<PAGE>
--------------------------------------------------------------------------------
NEW YORK
DAILY TAX FREE 600 Fifth Avenue, New York, NY 10020
INCOME FUND, INC. 212-830-5200
================================================================================
Dear Shareholder:
We are pleased to present the semi-annual report of New York Daily Tax Free
Income Fund, Inc. for the period May 1, 2000 through October 31, 2000.
The Fund had net assets of $484,385,498 and 1,910 active shareholders as of
October 31, 2000.
We thank you for your support and look forward to continuing to serve your cash
management needs.
Sincerely,
\s\Steven W. Duff
Steven W. Duff
President
--------------------------------------------------------------------------------
<PAGE>
--------------------------------------------------------------------------------
NEW YORK DAILY TAX FREE INCOME FUND, INC.
STATEMENT OF NET ASSETS
OCTOBER 31, 2000
(UNAUDITED)
================================================================================
<TABLE>
<CAPTION>
Ratings (a)
----------------
Face Maturity Value Standard
Amount Date Yield (Note 1) Moody's & Poor's
------ ---- ----- ------ ------- --------
Tax Exempt Investments (11.90%)
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
$ 5,300,000 Broome Delaware BOCES RAN (c) 06/29/01 4.54% $ 5,301,662
8,500,000 Cattaraugus County, NY Allegany
Limestone Central School District BAN - Series 2000 (c) 10/30/01 4.40 8,502,367
4,900,000 Steuben, Schuyler & Chemung Counties, NY
Corning Community College Regional Board of Education (c) 08/17/01 4.44 4,901,823
3,200,000 Leroy, NY Central School District RAN (c) 06/29/01 4.44 3,201,007
2,400,000 Marion, NY Central School District (c) 06/20/01 4.48 2,401,082
3,500,000 Monroe County, NY BOCES RAN (First Supervisory District) (c) 06/28/01 4.59 3,501,075
4,500,000 Onondaga & Oswego Counties, NY
Phoenix Central School District GO RAN (c) 06/29/01 4.54 4,507,752
7,475,000 Ontario County, NY Canadaigua Central School District BAN (c) 03/29/01 4.25 7,475,881
2,400,000 Schoharie, Otsago & Montgomery, NY
Cobleskill-Richmondville Central School District (c) 06/28/01 4.59 2,400,739
4,900,000 Sydney, NY Central School District 11/15/00 3.88 4,900,986 MIG-1
4,900,000 Warren County, NY Glens Falls Central School District (c) 06/29/01 4.54 4,901,531
2,626,920 Wayne County, NY Lyons Central School District (c) 05/01/01 4.34 2,628,158
3,000,000 Wayne County, NY Williamson Central School District RAN (c) 06/29/01 4.54 3,000,927
----------- ----------
57,601,920 Total Tax Exempt Investments 57,624,990
----------- ----------
<CAPTION>
Variable Rate Demand Instruments (b) (71.20%)
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
$ 2,100,000 Babylon County, NY IDA Resource Recovery (Babylon Project)
LOC Union Bank of Switzerland 12/01/24 4.70% $ 2,100,000 A1+
1,700,000 Great Neck Water Authority Water System RB - Series 1993A
Insured by FGIC 01/01/20 4.20 1,700,000 VMIG-1 A1+
1,000,000 Islip, NY Brentwood IDA (c)
LOC Fleet National Bank 05/01/09 4.25 1,000,000
5,150,000 Jefferson County, NY IDA IDRB (c)
LOC PNC Bank, N.A. 10/01/13 4.40 5,150,000
1,300,000 Long Island Power Authority RB - Series 7, - Subseries 7-A
Insured by MBIA Insurance Corp. 04/01/25 4.25 1,300,000 VMIG-1 A1+
5,000,000 Long Island Power Authority RB - Series 7, Subseries 7-B
Insured by MBIA Insurance Corp. 04/01/25 4.20 5,000,000 VMIG-1 A1+
1,370,000 Metropolitan Museum of Art
(New York State Dormitory Authority) - Series 1993A 07/01/15 4.10 1,370,000 VMIG-1 A1+
755,000 Metropolitan Museum of Art
(New York State Dormitory Authority) - Series 1993B 07/01/23 4.10 755,000 VMIG-1 A1+
</TABLE>
--------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
<PAGE>
--------------------------------------------------------------------------------
================================================================================
<TABLE>
<CAPTION>
Ratings (a)
----------------
Face Maturity Value Standard
