<PAGE>
--------------------------------------------------------------------------------
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, 1999 through April 30, 2000.
The Fund had net assets of $146,604,580 and 577 active shareholders as of April
30, 2000.
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
--------------------------------------------------------------------------------
<PAGE>
--------------------------------------------------------------------------------
NEW JERSEY DAILY MUNICIPAL INCOME FUND, INC.
STATEMENT OF NET ASSETS
APRIL 30, 2000
(UNAUDITED)
================================================================================
<TABLE>
<CAPTION>
Ratings (a)
-----------------
Face Maturity Value Standard
Amount Date Yield (Note 1) Moody's & Poor's
------ ---- ----- ------ ------- -------
Other Tax Exempt Investments (c) (20.06%)
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
$ 995,000 Borough of Rumson, NJ BAN - Series 1999C 05/31/00 3.16% $ 995,237
1,900,000 Borough of Waldwick, Bergen County, NJ BAN 06/01/00 3.24 1,900,196
2,342,000 City of Hackensack, Bergen County, NJ 12/15/00 3.89 2,346,202
2,895,000 City of Linden, NJ BAN - Series 1999 06/14/00 3.25 2,896,515
1,909,950 Elmwood Park, NJ BAN 06/14/00 3.20 1,910,505
2,780,000 Township of Hope, NJ
Board of Education Temporary School Notes 04/13/01 4.24 2,791,391
2,868,350 Township of Aberdeen, Monmouth County, NJ BAN 08/18/00 3.59 2,873,292
1,597,000 Township of Chester, NJ BAN 10/20/00 3.69 1,600,612
1,195,000 Township of Cranbury, NJ 03/07/01 4.19 1,199,861
1,590,000 Township of East Amwell, Hunterdon County, NJ BAN 08/19/00 3.59 1,592,189
1,794,985 Township of Maplewood, NJ BAN 07/27/00 3.44 1,798,074
1,000,000 Township of Plainsboro, Middlesex County, NJ 11/09/00 3.79 1,000,252
6,500,000 Township of West Deptford, NJ BAN 07/18/00 4.16 6,503,399
----------- -----------
29,367,285 Total Other Tax Exempt Investments 29,407,725
----------- -----------
<CAPTION>
Other Variable Rate Demand Instruments (b) (58.55%)
------------------------------------------------------------------------------------------------------------------------------------
<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 5.00% $ 4,900,000 A1
2,000,000 Commonwealth of Puerto Rico 07/30/00 6.10 2,000,000 VMIG-1
4,540,000 Clipper, NJ Tax-Exempt Certificate, - Series 1999 12/28/04 4.89 4,540,000 VMIG-1
7,995,000 Hudson County, NJ Improvement Authority
(Hudson County Lease Project)
Insured by FGIC 10/01/24 4.98 7,995,000 A1
6,300,000 New Jersey EDA Dock Facility Refunding RB
(Bayonne/IMTT-Bayonne Project) - Series 1993C
LOC Bank One 12/01/27 5.80 6,300,000 VMIG-1
5,000,000 New Jersey EDA Dock Facility Refunding RB
(Bayonne/IMTT-Bayonne Project)
LOC Rabobank Nederland 12/01/27 5.75 5,000,000 VMIG-1
1,670,000 New Jersey EDA Economic Growth Bonds - Series 1994A
LOC National Westminster Bank PLC 08/01/14 5.25 1,670,000 A1
2,700,000 New Jersey EDA IDRB (Kooltronic Incorporated Project) (c)
LOC First Union National Bank 12/01/08 5.10 2,700,000
100,000 New Jersey EDA Manufacturing Facility RB
(Commerce Center Project)
LOC PNC Bank, N.A. 08/01/17 4.90 100,000 A1
</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>
$ 4,500,000 New Jersey EDA Mount Olive Industrial Economic Development RB
LOC Bank of New York 12/01/07 6.05% $ 4,500,000 A1+
985,000 New Jersey EDA Refunding RB (Ninette Group, L.P. Project) (c)
LOC First Union National Bank 08/01/11 5.10 985,000
1,000,000 New Jersey EDA Refunding RB (Union County Genlyte Project)
LOC Bank of America 10/15/09 4.95 1,000,000 P1
2,000,000 New Jersey EDA School RB (Peddie School) 02/01/19 4.90 2,000,000 A1
900,000 New Jersey EDA School RB (Peddie School) 02/01/26 4.90 900,000 A1
1,000,000 New Jersey EDA Sewage Facility RB (c)
LOC PNC Bank, N.A. 07/01/01 5.10 1,000,000
4,900,000 New Jersey EDA (Stolthaven Project) - Series A
LOC Citibank N.A. 01/15/18 6.00 4,900,000 P1 A1+
2,500,000 New Jersey EDA Thermal Energy Facility RB
LOC Bank One 12/01/09 5.10 2,500,000 VMIG-1
5,500,000 New Jersey EDA (United Water Project) - Series 1996A
