LETTER TO SHAREHOLDERS
Dear Shareholder:
For the six months ended June 30, 1994, the annualized yield of the
Dreyfus Institutional Money Market Fund, Money Market Series reached 2.99%.
This is the equivalent of an annualized effective yield of 3.03% after taking
into account the effect of compounding. For the Government Securities Series,
the 6-month annualized yield was 2.81%, or 2.85% after compounding.*
INTEREST RATE INCREASES
The yield, of course, 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 by the strength that was exhibited by the U.S.
economy. This strength was signalled by strong employment figures, increased
production and improved corporate profits. Lately, another element has added
to the argument 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 foreign exchange markets, combined with the evident
strength of the domestic U.S. economy, could well prompt central bank
authorities to take further preemptive steps to cool off the demand side of
the economy.
PORTFOLIO REVIEW
Against this background of rising money rates, we have been cutting back
the average maturity of the issues in your Fund's portfolio. We believe this
places the Fund in a better position to seek 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 the Fund's 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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<CAPTION>
DREYFUS INSTITUTIONAL MONEY MARKET FUND, MONEY MARKET SERIES
STATEMENT OF INVESTMENTS JUNE 30, 1994 (UNAUDITED)
PRINCIPAL
NEGOTIABLE BANK CERTIFICATES OF DEPOSIT-4.2% AMOUNT VALUE
------------- -------------
<S> <C> <C>
Old Kent Bank & Trust
3.50%, 10/6/94
(cost $15,000,000)...................................................... $ 15,000,000 $ 15,000,000
=============
COMMERCIAL PAPER-34.9%
AES Shady Point Inc.
4.55%, 8/1/94 (a)....................................................... $ 10,000,000 $ 9,960,992
Central Hispano North American Capital Corp.
3.31%, 7/13/94.......................................................... 15,000,000 14,983,700
Credito Italiano (Delaware) Inc.
3.30%, 7/26/94.......................................................... 15,000,000 14,966,146
General Motors Acceptance Corp.
4.74%-4.75%, 9/26/94-9/29/94............................................ 10,000,000 9,885,196
Generale Bank Inc.
3.28%-4.57%, 7/29/94-10/6/94............................................ 15,000,000 14,866,189
Kredietbank N.A. Finance Corp.
4.47%, 8/19/94.......................................................... 5,000,000 4,969,851
Lehman Brothers Holdings Inc.
4.65%-4.87%, 10/11/94-12/5/94........................................... 15,000,000 14,766,657
MPS U.S. Commercial Paper Corp.
4.50%, 9/8/94........................................................... 15,000,000 14,872,062
Merrill Lynch & Co. Inc.
4.40%, 8/8/94........................................................... 15,000,000 14,930,650
Morgan Stanley Group Inc.
4.48%, 9/9/94........................................................... 10,000,000 9,913,861
-------------
TOTAL COMMERCIAL PAPER (cost $124,115,304).................................. $124,115,304
=============
BANK NOTES--14.0%
FCC National Bank Delaware
4.58%, 3/14/95 (b)...................................................... $ 10,000,000 $ 9,996,474
First National Bank of Chicago
4.46%, 10/26/94 (b)..................................................... 10,000,000 10,000,000
NBD Bank N.A.
4.58%, 10/13/94......................................................... 15,000,000 15,000,728
PNC Bank N.A.
3.40%-3.51%, 7/28/94-9/5/94............................................. 15,000,000 15,002,506
-------------
TOTAL BANK NOTES (cost $49,999,708)......................................... $ 49,999,708
=============
CORPORATE NOTES--11.0%
Bear Stearns Companies Inc.
4.46%, 9/13/94 (b)...................................................... $ 15,000,000 $ 15,000,000
Ford Motor Credit Co.
3.77%, 12/12/94......................................................... 5,000,000 5,036,911
General Motors Acceptance Corp.
3.84%, 7/18/94.......................................................... 4,000,000 4,007,969
Pepsico Inc.
3.57%, 2/3/95........................................................... 15,000,000 14,994,204
-------------
TOTAL CORPORATE NOTES (cost $39,039,084).................................... $ 39,039,084
=============
DREYFUS INSTITUTIONAL MONEY MARKET FUND, MONEY MARKET SERIES
STATEMENT OF INVESTMENTS (CONTINUED) JUNE 30, 1994 (UNAUDITED)
PRINCIPAL
U.S. GOVERNMENT AGENCIES--6.1% AMOUNT VALUE
------------- -------------
Federal National Mortgage Association,
Consolidated Systemwide, Floating Rate Bonds
4.74%, 2/14/97 (b)...................................................... $ 10,000,000 $ 10,000,000
Federal National Mortgage Association,
Discount Notes
3.56%-3.60%, 10/13/94-11/22/94.......................................... 11,700,000 11,543,807
-------------
TOTAL U.S. GOVERNMENT AGENCIES (cost $21,543,807)........................... $ 21,543,807
=============
TIME DEPOSIT--3.4%
Republic National Bank of New York (London)
5.51%, 7/1/94
(cost $12,181,000)...................................................... $ 12,181,000 $ 12,181,000
=============
REPURCHASE AGREEMENTS--11.2%
Barclays de Zoete Wedd Securities Inc.