Amount Date Yield (Note 1) Moody's & Poor's
------ ---- ----- ------ ------- --------
Variable Rate Demand Instruments (b) (Continued)
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
$ 1,995,000 Metropolitan Transit Authority, NY
LOC Dexia CLF 07/01/14 4.34% $ 1,995,000 A1+
2,500,000 Monroe County, NY IDA - Series A
LOC First Union National Bank 06/01/29 4.40 2,500,000 VMIG-1
1,700,000 New York City, NY GO - Subseries A-5
LOC KBC Bank 08/01/15 4.55 1,700,000 VMIG-1 A1+
4,400,000 New York City, NY GO - Series A-7
LOC Morgan Guaranty Trust Company 08/01/20 4.75 4,400,000 VMIG-1 A1+
4,250,000 New York City, NY GO - Series A-7
LOC Morgan Guaranty Trust Company 08/01/21 4.75 4,250,000 VMIG-1 A1+
3,400,000 New York City, NY GO - Series B
Insured by FGIC 10/01/20 4.75 3,400,000 VMIG-1 A1+
1,200,000 New York City, NY GO - Series B, Subseries B-4
Insured by MBIA Insurance Corp. 08/15/23 4.55 1,200,000 VMIG-1 A1+
3,300,000 New York City, NY GO - Series B-2, Subseries B-5
Insured by MBIA Insurance Corp. 08/15/09 4.60 3,300,000 VMIG-1 A1+
1,315,000 New York City, NY GO - Series B-6
Insured by MBIA Insurance Corp. 08/15/05 4.60 1,315,000 VMIG-1 A1+
2,350,000 New York City, NY GO - Series E-2
LOC Morgan Guaranty Trust Company 08/01/20 4.75 2,350,000 VMIG-1 A1+
18,150,000 New York City, NY GO - Series E-3
LOC Morgan Guaranty Trust Company 08/01/23 4.75 18,150,000 VMIG-1 A1+
7,500,000 New York City, NY GO - Series E-4
LOC State Street Bank & Trust Company 08/01/21 4.75 7,500,000 VMIG-1 A1+
20,000,000 New York City, NY GO - Series E-4
LOC State Street Bank & Trust Company 08/01/22 4.75 20,000,000 VMIG-1 A1+
3,000,000 New York City, NY GO - Series 1996F
LOC Dexia CLF 02/01/19 4.35 3,000,000 A1+
3,800,000 New York City, NY GO - Series E-5
LOC Morgan Guaranty Trust Company 08/01/10 4.75 3,800,000 VMIG-1 A1+
4,500,000 New York City, NY GO - Series E-5
LOC Morgan Guaranty Trust Company 08/01/15 4.75 4,500,000 VMIG-1 A1+
5,000,000 New York City, NY GO - Series E-5
LOC Morgan Guaranty Trust Company 08/01/16 4.75 5,000,000 VMIG-1 A1+
11,000,000 New York City, NY GO - Series E-5
LOC Morgan Guaranty Trust Company 08/01/17 4.75 11,000,000 VMIG-1 A1+
</TABLE>
--------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
<PAGE>
--------------------------------------------------------------------------------
NEW YORK DAILY TAX FREE INCOME FUND, INC.
STATEMENT OF NET ASSETS (CONTINUED)
OCTOBER 31, 2000
(UNAUDITED)
================================================================================
<TABLE>
<CAPTION>
Ratings (a)
----------------
Face Maturity Value Standard
Amount Date Yield (Note 1) Moody's & Poor's
------ ---- ----- ------ ------- --------
Variable Rate Demand Instruments (b) (Continued)
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
$ 8,000,000 New York City, NY GO - Subseries E-6
Insured by FGIC 08/01/19 4.75% $ 8,000,000 VMIG-1 A1+
3,000,000 New York City, NY GO - Subseries PF-4
LOC Morgan Guaranty Trust Company 02/15/13 4.20 3,000,000 VMIG-1 A1+
2,000,000 New York City, NY GO
Insured by MBIA Insurance Corp. 05/15/28 4.40 2,000,000 A1+
2,900,000 New York City, NY Housing Development Corporation
(Montefiore Medical Center) - Series 1993A
LOC Chase Manhattan Bank, N.A. 05/01/30 4.10 2,900,000 A1
6,525,000 New York City, NY Housing Development Corporation Multifamily
Rent Housing (Jane Street Development)
Collateralized by Federal National Mortgage Association 09/15/28 4.25 6,525,000 A1+
1,325,000 New York City, NY Housing Development Corporation Multifamily RB
(Queenswood Apartment Project)
LOC National City Bank 02/01/17 4.10 1,325,000 VMIG-1 A1
11,300,000 New York City, NY IDA Special Facility RB
(Korean Airlines Company Limited Project) - Series 1997
LOC Citibank Ltd 11/01/24 4.20 11,300,000 VMIG-1 A1+
12,100,000 New York City, NY Municipal Water Finance Authority RB
(Water & Sewer System) - Series C
Insured by FGIC 06/15/22 4.55 12,100,000 VMIG-1 A1+
6,400,000 New York City, NY Municipal Water Finance Authority RB
