# EDGAR Filing Document

**Accession Number:** 0000740766
**File Stem:** 0000740766-25-000016
**Filing Date:** 2025-6
**Character Count:** 230473
**Document Hash:** de7f512afc21beaadace770833d2276a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000740766-25-000016.hdr.sgml**: 20250613

**ACCESSION NUMBER**: 0000740766-25-000016

**CONFORMED SUBMISSION TYPE**: N-CSR/A

**PUBLIC DOCUMENT COUNT**: 39

**CONFORMED PERIOD OF REPORT**: 20250131

**FILED AS OF DATE**: 20250613

**DATE AS OF CHANGE**: 20250613

**EFFECTIVENESS DATE**: 20250613

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** DREYFUS GOVERNMENT CASH MANAGEMENT FUNDS
- **CENTRAL INDEX KEY:** 0000740766

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **FISCAL YEAR END:** 0131

**FILING VALUES:**
- **FORM TYPE:** N-CSR/A
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03964
- **FILM NUMBER:** 251045466

**BUSINESS ADDRESS:**
- **STREET 1:** C/O BNY MELLON INVESTMENT ADVISER, INC.
- **STREET 2:** 240 GREENWICH STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10286
- **BUSINESS PHONE:** 2129226400

**MAIL ADDRESS:**
- **STREET 1:** C/O BNY MELLON INVESTMENT ADVISER, INC.
- **STREET 2:** 240 GREENWICH STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10286

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DREYFUS GOVERNMENT CASH MANAGEMENT Funds
- **DATE OF NAME CHANGE:** 20040720

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DREYFUS GOVERNMENT CASH MANAGEMENT
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DREYFUS GOVERNMENT CASH MANAGEMENT INC
- **DATE OF NAME CHANGE:** 19880425

## Series and Classes Contracts Data

### Dreyfus Government Cash Management (Series ID: S000000128)

| Class ID   | Class Name                                                 | Ticker Symbol   |
|:---|:---|:---|
| C000000286 | dreyfus government cash management - Investor Shares       | DGVXX           |
| C000000287 | dreyfus government cash mangement - Institutional Shares   | DGCXX           |
| C000000288 | dreyfus government cash management - Administrative Shares | DAGXX           |
| C000000289 | Dreyfus Government Cash Management - Participant Shares    | DPGXX           |
| C000223301 | Dreyfus Government Cash Management - Service Shares        | DGUXX           |
| C000223302 | Dreyfus Government Cash Management - Wealth Shares         | DGQXX           |
| C000233952 | Dreyfus Government Cash Management - BOLD Shares           | DBLXX           |
| C000243326 | Dreyfus Government Cash Management-SPARK Shares            | SPKXX           |
| C000250287 | Dreyfus Government Cash Management - BOLD Future Shares    | DBFXX           |

### Dreyfus Government Securities Cash Management (Series ID: S000000129)

| Class ID   | Class Name                                                            | Ticker Symbol   |
|:---|:---|:---|
| C000000290 | Dreyfus Government Securities Cash Management - Investor Shares       | DVPXX           |
| C000000291 | Dreyfus Government Securities Cash Management - Institutional Shares  | DIPXX           |
| C000000292 | Dreyfus Government Securities Cash Management - Administrative Shares | DAPXX           |
| C000000293 | Dreyfus Government Securities Cash Management - Participant Shares    | DGPXX           |

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#### 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:
&nbsp;&nbsp;&nbsp;&nbsp;(212) 922-6400

#### Date of fiscal year end:

#### 1/31

#### Date of reporting period:

#### 1/31/25
ITEM 1 - Reports to Stockholders

![TSR - Dreyfus logo](images_27198.jpg)

Dreyfus Government Cash Management

#### ANNUAL SHAREHOLDER REPORT

#### January 31, 2025

#### Institutional Shares – DGCXX
This annual shareholder report contains important information about Dreyfus Government Cash Management (the "Fund") for the period of February 1, 2024 to January 31, 2025. 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.

#### What were the Fund's costs for the last year ?
(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<sup>\*</sup> | $17 | 0.17% |

---

\* 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.

 **KEY FUND STATISTICS (AS OF 1/31/25)**

---

| | | |
|:---|:---|:---|
| **<br> Fund Size (Millions)** | **<br> Number of Holdings** | **Total Advisory Fee Paid During<br> Period** |
| $138651 | 169 | $198150413 |

---

&nbsp;&nbsp;Not FDIC Insured. Not Bank-Guaranteed. May Lose Value

 **Portfolio Holdings (as of 1/31/25)**

 **Allocation of Holdings (Based on Net Assets)**

![Graphical Representation - Top N Holdings Chart](chartimages_9562326.jpg)

 **For additional information about the Fund, including its prospectus, financial information and portfolio holdings, please visit** www.dreyfus.com/products/mm.html#overview **.**© 2025 **BNY Mellon Securities Corporation**, Distributor,

240 Greenwich Street, 9th Floor, New York, NY 10286

Code-0289AR0125

![TSR - Dreyfus logo](images_27198.jpg)

Dreyfus Government Cash Management

#### ANNUAL SHAREHOLDER REPORT

#### January 31, 2025

#### Investor Shares – DGVXX
This annual shareholder report contains important information about Dreyfus Government Cash Management (the "Fund") for the period of February 1, 2024 to January 31, 2025. 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.

#### What were the Fund's costs for the last year ?
(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<sup>\*</sup> | $43 | 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.

 **KEY FUND STATISTICS (AS OF 1/31/25)**

---

| | | |
|:---|:---|:---|
| **<br> Fund Size (Millions)** | **<br> Number of Holdings** | **Total Advisory Fee Paid During<br> Period** |
| $138651 | 169 | $198150413 |

---

&nbsp;&nbsp;Not FDIC Insured. Not Bank-Guaranteed. May Lose Value

 **Portfolio Holdings (as of 1/31/25)**

 **Allocation of Holdings (Based on Net Assets)**

![Graphical Representation - Top N Holdings Chart](chartimages_9562328.jpg)

 **For additional information about the Fund, including its prospectus, financial information and portfolio holdings, please visit** www.dreyfus.com/products/mm.html#overview **.**© 2025 **BNY Mellon Securities Corporation**, Distributor,

240 Greenwich Street, 9th Floor, New York, NY 10286

Code-0672AR0125

![TSR - Dreyfus logo](images_27198.jpg)

Dreyfus Government Cash Management

#### ANNUAL SHAREHOLDER REPORT

#### January 31, 2025

#### Administrative Shares – DAGXX
This annual shareholder report contains important information about Dreyfus Government Cash Management (the "Fund") for the period of February 1, 2024 to January 31, 2025. 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.

#### What were the Fund's costs for the last year ?
(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<sup>\*</sup> | $28 | 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.

**KEY FUND STATISTICS (AS OF 1/31/25)**

---

| | | |
|:---|:---|:---|
| **<br>Fund Size (Millions)** | **<br>Number of Holdings** | **Total Advisory Fee Paid During<br>Period** |
| $138651 | 169 | $198150413 |

---

&nbsp;&nbsp;Not FDIC Insured. Not Bank-Guaranteed. May Lose Value

**Portfolio Holdings (as of 1/31/25)**

**Allocation of Holdings (Based on Net Assets)**

![Graphical Representation - Top N Holdings Chart](chartimages_9562325.jpg)

**For additional information about the Fund, including its prospectus, financial information and portfolio holdings, please visit** www.dreyfus.com/products/mm.html#overview **.**© 2025 **BNY Mellon Securities Corporation**, Distributor,

240 Greenwich Street, 9th Floor, New York, NY 10286

Code-0567AR0125

![TSR - Dreyfus logo](images_27198.jpg)

Dreyfus Government Cash Management

#### ANNUAL SHAREHOLDER REPORT

#### January 31, 2025

#### Participant Shares – DPGXX
This annual shareholder report contains important information about Dreyfus Government Cash Management (the "Fund") for the period of February 1, 2024 to January 31, 2025. 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.

#### What were the Fund's costs for the last year ?
(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<sup>\*</sup> | $58 | 0.57% |

---

\* 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.

 **KEY FUND STATISTICS (AS OF 1/31/25)**

---

| | | |
|:---|:---|:---|
| **<br> Fund Size (Millions)** | **<br> Number of Holdings** | **Total Advisory Fee Paid During<br> Period** |
| $138651 | 169 | $198150413 |

---

&nbsp;&nbsp;Not FDIC Insured. Not Bank-Guaranteed. May Lose Value

 **Portfolio Holdings (as of 1/31/25)**

 **Allocation of Holdings (Based on Net Assets)**

![Graphical Representation - Top N Holdings Chart](chartimages_9562329.jpg)

 **For additional information about the Fund, including its prospectus, financial information and portfolio holdings, please visit** www.dreyfus.com/products/mm.html#overview **.**© 2025 **BNY Mellon Securities Corporation**, Distributor,

240 Greenwich Street, 9th Floor, New York, NY 10286

Code-0597AR0125

![TSR - Dreyfus logo](images_27198.jpg)

Dreyfus Government Cash Management

#### ANNUAL SHAREHOLDER REPORT

#### January 31, 2025

#### Wealth Shares – DGQXX
This annual shareholder report contains important information about Dreyfus Government Cash Management (the "Fund") for the period of February 1, 2024 to January 31, 2025. 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.

#### What were the Fund's costs for the last year ?
(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<sup>\*</sup> | $43 | 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.

 **KEY FUND STATISTICS (AS OF 1/31/25)**

---

| | | |
|:---|:---|:---|
| **<br> Fund Size (Millions)** | **<br> Number of Holdings** | **Total Advisory Fee Paid During<br> Period** |
| $138651 | 169 | $198150413 |

---

&nbsp;&nbsp;Not FDIC Insured. Not Bank-Guaranteed. May Lose Value

 **Portfolio Holdings (as of 1/31/25)**

 **Allocation of Holdings (Based on Net Assets)**

![Graphical Representation - Top N Holdings Chart](chartimages_9562332.jpg)

 **For additional information about the Fund, including its prospectus, financial information and portfolio holdings, please visit** www.dreyfus.com/products/mm.html#overview **.**© 2025 **BNY Mellon Securities Corporation**, Distributor,

240 Greenwich Street, 9th Floor, New York, NY 10286

Code-6349AR0125

![TSR - Dreyfus logo](images_27198.jpg)

Dreyfus Government Cash Management

#### ANNUAL SHAREHOLDER REPORT

#### January 31, 2025

#### Service Shares – DGUXX
This annual shareholder report contains important information about Dreyfus Government Cash Management (the "Fund") for the period of February 1, 2024 to January 31, 2025. 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.

#### What were the Fund's costs for the last year ?
(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<sup>\*</sup> | $99 | 0.97% |

---

\* 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.

 **KEY FUND STATISTICS (AS OF 1/31/25)**

---

| | | |
|:---|:---|:---|
| **<br> Fund Size (Millions)** | **<br> Number of Holdings** | **Total Advisory Fee Paid During<br> Period** |
| $138651 | 169 | $198150413 |

---

&nbsp;&nbsp;Not FDIC Insured. Not Bank-Guaranteed. May Lose Value

 **Portfolio Holdings (as of 1/31/25)**

 **Allocation of Holdings (Based on Net Assets)**

![Graphical Representation - Top N Holdings Chart](chartimages_9562330.jpg)

 **For additional information about the Fund, including its prospectus, financial information and portfolio holdings, please visit** www.dreyfus.com/products/mm.html#overview **.**© 2025 **BNY Mellon Securities Corporation**, Distributor,

240 Greenwich Street, 9th Floor, New York, NY 10286

Code-6348AR0125

![TSR - Dreyfus logo](images_27198.jpg)

Dreyfus Government Cash Management

#### ANNUAL SHAREHOLDER REPORT

#### January 31, 2025

#### BOLD<sup>®</sup> Shares – DBLXX
This annual shareholder report contains important information about Dreyfus Government Cash Management (the "Fund") for the period of February 1, 2024 to January 31, 2025. 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.

#### What were the Fund's costs for the last year ?
(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<sup>®</sup>Shares<sup>\*</sup> | $17 | 0.17% |

---

\* 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.

**KEY FUND STATISTICS (AS OF 1/31/25)**

---

| | | |
|:---|:---|:---|
| **<br>Fund Size (Millions)** | **<br>Number of Holdings** | **Total Advisory Fee Paid During<br>Period** |
| $138651 | 169 | $198150413 |

---

&nbsp;&nbsp;Not FDIC Insured. Not Bank-Guaranteed. May Lose Value

**Portfolio Holdings (as of 1/31/25)**

**Allocation of Holdings (Based on Net Assets)**

![Graphical Representation - Top N Holdings Chart](chartimages_9562327.jpg)

**For additional information about the Fund, including its prospectus, financial information and portfolio holdings, please visit** www.dreyfus.com/products/mm.html#overview **.**© 2025 **BNY Mellon Securities Corporation**, Distributor,

240 Greenwich Street, 9th Floor, New York, NY 10286

Code-6356AR0125

![TSR - Dreyfus logo](images_27198.jpg)

Dreyfus Government Cash Management

#### ANNUAL SHAREHOLDER REPORT

#### January 31, 2025

#### SPARK℠ Shares – SPKXX
This annual shareholder report contains important information about Dreyfus Government Cash Management (the "Fund") for the period of February 1, 2024 to January 31, 2025. 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.

#### What were the Fund's costs for the last year ?
(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<sup>\*</sup> | $18 | 0.18% |

---

\* 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.

**KEY FUND STATISTICS (AS OF 1/31/25)**

---

| | | |
|:---|:---|:---|
| **<br>Fund Size (Millions)** | **<br>Number of Holdings** | **Total Advisory Fee Paid During<br>Period** |
| $138651 | 169 | $198150413 |

---

&nbsp;&nbsp;Not FDIC Insured. Not Bank-Guaranteed. May Lose Value

**Portfolio Holdings (as of 1/31/25)**

**Allocation of Holdings (Based on Net Assets)**

![Graphical Representation - Top N Holdings Chart](chartimages_9562331.jpg)

**For additional information about the Fund, including its prospectus, financial information and portfolio holdings, please visit** www.dreyfus.com/products/mm.html#overview **.**© 2025 **BNY Mellon Securities Corporation**, Distributor,

240 Greenwich Street, 9th Floor, New York, NY 10286

Code-4147AR0125

![TSR - Dreyfus logo](images_27198.jpg)

Dreyfus Government Cash Management

#### ANNUAL SHAREHOLDER REPORT

#### January 31, 2025

#### BOLD<sup>®</sup> Future Shares – DBFXX
This annual shareholder report contains important information about Dreyfus Government Cash Management (the "Fund") for the period of June 4, 2024, the commencement of the Fund's BOLD<sup>®</sup> Future Shares, to January 31, 2025. 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 year ?
(based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
| **Share Class** | **Costs of a $10,000 investment** |
| BOLD<sup>®</sup> Future Shares<sup>\*</sup> | $32 0.47%<sup>\*\*</sup> |

---

\* 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. <br> \*\* Annualized.

**KEY FUND STATISTICS (AS OF 1/31/25)**

---

| | | |
|:---|:---|:---|
| **<br>Fund Size (Millions)** | **<br>Number of Holdings** | **Total Advisory Fee Paid During<br>Period** |
| $138651 | 169 | $198150413 |

---

&nbsp;&nbsp;Not FDIC Insured. Not Bank-Guaranteed. May Lose Value

**Portfolio Holdings (as of 1/31/25)**

**Allocation of Holdings (Based on Net Assets)**

![Graphical Representation - Top N Holdings Chart](chartimages_9682693.jpg)

**How has the Fund changed?**

* On June 4, 2024, the Fund commenced offering BOLD<sup>®</sup> Future Shares.

**This is a summary of certain changes to the Fund since June 4, 2024 . For more complete information, you may review the Fund's next prospectus, which we expect to be available by May 31, 2025 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 **.**© 2025 **BNY Mellon Securities Corporation**, Distributor,

240 Greenwich Street, 9th Floor, New York, NY 10286

Code-6358AR0125

![TSR - Dreyfus logo](images_27198.jpg)

Dreyfus Government Securities Cash Management

#### ANNUAL SHAREHOLDER REPORT

#### January 31, 2025

#### Institutional Shares – DIPXX
This annual shareholder report contains important information about Dreyfus Government Securities Cash Management (the "Fund") for the period of February 1, 2024 to January 31, 2025. 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.

#### What were the Fund's costs for the last year ?
(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<sup>\*</sup> | $21 | 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.

 **KEY FUND STATISTICS (AS OF 1/31/25)**

---

| | | |
|:---|:---|:---|
| **<br> Fund Size (Millions)** | **<br> Number of Holdings** | **Total Advisory Fee Paid During<br> Period** |
| $4375 | 89 | $8002399 |

---

&nbsp;&nbsp;Not FDIC Insured. Not Bank-Guaranteed. May Lose Value

 **Portfolio Holdings (as of 1/31/25)**

 **Allocation of Holdings (Based on Net Assets)**

![Graphical Representation - Top N Holdings Chart](chartimages_9562334.jpg)

 **For additional information about the Fund, including its prospectus, financial information and portfolio holdings, please visit** www.dreyfus.com/products/mm.html#overview **.**© 2025 **BNY Mellon Securities Corporation**, Distributor,

240 Greenwich Street, 9th Floor, New York, NY 10286

Code-0227AR0125

![TSR - Dreyfus logo](images_27198.jpg)

Dreyfus Government Securities Cash Management

#### ANNUAL SHAREHOLDER REPORT

#### January 31, 2025

#### Investor Shares – DVPXX
This annual shareholder report contains important information about Dreyfus Government Securities Cash Management (the "Fund") for the period of February 1, 2024 to January 31, 2025. 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.

#### What were the Fund's costs for the last year ?
(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<sup>\*</sup> | $46 | 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.

**KEY FUND STATISTICS (AS OF 1/31/25)**

---

| | | |
|:---|:---|:---|
| **<br>Fund Size (Millions)** | **<br>Number of Holdings** | **Total Advisory Fee Paid During<br>Period** |
| $4375 | 89 | $8002399 |

---

&nbsp;&nbsp;Not FDIC Insured. Not Bank-Guaranteed. May Lose Value

**Portfolio Holdings (as of 1/31/25)**

**Allocation of Holdings (Based on Net Assets)**

![Graphical Representation - Top N Holdings Chart](chartimages_9562335.jpg)

**For additional information about the Fund, including its prospectus, financial information and portfolio holdings, please visit** www.dreyfus.com/products/mm.html#overview **.**© 2025 **BNY Mellon Securities Corporation**, Distributor,

240 Greenwich Street, 9th Floor, New York, NY 10286

Code-0610AR0125

![TSR - Dreyfus logo](images_27198.jpg)

Dreyfus Government Securities Cash Management

#### ANNUAL SHAREHOLDER REPORT

#### January 31, 2025

#### Administrative Shares – DAPXX
This annual shareholder report contains important information about Dreyfus Government Securities Cash Management (the "Fund") for the period of February 1, 2024 to January 31, 2025. 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.

#### What were the Fund's costs for the last year ?
(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<sup>\*</sup> | $31 | 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.

 **KEY FUND STATISTICS (AS OF 1/31/25)**

---

| | | |
|:---|:---|:---|
| **<br> Fund Size (Millions)** | **<br> Number of Holdings** | **Total Advisory Fee Paid During<br> Period** |
| $4375 | 89 | $8002399 |

---

&nbsp;&nbsp;Not FDIC Insured. Not Bank-Guaranteed. May Lose Value

 **Portfolio Holdings (as of 1/31/25)**

 **Allocation of Holdings (Based on Net Assets)**

![Graphical Representation - Top N Holdings Chart](chartimages_9562333.jpg)

 **For additional information about the Fund, including its prospectus, financial information and portfolio holdings, please visit** www.dreyfus.com/products/mm.html#overview **.**© 2025 **BNY Mellon Securities Corporation**, Distributor,

240 Greenwich Street, 9th Floor, New York, NY 10286

Code-0557AR0125

![TSR - Dreyfus logo](images_27198.jpg)

Dreyfus Government Securities Cash Management

#### ANNUAL SHAREHOLDER REPORT

#### January 31, 2025

#### Participant Shares – DGPXX
This annual shareholder report contains important information about Dreyfus Government Securities Cash Management (the "Fund") for the period of February 1, 2024 to January 31, 2025. 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.

#### What were the Fund's costs for the last year ?
(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<sup>\*</sup> | $61 | 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.

 **KEY FUND STATISTICS (AS OF 1/31/25)**

---

| | | |
|:---|:---|:---|
| **<br> Fund Size (Millions)** | **<br> Number of Holdings** | **Total Advisory Fee Paid During<br> Period** |
| $4375 | 89 | $8002399 |

---

&nbsp;&nbsp;Not FDIC Insured. Not Bank-Guaranteed. May Lose Value

 **Portfolio Holdings (as of 1/31/25)**

 **Allocation of Holdings (Based on Net Assets)**

![Graphical Representation - Top N Holdings Chart](chartimages_9562336.jpg)

 **For additional information about the Fund, including its prospectus, financial information and portfolio holdings, please visit** www.dreyfus.com/products/mm.html#overview **.**© 2025 **BNY Mellon Securities Corporation**, Distributor,

240 Greenwich Street, 9th Floor, New York, NY 10286

Code-0587AR0125

------

**Item 2.** **Code of Ethics.**

The Registrant has adopted a code of ethics that applies to the Registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. There have been no amendments to, or waivers in connection with, the Code of Ethics during the period covered by this Report.

**Item 3.** **Audit Committee Financial Expert.**

The Registrant's Board has determined that J. Charles Cardona, a member of the Audit Committee of the Board, is an audit committee financial expert as defined by the Securities and Exchange Commission (the "SEC"). Mr. Cardona is "independent" as defined by the SEC for purposes of audit committee financial expert determinations.

