As filed with the Securities and Exchange Commission on January 3, 2008
Investment Company Act File Number 811-3955
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF
REGISTERED MANAGEMENT INVESTMENT COMPANIES
NEW YORK DAILY TAX FREE INCOME FUND, INC.
(Exact name of registrant as specified in charter)
600 FIFTH AVENUE
NEW YORK, NY 10020
(Address of principal executive offices) (Zip code)
CHRISTINE MANNA
C/O REICH & TANG ASSET MANAGEMENT, LLC
600 FIFTH AVENUE
NEW YORK, NEW YORK 10020
(Name and address of agent for service)
Registrant's telephone number, including area code: 212-830-5200
Date of fiscal year end: April 30
Date of reporting period: October 31, 2007
ITEM 1: REPORT TO STOCKHOLDERS
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600 FIFTH AVENUE, NEW YORK, NY 10020
(212) 830-5200
NEW YORK
DAILY TAX FREE
INCOME FUND, INC.
===============================================================================
Dear Shareholder:
We are pleased to present the semi-annual report of New York Daily Tax Free
Income Fund, Inc. (the "Fund") for the period May 1, 2007 through October 31,
2007.
As of October 31, 2007 the Fund had net assets of $366,864,334.
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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NEW YORK DAILY TAX FREE INCOME FUND, INC.
EXPENSE CHART
FOR THE SIX MONTHS ENDED OCTOBER 31, 2007
(UNAUDITED)
===============================================================================
As a shareholder of the Fund, you incur the following ongoing costs: management
fees and other Fund expenses. You may also incur distribution and/or service
(12b-1) fees. This example is intended to help you understand your ongoing costs
(in dollars) of investing in the Fund and to compare these costs with the
ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the
period and held for the entire period May 1, 2007 through October 31, 2007.
ACTUAL EXPENSES
The first line of the table below provides information about actual account
values and actual expenses. You may use information in this line, together with
the amount you invested, to estimate the expenses that you paid over the period.
Simply divide your account value by $1,000 (for example, an $8,600 account value
divided by $1,000 = 8.6), then multiply the result by the number in the first
line under the heading entitled "Expenses Paid During the Period" to estimate
the expenses you paid on your account during this period.
HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES
The second line of the table below provides information about hypothetical
account values and hypothetical expenses based on the Fund's actual expense
ratio and an assumed rate of return of 5% per year before expenses, which is not
the Fund's actual return. The hypothetical account values and expenses may not
be used to estimate the actual ending account balance or expenses you paid for
the period. You may use this information to compare the ongoing costs of
investing in the Fund and other funds. To do so, compare this 5% hypothetical
example with the 5% hypothetical examples that appear in the shareholder reports
of the other funds.
Please note that the expenses shown in the table are meant to highlight your
ongoing costs only and do not reflect any transactional costs, such as sales
charges (loads), redemption fees, or exchange fees that you may incur in other
mutual funds. Therefore, the second line of the table is useful in comparing
ongoing costs only, and will not help you determine the relative total costs of
owning different funds.
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Beginning Account Ending Account Value Expenses Paid Annualized
Class A Shares Value 5/1/07 10/31/07 During the Period Expense Ratio (a)
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Actual $1,000.00 $1,014.50 $4.35 0.86%
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Hypothetical (5% return before $1,000.00 $1,020.81 $4.37 0.86%
expenses)
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Beginning Account Ending Account Value Expenses Paid Annualized
Class B Shares Value 5/1/07 10/31/07 During the Period Expense Ratio (a)
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Actual $1,000.00 $1,015.60 $3.29 0.65%
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Hypothetical (5% return before $1,000.00 $1,021.87 $3.30 0.65%
expenses)
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Beginning Account Ending Account Value Expenses Paid Annualized
Victory Shares Value 5/1/07 10/31/07 During the Period Expense Ratio (a)
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Actual $1,000.00 $1,014.60 $4.30 0.85%
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Hypothetical (5% return before $1,000.00 $1,020.86 $4.29 0.85%
expenses)
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Beginning Account Ending Account Value Expenses Paid Annualized
Advantage Shares Value 5/1/07 10/31/07 During the Period Expense Ratio (a)
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Actual $1,000.00 $1,013.70 $5.13 1.02%
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Hypothetical (5% return before $1,000.00 $1,019.90 $5.15 1.02%
expenses)
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<FN>
(a) Expenses are equal to the Fund's annualized expense ratios multiplied by
the average account value over the period (May 1, 2007 through October 31,
2007), multiplied by 184/366 (to reflect the most recent fiscal half-year).
</FN>
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NEW YORK DAILY TAX FREE INCOME FUND, INC.
SCHEDULE OF INVESTMENTS
OCTOBER 31, 2007
(UNAUDITED)
===============================================================================
Ratings (a)
----------------
Face Maturity Current Value Standard
Amount Date Coupon (b) (Note 1) Moody's & Poor's
- -------- ---- ---------- -------- ------- --------
Put Bonds (c) (2.09%)
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$ 7,670,000 ABN AMRO Munitops Certificates Trust - Series 2002-33
(Port Authority of New York and New Jersey Consolidated Bonds,
128th Series)
Insured by FSA 11/29/07 3.70% $ 7,670,000 VMIG-1
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7,670,000 Total Put Bond 7,670,000
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Tax Exempt Commercial Paper (4.44%)
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$ 5,000,000 New York Metropolitan Transportation Authority
LOC ABN AMRO Bank N. A. 12/06/07 3.50% $ 5,000,000 P-1 A-1+
3,000,000 New York State Environmental Quality (Clean Water Act)-Series 1986
LOC Bayerische Landesbank / Landesbank Hessen 11/08/07 3.69 3,000,000 P-1 A-1+
8,300,000 New York, NY Municipal Water Finance Authority Series 6 01/17/08 3.50 8,300,000 P-1 A-1+
- ----------- ------------
16,300,000 Total Tax Exempt Commercial Paper 16,300,000
- ----------- ------------
Tax Exempt General Obligation Notes & Bonds (d) (20.05%)
- -----------------------------------------------------------------------------------------------------------------------------------
$ 3,000,000 Altmar-Parish-Williamstown, NY CSD BAN 07/18/08 3.70% $ 3,006,150
1,134,423 Bethlehem, NY CSD BAN 07/31/08 3.72 1,136,699
8,000,000 Clarence, NY CSD TAN 06/26/08 3.71 8,014,790
2,720,500 Clarence, NY CSD BAN 07/24/08 3.71 2,726,106
10,000,000 Commack, NY Union Free School District TAN 06/30/08 3.66 10,021,773
5,500,000 Copiague, NY Union Free School District TAN 06/27/08 3.63 5,512,352
4,500,000 East Ramapo, NY CSD RAN 06/19/08 3.70 4,508,208
2,400,000 Eastchester, NY Union Free School District BAN 07/11/08 3.71 2,408,627
2,850,000 Hornell, NY CSD RAN 06/19/08 3.70 2,859,533
5,000,000 Hudson Falls, NY CSD BAN 06/27/08 3.74 5,016,031
10,000,000 Middle Country CSD (Centereach), NY TAN 06/30/08 3.63 10,023,735
2,665,000 Monroe County, NY Public Improvement Bond - Series 2007
Insured by MBIA Insurance Corp 06/01/08 3.71 2,673,231
2,572,537 North Syracuse, NY CSD BAN 08/22/08 3.65 2,584,525
4,500,000 Pearl River, NY Union Free School District TAN 06/26/08 3.71 4,515,212
1,490,000 Plainedge, NY Union Free School District TAN 07/30/08 3.72 1,493,034
6,000,000 Tompkins-Seneca-Tioga, NY (Board of Cooperative Educational
Services Sole Supervisory District) RAN 06/30/08 3.88 6,014,273
1,018,719 Victor, NY CSD 06/15/08 3.65 1,021,479
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73,351,179 Total Tax Exempt General Obligation Notes & Bonds 73,535,758
- ----------- ------------
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The acompanying notes are an integral part of these financial statements.
