N-Q 1 form.htm FORM N-Q form
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION 
Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT 
INVESTMENT COMPANY

Investment Company Act file number    811-8211 

Dreyfus Institutional Preferred Money Market Funds 
(Exact name of Registrant as specified in charter) 

c/o The Dreyfus Corporation
200 Park Avenue
New York, New York 10166
(Address of principal executive offices)    (Zip code) 

Michael A. Rosenberg, Esq.
200 Park Avenue
New York, New York 10166
(Name and address of agent for service) 

Registrant's telephone number, including area code:    (212) 922-6000 

Date of fiscal year end:    03/31 

Date of reporting period:    06/30/2008 

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FORM N-Q

Item 1.    Schedule of Investments. 

STATEMENT OF INVESTMENTS         
Dreyfus Institutional Preferred Money Market Fund     
June 30, 2008 (Unaudited)         
 
Negotiable Bank Certificates of Deposit--35.9%    Principal Amount ($)    Value ($) 
Allied Irish Banks PLC (Yankee)         
2.90%, 12/5/08    100,000,000    100,008,596 
Banco Bilbao Vizcaya Argentaria Puerto Rico (Yankee)         
2.80%, 11/17/08    50,000,000    50,000,000 
Bank of Ireland (Yankee)         
2.90% - 3.10%, 7/31/08 - 12/3/08    300,000,000 a    300,004,243 
Bank of Scotland PLC (Yankee)         
2.80% - 2.88%, 10/14/08 - 11/3/08    350,000,000    350,000,000 
Bank of the West (Yankee)         
3.28%, 7/28/08    150,000,000    150,000,000 
Bank of Tokyo-Mitsubishi Ltd. (Yankee)         
2.75% - 4.43%, 7/7/08 - 8/11/08    520,000,000    520,000,000 
Barclays Bank PLC (Yankee)         
2.68% - 2.82%, 9/29/08 - 11/24/08    475,000,000    475,000,000 
Bayerische Hypo-und Vereinsbank AG (Yankee)         
3.00%, 9/9/08    150,000,000    150,000,000 
Canadian Imperial Bank of Commerce (Yankee)         
2.94% - 4.43%, 7/3/08 - 8/13/08    400,000,000    400,000,000 
Credit Agricole (London)         
2.85% - 2.90%, 11/6/08 - 12/1/08    700,000,000    700,003,505 
Credit Suisse (Yankee)         
2.85% - 4.44%, 7/3/08 - 7/11/08    350,000,000    350,000,000 
DEPFA BANK PLC (Yankee)         
2.65%, 8/22/08    100,000,000 a    100,000,000 
Fifth Third Bank         
2.80%, 11/17/08    170,000,000    170,000,000 
Fortis Bank (Yankee)         
2.80%, 10/3/08    50,000,000    50,000,000 
Landesbank Hessen-Thuringen Girozentrale (Yankee)         
2.95%, 9/12/08    200,000,000    200,000,000 
National Australia Bank Ltd. (London)         
2.75%, 7/3/08    450,000,000    450,000,000 
Natixis (Yankee)         
2.75%, 9/10/08    500,000,000    500,000,000 
Nordea Bank Finland PLC (Yankee)         
3.61%, 10/17/08    70,000,000    70,238,635 
Skandinaviska Enskilda Banken AB (Yankee)         
3.00%, 8/26/08    150,000,000    150,000,000 
Societe Generale (London)         
4.53%, 7/7/08    350,000,000    350,000,000 
Swedbank (ForeningsSparbanken AB) (Yankee)         
2.67% - 2.81%, 7/3/08 - 10/17/08    425,000,000 b    425,003,328 
UBS AG (Yankee)         
2.80% - 3.10%, 7/30/08 - 10/8/08    300,000,000    300,000,000 
UniCredito Italiano Bank PLC (Yankee)         
4.58%, 7/7/08    250,000,000 a,b    250,000,203 