**Item 4.** **Principal Accountant Fees and Services.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Audit Fees</u>. The aggregate fees billed for each of the last two fiscal years (the "Reporting Periods") for professional services rendered by the Registrant's principal accountant (the "Auditor") for the audit of the Registrant's annual financial statements or services that are normally provided by the Auditor in connection with the statutory and regulatory filings or engagements for the Reporting Periods, were $73,972 in 2024 and $75,450 in 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Audit-Related Fees</u>. The aggregate fees billed in the Reporting Periods for assurance and related services by the Auditor that are reasonably related to the performance of the audit of the Registrant's financial statements and are not reported under paragraph (a) of this Item 4 were $19,451 in 2024 and $14,958 in 2025. These services consisted of one or more of the following: (i) agreed upon procedures related to compliance with Internal Revenue Code section 817(h), (ii) security counts required by Rule 17f-2 under the Investment Company Act of 1940, as amended, (iii) advisory services as to the accounting or disclosure treatment of Registrant transactions or events and (iv) advisory services to the accounting or disclosure treatment of the actual or potential impact to the Registrant of final or proposed rules, standards or interpretations by the Securities and Exchange Commission, the Financial Accounting Standards Boards or other regulatory or standard-setting bodies.

The aggregate fees billed in the Reporting Periods for non-audit assurance and related services by the Auditor to the Registrant's investment adviser (not including any sub-investment adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the Registrant ("Service Affiliates"), that were reasonably related to the performance of the annual audit of the Service Affiliate, which required pre-approval by the Audit Committee were $0 in 2024 and $0 in 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Tax Fees</u>. The aggregate fees billed in the Reporting Periods for professional services rendered by the Auditor for tax compliance, tax advice, and tax planning ("Tax Services") were $6,685 in 2024 and $6,684 in 2025. These services consisted of: (i) review or preparation of U.S. federal, state, local and excise tax returns; (ii) U.S. federal, state and local tax planning, advice and assistance regarding statutory, regulatory or administrative developments; (iii) tax advice regarding tax qualification matters and/or treatment of various financial instruments held or proposed to be acquired or held, and (iv) determination of Passive Foreign Investment Companies. The aggregate fees billed in the Reporting Periods for Tax Services by the Auditor to Service Affiliates, which required pre-approval by the Audit Committee were $14,947 in 2024 and $15,597 in 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>All Other Fees</u>. The aggregate fees billed in the Reporting Periods for products and services provided by the Auditor, other than the services reported in paragraphs (a) through (c) of this Item, were $2,204 in

2024 and $2,615 in 2025. These services consisted of a review of the Registrant's anti-money laundering program.

The aggregate fees billed in the Reporting Periods for Non-Audit Services by the Auditor to Service Affiliates, other than the services reported in paragraphs (b) through (c) of this Item, which required pre-approval by the Audit Committee, were $0 in 2024 and $0 in 2025.

(e)(1) <u>Audit Committee Pre-Approval Policies and Procedures</u>. The Registrant's Audit Committee has established policies and procedures (the "Policy") for pre-approval (within specified fee limits) of the Auditor's engagements for non-audit services to the Registrant and Service Affiliates without specific case-by-case consideration. The pre-approved services in the Policy can include pre-approved audit services, pre-approved audit-related services, pre-approved tax services and pre-approved all other services. Pre-approval considerations include whether the proposed services are compatible with maintaining the Auditor's independence. Pre-approvals pursuant to the Policy are considered annually.

(e)(2) <u>Note</u>. None of the services described in paragraphs (b) through (d) of this Item 4 were approved by the Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) None of the hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant's full-time, permanent employees.

<u>Non-Audit Fees</u>. The aggregate non-audit fees billed by the Auditor for services rendered to the Registrant, and rendered to Service Affiliates, for the Reporting Periods were $2,053,820 in 2024 and $1,425,815 in 2025.

<u>Auditor Independence</u>. The Registrant's Audit Committee has considered whether the provision of non-audit services that were rendered to Service Affiliates, which were not pre-approved (not requiring pre-approval), is compatible with maintaining the Auditor's independence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Not applicable.

**Item 5.** **Audit Committee of Listed Registrants.**

Not applicable.

**Item 6.** **Investments.**

Not applicable.

![](img693319b31.gif)

![](imgf46c11272.gif)

Dreyfus Government Cash Management

**ANNUAL FINANCIALS AND OTHER INFORMATION**

January 31, 2025

---

| | |
|:---|:---|
| **Share Class** | **Ticker** |
| Institutional Shares | DGCXX |
| Investor Shares | DGVXX |
| Administrative Shares | DAGXX |
| Participant Shares | DPGXX |
| Wealth Shares | DGQXX |
| Service Shares | DGUXX |
| BOLD® Shares | DBLXX |
| SPARK<sup>SM</sup> Shares | SPKXX |
| BOLD® Future Shares | DBFXX |

---

![](img4cd7c3673.gif)

------

**IMPORTANT NOTICE – CHANGES TO ANNUAL AND SEMI-ANNUAL REPORTS**

The Securities and Exchange Commission (the "SEC") has adopted rule and form amendments which have resulted in changes to the design and delivery of annual and semi-annual fund reports ("Reports"). Reports are now streamlined to highlight key information. Certain information previously included in Reports, including financial statements, no longer appear in the Reports but will be available online within the Semi-Annual and Annual Financials and Other Information, delivered free of charge to shareholders upon request, and filed with the SEC.

------

**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 Annual Financials and Other Information only contains Items 7-11 required in Form N-CSR. All other required items will be filed with the SEC.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Item 7. Financial Statements and Financial Highlights for Open-End Management](#xx_a3dc5d9d-37bf-4a7f-ac83-6e4e677ed2da_SOI-Commoncontent-4690_1)**<br> **[Investment Companies](#xx_a3dc5d9d-37bf-4a7f-ac83-6e4e677ed2da_SOI-Commoncontent-4690_1)**<br>| 3 |
| [Statement of Investments](#xx_a3dc5d9d-37bf-4a7f-ac83-6e4e677ed2da_SOI-Commoncontent-4690_1) | 3 |
| [Statement of Assets and Liabilities](#xx_a3dc5d9d-37bf-4a7f-ac83-6e4e677ed2da_FS-Commoncontent-4690_1) | 12 |
| [Statement of Operations](#xx_a3dc5d9d-37bf-4a7f-ac83-6e4e677ed2da_FS-Commoncontent-4690_2) | 13 |
| [Statement of Changes in Net Assets](#xx_a3dc5d9d-37bf-4a7f-ac83-6e4e677ed2da_FS-Commoncontent-4690_3) | 14 |
| [Financial Highlights](#xx_a3dc5d9d-37bf-4a7f-ac83-6e4e677ed2da_FIHI-Commoncontent-4690_1) | 16 |
| [Notes to Financial Statements](#xx_a3dc5d9d-37bf-4a7f-ac83-6e4e677ed2da_NTF-Commoncontent-4690_1) | 25 |
| [Report of Independent Registered Public Accounting Firm](#xx_a3dc5d9d-37bf-4a7f-ac83-6e4e677ed2da_AUD-Commoncontent-4690_1) | 31 |
| [Important Tax Information](#xx_a3dc5d9d-37bf-4a7f-ac83-6e4e677ed2da_ITI-Commoncontent-4690_1) | 32 |
| **[Item 8. Changes in and Disagreements with Accountants for Open-End Management](#xx_a3dc5d9d-37bf-4a7f-ac83-6e4e677ed2da_CDA-Commoncontent-4690_1)**<br> **[Investment Companies](#xx_a3dc5d9d-37bf-4a7f-ac83-6e4e677ed2da_CDA-Commoncontent-4690_1)**<br>| 33 |
| **[Item 9. Proxy Disclosures for Open-End Management Investment Companies](#xx_a3dc5d9d-37bf-4a7f-ac83-6e4e677ed2da_PRXD-Commoncontent-4690_1)** | 34 |
| **[Item 10. Remuneration Paid to Directors, Officers, and Other of Open-End](#xx_a3dc5d9d-37bf-4a7f-ac83-6e4e677ed2da_RMNP-Commoncontent-4690_1)**<br> **[Management Investment Companies](#xx_a3dc5d9d-37bf-4a7f-ac83-6e4e677ed2da_RMNP-Commoncontent-4690_1)**<br>| 35 |
| **[Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_a3dc5d9d-37bf-4a7f-ac83-6e4e677ed2da_AAA-Commoncontent-4690_1)** | 36 |

---

------

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

Dreyfus Government Cash Management

Statement of Investments

January 31, 2025

------

---

| | | | |
|:---|:---|:---|:---|
| Description | Annualized <br>Yield (%)<br>| Principal <br>Amount ($)<br>| Value ($) |
| **U.S. Government Agencies Obligations — 16.3%** |  |  |  |
| **Federal Farm Credit Banks:** |  |  |  |
| 2/3/2025, Bonds (3 Month SOFR + 0.02%)<sup>(a)</sup> <br>| 4.38 | 102500000 | 102500000 |
| 2/3/2025, Bonds (3 Month SOFR + 0.10%)<sup>(a)</sup> <br>| 4.46 | 71500000 | 71500000 |
| 2/3/2025, Bonds (3 Month SOFR + 0.14%)<sup>(a)</sup> <br>| 4.50 | 53500000 | 53500000 |
| 2/3/2025, Bonds (3 Month SOFR + 0.14%)<sup>(a)</sup> <br>| 4.50 | 64000000 | 64000000 |
| 2/3/2025, Bonds (3 Month SOFR + 0.14%)<sup>(a)</sup> <br>| 4.50 | 44000000 | 44000000 |
| 2/3/2025, Bonds (3 Month SOFR + 0.15%)<sup>(a)</sup> <br>| 4.51 | 95000000 | 95000000 |
| 2/3/2025, Bonds (3 Month SOFR + 0.15%)<sup>(a)</sup> <br>| 4.51 | 40000000 | 40000000 |
| 2/3/2025, Bonds (3 Month SOFR + 0.16%)<sup>(a)</sup> <br>| 4.52 | 30000000 | 30000000 |
| 2/3/2025, Bonds (3 Month SOFR + 0.16%)<sup>(a)</sup> <br>| 4.52 | 100000000 | 100000000 |
| **Federal Home Loan Banks:** |  |  |  |
| 2/3/2025, Bonds (3 Month SOFR + 0.01%)<sup>(a)</sup> <br>| 4.37 | 262700000 | 262700000 |
| 2/3/2025, Bonds (3 Month SOFR + 0.02%)<sup>(a)</sup> <br>| 4.38 | 552000000 | 552000000 |
| 2/3/2025, Bonds (3 Month SOFR + 0.02%)<sup>(a)</sup> <br>| 4.38 | 251000000 | 251000000 |
| 2/3/2025, Bonds (3 Month SOFR + 0.02%)<sup>(a)</sup> <br>| 4.38 | 358700000 | 358700000 |
| 2/3/2025, Bonds (3 Month SOFR + 0.02%)<sup>(a)</sup> <br>| 4.38 | 147500000 | 147500000 |
| 2/3/2025, Bonds (3 Month SOFR + 0.02%)<sup>(a)</sup> <br>| 4.38 | 441000000 | 441000000 |
| 2/3/2025, Bonds (3 Month SOFR + 0.02%)<sup>(a)</sup> <br>| 4.38 | 179000000 | 179000000 |
| 2/3/2025, Bonds (3 Month SOFR + 0.02%)<sup>(a)</sup> <br>| 4.38 | 217600000 | 217600000 |
| 2/3/2025, Bonds (3 Month SOFR + 0.14%)<sup>(a)</sup> <br>| 4.50 | 425000000 | 425000000 |
| 2/3/2025, Bonds (3 Month SOFR + 0.14%)<sup>(a)</sup> <br>| 4.50 | 80000000 | 80000000 |
| 2/3/2025, Bonds (3 Month SOFR + 0.14%)<sup>(a)</sup> <br>| 4.50 | 126000000 | 126000000 |
| 2/3/2025, Bonds (3 Month SOFR + 0.14%)<sup>(a)</sup> <br>| 4.50 | 143000000 | 143000000 |
| 2/3/2025, Bonds (3 Month SOFR + 0.14%)<sup>(a)</sup> <br>| 4.50 | 250000000 | 250000000 |
| 2/3/2025, Bonds (3 Month SOFR + 0.14%)<sup>(a)</sup> <br>| 4.50 | 190000000 | 190000000 |
| 2/3/2025, Bonds (3 Month SOFR + 0.14%)<sup>(a)</sup> <br>| 4.50 | 91000000 | 91000000 |
| 2/3/2025, Bonds (3 Month SOFR + 0.15%)<sup>(a)</sup> <br>| 4.51 | 100000000 | 100000000 |
| 2/3/2025, Bonds (3 Month SOFR + 0.15%)<sup>(a)</sup> <br>| 4.51 | 378000000 | 378000000 |
| 2/3/2025, Bonds (3 Month SOFR + 0.15%)<sup>(a)</sup> <br>| 4.51 | 274000000 | 274000000 |
| 2/3/2025, Bonds (3 Month SOFR + 0.16%)<sup>(a)</sup> <br>| 4.52 | 300000000 | 300000000 |
| 2/3/2025, Bonds (3 Month SOFR + 0.16%)<sup>(a)</sup> <br>| 4.52 | 305000000 | 305000000 |
| 2/3/2025, Bonds (3 Month SOFR + 0.16%)<sup>(a)</sup> <br>| 4.52 | 250000000 | 250000000 |
| 2/3/2025, Bonds (3 Month SOFR + 0.16%)<sup>(a)</sup> <br>| 4.52 | 387000000 | 387000000 |
| 2/3/2025, Bonds (3 Month SOFR + 0.16%)<sup>(a)</sup> <br>| 4.52 | 555000000 | 555000000 |
| 2/3/2025, Bonds (3 Month SOFR + 0.19%)<sup>(a)</sup> <br>| 4.55 | 250000000 | 250000000 |
| 2/3/2025, Bonds, Ser. 1 (3 Month SOFR + 0.01%)<sup>(a)</sup> <br>| 4.37 | 177000000 | 177000000 |
| 2/3/2025, Bonds, Ser. 1 (3 Month SOFR + 0.01%)<sup>(a)</sup> <br>| 4.37 | 273000000 | 273000000 |
| 2/3/2025, Bonds, Ser. 1 (3 Month SOFR + 0.01%)<sup>(a)</sup> <br>| 4.37 | 250000000 | 250000000 |
| 2/3/2025, Bonds, Ser. 1 (3 Month SOFR + 0.02%)<sup>(a)</sup> <br>| 4.38 | 398300000 | 398300000 |
| 2/3/2025, Bonds, Ser. 1 (3 Month SOFR + 0.08%)<sup>(a)</sup> <br>| 4.44 | 292500000 | 292500000 |
| 2/3/2025, Bonds, Ser. 1 (3 Month SOFR + 0.14%)<sup>(a)</sup> <br>| 4.50 | 328000000 | 328000000 |
| 2/3/2025, Bonds, Ser. 1 (3 Month SOFR + 0.16%)<sup>(a)</sup> <br>| 4.52 | 757000000 | 757000000 |
| 2/3/2025, Bonds, Ser. 2 (3 Month SOFR + 0.01%)<sup>(a)</sup> <br>| 4.37 | 178500000 | 178500000 |
| 2/3/2025, Bonds, Ser. 2 (3 Month SOFR + 0.01%)<sup>(a)</sup> <br>| 4.37 | 351800000 | 351800000 |
| **Federal Home Loan Banks (continued):** |  |  |  |
| 2/3/2025, Bonds, Ser. 2 (3 Month SOFR + 0.02%)<sup>(a)</sup> <br>| 4.38 | 400000000 | 400000000 |
| 2/3/2025, Bonds, Ser. 2 (SOFR FLAT at Maturity)<sup>(a)</sup> <br>| 4.36 | 82000000 | 82000000 |
| 2/3/2025, Bonds, Ser. 3 (3 Month SOFR + 0.01%)<sup>(a)</sup> <br>| 4.37 | 273000000 | 273000000 |

---

**3**

------

Statement of Investments (continued)

------

---

| | | | |
|:---|:---|:---|:---|
| Description | Annualized<br> Yield (%)<br>| Principal<br> Amount ($)<br>| Value ($) |
| **U.S. Government Agencies Obligations — 16.3% (continued)** |  |  |  |
| 2/3/2025, Bonds, Ser. 3 (3 Month SOFR + 0.01%)<sup>(a)</sup> <br>| 4.37 | 353100000 | 353100000 |
| 2/3/2025, Bonds, Ser. 3 (3 Month SOFR + 0.01%)<sup>(a)</sup> <br>| 4.37 | 442600000 | 442600000 |
| 2/3/2025, Bonds, Ser. 3 (3 Month SOFR FLAT)<sup>(a)</sup> <br>| 4.36 | 385000000 | 385000000 |
| 2/3/2025, Bonds, Ser. 4 (3 Month SOFR FLAT)<sup>(a)</sup> <br>| 4.36 | 352500000 | 352500000 |
| 2/4/2025, Notes<sup>(b)</sup> <br>| 4.74 | 372500000 | 372355035 |
| 2/7/2025, Notes<sup>(b)</sup> <br>| 4.87 | 480000000 | 479616000 |
| 2/10/2025, Notes<sup>(b)</sup> <br>| 4.85 | 2235000000 | 2232330350 |
| 2/11/2025, Notes<sup>(b)</sup> <br>| 4.83 | 256000000 | 255661511 |
| 3/14/2025, Notes<sup>(b)</sup> <br>| 4.46 | 359600000 | 357808243 |
| 4/30/2025, Notes<sup>(b)</sup> <br>| 4.43 | 730000000 | 722291200 |
| 5/5/2025, Bonds | 5.20 | 728800000 | 728800000 |
| 5/12/2025, Bonds | 5.32 | 721000000 | 721000000 |
| 6/16/2025, Notes<sup>(b)</sup> <br>| 4.26 | 723000000 | 711775425 |
| 8/15/2025, Notes<sup>(b)</sup> <br>| 4.27 | 176000000 | 172077033 |
| 2/9/2026, Bonds | 4.42 | 767000000 | 767000000 |
| 2/9/2026, Bonds | 4.44 | 796000000 | 796000000 |
| **Federal Home Loan Mortgage Corporation:** |  |  |  |
| 2/3/2025, Notes (3 Month SOFR + 0.11%)<sup>(a),(c)</sup> <br>| 4.47 | 111700000 | 111700000 |
| 2/3/2025, Notes (3 Month SOFR + 0.12%)<sup>(a),(c)</sup> <br>| 4.48 | 183600000 | 183600000 |
| 2/3/2025, Notes (3 Month SOFR + 0.14%)<sup>(a),(c)</sup> <br>| 4.50 | 95000000 | 95000000 |
| 2/3/2025, Notes (3 Month SOFR + 0.14%)<sup>(a),(c)</sup> <br>| 4.50 | 354000000 | 354000000 |
| 2/3/2025, Notes (3 Month SOFR + 0.14%)<sup>(a),(c)</sup> <br>| 4.50 | 149000000 | 149000000 |
| **Federal National Mortgage Association:** |  |  |  |
| 2/3/2025, Notes (3 Month SOFR + 0.10%)<sup>(a),(c)</sup> <br>| 4.46 | 264800000 | 264800000 |
| 2/3/2025, Notes (3 Month SOFR + 0.14%)<sup>(a),(c)</sup> <br>| 4.50 | 165000000 | 165000000 |
| 2/3/2025, Notes (3 Month SOFR + 0.14%)<sup>(a),(c)</sup> <br>| 4.50 | 161000000 | 161000000 |
| 2/3/2025, Notes (3 Month SOFR + 0.14%)<sup>(a),(c)</sup> <br>| 4.50 | 175000000 | 175000000 |
| 2/3/2025, Notes (3 Month SOFR + 0.14%)<sup>(a),(c)</sup> <br>| 4.50 | 204000000 | 204000000 |
| **U.S. International Development Finance Corporation:** |  |  |  |
| 2/5/2025 (3 Month U.S. T-BILL FLAT)<sup>(a)</sup> <br>| 4.55 | 5000000 | 5000000 |
| 2/5/2025 (3 Month U.S. T-BILL FLAT)<sup>(a)</sup> <br>| 4.55 | 13125000 | 13125000 |
| 2/5/2025 (3 Month U.S. T-BILL FLAT)<sup>(a)</sup> <br>| 4.55 | 1263158 | 1263158 |
| 2/5/2025 (3 Month U.S. T-BILL FLAT)<sup>(a)</sup> <br>| 4.55 | 8750000 | 8750000 |
| 2/5/2025 (3 Month U.S. T-BILL FLAT)<sup>(a)</sup> <br>| 4.55 | 8305556 | 8305556 |
| 2/5/2025 (3 Month U.S. T-BILL FLAT)<sup>(a)</sup> <br>| 4.55 | 4375000 | 4375000 |
| 2/5/2025 (3 Month U.S. T-BILL FLAT)<sup>(a)</sup> <br>| 4.55 | 11846154 | 11846154 |
| **Total U.S. Government Agencies Obligations** <br>(cost $22,640,779,665)<br>|  |  | **22640779665** |
| **U.S. Treasury Bills — 27.9%** |  |  |  |
| 2/11/2025<sup>(b)</sup> <br>| 4.50 | 625000000 | 624230903 |
| 2/13/2025<sup>(b)</sup> <br>| 4.33 | 72000000 | 71897520 |
| 2/25/2025<sup>(b)</sup> <br>| 4.39 | 3302000000 | 3292491319 |
| 2/27/2025<sup>(b)</sup> <br>| 4.49 | 961000000 | 957935745 |
| 3/4/2025<sup>(b)</sup> <br>| 4.51 | 1315500000 | 1310481733 |
| 3/6/2025<sup>(b)</sup> <br>| 4.48 | 679100000 | 676360964 |
| 3/13/2025<sup>(b)</sup> <br>| 4.38 | 1399300000 | 1392614458 |
| 3/18/2025<sup>(b)</sup> <br>| 4.46 | 680000000 | 676285500 |
| 3/20/2025<sup>(b)</sup> <br>| 4.59 | 2552000000 | 2537006475 |
| 3/25/2025<sup>(b)</sup> <br>| 4.34 | 572000000 | 568488556 |
| 3/27/2025<sup>(b)</sup> <br>| 4.33 | 2066000000 | 2052860237 |
| 4/1/2025<sup>(b)</sup> <br>| 4.48 | 672000000 | 667165146 |