Insured by AMBAC Indemnity Corp. 11/01/26 5.95 5,500,000 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 4.80 1,000,000 VMIG-1
2,950,000 New Jersey State EDA (Campus 130 Association) (c)
LOC The Bank of New York 12/01/11 5.15 2,950,000
2,600,000 New Jersey State EDA El Dorado Terminal
(Dow Chemical Company) - Series - A (c) 12/01/21 6.00 2,600,000
1,791,500 New Jersey State EDA RB (Hartz & Rex Associates) (c)
LOC Citibank N.A. 01/01/12 5.22 1,791,500
1,400,000 New Jersey Turnpike RB - Series 1991D
Insured by FGIC 01/01/18 5.00 1,400,000 VMIG-1 A1+
8,500,000 New Jersey State Transportation Trust Fund
Insured by FSA 06/15/16 5.03 8,500,000 A1+
1,800,000 Port Authority of New York & New Jersey
Versatile Structured Obligation RB - Series 3 06/01/20 6.00 1,800,000 VMIG-1 A1+
1,800,000 Port Authority of New York & New Jersey
Versatile Structured Obligation RB 05/01/19 6.00 1,800,000 VMIG-1 A1+
3,100,000 Port Authority of New York & New Jersey
Versatile Structured Obligation RB 04/01/24 6.10 3,100,000 VMIG-1 A1+
</TABLE>
--------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
<PAGE>
--------------------------------------------------------------------------------
NEW JERSEY DAILY MUNICIPAL INCOME FUND, INC.
STATEMENT OF NET ASSETS (CONTINUED)
APRIL 30, 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>
$ 100,000 Port Authority of New York & New Jersey
Versatile Structured Obligation RB 08/01/24 6.00% $ 100,000 VMIG-1 A1+
1,300,000 Port Authority of New York & New Jersey
Versatile Structured Obligation RB - Series 6 12/01/17 6.10 1,300,000 VMIG-1 A1+
1,000,000 Somerset, NJ Industrial Pollution Control Authority
(Minnesota Mining Co.) 08/01/22 4.20 1,000,000 A1+
------------ ------------
85,831,500 Total Other Variable Rate Demand Instruments 85,831,500
------------ ------------
<CAPTION>
Put Bond (d) (1.70%)
------------------------------------------------------------------------------------------------------------------------------------
<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. 09/01/00 3.50% $ 2,500,000 VMIG-1 A1+
------------ ------------
2,500,000 Total Put Bond 2,500,000
------------ ------------
<CAPTION>
Tax Exempt Commercial Paper (17.94%)
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
$ 3,500,000 New Jersey Educational Facilities Authority (Princeton University) 05/16/00 3.60% $ 3,500,000 P1 A1+
6,800,000 New Jersey Exempt Facilities EDA RB (Logan 1992 Project)
LOC Union Bank of Switzerland 06/02/00 3.75 6,800,000 VMIG-1 A1+
5,000,000 New Jersey EDA Exempt Facility Bond (Chambers Co-Generation)
LOC Dexia CLF 06/02/00 3.80 5,000,000 VMIG-1 A1+
4,000,000 New Jersey PCFA (Philadelphia Electric Co.) - Series 1993
LOC Toronto Dominion Bank 05/01/00 3.75 4,000,000 VMIG-1 A1
5,000,000 New Jersey State TRAN - Series 2000 06/15/00 3.95 5,000,000 P1 A1+
2,000,000 New Jersey State TRAN - Series 2000 06/15/00 4.00 2,000,000 P1 A1+
------------ ------------
26,300,000 Total Tax Exempt Commercial Paper 26,300,000
------------ ------------
Total Investments (98.25%) (Cost $144,039,225+) $ 144,039,225
Cash and Other Assets in Excess of Liabilities (1.75%) 2,565,355
------------
Net Assets (100.00%) $ 146,604,580
============
Net Asset Value, offering and redemption price per share:
Class A Shares, 87,985,622 shares outstanding (Note 3) $ 1.00
============
Class B Shares, 9,192,724 shares outstanding (Note 3) $ 1.00
============
Chase Vista Shares, 49,442,359 shares outstanding (Note 3) $ 1.00
============
</TABLE>
+ Aggregate cost for federal income tax purposes is identical.
--------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
<PAGE>
--------------------------------------------------------------------------------
================================================================================
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 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.
(c) 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.
(d) The maturity date indicated is the next put date.
<TABLE>
<CAPTION>
KEY:
<S> <C> <C> <C> <C> <C>
BAN = Bond Anticipation Note LOC = Letter of Credit
EDA = Economic Development Authority PCFA = Pollution Control Finance Authority
