<PAGE>
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CONNECTICUT
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 Connecticut Daily Tax Free
Income Fund, Inc. for the period February 1, 1999 through July 31, 1999.
The Fund had net assets of $190,047,609 and 500 active shareholders as of July
31, 1999.
Thank you for your support and we look forward to continuing to serve your cash
management needs.
Sincerely,
\s\Steven W. Duff
Steven W. Duff
President
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<PAGE>
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CONNECTICUT DAILY TAX FREE INCOME FUND, INC.
STATEMENT OF NET ASSETS
JULY 31, 1999
(UNAUDITED)
================================================================================
<TABLE>
<CAPTION>
Ratings (a)
-----------------
Face Maturity Value Standard
Amount Date Yield (Note 1) Moody's & Poor's
------ ---- ----- ------ ------- -------
Other Tax Exempt Investments (18.04%)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
$ 450,000 Connecticut Regional School District #6 (c) 06/01/00 3.13% $ 460,219
3,125,000 Connecticut State Assessment Unemployment Compensation (c)
Insured by AMBAC Indemnity Corp. 11/15/99 2.97 3,142,067
1,610,000 Connecticut State GO Bonds - Series B (c) 03/15/00 2.93 1,619,727
2,640,000 Milford, CT BAN (c) 11/10/99 2.76 2,643,164
2,910,000 Norwich, CT BAN (c) 11/04/99 2.74 2,911,600
3,550,000 Puerto Rico Commonwealth Highway RB - Series Q
Collateralized by U.S. Government Obligations 07/01/00 2.98 3,762,820 AAA
2,100,000 Towns of Bethany and Orange, CT
Regional School District #5 (c) 03/23/00 2.79 2,105,458
3,000,000 Towns of Bethlehem and Woodbury, CT
Regional School District #14 (c) 06/01/00 3.05 3,000,698
2,705,000 Town of Brookfield, CT BAN (c) 12/09/99 2.70 2,707,278
4,235,000 Town of Ledyard, CT BAN (c) 09/15/99 2.83 4,235,100
1,735,000 Town of Manchester, CT GO (c) 07/06/00 3.34 1,744,323
1,275,000 Town of New Canaan, CT BAN (c) 09/15/99 3.06 1,275,224
3,350,000 Town of Rocky Hill, CT GO BAN (c) 03/15/00 3.09 3,357,460
1,325,000 Westport, CT GO Bonds (c) 09/15/99 3.20 1,327,258
------------- ------------
34,010,000 Total Other Tax Exempt Investments 34,292,396
------------- ------------
<CAPTION>
Other Variable Rate Demand Instruments (b) (49.76%)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
$ 3,100,000 Connecticut Development Authority Refunding Airport Hotel RB
(Bradley Airport Hotel Project) - Series 1997A
LOC Kredietbank 03/01/17 3.00% $ 3,100,000 VMIG-1
1,000,000 Connecticut Development Authority Refunding Airport Hotel RB
(Bradley Airport Hotel Project) - Series 1997B
LOC Royal Bank Of Canada 03/01/17 3.00 1,000,000 VMIG-1
7,600,000 Connecticut Development Authority PCRB
(CT Light & Power Company Project) - Series 1996A
Insured by AMBAC Indemnity Corp. 05/01/31 2.80 7,600,000 VMIG-1 A1+
2,000,000 Connecticut HEFA (Edgeville Life Center in Greenwich) - Series B
LOC Banque Paribas 07/01/04 2.85 2,000,000 VMIG-1
5,000,000 Connecticut HFA (Elm Haven) - Series A (c)
LOC Fleet National Bank 12/01/17 3.15 5,000,000
</TABLE>
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See Notes to Financial Statements.
