LETTER TO SHAREHOLDERS
Dear Shareholder:
For the six months ended June 30, 1994, the annualized yield of Dreyfus
Money Market Instruments, Money Market Series reached 2.71%. This is the
equivalent of an annualized effective yield of 2.74% after taking into
account the effect of compounding. On the Government Securities Series, the
annualized yield was 2.65%, or 2.68% after compounding.*
The yield reflects the rise in interest rates that began last February
when the Federal Reserve Board took the first of a series of steps to
forestall a return of inflation by increasing the cost of borrowed money.
The Fed was prompted to act by the strength that has been exhibited by
the U.S. economy. Among the signs of this strength have been strong
employment figures, increased production and improved corporate profits.
Lately, another element has been added to the factors that argue for higher
interest rates -- the weakness of the U.S. dollar versus the German mark and
particularly the Japanese yen.
Historically, the Federal Reserve has not used interest rates to boost
the value of the dollar on foreign markets. However, the slippage in the
dollar's price in the foreign exchange markets, combined with the evident
strength of the domestic U.S. economy, could well prompt the central bank
authorities to take further preemptive steps to cool off the demand side of
the economy.
Against this background of rising money rates, we have been cutting back
the average maturity of the issues in your Fund's portfolio. This places the
Fund in a better position to take advantage of market opportunities.
We continue to keep a very close watch on these economic and market
developments. Our objective, as always, is to obtain rewarding yields on your
cash assets without incurring unnecessary market risk.
We thank you for your investment in this Fund and would like to assure
you of our constant attention to your investment goals.
Sincerely,
(Joseph S. DiMartino Signature Logo)
For The Dreyfus Corporation
Joseph S. DiMartino
President
July 12, 1994
New York, N.Y.
* Annualized effective yield is based upon dividends declared daily and
reinvested monthly.
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DREYFUS MONEY MARKET INSTRUMENTS, INC., MONEY MARKET SERIES
STATEMENT OF INVESTMENTS JUNE 30, 1994 (UNAUDITED)
PRINCIPAL
NEGOTIABLE BANK CERTIFICATES OF DEPOSIT--14.3% AMOUNT VALUE
------------- -------------
<S> <C> <C>
Industrial Bank of Japan Ltd. (London)
4.57%, 9/2/94........................................................... $ 5,000,000 $ 5,000,000
Mitsubishi Bank Ltd. (Yankee)
3.58%, 9/23/94.......................................................... 5,000,000 5,000,000
Norinchukin Bank (London)
4.50%, 8/31/94.......................................................... 5,000,000 5,000,207
Sumitomo Bank Ltd. (Yankee)
4.59%, 10/7/94.......................................................... 5,000,000 5,000,000
SwedBank (Yankee)
3.45%, 7/25/94.......................................................... 5,000,000 5,000,000
-------------
TOTAL NEGOTIABLE BANK CERTIFICATES OF DEPOSIT
(cost $25,000,207)...................................................... $ 25,000,207
=============
BANKERS' ACCEPTANCES--4.5%
Dai-Ichi Kangyo Bank Ltd. (Yankee)
4.57%, 9/16/94
(cost $7,922,658)....................................................... $ 8,000,000 $ 7,922,658
=============
COMMERCIAL PAPER--43.2%
AES Shady Point Inc.
4.55%, 8/1/94 (a)....................................................... $ 7,000,000 $ 6,972,694
B.B.V. Finance (Delaware) Inc.
4.31%, 7/1/94........................................................... 8,000,000 8,000,000
Bankers Trust New York Corp.
3.50%, 8/15/94.......................................................... 9,000,000 8,961,638
Budget Funding Corp.
4.39%, 7/19/94.......................................................... 8,000,000 7,982,560
Central Hispano North American Capital Corp.
3.32%, 7/13/94.......................................................... 9,000,000 8,990,190
Den Danske Corp. Inc.
3.43%, 7/11/94.......................................................... 5,000,000 4,995,319
General Motors Acceptance Corp.
4.72%-4.74%, 9/29/94-10/18/94........................................... 8,000,000 7,899,388
Goldman Sachs Group L.P.