(Water & Sewer System) - Series C
Insured by FGIC 06/15/23 4.55 6,400,000 VMIG-1 A1+
9,000,000 New York City, NY Municipal Water Finance Authority RB
(Water & Sewer System) - Series C
LOC Dexia CLF 06/15/33 4.55 9,000,000 VMIG-1 A1+
5,000,000 New York City, NY Municipal Water Finance Authority RB
Municipal Securities Trust Receipts
Insured by MBIA Insurance Corp. 06/15/23 4.35 5,000,000 A1+
3,555,000 New York City, NY Municipal Water Finance Authority RB
Municipal Securities Trust Receipts
Insured by MBIA Insurance Corp. 06/15/29 4.35 3,555,000 A1+
5,245,000 New York City, NY Trust for Cultural Resources (Carnegie Hall) - Series 1990
LOC Westdeutsche Landesbank 12/01/10 4.15 5,245,000 VMIG-1 A1+
6,400,000 New York City Transitional Finance Authority - Subseries B-1 11/01/27 4.60 6,400,000 VMIG-1 A1+
7,500,000 New York City Transitional Finance Authority - Subseries B-2 11/01/26 4.60 7,500,000 VMIG-1 A1+
3,100,000 New York City Transitional Finance Authority - Series C
LOC Bayerische Landesbank 05/01/28 4.60 3,100,000 VMIG-1
</TABLE>
--------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
<PAGE>
--------------------------------------------------------------------------------
================================================================================
<TABLE>
<CAPTION>
Ratings (a)
-------------
Face Maturity Value Standard
Amount Date Yield (Note 1) Moody's & Poor's
------ ---- ----- ------ ------- --------
Variable Rate Demand Instruments (b) (Continued)
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
$ 3,000,000 New York State Dormitory Authority RB (Cornell University) - Series A
LOC Toronto Dominion Bank 07/01/29 4.10% $ 3,000,000 A1+
3,700,000 New York State Dormitory Authority RB
(Memorial Sloan-Kettering Cancer Center) - Series B
LOC Chase Manhattan Bank, N.A. 07/01/19 4.60 3,700,000 VMIG-1 A1+
2,000,000 New York State Dormitory Authority RB
(Memorial Sloan-Kettering Cancer Center) - Series 1989A
LOC Chase Manhattan Bank, N.A. 07/01/19 4.60 2,000,000 VMIG-1 A1+
7,995,000 New York State Dormitory Authority RB
(Memorial Sloan-Kettering Cancer Center) - Series 1989D
LOC Chase Manhattan Bank, N.A. 07/01/19 4.15 7,995,000 VMIG-1 A1+
2,100,000 New York State ERDA PCRB
(Niagara Mohawk Power Corporation) - Series 1985A
LOC Toronto Dominion Bank 07/01/15 4.75 2,100,000 A1+
11,300,000 New York State ERDA PCRB
(Niagara Mohawk Power Corporation) - Series 1985C
LOC Canadian Imperial Bank of Commerce 12/01/25 4.60 11,300,000 P1
6,000,000 New York State ERDA PCRB
(Niagara Mohawk Power Corporation) - Series 1987A
LOC Toronto Dominion Bank 03/01/27 4.50 6,000,000 P1
1,100,000 New York State ERDA PCRB (Niagara Mohawk Power Corporation)
LOC Toronto Dominion Bank 12/01/25 4.60 1,100,000 P1
1,200,000 New York State ERDA PCRB (Niagara Mohawk Power Corporation)
LOC Toronto Dominion Bank 12/01/26 4.65 1,200,000 P1
5,000,000 New York State HFA RB (E 39th Street Housing)
LOC Key Bank, N.A. 11/01/32 4.15 5,000,000 VMIG-1
12,000,000 New York State HFA (Normandie Court Project)
Collateralized by Federal National Mortgage Association 11/01/29 4.25 12,000,000 VMIG-1
12,000,000 New York State HFA (Saxony Housing) - Series 1997A
LOC Chase Manhattan Bank, N.A. 11/01/30 4.20 12,000,000 P1
4,000,000 New York State HFA RB (Union Square Housing)
Collateralized by Federal National Mortgage Association 05/15/24 4.20 4,000,000 VMIG-1
7,200,000 New York State HFA (70 Battery Place) - Series A
Collateralized by Federal National Mortgage Association 05/15/29 4.25 7,200,000 VMIG-1
2,400,000 New York State Local Government Assistance Corporation - Series C
LOC Landesbank Hessen 04/01/25 4.05 2,400,000 VMIG-1 A1+
1,000,000 New York State Local Government Assistance Corporation - Series E
LOC Bank of Nova Scotia 04/01/25 4.05 1,000,000 VMIG-1 A1+
</TABLE>
--------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
<PAGE>
--------------------------------------------------------------------------------
NEW YORK DAILY TAX FREE INCOME FUND, INC.
