DREYFUS MONEY MARKET INSTRUMENTS, INC.
- -----------------------------------------------------------------------------
LETTER TO SHAREHOLDERS
Dear Shareholder:
We are pleased to report the performance for Dreyfus Money Market Instruments,
Inc. for the six-month period ended June 30, 1998 as shown in the following
table:
<TABLE>
ANNUALIZED ANNUALIZED
YIELD EFFECTIVE YIELD*
_________ _____________
<S> <C> <C>
Money Market Series 4.75% 4.85%
Government Securities Series 4.83% 4.94%
</TABLE>
THE ECONOMY AND MARKET ENVIRONMENT
A major influence on the money market in the past few months has been
increased evidence of a slowdown in general economic activity. Overall, the
economy appears to be healthy, the job market has been strong, consumers seem to
be in a constructive frame of mind and inflation has remained at bay. However,
the fast pace of expansion that prevailed earlier in the year has clearly
cooled.
The problems in Japan and Southeast Asia are finally having some repercussions
in this country. Demand for our exports from that part of the world has declined
sharply. Furthermore, the flight to the dollar which has resulted from the Asian
problems has made the U.S. dollar very expensive for those trading partners.
Lately, the virtual shutdown of U.S. production at General Motors plants, due
to the UAW strike in Flint, Michigan, has been another factor reducing the pace
of the economy.
Although growth in corporate profits has slowed in many sectors during the
past year, consensus estimates of future profit growth continue to be cut by
several analysts. Profit margins had already begun to shrink under the weight of
rising labor costs, making companies' reported profits increasingly dependent on
growth of sales. Overall profits could thus prove quite vulnerable to a period
of significantly slower economic growth.
In view of this cooling trend, it has come as no surprise that the Federal
Reserve Board, though still watchful for signs of wage inflation, has not taken
any recent action to raise interest rates.
Thus, the money market is feeling the effects of economic cross-currents.
Factors tending to restrain interest rates include the demand for U.S.
instruments from foreign investors seeking a "safe haven" as well as the
prospect of the U.S. Government running a budget surplus, thus reducing the need
for Treasury borrowing. Yet, we believe that the continuing economic expansion,
albeit at a slower rate, helped to keep money market rates from going lower than
they did during the reporting period.
PORTFOLIO FOCUS
In this market environment, we have maintained an average maturity in both the
Money Market Series and Government Securities Series approximating that of our
peer group. This is a moderately defensive strategy which we feel is wise at
this juncture. Of course, we will look to vary our approach should new factors
in the market make this desirable.
Sincerely,
[Patricia A. Larkin signature logo]
Patricia A. Larkin
Senior Portfolio Manager
July 15, 1998
New York, N.Y.
*Annualized effective yield is based upon dividends declared daily and
reinvested monthly.
<TABLE>
DREYFUS MONEY MARKET INSTRUMENTS, INC., MONEY MARKET SERIES
- -----------------------------------------------------------------------------
STATEMENT OF INVESTMENTS JUNE 30, 1998 (UNAUDITED)
Principal
Negotiable Bank Certificates of Deposit--4.4% Amount Value
- -------------------------------------------------------
_____________ ____________
SwedBank (Yankee)
5.79%, 10/2/98
<S> <C> <C>
(cost $5,000,000) $ 5,000,000 $ 5,000,000
=============
Commercial Paper--46.7%
- -------------------------------------------------------
Associates Corp. of North America
6.25%, 7/1/98 $ 4,000,000 $ 4,000,000
Commonwealth Bank of Australia
5.64%, 10/28/98 5,000,000 4,915,208
FINOVA Capital Corp.
5.63%, 10/16/98 5,000,000 4,917,967
General Electric Capital Corp.
5.52%, 7/31/98 5,000,000 4,977,625
General Electric Capital Services
5.59%, 9/4/98 5,000,000 4,950,979
General Motors Acceptance Corp.
5.54%, 9/2/98 4,000,000 3,962,340
Goldman Sachs Group L.P.
5.60%, 9/18/98 5,000,000 4,939,653
Hertz Corp.
5.57%, 7/16/98 5,000,000 4,988,521
Merrill Lynch & Co. Inc.
5.52%, 7/28/98 5,000,000 4,979,900
Paine Webber Group Inc.
5.71%, 9/8/98 6,000,000 5,936,175
Prudential Funding Corp.
