Registration No. 33-74470
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form N-1A
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
Pre-Effective Amendment No.
Post-Effective Amendment No. 4
and/or
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940
Amendment No. _____
Institutional Daily Income Fund
(Exact Name of Registrant as Specified in Charter)
600 Fifth Avenue, New York, New York 10020
(Address of Principal Executive Offices) (Zip Code)
Registrant's Telephone Number, including Area Code: (212) 830-5200
Bernadette N. Finn
c/o Reich & Tang Asset Management L.P.
600 Fifth Avenue
New York, New York 10020
(Name and address of agent for service)
It is proposed that this filing will become effective (check appropriate box)
[X] immediately upon filing pursuant to paragraph (b)
[ ] on (date) pursuant to paragraph (b)
[ ] 60 days after filing pursuant to paragraph (a)
[ ] on (date) pursuant to paragraph (a) of Rule 485
[ ] 75 days after filing pursuant to paragraph (a) (2)
[ ] on (date) pursuant to paragraph (a) (2) of Rule 485
<PAGE>
CALCULATION OF REGISTRATION FEE UNDER THE SECURITIES ACT OF 1933
- ----------------------------------------------------------------------
Proposed Proposed
Maximum Maximum
Securities Amount Offering Aggregate Amount of
Being Being Price per Offering Registration
Registered Registered Unit* Price** Fee**
SHARES OF
BENEFICIAL
INTEREST
$.01 par 42,362,717.93 $1.00 42,362,717.93 $8,472.54
value
- ----------------------------------------------------------------------
* Estimated solely for the purposes of determining the amount of the
registration fee.
** Calculated pursuant to Rule 24e-2(a) under the Investment Company Act of
1940. 267,689,850.36 shares were redeemed during the fiscal year ended
March 31, 1995, none of which are being used for "reduction" in this
amendment, none of which were previously so used in filings pursuant to
Rule 24e-2 (a) or 24f-2(c) during the current fiscal year ending March 31,
1996.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933 and the
Investment Company Act of 1940, as amended, the Registrant certifies that it
meets all of the requirements for effectiveness of this Amendment to its
Registration Statement pursuant to Rule 485(b) under the Securities Act of 1933
and has duly caused this Amendment to its Registration Statement to be signed on
its behalf by the undersigned, thereunto duly authorized, in the City of New
York, and State of New York, on the 17th day of November, 1995.
INSTITUTIONAL DAILY INCOME FUND
By: /S/Steven W. Duff
Steven W. Duff
President
Pursuant to the requirements of the Securities Act of 1933, this
Amendment to its Registration Statement has been signed below by the following
persons in the capacities and on the dates indicated.
SIGNATURE CAPACITY DATE
(1) Principal Executive
Officer
/s/ Steven W. Duff President and
Steven W. Duff Director 11/17/95
(2) Principal Financial and
Accounting Officer
/s/ Richard De Sanctis
Richard De Sanctis Treasurer 11/17/95
(3) Majority of Trustees
W. Giles Mellon Director
Yung Wong Director
Robert Straniere Director
By: /s/ Bernadette N. Finn
Bernadette N. Finn 11/17/95
Attorney-in-Fact
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND> The schedule contains summary financial information
extracted from the financial statements and supporting
schedules as of the end of the most current period and is
qualified in its entirety by reference to such financial
statements.
</LEGEND>
<CIK> 0000918267
<NAME> Institutional Daily Income Fund
<SERIES>
<NUMBER> 1
<NAME> Money Market Portfolio
<S> <C>
<FISCAL-YEAR-END> MAR-31-1996
<PERIOD-START> APR-01-1995
<PERIOD-END> SEP-30-1995
<PERIOD-TYPE> YEAR
<INVESTMENTS-AT-COST> 76562322
<INVESTMENTS-AT-VALUE> 76562322
<RECEIVABLES> 85971
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 36301
<TOTAL-ASSETS> 76684594
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 326331
<TOTAL-LIABILITIES> 326331
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 76358263
<SHARES-COMMON-STOCK> 76358263
<SHARES-COMMON-PRIOR> 35856766
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 76358263
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1655545
<OTHER-INCOME> 0
<EXPENSES-NET> 27795
<NET-INVESTMENT-INCOME> 1627750
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 1627750
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1627750
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 237194199
<NUMBER-OF-SHARES-REDEEMED> 197792051
<SHARES-REINVESTED> 1099349
<NET-CHANGE-IN-ASSETS> 40501497
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 22231
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 98654
<AVERAGE-NET-ASSETS> 55881867
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .06
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> .06
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 3.5
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
BATTLE FOWLER LLP
75 East 55th Street
New York, New York 10022
November 17, 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
and filing of Registration Statement No. 33-74470 on Form N-1A pursuant to Rule
24e-2 of the Securities Act of 1933 registering the issuance of (the
"Registration Statement") 42,362,717.93 shares of beneficial interest, par value
$.01 per share, of the Fund.
We have examined copies of the Declaration of Trust and By-Laws of the
Fund, the Registration Statement, and such other corporate records, proceedings
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 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 all copies submitted to us. As to various questions of fact
material to such opinion, 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 the 42,362,717.93
shares of beneficial interest, par value $.01 per share, of the Fund, to be
issued in accordance with the terms of the offering, as set forth in the
Prospectus and Statement of Additional Information included as part of the
Registration Statement and in accordance with applicable state securities laws,
when so issued and paid for, will constitute validly authorized and legally
issued shares of beneficial interest, fully paid and non-assessable.
We hereby consent to the filing of this opinion as an exhibit to the
Registration Statement and to the reference to us in the Registration Statement
under the heading "Federal Income Taxes" in the Prospectus and in the Statement
of Additional Information, and under the heading "Counsel and Auditors" in the
Statement of Additional Information.
Very truly yours,
BATTLE FOWLER LLP
