<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, 1998 through April 30, 1999.
The Fund had net assets of $158,688,311 and 680 active shareholders as of April
30, 1999.
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, 1999
(UNAUDITED)
================================================================================
<TABLE>
<CAPTION>
Ratings (a)
-----------------
Face Maturity Value Standard
Amount Date Yield (Note 1) Moody's & Poor's
------ ---- ----- ------ ------- -------
Other Tax Exempt Investments (28.39%)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
$ 1,395,739 Borough of Allendale, Bergen County, NJ BAN (b) 11/24/99 3.05% $ 1,397,107
2,291,000 Borough of Closter, Bergen County, NJ BAN (b) 08/20/99 3.60 2,291,659
1,790,000 Borough of Metuchen, NJ BAN (b) 10/01/99 3.26 1,793,213
1,823,095 Borough of Wanaque, NJ BAN (b) 02/25/00 2.96 1,824,528
3,000,000 Essex County, NJ 03/31/00 3.11 3,009,253 MIG-1
3,125,000 Essex County, NJ (b)
Insured by AMBAC Indemnity Corp. 08/01/99 3.58 3,132,680
1,259,700 Hightstown, NJ BAN (b) 06/18/99 3.70 1,260,273
3,000,000 Jersey City, NJ Refunding Notes 01/14/00 3.16 3,002,025 SP-1
1,800,000 Northeast Monmouth County, NJ (b) 07/22/99 3.60 1,800,380
2,095,000 Township of Cranbury, NJ (b) 03/10/00 3.00 2,098,465
1,164,000 Township of Edison, County of Middlesex, NJ BAN (b) 06/30/99 3.65 1,164,171
3,700,000 Township of Evesham, NJ BAN (b) 08/30/99 3.11 3,704,131
6,250,000 Township of Harrison, Hudson County, NJ BAN (b) 05/28/99 3.61 6,250,206
3,233,650 Township of Manalapan, NJ BAN (b) 10/15/99 3.26 3,235,053
5,807,000 Township of Montclair County, NJ BAN (b) 03/10/00 2.95 5,809,376
2,274,500 Township of West Deptford (b) 06/15/99 3.20 2,276,487
1,000,000 Union County Ultilities Authority Solid Waste Facility
(SLRB-Ogden Martin) (b) 06/01/99 3.79 1,000,498
------------- ------------
45,008,684 Total Other Tax Exempt Investments 45,049,505
------------- ------------
<CAPTION>
Other Variable Rate Demand Instruments (c) (62.91%)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
$ 4,900,000 Camden County, NJ Improvement Authority RB
(Parkview Redevelopment Housing Project) - Series 1996
LOC General Electric Capital Corporation 07/01/26 4.00% $ 4,900,000 A1
7,185,000 Clipper, NJ Housing and Mortgage
Finance Agency Home Buyer RB - Series 1996 10/01/21 3.96 7,185,000 MIG-1
7,995,000 Hudson County, NJ Improvement Authority
(Hudson County Lease Project)
Insured by FGIC 10/01/24 3.47 7,995,000 A1
900,000 New Jersey EDA Peddie School RB 02/01/26 3.85 900,000 A1
2,000,000 New Jersey EDA Peddie School RB 02/01/19 3.85 2,000,000 A1
6,000,000 New Jersey EDA Dock Facility Refunding RB
(Bayonne/IMTT-Bayonne Project) - Series 1993C
LOC FNB Chicago 12/01/27 4.25 6,000,000 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>
$ 1,900,000 New Jersey EDA Dock Facility Refunding RB
(Bayonne/IMTT-Bayonne Project) - Series 1993B
LOC FNB Chicago 12/01/27 4.25% $ 1,900,000 VMIG-1
2,000,000 New Jersey EDA Dock Facility Refunding RB
(Bayonne/IMTT-Bayonne Project)
LOC Rabobank Nederland 12/01/27 4.20 2,000,000 VMIG-1
1,780,000 New Jersey EDA Economic Growth Bonds - Series 1994A
LOC National Westminster Bank PLC 08/01/14 3.85 1,780,000 A1
2,245,000 New Jersey EDA First Mortgage RB
(Wencharter Garden at Ward Homestead Project) - Series 1996B
LOC Banque Paribas 04/01/06 3.90 2,245,000 VMIG-1 A1
1,000,000 New Jersey Health Care Facility Financing Authority
(Atlantic City Medical Center)
LOC PNC Bank, N.A. 07/01/28 3.85 1,000,000 VMIG-1
2,940,000 New Jersey EDA IDRB (Kooltronic Incorporated Project) (b)
LOC First Union National Bank 12/01/08 3.95 2,940,000
100,000 New Jersey EDA Manufacturing Facility RB
(Commerce Center Project)
LOC PNC Bank, N.A. 08/01/17 3.85 100,000 A1
1,010,000 New Jersey EDA Refunding RB (Ninette Group, L.P. Project) (b)
LOC First Union National Bank 08/01/11 3.95 1,010,000
1,000,000 New Jersey EDA Refunding RB (Union County Genlyte Project)
LOC Bank of America 10/15/09 3.90 1,000,000 P1
1,000,000 New Jersey EDA RB Sewage Facility (b)
