<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 annual report of New Jersey Daily Municipal Income
Fund, Inc. for the year ended October 31, 2000.
The Fund had net assets of $157,887,683 and 519 active shareholders as of
October 31, 2000.
Thank you for your support and we look forward to continuing to serve your cash
management needs.
Sincerely,
\s\Steven W. Duff
Steven W. Duff
President
--------------------------------------------------------------------------------
<PAGE>
--------------------------------------------------------------------------------
NEW JERSEY DAILY MUNICIPAL INCOME FUND, INC.
STATEMENT OF NET ASSETS
OCTOBER 31, 2000
================================================================================
<TABLE>
<CAPTION>
Ratings (a)
-----------------
Face Maturity Value Standard
Amount Date Yield (Note 1) Moody's & Poor's
------ ---- ----- ------ ------- -------
Tax Exempt Investments (b) (16.80%)
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
$ 4,000,000 Atlantic City, NJ GO BAN 06/08/01 4.78% $ 4,017,737
2,463,687 Borough of Atlantic Highlands, Monmouth County, NJ BAN 01/17/01 4.56 2,465,438
2,342,000 City of Hackensack, Bergen County, NJ 12/15/00 3.89 2,342,811
2,216,835 City of Rahway, Union County, NJ BAN 12/20/00 4.33 2,218,573
1,596,000 Township of Harrison, NJ BAN - Series 2000B 10/11/01 4.57 1,599,530
2,780,000 Township of Hope, NJ
Board of Education Temporary School Notes 04/13/01 4.24 2,785,351
1,195,000 Township of Cranbury, NJ 03/07/01 4.19 1,196,976
2,395,000 Township of Maple Shade, Burlington County, NJ BAN 08/06/01 4.39 2,398,475
4,533,000 Township of Monroe, Middlesex County, NJ BAN 07/24/01 4.34 4,540,049
1,000,000 Township of Plainsboro, Middlesex County, NJ 11/09/00 3.79 1,000,010
1,960,000 Township of Raritan, NJ BAN 06/14/01 4.69 1,962,875
----------- -----------
26,481,522 Total Tax Exempt Investments 26,527,825
----------- -----------
<CAPTION>
Variable Rate Demand Instruments (c) (65.13%)
------------------------------------------------------------------------------------------------------------------------------------
<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 4.30% $ 4,900,000 A1
2,894,000 Clipper, NJ Tax-Exempt Certificate - Series 1999 12/28/04 4.43 2,894,000 VMIG-1
3,195,000 Morgan Stanley Floating Rate Trust
Mercer County Improvement Authority - Series 402 01/01/18 4.33 3,195,000 VMIG-1
2,300,000 New Jersey EDA
(400 International Drive, Rockerfeller Corporation) (b)
LOC Barclays Bank PLC 09/01/05 4.30 2,300,000
5,000,000 New Jersey EDA Dock Facility Refunding RB
(Bayonne/IMTT-Bayonne Project)
LOC Rabobank Nederland 12/01/27 4.45 5,000,000 VMIG-1
1,600,000 New Jersey EDA Dock Facility Refunding RB
(Bayonne/IMTT-Bayonne Project) - Series C
LOC Bank One Capital Market 12/01/27 4.50 1,600,000 VMIG-1
4,000,000 New Jersey EDA Dock Facility Refunding RB
(Bayonne/IMTT-Bayonne Project) - Series 1
LOC Bank One Capital Market 12/01/27 4.50 4,000,000 VMIG-1
1,560,000 New Jersey EDA Economic Growth Bonds - Series 1994A
LOC National Westminster Bank PLC 08/01/14 4.40 1,560,000 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
------ ---- ----- ------ ------- -------
Variable Rate Demand Instruments (c) (Continued)
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
$ 2,580,000 New Jersey EDA IDRB (Kooltronic Incorporated Project) (b)
LOC First Union National Bank 12/01/08 4.40% $ 2,580,000
100,000 New Jersey EDA Manufacturing Facility RB
(Commerce Center Project)
LOC PNC Bank, N.A. 08/01/17 4.20 100,000 A1
4,500,000 New Jersey EDA Mount Olive Industrial Economic Development RB
LOC The Bank of New York 12/01/07 4.55 4,500,000 A1+
2,180,000 New Jersey EDA RB (Color Graphics Inc. Project) (b)
LOC First Union National Bank 12/01/17 4.35 2,180,000
2,975,000 New Jersey EDA RB (Filtra Corporation Project) (b)
LOC Summit Bank 08/01/15 4.40 2,975,000
955,000 New Jersey EDA Refunding RB (Ninette Group, L.P. Project) (b)
LOC First Union National Bank 08/01/11 4.40 955,000
1,000,000 New Jersey EDA Refunding RB (Union County Genlyte Project)
LOC Bank of America 10/15/09 4.35 1,000,000 P1
