<Page>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
<Table>
Investment Company Act file number: 811-03264
Exact name of registrant as specified in charter: Dryden Government
Securities Trust
Address of principal executive offices: Gateway Center 3
100 Mulberry Street
Newark, New Jersey 07102
Name and address of agent for service: Deborah A. Docs
Gateway Center 3
100 Mulberry Street
Newark, New Jersey 07102
Registrant's telephone number, including area code: 973-367-7521
Date of fiscal year end: May 31, 2003
Date of reporting period: May 31, 2003
</Table>
<Page>
Item 1 -- Reports to Stockholders
<Page>
SEMIANNUAL REPORT
MAY 31, 2003
DRYDEN
GOVERNMENT SECURITIES TRUST/
MONEY MARKET SERIES &
U.S. TREASURY MONEY MARKET SERIES
(Formerly known as Prudential Government Securities Trust)
FUND TYPE
Money market
OBJECTIVES
Money Market Series: High current income,
preservation of capital, and
maintenance of liquidity.
U.S. Treasury Money Market Series:
High current income consistent with the
preservation of principal and liquidity.
This report is not authorized for distribution
to prospective investors unless preceded or
accompanied by a current prospectus.
The views expressed in this report and information
about the Trust's portfolio holdings are for the
period covered by this report and are subject to
change thereafter.
JennisonDryden is a service mark of
The Prudential Insurance Company of America. (LOGO)
<Page>
Dryden Government Securities Trust
Performance at a Glance
FUND OBJECTIVE--MONEY MARKET SERIES
The investment objective of the Money Market Series
(the Series) is high current income, preservation of
capital, and maintenance of liquidity. There can be
no assurance that the Series will achieve its
investment objective.
Fund Facts As of 5/31/03
Money Market Series
7-Day Net Asset Weighted Avg. Net Assets
Current Yield* Value (NAV) Mat. (WAM) (Millions)
Class A 0.46% $1.00 63 Days $587
Class Z 0.59% $1.00 63 Days $ 25
iMoneyNet, Inc.
Gov't Agency Avg.** 0.54% $1.00 52 Days N/A
*Yields will fluctuate from time to time, and past
performance is not indicative of future results. An
investment in the Money Market Series is not insured
or guaranteed by the Federal Deposit Insurance
Corporation or any other government agency. Although
the Money Market Series seeks to preserve the value
of your investment at $1.00 per share, it is possible
to lose money by investing in the Money Market
Series.
**iMoneyNet, Inc. reports a seven-day current yield,
NAV, and WAM on Tuesdays. This is the data of all
funds in the iMoneyNet, Inc. Government Agency
Average as of May 27, 2003; the closest date to the
end of our reporting period.
<Page>
www.jennisondryden.com (800) 225-1852
Semiannual Report May 31, 2003
FUND OBJECTIVE--U.S. TREASURY MONEY MARKET SERIES
The investment objective of the U.S. Treasury Money
Market Series (the Series) is high current income
consistent with the preservation of principal and
liquidity. There can be no assurance that the Series
will achieve its investment objective.
Fund Facts As of 5/31/03
U.S. Treasury Money Market Series
<Table>
<Caption>
7-Day Net Asset Weighted Avg. Net Assets
Current Yield* Value (NAV) Mat. (WAM) (Millions)
Class A 0.52% $1.00 74 Days $434
Class Z 0.64% $1.00 74 Days $ 6
iMoneyNet, Inc.
100% U.S. Treasuries Avg.** 0.50% $1.00 65 Days N/A
</Table>
*Yields will fluctuate from time to time, and past
performance is not indicative of future results. An
investment in the U.S. Treasury Money Market Series
is not insured or guaranteed by the Federal Deposit
Insurance Corporation or any other government agency.
Although the U.S. Treasury Money Market Series seeks
to preserve the value of your investment at $1.00 per
share, it is possible to lose money by investing in
the U. S. Treasury Money Market Series.
**iMoneyNet, Inc. reports a seven-day current yield,
NAV, and WAM on Tuesdays. This is the data of all
funds in the iMoneyNet, Inc. 100% U.S. Treasuries
Average as of May 27, 2003; the closest date to the
end of our reporting period.
1
<Page>
July 15, 2003
DEAR SHAREHOLDER,
Stock markets in the United States and abroad posted
their best quarterly gains in 4 1/2 years in June 2003
and the U.S. bond market rally continued. This has
encouraged a sense of cautious optimism among
investors. We welcome these developments, but
regardless of the direction of financial markets, it
is important to remember that a wise investor plans
today for tomorrow's needs.
Whether you are investing for your retirement, your
children's education, or some other goal,
JennisonDryden mutual funds offer the experience,
resources, and professional discipline of three
leading asset management firms that can make a
difference for you. JennisonDryden equity funds are
managed by Jennison Associates and Quantitative
Management. Prudential Fixed Income manages the
JennisonDryden fixed income and money market funds.
A diversified asset allocation strategy is a
disciplined approach to investing that may help you
make more consistent progress toward your goals.
We recommend that you develop a personal asset
allocation strategy in consultation with a financial
professional who knows you, who understands your
reasons for investing, the time you have to reach
your goals, and the amount of risk you are
comfortable assuming. JennisonDryden mutual funds
offer a wide range of investment choices, and your
financial professional can help you choose the
appropriate funds to implement your strategy.