STATEMENT OF NET ASSETS (CONTINUED)
OCTOBER 31, 2000
(UNAUDITED)
================================================================================
<TABLE>
<CAPTION>
Ratings (a)
----------------
Face Maturity Value Standard
Amount Date Yield (Note 1) Moody's & Poor's
------ ---- ----- ------ ------- --------
Variable Rate Demand Instruments (b) (Continued)
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
$ 900,000 New York State Medical Care Facility Financial Authority
LOC Chase Manhattan Bank, N.A. 11/01/15 4.10% $ 900,000 VMIG-1
9,995,000 New York State Medical Care Facilities RB
LOC Merrill Lynch & Company, Inc. 02/15/25 4.34 9,995,000 A1+
300,000 New York State Medical Care Pooled Equipment Authority - Series 1994A
LOC Chase Manhattan Bank, N.A. 11/01/03 4.05 300,000 VMIG-1
4,100,000 New York State Thruway Authority General RB
Insured by FGIC 01/01/24 4.60 4,100,000 VMIG-1 A1+
15,000,000 Niagara County, NY IDA (American Refuel Company)
LOC Chase Manhattan Bank, N.A. 11/15/26 4.20 15,000,000 P1 A1+
995,000 Port Authority of New York & New Jersey 12/01/12 4.39 995,000 A1+
6,300,000 Port Authority of New York & New Jersey Versitile Structure Obligation 08/01/24 4.60 6,300,000 VMIG-1 A1+
2,000,000 Puerto Rico Commonwealth
Insured by AMBAC Indemnity Corp. 07/01/10 3.98 2,000,000 A1+
2,000,000 Puerto Rico Industrial Medical & Environmental PCFA PCRB
(Ana Mendez Foundation)
LOC Banco Santander 10/01/21 3.85 2,000,000 A1+
2,000,000 Saint Lawrence County, NY IDA (Aluminum Company of America) 12/01/33 4.33 2,000,000 A1
3,200,000 Solomon R. Guggenheim Foundation Trusty for Cultural Resources
LOC Union Bank of Switzerland 12/01/15 4.45 3,200,000 A1+
5,000,000 Warren & Washington Counties, NY IDA IDRB
(Griffith Micro Science Incorporated Project) - Series 1994
LOC Banc One Capital Market 12/01/14 4.50 5,000,000 A1+
----------- -----------
344,870,000 Total Variable Rate Demand Instruments 344,870,000
----------- -----------
<CAPTION>
Put Bonds (d) (2.57%)
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
$ 12,455,000 New York State Dormitory Authority - Series PPT-5
Insured by FHA 04/11/01 4.65% $ 12,455,000 A1+
---------- -----------
12,455,000 Total Put Bonds 12,455,000
---------- -----------
<CAPTION>
Tax Exempt Commercial Paper (12.82%)
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
$ 11,000,000 Long Island Power Authority (Electric System Subordinated) - Series 3
LOC Bayerische Landesbank/Westdeutsche Landesbank 11/07/00 4.10% $ 11,000,000 VMIG-1 A1+
2,000,000 Long Island Power Authority (Electric System Subordinated)
LOC Bayerische Landesbank/Westdeutsche Landesbank 11/15/00 4.20 2,000,000 VMIG-1 A1+
8,000,000 MTA Transportation Facilities Special Obligation BAN 1998B - Series CP-1
LOC ABN AMRO Bank N.A. 11/09/00 4.10 8,000,000 P1 A1+
2,000,000 New York City, NY GO Bond Fiscal 1994 - Series H-6
Insured by MBIA Insurance Corp. 11/15/00 4.20 2,000,000 MIG-1 A1+
</TABLE>
--------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
<PAGE>
--------------------------------------------------------------------------------
================================================================================
<TABLE>
<CAPTION>
Ratings (a)
----------------
Face Maturity Value Standard
Amount Date Yield (Note 1) Moody's & Poor's
------ ---- ----- ------ ------- -------
Tax Exempt Commercial Paper (Continued)
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
$ 3,000,000 New York City Municipal Water Finance Authority - Series 5B
LOC Bayerische Landesbank/Westdeutsche Landesbank/
Landesbank Hessen 11/08/00 4.25% $ 3,000,000 P1 A1+
4,000,000 New York City Municipal Water Finance Authority
LOC Canadian Imperial Bank of Commerce 11/09/00 4.30 4,000,000 P1 A1+
4,000,000 New York Power Authority - Series 4 12/05/00 4.20 4,000,000 P1 A1
5,000,000 New York Power Authority - Series 4 12/06/00 4.10 5,000,000 P1 A1
5,500,000 New York State Environmental Facilities Corporation
Solid Waste Refunding RB - Series 1997A 11/15/00 4.20 5,500,000 P1 A1+
2,600,000 New York State Environmental Quality
LOC Bayerische Landesbank/Landesbank Hessen 12/13/00 4.20 2,600,000 VMIG-1 A1+
15,000,000 New York Triborough Bridge Tunnel Authority BAN - Series A 01/24/01 4.45 15,000,000 VMIG-1 SP1+
---------- -----------
62,100,000 Total Tax Exempt Commercial Paper 62,100,000
---------- -----------
<CAPTION>
Variable Rate Demand Instruments - Participations (b) (0.01%)
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
$ 23,294 Texpak Incorporated Project
LOC Chase Manhattan Bank, N.A. 01/01/01 6.18% $ 23,294 P1 A1
---------- -----------
23,294 Total Variable Rate Demand Instruments - Participations 23,294
---------- -----------
<CAPTION>
Variable Rate Demand Instruments - Private Placements (b) (2.12%)
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
$ 48,567 Adirondack Transit Lines
LOC Key Bank, N.A. 02/01/01 5.70% $ 48,567 P1 A1
6,500,000 Blaser Real Estate 1990
LOC Union Bank of Switzerland 09/01/21 6.18 6,500,000 P1 A1
2,765,000 New York City Civic Facilities IDA RB 1997
(Epiphany Community Nursery School Project)
LOC Bank of New York 05/01/11 4.38 2,765,000 VMIG-1
