UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number
811-03964
Dreyfus Government Cash Management Funds
(Exact name of registrant as specified in charter)
c/o BNY Mellon Investment Adviser, Inc.
240 Greenwich Street
New York, New York 10286
(Address of Principal Executive Officer) (Zip Code)

Deirdre Cunnane, Esq.
240 Greenwich Street
New York, New York 10286
(Name and Address of Agent for Service)
Registrant's telephone number, including area code:
(212) 922-6400
Date of fiscal year end:
1/31
Date of reporting period:
7/31/26
The following N-CSR relates only to the Registrant's series listed below and does not relate to any series of the Registrant with a different fiscal year end and, therefore, different N-CSR reporting requirements. A separate N-CSR will be filed for any series with a different fiscal year end, as appropriate.
BNY Dreyfus Government Cash Management
BNY Dreyfus Government Securities Cash Management
ITEM 1 - Reports to Stockholders
TSR - Dreyfus Updated Logo
BNY Dreyfus Government Cash Management
SEMI-ANNUAL
SHAREHOLDER
REPORT
July 31, 2026
Institutional Shares – DGCXX
This semi-annual shareholder report contains important information about BNY Dreyfus Government Cash Management (the “Fund”) for the period of February 1, 2026 to July 31, 2026. You can find additional information about the Fund at
www.dreyfus.com/products/mm.html#overview. You can also request this information by calling 1-800-373-9387 (inside the U.S. only) or by sending an e-mail request to info@bny.com.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund’s costs for the last six months ?
(based on a hypothetical $10,000 investment)
Share Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
Institutional Shares* $8 0.16%**
*
During the period, fees were waived and/or expenses reimbursed pursuant to an agreement with the Fund’s investment adviser, BNY Mellon Investment Adviser, Inc. If this agreement is not extended in the future, expenses could be higher.
**
Annualized.
KEY FUND STATISTICS (AS OF 7/31/26 )

Fund Size (Millions)
Number of Holdings
$163,790 230
Portfolio Holdings (as of 7/31/26 )
Allocation of Holdings (Based on Net Assets)
Graphical Representation - Top N Holdings Chart
How has the Fund changed?
  • Effective on May 29, 2026, the Fund changed its name from Dreyfus Government Cash Management to BNY Dreyfus Government Cash Management.
This is a summary of certain changes to the Fund since February 1, 2026 . For more complete information, you may review the Fund’s current prospectus dated June 1, 2026 at www.dreyfus.com/products/mm.html#overview or upon request at 1-800-373-9387.
For additional information about the Fund, including its prospectus, financial information and portfolio holdings, please visit
www.dreyfus.com/products/mm.html#overview .
Not FDIC Insured. Not Bank-Guaranteed. May Lose Value
© 2026 BNY Mellon Securities Corporation, Distributor,
240 Greenwich Street, 9th Floor, New York, NY 10286
Code-0289SA0726
TSR- BNY Investment Logo
TSR - Dreyfus Updated Logo
BNY Dreyfus Government Cash Management
SEMI-ANNUAL
SHAREHOLDER
REPORT
July 31, 2026
Investor Shares – DGVXX
This semi-annual shareholder report contains important information about BNY Dreyfus Government Cash Management (the “Fund”) for the period of February 1, 2026 to July 31, 2026. You can find additional information about the Fund at
www.dreyfus.com/products/mm.html#overview. You can also request this information by calling 1-800-373-9387 (inside the U.S. only) or by sending an e-mail request to info@bny.com.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund’s costs for the last six months ?
(based on a hypothetical $10,000 investment)
Share Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
Investor Shares* $21 0.42%**
*
During the period, fees were waived and/or expenses reimbursed pursuant to an agreement with the Fund’s investment adviser, BNY Mellon Investment Adviser, Inc. If this agreement is not extended in the future, expenses could be higher.
**
Annualized.
KEY FUND STATISTICS (AS OF 7/31/26 )

Fund Size (Millions)
Number of Holdings
$163,790 230
Portfolio Holdings (as of 7/31/26 )
Allocation of Holdings (Based on Net Assets)
Graphical Representation - Top N Holdings Chart
How has the Fund changed?
  • Effective on May 29, 2026, the Fund changed its name from Dreyfus Government Cash Management to BNY Dreyfus Government Cash Management.
This is a summary of certain changes to the Fund since February 1, 2026 . For more complete information, you may review the Fund’s current prospectus dated June 1, 2026 at www.dreyfus.com/products/mm.html#overview or upon request at 1-800-373-9387.
For additional information about the Fund, including its prospectus, financial information and portfolio holdings, please visit
www.dreyfus.com/products/mm.html#overview .
Not FDIC Insured. Not Bank-Guaranteed. May Lose Value
© 2026 BNY Mellon Securities Corporation, Distributor,
240 Greenwich Street, 9th Floor, New York, NY 10286
Code-0672SA0726
TSR- BNY Investment Logo
TSR - Dreyfus Updated Logo
BNY Dreyfus Government Cash Management
SEMI-ANNUAL
SHAREHOLDER
REPORT
July 31, 2026
Administrative Shares – DAGXX
This semi-annual shareholder report contains important information about BNY Dreyfus Government Cash Management (the “Fund”) for the period of February 1, 2026 to July 31, 2026. You can find additional information about the Fund at
www.dreyfus.com/products/mm.html#overview. You can also request this information by calling 1-800-373-9387 (inside the U.S. only) or by sending an e-mail request to info@bny.com.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund’s costs for the last six months ?
(based on a hypothetical $10,000 investment)
Share Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
Administrative Shares* $14 0.27%**
*
During the period, fees were waived and/or expenses reimbursed pursuant to an agreement with the Fund’s investment adviser, BNY Mellon Investment Adviser, Inc. If this agreement is not extended in the future, expenses could be higher.
**
Annualized.
KEY FUND STATISTICS (AS OF 7/31/26 )

Fund Size (Millions)
Number of Holdings
$163,790 230
Portfolio Holdings (as of 7/31/26 )
Allocation of Holdings (Based on Net Assets)
Graphical Representation - Top N Holdings Chart
How has the Fund changed?
  • Effective on May 29, 2026, the Fund changed its name from Dreyfus Government Cash Management to BNY Dreyfus Government Cash Management.
This is a summary of certain changes to the Fund since February 1, 2026 . For more complete information, you may review the Fund’s current prospectus dated June 1, 2026 at www.dreyfus.com/products/mm.html#overview or upon request at 1-800-373-9387.
For additional information about the Fund, including its prospectus, financial information and portfolio holdings, please visit
www.dreyfus.com/products/mm.html#overview .
Not FDIC Insured. Not Bank-Guaranteed. May Lose Value
© 2026 BNY Mellon Securities Corporation, Distributor,
240 Greenwich Street, 9th Floor, New York, NY 10286
Code-0567SA0726
TSR- BNY Investment Logo
TSR - Dreyfus Updated Logo
BNY Dreyfus Government Cash Management
SEMI-ANNUAL
SHAREHOLDER
REPORT
July 31, 2026
Participant Shares – DPGXX
This semi-annual shareholder report contains important information about BNY Dreyfus Government Cash Management (the “Fund”) for the period of February 1, 2026 to July 31, 2026. You can find additional information about the Fund at
www.dreyfus.com/products/mm.html#overview. You can also request this information by calling 1-800-373-9387 (inside the U.S. only) or by sending an e-mail request to info@bny.com.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund’s costs for the last six months ?
(based on a hypothetical $10,000 investment)
Share Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
Participant Shares* $28 0.56%**
*
During the period, fees were waived and/or expenses reimbursed pursuant to an agreement with the Fund’s investment adviser, BNY Mellon Investment Adviser, Inc. If this agreement is not extended in the future, expenses could be higher.
**
Annualized.
KEY FUND STATISTICS (AS OF 7/31/26 )

Fund Size (Millions)
Number of Holdings
$163,790 230
Portfolio Holdings (as of 7/31/26 )
Allocation of Holdings (Based on Net Assets)
Graphical Representation - Top N Holdings Chart
How has the Fund changed?
  • Effective on May 29, 2026, the Fund changed its name from Dreyfus Government Cash Management to BNY Dreyfus Government Cash Management.
This is a summary of certain changes to the Fund since February 1, 2026 . For more complete information, you may review the Fund’s current prospectus dated June 1, 2026 at www.dreyfus.com/products/mm.html#overview or upon request at 1-800-373-9387.
For additional information about the Fund, including its prospectus, financial information and portfolio holdings, please visit
www.dreyfus.com/products/mm.html#overview .
Not FDIC Insured. Not Bank-Guaranteed. May Lose Value
© 2026 BNY Mellon Securities Corporation, Distributor,
240 Greenwich Street, 9th Floor, New York, NY 10286
Code-0597SA0726
TSR- BNY Investment Logo
TSR - Dreyfus Updated Logo
BNY Dreyfus Government Cash Management
SEMI-ANNUAL
SHAREHOLDER
REPORT
July 31, 2026
Wealth Shares – DGQXX
This semi-annual shareholder report contains important information about BNY Dreyfus Government Cash Management (the “Fund”) for the period of February 1, 2026 to July 31, 2026. You can find additional information about the Fund at
www.dreyfus.com/products/mm.html#overview. You can also request this information by calling 1-800-373-9387 (inside the U.S. only) or by sending an e-mail request to info@bny.com.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund’s costs for the last six months ?
(based on a hypothetical $10,000 investment)
Share Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
Wealth Shares* $20 0.41%**
*
During the period, fees were waived and/or expenses reimbursed pursuant to an agreement with the Fund’s investment adviser, BNY Mellon Investment Adviser, Inc. If this agreement is not extended in the future, expenses could be higher.
**
Annualized.
KEY FUND STATISTICS (AS OF 7/31/26 )

Fund Size (Millions)
Number of Holdings
$163,790 230
Portfolio Holdings (as of 7/31/26 )
Allocation of Holdings (Based on Net Assets)
Graphical Representation - Top N Holdings Chart
How has the Fund changed?
  • Effective on May 29, 2026, the Fund changed its name from Dreyfus Government Cash Management to BNY Dreyfus Government Cash Management.
This is a summary of certain changes to the Fund since February 1, 2026 . For more complete information, you may review the Fund’s current prospectus dated June 1, 2026 at www.dreyfus.com/products/mm.html#overview or upon request at 1-800-373-9387.
For additional information about the Fund, including its prospectus, financial information and portfolio holdings, please visit
www.dreyfus.com/products/mm.html#overview .
Not FDIC Insured. Not Bank-Guaranteed. May Lose Value
© 2026 BNY Mellon Securities Corporation, Distributor,
240 Greenwich Street, 9th Floor, New York, NY 10286
Code-6349SA0726
TSR- BNY Investment Logo
TSR - Dreyfus Updated Logo
BNY Dreyfus Government Cash Management
SEMI-ANNUAL
SHAREHOLDER
REPORT
July 31, 2026
Service Shares – DGUXX
This semi-annual shareholder report contains important information about BNY Dreyfus Government Cash Management (the “Fund”) for the period of February 1, 2026 to July 31, 2026. You can find additional information about the Fund at
www.dreyfus.com/products/mm.html#overview. You can also request this information by calling 1-800-373-9387 (inside the U.S. only) or by sending an e-mail request to info@bny.com.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund’s costs for the last six months ?
(based on a hypothetical $10,000 investment)
Share Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
Service Shares* $48 0.96%**
*
During the period, fees were waived and/or expenses reimbursed pursuant to an agreement with the Fund’s investment adviser, BNY Mellon Investment Adviser, Inc. If this agreement is not extended in the future, expenses could be higher.
**
Annualized.
KEY FUND STATISTICS (AS OF 7/31/26 )

Fund Size (Millions)
Number of Holdings
$163,790 230
Portfolio Holdings (as of 7/31/26 )
Allocation of Holdings (Based on Net Assets)
Graphical Representation - Top N Holdings Chart
How has the Fund changed?
  • Effective on May 29, 2026, the Fund changed its name from Dreyfus Government Cash Management to BNY Dreyfus Government Cash Management.
This is a summary of certain changes to the Fund since February 1, 2026 . For more complete information, you may review the Fund’s current prospectus dated June 1, 2026 at www.dreyfus.com/products/mm.html#overview or upon request at 1-800-373-9387.
For additional information about the Fund, including its prospectus, financial information and portfolio holdings, please visit
www.dreyfus.com/products/mm.html#overview .
Not FDIC Insured. Not Bank-Guaranteed. May Lose Value
© 2026 BNY Mellon Securities Corporation, Distributor,
240 Greenwich Street, 9th Floor, New York, NY 10286
Code-6348SA0726
TSR- BNY Investment Logo
TSR - Dreyfus Updated Logo
BNY Dreyfus Government Cash Management
SEMI-ANNUAL
SHAREHOLDER
REPORT
July 31, 2026
BOLD® Shares – DBLXX
This semi-annual shareholder report contains important information about BNY Dreyfus Government Cash Management (the “Fund”) for the period of February 1, 2026 to July 31, 2026. You can find additional information about the Fund at
www.dreyfus.com/products/mm.html#overview. You can also request this information by calling 1-800-373-9387 (inside the U.S. only) or by sending an e-mail request to info@bny.com.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund’s costs for the last six months ?
(based on a hypothetical $10,000 investment)
Share Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
BOLD®Shares* $8 0.16%**
*
During the period, fees were waived and/or expenses reimbursed pursuant to an agreement with the Fund’s investment adviser, BNY Mellon Investment Adviser, Inc. If this agreement is not extended in the future, expenses could be higher.
**
Annualized.
KEY FUND STATISTICS (AS OF 7/31/26 )

Fund Size (Millions)
Number of Holdings
$163,790 230
Portfolio Holdings (as of 7/31/26 )
Allocation of Holdings (Based on Net Assets)
Graphical Representation - Top N Holdings Chart
How has the Fund changed?
  • Effective on May 29, 2026, the Fund changed its name from Dreyfus Government Cash Management to BNY Dreyfus Government Cash Management.
This is a summary of certain changes to the Fund since February 1, 2026 . For more complete information, you may review the Fund’s current prospectus dated June 1, 2026 at www.dreyfus.com/products/mm.html#overview or upon request at 1-800-373-9387.
For additional information about the Fund, including its prospectus, financial information and portfolio holdings, please visit
www.dreyfus.com/products/mm.html#overview .
Not FDIC Insured. Not Bank-Guaranteed. May Lose Value
© 2026 BNY Mellon Securities Corporation, Distributor,
240 Greenwich Street, 9th Floor, New York, NY 10286
Code-6356SA0726
TSR- BNY Investment Logo
TSR - Dreyfus Updated Logo
BNY Dreyfus Government Cash Management
SEMI-ANNUAL
SHAREHOLDER
REPORT
July 31, 2026
SPARK℠ Shares – SPKXX
This semi-annual shareholder report contains important information about BNY Dreyfus Government Cash Management (the “Fund”) for the period of February 1, 2026 to July 31, 2026. You can find additional information about the Fund at
www.dreyfus.com/products/mm.html#overview. You can also request this information by calling 1-800-373-9387 (inside the U.S. only) or by sending an e-mail request to info@bny.com.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund’s costs for the last six months ?
(based on a hypothetical $10,000 investment)
Share Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
SPARK℠ Shares* $8 0.16%**
*
During the period, fees were waived and/or expenses reimbursed pursuant to an agreement with the Fund’s investment adviser, BNY Mellon Investment Adviser, Inc. If this agreement is not extended in the future, expenses could be higher.
**
Annualized.
KEY FUND STATISTICS (AS OF 7/31/26 )

Fund Size (Millions)
Number of Holdings
$163,790 230
Portfolio Holdings (as of 7/31/26 )
Allocation of Holdings (Based on Net Assets)
Graphical Representation - Top N Holdings Chart
How has the Fund changed?
  • Effective on May 29, 2026, the Fund changed its name from Dreyfus Government Cash Management to BNY Dreyfus Government Cash Management.
This is a summary of certain changes to the Fund since February 1, 2026 . For more complete information, you may review the Fund’s current prospectus dated June 1, 2026 at www.dreyfus.com/products/mm.html#overview or upon request at 1-800-373-9387.
For additional information about the Fund, including its prospectus, financial information and portfolio holdings, please visit
www.dreyfus.com/products/mm.html#overview .
Not FDIC Insured. Not Bank-Guaranteed. May Lose Value
© 2026 BNY Mellon Securities Corporation, Distributor,
240 Greenwich Street, 9th Floor, New York, NY 10286
Code-4147SA0726
TSR- BNY Investment Logo
TSR - Dreyfus Updated Logo
BNY Dreyfus Government Cash Management
SEMI-ANNUAL
SHAREHOLDER
REPORT
July 31, 2026
BOLD® Future Shares – DBFXX
This semi-annual shareholder report contains important information about BNY Dreyfus Government Cash Management (the “Fund”) for the period of February 1, 2026 to July 31, 2026. You can find additional information about the Fund at
www.dreyfus.com/products/mm.html#overview. You can also request this information by calling 1-800-373-9387 (inside the U.S. only) or by sending an e-mail request to info@bny.com.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund’s costs for the last six months ?
(based on a hypothetical $10,000 investment)
Share Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
BOLD® Future Shares* $23 0.47%**
*
During the period, fees were waived and/or expenses reimbursed pursuant to an agreement with the Fund’s investment adviser, BNY Mellon Investment Adviser, Inc. If this agreement is not extended in the future, expenses could be higher.
**
Annualized.
KEY FUND STATISTICS (AS OF 7/31/26 )

Fund Size (Millions)
Number of Holdings
$163,790 230
Portfolio Holdings (as of 7/31/26 )
Allocation of Holdings (Based on Net Assets)
Graphical Representation - Top N Holdings Chart
How has the Fund changed?
  • Effective on May 29, 2026, the Fund changed its name from Dreyfus Government Cash Management to BNY Dreyfus Government Cash Management.
This is a summary of certain changes to the Fund since February 1, 2026 . For more complete information, you may review the Fund’s current prospectus dated June 1, 2026 at www.dreyfus.com/products/mm.html#overview or upon request at 1-800-373-9387.
For additional information about the Fund, including its prospectus, financial information and portfolio holdings, please visit
www.dreyfus.com/products/mm.html#overview .
Not FDIC Insured. Not Bank-Guaranteed. May Lose Value
© 2026 BNY Mellon Securities Corporation, Distributor,
240 Greenwich Street, 9th Floor, New York, NY 10286
Code-6358SA0726
TSR- BNY Investment Logo
TSR - Dreyfus Updated Logo
BNY Dreyfus Government Cash Management
SEMI-ANNUAL
SHAREHOLDER
REPORT
July 31, 2026
SPARK℠ Future Shares – SPFXX
This semi-annual shareholder report contains important information about BNY Dreyfus Government Cash Management (the “Fund”) for the period of June 1, 2026, the commencement of the Fund’s SPARK℠ Future shares, to July 31, 2026. You can find additional information about the Fund at www.dreyfus.com/products/mm.html#overview. You can also request this information by calling 1-800-373-9387 (inside the U.S. only) or by sending an e-mail request to info@bny.com.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund’s costs for the last period ?
(based on a hypothetical $10,000 investment)
Share Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
SPARK℠ Future Shares* $5 0.30%**
*
During the period, fees were waived and/or expenses reimbursed pursuant to an agreement with the Fund’s investment adviser, BNY Mellon Investment Adviser, Inc. If this agreement is not extended in the future, expenses could be higher.
**
Annualized.
KEY FUND STATISTICS (AS OF 7/31/26 )

Fund Size (Millions)
Number of Holdings
$163,790 230
Portfolio Holdings (as of 7/31/26 )
Allocation of Holdings (Based on Net Assets)
Graphical Representation - Top N Holdings Chart
How has the Fund changed?
  • On June 1, 2026, the Fund commenced offering SPARK℠ Future Shares.
This is a summary of certain changes to the Fund since June 1, 2026 . For more complete information, you may review the Fund’s current prospectus dated June 1, 2026 at www.dreyfus.com/products/mm.html#overview or upon request at 1-800-373-9387.
For additional information about the Fund, including its prospectus, financial information and portfolio holdings, please visit
www.dreyfus.com/products/mm.html#overview .
Not FDIC Insured. Not Bank-Guaranteed. May Lose Value
© 2026 BNY Mellon Securities Corporation, Distributor,
240 Greenwich Street, 9th Floor, New York, NY 10286
Code-4148SA0726
TSR- BNY Investment Logo
TSR - Independence Point Adviser
TSR - Dreyfus Updated Logo
BNY Dreyfus Government Cash Management
SEMI-ANNUAL
SHAREHOLDER
REPORT
July 31, 2026
Independence Point Shares – IPSXX
This semi-annual shareholder report contains important information about BNY Dreyfus Government Cash Management (the “Fund”) for the period of June 1, 2026, the commencement of the Fund’s Independence Point shares, to July 31, 2026. You can find additional information about the Fund at www.dreyfus.com/products/mm.html#overview. You can also request this information by calling 1-800-373-9387 (inside the U.S. only) or by sending an e-mail request to info@bny.com.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund’s costs for the last period ?
(based on a hypothetical $10,000 investment)
Share Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
Independence Point Shares* $4 0.26%**
*
During the period, fees were waived and/or expenses reimbursed pursuant to an agreement with the Fund’s investment adviser, BNY Mellon Investment Adviser, Inc. If this agreement is not extended in the future, expenses could be higher.
**
Annualized.
KEY FUND STATISTICS (AS OF 7/31/26 )

Fund Size (Millions)
Number of Holdings
$163,790 230
Portfolio Holdings (as of 7/31/26 )
Allocation of Holdings (Based on Net Assets)
Graphical Representation - Top N Holdings Chart
How has the Fund changed?
  • On June 1, 2026, the Fund commenced offering Independence Point Shares.
This is a summary of certain changes to the Fund since June 1, 2026 . For more complete information, you may review the Fund’s current prospectus dated June 1, 2026 at www.dreyfus.com/products/mm.html#overview or upon request at 1-800-373-9387.
For additional information about the Fund, including its prospectus, financial information and portfolio holdings, please visit
www.dreyfus.com/products/mm.html#overview .
Not FDIC Insured. Not Bank-Guaranteed. May Lose Value
© 2026 BNY Mellon Securities Corporation, Distributor,
240 Greenwich Street, 9th Floor, New York, NY 10286
Code-4149SA0726
TSR- BNY Investment Logo
TSR - Dreyfus Updated Logo
BNY Dreyfus Government Securities Cash Management
SEMI-ANNUAL
SHAREHOLDER
REPORT
July 31, 2026
Institutional Shares – DIPXX
This semi-annual shareholder report contains important information about BNY Dreyfus Government Securities Cash Management (the “Fund”) for the period of February 1, 2026 to July 31, 2026. You can find additional information about the Fund at
www.dreyfus.com/products/mm.html#overview. You can also request this information by calling 1-800-373-9387 (inside the U.S. only) or by sending an e-mail request to info@bny.com.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund’s costs for the last six months ?
(based on a hypothetical $10,000 investment)
Share Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
Institutional Shares* $10 0.20%**
*
During the period, fees were waived and/or expenses reimbursed pursuant to an agreement with the Fund’s investment adviser, BNY Mellon Investment Adviser, Inc. If this agreement is not extended in the future, expenses could be higher.
**
Annualized.
KEY FUND STATISTICS (AS OF 7/31/26 )

Fund Size (Millions)
Number of Holdings
$4,714 133
Portfolio Holdings (as of 7/31/26 )
Allocation of Holdings (Based on Net Assets)
Graphical Representation - Top N Holdings Chart
How has the Fund changed?
  • Effective on May 29, 2026, the Fund changed its name from Dreyfus Government Securities Cash Management to BNY Dreyfus Government Securities Cash Management.
This is a summary of certain changes to the Fund since February 1, 2026 . For more complete information, you may review the Fund’s current prospectus dated June 1, 2026 at www.dreyfus.com/products/mm.html#overview or upon request at 1-800-373-9387.
For additional information about the Fund, including its prospectus, financial information and portfolio holdings, please visit
www.dreyfus.com/products/mm.html#overview .
Not FDIC Insured. Not Bank-Guaranteed. May Lose Value
© 2026 BNY Mellon Securities Corporation, Distributor,
240 Greenwich Street, 9th Floor, New York, NY 10286
Code-0227SA0726
TSR- BNY Investment Logo
TSR - Dreyfus Updated Logo
BNY Dreyfus Government Securities Cash Management
SEMI-ANNUAL
SHAREHOLDER
REPORT
July 31, 2026
Investor Shares – DVPXX
This semi-annual shareholder report contains important information about BNY Dreyfus Government Securities Cash Management (the “Fund”) for the period of February 1, 2026 to July 31, 2026. You can find additional information about the Fund at
www.dreyfus.com/products/mm.html#overview. You can also request this information by calling 1-800-373-9387 (inside the U.S. only) or by sending an e-mail request to info@bny.com.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund’s costs for the last six months ?
(based on a hypothetical $10,000 investment)
Share Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
Investor Shares* $22 0.45%**
*
During the period, fees were waived and/or expenses reimbursed pursuant to an agreement with the Fund’s investment adviser, BNY Mellon Investment Adviser, Inc. If this agreement is not extended in the future, expenses could be higher.
**
Annualized.
KEY FUND STATISTICS (AS OF 7/31/26 )

