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FLORIDA
DAILY
MUNICIPAL
INCOME
FUND
Annual Report
August 31, 1996
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<PAGE>
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FLORIDA
DAILY MUNICIPAL 600 FIFTH AVENUE, NEW YORK, N.Y. 10020
INCOME FUND 212/830-5200
===============================================================================
Dear Shareholder:
We are pleased to present the annual report of Florida Daily Municipal Income
Fund for the year ended August 31, 1996.
The Fund had net assets of $46,368,963 and 382 active shareholders as of August
31, 1996. Dividends earned on a share held throughout the year were $.031 and
$.033, for Class A shares and Class B shares, respectively. When adjusted for
the compounding effect of the reinvestment of dividends, this represents a yield
of 3.09% and 3.35% on an annual basis for Class A shares and Class B shares,
respectively.
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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FLORIDA DAILY MUNICIPAL INCOME FUND
STATEMENT OF NET ASSETS
AUGUST 31, 1996
===============================================================================
<TABLE>
<CAPTION>
Ratings (a)
-----------------
Face Maturity Value Standard
Amount Date Yield (Note 1) Moody's & Poors
------ ---- ----- ------ ------- -----
Other Tax Exempt Investments (7.03%)
- -----------------------------------------------------------------------------------------------------------------------------------
<C> <C> <C> <C> <C> <C> <C>
$ 1,000,000 Halifax Hospital Medical Center TAN
(Daytona Beach, Florida) - Series 1996
LOC Barnett Bank of Jacksonville 04/15/97 3.70% $ 1,000,294 MIG-1
2,000,000 Martin County, FL - School District TAN
(District Operating Millage) - Series 1996 06/30/97 3.75 2,007,119 MIG-1
250,000 Pasco County, FL Water and Sewer
FGIC Insured 10/01/96 4.77 250,550 Aaa AAA
- ----------- -----------
3,250,000 Total Other Tax Exempt Investments 3,257,963
- ----------- -----------
<CAPTION>
Other Variable Rate Demand Instruments (c) (67.31%)
- -----------------------------------------------------------------------------------------------------------------------------------
<C> <C> <C> <C> <C> <C> <C>
$ 400,000 Broward County, FL IDRB (Allied Signal Incorporated) 03/01/99 3.65% $ 400,000 A1
100,000 City of Naples, FL
(Naples County Hospital Incorporated Project)
LOC Mellon Bank, N.A. 11/01/22 3.65 100,000 A1
530,000 Dade County, FL Aviation RB - Series V
LOC Sun Bank, N.A. 10/01/07 3.55 530,000 VMIG-1 A1
1,900,000 Dade County, FL HFA MHRB (Gables Point) - Series 1985
Fannie Mae Collateralized 05/15/05 3.40 1,900,000 A1+
2,700,000 Dade County, FL IDA RB (Florida Convalescent Association)
LOC Bank of Tokyo - Mitsubishi Bank, Ltd. 12/01/11 3.70 2,700,000 VMIG-1
515,000 Escambia County, FL IDRB
(Gelman Sciences, Incorporation Project)
LOC First National Bank of Chicago/ National Bank of Detroit 07/01/04 3.55 515,000 A1+
1,100,000 Florida HFA MHRB (Falls of Venice Project)
LOC PNC Bank 12/01/11 3.65 1,100,000 P1 A1
1,100,000 Florida Housing Finance Agency MHRB
(Monterey Meadows Apartment Project) - Series 1985
LOC Citibank 12/01/07 3.40 1,100,000 A1+
80,000 Gulf Breeze, FL RB - Series 1985B
FGIC Insured 12/01/15 3.40 80,000 VMIG-1 A1+
1,300,000 Gulf Breeze, FL RB - Series 1985C
FGIC Insured 12/01/15 3.40 1,300,000 VMIG-1 A1
1,150,000 Indian River County, FL IDR
(Florida Convention Centers Project)
LOC Toronto-Dominion Bank 01/01/11 3.75 1,150,000 P1
2,700,000 Jacksonville, FL HRB (University Medical Center) - Series 1989 02/01/19 3.60 2,700,000 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 & Poors
------ ---- ----- ------ ------- -----
Other Variable Rate Demand Instruments (c) (Continued)
- -----------------------------------------------------------------------------------------------------------------------------------
<C> <C> <C> <C> <C> <C> <C>
$1,000,000 Jacksonville, FL IDRB
(University of Florida Health Science Center) - Series 1989
LOC Barnett Bank of Jacksonville 07/01/19 3.65% $ 1,000,000 VMIG-1