4.74%, 11/10/94......................................................... 5,000,000 4,914,750
Lehman Brothers Holdings Inc.
5.10%, 1/17/95.......................................................... 5,000,000 4,862,500
Morgan Stanley Group Inc.
4.57%, 8/16/94.......................................................... 5,000,000 4,971,122
UBS Finance (Delaware) Inc.
4.35%, 7/1/94........................................................... 7,000,000 7,000,000
-------------
TOTAL COMMERCIAL PAPER (cost $75,550,161)................................... $ 75,550,161
=============
DREYFUS MONEY MARKET INSTRUMENTS, INC., MONEY MARKET SERIES
STATEMENT OF INVESTMENTS (CONTINUED) JUNE 30, 1994 (UNAUDITED)
PRINCIPAL
CORPORATE NOTES--16.1% AMOUNT VALUE
------------- -------------
Bear Stearns Companies Inc.
4.46%, 9/13/94 (b)...................................................... $ 10,000,000 $ 10,000,000
Ford Motor Credit Co.
3.77%, 12/12/94......................................................... 10,000,000 10,073,710
Merrill Lynch & Co. Inc.
4.40%, 4/26/95 (b)...................................................... 8,000,000 8,000,000
-------------
TOTAL CORPORATE NOTES (cost $28,073,710).................................... $ 28,073,710
=============
SHORT-TERM BANK NOTES--10.3%
FCC National Bank Delaware
4.40%, 3/14/95 (b)...................................................... $ 5,000,000 $ 4,998,237
NationsBank of North Carolina N.A.
3.45%, 9/30/94.......................................................... 5,000,000 4,999,065
PNC Bank N.A.
3.77%, 7/8/94........................................................... 3,000,000 2,999,829
PNC Bank of Ohio
3.72%, 12/15/94......................................................... 5,000,000 4,998,436
-------------
TOTAL SHORT-TERM BANK NOTES (cost $17,995,567).............................. $ 17,995,567
=============
U.S. GOVERNMENT AGENCIES--5.7%
Federal National Mortgage Association,
Floating Rate Notes
2.88%-4.74%, 10/7/94-2/14/97 (b)
(cost $10,002,517)...................................................... $ 10,000,000 $ 10,002,517
=============
TIME DEPOSITS--4.6%
Bayerische Vereinsbank AG (Grand Cayman)
5%, 7/1/94.............................................................. $ 4,000,000 $ 4,000,000
Republic National Bank of New York (London)
6%, 7/1/94.............................................................. 4,002,000 4,002,000
-------------
TOTAL TIME DEPOSITS (cost $8,002,000)....................................... $ 8,002,000
=============
TOTAL INVESTMENTS
(cost $172,546,820)........................................... 98.7% $172,546,820
====== =============
CASH AND RECEIVABLES (NET)........................................ 1.3% $ 2,203,186
====== =============
NET ASSETS ...................................................... 100.0% $174,750,006
====== =============
NOTES TO STATEMENT OF INVESTMENTS:
(a) Backed by an irrevocable letter of credit.
(b) Variable interest rate-subject to periodic change.