Fund Size (Millions)
Number of Holdings
$4,714 133
Portfolio Holdings (as of 7/31/26 )
Allocation of Holdings (Based on Net Assets)
Graphical Representation - Top N Holdings Chart
How has the Fund changed?
  • Effective on May 29, 2026, the Fund changed its name from Dreyfus Government Securities Cash Management to BNY Dreyfus Government Securities Cash Management.
This is a summary of certain changes to the Fund since February 1, 2026 . For more complete information, you may review the Fund’s current prospectus dated June 1, 2026 at www.dreyfus.com/products/mm.html#overview or upon request at 1-800-373-9387.
For additional information about the Fund, including its prospectus, financial information and portfolio holdings, please visit
www.dreyfus.com/products/mm.html#overview .
Not FDIC Insured. Not Bank-Guaranteed. May Lose Value
© 2026 BNY Mellon Securities Corporation, Distributor,
240 Greenwich Street, 9th Floor, New York, NY 10286
Code-0610SA0726
TSR- BNY Investment Logo
TSR - Dreyfus Updated Logo
BNY Dreyfus Government Securities Cash Management
SEMI-ANNUAL
SHAREHOLDER
REPORT
July 31, 2026
Administrative Shares – DAPXX
This semi-annual shareholder report contains important information about BNY Dreyfus Government Securities Cash Management (the “Fund”) for the period of February 1, 2026 to July 31, 2026. You can find additional information about the Fund at
www.dreyfus.com/products/mm.html#overview. You can also request this information by calling 1-800-373-9387 (inside the U.S. only) or by sending an e-mail request to info@bny.com.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund’s costs for the last six months ?
(based on a hypothetical $10,000 investment)
Share Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
Administrative Shares* $15 0.30%**
*
During the period, fees were waived and/or expenses reimbursed pursuant to an agreement with the Fund’s investment adviser, BNY Mellon Investment Adviser, Inc. If this agreement is not extended in the future, expenses could be higher.
**
Annualized.
KEY FUND STATISTICS (AS OF 7/31/26 )

Fund Size (Millions)
Number of Holdings
$4,714 133
Portfolio Holdings (as of 7/31/26 )
Allocation of Holdings (Based on Net Assets)
Graphical Representation - Top N Holdings Chart
How has the Fund changed?
  • Effective on May 29, 2026, the Fund changed its name from Dreyfus Government Securities Cash Management to BNY Dreyfus Government Securities Cash Management.
This is a summary of certain changes to the Fund since February 1, 2026 . For more complete information, you may review the Fund’s current prospectus dated June 1, 2026 at www.dreyfus.com/products/mm.html#overview or upon request at 1-800-373-9387.
For additional information about the Fund, including its prospectus, financial information and portfolio holdings, please visit
www.dreyfus.com/products/mm.html#overview .
Not FDIC Insured. Not Bank-Guaranteed. May Lose Value
© 2026 BNY Mellon Securities Corporation, Distributor,
240 Greenwich Street, 9th Floor, New York, NY 10286
Code-0557SA0726
TSR- BNY Investment Logo
TSR - Dreyfus Updated Logo
BNY Dreyfus Government Securities Cash Management
SEMI-ANNUAL
SHAREHOLDER
REPORT
July 31, 2026
Participant Shares – DGPXX
This semi-annual shareholder report contains important information about BNY Dreyfus Government Securities Cash Management (the “Fund”) for the period of February 1, 2026 to July 31, 2026. You can find additional information about the Fund at
www.dreyfus.com/products/mm.html#overview. You can also request this information by calling 1-800-373-9387 (inside the U.S. only) or by sending an e-mail request to info@bny.com.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund’s costs for the last six months ?
(based on a hypothetical $10,000 investment)
Share Class Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
Participant Shares* $30 0.60%**
*
During the period, fees were waived and/or expenses reimbursed pursuant to an agreement with the Fund’s investment adviser, BNY Mellon Investment Adviser, Inc. If this agreement is not extended in the future, expenses could be higher.
**
Annualized.
KEY FUND STATISTICS (AS OF 7/31/26 )

Fund Size (Millions)
Number of Holdings
$4,714 133
Portfolio Holdings (as of 7/31/26 )
Allocation of Holdings (Based on Net Assets)
Graphical Representation - Top N Holdings Chart
How has the Fund changed?
  • Effective on May 29, 2026, the Fund changed its name from Dreyfus Government Securities Cash Management to BNY Dreyfus Government Securities Cash Management.
This is a summary of certain changes to the Fund since February 1, 2026 . For more complete information, you may review the Fund’s current prospectus dated June 1, 2026 at www.dreyfus.com/products/mm.html#overview or upon request at 1-800-373-9387.
For additional information about the Fund, including its prospectus, financial information and portfolio holdings, please visit
www.dreyfus.com/products/mm.html#overview .
Not FDIC Insured. Not Bank-Guaranteed. May Lose Value
© 2026 BNY Mellon Securities Corporation, Distributor,
240 Greenwich Street, 9th Floor, New York, NY 10286
Code-0587SA0726
TSR- BNY Investment Logo

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

Not applicable.

 

 
BNY Dreyfus Government Cash Management
SEMI-ANNUAL FINANCIALS AND OTHER INFORMATION
July 31, 2026 
Share Class
Ticker
Institutional Shares
DGCXX
Investor Shares
DGVXX
Administrative Shares
DAGXX
Participant Shares
DPGXX
Wealth Shares
DGQXX
Service Shares
DGUXX
BOLD® Shares
DBLXX
SPARKSM Shares
SPKXX
BOLD® Future Shares
DBFXX
SPARKSM Future Shares
SPFXX
Independence Point Shares
IPSXX
Save time. Save paper. View your next shareholder report online as soon as it’s available. Log into www.bny.com/investments and sign up for eCommunications. It’s simple and only takes a few minutes.
The views expressed in this report reflect those of the portfolio manager(s) only through the end of the period covered and do not necessarily represent the views of BNY Mellon Investment Adviser, Inc. or any other person in the BNY Mellon Investment Adviser, Inc. organization. Any such views are subject to change at any time based upon market or other conditions and BNY Mellon Investment Adviser, Inc. disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund in the BNY Mellon Family of Funds are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund in the BNY Mellon
Family of Funds.
Not FDIC-Insured • Not Bank-Guaranteed • May Lose Value
Contents
The Fund
Please note the Semi-Annual Financials and Other Information only contains Items 7-11 required in Form N-CSR. All other required items will be filed with the Securities and Exchange Commission (the “SEC”).
 
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies. 
BNY Dreyfus Government Cash Management
SCHEDULE OF INVESTMENTS
July 31, 2026 (Unaudited)
 
Description
 
Annualized
Yield (%)
 
Principal
Amount ($)
Value ($)
U.S. Government Agencies Obligations — 18.7%
Federal Farm Credit Banks:
8/3/2026, Bonds, (3 Month SOFR +0.085%)(a)
3.75
79,800,000
79,800,000
8/3/2026, Bonds, (3 Month SOFR +0.085%)(a)
3.75
55,000,000
55,000,000
8/3/2026, Bonds, (3 Month SOFR +0.12%)(a)
3.78
126,400,000
126,400,000
8/3/2026, Bonds, (3 Month SOFR +0.125%)(a)
3.79
170,000,000
170,000,000
8/3/2026, Bonds, (3 Month SOFR +0.135%)(a)
3.80
53,500,000
53,500,000
8/3/2026, Bonds, (3 Month SOFR +0.135%)(a)
3.80
48,000,000
48,000,000
8/3/2026, Bonds, (3 Month SOFR +0.135%)(a)
3.80
75,000,000
75,000,000
8/3/2026, Bonds, (3 Month SOFR +0.14%)(a)
3.80
64,000,000
64,000,000
8/3/2026, Bonds, (3 Month SOFR +0.14%)(a)
3.80
44,000,000
44,000,000
8/3/2026, Bonds, Ser. 1, (3 Month SOFR +0.13%)(a)
3.79
127,000,000
127,000,000
Federal Home Loan Banks:
8/3/2026, Bonds, (3 Month SOFR +0.01%)(a)
3.67
315,000,000
315,000,000
8/3/2026, Bonds, (3 Month SOFR +0.01%)(a)
3.67
18,000,000
18,000,000
8/3/2026, Bonds, (3 Month SOFR +0.015%)(a)
3.68
360,000,000
360,000,000
8/3/2026, Bonds, (3 Month SOFR +0.02%)(a)
3.68
370,000,000
370,000,000
8/3/2026, Bonds, (3 Month SOFR +0.025%)(a)
3.69
118,700,000
118,700,000
8/3/2026, Bonds, (3 Month SOFR +0.025%)(a)
3.69
312,100,000
312,100,000
8/3/2026, Bonds, (3 Month SOFR +0.035%)(a)
3.70
400,000,000
400,000,000
8/3/2026, Bonds, (3 Month SOFR +0.04%)(a)
3.70
463,000,000
463,000,000
8/3/2026, Bonds, (3 Month SOFR +0.04%)(a)
3.70
629,000,000
629,000,000
8/3/2026, Bonds, (3 Month SOFR +0.04%)(a)
3.70
334,800,000
334,800,000
8/3/2026, Bonds, (3 Month SOFR +0.04%)(a)
3.70
100,000,000
100,000,000
8/3/2026, Bonds, (3 Month SOFR +0.045%)(a)
3.71
296,000,000
296,000,000
8/3/2026, Bonds, (3 Month SOFR +0.05%)(a)
3.71
150,000,000
149,990,591
8/3/2026, Bonds, (3 Month SOFR +0.05%)(a)
3.71
250,000,000
249,984,190
8/3/2026, Bonds, (3 Month SOFR +0.05%)(a)
3.71
291,600,000
291,600,000
8/3/2026, Bonds, (3 Month SOFR +0.05%)(a)
3.71
489,000,000
489,000,000
8/3/2026, Bonds, (3 Month SOFR +0.05%)(a)
3.71
375,000,000
375,000,000
8/3/2026, Bonds, (3 Month SOFR +0.055%)(a)
3.72
250,000,000
250,000,000
8/3/2026, Bonds, (3 Month SOFR +0.055%)(a)
3.72
279,000,000
279,000,000
8/3/2026, Bonds, (3 Month SOFR +0.055%)(a)
3.72
149,000,000
149,000,000
8/3/2026, Bonds, (3 Month SOFR +0.055%)(a)
3.72
500,000,000
500,000,000
8/3/2026, Bonds, (3 Month SOFR +0.085%)(a)
3.75
211,000,000
211,000,000
8/3/2026, Bonds, (3 Month SOFR +0.10%)(a)
3.76
261,000,000
261,000,000
8/3/2026, Bonds, (3 Month SOFR +0.10%)(a)
3.76
100,000,000
100,000,000
8/3/2026, Bonds, (3 Month SOFR +0.10%)(a)
3.76
363,000,000
363,000,000
8/3/2026, Bonds, (3 Month SOFR +0.11%)(a)
3.77
72,000,000
72,000,000
8/3/2026, Bonds, (3 Month SOFR +0.11%)(a)
3.77
250,000,000
250,000,000
8/3/2026, Bonds, (3 Month SOFR +0.11%)(a)
3.77
187,000,000
187,000,000
8/3/2026, Bonds, (3 Month SOFR +0.11%)(a)
3.77
188,000,000
188,000,000
8/3/2026, Bonds, (3 Month SOFR +0.11%)(a)
3.77
500,000,000
500,000,000
8/3/2026, Bonds, (3 Month SOFR +0.12%)(a)
3.78
292,000,000
292,000,000
8/3/2026, Bonds, (3 Month SOFR +0.12%)(a)
3.78
72,000,000
72,000,000
8/3/2026, Bonds, (3 Month SOFR +0.12%)(a)
3.78
250,000,000
250,000,000
8/3/2026, Bonds, (3 Month SOFR +0.12%)(a)
3.78
364,300,000
364,300,000
8/3/2026, Bonds, (3 Month SOFR +0.14%)(a)
3.80
126,000,000
126,000,000
8/3/2026, Bonds, (3 Month SOFR +0.14%)(a)
3.80
143,000,000
143,000,000
3
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
Description
 
Annualized
Yield (%)
 
Principal
Amount ($)
Value ($)
U.S. Government Agencies Obligations — 18.7% (continued)
Federal Home Loan Banks (continued):
8/3/2026, Bonds, (3 Month SOFR +0.135%)(a)
3.80
91,000,000
91,000,000
8/3/2026, Bonds, (3 Month SOFR +0.135%)(a)
3.80
182,800,000
182,800,000
8/3/2026, Bonds, (3 Month SOFR +0.14%)(a)
3.80
250,000,000
250,000,000
8/3/2026, Bonds, (3 Month SOFR +0.14%)(a)
3.80
190,000,000
190,000,000
8/3/2026, Bonds, (3 Month SOFR +0.145%)(a)
3.81
271,000,000
271,000,000
8/3/2026, Bonds, (3 Month SOFR +0.15%)(a)
3.81
457,000,000
457,000,000
8/3/2026, Bonds, (3 Month SOFR +0.18%)(a)
3.84
355,500,000
355,500,000
8/3/2026, Bonds, (3 Month SOFR +0.18%)(a)
3.84
300,000,000
300,000,000
8/3/2026, Bonds, Ser. 1, (3 Month SOFR +0.02%)(a)
3.68
359,200,000
359,200,000
8/3/2026, Bonds, Ser. 1, (3 Month SOFR +0.025%)(a)
3.69
70,000,000
70,000,000
8/3/2026, Bonds, Ser. 1, (3 Month SOFR +0.03%)(a)
3.69
257,000,000
257,000,000
8/3/2026, Bonds, Ser. 1, (3 Month SOFR +0.03%)(a)
3.69
357,000,000
357,000,000
8/3/2026, Bonds, Ser. 1, (3 Month SOFR +0.03%)(a)
3.69
364,000,000
364,000,000
8/3/2026, Bonds, Ser. 1, (3 Month SOFR +0.035%)(a)
3.70
205,000,000
205,000,000
8/3/2026, Bonds, Ser. 1, (3 Month SOFR +0.035%)(a)
3.70
393,000,000
393,000,000
8/3/2026, Bonds, Ser. 1, (3 Month SOFR +0.035%)(a)
3.70
381,000,000
381,000,000
8/3/2026, Bonds, Ser. 1, (3 Month SOFR +0.035%)(a)
3.70
225,900,000
225,900,000
8/3/2026, Bonds, Ser. 1, (3 Month SOFR +0.05%)(a)
3.71
381,000,000
381,000,000
8/3/2026, Bonds, Ser. 1, (3 Month SOFR +0.05%)(a)
3.71
300,000,000
300,000,000
8/3/2026, Bonds, Ser. 1, (3 Month SOFR +0.10%)(a)
3.76
111,000,000
111,000,000
8/3/2026, Bonds, Ser. 1, (3 Month SOFR +0.125%)(a)
3.79
197,000,000
197,000,000
8/3/2026, Bonds, Ser. 1, (3 Month SOFR +0.14%)(a)
3.80
328,000,000
328,000,000
8/3/2026, Bonds, Ser. 1, (SOFR +0.015% at Maturity)(a)
3.68
164,300,000
164,300,000
8/3/2026, Bonds, Ser. 2, (3 Month SOFR +0.015%)(a)
3.68
359,500,000
359,500,000
8/3/2026, Bonds, Ser. 2, (3 Month SOFR +0.025%)(a)
3.69
361,000,000
361,000,000
8/3/2026, Bonds, Ser. 2, (3 Month SOFR +0.03%)(a)
3.69
219,000,000
219,000,000
8/3/2026, Bonds, Ser. 2, (3 Month SOFR +0.03%)(a)
3.69
216,000,000
216,000,000
8/3/2026, Bonds, Ser. 2, (3 Month SOFR +0.03%)(a)
3.69
110,000,000
110,000,000
8/3/2026, Bonds, Ser. 2, (3 Month SOFR +0.035%)(a)
3.70
363,000,000
363,000,000
8/3/2026, Bonds, Ser. 2, (3 Month SOFR +0.035%)(a)
3.70
355,800,000
355,800,000
8/3/2026, Bonds, Ser. 2, (3 Month SOFR +0.035%)(a)
3.70
229,000,000
229,000,000
8/3/2026, Bonds, Ser. 2, (3 Month SOFR +0.05%)(a)
3.71
376,000,000
376,000,000
8/3/2026, Bonds, Ser. 2, (3 Month SOFR +0.055%)(a)
3.72
289,700,000
289,700,000
8/3/2026, Bonds, Ser. 2, (3 Month SOFR +0.055%)(a)
3.72
376,000,000
376,000,000
8/3/2026, Bonds, Ser. 2, (SOFR +0.03% at Maturity)(a)
3.69
184,700,000
184,700,000
8/3/2026, Bonds, Ser. 3, (3 Month SOFR +0.02%)(a)
3.68
286,000,000
286,000,000
8/3/2026, Bonds, Ser. 3, (3 Month SOFR +0.04%)(a)
3.70
197,000,000
197,000,000
8/3/2026, Bonds, Ser. 3, (3 Month SOFR +0.045%)(a)
3.71
375,000,000
375,000,000
8/3/2026, Bonds, Ser. 3, (3 Month SOFR +0.045%)(a)
3.71
362,000,000
362,000,000
8/3/2026, Bonds, Ser. 4, (3 Month SOFR +0.03%)(a)
3.69
178,500,000
178,500,000
8/3/2026, Bonds, Ser. 4, (3 Month SOFR +0.04%)(a)
3.70
300,000,000
300,000,000
8/3/2026, Bonds, Ser. 4, (3 Month SOFR +0.06%)(a)
3.72
374,000,000
374,000,000
8/3/2026, Bonds, Ser. 4, (SOFR +0.035% at Maturity)(a)
3.70
175,000,000
175,000,000
8/3/2026, Bonds, Ser. 5, (3 Month SOFR +0.015%)(a)
3.68
104,900,000
104,900,000
8/3/2026, Bonds, Ser. 5, (3 Month SOFR +0.035%)(a)
3.70
500,000,000
500,000,000
8/3/2026, Bonds, Ser. 6, (3 Month SOFR +0.045%)(a)
3.71
371,000,000
371,000,000
8/3/2026, Bonds, Ser. 6, (SOFR +0.03% at Maturity)(a)
3.69
388,000,000
388,000,000
8/3/2026, Bonds, Ser. U226, (3 Month SOFR +0.09%)(a)
3.75
746,100,000
746,100,000
9/9/2026, Notes(b)
3.61
150,000,000
149,423,938
9/16/2026, Notes(b)
3.73
720,000,000
716,632,800
4
Description
 
Annualized
Yield (%)
 
Principal
Amount ($)
Value ($)
U.S. Government Agencies Obligations — 18.7% (continued)
Federal Home Loan Banks (continued) :
9/18/2026, Notes(b)
3.87
190,000,000
189,037,333
10/2/2026, Notes(b)
3.82
200,000,000
198,711,778
10/7/2026, Notes(b)
3.70
72,800,000
72,308,853
10/28/2026, Notes(b)
3.69
370,500,000
367,230,543
11/6/2026, Bonds
3.80
1,444,000,000
1,444,000,000
11/6/2026, Bonds
3.84
715,000,000
715,000,000
11/25/2026, Notes(b)
3.75
416,000,000
411,099,335
1/21/2027, Notes(b)
3.71
329,000,000
323,308,300
Federal Home Loan Mortgage Corp.:
8/3/2026, Notes, (3 Month SOFR +0.14%)(a),(c)
3.80
95,000,000
95,000,000
8/3/2026, Notes, (3 Month SOFR +0.14%)(a),(c)
3.80
354,000,000
354,000,000
8/3/2026, Notes, (3 Month SOFR +0.14%)(a),(c)
3.80
149,000,000
149,000,000
Federal National Mortgage Association:
8/3/2026, Notes, (3 Month SOFR +0.14%)(a),(c)
3.80
165,000,000
165,000,000
8/3/2026, Notes, (3 Month SOFR +0.14%)(a),(c)
3.80
161,000,000
161,000,000
8/3/2026, Notes, (3 Month SOFR +0.14%)(a),(c)
3.80
175,000,000
175,000,000
8/3/2026, Notes, (3 Month SOFR +0.14%)(a),(c)
3.80
204,000,000
204,000,000
U.S. International Development Finance Corp.:
8/7/2026, (3 Month U.S. T-BILL FLAT)(a),(d)
3.94
625,000
625,000
8/7/2026, (3 Month U.S. T-BILL FLAT)(a),(d)
3.94
9,375,000
9,375,000
8/7/2026, (3 Month U.S. T-BILL FLAT)(a),(d)
3.94
1,250,000
1,250,000
8/7/2026, (3 Month U.S. T-BILL FLAT)(a),(d)
3.94
6,138,889
6,138,889
8/7/2026, (3 Month U.S. T-BILL FLAT)(a),(d)
3.94
6,769,231
6,769,231
Total U.S. Government Agencies Obligations
(cost $30,573,985,781)
30,573,985,781
U.S. Treasury Bills — 19.1%
8/13/2026(b)
3.55
489,740,000
489,168,637
8/18/2026(b)
3.70
1,707,000,000
1,704,063,187
9/3/2026(b)
3.67
1,839,600,000
1,833,518,230
9/8/2026(b)
3.67
532,800,000
530,772,548
9/10/2026(b)
3.63
1,286,700,000
1,281,605,295
9/15/2026(b)
3.69
1,695,000,000
1,687,322,126
9/17/2026(b)
3.64
471,000,000
468,804,748
9/24/2026(b)
3.70
1,081,000,000
1,075,113,954
9/29/2026(b)
3.70
700,000,000
695,835,582
10/1/2026(b)
3.70
1,158,700,000
1,151,584,835
10/6/2026(b)
3.71
717,950,000
713,165,463
10/8/2026(b)
3.69
350,000,000
347,610,084
10/13/2026(b)
3.74
824,000,000
817,876,193
10/15/2026(b)
3.69
1,028,000,000
1,020,268,581
10/22/2026(b)
3.67
579,480,000
574,741,464
10/27/2026(b)
3.86
568,000,000
562,825,048
10/29/2026(b)
3.84
2,347,100,000
2,325,354,310
11/5/2026(b)
3.70
777,000,000
769,520,078
11/10/2026(b)
3.88
358,750,000
354,935,390
11/12/2026(b)
3.70
842,500,000
833,786,094
11/19/2026(b)
3.71
720,400,000
712,442,583
11/24/2026(b)
3.95
453,000,000
447,435,965
11/27/2026(b)
3.63
2,905,900,000
2,872,164,209
12/3/2026(b)
3.76
836,000,000
825,446,430
5
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
Description
 
Annualized
Yield (%)
 
