24F-2NT

SECURITIES AND EXCHANGE COMMISSION

Washington, DC  20549

"Rule 24f-2 Notice"

Daily Money Fund


(Name of Registrant)

File No. 2-77909






FILE NO. 2-77909


Daily Money Fund
: U.S. Treasury Portfolio


RULE 24F-2 - FILED PURSUANT TO RULE

24f-2(b)(1) OF THE INVESTMENT COMPANY ACT OF 1940

(i)   Fiscal Year for Which Notice Filed

Fiscal year ended July 31, 1994


(ii)    Number of Securities Which Remained Unsold at Beginning of Fiscal Year
Registered Other Than Pursuant to Rule 24f-2

No shares


(iii)     Number of Securities Registered During Fiscal Year Other Than Pursuant
to Rule 24f-2

187,348,017 shares


(iv)    Number of Securities Sold During Fiscal Year

13,798,693,377 shares


For information relating to the calculation of the filing fee,
see Note (1) below.

(v)   Number of Securities Sold During Fiscal Year Pursuant to Rule 24f-2

13,798,693,377 shares








Number of Shares

Aggregate Price







Sales Pursuant to Rule 24f-2:

	
13,798,693,377

$ 
13,798,693,377

Redemptions See Note (2) : 

	
(13,798,693,377)

$ 
(13,798,693,377)


Note (2) :    The total number of shares redeemed for the total dollar amount of
redemptions for the fiscal period ended July 31, 1994
, aggregated
14,763,095,690
 and $14,763,095,690
, respectively. An additional filing
pursuant to Rule 24e-2 can be made to register a number of shares
that will include the share redemptions not utilized under Rule 24f-2.

Net Sales Pursuant to Rule 24f-2:

	
0

$ 
0




Note (1) :  Pursuant to Rule 24f-2(c), the filing fee, calculated in the
manner specified in Section 6(b) of the Securities Act
of 1933, amounted to: $0


Daily Money Fund
:

U.S. Treasury Portfolio


By  John H. Costello

	Assistant Treasurer





FILE NO. 2-77909


Daily Money Fund
: Money Market Portfolio


RULE 24F-2 - FILED PURSUANT TO RULE

24f-2(b)(1) OF THE INVESTMENT COMPANY ACT OF 1940

(i)   Fiscal Year for Which Notice Filed

Fiscal year ended July 31, 1994


(ii)    Number of Securities Which Remained Unsold at Beginning of Fiscal Year
Registered Other Than Pursuant to Rule 24f-2

242,483,956 shares


(iii)     Number of Securities Registered During Fiscal Year Other Than Pursuant
to Rule 24f-2

115,338,499 shares


(iv)    Number of Securities Sold During Fiscal Year

9,151,729,228 shares


For information relating to the calculation of the filing fee,
see Note (1) below.

(v)   Number of Securities Sold During Fiscal Year Pursuant to Rule 24f-2

9,115,524,819 shares








Number of Shares

Aggregate Price







Sales Pursuant to Rule 24f-2:

	
9,115,524,819

$ 
9,115,524,819

Redemptions:

	
(9,115,524,819)

$ 
(9,115,524,819)

Net Sales Pursuant to Rule 24f-2:

	
0

$ 
0




Note (1) :  Pursuant to Rule 24f-2(c), the filing fee, calculated in the
manner specified in Section 6(b) of the Securities Act
of 1933, amounted to: $0


Daily Money Fund
:

Money Market Portfolio


By  John H. Costello

	Assistant Treasurer





FILE NO. 2-77909


Daily Money Fund
: Fidelity U.S. Treasury Income Portfolio


RULE 24F-2 - FILED PURSUANT TO RULE

24f-2(b)(1) OF THE INVESTMENT COMPANY ACT OF 1940

(i)   Fiscal Year for Which Notice Filed

Fiscal year ended July 31, 1994


(ii)    Number of Securities Which Remained Unsold at Beginning of Fiscal Year
Registered Other Than Pursuant to Rule 24f-2

No shares


(iii)     Number of Securities Registered During Fiscal Year Other Than Pursuant
to Rule 24f-2

161,075,693 shares


(iv)    Number of Securities Sold During Fiscal Year

4,258,629,047 shares


For information relating to the calculation of the filing fee,
see Note (1) below.