6.42%, 7/1/98 4,000,000 4,000,000
_____________
TOTAL COMMERCIAL PAPER
(cost $52,568,368) $ 52,568,368
=============
Bank Notes--22.2%
- -------------------------------------------------------
BankBoston, N.A.
5.71%, 12/10/98(a) $ 5,000,000 $ 5,000,000
Bankers Trust N.Y. Corp.
5.65%, 3/19/99(a) 5,000,000 4,998,598
Huntington National Bank
5.60%, 12/8/98(a) 5,000,000 4,997,961
Key Bank N.A.
5.62%, 2/24/99(a) 5,000,000 4,997,783
</TABLE>
<TABLE>
DREYFUS MONEY MARKET INSTRUMENTS, INC., MONEY MARKET SERIES
- -----------------------------------------------------------------------------
STATEMENT OF INVESTMENTS (CONTINUED) JUNE 30, 1998 (UNAUDITED)
Principal
Bank Notes (continued) Amount Value
- -------------------------------------------------------
_____________ ____________
Societe Generale N.A. Inc.
<S> <C> <C>
5.63%, 2/23/99(a) $ 5,000,000 $ 4,998,734
_____________
TOTAL BANK NOTES
(cost $24,993,076) $ 24,993,076
=============
Corporate Notes--13.3%
- -------------------------------------------------------
CTN Trust Series 1
5.66%, 9/2/98(a,b,c) $ 4,990,000 $ 4,992,803
Heller Financial Inc.
5.80%, 4/13/99(a) 5,000,000 5,000,000
Lehman Brothers Holdings Inc.
5.67%-5.71%, 3/5/99-3/22/99(a) 5,000,000 5,000,786
_____________
TOTAL CORPORATE NOTES
(cost $14,993,589) $ 14,993,589
=============
U.S. Government Agencies--4.5%
- -------------------------------------------------------
Federal Farm Credit Bank
Floating Rate Notes
5.67%, 10/23/98(a)
(cost $4,999,148) $ 5,000,000 $ 4,999,148
=============
Time Deposits--7.8%
- -------------------------------------------------------
Berliner Handels-und Frankforter Bank (Grand Cayman)
6.25%, 7/1/98 $ 4,000,000 $ 4,000,000
Republic National Bank of New York (London)
5.71%, 7/1/98 4,731,000 4,731,000
_____________
TOTAL TIME DEPOSITS
(cost $8,731,000) $ 8,731,000
=============
TOTAL INVESTMENTS
(cost $111,285,181) 98.9% $111,285,181
====== =============
CASH AND RECEIVABLES (NET) 1.1% $ 1,224,489
====== =============
NET ASSETS 100.0% $112,509,670
====== =============
Notes to Statement of Investments:
- -----------------------------------------------------------------------------
(a) Variable interest rate-subject periodic change.
(b)This note was acquired for investment, not with intent to distribute or
sell.
(c)Security restricted as to public resale. This security was acquired on
12/15/97 at a cost of 100.2327. At June 30, 1998 the aggregate value of this
security is $4,992,803, representing approximately 4.4% of net assets and is
valued at amortized cost.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
DREYFUS MONEY MARKET INSTRUMENTS, INC., GOVERNMENT SECURITIES SERIES
- -----------------------------------------------------------------------------
STATEMENT OF INVESTMENTS JUNE 30, 1998 (UNAUDITED)
Annualized
Yield on
Date of Principal
U.S. Treasury Bills--12.2% Purchase Amount Value
- ---------------------------------------------------------------------------
___________ _____________ _____________
8/20/98
<S> <C> <C> <C>
(cost $49,662,500) 4.89% $ 50,000,000 $ 49,662,500
==============
U.S. Treasury Notes--41.9%
- ----------------------------------------------
8.25%, 7/15/98 5.40% $ 25,000,000 $ 25,022,763
6.25%, 7/31/98 5.46 30,000,000 30,014,107
6.00%, 9/30/98 5.48 25,000,000 25,021,193
5.125%, 11/30/98 5.63 20,000,000 19,954,934
5.00%, 2/15/99 5.89 21,000,000 20,931,103
6.375%, 7/15/99 . 5.25 50,000,000 50,415,775
_____________
TOTAL U.S. TREASURY NOTES
(cost $171,359,875) $171,359,875
=============
Repurchase Agreements--45.5%
- ----------------------------------------------
Bear Stearns & Co.