<PAGE>
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<TABLE>
<CAPTION>
Ratings (a)
-----------------
Face Maturity Value Standard
Amount Date Yield (Note 1) Moody's & Poor's
------ ---- ----- ------ ------- -------
Other Variable Rate Demand Instruments (b) (Continued)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
$ 800,000 Connecticut HFA Housing
Mortgage Finance Program Bonds - Series 1995G
Insured by AMBAC Indemnity Corp. 05/15/18 3.00% $ 800,000 VMIG-1 A1+
6,750,000 Connnecticut Resources Recovery Authority
(Ref-Fuel Company of South East Connecticut - Duke Capital) 11/15/15 3.15 6,750,000 A1
1,700,000 Connecticut State Development Authority (Independent Living)
LOC Chase Manhattan Bank, N.A. 07/01/15 2.95 1,700,000 VMIG-1
6,000,000 Connecticut State Development Authority IDRB
(Gerber Scientific Incorporated)
LOC Wachovia Bank & Trust Co., N.A. 12/01/14 3.15 6,000,000 A1+
17,475,000 Connecticut State Special Tax Obligation RB
(Second Lien Transportation Infrastructure)
LOC Commerzbank A.G. 12/01/10 3.10 17,475,000 P1 A1+
1,855,000 Puerto Rico Ana Mendez University System
(Industrial Tourist Educational, Medical & Environmental)
LOC Banco Santander 10/01/21 2.60 1,855,000 A1+
6,000,000 Puerto Rico Commonwealth GO
(Puerto Rico Electric Power Authority)
Insured by MBIA Insurance Corp. 07/01/23 2.96 6,000,000 VMIG-1
2,000,000 Puerto Rico Public Finance Corporation
(Commonwealth Appropriation)
Insured by AMBAC Indemnity Corp. 12/01/06 2.96 2,000,000 A1
1,660,000 Shelton, CT Housing Authority RB (c)
LOC First Union National Bank 01/01/31 3.00 1,660,000
3,000,000 Puerto Rico Electric Power Authority - Series AA
Insured by MBIA Insurance Corp. 07/01/22 2.95 3,000,000 A1+
4,950,000 State of Connecticut GO BTP-293 03/15/09 3.30 4,950,000 VMIG-1
5,100,000 State of Connecticut HEFA
(Bradley Health Care Issue) - Series B
LOC Fleet National Bank 07/01/29 2.75 5,100,000 VMIG-1
1,400,000 State of Connecticut HEFA (Charlotte Hungerford Hospital)
LOC Bank of Boston 07/01/13 3.00 1,400,000 VMIG-1
1,600,000 State of Connecticut HEFA
(Hospital of Saint Raphael Issue) - Series K
LOC Kredietbank 07/01/22 2.70 1,600,000 VMIG-1
</TABLE>
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See Notes to Financial Statements.
<PAGE>
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CONNECTICUT DAILY TAX FREE INCOME FUND, INC.
STATEMENT OF NET ASSETS (CONTINUED)
JULY 31, 1999
(UNAUDITED)
================================================================================
<TABLE>
<CAPTION>
Ratings (a)
-------------------
Face Maturity Value Standard
Amount Date Yield (Note 1) Moody's & Poor's
------ ---- ----- ------ ------- -------
Other Variable Rate Demand Instruments (b) (Continued)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
$ 1,185,000 State of Connecticut HEFA (Sharon Hospital Issue)
LOC Bank of Boston 07/01/27 3.00% $ 1,185,000 VMIG-1
12,000,000 State of Connecticut HEFA (Yale University) 07/01/29 2.75 12,000,000 VMIG-1 A1+
2,400,000 State of Connecticut HEFA - Series A
LOC Credit Locale De France 07/01/24 3.15 2,400,000 VMIG-1
------------- ------------
94,575,000 Total Other Variable Rate Demand Instruments 94,575,000
------------- ------------
<CAPTION>
Put Bonds (d) (10.10%)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
$ 1,000,000 Connecticut HEFA (Yale New Haven Hospital) - Series E
Insured by FGIC 06/01/00 3.20% $ 1,000,000 VMIG-1 A1+
8,200,000 Connecticut State Special Assessment
Unemployment Compensation RB
Insured by FGIC 07/01/00 3.38 8,200,000 VMIG-1 A1+
3,280,000 Puerto Rico Industrial Medical & Environmental PCFA
(Merk & Co.) (c) 12/01/99 2.95 3,278,934
