Quarterly Schedule of Portfolio Holdings of Registered Management Investment Company (n-q)
February 28 2013 - 3:04PM
Edgar (US Regulatory)
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
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811-8211
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Dreyfus Institutional Preferred Money Market Funds
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(Exact name of Registrant as specified in charter)
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c/o The Dreyfus Corporation
200 Park Avenue
New York, New York 10166
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(Address of principal executive offices) (Zip
code)
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Janette E. Farragher, Esq.
200 Park Avenue
New York, New York 10166
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(Name and address of agent for service)
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Registrant's telephone
number, including area code:
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(212) 922-6000
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Date of fiscal year end:
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3/31
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Date of reporting period:
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12/31/2012
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FORM N-Q
Item 1. Schedule of Investments.
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STATEMENT OF INVESTMENTS
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Dreyfus Institutional Preferred Money Market Fund
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December 31, 2012 (Unaudited)
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Negotiable Bank Certificates of Deposit--33.5%
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Principal Amount ($)
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Value ($)
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Bank of Montreal (Yankee)
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0.21% - 0.36%, 2/15/13 - 3/21/13
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285,000,000
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a
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285,000,000
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Bank of Nova Scotia (Yankee)
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0.33% - 0.59%, 1/2/13
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330,000,000
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a
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330,000,000
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Bank of Tokyo-Mitsubishi Ltd. (Yankee)
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0.24%, 2/20/13
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300,000,000
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300,000,000
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Canadian Imperial Bank of Commerce (Yankee)
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0.37%, 1/2/13
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150,000,000
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a
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150,000,000
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Chase Bank USA
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0.20%, 2/20/13
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125,000,000
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125,000,000
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Mizuho Corporate Bank (Yankee)
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0.26% - 0.27%, 3/8/13 - 3/12/13
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300,000,000
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300,000,000
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Norinchukin Bank (Yankee)
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0.27%, 3/18/13
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150,000,000
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150,000,000
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Skandinaviska Enskilda Banken (Yankee)
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0.25%, 3/4/13
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100,000,000
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b
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100,000,000
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Sumitomo Mitsui Trust Bank (Yankee)
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0.27%, 1/17/13
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200,000,000
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b
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199,976,000
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Svenska Handelsbanken (Yankee)
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0.29%, 4/4/13
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140,000,000
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b
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140,000,000
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Toronto Dominion Bank (Yankee)
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0.25% - 0.28%, 4/15/13 - 6/20/13
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201,350,000
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201,353,361
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Westpac Banking Corp.
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0.57% - 0.61%, 1/2/13
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350,000,000
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a,b
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350,000,000
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Total Negotiable Bank Certificates of Deposit
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(cost $2,631,329,361)
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2,631,329,361
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Commercial Paper--3.5%
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ASB Finance Ltd.
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0.47%, 1/11/13
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75,000,000
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a,b
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75,000,000
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Svenska Handelsbanken Inc.
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0.24%, 1/17/13
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200,000,000
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b
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199,978,667
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Total Commercial Paper
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(cost $274,978,667)
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274,978,667
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Asset
-Backed Commercial Paper--4.0%
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Alpine Securitization Corp.
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0.35%, 3/18/13
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50,000,000
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b
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49,963,056
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Atlantis One Funding Corp.
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0.21%, 3/18/13
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200,000,000
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b
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199,911,333
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Gemini Securitization Corp., LLC
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0.17%, 1/2/13
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63,023,000
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b
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63,022,702
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Total Asset-Backed Commercial Paper
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(cost $312,897,091)
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312,897,091
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Time Deposits--21.1%
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Bank of America N.A. (Grand Cayman)
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0.01%, 1/2/13
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235,000,000
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235,000,000
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Deutsche Bank AG (Grand Cayman)
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0.03%, 1/2/13
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175,000,000
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175,000,000
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Lloyds TSB Bank (London)
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0.15%, 1/2/13
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300,000,000
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300,000,000
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National Australia Bank (Grand Cayman)
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0.01%, 1/2/13
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375,000,000
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375,000,000
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Nordea Bank Finland (Grand Cayman)
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0.05%, 1/2/13
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325,000,000
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325,000,000
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Skandinaviska Enskilda Banken (Grand Cayman)
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0.03%, 1/2/13
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250,000,000
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250,000,000
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Total Time Deposits
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(cost $1,660,000,000)
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1,660,000,000
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U.S. Government Agency--3.2%
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Federal Home Loan Mortgage Corp.
