Securities and Exchange Commission
Washington, D.C. 20549
Rule 24f-2 Notice
for
INSTITUTIONAL DAILY INCOME FUND
600 Fifth Avenue
New York, New York 10020
under the
Investment Company Act of 1940
Form N-1A File No. 33-74470
(i) Fiscal year for which this Notice is filed:
April 14, 1994 (Inception) to March 31, 1995
(ii) Number or amount of securities of the same class or series, if any,
which had been registered under the Securities Act of 1933 other than
pursuant to Rule 24f-2 under the Investment Company Act of 1940 but
which remained unsold at the beginning of such fiscal year:
None
(iii) Number or amount of securities, if any, registered during such fiscal
year other than pursuant to Rule 24f-2:
None
(iv) Number or amount of securities sold during such fiscal year:
301,915,597.78*
(v) Number or amount of securities sold during such fiscal year in reliance
upon Rule 24f-2:
301,915,597.78
Exhibit: Opinion of Messrs. Battle Fowler LLP
* The filing fee of $11,801.98 is calculated in accordance with Rule 24f-2(c)
and Section 6(b) of the Securities Act of 1933 and based on the following: the
actual aggregate sales price of the 301,915,597.780 shares sold during such
fiscal year in reliance upon Rule 24f-2 was $301,915,597.78: the actual
aggregate dollar amount of shares redeemed during the fiscal year was
$267,689,850.36, none of which were previously used for reduction in filings
made pursuant to Rule 24e-2(a) and all of which are being so used for reduction
pursuant to this Rule 24f-2 Notice.
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SIGNATURE
Pursuant to the requirements of Rule 24f-2, Institutional Daily Income
Fund, has duly caused this Rule 24f-2 Notice to be signed on its behalf by the
undersigned, thereunto duly authorized, in the City of New York and State of New
York, on this 23rd day of May, 1995.
INSTITUTIONAL DAILY INCOME FUND
By: /s/Steven W. Duff
Steven W. Duff
Chairman and President
BATTLE FOWLER LLP
75 East 55th Street
New York, New York 10022
May 26, 1995
Institutional Daily Income Fund
600 Fifth Avenue
New York, New York 10020
Gentlemen:
We have acted as counsel to , Institutional Daily Income Fund, a
Massachusetts business trust (the "Fund"), in connection with the preparation of
the Rule 24f-2 Notice (the "Notice") covering 301,915,597.78 shares of
beneficial interest, par value $.01 per share, of the Fund.
We have examine copies of the Declaration of Trust and By laws of the
Fund, the Registration Statement, and such other corporate records and
documents, including the consent of the Board of Trustees and the minutes of the
meeting of the Board of Trustees of the Fund, as we have deemed necessary for
the purpose of this opinion. We have also examined such other documents, papers,
statutes and authorities as we have deemed necessary to form a basis for the
opinion hereinafter expressed. In our examination of such material, we have
assumed the genuineness of all signatures and the conformity to original
documents of fact material to such opinion, and we have relied upon statements
and certificates of officers and representatives of the Fund and others.
Based upon the foregoing, we are of the opinion that 301,915,597.78
shares of beneficial interest, par value $.01 per share of the Fund, the
registration of which the Notice makes definitive, were legally issued, fully
paid and nonassessable.
We hereby consent to the filing of this opinion as an exhibit to the
Rule 24f-2 Notice.
Very truly yours,
Battle Fowler LLP
