<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, 1997 through April 30, 1998.
The Fund had net assets of $232,126,629 and 1,969 active shareholders as of
April 30, 1998.
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
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<PAGE>
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NEW JERSEY DAILY MUNICIPAL INCOME FUND, INC.
STATEMENT OF INVESTMENTS
APRIL 30, 1998
(UNAUDITED)
================================================================================
<TABLE>
<CAPTION>
Ratings (a)
-----------------
Face Maturity Value Standard
Amount Date Yield (Note 1) Moody's & Poor's
------ ---- ----- ------ ------- -------
Other Tax Exempt Investments (28.80%)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
$ 3,000,000 Board of Education, Pleasantville, NJ 08/28/98 3.82% $ 3,003,570 SP-1+
3,000,000 Borough of Paramus (b) 08/13/98 3.53 3,001,175
1,240,000 Cape May County, NJ BAN - Series A (b) 02/26/99 3.55 1,242,953
5,275,000 City of New Brunswick, County of Middlesex, State of NJ BAN (b) 07/31/98 3.72 5,279,821
3,000,000 Commonwealth of Puerto Rico TRAN - Series A 07/30/98 3.53 3,006,907 MIG-1 SP-1+
2,515,374 County of Camden, NJ BAN - Series 1998 A (b) 02/09/99 3.65 2,521,026
7,500,000 County of Essex, NJ BAN 08/07/98 3.86 7,506,511 MIG-1
2,280,000 Fort Lee, NJ BAN (b) 05/22/98 3.85 2,280,378
5,000,000 Jersey City, NJ BAN (b) 01/15/99 3.68 5,009,600
5,000,000 Jersey City, NJ School Promissory Notes 09/18/98 3.43 5,015,096 MIG-1 SP-1+
5,000,000 Jersey City, NJ School Promissory Notes 03/05/99 3.55 5,022,381 MIG-1 SP-1+
2,630,000 Margate City, NJ (b) 03/03/99 3.60 2,633,549
4,564,000 Montgomery Township, County of Somerset, NJ BAN (b) 12/11/98 3.74 4,569,645
5,000,000 Township of Bloomfield, County of Essex BAN (b) 06/03/98 3.85 5,000,431
1,932,550 Township of Hopewell, County of Mercer, NJ BAN (b) 08/24/98 3.85 1,933,863
950,000 Township of Hopewell, County of Mercer, NJ BAN (b) 01/27/99 3.65 952,038
1,170,000 Township of Mount Olive, County of Morris, NJ BAN (b) 01/29/99 3.66 1,173,584
1,750,000 Township of Nutley, County of Essex, NJ BAN (b) 07/31/98 3.81 1,750,628
2,053,000 Village Ridgefield Park, County of Bergen, NJ BAN (b) 09/24/98 3.90 2,055,363
3,900,000 Wall Township, NJ BAN (b) 06/25/98 3.80 3,902,264
------------- ------------
66,759,924 Total Other Tax Exempt Investments 66,860,783
------------- ------------
<CAPTION>
Other Variable Rate Demand Instruments (c) (37.19%)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
$ 4,900,000 Camden County Improvement Authority RB
(Parkview Redevelopment Housing Proj.) - Series 1996
LOC General Electric Capital Corporation 07/01/26 4.10% $ 4,900,000 A1+
8,165,000 Clipper, NJ Housing and Mortgage Finance Agency Home
Buyer RB - Series 1996 10/01/21 4.10 8,165,000 MIG-1
4,000,000 Mercer County, NJ Improvement Authority Pooled Government
Loan Program Bond
LOC Credit Suisse First Boston 11/01/98 3.95 4,000,000 VMIG-1 A1+
3,965,000 New Jersey EDA (Pennwell Holdings LLC Project) - Series 1996 (b)
LOC First Union National Bank 12/01/16 3.95 3,965,000
2,500,000 New Jersey EDA Dock Facility Refunding RB
(Bayonne/IMTT-Bayonne Project) - Series 1993B
LOC ABN AMRO Bank N.V. 12/01/27 3.95 2,500,000 VMIG-1
</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 (c) (Continued)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
$ 600,000 New Jersey EDA Dock Facility Refunding RB
(Bayonne/IMTT- Bayonne Project) - Series 1993B
LOC First National Bank of Chicago 12/01/27 4.00% $ 600,000 VMIG-1
1,895,000 New Jersey EDA Economic Growth Bonds - Series 1994A
LOC National Westminster Bank PLC 08/01/14 3.90 1,895,000 P1 A1+
1,300,000 New Jersey EDA El Dorado Terminal (Dow Chemical) (b) 05/01/01 4.05 1,300,000
1,000,000 New Jersey EDA El Dorado Terminal (Dow Chemical) (b) 05/01/03 4.05 1,000,000
3,000,000 New Jersey EDA First Mortgage
(Crane Mill Project) - Series 1997 C
LOC Banque Paribas 02/01/04 4.15 3,000,000 VMIG-1
10,000,000 New Jersey EDA First Mortgage RB
(Wencharter Garden at Ward Homestead Proj.) - Series 1996B
LOC Banque Paribas 04/01/06 4.15 10,000,000 VMIG-1 A2
3,000,000 New Jersey EDA IDRB (Kooltronic Incorporated Project) (b)
LOC First Union National Bank 12/01/08 3.95 3,000,000
3,400,000 New Jersey EDA Manufacturing Facility RB
(Commerce Center Project)
LOC Bank of America 07/01/17 4.20 3,400,000 A1