710,000 Lee, FL IDRB (Christian & Missionary Alliance) - Series 1985
LOC Banque Paribas 04/01/10 3.90 710,000 A1
1,750,000 Marion County, FL IDA
(Hamilton Products, Incorporation Project) - Series 1995 (b)
LOC Comerica Bank 11/01/15 3.75 1,750,000
200,000 Monroe County, FL IDA (Beverly Enterprises) - Series 1985
LOC Morgan Guaranty Trust Company 06/01/10 3.40 200,000 VMIG-1
1,000,000 Ocean Highway & Port Authority RB - Series 1990
LOC ABN AMRO Bank N.V. 12/01/20 3.50 1,000,000 VMIG-1 A1+
900,000 Ocean Highway & Port Authority, FL RB
(Port, Airport & Marina Improvement)
LOC ABN AMRO Bank N.V. 12/01/20 3.50 900,000 VMIG-1 A1+
1,000,000 Orange County Health Facilities Authority RB
(Adventist Health System/Sunbelt Obligation)
LOC Rabobank Nederland 11/15/26 3.45 1,000,000 A1+
1,200,000 Orange County, FL
Health Facility - Adventist Orange County Health Facility
LOC Banque Paribas 11/15/14 3.75 1,200,000 VMIG-1
1,000,000 Orange County, FL IDRB
(Florida Convention Centers Project) - Series A
LOC Toronto-Dominion Bank 01/01/11 3.55 1,000,000 P1
1,000,000 Pinellas County, FL (Indian Country Project) (b)
LOC Wachovia Bank & Trust Co., N.A. 10/01/01 3.40 1,000,000
1,900,000 Pinellas County, FL HFFA (St. Mark Village Project) - Series 1987
LOC Nations Bank 03/01/17 3.45 1,900,000 A1
1,000,000 Pinellas County, FL Industry Council IDRB
(Genca Corporation Project) (b)
LOC PNC Bank 11/01/09 3.70 1,000,000
2,675,000 Polk County, FL IDA PCRB (IMC Fertilizer Incorporation Project)
LOC Rabobank Nederland 02/01/00 3.50 2,675,000 P1
2,300,000 St. Johns County, FL HRB
(Flagler Hospital, Incorporation) - Series 1986A
LOC Kredietbank 08/01/16 3.45 2,300,000 VMIG-1
- ----------- ------------
31,210,000 Total Other Variable Rate Demand Instruments 31,210,000
- ----------- ------------
</TABLE>
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See Notes to Financial Statements.
<PAGE>
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FLORIDA DAILY MUNICIPAL INCOME FUND
STATEMENT OF NET ASSETS (CONTINUED)
AUGUST 31, 1996
===============================================================================
<TABLE>
<CAPTION>
Ratings (a)
-----------------
Face Maturity Value Standard
Amount Date Yield (Note 1) Moody's & Poors
------ ---- ----- ------ ------- -----
Put Bonds (d) (4.27%)
- -----------------------------------------------------------------------------------------------------------------------------------
<C> <C> <C> <C> <C> <C> <C>
$ 980,000 Putnam County, FL Developement Authority
(Seminole Electric) - Series H-3 09/15/96 3.25% $ 980,000 VMIG-1 A1+
1,000,000 Putnam County, FL Development Authority
(Seminole Electric) - Series 1984 D 12/15/96 3.50 1,000,000 MIG-1 A1+
- ----------- -------------
1,980,000 Total Put Bonds 1,980,000
- ----------- -------------
<CAPTION>
Revenue Bond (1.62%)
- -----------------------------------------------------------------------------------------------------------------------------------
<C> <C> <C> <C> <C> <C>
$ 750,000 Escanabia County, FL HFA Single Family Mortgage RB
(Multi-County Program) - Series 1996B
LOC First National Bank of Chicago 04/01/97 3.65% $ 750,000 VMIG-1
- ----------- -------------
750,000 Total Revenue Bond 750,000
- ----------- -------------
<CAPTION>
Tax Exempt Commercial Paper (20.70%)
- -----------------------------------------------------------------------------------------------------------------------------------
<C> <C> <C> <C> <C> <C> <C>
$ 1,200,000 City of Gainesville, FL (Utilities System) - Series C 10/08/96 3.60% $ 1,200,000 P1 A1+
1,300,000 City of Jacksonville, FL - Series A 09/04/96 3.40 1,300,000 P1 A1
1,100,000 City of Orlando, FL CP Notes (Capital Improvements) 09/18/96 3.45 1,100,000 P1 A1+
1,000,000 Florida Municipal Power Agency RB
(Initial Pooled Loan Project) - Series A
LOC First Union National Bank 10/23/96 3.45 1,000,000 VMIG-1 A1+
1,500,000 Palm Beach, FL HFA Refunding RB
(Pooled Hospital) - Series 1985
MBIA Insured 09/26/96(d) 3.45 1,500,000 VMIG-1 A1+
1,500,000 St Lucie County, FL Pollution Control RB
(Florida Power & Light Co.) 1994 09/26/96 3.55 1,500,000 VMIG-1 A1+