(v)   Number of Securities Sold During Fiscal Year Pursuant to Rule 24f-2

4,258,629,047 shares








Number of Shares

Aggregate Price







Sales Pursuant to Rule 24f-2:

	
4,258,629,047

$ 
4,258,629,047

Redemptions See Note (2) : 

	
(4,258,629,047)

$ 
(4,258,629,047)


Note (2) :    The total number of shares redeemed for the total dollar amount of
redemptions for the fiscal period ended July 31, 1994
, aggregated
4,266,497,201
 and $4,266,497,201
, respectively. An additional filing
pursuant to Rule 24e-2 can be made to register a number of shares
that will include the share redemptions not utilized under Rule 24f-2.

Net Sales Pursuant to Rule 24f-2:

	
0

$ 
0




Note (1) :  Pursuant to Rule 24f-2(c), the filing fee, calculated in the
manner specified in Section 6(b) of the Securities Act
of 1933, amounted to: $0


Daily Money Fund
:

Fidelity U.S. Treasury Income Portfolio


By  John H. Costello

	Assistant Treasurer





FILE NO. 2-77909


Daily Money Fund
: Capital Reserves: U.S. Government Portfolio


RULE 24F-2 - FILED PURSUANT TO RULE

24f-2(b)(1) OF THE INVESTMENT COMPANY ACT OF 1940

(i)   Fiscal Year for Which Notice Filed

Fiscal year ended July 31, 1994


(ii)    Number of Securities Which Remained Unsold at Beginning of Fiscal Year
Registered Other Than Pursuant to Rule 24f-2

No shares


(iii)     Number of Securities Registered During Fiscal Year Other Than Pursuant
to Rule 24f-2

49,666,364 shares


(iv)    Number of Securities Sold During Fiscal Year

2,416,632,169 shares


For information relating to the calculation of the filing fee,
see Note (1) below.

(v)   Number of Securities Sold During Fiscal Year Pursuant to Rule 24f-2

2,381,075,779 shares








Number of Shares

Aggregate Price







Sales Pursuant to Rule 24f-2:

	
2,381,075,779

$ 
2,381,075,779

Redemptions:

	
(2,381,075,779)

$ 
(2,381,075,779)

Net Sales Pursuant to Rule 24f-2:

	
0

$ 
0




Note (1) :  Pursuant to Rule 24f-2(c), the filing fee, calculated in the
manner specified in Section 6(b) of the Securities Act
of 1933, amounted to: $0


Daily Money Fund
:

Capital Reserves: U.S. Government Portfolio


By  John H. Costello

	Assistant Treasurer





FILE NO. 2-77909


Daily Money Fund
: Capital Reserves: Money Market Portfolio


RULE 24F-2 - FILED PURSUANT TO RULE

24f-2(b)(1) OF THE INVESTMENT COMPANY ACT OF 1940

(i)   Fiscal Year for Which Notice Filed

Fiscal year ended July 31, 1994


(ii)    Number of Securities Which Remained Unsold at Beginning of Fiscal Year
Registered Other Than Pursuant to Rule 24f-2

No shares


(iii)     Number of Securities Registered During Fiscal Year Other Than Pursuant
to Rule 24f-2

No shares


(iv)    Number of Securities Sold During Fiscal Year

3,974,385,280 shares


For information relating to the calculation of the filing fee,
see Note (1) below.

(v)   Number of Securities Sold During Fiscal Year Pursuant to Rule 24f-2

3,974,385,280 shares








Number of Shares

Aggregate Price







Sales Pursuant to Rule 24f-2:

	
3,974,385,280

$ 
3,974,385,280

Redemptions:

	
(3,911,825,770)

$ 
(3,911,825,770)

Net Sales Pursuant to Rule 24f-2:

	
62,559,510

$ 
62,559,510




Note (1) :  Pursuant to Rule 24f-2(c), the filing fee, calculated in the
manner specified in Section 6(b) of the Securities Act
of 1933, amounted to: $21,572.40


Daily Money Fund
:

 Capital Reserves: Money Market Portfolio


By  John H. Costello

	Assistant Treasurer





FILE NO. 2-77909


Daily Money Fund
: Capital Reserves: Municipal Money Market Portfolio


RULE 24F-2 - FILED PURSUANT TO RULE

24f-2(b)(1) OF THE INVESTMENT COMPANY ACT OF 1940

(i)   Fiscal Year for Which Notice Filed

Fiscal year ended July 31, 1994


(ii)    Number of Securities Which Remained Unsold at Beginning of Fiscal Year
Registered Other Than Pursuant to Rule 24f-2

No shares


(iii)     Number of Securities Registered During Fiscal Year Other Than Pursuant
to Rule 24f-2

No shares


(iv)    Number of Securities Sold During Fiscal Year

502,816,505 shares


For information relating to the calculation of the filing fee,
see Note (1) below.