6,710,000 Puerto Rico Industrial Medical & Environmental PCFA RB
(Reynolds Metals Corporation)
LOC ABN AMRO Bank N.V. 09/01/99 3.60 6,710,000 VMIG-1 A1+
------------- ------------
19,190,000 Total Put Bonds 19,188,934
------------- ------------
<CAPTION>
Revenue Bonds (0.92%)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
$ 730,000 Connecticut State Development Authority RB
(Life Care Facility- Seabury) (c)
LOC Asset Guaranty 09/01/99 3.30% $ 730,000
1,000,000 Connecticut State Special Tax Obligation RB
Transportation Infrastructure - Series A (c) 12/01/99 2.84 1,011,658
------------- ------------
1,730,000 Total Revenue Bonds 1,741,658
------------- ------------
<CAPTION>
Tax Exempt Commercial Paper (12.84%)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
$ 895,000 Connecticut HFA Mortgage Project 1989 - Series D
Guaranteed by FHA/VA/Private Mortgages 08/05/99 3.10% $ 895,000 VMIG-1 A1+
5,000,000 Puerto Rico Government Development Bank 08/05/99 2.95 5,000,000 A1+
6,000,000 Puerto Rico Government Development Bank 08/31/99 3.05 6,000,000 A1+
1,500,000 State of Connecticut HEFA RB (Yale University) 08/05/99 3.20 1,500,000 VMIG-1 A1+
2,000,000 State of Connecticut HEFA RB (Yale University) 02/16/00 3.00 2,000,000 VMIG-1 A1+
7,000,000 State of Connecticut Special Assessment Second Injury Fund
LOC Credit Agricole/Credit Commercial de Belgique 08/18/99 2.75 7,000,000 P1 A1+
</TABLE>
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See Notes to Financial Statements.
<PAGE>
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================================================================================
<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>
$ 2,000,000 State of Connecticut Special Assessment Second Injury Fund
LOC Credit Agricole/Credit Commercial de Belgique 09/02/99 3.00% $ 2,000,000 P1 A1+
------------- ------------
24,395,000 Total Tax Exempt Commercial Paper 24,395,000
------------- ------------
<CAPTION>
Variable Rate Demand Instruments - Participations (b) (0.31%)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
$ 585,000 Connecticut State Development Authority IDRB (Nefco Holding)
LOC Chase Manhattan Bank, N.A. 11/01/00 5.20% $ 585,000 P1 A1
------------- ------------
585,000 Total Variable Rate Demand Instruments - Participations 585,000
------------- ------------
Total Investments (91.97%) (Cost $174,777,988+) 174,777,988
Cash and Other Assets, Net of Liabilities (8.03%) 15,269,621
------------
Net Assets (100.00%) $190,047,609
============
Net Asset Value, offering and redemption price per share
Class A Shares, 159,441,507 Shares outstanding (Note 3) $ 1.00
============
Class B Shares, 30,630,161 Shares outstanding (Note 3) $ 1.00
============
+ Aggregate cost for federal income tax purposes is $174,775,839.
</TABLE>
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 issues 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 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 have
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>
AMBAC = American Municipal Bond Assurance Corporation IDRB = Industrial Development Revenue Bond
BAN = Bond Anticipation Note LOC = Letter of Credit
FGIC = Financial Guaranteed Insurance Company MBIA = Municipal Bond Insurance Association
GO = General Obligation PCFA = Pollution Control Finance Authority
HEFA = Health and Education Facilities Authority PCRB = Pollution Control Revenue Bond
HFA = Housing Finance Authority RB = Revenue Bond
</TABLE>
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See Notes to Financial Statements.
<PAGE>
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CONNECTICUT DAILY TAX FREE INCOME FUND, INC.