2,000,000 Sunshine State Government Finance Commission RB - Series 1986
LOC Union Bank of Switzerland/
Morgan Guaranty/National Westminster 11/06/96 3.55 2,000,000 VMIG-1
- ----------- -----------
9,600,000 Total Tax Exempt Commercial Paper 9,600,000
- ----------- -----------
Total Investments (100.93%)(Cost $46,797,963+) $46,797,963
Liabilities in Excess of Cash and Other Assets (-0.93%) ( 429,000)
----------
Net Assets (100.00%) $46,368,963
==========
Net Asset Value, offering and redemption price per share:
Class A Shares, 36,760,113 Shares Outstanding (Note 3) $ 1.00
==========
Class B Shares, 9,612,747 Shares Outstanding (Note 3) $ 1.00
==========
+ Aggregate cost for federal income tax purposes is identical.
</TABLE>
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See Notes to Financial Statements.
<PAGE>
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===============================================================================
FOOTNOTES:
(a) Unless the variable rate demand instruments are assigned their own ratings,
the ratings noted are those of the holding company of the bank whose letter
of credit collateralizes such instruments. P1 and A1+ are the highest
ratings assigned for tax exempt commercial paper.
(b) Securities that are not rated which the Fund's Board of Trustees has
determined to be of comparable quality to those rated securities in which
the Fund invests.
(c) Securities payable on demand at par including accrued interest (usually
with seven days notice) and, if indicated, 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>
CP = Commercial Paper IDRB = Industrial Development Revenue Bond
HFA = Housing Finance Authority MHRB = Multi-family Housing Revenue Bond
HFFA = Health Facility Finance Authority PCRB = Pollution Control Revenue Bond
HRB = Hospital Revenue Bond RB = Revenue Bond
IDA = Industrial Development Authority TAN = Tax Anticipation Note
IDR = Industrial Development Revenue
</TABLE>
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See Notes to Financial Statements.
<PAGE>
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FLORIDA DAILY MUNICIPAL INCOME FUND
STATEMENT OF OPERATIONS
YEAR ENDED AUGUST 31, 1996
===============================================================================
<TABLE>
<CAPTION>
INVESTMENT INCOME
Income:
<S> <C>
Interest....................................................................$ 1,515,055
-----------------
Expenses: (Note 2)
Investment management fee................................................... 170,022
Administration fee.......................................................... 88,338
Shareholder servicing fee................................................... 67,370
Custodian fee............................................................... 7,457
Shareholder servicing and related shareholder expenses...................... 54,857
Legal, compliance and filing fees........................................... 18,301
Audit and accounting........................................................ 57,704
Trustees' fees.............................................................. 6,164
Amortization of organization expenses....................................... 11,474
Other....................................................................... 2,795
-----------------
Total expenses........................................................... 484,482
Less: Expenses paid indirectly (Note 2)..................................( 27,499)
Less: Fees waived and expenses reimbursed (Note 2).......................( 283,325)
-----------------
Net expenses............................................................. 173,658
-----------------
Net investment income........................................................... 1,341,397
<CAPTION>
REALIZED GAIN (LOSS) ON INVESTMENTS
<S> <C>
Net realized gain (loss) on investments......................................... -0-
-----------------
Increase in net assets from operations..........................................$ 1,341,397
=================
</TABLE>
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See Notes to Financial Statements.
