Exhibit j.1
CONSENT OF INDEPENDENT AUDITORS
We consent to the use of our report dated April 30, 1999, on the 1999 financial
statements of Institutional Daily Income Fund referred to in the Post-Effective
Amendment. No. 9 to the Registration Statement on Form N-1A as filed with the
Securities and Exchange Commission.
McGladrey & Pullen, LLP
New York, New York
July 26, 2000
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INDEPENDENT AUDITOR'S REPORT
THE BOARD OF TRUSTEES AND SHAREHOLDERS
INSTITUTIONAL DAILY INCOME FUND
We have audited the statement of changes in net assets for the year ended March
31, 1999 and the financial highlights for each of the four years in the period
ended March 31, 1999 of the Institutional Daily Income Fund. This financial
statement and the financial highlights are the responsibility of the Fund's
management. Our responsibility is to express an opinion on this financial
statement and financial highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statement and financial highlights referred to
above present fairly, in all material respects, the changes in its net assets
and the financial highlights of Institutional Daily Income Fund for the periods
indicated, in conformity with generally accepted accounting principles.
McGladrey & Pullen, LLP
New York, New York
April 30, 1999