FGIC = Financial Guaranty Insurance Company RB = Revenue Bond
FSA = Financial Security Assurance Company TRAN = Tax Revenue Anticipation Note
IDRB = Industrial Development Revenue Bond
</TABLE>
--------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
<PAGE>
--------------------------------------------------------------------------------
NEW JERSEY DAILY MUNICIPAL INCOME FUND, INC.
STATEMENT OF OPERATIONS
SIX MONTHS ENDED APRIL 30, 2000
(UNAUDITED)
================================================================================
<TABLE>
<CAPTION>
INVESTMENT INCOME
<S> <C>
Income:
Interest................................................................................ $ 2,694,498
------------
Expenses: (Note 2)
Investment management fee............................................................... 228,559
Administration fee...................................................................... 159,991
Shareholder servicing fee (Class A)..................................................... 97,612
Shareholder servicing fee (Chase Vista shares).......................................... 46,684
Custodian fee........................................................................... 6,125
Shareholder servicing and related shareholder expenses.................................. 43,380
Legal, compliance and filing fees....................................................... 36,914
Audit and accounting.................................................................... 44,731
Directors' fees......................................................................... 3,100
Other................................................................................... 1,303
------------
Total expenses........................................................................ 668,399
Expenses paid indirectly.............................................................. ( 5,246)
------------
Net expenses.......................................................................... 663,153
------------
Net investment income....................................................................... 2,031,345
REALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) on investments..................................................... ( 84)
------------
Increase in net assets from operations...................................................... $ 2,031,261
============
</TABLE>
--------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
<PAGE>
--------------------------------------------------------------------------------
NEW JERSEY DAILY MUNICIPAL INCOME FUND, INC.
STATEMENTS OF CHANGES IN NET ASSETS
================================================================================
<TABLE>
<CAPTION>
Six Months
Ended Year
April 30, 2000 Ended
(Unaudited) October 31,1999
--------- ---------------
INCREASE (DECREASE) IN NET ASSETS
<S> <C> <C>
Operations:
Net investment income......................................... $ 2,031,345 $ 3,710,278
Net realized gain (loss) on investments....................... ( 84) -0-
-------------- ---------------
Increase in net assets from operations........................ 2,031,261 3,710,278
Dividends to shareholders from net investment income:
Class A................................................... ( 1,294,438)* ( 3,328,995)*
Class B................................................... ( 116,320)* ( 84,473)*
Chase Vista shares........................................ ( 620,587)* ( 296,810)*
Capital share transactions (Note 3):
Class A................................................... ( 13,740,102) ( 64,524,410)
Class B................................................... 2,422,308 4,492,237
Chase Vista shares........................................ 4,328,389 45,113,970
--------------- ---------------
Total increase (decrease)................................. ( 6,989,489) ( 14,918,203)
Net assets:
Beginning of period........................................... 153,594,069 168,512,272
--------------- ---------------
End of period................................................. $ 146,604,580 $ 153,594,069
=============== ===============
</TABLE>
* Designated as exempt-interest dividends for federal income tax purposes.