LOC PNC Bank, N.A. 07/01/01 4.05 1,000,000
4,900,000 New Jersey EDA (Stothaven Project) - Series A
LOC Citibank 01/15/18 4.25 4,900,000 P1 A1+
2,500,000 New Jersey EDA Thermal Energy Facility RB
LOC FNB Chicago 12/01/09 3.95 2,500,000 VMIG-1
6,200,000 New Jersey EDA (United Water Project) - Series 1996A
Insured by AMBAC Indemnity Corp. 11/01/26 4.05 6,200,000 VMIG-1 A1+
2,085,000 New Jersey State EDA (Block Drug Corporation) - Series A (b)
LOC Suntrust Bank 06/01/99 4.05 2,085,000
1,650,000 New Jersey State EDA (Block Drug Corporation) - Series B (b)
LOC Suntrust Bank 06/01/99 4.05 1,650,000
3,250,000 New Jersey State EDA (Campus 130 Association) (b)
LOC The Bank of New York 12/01/11 4.15 3,250,000
</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, 1999
(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>
$ 8,600,000 New Jersey State EDA El Dorado Terminal
(Dow Chemical Company) - Series - A 05/01/01 4.05% $ 8,600,000 P1
400,000 New Jersey State EDA El Dorado Terminal
(Dow Chemical Company) - Series - B 05/01/03 4.05 400,000 P1
1,791,500 New Jersey State EDA (Hartz & Rex Associates) (b)
LOC Citibank 01/01/12 4.12 1,791,500
1,000,000 New Jersey State Industrial Pollution Control Authority
(Minnesota Mining Co.) 08/01/22 3.45 1,000,000 A1+
8,500,000 New Jersey State Transportation Trust
Insured by FSA 06/15/16 4.01 8,500,000 A1+
300,000 Port Authority of New York & New Jersey
Versatile Structured Obligation RB - Series 6 12/01/17 4.30 300,000 VMIG-1 A1+
1,100,000 Port Authority of New York & New Jersey
Versatile Structured Obligation RB 04/01/24 4.30 1,100,000 VMIG-1 A1+
1,000,000 Port Authority of New York & New Jersey
Versatile Structured Obligation RB - Series 3 06/01/20 4.20 1,000,000 VMIG-1 A1+
4,700,000 Port Authority of New York & New Jersey
Versatile Structured Obligation RB 08/01/24 4.20 4,700,000 VMIG-1 A1+
3,200,000 Union County, NJ Floating Rate Trust - Series 1998
Insured by AMBAC Indemnity Corp. 06/01/20 4.15 3,200,000 VMIG-1
4,700,000 Union County, NJ PCFA
(Exxon Corporation Project) - Series 1994 07/01/33 4.10 4,700,000 P1 A1+
------------ ------------
99,831,500 Total Other Variable Rate Demand Instruments 99,831,500
------------ ------------
<CAPTION>
Put Bond (d) (2.58%)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
$ 1,600,000 New Jersey EDA Solid Waste Disposal
(Newark Recycling & Composition)
LOC Societe General 06/15/99 3.00% $ 1,600,000 A1+
2,500,000 Puerto Rico Industrial Medical & Environmental PCFA RB
(Reynolds Metals Corporation)
LOC ABN AMRO Bank N.V. 09/01/99 3.60 2,500,000 VMIG-1 A1+
------------ ------------
4,100,000 Total Put Bond 4,100,000
------------ ------------
<CAPTION>
Revenue Bond (0.86%)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
$ 1,350,000 New Jersey EDA RB (Performing Arts Center) (b)
Insured by AMBAC Indemnity Corp. 06/15/99 3.56% $ 1,356,758
------------ ------------
1,350,000 Total Revenue Bond 1,356,758
------------ ------------
</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 (4.99%)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
$ 4,000,000 New Jersey EDA Exempt Facilities RB (Logan - 1992 Project)
LOC Union Bank of Switzerland 05/04/99 2.75% $ 4,000,000 VMIG-1 A1+
2,000,000 Puerto Rico Government Development Bank 05/04/99 2.80 2,000,000 A1+
1,926,000 Puerto Rico Government Development Bank 05/14/99 3.05 1,926,000 A1+
------------ ------------
7,926,000 Total Tax Exempt Commercial Paper 7,926,000
------------ ------------
Total Investments (99.73%) (Cost $158,263,763+) 158,263,763
Cash and Other Assets in Excess of Liabilities (0.27%) 424,548
------------
Net Assets (100.00%) $158,688,311
============
Net Asset Value, offering and redemption price per share:
Class A Shares, 156,506,314 shares outstanding (Note 3) $ 1.00
============
Class B Shares, 2,198,038 shares outstanding (Note 3) $ 1.00
============
+ 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 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 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 IDRB = Industrial Development Revenue Bond