I was named president of the Dryden Government
Securities Trust in March 2003. Thank you for your
confidence in JennisonDryden mutual funds. We look
forward to serving your future investment needs.
Sincerely,
Judy A. Rice, President
Dryden Government Securities Trust/Money Market Series
Dryden Government Securities Trust/U.S. Treasury Money Market Series
2
<Page>
Dryden Government Securities Trust Money Market Series
Portfolio of Investments as of May 31, 2003 (Unaudited)
<Table>
<Caption>
Principal
Amount
(000) Description Value (Note 1)
- -----------------------------------------------------------------------------------------
Federal Farm Credit Bank 10.6%
$ 65,000 1.185%, 4/7/04, F.R.N. $ 64,973,607
- -------------------------------------------------------------------------------------
Federal Home Loan Bank 22.3%
7,000 1.099%, 9/15/03, F.R.N. 6,999,997
30,000 1.214%, 11/24/04, F.R.N. 29,989,279
250 5.91%, 7/2/03 250,739
1,000 4.50%, 7/7/03 1,002,087
2,000 5.125%, 9/15/03 2,022,105
265 5.19%, 10/20/03 268,975
300 5.35%, 12/1/03 306,068
100 5.53%, 12/8/03 102,194
100 5.85%, 12/15/03 102,446
5,000 1.36%, 4/5/04 5,000,000
15,500 1.35%, 4/6/04 15,500,000
10,000 1.40%, 4/13/04 10,000,000
10,000 4.875%, 4/16/04 10,313,535
6,200 1.40%, 5/10/04 6,200,000
9,000 1.35%, 5/12/04 8,994,945
10,000 1.40%, 5/12/04 10,000,000
3,000 1.40%, 6/2/04 3,000,000
15,000 1.30%, 6/7/04 15,000,000
5,000 1.32%, 6/9/04 5,000,000
6,000 1.30%, 6/28/04 6,000,000
--------------
136,052,370
- -------------------------------------------------------------------------------------
Federal Home Loan Mortgage Corporation 2.5%
12,500 4.50%, 6/15/03 12,508,790
1,000 3.50%, 9/15/03 1,006,398
2,000 3.25%, 5/20/04 2,035,113
--------------
15,550,301
- -------------------------------------------------------------------------------------
Federal National Mortgage Association 27.5%
10,000 1.24%, 7/22/03, F.R.N. 9,999,495
25,000 1.13%, 8/1/03, F.R.N. 24,997,014
10,500 1.169%, 1/22/04, F.R.N. 10,496,501
50,000 1.31%, 1/29/04, F.R.N. 50,000,000
9,175 1.12%, 7/1/03 9,166,437
12,000 1.18%, 7/1/03 11,988,200
30,000 1.19%, 8/1/03 29,940,500
2,485 4.00%, 8/15/03 2,498,755
13,129 1.15%, 9/2/03 13,090,381
6,000 3.125%, 11/15/03 6,030,774
--------------
168,208,057
</Table>
See Notes to Financial Statements 3
<Page>
Dryden Government Securities Trust Money Market Series
Portfolio of Investments as of May 31, 2003 (Unaudited) Cont'd.
<Table>
<Caption>
Principal
Amount
(000) Description Value (Note 1)
- -----------------------------------------------------------------------------------------
Student Loan Marketing Association 1.3%
$ 8,000 2.25%, 7/2/03, M.T.N. $ 7,999,878
- -------------------------------------------------------------------------------------
Repurchase Agreements(a) 44.2%
60,000 Bank America, 1.26%, dated 5/27/03, due 6/03/03 in
the amount of $60,014,700 (cost $60,000,000; the
value of the collateral including interest was
$61,200,001) 60,000,000
61,000 Credit Suisse First Boston, Inc., 1.27%, dated
5/27/03, due 6/02/03 in the amount of $61,012,912
(cost $61,000,000; the value of the collateral
including interest was $62,223,354) 61,000,000
25,000 Greenwich Capital Markets, 1.26%, dated 5/29/03, due
6/26/03 in the amount of $25,024,500 (cost
$25,000,000; the value of the collateral including
interest was $25,501,307) 25,000,000
26,000 Joint Repurchase Agreement (Note 4), 1.36%, dated
5/30/03, due 6/02/03 in the amount of $26,002,947
(cost $26,000,000; the value of the collateral
including interest was $26,520,297) 26,000,000
28,773 Merrill Lynch, 1.30%, dated 5/29/03, due 6/02/03 in
the amount of $28,777,156 (cost $28,773,000; the
value of the collateral including interest was
$29,352,212) 28,773,000
11,077 Merrill Lynch, 1.31%, dated 5/30/03, due 6/06/03 in
the amount of $11,079,822 (cost $11,077,000; the
value of the collateral including interest was
$11,300,885) 11,077,000
30,000 Morgan Stanley, 1.30%, dated 5/29/03, due 6/02/03 in
the amount of $30,004,333 (cost $30,000,000; the
value of the collateral including interest was
$30,600,000) 30,000,000
28,481 Morgan Stanley, 1.28%, dated 5/28/03, due 6/04/03 in
the amount of $28,488,089 (cost $28,481,000; the
value of the collateral including interest was
$29,050,621) 28,481,000
--------------
270,331,000
--------------
Total Investments 108.4%
(amortized cost $663,115,213(b)) 663,115,213
Liabilities in excess of other assets (8.4)% (51,454,856)
--------------
Net Assets 100% $ 611,660,357
--------------
--------------
</Table>
- ------------------------------
F.R.N.-- Floating Rate Note. The interest rate reflected is the rate in effect
at May 31, 2003.
