<PAGE>
--------------------------------------------------------------------------------
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, 2000 through July 31, 2000.
The Fund had net assets of $219,075,418 and 404 active shareholders as of July
31, 2000.
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
--------------------------------------------------------------------------------
<PAGE>
--------------------------------------------------------------------------------
CONNECTICUT DAILY TAX FREE INCOME FUND, INC.
STATEMENT OF NET ASSETS
JULY 31, 2000
(UNAUDITED)
================================================================================
<TABLE>
<CAPTION>
Ratings (a)
------------------
Face Maturity Value Standard
Amount Date Yield (Note 1) Moody's & Poor's
------ ---- ----- ------ ------- -------
Other Tax Exempt Investments (19.56%)
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
$ 3,378,000 Bethel, CT BAN (c) 07/06/01 4.21% $ 3,378,598
1,000,000 Connecticut Regional School District #16 (c)
LOC Dexia CLF 03/15/01 3.86 1,018,023
1,000,000 Connecticut Special Tax Obligation
Transportation Infrastructure - Series A (c)
Insured by FGIC 10/01/00 3.80 1,002,511
3,500,000 Connecticut State Resource Recovery Authority
(American Refuel Co.) - Series A (c)
Insured by MBIA Insurance Corp. 11/15/00 4.00 3,508,277
500,000 Colchester, CT GO Bond (c)
Insured by FGIC 04/01/01 3.92 506,103
3,150,000 Danbury, CT BAN (c) 08/08/00 3.71 3,150,023
2,330,000 East Granby, CT BAN (c) 08/10/00 3.39 2,330,166
2,000,000 East Lyme, CT BAN (c) 07/19/01 4.16 2,003,327
2,300,000 Ledyard, CT BAN 12/15/00 3.83 2,300,239 MIG-1
2,589,000 New Fairfield, CT BAN (c) 08/02/00 3.74 2,589,003
2,000,000 Old Saybrook, CT BAN (c) 09/06/00 3.78 2,000,037
1,800,000 Shelton, CT GO Bond (c)
Insured by MBIA Insurance Corp. 09/01/00 3.56 1,803,065
3,000,000 South Windsor, CT BAN 03/21/01 3.90 3,000,363 MIG-1
2,650,000 Towns of Bethany and Orange, CT Regional School District #5 (c) 03/22/01 3.95 2,650,322
1,000,000 Town of Brookfield, CT BAN (c) 12/08/00 3.79 1,000,134
1,115,000 Town of Tolland, CT BAN (c) 06/08/01 4.72 1,115,266
3,000,000 Wilton, CT BAN 07/18/01 4.14 3,000,810 MIG-1
3,000,000 Windsor, CT BAN 01/18/01 3.79 3,005,365 MIG-1 SP1+
3,500,000 Woodbridge, CT BAN (c) 08/15/00 3.77 3,500,053
------------ ------------
42,812,000 Total Other Tax Exempt Investments 42,861,685
------------ ------------
<CAPTION>
Other Variable Rate Demand Instruments (b) (48.22%)
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
$ 3,000,000 Connecticut Development Authority Refunding Airport Hotel RB
(Bradley Airport Hotel Project) - Series 1997A
LOC KBC Bank 03/01/17 4.10% $ 3,000,000 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 4.10 1,000,000 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
------ ---- ----- ------ ------- -------
Other Variable Rate Demand Instruments (b) (Continued)
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
$ 2,000,000 Connecticut Development Authority Solid Waste Disposal
(PJ Rand / Whitney Project)
LOC Bank of Montreal 08/01/23 3.80% $ 2,000,000 VMIG-1 A1+
5,600,000 Connecticut Development Authority PCRB
(Connecticut Light & Power Company Project) - Series 1996A
Insured by AMBAC Indemnity Corp. 05/01/31 4.10 5,600,000 VMIG-1 A1+
5,000,000 Connecticut HFA (Elm Haven) - Series A (c)
LOC Fleet Bank 12/01/17 4.25 5,000,000
800,000 Connecticut HFA Housing Mortgage
Finance Program Bonds - Series 1995G
Insured by AMBAC Indemnity Corp. 05/15/18 4.15 800,000 VMIG-1 A1+
3,600,000 Connecticut Housing Authority - Series 1989D
Guaranteed by Federal Home Loan Bank 11/15/24 4.25 3,600,000 VMIG-1 A1+
6,750,000 Connecticut Resource Recovery Authority
(Ref-Fuel Company of South East Connecticut - Duke Capital) 11/15/15 4.40 6,750,000 A1
4,600,000 Connecticut Special Tax Obligation RB
(Second Lien Transportation Infrastructure)
LOC Commerzbank A.G. 12/01/10 4.10 4,600,000 P1 A1+
1,600,000 Connecticut State Development Authority
(Independent Living)
LOC Chase Manhattan Bank, N.A. 07/01/15 4.10 1,600,000 VMIG-1
6,000,000 Connecticut State Development Authority IDRB
(Gerber Scientific Incorporated)
LOC Wachovia Bank & Trust Co., N.A. 12/01/14 4.25 6,000,000 A1+
2,500,000 Connecticut State Development Authority IDRB
(Birken Manufacturing Co. Project) (c)
LOC First Union National Bank 10/01/23 4.25 2,500,000
20,000,000 Connecticut State HEFA (Yale University) 07/01/29 4.05 20,000,000 VMIG-1 A1+
1,000,000 Connecticut State HFA (Merlots) - Series BB 05/15/31 4.34 1,000,000 VMIG-1