---

**4**

------

---

| | | | |
|:---|:---|:---|:---|
| Description | Annualized<br> Yield (%)<br>| Principal<br> Amount ($)<br>| Value ($) |
| **U.S. Treasury Bills — 27.9% (continued)** |  |  |  |
| 4/8/2025<sup>(b)</sup> <br>| 4.41 | 1025000000 | 1016891397 |
| 4/10/2025<sup>(b)</sup> <br>| 4.40 | 1388500000 | 1377205258 |
| 4/15/2025<sup>(b)</sup> <br>| 4.34 | 725000000 | 718766609 |
| 4/22/2025<sup>(b)</sup> <br>| 4.32 | 1310000000 | 1297715115 |
| 4/24/2025<sup>(b)</sup> <br>| 4.41 | 645000000 | 638667893 |
| 4/29/2025<sup>(b)</sup> <br>| 4.33 | 1400000000 | 1385688500 |
| 5/1/2025<sup>(b)</sup> <br>| 4.43 | 1023240000 | 1012299147 |
| 5/6/2025<sup>(b)</sup> <br>| 4.30 | 1250000000 | 1236307982 |
| 5/13/2025<sup>(b)</sup> <br>| 4.30 | 655000000 | 647300292 |
| 5/15/2025<sup>(b)</sup> <br>| 4.64 | 478000000 | 472105597 |
| 5/20/2025<sup>(b)</sup> <br>| 4.32 | 800000000 | 789895999 |
| 5/27/2025<sup>(b)</sup> <br>| 4.32 | 735000000 | 725127011 |
| 6/3/2025<sup>(b)</sup> <br>| 4.25 | 599100000 | 590802297 |
| 6/12/2025<sup>(b)</sup> <br>| 4.32 | 707000000 | 696194685 |
| 6/20/2025<sup>(b)</sup> <br>| 4.29 | 2100000000 | 2066269328 |
| 6/26/2025<sup>(b)</sup> <br>| 4.30 | 2066000000 | 2031299803 |
| 7/3/2025<sup>(b)</sup> <br>| 4.27 | 1322000000 | 1298919351 |
| 7/10/2025<sup>(b)</sup> <br>| 4.24 | 541240000 | 531415143 |
| 7/17/2025<sup>(b)</sup> <br>| 4.32 | 548000000 | 537437606 |
| 10/30/2025<sup>(b)</sup> <br>| 4.29 | 640000000 | 620247109 |
| 11/28/2025<sup>(b)</sup> <br>| 4.40 | 1078150000 | 1040504592 |
| 12/26/2025<sup>(b)</sup> <br>| 4.29 | 1645000000 | 1583999741 |
| 1/22/2026<sup>(b)</sup> <br>| 4.25 | 1650000000 | 1584509900 |
| **Total U.S. Treasury Bills** <br>(cost $38,727,388,911)<br>|  |  | **38727388911** |
| **U.S. Treasury Floating Rate Notes — 7.7%** |  |  |  |
| 2/4/2025 (3 Month USBMMY + 0.10%)<sup>(a)</sup> <br>| 4.34 | 1020000000 | 1020000000 |
| 2/4/2025 (3 Month USBMMY + 0.13%)<sup>(a)</sup> <br>| 4.36 | 868000000 | 867895690 |
| 2/4/2025 (3 Month USBMMY + 0.15%)<sup>(a)</sup> <br>| 4.39 | 2277000000 | 2277007013 |
| 2/4/2025 (3 Month USBMMY + 0.17%)<sup>(a)</sup> <br>| 4.41 | 50000000 | 49999644 |
| 2/4/2025 (3 Month USBMMY + 0.17%)<sup>(a)</sup> <br>| 4.41 | 1068000000 | 1068000000 |
| 2/4/2025 (3 Month USBMMY + 0.18%)<sup>(a)</sup> <br>| 4.42 | 1857000000 | 1855148974 |
| 2/4/2025 (3 Month USBMMY + 0.21%)<sup>(a)</sup> <br>| 4.44 | 1680000000 | 1681387091 |
| 2/4/2025 (3 Month USBMMY + 0.25%)<sup>(a)</sup> <br>| 4.48 | 1881000000 | 1881755415 |
| **Total U.S. Treasury Floating Rate Notes** <br>(cost $10,701,193,827)<br>|  |  | **10701193827** |
| **U.S. Treasury Notes — 1.1%** |  |  |  |
| 3/31/2025 | 0.50 | 410000000 | 407183479 |
| 10/31/2025 | 0.25 | 278800000 | 270443426 |
| 10/31/2025 | 5.00 | 193000000 | 193852028 |
| 11/30/2025 | 2.88 | 147000000 | 145242447 |
| 11/30/2025 | 0.38 | 188000000 | 182110126 |
| 11/30/2025 | 4.88 | 210000000 | 210847326 |
| 12/31/2025 | 0.38 | 140000000 | 135196113 |
| **Total U.S. Treasury Notes** <br>(cost $1,544,874,945)<br>|  |  | **1544874945** |
| **Repurchase Agreements — 41.0%** |  |  |  |
| ABN Amro Bank, Tri-Party Agreement thru BNY, dated 1/31/2025, due at <br> 2/3/2025 in the amount of $270,097,875 (fully collateralized by: U.S. Treasuries <br> (including strips), 0.38%-4.88%, due 11/30/2025-5/15/2047, valued at <br> $275,400,000)<br>| 4.35 | 270000000 | 270000000 |

---

**5**

------

Statement of Investments (continued)

------

---

| | | | |
|:---|:---|:---|:---|
| Description | Annualized<br> Yield (%)<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Repurchase Agreements — 41.0% (continued)** |  |  |  |
| Banco Santander SA, Tri-Party Agreement thru BNY, dated 1/31/2025, due at <br> 2/3/2025 in the amount of $438,156,220 (fully collateralized by: U.S. Treasuries <br> (including strips), 0.75%-4.63%, due 8/31/2026-2/15/2045, valued at <br> $446,760,059)<br>| 4.28 | 438000000 | 438000000 |
| Banco Santander SA, Tri-Party Agreement thru BNY, dated 1/31/2025, due at <br> 2/3/2025 in the amount of $697,249,178 (fully collateralized by: Federal Home <br> Loan Mortgage Corp-Agency Mortgage-Backed Securities, 2.00%-7.00%, due <br> 10/1/2039-2/1/2055, Federal National Mortgage Association-Agency Mortgage-<br> Backed Securities, 1.50%-8.50%, due 5/1/2025-2/1/2055, Government National <br> Mortgage Association-Agency Mortgage-Backed Securities, 2.00%-6.00%, due <br> 3/20/2037-5/20/2054, valued at $710,940,001)<br>| 4.29 | 697000000 | 697000000 |
| Banco Santander SA, Tri-Party Agreement thru BNY, dated 1/31/2025, due at <br> 2/3/2025 in the amount of $250,089,583 (fully collateralized by: Federal Home <br> Loan Mortgage Corp-Agency Mortgage-Backed Securities, 2.00%-7.00%, due <br> 8/1/2036-1/1/2055, Federal National Mortgage Association-Agency Mortgage-<br> Backed Securities, 3.00%-4.00%, due 12/1/2032-9/1/2055, valued at <br> $255,000,000)<br>| 4.30 | 250000000 | 250000000 |
| Banco Santander SA, Tri-Party Agreement thru BNY, dated 1/31/2025, due at <br> 2/3/2025 in the amount of $100,036,250 (fully collateralized by: Federal Home <br> Loan Mortgage Corp-Agency Mortgage-Backed Securities, 2.00%-9.00%, due <br> 11/1/2036-8/1/2054, Federal National Mortgage Association-Agency Mortgage-<br> Backed Securities, 2.00%-7.00%, due 11/1/2027-9/1/2057, Government <br> National Mortgage Association-Agency Mortgage-Backed Securities, 2.00%-<br> 6.50%, due 12/20/2030-11/20/2053, valued at $102,000,000)<br>| 4.35 | 100000000 | 100000000 |
| Banco Santander SA, Tri-Party Agreement thru BNY, dated 1/31/2025, due at <br> 2/3/2025 in the amount of $450,165,000 (fully collateralized by: Federal Home <br> Loan Mortgage Corp-Agency Collateralized Mortgage Obligation, 0.96%-4.76%, <br> due 8/25/2030-12/25/2049, Federal Home Loan Mortgage Corp-Agency <br> Mortgage-Backed Securities, 2.00%-6.00%, due 11/1/2034-3/1/2054, Federal <br> National Mortgage Association-Agency Collateralized Mortgage Obligation, <br> 0.01%-5.25%, due 5/25/2054-2/25/2055, Federal National Mortgage <br> Association-Agency Debentures and Agency Strips, 2.00%-3.00%, due 1/1/2033-<br> 7/1/2037, Federal National Mortgage Association-Agency Mortgage-Backed <br> Securities, 1.50%-7.50%, due 6/1/2028-9/1/2057, Government National <br> Mortgage Association-Agency Collateralized Mortgage Obligation, 0.00%-7.10%, <br> due 11/20/2042-12/20/2070, Government National Mortgage Association-<br> Agency Mortgage-Backed Securities, 1.50%-7.00%, due 2/20/2031-11/20/2054, <br> valued at $484,933,076)<br>| 4.40 | 450000000 | 450000000 |
| Bank of America Securities, Inc., Tri-Party Agreement thru BNY, dated 1/31/2025, <br> due at 2/3/2025 in the amount of $1,000,357,500 (fully collateralized <br> by: U.S. Treasuries (including strips), 0.00%-4.50%, due 7/15/2025-8/15/2053, <br> valued at $1,020,000,001)<br>| 4.29 | 1000000000 | 1000000000 |
| Bank of America Securities, Inc., Tri-Party Agreement thru BNY, dated 1/31/2025, <br> due at 2/3/2025 in the amount of $1,500,543,750 (fully collateralized <br> by: Federal Home Loan Mortgage Corp-Agency Collateralized Mortgage <br> Obligation, 0.00%-5.69%, due 8/15/2036-3/25/2061, Federal Home Loan <br> Mortgage Corp-Agency Debentures and Agency Strips, 0.00%-7.00%, due <br> 3/25/2045-2/25/2055, Federal National Mortgage Association-Agency <br> Collateralized Mortgage Obligation, 0.00%-6.00%, due 6/25/2033-2/25/2055, <br> Federal National Mortgage Association-Agency Mortgage-Backed Securities, <br> 0.18%-1.82%, due 5/25/2030-3/25/2035, Government National Mortgage <br> Association-Agency Collateralized Mortgage Obligation, 0.00%-7.00%, due <br> 2/20/2035-12/20/2074, valued at $1,620,000,001)<br>| 4.35 | 1500000000 | 1500000000 |

---

**6**

------

---

| | | | |
|:---|:---|:---|:---|
| Description | Annualized<br> Yield (%)<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Repurchase Agreements — 41.0% (continued)** |  |  |  |
| Bank of Montreal, Tri-Party Agreement thru BNY, dated 1/31/2025, due at <br> 2/3/2025 in the amount of $300,108,750 (fully collateralized by: Federal Home <br> Loan Mortgage Corp-Agency Collateralized Mortgage Obligation, 1.48%-1.68%, <br> due 3/15/2043-3/15/2049, Federal Home Loan Mortgage Corp-Agency <br> Debentures and Agency Strips, 0.00%-5.00%, due 4/25/2041-10/25/2054, <br> Federal National Mortgage Association-Agency Collateralized Mortgage <br> Obligation, 0.95%-6.50%, due 3/25/2046-10/25/2054, Government National <br> Mortgage Association-Agency Collateralized Mortgage Obligation, 0.00%-5.00%, <br> due 10/20/2044-8/20/2074, valued at $324,000,000)<br>| 4.35 | 300000000 | 300000000 |
| Bank of Nova Scotia, Tri-Party Agreement thru BNY, dated 1/31/2025, due at <br> 2/3/2025 in the amount of $500,181,250 (fully collateralized by: Federal <br> National Mortgage Association-Agency Mortgage-Backed Securities, 4.00%-<br> 5.50%, due 7/1/2041-7/1/2053, U.S. Treasuries (including strips), 0.75%-<br> 4.88%, due 4/30/2026-3/31/2029, valued at $510,184,917)<br>| 4.35 | 500000000 | 500000000 |
| Canadian Imperial Bank of Commerce, Tri-Party Agreement thru BNY, dated <br> 1/31/2025, due at 2/3/2025 in the amount of $700,253,167 (fully collateralized <br> by: U.S. Treasuries (including strips), 0.00%-4.88%, due 2/28/2025-<br> 11/15/2054, valued at $714,000,012)<br>| 4.34 | 700000000 | 700000000 |
| Credit Agricole CIB, Tri-Party Agreement thru BNY, dated 1/31/2025, due at <br> 2/3/2025 in the amount of $240,087,000 (fully collateralized by: Federal Home <br> Loan Mortgage Corp-Agency Mortgage-Backed Securities, 1.75%-6.50%, due <br> 10/1/2034-10/1/2053, Federal National Mortgage Association-Agency <br> Mortgage-Backed Securities, 1.40%-7.00%, due 6/1/2028-2/1/2054, <br> Government National Mortgage Association-Agency Collateralized Mortgage <br> Obligation, 3.50%-4.71%, due 10/20/2048-1/20/2052, U.S. Treasuries <br> (including strips), 0.00%, due 8/15/2053, valued at $248,156,629)<br>| 4.35 | 240000000 | 240000000 |
| Credit Agricole CIB, Tri-Party Agreement thru BNY, dated 1/31/2025, due at <br> 2/3/2025 in the amount of $1,217,440,148 (fully collateralized <br> by: U.S. Treasuries (including strips), 0.13%-4.88%, due 5/15/2025-2/15/2054, <br> valued at $1,241,340,025)<br>| 4.34 | 1217000000 | 1217000000 |
| Daiwa Capital Markets America, Inc., Tri-Party Agreement thru BNY, dated <br> 1/31/2025, due at 2/3/2025 in the amount of $500,180,833 (fully collateralized <br> by: U.S. Treasuries (including strips), 0.00%-4.63%, due 2/13/2025-2/15/2054, <br> valued at $510,000,007)<br>| 4.34 | 500000000 | 500000000 |
| Daiwa Capital Markets America, Inc., Tri-Party Agreement thru BNY, dated <br> 1/31/2025, due at 2/3/2025 in the amount of $1,175,425,938 (fully <br> collateralized by: Federal Home Loan Mortgage Corp-Agency Debentures and <br> Agency Strips, 1.30%-6.00%, due 1/25/2054-12/25/2054, Federal Home Loan <br> Mortgage Corp-Agency Mortgage-Backed Securities, 2.00%-7.83%, due <br> 1/1/2032-2/1/2055, Federal National Mortgage Association-Agency <br> Collateralized Mortgage Obligation, 3.00%-6.50%, due 4/25/2050-12/25/2054, <br> Federal National Mortgage Association-Agency Mortgage-Backed Securities, <br> 2.50%-7.50%, due 9/1/2027-1/1/2055, Government National Mortgage <br> Association-Agency Collateralized Mortgage Obligation, 0.83%-3.50%, due <br> 6/20/2051-7/20/2054, Government National Mortgage Association-Agency <br> Mortgage-Backed Securities, 2.00%-7.50%, due 8/20/2035-1/20/2055, <br> U.S. Treasuries (including strips), 0.00%-6.13%, due 7/31/2025-11/15/2053, <br> valued at $1,210,289,186)<br>| 4.35 | 1175000000 | 1175000000 |
| Deutsche Bank Securities, Inc., Tri-Party Agreement thru BNY, dated 1/31/2025, <br> due at 2/3/2025 in the amount of $250,090,417 (fully collateralized <br> by: U.S. Treasuries (including strips), 1.88%-5.38%, due 2/15/2031-5/15/2054, <br> valued at $255,000,019)<br>| 4.34 | 250000000 | 250000000 |
| Fixed Income Clearing Corp., Tri-Party Agreement thru Northern Trust Company, <br> dated 1/31/2025, due at 2/3/2025 in the amount of $1,850,669,083 (fully <br> collateralized by: U.S. Treasuries (including strips), 0.50%-4.88%, due <br> 4/30/2026-11/15/2031, valued at $1,887,000,000)<br>| 4.34 | 1850000000 | 1850000000 |

---

**7**

------

Statement of Investments (continued)

------

---

| | | | |
|:---|:---|:---|:---|
| Description | Annualized<br> Yield (%)<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Repurchase Agreements — 41.0% (continued)** |  |  |  |
| Fixed Income Clearing Corp., Tri-Party Agreement thru Northern Trust Company, <br> dated 1/31/2025, due at 2/3/2025 in the amount of $350,126,583 (fully <br> collateralized by: U.S. Treasuries (including strips), 4.62%, due 2/28/2026, <br> valued at $357,000,000)<br>| 4.34 | 350000000 | 350000000 |
| Fixed Income Clearing Corp., Tri-Party Agreement thru Northern Trust Company, <br> dated 1/31/2025, due at 2/3/2025 in the amount of $4,801,736,000 (fully <br> collateralized by: U.S. Treasuries (including strips), 0.62%-4.38%, due <br> 12/15/2027-8/31/2029, valued at $4,896,000,000)<br>| 4.34 | 4800000000 | 4800000000 |
| Fixed Income Clearing Corp., Tri-Party Agreement thru State Street Corp., dated <br> 1/31/2025, due at 2/3/2025 in the amount of $4,301,555,167 (fully <br> collateralized by: U.S. Treasuries (including strips), 0.12%-4.50%, due <br> 3/15/2027-5/15/2027, valued at $4,386,000,068)<br>| 4.34 | 4300000000 | 4300000000 |
| Goldman Sachs & Co. LLC, Tri-Party Agreement thru BNY, dated 1/31/2025, due at <br> 2/3/2025 in the amount of $1,000,362,500 (fully collateralized by: Federal <br> Home Loan Mortgage Corp-Agency Mortgage-Backed Securities, 2.00%-7.00%, <br> due 9/1/2031-1/1/2055, Federal National Mortgage Association-Agency <br> Mortgage-Backed Securities, 1.50%-6.50%, due 11/1/2030-9/1/2060, <br> Government National Mortgage Association-Agency Mortgage-Backed Securities, <br> 2.50%-6.50%, due 5/15/2037-1/20/2055, valued at $1,020,000,001)<br>| 4.35 | 1000000000 | 1000000000 |
| HSBC Securities USA, Inc., Tri-Party Agreement thru BNY, dated 1/31/2025, due at <br> 2/3/2025 in the amount of $70,025,375 (fully collateralized by: Government <br> National Mortgage Association-Agency Mortgage-Backed Securities, 2.00%-<br> 7.50%, due 1/20/2027-1/20/2055, Tennessee Valley Authority-Agency <br> Debentures and Agency Strips, 0.00%, due 1/15/2037-1/15/2038, valued at <br> $71,400,000)<br>| 4.35 | 70000000 | 70000000 |
| HSBC Securities USA, Inc., Tri-Party Agreement thru BNY, dated 1/31/2025, due at <br> 2/3/2025 in the amount of $1,850,670,625 (fully collateralized by: Federal <br> Home Loan Mortgage Corp-Agency Mortgage-Backed Securities, 2.00%-7.00%, <br> due 1/1/2029-1/1/2055, Federal National Mortgage Association-Agency <br> Mortgage-Backed Securities, 1.17%-7.50%, due 12/1/2025-6/1/2063, valued at <br> $1,887,000,000)<br>| 4.35 | 1850000000 | 1850000000 |
| ING Financial Markets LLC, Tri-Party Agreement thru BNY, dated 1/31/2025, due <br> at 2/3/2025 in the amount of $500,181,250 (fully collateralized by: Federal <br> Home Loan Mortgage Corp-Agency Mortgage-Backed Securities, 3.00%-7.00%, <br> due 6/1/2052-1/1/2055, Federal National Mortgage Association-Agency <br> Mortgage-Backed Securities, 2.00%-6.50%, due 12/1/2047-7/1/2056, valued at <br> $510,000,000)<br>| 4.35 | 500000000 | 500000000 |
| JP Morgan Securities LLC, Tri-Party Agreement thru BNY, dated 1/31/2025, due at <br> 2/3/2025 in the amount of $8,878,217,187 (fully collateralized by: Federal <br> Home Loan Mortgage Corp-Agency Mortgage-Backed Securities, 2.00%-7.57%, <br> due 2/1/2027-10/1/2054, Federal National Mortgage Association-Agency <br> Mortgage-Backed Securities, 1.50%-8.00%, due 10/1/2026-2/1/2056, valued at <br> $9,052,500,000)<br>| 4.35 | 8875000000 | 8875000000 |
| JP Morgan Securities LLC, Tri-Party Agreement thru BNY, dated 1/31/2025, due at <br> 2/3/2025 in the amount of $625,226,562 (fully collateralized by: Federal <br> National Mortgage Association-Agency Mortgage-Backed Securities, 1.50%-<br> 8.00%, due 1/1/2030-7/1/2061, valued at $637,500,000)<br>| 4.35 | 625000000 | 625000000 |
| JP Morgan Securities LLC, Tri-Party Agreement thru BNY, dated 1/31/2025, due at <br> 2/3/2025 in the amount of $6,502,350,833 (fully collateralized <br> by: U.S. Treasuries (including strips), 0.00%-4.50%, due 8/15/2025-5/31/2029, <br> valued at $6,630,000,006)<br>| 4.34 | 6500000000 | 6500000000 |
| JP Morgan Securities LLC, (1 Month SOFR +0.01%), Tri-Party Agreement thru BNY, <br> dated 1/31/2025, due at interest rate reset date of 2/3/2025 in the amount of <br> $840,307,300 and maturity date of 2/7/2025 (fully collateralized by: Federal <br> National Mortgage Association-Agency Mortgage-Backed Securities, 1.00%-<br> 7.50%, due 2/1/2030-3/1/2063, valued at $856,800,000)<sup>(a)</sup> <br>| 4.39 | 840000000 | 840000000 |