UniCredito Italiano SpA (Yankee)         
2.80% - 3.75%, 7/17/08 - 10/10/08    475,000,000    475,005,607 
Total Negotiable Bank Certificates of Deposit     
(cost $7,035,264,117)        7,035,264,117 
Commercial Paper--36.3%         
Allied Irish Banks PLC         
3.01%, 8/26/08    350,000,000    348,385,722 
ANZ National (International) Ltd.         
2.81%, 11/14/08    200,000,000 a    197,907,111 
ASB Finance Ltd.         
2.83%, 11/21/08    200,000,000 a    197,783,500 
Atlantis One Funding Corp.         
2.87% - 4.52%, 7/3/08 - 9/25/08    675,000,000 a    671,552,861 
Bank of Ireland         
2.75% - 3.02%, 7/2/08 - 10/22/08    550,000,000 a    547,643,486 
Bank of Scotland PLC         
2.80%, 11/14/08    200,000,000    197,914,667 
Bryant Park Funding LLC         
2.81%, 7/25/08    145,924,000 a    145,651,609 
Calyon North America Inc.         
2.90%, 8/15/08    23,000,000    22,917,919 
Canadian Imperial Holdings         
2.75% - 2.80%, 8/8/08 - 10/15/08    175,000,000    174,102,007 
Cancara Asset Securitisation Ltd.         
2.81%, 7/28/08    100,000,000 a    99,790,000 
CHARTA LLC         
2.75% - 2.96%, 8/13/08 - 9/8/08    152,000,000 a    151,291,896 
CIESCO LLC         
2.96%, 8/12/08    200,000,000 a    199,318,667 
Citigroup Funding Inc.         
2.84% - 3.19%, 8/14/08 - 10/24/08    575,000,000    571,598,611 
Commerzbank U.S. Finance Inc.         
2.95%, 8/15/08    100,000,000    99,636,250 
Dexia Delaware LLC         
2.75%, 7/11/08    300,000,000    299,772,500 
Fairway Finance Company LLC         
2.82%, 7/14/08    50,000,000 a    49,949,444 
Falcon Asset Securitization Corp.         
2.81%, 7/25/08    200,000,000 a    199,626,667 
FCAR Owner Trust, Ser. I         
2.96% - 4.54%, 7/1/08 - 7/28/08    485,000,000    484,357,104 
Gemini Securitization Corp., LLC         
2.80%, 7/1/08    600,000,000 a    600,000,000 
Gotham Funding Corp.         
2.71%, 9/2/08    65,000,000 a    64,694,012 
Natexis Banques Populaires US Finance Co. LLC     
2.77% - 2.95%, 9/5/08 - 12/2/08    342,043,000    338,470,075 
Scaldis Capital Ltd.         
2.70% - 2.79%, 8/25/08 - 9/25/08    733,000,000 a    729,625,762 
Swedbank (ForeningsSparbanken AB)         
2.70%, 9/16/08    150,000,000    149,144,979 
Swedbank Inc. (ForeningsSparbanken AB)     

2.74%, 10/10/08    225,000,000    223,295,625 
Westpac Banking Corp.         
2.75%, 10/14/08    350,000,000    347,233,542 
Total Commercial Paper         
(cost $7,111,664,016)        7,111,664,016 
Corporate Notes--7.7%         
Banca Intesa SPA         
2.98%, 7/15/08    250,000,000 b    250,000,000 
Bank of America Corp.         
2.65%, 7/1/08    250,000,000    250,000,000 
Barclays Bank PLC         
2.91%, 8/1/08    300,000,000 b    300,000,000 
Citigroup Funding Inc.         
3.20%, 5/8/09    100,000,000 b    100,000,000 
Fifth Third Bancorp         
2.49%, 7/24/08    200,000,000 b    200,000,000 
Morgan Stanley         
2.61%, 7/4/08    150,000,000 b    150,000,000 
Wachovia Bank, N.A.         
2.69%, 7/29/08    250,000,000 b    250,000,000 
Total Corporate Notes         
(cost $1,500,000,000)        1,500,000,000 
Time Deposit--2.6%         
Landesbank Baden-Wurttemberg (Grand Cayman)         
2.62%, 7/1/08         
(cost $500,000,000)    500,000,000    500,000,000 
Repurchase Agreements--17.4%         
Banc of America Securities LLC         
2.50%-2.65%, dated 6/30/08, due 7/1/08 in the amount         
of $375,026,846 (fully collateralized by $470,226,044         
Corporate Bonds, 5%-9.47%, due 4/1/09-7/1/35, value         
$388,290,001)    375,000,000    375,000,000 
Barclays Financial LLC         
2.65%, dated 6/30/08, due 7/1/08 in the amount of         
$75,005,521 (fully collateralized by $75,372,211         
Corporate Bonds, 5.63%-7.38%, due 6/15/10-7/15/13,         
value $77,250,001)    75,000,000    75,000,000 
BNP Paribas         
2.60%, dated 6/30/08, due 7/1/08 in the amount of         
$450,032,500 (fully collateralized by $461,637,093         
Corporate Bonds, 0%-9.25%, due 6/1/09-9/15/35, value         
$467,391,205)    450,000,000    450,000,000 
Credit Suisse (USA) Inc.         
2.65%, dated 6/30/08, due 7/1/08 in the amount of         
$200,014,722 (fully collateralized by $243,897,556         
Federal Home Loan Mortgage Corp., 5%-6%, due         
10/1/34-6/1/38, value $204,001,235)    200,000,000    200,000,000 
Deutsche Bank Securities         
2.62%, dated 6/30/08, due 7/1/08 in the amount of         
$300,021,833 (fully collateralized by $3,613,954,033         
Corporate Bonds, 0%-35.15%, due 12/18/10-10/25/47,         