237,083 Troy Mall Associates - Series 1985B
LOC Key Bank, N.A. 07/01/15 5.70 237,083 P1 A1
748,750 Troy Mall Associates - Series 1985C
LOC Key Bank, N.A. 04/01/16 5.70 748,750 P1 A1
---------- ------------
10,299,400 Total Variable Rate Demand Instruments - Private Placements 10,299,400
---------- ------------
Total Investments (100.62%) (Cost $487,372,684+) 487,372,684
Liabilities in Excess of Cash and Other Assets (-0.62%) ( 2,987,186)
------------
Net Assets (100.00%) $484,385,498
` ============
Net Asset Value offering and redemption price per share:
Class A Shares, 320,860,929 shares outstanding (Note 3) $ 1.00
============
Class B Shares, 57,636,364 shares outstanding (Note 3) $ 1.00
============
Evergreen Shares, 20,186,715 shares outstanding (Note 3) $ 1.00
============
Victory Shares, 85,705,193 shares outstanding (Note 3) $ 1.00
============
+ Aggregate cost for federal income tax purposes is identical.
</TABLE>
--------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
<PAGE>
--------------------------------------------------------------------------------
NEW YORK DAILY TAX FREE INCOME FUND, INC.
STATEMENT OF NET ASSETS (CONTINUED)
OCTOBER 31, 2000
(UNAUDITED)
================================================================================
FOOTNOTES:
(a) Unless the variable rate demand instruments are assigned their own ratings,
the ratings are those of the holding company of the bank whose letter of
credit guarantees the issue or the insurance company who insures the issue.
All letters of credit and insurance are irrevocable and direct pay covering
both principal and interest. Certain issuers have either a line of credit,
a liquidity facility, a standby purchase agreement or some other financing
mechanism to ensure the remarketing of the securities. This is not a
guarantee and does not serve to insure or collateralize the issue.
(b) Securities payable on demand at par including accrued interest (usually
with seven days notice) and where indicated are unconditionally secured as
to principal and interest by a bank letter of credit. The interest rates
are adjustable and are based on bank prime rates or other interest rate
adjustment indices. The rate shown is the rate in effect at the date of
this statement.
(c) Securities that are not rated which the Fund's Board of Directors has
determined to be of comparable quality to those rated securities in which
the Fund invests.
(d) The maturity date indicated is the next put date.
<TABLE>
<CAPTION>
KEY:
<S> <C> <C> <C> <C> <C>
BAN = Bond Anticipation Note IDRB = Industrial Development Revenue Bond
ERDA = Energy and Research Development Authority LOC = Letter of Credit
FGIC = Financial Guaranty Insurance Company PCFA = Pollution Control Financial Authority
FHA = Federal Housing Administration PCRB = Pollution Control Revenue Bond
GO = General Obligation RAN = Revenue Anticipation Note
HFA = Housing Finance Authority RB = Revenue Bond
IDA = Industrial Development Authority
</TABLE>
--------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
<PAGE>
--------------------------------------------------------------------------------
NEW YORK DAILY TAX FREE INCOME FUND, INC.
STATEMENT OF OPERATIONS
SIX MONTHS ENDED OCTOBER 31, 2000
(UNAUDITED)
================================================================================
<TABLE>
<CAPTION>
INVESTMENT INCOME
<S> <C>
Income:
Interest.............................................................. $ 9,811,793
--------------
Expenses: (Note 2)
Investment management fee............................................. 699,423
Administration fee.................................................... 489,596
Shareholder servicing fee (Class A)................................... 307,041
Shareholder servicing fee (Evergreen shares).......................... 18,520
Shareholder servicing fee (Victory shares)............................ 82,771
Custodian expenses.................................................... 32,699
Shareholder servicing and
related shareholder expenses+..................................... 216,282
Legal, compliance and filing fees..................................... 33,127
Audit and accounting.................................................. 45,065
Directors' fees and expenses.......................................... 12,463
Other expenses........................................................ 14,003
--------------
Total expenses.................................................... 1,950,990
Less: Expenses paid indirectly.................................... ( -0- )
-------------
Net expenses.................................................. 1,950,990
--------------
Net investment income................................................... 7,860,803
REALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) on investments.................................. -0-
--------------
Increase in net assets from operations................................... $ 7,860,803
==============
+ Includes class specific transfer agency expenses of $145,471, $14,472,
$8,774, $39,215 for Class A, Class B, Evergreen, and Victory shares,
respectively.