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===============================================================================
Ratings (a)
----------------
Face Maturity Current Value Standard
Amount Date Coupon (b) (Note 1) Moody's & Poor's
- -------- ---- ---------- -------- ------- --------
Variable Rate Demand Instruments (e) (71.10%)
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$ 3,995,000 ABN AMRO Munitops Certificate Trust (New York Non-AMT),
Single Asset Series 2002-31 (Triborogh Bridge & Tunnel Authority,
NY, Subordinate Revenue Refunding Bonds - Series 2002 E)
Insured by MBIA Insurance Corp. 11/15/10 3.97% $ 3,995,000 VMIG-1
9,465,000 BB & T Municipal Trust Floater - Series 1006
LOC Branch Bank & Trust Company 02/22/20 3.61 9,465,000 VMIG-1
4,600,000 BB and T Municipal Trust Floater - Series 1002
LOC Branch Bank & Trust Company 11/06/23 3.61 4,600,000 VMIG-1
1,370,000 BB and T Municipal Trust Floater - Series 4000
(Relating to Louisiana Public facilities Authority Equipment and
Capital Facilities Pooled Loan Program RB - Series 2003A)
LOC Branch Bank & Trust Company 07/01/18 3.56 1,370,000 VMIG-1
6,000,000 Citigroup Global Markets Reset Option Certificates Trust II-R
Series 7069 (New York City Municipal Water Finance Authority Water
and Sewer System RB) Fiscal 2005 Series C
Insured by MBIA Insurance Corp. 06/15/28 3.50 6,000,000 A-1+
10,415,000 Citigroup Global Markets Reset Option Certificates Trust II-R
Series 2019 (New York City Transitional Finance Authority, Future
Tax Secured Bonds Fiscal 2006 Series E)
Insured by MBIA Insurance Corp. 02/01/20 3.50 10,415,000 VMIG-1
3,000,000 Citigroup Global Markets Reset Option Certificates Trust II-R
Series 458(New York State Thruway Authority Second General Highway
and Bridge Trust Fund Bonds - Series 2005B)
Insured by AMBAC Assurance Corp. 04/01/20 3.50 3,000,000 VMIG-1
5,000,000 Clinton County, NY Industrial Development Agency Civic Facility RB
(Champlain Valley Physician's Hospital Project) - Series A
LOC KeyBank, N.A. 07/01/17 3.44 5,000,000 VMIG-1
1,900,000 Dutches County, NY IDA (Marist College) - Series 2005 A
LOC Bank of New York 07/01/35 3.42 1,900,000 A-1+
12,155,000 Eagle Tax - Exempt Trust - Series 963206
(New York State Urban Development Corporation) 07/01/16 3.51 12,155,000 A-1+
2,000,000 Eagle Tax -Exempt Trust-Series 20015101 (Puerto Rico Infrastructure
Financing Authority Special Obligation Bonds 2000 - Series A) 10/01/34 3.49 2,000,000 A-1+
2,000,000 Eagle Tax - Exempt Trust - Series 20060045 Class A COPs
(The Port Authority of New York and New Jersey Consolidated Bonds
136th Series)
Insured by MBIA Insurance Corp. 05/01/34 3.59 2,000,000 A-1+
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The acompanying notes are an integral part of these financial statements.
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NEW YORK DAILY TAX FREE INCOME FUND, INC.
SCHEDULE OF INVESTMENTS (CONTINUED)
OCTOBER 31, 2007
(UNAUDITED)
===============================================================================
Ratings (a)
----------------
Face Maturity Current Value Standard
Amount Date Coupon (b) (Note 1) Moody's & Poor's
- -------- ---- ---------- -------- ------- --------
Variable Rate Demand Instruments (e) (Continued)
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$ 2,000,000 Eagle Tax - Exempt Trust - Series 20060107 Class A Certificates
(The Port Authority of New York and New Jersey Consolidated Bonds
143rd Series) 04/01/36 3.58% $ 2,000,000 A-1+
5,800,000 Eagle Tax - Exempt Trust - Series 20070157 Class A Certificates
(New York City Municipal Water Finance Authority
Water and Sewer System RB - Fiscal 2006 Series A) 06/15/39 3.49 5,800,000 A-1
2,100,000 Erie County, NY IDA (Hauptman - Woodward Project) - Series 2004
LOC KeyBank, N.A. 03/01/24 3.51 2,100,000 P-1 A-1
5,000,000 Floating Rate Trust Receipts - Series 2006-K1 (New York State
Dormitory Authority, Columbia University RB - Series 2006A) 07/01/26 3.24 5,000,000 VMIG-1
1,000,000 Forest City New Rochelle, NY RB Certificate Trust - Series 2003
LOC Wachovia Bank, N.A. 06/01/11 3.44 1,000,000 VMIG-1
1,040,000 J.P. Securities, Inc. Puttable Tax-Exempt Receipts Series 1741
(New York City Transitional Finance Authority Building Aid RB
Fiscal 2007 Series S-2
Insured by FGIC 01/15/15 3.48 1,040,000 A-1+
3,075,000 J.P. Securities, Inc. Puttable Tax-Exempt Receipts Series 1969
(The Port Authority of New York and New Jersey Consolidated
Bonds, 147th Series)
Insured by FGIC 04/15/15 3.55 3,075,000 A-1+
3,300,000 Lehman Municipal Trust Receipts
Floating Rate Trust Receipts - Series P69W
(New Hampshire State Housing Finance Authority) 07/01/39 3.36 3,300,000 VMIG-1
3,665,000 Lehman Municipal Trust Receipts
Floating Rate Trust Receipts - Series 2005 M-2
(Dormitory Authority of the State of New York Hospital Insured
Mortgage RB 2004 Series A)
Insured by FSA 02/15/13 3.29 3,665,000 VMIG-1
5,000,000 Lehman Municipal Trust Receipts
Floating Rate Trust Receipts - 2006 Series P85
(New York City Municipal Water Finance Authority Water and
Sewer System RB - Fiscal 2004 Series A)
Insured by MBIA Insurance Corp 06/15/35 3.24 5,000,000 VMIG-1 A-1
600,000 Long Island Power Authority, NY Electric System
Subordinated RB Subseries 1A
LOC Bayerische Landesbank / Landesbank Baden - Wurttemberg 05/01/33 3.21 600,000 VMIG-1 A-1+
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The acompanying notes are an integral part of these financial statements.