Principal
Amount ($)
Value ($)
U.S. Treasury Bills — 19.1% (continued)
12/17/2026(b)
3.78
646,800,000
637,675,810
12/24/2026(b)
3.76
1,767,100,000
1,741,065,800
1/21/2027(b)
3.65
2,455,100,000
2,413,376,270
3/18/2027(b)
3.61
800,500,000
782,754,139
4/15/2027(b)
3.70
915,300,000
892,038,156
5/13/2027(b)
3.81
37,100,000
36,027,964
7/8/2027(b)
4.06
800,000,000
770,749,777
Total U.S. Treasury Bills
(cost $31,369,048,950)
31,369,048,950
U.S. Treasury Floating Rate Notes — 7.0%
8/3/2026, (3 Month USBMMY +0.098%)(a)
3.95
2,481,000,000
2,480,986,005
8/3/2026, (3 Month USBMMY +0.099%)(a)
3.95
2,262,000,000
2,261,770,558
8/3/2026, (3 Month USBMMY +0.103%)(a)
3.96
705,270,000
705,373,719
8/3/2026, (3 Month USBMMY +0.159%)(a)
4.01
1,980,400,000
1,979,814,909
8/3/2026, (3 Month USBMMY +0.16%)(a)
4.01
723,000,000
723,000,000
8/3/2026, (3 Month USBMMY +0.19%)(a)
4.04
1,668,000,000
1,668,717,576
8/3/2026, (3 Month USBMMY +0.205%)(a)
4.06
1,680,000,000
1,680,198,156
Total U.S. Treasury Floating Rate Notes
(cost $11,499,860,923)
11,499,860,923
U.S. Treasury Notes — 7.8%
8/31/2026
3.75
250,000,000
250,008,541
9/30/2026
0.88
660,000,000
657,002,172
9/30/2026
3.50
90,000,000
89,973,421
10/15/2026
4.63
67,000,000
67,125,305
10/31/2026
1.63
196,000,000
195,043,563
10/31/2026
4.13
476,400,000
476,912,353
11/30/2026
1.25
110,000,000
109,131,691
11/30/2026
4.25
952,000,000
953,955,779
12/31/2026
1.25
501,900,000
497,126,650
12/31/2026
4.25
1,327,500,000
1,330,883,237
1/31/2027
1.50
135,000,000
133,666,816
1/31/2027
4.13
1,393,000,000
1,396,795,959
2/28/2027
1.88
345,400,000
342,052,710
2/28/2027
4.13
250,000,000
250,683,344
3/31/2027
2.50
364,000,000
361,057,804
3/31/2027
3.88
1,972,200,000
1,976,022,137
4/15/2027
4.50
360,000,000
362,107,913
4/30/2027
2.75
160,000,000
158,775,537
4/30/2027
3.75
1,103,600,000
1,103,346,435
5/31/2027
2.63
382,000,000
378,188,837
5/31/2027
3.88
1,356,900,000
1,357,741,630
6/15/2027
4.63
284,100,000
285,790,065
Total U.S. Treasury Notes
(cost $12,733,391,899)
12,733,391,899
 
 
 
 
 
 
 
Repurchase Agreements — 44.1%
ABN Amro Bank NV, Tri-Party Agreement thru BNY, dated 7/31/2026, due at
8/3/2026 in the amount of $242,073,608 and a maturity date of 8/3/2026 (fully
collateralized by: U.S. Treasuries (including strips), 0.75%-4.88%, due 5/15/2027-
11/15/2035, valued at $246,840,005)
3.65
242,000,000
242,000,000
6
Description
 
Annualized
Yield (%)
 
Principal
Amount ($)
Value ($)
Repurchase Agreements — 44.1% (continued)
Banco Santander SA, Tri-Party Agreement thru BNY, dated 7/31/2026, due at
8/3/2026 in the amount of $181,053,395 and a maturity date of 8/3/2026 (fully
collateralized by: U.S. Treasuries (including strips), 0.00%-5.50%, due 8/4/2026-
2/15/2055, valued at $184,620,096)
3.54
181,000,000
181,000,000
Banco Santander SA, Tri-Party Agreement thru BNY, dated 7/31/2026, due at
8/3/2026 in the amount of $441,130,463 and a maturity date of 8/3/2026 (fully
collateralized by: U.S. Treasuries (including strips), 0.50%-5.00%, due 2/28/2027-
2/15/2056, valued at $449,820,035)
3.55
441,000,000
441,000,000
Banco Santander SA, Tri-Party Agreement thru BNY, dated 7/31/2026, due at
8/3/2026 in the amount of $1,500,450,000 and a maturity date of 8/3/2026 (fully
collateralized by: Federal Home Loan Mortgage Corp-Agency Debentures and Agency
Strips, 1.23%, due 6/25/2056, Federal Home Loan Mortgage Corp-Agency Mortgage-
Backed Securities, 1.50%-7.00%, due 1/1/2028-8/1/2056, Federal National Mortgage
Association-Agency Mortgage-Backed Securities, 2.00%-7.00%, due 8/1/2030-
8/1/2056, Government National Mortgage Association-Agency Collateralized
Mortgage Obligation, 0.53%-3.43%, due 8/20/2054-5/20/2056, Government National
Mortgage Association-Agency Mortgage-Backed Securities, 4.00%, due 10/20/2052,
U.S. Treasuries (including strips), 0.00%-4.63%, due 8/6/2026-2/15/2051, valued at
$1,530,939,387)
3.60
1,500,000,000
1,500,000,000
Banco Santander SA, Tri-Party Agreement thru BNY, dated 7/31/2026, due at
8/3/2026 in the amount of $100,030,417 and a maturity date of 8/3/2026 (fully
collateralized by: Federal Home Loan Mortgage Corp-Agency Debentures and Agency
Strips, 1.38%-1.93%, due 2/25/2054-3/25/2055, Federal Home Loan Mortgage Corp-
Agency Mortgage-Backed Securities, 2.00%-7.00%, due 12/1/2036-6/1/2056, Federal
National Mortgage Association-Agency Collateralized Mortgage Obligation, 1.13%-
4.62%, due 2/25/2055-7/25/2056, Federal National Mortgage Association-Agency
Mortgage-Backed Securities, 2.00%-6.50%, due 3/1/2032-1/1/2057, Government
National Mortgage Association-Agency Collateralized Mortgage Obligation, 1.10%-
5.50%, due 2/20/2054-7/20/2075, Government National Mortgage Association-
Agency Mortgage-Backed Securities, 2.50%-7.00%, due 12/20/2027-8/20/2070,
valued at $102,769,477)
3.65
100,000,000
100,000,000
Banco Santander SA, Tri-Party Agreement thru BNY, dated 7/31/2026, due at
8/3/2026 in the amount of $300,091,750 and a maturity date of 8/3/2026 (fully
collateralized by: Federal Home Loan Mortgage Corp-Agency Mortgage-Backed
Securities, 4.30%, due 11/1/2035, Federal National Mortgage Association-Agency
Mortgage-Backed Securities, 2.50%-5.86%, due 1/1/2028-5/1/2052, Government
National Mortgage Association-Agency Collateralized Mortgage Obligation, 4.50%-
4.62%, due 9/20/2054-3/16/2057, Government National Mortgage Association-
Agency Mortgage-Backed Securities, 3.50%-4.00%, due 7/20/2056, U.S. Treasuries
(including strips), 0.13%, due 7/15/2031, valued at $312,756,389)
3.67
300,000,000
300,000,000
Bank of America Securities, Inc., Tri-Party Agreement thru BNY, dated 7/31/2026, due at
8/3/2026 in the amount of $250,076,042 and a maturity date of 8/3/2026 (fully
collateralized by: Federal Home Loan Mortgage Corp-Agency Mortgage-Backed
Securities, 3.00%-6.00%, due 12/15/2046-4/1/2056, Federal National Mortgage
Association-Agency Mortgage-Backed Securities, 2.00%-6.50%, due 3/1/2038-
7/1/2056, U.S. Treasuries (including strips), 0.00%-3.88%, due 8/31/2026-
4/30/2030, valued at $255,000,002)
3.65
250,000,000
250,000,000
7
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
Description
 
Annualized
Yield (%)
 
Principal
Amount ($)
Value ($)
Repurchase Agreements — 44.1% (continued)
Bank of America Securities, Inc., Tri-Party Agreement thru BNY, dated 5/4/2026, due at
8/3/2026 in the amount of $1,009,226,389 and a maturity date of 8/4/2026 (fully
collateralized by: Federal Home Loan Mortgage Corp-Agency Collateralized Mortgage
Obligation, 2.26%-2.46%, due 11/15/2041-8/15/2056, Federal Home Loan Mortgage
Corp-Agency Debentures and Agency Strips, 0.00%-5.00%, due 3/25/2045-
8/25/2056, Federal Home Loan Mortgage Corp-Agency Mortgage-Backed Securities,
2.00%-7.00%, due 3/1/2034-8/1/2056, Federal National Mortgage Association-
Agency Collateralized Mortgage Obligation, 0.00%-5.22%, due 2/25/2037-8/25/2056,
Federal National Mortgage Association-Agency Mortgage-Backed Securities, 1.50%-
6.50%, due 11/1/2031-8/1/2056, Government National Mortgage Association-Agency
Collateralized Mortgage Obligation, 0.00%-13.51%, due 3/20/2038-7/20/2056,
Government National Mortgage Association-Agency Mortgage-Backed Securities,
2.00%-7.00%, due 6/15/2027-7/20/2066, valued at $1,052,546,252)
3.65
1,000,000,000
1,000,000,000
Bank of America Securities, Inc., (SOFR +0.08% at Maturity), Tri-Party Agreement thru
BNY, dated 7/31/2026, due at 8/3/2026 in the amount of $1,000,310,833 and a
maturity date of 9/4/2026 (fully collateralized by: Federal Home Loan Mortgage Corp-
Agency Mortgage-Backed Securities, 3.50%-5.50%, due 4/1/2034-6/1/2056, Federal
National Mortgage Association-Agency Mortgage-Backed Securities, 3.00%-5.50%, due
10/1/2046-4/1/2056, Government National Mortgage Association-Agency Mortgage-
Backed Securities, 2.50%-5.00%, due 2/20/2049-5/20/2056, U.S. Treasuries
(including strips), 0.00%-3.88%, due 4/30/2030-8/15/2047, valued at
$1,020,000,001)(a),(e),(f)
3.74
1,000,000,000
1,000,000,000
Bank of Montreal, Tri-Party Agreement thru BNY, dated 7/31/2026, due at 8/3/2026 in
the amount of $500,152,083 and a maturity date of 8/3/2026 (fully collateralized
by: Federal Home Loan Mortgage Corp-Agency Collateralized Mortgage Obligation,
2.06%-2.26%, due 8/15/2047-3/15/2049, Federal Home Loan Mortgage Corp-Agency
Debentures and Agency Strips, 0.00%-6.50%, due 8/25/2036-8/25/2056, Federal
National Mortgage Association-Agency Collateralized Mortgage Obligation, 0.00%-
6.61%, due 10/25/2036-8/25/2056, Federal National Mortgage Association-Agency
Mortgage-Backed Securities, 0.26%, due 1/25/2033, Government National Mortgage
Association-Agency Collateralized Mortgage Obligation, 0.00%-3.28%, due
12/20/2048-10/20/2071, valued at $540,000,000)
3.65
500,000,000
500,000,000
Bank of Nova Scotia, Tri-Party Agreement thru BNY, dated 7/31/2026, due at
8/3/2026 in the amount of $139,042,163 and a maturity date of 8/3/2026 (fully
collateralized by: U.S. Treasuries (including strips), 0.13%-4.88%, due 9/30/2026-
2/15/2054, valued at $141,823,008)
3.64
139,000,000
139,000,000
Bank of Nova Scotia, Tri-Party Agreement thru BNY, dated 7/31/2026, due at
8/3/2026 in the amount of $300,091,250 and a maturity date of 8/3/2026 (fully
collateralized by: Federal Home Loan Mortgage Corp-Agency Mortgage-Backed
Securities, 5.00%-6.00%, due 7/1/2055-4/1/2056, Federal National Mortgage
Association-Agency Mortgage-Backed Securities, 5.00%-6.00%, due 7/1/2052-
4/1/2055, U.S. Treasuries (including strips), 3.50%-3.88%, due 9/30/2026-
9/30/2032, valued at $306,093,146)
3.65
300,000,000
300,000,000
BMO Capital Markets Corp., Tri-Party Agreement thru BNY, dated 7/31/2026, due at
8/3/2026 in the amount of $100,030,417 and a maturity date of 8/3/2026 (fully
collateralized by: Government National Mortgage Association-Agency Mortgage-
Backed Securities, 4.50%-6.50%, due 11/20/2053-5/20/2056, valued at
$102,000,000)
3.65
100,000,000
100,000,000
BNP Paribas SA, Tri-Party Agreement thru BNY, dated 7/31/2026, due at 8/3/2026 in
the amount of $1,000,303,333 and a maturity date of 8/3/2026 (fully collateralized
by: U.S. Treasuries (including strips), 0.00%-4.63%, due 8/15/2026-8/15/2043,
valued at $1,020,000,035)
3.64
1,000,000,000
1,000,000,000
8
Description
 
Annualized
Yield (%)
 
Principal
Amount ($)
Value ($)
Repurchase Agreements — 44.1% (continued)
BNP Paribas SA, Tri-Party Agreement thru BNY, dated 7/31/2026, due at 8/3/2026 in
the amount of $3,280,997,667 and a maturity date of 8/3/2026 (fully collateralized
by: Federal Home Loan Mortgage Corp-Agency Debentures and Agency Strips, 4.50%,
due 11/15/2052, Federal Home Loan Mortgage Corp-Agency Mortgage-Backed
Securities, 1.50%-7.00%, due 12/1/2029-8/1/2056, Federal National Mortgage
Association-Agency Debentures and Agency Strips, 5.00%, due 8/1/2054, Federal
National Mortgage Association-Agency Mortgage-Backed Securities, 1.77%-7.50%, due
3/1/2027-8/1/2056, Government National Mortgage Association-Agency Mortgage-
Backed Securities, 2.00%-7.50%, due 3/20/2039-5/20/2066, U.S. Treasuries
(including strips), 0.00%-4.63%, due 5/13/2027-2/15/2035, valued at
$3,345,600,000)
3.65
3,280,000,000
3,280,000,000
Canadian Imperial Bank of Commerce, Tri-Party Agreement thru BNY, dated 7/31/2026,
due at 8/3/2026 in the amount of $275,083,417 and a maturity date of
8/3/2026 (fully collateralized by: U.S. Treasuries (including strips), 0.00%-4.75%, due
12/31/2026-11/15/2054, valued at $280,500,000)
3.64
275,000,000
275,000,000
Canadian Imperial Bank of Commerce, Tri-Party Agreement thru BNY, dated 7/31/2026,
due at 8/3/2026 in the amount of $1,000,304,167 and a maturity date of
8/3/2026 (fully collateralized by: Federal Home Loan Mortgage Corp-Agency
Debentures and Agency Strips, 4.85%-5.22%, due 7/25/2033-10/25/2055, Federal
Home Loan Mortgage Corp-Agency Mortgage-Backed Securities, 2.50%-6.00%, due
12/1/2028-6/1/2056, Federal National Mortgage Association-Agency Collateralized
Mortgage Obligation, 1.75%-6.50%, due 4/25/2048-11/25/2053, Federal National
Mortgage Association-Agency Mortgage-Backed Securities, 1.34%-7.00%, due
2/1/2028-3/1/2056, Government National Mortgage Association-Agency
Collateralized Mortgage Obligation, 0.00%-6.00%, due 4/20/2038-4/20/2075,
U.S. Treasuries (including strips), 1.63%-4.75%, due 10/15/2026-11/15/2053, valued
at $1,029,455,032)
3.65
1,000,000,000
1,000,000,000
Citigroup Global Markets, Inc., Tri-Party Agreement thru BNY, dated 7/31/2026, due at
8/3/2026 in the amount of $1,750,530,833 and a maturity date of 8/3/2026 (fully
collateralized by: U.S. Treasuries (including strips), 2.38%-4.13%, due 6/15/2029-
8/15/2053, valued at $1,785,000,096)
3.64
1,750,000,000
1,750,000,000
Citigroup Global Markets, Inc., Tri-Party Agreement thru BNY, dated 5/22/2026, due at
8/3/2026 in the amount of $1,007,482,500 and a maturity date of 8/20/2026 (fully
collateralized by: Federal Home Loan Mortgage Corp-Agency Debentures and Agency
Strips, 0.00%-5.00%, due 7/15/2042-10/25/2053, Federal Home Loan Mortgage
Corp-Agency Mortgage-Backed Securities, 2.00%-7.00%, due 2/1/2027-7/1/2056,
Federal National Mortgage Association-Agency Debentures and Agency Strips, 1.50%-
5.50%, due 11/1/2040-11/1/2054, Federal National Mortgage Association-Agency
Mortgage-Backed Securities, 2.00%-7.00%, due 11/1/2026-8/1/2056, Government
National Mortgage Association-Agency Mortgage-Backed Securities, 2.00%-8.50%, due
8/20/2028-10/20/2063, valued at $1,020,000,001)(e)
3.69
1,000,000,000
1,000,000,000
Citigroup Global Markets, Inc., Tri-Party Agreement thru BNY, dated 7/13/2026, due at
8/3/2026 in the amount of $2,214,937,508 and a maturity date of 10/13/2026 (fully
collateralized by: Federal Home Loan Mortgage Corp-Agency Debentures and Agency
Strips, 4.55%, due 7/25/2029, Federal Home Loan Mortgage Corp-Agency Mortgage-
Backed Securities, 1.50%-8.50%, due 8/1/2029-8/1/2056, Federal National Mortgage
Association-Agency Debentures and Agency Strips, 2.00%, due 2/1/2051-10/1/2052,
Federal National Mortgage Association-Agency Mortgage-Backed Securities, 1.50%-
8.50%, due 12/1/2027-8/1/2056, Government National Mortgage Association-Agency
Mortgage-Backed Securities, 2.00%-8.00%, due 10/20/2027-7/20/2056, valued at
$2,254,200,001)(e)
3.83
2,210,000,000
2,210,000,000
Credit Agricole CIB, Tri-Party Agreement thru BNY, dated 7/31/2026, due at
8/3/2026 in the amount of $2,454,744,380 and a maturity date of 8/3/2026 (fully
collateralized by: U.S. Treasuries (including strips), 0.00%-5.00%, due 8/15/2026-
2/15/2056, valued at $2,503,080,000)
3.64
2,454,000,000
2,454,000,000
9
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
Description
 
Annualized
Yield (%)
 
Principal
Amount ($)
Value ($)
Repurchase Agreements — 44.1% (continued)
Credit Agricole CIB, Tri-Party Agreement thru BNY, dated 7/31/2026, due at
8/3/2026 in the amount of $2,000,608,333 and a maturity date of 8/3/2026 (fully
collateralized by: Federal Farm Credit Bank-Agency Debentures and Agency Strips,
2.05%-5.15%, due 1/23/2029-1/29/2046, Federal Home Loan Banks-Agency
Debentures and Agency Strips, 5.35%-5.47%, due 6/12/2034-8/25/2045, Federal
Home Loan Mortgage Corp-Agency Debentures and Agency Strips, 4.62%, due
7/25/2055, Federal Home Loan Mortgage Corp-Agency Mortgage-Backed Securities,
1.50%-7.50%, due 2/1/2032-8/1/2056, Federal National Mortgage Association-
Agency Collateralized Mortgage Obligation, 4.62%-4.67%, due 3/25/2055-
12/25/2055, Federal National Mortgage Association-Agency Mortgage-Backed
Securities, 1.17%-7.50%, due 8/1/2030-9/1/2063, Government National Mortgage
Association-Agency Collateralized Mortgage Obligation, 2.43%-5.12%, due
10/20/2053-8/20/2055, Government National Mortgage Association-Agency
Mortgage-Backed Securities, 2.00%-7.50%, due 6/15/2027-7/20/2056,
U.S. Treasuries (including strips), 0.00%-4.75%, due 8/15/2027-2/15/2056, valued at
$2,047,320,921)
3.65
2,000,000,000
2,000,000,000
Daiwa Capital Markets America, Inc., Tri-Party Agreement thru BNY, dated 7/31/2026,
due at 8/3/2026 in the amount of $600,182,000 and a maturity date of
8/3/2026 (fully collateralized by: U.S. Treasuries (including strips), 0.00%-4.75%, due
9/8/2026-2/15/2056, valued at $612,000,000)
3.64
600,000,000
600,000,000
Daiwa Capital Markets America, Inc., Tri-Party Agreement thru BNY, dated 7/31/2026,
due at 8/3/2026 in the amount of $2,150,653,958 and a maturity date of
8/3/2026 (fully collateralized by: Federal Home Loan Mortgage Corp-Agency
Collateralized Mortgage Obligation, 4.00%, due 5/15/2029, Federal Home Loan
Mortgage Corp-Agency Debentures and Agency Strips, 4.00%-5.55%, due 4/25/2027-
6/25/2055, Federal Home Loan Mortgage Corp-Agency Mortgage-Backed Securities,
4.00%-6.50%, due 7/1/2052-5/1/2056, Federal National Mortgage Association-
Agency Collateralized Mortgage Obligation, 0.10%-5.50%, due 6/25/2050-5/25/2055,
Federal National Mortgage Association-Agency Mortgage-Backed Securities, 2.50%-
6.50%, due 7/1/2052-7/1/2056, Government National Mortgage Association-Agency
Collateralized Mortgage Obligation, 2.28%, due 5/20/2054-7/20/2054, Government
National Mortgage Association-Agency Mortgage-Backed Securities, 3.50%-5.50%, due
3/20/2053-5/20/2056, U.S. Treasuries (including strips), 3.50%-3.88%, due
9/30/2029-4/30/2031, valued at $2,196,035,618)
3.65
2,150,000,000
2,150,000,000
Deutsche Bank Securities, Inc., Tri-Party Agreement thru BNY, dated 7/31/2026, due at
8/3/2026 in the amount of $100,030,000 and a maturity date of 8/3/2026 (fully
collateralized by: U.S. Treasuries (including strips), 3.50%-4.88%, due 12/15/2027-
2/15/2035, valued at $102,000,060)
3.60
100,000,000
100,000,000
Deutsche Bank Securities, Inc., Tri-Party Agreement thru BNY, dated 7/31/2026, due at
8/3/2026 in the amount of $1,000,303,333 and a maturity date of 8/3/2026 (fully
collateralized by: U.S. Treasuries (including strips), 0.63%-4.13%, due 11/30/2027-
3/31/2031, valued at $1,020,000,050)
3.64
1,000,000,000
1,000,000,000
Deutsche Bank Securities, Inc., Tri-Party Agreement thru BNY, dated 7/31/2026, due at
8/3/2026 in the amount of $1,000,303,333 and a maturity date of 8/3/2026 (fully
collateralized by: U.S. Treasuries (including strips), 0.63%-6.63%, due 11/15/2026-
5/15/2045, valued at $1,020,000,074)
3.64
1,000,000,000
1,000,000,000
Fixed Income Clearing Corp., Tri-Party Agreement thru State Street Corp., dated
7/31/2026, due at 8/3/2026 in the amount of $100,030,333 and a maturity date of
8/3/2026 (fully collateralized by: U.S. Treasuries (including strips), 3.88%-4.38%, due
10/15/2027-5/15/2036, valued at $102,000,033)
3.64
100,000,000
100,000,000
Goldman Sachs & Co. LLC, Tri-Party Agreement thru BNY, dated 7/31/2026, due at
8/3/2026 in the amount of $3,000,687,500 and a maturity date of 8/3/2026 (fully
collateralized by: U.S. Treasuries (including strips), 0.00%-4.75%, due 8/15/2026-
2/15/2056, valued at $3,060,000,025)
2.75
3,000,000,000
3,000,000,000
10
Description
 
Annualized
Yield (%)
 