</TABLE>
--------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
<PAGE>
--------------------------------------------------------------------------------
NEW YORK DAILY TAX FREE INCOME FUND, INC.
STATEMENTS OF CHANGES IN NET ASSETS
================================================================================
<TABLE>
<CAPTION>
Six Months
Ended Year
October 31, 2000 Ended
(Unaudited) April 30, 2000
--------------- ---------------
INCREASE (DECREASE) IN NET ASSETS
<S> <C> <C>
Operations:
Net investment income......................................... $ 7,860,803 $ 12,514,692
Net realized gain (loss) on investments....................... -0- -0-
--------------- ---------------
Increase in net assets from operations........................ 7,860,803 12,514,692
Dividends to shareholders from net investment income
Class A....................................................... ( 5,136,936)* ( 10,128,205)*
Class B....................................................... ( 1,034,656)* ( 776,671)*
Evergreen shares.............................................. ( 309,255)* ( 316,654)*
Victory shares................................................ ( 1,379,956)* ( 1,293,162)*
Capital share transactions (Note 3)
Class A....................................................... ( 2,357,833) ( 150,749,733)
Class B....................................................... 18,359,380 31,899,945
Evergreen shares.............................................. 2,000,805 18,185,910
Victory shares................................................ 19,959,697 65,745,496
--------------- ---------------
Total increase (decrease)................................. 37,962,049 ( 34,918,382)
Net assets:
Beginning of period........................................... 446,423,449 481,341,831
--------------- ---------------
End of period................................................. $ 484,385,498 $ 446,423,449
=============== ===============
* Designated as exempt-interest dividends for federal income tax purposes.
</TABLE>
--------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
<PAGE>
--------------------------------------------------------------------------------
NEW YORK DAILY TAX FREE INCOME FUND, INC.
NOTES TO FINANCIAL STATEMENTS
(UNAUDITED)
================================================================================
1. Summary of Accounting Policies
New York Daily Tax Free Income Fund, Inc. is a no-load, non-diversified,
open-end management investment company registered under the Investment Company
Act of 1940. The Fund is a short-term, tax exempt money market fund. The Fund
has four classes of stock authorized, Class A, Class B, Evergreen and Victory
Shares. The Class A, Evergreen and Victory shares are subject to a service fee
pursuant to the Distribution Plan. The Class B shares are not subject to a
service fee. Additionally, the Fund may allocate among its classes certain
expenses to the extent allowable to specific classes, including transfer agent
fees, government registration fees, certain printing and postage costs, and
administrative and legal expenses. Class specific expenses of the Fund were
limited to shareholder servicing fees and transfer agent expenses. In all other
respects, all share classes represent the same interest in the income and assets
of the Fund. Distribution of Class B shares commenced October 10, 1996. The
Evergreen and Victory shares commenced on August 27,1999.
The Fund's financial statements are prepared in accordance with accounting
principles generally accepted in the United States of America for investment
companies as follows:
a) Valuation of Securities -
Investments are valued at amortized cost. Under this valuation method, a
portfolio instrument is valued at cost and any discount or premium is
amortized on a constant basis to the maturity of the instrument. The
maturity of variable rate demand instruments is deemed to be the longer of
the period required before the Fund is entitled to receive payment of the
principal amount or the period remaining until the next interest rate
adjustment.
b) Federal Income Taxes -
It is the Fund's policy to comply with the requirements of the Internal
Revenue Code applicable to regulated investment companies and to distribute
all of its tax exempt and taxable income to its shareholders. Therefore, no
provision for federal income tax is required.
c) Dividends and Distributions -
Dividends from investment income (excluding capital gains and losses, if
any, and amortization of market discount) are declared daily and paid
monthly. Distributions of net capital gains, if any, realized on sales of
investments are made after the close of the Fund's fiscal year, as declared
by the Fund's Board of Directors.
d) Use of Estimates -
The preparation of financial statements in conformity with accounting
principles generally accepted in the United States of America requires
management to make estimates and assumptions that effect the reported
amounts of assets and liabilities and disclosure of contingent assets and
liabilities at the date of the financial statements and the reported
amounts of increases and decreases in net assets from operations during the
reporting period. Actual results could differ from those estimates.
e) General -
Securities transactions are recorded on a trade date basis. Interest income
is accrued as earned. Realized gains and losses from securities
transactions are recorded on the identified cost basis.
2. Investment Management Fees and Other Transactions with Affiliates
Under the Investment Management Contract, the Fund pays an investment management
fee to Reich & Tang Asset Management L.P. (Manager), equal to .30% of the Fund's
average daily net assets.
