<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 semi-annual report of Florida Daily Municipal
Income Fund for the period September 1, 1999 through February 29, 2000.
The Fund had net assets of $92,057,825 and 1,131 active shareholders as of
February 29, 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
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<PAGE>
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FLORIDA DAILY MUNICIPAL INCOME FUND
STATEMENT OF NET ASSETS
FEBRUARY 29, 2000
(UNAUDITED)
================================================================================
<TABLE>
<CAPTION>
Ratings (a)
----------------
Face Maturity Value Standard
Amount Date Yield (Note 1) Moody's & Poor's
------ ---- ----- ------ ------- ------
Other Tax Exempt Investments (11.99%)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
$ 2,535,000 Florida Housing Finance Corporation Homeowners Mortgage 03/31/00 3.07% $ 2,535,084 VMIG-1 A1+
1,000,000 Orange County, FL HFA - Series 1999A-3 06/01/00 3.40 1,000,000 MIG-1
2,500,000 School District of Miami-Dade, FL RAN 11/15/00 3.71 2,503,907 MIG-1
5,000,000 Time Warrents of Huntington County (b)
(Huntington County Community School) 12/29/00 4.40 5,001,961
- ----------- ------------
11,035,000 Total Other Tax Exempt Investments 11,040,952
- ----------- ------------
<CAPTION>
Other Variable Rate Demand Instruments (c) (63.49%)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
$ 1,000,000 Alachua County, FL IDA (Florida Rock Industries, Inc.)
LOC NationsBank 11/01/22 4.00% $ 1,000,000 A1+
1,655,000 Brevard County, FL (Holy Trinity Episcopal) (b)
LOC First Union National Bank 09/01/19 3.90 1,655,000
2,350,000 City of Gainsville, FL IDRB (Heat - Pipe Technology, Inc. Project)
LOC Amsouth Bank 05/01/18 4.05 2,350,000 Aa3
500,000 City of Tampa, FL Occupation License Tax Boards - Series 1996A
Insured By FGIC 10/01/18 3.87 500,000 VMIG-1 A1+
4,115,000 Escambia County, FL IDRB (Gelman Sciences, Inc. Project)
LOC National Bank of Detroit 07/01/04 3.90 4,115,000 A1+
1,180,000 Florida Development Finance Corporation
(Intrepid Powerboats, Inc.) (b)
LOC Sun Trust Bank 06/01/23 4.10 1,180,000
900,000 Florida HFA (Caribbean Key) - Series F
LOC Federal National Mortgage Association 06/01/26 3.90 900,000 VMIG-1
2,000,000 Florida HFA (Buena Vista Project)
Collateralized by Federal Home Loan Mortgage Corp. 11/01/07 3.87 2,000,000 A1+
1,000,000 Florida HFA (Heron Park Project) - Series V
LOC NationsBank 12/01/29 3.95 1,000,000 VMIG-1
1,345,000 Florida HFA (Multifamily) - Series E
LOC Comerica Bank 04/01/26 4.00 1,345,000 A1
1,000,000 Florida HFA (Tiffany Club Project)
LOC NationsBank 09/01/26 3.90 1,000,000 VMIG-1
325,000 Gulf Breeze, FL RB - Series 1985B
Insured By FGIC 12/01/15 3.85 325,000 VMIG-1 A1+
720,000 Gulf Breeze, FL RB - Series 1985C
Insured By FGIC 12/01/15 3.85 720,000 VMIG-1 A1+
2,100,000 Hillsborough County, FL (Citrus Park Community Development)
LOC Dresdner Bank 11/01/16 3.87 2,100,000 VMIG-1
</TABLE>
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The accompanying notes are an integral part of these financial statements.
