U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 24F-2
Annual Notice of Securities Sold
Pursuant to Rule 24f-2
Read instructions at end of Form
before preparing Form. Please
print or type.
1. Name and address of issuer:
Institutional Daily Income Fund
600 Fifth Avenue
New York, New York 10020
2. Name of each series or class of funds for which this notice is filed:
Money Market Portfolio
U.S. Treasury Portfolio
3. Investment Company Act File Number:811-8312
Securities Act File Number: 33-74470
4. Last day of fiscal year for which this notice is filed:
Money Market Portfolio - March 31, 1996
U.S. Treasury Portfolio - November 29, 1996 (Inception) to
March 31, 1996
. Check box if this notice is being filed more than 180 days after the
close of the issuer's fiscal year for purposes of reporting securities
sold after the close of the fiscal year but before termination of the
issuer's 24f-2 declaration:
[ ]
6. Date of termination of issuer's declaration under ruler 24f-2(a)(1), if
applicable (see instruction A.6):
Not applicable
7. Number and amount of securities of the same class or series which had
been registered under the Securities Act of 1933 other than pursuant to
rule 24f-2 in a prior fiscal year, but which remained unsold at the
beginning of the fiscal year:
None
8. Number and amount of securities registered during the fiscal year other
than pursuant to rule 24f-2:
Money Market Portfolio - 24,570,366 Shares $24,570,366
U.S. Treasury Portfolio - 0 Shares $0
9. Number and aggregate sale price of securities sold during the fiscal
year:
Money Market Portfolio - 553,226,228.290 Shares $553,226,228.29
U.S. Treasury Portfolio - 439,583,630.940 Shares $439,583,630.94
<PAGE>
10. Number and aggregate sale price of securities sold during the fiscal
year in reliance upon registration pursuant to rule 24f-2:
Money Market Portfolio - 528,655,862.290 Shares $528,655,862.29
U.S. Treasury Portfolio - 439,583,630.940 Shares $439,583,630.94
11. Number and aggregate sale price of securities issued during the fiscal
year in connection with dividend reinvestment plans, if applicable (see
instruction B.7):
Money Market Portfolio - 2,877,506.610 Shares $2,877,506.61
U.S. Treasury Portfolio - 4,016,345.060 Shares $4,016,345.06
<TABLE>
<CAPTION>
12. Calculation of registration fee:
<S> <C>
(i) Aggregate sale price of securities sold during the fiscal $968,239,493.23
year in reliance on rule 24f-2 (from Item 10):
(ii) Aggregate price of shares issued in connection with + 6,893,851.67
dividend reinvestment plans (from Item 11, if applicable):
(iii) Aggregate price of shares redeemed or - 616,526,006.39
repurchased during the fiscal year (if applicable):
(iv) Aggregate price of shares redeemed or repurchased and + 0
previously applied as a reduction to filing fees pursuant
to rule 24e-2 (if applicable):
(v) Net aggregate price of securities sold and issued during the 358,607,338.51
fiscal year in reliance on rule 24f-2 [line
(i), plus line (ii), less line (iii), plus line (iv)] (if
applicable):
(vi) Multiplier prescribed by Section 6(b) of the Securities Act ofx 1/29%
1933 or other applicable law or regulation
(see instruction C.6):
(vii) Fee due [line (i) or line (v) multiplied by line (vi)]: $ 123,657.70
</TABLE>
Instruction: Issuers should complete lines (ii), (iii), (iv) and (v) only if
the form is being filed within 60 days after the close of the
issuer's fiscal year. See Instruction C.3.
13. Check box if fees are being remitted to the Commission's lockbox
depository as described in section 3a of the Commission's Rules of
Informal and Other Procedures (17 CFR 202.3a).
[ ]
Date of mailing or wire transfer of filing fees to the Commission's
lockbox depository: May 20, 1996
SIGNATURES
This report has been signed below by the following persons on behalf of
the issuer and in the capacities and on the dates indicated.
Exhibit: Opinion of Battle Fowler LLP
By (Signature and Title)* _________________________________________
_Bernadette N. Finn, Secretary___________
Date May 22, 1996
* Please print the name and title of the signing officer below the signature.
BATTLE FOWLER LLP
75 East 55th Street
New York, New York 10022
May 22, 1996
Institutional Daily Income Fund
600 Fifth Avenue
New York, New York 10020
Gentlemen:
We have acted as counsel to Institutional Daily Income Fund, (the "Fund")
in connection with the preparation of the Rule 24f-2 Notice the"Notice")
covering 968,239,493.23 shares of Common Stock, par value $.001 per share, of
the Fund.
We have examined copies of the Certificate of Incorporation and By-laws of
the Fund, the Registration Statement, and such other corporate records and
documents, including the consent of the Board of Directors and the minutes of
the meeting of the Board of Directors 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 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 968,239,493.23
shares of Common Stock, par value $.001 per share of the Fund, the registration
of which the Notice makes definitive, were legally issued, fully paid and
non-assessable.
We hereby consent to the filing of this opinion as an exhibit to the Rule
24f-2 Notice.
Very truly yours,
BATTLE FOWLER LLP