EDA = Economic Development Authority LOC = Letter of Credit
FGIC = Financial Guaranty Insurance Company PCFA = Pollution Control Finance Authority
FSA = Financial Security Assurance Company RB = 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, 1999
(UNAUDITED)
================================================================================
<TABLE>
<CAPTION>
INVESTMENT INCOME
<S> <C>
Income:
Interest................................................................................ $ 2,632,125
-------------
Expenses: (Note 2)
Investment management fee............................................................... 255,284
Administration fee...................................................................... 178,699
Shareholder servicing fee (Class A)..................................................... 167,780
Custodian fee........................................................................... 4,567
Shareholder servicing and related shareholder expenses.................................. 48,886
Legal, compliance and filing fees....................................................... 30,778
Audit and accounting.................................................................... 27,779
Directors' fees......................................................................... 3,029
Other................................................................................... 5,170
-------------
Total expenses........................................................................ 721,972
Expenses paid indirectly.............................................................. ( 961)
-------------
Net expenses.......................................................................... 721,011
-------------
Net investment income...................................................................... 1,911,114
<CAPTION>
REALIZED GAIN (LOSS) ON INVESTMENTS
<S> <C>
Net realized gain (loss) on investments.................................................... -0-
-------------
Increase in net assets from operations..................................................... $ 1,911,114
=============
</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, 1999 Ended
(Unaudited) October 31,1998
----------- ---------------
INCREASE (DECREASE) IN NET ASSETS
<S> <C> <C>
Operations:
Net investment income......................................... $ 1,911,114 $ 6,284,747
Net realized gain (loss) on investments....................... -0- -0-
--------------- ---------------
Increase in net assets from operations........................ 1,911,114 6,284,747
Dividends to shareholders from net investment income:
Class A................................................... ( 1,881,635)* ( 6,234,603)*
Class B................................................... ( 29,479)* ( 50,144)*
Capital share transactions (Note 3):
Class A................................................... ( 9,743,820) ( 51,294,518)
Class B................................................... ( 80,141) 1,962,624
--------------- ---------------
Total increase (decrease)................................. ( 9,823,961) ( 49,331,894)
Net assets:
Beginning of period........................................... 168,512,272 217,844,166
--------------- ---------------
End of period................................................. $ 158,688,311 $ 168,512,272
=============== ===============
* 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. 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 Funds 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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================================================================================
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 $42,702 paid to Reich & Tang
Services L.P., an affiliate of the Manager as servicing agent for the Fund.
Included in the Statement of Operations under the captions "Custody expenses"
and "Shareholder servicing and related shareholder expenses" are expense offsets
of $961.