1,500,000 New Jersey EDA Natural Gas Facilities Refunding RB
Series 1997 A
AMBAC Insured 09/01/27 3.90 1,500,000 VMIG-1 A1+
2,700,000 New Jersey EDA RB (Hoffman LA Roche Inc. Project)
LOC Bayerische Landesbank Girozentrale 11/01/11 4.10 2,700,000 Aaa
2,000,000 New Jersey EDA RB (Peddie School) - Series 1994B 02/01/19 4.05 2,000,000 A1
1,000,000 New Jersey EDA RB (Peddie School) - Series 1996 02/01/26 4.05 1,000,000 A1
1,000,000 New Jersey EDA RB Sewage Facility
LOC PNC Bank, N.A. 07/01/01 4.35 1,000,000 P1 A1
2,500,000 New Jersey EDA Thermal Energy Facility RB
LOC First National Bank of Chicago 12/01/09 4.15 2,500,000 VMIG-1
2,000,000 New Jersey EDA Water Facility (Elizabethtown Water Co.)
AMBAC Insured 06/01/27 4.10 2,000,000 VMIG-1 A1+
2,600,000 New Jersey Sports & Exposition Authority SCB - Series C
MBIA Insured 09/01/24 3.85 2,600,000 VMIG-1 A1+
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 Association)
LOC The Bank of New York 12/01/11 4.55 3,250,000 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 INVESTMENTS (CONTINUED)
APRIL 30, 1998
(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)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
$ 1,791,500 New Jersey State EDA (Hartz & Rex Associates) (b)
LOC Citibank 01/01/12 4.22% $ 1,791,500
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
3,700,000 Port Authority of New York & New Jersey Special Obligation RB
(Versatile Structure) - Series 6 12/01/17 4.10 3,700,000 VMIG-1 A1+
2,100,000 Port Authority of New York & New Jersey Versatile
Structured Obligations 04/01/24 4.10 2,100,000 VMIG-1 A1+
6,000,000 Port Authority of New York & New Jersey Versatile
Structured Obligations 08/01/24 4.15 6,000,000 VMIG-1 A1+
------------- ------------
86,326,500 Total Other Variable Rate Demand Instruments 86,326,500
------------- ------------
<CAPTION>
Put Bonds (d) (1.08%)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
$ 2,500,000 Puerto Rico Industrial Medical & Environmental PCFA RB
(Reynolds Metals Corporation)
LOC ABN AMRO Bank N.V. 09/01/98 3.80% $ 2,500,000 VMIG-1 A1+
------------- ------------
2,500,000 Total Put Bonds 2,500,000
------------- ------------
<CAPTION>
Tax Exempt Commercial Paper (26.80%)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
$ 8,000,000 New Jersey EDA Exempt Facilities RB (Logan - 1992 Project) (d)
LOC Union Bank of Switzerland 06/30/98 3.50% $ 8,000,000 VMIG-1 A1+
3,000,000 New Jersey EDA Exempt Facilities RB (Logan - 1992 Project) (d)
LOC Union Bank of Switzerland 05/05/98 3.25 3,000,000 VMIG-1 A1+
2,700,000 New Jersey EDA Exempt Facilities RB (Logan - 1992 Project) (d)
LOC Union Bank of Switzerland 05/12/98 3.50 2,700,000 VMIG-1 A1+
1,500,000 New Jersey EDA Exempt Facilities RB (Logan - 1992 Project) (d)
LOC Union Bank of Switzerland 05/19/98 3.50 1,500,000 VMIG-1 A1+
3,600,000 New Jersey Educational Facilities Authority (d)
(Princeton University) - Series 1997 A 05/04/98 3.45 3,600,000 P1 A1+
2,250,000 New Jersey Educational Facilities Authority (d)
(Princeton University) - Series 1997 A 07/01/98 3.30 2,250,000 P1 A1+
1,000,000 New Jersey State EDA Exempt Facility RB (d)
(Chambers Co-Generation Ltd. Partership)
LOC Credit Locale De France 05/19/98 3.50 1,000,000 VMIG-1 A1+
3,000,000 New Jersey State EDA Exempt Facility RB (d)
(Chambers Co-Generation Ltd. Partnership)
LOC Credit Locale De France 05/06/98 3.55 3,000,000 VMIG-1 A1+
3,175,000 Port Authority of New York & New Jersey (d) 05/04/98 3.25 3,175,000 P1 A1+
</TABLE>
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See Notes to 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>
$ 3,450,000 Port Authority of New York & New Jersey (d) 05/13/98 3.30% $ 3,450,000 P1 A1+
3,900,000 Puerto Rico Government Development Bank 05/01/98 3.50 3,900,000 A1+
9,926,000 Puerto Rico Government Development Bank 05/07/98 3.40 9,926,000 A1+
1,705,000 Puerto Rico Government Development Bank 05/12/98 3.40 1,705,000 A1+
5,000,000 Puerto Rico Government Development Bank 05/14/98 3.90 5,000,000 A1+
10,000,000 The State of New Jersey TRAN 05/01/98 3.50 10,000,000 P1 A1+
------------- ------------
62,206,000 Total Tax Exempt Commercial Paper 62,206,000
------------- ------------
Total Investments (93.87%) (Cost $217,893,283+) 217,893,283
Cash and Other Assets, Net of Liabilities (6.13%) 14,233,346
------------
Net Assets (100.00%) $232,126,629
============
+ Aggregate cost for federal income tax purposes is identical.