<PAGE>
--------------------------------------------------------------------------------
NEW YORK DAILY TAX FREE INCOME FUND, INC.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
(UNAUDITED)
================================================================================
2. Investment Management Fees and Other Transactions with Affiliates (Continued)
Pursuant to an Administrative Services Agreement, the Fund pays to the Manager
an annual fee of .21% of the Fund's average daily net assets.
Pursuant to a Distribution Plan adopted under Securities and Exchange Commission
Rule 12b-1, the Fund and Reich & Tang Distributors, Inc. (the Distributor) have
entered into a Distribution Agreement and a Shareholder Servicing Agreement,
with respect to the Class A, Evergreen and Victory shares of the Fund. For its
services under the Shareholder Servicing Agreement, the Distributor receives
from the Fund a fee equal to .20% of the Fund's average daily net assets with
respect to such classes. There were no additional expenses borne by the Fund
pursuant to the Distribution Plan.
Included in the Statement of Operations under the caption "Shareholder servicing
and related shareholder expenses" are fees of $115,579 paid to Reich & Tang
Services, Inc., an affiliate of the Manager as shareholder servicing agent for
the Fund.
Fees are paid to Directors who are unaffiliated with the Manager on the basis of
$3,000 per annum plus $500 per meeting attended.
3. Capital Stock
At October 31, 2000, 20,000,000,000 shares of $.001 par value stock were
authorized and capital paid in amounted to $484,387,512. Transactions in capital
stock, all at $1.00 per share, were as follows:
<TABLE>
<CAPTION>
Six Months
Ended Year
October 31, 2000 Ended
(Unaudited) April 30, 2000
------------ --------------
CLASS A
-------
<S> <C> <C>
Sold...................................... 395,275,494 629,533,666
Issued on reinvestment of dividends....... 4,916,430 9,990,794
Redeemed.................................. (402,549,757) (790,274,193)
----------- -----------
Net increase (decrease)................... ( 2,357,833) (150,749,733)
=========== ===========
<CAPTION>
Six Months
Ended Year
October 31, 2000 Ended
(Unaudited) April 30, 2000
------------ --------------
CLASS B
-------
<S> <C> <C>
Sold...................................... 159,841,399 187,905,596
Issued on reinvestment of dividends....... 948,090 713,071
Redeemed.................................. (142,430,109) (156,718,722)
----------- -----------
Net increase (decrease)................... 18,359,380 31,899,945
=========== ===========
</TABLE>
<PAGE>
--------------------------------------------------------------------------------
================================================================================
3. Capital Stock (Continued)
<TABLE>
<CAPTION>
Six Months
Ended August 27, 1999
October 31, 2000 (Commencement of Offering)
(Unaudited) to April 30, 2000
------------ -----------------
EVERGREEN SHARES
----------------
<S> <C> <C>
Sold...................................... 17,111,766 46,384,646
Issued on reinvestment of dividends....... 309,202 315,190
Redeemed.................................. ( 15,420,163) ( 28,513,926)
----------- -----------
Net increase (decrease)................... 2,000,805 18,185,910
=========== ===========
<CAPTION>
Six Months
Ended August 27, 1999
October 31, 2000 (Commencement of Offering)
(Unaudited) to April 30, 2000
------------ -----------------
VICTORY SHARES
---------------
<S> <C> <C>
Sold...................................... 68,599,107 136,468,489
Issued on reinvestment of dividends....... 1,379,760 1,293,058
Redeemed.................................. ( 50,019,170) ( 72,016,051)
----------- -----------
Net increase (decrease)................... 19,959,697 65,745,496
=========== ===========
</TABLE>
4. Sales of Securities
Accumulated undistributed realized losses at October 31, 2000 amounted to
$2,014. Such losses represent tax basis net capital losses which may be carried
forward to offset future capital gains. Such losses expire April 30, 2005.
5. Concentration of Credit Risk
The Fund invests primarily in obligations of political subdivisions of the State
of New York and, accordingly, is subject to the credit risk associated with the
non-performance of such issuers. Approximately 77% of these investments are
further secured, as to principal and interest, by credit enhancements such as
letters of credit, municipal bond insurance, and guarantees issued by financial
institutions. The Fund maintains a policy of monitoring its exposure by
reviewing the credit worthiness of the issuers, as well as that of the financial
institutions issuing the credit enhancements, and by limiting the amount of
holdings with credit enhancements from one financial institution.