2,000,000 New Jersey EDA School RB (Peddie School) 02/01/19 4.20 2,000,000 A1
900,000 New Jersey EDA School RB (Peddie School) 02/01/26 4.20 900,000 A1
1,000,000 New Jersey EDA Sewage Facility RB (b)
LOC PNC Bank, N.A. 07/01/01 4.40 1,000,000
4,900,000 New Jersey EDA (Stolthaven Project) - Series A
LOC Citibank N.A. 01/15/18 4.50 4,900,000 P1 A1+
2,500,000 New Jersey EDA Thermal Energy Facility RB
LOC Bank One Capital Market 12/01/09 4.30 2,500,000 VMIG-1
5,000,000 New Jersey EDA (United Water Project) - Series 1996A
Insured by AMBAC Indemnity Corp. 11/01/26 4.60 5,000,000 VMIG-1 A1+
2,600,000 New Jersey Sports & Expo Authority Services
Insured by MBIA Insurance Co. 09/01/24 4.15 2,600,000 VMIG-1 A1+
2,850,000 New Jersey State EDA (Campus 130 Association) (b)
LOC The Bank of New York 12/01/11 4.50 2,850,000
7,000,000 New Jersey State EDA
(El Dorado Terminal Dow Chemical Company) - Series A (b) 12/01/21 4.50 7,000,000
1,791,500 New Jersey State EDA RB (Hartz & Rex Associates) (b)
LOC Citibank N.A. 01/01/12 4.52 1,791,500
2,000,000 New Jersey State TRAN Corporate Certificate (Putters) - Series 148
Insured by AMBAC Indemnity Corp. 03/15/09 4.25 2,000,000 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)
OCTOBER 31, 2000
================================================================================
<TABLE>
<CAPTION>
Ratings (a)
-----------------
Face Maturity Value Standard
Amount Date Yield (Note 1) Moody's & Poor's
------ ---- ----- ------ ------- -------
Variable Rate Demand Instruments (c) (Continued)
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
$ 8,400,000 New Jersey Turnpike RB - Series 1991D
Insured by FGIC 01/01/18 4.15% $ 8,400,000 VMIG-1 A1+
1,700,000 Port Authority of New York & New Jersey
Versatile Structured Obligation RB - Series 6 12/01/17 4.60 1,700,000 VMIG-1 A1+
5,000,000 Port Authority of New York & New Jersey
Versatile Structured Obligation RB - Series 3 06/01/20 4.60 5,000,000 VMIG-1 A1+
6,450,000 Port Authority of New York & New Jersey
Versatile Structured Obligation RB - Series 5 08/01/24 4.60 6,450,000 VMIG-1 A1+
3,100,000 Port Authority of New York & New Jersey
Versatile Structured Obligation RB 04/01/24 4.60 3,100,000 VMIG-1 A1+
1,000,000 Somerset, NJ Industrial Pollution Control Authority
(Minnesota Mining Co.) 08/01/22 4.00 1,000,000 A1+
3,500,000 State of New Jersey 05/01/03 4.35 3,500,000 VMIG-1
1,400,000 Union County, NJ PCFA (Exxon Mobil Corp.) - Series 1994 07/01/33 3.45 1,400,000 P1 A1+
----------- ------------
102,830,500 Total Variable Rate Demand Instruments 102,830,500
----------- ------------
<CAPTION>
Tax Exempt Commercial Paper (17.61%)
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
$ 4,500,000 New Jersey Educational Facilities Authority
(Princeton University) - Series 1997A 11/07/00 4.00% $ 4,500,000 P1 A1+
3,500,000 New Jersey Educational Facilities Authority
(Princeton University) - Series 1997A 12/01/00 4.00 3,500,000 P1 A1+
6,800,000 New Jersey Exempt Facilities EDA RB (Logan 1992 Project)
LOC Union Bank of Switzerland 11/06/00 4.10 6,800,000 VMIG-1 A1+
5,000,000 New Jersey EDA Exempt Facility Bonds (Chambers Co-Generation)
LOC Dexia CLF 11/01/00 4.00 5,000,000 VMIG-1 A1+
4,000,000 New Jersey PCFA (Philadelphia Electric Co.) - Series 1993
LOC Toronto Dominion Bank 11/06/00 4.10 4,000,000 VMIG-1 A1
4,000,000 State of New Jersey TRAN - Series 2001 12/06/00 4.20 4,000,000 P1 A1+
----------- ------------
27,800,000 Total Tax Exempt Commercial Paper 27,800,000
----------- ------------
Total Investments (99.54%) (Cost $157,158,325+) 157,158,325
Cash and Other Assets in Excess of Liabilities (0.46%) 729,358
------------
Net Assets (100.00%) $157,887,683
============
Net Asset Value, offering and redemption price per share:
Class A shares, 93,857,341,shares outstanding (Note 3) $ 1.00
===========
Class B shares, 12,419,084,shares outstanding (Note 3) $ 1.00
===========
Chase Vista shares 51,627,383,shares outstanding (Note 3) $ 1.00
===========
+ Aggregate cost for federal income tax purposes is identical.
</TABLE>
--------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
<PAGE>