Principal
Amount ($)
Value ($)
Repurchase Agreements — 44.1% (continued)
Goldman Sachs & Co. LLC, Tri-Party Agreement thru BNY, dated 7/31/2026, due at
8/3/2026 in the amount of $2,000,608,333 and a maturity date of 8/3/2026 (fully
collateralized by: Federal Home Loan Mortgage Corp-Agency Mortgage-Backed
Securities, 2.00%-6.50%, due 3/1/2028-8/1/2056, Federal National Mortgage
Association-Agency Mortgage-Backed Securities, 1.50%-6.50%, due 5/1/2030-
3/1/2060, Government National Mortgage Association-Agency Mortgage-Backed
Securities, 2.00%-7.00%, due 6/15/2031-4/20/2075, valued at $2,040,000,000)
3.65
2,000,000,000
2,000,000,000
HSBC Securities USA, Inc., Tri-Party Agreement thru BNY, dated 7/31/2026, due at
8/3/2026 in the amount of $320,097,333 and a maturity date of 8/3/2026 (fully
collateralized by: Government National Mortgage Association-Agency Mortgage-
Backed Securities, 2.50%-6.50%, due 12/20/2050-7/20/2056, valued at
$326,400,000)
3.65
320,000,000
320,000,000
HSBC Securities USA, Inc., Tri-Party Agreement thru BNY, dated 7/31/2026, due at
8/3/2026 in the amount of $1,050,319,375 and a maturity date of 8/3/2026 (fully
collateralized by: Federal Home Loan Mortgage Corp-Agency Mortgage-Backed
Securities, 2.00%-7.00%, due 6/1/2032-6/1/2056, Federal National Mortgage
Association-Agency Mortgage-Backed Securities, 1.37%-7.00%, due 2/1/2030-
5/1/2058, valued at $1,071,000,000)
3.65
1,050,000,000
1,050,000,000
J.P. Morgan Securities LLC, Tri-Party Agreement thru BNY, dated 7/31/2026, due at
8/3/2026 in the amount of $1,225,372,604 and a maturity date of 8/3/2026 (fully
collateralized by: Federal Home Loan Mortgage Corp-Agency Mortgage-Backed
Securities, 2.50%-5.15%, due 2/1/2032-6/1/2056, Federal National Mortgage
Association-Agency Mortgage-Backed Securities, 1.50%-6.50%, due 4/1/2032-
8/1/2056, valued at $1,249,500,001)
3.65
1,225,000,000
1,225,000,000
J.P. Morgan Securities LLC, (SOFR FLAT at Maturity), Tri-Party Agreement thru BNY,
dated 5/11/2026, due at 8/3/2026 in the amount of $302,562,000 and a maturity date
of 8/7/2026 (fully collateralized by: U.S. Treasuries (including strips), 0.00%-4.50%,
due 5/15/2027-4/30/2030, valued at $306,000,001)(a),(d)
3.66
300,000,000
300,000,000
J.P. Morgan Securities LLC, (SOFR FLAT at Maturity), Tri-Party Agreement thru BNY,
dated 7/21/2026, due at 8/3/2026 in the amount of $2,202,887,500 and a maturity
date of 8/7/2026 (fully collateralized by: U.S. Treasuries (including strips), 0.00%-
4.13%, due 7/31/2027-3/31/2032, valued at $2,244,000,001)(a),(d)
3.66
2,200,000,000
2,200,000,000
J.P. Morgan Securities LLC, (1 Month SOFR +0.01%), Tri-Party Agreement thru BNY,
dated 7/1/2026, due at 8/3/2026 in the amount of $842,796,033 and a maturity date
of 8/7/2026 (fully collateralized by: Federal Home Loan Mortgage Corp-Agency
Mortgage-Backed Securities, 3.00%-6.05%, due 9/1/2027-6/1/2047, Federal National
Mortgage Association-Agency Mortgage-Backed Securities, 1.50%-7.50%, due
12/1/2029-4/1/2064, valued at $856,800,002)(a),(d),(f)
3.67
840,000,000
840,000,000
J.P. Morgan Securities LLC, (1 Month SOFR +0.02%), Tri-Party Agreement thru BNY,
dated 7/1/2026, due at 8/3/2026 in the amount of $3,010,013,333 and a maturity
date of 8/7/2026 (fully collateralized by: Federal Home Loan Mortgage Corp-Agency
Mortgage-Backed Securities, 6.00%, due 10/1/2034, Federal National Mortgage
Association-Agency Mortgage-Backed Securities, 1.00%-8.00%, due 6/1/2029-
3/1/2063, valued at $3,060,000,001)(a),(d),(f)
3.68
3,000,000,000
3,000,000,000
J.P. Morgan Securities LLC, (1 Month SOFR +0.12%), Tri-Party Agreement thru BNY,
dated 7/1/2026, due at 8/3/2026 in the amount of $496,697,575 and a maturity date
of 10/29/2026 (fully collateralized by: Federal Home Loan Mortgage Corp-Agency
Collateralized Mortgage Obligation, 6.50%, due 3/25/2044, Federal Home Loan
Mortgage Corp-Agency Debentures and Agency Strips, 0.00%-7.50%, due
12/25/2029-5/25/2054, Federal National Mortgage Association-Agency
Collateralized Mortgage Obligation, 3.50%-5.50%, due 5/25/2047-1/25/2055,
Federal National Mortgage Association-Agency Debentures and Agency Strips, 0.00%-
7.00%, due 4/1/2032-5/1/2055, Government National Mortgage Association-Agency
Collateralized Mortgage Obligation, 0.00%-5.00%, due 11/20/2040-5/20/2056,
valued at $509,938,270)(a),(e),(f)
3.78
495,000,000
495,000,000
11
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
Description
 
Annualized
Yield (%)
 
Principal
Amount ($)
Value ($)
Repurchase Agreements — 44.1% (continued)
Mizuho Securities USA, Tri-Party Agreement thru BNY, dated 7/31/2026, due at
8/3/2026 in the amount of $1,900,576,333 and a maturity date of 8/3/2026 (fully
collateralized by: U.S. Treasuries (including strips), 0.50%-4.63%, due 9/30/2026-
11/15/2034, valued at $1,938,000,072)
3.64
1,900,000,000
1,900,000,000
Nomura Securities International, Inc., Tri-Party Agreement thru BNY, dated 7/31/2026,
due at 8/3/2026 in the amount of $1,205,365,517 and a maturity date of
8/3/2026 (fully collateralized by: U.S. Treasuries (including strips), 0.00%-4.63%, due
10/1/2026-11/15/2054, valued at $1,229,122,278)
3.64
1,205,000,000
1,205,000,000
Nomura Securities International, Inc., Tri-Party Agreement thru BNY, dated 7/31/2026,
due at 8/3/2026 in the amount of $4,001,216,667 and a maturity date of
8/3/2026 (fully collateralized by: Federal Farm Credit Bank-Agency Debentures and
Agency Strips, 1.30%, due 2/3/2031, Federal Home Loan Mortgage Corp-Agency
Debentures and Agency Strips, 4.25%-5.50%, due 3/25/2033-6/25/2053, Federal
Home Loan Mortgage Corp-Agency Mortgage-Backed Securities, 2.00%-6.50%, due
3/1/2031-7/1/2056, Federal National Mortgage Association-Agency Debentures and
Agency Strips, 0.00%-0.88%, due 5/15/2030-8/5/2030, Federal National Mortgage
Association-Agency Mortgage-Backed Securities, 1.69%-7.50%, due 3/1/2031-
3/1/2062, Government National Mortgage Association-Agency Collateralized
Mortgage Obligation, 0.00%-6.07%, due 6/16/2037-5/16/2068, Government National
Mortgage Association-Agency Mortgage-Backed Securities, 0.00%-7.50%, due
2/15/2031-3/15/2069, U.S. Treasuries (including strips), 3.50%-4.75%, due
11/30/2027-11/15/2043, valued at $4,095,071,233)
3.65
4,000,000,000
4,000,000,000
Royal Bank Of Canada, Tri-Party Agreement thru BNY, dated 5/15/2026, due at
8/3/2026 in the amount of $2,016,222,222 and a maturity date of 8/7/2026 (fully
collateralized by: Federal Home Loan Mortgage Corp-Agency Collateralized Mortgage
Obligation, 4.04%, due 1/15/2047, Federal Home Loan Mortgage Corp-Agency
Debentures and Agency Strips, 1.50%-7.00%, due 4/25/2037-8/25/2056, Federal
Home Loan Mortgage Corp-Agency Mortgage-Backed Securities, 6.50%, due 8/1/2054,
Federal National Mortgage Association-Agency Collateralized Mortgage Obligation,
0.00%-5.02%, due 6/25/2042-8/25/2056, Federal National Mortgage Association-
Agency Debentures and Agency Strips, 1.00%-3.00%, due 10/25/2029-7/1/2052,
Federal National Mortgage Association-Agency Mortgage-Backed Securities, 1.26%-
1.71%, due 5/25/2030-11/25/2031, Government National Mortgage Association-
Agency Collateralized Mortgage Obligation, 0.00%-7.00%, due 12/20/2035-
2/20/2064, U.S. Treasuries (including strips), 0.00%-5.38%, due 8/6/2026-
2/15/2056, valued at $2,090,880,409)(d)
3.65
2,000,000,000
2,000,000,000
Royal Bank Of Canada, Tri-Party Agreement thru BNY, dated 5/21/2026, due at
8/3/2026 in the amount of $1,007,502,778 and a maturity date of 8/7/2026 (fully
collateralized by: Federal Home Loan Mortgage Corp-Agency Collateralized Mortgage
Obligation, 0.00%-16.86%, due 4/15/2031-10/15/2058, Federal Home Loan
Mortgage Corp-Agency Debentures and Agency Strips, 0.00%-6.50%, due 9/25/2033-
7/25/2056, Federal Home Loan Mortgage Corp-Agency Mortgage-Backed Securities,
1.65%-5.12%, due 9/1/2028-1/1/2055, Federal National Mortgage Association-
Agency Collateralized Mortgage Obligation, 0.00%-6.50%, due 5/25/2030-
11/25/2061, Federal National Mortgage Association-Agency Debentures and Agency
Strips, 2.00%, due 10/25/2051, Federal National Mortgage Association-Agency
Mortgage-Backed Securities, 1.24%-6.50%, due 1/1/2030-4/1/2056, Government
National Mortgage Association-Agency Collateralized Mortgage Obligation, 1.28%-
6.50%, due 9/20/2039-5/20/2056, U.S. Treasuries (including strips), 2.88%-4.50%,
due 5/31/2029-8/15/2052, valued at $1,059,823,320)(d)
3.65
1,000,000,000
1,000,000,000
12
Description
 
Annualized
Yield (%)
 
Principal
Amount ($)
Value ($)
Repurchase Agreements — 44.1% (continued)
Royal Bank Of Canada, Tri-Party Agreement thru BNY, dated 7/21/2026, due at
8/3/2026 in the amount of $4,255,678,472 and a maturity date of 8/7/2026 (fully
collateralized by: Federal Home Loan Mortgage Corp-Agency Collateralized Mortgage
Obligation, 3.00%-4.09%, due 12/15/2042-1/15/2047, Federal Home Loan Mortgage
Corp-Agency Debentures and Agency Strips, 0.00%-6.67%, due 4/25/2050-
7/25/2056, Federal Home Loan Mortgage Corp-Agency Mortgage-Backed Securities,
3.00%-6.50%, due 7/1/2052-1/1/2056, Federal National Mortgage Association-
Agency Collateralized Mortgage Obligation, 0.00%-6.09%, due 2/25/2041-7/25/2057,
Federal National Mortgage Association-Agency Debentures and Agency Strips, 0.85%-
6.00%, due 12/25/2030-2/1/2053, Federal National Mortgage Association-Agency
Mortgage-Backed Securities, 1.26%-6.50%, due 11/25/2030-11/1/2055, Government
National Mortgage Association-Agency Collateralized Mortgage Obligation, 0.00%-
7.00%, due 9/20/2049-7/20/2066, Government National Mortgage Association-
Agency Mortgage-Backed Securities, 6.00%, due 7/20/2056, valued at
$4,542,237,480)(d)
3.70
4,250,000,000
4,250,000,000
Societe Generale, Tri-Party Agreement thru BNY, dated 7/31/2026, due at 8/3/2026 in
the amount of $3,000,910,000 and a maturity date of 8/3/2026 (fully collateralized
by: U.S. Treasuries (including strips), 1.25%-4.75%, due 1/15/2028-5/15/2054,
valued at $3,060,000,067)
3.64
3,000,000,000
3,000,000,000
Societe Generale, (SOFR FLAT at Maturity), Agreement thru BNY, dated 7/31/2026, due
at 8/3/2026 in the amount of $1,000,304,167 and a maturity date of 8/7/2026 (fully
collateralized by: U.S. Treasuries (including strips), 1.88%-4.13%, due 11/15/2028-
2/29/2032, valued at $1,020,000,016)(a),(d),(f)
3.66
1,000,000,000
1,000,000,000
Sumitomo Mitsui Banking Corp., Tri-Party Agreement thru BNY, dated 7/31/2026, due at
8/3/2026 in the amount of $1,200,364,000 and a maturity date of 8/3/2026 (fully
collateralized by: U.S. Treasuries (including strips), 0.63%-5.25%, due 9/30/2026-
5/15/2056, valued at $1,224,000,017)
3.64
1,200,000,000
1,200,000,000
Sumitomo Mitsui Banking Corp., Tri-Party Agreement thru BNY, dated 7/31/2026, due at
8/3/2026 in the amount of $1,000,303,333 and a maturity date of 8/3/2026 (fully
collateralized by: U.S. Treasuries (including strips), 0.63%-4.88%, due 11/15/2026-
2/15/2056, valued at $1,020,000,010)
3.64
1,000,000,000
1,000,000,000
Sumitomo Mitsui Banking Corp., Tri-Party Agreement thru BNY, dated 7/31/2026, due at
8/3/2026 in the amount of $1,700,517,083 and a maturity date of 8/3/2026 (fully
collateralized by: Federal Home Loan Mortgage Corp-Agency Mortgage-Backed
Securities, 1.50%-7.00%, due 6/1/2028-7/1/2056, Federal National Mortgage
Association-Agency Mortgage-Backed Securities, 1.50%-8.00%, due 5/1/2032-
7/1/2060, U.S. Treasuries (including strips), 0.00%-6.75%, due 8/15/2026-
2/15/2056, valued at $1,734,000,043)
3.65
1,700,000,000
1,700,000,000
TD Securities (USA) LLC, Tri-Party Agreement thru BNY, dated 7/31/2026, due at
8/3/2026 in the amount of $300,091,250 and a maturity date of 8/3/2026 (fully
collateralized by: Federal Home Loan Mortgage Corp-Agency Mortgage-Backed
Securities, 7.00%, due 1/1/2054, Federal National Mortgage Association-Agency
Mortgage-Backed Securities, 2.50%-5.50%, due 12/1/2050-5/1/2056, valued at
$306,000,000)
3.65
300,000,000
300,000,000
UBS Securities LLC, Tri-Party Agreement thru BNY, dated 7/31/2026, due at
8/3/2026 in the amount of $300,091,000 and a maturity date of 8/3/2026 (fully
collateralized by: U.S. Treasuries (including strips), 0.00%-6.63%, due 8/11/2026-
2/15/2056, valued at $306,000,003)
3.64
300,000,000
300,000,000
Wells Fargo Securities LLC, Tri-Party Agreement thru BNY, dated 7/31/2026, due at
8/3/2026 in the amount of $7,002,129,167 and a maturity date of 8/3/2026 (fully
collateralized by: Federal Home Loan Mortgage Corp-Agency Mortgage-Backed
Securities, 1.50%-7.50%, due 9/1/2027-8/1/2056, valued at $7,140,000,001)
3.65
7,000,000,000
7,000,000,000
13
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
Description
 
Annualized
Yield (%)
 
Principal
Amount ($)
Value ($)
Repurchase Agreements — 44.1% (continued)
Wells Fargo Securities LLC, Tri-Party Agreement thru BNY, dated 7/31/2026, due at
8/3/2026 in the amount of $500,152,083 and a maturity date of 8/3/2026 (fully
collateralized by: U.S. Treasuries (including strips), 3.50%-4.00%, due 9/30/2026-
12/31/2032, valued at $510,000,041)
3.65
500,000,000
500,000,000
Wells Fargo Securities LLC, Tri-Party Agreement thru BNY, dated 6/4/2026, due at
8/3/2026 in the amount of $1,509,250,000 and a maturity date of 9/2/2026 (fully
collateralized by: Federal Home Loan Mortgage Corp-Agency Mortgage-Backed
Securities, 2.65%-5.25%, due 12/1/2036-5/1/2055, Government National Mortgage
Association-Agency Collateralized Mortgage Obligation, 4.42%-5.42%, due
2/20/2053-7/20/2056, valued at $1,618,303,811)(e)
3.70
1,500,000,000
1,500,000,000
Total Repurchase Agreements
(cost $72,257,000,000)
72,257,000,000
Total Investments (cost $158,433,287,553)
96.7
%
158,433,287,553
Cash and Receivables (Net)
3.3
%
5,356,259,517
Net Assets
100.0
%
163,789,547,070
 
SOFR—Secured Overnight Financing Rate
U.S. T-BILL—U.S. Treasury Bill
USBMMY—U.S. Treasury Bill Money Market Yield
 
(a)
Variable rate security—interest rate resets periodically and rate shown is the interest rate in effect at period end. Date shown represents the earlier of the next
interest reset date or ultimate maturity date. Security description also includes the reference rate and spread if published and available.
(b)
Security is a discount security. Income is recognized through the accretion of discount.
(c)
The Federal Housing Finance Agency (“FHFA”) placed the Federal Home Loan Mortgage Corporation and Federal National Mortgage Association into
conservatorship with FHFA as the conservator. As such, the FHFA oversees the continuing affairs of these companies.
(d)
The securities have a put feature of which the fund may demand payment of the term repurchase agreement or bond holder upon one to seven business days
notice depending on the timing of the demand.
(e)
Illiquid security; investment has put feature or term repurchase agreement date of more than seven business days. The interest rate shown is the current rate as of
July 31, 2026. At July 31, 2026, the value of these securities amounted to $6,205,000,000 or 3.8% of net assets.
(f)
Evergreen Repurchase agreement—Either party may terminate the agreement on demand specified in the agreement. Interest rate, principal amount and
collateral are redetermined periodically. The maturity date shown reflects early termination date and the amount due represents the receivable of the fund as of
the next interest payment date.
See notes to financial statements.
14
STATEMENT OF ASSETS AND LIABILITIES 
July 31, 2026 (Unaudited) 
 
Cost
Value
Assets ($):
Investments in securities—See Schedule of Investments
86,176,287,553
86,176,287,553
Repurchase agreements, at value and amortized cost—See Schedule of Investments—Note 1(b)
72,257,000,000
72,257,000,000
Cash
5,866,910,810
Receivable for shares of Beneficial Interest subscribed
388,202,934
Interest receivable
312,077,014
Prepaid expenses
1,843,164
 
165,002,321,475
Liabilities ($):
Due to BNY Mellon Investment Adviser, Inc. and affiliates—Note 2(c)
34,741,312
Payable for investment securities purchased
688,000,000
Payable for shares of Beneficial Interest redeemed
489,436,768
Trustees’ fees and expenses payable
64,175
Other accrued expenses
532,150
 
1,212,774,405
Net Assets ($)
163,789,547,070
Composition of Net Assets ($):
Paid-in capital
163,791,324,800
Total distributable earnings (loss)
(1,777,730
)
Net Assets ($)
163,789,547,070
 
Net Asset Value Per Share
Institutional
Shares
Investor
Shares
Administrative
Shares
Participant
Shares
Wealth
Shares
Service
Shares
Net Assets ($)
113,138,370,763
17,286,363,678
3,861,744,836
4,675,325,336
10,816,875,720
5,931,663,397
Shares Outstanding
113,139,498,183
17,286,591,967
3,861,853,038
4,675,354,862
10,817,006,797
5,931,769,491
Net Asset Value Per Share ($)
1.00
1.00
1.00
1.00
1.00
1.00
 
Net Asset Value Per Share
BOLD® Shares
SPARKSM Shares
BOLD® Future
Shares
SPARKSM Future
Shares
Independence Point
Shares
Net Assets ($)
5,188,805,025
2,768,720,223
7,770,968
40,000
113,867,124
Shares Outstanding
5,188,906,782
2,768,745,070
7,770,952
40,000
113,867,142
Net Asset Value Per Share ($)
1.00
1.00
1.00
1.00
1.00
See notes to financial statements.
15
STATEMENT OF OPERATIONS
Six Months Ended July 31, 2026 (Unaudited) 
 
 
Investment Income ($):
Interest Income
3,026,764,355
Expenses:
Management fee—Note 2(a)
163,882,213
Shareholder servicing costs—Note 2(b)
49,344,504
Administrative services plan fees—Note 2(c)
19,658,200
Registration fees
1,376,829
Custodian fees—Note 2(c)
815,482
Trustees’ fees and expenses—Note 2(d)
302,354
Professional fees
173,812
Prospectus and shareholders’ reports
49,519
Chief Compliance Officer fees—Note 2(c)
18,137
Shareholder and regulatory reports service fees—Note 2(c)
4,792
Miscellaneous
503,887
Total Expenses
236,129,729
Less—reduction in expenses due to undertaking—Note 2(a)
(32,778,052
)
Net Expenses
203,351,677
Net Investment Income
2,823,412,678
Net Realized Gain (Loss) on Investments—Note 1(b) ($)
(35,555
)
Net Increase in Net Assets Resulting from Operations
2,823,377,123
See notes to financial statements.
16
STATEMENT OF CHANGES IN NET ASSETS
  
 
Six Months Ended
July 31, 2026
(Unaudited)(a)
Year Ended
January 31, 2026
 
Operations ($):
Net investment income
2,823,412,678
5,808,143,142
Net realized gain (loss) on investments
(35,555)
-
Net Increase (Decrease) in Net Assets Resulting from Operations
2,823,377,123
5,808,143,142
Distributions ($):
Distributions to shareholders:
Institutional Shares
(2,025,459,097)
(4,088,837,809)
Investor Shares
(271,104,099)
(523,357,985)
Administrative Shares
(67,721,333)
(143,377,029)
Participant Shares
(56,957,561)
(111,384,743)
Wealth Shares
(178,766,194)
(375,049,879)
Service Shares
(84,016,650)
(213,249,869)
BOLD® Shares
(91,072,508)
(225,667,265)
SPARKSM Shares
(47,760,796)
(127,175,872)
BOLD® Future Shares
(105,995)
(42,691)
SPARKSM Future Shares
(227)
-
Independence Point Shares
(374,708)
-
Total Distributions
(2,823,339,168)
(5,808,143,142)
Beneficial Interest Transactions ($1.00 per share):
Net proceeds from shares sold:
Institutional Shares
496,842,464,541
657,056,144,950
Investor Shares
17,241,586,359
26,169,459,591
Administrative Shares
5,738,851,221
10,251,153,076
Participant Shares
11,986,384,743
20,704,803,717
Wealth Shares
4,558,530,356
11,047,690,959
Service Shares
6,610,250,873
11,504,557,289
BOLD® Shares
13,259,761,095
38,186,409,176
SPARKSM Shares
10,032,621,306
10,753,272,110
BOLD® Future Shares
2,325,261
5,695,000
SPARKSM Future Shares
40,000
-
Independence Point Shares
166,343,571
-
Distributions reinvested:
Institutional Shares
370,594,763
799,155,287
Investor Shares
244,840,585
468,428,584
Administrative Shares
48,422,855
106,238,057
Participant Shares
21,657,089
44,853,658
Wealth Shares
176,627,682
370,925,212
Service Shares
81,000,494
203,938,667
BOLD® Shares
11,197,156
10,613,988
BOLD® Future Shares
105,354
41,237
Independence Point Shares
374,473
-
17
STATEMENT OF CHANGES IN NET ASSETS (continued)
 
Six Months Ended
July 31, 2026
(Unaudited)(a)
Year Ended
January 31, 2026
 
Beneficial Interest Transactions ($1.00 per share): (continued)
Cost of shares redeemed:
Institutional Shares
(498,425,331,206)
(636,898,927,924)
Investor Shares
(16,421,365,805)
(22,882,298,068)
Administrative Shares
(5,763,672,074)
(9,895,545,380)
Participant Shares
(12,060,077,826)
(19,645,231,122)
Wealth Shares
(5,169,874,961)
(9,898,331,886)
Service Shares
(7,288,802,341)
(12,385,546,675)
BOLD® Shares
(13,454,239,704)
(38,841,023,075)
SPARKSM Shares
(9,336,533,387)
(11,518,883,760)
BOLD® Future Shares
(239,550)
(196,350)
Independence Point Shares
(52,850,902)
-
Increase (Decrease) in Net Assets from Beneficial Interest Transactions
(579,007,979)
25,717,396,318
Total Increase (Decrease) in Net Assets
(578,970,024)
25,717,396,318
Net Assets ($):
Beginning of Period
164,368,517,094
138,651,120,776
End of Period
163,789,547,070
164,368,517,094
 
(a)
On June 1, 2026, the fund commenced offering SPARKSM Future Shares and Independence Point Shares.
See notes to financial statements.
18
FINANCIAL HIGHLIGHTS
The following tables describe the performance for each share class for the fiscal periods indicated. All information reflects financial results for a single fund share. Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. 
 
