N-Q 1 form289.htm FORM N-Q form289.htm -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION 
Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT 
INVESTMENT COMPANY

Investment Company Act file number    811-3964 

Dreyfus Government Cash Management Funds 
(Exact name of Registrant as specified in charter) 

c/o The Dreyfus Corporation
200 Park Avenue
New York, New York 10166
(Address of principal executive offices)    (Zip code) 

Michael A. Rosenberg, Esq.
200 Park Avenue
New York, New York 10166
(Name and address of agent for service) 

Registrant's telephone number, including area code:    (212) 922-6000 
Date of fiscal year end:    1/31     
Date of reporting period:    10/31/08     

FORM N-Q

Item 1.    Schedule of Investments. 

STATEMENT OF INVESTMENTS 
Dreyfus Government Cash Management 
October 31, 2008 (Unaudited) 

    Annualized         
    Yield on Date                           Principal     
U.S. Government Agencies--56.8%    of Purchase (%)                     Amount ($)    Value ($) 
 
 
 
Federal Farm Credit Bank:             
       11/17/08                                   0.95         75,000,000 a    75,000,000 
       1/14/09                                   1.08         77,000,000 a    76,998,435 
       7/23/09                                   1.06     375,000,000 a    375,000,000 
       8/3/09                                   1.11     100,000,000 a    100,000,000 
       9/15/09                                   1.05     320,000,000 a    319,986,600 
       3/9/10                                   1.23     200,000,000 a    200,000,000 
Federal Home Loan Bank:             
       11/3/08                                   0.80     500,000,000 a    500,000,000 
       11/4/08                                   1.30     200,000,000    199,978,333 
       11/6/08                                   1.30     118,500,000    118,478,604 
       11/7/08                                   1.30     244,000,000    243,947,133 
       11/7/08                                   2.21     123,870,000    123,876,142 
       11/10/08                                   2.75     500,000,000 a    499,873,774 
       11/12/08                                   1.30     213,577,000    213,492,163 
       11/14/08                                   1.48    1,006,000,000    1,005,463,461 
       11/22/08                                   4.10     500,000,000 a    499,927,843 
       12/15/08                                   0.90     275,000,000    274,697,500 
       12/24/08                                   2.53     100,000,000    100,380,771 
       12/29/08                                   2.55         21,725,000    21,810,706 
       1/22/09                                   2.70         15,610,000    15,600,937 
       1/26/09                                   2.40    2,270,000,000    2,257,036,694 
       1/29/09                                   2.47    1,000,000,000    993,943,055 
       1/30/09                                   2.47     510,000,000    506,876,250 
       2/3/09                                   2.01     923,500,000    918,677,278 
       2/11/09                                   2.02     163,400,000    162,474,067 
       2/13/09                                   2.11     139,900,000    139,051,273 
       2/13/09                                   1.90     200,000,000    200,343,106 
       2/24/09                                   2.11     500,000,000    496,645,833 
       2/27/09                                   2.55     150,000,000    150,018,427 
       3/4/09                                   2.43     500,000,000    495,900,000 
       3/5/09                                   2.59     200,000,000    200,010,871 
       3/12/09                                   1.84     100,000,000    100,133,584 
       4/15/09                                   2.38     275,000,000    274,857,877 
       4/21/09                                   1.16     200,000,000 a    200,000,000 
       4/23/09                                   2.29     250,000,000    249,985,781 
       4/24/09                                   2.30     250,000,000    249,939,219 
       4/24/09                                   2.48     119,125,000    120,371,068 
       5/4/09                                   2.36         29,000,000    29,005,961 
       5/7/09                                   2.35     115,000,000    115,087,019 
       5/13/09                                   2.47         55,000,000    54,966,002 
       5/19/09                                   2.50         80,000,000    80,006,499 
       9/4/09                                   1.12     350,000,000 a    350,000,000 
       9/10/09                                   2.80    1,500,000,000 a    1,500,131,262 

       9/10/09    2.81    850,000,000 a    850,018,634 
Federal Home Loan Mortgage Corp.:             
       11/3/08    2.11    200,000,000 b    199,976,833 
       11/17/08    2.21    335,800,000 b    335,473,155 
       11/18/08    4.39     250,000,000 a, b    249,930,233 
       12/15/08    2.49    74,878,000 b    74,652,867 
       12/22/08    2.50    150,000,000 b    149,475,125 
       1/12/09    2.27    138,300,000 b    139,085,670 
       1/26/09    2.79    292,435,000 b    290,506,879 
       2/2/09    2.74    52,567,000 b    52,200,345 
       3/16/09    2.22    6,422,000 b    6,503,588 
Federal National Mortgage Association:             
       11/3/08    0.54     800,000,000 a, b    800,000,000 
       11/3/08    0.55     420,000,000 a, b    419,964,885 
       11/14/08    2.15    13,500,000 b    13,489,665 
       11/17/08    2.61    375,000,000 b    374,568,333 
       11/18/08    2.48    500,000,000 b    499,419,167 
       12/22/08    2.13    350,000,000 b    348,948,833 
       1/12/09    2.69    300,000,000 b    298,404,000 
       1/16/09    2.20    350,000,000 b    348,389,222 
       1/26/09    2.79    300,000,000 b    298,022,000 
       1/28/09    2.72    203,301,000 b    201,969,153 
       3/16/09    2.23    3,000,000 b    3,015,109 
Total U.S. Government Agencies             
       (cost $20,763,987,224)            20,763,987,224 
 