--------------------------------------------------------------------------------
================================================================================
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.
<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
GO = General Obligations TRAN = Tax and 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
YEAR ENDED OCTOBER 31, 2000
================================================================================
<TABLE>
<CAPTION>
INVESTMENT INCOME
<S> <C>
Income:
Interest................................................................................ $ 5,922,273
-------------
Expenses: (Note 2)
Investment management fee............................................................... 461,917
Administration fee...................................................................... 323,342
Shareholder servicing fee (Class A)..................................................... 189,875
Shareholder servicing fee (Chase Vista shares).......................................... 98,942
Custodian fee........................................................................... 12,528
Shareholder servicing and related shareholder expenses+................................. 105,321
Legal, compliance and filing fees....................................................... 54,742
Audit and accounting.................................................................... 90,587
Directors' fees......................................................................... 6,119
Other................................................................................... 6,446
-------------
Total expenses........................................................................ 1,349,819
Expenses paid indirectly.............................................................. ( 6,825)
-------------
Net expenses.......................................................................... 1,342,994
-------------
Net investment income....................................................................... 4,579,279
REALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) on investments..................................................... ( 84)
-------------
Increase in net assets from operations...................................................... $ 4,579,195
=============
</TABLE>
+ Includes class specific transfer agency expenses of $59,236, $4,781 and
$30,867 for Class A, Class B and Chase Vista shares, respectively.
--------------------------------------------------------------------------------
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
YEARS ENDED OCTOBER 31, 2000 AND 1999
================================================================================
<TABLE>
<CAPTION>
2000 1999
-------------- --------------
INCREASE (DECREASE) IN NET ASSETS
Operations:
<S> <C> <C>
Net investment income......................................... $ 4,579,279 $ 3,710,278
Net realized gain (loss) on investments....................... ( 84) -0-
-------------- --------------
Increase in net assets from operations........................ 4,579,195 3,710,278
Dividends to shareholders from net investment income:
Class A................................................... ( 2,799,602)* ( 3,328,995)*
Class B................................................... ( 308,499)* ( 84,473)*
Chase Vista............................................... ( 1,471,178)* ( 296,810)*
Capital share transactions (Note 3):
Class A................................................... ( 7,868,383) ( 64,524,410)
Class B................................................... 5,648,668 4,492,237
Chase Vista shares........................................ 6,513,413 45,113,970
-------------- ---------------
Total increase (decrease)................................. 4,293,614 ( 14,918,203)
Net assets:
Beginning of year............................................. 153,594,069 168,512,272
-------------- ---------------
End of year................................................... $ 157,887,683 $ 153,594,069
============== ===============
* Designated as exempt-interest dividends for federal income tax purposes.