4.50%, dated 6/30/94, due 7/1/94 in the amount
of $15,001,875
(fully collateralized by $15,595,000 U.S.
Treasury Bills due 12/29/94, value $15,228,388)......................... $ 15,000,000 $ 15,000,000
Goldman Sachs & Co.
4.50%, dated 6/30/94, due 7/1/94 in the amount
of $15,001,875
(fully collateralized by $16,015,000 U.S.
Treasury Bills due 5/4/95, value $15,307,991)........................... 15,000,000 15,000,000
Kidder Peabody & Co. Inc.
4.25%, dated 6/30/94, due 7/1/94 in the amount
of $10,001,181
(fully collateralized by $10,015,000 U.S.
Treasury Notes 4.25% due 8/31/94, value
$10,157,265)............................................................ 10,000,000 10,000,000
-------------
TOTAL REPURCHASE AGREEMENTS (cost $40,000,000).............................. $ 40,000,000
=============
TOTAL INVESTMENTS (cost $301,878,903)............................. 84.8% $301,878,903
====== =============
CASH AND RECEIVABLES (NET)........................................ 15.2% $ 54,282,708
====== =============
NET ASSETS ...................................................... 100.0% $356,161,611
====== =============
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 INSTITUTIONAL MONEY MARKET FUND, GOVERNMENT SECURITIES SERIES
STATEMENT OF INVESTMENTS JUNE 30, 1994 (UNAUDITED)
ANNUALIZED
YIELD ON
DATE OF PRINCIPAL
U.S. TREASURY BILLS--26.5% PURCHASE AMOUNT VALUE
------------- ------------- -------------
<S> <C> <C> <C>
8/25/94.................................................. 3.27% $ 5,000,000 $ 4,975,441
12/8/94.................................................. 4.62 10,000,000 9,799,334
12/22/94................................................. 4.72 10,000,000 9,777,183
-------------
TOTAL U.S. TREASURY BILLS (cost $24,551,958)................. $24,551,958
=============
U.S. TREASURY NOTES--41.1%
8%, 7/15/94.............................................. 3.61% $ 5,000,000 $ 5,008,264
4.25%, 7/31/94........................................... 3.39 15,000,000 15,010,150
6.875%, 8/15/94.......................................... 3.33 10,000,000 10,042,505
8.625%, 8/15/94.......................................... 3.41 8,000,000 8,050,009
-------------
TOTAL U.S. TREASURY NOTES (cost $38,110,928)................. $38,110,928
=============
REPURCHASE AGREEMENTS--31.4%
Aubrey G. Lanston & Co. Inc.
dated 6/30/94, due 7/1/94 in the amount of $9,001,063
(fully collateralized by $9,500,000 U.S. Treasury
Bills due 12/29/94, value $9,276,671).................... 4.25% $ 9,000,000 $ 9,000,000
Daiwa Securities America Inc.
dated 6/30/94, due 7/1/94 in the amount of $8,000,944
(fully collateralized by $8,215,000 U.S. Treasury
Bills due 10/20/94, value $8,103,313).................... 4.25 8,000,000 8,000,000
First Interstate Bank of California
dated 6/30/94, due 7/1/94 in the amount of $3,028,526
(fully collateralized by $2,875,000 U.S. Treasury
Notes 11.25% due 5/15/94, value $3,060,957).............. 6.25 3,028,000 3,028,000
Kidder, Peabody & Co. Inc.