value $309,000,000)    300,000,000    300,000,000 
J.P. Morgan Chase & Co.         
2.70%, dated 6/30/08, due 7/1/08 in the amount of         
$1,000,075,000 (fully collateralized by         
$1,378,683,720 Federal Home Loan Mortgage Corp.,         
4.50%-6.50%, due 1/1/19-6/1/38, value $1,020,003,476)    1,000,000,000    1,000,000,000 
Lehman Brothers Inc.         
2.65%, dated 6/30/08, due 7/1/08 in the amount of         
$510,037,542 (fully collateralized by $617,274,107         
Corporate Bonds, 2.96%-7.88%, due 5/15/12-7/1/38,         
value $520,818,073)    510,000,000    510,000,000 
Merrill Lynch & Co. Inc.         
2.65%, dated 6/30/08, due 7/1/08 in the amount of         
$200,014,722 (fully collateralized by $219,176,943         
Corporate Bonds, 5.25%-10.75%, due 2/8/11-10/15/29,         
value $209,446,202)    200,000,000    200,000,000 
Morgan Stanley         
2.65%, dated 6/30/08, due 7/1/08 in the amount of         
$300,022,083 (fully collateralized by $315,000,000         
Corporate Bonds, 11.25%, due 2/4/17, value         
$315,191,215)    300,000,000    300,000,000 
Total Repurchase Agreements         
(cost $3,410,000,000)        3,410,000,000 
Total Investments (cost $19,556,928,133)    99.9%    19,556,928,133 
Cash and Receivables (Net)    .1%    21,668,679 
Net Assets    100.0%    19,578,596,812 

a Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in 
transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2008, these securities 
amounted to $4,504,839,461 or 23.0% of net assets. 
b Variable rate demand note – rate shown is interest rate in effect at June 30, 2008. Maturity date represents the next demand date, 
not the ultimate maturity date 

At June 30, 2008, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes.

Securities valuation policies and other investment related disclosures are hereby incorporated by reference to the annual and semi-annual reports previously filed with the Securities and Exchange Commission on Form N-CSR.

Various inputs are used in determining the value of the fund's investments relating to Financial Accounting Standard No. 157 (FAS 157), 
Fair Value Measurements. 
These inputs are summarized in the three broad levels listed below. 
Level 1 - quoted prices in active markets for identical securities. 
Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, 
credit risk, etc.) 
Level 3 - significant unobservable inputs (including fund's own assumptions in determining the fair value of investments). 
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those 
securities. For example, money market securities are valued using amortized cost, in accordance with rules under the Investment 
Company Act of 1940. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained 
from a quoted price in an active market, such securities are reflected as Level 2. 
The following is a summary of the inputs used as of June 30, 2008 in valuing the fund's assets carried 
at fair value: 

Valuation Inputs    Investments in Securities ($) 
Level 1 - Quoted Prices    0 
Level 2 - Other Significant Observable Inputs    19,556,928,133 
Level 3 - Significant Unobservable Inputs    0 
Total    19,556,928,133 

STATEMENT OF INVESTMENTS         
Dreyfus Institutional Preferred Plus Money Market Fund     
June 30, 2008 (Unaudited)         
 
Negotiable Bank Certificates of Deposit--32.9%    Principal Amount ($)    Value ($) 
ABN AMRO Bank N.V. (London)         
2.90%, 11/17/08    30,000,000    29,988,588 
Banco Bilbao Vizcaya Argentaria Puerto Rico (Yankee)         
2.54%, 7/21/08    25,000,000    25,000,138 
Bank of Ireland (Yankee)         
2.44%, 7/17/08    25,000,000 a    25,000,111 
Bank of Montreal (Yankee)         
2.49%, 7/17/08    25,000,000    25,000,111 
Bank of Scotland PLC (Yankee)         
2.55%, 7/31/08    25,000,000    25,000,000 
Bank of Tokyo-Mitsubishi Ltd. (Yankee)         
2.94%, 8/4/08    30,000,000    30,000,000 
DEPFA BANK PLC (Yankee)         
2.48%, 7/17/08    25,000,000 a    25,000,000 
Regions Bank         
2.42%, 7/17/08    25,000,000    25,000,111 
UniCredito Italiano SpA (Yankee)         
3.12%, 7/24/08    30,000,000    30,000,000 
Wilmington Trust Co., DE         
2.70%, 8/1/08    30,000,000    30,002,236 
Total Negotiable Bank Certificates of Deposit         
(cost $269,991,295)        269,991,295 
Commercial Paper--10.3%         
Lehman Brothers Holdings Inc.         
2.61%, 7/1/08    25,000,000    25,000,000 
Sanpaolo IMI U.S. Financial Co.         
2.77%, 7/9/08    30,000,000    29,981,667 
Swedbank (ForeningsSparbanken AB)         
2.80%, 8/1/08    30,000,000    29,928,183 
Total Commercial Paper         
(cost $84,909,850)        84,909,850 
Corporate Note--3.7%         
Citigroup Funding Inc.         
3.20%, 5/8/09         
(cost $30,000,000)    30,000,000 b    30,000,000 
U.S. Government Agency--10.6%         
Federal Home Loan Bank System         
2.00%, 7/1/08         
(cost $87,000,000)    87,000,000    87,000,000 
Repurchase Agreements--42.6%         
Banc of America Securities LLC         
2.50%, dated 6/30/08, due 7/1/08 in the amount of         
$70,004,861 (fully collateralized by $71,227,865         
Federal National Mortgage Association, 6%, due         
3/1/37, value $71,400,000)    70,000,000    70,000,000 