STATEMENT OF OPERATIONS
SIX MONTHS ENDED JULY 31, 1999
(UNAUDITED)
================================================================================
<TABLE>
<CAPTION>
INVESTMENT INCOME
<S> <C>
Income:
Interest....................................................................... $ 2,759,043
-------------------
Expenses: (Note 2)
Investment management fee..................................................... 274,082
Administration fee............................................................ 191,857
Shareholder servicing fee..................................................... 180,045
Custodian expenses............................................................ 9,668
Shareholder servicing and related shareholder expenses........................ 54,120
Legal, compliance and filing fees............................................. 32,530
Audit and accounting.......................................................... 36,790
Directors' fees............................................................... 7,525
Other......................................................................... 5,398
-------------------
Total expenses............................................................ 792,015
-------------------
Net investment income......................................................... 1,967,028
<CAPTION>
REALIZED GAIN (LOSS) ON INVESTMENTS
<S> <C>
Net realized gain (loss) on investments......................................... 1,603
-------------------
Increase in net assets from operations.......................................... $ 1,968,631
===================
</TABLE>
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See Notes to Financial Statements.
<PAGE>
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CONNECTICUT DAILY TAX FREE INCOME FUND, INC.
STATEMENTS OF CHANGES IN NET ASSETS
================================================================================
<TABLE>
<CAPTION>
Six Months
Ended Year
July 31, 1999 Ended
(Unaudited) January 31, 1999
--------- -----------------
INCREASE (DECREASE) IN NET ASSETS
<S> <C> <C>
Operations:
Net investment income...................................... $ 1,967,028 $ 4,302,232
Net realized gain (loss) on investments.................... 1,603 546
---------------- -----------------
Increase (decrease) in net assets from operations.............. 1,968,631 4,302,778
Dividends to shareholders from net investment income:
Class A.................................................... ( 1,936,732)* ( 4,298,462)*
Class B.................................................... ( 30,296)* ( 3,770)*
Capital share transactions (Note 3):
Class A.................................................... ( 22,811,632) 14,447,178
Class B.................................................... 30,241,402 384,423
---------------- -----------------
Total increase (decrease).................................. 7,431,373 14,832,147
Net assets:
Beginning of period........................................ 182,616,236 167,784,089
---------------- -----------------
End of period.............................................. $ 190,047,609 $ 182,616,236
================ =================
* Designated as exempt-interest dividends for federal income tax purposes.
</TABLE>
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See Notes to Financial Statements.
<PAGE>
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CONNECTICUT DAILY TAX FREE INCOME FUND, INC.
NOTES TO FINANCIAL STATEMENTS
(UNAUDITED)
================================================================================
1. Summary of Accounting Policies.
Connecticut 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 has two classes of stock authorized, Class A and Class B.
The Class A shares are subject to a service fee pursuant to the Distribution and
Service 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 the Class A
and Class B shares represent the same interest in the income and assets of the
Fund. The Fund is a short-term, tax-exempt money market Fund. Its financial
statements are prepared in accordance with generally accepted accounting
principles 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 generally
accepted accounting principles 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) at the annual rate of .30%
of the Fund's average daily net assets.
Pursuant to an Administrative Services Contract the Fund pays to the Manager an
annual fee of .21% of the Fund's average daily net assets.
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<PAGE>
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================================================================================
2. Investment Management Fees and Other Transactions with Affiliates.
(Continued)
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,
only with respect to Class A shares of the Fund. For its services under the
Shareholder Servicing Agreement, the Distributor receives from the Fund with
respect only to the Class A shares, a fee equal to .20% of the Fund's average
daily net assets. There were no additional expenses borne by the Fund pursuant
to the Distribution Plan.
Fees are paid to Directors who are unaffiliated with the Manager on the basis of
$3,000 per annum plus $500 per meeting attended.
Included in the Statement of Operations under the caption "Shareholder servicing
and related shareholder expenses" are fees of $45,843 paid to Reich & Tang
Services, Inc., an affiliate of the Manager, as servicing agent for the Fund.