(v)   Number of Securities Sold During Fiscal Year Pursuant to Rule 24f-2

502,816,505 shares








Number of Shares

Aggregate Price







Sales Pursuant to Rule 24f-2:

	
502,816,505

$ 
502,816,505

Redemptions See Note (2) : 

	
(502,816,505)

$ 
(502,816,505)


Note (2) :    The total number of shares redeemed for the total dollar amount of
redemptions for the fiscal period ended July 31, 1994
, aggregated
504,861,716
 and $504,861,716
, respectively. An additional filing
pursuant to Rule 24e-2 can be made to register a number of shares
that will include the share redemptions not utilized under Rule 24f-2.

Net Sales Pursuant to Rule 24f-2:

	
0

$ 
0




Note (1) :  Pursuant to Rule 24f-2(c), the filing fee, calculated in the
manner specified in Section 6(b) of the Securities Act
of 1933, amounted to: $0


Daily Money Fund
:

Capital Reserves: Municipal Money Market Portfolio


By  John H. Costello

	Assistant Treasurer

EX-99

September 20, 1994 
 
Mr. John Costello, Assistant Treasurer 
Daily Money Fund 
82 Devonshire Street 
Boston, Massachusetts  02109 
 
Dear Mr. Costello: 
 
Daily Money Fund is a Delaware business trust 
created under a written Trust Instrument dated 
June 20, 1991. 
 
I understand from you that, pursuant to Rule 24f-2 
under the Investment Company Act of 1940, the 
Trust has registered an indefinite amount of 
shares of beneficial interest under the Securities 
Act of 1933.  I further understand that, pursuant 
to the provisions of Rule 24f-2, the Trust intends 
to file with the Securities and Exchange 
Commission a Notice making definite the 
registration of 34,031,124,807 shares of the Fund 
(the "shares")  sold in reliance upon Rule 24f-2 
during the fiscal year ended July 31, 1994. 
 
I am of the opinion that all legal requirements 
have been complied with in the creation of the 
Trust and that said Trust is a duly authorized and 
validly existing business trust under the laws of 
the State of Delaware.  In this regard, I have 
relied on the opinion of Delaware counsel, Morris, 
Nichols, Arsht & Tunnell, contained in a letter 
dated September 16, 1994, with respect to matters 
of Delaware law. 
 
I have conducted such legal and factual inquiry as 
I have deemed necessary for the purpose of 
rendering this opinion. 
 
Capitalized terms used herein, and not otherwise 
herein defined, are used as defined in the Trust 
Instrument. 
 
Under Article II, Section 2.01, of the Trust 
Instrument, the beneficial interest in the Trust 
shall be divided into such transferable Shares of 
one or more separate and distinct Series or 
classes of a Series as the Trustees shall from 
time to time create and establish.  The number of 
Shares of each Series, and class thereof, 
authorized thereunder is unlimited and each Share 
shall be without par value and shall be fully paid 
and nonassessable. 
 
Under Article II, Section 2.07, the Trustees are 
empowered to accept investments in the Trust in 
cash or securities from such persons and on such 
terms as they may from time to time authorize.  
Such investments in the Trust shall be credited to 
each Shareholder's account in the form of full 
Shares at the Net Asset Value per Share next 
determined after the investment is received; 
provided, however, that the Trustees may, in their 
sole discretion, fix the initial Net Asset Value 
per share of the initial capital contribution, 
impose a sales charge upon investments in the 
Trust in such manner and at such time as 
determined by the Trustees, or issue fractional 
shares. 
 
Under Article II, Section 2.08, the Trust shall 
consist of one or more Series and the Trustees of 
each Series shall have full power and authority, 
in their sole discretion, and without obtaining 
any prior authorization or vote of the 
Shareholders of any Series of the Trust to 
establish and designate (and to change in any 
manner) any such Series of Shares with such 
preferences, voting powers, rights and privileges 
as the Trustees may from time to time determine, 
to divide or combine the Shares into a greater or 
lesser number, to classify or reclassify any 
issued Shares of any Series, and to take such 
other action with respect to the Shares as the 
Trustees may deem desirable. 
 
By a vote adopted on June 20, 1991, the Board of 
Trustees authorized the issue and sale, from time 
to time, of an unlimited number of shares of 
beneficial interest of this Fund in accordance 
with the terms included in the then current 
Registration Statement and subject to the 
limitations of the Trust Instrument and any 
amendments thereto. 
 