Repurchase Agreements--43.2%             
 
 
 
Banc of America Securities LLC             
       dated 10/31/08, due 11/3/08 in the amount of             
       $500,002,083 (fully collateralized by $88,703,900             
       Treasury Inflation Protected Security, .625%, due             
       4/15/13, value $83,205,105, $126,637,000 U.S.             
       Treasury Bill, due 2/19/09, value $126,461,355 and             
       $293,789,900 U.S. Treasury Notes, 3.50%-5.50%, due             
       5/15/09-2/15/18, value $300,333,570)    0.05    500,000,000    500,000,000 
Banc of America Securities LLC             
       dated 10/31/08, due 11/3/08 in the amount of             
       $1,800,022,500 (fully collateralized by $216,664,000             
       Federal Farm Credit Bank             
       3.875%-5.74%, due 3/4/10-11/7/16,             
       value $219,983,740, $966,230,000 Federal Home Loan             
       Bank, 2.30%-7%, due 11/19/08-5/5/28, value             
       $968,378,749, $231,515,000 Federal Home Loan Mortgage             
       Corp., 3.25%-6%, due 2/9/10-4/1/19, value             
       $228,074,832 and $415,800,000 Federal National             
       Mortgage Association, 3.25%-6%, due 8/12/10-12/4/18,             
       value $419,563,223)    0.15    1,800,000,000    1,800,000,000 
Barclays Financial LLC             
       dated 10/31/08, due 11/3/08 in the amount of             
       $2,866,035,825 (fully collateralized by $560,000,000             
       Treasury Inflation Protected Security, 3.875%, due             
       4/15/29, value $818,049,651, $30,225,000             

       U.S. Treasury Bills, due 11/6/08-9/24/09, value             
       $30,169,442, $1,071,741,900 U.S. Treasury Bonds             
       3.875%-9.875%, due 11/15/15-5/15/38, value             
       $1,384,451,445 and $644,766,100 U.S. Treasury Notes,             
       1.75%-6.50%, due 11/15/08-8/15/18, value $690,649,502)    0.15    2,866,000,000    2,866,000,000 
Barclays Financial LLC             
       dated 10/31/08, due 11/3/08 in the amount of             
       $1,000,016,667 (fully collateralized by $213,376,000             
       Federal Farm Credit Bank, 4.50%-5.58%, due             
       8/17/09-11/15/19, value $209,280,270,             
       $256,136,000 Federal Home Loan Bank,             
       0%-5.375%, due 11/6/08-6/10/16, value             
       $258,106,549, $118,000,000 Federal Home Loan Mortgage             
       Corp., 5%-5.125%, due 11/5/12-7/2/13, value             
       $121,069,598 and $424,681,000 Federal National             
       Mortgage Association, 0%-5.625%, due             
       11/5/08-7/15/37, value $431,573,881)    0.20    1,000,000,000    1,000,000,000 
BNP Paribas             
       dated 10/31/08, due 11/3/08 in the amount of             
       $1,000,008,333 (fully collateralized by $200,000,000             
       U.S. Treasury Bill, due 12/18/08, value $199,890,000,             
       $372,791,000 U.S. Treasury Bonds 5%-5.375%, due             
       2/15/31-5/15/37, value $419,021,056 and $386,508,600             
       U.S. Treasury Notes, 1.75%-4.625%, due             
       3/31/10-5/15/17, value $401,089,050)    0.10    1,000,000,000    1,000,000,000 
Credit Suisse (USA) Inc.             
       dated 10/31/08, due 11/3/08 in the amount of             
       $200,002,500 (fully collateralized by $179,825,000             
       U.S. Treasury Bonds, 5%, due 5/15/37, value             
       $204,001,028)    0.15    200,000,000    200,000,000 
Credit Suisse (USA) Inc.             
       dated 10/31/08, due 11/3/08 in the amount of             
       $1,000,019,167 (fully collateralized by $965,009,000             
       U.S. Treasury Notes, 2.75%-5.125%, due             
       10/31/13-2/15/17, value $1,020,005,547)    0.23    1,000,000,000    1,000,000,000 
Deutsche Bank Securities             
       dated 10/31/08, due 11/3/08 in the amount of             
       $3,500,050,000 (fully collateralized by $1,200,645,000             
         Federal Home Loan Bank, 0%-5.50%, due             
       11/5/08-8/13/14, value $1,218,979,198, $949,135,000             
       Federal Home Loan Mortgage Corp., 2.755%-5.75%, due             
       11/30/09-9/14/17, value $976,270,425, $350,523,000             
       Federal National Mortgage Association, 4.375%, due             
       6/30/11-3/15/13, value $355,667,030 and $2,042,618,995             
       U.S. Treasury Strips, due 8/15/12-11/15/27, value             
       $1,019,083,347)    0.10-0.20    3,500,000,000    3,500,000,000 
Goldman, Sachs & Co.             
       dated 10/31/08, due 11/3/08 in the amount of             
       $500,000,417 (fully collateralized by $950,971,181             
       U.S. Treasury Strips, due 11/15/08-5/15/38, value             
       $510,000,001)    0.01    500,000,000    500,000,000 
Goldman, Sachs & Co.             