---

**8**

------

---

| | | | |
|:---|:---|:---|:---|
| Description | Annualized<br> Yield (%)<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Repurchase Agreements — 41.0% (continued)** |  |  |  |
| JP Morgan Securities LLC, (1 Month SOFR +0.02%), Tri-Party Agreement thru BNY, <br> dated 1/31/2025, due at interest rate reset date of 2/3/2025 in the amount of <br> $352,129,067 and maturity date of 2/7/2025 (fully collateralized by: Federal <br> Home Loan Mortgage Corp-Agency Collateralized Mortgage Obligation, 1.98%-<br> 6.00%, due 1/25/2029-3/15/2046, Federal Home Loan Mortgage Corp-Agency <br> Debentures and Agency Strips, 0.05%-5.75%, due 9/25/2033-2/25/2055, <br> Federal National Mortgage Association-Agency Collateralized Mortgage <br> Obligation, 0.00%-6.00%, due 10/25/2025-9/25/2054, Government National <br> Mortgage Association-Agency Collateralized Mortgage Obligation, 0.00%-6.50%, <br> due 9/20/2040-10/20/2064, Multifamily Connecticut Avenue Securities-Agency <br> Collateralized Mortgage Obligation, 7.72%, due 10/25/2049, valued at <br> $380,160,000)<sup>(a)</sup> <br>| 4.40 | 352000000 | 352000000 |
| JP Morgan Securities LLC, (1 Month SOFR +0.16%), Tri-Party Agreement thru BNY, <br> dated 1/31/2025, due at interest rate reset date of 2/3/2025 in the amount of <br> $1,495,565,608 and maturity date of 5/2/2025 (fully collateralized by: Federal <br> Home Loan Mortgage Corp-Agency Collateralized Mortgage Obligation, 0.00%-<br> 7.62%, due 9/25/2026-10/15/2061, Federal Home Loan Mortgage Corp-Agency <br> Debentures and Agency Strips, 0.00%-6.50%, due 4/25/2039-2/25/2055, <br> Federal National Mortgage Association-Agency Collateralized Mortgage <br> Obligation, 0.00%-8.54%, due 2/25/2027-12/25/2054, Federal National <br> Mortgage Association-Agency Debentures and Agency Strips, 0.00%-3.50%, due <br> 5/1/2040-9/1/2052, Federal National Mortgage Association-Agency Mortgage-<br> Backed Securities, 0.00%-1.25%, due 7/25/2028-10/25/2029, Federal Home <br> Loan Mortgage Corp REMIC-Agency Collateralized Mortgage Obligation, 2.08%, <br> due 1/25/2045, Government National Mortgage Association-Agency <br> Collateralized Mortgage Obligation, 0.00%-6.50%, due 11/16/2035-4/16/2067, <br> valued at $1,613,054,643)<sup>(d)</sup> <br>| 4.54 | 1495000000 | 1495000000 |
| Mizuho Securities USA, Tri-Party Agreement thru BNY, dated 1/31/2025, due at <br> 2/3/2025 in the amount of $700,253,167 (fully collateralized by: U.S. Treasuries <br> (including strips), 0.25%-4.25%, due 8/15/2025-11/15/2034, valued at <br> $714,000,087)<br>| 4.34 | 700000000 | 700000000 |
| Nomura Securities International, Inc., Tri-Party Agreement thru BNY, dated <br> 1/31/2025, due at 2/3/2025 in the amount of $1,205,435,808 (fully <br> collateralized by: U.S. Treasuries (including strips), 0.00%-4.75%, due <br> 2/13/2025-2/15/2054, valued at $1,229,100,011)<br>| 4.34 | 1205000000 | 1205000000 |
| Nomura Securities International, Inc., Tri-Party Agreement thru BNY, dated <br> 1/31/2025, due at 2/3/2025 in the amount of $3,751,359,375 (fully <br> collateralized by: Federal Home Loan Mortgage Corp-Agency Debentures and <br> Agency Strips, 5.00%-5.50%, due 6/25/2053-8/25/2053, Federal Home Loan <br> Mortgage Corp-Agency Mortgage-Backed Securities, 1.98%-6.86%, due <br> 11/1/2026-1/1/2055, Federal National Mortgage Association-Agency <br> Debentures and Agency Strips, 5.00%, due 5/1/2054, Federal National Mortgage <br> Association-Agency Mortgage-Backed Securities, 2.00%-7.11%, due 12/1/2025-<br> 6/1/2063, Government National Mortgage Association-Agency Collateralized <br> Mortgage Obligation, 5.50%, due 10/20/2053, Government National Mortgage <br> Association-Agency Mortgage-Backed Securities, 2.50%-7.00%, due 5/15/2041-<br> 10/15/2064, valued at $3,825,340,868)<br>| 4.35 | 3750000000 | 3750000000 |
| Royal Bank of Canada, Tri-Party Agreement thru BNY, dated 1/31/2025, due at <br> 2/3/2025 in the amount of $500,181,250 (fully collateralized by: Federal Home <br> Loan Mortgage Corp-Agency Collateralized Mortgage Obligation, 0.00%-6.00%, <br> due 9/15/2030-10/15/2058, Federal Home Loan Mortgage Corp-Agency <br> Debentures and Agency Strips, 0.00%-6.15%, due 1/25/2031-7/25/2054, <br> valued at $540,000,000)<br>| 4.35 | 500000000 | 500000000 |

---

**9**

------

Statement of Investments (continued)

------

---

| | | | |
|:---|:---|:---|:---|
| Description | Annualized<br> Yield (%)<br>| Principal<br> Amount ($)<br>| Value ($) |
| **Repurchase Agreements — 41.0% (continued)** |  |  |  |
| Royal Bank of Canada, Tri-Party Agreement thru BNY, dated 1/31/2025, due at <br> 2/3/2025 in the amount of $325,117,812 (fully collateralized by: Federal Home <br> Loan Mortgage Corp-Agency Mortgage-Backed Securities, 4.50%-6.00%, due <br> 9/1/2052-1/1/2055, Federal National Mortgage Association-Agency Mortgage-<br> Backed Securities, 3.50%-5.00%, due 2/1/2043-12/1/2052, Government <br> National Mortgage Association-Agency Collateralized Mortgage Obligation, <br> 2.00%-5.50%, due 8/20/2051-6/20/2054, U.S. Treasuries (including strips), <br> 0.13%-4.63%, due 6/30/2026-8/15/2052, valued at $335,541,396)<br>| 4.35 | 325000000 | 325000000 |
| Royal Bank of Canada, Tri-Party Agreement thru BNY, dated 1/31/2025, due at <br> 2/3/2025 in the amount of $1,050,380,625 (fully collateralized by: Federal <br> Home Loan Mortgage Corp-Agency Collateralized Mortgage Obligation, 0.00%-<br> 6.50%, due 6/15/2035-3/15/2048, Federal Home Loan Mortgage Corp-Agency <br> Debentures and Agency Strips, 0.00%-6.00%, due 6/25/2038-1/25/2061, <br> Federal Home Loan Mortgage Corp-Agency Mortgage-Backed Securities, 3.50%-<br> 7.00%, due 1/1/2035-11/1/2053, Federal National Mortgage Association-<br> Agency Collateralized Mortgage Obligation, 0.00%-6.50%, due 12/25/2027-<br> 3/25/2062, Government National Mortgage Association-Agency Collateralized <br> Mortgage Obligation, 0.00%-7.50%, due 12/20/2027-1/16/2058, U.S. Treasuries <br> (including strips), 0.00%-6.00%, due 4/3/2025-2/15/2052, valued at <br> $1,128,788,848)<br>| 4.35 | 1050000000 | 1050000000 |
| Societe Generale, Tri-Party Agreement thru BNY, dated 1/31/2025, due at <br> 2/3/2025 in the amount of $3,151,139,250 (fully collateralized <br> by: U.S. Treasuries (including strips), 0.00%-6.88%, due 2/15/2025-<br> 11/15/2054, valued at $3,213,000,015)<br>| 4.34 | 3150000000 | 3150000000 |
| Societe Generale, (1 Month SOFR FLAT) Agreement thru BNY, dated 1/31/2025, <br> due at interest rate reset date of 2/3/2025 in the amount of $1,000,363,333 and <br> maturity date of 2/7/2025 (fully collateralized by: U.S. Treasuries (including <br> strips), 1.88%-4.25%, due 6/30/2029-8/15/2032, valued at $1,020,000,016)<sup>(a)</sup> <br>| 4.38 | 1000000000 | 1000000000 |
| Sumitomo Mitsui Banking Corp., Tri-Party Agreement thru BNY, dated 1/31/2025, <br> due at 2/3/2025 in the amount of $1,600,578,667 (fully collateralized <br> by: U.S. Treasuries (including strips), 0.25%-5.00%, due 2/28/2025-8/15/2045, <br> valued at $1,632,000,022)<br>| 4.34 | 1600000000 | 1600000000 |
| TD Securities (USA) LLC, Tri-Party Agreement thru BNY, dated 1/31/2025, due at <br> 2/3/2025 in the amount of $200,072,500 (fully collateralized by: Federal Home <br> Loan Mortgage Corp-Agency Mortgage-Backed Securities, 6.00%, due 1/1/2053, <br> Federal National Mortgage Association-Agency Mortgage-Backed Securities, <br> 5.50%, due 12/1/2053, valued at $204,000,000)<br>| 4.35 | 200000000 | 200000000 |
| UBS Securities LLC, Tri-Party Agreement thru BNY, dated 1/31/2025, due at <br> 2/3/2025 in the amount of $300,108,750 (fully collateralized by: U.S. Treasuries <br> (including strips), 0.00%-7.63%, due 2/6/2025-2/15/2054, valued at <br> $306,000,002)<br>| 4.35 | 300000000 | 300000000 |
| **Total Repurchase Agreements** <br>(cost $56,774,000,000)<br>|  |  | **56774000000** |
| **Total Investments** (cost $130,388,237,348) |  | **94.0%**<br>| **130388237348** |
| **Cash and Receivables (Net)** |  | **6.0%**<br>| **8262883428** |
| **Net Assets** |  | **100.0%**<br>| **138651120776** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

SOFR—Secured Overnight Financing Rate <br> U.S. T-BILL—U.S. Treasury Bill Money Market Yield <br> USBMMY—U.S. Treasury Bill Money Market Yield

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> 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. 

<sup>(b)</sup> Security is a discount security. Income is recognized through the accretion of discount.

**10**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(c)</sup> 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. 

<sup>(d)</sup> Illiquid security; investment has a put feature and a variable or floating rate. Security description also includes the reference rate and spread if published and available. The interest rate shown is the current rate as of January 31, 2025 and changes 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. At January 31, 2025, the value of these securities amounted to $1,495,000,000 or 1.1% of net assets. 

See notes to financial statements.

**11**

------

STATEMENT OF ASSETS AND LIABILITIES

January 31, 2025

---

| | | |
|:---|:---|:---|
|  | Cost | Value |
| **Assets ($):** |  |  |
| Investments in securities—See Statement of Investments | 73614237348 | &nbsp;&nbsp;&nbsp;&nbsp; 73614237348 |
| Repurchase agreements, at value and amortized cost—Note 1(b)  | 56774000000 | &nbsp;&nbsp;&nbsp;&nbsp; 56774000000 |
| Cash |  | &nbsp;&nbsp;&nbsp;&nbsp; 8621023109 |
| Receivable for shares of Beneficial Interest subscribed |  | &nbsp;&nbsp;&nbsp;&nbsp; 201426812 |
| Interest receivable |  | &nbsp;&nbsp;&nbsp;&nbsp; 157120924 |
| Prepaid expenses |  | &nbsp;&nbsp;&nbsp;&nbsp; 1106707 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **139368914900** |
| **Liabilities ($):** |  |  |
| Due to BNY Mellon Investment Adviser, Inc. and affiliates—Note 2(c)  |  | &nbsp;&nbsp;&nbsp;&nbsp; 29502079 |
| Payable for investment securities purchased |  | &nbsp;&nbsp;&nbsp;&nbsp; 590802297 |
| Payable for shares of Beneficial Interest redeemed |  | &nbsp;&nbsp;&nbsp;&nbsp; 95989013 |
| Trustees' fees and expenses payable |  | &nbsp;&nbsp;&nbsp;&nbsp; 35852 |
| Other accrued expenses |  | &nbsp;&nbsp;&nbsp;&nbsp; 1464883 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **717794124** |
| **Net Assets ($)** |  | &nbsp;&nbsp;&nbsp;&nbsp; **138651120776** |
| **Composition of Net Assets ($):** |  |  |
| Paid-in capital |  | &nbsp;&nbsp;&nbsp;&nbsp; 138652936461 |
| Total distributable earnings (loss) |  | &nbsp;&nbsp;&nbsp;&nbsp; (1815685)<br>|
| **Net Assets ($)** |  | &nbsp;&nbsp;&nbsp;&nbsp; **138651120776** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value Per Share** | Institutional Shares | Investor Shares | Administrative Shares | Participant Shares |
| Net Assets ($) | &nbsp;&nbsp;&nbsp;&nbsp; 93394106562 | &nbsp;&nbsp;&nbsp;&nbsp; 12465794041 | &nbsp;&nbsp;&nbsp;&nbsp; 3376318379 | &nbsp;&nbsp;&nbsp;&nbsp; 3622939525 |
| Shares Outstanding | &nbsp;&nbsp;&nbsp;&nbsp; 93395397772 | &nbsp;&nbsp;&nbsp;&nbsp; 12465940721 | &nbsp;&nbsp;&nbsp;&nbsp; 3376405283 | &nbsp;&nbsp;&nbsp;&nbsp; 3622964603 |
| **Net Asset Value Per Share ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**1.00** | &nbsp;&nbsp;&nbsp;&nbsp;**1.00** | &nbsp;&nbsp;&nbsp;&nbsp;**1.00** | &nbsp;&nbsp;&nbsp;&nbsp;**1.00** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Net Asset Value Per Share** | Wealth Shares | Service Shares | BOLD® Shares | SPARK<sup>SM</sup> Shares | BOLD® Future Shares |
| Net Assets ($) | &nbsp;&nbsp; 9731250383 | &nbsp;&nbsp; 7206317837 | &nbsp;&nbsp; 6016120759 | &nbsp;&nbsp; 2838233290 | &nbsp;&nbsp; 40000 |
| Shares Outstanding | &nbsp;&nbsp; 9731439435 | &nbsp;&nbsp; 7206371184 | &nbsp;&nbsp; 6016188146 | &nbsp;&nbsp; 2838268801 | &nbsp;&nbsp; 40000 |
| **Net Asset Value Per Share ($)** | **1.00** | **1.00** | **1.00** | **1.00** | **1.00** |

---

See notes to financial statements.

**12**

------

STATEMENT OF OPERATIONS

Year Ended January 31, 2025

---

| | |
|:---|:---|
| **Investment Income ($):** |  |
| **Interest Income** | &nbsp;&nbsp;&nbsp;&nbsp; **6329737820** |
| **Expenses:** |  |
| Management fee—Note 2(a)  | &nbsp;&nbsp;&nbsp;&nbsp; 247702681 |
| Shareholder servicing costs—Note 2(b)  | &nbsp;&nbsp;&nbsp;&nbsp; 76065140 |
| Administrative services fees—Note 2(c)  | &nbsp;&nbsp;&nbsp;&nbsp; 41555106 |
| Registration fees | &nbsp;&nbsp;&nbsp;&nbsp; 3319585 |
| Custodian fees—Note 2(c)  | &nbsp;&nbsp;&nbsp;&nbsp; 1825669 |
| Trustees' fees and expenses—Note 2(d)  | &nbsp;&nbsp;&nbsp;&nbsp; 545394 |
| Professional fees | &nbsp;&nbsp;&nbsp;&nbsp; 144350 |
| Prospectus and shareholders' reports | &nbsp;&nbsp;&nbsp;&nbsp; 105293 |
| Chief Compliance Officer fees—Note 2(c)  | &nbsp;&nbsp;&nbsp;&nbsp; 21194 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp; 1019274 |
| **Total Expenses** | &nbsp;&nbsp;&nbsp;&nbsp; **372303686** |
| Less—reduction in expenses due to undertaking—Note 2(a)  | &nbsp;&nbsp;&nbsp;&nbsp; (49585930)<br>|
| Less—reduction in fees due to earnings credits—Note 2(c)  | &nbsp;&nbsp;&nbsp;&nbsp; (7792)<br>|
| **Net Expenses** | &nbsp;&nbsp;&nbsp;&nbsp; **322709964** |
| **Net Investment Income** | &nbsp;&nbsp;&nbsp;&nbsp; **6007027856** |
| **Net Realized Gain (Loss) on Investments—Note 1(b) ($)** | &nbsp;&nbsp;&nbsp;&nbsp; **(246525)**<br>|
| **Net Increase in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp; **6006781331** |

---

See notes to financial statements.

**13**

------

STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | Year Ended January 31, | Year Ended January 31, |
|  | 2025<sup>(a),(b)</sup> <br>| 2024<sup>(c),(d)</sup> <br>|
| **Operations ($):** |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 6007027856 | &nbsp;&nbsp; 5748635282 |
| Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp; (246525) | &nbsp;&nbsp; (150668) |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp; **6006781331** | &nbsp;&nbsp; **5748484614** |
| **Distributions ($):** |  |  |
| Distributions to shareholders: |  |  |
| Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp; (4178389923) | &nbsp;&nbsp; (4300945681) |
| Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp; (519888638) | &nbsp;&nbsp; (451928317) |
| Administrative Shares | &nbsp;&nbsp;&nbsp;&nbsp; (146851484) | &nbsp;&nbsp; (135145211) |
| Participant Shares | &nbsp;&nbsp;&nbsp;&nbsp; (128975749) | &nbsp;&nbsp; (108619052) |
| Wealth Shares | &nbsp;&nbsp;&nbsp;&nbsp; (378359355) | &nbsp;&nbsp; (194636984) |
| Service Shares | &nbsp;&nbsp;&nbsp;&nbsp; (281724631) | &nbsp;&nbsp; (237309790) |
| BOLD® Shares | &nbsp;&nbsp;&nbsp;&nbsp; (298288077) | &nbsp;&nbsp; (300589324) |
| SPARK<sup>SM</sup> Shares | &nbsp;&nbsp;&nbsp;&nbsp; (74548798) | &nbsp;&nbsp; (19809775) |
| BOLD® Future Shares | &nbsp;&nbsp;&nbsp;&nbsp; (1201) | &nbsp;&nbsp; - |
| **Total Distributions** | &nbsp;&nbsp;&nbsp;&nbsp; **(6007027856)** | &nbsp;&nbsp; **(5748984134)** |
| **Beneficial Interest Transactions ($1.00 per share):** |  |  |
| Net proceeds from shares sold: |  |  |
| Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp; 564286732003 | &nbsp;&nbsp; 609128463442 |
| Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp; 24990998948 | &nbsp;&nbsp; 29221843221 |
| Administrative Shares | &nbsp;&nbsp;&nbsp;&nbsp; 10219613787 | &nbsp;&nbsp; 9553768697 |
| Participant Shares | &nbsp;&nbsp;&nbsp;&nbsp; 18545574879 | &nbsp;&nbsp; 9304826072 |
| Wealth Shares | &nbsp;&nbsp;&nbsp;&nbsp; 12729329479 | &nbsp;&nbsp; 10724044306 |
| Service Shares | &nbsp;&nbsp;&nbsp;&nbsp; 12553447588 | &nbsp;&nbsp; 10515173509 |
| BOLD® Shares | &nbsp;&nbsp;&nbsp;&nbsp; 43035439419 | &nbsp;&nbsp; 47580614932 |
| SPARK<sup>SM</sup> Shares | &nbsp;&nbsp;&nbsp;&nbsp; 8464676893 | &nbsp;&nbsp; 1903320420 |
| BOLD® Future Shares | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; - |
| Distributions reinvested: |  |  |
| Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp; 928254592 | &nbsp;&nbsp; 1069776072 |
| Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp; 455153587 | &nbsp;&nbsp; 371304736 |
| Administrative Shares | &nbsp;&nbsp;&nbsp;&nbsp; 109343069 | &nbsp;&nbsp; 94234688 |
| Participant Shares | &nbsp;&nbsp;&nbsp;&nbsp; 87397603 | &nbsp;&nbsp; 102687159 |
| Wealth Shares | &nbsp;&nbsp;&nbsp;&nbsp; 374752965 | &nbsp;&nbsp; 191721237 |
| Service Shares | &nbsp;&nbsp;&nbsp;&nbsp; 270553714 | &nbsp;&nbsp; 227447268 |
| BOLD® Shares | &nbsp;&nbsp;&nbsp;&nbsp; 9606883 | &nbsp;&nbsp; 11991355 |
| Cost of shares redeemed: |  |  |
| Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp; (559132517136) | &nbsp;&nbsp; (646585636872) |
| Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp; (24271468181) | &nbsp;&nbsp; (25362549621) |
| Administrative Shares | &nbsp;&nbsp;&nbsp;&nbsp; (9703666736) | &nbsp;&nbsp; (9768969097) |
| Participant Shares | &nbsp;&nbsp;&nbsp;&nbsp; (17968399326) | &nbsp;&nbsp; (8380411419) |
| Wealth Shares | &nbsp;&nbsp;&nbsp;&nbsp; (10858603348) | &nbsp;&nbsp; (5410352109) |
| Service Shares | &nbsp;&nbsp;&nbsp;&nbsp; (12170341986) | &nbsp;&nbsp; (9050212302) |
| BOLD® Shares | &nbsp;&nbsp;&nbsp;&nbsp; (42832247239) | &nbsp;&nbsp; (45357303820) |
| SPARK<sup>SM</sup> Shares | &nbsp;&nbsp;&nbsp;&nbsp; (6603463438) | &nbsp;&nbsp; (926265074) |
| **Increase (Decrease) in Net Assets from Beneficial Interest Transactions** | &nbsp;&nbsp;&nbsp;&nbsp; **13520208019** | &nbsp;&nbsp; **(20840483200)** |
| **Total Increase (Decrease) in Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp; **13519961494** | &nbsp;&nbsp; **(20840982720)** |

---

**14**

------

---

| | | |
|:---|:---|:---|
|  | Year Ended January 31, | Year Ended January 31, |
|  | 2025<sup>(a),(b)</sup> | 2024<sup>(c),(d)</sup> |
| **Net Assets ($):** |  |  |
| Beginning of Period | &nbsp;&nbsp;&nbsp;&nbsp; 125131159282 | &nbsp;&nbsp; 145972142002 |
| **End of Period** | &nbsp;&nbsp;&nbsp;&nbsp; **138651120776** | &nbsp;&nbsp; **125131159282** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> On June 4, 2024, the fund commenced offering BOLD<sup>®</sup> Future shares.

