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NEW JERSEY
DAILY
MUNICIPAL
INCOME
FUND, INC.
Semi-Annual Report
April 30, 1996
(Unaudited)
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<PAGE>
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NEW JERSEY
DAILY MUNICIPAL 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 Jersey Daily Municipal
Income Fund, Inc. for the period November 1, 1995 through April 30, 1996.
The Fund had net assets of $153,035,466 and 1,720 active shareholders as of
April 30, 1996. Dividends earned on a share held throughout the period were
$.014 and .006, for Class A shares and Class B shares, respectively, when
adjusted for the compounding effect of the reinvestment of dividends, this
represents a yield of 2.76% and 2.65% on an annual basis for Class A shares and
Class B shares, respectively.
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
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<PAGE>
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NEW JERSEY DAILY MUNICIPAL INCOME FUND, INC.
STATEMENT OF NET ASSETS
APRIL 30, 1996
(UNAUDITED)
===============================================================================
<TABLE>
<CAPTION>
Ratings (a)
----------------
Face Maturity Value Standard
Amount Date Yield (Note 1) Moody's & Poor's
------ ---- ----- ------- ------- ------
Tax Exempt Commercial Paper (11.78%)
- -----------------------------------------------------------------------------------------------------------------------------------
<C> <C> <C> <C> <C> <C> <C>
$ 1,000,000 New Jersey State TRAN Series 1996A 06/12/96 3.55% $ 1,000,000 P1 A1+
2,000,000 New Jersey State TRAN Series 1996A 06/14/96 3.30 2,000,000 P1 A1+
1,500,000 New Jersey State TRAN Series 1996A 06/14/96 3.50 1,500,000 P1 A1+
3,000,000 New Jersey State EDA Exempt Facility RB
(Keystone Project) - Series 1992
LOC Union Bank of Switzerland 08/05/96 3.10 3,000,000 A1+
3,000,000 New Jersey State EDA Exempt Facility RB
(Chambers Cogeneration)
LOC Swiss Bank Corp. 07/09/96 3.55 3,000,000 VMIG-1 A1+
1,000,000 New Jersey State EDA Exempt Facility RB
(Chambers Cogeneration)
LOC Swiss Bank Corp. 08/06/96 3.10 1,000,000 VMIG-1 A1+
2,410,000 Port Authority of New York and New Jersey 05/02/96 3.30 2,410,000 P1 A1+
1,120,000 Port Authority of New York and New Jersey 05/15/96 3.10 1,120,000 P1 A1+
3,000,000 Puerto Rico Government Development Bank 05/16/96 3.15 3,000,000 A1+
----------- -----------
18,030,000 Total Tax Exempt Commercial Paper 18,030,000
----------- -----------
<CAPTION>
Other Tax Exempt Investments (26.82%)
- -----------------------------------------------------------------------------------------------------------------------------------
<C> <C> <C> <C> <C> <C> <C>
$ 3,000,000 Bergen County, NJ BAN (b) 07/08/96 3.32% $ 3,000,314
2,408,000 Berkeley Heights, NJ BAN (b) 11/08/96 3.69 2,408,731
3,137,000 Burlington County, Florence Township, NJ BAN (b) 02/14/97 3.29 3,146,498
2,000,000 Cherry Hill, NJ BAN (b) 10/16/96 2.99 2,006,501
5,000,000 Essex County, NJ TAN
LOC Chemical Bank 08/19/96 3.29 5,009,889 MIG-1
3,000,000 Hackensack, NJ BAN (b) 12/19/96 3.44 3,004,583
2,600,000 Mendham Township, NJ BAN (b) 10/10/96 3.77 2,603,266
516,000 Montclair, NJ BAN (b) 06/28/96 3.79 516,304
2,059,500 County of Somerset, NJ BAN, Montgomery Township (b) 12/13/96 3.44 2,065,651
2,150,000 New Jersey State GO 08/01/96 3.29 2,162,740 AA+
1,000,000 New Jersey State GO 08/15/96 3.39 1,023,657 AA+
2,000,000 New Jersey State Refunding Bonds - Series D (b) 02/15/97 3.42 2,015,334
1,000,000 New Jersey State Transportation System (b)
Escrowed In U.S. Treasury Securities 06/15/96 3.08 1,000,468
</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 Tax Exempt Investments (Continued)
- -----------------------------------------------------------------------------------------------------------------------------------