2,595,000 Connecticut State HFA (Merlots) - Series P (c) 11/15/30 4.34 2,595,000
12,150,000 Connecticut State GO - Series 1997B 05/15/14 4.05 12,150,000 VMIG-1 A1+
2,700,000 Morgan Stanley Floating Rate Trust Certificate
(Connecticut State GO) (c) 05/01/09 4.03 2,700,000
</TABLE>
--------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
<PAGE>
--------------------------------------------------------------------------------
CONNECTICUT DAILY TAX FREE INCOME FUND, INC.
STATEMENT OF NET ASSETS (CONTINUED)
JULY 31, 2000
(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>
$ 1,855,000 Puerto Rico Ana Mendez University System
(Industrial Tourist Educational, Medical & Environmental)
LOC Banco Santander 10/01/21 4.05% $ 1,855,000 A1+
2,000,000 Puerto Rico Public Finance Corporation
(Commonwealth Appropriation)
Insured by AMBAC Indemnity Corp. 12/01/06 3.83 2,000,000 A1
3,000,000 Puerto Rico Electric Power Authority - Series AA
Insured by MBIA Insurance Corp. 07/01/22 3.95 3,000,000 A1+
1,660,000 Shelton, CT Housing Authority RB (c)
LOC First Union National Bank 01/01/31 4.10 1,660,000
9,660,000 State of Connecticut HEFA
(Bradley Health Care Project) - Series B
LOC Fleet Bank 07/01/29 3.70 9,660,000 VMIG-1
1,300,000 State of Connecticut HEFA (Charlotte Hungerford Hospital)
LOC BankBoston 07/01/13 4.05 1,300,000 VMIG-1
1,600,000 State of Connecticut HEFA
(Hospital of Saint Raphael Project) - Series K
LOC KBC Bank 07/01/22 3.90 1,600,000 VMIG-1
1,370,000 State of Connecticut HEFA (Sharon Hospital Project)
LOC BankBoston 07/01/27 4.05 1,370,000 VMIG-1
2,300,000 State of Connecticut HEFA - Series A
LOC Dexia CLF 07/01/24 4.15 2,300,000 VMIG-1
------------- ------------
105,640,000 Total Other Variable Rate Demand Instruments 105,640,000
------------- ------------
<CAPTION>
Put Bonds (d) (8.29%)
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
$ 1,000,000 Connecticut HEFA (Yale New Haven Hospital) - Series E
Insured by FGIC 06/01/01 4.75% $ 1,000,000 VMIG-1 A1+
9,000,000 Connecticut State Special
Assessment Unemployment Compensation RB
Insured by FGIC 07/01/01 4.35 9,000,000 VMIG-1 A1+
8,160,000 Puerto Rico Industrial Medical & Environmental PCFA RB
(Reynolds Metals Corporation)
LOC ABN AMRO Bank 09/01/00 3.50 8,160,000 VMIG-1 A1+
------------- ------------
18,160,000 Total Put Bonds 18,160,000
------------- ------------
</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 (16.43%)
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
$ 4,000,000 Puerto Rico Government Development Bank 10/03/00 4.25% $ 4,000,000 A1+
3,000,000 State of Connecticut HEFA RB (Yale University) 08/07/00 3.60 3,000,000 VMIG-1 A1+
9,000,000 State of Connecticut HEFA RB (Yale University) 08/07/00 3.80 9,000,000 VMIG-1 A1+
3,000,000 State of Connecticut Special Assessment Second Injury Fund
LOC Credit Agricole/Credit Commercial de Belgique 08/08/00 3.55 3,000,000 P1 A1+
8,000,000 State of Connecticut Special Assessment Second Injury Fund
LOC Credit Agricole/Credit Commercial de Belgique 09/13/00 4.50 8,000,000 P1 A1+
6,000,000 State of Connecticut Special Assessment Second Injury Fund
LOC Credit Agricole/Credit Commercial de Belgique 09/14/00 4.10 6,000,000 P1 A1+
3,000,000 State of Connecticut Special Assessment Second Injury Fund
LOC Credit Agricole/Credit Commercial de Belgique 11/08/00 3.90 3,000,000 P1 A1+
------------ ------------
36,000,000 Total Tax Exempt Commercial Paper 36,000,000
------------ ------------
<CAPTION>
Variable Rate Demand Instruments - Participations (b) (0.23%)
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
$ 492,631 Connecticut State Development Authority IDRB (Nefco Holding)
LOC Chase Manhattan Bank, N.A. 11/01/00 6.17% $ 492,631 P1 A1
------------ ------------
492,631 Total Variable Rate Demand Instruments - Participations 492,631
------------ ------------
Total Investments (92.73%) (Cost $203,154,316+) 203,154,316
Cash and Other Assets, Net of Liabilities (7.27%) 15,921,102
------------
Net Assets (100.00%) $219,075,418
============
Net Asset Value, offering and redemption price per share
Class A Shares, 119,302,475 Shares outstanding (Note 3) $ 1.00
============
Class B Shares 28,540,400 Shares outstanding (Note 3) $ 1.00
============
Evergreen Shares 28,373,356 Shares outstanding (Note 3) $ 1.00
============
Chase Vista Select Shares 42,882,182 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>
--------------------------------------------------------------------------------