M.T.N.--Medium Term Note.
(a) Repurchase Agreements are collateralized by U.S. Treasury or Federal agency
obligations.
(b) Federal income tax basis of portfolio securities is the same as for
financial reporting purposes.
4 See Notes to Financial Statements
<Page>
Dryden Government Securities Trust U.S. Treasury Money Market Series
Portfolio of Investments as of May 31, 2003 (Unaudited)
<Table>
<Caption>
Principal
Amount
(000) Description Value (Note 1)
- -----------------------------------------------------------------------------------------
United States Treasury Bills 82.7%
$ 18,305 1.16%, 6/13/03 $ 18,297,922
50,000 1.0825%, 6/19/03 49,972,937
50,000 1.09285%, 6/19/03 49,972,679
17,745 1.10%, 6/19/03 17,735,240
25,000 1.105%, 6/19/03 24,986,188
137 1.16%, 6/26/03 136,890
38,667 1.15%, 7/3/03 38,627,474
10,000 1.15%, 7/17/03 9,985,306
10,000 1.18%, 7/17/03 9,984,922
20,000 1.1675%, 7/24/03 19,965,623
144 1.17%, 7/24/03 143,752
9,948 1.08%, 7/31/03 9,930,094
15,000 1.16%, 7/31/03 14,971,000
25,000 1.095%, 8/7/03 24,949,052
25,000 1.10%, 8/7/03 24,948,819
468 1.16%, 8/7/03 466,990
25,000 1.07%, 8/14/03 24,945,014
24,325 1.16%, 8/14/03 24,266,998
--------------
364,286,900
- -------------------------------------------------------------------------------------
United States Treasury Notes 17.2%
42,397 3.00%, 11/30/03 42,745,535
25,000 3.625%, 3/31/04 25,509,062
5,000 3.375%, 4/30/04 5,095,290
2,607 5.25%, 5/15/04 2,704,970
--------------
76,054,857
--------------
Total Investments 99.9%
(amortized cost $440,341,757(a)) 440,341,757
Other assets in excess of liabilities 0.1% 310,124
--------------
Net Assets 100% $ 440,651,881
--------------
--------------
- ------------------------------
(a) Federal income tax basis of portfolio securities is the same as for financial
reporting purposes.
</Table>
See Notes to Financial Statements 5
<Page>
Dryden Government Securities Trust As of May 31, 2003
Statement of Assets and Liabilities (Unaudited)
<Table>
<Caption>
U.S. Treasury
Money Money
Market Series Market Series
- ----------------------------------------------------------------------------------------
ASSETS
Investments, at amortized cost $ 663,115,213 $ 440,341,757
Cash -- 1,009
Receivable for Series shares sold 4,720,929 6,663,287
Interest receivable 874,199 813,945
Other assets 9,443 5,676
------------- -------------
Total assets 668,719,784 447,825,674
------------- -------------
LIABILITIES
Payable for investments purchased 49,030,881 --
Payable for Series shares reacquired 7,314,809 6,766,837
Accrued expenses and other liabilities 330,401 136,228
Management fee payable 208,158 153,402
Dividends payable 68,719 57,421
Distribution fee payable 62,511 47,279
Payable to Custodian 33,079 --
Deferred trustee's fees 10,869 12,626
------------- -------------
Total liabilities 57,059,427 7,173,793
------------- -------------
NET ASSETS $ 611,660,357 $ 440,651,881
------------- -------------
------------- -------------
Net assets were comprised of:
Shares of beneficial interest, at par ($.01
per share) $ 6,116,604 $ 4,406,519
Paid-in capital in excess of par 605,543,753 436,245,362
------------- -------------
Net assets, May 31, 2003 $ 611,660,357 $ 440,651,881
------------- -------------
------------- -------------
Class A:
Net asset value, offering price and redemption
price per share ($586,848,833 / 586,848,833
shares of beneficial interest issued and
outstanding) $1.00
-------------
-------------
($434,368,309 / 434,368,309 shares of
beneficial interest issued and outstanding) $1.00
-------------
-------------
Class Z:
Net asset value, offering price and redemption
price per share ($24,811,524 / 24,811,524
shares of beneficial interest issued and
outstanding) $1.00
-------------
-------------
($6,283,572 / 6,283,572 shares of
beneficial interest issued and outstanding) $1.00
-------------
-------------
</Table>
6 See Notes to Financial Statements
<Page>
Dryden Government Securities Trust Six Months Ended May 31, 2003
Statement of Operations (Unaudited)
<Table>
<Caption>
U.S. Treasury
Money Money
Market Series Market Series
- ------------------------------------------------------------------------------------------
NET INVESTMENT INCOME
Income
Interest $ 4,615,849 $ 3,962,210
------------- -------------
Expenses
Management fee 1,220,557 1,223,486
Distribution fee--Class A 368,847 378,669
Transfer agent's fees and expenses 825,000 112,000
Reports to shareholders 50,000 13,000
Registration fees 45,000 45,000
Custodian's fees and expenses 40,000 39,000
Legal fees and expenses 15,000 15,000
Audit fee 13,000 13,000
Trustees' fees 8,000 9,000
Insurance expense 6,000 3,000
Miscellaneous 3,751 369
------------- -------------
Total expenses 2,595,155 1,851,524
------------- -------------
Net investment income 2,020,694 2,110,686
------------- -------------
REALIZED GAIN ON INVESTMENTS
Net realized gain on investment transactions 5,398 54,962
------------- -------------
NET INCREASE IN NET ASSETS RESULTING FROM
OPERATIONS $ 2,026,092 $ 2,165,648
------------- -------------
------------- -------------
</Table>
See Notes to Financial Statements 7
<Page>
Dryden Government Securities Trust Money Market Series
Statement of Changes in Net Assets (Unaudited)
<Table>
<Caption>
Six Months Year
Ended Ended