</TABLE>
--------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
<PAGE>
--------------------------------------------------------------------------------
NEW JERSEY DAILY MUNICIPAL INCOME FUND, INC.
NOTES TO FINANCIAL STATEMENTS
================================================================================
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 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 of America for investment companies as
follows:
a) Valuation of Securities -
Investment 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 instrument 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 of America 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.
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 and Chase Vista shares of the Fund. For its
services under the Shareholder
--------------------------------------------------------------------------------
<PAGE>
--------------------------------------------------------------------------------
================================================================================
2. Investment Management Fees and Other Transactions with Affiliates.
(Continued)
Servicing Agreement, the Distributor receives from the Fund a fee equal to .20%
of the Fund's average daily net assets with respect only 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 $76,982 paid to Reich & Tang
Services L.P., an affiliate of the Manager, as shareholder servicing agent for
the Fund. Included under the caption "Custodian fee" are expense offsets of
$6,825.
3. Capital Stock.
At October 31, 2000, 20,000,000,000 shares of $.001 par value stock were
authorized and capital paid in amounted to $157,903,538. Transactions in capital
stock, all at $1.00 per share, were as follows:
<TABLE>
<CAPTION>
Year Ended Year Ended
Class A October 31, 2000 October 31, 1999
---------------- ----------------
<S> <C> <C>
Sold................................... 277,633,942 256,663,727
Issued on reinvestment of dividends.... 2,666,795 3,377,464
Redeemed............................... ( 288,169,120) ( 324,565,601)
------------- -------------
Net increase (decrease)................ ( 7,868,383) ( 64,524,410)
============= =============
<CAPTION>
Year Ended Year Ended
Class B October 31, 2000 October 31, 1999
---------------- ----------------
<S> <C> <C>
Sold................................... 57,623,177 11,742,870
Issued on reinvestment of dividends.... 292,988 82,170
Redeemed............................... ( 52,267,497) ( 7,332,803)
------------- -------------
Net increase (decrease)................ 5,648,668 4,492,237
============= =============
<CAPTION>
July 9, 1999
Chase Vista Shares Year Ended Commencement of Offering) to
------------------ October 31, 2000 October 31, 1999
---------------- ----------------
<S> <C> <C>
Sold................................... 95,773,596 65,202,337
Issued on reinvestment of dividends.... 1,437,801 253,327
Redeemed............................... ( 90,697,984) ( 20,341,694)
------------- -------------
Net increase (decrease)................ 6,513,413 45,113,970
============= =============
</TABLE>
4. Sales of Securities.
Accumulated undistributed net realized losses at October 31, 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, 2008.
5. Concentration of Credit Risk.
The Fund invests primarily in obligations of political subdivisions of the State
of New Jersey and, accordingly, is subject to the credit risk associated with
the non-performance of such issuers. Approximately 51% of these investments are
further secured, as to principal and interest, by credit enhancements such as
letters of credit, municipal bond insurance, and guarantees 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 credit enhancements, and by limiting the amount of
holdings with credit enhancements from one financial institution.