<sup>(b)</sup> During the period ended January 31, 2025, 17,854 Service shares representing $17,910 were exchanged for 17,910 Wealth shares.

<sup>(c)</sup> During the period ended January 31, 2024, 43,622 Service shares representing $43,741 were exchanged for 43,741 Wealth shares.

<sup>(d)</sup> On August 15, 2023, the fund commenced offering SPARK <sup>SM</sup> shares.

See notes to financial statements.

**15**

------

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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended January 31, | Year Ended January 31, | Year Ended January 31, | Year Ended January 31, | Year Ended January 31, |
| **Institutional Shares** | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Per Share Data ($):** | **Per Share Data ($):** |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 |
| Investment Operations: | Investment Operations: |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; .050 | &nbsp;&nbsp;&nbsp;&nbsp; .050 | &nbsp;&nbsp;&nbsp;&nbsp; .019 | &nbsp;&nbsp;&nbsp;&nbsp; .000 <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .002 |
| Distributions: |  |  |  |  |  |
| Dividends from net investment <br> income<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.050)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.050)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.019)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.000 )<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (.002)<br>|
| Net asset value, end of period | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 |
| **Total Return (%)** | &nbsp;&nbsp;&nbsp;&nbsp;5.07 | &nbsp;&nbsp;&nbsp;&nbsp;5.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.90 | &nbsp;&nbsp;&nbsp;&nbsp; .03 | &nbsp;&nbsp;&nbsp;&nbsp; .24 |
| **Ratios/Supplemental Data (%):** | **Ratios/Supplemental Data (%):** |  |  |  |  |
| Ratio of total expenses to average net <br> assets<br>| &nbsp;&nbsp;&nbsp;&nbsp; .21 | &nbsp;&nbsp;&nbsp;&nbsp; .21 | &nbsp;&nbsp;&nbsp;&nbsp; .21 | &nbsp;&nbsp;&nbsp;&nbsp; .21 | &nbsp;&nbsp;&nbsp;&nbsp; .21 |
| Ratio of net expenses to average net <br> assets<br>| &nbsp;&nbsp;&nbsp;&nbsp; .17 | &nbsp;&nbsp;&nbsp;&nbsp; .17 | &nbsp;&nbsp;&nbsp;&nbsp; .14 | &nbsp;&nbsp;&nbsp;&nbsp; .04 | &nbsp;&nbsp;&nbsp;&nbsp; .15 |
| Ratio of net investment income to <br> average net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.94 | &nbsp;&nbsp;&nbsp;&nbsp;4.97 | &nbsp;&nbsp;&nbsp;&nbsp;1.92 | &nbsp;&nbsp;&nbsp;&nbsp; .03 | &nbsp;&nbsp;&nbsp;&nbsp; .20 |
| **Net Assets, end of period ($ x 1,000)** | &nbsp;&nbsp;&nbsp;&nbsp; 93394107 | &nbsp;&nbsp;&nbsp;&nbsp; 87311731 | &nbsp;&nbsp;&nbsp;&nbsp; 123699383 | &nbsp;&nbsp;&nbsp;&nbsp; 107504150 | &nbsp;&nbsp;&nbsp;&nbsp; 82115918 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Amount represents less than $.001 per share.

See notes to financial statements.

**16**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended January 31, | Year Ended January 31, | Year Ended January 31, | Year Ended January 31, | Year Ended January 31, |
| **Investor Shares** | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Per Share Data ($):** | **Per Share Data ($):** |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 |
| Investment Operations: | Investment Operations: |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; .047 | &nbsp;&nbsp;&nbsp;&nbsp; .048 | &nbsp;&nbsp;&nbsp;&nbsp; .017 | &nbsp;&nbsp;&nbsp;&nbsp; .000 <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .002 |
| Distributions: |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (.047)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.048)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.017)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.000 )<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (.002)<br>|
| Net asset value, end of period | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 |
| **Total Return (%)** | &nbsp;&nbsp;&nbsp;&nbsp;4.81 | &nbsp;&nbsp;&nbsp;&nbsp;4.86 | &nbsp;&nbsp;&nbsp;&nbsp;1.69 | &nbsp;&nbsp;&nbsp;&nbsp; .03 | &nbsp;&nbsp;&nbsp;&nbsp; .16 |
| **Ratios/Supplemental Data (%):** | **Ratios/Supplemental Data (%):** |  |  |  |  |
| Ratio of total expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; .46 | &nbsp;&nbsp;&nbsp;&nbsp; .46 | &nbsp;&nbsp;&nbsp;&nbsp; .46 | &nbsp;&nbsp;&nbsp;&nbsp; .45 | &nbsp;&nbsp;&nbsp;&nbsp; .46 |
| Ratio of net expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; .42 | &nbsp;&nbsp;&nbsp;&nbsp; .43 | &nbsp;&nbsp;&nbsp;&nbsp; .37 | &nbsp;&nbsp;&nbsp;&nbsp; .03 | &nbsp;&nbsp;&nbsp;&nbsp; .22 |
| Ratio of net investment income to average <br> net assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.71 | &nbsp;&nbsp;&nbsp;&nbsp;4.79 | &nbsp;&nbsp;&nbsp;&nbsp;1.89 | &nbsp;&nbsp;&nbsp;&nbsp; .03 | &nbsp;&nbsp;&nbsp;&nbsp; .14 |
| **Net Assets, end of period ($ x 1,000)** | &nbsp;&nbsp;&nbsp;&nbsp; 12465794 | &nbsp;&nbsp;&nbsp;&nbsp; 11291168 | &nbsp;&nbsp;&nbsp;&nbsp; 7060619 | &nbsp;&nbsp;&nbsp;&nbsp; 3717395 | &nbsp;&nbsp;&nbsp;&nbsp; 2957837 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Amount represents less than $.001 per share.

See notes to financial statements.

**17**

------

FINANCIAL HIGHLIGHTS (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended January 31, | Year Ended January 31, | Year Ended January 31, | Year Ended January 31, | Year Ended January 31, |
| **Administrative Shares** | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Per Share Data ($):** | **Per Share Data ($):** |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 |
| Investment Operations: | Investment Operations: |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; .049 | &nbsp;&nbsp;&nbsp;&nbsp; .049 | &nbsp;&nbsp;&nbsp;&nbsp; .018 | &nbsp;&nbsp;&nbsp;&nbsp; .000 <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .002 |
| Distributions: |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (.049)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.049)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.018)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.000 )<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (.002)<br>|
| Net asset value, end of period | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 |
| **Total Return (%)** | &nbsp;&nbsp;&nbsp;&nbsp;4.97 | &nbsp;&nbsp;&nbsp;&nbsp;5.02 | &nbsp;&nbsp;&nbsp;&nbsp;1.82 | &nbsp;&nbsp;&nbsp;&nbsp; .03 | &nbsp;&nbsp;&nbsp;&nbsp; .19 |
| **Ratios/Supplemental Data (%):** | **Ratios/Supplemental Data (%):** |  |  |  |  |
| Ratio of total expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; .31 | &nbsp;&nbsp;&nbsp;&nbsp; .31 | &nbsp;&nbsp;&nbsp;&nbsp; .30 | &nbsp;&nbsp;&nbsp;&nbsp; .31 | &nbsp;&nbsp;&nbsp;&nbsp; .31 |
| Ratio of net expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; .27 | &nbsp;&nbsp;&nbsp;&nbsp; .27 | &nbsp;&nbsp;&nbsp;&nbsp; .23 | &nbsp;&nbsp;&nbsp;&nbsp; .04 | &nbsp;&nbsp;&nbsp;&nbsp; .19 |
| Ratio of net investment income to average net <br> assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.84 | &nbsp;&nbsp;&nbsp;&nbsp;4.90 | &nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp; .03 | &nbsp;&nbsp;&nbsp;&nbsp; .16 |
| **Net Assets, end of period ($ x 1,000)** | &nbsp;&nbsp;&nbsp;&nbsp; 3376318 | &nbsp;&nbsp;&nbsp;&nbsp; 2751013 | &nbsp;&nbsp;&nbsp;&nbsp; 2872019 | &nbsp;&nbsp;&nbsp;&nbsp; 5310286 | &nbsp;&nbsp;&nbsp;&nbsp; 2927070 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Amount represents less than $.001 per share.

See notes to financial statements.

**18**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended January 31, | Year Ended January 31, | Year Ended January 31, | Year Ended January 31, | Year Ended January 31, |
| **Participant Shares** | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Per Share Data ($):** | **Per Share Data ($):** |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 |
| Investment Operations: | Investment Operations: |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; .046 | &nbsp;&nbsp;&nbsp;&nbsp; .046 | &nbsp;&nbsp;&nbsp;&nbsp; .016 | &nbsp;&nbsp;&nbsp;&nbsp; .000 <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .001 |
| Distributions: |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (.046)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.046)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.016)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.000 )<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (.001)<br>|
| Net asset value, end of period | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 |
| **Total Return (%)** | &nbsp;&nbsp;&nbsp;&nbsp;4.66 | &nbsp;&nbsp;&nbsp;&nbsp;4.71 | &nbsp;&nbsp;&nbsp;&nbsp;1.58 | &nbsp;&nbsp;&nbsp;&nbsp; .03 | &nbsp;&nbsp;&nbsp;&nbsp; .14 |
| **Ratios/Supplemental Data (%):** | **Ratios/Supplemental Data (%):** |  |  |  |  |
| Ratio of total expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; .61 | &nbsp;&nbsp;&nbsp;&nbsp; .61 | &nbsp;&nbsp;&nbsp;&nbsp; .60 | &nbsp;&nbsp;&nbsp;&nbsp; .61 | &nbsp;&nbsp;&nbsp;&nbsp; .61 |
| Ratio of net expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; .57 | &nbsp;&nbsp;&nbsp;&nbsp; .58 | &nbsp;&nbsp;&nbsp;&nbsp; .46 | &nbsp;&nbsp;&nbsp;&nbsp; .04 | &nbsp;&nbsp;&nbsp;&nbsp; .26 |
| Ratio of net investment income to average net <br> assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.59 | &nbsp;&nbsp;&nbsp;&nbsp;4.64 | &nbsp;&nbsp;&nbsp;&nbsp;1.52 | &nbsp;&nbsp;&nbsp;&nbsp; .03 | &nbsp;&nbsp;&nbsp;&nbsp; .13 |
| **Net Assets, end of period ($ x 1,000)** | &nbsp;&nbsp;&nbsp;&nbsp; 3622940 | &nbsp;&nbsp;&nbsp;&nbsp; 2958453 | &nbsp;&nbsp;&nbsp;&nbsp; 1931271 | &nbsp;&nbsp;&nbsp;&nbsp; 1982627 | &nbsp;&nbsp;&nbsp;&nbsp; 1482523 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Amount represents less than $.001 per share.

See notes to financial statements.

**19**

------

FINANCIAL HIGHLIGHTS (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended January 31, | Year Ended January 31, | Year Ended January 31, | Year Ended January 31, | Year Ended January 31, |
| **Wealth Shares** | 2025 | 2024 | 2023 | 2022 | 2021<sup>(a)</sup> <br>|
| **Per Share Data ($):** | **Per Share Data ($):** |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 |
| Investment Operations: | Investment Operations: |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; .047 | &nbsp;&nbsp;&nbsp;&nbsp; .048 | &nbsp;&nbsp;&nbsp;&nbsp; .017 | &nbsp;&nbsp;&nbsp;&nbsp; .000 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .000 <br><sup>(b)</sup><br>|
| Distributions: |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (.047)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.048)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.017)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.000 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (.000 )<sup>(b)</sup><br>|
| Net asset value, end of period | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 |
| **Total Return (%)** | &nbsp;&nbsp;&nbsp;&nbsp;4.81 | &nbsp;&nbsp;&nbsp;&nbsp;4.86 | &nbsp;&nbsp;&nbsp;&nbsp;1.69 | &nbsp;&nbsp;&nbsp;&nbsp; .03 | &nbsp;&nbsp;&nbsp;&nbsp; .00 <br><sup>(c),(d)</sup><br>|
| **Ratios/Supplemental Data (%):** | **Ratios/Supplemental Data (%):** |  |  |  |  |
| Ratio of total expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; .46 | &nbsp;&nbsp;&nbsp;&nbsp; .48 | &nbsp;&nbsp;&nbsp;&nbsp; .46 | &nbsp;&nbsp;&nbsp;&nbsp; .47 | &nbsp;&nbsp;&nbsp;&nbsp; .55 <br><sup>(e)</sup><br>|
| Ratio of net expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; .42 | &nbsp;&nbsp;&nbsp;&nbsp; .44 | &nbsp;&nbsp;&nbsp;&nbsp; .35 | &nbsp;&nbsp;&nbsp;&nbsp; .05 | &nbsp;&nbsp;&nbsp;&nbsp; .19 <br><sup>(e)</sup><br>|
| Ratio of net investment income to average net <br> assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.69 | &nbsp;&nbsp;&nbsp;&nbsp;4.83 | &nbsp;&nbsp;&nbsp;&nbsp;1.52 | &nbsp;&nbsp;&nbsp;&nbsp; .03 | &nbsp;&nbsp;&nbsp;&nbsp; .02 <br><sup>(e)</sup><br>|
| **Net Assets, end of period ($ x 1,000)** | &nbsp;&nbsp;&nbsp;&nbsp; 9731250 | &nbsp;&nbsp;&nbsp;&nbsp; 7485846 | &nbsp;&nbsp;&nbsp;&nbsp; 1980525 | &nbsp;&nbsp;&nbsp;&nbsp; 2644768 | &nbsp;&nbsp;&nbsp;&nbsp; 1226 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> On November 16, 2020, the fund commenced offering Wealth shares.

<sup>(b)</sup> Amount represents less than $.001 per share.

<sup>(c)</sup> Amount represents less than .01%.

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Annualized.

See notes to financial statements.

**20**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended January 31, | Year Ended January 31, | Year Ended January 31, | Year Ended January 31, | Year Ended January 31, |
| **Service Shares** | 2025 | 2024 | 2023 | 2022 | 2021<sup>(a)</sup> <br>|
| **Per Share Data ($):** | **Per Share Data ($):** |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 |
| Investment Operations: | Investment Operations: |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; .042 | &nbsp;&nbsp;&nbsp;&nbsp; .042 | &nbsp;&nbsp;&nbsp;&nbsp; .013 | &nbsp;&nbsp;&nbsp;&nbsp; .000 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; .000 <br><sup>(b)</sup><br>|
| Distributions: |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (.042)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.042)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.013)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.000 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; (.000 )<sup>(b)</sup><br>|
| Net asset value, end of period | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 |
| **Total Return (%)** | &nbsp;&nbsp;&nbsp;&nbsp;4.24 | &nbsp;&nbsp;&nbsp;&nbsp;4.29 | &nbsp;&nbsp;&nbsp;&nbsp;1.29 | &nbsp;&nbsp;&nbsp;&nbsp; .03 | &nbsp;&nbsp;&nbsp;&nbsp; .00 <br><sup>(c),(d)</sup><br>|
| **Ratios/Supplemental Data (%):** | **Ratios/Supplemental Data (%):** |  |  |  |  |
| Ratio of total expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp; 1.07 <br><sup>(e)</sup><br>|
| Ratio of net expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; .97 | &nbsp;&nbsp;&nbsp;&nbsp; .98 | &nbsp;&nbsp;&nbsp;&nbsp; .77 | &nbsp;&nbsp;&nbsp;&nbsp; .05 | &nbsp;&nbsp;&nbsp;&nbsp; .13 <br><sup>(e)</sup><br>|
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;4.15 | &nbsp;&nbsp;&nbsp;&nbsp;4.22 | &nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp;&nbsp; .03 | &nbsp;&nbsp;&nbsp;&nbsp; .01 <br><sup>(e)</sup><br>|
| **Net Assets, end of period ($ x 1,000)** | &nbsp;&nbsp;&nbsp;&nbsp; 7206318 | &nbsp;&nbsp;&nbsp;&nbsp; 6552644 | &nbsp;&nbsp;&nbsp;&nbsp; 4860265 | &nbsp;&nbsp;&nbsp;&nbsp; 3654871 | &nbsp;&nbsp;&nbsp;&nbsp; 48 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> On November 16, 2020, the fund commenced offering Service shares.

<sup>(b)</sup> Amount represents less than $.001 per share.

<sup>(c)</sup> Amount represents less than .01%.

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Annualized.

See notes to financial statements.

**21**

------

FINANCIAL HIGHLIGHTS (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | Year Ended January 31, | Year Ended January 31, | Year Ended January 31, |
| **BOLD® Shares** | 2025 | 2024 | 2023<sup>(a)</sup> <br>|
| **Per Share Data ($):** | **Per Share Data ($):** |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 |
| Investment Operations: | Investment Operations: |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; .050 | &nbsp;&nbsp;&nbsp;&nbsp; .050 | &nbsp;&nbsp;&nbsp;&nbsp; .019 |
| Distributions: |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (.050)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.050)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.019)<br>|
| Net asset value, end of period | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 |
| **Total Return (%)** | &nbsp;&nbsp;&nbsp;&nbsp;5.08 | &nbsp;&nbsp;&nbsp;&nbsp;5.12 | &nbsp;&nbsp;&nbsp;&nbsp; 1.90 <br><sup>(b)</sup><br>|
| **Ratios/Supplemental Data (%):** | **Ratios/Supplemental Data (%):** |  |  |
| Ratio of total expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; .21 | &nbsp;&nbsp;&nbsp;&nbsp; .21 | &nbsp;&nbsp;&nbsp;&nbsp; .22 <br><sup>(c)</sup><br>|
| Ratio of net expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; .17 | &nbsp;&nbsp;&nbsp;&nbsp; .18 | &nbsp;&nbsp;&nbsp;&nbsp; .16 <br><sup>(c)</sup><br>|
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;4.96 | &nbsp;&nbsp;&nbsp;&nbsp;5.04 | &nbsp;&nbsp;&nbsp;&nbsp; 2.51 <br><sup>(c)</sup><br>|
| **Net Assets, end of period ($ x 1,000)** | &nbsp;&nbsp;&nbsp;&nbsp; 6016121 | &nbsp;&nbsp;&nbsp;&nbsp; 5803269 | &nbsp;&nbsp;&nbsp;&nbsp; 3568061 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> On February 23, 2022, the fund commenced offering BOLD<sup>®</sup> Shares. <br> <sup>(b)</sup> Not annualized. <br> <sup>(c)</sup> Annualized.

See notes to financial statements.

**22**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | Year Ended January 31, | Year Ended January 31, |
| **SPARK**<sup>SM</sup> **Shares** | 2025 | 2024<sup>(a)</sup> <br>|
| **Per Share Data ($):** | **Per Share Data ($):** |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 |
| Investment Operations: | Investment Operations: |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; .050 | &nbsp;&nbsp;&nbsp;&nbsp; .024 |
| Distributions: |  |  |
| Dividends from net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (.050)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (.024)<br>|
| Net asset value, end of period | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 |
| **Total Return (%)** | &nbsp;&nbsp;&nbsp;&nbsp;5.08 | &nbsp;&nbsp;&nbsp;&nbsp; 2.46 <br><sup>(b)</sup><br>|
| **Ratios/Supplemental Data (%):** | **Ratios/Supplemental Data (%):** |  |
| Ratio of total expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; .22 | &nbsp;&nbsp;&nbsp;&nbsp; .24 <br><sup>(c)</sup><br>|
| Ratio of net expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; .18 | &nbsp;&nbsp;&nbsp;&nbsp; .18 <br><sup>(c)</sup><br>|
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;4.80 | &nbsp;&nbsp;&nbsp;&nbsp; 5.22 <br><sup>(c)</sup><br>|
| **Net Assets, end of period ($ x 1,000)** | &nbsp;&nbsp;&nbsp;&nbsp; 2838233 | &nbsp;&nbsp;&nbsp;&nbsp; 977036 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> On August 15, 2023, the fund commenced offering SPARK <sup>SM</sup> shares. <br> <sup>(b)</sup> Not annualized. <br> <sup>(c)</sup> Annualized.

See notes to financial statements.