CONNECTICUT DAILY TAX FREE INCOME FUND, INC.
STATEMENT OF NET ASSETS (CONTINUED)
JULY 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 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>
BAN = Bond Anticipation Note IDRB = Industrial Development Revenue Bond
FGIC = Financial Guaranteed Insurance Company LOC = Letter of Credit
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>
--------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
<PAGE>
--------------------------------------------------------------------------------
CONNECTICUT DAILY TAX FREE INCOME FUND, INC.
STATEMENT OF OPERATIONS
SIX MONTHS ENDED JULY 31, 2000
(UNAUDITED)
================================================================================
<TABLE>
<CAPTION>
INVESTMENT INCOME
<S> <C>
Income:
Interest...................................................................... $ 4,058,692
------------------
Expenses: (Note 2)
Investment management fee..................................................... 323,743
Administration fee............................................................ 226,620
Shareholder servicing fee (Class A)........................................... 100,702
Shareholder servicing fee (Evergreen shares).................................. 32,116
Shareholder servicing fee (Chase Vista Select Shares)......................... 46,467
Custodian expenses............................................................ 12,925
Shareholder servicing and related shareholder expenses........................ 56,815
Legal, compliance and filing fees............................................. 35,394
Audit and accounting.......................................................... 68,061
Directors' fees............................................................... 7,503
Other......................................................................... 6,757
------------------
Total expenses............................................................. 917,103
Less: Expenses paid indirectly............................................. ( 28,121)
------------------
Net expenses......................................................... 888,982
------------------
Net investment income......................................................... 3,169,710
<CAPTION>
REALIZED GAIN (LOSS) ON INVESTMENTS
<S> <C>
Net realized gain (loss) on investments......................................... -0-
------------------
Increase in net assets from operations.......................................... $ 3,169,710
==================
</TABLE>
--------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
<PAGE>
--------------------------------------------------------------------------------
CONNECTICUT DAILY TAX FREE INCOME FUND, INC.
STATEMENTS OF CHANGES IN NET ASSETS
================================================================================
<TABLE>
<CAPTION>
Six Months
Ended Year
July 31, 2000 Ended
(Unaudited) January 31, 2000
--------- ----------------
INCREASE (DECREASE) IN NET ASSETS
<S> <C> <C>
Operations:
Net investment income....................................... $ 3,169,710 $ 3,946,359
Net realized gain (loss) on investments..................... -0- 2,668
--------------- ----------------
Increase (decrease) in net assets from operations.............. 3,169,710 3,949,027
Dividends to shareholders from net investment income:
Class A.................................................... ( 1,468,586)* ( 2,908,519)*
Class B.................................................... ( 553,881)* ( 198,653)*
Evergreen shares........................................... ( 462,176)* ( 398,613)*
Chase Vista Select shares.................................. ( 685,067)* ( 440,574)*
Capital share transactions (Note 3):
Class A.................................................... 18,798,683 ( 81,749,348)
Class B.................................................... 17,911,222 10,240,419
Evergreen shares........................................... ( 5,304,878) 33,678,234
Chase Vista Select shares.................................. 1,893,955 40,988,227
--------------- ----------------
Total increase (decrease).................................. 33,298,982 3,160,200
Net assets:
Beginning of period........................................ 185,776,436 182,616,236
--------------- ----------------
End of period.............................................. $ 219,075,418 $ 185,776,436
=============== ================
* Designated as exempt-interest dividends for federal income tax purposes.