May 31, 2003 November 30, 2002
- -----------------------------------------------------------------------------------
INCREASE IN NET ASSETS
Operations
Net investment income $ 2,020,694 $ 7,353,632
Net realized gain on investment
transactions 5,398 108,891
----------------- -----------------
Net increase in net assets resulting
from operations 2,026,092 7,462,523
----------------- -----------------
Dividends and distributions (Note 1)
Class A (1,947,808) (7,104,781)
Class Z (78,284) (357,742)
----------------- -----------------
(2,026,092) (7,462,523)
----------------- -----------------
Series share transactions(a) (Note 5)
Net proceeds from shares subscribed 482,769,885 898,494,487
Net asset value of shares issued in
reinvestment of dividends and
distributions 2,009,200 7,518,194
Cost of shares reacquired (503,705,287) (914,652,030)
----------------- -----------------
Net decrease in net assets from Series
share transactions (18,926,202) (8,639,349)
----------------- -----------------
Total decrease (18,926,202) (8,639,349)
NET ASSETS
Beginning of period 630,586,559 639,225,908
----------------- -----------------
End of period $ 611,660,357 $ 630,586,559
----------------- -----------------
----------------- -----------------
- ------------------------------
(a) At $1.00 per share for the Money Market Series.
</Table>
8 See Notes to Financial Statements
<Page>
Dryden Government Securities Trust U.S. Treasury Money Market Series
Statement of Changes in Net Assets (Unaudited)
<Table>
<Caption>
Six Months Year
Ended Ended
May 31, 2003 November 30, 2002
- -----------------------------------------------------------------------------------
INCREASE IN NET ASSETS
Operations
Net investment income $ 2,110,686 $ 6,213,512
Net realized gain on investment
transactions 54,962 327,216
----------------- -----------------
Net increase in net assets resulting
from operations 2,165,648 6,540,728
----------------- -----------------
Dividends and distributions (Note 1)
Class A (2,141,837) (6,462,685)
Class Z (23,811) (78,043)
----------------- -----------------
(2,165,648) (6,540,728)
----------------- -----------------
Series share transactions(a) (Note 5)
Net proceeds from shares subscribed 3,193,182,816 2,921,203,514
Net asset value of shares issued in
reinvestment of dividends and
distributions 1,821,493 6,027,099
Cost of shares reacquired (3,141,620,914) (3,049,069,855)
----------------- -----------------
Net increase (decrease) in net assets
from Series share transactions 53,383,395 (121,839,242)
----------------- -----------------
Total increase (decrease) 53,383,395 (121,839,242)
NET ASSETS
Beginning of period 387,268,486 509,107,728
----------------- -----------------
End of period $ 440,651,881 $ 387,268,486
----------------- -----------------
----------------- -----------------
- ------------------------------
(a) At $1.00 per share for the U.S. Treasury Money Market Series.
</Table>
See Notes to Financial Statements 9
<Page>
Dryden Government Securities Trust
Notes to Financial Statements (Unaudited)
Dryden Government Securities Trust (the 'Fund'), formerly known as
Prudential Government Securities Trust, is registered under the Investment
Company Act of 1940 as a diversified, open-end management investment company.
The Fund consists of two series: the Money Market Series and the U.S. Treasury
Money Market Series (each a 'Series'); the monies of each series are invested in
separate, independently managed portfolios. The Money Market Series seeks high
current income, preservation of capital and maintenance of liquidity by
investing primarily in a diversified portfolio of short-term money market
instruments issued or guaranteed by the U.S. Government or its agencies or
instrumentalities that mature in 13 months or less. The U.S. Treasury Money
Market Series seeks high current income consistent with the preservation of
principal and liquidity by investing exclusively in U.S. Treasury obligations
that mature in 13 months or less.
Note 1. Significant Accounting Policies
The following is a summary of significant accounting policies followed by the
Fund and each Series in the preparation of its financial statements.
Securities Valuations: Portfolio securities are valued at amortized
cost, which approximates market value. The amortized cost method of valuation
involves valuing a security at its cost on the date of purchase and thereafter
assuming a constant amortization to maturity of any discount or premium.
Repurchase Agreements: In connection with transactions in repurchase
agreements with U.S. financial institutions, it is the Fund's policy that its
custodian or designated subcustodians, as the case may be under triparty
repurchase agreements, take possession of the underlying collateral securities,
the value of which exceeds the principal amount of the repurchase transaction,
including accrued interest. To the extent that any repurchase agreement exceeds
one business day, the value of the collateral is marked-to-market on a daily
basis to ensure the adequacy of the collateral. If the seller defaults and the
value of the collateral declines or if bankruptcy proceedings are commenced with
respect to the seller of the security, realization of the collateral by the Fund
may be delayed or limited.