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===============================================================================
Ratings (a)
----------------
Face Maturity Current Value Standard
Amount Date Coupon (b) (Note 1) Moody's & Poor's
- -------- ---- ---------- -------- ------- --------
Variable Rate Demand Instruments (e) (Continued)
- -----------------------------------------------------------------------------------------------------------------------------------
$ 2,000,000 Long Island Power Authority, NY Electric System
Subordinated RB Subseries 3B
LOC Westdeutche Landesbank AG 05/01/33 3.47% $ 2,000,000 VMIG-1 A-1+
4,000,000 Metropolitan Transportation Authority, NY
Transportation RB - Series 2005E-1
LOC Fortis Bank 11/01/35 3.39 4,000,000 VMIG-1 A-1+
3,000,000 Monroe County, NY IDA Civic Facilities RB
(Depaul Properties, Inc. Project) - Series 2006
LOC KeyBank, N.A. 06/01/26 3.44 3,000,000 VMIG-1
2,495,000 Morgan Stanley Floating Rate Trust Certificates -Series 2004 - 950
(New York City, NY Trust for Cultural Resources RB - Series 2004)
Insured by FGIC 02/01/34 3.49 2,495,000 VMIG-1
2,000,000 Morgan Stanley Floating Rate Trust Certificates-Series 2006 - 1492
(Dormitory Authority of the State of New York RB
Cabrini of Westchester Project, Series 2006A)
Collateralized by GNMA 02/15/41 3.48 2,000,000 A-1
5,200,000 Nassau County, NY IDA
(The Jade Corporation Project) - Series 2007
LOC Wilmington Trust Company 08/01/32 3.55 5,200,000 VMIG-1
400,000 New York City, NY GO - Fiscal 1994Series A-5
LOC KBC Bank 08/01/16 3.47 400,000 VMIG-1 A-1
4,900,000 New York City, NY GO - Fiscal 1994, Series E-5
LOC JPMorgan Chase Bank, N.A. 08/01/16 3.46 4,900,000 VMIG-1 A-1+
4,500,000 New York City, NY GO - Fiscal 1994, Series H-4
Insured by AMBAC Assurance Corporation 08/01/15 3.24 4,500,000 VMIG-1 A-1+
2,350,000 New York City, NY GO - Fiscal 1995, Series F-3
LOC Morgan Guaranty Trust 02/15/13 3.20 2,350,000 VMIG-1 A-1+
6,060,000 New York City, NY GO - Fiscal 2004, Series A-3
LOC BNP Paribas 08/01/31 3.23 6,060,000 VMIG-1 A-1+
5,000,000 New York City, NY GO - Fiscal 2006, Series F-3
LOC Royal Bank of Scotland PLC 09/01/35 3.41 5,000,000 VMIG-1 A-1+
5,000,000 New York City, NY GO - Fiscal 2006, Series I Subseries I-8
LOC Bank of America, N.A 04/01/36 3.53 5,000,000 VMIG-1 A-1+
1,300,000 New York City, NY HDC
(Columbus Apartment Project) - Series 1995A
Guaranteed by Federal National Mortgage Association 03/15/25 3.24 1,300,000 A-1+
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The acompanying notes are an integral part of these financial statements.
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NEW YORK DAILY TAX FREE INCOME FUND, INC.
SCHEDULE OF INVESTMENTS (CONTINUED)
OCTOBER 31, 2007
(UNAUDITED)
===============================================================================
Ratings (a)
----------------
Face Maturity Current Value Standard
Amount Date Coupon (b) (Note 1) Moody's & Poor's
- -------- ---- ---------- -------- ------- --------
Variable Rate Demand Instruments (e) (Continued)
- -----------------------------------------------------------------------------------------------------------------------------------
$ 2,400,000 New York City, NY HDC MHRB
(Manhattan Court Development) - Series 2004A
LOC Citibank, N.A. 06/01/36 3.33% $ 2,400,000 A-1+
1,000,000 New York City, NY Housing Development Agency
(West 48th Street Development) - Series A
Guaranteed by Federal National Mortgage Association 01/15/34 3.25 1,000,000 A-1+
3,865,000 New York City, NY IDA Civic Facilities RB (The Convent of the
Sacred Heart School of New York Project) - Series 2002
LOC Wachovia Bank, N.A. 11/01/32 3.42 3,865,000 VMIG-1
980,000 New York City, NY IDA Civic Facilities RB
(Epiphany Community Nursery School Project) - Series 1997
LOC Bank of New York 05/01/11 3.58 980,000 VMIG-1
1,030,000 New York City, NY IDA Civic Facilities RB
(MSMC Realty Corporation Project) - Series 2001
LOC JPMorgan Chase Bank, N.A. 01/01/31 3.20 1,030,000 VMIG-1 A-1+
4,385,000 New York City, NY IDA Civic Facilities RB
(Jamaica First Parking Facility Project) - Series 2001
LOC JPMorgan Chase Bank, N.A. 03/01/31 3.42 4,385,000 A-1+
7,865,000 New York City, NY IDA Civic Facilities RB
(Jamaica First Parking Facility Project) - Series 2004
LOC JPMorgan Chase Bank, N.A. 03/01/34 3.42 7,865,000 A-1+
1,360,000 New York City, NY IDA IDRB (Abigal Press, Inc.Project)-Series 2002
LOC JPMorgan Chase Bank, N.A. 12/01/18 3.68 1,360,000 A-1+
8,300,000 New York City, NY, IDA Liberty RB
(FC Hanson Office Associates, LLC Project) - Series 2004
LOC Lloyds PLC 12/01/39 3.42 8,300,000 VMIG-1
2,650,000 New York City, NY Transitional Finance Authority
New York City Recovery Bonds Fiscal 2003 Series 1, Subseries 1B 11/01/22 3.18 2,650,000 VMIG-1 A-1+
6,700,000 New York State Dormitory Authority RB
(St Luke's Roosevelt Hospital Center) - Series 2005
Insured by FHA 08/15/25 3.25 6,700,000 A-1
4,900,000 New York State Dormitory Authority RB
(Catholic Health System Obligated Group) - Series 2006C
LOC HSBC Bank US 07/01/22 3.43 4,900,000 VMIG-1
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The acompanying notes are an integral part of these financial statements.