See independent accountants' review report and notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
DREYFUS MONEY MARKET INSTRUMENTS, INC., GOVERNMENT SECURITIES SERIES
STATEMENT OF INVESTMENTS JUNE 30, 1994 (UNAUDITED)
ANNUALIZED
YIELD ON
DATE OF PRINCIPAL
U.S. TREASURY BILLS--19.3% PURCHASE AMOUNT VALUE
------------- ------------ ---------------
<S> <C> <C> <C>
8/25/94.................................................. 3.27% $ 25,000,000 $ 24,877,702
11/3/94.................................................. 4.53 15,000,000 14,769,532
11/17/94................................................. 3.49 5,000,000 4,934,940
11/25/94................................................. 4.54 25,000,000 24,545,729
12/8/94.................................................. 4.56 25,000,000 24,504,445
-------------
TOTAL U.S. TREASURY BILLS (cost $93,632,348) ................ $ 93,632,348
=============
U.S. TREASURY NOTES--35.3%
8%, 7/15/94.............................................. 3.61% $ 25,000,000 $ 25,041,319
4.25%, 7/31/94........................................... 3.40 50,000,000 50,033,724
6.875%, 8/15/94.......................................... 3.33 15,000,000 15,063,757
8.625%, 8/15/94.......................................... 3.41 25,000,000 25,156,280
4.25%, 8/31/94........................................... 3.38 10,000,000 10,013,795
8.5%, 9/30/94............................................ 4.25 25,000,000 25,251,313
6%, 11/15/94............................................. 4.53 20,000,000 20,098,581
-------------
TOTAL U.S. TREASURY NOTES (cost $170,658,769)................ $170,658,769
=============
REPURCHASE AGREEMENTS--47.0%
First Interstate Bank of California
dated 6/30/94, due 7/1/94 in the amount of $6,352,103
(fully collateralized by $6,031,000 U.S. Treasury
Notes 11.25% due 5/15/95, value $6,419,246).............. 6.25% $ 6,351,000 $ 6,351,000
Goldman, Sachs & Co.
dated 6/30/94, due 7/1/94 in the amount of $53,006,257
(fully collateralized by $54,140,000 U.S. Treasury
Notes 3.875%, due 3/31/95, value $54,103,296)............ 4.25 53,000,000 53,000,000
Kidder, Peabody & Co. Inc.
dated 6/30/94, due 7/1/94 in the amount of $60,007,083
(fully collateralized by $63,710,000 U.S. Treasury
Bills due 5/4/95, value $60,906,550)..................... 4.25 60,000,000 60,000,000
Aubrey G. Lanston & Co. Inc.
dated 6/30/94, due 7/1/94 in the amount of $65,007,674
(fully collateralized by $67,400,000 U.S. Treasury
Bills due 12/29/94, value $65,824,243)................... 4.25 65,000,000 65,000,000
Morgan Stanley & Co. Inc.
dated 6/30/94, due 7/1/94 in the amount of $43,004,957
(fully collateralized by $43,035,000 U.S. Treasury
Notes 4.25% due 8/31/94, value $43,641,349).............. 4.15 43,000,000 43,000,000
-------------
TOTAL REPURCHASE AGREEMENTS (cost $227,351,000).............. $227,351,000
=============
TOTAL INVESTMENTS (cost $491,642,117)........... 101.6% $491,642,117
====== =============
LIABILITIES, LESS CASH AND RECEIVABLES.......... (1.6%) $ (7,635,740)
====== =============
NET ASSETS...................................... 100.0% $484,006,377
====== =============
See independent accountants' review report and notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
DREYFUS MONEY MARKET INSTRUMENTS, INC.
STATEMENT OF ASSETS AND LIABILITIES
JUNE 30, 1994 (UNAUDITED)
GOVERNMENT
MONEY MARKET SECURITIES
SERIES SERIES
-------------- --------------
<S> <C> <C>
ASSETS:
Investments in securities, at value (including repurchase agreements of
$227,351,000 for the Government Securities Series)-Note 2(a,b)........ $172,546,820 $491,642,117
Cash.................................................................... 1,436,392 3,527,497
Interest receivable..................................................... 871,495 3,858,229
Prepaid expenses........................................................ 134,946 134,525
-------------- --------------
174,989,653 499,162,368
-------------- --------------
LIABILITIES:
Due to The Dreyfus Corporation.......................................... 71,188 201,293
Payable for Common Stock redeemed....................................... 20,248 14,704,825
Accrued expenses........................................................ 148,211 249,873
-------------- --------------
239,647 15,155,991
-------------- --------------
NET ASSETS ................................................................ $174,750,006 $484,006,377
============== ==============
REPRESENTED BY:
Paid-in capital......................................................... $174,836,574 $484,002,876