Six Months Ended
July 31, 2026
(Unaudited) 
Year Ended January 31,
Institutional Shares
2026
2025
2024
2023
2022
Per Share Data ($):
 
 
 
 
 
Net asset value, beginning of period
1.00
1.00
1.00
1.00
1.00
1.00
Investment Operations:
Net investment income
.017
.041
.050
.050
.019
.000
(a)
Distributions:
Dividends from net investment income
(.017
)
(.041
)
(.050
)
(.050
)
(.019
)
(.000
)(a)
Net asset value, end of period
1.00
1.00
1.00
1.00
1.00
1.00
Total Return (%)
1.76
(b)
4.14
5.07
5.12
1.90
.03
Ratios/Supplemental Data (%):
 
 
 
 
 
Ratio of total expenses to average net
assets
.20
(c)
.20
.21
.21
.21
.21
Ratio of net expenses
to average net assets(d)
.16
(c)
.16
(e)
.17
(e)
.17
(e)
.14
(e)
.04
Ratio of net investment income to
average net assets(d)
3.53
(c)
4.03
(e)
4.94
(e)
4.97
(e)
1.92
(e)
.03
Net Assets, end of period ($ x 1,000)
113,138,371
114,350,669
93,394,107
87,311,731
123,699,383
107,504,150
 
(a)
Amount represents less than $.001 per share.
(b)
Not annualized.
(c)
Annualized.
(d)
Amount inclusive of reduction in expenses due to undertaking.
(e)
Amount inclusive of reduction in fees due to earnings credits.
See notes to financial statements.
19
FINANCIAL HIGHLIGHTS (continued)
 
 
Six Months Ended
July 31, 2026
(Unaudited) 
Year Ended January 31,
Investor Shares
2026
2025
2024
2023
2022
Per Share Data ($):
 
 
 
 
 
Net asset value, beginning of period
1.00
1.00
1.00
1.00
1.00
1.00
Investment Operations:
Net investment income
.016
.038
.047
.048
.017
.000
(a)
Distributions:
Dividends from net investment income
(.016
)
(.038
)
(.047
)
(.048
)
(.017
)
(.000
)(a)
Net asset value, end of period
1.00
1.00
1.00
1.00
1.00
1.00
Total Return (%)
1.64
(b)
3.88
4.81
4.86
1.69
.03
Ratios/Supplemental Data (%):
 
 
 
 
 
Ratio of total expenses to average net
assets
.46
(c)
.46
.46
.46
.46
.45
Ratio of net expenses
to average net assets(d)
.42
(c)
.42
(e)
.42
(e)
.43
(e)
.37
(e)
.03
Ratio of net investment income to
average net assets(d)
3.28
(c)
3.79
(e)
4.71
(e)
4.79
(e)
1.89
(e)
.03
Net Assets, end of period ($ x 1,000)
17,286,364
16,221,304
12,465,794
11,291,168
7,060,619
3,717,395
 
(a)
Amount represents less than $.001 per share.
(b)
Not annualized.
(c)
Annualized.
(d)
Amount inclusive of reduction in expenses due to undertaking.
(e)
Amount inclusive of reduction in fees due to earnings credits.
See notes to financial statements.
20
 
 
Six Months Ended
July 31, 2026
(Unaudited) 
Year Ended January 31,
Administrative Shares
2026
2025
2024
2023
2022
Per Share Data ($):
 
 
 
 
 
Net asset value, beginning of period
1.00
1.00
1.00
1.00
1.00
1.00
Investment Operations:
Net investment income
.017
.040
.049
.049
.018
.000
(a)
Distributions:
Dividends from net investment income
(.017
)
(.040
)
(.049
)
(.049
)
(.018
)
(.000
)(a)
Net asset value, end of period
1.00
1.00
1.00
1.00
1.00
1.00
Total Return (%)
1.71
(b)
4.03
4.97
5.02
1.82
.03
Ratios/Supplemental Data (%):
 
 
 
 
 
Ratio of total expenses to average net
assets
.31
(c)
.31
.31
.31
.30
.31
Ratio of net expenses
to average net assets(d)
.27
(c)
.27
(e)
.27
(e)
.27
(e)
.23
(e)
.04
Ratio of net investment income to
average net assets(d)
3.43
(c)
3.96
(e)
4.84
(e)
4.90
(e)
1.74
(e)
.03
Net Assets, end of period ($ x 1,000)
3,861,745
3,838,143
3,376,318
2,751,013
2,872,019
5,310,286
 
(a)
Amount represents less than $.001 per share.
(b)
Not annualized.
(c)
Annualized.
(d)
Amount inclusive of reduction in expenses due to undertaking.
(e)
Amount inclusive of reduction in fees due to earnings credits.
See notes to financial statements.
21
FINANCIAL HIGHLIGHTS (continued)
 
 
Six Months Ended
July 31, 2026
(Unaudited) 
Year Ended January 31,
Participant Shares
2026
2025
2024
2023
2022
Per Share Data ($):
 
 
 
 
 
Net asset value, beginning of period
1.00
1.00
1.00
1.00
1.00
1.00
Investment Operations:
Net investment income
.016
.037
.046
.046
.016
.000
(a)
Distributions:
Dividends from net investment income
(.016
)
(.037
)
(.046
)
(.046
)
(.016
)
(.000
)(a)
Net asset value, end of period
1.00
1.00
1.00
1.00
1.00
1.00
Total Return (%)
1.56
(b)
3.72
4.66
4.71
1.58
.03
Ratios/Supplemental Data (%):
 
 
 
 
 
Ratio of total expenses to average net
assets
.60
(c)
.61
.61
.61
.60
.61
Ratio of net expenses
to average net assets(d)
.56
(c)
.57
(e)
.57
(e)
.58
(e)
.46
(e)
.04
Ratio of net investment income to
average net assets(d)
3.13
(c)
3.66
(e)
4.59
(e)
4.64
(e)
1.52
(e)
.03
Net Assets, end of period ($ x 1,000)
4,675,325
4,727,362
3,622,940
2,958,453
1,931,271
1,982,627
 
(a)
Amount represents less than $.001 per share.
(b)
Not annualized.
(c)
Annualized.
(d)
Amount inclusive of reduction in expenses due to undertaking.
(e)
Amount inclusive of reduction in fees due to earnings credits.
See notes to financial statements.
22
 
 
Six Months Ended
July 31, 2026
(Unaudited) 
Year Ended January 31,
Wealth Shares
2026
2025
2024
2023
2022
Per Share Data ($):
 
 
 
 
 
Net asset value, beginning of period
1.00
1.00
1.00
1.00
1.00
1.00
Investment Operations:
Net investment income
.016
.038
.047
.048
.017
.000
(a)
Distributions:
Dividends from net investment income
(.016
)
(.038
)
(.047
)
(.048
)
(.017
)
(.000
)(a)
Net asset value, end of period
1.00
1.00
1.00
1.00
1.00
1.00
Total Return (%)
1.64
(b)
3.88
4.81
4.86
1.69
.03
Ratios/Supplemental Data (%):
 
 
 
 
 
Ratio of total expenses to average net
assets
.45
(c)
.46
.46
.48
.46
.47
Ratio of net expenses
to average net assets(d)
.41
(c)
.42
(e)
.42
(e)
.44
(e)
.35
(e)
.05
Ratio of net investment income to
average net assets(d)
3.28
(c)
3.80
(e)
4.69
(e)
4.83
(e)
1.52
(e)
.03
Net Assets, end of period ($ x 1,000)
10,816,876
11,251,517
9,731,250
7,485,846
1,980,525
2,644,768
 
(a)
Amount represents less than $.001 per share.
(b)
Not annualized.
(c)
Annualized.
(d)
Amount inclusive of reduction in expenses due to undertaking.
(e)
Amount inclusive of reduction in fees due to earnings credits.
See notes to financial statements.
23
FINANCIAL HIGHLIGHTS (continued)
 
 
Six Months Ended
July 31, 2026
(Unaudited) 
Year Ended January 31,
Service Shares
2026
2025
2024
2023
2022
Per Share Data ($):
 
 
 
 
 
Net asset value, beginning of period
1.00
1.00
1.00
1.00
1.00
1.00
Investment Operations:
Net investment income
.014
.033
.042
.042
.013
.000
(a)
Distributions:
Dividends from net investment income
(.014
)
(.033
)
(.042
)
(.042
)
(.013
)
(.000
)(a)
Net asset value, end of period
1.00
1.00
1.00
1.00
1.00
1.00
Total Return (%)
1.36
(b)
3.31
4.24
4.29
1.29
.03
Ratios/Supplemental Data (%):
 
 
 
 
 
Ratio of total expenses to average net
assets
1.00
(c)
1.00
1.01
1.01
1.01
1.02
Ratio of net expenses
to average net assets(d)
.96
(c)
.96
(e)
.97
(e)
.98
(e)
.77
(e)
.05
Ratio of net investment income to
average net assets(d)
2.73
(c)
3.25
(e)
4.15
(e)
4.22
(e)
1.32
(e)
.03
Net Assets, end of period ($ x 1,000)
5,931,663
6,529,222
7,206,318
6,552,644
4,860,265
3,654,871
 
(a)
Amount represents less than $.001 per share.
(b)
Not annualized.
(c)
Annualized.
(d)
Amount inclusive of reduction in expenses due to undertaking.
(e)
Amount inclusive of reduction in fees due to earnings credits.
See notes to financial statements.
24
 
 
Six Months Ended
July 31, 2026
(Unaudited) 
Year Ended January 31,
BOLD® Shares
2026
2025
2024
2023(a)
Per Share Data ($):
 
 
 
 
Net asset value, beginning of period
1.00
1.00
1.00
1.00
1.00
Investment Operations:
Net investment income
.018
.041
.050
.050
.019
Distributions:
Dividends from net investment income
(.018
)
(.041
)
(.050
)
(.050
)
(.019
)
Net asset value, end of period
1.00
1.00
1.00
1.00
1.00
Total Return (%)
1.76
(b)
4.14
5.08
5.12
1.90
(b)
Ratios/Supplemental Data (%):
 
 
 
 
Ratio of total expenses to average net assets
.20
(c)
.20
.21
.21
.22
(c)
Ratio of net expenses to average net assets(d)
.16
(c)
.16
(e)
.17
(e)
.18
(e)
.16
(c),(e)
Ratio of net investment income to average net
assets(d)
3.53
(c)
4.06
(e)
4.96
(e)
5.04
(e)
2.51
(c),(e)
Net Assets, end of period ($ x 1,000)
5,188,805
5,372,087
6,016,121
5,803,269
3,568,061
 
(a)
On February 23, 2022, the fund commenced offering BOLD® Shares.
(b)
Not annualized.
(c)
Annualized.
(d)
Amount inclusive of reduction in expenses due to undertaking.
(e)
Amount inclusive of reduction in fees due to earnings credits.
See notes to financial statements.
25
FINANCIAL HIGHLIGHTS (continued)
 
 
Six Months Ended
July 31, 2026
(Unaudited) 
Year Ended January 31,
SPARKSM Shares
2026
2025
2024(a)
Per Share Data ($):
 
 
 
Net asset value, beginning of period
1.00
1.00
1.00
1.00
Investment Operations:
Net investment income
.018
.041
.050
.024
Distributions:
Dividends from net investment income
(.018
)
(.041
)
(.050
)
(.024
)
Net asset value, end of period
1.00
1.00
1.00
1.00
Total Return (%)
1.76
(b)
4.14
5.08
2.46
(b)
Ratios/Supplemental Data (%):
 
 
 
Ratio of total expenses to average net assets
.20
(c)
.20
.22
.24
(c)
Ratio of net expenses to average net assets(d)
.16
(c)
.16
(e)
.18
(e)
.18
(c),(e)
Ratio of net investment income to average net assets(d)
3.53
(c)
4.06
(e)
4.80
(e)
5.22
(c),(e)
Net Assets, end of period ($ x 1,000)
2,768,720
2,072,632
2,838,233
977,036
 
(a)
On August 15, 2023, the fund commenced offering SPARKSM shares.
(b)
Not annualized.
(c)
Annualized.
(d)
Amount inclusive of reduction in expenses due to undertaking.
(e)
Amount inclusive of reduction in fees due to earnings credits.
See notes to financial statements.
26
 
 
Six Months Ended
July 31, 2026
(Unaudited) 
Year Ended
January 31,
BOLD® Future Shares
2026
2025(a)
Per Share Data ($):
 
 
Net asset value, beginning of period
1.00
1.00
1.00
Investment Operations:
Net investment income
.016
.038
.030
Distributions:
Dividends from net investment income
(.016
)
(.038
)
(.030
)
Net asset value, end of period
1.00
1.00
1.00
Total Return (%)
1.61
(b)
3.82
3.04
(b)
Ratios/Supplemental Data (%):
 
 
Ratio of total expenses to average net assets
.51
(c)
.57
.66
(c)
Ratio of net expenses to average net assets(d)
.47
(c)
.47
(e)
.47
(c),(e)
Ratio of net investment income to average net assets(d)
3.23
(c)
3.75
(e)
4.54
(c),(e)
Net Assets, end of period ($ x 1,000)
7,771
5,580
40
 
(a)
On June 4, 2024, the fund commenced offering BOLD® Future shares.
(b)
Not annualized.
(c)
Annualized.
(d)
Amount inclusive of reduction in expenses due to undertaking.
(e)
Amount inclusive of reduction in fees due to earnings credits.
See notes to financial statements.
27
FINANCIAL HIGHLIGHTS (continued)
 
 
Period Ended
July 31, 2026
(Unaudited) (a)
SPARKSM Future Shares
Per Share Data ($):
Net asset value, beginning of period
1.00
Investment Operations:
Net investment income
.006
Distributions:
Dividends from net investment income
(.006
)
Net asset value, end of period
1.00
Total Return (%)
.57
(b)
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets
.43
(c)
Ratio of net expenses to average net assets(d)
.30
(c)
Ratio of net investment income to average net assets(d)
3.39
(c)
Net Assets, end of period ($ x 1,000)
40
 
(a)
On June 1, 2026, the fund commenced offering SPARKSM Future shares.
(b)
Not annualized.
(c)
Annualized.
(d)
Amount inclusive of reduction in expenses due to undertaking.
See notes to financial statements.
28
 
 
Period Ended
July 31, 2026
(Unaudited) (a)
Independence Point Shares
Per Share Data ($):
Net asset value, beginning of period
1.00
Investment Operations:
Net investment income
.006
Distributions:
Dividends from net investment income
(.006
)
Net asset value, end of period
1.00
Total Return (%)
.59
(b)
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets
.30
(c)
Ratio of net expenses to average net assets(d)
.26
(c)
Ratio of net investment income to average net assets(d)
3.44
(c)
Net Assets, end of period ($ x 1,000)
113,867
 
(a)
On June 1, 2026, the fund commenced offering Independence Point shares.
(b)
Not annualized.
(c)
Annualized.
(d)
Amount inclusive of reduction in expenses due to undertaking.
See notes to financial statements.
29
NOTES TO FINANCIAL STATEMENTS (Unaudited)
NOTE 1—
Significant Accounting Policies:
BNY Dreyfus Government Cash Management (the “fund”) is a separate diversified series of Dreyfus Government Cash Management Funds (the “Trust”), which is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company and operates as a series company currently offering three series, including the fund. The fund’s investment objective is to seek as high a level of current income as is consistent with the preservation of capital and the maintenance of liquidity. BNY Mellon Investment Adviser, Inc. (the “Adviser”), a wholly-owned subsidiary of The Bank of New York Mellon Corporation (“BNY”), serves as the fund’s investment adviser. Dreyfus, a division of Mellon Investments Corporation (the “Sub-Adviser”), an indirect wholly-owned subsidiary of BNY and an affiliate of the Adviser, serves as the fund’s sub-adviser.
Effective May 29, 2026, the fund changed its name from Dreyfus Government Cash Management to BNY Dreyfus Government Cash Management.
On June 1, 2026, the fund commenced offering SPARKSM Future Shares and Independence Point Shares.
BNY Mellon Securities Corporation (the “Distributor”), a wholly-owned subsidiary of the Adviser, is the distributor of the fund’s shares, which are sold without a sales charge. The fund is authorized to issue an unlimited number of $.001 par value shares of Beneficial Interest in each of the following classes of shares: Institutional, Investor, Administrative, Participant, Wealth, Service, BOLD®, SPARKSM, BOLD® Future, SPARKSM Future and Independence Point. Institutional, Investor, Administrative, Participant, Wealth, Service and BOLD® Future shares of the fund are subject to a shareholder services plan. Participant, Service, BOLD® Future and SPARKSM Future shares of the fund are subject to an administrative services plan. Other differences between the classes include the services offered to and the expenses borne by each class, the allocation of certain transfer agency costs and certain voting rights. Income, expenses (other than expenses attributable to a specific class), and realized and unrealized gains or losses on investments are allocated to each class of shares based on its relative net assets.
As of July 31, 2026, MBC Investments Corporation, an indirect subsidiary of BNY, held all of the outstanding SPARKSM Future shares of the fund.
The fund operates as a “government money market fund” as that term is defined in Rule 2a-7 under the Act. It is the fund’s policy to maintain a constant net asset value (“NAV”) per share of $1.00, and 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 constant NAV per share of $1.00.
The Trust accounts separately for the assets, liabilities and operations of each series. Expenses directly attributable to each series are charged to that series’ operations; expenses which are applicable to all series of the Trust are allocated among them on a pro rata basis.
The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) is the exclusive reference of authoritative U.S. generally accepted accounting principles (“GAAP”) recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the SEC under authority of federal laws are also sources of authoritative GAAP for SEC registrants. The fund is an investment company and applies the accounting and reporting guidance of the FASB ASC Topic 946 Financial Services-Investment Companies. The fund’s financial statements are prepared in accordance with GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.
The Trust enters into contracts that contain a variety of indemnifications. The fund’s maximum exposure under these arrangements is unknown. The fund does not anticipate recognizing any loss related to these arrangements.
(a) Portfolio valuation: Investments in securities are valued at amortized cost in accordance with Rule 2a-7 under the Act. If amortized cost is determined not to approximate fair market value, the fair value of the portfolio securities will be determined by procedures established by and under the general oversight of the Trust’s Board of  Trustees (the “Board”) pursuant to Rule 2a-5 under the Act.
The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). GAAP establishes a fair value hierarchy that prioritizes the inputs of valuation techniques used to measure fair value. This hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).
Additionally, GAAP provides guidance on determining whether the volume and activity in a market has decreased significantly and whether such a decrease in activity results in transactions that are not orderly. GAAP requires enhanced disclosures around valuation inputs and techniques used during annual and interim periods.
30
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
Various inputs are used in determining the value of the fund’s investments relating to fair value measurements. These inputs are summarized in the three broad levels listed below:
Level 1—unadjusted quoted prices in active markets for identical investments.
Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.).
Level 3—significant unobservable inputs (including the fund’s own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
Money market securities are valued using amortized cost, in accordance with rules under the Act, which does not take into account unrealized gains or losses. This involves valuing an instrument at its cost and thereafter assuming a constant amortization to maturity of any discount or premium, regardless of the impact of fluctuating interest rates on the market value of the instrument. While this method provides certainty in valuation, it may result in periods during which value, as determined by amortized cost, is higher or lower than the price the fund would receive if it sold the instrument. The Board overseeing this fund has established, as a particular responsibility within the overall duty of care owed to fund investors, procedures reasonably designed to stabilize the fund price per share as computed for the purpose of purchases and redemptions at $1.00. Such procedures include periodic review by the Board of the deviation of the fund NAV calculated by using available market quotations or market equivalents (including valuations obtained from a Service) from the fund $1.00 per share based on amortized cost. A fund cannot guarantee that its NAV will always remain at $1.00 per share. These securities are generally categorized within Level 2 of the fair value hierarchy.
The following is a summary of the inputs used as of July 31, 2026 in valuing the fund’s investments: 
 
Level 1 -
Unadjusted
Quoted Prices
Level 2- Other
Significant
Observable Inputs
Level 3-
Significant
Unobservable
Inputs
Total
Assets ($)
Investments in Securities:†
U.S. Government Agencies Obligations
—
30,573,985,781
—
30,573,985,781
U.S. Treasury Bills
—
31,369,048,950
—
31,369,048,950
U.S. Treasury Floating Rate Notes
—
11,499,860,923
—
11,499,860,923
U.S. Treasury Notes
—
12,733,391,899
—
12,733,391,899
Repurchase Agreements
—
72,257,000,000
—
72,257,000,000
 
—
158,433,287,553
—
158,433,287,553
 
†
See Schedule of Investments for additional detailed categorizations, if any.
(b) Securities transactions and investment income:  Securities transactions are recorded on a trade date basis. Interest income, adjusted for accretion of discount and amortization of premium on investments, is earned from settlement date and is recognized on the accrual basis. Realized gains and losses from securities transactions are recorded on the identified cost basis.
The fund may enter into repurchase agreements with financial institutions, deemed to be creditworthy by the Adviser, subject to the seller’s agreement to repurchase and the fund’s agreement to resell such securities at a mutually agreed upon price. Pursuant to the terms of the repurchase agreement, such securities must have an aggregate market value greater than or equal to the terms of 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 its right to sell the underlying securities at market value and may claim any resulting loss against the seller. The collateral is held on behalf of the fund by the tri-party administrator with respect to any tri-party agreement. The fund may also jointly enter into one or more repurchase agreements with other funds managed by the Adviser in accordance with an exemptive order granted by the SEC pursuant to section 17(d) and Rule 17d-1 under the Act. Any joint repurchase agreements must be collateralized fully by U.S. Government securities.
31
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
For financial reporting purposes, the fund elects not to offset assets and liabilities subject to a Repurchase Agreement, if any, in the Statement of Assets and Liabilities. Therefore, all qualifying transactions are presented on a gross basis in the Statement of Assets and Liabilities. As of July 31, 2026, the impact of netting of assets and liabilities and the offsetting of collateral pledged or received, if any, based on contractual netting/set-off provisions in the Repurchase Agreement are detailed in the following table: 
 
Assets ($)
Gross amount of Repurchase
Agreements, at value, as disclosed in
the Statement of Assets and Liabilities
72,257,000,000
Collateral (received)/posted not offset
in the Statement of Assets and
Liabilities
(72,257,000,000
)†
Net amount
-
 