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0.39%, 1/2/13
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(cost $249,998,138)
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250,000,000
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a,c
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249,998,138
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U.S. Treasury Bills--1.3%
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0.09%, 5/23/13
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(cost $99,964,500)
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100,000,000
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99,964,500
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Repurchase Agreements--33.4%
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ABN AMRO Bank N.V.
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0.17%-0.19%, dated 12/31/12, due 1/2/13 in the amount
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of $
650,006,472 (fully collateralized by
$404,395,402
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Government National Mortgage Association, 4%-5%, due
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10/20/39-10/20/41, value $306,000,000 and
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$356,936,500 U.S. Treasury Notes, 0.13%-0.63%, due
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9/30/13-8/31/17, value $357,000,096)
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650,000,000
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650,000,000
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Citigroup Global Markets Holdings Inc.
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0.17%, dated 12/31/12, due 1/2/13 in the amount of
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$475,004,486 (fully collateralized by
$7,915,100 U.S.
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Treasury Inflation Protected Securities, 2%, due
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1/15/16, value
$10,314,656 and $445,210,300 U.S.
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Treasury Notes, 2.13%-4.75%, due 5/15/14-8/15/21,
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value $474,185,450)
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475,000,000
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475,000,000
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HSBC USA Inc.
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0.15%, dated 12/31/12, due 1/2/13 in the amount of
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$
725,006,042 (fully collateralized by
$253,592,500
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U.S. Treasury Bonds, 3.13%-4.38%, due
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5/15/40-11/15/41, value $300,794,694 and $430,643,800
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U.S. Treasury Notes, 0.75%-1.75%, due
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3/31/13-2/28/17, value $438,712,342)
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725,000,000
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725,000,000
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Royal Bank of Scotland
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0.20%, dated 12/31/12, due 1/2/13 in the amount of
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$
350,003,889 (fully collateralized by
$102,000,000
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U.S. Treasury Bonds, 3.75%-6%, due 2/15/26-8/15/41,
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value $136,804,123, $52,590,000 U.S. Treasury
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Inflation Protected Securities, 1.25%, due 7/15/20,
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value $66,596,107 and $146,041,600 U.S. Treasury
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Notes, 1.25%-3.13%, due 12/13/14-8/15/21, value
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$
153,600,173
)
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350,000,000
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350,000,000
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TD Securities (USA) LLC
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0.17%, dated 12/31/12, due 1/2/13 in the amount of
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$
425,004,014 (fully collateralized by
$258,564,600
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U.S. Treasury Inflation Protected Securities, 2.38%,
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due 1/15/25, value $433,500,158)
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425,000,000
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425,000,000
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Total Repurchase Agreements
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(cost $2,625,000,000)
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2,625,000,000
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Total Investments
(cost $7,854,167,757)
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100.0
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%
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7,854,167,757
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Cash and Receivables (Net)
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.0
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%
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234,945
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Net Assets
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100.0
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%
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7,854,402,702
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a Variable rate security--interest rate subject to periodic change.
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b Securities exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold
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in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2012, these
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securities amounted to $1,377,851,758 or 17.5% of net assets.
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c The Federal Housing Finance Agency ("FHFA") placed Federal Home Loan Mortgage Corporation and Federal National Mortgage
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Association into conservatorship with FHFA as the conservator. As such, the FHFA oversees the continuing affairs of these
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companies.
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At December 31, 2012, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes.
The following is a summary of the inputs used as of December 31, 2012 in valuing the fund's investments:
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Valuation Inputs
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Short-Term Investments ($)+
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Level 1 - Unadjusted Quoted Prices
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-
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Level 2 - Other Significant Observable Inputs
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7,854,167,757
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Level 3 - Significant Unobservable Inputs
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-
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Total
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7,854,167,757
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+ See Statement of Investments for additional detailed categorizations.
|
The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) is the exclusive reference of authoritative U.S. generally accepted accounting principles (“GAAP”)
recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the Securities and Exchange
Commission (“SEC”) under authority of federal laws are also sources
of authoritative GAAP for SEC registrants. The fund's financial statements are prepared in accordance with GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.