</TABLE>
--------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
<PAGE>
--------------------------------------------------------------------------------
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 four classes of stock authorized, Class A, Class B,
Evergreen shares and Chase Vista Select shares. The Class A, Evergreen and Chase
Vista Select 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 all share
classes represent the same interest in the income and assets of the Fund. The
Fund is a short-term, tax-exempt money market Fund. The Evergreen and Chase
Vista Select shares commenced on July 30, 1999. Its financial statements are
prepared in accordance with accounting principles generally accepted in the
United States 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 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.
--------------------------------------------------------------------------------
<PAGE>
--------------------------------------------------------------------------------
CONNECTICUT DAILY TAX FREE INCOME FUND, INC.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
(UNAUDITED)
================================================================================
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, Evergreen and Chase Vista Select 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, Evergreen
and Chase Vista Select 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 $54,191 paid to Reich & Tang
Services, Inc., an affiliate of the Manager, as servicing agent for the Fund.
Included in the statement of operations under the caption "Shareholder servicing
and related shareholder expenses" are expense offsets of $28,121.
3. Capital Stock.
At July 31, 2000, 20,000,000,000 shares of $.001 par value stock were authorized
and capital paid in amounted to $219,080,102. Transactions in capital stock, all
at $1.00 per share, were as follows:
<TABLE>
<CAPTION>
Six Months Year
Class A Ended Ended
------- July 31, 2000 January 31, 2000
------------- ----------------
<S> <C> <C>
Sold................................... 153,631,003 328,532,184
Issued on reinvestment of dividends.... 1,367,864 2,921,055
Redeemed............................... ( 136,200,184) ( 413,202,587)
------------- -------------
Net increase (decrease)................ 18,798,683 ( 81,749,348)
============= =============
<CAPTION>
Six Months Year
Class B Ended Ended
------- July 31, 2000 January 31, 2000
------------- ----------------
<S> <C> <C>
Sold................................... 378,462,065 93,352,275
Issued on reinvestment of dividends.... 475,086 175,387
Redeemed............................... ( 361,025,929) ( 83,287,243)
------------- -------------
Net increase (decrease)................ 17,911,222 10,240,419
============= =============
<CAPTION>
Six Months July 30, 1999
Evergreen Shares Ended (Commencement of Offering)
---------------- July 31, 2000 to January 31, 2000
------------- -------------------
<S> <C> <C>
Sold................................... 36,131,023 65,494,918
Issued on reinvestment of dividends.... 462,097 398,197
Redeemed............................... ( 41,897,998) ( 32,214,881)
------------- -------------
Net increase (decrease)................ ( 5,304,878) 33,678,234
============= =============
</TABLE>
--------------------------------------------------------------------------------
<PAGE>
--------------------------------------------------------------------------------
================================================================================
3. Capital Stock. (Continued)
<TABLE>
<CAPTION>
Six Months July 30, 1999
Chase Vista Select Shares Ended (Commencement of Offering)
------------------------- July 31, 2000 to January 31, 2000
------------- -------------------
<S> <C> <C>
Sold................................... 56,854,954 83,337,503
Issued on reinvestment of dividends.... 666,571 404,479
Redeemed............................... ( 55,627,570) ( 42,753,755)
------------- -------------
Net increase (decrease)................ 1,893,955 40,988,227
============= =============
</TABLE>
4. Sales of Securities.
Accumulated undistributed net realized losses at July 31, 2000 amounted to
$4,684. This amount represents tax basis capital losses 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 36% 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.