</TABLE>
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 is the next put date.
<TABLE>
<CAPTION>
KEY:
<S> <C> <C> <C> <C> <C>
BAN = Bond Anticipation Note PCFA = Pollution Control Finance Authority
EDA = Economic Development Authority RB = Revenue Bond
IDRB = Industrial Development 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 ASSETS AND LIABILITIES
APRIL 30, 1998
(UNAUDITED)
================================================================================
<TABLE>
<CAPTION>
ASSETS
<S> <C>
Investments in securities at value (Cost $217,893,283).......................... $ 217,893,283
Receivables:
Securities sold............................................................. 13,889,049
Interest ................................................................... 2,145,930
---------------
Total assets.............................................................. 233,928,262
---------------
<CAPTION>
LIABILITIES
<S> <C>
Due to custodian................................................................ 1,174,887
Accrued expenses................................................................ 214,597
Dividends payable............................................................... 412,149
---------------
Total liabilities......................................................... 1,801,633
---------------
Net assets...................................................................... $ 232,126,629
===============
Net Asset Value, offering and redemption price per share:
Class A Shares 230,241,675 Shares Outstanding (Note 3).......................... $ 1.00
===============
Class B Shares 1,900,995 Shares Outstanding (Note 3).......................... $ 1.00
===============
</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, 1998
(UNAUDITED)
================================================================================
<TABLE>
<CAPTION>
INVESTMENT INCOME
Income:
<S> <C>
Interest..................................................................... $ 4,130,316
---------------
Expenses: (Note 2)
Investment management fee.................................................... 355,900
Administration fee........................................................... 249,130
Shareholder servicing fee (Class A).......................................... 235,754
Custodian fee................................................................ 15,094
Shareholder servicing and related shareholder expenses....................... 80,704
Legal, compliance and filing fees............................................ 15,982
Audit and accounting......................................................... 31,904
Directors' fees.............................................................. 3,071
Other........................................................................ 7,386
---------------
Total expenses............................................................. 994,925
---------------
Net investment income........................................................... 3,135,391
<CAPTION>
<S> <C>
REALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) on investments......................................... -0-
---------------
Increase in net assets from operations.......................................... $ 3,135,391
===============
</TABLE>
- --------------------------------------------------------------------------------
See Notes to Financial Statements.
<PAGE>
- --------------------------------------------------------------------------------
NEW JERSEY DAILY MUNICIPAL INCOME FUND, INC.
STATEMENTS OF CHANGES IN NET ASSETS
================================================================================
<TABLE>
<CAPTION>
Six Months
Ended Year
April 30, 1998 Ended
(Unaudited) October 31,1997
----------- ---------------
INCREASE (DECREASE) IN NET ASSETS
<S> <C> <C>
Operations:
Net investment income......................................... $ 3,135,391 $ 5,080,813
Net realized gain (loss) on investments....................... -0- -0-
--------------- ---------------
Increase in net assets from operations........................ 3,135,391 5,080,813
Dividends to shareholders from net investment income:
Class A................................................... ( 3,114,595)* ( 5,070,619)*
Class B................................................... ( 20,796)* ( 10,194)*
Capital share transactions (Note 3):
Class A................................................... 12,697,023 66,108,849
Class B................................................... 1,585,440 ( 51,660)
--------------- ---------------
Total increase (decrease)................................. 14,282,463 66,057,189
Net assets:
Beginning of period........................................... 217,844,166 151,786,977
--------------- ---------------
End of period................................................. $ 232,126,629 $ 217,844,166
=============== ===============
* Designated as exempt-interest dividends for federal income tax purposes.