Portfolio valuation: Investments in securities are valued at amortized cost in accordance with Rule 2a-7 under the Act. If amortized cost is determined not to approximate market value, the fair value of the portfolio securities will be determined by procedures established by and under the general supervision of the Board of Trustees.
The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e. the exit price). GAAP establishes a fair value hierarchy that prioritizes the inputs of valuation techniques used to measure fair value. This hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Additionally, GAAP provides guidance on determining whether the volume and activity in a market has decreased significantly and whether such a decrease in activity results in transactions that are not orderly. GAAP requires enhanced disclosures around valuation inputs and techniques used during annual and interim periods.
Various inputs are used in determining the value of the fund’s investments
relating to fair value measurements. These inputs are summarized in the three broad levels listed below:
Level 1—unadjusted quoted prices in active markets for
identical investments.
Level 2—other significant observable inputs (including quoted
prices for similar investments, interest rates, prepayment speeds, credit risk, etc.).
Level 3—significant unobservable inputs (including the 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 Act. 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 fund may enter into repurchase agreements with financial institutions, deemed to be creditworthy by the Manager, subject to
the seller’s agreement to repurchase and the fund’s agreement to resell such securities at a mutually agreed upon price. Pursuant to
the terms of the repurchase agreement, such securities must have an aggregate market value greater than or equal to the terms of 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 its right to sell the underlying securities at market value and may claim any resulting loss against the seller.
Additional 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.
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STATEMENT OF INVESTMENTS
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Dreyfus Institutional Preferred Plus Money Market Fund
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December 31, 2012 (Unaudited)
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Negotiable Bank Certificates of Deposit--6.8%
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Principal Amount ($)
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Value ($)
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Bank of Montreal (Yankee)
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0.19%, 1/10/13
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35,000,000
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35,000,000
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Sumitomo Mitsui Banking Corporation (Yankee)
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0.18%, 1/10/13
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20,000,000
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a
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20,000,000
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Toronto Dominion Bank (Yankee)
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0.18%, 1/11/13
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35,000,000
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35,000,000
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Total Negotiable Bank Certificates of Deposit
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(cost $90,000,000)
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90,000,000
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Asset
-Backed Commercial Paper--5.3%
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|
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Alpine Securitization Corp.
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0.18%, 1/23/13
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35,000,000
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a
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34,996,150
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Gotham Funding Corp.
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0.20%, 1/24/13
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35,000,000
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a
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34,995,528
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Total Asset-Backed Commercial Paper
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(cost $69,991,678)
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69,991,678
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Time Deposits--7.5%
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National Australia Bank (Grand Cayman)
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0.01%, 1/2/13
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50,000,000
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50,000,000
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Nordea Bank Finland (Grand Cayman)
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0.05%, 1/2/13
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50,000,000
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50,000,000
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Total Time Deposits
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(cost $100,000,000)
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100,000,000
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U.S. Government Agency--7.9%
|
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Federal Home Loan Bank
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0.00%, 1/2/13
|
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(cost $105,000,000)
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|
105,000,000
|
|
105,000,000
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U.S. Treasury Bills--49.7%
|
|
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0.01% - 0.09%, 1/3/13 - 2/28/13
|
|
|
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(cost $662,976,412)
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663,000,000
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662,976,412
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Repurchase Agreements--22.5%
|
|
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ABN AMRO Bank N.V.