       dated 10/31/08, due 11/3/08 in the amount of             
       $700,005,833 (fully collateralized by $359,885,000             
       Federal Home Loan Bank, 4.385%-5.85%, due             
       11/13/09-2/22/28, value $354,748,163, $353,659,000             
       Federal Home Loan Mortgage Corp., 2.875%-4.25%, due             
       7/15/09-7/14/11, value $357,474,641 and $1,850,000             
       Tennessee Valley Authority, 5.375%, due 4/1/56, value             
       $1,777,478)    0.10    700,000,000    700,000,000 
HSBC USA Inc.             
       dated 10/31/08, due 11/3/08 in the amount of             
       $700,005,833 (fully collateralized by $723,370,000             
       U.S. Treasury Bill, due 10/22/09, value $714,002,356)    0.10    700,000,000    700,000,000 
HSBC USA Inc.             
       dated 10/31/08, due 11/3/08 in the amount of             
       $700,011,667 (fully collateralized by $723,370,000             
       U.S. Treasury Bill, due 10/22/09, value $714,002,356)    0.20    700,000,000    700,000,000 
Mizuho Securities USA             
       dated 10/31/08, due 11/3/08 in the amount of             
       $500,006,250 (fully collateralized by $512,858,700             
       U.S. Treasury Bills, due 1/15/09-10/22/09, value             
       $510,000,092)    0.15    500,000,000    500,000,000 
Morgan Stanley             
       dated 10/31/08, due 11/3/08 in the amount of             
       $750,009,375 (fully collateralized by $185,439,800             
       Treasury Inflation Protected Securities, 2.375%-3%,             
       due 7/15/12-1/15/27, value $195,914,251, $101,780,000             
       U.S. Treasury Bills, due 11/6/08-12/26/08, value             
       $101,737,630, $76,713,000 U.S. Treasury Bonds,             
       6.25%-9%, due 11/15/18-5/15/30 value $99,409,635 and             
       $353,560,500 U.S. Treasury Notes, 2.625%-6%, due             
       7/15/09-6/30/11, value $367,938,570)    0.15    750,000,000    750,000,000 
UBS Securities LLC             
       dated 10/31/08, due 11/3/08 in the amount of             
       $100,001,250 (fully collateralized by $100,220,000             
       Federal Home Loan Mortgage Corp., 3.875%-5.125%, due             
       6/29/11-11/17/17, value $102,001,323)    0.15    100,000,000    100,000,000 
Total Repurchase Agreements             
       (cost $15,816,000,000)            15,816,000,000 
Total Investments (cost $36,579,987,224)        100.0%    36,579,987,224 
Cash and Receivables (Net)        .0%    5,808,731 
Net Assets        100.0%    36,585,795,955 

a      Variable rate security--interest rate subject to periodic change.
 
b      On September 7, 2008, the Federal Housing Finance Agency (FHFA) placed Federal National Mortgage Association and Federal Home Loan Mortgage Corporation into conservatorship with FHFA as the conservator. As such, the FHFA will oversee the continuing affairs of these companies.
 

At October 31, 2008 the cost of investments for federal income tax puroses was substantially the same as the cost for financial reporting purposes.

Securities valuation policies and other investment related disclosures are hereby incorporated by reference to the annual and semi-annual reports previously filed with the Securities and Exchange Commission on Form N-CSR.

Various inputs are used in determining the value of the fund's investments relating to Financial Accounting Standard No. 157 (FAS 157), 
       Fair Value Measurements. 
       These inputs are summarized in the three broad levels listed below. 
       Level 1 - quoted prices in active markets for identical securities. 
       Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, 
       credit risk, etc.) 
       Level 3 - significant unobservable inputs (including 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. For example, money market securities are valued using amortized cost, in accordance with rules under the Investment 
Company Act of 1940. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained 
from a quoted price in an active market, such securities are reflected as Level 2. 
The following is a summary of the inputs used as of October 31, 2008 in valuing the fund's investments carried 
       at fair value: 

                             Valuation Inputs    Investments in Securities ($) 
 
Level 1 - Quoted Prices    0 
 
Level 2 - Other Significant Observable Inputs    36,579,987,224 
 
Level 3 - Significant Unobservable Inputs    0 
 
Total    36,579,987,224 
 

Item 2.    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-Q 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-Q 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 Registrant's most recently ended fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

Item 3.    Exhibits. 

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

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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/ J. David Officer 
   
    J. David Officer 
President
 
Date:    December 18, 2008 

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/ J. David Officer 
   
    J. David Officer 
President
 
Date:    December 18, 2008 

By:    /s/ James Windels 
   
    James Windels 
Treasurer
 
Date:    December 18, 2008 

EXHIBIT INDEX

      (a) 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)

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