†
The value of the related collateral received by the fund exceeded the value of the repurchase agreement by the fund. See Schedule of Investments for detailed
information regarding collateral received for open repurchase agreements.
(c) Market Risk: The value of the securities in which the fund invests may be affected by political, regulatory, economic and social developments. In addition, turbulence in financial markets and reduced liquidity in fixed-income markets may negatively affect many issuers, which could adversely affect the fund. Global economies and financial markets are becoming increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies world-wide. Local, regional or global events such as war, military conflicts, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, recessions, elevated levels of government debt, changes in trade regulation or economic sanctions, internal unrest and discord, or other events could have a significant impact on the fund and its investments.
Interest Rate Risk:  This risk refers to the decline in the prices of fixed-income securities that may accompany a rise in the overall level of interest rates. A sharp and unexpected rise in interest rates could impair the fund’s ability to maintain a stable net asset value. A wide variety of market factors can cause interest rates to rise, including central bank monetary policy, rising inflation and changes in general economic conditions. It is difficult to predict the pace at which central banks or monetary authorities may increase (or decrease) interest rates or the timing, frequency, or magnitude of such changes. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility and may detract from fund performance. For floating and variable rate obligations, there may be a lag between an actual change in the underlying interest rate benchmark and the reset time for an interest payment of such an obligation, which could harm or benefit the fund, depending on the interest rate environment or other circumstances.
U.S. Treasury Securities Risk: A security backed by the U.S. Treasury or the full faith and credit of the United States is guaranteed only as to the timely payment of interest and principal when held to maturity, but the market prices for such securities are not guaranteed and will fluctuate.
Government Securities Risk: Not all obligations of the U.S. government, its agencies and instrumentalities are backed by the full faith and credit of the U.S. Treasury. Some obligations are backed only by the credit of the issuing agency or instrumentality, and in some cases there may be some risk of default by the issuer. Any guarantee by the U.S. government or its agencies or instrumentalities of a security held by the fund does not apply to the market value of such security or to shares of the fund itself.
Repurchase Agreement Counterparty Risk: The fund is subject to the risk that a counterparty in a repurchase agreement and/or, for a tri-party repurchase agreement, the third party bank providing payment administration, collateral custody and management services for the transaction, could fail to honor the terms of the agreement. If a counterparty fails to honor the terms of the repurchase agreement, the fund may suffer a loss if the proceeds from the sale of the underlying securities are less than the repurchase price.
(d) Dividends and distributions to shareholders: It is the policy of the fund to declare dividends daily from net investment income. Such dividends are paid monthly. Dividends from net realized capital gains, 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 of 1986, as amended (the “Code”). To the extent that net realized capital gains can be offset by capital loss carryovers, it is the policy of the fund not to distribute such gains.
(e) Federal income taxes: It is the policy of the fund to continue to qualify as a regulated investment company, if such qualification is
32
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
in the best interests of its shareholders, by complying with the applicable provisions of the Code, and to make distributions of taxable income and net realized capital gain sufficient to relieve it from substantially all federal income and excise taxes.
As of and during the period ended July 31, 2026, the fund did not have any liabilities for any uncertain tax positions. The fund recognizes interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statement of Operations. During the period ended July 31, 2026, the fund did not incur any interest or penalties.
Each tax year in the three-year period ended January 31, 2026 remains subject to examination by the Internal Revenue Service and state taxing authorities.
The fund is permitted to carry forward capital losses for an unlimited period. Furthermore, capital loss carryovers retain their character as either short-term or long-term capital losses.
The fund has an unused capital loss carryover of $1,815,685 available for federal income tax purposes to be applied against future net realized capital gains, if any, realized subsequent to January 31, 2026. These short-term capital losses can be carried forward for an unlimited period.
The tax character of distributions paid to shareholders during the fiscal year ended January 31, 2026 was as follows: ordinary income $5,808,143,142. The tax character of current year distributions will be determined at the end of the current fiscal year.
At July 31, 2026, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes (see the Schedule of Investments).
(f) Operating segment reporting: In accordance with FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures (“ASU 2023-07”), the fund has operated and been managed as a single reportable segment, generating returns through dividends, interest, and/or gains from investments aligned with its single stated investment objective as outlined in the fund’s prospectus. The fund’s accounting policies are consistent with those described in these Notes to Financial Statements. The chief operating decision maker (“CODM”) is represented by BNY Investments and is comprised of Senior Management and Directors of BNY Investments. The CODM considers the net increase in net assets resulting from operations when deciding whether to purchase additional investments or make distributions to shareholders. Detailed financial information for the fund is presented in these financial statements, including total assets and liabilities in the Statement of Assets and Liabilities, investments held in the Schedule of Investments, results of operations and significant segment expenses in the Statement of Operations, and additional performance information—such as total return, portfolio turnover, and ratios—in the Financial Highlights.
NOTE 2—
Management Fee, Sub-Advisory Fee and Other Transactions with Affiliates:
(a) Pursuant to a management agreement with the Adviser, the management fee is computed at the annual rate of .20% of the value of the fund’s average daily net assets and is payable monthly.
The Adviser has contractually agreed, from February 1, 2026 through June 1, 2027, to waive receipt of a portion of its management fee in the amount of .03% of the value of the fund’s average daily net assets. On or after June 1, 2027, the Adviser may terminate this waiver agreement at any time. In addition, the Adviser has also contractually agreed, from February 1, 2026 through June 1, 2027, to waive receipt of its fees and/or assume the direct expenses of the fund so that the direct expenses of the fund’s Wealth, Service, BOLD® shares, SPARKSM shares and BOLD® Future shares (excluding taxes, brokerage commissions and extraordinary expenses) do not exceed .62%, 1.01%, .18%, .18% and .47%, respectively, of the value of the applicable share class’ average daily net assets. The Adviser has also contractually agreed, from June 1, 2026 through June 1, 2027, to waive receipt of its fees and/or assume the direct expenses of the fund so that the direct expenses of the fund’s SPARKSM Future shares (excluding expenses described above) do not exceed .30% of the value of the SPARKSM Future shares average daily net assets. To the extent that it is necessary for the Adviser, to waive receipt of its management fee or reimburse the fund’s common expenses, the amount of the waiver or reimbursement will be applied equally to each share class of the fund. On or after June 1, 2027, the Adviser may terminate this expense limitation agreement at any time. 
In addition, the Adviser has voluntarily agreed, from February 1, 2026 through January 31, 2027, to waive receipt of a portion of its management fee in the amount of .01% of the value of the fund’s average daily net assets. The Adviser may terminate this waiver agreement at any time.
The reduction in expenses, pursuant to these undertakings amounted to $32,778,052 during the period ended July 31, 2026.
Pursuant to a sub-investment advisory agreement between the Adviser and the Sub-Adviser, the Adviser pays to the Sub-Adviser a monthly fee of 50% of the monthly management fee the Adviser receives from the fund with respect to the value of the sub-advised net assets of the fund, net of any fee waivers and/or expense reimbursements made by the Adviser.
33
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
(b) Under the compensation shareholder services plan, with respect to Investor, Administrative, Participant, Wealth, Service and BOLD® Future shares (the “Compensation Shareholder Services Plan”), Investor, Administrative, Participant, Wealth, Service and BOLD® Future shares pay the Distributor at an annual rate of .25%, .10%, .25%, .25%, .25% and .25%, respectively, of the value of the average daily net assets of its shares for the provision of certain services. The services provided may include personal services relating to shareholder accounts, such as answering shareholder inquiries regarding the fund, and services related to the maintenance of shareholder accounts. The Distributor may make payments to service agents with respect to these services. The Distributor determines the amounts to be paid to service agents. During the period ended July 31, 2026, Investor, Administrative, Participant, Wealth, Service and BOLD® Future shares were charged $20,668,750, $1,976,134, $4,548,954, $13,628,275, $7,694,172 and $8,210, respectively, pursuant to each of their respective Compensation Shareholder Services Plan.
Under the reimbursement shareholder services plan with respect to Institutional shares (the “Reimbursement Shareholder Services Plan”), Institutional shares reimburse the Distributor at an amount not to exceed an annual rate of .25% of the value of the average daily net assets of its shares for certain allocated expenses of providing certain services to the holders of Institutional shares. The services provided may include personal services relating to shareholder accounts, such as answering shareholder inquiries regarding Institutional shares of the fund, and services related to the maintenance of shareholder accounts. During the period ended July 31, 2026, Institutional shares were charged $667,847 pursuant to the Reimbursement Shareholder Services Plan.
(c) Under the administrative services plan with respect to Participant, Service, BOLD® Future and SPARKSM Future shares (the “Administrative Services Plan”), pursuant to which the fund may pay the Distributor for the provision of certain type of recordkeeping and other related services (which are not services for which a “service fee” as defined under the Conduct Rules of FINRA is intended to compensate). Pursuant to the Administrative Services Plan, the fund will pay the Distributor at an annual rate of .15%, .55%, .05% and .12%, respectively, of the value of the fund’s Participant, Service, BOLD® Future and SPARKSM Future shares average daily net assets for the provision of such services, which include, at a minimum: mailing periodic reports, prospectuses and other fund communications to beneficial owners; client onboarding; anti-money laundering and related regulatory oversight; manual transaction processing; transmitting wires; withholding on dividends and distributions as may be required by state or Federal authorities from time to time; receiving, tabulating, and transmitting proxies executed by beneficial owners; fund statistical reporting; technical support; business continuity support; and blue sky support. During the period ended July 31, 2026, Participant, Service, BOLD® Future and SPARKSM Future shares were charged $2,729,372, $16,927,178, $1,642 and $8, respectively, pursuant to the Administrative Services Plan.
The fund has an arrangement with BNY Mellon Transfer, Inc., (the “Transfer Agent”), a subsidiary of BNY and an affiliate of the Adviser, whereby the fund may receive earnings credits when positive cash balances are maintained, which are used to offset Transfer Agent fees. For financial reporting purposes, the fund includes transfer agent net earnings credits, if any, as an expense offset in the  Statement of Operations.
The fund has an arrangement with The Bank of New York Mellon (the “Custodian”), a subsidiary of BNY and an affiliate of the Adviser, whereby the fund will receive interest income or be charged overdraft fees when cash balances are maintained. For financial reporting purposes, the fund includes this interest income and overdraft fees, if any, as interest income in the Statement of Operations.
The fund compensates the Transfer Agent, under a transfer agency agreement, for providing transfer agency and cash management services for the fund. The majority of Transfer Agent fees are comprised of amounts paid on a per account basis, while cash management fees are related to fund subscriptions and redemptions. During the period ended July 31, 2026, the fund was charged $39,423 for transfer agency services. These fees are included in Shareholder servicing costs in the Statement of Operations.
The fund compensates the Custodian, under a custody agreement, for providing custodial services for the fund. These fees are determined based on net assets, geographic region and transaction activity. During the period ended July 31, 2026, the fund was charged $815,482 pursuant to the custody agreement.
The fund compensates the Custodian, under a shareholder redemption draft processing agreement, for providing certain services related to the fund’s check writing privilege. During the period ended July 31, 2026, the fund was charged $2,281 pursuant to the agreement, which is included in Shareholder servicing costs in the Statement of Operations.
During the period ended July 31, 2026, the fund was charged $18,137 for services performed by the fund’s Chief Compliance Officer and his staff. These fees are included in Chief Compliance Officer fees in the Statement of Operations.
The fund compensates the Custodian for providing shareholder reporting and regulatory services for the fund. These fees are included in shareholder and regulatory reports service fees in the Statement of Operations. During the period ended July 31, 2026, the Custodian was compensated $4,792 for financial reporting and regulatory services.
34
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
The components of “Due to BNY Mellon Investment Adviser, Inc. and affiliates” in the Statement of Assets and Liabilities consist of: management fee of $28,065,953, Administrative Services Plan fees of $3,212,293, Shareholder Services Plans fees of $8,281,821, Custodian fees of $780,000, Chief Compliance Officer fees of $2,388, Transfer Agent fees of $19,199, checkwriting fees of $375 and shareholder and regulatory reports service fees of $3,833, which are offset against an expense reimbursement currently in effect in the amount of $5,624,550.
(d) Each board member of the fund also serves as a board member of other funds in the BNY Mellon Family of Funds complex. Annual retainer fees and attendance fees are allocated to each fund based on net assets.
35
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies (Unaudited)
N/A
36
Item 9. Proxy Disclosures for Open-End Management Investment Companies (Unaudited)
N/A
37
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies (Unaudited)
Each board member also serves as a board member of other funds in the BNY Mellon Family of Funds complex, and annual retainer fees and meeting attendance fees are allocated to each fund based on net assets. The fund is charged for services performed by the fund’s Chief Compliance Officer. Compensation paid by the fund during the period to the board members and the Chief Compliance Officer are within Item 7. Statement of Operations as Trustees’ fees and expenses and Chief Compliance Officer fees, respectively. The aggregate amount of Trustees’ fees and expenses and Chief Compliance Officer fees paid by the fund during the period was $320,491.
38
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contracts (Unaudited)
At a meeting of the fund’s Board of Trustees (the “Board”) held on May 26, 2026, the Board considered the renewal of the fund’s Management Agreement, pursuant to which the Adviser provides the fund with investment advisory and administrative services, and the Sub-Investment Advisory Agreement (together with the Management Agreement, the “Agreements”), pursuant to which Dreyfus, a division of Mellon Investments Corporation (the “Sub-Adviser”), provides day-to-day management of the fund’s investments. The Board members, none of whom are “interested persons” (as defined in the Investment Company Act of 1940, as amended) of the fund (“Independent Trustees”), were assisted in their review by independent legal counsel and met with counsel in executive session separate from representatives of the Adviser and the Sub-Adviser. In considering the renewal of the Agreements, the Board considered several factors that it believed to be relevant, including those discussed below. The Board did not identify any one factor as dispositive, and each Board member may have attributed different weights to the factors considered.
Analysis of Nature, Extent and Quality of Services Provided to the Fund. The Board considered information provided to it at the meeting and in previous presentations from representatives of the Adviser regarding the nature, extent and quality of the services provided to funds in the BNY fund complex, including the fund. The Adviser provided the number of open accounts in the fund, the fund’s asset size and the allocation of fund assets among distribution channels. The Adviser also had previously provided information regarding the diverse intermediary relationships and distribution channels of funds in the BNY fund complex (such as retail direct or intermediary, in which intermediaries typically are paid by the fund and/or the Adviser) and the Adviser’s corresponding need for broad, deep, and diverse resources to be able to provide ongoing shareholder services to each intermediary or distribution channel, as applicable to the fund.
The Board also considered research support available to, and portfolio management capabilities of, the fund’s portfolio management personnel and that the Adviser also provides oversight of day-to-day fund operations, including fund accounting and administration and assistance in meeting legal and regulatory requirements. The Board also considered the Adviser’s extensive administrative, accounting and compliance infrastructures, as well as the Adviser’s supervisory activities over the Sub-Adviser.
Comparative Analysis of the Fund’s Performance and Management Fee and Expense Ratio. The Board reviewed reports prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data based on classifications provided by Thomson Reuters Lipper (“Lipper”), which included information comparing (1) the performance of the fund’s Institutional shares with the performance of a group of institutional U.S. government money market funds selected by Broadridge as comparable to the fund (the “Performance Group”) and with a broader group of funds consisting of all institutional U.S. government money market funds (the “Performance Universe”), all for various periods ended March 31, 2026, and (2) the fund’s actual and contractual management fees and total expenses with those of the same group of funds in the Performance Group (the “Expense Group”) and with a broader group of funds consisting of institutional U.S. government money market funds, excluding outliers (the “Expense Universe”), the information for which was derived in part from fund financial statements available to Broadridge as of the date of its analysis. The Performance Group and Performance Universe comparisons were provided based on both “gross” (i.e., without including fees and expenses) and “net” (i.e., including fees and expenses) total returns. The Adviser previously had furnished the Board with a description of the methodology Broadridge used to select the Performance Group and Performance Universe and the Expense Group and Expense Universe.
Performance Comparisons. Representatives of the Adviser stated that the usefulness of performance comparisons may be affected by a number of factors, including different investment limitations and policies that may be applicable to the fund and comparison funds and the end date selected. The Board also considered the fund’s performance in light of overall financial market conditions. The Board discussed with representatives of the Adviser and the Sub-Adviser the results of the comparisons and considered that the fund’s gross total return performance was at or slightly below the Performance Group median for all periods, and was at or slightly above or below the Performance Universe median for all periods. The Board also considered that the fund’s net total return performance was at or slightly below the Performance Group median for all periods, and was above the Performance Universe median for all periods, and ranked in the first quartile of the Performance Universe for the four-, five- and ten-year periods. The Board considered the relative proximity of the fund’s gross and net total return performance to the Performance Group and/or Performance Universe medians during the periods under review.
Management Fee and Expense Ratio Comparisons. The Board reviewed and considered the contractual management fee rate payable by the fund to the Adviser in light of the nature, extent and quality of the management services and the sub-advisory services provided by
39
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contracts (Unaudited) (continued)
the Adviser and the Sub-Adviser, respectively. In addition, the Board reviewed and considered the actual management fee rate paid by the fund over the fund’s last fiscal year, which included reductions for a fee waiver and expense limitation arrangement in place that reduced the management fee paid to the Adviser. The Board also reviewed the range of actual and contractual management fees and total expenses as a percentage of average net assets of the Expense Group and Expense Universe funds and discussed the results of the comparisons.
The Board considered that the fund’s contractual management fee was approximately equivalent to the Expense Group median contractual management fee, the fund’s actual management fee was approximately equivalent to the Expense Group median and equal to the Expense Universe median actual management fee, and the fund’s total expenses were equal to the Expense Group median and lower than the Expense Universe median total expenses.
Representatives of the Adviser stated that the Adviser has contractually agreed, until May 31, 2027, to waive receipt of a portion of its management fees in the amount of 0.03% of the value of the fund’s average daily net assets.
Representatives of the Adviser reviewed with the Board the management or investment advisory fees paid by funds advised by the Adviser that are in the same Lipper category as the fund (the “Similar Funds”), and explained the nature of the Similar Funds. They discussed differences in fees paid and the relationship of the fees paid in light of any differences in the services provided and other relevant factors. The Board considered the relevance of the fee information provided for the Similar Funds to evaluate the appropriateness of the fund’s management fee. Representatives of the Adviser noted that there were no separate accounts and/or other types of client portfolios advised by the Adviser or the Sub-Adviser that are considered to have similar investment strategies and policies as the fund.
The Board considered the fee payable to the Sub-Adviser in relation to the fee payable to the Adviser by the fund and the respective services provided by the Sub-Adviser and the Adviser. The Board also took into consideration that the Sub-Adviser’s fee is paid by the Adviser, out of its fee from the fund, and not the fund.
Analysis of Profitability and Economies of Scale. Representatives of the Adviser reviewed the expenses allocated and profit received by the Adviser and its affiliates and the resulting profitability percentage for managing the fund and the aggregate profitability percentage to the Adviser and its affiliates for managing the funds in the BNY fund complex, and the method used to determine the expenses and profit. The Board concluded that the profitability results were not excessive, given the services rendered and service levels provided by the Adviser and its affiliates. The Board also considered the fee waiver and expense limitation arrangement and its effect on the profitability of the Adviser and its affiliates. The Board also had been provided with information prepared by an independent consulting firm regarding the Adviser’s approach to allocating costs to, and determining the profitability of, individual funds and the entire BNY fund complex. The consulting firm also had analyzed where any economies of scale might emerge in connection with the management of a fund.
The Board considered, on the advice of its counsel, the profitability analysis (1) as part of its evaluation of whether the fees under the Agreements, considered in relation to the mix of services provided by the Adviser and the Sub-Adviser, including the nature, extent and quality of such services, supported the renewal of the Agreements and (2) in light of the relevant circumstances for the fund and the extent to which economies of scale would be realized if the fund grows and whether fee levels reflect these economies of scale for the benefit of fund shareholders. Representatives of the Adviser stated that, as a result of shared and allocated costs among funds in the BNY fund complex, the extent of economies of scale could depend substantially on the level of assets in the complex as a whole, so that increases and decreases in complex-wide assets can affect potential economies of scale in a manner that is disproportionate to, or even in the opposite direction from, changes in the fund’s asset level. The Board also considered potential benefits to the Adviser and the Sub-Adviser from acting as investment adviser and sub-adviser, respectively, and took into consideration that there were no soft dollar arrangements in effect for trading the fund’s investments.
40
At the conclusion of these discussions, the Board agreed that it had been furnished with sufficient information to make an informed business decision with respect to the renewal of the Agreements. Based on the discussions and considerations as described above, the Board concluded and determined as follows.
●The Board concluded that the nature, extent and quality of the services provided by the Adviser and the Sub-Adviser are satisfactory and appropriate.
●The Board was satisfied with the fund’s performance.
●The Board concluded that the fees paid to the Adviser and the Sub-Adviser continued to be appropriate under the circumstances and in light of the factors and the totality of the services provided as discussed above.
●The Board determined that the economies of scale which may accrue to the Adviser and its affiliates in connection with the management of the fund had been adequately considered by the Adviser in connection with the fee rate charged to the fund pursuant to the Management Agreement and that, to the extent in the future it were determined that material economies of scale had not been shared with the fund, the Board would seek to have those economies of scale shared with the fund.
In evaluating the Agreements, the Board considered these conclusions and determinations and also relied on its previous knowledge, gained through meetings and other interactions with the Adviser and its affiliates and the Sub-Adviser, of the Adviser and the Sub-Adviser and the services provided to the fund by the Adviser and the Sub-Adviser. The Board also relied on information received on a routine and regular basis throughout the year relating to the operations of the fund and the investment management and other services provided under the Agreements, including information on the investment performance of the fund in comparison to similar mutual funds and benchmark performance measures; general market outlook as applicable to the fund; and compliance reports. In addition, the Board’s consideration of the contractual fee arrangements for the fund had the benefit of a number of years of reviews of the Agreements for the fund, or substantially similar agreements for other BNY funds that the Board oversees, during which lengthy discussions took place between the Board and representatives of the Adviser. Certain aspects of the arrangements may receive greater scrutiny in some years than in others, and the Board’s conclusions may be based, in part, on its consideration of the fund’s arrangements, or substantially similar arrangements for other BNY funds that the Board oversees, in prior years. The Board determined to renew the Agreements.
41
© 2026 BNY Mellon Securities Corporation
Code-0289NCSRSA0726
 
 
BNY Dreyfus Government Securities Cash Management
SEMI-ANNUAL FINANCIALS AND OTHER INFORMATION
July 31, 2026 
Share Class
Ticker
Institutional Shares
DIPXX
Investor Shares
DVPXX
Administrative Shares
DAPXX
Participant Shares
DGPXX
Save time. Save paper. View your next shareholder report online as soon as it’s available. Log into www.bny.com/investments and sign up for eCommunications. It’s simple and only takes a few minutes.
The views expressed in this report reflect those of the portfolio manager(s) only through the end of the period covered and do not necessarily represent the views of BNY Mellon Investment Adviser, Inc. or any other person in the BNY Mellon Investment Adviser, Inc. organization. Any such views are subject to change at any time based upon market or other conditions and BNY Mellon Investment Adviser, Inc. disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund in the BNY Mellon Family of Funds are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund in the BNY Mellon
Family of Funds.
Not FDIC-Insured • Not Bank-Guaranteed • May Lose Value
Contents
The Fund
Please note the Semi-Annual Financials and Other Information only contains Items 7-11 required in Form N-CSR. All other required items will be filed with the Securities and Exchange Commission (the “SEC”).
 