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|
|
|
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0.17%, dated 12/31/12, due 1/2/13 in the amount of
|
|
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$
100,000,944 (fully collateralized by
$96,660,100
|
|
|
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U.S. Treasury Notes, 2%, due 4/30/16, value
|
|
|
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$
102,000,103
)
|
|
100,000,000
|
|
100,000,000
|
Goldman, Sachs & Co.
|
|
|
|
|
0.25%, dated 12/31/12, due 1/2/13 in the amount of
|
|
|
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$
50,000,694 (fully collateralized by
$100,085,185
|
|
|
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|
Government National Mortgage Association,
|
|
|
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|
2.50%-6.50%, due 9/20/27-11/20/42, value $51,000,000)
|
|
50,000,000
|
|
50,000,000
|
HSBC USA Inc.
|
|
|
|
|
0.15%, dated 12/31/12, due 1/2/13 in the amount of
|
|
|
|
|
$
100,000,833 (fully collateralized by
$101,690,000
|
|
|
|
|
U.S. Treasury Notes, 0.38%, due 3/15/15, value
|
|
|
|
|
$
102,001,012
)
|
|
100,000,000
|
|
100,000,000
|
RBC Capital Markets
|
|
|
|
|
|
|
|
|
0.15%, dated 12/31/12, due 1/2/13 in the amount of
|
|
|
|
$50,000,417 (fully collateralized by $50,280,900 U.S.
|
|
|
|
Treasury Notes, 0.25%-4.25%, due 11/15/14-1/15/15,
|
|
|
|
value $51,000,061)
|
50,000,000
|
|
50,000,000
|
Total Repurchase Agreements
|
|
|
|
(cost $300,000,000)
|
|
|
300,000,000
|
Total Investments
(cost $1,327,968,090)
|
99.7
|
%
|
1,327,968,090
|
Cash and Receivables (Net)
|
.3
|
%
|
4,018,355
|
Net Assets
|
100.0
|
%
|
1,331,986,445
|
|
a Securities exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold
|
in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2012, these
|
securities amounted to $89,991,678 or 6.8% of net assets.
|
At December 31, 2012, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes.
The following is a summary of the inputs used as of December 31, 2012 in valuing the fund's investments:
|
|
Valuation Inputs
|
Short-Term Investments ($)+
|
Level 1 - Unadjusted Quoted Prices
|
-
|
Level 2 - Other Significant Observable Inputs
|
1,327,968,090
|
Level 3 - Significant Unobservable Inputs
|
-
|
Total
|
1,327,968,090
|
|
+ See Statement of Investments for additional detailed categorizations.
|
The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) is the exclusive reference of authoritative U.S. generally accepted accounting principles (“GAAP”)
recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the Securities and Exchange
Commission (“SEC”) under authority of federal laws are also sources
of authoritative GAAP for SEC registrants. The fund's financial statements are prepared in accordance with GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.
Portfolio valuation: Investments in securities are valued at amortized cost in accordance with Rule 2a-7 under the Act. If amortized cost is determined not to approximate market value, the fair value of the portfolio securities will be determined by procedures established by and under the general supervision of the Board of Trustees.
The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e. the exit price). GAAP establishes a fair value hierarchy that prioritizes the inputs of valuation techniques used to measure fair value. This hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Additionally, GAAP provides guidance on determining whether the volume and activity in a market has decreased significantly and whether such a decrease in activity results in transactions that are not orderly. GAAP requires enhanced disclosures around valuation inputs and techniques used during annual and interim periods.
Various inputs are used in determining the value of the fund’s investments
relating to fair value measurements. These inputs are summarized in the three broad levels listed below:
Level 1—unadjusted quoted prices in active markets for
identical investments.
Level 2—other significant observable inputs (including quoted
prices for similar investments, interest rates, prepayment speeds, credit risk, etc.).
Level 3—significant unobservable inputs (including the 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 Act. 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 fund may enter into repurchase agreements with financial institutions, deemed to be creditworthy by the Manager, subject to
the seller’s agreement to repurchase and the fund’s agreement to resell such securities at a mutually agreed upon price. Pursuant to
the terms of the repurchase agreement, such securities must have an aggregate market value greater than or equal to the terms of 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 its right to sell the underlying securities at market value and may claim any resulting loss against the seller.
Additional 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.
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.
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/ Bradley J.
Skapyak
|
Bradley J.
Skapyak
President
|
Date:
|
February 26, 2013
|
|
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/ Bradley J.
Skapyak
|
Bradley J.
Skapyak
President
|
Date:
|
February 26, 2013
|
|
By:
/s/ James
Windels
|
James Windels
Treasurer
|
Date:
|
February 26, 2013
|
|
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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