Accumulated net realized gain (loss) on investments..................... (86,568) 3,501
-------------- --------------
NET ASSETS, at value........................................................ $174,750,006 $484,006,377
============== ==============
Shares of Common Stock outstanding:
Money Market Series
Equivalent to a net asset value per share of $1.00 (5 billion shares
of $.01 par value Common Stock authorized)........................ 174,820,074
==============
Government Securities Series
Equivalent to a net asset value per share of $1.00 (10 billion shares
of $.01 par value Common Stock authorized)........................ 484,002,876
==============
STATEMENT OF OPERATIONS SIX MONTHS ENDED JUNE 30, 1994 (UNAUDITED)
GOVERNMENT
MONEY MARKET SECURITIES
SERIES SERIES
-------------- --------------
INVESTMENT INCOME:
INTEREST INCOME......................................................... $ 3,306,910 $ 8,873,699
-------------- --------------
EXPENSES--Note 2(c):
Management fee_-Note 3(a)............................................. 455,333 1,258,210
Shareholder servicing costs_Note 3(b)................................. 281,200 768,983
Custodian fees........................................................ 27,583 79,974
Professional fees..................................................... 18,418 39,016
Registration fees..................................................... 23,480 19,993
Directors' fees and expenses_Note 3(c)................................ 7,741 18,981
Prospectus and shareholders' reports.................................. 6,967 19,373
Miscellaneous......................................................... 25,047 9,292
-------------- --------------
TOTAL EXPENSES.................................................... 845,769 2,213,822
-------------- --------------
INVESTMENT INCOME--NET...................................................... 2,461,141 6,659,877
NET REALIZED GAIN ON INVESTMENTS--Note 2(b)................................. 1,315 17,642
-------------- --------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........................ $ 2,462,456 $ 6,677,519
============== ==============
See independent accountants' review report and notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
DREYFUS MONEY MARKET INSTRUMENTS, INC.
STATEMENT OF CHANGES IN NET ASSETS
MONEY MARKET SERIES GOVERNMENT SECURITIES SERIES
---------------------------------- ------------------------------------
YEAR ENDED SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED
DECEMBER 31, JUNE 30, 1994 DECEMBER 31, JUNE 30, 1994
1993 (UNAUDITED) 1993 (UNAUDITED)
-------------- -------------- --------------- --------------
<S> <C> <C> <C> <C>
OPERATIONS:
Investment income--net........... $ 5,921,106 $ 2,461,141 $ 14,694,969 $ 6,659,877
Net realized gain (loss) on investments 94,804 1,315 (10,529) 17,642
-------------- -------------- --------------- --------------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS.. 6,015,910 2,462,456 14,684,440 6,677,519
-------------- -------------- --------------- --------------
DIVIDENDS TO SHAREHOLDERS FROM;
Investment income--net........... (5,921,106) (2,461,141) (14,694,969) (6,659,877)
-------------- -------------- --------------- --------------
CAPITAL STOCK TRANSACTIONS
($1.00 per share):
Net proceeds from shares sold.... 624,141,627 176,880,383 1,782,974,645 588,924,967
Dividends reinvested............. 5,049,904 1,947,875 11,950,476 5,329,775
Cost of shares redeemed.......... (664,076,108) (211,616,201) (1,931,767,024) (630,974,493)
-------------- -------------- --------------- --------------
(DECREASE) IN NET ASSETS FROM
CAPITAL STOCK TRANSACTIONS. (34,884,577) (32,787,943) (136,841,903) (36,719,751)
-------------- -------------- --------------- --------------
TOTAL (DECREASE) IN NET ASSETS (34,789,773) (32,786,628) (136,852,432) (36,702,109)
NET ASSETS:
Beginning of period.............. 242,326,407 207,536,634 657,560,918 520,708,486
-------------- -------------- --------------- --------------
End of period.................... $207,536,634 $174,750,006 $520,708,486 $484,006,377
============== ============== =============== ==============
See independent accountants' review report and notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
DREYFUS MONEY MARKET INSTRUMENTS, INC., MONEY MARKET SERIES
FINANCIAL HIGHLIGHTS
Contained below is per share operating performance data for a share of
Common Stock outstanding, total investment return, ratios to average net
assets and other supplemental data for each period indicated. This
information has been derived from the Fund's financial statements.
