DREYFUS INSTITUTIONAL MONEY MARKET FUND
- -----------------------------------------------------------------------------
LETTER TO SHAREHOLDERS
Dear Shareholder:
We are pleased to report the performance for Dreyfus Institutional Money
Market Fund 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 5.10% 5.22%
Government Securities Series 4.90% 5.01%
</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.
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 INSTITUTIONAL MONEY MARKET FUND, MONEY MARKET SERIES
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STATEMENT OF INVESTMENTS JUNE 30, 1998 (UNAUDITED)
Principal
Negotiable Bank Certificates of Deposit--3.7% Amount Value
- -------------------------------------------------------
_____________ ____________
Nationsbank N.A.
5.59%, 9/11/98
<S> <C> <C>
(cost $20,000,000) $ 20,000,000 $ 20,000,000
=============
Commercial Paper--49.8%
- -------------------------------------------------------
ABN-AMRO North America Finance Inc.
5.83%, 7/13/98 $ 23,300,000 $ 23,256,584
Associates Corp. of North America
6.25%, 7/1/98 20,000,000 20,000,000
BHF Finance (DE)Inc.
5.61%, 7/20/98 20,000,000 19,941,628
Donaldson, Lufkin& Jenrette Inc.
5.68%, 7/6/98 10,000,000 9,992,222
FINOVA Capital Corp.
5.63%-5.66%, 10/16/98-10/20/98 25,000,000 24,583,392
Fleet Funding Corp.
5.56%-5.58%, 7/24/98-7/27/98 20,040,000 19,962,361
General Electric Capital Services, Inc.
5.59%, 9/4/98 20,000,000 19,803,917
General Motors Acceptance Corp.
5.54%, 9/2/98 20,000,000 19,811,700
Goldman Sachs Group L.P.
5.60%, 9/18/98 20,000,000 19,758,611
Hertz Corporation
5.57%, 7/16/98-8/7/98 20,000,000 19,920,823
Merrill Lynch & Co., Inc.
5.52%, 7/28/98 5,000,000 4,979,900
Paine Webber Group Inc.
5.66%, 8/17/98 20,000,000 19,856,389
Prudential Funding Corp.
6.42%, 7/1/98 20,000,000 20,000,000
Svenska Handelsbanken Inc.
5.57%, 7/14/98-9/3/98 26,375,000 26,205,700
_____________
TOTAL COMMERCIAL PAPER
(cost $268,073,227) $268,073,227
=============
</TABLE>
<TABLE>
DREYFUS INSTITUTIONAL MONEY MARKET FUND, MONEY MARKET SERIES
- -----------------------------------------------------------------------------
STATEMENT OF INVESTMENTS (CONTINUED) JUNE 30, 1998 (UNAUDITED)
Principal
Corporate Notes--20.2% Amount Value
- -------------------------------------------------------
_____________ ____________
Bankers Trust N.Y. Corp.
<S> <C> <C>
5.68%-5.70%, 9/4/98-1/8/99(a) $ 23,000,000 $ 22,997,670
CTN Trust Series 1
5.66%, 9/2/98(a,b,c) 20,000,000 20,011,234
Ford Motor Credit Corp.
5.52%, 12/30/98(a) 4,250,000 4,305,915
Heller Financial Inc.
5.80%, 4/13/99(a) 17,000,000 17,000,000
Lehman Brothers Holdings Inc.
5.43%-5.71%, 8/1/98-3/22/99(a) 24,400,000 24,408,695
Morgan (J.P.) & Co.
5.61%, 2/24/99(a) 20,000,000 19,994,535
_____________
TOTAL CORPORATE NOTES
(cost $108,718,049) $108,718,049
=============
Short-Term Bank Notes--9.1%
- -------------------------------------------------------
BankBoston, N.A.
5.71%, 12/10/98(a) $ 17,000,000 $ 17,000,000
Huntington National Bank
5.44%, 12/8/98(a) 12,000,000 11,995,107
Key Bank N.A.