<PAGE>
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<TABLE>
<CAPTION>
Ratings (a)
----------------
Face Maturity Value Standard
Amount Date Yield (Note 1) Moody's & Poor's
------ ---- ----- ------ ------- ------
Other Variable Rate Demand Instruments (c) (Continued)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
$ 2,100,000 Hillsborough County, FL (IMC Fertilizer Inc. Project)
LOC Rabobank Nederland 02/01/04 3.90% $ 2,100,000 P1
360,000 Hillsborough County, FL (ADP Inc. Project) (b) 02/01/01 4.10 360,000
850,000 Indian River County, FL IDRB (Florida Convention Centers Project)
LOC Toronto-Dominion Bank 01/01/11 3.75 850,000 P1
1,200,000 Jackson County, FL (Chevron USA Inc. Project) 12/15/24 3.95 1,200,000 P1
2,300,000 Jacksonville, FL HFA (River Garden Project)
LOC First Union National Bank 02/01/18 3.85 2,300,000 A1
3,200,000 Madison County, IL (Shell Wood River Refining Co) 03/01/33 3.90 3,200,000 VMIG-1 A1+
1,600,000 Marion County, FL IDA (b)
(Hamilton Products, Incorporation Project) - Series 1995
LOC Comerica Bank 11/01/15 4.20 1,600,000
1,900,000 Michigan Strategic Fund (Dow Chemical Co. Project) 12/01/29 4.00 1,900,000 P1 A1
2,000,000 Miami-Dade County, FL IDA Professional Modification
LOC Bankers Trust Company 08/01/18 3.95 2,000,000 A1
2,200,000 Ocean Highway & Port Authority, FL RB - Series 1990
LOC ABN AMRO Bank N.V. 12/01/20 3.90 2,200,000 VMIG-1
2,950,000 Okeechobee County, FL Solid Waste
(Chambers Waste System of Florida)
LOC Morgan Guaranty Trust Company 03/01/06 4.00 2,950,000 A1+
850,000 Orange County, FL IDRB
(Florida Convention Centers Project) - Series A
LOC Toronto-Dominion Bank 01/01/11 3.65 850,000 P1
3,500,000 Pinellas County, FL HFA MFHB (Foxbrid)
Collateralized by Federal National Mortgage Association 06/15/25 3.90 3,500,000 A1+
5,000,000 Palm Beach County, FL IDRB (Northern Gallery of Art Project)
LOC Northern Trust 05/01/25 3.75 5,000,000 A1+
1,000,000 Pinellas County, FL Industry Council IDRB (b)
(Genca Corporation Project)
LOC PNC Bank, N.A. 11/01/09 4.05 1,000,000
850,000 Polk County, FL IDRB (Florida Convention Center Project)
LOC Toronto-Dominion Bank 01/01/11 3.65 850,000 P1
6,400,000 Stevenson Alabama Individual Development Board
(Mead Corp Project) - Series A
LOC Bank of Austria 02/01/34 3.90 6,400,000 A1+
- ----------- ------------
58,450,000 Total Other Variable Rate Demand Instruments 58,450,000
- ----------- ------------
</TABLE>
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The accompanying notes are an integral part of these financial statements.