<PAGE>
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FLORIDA DAILY MUNICIPAL INCOME FUND
STATEMENTS OF CHANGES IN NET ASSETS
===============================================================================
<TABLE>
<CAPTION>
September 19, 1994
Year (Commencement of
Ended Operations) to
August 31, 1996 August 31, 1995
--------------- ---------------
INCREASE (DECREASE) IN NET ASSETS
<S> <C> <C>
Operations:
Net investment income...................................... $ 1,341,397 $ 1,503,482
Net realized gain (loss) on investments.................... -0- ( 3,897)
----------------- ------------------
Increase in net assets from operations.......................... 1,341,397 1,499,585
Dividends to shareholders from net investment income:
Class A.................................................... ( 821,675)* ( 894,135)*
Class B.................................................... ( 519,722)* ( 609,347)*
Transactions in shares of beneficial interest (Note 3):
Class A.................................................... 15,783,783 20,976,330
Class B.................................................... ( 562,659) 10,075,406
----------------- ------------------
Total increase......................................... 15,221,124 31,047,839
Net assets:
Beginning of period........................................ 31,147,839 100,000
----------------- ------------------
End of period.............................................. $ 46,368,963 $ 31,147,839
================= ==================
* 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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FLORIDA DAILY MUNICIPAL INCOME FUND
NOTES TO FINANCIAL STATEMENTS
===============================================================================
1. Summary of Accounting Policies.
Florida Daily Municipal Income Fund, a Massachusetts Business Trust, 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. In all other respects the Class A and Class B shares represent the same
interest in the income and assets of the Fund. Its 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 .40%
of the Fund's average daily net assets. The Manager is required to reimburse the
Fund for its expenses (exclusive of interest, taxes, brokerage, and
extraordinary expenses) to the extent that such expenses, including the
investment management and the shareholder servicing and administration fees, for
any fiscal year exceed the limits on investment company expenses prescribed by
any state in which the Fund's shares are qualified for sale. No such
reimbursement was required for the year ended August 31, 1996.
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<PAGE>
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===============================================================================
2. Investment Management Fees and Other Transactions with Affiliates
(Continued).
Pursuant to an Administrative Services Contract the Fund pays to the Manager an
annual fee of .21% of the Fund's average daily net assets. Prior to December 1,
1995, the Administration fee was .20%.
Pursuant to a Distribution Plan adopted under Securities and Exchange Commission
Rule 12b-1, the Fund and Reich & Tang Distributors L.P. (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 .25% of the Fund's average
daily net assets. There were no additional expenses borne by the Fund pursuant
to the Distribution Plan.
During the year ended August 31, 1996, the Manager voluntarily waived investment
management fees and administration fees of $170,022 and $85,011, respectively,
and reimbursed other operating expenses amounting to $28,292.
Included in the statement of operations under the captions "Custodian fee" and
"Shareholder servicing and related shareholder expenses" are expense offsets of
$27,499.
Fees are paid to Trustees 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 $9,645 paid to Reich & Tang
Services L.P., an affiliate of the Manager, as servicing agent for the Fund.
3. Transactions in Shares of Beneficial Interest.
At August 31, 1996, an unlimited number of shares of beneficial interest ($.01
par value) were authorized and capital paid in amounted to $46,372,860.