dated 6/30/94, due 7/1/94 in the amount of $9,001,063
(fully collateralized by $9,025,000 U.S. Treasury
Notes 7.625% due 12/31/94, value $9,136,862)............. 4.25 9,000,000 9,000,000
-------------
TOTAL REPURCHASE AGREEMENTS (cost $29,028,000)............... $29,028,000
=============
TOTAL INVESTMENTS (cost $91,690,886)............ 99.0% $91,690,886
====== =============
CASH AND RECEIVABLES (NET)...................... 1.0% $ 967,793
====== =============
NET ASSETS...................................... 100.0% $92,658,679
====== =============
See independent accountants' review report and notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
DREYFUS INSTITUTIONAL MONEY MARKET FUND
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 $40,000,000 and $29,028,000 for the Money Market Series and the
Government Securities Series, respectively)-Note 2(a,b)............... $301,878,903 $91,690,886
Cash.................................................................... 53,179,487 81,237
Interest receivable..................................................... 1,289,160 970,097
Prepaid expenses........................................................ 55,517 10,456
------------- ------------
356,403,067 92,752,676
------------- ------------
LIABILITIES:
Due to The Dreyfus Corporation.......................................... 133,494 41,627
Accrued expenses........................................................ 107,962 52,370
------------- ------------
241,456 93,997
------------- ------------
NET ASSETS ................................................................ $356,161,611 $92,658,679
============= ============
REPRESENTED BY:
Paid-in capital......................................................... $356,418,570 $92,789,481
Accumulated net realized (loss) on investments.......................... (256,959) (130,802)
------------- ------------
NET ASSETS at value......................................................... $356,161,611 $92,658,679
============= ============
Outstanding shares of Beneficial Interest, equivalent to a net asset value
per share of $1.00 for each series (unlimited number of $.001 par value
shares authorized)...................................................... 356,418,570 92,789,481
============= ============
STATEMENT OF OPERATIONS SIX MONTHS ENDED JUNE 30, 1994 (UNAUDITED)
GOVERNMENT
MONEY MARKET SECURITIES
SERIES SERIES
------------- ------------
INVESTMENT INCOME:
INTEREST INCOME......................................................... $ 6,258,597 $ 2,105,359
------------- ------------
EXPENSES--Note 2(c):
Management fee_Note 3(a).............................................. $ 864,468 $ 305,579
Shareholder servicing costs_Note 3(b)................................. 124,214 32,846
Custodian fees........................................................ 43,308 36,666
Professional fees..................................................... 30,234 11,381
Trustees' fees and expenses_Note 3(c)................................. 19,345 7,367
Registration fees..................................................... 16,012 4,482
Prospectus and shareholders' reports.................................. 5,765 1,827
Miscellaneous......................................................... 5,598 2,397
------------- ------------
TOTAL EXPENSES.................................................... 1,108,944 402,545
------------- ------------
INVESTMENT INCOME--NET...................................................... 5,149,653 1,702,814
NET REALIZED GAIN (LOSS) ON INVESTMENTS--Note 2(b).......................... (21,524) 774
------------- ------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........................ $ 5,128,129 $ 1,703,588
============= ============
See independent accountants' review report and notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
DREYFUS INSTITUTIONAL MONEY MARKET FUND
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........... $ 10,211,576 $ 5,149,653 $ 4,408,137 $ 1,702,814
Net realized gain (loss) on investments 7,405 (21,524) 13,181 774
--------------- --------------- -------------- --------------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS.. 10,218,981 5,128,129 4,421,318 1,703,588
--------------- --------------- -------------- --------------
DIVIDENDS TO SHAREHOLDERS FROM;
Investment income--net........... (10,211,576) (5,149,653) (4,408,137) (1,702,814)
--------------- --------------- -------------- --------------
BENEFICIAL INTEREST TRANSACTIONS
($1.00 per share):
Net proceeds from shares sold.... 5,849,191,027 2,355,376,373 695,721,400 207,846,751
Dividends reinvested............. 2,014,356 819,295 879,189 441,742
Cost of shares redeemed.......... (5,826,609,515) (2,354,189,900) (754,181,180) (250,204,140)
--------------- --------------- -------------- --------------
INCREASE (DECREASE) IN NET ASSETS
FROM BENEFICIAL INTEREST TRANSACTIONS 24,595,868 2,005,768 (57,580,591) (41,915,647)
--------------- --------------- -------------- --------------
TOTAL INCREASE (DECREASE) IN
NET ASSETS........... 24,603,273 1,984,244 (57,567,410) (41,914,873)
NET ASSETS:
Beginning of period.............. 329,574,094 354,177,367 192,140,962 134,573,552
--------------- --------------- -------------- --------------
End of period.................... $ 354,177,367 $ 356,161,611 $134,573,552 $ 92,658,679
=============== =============== =============== =============
See independent accountants' review report and notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
DREYFUS INSTITUTIONAL MONEY MARKET FUND, MONEY MARKET SERIES
FINANCIAL HIGHLIGHTS
Contained below is per share operating performance data for a share of
Beneficial Interest 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... $.9992 $.9988 $.9987 $.9992 $.9993 $.9993
------- ------- ------- ------- ------- ------
INVESTMENT OPERATIONS:
Investment income--net................. .0878 .0769 .0570 .0345 .0272 .0148
Net realized and unrealized gain
(loss) on investments................ (.0004) (.0001) .0005 .0001 -- --
------- ------- ------- ------- ------- ------
TOTAL FROM INVESTMENT OPERATIONS..... .0874 .0768 .0575 .0346 .0272 .0148
------- ------- ------- ------- ------- ------
DISTRIBUTIONS;
Dividends from investment income--net.. (.0878) (.0769) (.0570) (.0345) (.0272) (.0148)
------- ------- ------- ------- ------- ------
Net asset value, end of period......... $.9988 $.9987 $.9992 $.9993 $.9993 $.9993
====== ====== ====== ====== ====== ======
TOTAL INVESTMENT RETURN 9.14% 7.99% 5.85% 3.51% 2.76% 3.00%*
RATIOS / SUPPLEMENTAL DATA:
Ratio of expenses to average net assets .50% .50% .60% .63% .63% .64%*
Ratio of net investment income to
average net assets................... 8.79% 7.72% 5.73% 3.48% 2.72% 2.98%*
Decrease reflected in above expense ratios due to
undertakings by the Manager.......... .07% .08% -_ -_ -_ -_
Net Assets, end of period (000's Omitted) $477,113 $401,461 $354,090 $329,574 $354,177 $356,162
- -----------------
* Annualized.