<PAGE>
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FLORIDA DAILY MUNICIPAL INCOME FUND
STATEMENT OF NET ASSETS (CONTINUED)
FEBRUARY 29, 2000
(UNAUDITED)
================================================================================
<TABLE>
<CAPTION>
Ratings (a)
----------------
Face Maturity Value Standard
Amount Date Yield (Note 1) Moody's & Poor's
------ ---- ----- ------ ------- ------
Put Bonds (d) (5.23%)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
$ 3,000,000 Putnam County, FL Development Authority
(Seminole Electric) - Series 1984 D
LOC National Rural Utilities Cooperative Finance Corporation 03/15/00 3.60% $ 3,000,000 VMIG-1 A1+
1,800,000 State of Florida, Department of Transportation Turnpike RB (b)
Insured by AMBAC Indemnity 07/01/00 3.67 1,810,225
- ----------- ------------
4,800,000 Total Put Bonds 4,810,225
- ----------- ------------
<CAPTION>
Tax Exempt Commercial Paper (18.52%)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
$ 2,000,000 City of Gainesville,FL Utilities - Series C 03/03/00 3.85% $ 2,000,000 P1 A1+
1,000,000 Florida Finance Commisiion (State Revolving Loan Fund Project)
LOC First Union National Bank 03/14/00 3.65 1,000,000 P1
2,500,000 Jacksonville, FL Electric Authority - Series A 03/23/00 3.75 2,500,000 P1 A1+
3,200,000 Palm Beach County, FL HFA
Insured MBIA Insurance Corp. 04/03/00 3.90 3,200,000 VMIG-1 A1+
2,150,000 Sarasota County Public Hospital District RB
(Sarasota Memorial Hospital)
LOC Sun Trust Bank 03/16/00 3.80 2,150,000 VMIG-1 A1+
4,200,000 St. Lucie County, FL PCRB (Florida Power & Light) 05/17/00 3.80 4,200,000 VMIG-1 A1+
2,000,000 Sunshine State Government Finance Commission RB - Series 1986
Insured By FGIC 08/09/00 3.85 2,000,000 A1+
- ----------- ------------
17,050,000 Total Tax Exempt Commercial Paper 17,050,000
- ----------- ------------
Total Investments (99.23%) (Cost $91,351,177+) 91,351,177
Cash and Other Assets in Excess of Liabilities (0.77%) 706,648
------------
Net Assets (100.00%) $ 92,057,825
============
Net Assets Value, offering and redemption price per share:
Class A Shares, 64,700,491 Shares Outstanding (Note 3) $ 1.00
============
Class B Shares, 27,357,580 Shares Outstanding (Note 3) $ 1.00
============
+ Aggregate cost for federal income tax purposes is identical.
</TABLE>
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The accompanying notes are an integral part of these financial statements.
<PAGE>
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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 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>
FGIC = Financial Guaranteed Insurance Company MFHB = Multi-family Housing Board
HFA = Housing Finance Authority PCRB = Pollution Control Revenue Bond
IDA = Industrial Development Authority RB = Revenue Bond
IDRB = Industrial Development Revenue Bond RAN = Revenue Anticipation Note
LOC = Letter of Credit
</TABLE>
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The accompanying notes are an integral part of these financial statements.
<PAGE>
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FLORIDA DAILY MUNICIPAL INCOME FUND
STATEMENT OF OPERATIONS
SIX MONTHS ENDED FEBRUARY 29, 2000
(UNAUDITED)
================================================================================
<TABLE>
<CAPTION>
INVESTMENT INCOME
<S> <C>
Income:
Interest....................................................................$ 1,469,081
-----------------
Expenses: (Note 2)
Investment management fee................................................... 163,175
Administration fee.......................................................... 85,667
Shareholder servicing fee (Class A)......................................... 67,190
Custodian fee............................................................... 6,149
Shareholder servicing and related shareholder expenses...................... 36,181
Legal, compliance and filing fees........................................... 24,720
Audit and accounting........................................................ 64,820
Trustees' fees.............................................................. 3,096
Amortization of organization expenses....................................... 564
Other....................................................................... 7,504
-----------------
Total expenses........................................................... 459,066
Less: Fees waived (Note 2)..............................................( 150,937)
Expenses paid indirectly..........................................( 1,702)
-----------------
Net expenses............................................................. 306,427
-----------------
Net investment income........................................................... 1,162,654
<CAPTION>
REALIZED GAIN (LOSS) ON INVESTMENTS
<S> <C>
Net realized gain (loss) on investments.........................................( 246)
-----------------
Increase in net assets from operations..........................................$ 1,162,408
=================
</TABLE>
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The accompanying notes are an integral part of these financial statements.