**23**

------

FINANCIAL HIGHLIGHTS (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | Period Ended January 31, 2025<sup>(a)</sup>  |
| **BOLD® Future Shares** | Period Ended January 31, 2025<sup>(a)</sup>  |
| **Per Share Data ($):** | **Per Share Data ($):** |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;1.00 |
| Investment Operations: | Investment Operations: |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; .030 |
| Distributions: |  |
| Dividends from net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (.030)<br>|
| Net asset value, end of period | &nbsp;&nbsp;&nbsp;&nbsp;1.00 |
| **Total Return (%)** | &nbsp;&nbsp;&nbsp;&nbsp; 3.04 <br><sup>(b)</sup><br>|
| **Ratios/Supplemental Data (%):** | **Ratios/Supplemental Data (%):** |
| Ratio of total expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; .66 <br><sup>(c)</sup><br>|
| Ratio of net expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; .47 <br><sup>(c)</sup><br>|
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; 4.54 <br><sup>(c)</sup><br>|
| **Net Assets, end of period ($ x 1,000)** | &nbsp;&nbsp;&nbsp;&nbsp; 40 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> On June 4, 2024, the fund commenced offering BOLD<sup>®</sup> Future shares. <br> <sup>(b)</sup> Not annualized. <br> <sup>(c)</sup> Annualized.

See notes to financial statements.

**24**

------

NOTES TO FINANCIAL STATEMENTS

**NOTE 1—**

**Significant Accounting Policies:**

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 two 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.

On June 4, 2024, the fund commenced offering BOLD® Future 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®, SPARK<sup>SM</sup> and BOLD® Future. Institutional, Investor, Administrative, Participant, Wealth, Service and BOLD® Future shares of the fund are subject to a Shareholder Services Plan. Participant, Service and BOLD® 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 January 31, 2025, MBC Investments Corporation, an indirect subsidiary of BNY, held all of the outstanding BOLD® 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 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.

**25**

------

NOTES TO FINANCIAL STATEMENTS (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. For example, money market securities are valued using amortized cost, in accordance with rules under the Act. 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 within Level 2 of the fair value hierarchy.

The following is a summary of the inputs used as of January 31, 2025 in valuing the fund's investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2- Other** <br>**Significant** <br>**Observable Inputs**<br>| **Level 3-** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>| **Total** |
| **Assets ($)** |  |  |  |  |
| Investments in Securities:<sup>†</sup> <br>|  |  |  |  |
| U.S. Government Agencies Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 22640779665 | &nbsp;&nbsp; — | &nbsp;&nbsp; **22640779665** |
| U.S. Treasury Bills | &nbsp;&nbsp; — | &nbsp;&nbsp; 38727388911 | &nbsp;&nbsp; — | &nbsp;&nbsp; **38727388911** |
| U.S. Treasury Floating Rate Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; 10701193827 | &nbsp;&nbsp; — | &nbsp;&nbsp; **10701193827** |
| U.S. Treasury Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; 1544874945 | &nbsp;&nbsp; — | &nbsp;&nbsp; **1544874945** |
| Repurchase Agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; 56774000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; **56774000000** |
|  | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **130388237348** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **130388237348** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>†</sup> See Statement 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.

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

**26**

------

NOTES TO FINANCIAL STATEMENTS (continued)

Liabilities. As of January 31, 2025, 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 ($)** | **Liabilities ($)** |
| Gross amount of Repurchase <br> Agreements, at value, as disclosed in <br> the Statement of Assets and Liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56774000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| Collateral (received)/posted not offset <br> in the Statement of Assets and <br> Liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (56774000000 )<sup>†</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| Net amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>†</sup> The value of the related collateral received by the fund exceeded the value of the repurchase agreement by the fund. See Statement 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. Events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the fund and its investments. Recent examples include pandemic risks related to COVID-19 and aggressive measures taken world-wide in response by governments, including closing borders, restricting international and domestic travel, and the imposition of prolonged quarantines of large populations, and by businesses, including changes to operations and reducing staff.

**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 each relevant 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.

**(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 January 31, 2025, 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 January 31, 2025, the fund did not incur any interest or penalties.

**27**

------

NOTES TO FINANCIAL STATEMENTS (continued)

Each tax year in the four-year period ended January 31, 2025 remains subject to examination by the Internal Revenue Service and state taxing authorities.

At January 31, 2025, the components of accumulated earnings on a tax basis were as follows: undistributed ordinary income $47,136 and accumulated capital losses $1,815,685.

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 accumulated capital loss carryover is available for federal income tax purposes to be applied against future net realized capital gains, if any, realized subsequent to January 31, 2025. The fund has $1,815,685 of short-term capital losses which can be carried forward for an unlimited period.

The tax character of distributions paid to shareholders during the fiscal years ended January 31, 2025 and January 31, 2024 were as follows: ordinary income $6,007,027,856 and $5,748,984,134, respectively.

At January 31, 2025, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes (see the Statement of Investments).

**(f) Operating segment reporting:** In this reporting period, the fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only and did not affect the fund's financial position or the results of its operations. The ASU 2023-07 is effective for public entities for fiscal years beginning after December 15, 2023, and requires retrospective application for all prior periods presented within the financial statements.

Since its commencement, the fund operates and is managed as a single reportable segment deriving returns in the form of dividends, interest and/or gains from the investments made in pursuit of its single stated investment objective as outlined in the fund's prospectus. The accounting policies of the fund are consistent with those described in these Notes to Financial Statements. The chief operating decision maker ("CODM") is represented by BNY Investments, the management of the fund's Adviser, comprising of Senior Management and Directors. The CODM considers net increase in net assets resulting from operations in deciding whether to purchase additional investments or to make distributions to its shareholders. Detailed financial information for the fund is disclosed within these financial statements with total assets and liabilities disclosed on the Statement of Assets and Liabilities, investments held on the Statement of Investments, results of operations and significant segment expenses on the Statement of Operations and other information about the fund's performance, including total return, portfolio turnover and ratios within the Financial Highlights.

**NOTE 2—**

**Management Fee, Sub-Advisory Fee and Other Transactions with Affiliates:**

**(a)** Pursuant to a management agreement (the "Agreement") with the Adviser, the management fee is computed at an annual rate of .20% of the value of the fund's average daily net assets and is payable monthly. The Agreement provides that if in any full fiscal year the aggregate expenses of the fund (excluding taxes, brokerage commissions and extraordinary expenses) exceed 1½% of the value of the fund's average daily net assets, the fund may deduct from the fees paid to the Adviser, or the Adviser will bear such excess expense. During the period ended January 31, 2025, there was no expense reimbursement pursuant to the Agreement.

The Adviser has contractually agreed, from February 1, 2024 through May 31, 2025, 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 May 31, 2025, the Adviser may terminate this waiver agreement at any time. In addition, the Adviser has voluntarily agreed 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 Adviser has contractually agreed, from February 1, 2024 through May 31, 2025, 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 and SPARK<sup>SM</sup> shares (excluding taxes, brokerage commissions and extraordinary expenses) do not exceed .62%, 1.01%, .18% and .18%, respectively, of the value of applicable share class' 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 May 31, 2025, the Adviser may terminate this expense limitation agreement at any time.

The Adviser has contractually agreed from June 4, 2024 through May 31, 2025, to waive receipt of its fees and/or assume the direct expenses of the fund's BOLD® Future shares so that the direct expenses of BOLD® Future shares (excluding taxes, brokerage commissions and extraordinary expenses) do not exceed .47% of the value of BOLD® 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

**28**

------

NOTES TO FINANCIAL STATEMENTS (continued)

or reimbursement will be applied equally to each share class of the fund. On or after May 31, 2025, the Adviser may terminate the fee waiver agreement and/or expense limitation agreement at any time. The reduction in expenses, pursuant to these undertakings amounted to $49,585,930 during the period ended January 31, 2025.

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, Participant, Wealth, Service and BOLD<sup>®</sup> Future shares (the "Compensation Shareholder Services Plan"), Investor, Administrative, Participant, Wealth, Service and BOLD<sup>®</sup> 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 January 31, 2025, Investor, Administrative, Participant, Wealth, Service and BOLD<sup>®</sup> Future shares were charged $27,599,935, $3,033,253, $7,016,847, $20,187,753, $16,974,993 and $66, 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 January 31, 2025, Institutional shares were charged $999,824 pursuant to the Reimbursement Shareholder Services Plan.

**(c)** Under the Administrative Services Plan with respect to Participant, Service and BOLD® Future shares, 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 a fee at an annual rate of .15%, .55% and .05%, respectively, of the value of the fund's Participant, Service and BOLD® 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 January 31, 2025, Participant, Service and BOLD® Future shares were charged $4,210,108, $37,344,985 and $13, 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 January 31, 2025, the fund was charged $96,799 for transfer agency services. These fees are included in Shareholder servicing costs in the Statement of Operations. These fees were partially offset by earnings credits of $7,792.

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 January 31, 2025, the fund was charged $1,825,669 pursuant to the custody agreement.

**29**

------

NOTES TO FINANCIAL STATEMENTS (continued)

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 January 31, 2025, the fund was charged $4,632 pursuant to the agreement, which is included in Shareholder servicing costs in the Statement of Operations.

During the period ended January 31, 2025, the fund was charged $21,194 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 components of "Due to BNY Mellon Investment Adviser, Inc. and affiliates" in the Statement of Assets and Liabilities consist of: Management fee of $22,806,876, Administrative Services Plan fees of $3,742,078, Shareholder Services Plans fees of $6,862,856, Custodian fees of $569,927, Chief Compliance Officer fees of $7,394 and Transfer Agent fees of $27,754, which are offset against an expense reimbursement currently in effect in the amount of $4,514,806.

**(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.

**30**

------

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and the Board of Trustees of Dreyfus Government Cash Management

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of Dreyfus Government Cash Management (the "Fund") (one of the funds constituting Dreyfus Government Cash Management Funds (the "Trust")), including the statement of investments, as of January 31, 2025, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting Dreyfus Government Cash Management Funds) at January 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of January 31, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. ![](imga0579c534.gif)

We have served as the auditor of one or more investment companies in the BNY Mellon Family of Funds since at least 1957, but we are unable to determine the specific year.

New York, New York

March 24, 2025

**31**

------

IMPORTANT TAX INFORMATION (Unaudited)

For federal tax purposes, the fund hereby reports 100% of ordinary income dividends paid during the fiscal period ended January 31, 2025 as qualifying interest related dividends.

**32**

------

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies (Unaudited)

N/A

**33**

------

Item 9. Proxy Disclosures for Open-End Management Investment Companies (Unaudited)

N/A

**34**

------

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. Annual retainer fees and attendance fees are allocated to each fund based on net assets. Trustees fees paid by the fund are within Item 7. Statement of Operations as Trustees' fees and expenses.

**35**

------

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contracts (Unaudited)

N/A

**36**

------© 2025 BNY Mellon Securities Corporation

Code-0289NCSRAR0125A

![](imgf2e1cef45.gif)

------

![](img57beb7161.gif)

![](img51ac18622.gif)

Dreyfus Government Securities Cash Management

**ANNUAL FINANCIALS AND OTHER INFORMATION**

January 31, 2025

---

| | |
|:---|:---|
| **Share Class** | **Ticker** |
| Institutional Shares | DIPXX |
| Investor Shares | DVPXX |
| Administrative Shares | DAPXX |
| Participant Shares | DGPXX |

---

![](img90c6a5fe3.gif)

------

**IMPORTANT NOTICE – CHANGES TO ANNUAL AND SEMI-ANNUAL REPORTS**

The Securities and Exchange Commission (the "SEC") has adopted rule and form amendments which have resulted in changes to the design and delivery of annual and semi-annual fund reports ("Reports"). Reports are now streamlined to highlight key information. Certain information previously included in Reports, including financial statements, no longer appear in the Reports but will be available online within the Semi-Annual and Annual Financials and Other Information, delivered free of charge to shareholders upon request, and filed with the SEC.

------

**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 Annual Financials and Other Information only contains Items 7-11 required in Form N-CSR. All other required items will be filed with the SEC.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Item 7. Financial Statements and Financial Highlights for Open-End Management](#xx_e6f5f998-b96e-4edb-aa2e-8332a9859b0e_SOI-TOC-Item7-4688_1)**<br> **[Investment Companies](#xx_e6f5f998-b96e-4edb-aa2e-8332a9859b0e_SOI-TOC-Item7-4688_1)**<br>| 3 |
| [Statement of Investments](#xx_e6f5f998-b96e-4edb-aa2e-8332a9859b0e_SOI-TOC-Item7-4688_1) | 3 |
| [Statement of Assets and Liabilities](#xx_e6f5f998-b96e-4edb-aa2e-8332a9859b0e_FS-StatementofAssetsandLiabilities_1) | 6 |
| [Statement of Operations](#xx_e6f5f998-b96e-4edb-aa2e-8332a9859b0e_FS-StatementofAssetsandLiabilities_2) | 7 |
| [Statement of Changes in Net Assets](#xx_e6f5f998-b96e-4edb-aa2e-8332a9859b0e_FS-StatementofAssetsandLiabilities_3) | 8 |
| [Financial Highlights](#xx_e6f5f998-b96e-4edb-aa2e-8332a9859b0e_FIHI-FinancialHighlights-4688_1) | 9 |
| [Notes to Financial Statements](#xx_e6f5f998-b96e-4edb-aa2e-8332a9859b0e_NTF-TOC-NotestoFinancialStatements-4688_1) | 13 |
| [Report of Independent Registered Public Accounting Firm](#xx_e6f5f998-b96e-4edb-aa2e-8332a9859b0e_AUD-TOC-ReprtofIndRegPublicAcctingFirm-4688_1) | 17 |
| [Important Tax Information](#xx_e6f5f998-b96e-4edb-aa2e-8332a9859b0e_ITI-TOC-ImportantTaxInfo-4688_1) | 18 |
| **[Item 8. Changes in and Disagreements with Accountants for Open-End Management](#xx_e6f5f998-b96e-4edb-aa2e-8332a9859b0e_CDA-TOC-Item8ChangesinDisagreements-4688_1)**<br> **[Investment Companies](#xx_e6f5f998-b96e-4edb-aa2e-8332a9859b0e_CDA-TOC-Item8ChangesinDisagreements-4688_1)**<br>| 19 |
| **[Item 9. Proxy Disclosures for Open-End Management Investment Companies](#xx_e6f5f998-b96e-4edb-aa2e-8332a9859b0e_PRXD-TOC-Item9ProxyDisclosures-4688_1)** | 20 |
| **[Item 10. Remuneration Paid to Directors, Officers, and Other of Open-End](#xx_e6f5f998-b96e-4edb-aa2e-8332a9859b0e_RMNP-TOC-Item10RemunerationsPaid-4688_1)**<br> **[Management Investment Companies](#xx_e6f5f998-b96e-4edb-aa2e-8332a9859b0e_RMNP-TOC-Item10RemunerationsPaid-4688_1)**<br>| 21 |
| **[Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_e6f5f998-b96e-4edb-aa2e-8332a9859b0e_AAA-TOC-Item11AdvisoryAgreements-4688_1)** | 22 |

---

------

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

Dreyfus Government Securities Cash Management

Statement of Investments

January 31, 2025

------

---

| | | | |
|:---|:---|:---|:---|
| Description | Annualized <br>Yield (%)<br>| Principal <br>Amount ($)<br>| Value ($) |
| **U.S. Government Agencies Obligations — 20.5%** |  |  |  |
| **Federal Farm Credit Banks:** |  |  |  |
| 2/3/2025, Bonds (3 Month SOFR + 0.01%)<sup>(a)</sup> <br>| 4.37 | &nbsp;&nbsp; 11000000 | &nbsp;&nbsp; 11000000 |
| 2/3/2025, Bonds (3 Month SOFR + 0.06%)<sup>(a)</sup> <br>| 4.42 | &nbsp;&nbsp; 9400000 | &nbsp;&nbsp; 9400000 |
| 2/3/2025, Bonds (3 Month SOFR + 0.10%)<sup>(a)</sup> <br>| 4.46 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2500000 |
| 2/3/2025, Bonds (3 Month SOFR + 0.14%)<sup>(a)</sup> <br>| 4.50 | &nbsp;&nbsp; 15000000 | &nbsp;&nbsp; 15000000 |
| 2/3/2025, Bonds (3 Month SOFR + 0.14%)<sup>(a)</sup> <br>| 4.50 | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp; 4000000 |
| 2/3/2025, Bonds (3 Month SOFR + 0.14%)<sup>(a)</sup> <br>| 4.50 | &nbsp;&nbsp; 11900000 | &nbsp;&nbsp; 11900000 |
| 2/3/2025, Bonds (3 Month SOFR + 0.14%)<sup>(a)</sup> <br>| 4.50 | &nbsp;&nbsp; 10000000 | &nbsp;&nbsp; 10000000 |
| 2/5/2025, Notes<sup>(b)</sup> <br>| 4.38 | &nbsp;&nbsp; 50000000 | &nbsp;&nbsp; 49976000 |
| **Federal Home Loan Banks:** |  |  |  |
| 2/3/2025, Bonds (3 Month SOFR + 0.01%)<sup>(a)</sup> <br>| 4.37 | &nbsp;&nbsp; 15300000 | &nbsp;&nbsp; 15300000 |
| 2/3/2025, Bonds (3 Month SOFR + 0.02%)<sup>(a)</sup> <br>| 4.38 | &nbsp;&nbsp; 5400000 | &nbsp;&nbsp; 5400000 |
| 2/3/2025, Bonds (3 Month SOFR + 0.14%)<sup>(a)</sup> <br>| 4.50 | &nbsp;&nbsp; 14000000 | &nbsp;&nbsp; 14000000 |
| 2/3/2025, Bonds (3 Month SOFR + 0.14%)<sup>(a)</sup> <br>| 4.50 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp; 5000000 |
| 2/3/2025, Bonds (3 Month SOFR + 0.14%)<sup>(a)</sup> <br>| 4.50 | &nbsp;&nbsp; 19000000 | &nbsp;&nbsp; 19000000 |
| 2/3/2025, Bonds (3 Month SOFR + 0.15%)<sup>(a)</sup> <br>| 4.51 | &nbsp;&nbsp; 15000000 | &nbsp;&nbsp; 15000000 |
| 2/3/2025, Bonds (3 Month SOFR + 0.16%)<sup>(a)</sup> <br>| 4.52 | &nbsp;&nbsp; 22000000 | &nbsp;&nbsp; 22000000 |
| 2/3/2025, Bonds, Ser. 1 (3 Month SOFR + 0.01%)<sup>(a)</sup> <br>| 4.37 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp; 5000000 |
| 2/3/2025, Bonds, Ser. 1 (3 Month SOFR + 0.02%)<sup>(a)</sup> <br>| 4.38 | &nbsp;&nbsp; 58000000 | &nbsp;&nbsp; 58000000 |
| 2/3/2025, Bonds, Ser. 1 (3 Month SOFR + 0.03%)<sup>(a)</sup> <br>| 4.39 | &nbsp;&nbsp; 95000000 | &nbsp;&nbsp; 95000000 |
| 2/3/2025, Bonds, Ser. 1 (3 Month SOFR + 0.08%)<sup>(a)</sup> <br>| 4.44 | &nbsp;&nbsp; 11000000 | &nbsp;&nbsp; 11000000 |
| 2/3/2025, Bonds, Ser. 1 (3 Month SOFR + 0.14%)<sup>(a)</sup> <br>| 4.50 | &nbsp;&nbsp; 10000000 | &nbsp;&nbsp; 10000000 |
| 2/3/2025, Bonds, Ser. 1 (3 Month SOFR + 0.16%)<sup>(a)</sup> <br>| 4.52 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp; 5000000 |
| 2/3/2025, Bonds, Ser. 2 (3 Month SOFR + 0.01%)<sup>(a)</sup> <br>| 4.37 | &nbsp;&nbsp; 10400000 | &nbsp;&nbsp; 10400000 |
| 2/3/2025, Bonds, Ser. 3 (3 Month SOFR + 0.03%)<sup>(a)</sup> <br>| 4.39 | &nbsp;&nbsp; 60000000 | &nbsp;&nbsp; 60000000 |
| 2/3/2025, Notes<sup>(b)</sup> <br>| 4.24 | &nbsp;&nbsp; 75000000 | &nbsp;&nbsp; 74982583 |
| 2/4/2025, Notes<sup>(b)</sup> <br>| 4.74 | &nbsp;&nbsp; 13000000 | &nbsp;&nbsp; 12994941 |
| 2/7/2025, Notes<sup>(b)</sup> <br>| 4.47 | &nbsp;&nbsp; 148100000 | &nbsp;&nbsp; 147991271 |
| 2/10/2025, Notes<sup>(b)</sup> <br>| 4.83 | &nbsp;&nbsp; 26300000 | &nbsp;&nbsp; 26268703 |
| 2/14/2025, Notes<sup>(b)</sup> <br>| 4.31 | &nbsp;&nbsp; 50000000 | &nbsp;&nbsp; 49923300 |
| 3/14/2025, Notes<sup>(b)</sup> <br>| 4.46 | &nbsp;&nbsp; 11000000 | &nbsp;&nbsp; 10945191 |
| 5/5/2025, Bonds | 5.20 | &nbsp;&nbsp; 26000000 | &nbsp;&nbsp; 26000000 |
| 5/12/2025, Bonds | 5.32 | &nbsp;&nbsp; 27400000 | &nbsp;&nbsp; 27400000 |
| 6/16/2025, Notes<sup>(b)</sup> <br>| 4.26 | &nbsp;&nbsp; 21700000 | &nbsp;&nbsp; 21363108 |
| 8/15/2025, Notes<sup>(b)</sup> <br>| 4.27 | &nbsp;&nbsp; 6000000 | &nbsp;&nbsp; 5866263 |
| 2/9/2026, Bonds | 4.42 | &nbsp;&nbsp; 20000000 | &nbsp;&nbsp; 20000000 |
| 2/9/2026, Bonds | 4.44 | &nbsp;&nbsp; 10000000 | &nbsp;&nbsp; 10000000 |
| **Total U.S. Government Agencies Obligations** <br>(cost $897,611,360)<br>|  |  | &nbsp;&nbsp; **897611360** |
| **U.S. Treasury Bills — 66.5%** |  |  |  |
| 2/4/2025<sup>(b)</sup> <br>| 4.32 | &nbsp;&nbsp; 125000000 | &nbsp;&nbsp; 124955594 |
| 2/11/2025<sup>(b)</sup> <br>| 4.40 | &nbsp;&nbsp; 85000000 | &nbsp;&nbsp; 84897764 |
| 2/13/2025<sup>(b)</sup> <br>| 4.34 | &nbsp;&nbsp; 75000000 | &nbsp;&nbsp; 74893250 |
| 2/18/2025<sup>(b)</sup> <br>| 4.36 | &nbsp;&nbsp; 255000000 | &nbsp;&nbsp; 254482928 |