5.62%, 2/24/99(a) 20,000,000 19,991,132
_____________
TOTAL SHORT-TERM BANK NOTES
(cost $48,986,239) $ 48,986,239
=============
Time Deposits--7.7%
- -------------------------------------------------------
Chase Manhattan Bank N.A. (London)
5.50%, 7/1/98 $ 20,000,000 $ 20,000,000
Republic National Bank of New York (London)
5.72%, 7/1/98 21,527,000 21,527,000
_____________
TOTAL TIME DEPOSITS
(cost $41,527,000) $ 41,527,000
=============
</TABLE>
<TABLE>
DREYFUS INSTITUTIONAL MONEY MARKET FUND, MONEY MARKET SERIES
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STATEMENT OF INVESTMENTS (CONTINUED) JUNE 30, 1998 (UNAUDITED)
Principal
Repurchase Agreements--9.3% Amount Value
- -------------------------------------------------------
_____________ ____________
Barclays de Zoete Wedd Securities Inc.
5.35%, dated 6/30/98, due 7/1/98 in the amount of
$50,007,431 (fully collateralized by $50,335,000
U.S. Treasury Notes 5.625%-5.875%, due 10/31/98
11/30/98, value$50,724,687)
<S> <C> <C>
(cost $50,000,000) $ 50,000,000 $ 50,000,000
=============
TOTAL INVESTMENTS
(cost $537,304,515) 99.8% $537,304,515
======= =============
CASH AND RECEIVABLES (NET) .2% $ 1,309,312
======= =============
NET ASSETS 100.0% $538,613,827
======= =============
Notes to Statement of Investments:
- -----------------------------------------------------------------------------
(a) Variable interest rate-subject to 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 aquired
on 12/11/97 at a cost of 100.2327. At June 30, 1998 the value of this
security was 20,011,234, representing approximately 3.7% of net
assets and is valued at amortized cost.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
DREYFUS INSTITUTIONAL MONEY MARKET FUND, GOVERNMENT SECURITIES SERIES
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STATEMENT OF INVESTMENTS JUNE 30, 1998 (UNAUDITED)
Annualized
Yield on
Date of Principal
U.S. Treasury Bills--17.5% Purchase Amount Value
- ---------------------------------------------------------------------------
___________ ____________ ____________
8/20/98
<S> <C> <C> <C>
(cost $14,898,403) 4.91% $15,000,000 $14,898,403
============
U.S. Treasury Notes--40.2%
- ----------------------------------------------
6%, 9/30/98 5.42% $17,000,000 $17,014,586
5.125%, 11/30/98 5.63 8,100,000 8,081,748
5%, 2/15/99 5.89 4,000,000 3,986,877
6.375%, 7/15/99 5.25 5,000,000 5,041,577
____________
TOTAL U.S. TREASURY NOTES
(cost $34,124,788) $34,124,788
============
Repurchase Agreements--41.7%
- ----------------------------------------------
Bear, Stearns & Co.
dated 6/30/98, due 7/1/98 in the amount of
$8,001,300 (fuly collateralized by
$8,535,000 U.S. Treasury Bills, due
6/24/99, value $8,102,982) 5.85% $ 8,000,000 $ 8,000,000
CIBC Oppenheimer Corp.
dated 6/30/98, due 7/1/98 in the amount of
$8,001,125 (fully collateralized by
$8,010,000 U.S. Treasury Notes 5.875%, due
10/31/98, value $8,098,017) 5.63 8,000,000 8,000,000
J.P. Morgan Securities, Inc.
dated 6/30/98, due 7/1/98 in the amount of
$8,001,278 (fully collaterlized by
$8,130,000 U.S. Treasury Notes 5.625%, due
11/30/98, value $8,172,566) 5.75 8,000,000 8,000,000
Morgan Stanley & Co. Inc.