--------------------------------------------------------------------------------
<PAGE>
--------------------------------------------------------------------------------
CONNECTICUT DAILY TAX FREE INCOME FUND, INC.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
(UNAUDITED)
================================================================================
6. Financial Highlights.
<TABLE>
<CAPTION>
Six Months Year Ended January 31,
Class A Ended -------------------------------------------------------------
------- July 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.......................... 0.015 0.023 0.025 0.027 0.026 0.030
Less distributions:
Dividends from net investment income........... ( 0.015) ( 0.023) ( 0.025) ( 0.027) ( 0.026) ( 0.030)
------- ------- ------- ------- ------- -------
Net asset value, end of period................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======== ======== ======== ========
Total Return..................................... 1.46%** 2.31% 2.52% 2.74% 2.59% 3.02%
Ratios/Supplemental Data
Net assets, end of period (000).................. $119,290 $100,554 $182,227 $167,780 $136,606 $105,826
Ratios to average net assets:
Expenses+...................................... 0.88%* 0.86% 0.88% 0.89% 0.91% 0.91%
Net investment income.......................... 2.91%* 2.26% 2.48% 2.70% 2.56% 2.96%
Administration fees waived..................... 0.00%* 0.00% 0.00% 0.00% 0.00% 0.03%
Expenses paid indirectly....................... 0.03%* 0.00% 0.00% 0.00% 0.02% 0.00%
<CAPTION>
Year Ended
Six Months January 31, October 10, 1996
Class B Ended ------------------------------------- (Commencement of Offering) to
------- July 31, 2000 2000 1999 1998 January 31, 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.......................... 0.015 0.025 0.027 0.029 0.009
Less distributions:
Dividends from net investment income........... ( 0.015) ( 0.025) ( 0.027) ( 0.029) ( 0.009)
------- ------- ------- ------- --------
Net asset value, end of period................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======== ======== ========
Total Return..................................... 1.56%** 2.50% 2.72% 2.96% 2.83%*
Ratios/Supplemental Data
Net assets, end of period (000).................. $ 28,537 $ 10,628 $ 389 $ 4 $ 7
Ratios to average net assets:
Expenses+...................................... 0.69%* 0.67% 0.69% 0.67% 0.70%*
Net investment income.......................... 3.02%* 2.49% 2.50% 2.95% 2.80%*
Expenses paid indirectly....................... 0.03%* 0.00% 0.00% 0.00% 0.02%*
</TABLE>
* Annualized
** Unannualized
+ Includes expenses paid indirectly
--------------------------------------------------------------------------------
<PAGE>
--------------------------------------------------------------------------------
================================================================================
6. Financial Highlights. (Continued)
<TABLE>
<CAPTION>
Six Months July 30, 1999
Ended (Commencement of Offering) to
EVERGREEN SHARES July 31, 2000 January 31, 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............................. 0.015 0.012
Less distributions:
Dividends from net investment income.............. ( 0.015) ( 0.012)
-------- --------
Net asset value, end of period....................... $ 1.00 $ 1.00
========= =========
Total Return......................................... 1.46%** 1.23%**
Ratios/Supplemental Data
Net assets, end of period (000)...................... $ 28,370 $ 33,611
Ratios to average net assets:
Expenses+......................................... 0.88%* 0.86%*
Net investment income............................. 2.91%* 2.26%*
Expenses paid indirectly.......................... 0.03%* 0.00%*
<CAPTION>
Six Months July 30, 1999
Ended (Commencement of Offering) to
CHASE VISTA SELECT SHARES July 31, 2000 January 31, 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............................. 0.015 0.012
Less distributions:
Dividends from net investment income.............. ( 0.015) ( 0.012)
-------- --------
Net asset value, end of period....................... $ 1.00 $ 1.00
========= =========
Total Return......................................... 1.46%** 1.23%**
Ratios/Supplemental Data
Net assets, end of period (000)...................... $ 42,878 $ 40,983
Ratios to average net assets:
Expenses+......................................... 0.88%* 0.86%*
Net investment incomes............................ 2.91%* 2.26%*
Expenses paid indirectly.......................... 0.03%* 0.00%*
</TABLE>
* Annualized
** Unannualized
+ Includes expenses paid indirectly.
--------------------------------------------------------------------------------
<PAGE>
--------------------------------------------------------------------------------
CONNECTICUT
DAILY
TAX FREE
INCOME
FUND, INC.
Semi-Annual Report
July 31, 2000
(Unaudited)
--------------------------------------------------------------------------------
<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.
------------------------------------------------------
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
State Street Kansas City
801 Pennsylvania
Kansas City, Missouri 64105
Transfer Agent &
Dividend Disbursing Agent
Reich & Tang Services, Inc.
600 Fifth Avenue
New York, New York 10020
CT700S
--------------------------------------------------------------------------------
<PAGE>