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===============================================================================
Ratings (a)
----------------
Face Maturity Current Value Standard
Amount Date Coupon (b) (Note 1) Moody's & Poor's
- -------- ---- ---------- -------- ------- --------
Variable Rate Demand Instruments (e) (Continued)
- -----------------------------------------------------------------------------------------------------------------------------------
$ 1,000,000 New York State Energy Research & Development Authority
Electric Facilities RB
(Long Island Lighting Company Project) - Series 1997A
LOC Royal Bank of Scotland PLC 12/01/27 3.26% $ 1,000,000 VMIG-1
1,500,000 New York State Energy Research and Development Authority
Facilities RB (Consolidated Edison Company of New York, Inc.
Project) - Series 2005 A-2
LOC Citibank, N.A. 11/01/39 3.26 1,500,000 VMIG-1 A-1+
2,700,000 New York State Energy Research and Development Authority
Facilities RB (Consolidated Edison Company of New York, Inc.
Project) - Series 2004 C-3
LOC Wachovia Bank, N.A. 05/01/39 3.21 2,700,000 VMIG-1 A-1+
7,700,000 New York State Housing Finance Agency Service Contract RB Series B
LOC BNP Paribas 03/15/26 3.23 7,700,000 A-1+
3,900,000 New York State, Housing Finance Agency
(Capitol Green Apartments Housing RB) 2006 Series A 05/15/36 3.35 3,900,000 VMIG-1
5,000,000 New York State Housing Finance Agency RB
(The Victory Housing RB) 2001 Series A 11/01/33 3.30 5,000,000 VMIG-1
5,000,000 New York State Housing Finance Agency RB
(350 West 43rd Street Project) - Series 2004A
LOC Landesbank Hessen -Thuringen Girozentrale 11/01/34 3.27 5,000,000 VMIG-1
1,750,000 New York State Housing Finance Agency RB
(Archstone Westbury) - Series 2004A
LOC JPMorgan Chase Bank, N.A. 11/01/36 3.26 1,750,000 VMIG-1
4,000,000 New York State Housing Finance Agency RB
(Taconic West 17th Street Project) - Series 2006A
LOC Landesbank Baden - Wurttemberg 11/01/39 3.26 4,000,000 VMIG-1
4,100,000 New York State Local Government Assistance Corporation
- Series 1995F
LOC Societe Generale 04/01/25 3.24 4,100,000 VMIG-1 A-1+
3,400,000 Newburgh, NY IDA Civil Facility RB (Community Development
Properties Dubois St. II Inc. Project) - Series 2005A
LOC KeyBank, N.A. 10/01/30 3.47 3,400,000 VMIG-1
3,825,000 Onondaga County, NY IDA Civic Facility RB
(Ononadaga Community College Housing Development
Corporation Project) - Series 2005A
LOC Citizens Bank, N.A. 12/01/30 3.44 3,825,000 A-1+
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The acompanying notes are an integral part of these financial statements.
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NEW YORK DAILY TAX FREE INCOME FUND, INC.
SCHEDULE OF INVESTMENTS (CONTINUED)
OCTOBER 31, 2007
(UNAUDITED)
===============================================================================
Ratings (a)
----------------
Face Maturity Current Value Standard
Amount Date Coupon (b) (Note 1) Moody's & Poor's
- -------- ---- ---------- -------- ------- --------
Variable Rate Demand Instruments (e) (Continued)
- -----------------------------------------------------------------------------------------------------------------------------------
$ 1,375,000 Onondaga County, NY IDA Civic Facility RB
(YMCA of Greater Syracuse, Inc. Project) - Series 2003A
LOC Citizens Bank, N.A. 11/01/25 3.51% $ 1,375,000 P-1 A-1+
3,375,000 Ostego County, NY IDA Civic Facility RB
(Templeton Foundation Project) - Series 2007A (d)
LOC Key Bank, N.A 06/01/27 3.51 3,375,000
3,000,000 Port Authority of New York and New Jersey - Versatile Structure
Obligation RB - Series 3 06/01/20 3.50 3,000,000 VMIG-1 A-1+
1,900,000 St. Lawrence County, NY IDA Civic Facility Revenue Refunding RB
(Claxton-Hepburn Medical Center Project) - Series 2006
LOC KeyBank, N.A. 12/01/31 3.47 1,900,000 VMIG-1 A-1
8,000,000 State Street Global Markets, LLC Clipper Tax Exempt Certificates
Trust (New York Non-AMT) - Series 2007-3
Insured by AMBAC Assurance Corp., FSA & MBIA Insurance Corp. 11/01/20 3.47 8,000,000 VMIG-1
4,000,000 Suffolk County, NY IDA Civic Facility RB Series 2006
(St. Anthony's High School Civic Facility)
LOC KBC Bank 12/01/36 3.43 4,000,000 A-1+
2,200,000 TOCs -Series 2000-1(Puerto Rico Infrastructure Financing Authority
Special Obligation Bonds 2000) - Series A 04/01/27 3.44 2,200,000 A-1+
5,000,000 TOCs Trust - Series 2001-2 (Puerto Rico Public Improvement
GO Bonds of 2001)
Insured by FSA 07/01/19 3.44 5,000,000 A-1+
- ----------- ------------
260,845,000 Total Variable Rate Demand Instruments 260,845,000
- ----------- ------------
Variable Rate Demand Instrument - Private Placement (e) (0.82%)
- -----------------------------------------------------------------------------------------------------------------------------------
$ 3,000,000 Orange County, NY IDA IDRB (1986 Blaser Real Estate Inc. Project)
LOC Union Bank of Switzerland AG 09/01/21 5.04% $ 3,000,000 P-1 A1+
- ----------- ------------
3,000,000 Total Variable Rate Demand Instrument - Private Placement 3,000,000
- ----------- ------------
Total Investments (98.50%) (Amortized cost $361,350,758+) $361,350,758
Cash and Other assets, Net of Liability (1.50%) 5,513,576
------------
Net Assets (100.00%) $366,864,334
============
+ Aggregate cost for federal income tax purposes is identical.
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The acompanying notes are an integral part of these financial statements.
- -------------------------------------------------------------------------------
===============================================================================
FOOTNOTES:
(a) Unless the securities are assigned their own ratings, the ratings are those
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. Ratings
are unaudited. In addition, certain issuers may have 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) The interest rate shown reflects the security's current coupon, unless
yield is available.
(c) The maturity date indicated for the put bonds is the next put date.
(d) Securities that are not rated which the Fund's adviser has determined to be
of comparable quality to those rated securities in which the fund invests.
(e) 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.