Securities Transactions and Investment Income: Securities transactions
are recorded on the trade date. Realized gains (losses) on sales of securities
are calculated on the identified cost basis. Interest income, including
amortization of premium and accretion of discount on debt securities, is
recorded on the accrual basis. Expenses are recorded on the accrual basis, which
may require the use of certain estimates by management. The Fund's expenses are
allocated to the respective Series on the basis of relative net assets except
for Series specific expenses which are allocated at a Series or class level.
10
<Page>
Dryden Government Securities Trust
Notes to Financial Statements (Unaudited) Cont'd.
Dividends and Distributions: The Series declare daily dividends from
net investment income and net realized short-term capital gains or losses.
Payment of dividends is made monthly. Income distributions and realized capital
gain distributions are determined in accordance with income tax regulations,
which may differ from generally accepted accounting principles.
Federal Income Taxes: For federal income tax purposes, each Series of
the Fund is treated as a separate taxable entity. It is each Series' policy to
continue to meet the requirements of the Internal Revenue Code applicable to
regulated investment companies and to distribute all of its taxable net income
and capital gains, if any, to its shareholders. Therefore, no federal income tax
provision is required.
Note 2. Agreements
The Fund has a management agreement with Prudential Investments LLC ('PI').
Pursuant to this agreement, PI has responsibility for all investment advisory
services and supervises the subadviser's performance of such services. PI has
entered into a subadvisory agreement with Prudential Investment Management, Inc.
('PIM'). PIM furnishes investment advisory services in connection with the
management of the Fund. PI pays for the services of PIM, the compensation of
officers of the Fund, occupancy and certain clerical and bookkeeping costs of
the Fund. The Fund bears all other costs and expenses.
The management fee paid to PI is computed daily and payable monthly based
on the average daily net assets of each Series. With respect to the Money Market
Series, the management fee is payable as follows: .40 of 1% of average daily net
assets up to $1 billion, .375 of 1% of the average daily net assets between $1
billion and $1.5 billion and .35 of 1% in excess of $1.5 billion. With respect
to the U.S. Treasury Money Market Series, the management fee is payable at an
annual rate of .40 of 1% of the average daily net assets of the Series.
The Fund has a distribution agreement with Prudential Investment
Management Services LLC ('PIMS'), which acts as the distributor of the Class A
and Class Z shares of the Fund. The Fund compensates PIMS for distributing and
servicing the Fund's Class A shares, pursuant to a plan of distribution (the
'Class A Plan'), regardless of expenses actually incurred by PIM. The
distribution fees for Class A shares are accrued daily and payable monthly. The
distributor pays various broker-dealers for account servicing fees and for the
expenses incurred by such broker-dealers. No distribution or service fees are
paid to PIMS as distributor of the Class Z shares of the Fund.
11
<Page>
Dryden Government Securities Trust
Notes to Financial Statements (Unaudited) Cont'd.
Pursuant to the Class A Plan, the Money Market Series and the U.S.
Treasury Money Market Series compensate PIMS at an annual rate of 0.125 of 1% of
each Series' Class A average daily net assets.
PI, PIM and PIMS are indirect, wholly-owned subsidiaries of Prudential
Financial, Inc. ('Prudential').
Note 3. Other Transactions with Affiliates
Prudential Mutual Fund Services LLC ('PMFS'), an affiliate of PI and an
indirect, wholly-owned subsidiary of Prudential, serves as the Fund's transfer
agent. During the six months ended May 31, 2003, the Fund incurred fees of
approximately $420,200 and $111,600, respectively, for the Money Market Series
and U.S. Treasury Money Market Series. As of May 31, 2003, approximately $70,900
and $16,800 of such fees were due to PMFS, respectively, for the Money Market
Series and U.S. Treasury Money Market Series. Transfer agent fees and expenses
in the Statement of Operations include certain out-of-pocket expenses paid to
non-affiliates.
Note 4. Joint Repurchase Agreement Account
The Money Market Series, along with other affiliated registered investment
companies, transfers uninvested cash balances into a single joint account, the
daily aggregate balance of which is invested in one or more repurchase
agreements collateralized by U.S. Treasury or federal agency obligations. As of
May 31, 2003, the Money Market Series had a 11.70% undivided interest in the
joint account. The undivided interest for the Fund represents $26,000,000 in
principal amount. As of such date, each repurchase agreement in the joint
account and the collateral therefore were as follows:
Greenwich Capital Markets, Inc., 1.37%, in the principal amount of
$74,084,000, repurchase price $74,092,458, due 6/2/03. The value of the
collateral including accrued interest was $75,567,236.
SBC Warburg Asia Limited, 1.36%, in the principal amount of $74,084,000,
repurchase price $74,092,396, due 6/2/03. The value of the collateral including
accrued interest was $75,565,882.
J.P. Morgan Chase, 1.35%, in the principal amount of $74,084,000,
repurchase price $74,092,334, due 6/2/03. The value of the collateral including
accrued interest was $75,566,458.
Note 5. Capital
The Fund offers Class A and Class Z shares. Neither Class A nor Class Z shares
are subject to any sales or redemption charge. Class Z shares are offered
exclusively for
12
<Page>
Dryden Government Securities Trust
Notes to Financial Statements (Unaudited) Cont'd.
sale to a limited group of investors. Each series has authorized an unlimited
number of shares of beneficial interest at $.01 par value.