Barclays Financial LLC         
2.70%, dated 6/30/08, due 7/1/08 in the amount of         
$70,005,250 (fully collateralized by $93,536,556         
Federal Home Loan Mortgage Corp., 2.77%-3.18%, due     
10/15/34-10/15/37, value $71,400,001)    70,000,000    70,000,000 
Deutsche Bank Securities         
2.70%, dated 6/30/08, due 7/1/08 in the amount of         
$70,005,250 (fully collateralized by $168,250,000         
Federal Home Loan Mortgage Corp., 5%-6%, due         
3/1/33-8/1/35, value $12,230,381 and $104,770,194         
Federal National Mortgage Association, 5%-7%, due         
6/1/21-1/1/38, value $59,169,619)    70,000,000    70,000,000 
Greenwich Capital Markets         
2.50%, dated 6/30/08, due 7/1/08 in the amount of         
$70,004,861 (fully collateralized by $126,918,075         
Federal National Mortgage Association, Strips, due         
6/1/36-8/1/36, value $71,400,765)    70,000,000    70,000,000 
UBS Securities LLC         
2.65%, dated 6/30/08, due 7/1/08 in the amount of         
$70,005,153 (fully collateralized by $147,137,000         
Federal Home Loan Mortgage Corp., 0%-6.75%, due         
3/15/09-3/15/31, value $71,400,088)    70,000,000    70,000,000 
Total Repurchase Agreements         
(cost $350,000,000)        350,000,000 
Total Investments (cost $821,901,145)    100.1%    821,901,145 
Liabilities, Less Cash and Receivables    (.1%)    (525,174) 
Net Assets    100.0%    821,375,971 

a    Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in 
    transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2008, these securities 
    amounted to $50,000,111 or 6.1% of net assets. 
b    Variable rate security--interest rate subject to periodic change. 

At June 30, 2008, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes.

Securities valuation policies and other investment related disclosures are hereby incorporated by reference to the annual and semi-annual reports previously filed with the Securities and Exchange Commission on Form N-CSR.

Various inputs are used in determining the value of the fund's investments relating to Financial Accounting Standard No. 157 (FAS 157), 
Fair Value Measurements. 
These inputs are summarized in the three broad levels listed below. 
Level 1 - quoted prices in active markets for identical securities. 
Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, 
credit risk, etc.) 
Level 3 - significant unobservable inputs (including fund's own assumptions in determining the fair value of investments). 
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those 
securities. For example, money market securities are valued using amortized cost, in accordance with rules under the Investment 
Company Act of 1940. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained 
from a quoted price in an active market, such securities are reflected as Level 2. 
The following is a summary of the inputs used as of June 30, 2008 in valuing the fund's investments carried 
at fair value: 

Valuation Inputs    Investments in Securities ($) 
Level 1 - Quoted Prices    0 
Level 2 - Other Significant Observable Inputs    821,901,145 
Level 3 - Significant Unobservable Inputs    0 
Total    821,901,145 

Item 2.    Controls and Procedures. 

(a) The Registrant's principal executive and principal financial officers have concluded, based on their evaluation of the Registrant's disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant's disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-Q is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-Q is accumulated and communicated to the Registrant's management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

(b) There were no changes to the Registrant's internal control over financial reporting that occurred during the Registrant's most recently ended fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

Item 3.    Exhibits. 

(a) Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940.

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SSL-DOCS2 70180139v2

FORM N-Q

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

Dreyfus Institutional Preferred Money Market Funds

By:    /s/ J. David Officer 
    J. David Officer 
    President
 
Date:    August 25, 2008 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this Report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By:    /s/ J. David Officer 
    J. David Officer 
    President
 
Date:    August 25, 2008 

By:    /s/ James Windels 
    James Windels 
    Treasurer
 
Date:    August 25, 2008 

EXHIBIT INDEX

(a) Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940. (EX-99.CERT)

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