KEY:
AMT = Alternative Minimum Tax HDC = Housing Development Corporation
BAN = Bond Anticipation Note IDA = Industrial Development Authority
COPs = Certificates of Participation IDRB = Industrial Development Revenue Bond
CSD = Central School District LOC = Letter of Credit
FGIC = Financial Guaranty Insurance Company MHRB = Multi-Family Housing Revenue Bond
FHA = Federal Housing Administration RAN = Revenue Anticipation Note
FSA = Financial Security Assurance RB = Revenue Bond
GNMA = Government National Mortgage Association TAN = Tax Anticipation Notes
GO = General Obligation TOCs = Tender Option Certificates
- -------------------------------------------------------------------------------
The acompanying notes are an integral part of these financial statements.
- -------------------------------------------------------------------------------
NEW YORK DAILY TAX FREE INCOME FUND, INC.
BREAKDOWN OF PORTFOLIO HOLDINGS BY STATE
OCTOBER 31, 2007
(UNAUDITED)
===============================================================================
BREAKDOWN OF PORTFOLIO HOLDINGS BY STATE:
-------------------------------------------------------------------------
State Value % of Portfolio
-------------------------------------------------------------------------
New Hampshire $3,300,000 0.91%
New York 334,785,758 92.65
Puerto Rico 9,200,000 2.55
Other Territories 14,065,000 3.89
-------------------------------------------------------------------------
Total $361,350,758 100.00%
-------------------------------------------------------------------------
- -------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
- -------------------------------------------------------------------------------
NEW YORK DAILY TAX FREE INCOME FUND, INC.
STATEMENT OF ASSETS AND LIABILITIES
APRIL 30, 2007
===============================================================================
ASSETS
Investments in securities, at amortized cost (Note 1)................................ $ 361,350,758
Cash................................................................................. 3,777,408
Accrued interest receivable.......................................................... 2,356,452
Prepaid expenses..................................................................... 6,544
Other receivables.................................................................... 999
---------------
Total assets................................................................... 367,492,161
---------------
LIABILITIES
Payable to affiliates*............................................................... 207,527
Accrued expenses..................................................................... 123,554
Dividends payable.................................................................... 296,746
---------------
Total liabilities.............................................................. 627,827
---------------
Net assets........................................................................... $ 366,864,334
===============
SOURCE OF NET ASSETS
Net capital paid in on shares of capital stock (Note 3).............................. $ 366,866,636
Accumulated net realized loss........................................................ (2,302)
---------------
Net assets........................................................................... $ 366,864,334
===============
Net asset value, per share (Note 3):
Class Name Net Assets Shares Outstanding Net Asset Value
Class A Shares.............................. $191,196,386 191,198,466 $1.00
Class B Shares.............................. $22,146,418 22,146,659 $1.00
Victory Shares.............................. $70,999,360 71,000,132 $1.00
Advantage Shares............................ $82,522,170 82,523,068 $1.00
<
<FN>
* Includes fees payable to Reich & Tang Asset Management, LLC, Reich & Tang
Distributors, Inc. and Reich & Tang Services, Inc.
</FN>
- -------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
- -------------------------------------------------------------------------------
NEW YORK DAILY TAX FREE INCOME FUND, INC.
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED OCTOBER 31, 2007
(UNAUDITED)
===============================================================================
INVESTMENT INCOME
Income:
Interest.................................................................. $ 7,174,500
-----------------
Expenses: (Note 2)
Investment management fee................................................. 577,952
Administration fee........................................................ 404,566
Distribution fee (Advantage Shares)....................................... 185,053
Shareholder servicing fee (Class A)....................................... 211,762
Shareholder servicing fee (Victory Shares)................................ 59,391
Shareholder servicing fee (Advantage Shares).............................. 102,807
Custodian expenses........................................................ 9,181
Shareholder servicing and related shareholder expenses+................... 105,648
Legal, compliance and filing fees......................................... 55,399
Audit and accounting...................................................... 53,517
Directors' fees and expenses.............................................. 24,895
Other expenses............................................................ 6,886
-----------------
Total expenses........................................................ 1,797,057
Less: Expenses paid indirectly (Note 2).............................. (4,162)
Fees Waived (Note 2)........................................... (115,170)
-----------------
Net expenses ............................................................. 1,677,725
-----------------
Net investment income........................................................ 5,496,775
REALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain on investments............................................. 5,307
-----------------
Increase in net assets from operations....................................... $ 5,502,082
=================
<FN>
+ Includes class specific transfer agency expenses of $58,235, $8,282 and
$14,848 for Class A, Class B and Victory Shares, respectively.
</FN>
- -------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
- -------------------------------------------------------------------------------
NEW YORK DAILY TAX FREE INCOME FUND, INC.
STATEMENTS OF CHANGES IN NET ASSETS
===============================================================================
Six Months Ended Year
October 31, 2007 Ended
(Unaudited) April 30, 2007
---------------- ----------------
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income......................................... $ 5,496,775 $ 11,535,996
Net realized gain (loss) on investments....................... 5,307 4,432
---------------- ----------------
Increase in net assets from operations........................ 5,502,082 11,540,428
Dividends to shareholders from net investment income*:
Class A....................................................... (3,039,512) (7,502,067)
Class B....................................................... (491,241) (960,061)
Victory Shares................................................ (853,661) (1,313,346)
Advantage Shares.............................................. (1,112,361) (1,760,522)
---------------- ----------------
Total dividends to shareholders............................... (5,496,775) (11,535,996)
Capital share transactions (Note 3):
Class A....................................................... (27,656,918) (66,400,934)
Class B....................................................... (10,451,505) (732,412)
Victory Shares................................................ 10,485,002 21,001,609
Advantage Shares.............................................. 10,102,655 5,737,883
---------------- ----------------
Total capital share transactions.............................. (17,520,766) (40,393,854)
---------------- ----------------
Total increase (decrease)................................. (17,515,459) (40,389,422)
Net assets:
Beginning of year............................................. 384,379,793 424,769,215
---------------- ----------------
End of year................................................... $ 366,864,334 $ 384,379,793
================ ================
Undistributed net investment income............................... $ -0- $ -0-
================ ================
<FN>
* Designated as exempt-interest dividends for federal income tax purposes.
</FN>
- -------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
- -------------------------------------------------------------------------------
NEW YORK DAILY TAX FREE INCOME FUND, INC.
NOTES TO FINANCIAL STATEMENTS
(UNAUDITED)
===============================================================================
1. Summary of Accounting Policies
New York Daily Tax Free Income Fund, Inc. (the "Fund") is a 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 four classes of stock authorized, Class A, Class B, Victory and Advantage
New York Tax Exempt Liquidity Fund Shares ("Advantage Shares"). The Class A,
Victory and Advantage Shares are subject to a service fee pursuant to the
Distribution and Service Plan. The Advantage Shares are also subject to an
additional distribution fee pursuant to a Shareholder Servicing Agreement. 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 including
transfer agent fees, government registration fees, certain printing and postage
costs, and certain administrative and legal expenses. Class specific expenses of
the Fund are limited to shareholder servicing fees, distribution fees and
transfer agent expenses. Income, expenses (other than expenses attributable to a
specific class), and realized and unrealized gains or losses on investments are
allocated to each class of shares based on its relative net assets. In all other
respects, all share classes represent the same interest in the income and assets
of the Fund. The Advantage Shares commenced operations on November 22, 2002.