---

**3**

------

Statement of Investments (continued)

------

---

| | | | |
|:---|:---|:---|:---|
| Description | Annualized<br> Yield (%)<br>| Principal<br> Amount ($)<br>| Value ($) |
| **U.S. Treasury Bills — 66.5% (continued)** |  |  |  |
| 2/20/2025<sup>(b)</sup> <br>| 4.31 | &nbsp;&nbsp; 50000000 | &nbsp;&nbsp; 49887979 |
| 2/25/2025<sup>(b)</sup> <br>| 4.38 | &nbsp;&nbsp; 179000000 | &nbsp;&nbsp; 178486244 |
| 2/27/2025<sup>(b)</sup> <br>| 4.37 | &nbsp;&nbsp; 250000000 | &nbsp;&nbsp; 249224965 |
| 3/4/2025<sup>(b)</sup> <br>| 4.36 | &nbsp;&nbsp; 64000000 | &nbsp;&nbsp; 63764038 |
| 3/6/2025<sup>(b)</sup> <br>| 4.38 | &nbsp;&nbsp; 150000000 | &nbsp;&nbsp; 149408750 |
| 3/11/2025<sup>(b)</sup> <br>| 4.43 | &nbsp;&nbsp; 113000000 | &nbsp;&nbsp; 112481522 |
| 3/13/2025<sup>(b)</sup> <br>| 4.37 | &nbsp;&nbsp; 215000000 | &nbsp;&nbsp; 213976111 |
| 3/18/2025<sup>(b)</sup> <br>| 4.35 | &nbsp;&nbsp; 138000000 | &nbsp;&nbsp; 137263050 |
| 3/20/2025<sup>(b)</sup> <br>| 4.91 | &nbsp;&nbsp; 42000000 | &nbsp;&nbsp; 41736252 |
| 3/25/2025<sup>(b)</sup> <br>| 4.34 | &nbsp;&nbsp; 50000000 | &nbsp;&nbsp; 49693056 |
| 3/27/2025<sup>(b)</sup> <br>| 4.33 | &nbsp;&nbsp; 50000000 | &nbsp;&nbsp; 49682000 |
| 4/1/2025<sup>(b)</sup> <br>| 4.48 | &nbsp;&nbsp; 21500000 | &nbsp;&nbsp; 21345313 |
| 4/3/2025<sup>(b)</sup> <br>| 4.32 | &nbsp;&nbsp; 85000000 | &nbsp;&nbsp; 84390763 |
| 4/8/2025<sup>(b)</sup> <br>| 4.41 | &nbsp;&nbsp; 85000000 | &nbsp;&nbsp; 84327579 |
| 4/10/2025<sup>(b)</sup> <br>| 4.33 | &nbsp;&nbsp; 122000000 | &nbsp;&nbsp; 121022934 |
| 4/15/2025<sup>(b)</sup> <br>| 4.34 | &nbsp;&nbsp; 50000000 | &nbsp;&nbsp; 49570111 |
| 4/17/2025<sup>(b)</sup> <br>| 5.03 | &nbsp;&nbsp; 39000000 | &nbsp;&nbsp; 38600656 |
| 4/22/2025<sup>(b)</sup> <br>| 4.32 | &nbsp;&nbsp; 40000000 | &nbsp;&nbsp; 39624889 |
| 4/24/2025<sup>(b)</sup> <br>| 4.35 | &nbsp;&nbsp; 100000000 | &nbsp;&nbsp; 99031261 |
| 5/1/2025<sup>(b)</sup> <br>| 4.43 | &nbsp;&nbsp; 30600000 | &nbsp;&nbsp; 30272814 |
| 5/6/2025<sup>(b)</sup> <br>| 4.30 | &nbsp;&nbsp; 20000000 | &nbsp;&nbsp; 19780928 |
| 5/15/2025<sup>(b)</sup> <br>| 4.42 | &nbsp;&nbsp; 12000000 | &nbsp;&nbsp; 11852023 |
| 5/20/2025<sup>(b)</sup> <br>| 4.32 | &nbsp;&nbsp; 45000000 | &nbsp;&nbsp; 44431650 |
| 5/27/2025<sup>(b)</sup> <br>| 4.32 | &nbsp;&nbsp; 24000000 | &nbsp;&nbsp; 23677617 |
| 5/29/2025<sup>(b)</sup> <br>| 4.46 | &nbsp;&nbsp; 33000000 | &nbsp;&nbsp; 32534535 |
| 6/3/2025<sup>(b)</sup> <br>| 4.25 | &nbsp;&nbsp; 19000000 | &nbsp;&nbsp; 18736845 |
| 6/5/2025<sup>(b)</sup> <br>| 4.43 | &nbsp;&nbsp; 33000000 | &nbsp;&nbsp; 32510665 |
| 6/12/2025<sup>(b)</sup> <br>| 4.32 | &nbsp;&nbsp; 24700000 | &nbsp;&nbsp; 24322502 |
| 6/20/2025<sup>(b)</sup> <br>| 4.29 | &nbsp;&nbsp; 66000000 | &nbsp;&nbsp; 64939893 |
| 6/26/2025<sup>(b)</sup> <br>| 4.30 | &nbsp;&nbsp; 50000000 | &nbsp;&nbsp; 49160208 |
| 7/3/2025<sup>(b)</sup> <br>| 4.27 | &nbsp;&nbsp; 21000000 | &nbsp;&nbsp; 20633363 |
| 7/10/2025<sup>(b)</sup> <br>| 4.24 | &nbsp;&nbsp; 16000000 | &nbsp;&nbsp; 15709560 |
| 10/30/2025<sup>(b)</sup> <br>| 4.29 | &nbsp;&nbsp; 19000000 | &nbsp;&nbsp; 18413586 |
| 11/28/2025<sup>(b)</sup> <br>| 4.40 | &nbsp;&nbsp; 35000000 | &nbsp;&nbsp; 33777917 |
| 12/26/2025<sup>(b)</sup> <br>| 4.29 | &nbsp;&nbsp; 53000000 | &nbsp;&nbsp; 51034642 |
| 1/22/2026<sup>(b)</sup> <br>| 4.25 | &nbsp;&nbsp; 45000000 | &nbsp;&nbsp; 43213906 |
| **Total U.S. Treasury Bills** <br>(cost $2,907,749,663)<br>|  |  | &nbsp;&nbsp; **2907749663** |
| **U.S. Treasury Floating Rate Notes — 10.6%** |  |  |  |
| 2/4/2025 (3 Month USBMMY + 0.10%)<sup>(a)</sup> <br>| 4.34 | &nbsp;&nbsp; 43000000 | &nbsp;&nbsp; 43000000 |
| 2/4/2025 (3 Month USBMMY + 0.13%)<sup>(a)</sup> <br>| 4.36 | &nbsp;&nbsp; 61000000 | &nbsp;&nbsp; 60987615 |
| 2/4/2025 (3 Month USBMMY + 0.15%)<sup>(a)</sup> <br>| 4.39 | &nbsp;&nbsp; 95000000 | &nbsp;&nbsp; 95000210 |
| 2/4/2025 (3 Month USBMMY + 0.17%)<sup>(a)</sup> <br>| 4.41 | &nbsp;&nbsp; 60000000 | &nbsp;&nbsp; 59999711 |
| 2/4/2025 (3 Month USBMMY + 0.17%)<sup>(a)</sup> <br>| 4.41 | &nbsp;&nbsp; 64000000 | &nbsp;&nbsp; 64009082 |
| 2/4/2025 (3 Month USBMMY + 0.18%)<sup>(a)</sup> <br>| 4.42 | &nbsp;&nbsp; 57000000 | &nbsp;&nbsp; 56943277 |

---

**4**

------

---

| | | | |
|:---|:---|:---|:---|
| Description | Annualized<br> Yield (%)<br>| Principal<br> Amount ($)<br>| Value ($) |
| **U.S. Treasury Floating Rate Notes — 10.6% (continued)** |  |  |  |
| 2/4/2025 (3 Month USBMMY + 0.21%)<sup>(a)</sup> <br>| 4.44 | &nbsp;&nbsp; 37000000 | &nbsp;&nbsp; 37023301 |
| 2/4/2025 (3 Month USBMMY + 0.25%)<sup>(a)</sup> <br>| 4.48 | &nbsp;&nbsp; 47000000 | &nbsp;&nbsp; 47016802 |
| **Total U.S. Treasury Floating Rate Notes** <br>(cost $463,979,998)<br>|  |  | &nbsp;&nbsp; **463979998** |
| **U.S. Treasury Notes — 1.0%** |  |  |  |
| 3/31/2025 | 0.50 | &nbsp;&nbsp; 15000000 | &nbsp;&nbsp; 14896956 |
| 4/30/2025 | 3.88 | &nbsp;&nbsp; 7000000 | &nbsp;&nbsp; 6990448 |
| 10/31/2025 | 0.25 | &nbsp;&nbsp; 7700000 | &nbsp;&nbsp; 7469205 |
| 10/31/2025 | 5.00 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp; 5022073 |
| 11/30/2025 | 2.88 | &nbsp;&nbsp; 4300000 | &nbsp;&nbsp; 4248589 |
| 11/30/2025 | 4.88 | &nbsp;&nbsp; 6100000 | &nbsp;&nbsp; 6124613 |
| **Total U.S. Treasury Notes** <br>(cost $44,751,884)<br>|  |  | &nbsp;&nbsp; **44751884** |
| **Total Investments** (cost $4,314,092,905) |  | &nbsp;&nbsp; **98.6%** | &nbsp;&nbsp; **4314092905** |
| **Cash and Receivables (Net)** |  | &nbsp;&nbsp; **1.4%** | &nbsp;&nbsp; **61020049** |
| **Net Assets** |  | &nbsp;&nbsp; **100.0%** | &nbsp;&nbsp; **4375112954** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

SOFR—Secured Overnight Financing Rate <br> USBMMY—U.S. Treasury Bill Money Market Yield

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> 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. 

<sup>(b)</sup> Security is a discount security. Income is recognized through the accretion of discount.

See notes to financial statements.

**5**

------

STATEMENT OF ASSETS AND LIABILITIES

January 31, 2025

---

| | | |
|:---|:---|:---|
|  | Cost | Value |
| **Assets ($):** |  |  |
| Investments in securities—See Statement of Investments | 4314092905 | &nbsp;&nbsp;&nbsp;&nbsp; 4314092905 |
| Cash |  | &nbsp;&nbsp;&nbsp;&nbsp; 76116829 |
| Receivable for shares of Beneficial Interest subscribed |  | &nbsp;&nbsp;&nbsp;&nbsp; 5621623 |
| Interest receivable |  | &nbsp;&nbsp;&nbsp;&nbsp; 3138700 |
| Prepaid expenses |  | &nbsp;&nbsp;&nbsp;&nbsp; 102669 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **4399072726** |
| **Liabilities ($):** |  |  |
| Due to BNY Mellon Investment Adviser, Inc. and affiliates—Note 2(c)  |  | &nbsp;&nbsp;&nbsp;&nbsp; 905937 |
| Payable for investment securities purchased |  | &nbsp;&nbsp;&nbsp;&nbsp; 18736845 |
| Payable for shares of Beneficial Interest redeemed |  | &nbsp;&nbsp;&nbsp;&nbsp; 4165800 |
| Trustees' fees and expenses payable |  | &nbsp;&nbsp;&nbsp;&nbsp; 3144 |
| Other accrued expenses |  | &nbsp;&nbsp;&nbsp;&nbsp; 148046 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **23959772** |
| **Net Assets ($)** |  | &nbsp;&nbsp;&nbsp;&nbsp; **4375112954** |
| **Composition of Net Assets ($):** |  |  |
| Paid-in capital |  | &nbsp;&nbsp;&nbsp;&nbsp; 4375158122 |
| Total distributable earnings (loss) |  | &nbsp;&nbsp;&nbsp;&nbsp; (45168)<br>|
| **Net Assets ($)** |  | &nbsp;&nbsp;&nbsp;&nbsp; **4375112954** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value Per Share** | Institutional Shares | Investor Shares | Administrative Shares | Participant Shares |
| Net Assets ($) | &nbsp;&nbsp;&nbsp;&nbsp; 3440875054 | &nbsp;&nbsp;&nbsp;&nbsp; 341337401 | &nbsp;&nbsp;&nbsp;&nbsp; 384215849 | &nbsp;&nbsp;&nbsp;&nbsp; 208684650 |
| Shares Outstanding | &nbsp;&nbsp;&nbsp;&nbsp; 3440915880 | &nbsp;&nbsp;&nbsp;&nbsp; 341338615 | &nbsp;&nbsp;&nbsp;&nbsp; 384217312 | &nbsp;&nbsp;&nbsp;&nbsp; 208690117 |
| **Net Asset Value Per Share ($)** | &nbsp;&nbsp;&nbsp;&nbsp;**1.00** | &nbsp;&nbsp;&nbsp;&nbsp;**1.00** | &nbsp;&nbsp;&nbsp;&nbsp;**1.00** | &nbsp;&nbsp;&nbsp;&nbsp;**1.00** |

---

See notes to financial statements.

**6**

------

STATEMENT OF OPERATIONS

Year Ended January 31, 2025

---

| | |
|:---|:---|
| **Investment Income ($):** |  |
| **Interest Income** | &nbsp;&nbsp;&nbsp;&nbsp; **216012910** |
| **Expenses:** |  |
| Management fee—Note 2(a)  | &nbsp;&nbsp;&nbsp;&nbsp; 8423309 |
| Shareholder servicing costs—Note 2(b)  | &nbsp;&nbsp;&nbsp;&nbsp; 1939783 |
| Administrative services fees—Note 2(c)  | &nbsp;&nbsp;&nbsp;&nbsp; 398592 |
| Registration fees | &nbsp;&nbsp;&nbsp;&nbsp; 163954 |
| Professional fees | &nbsp;&nbsp;&nbsp;&nbsp; 97701 |
| Custodian fees—Note 2(c)  | &nbsp;&nbsp;&nbsp;&nbsp; 76239 |
| Prospectus and shareholders' reports | &nbsp;&nbsp;&nbsp;&nbsp; 38766 |
| Chief Compliance Officer fees—Note 2(c)  | &nbsp;&nbsp;&nbsp;&nbsp; 21194 |
| Trustees' fees and expenses—Note 2(d)  | &nbsp;&nbsp;&nbsp;&nbsp; 18322 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp; 118417 |
| **Total Expenses** | &nbsp;&nbsp;&nbsp;&nbsp; **11296277** |
| Less—reduction in expenses due to undertaking—Note 2(a)  | &nbsp;&nbsp;&nbsp;&nbsp; (420910) |
| Less—reduction in fees due to earnings credits—Note 2(c)  | &nbsp;&nbsp;&nbsp;&nbsp;(495) |
| **Net Expenses** | &nbsp;&nbsp;&nbsp;&nbsp; **10874872** |
| **Net Investment Income** | &nbsp;&nbsp;&nbsp;&nbsp; **205138038** |
| **Net Realized Gain (Loss) on Investments—Note 1(b) ($)** | &nbsp;&nbsp;&nbsp;&nbsp; **24713** |
| **Net Increase in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp; **205162751** |

---

See notes to financial statements.

**7**

------

STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | Year Ended January 31, | Year Ended January 31, |
|  | 2025 | 2024 |
| **Operations ($):** |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 205138038 | &nbsp;&nbsp;&nbsp;&nbsp; 198038170 |
| Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp; 24713 | &nbsp;&nbsp;&nbsp;&nbsp; (20719) |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp; **205162751** | &nbsp;&nbsp;&nbsp;&nbsp; **198017451** |
| **Distributions ($):** |  |  |
| Distributions to shareholders: |  |  |
| Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp; (157048096) | &nbsp;&nbsp;&nbsp;&nbsp; (157938492) |
| Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp; (14866902) | &nbsp;&nbsp;&nbsp;&nbsp; (11266230) |
| Administrative Shares | &nbsp;&nbsp;&nbsp;&nbsp; (21072799) | &nbsp;&nbsp;&nbsp;&nbsp; (15463297) |
| Participant Shares | &nbsp;&nbsp;&nbsp;&nbsp; (12160872) | &nbsp;&nbsp;&nbsp;&nbsp; (13361039) |
| **Total Distributions** | &nbsp;&nbsp;&nbsp;&nbsp; **(205148669)** | &nbsp;&nbsp;&nbsp;&nbsp; **(198029058)** |
| **Beneficial Interest Transactions ($1.00 per share):** |  |  |
| Net proceeds from shares sold: |  |  |
| Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp; 9387375971 | &nbsp;&nbsp;&nbsp;&nbsp; 8864420491 |
| Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp; 444340695 | &nbsp;&nbsp;&nbsp;&nbsp; 565861972 |
| Administrative Shares | &nbsp;&nbsp;&nbsp;&nbsp; 1814274424 | &nbsp;&nbsp;&nbsp;&nbsp; 1280646542 |
| Participant Shares | &nbsp;&nbsp;&nbsp;&nbsp; 782266629 | &nbsp;&nbsp;&nbsp;&nbsp; 684560488 |
| Distributions reinvested: |  |  |
| Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp; 41755923 | &nbsp;&nbsp;&nbsp;&nbsp; 34554314 |
| Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp; 4950889 | &nbsp;&nbsp;&nbsp;&nbsp; 3171277 |
| Administrative Shares | &nbsp;&nbsp;&nbsp;&nbsp; 17510285 | &nbsp;&nbsp;&nbsp;&nbsp; 12195518 |
| Participant Shares | &nbsp;&nbsp;&nbsp;&nbsp; 10206482 | &nbsp;&nbsp;&nbsp;&nbsp; 12796440 |
| Cost of shares redeemed: |  |  |
| Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp; (9486527595) | &nbsp;&nbsp;&nbsp;&nbsp; (8718827520) |
| Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp; (401775039) | &nbsp;&nbsp;&nbsp;&nbsp; (475561512) |
| Administrative Shares | &nbsp;&nbsp;&nbsp;&nbsp; (1771839304) | &nbsp;&nbsp;&nbsp;&nbsp; (1264653282) |
| Participant Shares | &nbsp;&nbsp;&nbsp;&nbsp; (939914233) | &nbsp;&nbsp;&nbsp;&nbsp; (649667350) |
| **Increase (Decrease) in Net Assets from Beneficial Interest Transactions** | &nbsp;&nbsp;&nbsp;&nbsp; **(97374873)** | &nbsp;&nbsp;&nbsp;&nbsp; **349497378** |
| **Total Increase (Decrease) in Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp; **(97360791)** | &nbsp;&nbsp;&nbsp;&nbsp; **349485771** |
| **Net Assets ($):** |  |  |
| Beginning of Period | &nbsp;&nbsp;&nbsp;&nbsp; 4472473745 | &nbsp;&nbsp;&nbsp;&nbsp; 4122987974 |
| **End of Period** | &nbsp;&nbsp;&nbsp;&nbsp; **4375112954** | &nbsp;&nbsp;&nbsp;&nbsp; **4472473745** |

---

See notes to financial statements.

**8**

------

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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended January 31, | Year Ended January 31, | Year Ended January 31, | Year Ended January 31, | Year Ended January 31, |
| **Institutional Shares** | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Per Share Data ($):** |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 |
| Investment Operations: | Investment Operations: |  |  |  |  |
| Net investment income | &nbsp;&nbsp; .049 | &nbsp;&nbsp; .050 | &nbsp;&nbsp; .018 | &nbsp;&nbsp; .000 <br><sup>(a)</sup><br>| &nbsp;&nbsp; .003 |
| Distributions: |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp; (.049)<br>| &nbsp;&nbsp; (.050)<br>| &nbsp;&nbsp; (.018)<br>| &nbsp;&nbsp; (.000 )<sup>(a)</sup><br>| &nbsp;&nbsp; (.003)<br>|
| Net asset value, end of period | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 |
| **Total Return (%)** | &nbsp;&nbsp;&nbsp;&nbsp;5.04 | &nbsp;&nbsp;&nbsp;&nbsp;5.06 | &nbsp;&nbsp;&nbsp;&nbsp;1.79 | &nbsp;&nbsp; .01 | &nbsp;&nbsp; .25 |
| **Ratios/Supplemental Data (%):** | **Ratios/Supplemental Data (%):** |  |  |  |  |
| Ratio of total expenses to average net assets | &nbsp;&nbsp; .21 | &nbsp;&nbsp; .21 | &nbsp;&nbsp; .21 | &nbsp;&nbsp; .21 | &nbsp;&nbsp; .21 |
| Ratio of net expenses to average net assets | &nbsp;&nbsp; .20 | &nbsp;&nbsp; .20 | &nbsp;&nbsp; .19 | &nbsp;&nbsp; .06 | &nbsp;&nbsp; .20 |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;4.92 | &nbsp;&nbsp;&nbsp;&nbsp;4.96 | &nbsp;&nbsp;&nbsp;&nbsp;1.80 | &nbsp;&nbsp; .01 | &nbsp;&nbsp; .23 |
| **Net Assets, end of period ($ x 1,000)** | &nbsp;&nbsp; 3440875 | &nbsp;&nbsp; 3498262 | &nbsp;&nbsp; 3318127 | &nbsp;&nbsp; 3435107 | &nbsp;&nbsp; 3211177 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Amount represents less than $.001 per share.