dated 6/30/98, due 7/1/98 in the amount of
$7,001,112 (fully collaterlized by
$7,005,000 U.S. Treasury Notes 6.375%, due
5/15/99, value $7,108,980 5.72 7,000,000 7,000,000
DREYFUS INSTITUTIONAL MONEY MARKET FUND, GOVERNMENT SECURITIES SERIES
- -----------------------------------------------------------------------------
STATEMENT OF INVESTMENTS (CONTINUED) JUNE 30, 1998 (UNAUDITED)
Annualized
Yield on
Date of Principal
Repurchase Agreements (continued) Purchase Amount Value
- ---------------------------------------------------------------------------
___________ ____________ ____________
SBC Warburg Dillon Reed Inc.
dated 6/30/98, due 7/1/98 in the amount of
$4,485,660 (fully collaterlized by
$4,508,000 U.S.Treasury Notes 6.75%, due
5/31/99, value $ 4,582,248 5.30% $ 4,485,000 $ 4,485,000
____________
TOTAL REPURCHASE AGREEMENTS
(cost $35,485,000) $35,485,000
============
TOTAL INVESTMENTS
(cost $84,508,191) 99.4% $84,508,191
====== ============
CASH AND RECEIVABLES (NET) .6% $ 534,266
====== ============
NET ASSETS 100.0% $85,042,457
====== ============
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
DREYFUS INSTITUTIONAL MONEY MARKET FUND
- -----------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES JUNE 30, 1998 (UNAUDITED)
Money Government
Market Securities
Series Series
_____________ ____________
ASSETS: Investments in securities--see Statement of Investments
(including repurchase agreements of $50,000,000
and $35,485,000 for the Money Market Series
and the Government Securities Series,
<S> <C> <C>
respectively)--Note 2(b) $537,304,515 $ 84,508,191
Cash 3,120,046 50,045
Interest receivable 1,477,485 529,056
Prepaid expenses 11,237 21,371
_____________ _____________
541,913,283 85,108,663
_____________ _____________
LIABILITIES: Due to The Dreyfus Corporation and affiliates 219,760 35,707
Payable for shares of Beneficial Interest redeemed 3,003,557 --
Accrued expenses 76,139 30,499
_____________ _____________
3,299,456 66,206
_____________ _____________
NET ASSETS $538,613,827 $ 85,042,457
============= =============
REPRESENTED BY: Paid-in capital $538,633,517 $ 85,035,675
Accumulated net realized gain (loss) on investments (19,690) 6,782
_____________ _____________
NET ASSETS $538,613,827 $ 85,042,457
============= =============
SHARES OUTSTANDING
(UNLIMITED NUMBER OF $.001 PAR VALUE SHARES OF BENEFICIAL INTEREST AUTHORIZED) 538,633,517 85,035,675
NET ASSET VALUE, offering and redemption price per share $1.00 $1.00
======= ======
</TABLE>
<TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
DREYFUS INSTITUTIONAL MONEY MARKET FUND
- -----------------------------------------------------------------------------
STATEMENT OF OPERATIONS SIX MONTHS ENDED JUNE 30, 1998 (UNAUDITED)
Money Government
Market Securities
Series Series
_____________ ____________
INVESTMENT INCOME
<S> <C> <C>
INCOME Interest Income $14,579,903 $ 2,710,079
_____________ _____________
EXPENSES--Note 2(c): Management fee--Note 3(a) $ 1,284,314 $ 242,731
Shareholder servicing costs--Note 3(b) 57,721 26,733
Custodian fees 32,323 12,918
Trustees' fees and expenses--Note 3(c) 28,891 5,638
Registration fees 19,786 20,738
Professional fees 15,883 19,472
Prospectus and shareholders' reports 1,944 4,686
Miscellaneous 24,719 1,361
_____________ _____________
Total Expenses 1,465,581 334,277
_____________ _____________
INVESTMENT INCOME--NET 13,114,322 2,375,802
NET REALIZED GAIN (LOSS) ON INVESTMENTS--Note 2(b) (13,109) 6,753
_____________ _____________
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $13,101,213 $ 2,382,555
============= =============
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
DREYFUS INSTITUTIONAL MONEY MARKET FUND
- -----------------------------------------------------------------------------
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 $ 13,114,322 $ 26,296,105 $ 2,375,802 $ 7,308,145
Net realized gain (loss) on investments (13,109) 5,095 6,753 60,691
________________ _______________ ________________ _______________
Net Increase (Decrease) in Net Assets
Resulting from Operations 13,101,213 26,301,200 2,382,555 7,368,836
________________ _______________ ________________ _______________
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income--net (13,114,322) (26,296,105) (2,375,802) (7,308,145)
________________ _______________ ________________ _______________
BENEFICIAL INTEREST TRANSACTIONS:
($1.00 per share):