<C> <C> <C> <C> <C> <C>
$ 3,000,000 Township of Parsippany - Troy Hills BAN 11/01/96 3.64% $ 3,004,356 MIG-1
5,060,000 Trenton, NJ School District Temporary Notes (b) 10/24/96 3.81 5,067,364
3,000,000 Wildwood, NJ BAN 09/20/96 3.57 3,006,227 MIG-1
----------- -----------
40,930,500 Total Other Tax Exempt Investments 41,041,883
----------- -----------
<CAPTION>
Other Variable Rate Demand Instruments (c) (54.50%)
- -----------------------------------------------------------------------------------------------------------------------------------
<C> <C> <C> <C> <C> <C> <C>
$ 5,000,000 Clipper New Jersey Housing and
Mortgage Finance Agency Home Buyer RB - Series 1996 10/01/21 4.11% $ 5,000,000 MIG-1
1,500,000 Glouchester County, NJ PCFA (Monsanto Company Project) 12/01/22 3.95 1,500,000 P1 A1
5,400,000 Mercer County, NJ Improvement Authority
Pooled Government Loan Program Bond
LOC Credit Suisse 11/01/98 3.75 5,400,000 VMIG-1 A1+
3,100,000 New Jersey EDA (b)
(400 International Drive Rockefeller Corporation)
LOC Morgan Guaranty 09/01/05 3.50 3,100,000
3,900,000 New Jersey EDA (Center For Aging Applewood)
LOC Banque Paribas 12/01/19 4.60 3,900,000 A2
1,050,000 New Jersey EDA Bears - Series G
LOC First Fidelity 07/01/03 4.00 1,050,000 A1
900,000 New Jersey EDA Dock Facility Refunding RB
(Bayonne/IMTT-Bayonne Project)
LOC First Chicago 12/01/27 3.80 900,000 VMIG-1
800,000 New Jersey EDA Dock Facility Refunding RB
(Bayonne/IMTT-Bayonne Project) - Series 1993B
LOC ABN AMRO Bank N.V. 12/01/27 3.75 800,000 VMIG-1
2,115,000 New Jersey EDA Economic Growth Bonds - Series 1994A
LOC National Westminster Bank PLC 08/01/14 4.00 2,115,000 P1 A1+
850,000 New Jersey EDA Manufacturing Facility RB
(Commerce Center Project)
LOC Bank of America 08/01/17 4.30 850,000 P1 A1
3,000,000 New Jersey EDA PCRB (Public Service Electric & Gas) - Series A
MBIA Insured 09/01/12 3.75 3,000,000 VMIG-1
2,000,000 New Jersey EDA School RB (Peddie School) - Series 1994B 02/01/19 3.95 2,000,000 A1
1,000,000 New Jersey EDA VRRB (Peddie School) - Series 1996 02/01/26 3.95 1,000,000 A1
1,000,000 New Jersey EDA Variable Rate Demand RB Sewage Facility
LOC PNC Bank 07/01/01 4.30 1,000,000 P1 A1
</TABLE>
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See Notes to Financial Statements.
<PAGE>
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NEW JERSEY DAILY MUNICIPAL INCOME FUND, INC.
STATEMENT OF NET ASSETS (CONTINUED)
APRIL 30, 1996
(UNAUDITED)
===============================================================================
<TABLE>
<CAPTION>
Ratings (a)
----------------
Face Maturity Value Standard
Amount Date Yield (Note 1) Moody's & Poor's
------ ---- ----- ------- ------- ------
Other Variable Rate Demand Instruments (c) (Continued)
- -----------------------------------------------------------------------------------------------------------------------------------
<C> <C> <C> <C> <C> <C> <C>
$ 2,700,000 New Jersey Sports & Exposition Authority SCB - Series C
MBIA Insured 09/01/24 3.85% $ 2,700,000 VMIG-1 A1+
300,000 New Jersey State Dock Facility
(Bayonne/IMTT-Bayonne Project)
LOC Rabobank Nederland 12/01/27 3.75 300,000 VMIG-1
2,085,000 New Jersey State EDA
(BLock Drug Corporation) - Series A
LOC Trust Co. Bank of Atlanta 06/01/09 4.15 2,085,000 P1
1,650,000 New Jersey State EDA (Block Drug Corporation) - Series B
LOC Trust Co. Bank of Atlanta 06/01/09 4.15 1,650,000 P1
3,250,000 New Jersey State EDA
(Campus 130 Associates)
LOC The Bank of New York 12/01/11 4.50 3,250,000 P1 A1
4,000,000 New Jersey State EDA
(Crompton & Knowles)
LOC ABN AMRO Bank N.V. 07/01/97 4.10 4,000,000 P1 A1+
2,600,000 New Jersey State EDA (Curtiss-Wright Flight Systems)
LOC Bank of Nova Scotia 01/01/02 3.55 2,600,000 A1+
1,791,500 New Jersey State EDA (Hartz & Rex Associates)
LOC Citibank 01/01/12 4.23 1,791,500 Aa3
2,725,000 New Jersey State EDA Industrial & Economic Development