With respect to the period dated August 1, 1993 
through September 29, 1993 the  Fund shares 
subject to the Rule 24f-2 Notice were issued by 
the Funds as portfolios of the Massachusetts 
business trust (the Massachusetts Trust), created 
under a written Declaration of Trust under the 
name Daily Money Fund dated, executed and 
delivered in Boston on June 7, 1982.  A supplement 
to the Declaration of Trust dated December 6, 1982 
was filed with the office of the secretary of the 
Commonwealth of Massachusetts on December 10, 
1982.  The Declaration of Trust was amended and 
restated effective September 1, 1989 and delivered 
in Boston, Massachusetts. 
 
Under Article III, Section 1, of the Declaration 
of Trust, the beneficial interest in the Trust 
shall be divided into separate and distinct Series 
as the Trustees shall from time to time create and 
establish.  The number of Shares is unlimited and 
each Share is without par value and shall be fully 
paid and nonassessable.  The Trustees shall have 
full power and authority, in their sole discretion 
and without obtaining any prior authorization or 
vote of the Trust, to create and establish (and to 
change in any manner) Shares with such 
preferences, voting powers, rights and privileges 
as the Trustees may from time to time determine, 
to divide or combine the Shares into a greater or 
lesser number, to classify or reclassify any 
issued Shares into one or more Series of Shares, 
to abolish any one or more Series of Shares and to 
take such other action with respect to the Shares 
as the Trustees may deem desirable. 
 
Under Article III, Section 4, the Trustees shall 
accept investments in the Trust from such persons 
and on such terms as they may from time to time 
authorize.  Such investments may be in the form of 
cash or securities in which the appropriate Series 
is authorized to invest, valued as provided in 
Article X, Section 3.  After the date of the 
initial contribution of capital, the number of 
Shares to represent the initial contribution may 
in the Trustees' discretion be considered as 
outstanding and the amount received by the 
Trustees on account of the contribution shall be 
treated as an asset of the Trust.  Subsequent 
investments in the Trust shall be credited to each 
Shareholder's account in the form of full Shares 
at the Net Asset Value per Share next determined 
after the investment is received; provided, 
however, that the Trustees may, in their sole 
discretion, (a) impose a sales charge upon 
investments in the Trust and (b) issue fractional 
Shares. 
 
By a vote adopted on June 7, 1982 and amended on 
August 24, 1989, the Board of Trustees of the 
Massachusetts Trust authorized the issue and sale, 
from time to time, of an unlimited number of 
shares of the beneficial interest of the Fund's 
Massachusetts Trust in accordance with the terms 
included in the Fund's Registration Statement and 
subject to the limitations of the Declaration of 
Trust and any amendments thereto. 
 
I am of the opinion that all necessary Trust 
action precedent to the issue of  Shares has been 
duly taken, and that all the Shares were legally 
and validly issued, and are fully paid and 
nonassessable under Delaware law, or Massachusetts 
law, respectively, for the relevant periods, 
except as described in the Fund's Prospectuses and 
Statements of Additional Information for the 
relevant periods under the heading "Description of 
the Fund" and subject to the possibility that a 
court might not apply such law as so described.  
In rendering this opinion, I rely on the 
representation by the Trust that it or its agents 
received consideration for the Shares in 
accordance with the Trust Instrument or 
Declaration of Trust, respectively, for the 
relevant periods.  I express no opinion as to 
compliance with the Securities Act of 1933, the 
Investment Company Act of 1940, or applicable 
state "Blue Sky" or securities laws in connection 
with sales of the Shares. 
 
I hereby consent to the filing of this opinion 
with the Securities and Exchange Commission in 
connection with a Rule 24f-2 Notice which you are 
about to file under the 1940 Act with said 
commission. 
 
Very truly yours, 
 
/s/ Arthur S. Loring 
Arthur S. Loring, Esq. 
Vice President - Legal 
 


September 16, 1994



Arthur S. Loring, Esquire
General Counsel
Fidelity Management & Research Co.
82 Devonshire Street
Boston, Massachusetts  02109

Re:     Daily Money Fund II

Dear Mr. Loring:

We have acted as special Delaware counsel to Daily 
Money Fund II, a Delaware business trust (the 
"Trust"), in connection with certain matters 
relating to the organization of the Trust and the 
issuance of Shares therein.  Capitalized terms used 
herein and not otherwise herein defined are used as 
defined in the Trust Instrument of the Trust dated 
June 20, 1991 (the "Governing Instrument").