dated 6/30/98, due 7/1/98 in the amount of $45,007,313
(fully collateralized by $46,670,000 U.S. Treasury
Bills, due 12/17/98, value $45,557,050) 5.85% $45,000,000 $ 45,000,000
CIBC Oppenheimer Corp.
dated 6/30/98, due 7/1/98 in the amount of$45,007,038
(fully collateralized by $44,101,000 U.S. Treasury
Notes, 5.875%-8.875%, due 10/31/98-2/15/99, value $45,553,234) 5.63 45,000,000 45,000,000
Donaldson, Lufkin & Jenrette Securities, Inc.
dated 6/30/98, due 7/1/98 in the amount of $45,007,188
(fully collateralized by $44,780,000 U.S. Treasury
Notes, 5.00%, due 2/15/99, value$45,419,074) 5.75 45,000,000 45,000,000
J.P. Morgan Securities Inc.
dated 6/30/98, due 7/1/98 in the amount of $45,007,188
(fully collateralized by $48,444,000 U.S. Treasury
Bills, due 6/24/99, value $45,985,050) 5.75 45,000,000 45,000,000
SBC Warburg Dillon Read Inc.
dated 6/30/98, due 7/1/98 in the amount of $6,204,913
(fully collateralized by $6,235,000 U.S. Treasury
Notes, 6.75%, due 5/31/99, value $6,338,842) 5.30 6,204,000 6,204,000
_____________
TOTAL REPURCHASE AGREEMENTS
(cost $186,204,000) $186,204,000
=============
TOTAL INVESTMENTS
(cost $407,226,375) 99.6% $407,226,375
===== =============
CASH AND RECEIVABLES (NET) .4% $ 1,705,817
===== =============
NET ASSETS 100.0% $408,932,192
===== =============
SEE NOTES TO FIANCIAL STATEMENTS.
</TABLE>
<TABLE>
DREYFUS MONEY MARKET INSTRUMENTS, INC.
- -----------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES JUNE 30, 1998 (UNAUDITED)
Money Government
Market Securities
Series Series
_____________ _____________
ASSETS: Investments in securities, at value (including repurchase
agreements of $186,204,000 for the Government
<S> <C> <C>
Securities Series)--Note 2(b) $111,285,181 $407,226,375
Cash 1,031,763 2,393,528
Interest receivable 373,149 4,019,385
_____________ _____________
112,690,093 413,639,288
_____________ _____________
LIABILITIES: Due to The Dreyfus Corporation and affiliates 102,077 305,340
Payable for shares of Common Stock redeemed -- 4,218,812
Accrued expenses and other liabilities 78,346 182,944
_____________ _____________
180,423 4,707,096
_____________ _____________
NET ASSETS $112,509,670 $408,932,192
============= =============
REPRESENTED BY: Paid-in capital $112,533,764 $408,931,743
Accumulated net realized gain (loss) on investments (24,094) 449
_____________ _____________
NET ASSETS $112,509,670 $408,932,192
============= =============
NET ASSET VALUE PER SHARE
_____________________________
Money Government
Market Securities
Series Series
_____________ _____________
Net Assets $112,509,670 $408,932,192
Shares Outstanding 112,517,264 408,931,743
NET ASSET VALUE PER SHARE $1.00 $1.00
====== ======
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
DREYFUS MONEY MARKET INSTRUMENTS, INC.
- -----------------------------------------------------------------------------
STATEMENT OF OPERATIONS SIX MONTHS ENDED JUNE 30, 1998 (UNAUDITED)
Money Government
Market Securities
Series Series
_____________ _____________
INVESTMENT INCOME
<S> <C> <C>
INCOME Interest Income $ 3,244,041 $11,325,451
____________ ____________
EXPENSES--Note 2(c): Management fee--Note 3(a) $ 285,171 $ 1,017,008
Shareholder servicing costs--Note 3(b) 168,749 381,525
Professional fees 32,914 638
Registration fees 18,964 21,673
Custodian fees 14,309 40,168
Directors' fees and expenses--Note 3(c) 8,118 26,568
Prospectus and shareholders' reports 6,201 7,238
Miscellaneous 1,916 --
____________ ____________
Total Expenses 536,342 1,494,818
____________ ____________
INVESTMENT INCOME--NET 2,707,699 9,830,633
NET REALIZED GAIN (LOSS) ON INVESTMENTS--Note 2(b) (1,836) 696
____________ ____________
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 2,705,863 $ 9,831,329
============ ============
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
DREYFUS MONEY MARKET INSTRUMENTS, INC.