(FMC Corporation)
LOC Wachovia Bank & Trust Co., N.A. 06/01/22 4.15 2,725,000 P1 A2
2,890,000 New Jersey State EDA STPCO II
LOC Barclays Bank PLC 07/01/06 3.90 2,890,000 A1+
9,900,000 New Jersey State Turnpike Authority - Series A
LOC Societe Generale 01/01/18 3.90 9,900,000 P1 A1+
7,500,000 Port Authority of New York & New Jersey - Series 3
LOC Deutsche Bank A.G. 10/01/14 4.15 7,500,000 VMIG-1 A1+
1,000,000 Port Authority of New York & New Jersey Special Obligation RB
(2nd Installment)
LOC Deutsche Bank A.G. 10/01/14 4.15 1,000,000 VMIG-1 A1+
7,700,000 Port Authority of New York & New Jersey
Versatile Structured Obligations - Series 1 08/01/28 4.10 7,700,000 VMIG-1
1,700,000 Union County, NJ PCFA (Exxon Project) - Series 1994 07/01/33 3.50 1,700,000 P1 A1+
----------- -----------
83,406,500 Total Other Variable Rate Demand Instruments 83,406,500
----------- -----------
</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
------ ---- ----- ------- ------- ------
Put Bonds (d) (3.85%)
- -----------------------------------------------------------------------------------------------------------------------------------
<C> <C> <C> <C> <C> <C> <C>
$ 1,500,000 NJ EDA for Thermal Energy Facility, RB (b)
Escrowed in U.S. Treasuries 08/22/96 3.60% $ 1,500,000
1,900,000 Puerto Rico Industrial Medical & Environmental Bond
LOC Morgan Guaranty 12/01/96 3.80 1,900,000 VMIG-1
2,500,000 Puerto Rico Industrial Medical & Environmental PCFA RB
(Reynolds Metals Corporation)
LOC ABN AMRO Bank N.V. 09/01/96 3.92 2,497,959 VMIG-1 A1+
----------- -----------
5,900,000 Total Put Bonds 5,897,959
----------- -----------
<CAPTION>
Revenue Bond (1.31%)
- -----------------------------------------------------------------------------------------------------------------------------------
<C> <C> <C> <C> <C>
$ 2,000,000 Camden City, NJ Sewer RB (b)
FGIC Insured 07/15/96 3.23% $ 2,003,028
----------- -----------
2,000,000 Total Revenue Bonds 2,003,028
----------- -----------
<CAPTION>
Variable Rate Demand Instruments - Participations (c) (0.02%)
- -----------------------------------------------------------------------------------------------------------------------------------
<C> <C> <C> <C> <C> <C> <C>
$ 23,636 Thermwell Products
LOC Barclays Bank PLC 07/31/96 5.36% $ 23,636 P1 A1+
----------- -----------
23,636 Total Variable Rate Demand Instruments - Participations 23,636
---------- -----------
Total Investments (98.28%)(Cost $150,403,006+) 150,403,006
Cash and Other Assets in Excess of Liabilities (1.72%) 2,632,460
-----------
Net Assets (100.00%) $153,035,466
===========
Net Asset Value, offering and redemption price per share:
Class A Shares, 143,868,895 Shares Outstanding (Note 3) $ 1.00
===========
Class B Shares, 9,166,421 Shares Outstanding (Note 3) $ 1.00
===========
+ Aggregate cost for federal income tax purposes is $150,398,972.
</TABLE>
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See Notes to Financial Statements.
<PAGE>
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NEW JERSEY DAILY MUNICIPAL INCOME FUND, INC.
STATEMENT OF NET ASSETS (CONTINUED)
APRIL 30, 1996
(UNAUDITED)
===============================================================================
FOOTNOTES:
(a) Unless the variable rate demand instruments are assigned their own ratings,
the ratings noted are those of the bank whose letter of credit secures such
instruments. P1 and A1+ are the highest ratings assigned for tax exempt
commercial paper.
(b) Securities that are not rated which the Fund's Board of Directors has
determined to be of comparable quality to the rated securities in which the
Fund invests.
(c) Securities are payable on demand at par including accrued interest (usually
with seven days notice) and where applicable 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.
(d) The maturity date indicated for the put bonds is the next put date.