In rendering this opinion, we have examined copies 
of the following documents, each in the form 
provided to us:  the Certificate of Trust of the 
Trust dated as of June 20, 1991 and filed in the 
Office of the Secretary of State of the State of 
Delaware (the "Recording Office") on July 9, 1991 
(the "Certificate"); the Governing Instrument; the 
Bylaws of the Trust; minutes of a meeting of the 
Board of Trustees of the Trust, dated June 20, 
1991; a Certificate of Secretary of the Trust, 
certifying as to the acceptance by certain persons 
of their positions as trustees of the Trust; Post-
Effective Amendment No. 22 to the Trust's 
Registration Statement on Form N-1A as filed with 
the Commission on September 28, 1993; and a 
certification of good standing of the Trust 
obtained as of a recent date from the Recording 
Office.  In such examinations, we have assumed the 
genuineness of all signatures, the conformity to 
original documents of all documents submitted to us 
as copies or drafts of documents to be executed, 
and the legal capacity of natural persons to 
complete the execution of documents.  We have 
further assumed for the purpose of this opinion: 
(i) the due authorization, execution and delivery 
by, or on behalf of, each of the parties thereto of 
the above-referenced instruments, certificates and 
other documents, and of all documents contemplated 
by the Governing Instrument and applicable 
resolutions of the Trustees to be executed by 
investors desiring to become Shareholders; (ii) the 
payment of consideration for Shares, and the 
application of such consideration, as provided in 
the Governing Instrument, and compliance with the 
other terms, conditions and restrictions set forth 
in the Governing Instrument and all applicable 
resolutions of the Trustees in connection with the 
issuance of Shares (including, without limitation, 
the taking of all appropriate action by the 
Trustees to designate Series of Shares and the 
rights and preferences attributable thereto as 
contemplated by the Governing Instrument); (iii) 
that appropriate notation of the names and 
addresses of, the number of Shares held by, and the 
consideration paid by, Shareholders will be 
maintained in the appropriate registers and other 
books and records of the Trust in connection with 
the issuance or transfer of Shares; (iv) that no 
event has occurred subsequent to the filing of the 
Certificate that would cause a termination or 
dissolution of the Trust under Section 11.04 or 
Section 11.05 of the Governing Instrument; (v) that 
the activities of the Trust have been and will be 
conducted in accordance with the terms of the 
Governing Instrument and the Delaware Act; and (vi) 
that each of the documents examined by us is in 
full force and effect and has not been modified, 
supplemented or otherwise amended.  No opinion is 
expressed herein with respect to the requirements 
of, or compliance with, federal or state securities 
or blue sky laws.  Further, we express no opinion 
on the sufficiency or accuracy of any registration 
or offering documentation relating to the Trust or 
the Shares.  As to any facts material to our 
opinion, other than those assumed, we have relied 
without independent investigation on the above-
referenced documents and on the accuracy, as of the 
date hereof, of the matters therein contained.

Based on and subject to the foregoing, and limited 
in all respects to matters of Delaware law, it is 
our opinion that:

1.      The Trust is a duly 
organized and validly existing business trust in 
good standing under the laws of the State of 
Delaware.

2.      The Shares, when 
issued to Shareholders in accordance with the 
terms, conditions, requirements and procedures set 
forth in the Governing Instrument, will constitute 
legally issued, fully paid and non-assessable 
Shares of beneficial interest in the Trust.

3.      Under the Delaware 
Act and the terms of the Governing Instrument, each 
Shareholder of the Trust, in such capacity, will be 
entitled to the same limitation of personal 
liability as that extended to stockholders of 
private corporations for profit; provided, however, 
that we express no opinion with respect to the 
liability of any Shareholder who is, was or may 
become a named Trustee of the Trust.  Neither the 
existence nor exercise of the voting rights granted 
to Shareholders under the Governing Instrument 
will, of itself, cause a Shareholder to be deemed a 
trustee of the Trust under the Delaware Act.



We understand that you wish to rely as to matters 
of Delaware law on the opinion set forth above in 
connection with the rendering by you of an opinion 
to be used as an Exhibit to a Rule 24f-2 filing to 
be made by the Trust with the Commission, and we 
hereby consent to such reliance.  Except as 
provided in the foregoing sentence, the opinion set 
forth above is expressed solely for the benefit of 
the addressee hereof and may not be relied upon by 
any other person or entity for any purpose without 
our prior written consent.


Sincerely,

MORRIS, NICHOLS, ARSHT & TUNNELL

Arthur S. Loring, Esquire
September 16, 1994
Page 3


LG942580.037