- -----------------------------------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS
Money Market Series Government Securities Series
___________________________________ __________________________________
Six Months Ended Year Ended Six Months Ended Year Ended
June 30, 1998 December 31, June 30, 1998 December 31,
(Unaudited) 1997 (Unaudited) 1997
________________ _______________ ________________ _______________
OPERATIONS:
<S> <C> <C> <C> <C>
Investment income--net $ 2,707,699 $ 6,057,427 $ 9,830,633 $ 19,697,451
Net realized gain (loss) on investments (1,836) (3,878) 696 7,009
________________ _______________ ________________ _______________
Net Increase (Decrease) in Net Assets
Resulting from Operations 2,705,863 6,053,549 9,831,329 19,704,460
________________ _______________ ________________ _______________
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income--net (2,707,699) (6,057,427) (9,830,633) (19,697,451)
________________ _______________ ________________ _______________
CAPITAL STOCK TRANSACTIONS :
($1.00 per share):
Net proceeds from shares sold 133,918,869 301,641,056 626,835,877 1,411,479,603
Dividends reinvested 1,854,621 4,474,950 5,808,304 12,621,559
Cost of shares redeemed (142,029,025) (316,689,108) (604,704,502) (1,484,884,885)
________________ _______________ ________________ _______________
Increase (Decrease) in Net Assets from
Capital Stock Transactions (6,255,535) (10,573,102) 27,939,679 (60,783,723)
________________ _______________ ________________ _______________
Total Increase (Decrease) in
Net Assets (6,257,371) (10,576,980) 27,940,375 (60,776,714)
________________ _______________ ________________ _______________
NET ASSETS:
Beginning of Period 118,767,041 129,344,021 380,991,817 441,768,531
________________ _______________ ________________ _______________
End of Period $ 112,509,670 $ 118,767,041 $ 408,932,192 $ 380,991,817
================ ================ ================ ================
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
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.
Six Months Ended
June 30, 1998 Year Ended December 31,
___________________________________________________
PER SHARE DATA: (Unaudited) 1997 1996 1995 1994 1993
__________ ______ ______ ______ ______ ______
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
______ ______ ______ ______ ______ ______
Investment Operations:
Investment income--net .024 .047 .046 .053 .034 .026
______ ______ ______ ______ ______ ______
Distributions:
Dividends from investment income--net (.024) (.047) (.046) (.053) (.034) (.026)
______ ______ ______ ______ ______ ______
Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
====== ====== ====== ====== ====== ======
TOTAL INVESTMENT RETURN 4.80%* 4.76% 4.73% 5.46% 3.42% 2.64%
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets .94%* 1.00% .93% .84% .88% .83%
Ratio of net investment income
to average net assets 4.75%* 4.66% 4.63% 5.33% 3.35% 2.62%
Decrease reflected in above expense ratios
due to undertakings by the Manager -- .01% -- -- -- --
Net Assets, end of period (000's Omitted) $112,510 $118,767 $129,344 $144,172 $170,548 $207,537
- -----------------------------
* Annualized.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
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.
Six Months Ended
June 30, 1998 Year Ended December 31,
___________________________________________________
PER SHARE DATA: (Unaudited) 1997 1996 1995 1994 1993
__________ ______ ______ ______ ______ ______
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
______ ______ ______ ______ ______ ______
Investment Operations:
Investment income--net .024 .046 .045 .051 .033 .025
______ ______ ______ ______ ______ ______
Distributions:
Dividends from investment income--net (.024) (.046) (.045) (.051) (.033) (.025)
______ ______ ______ ______ ______ ______
Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
====== ====== ====== ====== ====== ======
TOTAL INVESTMENT RETURN 4.88%* 4.72% 4.60% 5.18% 3.31% 2.48%
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets .73%* .87% .90% .83% .88% .80%
Ratio of net investment income
to average net assets 4.83%* 4.62% 4.50% 5.07% 3.24% 2.46%
Net Assets, end of period (000's Omitted) $408,932 $380,992 $441,769 $431,444 $465,956 $520,708
- -----------------------------
* Annualized.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
DREYFUS MONEY MARKET INSTRUMENTS, INC.