<TABLE>
<CAPTION>
KEY:
<S> <C> <C> <C> <C> <C>
BAN = Bond Anticipation Note RB = Revenue Bond
EDA = Economic Development Authority SCB = State Contract Bond
GO = General Obligation TAN = Tax Anticipating Note
PCFA = Pollution Control Finance Authority TRAN = Tax and Revenue Anticipation Note
PCRB = Pollution Control Revenue Bond VRRB = Variable Rate Revenue Bond
</TABLE>
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See Notes to Financial Statements.
<PAGE>
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NEW JERSEY DAILY MUNICIPAL INCOME FUND, INC.
STATEMENT OF OPERATIONS
SIX MONTHS ENDED APRIL 30, 1996
(UNAUDITED)
===============================================================================
<TABLE>
<CAPTION>
INVESTMENT INCOME
<S> <C>
Income:
Interest................................................................................ $ 2,576,739
------------
Expenses: (Note 2)
Investment management fee............................................................... 223,448
Administration fee...................................................................... 155,315
Shareholder servicing fee (Class A)..................................................... 144,457
Custodian fee........................................................................... 8,391
Shareholder servicing and related shareholder expenses.................................. 56,906
Legal, compliance and filing fees....................................................... 21,890
Audit and accounting.................................................................... 35,945
Directors' fees......................................................................... 3,467
Other................................................................................... 6,545
------------
Total expenses........................................................................ 656,364
Less: Expenses paid indirectly (Note 2)............................................... ( 5,608)
Less: Fees waived and expenses reimbursed (Note 2).................................... ( 93,897)
------------
Net expenses.......................................................................... 556,859
------------
Net investment income....................................................................... 2,019,880
</TABLE>
<TABLE>
<CAPTION>
REALIZED GAIN (LOSS) ON INVESTMENTS
<S> <C>
Net realized gain (loss) on investments..................................................... 3,022
------------
Increase in net assets from operations...................................................... $ 2,022,902
============
</TABLE>
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See Notes to Financial Statements.
<PAGE>
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NEW JERSEY DAILY MUNICIPAL INCOME FUND, INC.
STATEMENTS OF CHANGES IN NET ASSETS
===============================================================================
<TABLE>
<CAPTION>
Six Months
Ended Year
April 30, 1996 Ended
(Unaudited) October 31, 1995
--------- ----------------
INCREASE (DECREASE) IN NET ASSETS
<S> <C> <C>
Operations:
Net investment income......................................... $ 2,019,880 $ 3,579,590
Net realized gain (loss) on investments....................... 3,022 1,012
--------------- ---------------
Increase in net assets from operations........................ 2,022,902 3,580,602
Dividends to shareholders from net investment income:
Class A................................................... ( 1,960,951)* ( 3,579,590)*
Class B................................................... ( 58,929)* --
Capital share transactions (Note 3):
Class A................................................... 13,738,463 24,197,289
Class B................................................... 9,166,421 --
--------------- ---------------
Total increase (decrease)................................. 22,907,906 24,198,301
Net assets:
Beginning of period........................................... 130,127,560 105,929,259
--------------- ---------------
End of period................................................. $ 153,035,466 $ 130,127,560
=============== ===============
* 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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NEW JERSEY DAILY MUNICIPAL INCOME FUND, INC.
NOTES TO FINANCIAL STATEMENTS
(UNAUDITED)
===============================================================================
1. Summary of Accounting Policies.
New Jersey Daily Municipal 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 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. In all other respects the Class
A and Class B shares represent the same interest in the income and assets of the
Fund. Distribution for Class B shares commenced in February 9, 1996 and all Fund
shares outstanding before February 9, 1996 were designated as Class A shares.
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. The Manager is required to reimburse the
Fund for its expenses (exclusive of interest, taxes, brokerage, and
extraordinary expenses) to the extent that such expenses, including the
investment management and the shareholder servicing and administration fees, for
any fiscal year exceed the limits on investment company expenses prescribed by
any state in which the Fund's shares are qualified for sale. No such
reimbursement was required for the period ended April 30, 1996.
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<PAGE>
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NEW JERSEY DAILY MUNICIPAL INCOME FUND, INC.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
(UNAUDITED)
===============================================================================
2. Investment Management Fees and Other Transactions with Affiliates
(Continued).