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 -
Investments are valued at amortized cost, which approximates market value.
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. If fluctuating interest rates cause the market value of the
Fund's portfolio to deviate more than 1/2 of 1% from the value determined
on the basis of amortized cost, the Board of Directors will consider
whether any action should be initiated. 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 (if any) income to its shareholders.
Therefore, no provision for federal income tax is required.
c) Dividends and Distributions -
Dividends from net investment income (excluding long-term capital gains and
losses, if any, and amortization of market discount) are declared daily and
paid monthly. Net realized capital gains, if any, are distributed at least
annually and in no event later than 60 days after the end of the Fund's
fiscal year.
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 affect 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.
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
===============================================================================
1. Summary of Accounting Policies (Continued)
e) Representations and Indemnifications -
In the normal course of business the Fund enters into contracts that
contain a variety of representations and warranties which provide general
indemnifications. The Fund's maximum exposure under these arrangements is
unknown, as this would involve future claims that may be made against the
Fund that have not yet occurred. However, based on experience, the Fund
expects the risk of loss to be remote.
f) General -
Securities transactions are recorded on a trade date basis. Interest
income, including accretion of discount and amortization of premium, 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 LLC (the "Manager"), equal to an 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 the Fund's Distribution Plans adopted under Securities and Exchange
Commission Rule 12b-1, the Fund and Reich & Tang Distributors, Inc. (the
"Distributor"), an affiliate of the Manager, have entered into a Distribution
Agreement and a Shareholder Servicing Agreement, with respect to the Class A,
Victory and Advantage Shares of the Fund. For its services under the Shareholder
Servicing Agreement, the Distributor receives from the Fund a fee equal to .20%
of the Fund's average daily net assets with respect to the Class A and Victory
Shares and a service fee of .25% with respect to the Advantage Shares. In
addition, for its services under the Distribution Agreement, the Distributor
receives .45% per annum in distribution fees of the Advantage Shares' average
daily net assets. There were no additional expenses borne by the Fund pursuant
to the Distribution Plan.
For the period ended October 31, 2007 the Distributor voluntarily waived the
following fees:
Distribution fees - Advantage Shares $ 107,559
Shareholder servicing fees - Advantage Shares 7,611
----------
Total fees waived $ 115,170
==========
The Distributor has no right to recoup prior waivers.
Fees are paid to Directors who are unaffiliated with the Manager on the basis of
$7,000 per annum, plus a fee of $1,375 per Board of Directors meeting attended.
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
NEW YORK DAILY TAX FREE INCOME FUND, INC.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
(UNAUDITED)
===============================================================================
2. Investment Management Fees and Other Transactions with Affiliates (continued)
Pursuant to the Transfer Agency Agreement between Reich & Tang and the Fund,
Reich & Tang Services, Inc. as transfer agent and dividend agent, receives a fee
of $17.40 per account per year or a minimum of 0.05% of the monthly average net
assets of the Class A, Class B and Victory shares of the Fund. For the period
ended October 31, 2007 these fees amounted to:
Amount %
------- ----
Class A shares............................. $52,638 0.05%
Class B Shares............................. 7,932 0.05%
Victory Shares............................. 14,848 0.05%
-------
Total Transfer Agency Fees................. $75,418
=======
3. Compensating Balance Agreement
Reich & Tang and the Bank of New York have entered into a compensating balance
arrangement, effective November 1, 2006, with the Florida Daily Municipal Income
Fund, which would allow the Fund to compensate the Bank for any overdrafts by
maintaining a positive cash balance the next day. Conversely, on any day the
Fund maintains a positive balance it will be allowed to overdraw the account as
compensation. In both cases the Federal Reserve requirements, currently 10%,
will be assessed. Therefore, all overdrafts must be compensated at 100% of the
total and all positive balances will allow for an overdraft of 90% of the total.
On October 31, 2007, the cash balance was $3,557,870.
For the period ended October 31, 2007, the breakdown of expenses paid indirectly
by the Fund were as follows:
Custodian expenses..................................... $ 4,162
==========
4. Capital Stock
At October 31, 2007, 20,000,000,000 shares of $.001 par value stock were
authorized. Transactions in capital stock, all at $1.00 per share, were as
follows:
Six Months Ended Year
October 31, 2007 Ended
(Unaudited) April 30, 2007
----------- --------------
Class A
- --------
Sold...................................... 563,653,921 1,460,063,703
Issued on reinvestment of dividends....... 2,565,879 5,221,475
Redeemed.................................. (593,876,718) (1,531,686,112)
------------- --------------
Net increase (decrease)................... (27,656,918) (66,400,934)
============= ==============
Class B
- --------
Sold...................................... 58,982,081 152,017,566
Issued on reinvestment of dividends....... 506,055 956,167
Redeemed.................................. (69,939,641) (153,706,145)
------------- --------------
Net increase (decrease)................... (10,451,505) (732,412)
============= ==============
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
===============================================================================
4. Capital Stock (Continued)
Six Months Ended Year
October 31, 2007 Ended
(Unaudited) April 30, 2007
----------- --------------
Victory Shares
- --------------
Sold...................................... 62,358,272 78,711,451
Issued on reinvestment of dividends....... 853,661 1,313,682
Redeemed.................................. (52,726,931) (59,023,524)
------------- --------------
Net increase (decrease)................... 10,485,002 21,001,609
============= ==============
Advantage Shares
- ----------------
Sold...................................... 120,493,632 173,247,949
Issued on reinvestment of dividends....... 1,094,188 1,746,111
Redeemed.................................. (111,485,165) (169,256,177)
------------- --------------
Net increase (decrease)................... 10,102,655 5,737,883
============= ==============
5. Tax Information
The tax character of distributions paid during the years ended April 30, 2007
and 2006 were as follows:
2007 2006
------------ ------------
Tax-exempt income............................... $ 11,535,996 $ 8,890,533
Long-term capital gains......................... -0- 7,594
------------ ------------
Total distributions............................. $ 11,535,996 $ 8,898,127
============ ============
At October 31, 2007, the Fund had unused capital loss carry forwards of $7,609
available for Federal Income Tax purposes to be applied against future gains, if
any. If not applied against future gains, $7,609 will expire in 2014.
During the year ended April 30, 2007, the Fund utilized $4,432 of its carried
forward capital losses.
At October 31, 2007, the Fund had no ordinary distributable earnings.