3. Capital Stock.
At July 31, 1999, 20,000,000,000 shares of $.001 par value stock were authorized
and capital paid in amounted to $190,053,358. Transactions in capital stock, all
at $1.00 per share, were as follows:
<TABLE>
<CAPTION>
Six Months Year
Class A Ended Ended
- ------- July 31, 1999 January 31, 1999
------------- ----------------
<S> <C> <C>
Sold................................... 208,991,804 324,965,031
Issued on reinvestment of dividends.... 1,932,881 4,392,198
Redeemed............................... ( 233,736,317) ( 314,910,051)
------------- ------------
Net increase (decrease)................ ( 22,811,632) 14,447,178
============= ============
<CAPTION>
Six Months Year
Class B Ended Ended
- ------- July 31, 1999 January 31, 1999
------------- ----------------
<S> <C> <C>
Sold................................... 52,268,783 973,103
Issued on reinvestment of dividends.... 17,722 3,412
Redeemed............................... ( 22,045,103) ( 592,092)
------------- ------------
Net increase (decrease)................ 30,241,402 384,423
============= ============
</TABLE>
4. Sales of Securities.
Accumulated undistributed realized losses at July 31, 1999 amounted to $5,749.
At July 31, 1999 the Fund had tax basis capital losses of $7,898 which may be
carried forward to offset future capital gains. Such losses expire January 31,
2005 through January 31, 2006.
5. Concentration of Credit Risk.
The Fund invests primarily in obligations of political subdivisions of the State
of Connecticut and, accordingly, is subject to the credit risk associated with
the non-performance of such issuers. Approximately 39% of these investments are
further secured, as to principal and interest, by letters of credit issued by
financial institutions. The Fund maintains a policy of monitoring its exposure
by reviewing the creditworthiness of the issuers, as well as that of the
financial institutions issuing the letters of credit, and by limiting the amount
of holdings with letters of credit from one financial institution.
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<PAGE>
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CONNECTICUT DAILY TAX FREE INCOME FUND, INC.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
(UNAUDITED)
================================================================================
<TABLE>
<CAPTION>
6. Financial Highlights.
Six Months Year Ended January 31,
Class A Ended -------------------------------------------------------------
- ------- July 31, 1999 1999 1998 1997 1996 1995
------------- -------- -------- -------- -------- --------
<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................. 0.011 0.025 0.027 0.026 0.030 0.023
Less distributions:
Dividends from net investment income.. ( 0.011) ( 0.025) ( 0.027) ( 0.026) ( 0.030) ( 0.023)
--------- --------- --------- --------- --------- ---------
Net asset value, end of period.......... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
========= ========= ========= ========= ========= =========
Total Return............................ 2.19%* 2.52% 2.74% 2.59% 3.02% 2.29%
Ratios/Supplemental Data
Net assets, end of period (000)......... $159,421 $182,227 $167,780 $136,606 $105,826 $ 81,801
Ratios to average net assets:
Expenses.............................. 0.87%* 0.88% 0.89% 0.91% 0.91% 0.88%
Net investment income................. 2.15%* 2.48% 2.70% 2.56% 2.96% 2.25%
Management and Administration fees waived -- -- -- -- 3.02% 2.02%
Expenses paid indirectly.............. -- -- -- 0.02% -- --
<CAPTION>
Year Ended
Six Months January 31, October 10, 1996
Class B Ended ---------------------- (Commencement of Offering) to
- ------- July 31, 1999 1999 1998 January 31, 1997
------------- -------- -------- ----------------
<S> <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
-------- -------- -------- --------
Income from investment operations:
Net investment income................. 0.012 0.027 0.029 0.009
Less distributions:
Dividends from net investment income.. ( 0.012) ( 0.027) ( 0.029) ( 0.009)
-------- -------- -------- --------
Net asset value, end of period.......... $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======== ========
Total Return............................ 2.38%* 2.72% 2.96% 2.83%*
Ratios/Supplemental Data
Net assets, end of period (000)......... $ 30,627 $ 389 $ 4 $ 7
Ratios to average net assets:
Expenses.............................. 0.66%* 0.69% 0.67% 0.70%*
Net investment income................. 2.26%* 2.50% 2.95% 2.80%*
Expenses paid indirectly.............. -- -- -- 0.02%*
* Annualized
</TABLE>
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<PAGE>
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CONNECTICUT
DAILY
TAX FREE
INCOME
FUND, INC.
Semi-Annual Report
July 31, 1999
(Unaudited)
- --------------------------------------------------------------------------------
<PAGE>
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- -----------------------------------------------------
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.
- ------------------------------------------------------
Connecticut 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
CT799S
- --------------------------------------------------------------------------------
<PAGE>