</TABLE>
- --------------------------------------------------------------------------------
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. 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 distribution 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. Distribution for Class B
shares commenced on February 9, 1996 and all Fund shares outstanding before
February 9, 1996 were designated as Class A shares. The Fund's 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 Agreement, the Fund pays to the Manager
an annual fee of .21% of the Fund's average daily net assets.
- --------------------------------------------------------------------------------
<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)
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
$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 $60,467 paid to Reich & Tang
Services L.P., an affiliate of the Manager as servicing agent for the Fund.
3. Capital Stock.
At April 30, 1998, 20,000,000,000 shares of $.001 par value stock were
authorized and capital paid in amounted to $232,142,670. Transactions in capital
stock, all at $1.00 per share, were as follows:
<TABLE>
<CAPTION>
Six Months Year
Class A Ended Ended
- ------- April 30, 1998 October 31, 1997
-------------- ----------------
<S> <C> <C>
Sold................................... 291,898,723 453,793,587
Issued on reinvestment of dividends.... 3,060,855 4,856,342
Redeemed............................... ( 282,262,555) ( 392,541,080)
-------------- -------------
Net increase (decrease)................ 12,697,023 66,108,849
============== =============
Six Months Year
Class B Ended Ended
- ------- April 30, 1998 October 31, 1997
-------------- ----------------
<S> <C> <C>
Sold................................... 3,881,442 22,635
Issued on reinvestment of dividends.... 16,741 10,117
Redeemed............................... ( 2,312,743) ( 84,412)
-------------- -------------
Net increase (decrease)................ 1,585,440 ( 51,660)
============== =============
</TABLE>
4. Sales of Securities.
Accumulated undistributed net realized losses at April 30, 1998 amounted to
$16,041. This amount represents tax basis capital losses which may be carried
forward to offset future capital gains. Such losses expire October 31, 1999
through October 31, 2004.
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 35% 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.
- --------------------------------------------------------------------------------
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
6. Financial Highlights.
Period Year Ended
Class A Ended October 31,
- ------- ------------------------------------------------------------------
April 30, 1998 1997 1996 1995 1994 1993
-------------- -------- -------- -------- -------- --------
<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..................... 0.013 0.027 0.027 0.030 0.020 0.020
Less distributions:
Dividends from net investment income...... ( 0.013) ( 0.027) ( 0.027) ( 0.030) ( 0.020) ( 0.020)
--------- -------- -------- -------- -------- --------
Net asset value, end of period.............. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
========= ======== ======== ======== ======== ========
Total Return................................ 2.69%* 2.70% 2.69% 3.08% 2.03% 1.98%
Ratios/Supplemental Data
Net assets, end of period (000)............. $230,226 $217,529 $151,421 $130,128 $105,929 $ 78,347
Ratios to average net assets:
Expenses.................................. 0.84%* 0.86%+ 0.78%+ 0.72% 0.66% 0.61%
Net investment income..................... 2.64%* 2.66% 2.65% 3.02% 2.02% 1.95%
Management, administration & shareholder
servicing fee waived ................... - - 0.06% 0.18% 0.26% 0.35%
<CAPTION>
Period Year February 9, 1996
Class B Ended Ended (Commencement of offering) to
- ------- April 30, 1998 October 31, 1997 October 31, 1996
-------------- ---------------- ----------------
<S> <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
--------- --------- ---------
Income from investment operations:
Net investment income..................... 0.014 0.029 0.020
Less distributions:
Dividends from net investment income...... ( 0.014) ( 0.029) ( 0.020)
--------- --------- ---------
Net asset value, end of period.............. $ 1.00 $ 1.00 $ 1.00
========= ========= =========
Total Return................................ 2.91%* 2.91% 2.77%*
Ratios/Supplemental Data
Net assets, end of period (000)............. $ 1,901 $ 315 $ 366
Ratios to average net assets:
Expenses.................................. 0.63%* 0.65%+ 0.61%*+
Net investment income..................... 2.75%* 2.88% 2.72%*
Management & administration fee waived.... - - -
* Annualized
+ Includes expense offsets.
</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 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
Investors Fiduciary Trust Company
801 Pennsylvania
Kansas City, Missouri 64105-1716
Transfer Agent & Dividend
Disbursing Agent
Reich & Tang Services L.P.
600 Fifth Avenue
New York, New York 10020
- --------------------------------------------------------------------------------
<PAGE>
- --------------------------------------------------------------------------------
NEW JERSEY
DAILY
MUNICIPAL
INCOME
FUND, INC.
Semi-Annual Report
April 30, 1998
(Unaudited)
- --------------------------------------------------------------------------------
<PAGE>