The Fund has adopted Financial Accounting Standards Board ("FASB")
Interpretation No. 48, Accounting for Uncertainty in Income Taxes, an
interpretation of FASB Statement No. 109 ("FIN 48"). FIN 48 requires
Management to determine whether a tax position of the Fund is more likely than
not to be sustained upon examination by the applicable taxing authority,
including resolution of any related appeals or litigation processes, based on
the technical merits of the position. The tax benefit to be recognized is
measured as the largest amount of benefit that is greater than fifty percent
likely of being realized upon ultimate settlement which could result in the Fund
recording a tax liability that would reduce net assets. FIN 48 must be applied
to all existing tax positions upon initial adoption and the cumulative effect,
if any, is to be reported as an adjustment to net assets.
Based on its analysis, Management has determined that the adoption of FIN 48 did
not have an impact to the Fund's financial statements upon adoption. However,
Management's conclusions regarding FIN 48 may be subject to review and
adjustment at a later date based on factors including, but not limited to,
further implementation guidance expected from the FASB, and on-going analyses of
tax laws, regulations and interpretations thereof.
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
NEW YORK DAILY TAX FREE INCOME FUND, INC.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
(UNAUDITED)
===============================================================================
6. Concentration of Credit Risk
The Fund invests primarily in obligations of political subdivisions of the State
of New York and, accordingly, is subject to the credit risk associated with the
non-performance of such issuers. Approximately 67% 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.
7. New Accounting Pronouncements
In September 2006, FASB issued Statement of Financial Accounting Standards No.
157, Fair Value Measurements ("SFAS157"). SFAS 157 defines fair value,
establishes a framework for measuring fair value, and expands disclosures about
fair value measurements. SFAS 157 applies to reporting periods beginning after
November 15, 2007. Management is currently evaluating the impact the adoption of
SFAS 157 will have on the Fund's financial statements.
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
===============================================================================
8. Financial Highlights
Six Months Ended Year Ended April 30,
Class A Shares October 31, 2007 --------------------------------------------------------
- --------------- (Unaudited) 2007 2006 2005 2004 2003
--------- ------- ------ ------ ------ ------
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 0.027 0.019 0.007 0.002 0.006
Net realized and unrealized gain(loss) on investments.. (0.000) -- 0.000 -- -- 0.000
-------- ------- -------- ------- ------- ------
Total from investment operations....................... 0.014 0.027 0.019 0.007 0.002 0.006
Less distributions from:
Dividends from net investment income................... (0.014) (0.027) (0.019) (0.007) (0.002) (0.006)
Net realized gains(loss) on investments................ -- -- (0.000) -- -- (0.000)
-------- ------- -------- ------- ------- ------
Total distributions.................................... (0.014) (0.027) (0.019) (0.007) (0.002) (0.006)
-------- ------- -------- ------- ------- ------
Net asset value, end of period......................... $ 1.00 $1.00 $1.00 $1.00 $1.00 $1.00
======== ======= ======== ======= ======= ======
Total Return........................................... 1.45%(a) 2.73% 1.93% 0.70% 0.21% 0.59%
Ratios/Supplemental Data
Net assets, end of period (000)........................ $191,196 $218,850 $285,247 $283,134 $296,871 $324,086
Ratios to average net assets:
Expenses (b)........................................ 0.86%(c) 0.87% 0.86% 0.86% 0.83% 0.82%
Net investment income....................... 2.87%(c) 2.69% 1.91% 0.70% 0.21% 0.59%
Expenses paid indirectly.................... 0.00%(c) 0.00% 0.00% 0.00% 0.00% 0.00%
<FN>
(a) Not annualized
(b) Includes expenses paid indirectly
(c) Annualized
</FN>
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
NEW YORK DAILY TAX FREE INCOME FUND, INC.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
(UNAUDITED)
===============================================================================
8. Financial Highlights (Continued)
Six Months Ended Year Ended April 30,
Class B Shares October 31, 2007 --------------------------------------------------------
- --------------- (Unaudited) 2007 2006 2005 2004 2003
--------- ------- ------ ------ ------ ------
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 0.029 0.021 0.009 0.004 0.008
Net realized and unrealized gain(loss) on investments.. (0.000) -- 0.000 -- -- 0.000
-------- ------- -------- ------- ------- ------
Total from investment operations....................... 0.015 0.029 0.021 0.009 0.004 0.008
Less distributions from:
Dividends from net investment income................... (0.015) (0.029) (0.021) (0.009) (0.004) (0.008)
Net realized gains(loss) on investments................ -- -- (0.000) -- -- (0.000)
-------- ------- -------- ------- ------- ------
Total distributions.................................... (0.015) (0.029) (0.021) (0.009) (0.004) (0.008)
-------- ------- -------- ------- ------- ------
Net asset value, end of period......................... $ 1.00 $1.00 $1.00 $1.00 $1.00 $1.00
======== ======= ======== ======= ======= ======
Total Return........................................... 1.56%(a) 2.93% 2.14% 0.90% 0.41% 0.79%
Ratios/Supplemental Data
Net assets, end of period (000)........................ $ 22,147 $ 32,597 $ 33,330 $ 39,831 $ 51,411 $ 46,966
Ratios to average net assets:
Expenses (b)........................................ 0.65%(c) 0.68% 0.67% 0.66% 0.63% 0.61%
Net investment income....................... 3.08%(c) 2.90% 2.14% 0.88% 0.40% 0.77%
Expenses paid indirectly.................... 0.00%(c) 0.00% 0.00% 0.00% 0.00% 0.00%
<FN>
(a) Not annualized
(b) Includes expenses paid indirectly
(c) Annualized
</FN>
- -------------------------------------------------------------------------------
===============================================================================
8. Financial Highlights (Continued)
Six Months Ended Year Ended April 30,
Victory Shares October 31, 2007 --------------------------------------------------------
- --------------- (Unaudited) 2007 2006 2005 2004 2003
--------- ------- ------ ------ ------ ------
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 0.027 0.019 0.007 0.002 0.006
Net realized and unrealized gain(loss) on investments.. (0.000) -- 0.000 -- -- 0.000
-------- ------- -------- ------- ------- ------
Total from investment operations....................... 0.014 0.027 0.019 0.007 0.002 0.006
Less distributions from:
Dividends from net investment income................... (0.014) (0.027) (0.019) (0.007) (0.002) (0.006)
Net realized gains(loss) on investments................ -- -- (0.000) -- -- --
-------- ------- -------- ------- ------- ------
Total distributions.................................... (0.014) (0.027) (0.019) (0.007) (0.002) (0.006)
-------- ------- -------- ------- ------- ------
Net asset value, end of period......................... $ 1.00 $1.00 $1.00 $1.00 $1.00 $1.00
======== ======= ======== ======= ======= ======
Total Return........................................... 1.46%(a) 2.74% 1.93% 0.70% 0.21% 0.59%