See notes to financial statements.

**9**

------

FINANCIAL HIGHLIGHTS (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended January 31, | Year Ended January 31, | Year Ended January 31, | Year Ended January 31, | Year Ended January 31, |
| **Investor Shares** | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Per Share Data ($):** |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 |
| Investment Operations: | Investment Operations: |  |  |  |  |
| Net investment income | &nbsp;&nbsp; .047 | &nbsp;&nbsp; .047 | &nbsp;&nbsp; .016 | &nbsp;&nbsp; .000 <br><sup>(a)</sup><br>| &nbsp;&nbsp; .002 |
| Distributions: |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp; (.047)<br>| &nbsp;&nbsp; (.047)<br>| &nbsp;&nbsp; (.016)<br>| &nbsp;&nbsp; (.000 )<sup>(a)</sup><br>| &nbsp;&nbsp; (.002)<br>|
| Net asset value, end of period | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 |
| **Total Return (%)** | &nbsp;&nbsp;&nbsp;&nbsp;4.78 | &nbsp;&nbsp;&nbsp;&nbsp;4.80 | &nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp; .01 | &nbsp;&nbsp; .16 |
| **Ratios/Supplemental Data (%):** | **Ratios/Supplemental Data (%):** |  |  |  |  |
| Ratio of total expenses to average net assets | &nbsp;&nbsp; .46 | &nbsp;&nbsp; .46 | &nbsp;&nbsp; .46 | &nbsp;&nbsp; .46 | &nbsp;&nbsp; .46 |
| Ratio of net expenses to average net assets | &nbsp;&nbsp; .45 | &nbsp;&nbsp; .45 | &nbsp;&nbsp; .39 | &nbsp;&nbsp; .05 | &nbsp;&nbsp; .29 |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;4.67 | &nbsp;&nbsp;&nbsp;&nbsp;4.68 | &nbsp;&nbsp;&nbsp;&nbsp;1.68 | &nbsp;&nbsp; .00 <br><sup>(b)</sup><br>| &nbsp;&nbsp; .16 |
| **Net Assets, end of period ($ x 1,000)** | &nbsp;&nbsp; 341337 | &nbsp;&nbsp; 293819 | &nbsp;&nbsp; 200348 | &nbsp;&nbsp; 170780 | &nbsp;&nbsp; 321743 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Amount represents less than $.001 per share.

<sup>(b)</sup> Amount represents less than .01%.

See notes to financial statements.

**10**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended January 31, | Year Ended January 31, | Year Ended January 31, | Year Ended January 31, | Year Ended January 31, |
| **Administrative Shares** | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Per Share Data ($):** |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 |
| Investment Operations: | Investment Operations: |  |  |  |  |
| Net investment income | &nbsp;&nbsp; .048 | &nbsp;&nbsp; .049 | &nbsp;&nbsp; .017 | &nbsp;&nbsp; .000 <br><sup>(a)</sup><br>| &nbsp;&nbsp; .002 |
| Distributions: |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp; (.048)<br>| &nbsp;&nbsp; (.049)<br>| &nbsp;&nbsp; (.017)<br>| &nbsp;&nbsp; (.000 )<sup>(a)</sup><br>| &nbsp;&nbsp; (.002)<br>|
| Net asset value, end of period | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 |
| **Total Return (%)** | &nbsp;&nbsp;&nbsp;&nbsp;4.93 | &nbsp;&nbsp;&nbsp;&nbsp;4.96 | &nbsp;&nbsp;&nbsp;&nbsp;1.71 | &nbsp;&nbsp; .01 | &nbsp;&nbsp; .20 |
| **Ratios/Supplemental Data (%):** | **Ratios/Supplemental Data (%):** |  |  |  |  |
| Ratio of total expenses to average net assets | &nbsp;&nbsp; .31 | &nbsp;&nbsp; .31 | &nbsp;&nbsp; .31 | &nbsp;&nbsp; .31 | &nbsp;&nbsp; .31 |
| Ratio of net expenses to average net assets | &nbsp;&nbsp; .30 | &nbsp;&nbsp; .30 | &nbsp;&nbsp; .27 | &nbsp;&nbsp; .06 | &nbsp;&nbsp; .25 |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;4.84 | &nbsp;&nbsp;&nbsp;&nbsp;4.86 | &nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp; .01 | &nbsp;&nbsp; .15 |
| **Net Assets, end of period ($ x 1,000)** | &nbsp;&nbsp; 384216 | &nbsp;&nbsp; 324267 | &nbsp;&nbsp; 296075 | &nbsp;&nbsp; 678022 | &nbsp;&nbsp; 525656 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Amount represents less than $.001 per share.

See notes to financial statements.

**11**

------

FINANCIAL HIGHLIGHTS (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended January 31, | Year Ended January 31, | Year Ended January 31, | Year Ended January 31, | Year Ended January 31, |
| **Participant Shares** | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Per Share Data ($):** |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 |
| Investment Operations: | Investment Operations: |  |  |  |  |
| Net investment income | &nbsp;&nbsp; .045 | &nbsp;&nbsp; .046 | &nbsp;&nbsp; .015 | &nbsp;&nbsp; .000 <br><sup>(a)</sup><br>| &nbsp;&nbsp; .001 |
| Distributions: |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp; (.045)<br>| &nbsp;&nbsp; (.046)<br>| &nbsp;&nbsp; (.015)<br>| &nbsp;&nbsp; (.000 )<sup>(a)</sup><br>| &nbsp;&nbsp; (.001)<br>|
| Net asset value, end of period | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 |
| **Total Return (%)** | &nbsp;&nbsp;&nbsp;&nbsp;4.62 | &nbsp;&nbsp;&nbsp;&nbsp;4.65 | &nbsp;&nbsp;&nbsp;&nbsp;1.48 | &nbsp;&nbsp; .01 | &nbsp;&nbsp; .13 |
| **Ratios/Supplemental Data (%):** | **Ratios/Supplemental Data (%):** |  |  |  |  |
| Ratio of total expenses to average net assets | &nbsp;&nbsp; .61 | &nbsp;&nbsp; .61 | &nbsp;&nbsp; .61 | &nbsp;&nbsp; .61 | &nbsp;&nbsp; .61 |
| Ratio of net expenses to average net assets | &nbsp;&nbsp; .60 | &nbsp;&nbsp; .60 | &nbsp;&nbsp; .49 | &nbsp;&nbsp; .06 | &nbsp;&nbsp; .31 |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;4.58 | &nbsp;&nbsp;&nbsp;&nbsp;4.56 | &nbsp;&nbsp;&nbsp;&nbsp;1.42 | &nbsp;&nbsp; .00 <br><sup>(b)</sup><br>| &nbsp;&nbsp; .14 |
| **Net Assets, end of period ($ x 1,000)** | &nbsp;&nbsp; 208685 | &nbsp;&nbsp; 356126 | &nbsp;&nbsp; 308438 | &nbsp;&nbsp; 327148 | &nbsp;&nbsp; 378134 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Amount represents less than $.001 per share.

<sup>(b)</sup> Amount represents less than .01%.

See notes to financial statements.

**12**

------

NOTES TO FINANCIAL STATEMENTS

**NOTE 1—**

**Significant Accounting Policies:**

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 two 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.

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 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.

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).

**13**

------

NOTES TO FINANCIAL STATEMENTS (continued)

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 Act. 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 within Level 2 of the fair value hierarchy.

The following is a summary of the inputs used as of January 31, 2025 in valuing the fund's investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 -** <br>**Unadjusted** <br>**Quoted Prices**<br>| **Level 2- Other** <br>**Significant** <br>**Observable Inputs**<br>| **Level 3-** <br>**Significant** <br>**Unobservable** <br>**Inputs**<br>| **Total** |
| **Assets ($)** |  |  |  |  |
| Investments in Securities:<sup>†</sup> <br>|  |  |  |  |
| U.S. Government Agencies Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 897611360 | &nbsp;&nbsp; — | &nbsp;&nbsp; **897611360** |
| U.S. Treasury Bills | &nbsp;&nbsp; — | &nbsp;&nbsp; 2907749663 | &nbsp;&nbsp; — | &nbsp;&nbsp; **2907749663** |
| U.S. Treasury Floating Rate Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; 463979998 | &nbsp;&nbsp; — | &nbsp;&nbsp; **463979998** |
| U.S. Treasury Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; 44751884 | &nbsp;&nbsp; — | &nbsp;&nbsp; **44751884** |
|  | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **4314092905** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **4314092905** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>†</sup> See Statement 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. Events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the fund and its investments. Recent examples include pandemic risks related to COVID-19 and aggressive measures taken world-wide in response by governments, including closing borders, restricting international and domestic travel, and the imposition of prolonged quarantines of large populations, and by businesses, including changes to operations and reducing staff.

**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 each relevant 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.

**14**

------

NOTES TO FINANCIAL STATEMENTS (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**(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 January 31, 2025, 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 January 31, 2025, the fund did not incur any interest or penalties.

Each tax year in the four-year period ended January 31, 2025 remains subject to examination by the Internal Revenue Service and state taxing authorities.

At January 31, 2025, the components of accumulated earnings on a tax basis were as follows: undistributed ordinary income $3,057, accumulated capital losses $47,816 and unrealized depreciation $409.

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 accumulated capital loss carryover is available for federal income tax purposes to be applied against future net realized capital gains, if any, realized subsequent to January 31, 2025. The fund has $47,816 of short-term capital losses which can be carried forward for an unlimited period.

The tax character of distributions paid to shareholders during the fiscal years ended January 31, 2025 and January 31, 2024 were as follows: ordinary income $205,148,669 and $198,029,058, respectively.

At January 31, 2025, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes (see the Statement of Investments).

**(f) Operating segment reporting:** In this reporting period, the fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only and did not affect the fund's financial position or the results of its operations. The ASU 2023-07 is effective for public entities for fiscal years beginning after December 15, 2023, and requires retrospective application for all prior periods presented within the financial statements.

Since its commencement, the fund operates and is managed as a single reportable segment deriving returns in the form of dividends, interest and/or gains from the investments made in pursuit of its single stated investment objective as outlined in the fund's prospectus. The accounting policies of the fund are consistent with those described in these Notes to Financial Statements. The chief operating decision maker ("CODM") is represented by BNY Investments, the management of the fund's Adviser, comprising of Senior Management and Directors. The CODM considers net increase in net assets resulting from operations in deciding whether to purchase additional investments or to make distributions to its shareholders. Detailed financial information for the fund is disclosed within these financial statements with total assets and liabilities disclosed on the Statement of Assets and Liabilities, investments held on the Statement of Investments, results of operations and significant segment expenses on the Statement of Operations and other information about the fund's performance, including total return and ratios within the Financial Highlights.

**NOTE 2—**

**Management Fee, Sub-Advisory Fee and Other Transactions with Affiliates:**

**(a)** Pursuant to a management agreement (the "Agreement") with the Adviser, the management fee is computed at an annual rate of .20% of the value of the fund's average daily net assets and is payable monthly. The Agreement provides that if in any full fiscal year the aggregate expenses of the fund (excluding taxes, brokerage commissions and extraordinary expenses) exceed 1½% of the value of the fund's average daily net assets, the fund may deduct from the fees paid to the Adviser, or the Adviser will bear such excess expense. During the period ended January 31, 2025, there was no expense reimbursement pursuant to the Agreement.

The Adviser has contractually agreed, from February 1, 2024 through May 31, 2025, 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 May 31, 2025, the Adviser may terminate this waiver agreement at any time.The reduction in expenses, pursuant to the undertaking, amounted to $420,910 during the period ended January 31, 2025.

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.

**15**

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NOTES TO FINANCIAL STATEMENTS (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**(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 January 31, 2025, Investor, Administrative and Participant shares were charged $795,978, $435,598 and $664,320, 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 January 31, 2025, Institutional shares were charged $39,718 pursuant to the Reimbursement Shareholder Services Plan.

**(c)** Under the Administrative Services Plan with respect to Participant shares, 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 a fee 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 January 31, 2025, Participant shares were charged $398,592, 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 January 31, 2025, the fund was charged $3,303 for transfer agency services. These fees are included in Shareholder servicing costs in the Statement of Operations. These fees were partially offset by earnings credits of $495.

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 January 31, 2025, the fund was charged $76,239 pursuant to the custody agreement.

During the period ended January 31, 2025, the fund was charged $21,194 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 components of "Due to BNY Mellon Investment Adviser, Inc. and affiliates" in the Statement of Assets and Liabilities consist of: Management fee of $735,399, Administrative Services Plan fees of $27,945, Shareholder Services Plans fees of $149,072, Custodian fees of $21,927, Chief Compliance Officer fees of $7,394 and Transfer Agent fees of $915, which are offset against an expense reimbursement currently in effect in the amount of $36,715.

**(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.

**16**

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and the Board of Trustees of Dreyfus Government Securities Cash Management

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of Dreyfus Government Securities Cash Management (the "Fund") (one of the funds constituting Dreyfus Government Cash Management Funds (the "Trust")), including the statement of investments, as of January 31, 2025, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting Dreyfus Government Cash Management Funds) at January 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of January 31, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. ![](img0b317da84.gif)

We have served as the auditor of one or more investment companies in the BNY Mellon Family of Funds since at least 1957, but we are unable to determine the specific year.

New York, New York

March 24, 2025

**17**

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IMPORTANT TAX INFORMATION (Unaudited)

In accordance with federal tax law, the fund hereby reports 99.94% of ordinary dividends paid during the fiscal year ended January 31, 2025 as attributable to interest income from direct obligations of the United States. Such dividends are currently exempt from taxation for income tax purposes in most states, including New York, Connecticut, California and the District of Columbia. For federal tax purposes, the fund hereby reports 100% of ordinary income dividends paid during the fiscal period ended January 31, 2025 as qualifying interest related dividends.

**18**

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Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies (Unaudited)

N/A

**19**

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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. Annual retainer fees and attendance fees are allocated to each fund based on net assets. Trustees fees paid by the fund are within Item 7. Statement of Operations as Trustees' fees and expenses.

**21**

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Item 11. Statement Regarding Basis for Approval of Investment Advisory Contracts (Unaudited)

N/A

**22**

------© 2025 BNY Mellon Securities Corporation

Code-0227NCSRAR0125

![](img57beb7161.gif)

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**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 material 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) [Code of ethics referred to in Item 2](ncsrcodeofethics-jan 2021.htm).

(a)(2) [Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940](dgcmexhibit-302.htm).

(a)(3) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [Certification of principal executive and principal financial officers as required by Rule 30a-2(b) under the Investment Company Act of 1940](dgcmexhibit-906.htm) .

**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: <u>/s/ David J. DiPetrillo</u>

David J. DiPetrillo

President (Principal Executive Officer)

Date: June 12, 2025

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: <u>/s/ David J. DiPetrillo</u>

David J. DiPetrillo

President (Principal Executive Officer)

Date: June 12, 2025

By: <u>/s/ James Windels</u>

James Windels

Treasurer (Principal Financial Officer)

Date: June 12, 2025

**EXHIBIT INDEX**

(a)(1) Code of ethics referred to in Item 2.

(a)(2) 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)

## Ex-99.Code

**THE BNY MELLON FAMILY OF FUNDS**

**BNY MELLON FUNDS TRUST**

**Principal Executive Officer and Senior Financial Officer**

**Code of Ethics**

**I. Covered Officers/Purpose of the Code**

This code of ethics (the "Code"), adopted by the funds in the BNY Mellon Family of Funds and BNY Mellon Funds Trust (each, a "Fund"), applies to each Fund's Principal Executive Officer, Principal Financial Officer, Principal Accounting Officer or Controller, or other persons performing similar functions, each of whom is listed on Exhibit A (the "Covered Officers"), for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· full, fair, accurate, timely and understandable disclosure in reports and documents that the Fund files with, or submits to, the Securities and Exchange Commission (the "SEC") and in other public communications made by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

**II. Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest**

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his service to, the Fund. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position with the Fund.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Fund and already are subject to conflict of interest provisions in the Investment Company Act of 1940, as amended (the "Investment Company Act"), and the Investment Advisers Act of 1940, as amended (the "Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Fund because of their status as "affiliated persons" of the Fund. The compliance programs and procedures of the Fund and the Fund's investment adviser (the "Adviser") are designed to prevent, or identify and correct, violations of these provisions. The Code does not, and is not intended to, repeat or replace these programs and procedures, and the circumstances they cover fall outside of the parameters of the Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Fund and the Adviser of which the Covered Officers are also officers or employees. As a result, the Code recognizes that the Covered Officers, in the ordinary course of their duties (whether formally for the Fund or for the Adviser, or for both), will be involved in establishing policies and implementing decisions that will have different effects on the Adviser and the Fund. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Fund and the Adviser and is consistent with the performance by the Covered Officers of their duties as officers of the Fund and, if addressed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, will be deemed to have been handled ethically. In addition, it is recognized by the Fund's Board that the Covered Officers also may be officers or employees of one or more other investment companies covered by this or other codes of ethics.

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Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. Covered Officers should keep in mind that the Code cannot enumerate every possible scenario. The overarching principle of the Code is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Fund.

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not use his personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Fund whereby the Covered Officer would benefit personally to the detriment of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not cause the Fund to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit of the Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not retaliate against any employee or Covered Officer for reports of potential violations that are made in good faith.

**III. Disclosure and Compliance**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should familiarize himself with the disclosure requirements generally applicable to the Fund within his area of responsibility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Fund to others, whether within or outside the Fund, including to the Fund's Board members and auditors, and to governmental regulators and self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· each Covered Officer should, to the extent appropriate within his area of responsibility, consult with other officers and employees of the Fund and the Adviser with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Fund files with, or submits to, the SEC and in other public communications made by the Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· it is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

**IV. Reporting and Accountability**

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· upon adoption of the Code (or thereafter, as applicable, upon becoming a Covered Officer), affirm in writing to the Board that he has received, read, and understands the Code;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· annually thereafter affirm to the Board that he has complied with the requirements of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· notify the Adviser's General Counsel (the "General Counsel") promptly if he knows of any violation of the Code. Failure to do so is itself a violation of the Code.

The General Counsel is responsible for applying the Code to specific situations in which questions are presented under it and has the authority to interpret the Code in any particular situation. However, waivers sought by any Covered Officer will be considered by the Fund's Board.

The Fund will follow these procedures in investigating and enforcing the Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the General Counsel will take all appropriate action to investigate any potential violations reported to him;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· if, after such investigation, the General Counsel believes that no violation has occurred, the General Counsel is not required to take any further action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any matter that the General Counsel believes is a violation will be reported to the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· if the Board concurs that a violation has occurred, it will consider appropriate action, which may include: review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the Adviser or its board; or dismissal of the Covered Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the Board will be responsible for granting waivers, as appropriate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any waivers of or amendments to the Code, to the extent required, will be disclosed as provided by SEC rules.

**V. Other Policies and Procedures**

The Code shall be the sole code of ethics adopted by the Fund for purposes of Section 406 of the Sarbanes-Oxley Act of 2002 and the rules and forms applicable to registered investment companies thereunder. The Fund's, its principal underwriter's and the Adviser's codes of ethics under Rule 17j-1 under the Investment Company Act and the Adviser's additional policies and procedures, including its Code of Conduct, are separate requirements applying to the Covered Officers and others, and are not part of the Code.

**VI. Amendments**

Except as to Exhibit A, the Code may not be amended except in written form, which is specifically approved or ratified by a majority vote of the Fund's Board, including a majority of independent Board members.

**VII. Confidentiality**

All reports and records prepared or maintained pursuant to the Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or the Code, such matters shall not be disclosed to anyone other than the appropriate Funds and their counsel, the appropriate Boards (or Committees) and their counsel and the Adviser.

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**VIII. Internal Use**

The Code is intended solely for the internal use by the Fund and does not constitute an admission, by or on behalf of the Fund, as to any fact, circumstance, or legal conclusion.

Dated as of: January 14, 2021

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**Exhibit A**

**Persons Covered by the Code of Ethics**

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; David J. DiPetrillo | &nbsp;&nbsp; President | &nbsp;&nbsp; (Principal Executive Officer, BNY Mellon Family of Funds) |
| &nbsp;&nbsp; Lisa M. Sampson | &nbsp;&nbsp; President | &nbsp;&nbsp; (Principal Executive Officer, BNY Mellon Funds Trust) |
| &nbsp;&nbsp; James M. Windels | &nbsp;&nbsp; Treasurer | &nbsp;&nbsp; (Principal Financial and Accounting Officer) |

---

## Ex-99.Cert

[EX-99.CERT]—Exhibit (a)(2)

**SECTION 302 CERTIFICATION**

I, David J. DiPetrillo, certify that:

1. I have reviewed this report on Form N-CSR of Dreyfus Government Cash Management Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

By: <u>/s/ David J. DiPetrillo</u>

David J. DiPetrillo

President (Principal Executive Officer)

Date: June 12, 2025

**SECTION 302 CERTIFICATION**

I, James Windels, certify that:

1. I have reviewed this report on Form N-CSR of Dreyfus Government Cash Management Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

By: <u>/s/ James Windels</u>

James Windels

Treasurer (Principal Financial Officer)

Date: June 12, 2025

## Exhibit 99.906

[EX-99.906CERT]

Exhibit (b)

**SECTION 906 CERTIFICATIONS**

In connection with this report on Form N-CSR for the Registrant as furnished to the Securities and Exchange Commission on the date hereof (the "Report"), the undersigned hereby certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

By: <u>/s/ David J. DiPetrillo</u>

David J. DiPetrillo

President (Principal Executive Officer)<br>

Date: June 12, 2025

By: <u>/s/ James Windels</u>

James Windels

Treasurer (Principal Financial Officer)

Date: June 12, 2025

*This certificate is furnished pursuant to the requirements of Form N-CSR and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section, and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934.*