YEAR ENDED DECEMBER 31, SIX MONTHS ENDED
----------------------------------------------------------- JUNE 30, 1994
PER SHARE DATA: 1989 1990 1991 1992 1993 (UNAUDITED)
------- ------- ------- ------- ------- ----------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period... $.9991 $.9993 $.9992 $.9992 $.9993 $.9997
------- ------- ------- ------- ------- -------
INVESTMENT OPERATIONS:
Investment income--net................. .0864 .0761 .0580 .0346 .0261 .0134
Net realized gain (loss) on investments .0002 (.0001) -- .0001 .0004 (.0001)
------- ------- ------- ------- ------- -------
TOTAL FROM INVESTMENT OPERATIONS..... .0866 .0760 .0580 .0347 .0265 .0133
------- ------- ------- ------- ------- -------
DISTRIBUTIONS:
Dividends from investment income--net.. (.0864) (.0761) (.0580) (.0346) (.0261) (.0134)
Dividends from net realized gain on investments -- -- -- -- -- --
------- ------- ------- ------- ------- -------
TOTAL DISTRIBUTIONS.................. (.0864) (.0761) (.0580) (.0346) (.0261) (.0134)
------- ------- ------- ------- ------- -------
Net asset value, end of period......... $.9993 $.9992 $.9992 $.9993 $.9997 $.9996
------- ------- ------- ------- ------- -------
TOTAL INVESTMENT RETURN 9.00% 7.88% 5.95% 3.51% 2.64% 2.72%*
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets .74% .74% .72% .75% .83% .93%*
Ratio of net investment income to
average net assets................... 8.65% 7.62% 5.83% 3.48% 2.62% 2.70%*
Net Assets, end of period (000's Omitted) $357,660 $334,432 $282,356 $242,326 $207,537 $174,750
- --------------
* Annualized.
See independent accountants' review report and notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
DREYFUS MONEY MARKET INSTRUMENTS, INC., GOVERNMENT SECURITIES SERIES
FINANCIAL HIGHLIGHTS (CONTINUED)
Contained below is per share operating performance data for a share of
Common Stock outstanding, total investment return, ratios to average net
assets and other supplemental data for each period indicated. This
information has been derived from the Fund's financial statements.
YEAR ENDED DECEMBER 31, SIX MONTHS ENDED
----------------------------------------------------------- JUNE 30, 1994
PER SHARE DATA: 1989 1990 1991 1992 1993 (UNAUDITED)
------- ------- ------- ------- ------- ----------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period... $ .9998 $ .9999 $1.0000 $1.0000 $1.0000 $1.0000
------- ------- ------- ------- ------- -------
INVESTMENT OPERATIONS:
Investment income--net................. .0836 .0735 .0551 .0339 .0246 .0131
Net realized gain (loss) on investments .0003 .0001 -- -- -- --
------- ------- ------- ------- ------- -------
TOTAL FROM INVESTMENT OPERATIONS..... .0839 .0736 .0551 .0339 .0246 .0131
------- ------- ------- ------- ------- -------
DISTRIBUTIONS:
Dividends from investment income--net.. (.0836) (.0735) (.0551) (.0339) (.0246) (.0131)
Dividends from net realized gain on investments (.0002) -- -- -- -- --
------- ------- ------- ------- ------- -------
TOTAL DISTRIBUTIONS.................. (.0838) (.0735) (.0551) (.0339) (.0246) (.0131)
------- ------- ------- ------- ------- -------
Net asset value, end of period......... $ .9999 $1.0000 $1.0000 $1.0000 $1.0000 $1.0000
======= ======= ======= ======= ======= =======
TOTAL INVESTMENT RETURN 8.71% 7.61% 5.65% 3.45% 2.48% 2.66%*
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets .70% .70% .69% .72% .80% .88%*
Ratio of net investment income to
average net assets................... 8.35% 7.35% 5.51% 3.39% 2.46% 2.65%*
Net Assets, end of period (000's Omitted) $651,700 $724,202 $706,544 $657,561 $520,708 $484,006
- ----------------------
* Annualized.