Ratios/Supplemental Data
Net assets, end of period (000)........................ $ 70,999 $ 60,514 $ 39,512 $ 45,985 $ 53,616 $ 79,783
Ratios to average net assets:
Expenses (b)........................................ 0.85%(c) 0.87% 0.86% 0.86% 0.83% 0.82%
Net investment income....................... 2.87%(c) 2.71% 1.91% 0.70% 0.21% 0.59%
Expenses paid indirectly.................... 0.00%(c) 0.00% 0.00% 0.00% 0.00% 0.00%
<FN>
(a) Not annualized
(b) Includes expenses paid indirectly
(c) Annualized
</FN>
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
NEW YORK DAILY TAX FREE INCOME FUND, INC.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
(UNAUDITED)
===============================================================================
8. Financial Highlights (Continued)
November 22, 2002
Six Months Ended Years Ended October 31, (Commencement of
October 31, 2007 -------------------------- Offering) to
Advantage shares (Unaudited) 2007 2006 2005 2004 April 30, 2003
- ----------------- --------- ----- ------ ------ ------ --------------
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 0.018 0.006 0.001 0.001
Net realized and unrealized gain (loss)
on investments...................................... (0.000) -- 0.000 -- -- 0.000
-------- -------- -------- -------- --------- -------
Total from investment operations....................... 0.014 0.025 0.018 0.006 0.001 0.001
Less distributions:
Dividends from net investment income................... (0.014) (0.025) (0.018) (0.006) (0.001) (0.001)
Net realized gain(loss) on investments................. -- -- (0.000) -- -- (0.000)
-------- -------- -------- -------- --------- -------
Total distribution..................................... (0.014) (0.025) (0.018) (0.006) (0.001) (0.001)
-------- -------- -------- -------- --------- -------
Net asset value, end of period............................ $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======== ======== ========= =======
Total Return.............................................. 1.37%(a) 2.58% 1.79% 0.61% 0.15%(a) 0.15%(a)
Ratios/Supplemental Data
Net assets, end of period (000's)......................... $ 82,522 $ 72,419 $ 66,680 $ 71,563 $ 36,685 $ 57,249
Ratios to average net assets:
Expenses, net of fees waived (b)....................... 1.02%(c) 1.02% 1.01% 0.95% 0.89% 0.90%(c)
Net investment income.................................. 2.71%(c) 2.55% 1.77% 0.63% 0.14% 0.33%(c)
Expenses paid indirectly............................... 0.00%(c) 0.00% 0.00% 0.00% 0.00% 0.00%(c)
Distribution and shareholder servicing fees waived..... 0.28%(c) 0.30% 0.31% 0.36% 0.39% 0.37%(c)
<FN>
(a) Not annualized
(b) Includes expenses paid indirectly
(c) Annualized
</FN>
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
NEW YORK DAILY TAX FREE INCOME FUND, INC.
ADDITIONAL INFORMATION
(UNAUDITED)
===============================================================================
ADDITIONAL INFORMATION ABOUT PORTFOLIO HOLDINGS
The Fund is required to file its complete schedule of portfolio holdings with
the Securities and Exchange Commission ("SEC") on Form N-Q for its first and
third fiscal quarters. The Fund's Form N-Q is available without charge on the
SEC's website (http://www.sec.gov) or by calling the Fund toll free at (800)
433-1918. You can also obtain copies of the Fund's Form N-Q by visiting the
SEC's Public Reference Room in Washington, DC (please call the SEC at (800)
732-0330 for information on the operation of the Public Reference Room).
INFORMATION ABOUT PROXY VOTING
Information regarding the Fund's proxy voting record for the 12 month period
ending June 30 of each year is filed with the SEC on Form N-PX no later than
August 31 of each year. The Fund's Form N-PX is available without charge, upon
request, by calling the Fund at (800) 433-1918 and on the SEC's website
(http://www.sec.gov). The Fund does not presently invest in voting securities
and has therefore not adopted proxy voting policies and procedures.
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
- -------------------------------------------------------
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 York Daily Tax Free Income Fund, Inc.
600 Fifth Avenue
New York, New York 10020
Manager
Reich & Tang Asset Management, LLC
600 Fifth Avenue
New York, New York 10020
Custodian
The Bank of New York
2 Hanson Place, 7th Floor
Brooklyn, New York 11217
Transfer Agent &
Dividend Disbursing Agent
Reich & Tang Services, Inc.
600 Fifth Avenue
New York, New York 10020
Distributor
Reich & Tang Distributor, Inc.
600 Fifth Avenue
New York, New York 10020
NY 10/07S
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NEW YORK
DAILY
TAX FREE
INCOME
FUND, INC.
Semi-Annual Report
October 31, 2007
(Unaudited)
NY 10/07S
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ITEM 2: CODE OF ETHICS
Not Applicable.
ITEM 3: AUDIT COMMITTEE FINANCIAL EXPERT
Not Applicable
ITEM 4: PRINCIPAL ACCOUNTANT FEES AND SERVICES
Not Applicable
ITEM 5: AUDIT COMMITTEE OF LISTED REGISTRANTS
Not applicable.
ITEM 6: SCHEDULE OF INVESTMENTS
Schedule of Investments in securities of unaffiliated issuers is included under
Item 1.
ITEM 7: DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES
Not applicable.
ITEM 8: PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS
Not applicable.
ITEM 9: SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
There were no material changes to the procedures by which shareholders may
recommend nominees to the registrant's board of directors that were implemented
after the registrant last provided disclosure in response to the requirements of
Item 7(d)(2)(ii)(G) of Schedule 14A, or this Item 9.
ITEM 10: CONTROLS AND PROCEDURES
(a) The registrant's Principal Executive Officer and Principal Financial
Officer have evaluated the design and operation of the registrant's
disclosure controls and procedures within 90 days of this filing and
have concluded that the registrant's disclosure controls and procedures
were effective in ensuring that information required to be disclosed by
the registrant in this Form N-CSR was recorded, processed, summarized
and reported on a timely basis.
(b) There were no changes in the registrant's internal controls over
financial reporting that occurred during the registrants second fiscal
quarter of the period covered by this report that have materially
affected, or are reasonably likely to affect, the registrant's internal
controls over financial reporting.
Item 11: Exhibits
(a)(1) Not Applicable (disclosure required in annual report on N-CSR only).
(a)(2) Certifications of Principal Executive Officer and Principal Financial
Officer, under Rule 30a-2 of the Investment Company Act of 1940.
(a)(3) Not applicable.
(b) Certifications of Principal Executive Officer and Principal Financial
Officer, under Section 906 of the Sarbanes-Oxley Act of 2002 and 18
U.S.C. ss.1350.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized. (Registrant)
New York Daily Tax Free Income Fund, Inc.
By (Signature and Title)* /s/ Christine Manna
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Christine Manna, Secretary
Date: January 3, 2008
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /s/ Michael P. Lydon
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Michael P. Lydon, President
Date: January 3, 2008
By (Signature and Title)* /s/ Anthony Pace
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Anthony Pace, Treasurer
Date: January 3, 2008
* Print the name and title of each signing officer under his or her signature.