As Filed with the Securities and Exchang Commission on January 23,1997
Registration No. 33-48014
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form N-1A
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
Pre-Effective Amendment No.
Post-Effective Amendment No. 6
and/or
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940
Amendment No. 7
Pennsylvania Daily Municipal Income Fund
(Exact Name of Registrant as Specified in Charter)
600 Fifth Avenue, New York, New York 10020
(Address of Principal Executive Offices) (Zip Code)
Registrant's Telephone Number, including Area Code: (212) 830-5200
Bernadette N. Finn
c/o Reich & Tang Asset Management L.P.
600 Fifth Avenue
New York, New York 10020
(Name and address of agent for service)
It is proposed that this filing will become effective (check appropriate box)
[X] immediately upon filing pursuant to paragraph (b)
[ ] on (date) pursuant to paragraph (b)
[ ] 60 days after filing pursuant to paragraph (a)
[ ] on (date) pursuant to paragraph (a) of Rule 485
[ ] 75 days after filing pursuant to paragraph (a) (2)
[ ] on (date) pursuant to paragraph (a) (2) of Rule 485
<PAGE>
CALCULATION OF REGISTRATION FEE UNDER THE SECURITIES ACT OF 1933
- ----------------------------------------------------------------------
Proposed Proposed
Maximum Maximum
Securities Amount Offering Aggregate Amount of
Being Being Price per Offering Registration
Registered Registered Unit* Price** Fee**
Shares of
Beneficial Interest
$.001 par value 7,840,182.06 $1.00 7,840,182.06 $100.00
- ----------------------------------------------------------------------
Exhibit: Opinnion of Battle Fowler LLP
* Estimated solely for the purposes of determining the amount of the
registration fee.
** Calculated pursuant to Rule 24e-2(a) under the Investment Company Act
of 1940. 155,955,692.17 shares were redeemed during the fiscal year
ended November 30, 1996, 7,510,182.06 of which are being used for
"reduction" in this amendment, none of which were previously so used in
filings pursuant to Rule 24e-2(a) or 24f-2(c) during the current fiscal
year ending November 30, 1997.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933 and the Investment
Company Act of 1940, as amended, the Registrant certifies that it meets all of
the requirements for effectiveness of this Post-effective Amendment to its
Registration Statement pursuant to Rule 485(b) under the Securities Act of 1933
and has duly caused this Post-effective Amendment to its Registration Statement
to be signed on its behalf by the undersigned, thereunto duly authorized, in the
City of New York, and State of New York, on the 23th day of January, 1997.
PENNSYLVANIA DAILY MUNICIPAL
INCOME FUND
By: /s/ Steven W. Duff
Steven W. Duff
President
Pursuant to the requirements of the Securities Act of 1933, this Posr-effective
Amendment to its Registration Statement has been signed below by the following
persons in the capacities and on the dates indicated.
SIGNATURE CAPACITY DATE
(1) Principal Executive
Officer
/s/ Steven W. Duff President and 01/23/97
Steven W. Duff Trustee
(2) Principal Financial and
Accounting Officer
/s/ Richard De Sanctis
Richard De Sanctis Treasurer 01/23/97
(3) Majority of Trustee
W. Giles Mellon Trustee
Yung Wong Trustee
Robert Straniere Trustee
By: /s/ Bernadette N. Finn
Bernadette N. Finn 01/23/97
Attorney-in-Fact
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND> The schedule contains summary financial information
extracted from the financial statements and supporting
schedules as of the end of the most current period and is
qualified in its entirety by reference to such financial
statements.
</LEGEND>
<CIK> 888130
<NAME> Pennsylvania Daily Municipal Income Fund, Inc.
<SERIES>
<NUMBER> 1
<NAME> Pennsylvania Daily Municipal Income Fund, Inc.
<S> <C>
<FISCAL-YEAR-END> NOV-30-1996
<PERIOD-START> DEC-01-1995
<PERIOD-END> NOV-30-1996
<PERIOD-TYPE> YEAR
<INVESTMENTS-AT-COST> 35830755
<INVESTMENTS-AT-VALUE> 35830755
<RECEIVABLES> 274501
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 350345
<TOTAL-ASSETS> 36455601
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 115629
<TOTAL-LIABILITIES> 115629
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 36340913
<SHARES-COMMON-STOCK> 36340913
<SHARES-COMMON-PRIOR> 40981143
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (942)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 36339972
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1458741
<OTHER-INCOME> 0
<EXPENSES-NET> 269156
<NET-INVESTMENT-INCOME> 1189585
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 1189585
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1189584
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 150382995
<NUMBER-OF-SHARES-REDEEMED> 155955692
<SHARES-REINVESTED> 932467
<NET-CHANGE-IN-ASSETS> (4640229)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (942)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 160103
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 458020
<AVERAGE-NET-ASSETS> 39916661
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .03
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> .03
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .68
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
BATTLE FOWLER LLP
75 East 55th Street
New York, New York 10022
January 16, 1997
Pennsylvania Daily Municipal Income Fund
600 Fifth Avenue
New York, New York 10020
Gentlemen:
We have acted as counsel to Pennsylvania Daily Municipal Income Fund, a
Massachusetts Business Trust (the "Fund"), in connection with the preparation
and filing of Registration Statement No. 33-48014 on Form N-1A pursuant to Rule
24e-2 of the Securities Act of 1933 registering the issuance of (the
"Registration Statement") 7,840,182.06 shares of beneficial interest, par value
$.01 per share, of the Fund.
We have examined copies of the Declaration of Trust and By-Laws of the
Fund, the Registration Statement, and such other corporate records, proceedings
and documents, including the consent of the Board of Directors and the minutes
of the meeting of the Board of Directors of the Fund, as we have deemed
necessary for the purpose of this opinion. We have also examined such other
documents, papers, statutes and authorities as we deemed necessary to form a
basis for the opinion hereinafter expressed. In our examination of such
material, we have assumed the genuineness of all signatures and the conformity
to original documents of all copies submitted to us. As to various questions of
fact material to such opinion, we have relied upon statements and certificates
of officers and representatives of the Fund and others.
Based upon the foregoing, we are of the opinion that the 7,840,182.06
shares of beneficial interest, par value $.01 per share, of the Fund, to be
issued in accordance with the terms of the offering, as set forth in the
Prospectus and Statement of Additional Information included as part of the
Registration Statement and in accordance with applicable state securities laws,
when so issued and paid for, will constitute validly authorized and legally
issued shares of beneficial interest, fully paid and non-assessable.
We hereby consent to the filing of this opinion as an exhibit to the
Registration Statement and to the reference to us in the Registration Statement
under the heading "Federal Income Taxes" in the Prospectus and in the Statement
of Additional Information, and under the heading "Counsel and Auditors" in the
Statement of Additional Information.
Very truly yours,
BATTLE FOWLER LLP