The Manager is a wholly-owned subsidiary of New England Investment Companies,
L.P. ("NEIC"). On August 16, 1995, New England Mutual Life Insurance Company
("The New England"), the owner of NEIC's general partner and a majority owner of
the limited partnership interest in NEIC, entered into an agreement to merge
with Metropolitan Life Insurance Company ("MetLife"), with MetLife to be the
survivor of the merger. The merger is subject to several conditions, including
the required approval, by shareholders of the Fund of a proposed new investment
advisory agreement, intended to take effect at the time of the merger. The new
agreement will be substantially similar to the existing agreement.
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. Prior to December
1, 1995, the administration fee was .20%.
Pursuant to a Distribution Plan adopted under Securities and Exchange Commission
Rule 12b-1, the Fund and Reich & Tang Distributors L.P. (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.
During the period ended April 30, 1996 the Distributor voluntarily waived
shareholder servicing fees of $93,897.
Included in the statement of operations under the caption "Custodian fee" are
expense offsets of $5,608.
Fees are paid to Directors who are unaffiliated with the Manager on the basis of
$1,000 per annum plus $250 per meeting attended.
Included in the Statement of Operations under the caption "Shareholder servicing
and related shareholder expenses" are fees of $12,629 paid to Reich & Tang
Services L.P., an affiliate of the Manager as servicing agent for the Fund.
3. Capital Stock.
At April 30, 1996, 20,000,000,000 shares of $.001 par value stock were
authorized and capital paid in amounted to $153,035,316. Transactions in capital
stock, all at $1.00 per share, were as follows:
<TABLE>
<CAPTION>
Class A Class A Class B
-------------- ---------------- -----------------
Six Months Year February 9, 1996
Ended Ended (Commencement of Offering)
April 30, 1996 October 31, 1995 to April 30, 1996
-------------- ---------------- -----------------
<S> <C> <C> <C>
Sold.................................. 185,395,806 246,436,643 18,349,748
Issued on reinvestment of dividends... 1,614,140 2,746,946 23
Redeemed.............................. ( 173,271,483) ( 224,986,300) ( 9,183,350)
------------- --------------- -------------
Net increase ......................... 13,738,463 24,197,289 9,166,421
============= =============== =============
</TABLE>
4. Sales of Securities.
Accumulated undistributed net realized gains at April 30, 1996 amounted to $150.
- -------------------------------------------------------------------------------
<PAGE>
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===============================================================================
5. Concentration of Credit Risk.
The Fund invests primarily in obligations of political subdivisions of the State
of New Jersey and, is subject to the credit risk associated with the
non-performance of such issuers. Approximately 50% 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 credit worthiness 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.
6. Selected Financial Information.
<TABLE>
<CAPTION>
February 9, 1996
Six Months (Commencement
Ended of Offering) to Year Ended October 26, 1990
April 30, April 30, October 31, (Inception) to
----------------------------------------
1996 1996 1995 1994 1993 1992 October 31, 1991
-------- -------- -------- --------- --------- -----------------------
Class A Class B Class A Class A Class A Class A Class A
-------- -------- -------- --------- --------- -------- ---------
Per Share Operating Performance:
(for a share outstanding throughout the period)
<S> <C> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------- -------- ------- ------- -------- --------- ---------
Net investment income............ 0.014 0.006 0.030 0.020 0.020 0.030 0.042
Dividends from net investment income ( 0.014) ( 0.006) ( 0.030) ( 0.020) ( 0.020) ( 0.030) (0.042)
--------- -------- -------- -------- -------- -------- ---------
Net asset value, end of period... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======== ======== ======== ======== =========
Total Return..................... 2.76%* 2.65%* 3.08% 2.03% 1.98% 3.01% 4.62%*
Ratios/Supplemental Data
Net assets, end of period (000).. $143,869 $ 9,167 $130,128 $105,929 $78,347 $ 46,374 $ 26,238
Ratios to average net assets:
Expenses...................... 0.76%*+++ 0.69%*++ 0.72%+ 0.66%+ 0.61%+ 0.42%+ 0.27%*+
Net investment income......... 2.71%*+ 2.61%* 3.02%+ 2.02%+ 1.95%+ 2.88%+ 4.32%*+
* Annualized
+ Net of management, administration and shareholder servicing fees
waived equivalent to .13%, .18%, .26%, .35%, .70%, and .70% of average
net assets respectively, plus expense reimbursement equivalent to
.00%, .00%, .00%, .00%, .04% and .53% of average net assets,
respectively.
++ Includes expense offsets.
</TABLE>
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<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.
- -------------------------------------------------------------------------------
New Jersey Daily Municipal 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, Transfer Agent & Dividend
Disbursing Agent
Investors Fiduciary Trust Company
127 West 10th Street
Kansas City, Missouri 64105-1716
- -------------------------------------------------------------------------------