See independent accountants' review report and notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
DREYFUS INSTITUTIONAL MONEY MARKET FUND, GOVERNMENT SECURITIES SERIES
FINANCIAL HIGHLIGHTS (CONTINUED)
Contained below is per share operating performance data for a share of
Beneficial Interest 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 $.9985 $.9989 $.9987 $.9992 $.9990
------- ------- ------- ------- ------- ------
INVESTMENT OPERATIONS:
Investment income--net................. .0855 .0758 .0557 .0338 .0260 .0139
Net realized and unrealized gain
(loss) on investments................ (.0006) .0004 (.0002) .0005 (.0002) (.0004)
------- ------- ------- ------- ------- ------
TOTAL FROM INVESTMENT OPERATIONS..... .0849 .0762 .0555 .0343 .0258 .0135
------- ------- ------- ------- ------- ------
DISTRIBUTIONS;
Dividends from investment income--net.. (.0855) (.0758) (.0557) (.0338) (.0260) (.0139)
------- ------- ------- ------- ------- ------
Net asset value, end of period......... $.9985 $.9989 $.9987 $.9992 $.9990 $.9986
====== ====== ====== ====== ====== ======
TOTAL INVESTMENT RETURN 8.90% 7.85% 5.71% 3.44% 2.63% 2.82%*
RATIOS / SUPPLEMENTAL DATA:
Ratio of expenses to average net assets .50% .50% .65% .64% .65% .66%*
Ratio of net investment income
to average net assets................ 8.54% 7.58% 5.64% 3.42% 2.61% 2.79%*
Decrease reflected in above expense ratios due to
undertakings by the Manager.......... .11% .10% -- - - --
Net Assets, end of period (000's Omitted) $214,481 $246,174 $174,173 $192,141 $134,574 $92,659
- -------------
* Annualized.
See independent accountants' review report and notes to financial statements.
</TABLE>
DREYFUS INSTITUTIONAL MONEY MARKET FUND
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 Beneficial Interest: 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 Trustees 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 custodians 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 $235,000 available for Federal income tax purposes to be
applied against future net securities profits, if any, realized subsequent to
December 31, 1993. The carryover does not include net realized securities
losses from November 1, 1993
DREYFUS INSTITUTIONAL MONEY MARKET FUND
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
through December 31, 1993 which are treated for Federal income tax purposes
as arising in 1994. If not applied, $155,000 of the carryover expires in 1995
and $80,000 expires in 1996.
The Government Securities Series has an unused capital loss carryover of
approximately $131,000 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, $43,000 of the carryover expires in 1995,
$24,000 expires in 1996 and $64,000 expires in 1997.
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 1/2 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, each series
reimburses the Distributor an amount not to exceed an annual rate of .25 of
1% of the value of a series' 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 ende
d June 30, 1994, the Money Market Series and the Government Securities Series
were charged an aggregate of $52,009 and $22,379, respectively, pursuant to
the Shareholder Services Plan.
(C) Certain officers and trustees of the Fund are "affiliated persons,"
as defined in the Act, of the Manager and/or the Distributor. Each trustee
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 INSTITUTIONAL MONEY MARKET FUND
REVIEW REPORT OF ERNST & YOUNG LLP, INDEPENDENT ACCOUNTANTS
SHAREHOLDERS AND BOARD OF TRUSTEES
DREYFUS INSTITUTIONAL MONEY MARKET FUND
We have reviewed the accompanying statement of assets and liabilities,
including the statement of investments, of Dreyfus Institutional Money Market
Fund (comprising, respectively, the Money Market Series and the Government
Securities Series) as of June 30, 1994, 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 9, 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 5, 1994
(Dreyfus Logo)
Institutional
Money Market
Fund
Semi-Annual
Report
June 30, 1994
(Dreyfus Lion Logo)
(Dreyfus `D' Logo)
DREYFUS INSTITUTIONAL
MONEY MARKET FUND
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. 179/195SA946