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies. 
BNY Dreyfus Government Securities Cash Management
SCHEDULE OF INVESTMENTS
July 31, 2026 (Unaudited)
 
Description
 
Annualized
Yield (%)
 
Principal
Amount ($)
Value ($)
U.S. Government Agencies Obligations — 34.8%
Federal Farm Credit Banks:
8/3/2026, Bonds, (3 Month SOFR +0.085%)(a)
3.75
4,700,000
4,700,000
8/3/2026, Bonds, (3 Month SOFR +0.085%)(a)
3.75
5,000,000
5,000,000
8/3/2026, Bonds, (3 Month SOFR +0.085%)(a)
3.75
7,500,000
7,500,000
8/3/2026, Bonds, (3 Month SOFR +0.085%)(a)
3.75
12,000,000
12,000,000
8/3/2026, Bonds, (3 Month SOFR +0.09%)(a)
3.75
8,800,000
8,800,000
8/3/2026, Bonds, (3 Month SOFR +0.09%)(a)
3.75
8,500,000
8,500,000
8/3/2026, Bonds, (3 Month SOFR +0.12%)(a)
3.78
4,000,000
4,000,000
8/3/2026, Bonds, (3 Month SOFR +0.125%)(a)
3.79
5,000,000
5,000,000
8/3/2026, Bonds, (3 Month SOFR +0.135%)(a)
3.80
10,000,000
10,000,000
8/3/2026, Bonds, (3 Month SOFR +0.135%)(a)
3.80
2,000,000
2,000,000
8/3/2026, Bonds, (3 Month SOFR +0.135%)(a)
3.80
2,000,000
2,000,000
8/3/2026, Bonds, (3 Month SOFR +0.14%)(a)
3.80
15,000,000
15,000,000
8/3/2026, Bonds, (3 Month SOFR +0.14%)(a)
3.80
4,000,000
4,000,000
8/3/2026, Bonds, (3 Month SOFR +0.14%)(a)
3.80
11,900,000
11,900,000
8/3/2026, Bonds, Ser. 1, (3 Month SOFR +0.13%)(a)
3.79
3,800,000
3,800,000
Federal Home Loan Banks:
8/3/2026, Bonds, (3 Month SOFR +0.01%)(a)
3.67
7,000,000
7,000,000
8/3/2026, Bonds, (3 Month SOFR +0.015%)(a)
3.68
10,500,000
10,500,000
8/3/2026, Bonds, (3 Month SOFR +0.02%)(a)
3.68
62,000,000
62,000,000
8/3/2026, Bonds, (3 Month SOFR +0.025%)(a)
3.69
10,000,000
10,000,000
8/3/2026, Bonds, (3 Month SOFR +0.04%)(a)
3.70
17,000,000
17,000,000
8/3/2026, Bonds, (3 Month SOFR +0.045%)(a)
3.71
8,000,000
8,000,000
8/3/2026, Bonds, (3 Month SOFR +0.05%)(a)
3.71
13,000,000
12,999,184
8/3/2026, Bonds, (3 Month SOFR +0.05%)(a)
3.71
8,000,000
8,000,000
8/3/2026, Bonds, (3 Month SOFR +0.05%)(a)
3.71
11,000,000
11,000,000
8/3/2026, Bonds, (3 Month SOFR +0.05%)(a)
3.71
11,000,000
11,000,000
8/3/2026, Bonds, (3 Month SOFR +0.085%)(a)
3.75
6,000,000
6,000,000
8/3/2026, Bonds, (3 Month SOFR +0.10%)(a)
3.76
11,200,000
11,200,000
8/3/2026, Bonds, (3 Month SOFR +0.11%)(a)
3.77
2,100,000
2,100,000
8/3/2026, Bonds, (3 Month SOFR +0.11%)(a)
3.77
5,000,000
5,000,000
8/3/2026, Bonds, (3 Month SOFR +0.11%)(a)
3.77
5,000,000
5,000,000
8/3/2026, Bonds, (3 Month SOFR +0.12%)(a)
3.78
9,000,000
9,000,000
8/3/2026, Bonds, (3 Month SOFR +0.12%)(a)
3.78
2,500,000
2,500,000
8/3/2026, Bonds, (3 Month SOFR +0.12%)(a)
3.78
10,000,000
10,000,000
8/3/2026, Bonds, (3 Month SOFR +0.135%)(a)
3.80
5,500,000
5,500,000
8/3/2026, Bonds, (3 Month SOFR +0.14%)(a)
3.80
5,000,000
5,000,000
8/3/2026, Bonds, (3 Month SOFR +0.145%)(a)
3.81
8,000,000
8,000,000
8/3/2026, Bonds, (3 Month SOFR +0.15%)(a)
3.81
14,000,000
14,000,000
8/3/2026, Bonds, (3 Month SOFR +0.18%)(a)
3.84
21,000,000
21,000,000
8/3/2026, Bonds, Ser. 1, (3 Month SOFR +0.02%)(a)
3.68
10,000,000
10,000,000
8/3/2026, Bonds, Ser. 1, (3 Month SOFR +0.03%)(a)
3.69
10,000,000
10,000,000
8/3/2026, Bonds, Ser. 1, (3 Month SOFR +0.035%)(a)
3.70
18,000,000
18,000,000
8/3/2026, Bonds, Ser. 1, (3 Month SOFR +0.035%)(a)
3.70
11,000,000
11,000,000
8/3/2026, Bonds, Ser. 1, (3 Month SOFR +0.10%)(a)
3.76
3,400,000
3,400,000
8/3/2026, Bonds, Ser. 1, (3 Month SOFR +0.14%)(a)
3.80
10,000,000
10,000,000
8/3/2026, Bonds, Ser. 1, (SOFR +0.015% at Maturity)(a)
3.68
25,000,000
25,000,000
8/3/2026, Bonds, Ser. 2, (3 Month SOFR +0.005%)(a)
3.67
35,000,000
35,000,000
3
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
Description
 
Annualized
Yield (%)
 
Principal
Amount ($)
Value ($)
U.S. Government Agencies Obligations — 34.8% (continued)
Federal Home Loan Banks (continued):
8/3/2026, Bonds, Ser. 2, (3 Month SOFR +0.015%)(a)
3.68
10,000,000
10,000,000
8/3/2026, Bonds, Ser. 2, (3 Month SOFR +0.025%)(a)
3.69
10,000,000
10,000,000
8/3/2026, Bonds, Ser. 2, (3 Month SOFR +0.035%)(a)
3.70
6,000,000
6,000,000
8/3/2026, Bonds, Ser. 2, (SOFR +0.03% at Maturity)(a)
3.69
4,000,000
4,000,000
8/3/2026, Bonds, Ser. 3, (3 Month SOFR +0.02%)(a)
3.68
9,000,000
9,000,000
8/3/2026, Bonds, Ser. 3, (3 Month SOFR +0.03%)(a)
3.69
50,000,000
50,000,000
8/3/2026, Bonds, Ser. 3, (3 Month SOFR +0.04%)(a)
3.70
21,200,000
21,200,000
8/3/2026, Bonds, Ser. 3, (3 Month SOFR +0.045%)(a)
3.71
11,000,000
11,000,000
8/3/2026, Bonds, Ser. 3, (3 Month SOFR +0.045%)(a)
3.71
5,000,000
5,000,000
8/3/2026, Bonds, Ser. 4, (3 Month SOFR +0.06%)(a)
3.72
10,500,000
10,500,000
8/3/2026, Bonds, Ser. 4, (SOFR +0.035% at Maturity)(a)
3.70
75,000,000
75,000,000
8/3/2026, Bonds, Ser. 5, (3 Month SOFR +0.015%)(a)
3.68
25,000,000
25,000,000
8/3/2026, Bonds, Ser. U226, (3 Month SOFR +0.09%)(a)
3.75
22,000,000
22,000,000
8/3/2026, Notes(b)
3.56
200,000,000
199,961,000
8/6/2026, Notes(b)
3.70
150,000,000
149,923,958
8/7/2026, Notes(b)
3.67
250,000,000
249,849,167
8/14/2026, Notes(b)
3.72
50,000,000
49,933,917
8/21/2026, Notes(b)
3.57
50,000,000
49,902,500
9/4/2026, Notes(b)
3.70
50,000,000
49,828,111
9/9/2026, Notes(b)
3.61
35,000,000
34,865,585
9/18/2026, Notes(b)
3.87
5,000,000
4,974,667
11/6/2026, Bonds
3.80
45,700,000
45,700,000
11/6/2026, Bonds
3.84
23,200,000
23,200,000
11/25/2026, Notes(b)
3.75
25,000,000
24,705,489
1/21/2027, Notes(b)
3.71
10,000,000
9,827,000
Total U.S. Government Agencies Obligations
(cost $1,639,770,578)
1,639,770,578
U.S. Treasury Bills — 55.8%
8/4/2026(b)
3.64
330,000,000
329,901,384
8/6/2026(b)
3.66
65,000,000
64,967,410
8/11/2026(b)
3.68
100,000,000
99,899,167
8/13/2026(b)
3.68
213,000,000
212,742,667
8/18/2026(b)
3.72
150,000,000
149,740,750
8/20/2026(b)
3.69
250,000,000
249,521,306
8/25/2026(b)
3.67
7,000,000
6,983,153
8/27/2026(b)
3.70
140,000,000
139,631,955
9/1/2026(b)
3.66
150,000,000
149,561,806
9/3/2026(b)
3.68
67,000,000
66,778,107
9/8/2026(b)
3.70
105,000,000
104,597,279
9/10/2026(b)
3.71
11,000,000
10,955,511
9/15/2026(b)
3.72
50,000,000
49,771,875
9/17/2026(b)
3.69
63,000,000
62,701,798
9/24/2026(b)
3.77
100,000,000
99,445,750
9/29/2026(b)
3.70
100,000,000
99,428,333
10/6/2026(b)
3.71
21,000,000
20,860,053
10/8/2026(b)
3.69
50,000,000
49,658,583
10/13/2026(b)
3.74
22,000,000
21,836,500
10/15/2026(b)
3.78
80,650,000
80,027,820
10/22/2026(b)
3.74
50,000,000
49,583,167
10/27/2026(b)
3.86
14,000,000
13,872,448
4
Description
 
Annualized
Yield (%)
 
Principal
Amount ($)
Value ($)
U.S. Treasury Bills — 55.8% (continued)
10/29/2026(b)
3.82
101,000,000
100,066,885
11/5/2026(b)
3.70
22,600,000
22,382,437
11/10/2026(b)
3.88
29,100,000
28,790,578
11/12/2026(b)
3.70
25,000,000
24,741,427
11/17/2026(b)
3.84
45,000,000
44,494,425
11/19/2026(b)
3.71
10,000,000
9,889,542
11/24/2026(b)
3.95
13,000,000
12,840,326
11/27/2026(b)
3.64
45,000,000
44,477,194
12/3/2026(b)
3.76
22,000,000
21,722,274
12/17/2026(b)
3.78
17,000,000
16,760,187
12/24/2026(b)
3.75
48,000,000
47,294,656
1/21/2027(b)
3.67
57,000,000
56,024,376
3/18/2027(b)
3.61
21,200,000
20,730,028
4/15/2027(b)
3.70
27,000,000
26,313,810
7/8/2027(b)
4.06
23,000,000
22,159,056
Total U.S. Treasury Bills
(cost $2,631,154,023)
2,631,154,023
U.S. Treasury Floating Rate Notes — 7.0%
8/3/2026, (3 Month USBMMY +0.098%)(a)
3.95
91,000,000
90,999,565
8/3/2026, (3 Month USBMMY +0.099%)(a)
3.95
65,000,000
64,993,231
8/3/2026, (3 Month USBMMY +0.103%)(a)
3.96
15,000,000
15,001,983
8/3/2026, (3 Month USBMMY +0.159%)(a)
4.01
100,600,000
100,565,835
8/3/2026, (3 Month USBMMY +0.16%)(a)
4.01
23,000,000
23,000,000
8/3/2026, (3 Month USBMMY +0.205%)(a)
4.06
37,000,000
37,003,329
Total U.S. Treasury Floating Rate Notes
(cost $331,563,943)
331,563,943
U.S. Treasury Notes — 6.0%
8/31/2026
3.75
8,100,000
8,100,277
9/30/2026
3.50
25,400,000
25,391,399
10/15/2026
4.63
2,300,000
2,304,302
10/31/2026
1.13
13,700,000
13,616,521
10/31/2026
4.13
5,000,000
5,004,755
11/30/2026
4.25
11,500,000
11,524,655
12/31/2026
1.25
4,600,000
4,556,051
12/31/2026
4.25
28,600,000
28,674,265
1/31/2027
4.13
5,000,000
5,014,129
2/28/2027
1.88
6,000,000
5,942,532
2/28/2027
4.13
6,500,000
6,510,511
3/15/2027
4.25
25,000,000
25,108,946
3/31/2027
2.50
4,000,000
3,969,988
3/31/2027
3.88
44,400,000
44,483,084
4/15/2027
4.50
9,000,000
9,052,678
4/30/2027
2.75
4,000,000
3,969,330
4/30/2027
3.75
33,800,000
33,792,066
5
SCHEDULE OF INVESTMENTS (Unaudited) (continued)
Description
 
Annualized
Yield (%)
 
Principal
Amount ($)
Value ($)
U.S. Treasury Notes — 6.0% (continued)
5/31/2027
2.63
11,000,000
10,890,201
5/31/2027
3.88
34,600,000
34,621,046
Total U.S. Treasury Notes
(cost $282,526,736)
282,526,736
Total Investments (cost $4,885,015,280)
103.6
%
4,885,015,280
Liabilities, Less Cash and Receivables
(3.6
%)
(171,336,879
)
Net Assets
100.0
%
4,713,678,401
 
SOFR—Secured Overnight Financing Rate
USBMMY—U.S. Treasury Bill Money Market Yield
 
(a)
Variable rate security—interest rate resets periodically and rate shown is the interest rate in effect at period end. Date shown represents the earlier of the next
interest reset date or ultimate maturity date. Security description also includes the reference rate and spread if published and available.
(b)
Security is a discount security. Income is recognized through the accretion of discount.
See notes to financial statements.
6
STATEMENT OF ASSETS AND LIABILITIES 
July 31, 2026 (Unaudited) 
 
Cost
Value
Assets ($):
Investments in securities—See Schedule of Investments
4,885,015,280
4,885,015,280
Cash
28,890,909
Interest receivable
6,915,383
Receivable for shares of Beneficial Interest subscribed
5,563,195
Prepaid expenses
136,043
 
4,926,520,810
Liabilities ($):
Due to BNY Mellon Investment Adviser, Inc. and affiliates—Note 2(c)
992,794
Payable for investment securities purchased
199,146,000
Payable for shares of Beneficial Interest redeemed
12,591,932
Trustees’ fees and expenses payable
3,941
Other accrued expenses
107,742
 
212,842,409
Net Assets ($)
4,713,678,401
Composition of Net Assets ($):
Paid-in capital
4,713,700,946
Total distributable earnings (loss)
(22,545
)
Net Assets ($)
4,713,678,401
 
Net Asset Value Per Share
Institutional Shares
Investor Shares
Administrative Shares
Participant Shares
Net Assets ($)
3,551,575,901
370,544,121
580,790,759
210,767,620
Shares Outstanding
3,551,601,382
370,543,792
580,789,096
210,770,478
Net Asset Value Per Share ($)
1.00
1.00
1.00
1.00
See notes to financial statements.
7
STATEMENT OF OPERATIONS
Six Months Ended July 31, 2026 (Unaudited) 
 
 
Investment Income ($):
Interest Income
87,708,067
Expenses:
Management fee—Note 2(a)
4,735,575
Shareholder servicing costs—Note 2(b)
1,088,929
Administrative services plan fees—Note 2(c)
154,833
Registration fees
108,802
Professional fees
57,111
Custodian fees—Note 2(c)
26,392
Prospectus and shareholders’ reports
23,489
Chief Compliance Officer fees—Note 2(c)
18,137
Trustees’ fees and expenses—Note 2(d)
8,426
Shareholder and regulatory reports service fees—Note 2(c)
5,750
Miscellaneous
67,106
Total Expenses
6,294,550
Less—reduction in expenses due to undertaking—Note 2(a)
(236,759
)
Net Expenses
6,057,791
Net Investment Income
81,650,276
Net Realized Gain (Loss) on Investments—Note 1(b) ($)
(1,644
)
Net Increase in Net Assets Resulting from Operations
81,648,632
See notes to financial statements.
8
STATEMENT OF CHANGES IN NET ASSETS
  
 
Six Months Ended
July 31, 2026
(Unaudited)
Year Ended
January 31, 2026
 
Operations ($):
Net investment income
81,650,276
181,892,431
Net realized gain (loss) on investments
(1,644)
21,853
Net Increase (Decrease) in Net Assets Resulting from Operations
81,648,632
181,914,284
Distributions ($):
Distributions to shareholders:
Institutional Shares
(60,609,936)
(141,107,500)
Investor Shares
(5,985,044)
(13,390,374)
Administrative Shares
(11,856,713)
(21,110,010)
Participant Shares
(3,199,537)
(6,281,179)
Total Distributions
(81,651,230)
(181,889,063)
Beneficial Interest Transactions ($1.00 per share):
Net proceeds from shares sold:
Institutional Shares
4,296,665,229
9,271,591,453
Investor Shares
180,121,649
408,631,814
Administrative Shares
1,015,682,626
1,835,314,187
Participant Shares
718,233,094
640,024,859
Distributions reinvested:
Institutional Shares
14,849,536
33,397,838
Investor Shares
2,522,220
5,263,994
Administrative Shares
10,738,739
18,183,535
Participant Shares
2,970,389
5,836,376
Cost of shares redeemed:
Institutional Shares
(4,163,656,863)
(9,342,161,691)
Investor Shares
(177,298,650)
(390,035,850)
Administrative Shares
(1,159,366,666)
(1,523,980,637)
Participant Shares
(723,149,753)
(641,834,604)
Increase (Decrease) in Net Assets from Beneficial Interest Transactions
18,311,550
320,231,274
Total Increase (Decrease) in Net Assets
18,308,952
320,256,495
Net Assets ($):
Beginning of Period
4,695,369,449
4,375,112,954
End of Period
4,713,678,401
4,695,369,449
See notes to financial statements.
9
FINANCIAL HIGHLIGHTS
The following tables describe the performance for each share class for the fiscal periods indicated. All information reflects financial results for a single fund share. Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. 
 
Six Months Ended
July 31, 2026
(Unaudited) 
Year Ended January 31,
Institutional Shares
2026
2025
2024
2023
2022
Per Share Data ($):
 
 
 
 
 
Net asset value, beginning of period
1.00
1.00
1.00
1.00
1.00
1.00
Investment Operations:
Net investment income
.017
.040
.049
.050
.018
.000
(a)
Distributions:
Dividends from net investment income
(.017
)
(.040
)
(.049
)
(.050
)
(.018
)
(.000
)(a)
Net asset value, end of period
1.00
1.00
1.00
1.00
1.00
1.00
Total Return (%)
1.75
(b)
4.06
5.04
5.06
1.79
.01
Ratios/Supplemental Data (%):
 
 
 
 
 
Ratio of total expenses to average net assets
.21
(c)
.21
.21
.21
.21
.21
Ratio of net expenses
to average net assets(d)
.20
(c)
.20
(e)
.20
(e)
.20
(e)
.19
(e)
.06
Ratio of net investment income to average
net assets(d)
3.50
(c)
3.98
(e)
4.92
(e)
4.96
(e)
1.80
(e)
.01
Net Assets, end of period ($ x 1,000)
3,551,576
3,403,720
3,440,875
3,498,262
3,318,127
3,435,107
 
(a)
Amount represents less than $.001 per share.
(b)
Not annualized.
(c)
Annualized.
(d)
Amount inclusive of reduction in expenses due to undertaking.
(e)
Amount inclusive of reduction in fees due to earnings credits.
See notes to financial statements.
10
 
 
Six Months Ended
July 31, 2026
(Unaudited) 
Year Ended January 31,
Investor Shares
2026
2025
2024
2023
2022
Per Share Data ($):
 
 
 
 
 
Net asset value, beginning of period
1.00
1.00
1.00
1.00
1.00
1.00
Investment Operations:
Net investment income
.016
.037
.047
.047
.016
.000
(a)
Distributions:
Dividends from net investment income
(.016
)
(.037
)
(.047
)
(.047
)
(.016
)
(.000
)(a)
Net asset value, end of period
1.00
1.00
1.00
1.00
1.00
1.00
Total Return (%)
1.62
(b)
3.81
4.78
4.80
1.59
.01
Ratios/Supplemental Data (%):
 
 
 
 
 
Ratio of total expenses to average net assets
.46
(c)
.46
.46
.46
.46
.46
Ratio of net expenses
to average net assets(d)
.45
(c)
.45
(e)
.45
(e)
.45
(e)
.39
(e)
.05
Ratio of net investment income to average
net assets(d)
3.25
(c)
3.73
(e)
4.67
(e)
4.68
(e)
1.68
(e)
.00
(f)
Net Assets, end of period ($ x 1,000)
370,544
365,199
341,337
293,819
200,348
170,780
 
(a)
Amount represents less than $.001 per share.
(b)
Not annualized.
(c)
Annualized.
(d)
Amount inclusive of reduction in expenses due to undertaking.
(e)
Amount inclusive of reduction in fees due to earnings credits.
(f)
Amount represents less than .01%.
See notes to financial statements.
11
FINANCIAL HIGHLIGHTS (continued)
 
 
Six Months Ended
July 31, 2026
(Unaudited) 
Year Ended January 31,
Administrative Shares
2026
2025
2024
2023
2022
Per Share Data ($):
 
 
 
 
 
Net asset value, beginning of period
1.00
1.00
1.00
1.00
1.00
1.00
Investment Operations:
Net investment income
.017
.039
.048
.049
.017
.000
(a)
Distributions:
Dividends from net investment income
(.017
)
(.039
)
(.048
)
(.049
)
(.017
)
(.000
)(a)
Net asset value, end of period
1.00
1.00
1.00
1.00
1.00
1.00
Total Return (%)
1.70
(b)
3.96
4.93
4.96
1.71
.01
Ratios/Supplemental Data (%):
 
 
 
 
 
Ratio of total expenses to average net assets
.31
(c)
.31
.31
.31
.31
.31
Ratio of net expenses
to average net assets(d)
.30
(c)
.30
(e)
.30
(e)
.30
(e)
.27
(e)
.06
Ratio of net investment income to average
net assets(d)
3.40
(c)
3.88
(e)
4.84
(e)
4.86
(e)
1.35
(e)
.01
Net Assets, end of period ($ x 1,000)
580,791
713,736
384,216
324,267
296,075
678,022
 
(a)
Amount represents less than $.001 per share.
(b)
Not annualized.
(c)
Annualized.
(d)
Amount inclusive of reduction in expenses due to undertaking.
(e)
Amount inclusive of reduction in fees due to earnings credits.
See notes to financial statements.
12
 
 
Six Months Ended
July 31, 2026
(Unaudited) 
Year Ended January 31,
Participant Shares
2026
2025
2024
2023
2022
Per Share Data ($):
 
 
 
 
 
Net asset value, beginning of period
1.00
1.00
1.00
1.00
1.00
1.00
Investment Operations:
Net investment income
.015
.036
.045
.046
.015
.000
(a)
Distributions:
Dividends from net investment income
(.015
)
(.036
)
(.045
)
(.046
)
(.015
)
(.000
)(a)
Net asset value, end of period
1.00
1.00
1.00
1.00
1.00
1.00
Total Return (%)
1.55
(b)
3.65
4.62
4.65
1.48
.01
Ratios/Supplemental Data (%):
 
 
 
 
 
Ratio of total expenses to average net assets
.61
(c)
.61
.61
.61
.61
.61
Ratio of net expenses
to average net assets(d)
.60
(c)
.60
(e)
.60
(e)
.60
(e)
.49
(e)
.06
Ratio of net investment income to average
net assets(d)
3.10
(c)
3.58
(e)
4.58
(e)
4.56
(e)
1.42
(e)
.00
(f)
Net Assets, end of period ($ x 1,000)
210,768
212,714
208,685
356,126
308,438
327,148
 
(a)
Amount represents less than $.001 per share.
(b)
Not annualized.
(c)
Annualized.
(d)
Amount inclusive of reduction in expenses due to undertaking.
(e)
Amount inclusive of reduction in fees due to earnings credits.
(f)
Amount represents less than .01%.
See notes to financial statements.
13
NOTES TO FINANCIAL STATEMENTS (Unaudited)
NOTE 1—
Significant Accounting Policies:
BNY Dreyfus Government Securities Cash Management (the “fund”) is a separate diversified series of Dreyfus Government Cash Management Funds (the “Trust”), which is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company and operates as a series company currently offering three series, including the fund. The fund’s investment objective is to seek as high a level of current income as is consistent with the preservation of capital and the maintenance of liquidity. BNY Mellon Investment Adviser, Inc. (the “Adviser”), a wholly-owned subsidiary of The Bank of New York Mellon Corporation (“BNY”), serves as the fund’s investment adviser. Dreyfus, a division of Mellon Investments Corporation (the “Sub-Adviser”), an indirect wholly-owned subsidiary of BNY and an affiliate of the Adviser, serves as the fund’s sub-adviser.
Effective May 29, 2026, the fund changed its name from Dreyfus Government Securities Cash Management to BNY Dreyfus Government Securities Cash Management.
BNY Mellon Securities Corporation (the “Distributor”), a wholly-owned subsidiary of the Adviser, is the distributor of the fund’s shares, which are sold without a sales charge. The fund is authorized to issue an unlimited number of $.001 par value shares of Beneficial Interest in each of the following classes of shares: Institutional, Investor, Administrative and Participant. Each share class of the fund are subject to a shareholder services plan. Participant shares of the fund are subject to an administrative services plan. Other differences between the classes include the services offered to and the expenses borne by each class, the allocation of certain transfer agency costs and certain voting rights. Income, expenses (other than expenses attributable to a specific class), and realized and unrealized gains or losses on investments are allocated to each class of shares based on its relative net assets.
The fund operates as a “government money market fund” as that term is defined in Rule 2a-7 under the Act. It is the fund’s policy to maintain a constant net asset value (“NAV”) per share of $1.00, and 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 constant NAV per share of $1.00.
The Trust accounts separately for the assets, liabilities and operations of each series. Expenses directly attributable to each series are charged to that series’ operations; expenses which are applicable to all series of the Trust are allocated among them on a pro rata basis.
The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) is the exclusive reference of authoritative U.S. generally accepted accounting principles (“GAAP”) recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the SEC under authority of federal laws are also sources of authoritative GAAP for SEC registrants. The fund is an investment company and applies the accounting and reporting guidance of the FASB ASC Topic 946 Financial Services-Investment Companies. The fund’s financial statements are prepared in accordance with GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.
The Trust enters into contracts that contain a variety of indemnifications. The fund’s maximum exposure under these arrangements is unknown. The fund does not anticipate recognizing any loss related to these arrangements.
(a) Portfolio valuation: Investments in securities are valued at amortized cost in accordance with Rule 2a-7 under the Act. If amortized cost is determined not to approximate fair market value, the fair value of the portfolio securities will be determined by procedures established by and under the general oversight of the Trust’s Board of  Trustees (the “Board”) pursuant to Rule 2a-5 under the Act.
The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). GAAP establishes a fair value hierarchy that prioritizes the inputs of valuation techniques used to measure fair value. This hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).
Additionally, GAAP provides guidance on determining whether the volume and activity in a market has decreased significantly and whether such a decrease in activity results in transactions that are not orderly. GAAP requires enhanced disclosures around valuation inputs and techniques used during annual and interim periods.
14
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
Various inputs are used in determining the value of the fund’s investments relating to fair value measurements. These inputs are summarized in the three broad levels listed below:
Level 1—unadjusted quoted prices in active markets for identical investments.
Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.).
Level 3—significant unobservable inputs (including the fund’s own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
Money market securities are valued using amortized cost, in accordance with rules under the Act, which does not take into account unrealized gains or losses. This involves valuing an instrument at its cost and thereafter assuming a constant amortization to maturity of any discount or premium, regardless of the impact of fluctuating interest rates on the market value of the instrument. While this method provides certainty in valuation, it may result in periods during which value, as determined by amortized cost, is higher or lower than the price the fund would receive if it sold the instrument. The Board overseeing this fund has established, as a particular responsibility within the overall duty of care owed to fund investors, procedures reasonably designed to stabilize the fund price per share as computed for the purpose of purchases and redemptions at $1.00. Such procedures include periodic review by the Board of the deviation of the fund NAV calculated by using available market quotations or market equivalents (including valuations obtained from a Service) from the fund $1.00 per share based on amortized cost. A fund cannot guarantee that its NAV will always remain at $1.00 per share. These securities are generally categorized within Level 2 of the fair value hierarchy.
The following is a summary of the inputs used as of July 31, 2026 in valuing the fund’s investments: 
 