Transactions in shares of beneficial interest for the Money Market Series
were as follows:
<Table>
<Caption>
Six Months Ended Year Ended
May 31, November 30,
Class A 2003 2002
- ------------------------------------------------- ----------------- --------------
Shares sold 474,109,902 860,460,410
Shares issued in reinvestment of dividends and
distributions 1,929,443 7,153,338
Shares reacquired (496,774,922) (868,067,278)
----------------- --------------
Net increase (decrease) in shares outstanding (20,735,577) (453,530)
----------------- --------------
----------------- --------------
<Caption>
Class Z
- -------------------------------------------------
Shares sold 8,659,983 38,034,077
Shares issued in reinvestment of dividends and
distributions 79,757 364,856
Shares reacquired (6,930,365) (46,584,752)
----------------- --------------
Net increase (decrease) in shares outstanding 1,809,375 (8,185,819)
----------------- --------------
----------------- --------------
</Table>
Transactions in shares of beneficial interest for the U.S. Treasury Money
Market Series were as follows:
<Table>
<Caption>
Six Months Ended Year Ended
May 31, November 30,
Class A 2003 2002
- ------------------------------------------------- ----------------- --------------
Shares sold 3,191,639,962 2,917,283,152
Shares issued in reinvestment of dividends and
distributions 1,797,696 5,947,387
Shares reacquired (3,140,810,567) (3,043,851,561)
----------------- --------------
Net increase (decrease) in shares outstanding 52,627,091 (120,621,022)
----------------- --------------
----------------- --------------
<Caption>
Class Z
- -------------------------------------------------
Shares sold 1,542,854 3,920,362
Shares issued in reinvestment of dividends and
distributions 23,797 79,712
Shares reacquired (810,347) (5,218,294)
----------------- --------------
Net increase (decrease) in shares outstanding 756,304 (1,218,220)
----------------- --------------
----------------- --------------
</Table>
13
<Page>
Dryden Government Securities Trust Money Market Series
Financial Highlights (Unaudited)
<Table>
<Caption>
Class A
----------------
Six Months Ended
May 31, 2003
- ----------------------------------------------------------------------------------------
PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period $ 1.000
----------------
Net investment income and net realized gain on investment
transactions 0.003
Dividends and distributions (0.003)
----------------
Net asset value, end of period $ 1.000
----------------
----------------
TOTAL RETURN(a): 0.33%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000) $586,849
Average net assets (000) $591,777
Ratios to average net assets:
Expenses, including distribution and service (12b-1) fees 0.85%(b)
Expenses, excluding distribution and service (12b-1) fees 0.73%(b)
Net investment income 0.66%(b)
</Table>
- ------------------------------
(a) Total return is calculated assuming a purchase of shares on the first day
and a sale on the last day of each year reported and includes reinvestment
of dividends and distributions. Total return for period less than one full
year is not annualized.
(b) Annualized.
14 See Notes to Financial Statements
<Page>
Dryden Government Securities Trust Money Market Series
Financial Highlights (Unaudited) Cont'd.
<Table>
<Caption>
Class A
- ----------------------------------------------------------------------------------------------------------
Year Ended November 30,
- ----------------------------------------------------------------------------------------------------------
2002 2001 2000 1999 1998
- ----------------------------------------------------------------------------------------------------------
$ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
- ---------------- ---------------- ---------------- ---------------- ----------------
0.012 0.039 0.053 0.042 0.048
(0.012) (0.039) (0.053) (0.042) (0.048)
- ---------------- ---------------- ---------------- ---------------- ----------------
$ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
- ---------------- ---------------- ---------------- ---------------- ----------------
- ---------------- ---------------- ---------------- ---------------- ----------------
1.19% 4.04% 5.43% 4.31% 4.87%
$607,585 $608,038 $558,307 $576,868 $590,004
$612,109 $589,136 $559,103 $594,266 $589,649
0.77% 0.83% 0.91% 0.90% 0.80%
0.64% 0.70% 0.79% 0.77% 0.67%
1.14% 3.82% 5.35% 4.23% 4.77%
</Table>
See Notes to Financial Statements 15
<Page>
Dryden Government Securities Trust Money Market Series
Financial Highlights (Unaudited) Cont'd.
<Table>
<Caption>
Class Z
----------------
Six Months Ended
May 31, 2003
- ----------------------------------------------------------------------------------------
PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period $ 1.000
--------
Net investment income and net realized gain on investment
transactions 0.004
Dividends and distributions (0.004)
--------
Net asset value, end of period $ 1.000
--------
--------
TOTAL RETURN(a): 0.39%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000) $ 24,812
Average net assets (000) $ 20,178
Ratios to average net assets:
Expenses, including distribution and service (12b-1) fees 0.73%(b)
Expenses, excluding distribution and service (12b-1) fees 0.73%(b)
Net investment income 0.78%(b)
</Table>
- ------------------------------
(a) Total return is calculated assuming a purchase of shares on the first day
and a sale on the last day of each year reported and includes reinvestment
of dividends and distributions. Total return for period less than one full
year is not annualized.
(b) Annualized.
16 See Notes to Financial Statements
<Page>
Dryden Government Securities Trust Money Market Series
Financial Highlights (Unaudited) Cont'd.