3. Capital Stock.
At April 30, 1999, 20,000,000,000 shares of $.001 par value stock were
authorized and capital paid in amounted to $158,704,352. Transactions in capital
stock, all at $1.00 per share, were as follows:
<TABLE>
<CAPTION>
Six Months Year
Class A Ended Ended
- ------- April 30, 1999 October 31, 1998
-------------- ----------------
<S> <C> <C>
Sold................................... 172,754,439 533,736,089
Issued on reinvestment of dividends.... 1,858,873 6,214,721
Redeemed............................... ( 184,357,132) ( 591,245,328)
-------------- -------------
Net increase (decrease)................ ( 9,743,820) ( 51,294,518)
============== =============
<CAPTION>
Six Months Year
Class B Ended Ended
- ------- April 30, 1999 October 31, 1998
-------------- ----------------
<S> <C> <C>
Sold................................... 2,168,034 6,061,246
Issued on reinvestment of dividends.... 29,217 50,891
Redeemed............................... ( 2,277,392) ( 4,149,513)
-------------- -------------
Net increase (decrease)................ ( 80,141) 1,962,624
============== =============
</TABLE>
4. Sales of Securities.
Accumulated undistributed net realized losses at April 30, 1999 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 32% 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.
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<PAGE>
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NEW JERSEY DAILY MUNICIPAL INCOME FUND, INC.
NOTES TO FINANCIAL STATEMENTS (continued)
(UNAUDITED)
================================================================================
<TABLE>
<CAPTION>
6. Financial Highlights.
Year Ended
Six Months October 31,
Class A Ended ----------------------------------------------------------------
- ------- April 30, 1999 1998 1997 1996 1995 1994
-------------- -------- -------- -------- -------- --------
<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 0.026 0.027 0.027 0.030 0.020
Less distributions:
Dividends from net investment income......... ( 0.011) ( 0.026) ( 0.027) ( 0.027) ( 0.030) ( 0.020)
-------- -------- -------- -------- -------- --------
Net asset value, end of period................. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======== ======== ======== ========
Total Return................................... 2.27%* 2.65% 2.70% 2.69% 3.08% 2.03%
Ratios/Supplemental Data
Net assets, end of period (000)................ $ 156,490 $ 166,234 $ 217,529 $ 151,421 $ 130,128 $ 105,929
Ratios to average net assets:
Expenses..................................... 0.85%*+ 0.84%+ 0.86%+ 0.78%+ 0.72% 0.66%
Net investment income........................ 2.24%* 2.60% 2.66% 2.65% 3.02% 2.02%
Management, administration & shareholder
servicing fee waived ..................... 0.00% 0.00% 0.00% 0.06% 0.18% 0.26%
<CAPTION>
Year Ended
Six Months October 31, February 9, 1996
Class B Ended --------------------- (Commencement of offering) to
- ------- April 30, 1999 1998 1997 October 31, 1996
-------------- -------- -------- ---------------------
<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 0.028 0.029 0.020
Less distributions:
Dividends from net investment income........ ( 0.012) ( 0.028) ( 0.029) ( 0.020)
-------- -------- -------- --------
Net asset value, end of period................. $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======== ========
Total Return................................... 2.47%* 2.86% 2.91% 2.77%*
Ratios/Supplemental Data
Net assets, end of period (000)................ $ 2,198 $ 2,278 $ 315 $ 366
Ratios to average net assets:
Expenses.................................... 0.65%*+ 0.63%+ 0.65%+ 0.61%*+
Net investment income....................... 2.45%* 2.76% 2.88% 2.72%*
* Annualized
+ 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
Investors Fiduciary Trust Company
801 Pennsylvania
Kansas City, Missouri 64105-1716
Transfer Agent & Dividend
Disbursing Agent
Reich & Tang Services, Inc.
600 Fifth Avenue
New York, New York 10020
- --------------------------------------------------------------------------------
<PAGE>
- --------------------------------------------------------------------------------
NEW JERSEY
DAILY
MUNICIPAL
INCOME
FUND, INC.
Semi-Annual Report
April 30, 1999
(Unaudited)
- --------------------------------------------------------------------------------
<PAGE>