<PAGE>
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FLORIDA DAILY MUNICIPAL INCOME FUND
STATEMENTS OF CHANGES IN NET ASSETS
================================================================================
<TABLE>
<CAPTION>
Six Months
Ended Year
February 29, 2000 Ended
(Unaudited) August 31, 1999
--------- ---------------
INCREASE (DECREASE) IN NET ASSETS
<S> <C> <C>
Operations:
Net investment income........................................ $ 1,162,654 $ 2,435,216
Net realized gain (loss) on investments...................... ( 246) -0-
----------------- ------------------
Increase in net assets from operations............................ 1,162,408 2,435,216
Dividends to shareholders from:
Net investment income:
Class A...................................................... ( 738,229)* ( 1,620,048)*
Class B...................................................... ( 424,425)* ( 815,168)*
Net realized gain on investments:
Class A...................................................... ( -- ) ( 1,463)
Class B...................................................... ( -- ) ( 303)
Transactions in shares of beneficial interest (Note 3):
Class A...................................................... 15,837,529 ( 70,890,088)
Class B...................................................... 2,909,614 ( 601,324)
----------------- ------------------
Total increase........................................... 18,746,897 ( 71,493,178)
Net assets:
Beginning of period.......................................... 73,310,928 144,804,106
----------------- ------------------
End of period................................................ $ 92,057,825 $ 73,310,928
================= ==================
* Designated as exempt-interest dividends for federal income tax purposes.
</TABLE>
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The accompanying notes are an integral part of these financial statements.
<PAGE>
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FLORIDA DAILY MUNICIPAL INCOME FUND
NOTES TO FINANCIAL STATEMENTS
(UNAUDITED)
================================================================================
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. Additionally, the Fund may allocate among its classes certain expenses, to
the extent allowable to specific classes, including transfer agent fees,
government registration fees, certain printing and postage costs, and
administrative and legal expenses. Class Specific expenses of the Fund were
limited to distribution fees and transfer agent expenses. In all other respects
the Class A and Class B shares represent the same interest in the income and
assets of the Fund. 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 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 .40%
of the Fund's average daily net assets.
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.
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<PAGE>
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================================================================================
2. Investment Management Fees and Other Transactions with Affiliates
(Continued).
Pursuant to a Distribution Plan adopted under Securities and Exchange Commission
Rule 12b-1, the Fund and Reich & Tang Distributors, Inc. (the Distributor) have
entered into a Distribution Agreement and a Shareholder Servicing Agreement,
only with respect to Class A shares of the Fund. For its services under the
Shareholder Servicing Agreement, the Distributor receives from the Fund with
respect only to the Class A shares, a fee equal to .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 period ended February 29, 2000 the Manager voluntarily waived
investment management fees and administration fees of $69,349 and $81,588,
respectively.
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 $7,409 paid to Reich & Tang
Services, Inc., an affiliate of the Manager, as servicing agent for the Fund.
3. Transactions in Shares of Beneficial Interest.
At February 29, 2000, an unlimited number of shares of beneficial interest ($.01
par value) were authorized and capital paid in amounted to $92,058,071.
Transactions, all at $1.00 per share, were as follows:
<TABLE>
<CAPTION>
Class A Six Months Ended Year Ended
------- February 29, 2000 August 31, 1999
----------------- ---------------
<S> <C> <C>
Sold............................................ 110,538,813 155,272,178
Issued on reinvestment of dividends............. 709,745 1,502,955
Redeemed........................................ ( 95,411,029) ( 227,665,221)
---------------- ----------------
Net increase (decrease)......................... 15,837,529 ( 70,890,088)
================ ================
<CAPTION>
Class B Six Months Ended Year Ended
------- February 29, 2000 August 31, 1999
----------------- ---------------
<S> <C> <C>
Sold............................................ 113,572,842 193,141,234
Issued on reinvestment of dividends............. 394,708 776,131
Redeemed........................................ ( 111,057,936) ( 194,518,689)
---------------- ----------------
Net increase (decrease)......................... 2,909,614 ( 601,324
================ ================
</TABLE>
4. 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 55% of these investments are
further secured, as to principal and interest, by letters of credit issued by
financial institutions. The Fund maintains a policy of monitoring its exposure
by reviewing the credit worthiness of the issuers, as well as that of the
financial institutions issuing the letters of credit, and by limiting the amount
of holdings with letters of credit from one financial institution.