<Table>
<Caption>
Class Z
- ----------------------------------------------------------------------------------------------------------
Year Ended November 30,
- ----------------------------------------------------------------------------------------------------------
2002 2001 2000 1999 1998
- ----------------------------------------------------------------------------------------------------------
$ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
- ---------------- ---------------- ---------------- ---------------- ----------------
0.013 0.040 0.054 0.044 0.049
(0.013) (0.040) (0.054) (0.044) (0.049)
- ---------------- ---------------- ---------------- ---------------- ----------------
$ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
- ---------------- ---------------- ---------------- ---------------- ----------------
- ---------------- ---------------- ---------------- ---------------- ----------------
1.32% 4.16% 5.56% 4.44% 5.00%
$ 23,002 $ 31,188 $ 38,534 $ 41,546 $ 26,901
$ 27,790 $ 37,641 $ 34,243 $ 32,984 $ 19,236
0.64% 0.70% 0.79% 0.77% 0.67%
0.64% 0.70% 0.79% 0.77% 0.67%
1.27% 4.03% 5.48% 4.38% 4.89%
</Table>
See Notes to Financial Statements 17
<Page>
Dryden Government Securities Trust U.S. Treasury Money Market Series
Financial Highlights (Unaudited)
<Table>
<Caption>
Class A
----------------
Six Months Ended
May 31, 2003
- ----------------------------------------------------------------------------------------
PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period $ 1.000
----------------
Net investment income and net realized gain on investment
transactions 0.003
Dividends and distributions (0.003)
----------------
Net asset value, end of period $ 1.000
----------------
----------------
TOTAL RETURN(a) 0.35%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000) $434,368
Average net assets (000) $607,535
Ratios to average net assets:
Expenses, including distribution and service (12b-1) fees 0.61%(c)
Expenses, excluding distribution and service (12b-1) fees 0.48%(c)
Net investment income 0.71%(c)
</Table>
- ------------------------------
(a) Total return is calculated assuming a purchase of shares on the first day
and a sale on the last day of each period reported and includes reinvestment
of dividends and distributions. Total return for period less than one full
year is not annualized.
(b) Reflects overall Series ratio for investment income and non-class specific
expenses.
(c) Annualized.
18 See Notes to Financial Statements
<Page>
Dryden Government Securities Trust U.S. Treasury Money Market Series
Financial Highlights (Unaudited) Cont'd.
<Table>
<Caption>
Class A
- ----------------------------------------------------------------------------------------------------------
Year Ended November 30,
- ----------------------------------------------------------------------------------------------------------
2002 2001 2000 1999 1998
- ----------------------------------------------------------------------------------------------------------
$ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
- ---------------- ---------------- ---------------- ---------------- ----------------
0.013 0.038 0.052 0.041 0.046
(0.013) (0.038) (0.052) (0.041) (0.046)
- ---------------- ---------------- ---------------- ---------------- ----------------
$ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
- ---------------- ---------------- ---------------- ---------------- ----------------
- ---------------- ---------------- ---------------- ---------------- ----------------
1.32% 4.01% 5.27% 4.19% 4.66%
$381,741 $502,362 $365,154 $321,641 $336,985
$492,503 $444,533 $396,454 $383,772 $420,140
0.63% 0.62%(b) 0.61% 0.63% 0.63%
0.50% 0.49%(b) 0.48% 0.51% 0.51%
1.25% 3.92%(b) 5.09% 4.08% 4.57%
</Table>
See Notes to Financial Statements 19
<Page>
Dryden Government Securities Trust U.S. Treasury Money Market Series
Financial Highlights (Unaudited) Cont'd.
<Table>
<Caption>
Class Z
----------------
Six Months Ended
May 31, 2003
- ----------------------------------------------------------------------------------------
PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period $ 1.000
----------------
Net investment income and net realized gain on investment
transactions 0.004
Dividends and distributions (0.004)
----------------
Net asset value, end of period $ 1.000
----------------
----------------
TOTAL RETURN(a) 0.41%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000) $ 6,284
Average net assets (000) $ 5,889
Ratios to average net assets:
Expenses, including distribution and service (12b-1) fees 0.48%(d)
Expenses, excluding distribution and service (12b-1) fees 0.48%(d)
Net investment income 0.84%(d)
</Table>
- ------------------------------
(a) Total return is calculated assuming a purchase of shares on the first day
and a sale on the last day of each period reported and includes reinvestment
of dividends and distributions. Total return for period less than one full
year is not annualized.
(b) Figure is actual and not rounded to nearest thousand.
(c) Reflects overall Series ratio for investment income and non-class specific
expenses.
(d) Annualized.
20 See Notes to Financial Statements
<Page>
Dryden Government Securities Trust U.S. Treasury Money Market Series
Financial Highlights (Unaudited) Cont'd.