Level 1 -
Unadjusted
Quoted Prices
Level 2- Other
Significant
Observable Inputs
Level 3-
Significant
Unobservable
Inputs
Total
Assets ($)
Investments in Securities:†
U.S. Government Agencies Obligations
—
1,639,770,578
—
1,639,770,578
U.S. Treasury Bills
—
2,631,154,023
—
2,631,154,023
U.S. Treasury Floating Rate Notes
—
331,563,943
—
331,563,943
U.S. Treasury Notes
—
282,526,736
—
282,526,736
 
—
4,885,015,280
—
4,885,015,280
 
†
See Schedule of Investments for additional detailed categorizations, if any.
(b) Securities transactions and investment income:  Securities transactions are recorded on a trade date basis. Interest income, adjusted for accretion of discount and amortization of premium on investments, is earned from settlement date and is recognized on the accrual basis. Realized gains and losses from securities transactions are recorded on the identified cost basis.
(c) Market Risk: The value of the securities in which the fund invests may be affected by political, regulatory, economic and social developments. In addition, turbulence in financial markets and reduced liquidity in fixed-income markets may negatively affect many issuers, which could adversely affect the fund. Global economies and financial markets are becoming increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies world-wide. Local, regional or global events such as war, military conflicts, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, recessions, elevated levels of government debt, changes in trade regulation or economic sanctions, internal unrest and discord, or other events could have a significant impact on the fund and its investments.
Interest Rate Risk:  This risk refers to the decline in the prices of fixed-income securities that may accompany a rise in the overall level of interest rates. A sharp and unexpected rise in interest rates could impair the fund’s ability to maintain a stable net asset value. A wide variety of market factors can cause interest rates to rise, including central bank monetary policy, rising inflation and changes in general
15
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
economic conditions. It is difficult to predict the pace at which central banks or monetary authorities may increase (or decrease) interest rates or the timing, frequency, or magnitude of such changes. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility and may detract from fund performance. For floating and variable rate obligations, there may be a lag between an actual change in the underlying interest rate benchmark and the reset time for an interest payment of such an obligation, which could harm or benefit the fund, depending on the interest rate environment or other circumstances.
U.S. Treasury Securities Risk: A security backed by the U.S. Treasury or the full faith and credit of the United States is guaranteed only as to the timely payment of interest and principal when held to maturity, but the market prices for such securities are not guaranteed and will fluctuate.
Government Securities Risk: Not all obligations of the U.S. government, its agencies and instrumentalities are backed by the full faith and credit of the U.S. Treasury. Some obligations are backed only by the credit of the issuing agency or instrumentality, and in some cases there may be some risk of default by the issuer. Any guarantee by the U.S. government or its agencies or instrumentalities of a security held by the fund does not apply to the market value of such security or to shares of the fund itself.
(d) Dividends and distributions to shareholders: It is the policy of the fund to declare dividends daily from net investment income. Such dividends are paid monthly. Dividends from net realized capital gains, 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 of 1986, as amended (the “Code”). To the extent that net realized capital gains can be offset by capital loss carryovers, it is the policy of the fund not to distribute such gains.
(e) 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 Code, and to make distributions of taxable income and net realized capital gain sufficient to relieve it from substantially all federal income and excise taxes.
As of and during the period ended July 31, 2026, the fund did not have any liabilities for any uncertain tax positions. The fund recognizes interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statement of Operations. During the period ended July 31, 2026, the fund did not incur any interest or penalties.
Each tax year in the three-year period ended January 31, 2026 remains subject to examination by the Internal Revenue Service and state taxing authorities.
The fund is permitted to carry forward capital losses for an unlimited period. Furthermore, capital loss carryovers retain their character as either short-term or long-term capital losses.
The fund has an unused capital loss carryover of $26,372 available for federal income tax purposes to be applied against future net realized capital gains, if any, realized subsequent to January 31, 2026. These short-term capital losses can be carried forward for an unlimited period.
The tax character of distributions paid to shareholders during the fiscal year ended January 31, 2026 was as follows: ordinary income $181,889,063. The tax character of current year distributions will be determined at the end of the current fiscal year.
At July 31, 2026, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes (see the Schedule of Investments).
(f) Operating segment reporting: In accordance with FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures (“ASU 2023-07”), the fund has operated and been managed as a single reportable segment, generating returns through dividends, interest, and/or gains from investments aligned with its single stated investment objective as outlined in the fund’s prospectus. The fund’s accounting policies are consistent with those described in these Notes to Financial Statements. The chief operating decision maker (“CODM”) is represented by BNY Investments and is comprised of Senior Management and Directors of BNY Investments. The CODM considers the net increase in net assets resulting from operations when deciding whether to purchase additional investments or make distributions to shareholders. Detailed financial information for the fund is presented in these financial statements, including total assets and liabilities in the Statement of Assets and Liabilities, investments held in the Schedule of Investments, results of operations and significant segment expenses in the Statement of Operations, and additional performance information—such as total return, portfolio turnover, and ratios—in the Financial Highlights.
NOTE 2—
Management Fee, Sub-Advisory Fee and Other Transactions with Affiliates:
(a) Pursuant to a management agreement with the Adviser, the management fee is computed at the annual rate of .20% of the value of the fund’s average daily net assets and is payable monthly.
16
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
The Adviser has contractually agreed, from February 1, 2026 through June 1, 2027, to waive receipt of a portion of its management fee in the amount of .01% of the value of the fund’s average daily net assets. On or after June 1, 2027, the Adviser may terminate this waiver agreement at any time. The reduction in expenses, pursuant to the undertaking, amounted to $236,759 during the period ended July 31, 2026.
Pursuant to a sub-investment advisory agreement between the Adviser and the Sub-Adviser, the Adviser pays to the Sub-Adviser a monthly fee of 50% of the monthly management fee the Adviser receives from the fund with respect to the value of the sub-advised net assets of the fund, net of any fee waivers and/or expense reimbursements made by the Adviser.
(b) Under the compensation shareholder services plan with respect to Investor, Administrative and Participant shares (the “Compensation Shareholder Services Plan”), Investor, Administrative and Participant shares pay the Distributor at an annual rate of .25%, .10% and .25%, respectively, of the value of the average daily net assets of its shares for the provision of certain services. The services provided may include personal services relating to shareholder accounts, such as answering shareholder inquiries regarding the fund, and services related to the maintenance of shareholder accounts. The Distributor may make payments to service agents with respect to these services. The Distributor determines the amounts to be paid to service agents. During the period ended July 31, 2026, Investor, Administrative and Participant shares were charged $460,321, $348,580 and $258,055, respectively, pursuant to each of their respective Compensation Shareholder Services Plan.
Under the reimbursement shareholder services plan with respect to its Institutional shares (the “Reimbursement Shareholder Services Plan”), Institutional shares reimburse the Distributor at an amount not to exceed an annual rate of .25% of the value of the average daily net assets of its shares for certain allocated expenses of providing certain services to the holders of Institutional shares. The services provided may include personal services relating to shareholder accounts, such as answering shareholder inquiries regarding Institutional shares of the fund, and services related to the maintenance of shareholder accounts. During the period ended July 31, 2026, Institutional shares were charged $19,477 pursuant to the Reimbursement Shareholder Services Plan.
(c) Under the administrative services plan with respect to Participant shares (the “Administrative Services Plan”), pursuant to which the fund may pay the Distributor for the provision of certain type of recordkeeping and other related services (which are not services for which a “service fee” as defined under the Conduct Rules of FINRA is intended to compensate). Pursuant to the Administrative Services Plan, the fund will pay the Distributor at an annual rate of .15% of the value of their average daily net assets attributable to the fund’s Participant shares for the provision of such services, which include, at a minimum: mailing periodic reports, prospectuses and other fund communications to beneficial owners; client onboarding; anti-money laundering and related regulatory oversight; manual transaction processing; transmitting wires; withholding on dividends and distributions as may be required by state or Federal authorities from time to time; receiving, tabulating, and transmitting proxies executed by beneficial owners; fund statistical reporting; technical support; business continuity support; and blue sky support. During the period ended July 31, 2026, Participant shares were charged $154,833, pursuant to the Administrative Services Plan.
The fund has an arrangement with BNY Mellon Transfer, Inc., (the “Transfer Agent”), a subsidiary of BNY and an affiliate of the Adviser, whereby the fund may receive earnings credits when positive cash balances are maintained, which are used to offset Transfer Agent fees. For financial reporting purposes, the fund includes transfer agent net earnings credits, if any, as an expense offset in the  Statement of Operations.
The fund has an arrangement with The Bank of New York Mellon (the “Custodian”), a subsidiary of BNY and an affiliate of the Adviser, whereby the fund will receive interest income or be charged overdraft fees when cash balances are maintained. For financial reporting purposes, the fund includes this interest income and overdraft fees, if any, as interest income in the Statement of Operations.
The fund compensates the Transfer Agent, under a transfer agency agreement, for providing transfer agency and cash management services for the fund. The majority of Transfer Agent fees are comprised of amounts paid on a per account basis, while cash management fees are related to fund subscriptions and redemptions. During the period ended July 31, 2026, the fund was charged $1,698 for transfer agency services. These fees are included in Shareholder servicing costs in the Statement of Operations.
The fund compensates the Custodian, under a custody agreement, for providing custodial services for the fund. These fees are determined based on net assets, geographic region and transaction activity. During the period ended July 31, 2026, the fund was charged $26,392 pursuant to the custody agreement.
During the period ended July 31, 2026, the fund was charged $18,137 for services performed by the fund’s Chief Compliance Officer and his staff. These fees are included in Chief Compliance Officer fees in the Statement of Operations.
17
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
The fund compensates the Custodian for providing shareholder reporting and regulatory services for the fund. These fees are included in shareholder and regulatory reports service fees in the Statement of Operations. During the period ended July 31, 2026, the Custodian was compensated $5,750 for financial reporting and regulatory services.
The components of “Due to BNY Mellon Investment Adviser, Inc. and affiliates” in the Statement of Assets and Liabilities consist of: management fee of $798,636, Administrative Services Plan fees of $26,082, Shareholder Services Plans fees of $172,365, Custodian fees of $27,600, Chief Compliance Officer fees of $2,388, Transfer Agent fees of $863 and shareholder and regulatory reports service fees of $4,792, which are offset against an expense reimbursement currently in effect in the amount of $39,932.
(d) Each board member of the fund also serves as a board member of other funds in the BNY Mellon Family of Funds complex. Annual retainer fees and attendance fees are allocated to each fund based on net assets.
18
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies (Unaudited)
N/A
19
Item 9. Proxy Disclosures for Open-End Management Investment Companies (Unaudited)
N/A
20
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies (Unaudited)
Each board member also serves as a board member of other funds in the BNY Mellon Family of Funds complex, and annual retainer fees and meeting attendance fees are allocated to each fund based on net assets. The fund is charged for services performed by the fund’s Chief Compliance Officer. Compensation paid by the fund during the period to the board members and the Chief Compliance Officer are within Item 7. Statement of Operations as Trustees’ fees and expenses and Chief Compliance Officer fees, respectively. The aggregate amount of Trustees’ fees and expenses and Chief Compliance Officer fees paid by the fund during the period was $26,563.
21
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contracts (Unaudited)
At a meeting of the fund’s Board of Trustees (the “Board”) held on May 26, 2026, the Board considered the renewal of the fund’s Management Agreement, pursuant to which the Adviser provides the fund with investment advisory and administrative services, and the Sub-Investment Advisory Agreement (together with the Management Agreement, the “Agreements”), pursuant to which Dreyfus, a division of Mellon Investments Corporation (the “Sub-Adviser”), provides day-to-day management of the fund’s investments. The Board members, none of whom are “interested persons” (as defined in the Investment Company Act of 1940, as amended) of the fund (“Independent Trustees”), were assisted in their review by independent legal counsel and met with counsel in executive session separate from representatives of the Adviser and the Sub-Adviser. In considering the renewal of the Agreements, the Board considered several factors that it believed to be relevant, including those discussed below. The Board did not identify any one factor as dispositive, and each Board member may have attributed different weights to the factors considered.
Analysis of Nature, Extent and Quality of Services Provided to the Fund. The Board considered information provided to it at the meeting and in previous presentations from representatives of the Adviser regarding the nature, extent and quality of the services provided to funds in the BNY fund complex, including the fund. The Adviser provided the number of open accounts in the fund, the fund’s asset size and the allocation of fund assets among distribution channels. The Adviser also had previously provided information regarding the diverse intermediary relationships and distribution channels of funds in the BNY fund complex (such as retail direct or intermediary, in which intermediaries typically are paid by the fund and/or the Adviser) and the Adviser’s corresponding need for broad, deep, and diverse resources to be able to provide ongoing shareholder services to each intermediary or distribution channel, as applicable to the fund.
The Board also considered research support available to, and portfolio management capabilities of, the fund’s portfolio management personnel and that the Adviser also provides oversight of day-to-day fund operations, including fund accounting and administration and assistance in meeting legal and regulatory requirements. The Board also considered the Adviser’s extensive administrative, accounting and compliance infrastructures, as well as the Adviser’s supervisory activities over the Sub-Adviser.
Comparative Analysis of the Fund’s Performance and Management Fee and Expense Ratio. The Board reviewed reports prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data based on classifications provided by Thomson Reuters Lipper (“Lipper”), which included information comparing (1) the performance of the fund’s Institutional shares with the performance of a group of institutional U.S. government money market funds selected by Broadridge as comparable to the fund (the “Performance Group”) and with a broader group of funds consisting of all institutional U.S. government money market funds (the “Performance Universe”), all for various periods ended March 31, 2026, and (2) the fund’s actual and contractual management fees and total expenses with those of the same group of funds in the Performance Group (the “Expense Group”) and with a broader group of funds consisting of institutional U.S. government money market funds, excluding outliers (the “Expense Universe”), the information for which was derived in part from fund financial statements available to Broadridge as of the date of its analysis. The Performance Group and Performance Universe comparisons were provided based on both “gross” (i.e., without including fees and expenses) and “net” (i.e., including fees and expenses) total returns. The Adviser previously had furnished the Board with a description of the methodology Broadridge used to select the Performance Group and Performance Universe and the Expense Group and Expense Universe.
Performance Comparisons. Representatives of the Adviser stated that the usefulness of performance comparisons may be affected by a number of factors, including different investment limitations and policies that may be applicable to the fund and comparison funds and the end date selected. The Board also considered the fund’s performance in light of overall financial market conditions. The Board discussed with representatives of the Adviser and the Sub-Adviser the results of the comparisons and considered that the fund’s gross total return performance was slightly below the Performance Group and the Performance Universe medians for all periods. The Board also considered that the fund’s net total return performance was slightly below the Performance Group median for all periods and was above the Performance Universe median for all periods. The Board considered the relative proximity of the fund’s gross and net total return performance to the Performance Group and/or Performance Universe medians during the periods under review.
Management Fee and Expense Ratio Comparisons. The Board reviewed and considered the contractual management fee rate payable by the fund to the Adviser in light of the nature, extent and quality of the management services and the sub-advisory services provided by the Adviser and the Sub-Adviser, respectively. In addition, the Board reviewed and considered the actual management fee rate paid by the fund over the fund’s last fiscal year, which included reductions for a fee waiver arrangement in place that reduced the management
22
fee paid to the Adviser. The Board also reviewed the range of actual and contractual management fees and total expenses as a percentage of average net assets of the Expense Group and Expense Universe funds and discussed the results of the comparisons.
The Board considered that the fund’s contractual management fee was approximately equivalent to the Expense Group median contractual management fee, the fund’s actual management fee was higher than the Expense Group median and higher than the Expense Universe median actual management fee, and the fund’s total expenses were approximately equivalent to the Expense Group median and lower than the Expense Universe median total expenses.
Representatives of the Adviser stated that the Adviser has contractually agreed, until May 31, 2027, to waive receipt of a portion of its management fees in the amount of 0.01% of the value of the fund’s average daily net assets.
Representatives of the Adviser reviewed with the Board the management or investment advisory fees paid by funds advised by the Adviser that are in the same Lipper category as the fund (the “Similar Funds”), and explained the nature of the Similar Funds. They discussed differences in fees paid and the relationship of the fees paid in light of any differences in the services provided and other relevant factors. The Board considered the relevance of the fee information provided for the Similar Funds to evaluate the appropriateness of the fund’s management fee. Representatives of the Adviser noted that there were no separate accounts and/or other types of client portfolios advised by the Adviser or the Sub-Adviser that are considered to have similar investment strategies and policies as the fund.
The Board considered the fee payable to the Sub-Adviser in relation to the fee payable to the Adviser by the fund and the respective services provided by the Sub-Adviser and the Adviser. The Board also took into consideration that the Sub-Adviser’s fee is paid by the Adviser, out of its fee from the fund, and not the fund.
Analysis of Profitability and Economies of Scale. Representatives of the Adviser reviewed the expenses allocated and profit received by the Adviser and its affiliates and the resulting profitability percentage for managing the fund and the aggregate profitability percentage to the Adviser and its affiliates for managing the funds in the BNY fund complex, and the method used to determine the expenses and profit. The Board concluded that the profitability results were not excessive, given the services rendered and service levels provided by the Adviser and its affiliates. The Board also considered the fee waiver arrangement and its effect on the profitability of the Adviser and its affiliates. The Board also had been provided with information prepared by an independent consulting firm regarding the Adviser’s approach to allocating costs to, and determining the profitability of, individual funds and the entire BNY fund complex. The consulting firm also had analyzed where any economies of scale might emerge in connection with the management of a fund.
The Board considered, on the advice of its counsel, the profitability analysis (1) as part of its evaluation of whether the fees under the Agreements, considered in relation to the mix of services provided by the Adviser and the Sub-Adviser, including the nature, extent and quality of such services, supported the renewal of the Agreements and (2) in light of the relevant circumstances for the fund and the extent to which economies of scale would be realized if the fund grows and whether fee levels reflect these economies of scale for the benefit of fund shareholders. Representatives of the Adviser stated that, as a result of shared and allocated costs among funds in the BNY fund complex, the extent of economies of scale could depend substantially on the level of assets in the complex as a whole, so that increases and decreases in complex-wide assets can affect potential economies of scale in a manner that is disproportionate to, or even in the opposite direction from, changes in the fund’s asset level. The Board also considered potential benefits to the Adviser and the Sub-Adviser from acting as investment adviser and sub-adviser, respectively, and took into consideration that there were no soft dollar arrangements in effect for trading the fund’s investments.
At the conclusion of these discussions, the Board agreed that it had been furnished with sufficient information to make an informed business decision with respect to the renewal of the Agreements. Based on the discussions and considerations as described above, the Board concluded and determined as follows.
●The Board concluded that the nature, extent and quality of the services provided by the Adviser and the Sub-Adviser are satisfactory and appropriate.
●The Board was generally satisfied with the fund’s overall performance.
●The Board concluded that the fees paid to the Adviser and the Sub-Adviser continued to be appropriate under the circumstances and in light of the factors and the totality of the services provided as discussed above.
23
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contracts (Unaudited) (continued)
●The Board determined that the economies of scale which may accrue to the Adviser and its affiliates in connection with the management of the fund had been adequately considered by the Adviser in connection with the fee rate charged to the fund pursuant to the Management Agreement and that, to the extent in the future it were determined that material economies of scale had not been shared with the fund, the Board would seek to have those economies of scale shared with the fund.
In evaluating the Agreements, the Board considered these conclusions and determinations and also relied on its previous knowledge, gained through meetings and other interactions with the Adviser and its affiliates and the Sub-Adviser, of the Adviser and the Sub-Adviser and the services provided to the fund by the Adviser and the Sub-Adviser. The Board also relied on information received on a routine and regular basis throughout the year relating to the operations of the fund and the investment management and other services provided under the Agreements, including information on the investment performance of the fund in comparison to similar mutual funds and benchmark performance measures; general market outlook as applicable to the fund; and compliance reports. In addition, the Board’s consideration of the contractual fee arrangements for the fund had the benefit of a number of years of reviews of the Agreements for the fund, or substantially similar agreements for other BNY funds that the Board oversees, during which lengthy discussions took place between the Board and representatives of the Adviser. Certain aspects of the arrangements may receive greater scrutiny in some years than in others, and the Board’s conclusions may be based, in part, on its consideration of the fund’s arrangements, or substantially similar arrangements for other BNY funds that the Board oversees, in prior years. The Board determined to renew the Agreements.
24
© 2026 BNY Mellon Securities Corporation
Code-0227NCSRSA0726 
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 13. Portfolio Managers for Closed-End Management Investment Companies.

 

Not applicable.

 

Item 14. Purchases of Equity Securities By Closed-End Management Investment Companies and Affiliated Purchasers.

 

Not applicable.

 

Item 15. Submission of Matters to a Vote of Security Holders.

 

There have been no materials changes to the procedures applicable to Item 15.

 

Item 16. Controls and Procedures.

 

(a) The Registrant's principal executive and principal financial officers have concluded, based on their evaluation of the Registrant's disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant's disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the Registrant's management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.
(b) There were no changes to the Registrant's internal control over financial reporting that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

 

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

 

Not applicable.

 

Item 18. Recovery of Erroneously Awarded Compensation.

 

Not applicable.

 

Item 19. Exhibits.

 

 

(a)(1) Not applicable.

(a)(2) Not applicable.

 
 

 

 

(a)(3) Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940.

(a)(4) Not applicable.

(a)(5) Not applicable.

(b)       Certification of principal executive and principal financial officers as required by Rule 30a-2(b) under the Investment Company Act of 1940.

 

 
 

 

 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

Dreyfus Government Cash Management Funds

By: /s/ David J. DiPetrillo

David J. DiPetrillo

President (Principal Executive Officer)

 

Date: September 17, 2026

 

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this Report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

 

By: /s/ David J. DiPetrillo

David J. DiPetrillo

President (Principal Executive Officer)

 

Date: September 17, 2026

 

 

By: /s/ James Windels

James Windels

Treasurer (Principal Financial Officer)

 

Date: September 17, 2026

 

 

 

 
 

EXHIBIT INDEX

(a)(3) Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940. (EX-99.CERT)

(b)       Certification of principal executive and principal financial officers as required by Rule 30a-2(b) under the Investment Company Act of 1940. (EX-99.906CERT)

ATTACHMENTS / EXHIBITS

ATTACHMENTS / EXHIBITS

CERTIFICATION REQUIRED BY RULE 30A-2

CERTIFICATION REQUIRED BY SECTION 906

TAXONOMY

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