See independent accountants' review report and notes to financial statements.
</TABLE>
DREYFUS MONEY MARKET INSTRUMENTS, INC.
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
NOTE 1--GENERAL:
The Fund is registered under the Investment Company Act of 1940 ("Act")
as a diversified open-end management investment company and operates as a
series company issuing two classes of Common Stock: the Money Market Series
and the Government Securities Series. The Fund accounts separately for the
assets, liabilities and operations of each series. Dreyfus Service
Corporation ("Distributor"), a wholly-owned subsidiary of The Dreyfus
Corporation ("Manager"), acts as the exclusive distributor of the Fund's
shares, which are sold to the public without a sales charge.
It is the Fund's policy to maintain a continuous net asset value per
share of $1.00 for each series; the Fund has adopted certain investment,
portfolio valuation and dividend and distribution policies to enable it to do
so.
NOTE 2--SIGNIFICANT ACCOUNTING POLICIES:
(A) PORTFOLIO VALUATION: Investments are valued at amortized cost, which
has been determined by the Fund's Board of Directors to represent the fair
value of the Fund's investments.
(B) SECURITIES TRANSACTIONS AND INVESTMENT INCOME: Securities
transactions are recorded on a trade date basis. Realized gain and loss from
securities transactions are recorded on the identified cost basis. Interest
income is recognized on the accrual basis. Cost of investments represents
amortized cost.
The Fund may enter into repurchase agreements with financial
institutions, deemed to be creditworthy by the Fund's Manager, subject to the
seller's agreement to repurchase and the Fund's agreement to resell such
securities at a mutually agreed upon price. Securities purchased subject to
repurchase agreements are deposited with the Fund's custodian and, pursuant
to the terms of the repurchase agreement, must have an aggregate market value
greater than or equal to 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 the right to sell the underlying securities at
market value and may claim any resulting loss against the seller.
(C) EXPENSES: Expenses directly attributable to each series are charged
to that series' operations; expenses which are applicable to both series are
allocated between them.
(D) DIVIDENDS TO SHAREHOLDERS: It is the policy of the Fund, with respect
to both series, to declare dividends from investment income-net on each
business day; such dividends are paid monthly. Dividends from net realized
capital gain, with respect to both series, are normally declared and paid
annually, but each series may make distributions on a more frequent basis to
comply with the distribution requirements of the Internal Revenue Code.
However, to the extent that a net realized capital gain of either series can
be reduced by a capital loss carryover of that series, such gain will not be
distributed.
(E) FEDERAL INCOME TAXES: It is the policy of each series 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 Internal Revenue Code, and to make distributions of taxable
income sufficient to relieve it from substantially all Federal income taxes.
The Money Market Series has an unused capital loss carryover of
approximately $88,000 available for Federal income tax purposes to be applied
against future net securities profits, if any, realized subsequent to
December 31, 1993. If not applied, the carryover expires in 1995.
DREYFUS MONEY MARKET INSTRUMENTS, INC.
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
The Government Securities Series has an unused capital loss carryover of
$7,971 available for Federal income tax purposes to be applied against future
net securities profits, if any, realized subsequent to December 31, 1993. If
not applied, $3,612 of the carryover expires in 2000 and $4,359 expires in
2001.
At June 30, 1994, the cost of investments of each series for Federal
income tax purposes was substantially the same as the cost for financial
reporting purposes (see the Statement of Investments).
NOTE 3--MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES:
(A) Pursuant to a management agreement ("Agreement") with the Manager,
the management fee for each series is computed at the annual rate of .50 of
1% of the average daily value of the net assets of each series and is payable
monthly.
The Agreement provides for an expense reimbursement from the Manager
should the aggregate expenses of either series, exclusive of taxes, interest
on borrowings, brokerage commissions and extraordinary expenses, exceed 1% of
the average daily value of such series' net assets for any full year. No
expense reimbursement was required pursuant to the Agreement for the six
months ended June 30, 1994.