- -----------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
NOTE 1--GENERAL:
Dreyfus Money Market Instruments, Inc. (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. The Fund's investment objective is to provide investors with as high a
level of current income as is consistent with the preservation of capital and
the maintenance of liquidity. The Dreyfus Corporation ("Manager") serves as the
Fund' s investment adviser. The Manager is a direct subsidiary of Mellon Bank,
N.A.
Premier Mutual Fund Services, Inc. is the distributor of the Fund's shares,
which are sold to the public without a sales charge. The Fund is authorized to
issue 5 billion shares of $.01 par value Common Stock for the Money Market
Series and 10 billion shares of $.01 par value Common Stock for the Government
Securities Series.
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. There is
no assurance, however, that the Fund will be able to maintain a stable net asset
value per share of $1.00 for each series.
The Fund' s financial statements are prepared in accordance with generally
accepted accounting principles which may require the use of management estimates
and assumptions. Actual results could differ from those estimates.
NOTE 2--SIGNIFICANT ACCOUNTING POLICIES:
(A) PORTFOLIO VALUATION: Investments in securities 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.
Under the terms of the custodian agreement, the Money Market Series and the
Government Securities Series received net earnings credits of $272 and $2,797,
respectively, during the period ended June 30, 1998 based on available cash
balances left on deposit. Income earned under this arrangement is included in
interest income.
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.
DREYFUS MONEY MARKET INSTRUMENTS, INC.
- -----------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
(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 and excise taxes.
The Money Market Series has an unused capital loss carryover of approximately
$22,000 available for Federal income tax purposes to be applied against future
net securities profits, if any, realized subsequent to December 31, 1997. If not
applied, $18,000 of the carryover expires in fiscal 2004 and $4,000 expires in
fiscal 2005.
The Government Securities Series has an unused capital loss carryover of
approximately $3,700 available for Federal income tax purposes to be applied
against future net securities profits, if any, realized subsequent to December
31, 1997. If not applied, the carryover expires in fiscal 2004.
At June 30, 1998, 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 Statements 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 value of the average daily net assets of each series and is payable monthly.
The Agreement provides that if in any full fiscal year the aggregate expenses of
either series, exclusive of taxes, brokerage commissions, interest on borrowings
and extraordinary expenses, exceed 1% of the value of such series' average daily
net assets, the Fund may deduct from payments to be made to the Manager, or the
Manager will bear the amount of such excess. No expense reimbursement was
required pursuant to the Agreement for the period ended June 30, 1998.
(B) Under the Shareholder Services Plan, each series reimburses Dreyfus
Service Corporation, a wholly-owned subsidiary of the Manager, an amount not to
exceed an annual rate of .25 of 1% of the value of each series' average daily
net assets for certain allocated expenses of providing personal services and/or
maintaining 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 DREYFUS MONEY MARKET
INSTRUMENTS, INC.
- -----------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
accounts. During the period ended June 30, 1998, the Money Market Series and the
Government Securities Series were charged $79,975 and $216,060, respectively,
pursuant to the Shareholder Services Plan.
The Fund compensates Dreyfus Transfer, Inc., a wholly-owned subsidiary of the
Manager, under a transfer agency agreement for providing personnel and
facilities to perform transfer agency services for the Fund. During the period
ended June 30, 1998, the Money Market Series and the Government Securities
Series, were charged $55,990 and $110,854, respectively, pursuant to the
transfer agency agreement.
(C) Each director who is not an "affiliated person" as defined in the Act
receives from the Fund an annual fee of $4,500 and an attendance fee of $500 per
meeting. The Chairman of the Board receives an additional 25% of such
compensation.
[dreyfus lion "d" logo] (reg.tm)
[dreyfus logo] (reg.tm)
DREYFUS MONEY MARKET
INSTRUMENTS, INC.
200 Park Avenue
New York, NY 10166
MANAGER
The Dreyfus Corporation
200 Park Avenue
New York, NY 10166
CUSTODIAN
The Bank of New York
90 Washington Street
New York, NY 10286
TRANSFER AGENT &
DIVIDEND DISBURSING AGENT
Dreyfus Transfer, Inc.
P.O. Box 9671
Providence, RI 02940
Printed in U.S.A. 008/060SA986
Money Market
Instruments, Inc.
Semi-Annual
Report
June 30, 1998