Transactions, all at $1.00 per share, were as follows:
<TABLE>
<CAPTION>
Class A
Year October 6, 1994
Ended (Commencement of Operations)
August 31, 1996 to August 31, 1995
----------------- ------------------
<S> <C> <C>
Sold............................................ 97,806,611 221,569,078
Issued on reinvestment of dividends............. 750,946 816,529
Redeemed........................................ ( 82,773,774) ( 201,409,277)
----------------- ------------------
Net increase ................................... 15,783,783 20,976,330
================= ==================
</TABLE>
<TABLE>
<CAPTION>
Class B
Year September 19, 1994
Ended (Commencement of Operations)
August 31, 1996 to August 31, 1995
----------------- ------------------
<S> <C> <C>
Sold............................................ 141,842,014 185,971,722
Issued on reinvestment of dividends............. 477,971 576,818
Redeemed........................................ ( 142,882,644) ( 176,473,134)
----------------- ------------------
Net increase (decrease)......................... ( 562,659) 10,075,406
================= ==================
</TABLE>
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<PAGE>
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FLORIDA DAILY MUNICIPAL INCOME FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
===============================================================================
4. Sales of Securities.
Accumulated undistributed realized losses at August 31, 1996, amounted to
$3,897. Such amount represents tax basis capital losses which may be carried
forward to offset future capital gains. Such losses expire August 31, 2003.
5. Concentration of Credit Risk.
The Fund invests primarily in obligations of political subdivisions of the State
of Florida and, accordingly, is subject to the credit risk associated with the
non-performance of such issuers. Approximately 63% 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. Selected Financial Information.
<TABLE>
<CAPTION>
Year Ended Period Ended
August 31, 1996 August 31, 1995**
---------------------------- ---------------------------
Class A Class B Class A Class B
-------- --------- ------- -------
Per Share Operating Performance:
(for a share outstanding throughout the period)
<S> <C> <C> <C> <C>
Net asset value, beginning of period.... $ 1.000 $ 1.000 $1.000 $1.000
-------- --------- ------- ------
Income from investment operations:
Net investment income................. 0.031 0.033 0.032 0.036
Less distributions:
Dividends from net investment income.. ( 0.031) ( 0.033) (0.032) (0.036)
------- --------- ----- -----
Net asset value, end of period.......... $ 1.000 $1.000 $1.000 $1.000
======== ========= ====== ======
Total Return............................ 3.09% 3.35% 3.60%* 3.84%*
Ratios/Supplemental Data
Net assets, end of period(000).......... $36,758 $ 9,611 $ 20,974 $ 10,174
Ratios to average net assets:
Expenses.............................. .56%+^ .31%+^ .40%*+ .14%*+
Net investment income................. 3.05%+ 3.34%+ 3.54%*+ 3.78%*+
* Annualized
** Class A commenced operations on October 6, 1994 and Class B commenced
operations on September 19, 1994.
+ Net of management and administration fees waived and expenses reimbursed
equivalent to .67% and .95% of average net assets, respectively.
^ Includes expenses paid indirectly equivalent to .06% of average net assets.
</TABLE>
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<PAGE>
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FLORIDA DAILY MUNICIPAL INCOME FUND
INDEPENDENT AUDITOR'S REPORT
===============================================================================
The Board of Trustees and Shareholders
Florida Daily Municipal Income Fund
We have audited the accompanying statement of net assets of Florida Daily
Municipal Income Fund as of August 31, 1996 and the related statement of
operations for the year then ended, the statements of changes in net assets and
the selected financial information for the year then ended and for the period
from September 19, 1994 (Commencement of Operations) to August 31, 1995. These
financial statements and selected financial information are the responsibility
of the Fund's management. Our responsibility is to express an opinion on these
financial statements and selected financial information based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and selected
financial information are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements. Our procedures included confirmation of securities
owned as of August 31, 1996, by correspondence with the custodian. An audit also
includes assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements and selected financial information
referred to above present fairly, in all material respects, the financial
position of Florida Daily Municipal Income Fund as of August 31, 1996, the
results of its operations, the changes in its net assets and the selected
financial information for the periods indicated, in conformity with generally
accepted accounting principles.
/s/ McGladrey & Pullen, LLP
New York, New York
October 2, 1996
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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.
- -------------------------------------------------------------------------------
Florida Daily Municipal Income Fund
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
811 Main Street
Kansas City, Missouri 64105
Transfer Agent &
Dividend Disbursing Agent
Reich & Tang Services, L.P.
600 Fifth Avenue
New York, New York 10020
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