attributable to interest income from direct obligations
of the United States government. 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
DREYFUS TRANSFER, INC.
ONE AMERICAN EXPRESS PLAZA
PROVIDENCE, RI 02903
Further information is contained
in the Prospectus, which must
precede or accompany this report.
Printed in U.S.A. 289/672AR961
DREYFUS
GOVERNMENT
CASH
MANAGEMENT
ANNUAL REPORT
JANUARY 31, 1996