--------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
<PAGE>
--------------------------------------------------------------------------------
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 three classes of stock authorized, Class A, Class B and Chase Vista shares.
The Class A and Chase Vista 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, Class B and Chase Vista 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 Chase Vista shares commenced on July 9, 1999.
The Fund's 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 Agreement, the Fund pays to the Manager
an annual fee of .21% of the Fund's average daily net assets.
--------------------------------------------------------------------------------
<PAGE>
--------------------------------------------------------------------------------
================================================================================
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,
with respect to the Class A and Chase Vista shares of the Fund. For its services
under the Shareholder Servicing Agreement, the Distributor receives from the
Fund a fee equal to .20% of the Fund's average daily net assets with respect to
the Class A and Chase Vista shares. 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 $38,304 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 caption "Shareholder servicing
and related shareholder expenses" are expense offsets of $5,246.
3. Capital Stock.
At April 30, 2000, 20,000,000,000 shares of $.001 par value stock were
authorized and capital paid in amounted to $146,620,435. Transactions in capital
stock, all at $1.00 per share, were as follows:
<TABLE>
<CAPTION>
Six Months Ended Year
Class A April 30, 2000 Ended
------- (Unaudited) October 31, 1999
--------- ----------------
<S> <C> <C>
Sold................................... 153,102,889 256,663,727
Issued on reinvestment of dividends.... 1,236,366 3,377,464
Redeemed............................... ( 168,079,357) ( 324,565,601)
------------- -------------
Net increase (decrease)................ ( 13,740,102) ( 64,524,410)
============= =============
<CAPTION>
Six Months Ended Year
Class B April 30, 2000 Ended
------- (Unaudited) October 31, 1999
--------- ----------------
<S> <C> <C>
Sold................................... 23,030,937 11,742,870
Issued on reinvestment of dividends.... 106,126 82,170
Redeemed............................... ( 20,714,755) ( 7,332,803)
------------- -------------
Net increase (decrease)................ 2,422,308 4,492,237
============= =============
<CAPTION>
Six Months Ended July 9, 1999
Chase Vista Shares April 30, 2000 (Commencement of Offering)
------------------ (Unaudited) October 31, 1999
--------- ----------------
<S> <C> <C>
Sold................................... 53,242,478 65,202,337
Issued on reinvestment of dividends.... 598,084 253,327
Redeemed............................... ( 49,512,173) ( 20,341,694)
------------- -------------
Net increase (decrease)................ 4,328,389 45,113,970
============= =============
</TABLE>
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<PAGE>
--------------------------------------------------------------------------------
NEW JERSEY DAILY MUNICIPAL INCOME FUND, INC.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
(UNAUDITED)
================================================================================
4. Sales of Securities.
Accumulated undistributed net realized losses at April 30, 2000 amounted to
$15,855. This amount represents tax basis capital losses which may be carried
forward to offset future capital gains. Such losses expire October 31, 2002
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 37% 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. Financial Highlights.
