SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
NOTIFICATION OF ELECTION PURSUANT TO RULE 18f-1
UNDER THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED
DREYFUS INSTITUTIONAL PREFERRED MONEY MARKET FUND
Exact Name of Registrant
NOTIFICATION OF ELECTION
Dreyfus Institutional Preferred Money Market Fund (the "Fund"), an open-
end investment company registered with the Securities and Exchange
Commission (the "Commission") under the Investment Company Act of 1940, as
amended (the "1940 Act"), hereby notifies the Commission that it elects to
commit itself to pay in cash all redemptions by a shareholder of record as
provided by Rule 18f-1 under the 1940 Act (the "Rule"). The Fund
understands that this election is irrevocable while the Rule is in effect
unless the Commission by order upon application permits the withdrawal of
this Notification of Election.
SIGNATURE
Pursuant to the requirements of Rule 18f-1 under the 1940 Act, the Fund
has caused this Notification of Election to be duly executed on its behalf
in the City of New York and State of New York on May 21, 1997.
DREYFUS INSTITUTIONAL PREFERRED
MONEY MARKET FUND
By: /s/ Elizabeth A. Keeley
____________________________________
Elizabeth A. Keeley
Vice President
Attest: /s/ Mark A. Karpe
________________
Mark A. Karpe
Vice President