<PAGE>
--------------------------------------------------------------------------------
NEW YORK DAILY TAX FREE INCOME FUND, INC.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
(UNAUDITED)
================================================================================
6. Financial Highlights
<TABLE>
<CAPTION>
Six Months Year Ended April 30,
Class A Ended ----------------------------------------------------------------
------- October 31, 2000 2000 1999 1998 1997 1996
---------------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
Per Share Operating Performance:
(for a share outstanding throughout the period)
Net asset value, beginning of period.. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------- -------- -------- -------- -------- --------
Income from investment operations:
Net investment income....................... 0.017 0.026 0.025 0.029 0.028 0.030
Less distributions:
Dividends from net investment income ( 0.017) ( 0.026) ( 0.025) ( 0.029) ( 0.028) ( 0.030)
------- ------- ------- ------- ------- -------
Net asset value, end of period................. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======== ======== ======== ========
Total Return................................... 1.70%** 2.62% 2.48% 2.90% 2.80% 3.08%
Ratios/Supplemental Data
Net assets, end of period (000)................ $ 320,858 $ 323,216 $ 473,965 $ 370,044 $ 323,746 $ 283,368
Ratios to average net assets:
Expenses..................................... 0.87%* 0.86% 0.85% 0.85% 0.82% 0.84%
Net investment income........................ 3.34%* 2.59% 2.43% 2.85% 2.76% 3.02%
<CAPTION>
Year Ended
Six Months April 30, October 10, 1996
CLASS B Ended ----------------------------------- (Commencement of Sales) to
------- October 31, 2000 2000 1999 1998 April 30, 1997
---------------- ------- -------- -------- --------------
<S> <C> <C> <C> <C> <C>
Per Share Operating Performance:
(for a share outstanding throughout the period)
Net asset value, beginning of period.. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------- -------- -------- -------- --------
Income from investment operations:
Net investment income....................... 0.018 0.028 0.027 0.031 0.017
Less distributions:
Dividends from net investment income ( 0.018) ( 0.028) ( 0.027) ( 0.031) ( 0.017)
------- ------- ------- ------- -------
Net asset value, end of period................. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======== ======== ========
Total Return................................... 1.82%** 2.84% 2.70% 3.12% 3.02%*
Ratios/Supplemental Data
Net assets, end of period (000)................ $ 57,636 $ 39,277 $ 7,377 $ 4,412 $ 7
Ratios to average net assets:
Expenses..................................... 0.62%* 0.64% 0.64% 0.64% 0.62%*
Net investment income........................ 3.57%* 2.87% 2.68% 2.94% 2.99%*
* Annualized
** Unannualized
</TABLE>
<PAGE>
--------------------------------------------------------------------------------
================================================================================
6. Financial Highlights (Continued)
<TABLE>
<CAPTION>
Six Months August 27, 1999
EVERGREEN SHARES Ended (Commencement of Offering)
---------------- October 31, 2000 to April 30, 2000
---------------- -----------------
<S> <C> <C>
Per Share Operating Performance:
(for a share outstanding throughout the period)
Net asset value, beginning of period........... $ 1.00 $ 1.00
-------- --------
Income from investment operations:
Net investment income....................... 0.017 0.018
Less distributions:
Dividends from net investment income ( 0.017) ( 0.018)
------- -------
Net asset value, end of period................. $ 1.00 $ 1.00
======== ========
Total Return................................... 1.70%** 1.84%**
Ratios/Supplemental Data
Net assets, end of period (000)................ $ 20,187 $ 18,186
Ratios to average net assets:
Expenses.................................... 0.87%* 0.86%*
Net investment income....................... 3.34%* 2.59%*
<CAPTION>
Six Months August 27, 1999
VICTORY SHARES Ended (Commencement of Offering)
-------------- October 31, 2000 to April 30, 2000
---------------- -----------------
<S> <C> <C>
Per Share Operating Performance:
(for a share outstanding throughout the period)
Net asset value, beginning of period........... $ 1.00 $ 1.00
-------- --------
Income from investment operations:
Net investment income....................... 0.017 0.018
Less distributions:
Dividends from net investment income ( 0.017) ( 0.018)
------- -------
Net asset value, end of period................. $ 1.00 $ 1.00
======== ========
Total Return................................... 1.70%** 1.84%**
Ratios/Supplemental Data
Net assets, end of period (000)................ $ 85,704 $ 65,745
Ratios to average net assets:
Expenses.................................... 0.87%* 0.86%*
Net investment income....................... 3.34%* 2.59%*
* Annualized
** Unannualized
</TABLE>
<PAGE>
--------------------------------------------------------------------------------
-------------------------------------------------------
This report is submitted for the general information
of the shareholders of the Fund. It is not authorized
for distribution to prospective investors in the Fund
unless preceded or accompanied by an effective
prospectus, which includes information regarding the
Fund's objectives and policies, experience of its
management, marketability of shares, and other
information.
-------------------------------------------------------
New York Daily Tax Free Income Fund, Inc.
600 Fifth Avenue
New York, New York 10020
Manager
Reich & Tang Asset Management L.P.
600 Fifth Avenue
New York, New York 10020
Custodian
Investors Fiduciary Trust Company
801 Pennsylvania
Kansas City, Missouri 64105
Transfer Agent &
Dividend Disbursing Agent
Reich & Tang Services, Inc.
600 Fifth Avenue
New York, New York 10020
NY1000S
--------------------------------------------------------------------------------
<PAGE>
--------------------------------------------------------------------------------
NEW YORK
DAILY
TAX FREE
INCOME
FUND, INC.
Semi-Annual Report
October 31, 2000
(Unaudited)
--------------------------------------------------------------------------------
<PAGE>