<TABLE>
<CAPTION>
Six Months Year Ended
Class A Ended October 31,
------- April 30, 2000 -------------------------------------------------------------
(Unaudited) 1999 1998 1997 1996 1995
--------- --------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C>
Per Share Operating Performance:
(for a share outstanding throughout the period)
Net asset value, beginning of period............ $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------- -------- -------- -------- -------- --------
Income from investment operations:
Net investment income........................ 0.013 0.023 0.026 0.027 0.027 0.030
Less distributions:
Dividends from net investment income......... ( 0.013) ( 0.023) ( 0.026) ( 0.027) ( 0.027) ( 0.030)
------- ------- ------- ------- ------- -------
Net asset value, end of period.................. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======== ======== ======== ========
Total Return.................................... 1.33%** 2.30% 2.65% 2.70% 2.69% 3.08%
Ratios/Supplemental Data
Net assets, end of period (000)................. $ 87,976 $ 101,715 $ 166,234 $ 217,529 $ 151,421 $ 130,128
Ratios to average net assets:
Expenses..................................... 0.89%*+ 0.86%+ 0.84%+ 0.86%+ 0.78%+ 0.72%
Net investment income........................ 2.65%* 2.27% 2.60% 2.66% 2.65% 3.02%
Expense paid indirectly...................... 0.01%* 0.00% 0.00% 0.00% 0.00% --
Management, administration & shareholder
servicing fee waived ...................... 0.00%* 0.00% 0.00% 0.00% 0.06% 0.18%
</TABLE>
* Annualized
** Unannualized
+ Includes expense offsets.
--------------------------------------------------------------------------------
<PAGE>
--------------------------------------------------------------------------------
NEW JERSEY DAILY MUNICIPAL INCOME FUND, INC.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
(UNAUDITED)
================================================================================
6. Financial Highlights. (Continued)
<TABLE>
<CAPTION>
Year Ended
Six Months Ended October 31, February 9, 1996
Class B April 30, 2000 ---------------------------------- (Commencement of offering) to
------- (Unaudited) 1999 1998 1997 October 31, 1996
--------- -------- --------- -------- ----------------
<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......................... 0.014 0.025 0.028 0.029 0.020
Less distributions:
Dividends from net investment income.......... ( 0.014) ( 0.025) ( 0.028) ( 0.029) ( 0.020)
------- ------- ------- ------- -------
Net asset value, end of period.................. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======== ======== ========
Total Return.................................... 1.43%** 2.51% 2.86% 2.91% 2.77%*
Ratios/Supplemental Data
Net assets, end of period (000)................. $ 9,192 $ 6,770 $ 2,278 $ 315 $ 366
Ratios to average net assets:
Expenses...................................... 0.69%*+ 0.67%+ 0.63%+ 0.65%+ 0.61%*+
Net investment income......................... 2.88%* 2.48% 2.76% 2.88% 2.72%*
Expenses paid indirectly...................... 0.01%* 0.00% 0.00% 0.00% 0.00%*
<CAPTION>
July 9, 1999
Six Months Ended (Commencement of Offering) to
Chase Vista Shares April 30, 2000 October 31,
------------------ (Unaudited) 1999
--------- ---------
<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......................... 0.013 0.007
Less distributions:
Dividends from net investment income.......... ( 0.013) ( 0.007)
------- -------
Net asset value, end of period.................. $ 1.00 $ 1.00
======== ========
Total Return.................................... 1.33%** 0.72%**
Ratios/Supplemental Data
Net assets, end of period (000)................. $ 49,437 $ 45,109
Ratios to average net assets:
Expenses+..................................... 0.89%* 0.86%*
Net investment income......................... 2.65%* 2.27%*
Expenses paid indirectly...................... 0.01%* 0.00%*
</TABLE>
* Annualized
** Unannualized
+ Includes expenses paid indirectly.
--------------------------------------------------------------------------------
<PAGE>
--------------------------------------------------------------------------------
NEW JERSEY
DAILY
MUNICIPAL
INCOME
FUND, INC.
Semi-Annual Report
April 30, 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.
-------------------------------------------------------
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
State Street Kansas City
801 Pennsylvania
Kansas City, Missouri 64105-1716
Transfer Agent & Dividend
Disbursing Agent
Reich & Tang Services, Inc.
600 Fifth Avenue
New York, New York 10020
NJ400S
--------------------------------------------------------------------------------
<PAGE>