(B) Pursuant to the Fund's Shareholder Services Plan, the Fund reimburses
the Distributor an amount not to exceed an annual rate of .25 of 1% of the
value of the Fund's average daily net assets for servicing shareholder
accounts. The services provided may include personal services relating to
shareholder accounts, such as answering shareholder inquiries regarding the
Fund and providing reports and other information, and services related to the
maintenance of shareholder accounts. During the six months ended June 30,
1994, the Money Market Series and the Government Securities Series were
charged an aggregate of $111,477 and $449,052, respectively, pursuant to the
Shareholder Services Plan.
(C) Certain officers and directors of the Fund are "affiliated persons,"
as defined in the Act, of the Manager and/or the Distributor. Each director
who is not an "affiliated person" receives from the Fund an annual fee of
$4,500 and an attendance fee of $500 per meeting.
(D) On December 5, 1993, the Manager entered into an Agreement and Plan
of Merger (the "Merger Agreement") providing for the merger of the Manager
with a subsidiary of Mellon Bank Corporation ("Mellon").
Following the merger, it is planned that the Manager will be a direct
subsidiary of Mellon Bank, N.A. Closing of this merger is subject to a number
of contingencies, including receipt of certain regulatory approvals and
approvals of the stockholders of the Manager and of Mellon. The merger is
expected to occur in August 1994, but could occur later.
As a result of regulatory requirements and the terms of the Merger
Agreement, the Manager will seek various approvals from the Fund's
shareholders before completion of the merger. Proxy materials, approved by
the Fund's Board, recently have been mailed to Fund shareholders.
DREYFUS MONEY MARKET INSTRUMENTS, INC.
REVIEW REPORT OF ERNST & YOUNG LLP, INDEPENDENT ACCOUNTANTS
SHAREHOLDERS AND BOARD OF DIRECTORS
DREYFUS MONEY MARKET INSTRUMENTS, INC.
We have reviewed the accompanying statement of assets and liabilities,
including the statements of investments, of Dreyfus Money Market Instruments,
Inc. as of June 30, 1994, (comprising, respectively, the Money Market Series
and the Government Securities Series), and the related statements of
operations and changes in net assets and financial highlights for the six
month period ended June 30, 1994. These financial statements and financial
highlights are the responsibility of the Fund's management.
We conducted our review in accordance with standards established by the
American Institute of Certified Public Accountants. A review of interim
financial information consists principally of applying analytical procedures
to financial data, and making inquiries of persons responsible for financial
and accounting matters. It is substantially less in scope than an audit
conducted in accordance with generally accepted auditing standards, which
will be performed for the full year with the objective of expressing an
opinion regarding the financial statements and financial highlights taken as
a whole. Accordingly, we do not express such an opinion.
Based on our review, we are not aware of any material modifications that
should be made to the interim financial statements and financial highlights
referred to above for them to be in conformity with generally accepted
accounting principles.
We have previously audited, in accordance with generally accepted
auditing standards, the statement of changes in net assets for the year ended
December 31, 1993 and financial highlights for each of the five years in the
period ended December 31, 1993 and in our report dated February 3, 1994, we
expressed an unqualified opinion on such statement of changes in net assets
and financial highlights.
(Ernst & Young LLP Signature Logo)
New York, New York
August 1, 1994
(Dreyfus Logo)
Money Market
Instruments, Inc.
Semi-Annual
Report
June 30, 1994
(Dreyfus Lion Logo)
(Dreyfus `D' Logo)
DREYFUS MONEY MARKET
INSTRUMENTS, INC.
144 Glenn Curtiss Boulevard
Uniondale, NY 11556
MANAGER
The Dreyfus Corporation
200 Park Avenue
New York, NY 10166
CUSTODIAN
The Bank of New York
110 Washington Street
New York, NY 10286
TRANSFER AGENT &
DIVIDEND DISBURSING AGENT
The Shareholder Services Group, Inc.
P.O. Box 9671
Providence, RI 02940
Further information is contained in the Prospectus,
which must precede or accompany this report.
Printed in U.S.A. 008/060SA946