Net proceeds from shares sold 1,877,171,992 4,633,185,786 336,795,674 954,131,576
Dividends reinvested 1,515,317 3,514,763 838,895 1,378,967
Cost of shares redeemed (1,871,496,629) (4,588,425,068) (360,293,273) (950,602,391)
________________ _______________ ________________ _______________
Increase (Decrease) in Net Assets from
Beneficial Interest Transactions 7,190,680 48,275,481 (22,658,704) 4,908,152
________________ _______________ ________________ _______________
Total Increase (Decrease) in
Net Assets 7,177,571 48,280,576 (22,651,951) 4,968,843
NET ASSETS:
Beginning of Period 531,436,256 483,155,680 107,694,408 102,725,565
________________ _______________ ________________ _______________
End of Period $ 538,613,827 $ 531,436,256 $ 85,042,457 $ 107,694,408
================ ================ ================ ================
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
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.
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 .025 .051 .049 .054 .036 .027
______ ______ ______ ______ ______ ______
Distributions:
Dividends from investment income--net (.025) (.051) (.049) (.054) (.036) (.027)
______ ______ ______ ______ ______ ______
Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
====== ====== ====== ====== ====== ======
TOTAL INVESTMENT RETURN 5.16%* 5.17% 5.03% 5.57% 3.65% 2.76%
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets .57%* .57% .58% .62% .63% .63%
Ratio of net investment income
to average net assets 5.11%* 5.06% 4.91% 5.43% 3.59% 2.72%
Net Assets, end of period (000's Omitted) $538,614 $531,436 $483,156 $402,032 $362,825 $354,177
- -----------------------------
* Annualized.
</TABLE>
<TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
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.
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 .048 .047 .052 .034 .026
______ ______ ______ ______ ______ ______
Distributions:
Dividends from investment income--net (.024) (.048) (.047) (.052) (.034) (.026)
______ ______ ______ ______ ______ ______
Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
====== ====== ====== ====== ====== ======
TOTAL INVESTMENT RETURN 4.94%* 4.95% 4.84% 5.36% 3.49% 2.63%
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets .69%* .61% .63% .65% .69% .65%
Ratio of net investment income
to average net assets 4.89%* 4.84% 4.74% 5.23% 3.40% 2.61%
Net Assets, end of period (000's Omitted) $85,042 $107,694 $102,726 $123,171 $120,281 $134,574
- -----------------------------
* Annualized.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
DREYFUS INSTITUTIONAL MONEY MARKET FUND
- -----------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
NOTE 1--GENERAL:
Dreyfus Institutional Money Market Fund (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. 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.
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 Funds' 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 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.
Under the terms of the custodian agreement, the Money Market Series receives net
earning credits based on available cash balances left on deposit. Under the
terms of the custodian agreement, the Government Securities Series received net
earnings credits of $5,041 during the period ended June 30, 1998 based on
available cash balances on deposit. Income earned under this arrangement is
included in interest.
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 among them on a pro rata basis.
(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.
DREYFUS INSTITUTIONAL MONEY MARKET FUND
- -----------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
(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
$6,500 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 2002.
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 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.
(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 accounts. During the period
ended June 30, 1998, the Money Market Series was charged $5,290 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 $36,044 and $1,645, respectively, pursuant to the transfer
agency agreement.
(C) Each trustee 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 INSTITUTIONAL
MONEY MARKET FUND
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. 179/195SA986
Institutional
Money Market Fund
Semi-Annual
Report
June 30, 1998