<Table>
<Caption>
Class Z
- ----------------------------------------------------------------------------------------------------------
Year Ended November 30,
- ----------------------------------------------------------------------------------------------------------
2002 2001 2000 1999 1998
- ----------------------------------------------------------------------------------------------------------
$ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
- ---------------- ---------------- ---------------- ---------------- ----------------
0.014 0.040 0.053 0.043 0.049
(0.014) (0.040) (0.053) (0.043) (0.049)
- ---------------- ---------------- ---------------- ---------------- ----------------
$ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
- ---------------- ---------------- ---------------- ---------------- ----------------
- ---------------- ---------------- ---------------- ---------------- ----------------
1.45% 4.14% 5.40% 4.37% 5.05%
$ 5.527 $ 6,746 $ 5,510 $ 2,013 $ 211(b)
$ 5,514 $ 5,870 $ 2,191 $ 1,942 $ 209(b)
0.50% 0.49%(c) 0.48% 0.51% 0.51%
0.50% 0.49%(c) 0.48% 0.51% 0.51%
1.37% 4.04%(c) 5.31% 4.19% 4.91%
</Table>
See Notes to Financial Statements 21
<Page>
www.jennisondryden.com (800) 225-1852
FOR MORE INFORMATION
JennisonDryden Mutual Funds
Gateway Center Three
100 Mulberry Street
Newark, NJ 07102-4077
(800) 225-1852
Trustees
David E.A. Carson
Robert F. Gunia
Robert E. La Blanc
Douglas H. McCorkindale
Stephen P. Munn
Richard A. Redeker
Judy A. Rice
Robin B. Smith
Stephen Stoneburn
Clay T. Whitehead
Officers
Judy A. Rice, President
Robert F. Gunia, Vice President
Grace C. Torres, Treasurer
Marguerite E.H. Morrison, Chief Legal Officer
and Assistant Secretary
Deborah A. Docs, Secretary
Maryanne Ryan, Anti-Money Laundering
Compliance Officer
Manager
Prudential Investments LLC
Gateway Center Three
100 Mulberry Street
Newark, NJ 07102-4077
Investment Adviser
Prudential Investment Management, Inc.
Gateway Center Two
Newark, NJ 07102
Distributor
Prudential Investment Management Services LLC
Gateway Center Three, 14th Floor
100 Mulberry Street
Newark, NJ 07102-4077
Custodian
State Street Bank and Trust Company
One Heritage Drive
North Quincy, MA 02171
Transfer Agent
Prudential Mutual Fund Services LLC
PO Box 8098
Philadelphia, PA 19101
Independent Auditors
PricewaterhouseCoopers LLP
1177 Avenue of the Americas
New York, NY 10036
Legal Counsel
Shearman & Sterling LLP
599 Lexington Avenue
New York, NY 10022
Series Symbols Nasdaq CUSIP
- -------------- ------ -----
Money Market Series Class A PBGXX 262434301
Class Z PGZXX 262434400
U.S. Treasury
Money Market Series Class A PUSXX 262434608
Class Z PTZXX 262434707
The views expressed in this report and
information about the Trust's portfolio holdings
are for the period covered by this report and
are subject to change thereafter.
The accompanying financial statements as of
May 31, 2003, were not audited and, accordingly,
no auditor's opinion is expressed on them.
MUTUAL FUNDS:
<Table>
ARE NOT INSURED BY THE FDIC OR ANY FEDERAL MAY LOSE VALUE ARE NOT A DEPOSIT OF OR GUARANTEED BY
GOVERNMENT AGENCY ANY BANK OR ANY BANK AFFILIATE
</Table>
<Page>
(LOGO)
Series Symbols Nasdaq CUSIP
- -------------- ------ -----
Money Market Series Class A PBGXX 262434301
Class Z PGZXX 262434400
U.S. Treasury
Money Market Series Class A PUSXX 262434608
Class Z PTZXX 262434707
MF100E2 IFS-A081649
<Page>
Item 2 -- Code of Ethics -- Not required in this filing
Item 3 -- Audit Committee Financial Expert -- Not required in this filing
Item 4 -- Principal Accountant Fees and Services -- Not required in this filing
Item 5 -- Reserved
Item 6 -- Reserved
Item 7 -- Disclosure of Proxy Voting Policies and Procedures for Closed-End
Management Investment Companies -- Not required in this filing
Item 8 -- Reserved
Item 9 -- Controls and Procedures
(a) It is the conclusion of the registrant's principal executive
officer and principal financial officer that the effectiveness of
the registrant's current disclosure controls and procedures (such
disclosure controls and procedures having been evaluated within
90 days of the date of this filing) provide reasonable assurance
that the information required to be disclosed by the registrant
has been recorded, processed, summarized and reported within the
time period specified in the Commission's rules and forms and
that the information required to be disclosed by the registrant
has been accumulated and communicated to the registrant's
principal executive officer and principal financial officer in
order to allow timely decisions regarding required disclosure.
(b) There have been no significant changes in the registrant's
internal controls or in other factors that could significantly
affect these controls subsequent to the date of their evaluation,
including any corrective actions with regard to significant
deficiencies and material weaknesses.
Item 10 -- Exhibits
(a) Code of Ethics -- Not required in this filing
(b) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act
-- Attached hereto
<Page>
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.
Dryden Government Securities Trust
(formerly, Prudential Government Securities Trust)
By: /s/ Deborah A. Docs
----------------------------------------------------------
Deborah A. Docs
Secretary
Date: August 7, 2003
Pursuant to the requirements of the Securities Exchange Act of 1934 and
the Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By: /s/ Judy A. Rice
----------------------------------------------------------
Judy A. Rice
President
Date: August 7, 2003
By: /s/ Grace C. Torres
----------------------------------------------------------
Grace C. Torres
Treasurer
Date: August 7, 2003
Attached hereto as an exhibit are the certifications pursuant to Section 906 of
the Sarbanes-Oxley Act.