--------------------------------------------------------------------------------
<PAGE>
--------------------------------------------------------------------------------
NEW JERSEY DAILY MUNICIPAL INCOME FUND, INC.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
================================================================================
6. Financial Highlights.
<TABLE>
<CAPTION>
Year Ended
Class A October 31,
------- -------------------------------------------------------------
2000 1999 1998 1997 1996
-------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C>
Per Share Operating Performance:
(for a share outstanding throughout the year)
Net asset value, beginning of year.................. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------- -------- -------- -------- --------
Income from investment operations:
Net investment income.............................. 0.030 0.023 0.026 0.027 0.027
Less distributions:
Dividends from net investment income............... ( 0.030) ( 0.023) ( 0.026) ( 0.027) ( 0.027)
------- ------- ------- ------- -------
Net asset value, end of year........................ $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======== ======== ========
Total Return........................................ 3.00% 2.30% 2.65% 2.70% 2.69%
Ratios/Supplemental Data
Net assets, end of year (000)....................... $ 93,848 $146,824 $ 166,234 $ 217,529 $ 151,421
Ratios to average net assets:
Expenses.......................................... 0.89% 0.86% 0.84% 0.86% 0.78%
Net investment income............................. 2.96% 2.27% 2.60% 2.66% 2.65%
Management, administration & shareholder
servicing fee waived ........................... 0.00% 0.00% 0.00% 0.00% 0.06%
<CAPTION>
Year Ended
Class B October 31, February 9, 1996
------- ------------------------------------------------(Commencement of offering) to
2000 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.................... 0.032 0.025 0.028 0.029 0.020
Less distributions:
Dividends from net investment income ( 0.032) ( 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............................... 3.22% 2.51% 2.86% 2.91% 2.77%*
Ratios/Supplemental Data
Net assets, end of period (000)............ $ 12,418 $ 6,770 $ 2,278 $ 315 $ 366
Ratios to average net assets:
Expenses................................. 0.67% 0.67% 0.63% 0.65% 0.61%*
Net investment income.................... 3.23% 2.48% 2.76% 2.88% 2.72%*
* Annualized
+ Includes expense offsets.
</TABLE>
--------------------------------------------------------------------------------
<PAGE>
--------------------------------------------------------------------------------
================================================================================
6. Financial Highlights (Continued)
<TABLE>
<CAPTION>
July 9, 1999
Chase Vista Shares Year Ended (Commencement of Offering) to
------------------ October 31, 2000 October 31, 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............................. 0.030 0.007
Less distributions:
Dividends from net investment income.............. ( 0.030) ( 0.007)
-------- --------
Net asset value, end of period...................... $ 1.00 $ 1.00
========== ==========
Total Return........................................ 3.00% 0.72%**
Ratios/Supplemental Data
Net assets, end of period (000)..................... $ 51,622 $ 45,109
Ratios to average net assets:
Expenses.......................................... 0.89% 0.86%*
Net investment income............................. 2.96% 2.27%*
* Annualized
** Unannualized
</TABLE>
--------------------------------------------------------------------------------
<PAGE>
--------------------------------------------------------------------------------
NEW JERSEY DAILY MUNICIPAL INCOME FUND, INC.
REPORT OF INDEPENDENT ACCOUNTANTS
================================================================================
To the Board of Directors and Shareholders of
New Jersey Daily Municipal Income Fund, Inc.
In our opinion, the accompanying statement of net assets and the related
statements of operations and of changes in net assets and the financial
highlights present fairly, in all material respects, the financial position of
New Jersey Daily Municipal Income Fund, Inc. (the "Fund") at October 31, 2000,
the results of its operations for the year then ended, and the changes in its
net assets and the financial highlights for each of the two years in the period
then ended, in conformity with accounting principles generally accepted in the
United States of America. These financial statements and financial highlights
(hereafter referred to as "financial statements") are the responsibility of the
Fund's management; our responsibility is to express an opinion on these
financial statements based on our audits. We conducted our audits of these
financial statements in accordance with auditing standards generally accepted in
the United States of America which require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements, assessing
the accounting principles used and significant estimates made by management, and
evaluating the overall financial statement presentation. We believe that our
audits, which included confirmation of securities at October 31, 2000 by
correspondence with the custodian, provides a reasonable basis for our opinion.
The financial highlights for each of the three years in the period ended October
31, 1998 were audited by other independent accountants whose report dated
December 4, 1998 expressed an unqualified opinion on those statements.
PricewaterhouseCoopers LLP
New York, New York
December 1, 2000
--------------------------------------------------------------------------------
<PAGE>
--------------------------------------------------------------------------------
NEW JERSEY
DAILY
MUNICIPAL
INCOME
FUND, INC.
Annual Report
October 31, 2000
--------------------------------------------------------------------------------
<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
NJ1000A
--------------------------------------------------------------------------------
<PAGE>