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<PAGE>
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FLORIDA DAILY MUNICIPAL INCOME FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
(UNAUDITED)
================================================================================
5. Financial Highlights.
<TABLE>
<CAPTION>
Year Ended August 31,
Six Months Ended ----------------------------------------- Period Ended
Class A February 29, 2000 1999 1998 1997 1996 August 31, 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......................... 0.014 0.025 0.029 0.030 0.031 0.032
Less distributions:
Dividends from net investment income.......... ( 0.014) ( 0.025) ( 0.029) ( 0.030) ( 0.031) ( 0.032)
------- ------- ------- ------- ------- -------
Net asset value, end of period................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======== ======== ======== ========
Total Return..................................... 2.77%* 2.50% 2.92% 3.08% 3.09% 3.60%*
Ratios/Supplemental Data
Net assets, end of period (000).................. $ 64,700 $ 48,863 $119,754 $ 96,683 $ 36,758 $ 20,974
Ratios to average net assets:
Expenses (Net of waivers and reimbursements)..... 0.85%* 0.78% 0.75% 0.57% 0.56% 0.40%*
Net investment income............................ 2.74%* 2.51% 2.86% 3.03% 3.05% 3.54%*
Expenses paid indirectly......................... -- -- -- -- 0.06% --
Management and Administration fees waived
and expense reimbursed........................ 0.37%* 0.29% 0.27% 0.51% 0.67% 0.95%*
<CAPTION>
Year Ended August 31,
Six Months Ended ----------------------------------------- Period Ended
Class B February 29, 2000 1999 1998 1997 1996 August 31, 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......................... 0.015 0.028 0.032 0.033 0.033 0.036
Less distributions:
Dividends from net investment income.......... ( 0.015) ( 0.028) ( 0.032) ( 0.033) ( 0.033) ( 0.036)
------- ------- ------- ------- ------- -------
Net asset value, end of period................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======== ======== ======== ========
Total Return..................................... 3.06%* 2.80% 3.22% 3.34% 3.35% 3.84%*
Ratios/Supplemental Data
Net assets, end of period (000).................. $ 27,358 $ 24,448 $ 25,050 $ 11,782 $ 9,611 $ 10,174
Ratios to average net assets:
Expenses (Net of waivers and reimbursements)..... 0.56%* 0.50% 0.46% 0.30% 0.31% 0.14%*
Net investment income............................ 3.04%* 2.78% 3.16% 3.27% 3.34% 3.78%*
Expenses paid indirectly......................... -- -- -- -- 0.06% --
Management and Administration fees waived
and expense reimbursed........................ 0.37%* 0.29% 0.27% 0.51% 0.67% 0.95%*
* Annualized
** Class A commenced operations on October 6, 1994 and Class B commenced operations on September 19, 1994.
</TABLE>
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<PAGE>
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================================================================================
- ------------------------------------------------------
This report is submitted for the general information
of the shareholders of the Fund. It is not
authorized for distribution to prospective investors
in the Fund unless preceded or accompanied by an
effective prospectus, which includes information
regarding the Fund's objectives and policies,
experience of its management, marketability of
shares, and other information.
- ------------------------------------------------------
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
State Street Kansas City
801 Pennsylvania
Kansas City, Missouri 64105
Transfer Agent & Dividend
Disbursing Agent
Reich & Tang Services, Inc.
600 Fifth Avenue
New York, NY 10020
FL2/00S
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<PAGE>
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FLORIDA
DAILY
MUNICIPAL
INCOME
FUND
Semi-Annual Report
February 29, 2000
(Unaudited)
<PAGE>
