As filed with the Securities and Exchange Commission on December 29, 2004
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)
Rosanne Holtzer
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: 04/30
Date of reporting period: 10/31/2004
ITEM 1: REPORT TO STOCKHOLDERS
- --------------------------------------------------------------------------------
NEW YORK
DAILY TAX FREE 600 FIFTH AVENUE, NEW YORK, NY 10020
INCOME FUND, INC. (212)830-5200
================================================================================
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, 2004 through October 31,
2004.
The Fund had net assets of $462,334,013 and 2,947 active shareholders as of
October 31 2004.
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.
ABOUT YOUR FUND'S EXPENSES
(UNAUDITED)
================================================================================
We believe it is important for you to understand the impact of costs on your
investment. All mutual funds have operating expenses. As a shareholder of the
fund, you incur ongoing costs, which include costs for portfolio management,
administrative services, and shareholder reports (like this one), among others.
Operating expenses, which are deducted from a fund's gross income, directly
reduce the investment return of the fund.
A fund's expenses are expressed as a percentage of its average net assets. This
figure is known as the expense ratio. The following examples are intended to
help you understand the ongoing costs (in dollars) of investing in your fund and
to compare these costs with those of other mutual funds. The examples are based
on an investment of $1,000 made at the beginning of the period May 1, 2004
through October 31, 2004 and held for the entire period.
The table below illustrates your fund's costs in two ways:
Actual fund return. This section helps you to estimate the actual expenses that
you paid over the period. The "Ending Account Value" shown is derived from the
fund's actual return, and the third column shows the dollar amount that would
have been paid by an investor who started with $1,000 in the fund. You may use
the information here, together with the amount you invested, to estimate the
expenses that you paid over the period.
To do so, 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
given for your fund under the heading "Expenses Paid During Period."
Hypothetical 5% return. This section is intended to help you compare your fund's
costs with those of other mutual funds. It assumes that the fund had a return of
5% per year before expenses, but that the expense ratio is unchanged. In this
case-because the return used is not the fund's actual return-the results do not
apply to your investment. The example is useful in making comparisons because
the Securities and Exchange Commission requires all mutual funds to calculate
expenses based on a 5% return. You can assess your fund's costs by comparing
this hypothetical example with the hypothetical examples that appear in
shareholder reports of other funds.
- -------------------------------------------------------------------------------------------------------------------------
Beginning Account Value Ending Account Value
Actual Fund Return 5/1/04 10/31/04 Expenses Paid During the Period*
- -------------------------------------------------------------------------------------------------------------------------
Class A $1,000.00 $1,002.00 $4.29
Class B 1,000.00 1,003.00 3.28
Victory shares 1,000.00 1,002.00 4.29
Advantage shares 1,000.00 1,001.70 4.59
- -------------------------------------------------------------------------------------------------------------------------
Hypothetical 5% Return
- -------------------------------------------------------------------------------------------------------------------------
Class A $1,000.00 $1,020.92 $4.33
Class B 1,000.00 1,021.93 3.31
Victory shares 1,000.00 1,020.92 4.33
Advantage shares 1,000.00 1,020.62 4.63
- -------------------------------------------------------------------------------------------------------------------------
<FN>
Note that the expenses in the table are meant to highlight and help you compare
ongoing costs only and do not reflect any transactional costs or account
maintenance fees. Your fund does not charge transaction fees, such as purchase
or redemption fees, nor does it carry a "Sales Load". The calculations assume no
shares were bought or sold during the period. Your actual costs may have been
higher or lower, depending on the amount of your investment and the timing of
any purchases or redemptions.
You can find more information about the fund's expenses, including annual
expense ratios for the past five years in the Notes to Financial Statement
section of this report. For additional information on operating expenses and
other shareholder costs, please refer to the appropriate fund prospectus.
* Expenses are equal to the Fund's annualized expense ratios of 0.85%, 0.65%,
0.85% and 0.91%, for the Class A, Class B, Victory and Advantage shares,
respectively, multiplied by the average account value over the period (May
1, 2004 through October 31, 2004), multiplied by 184/365 (to reflect the
most recent fiscal half-year).
</FN>
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NEW YORK DAILY TAX FREE INCOME FUND, INC.
STATEMENT OF NET ASSETS
OCTOBER 31, 2004
(UNAUDITED)
================================================================================
Ratings (a)
----------------
Face Maturity Value Standard
Amount Date Yield (Note 1) Moody's & Poor's
------ ---- ----- ------ ------- --------
Put Bond (b) (0.27%)
- ------------------------------------------------------------------------------------------------------------------------------------
$ 1,250,000 New York State Dormitory Authority RB
(Columbia Universtiy) - Series A-2 (c) 06/08/05 1.60% $ 1,250,000
- ----------- ------------
1,250,000 Total Put Bond 1,250,000
- ----------- ------------
Tax Exempt Commercial Paper (3.55%)
- ------------------------------------------------------------------------------------------------------------------------------------
$ 9,000,000 New York City, NY MTA Transportation Facilities BAN - Series A
LOC ABN AMRO Bank N.A. 11/30/04 1.58% $ 9,000,000 P1 A1+
5,000,000 New York State Dormitory Authority (Columbia University)
- Series C 11/16/04 1.18 5,000,000 A1+
2,400,000 New York State Environmental Quality (Clean Water Act 1986)
LOC Bayerische Landesbank & Landesbank Hessen 11/10/04 1.58 2,400,000 P1 A1+
- ----------- ------------
16,400,000 Total Tax Exempt Commercial Paper 16,400,000
- ----------- ------------
Tax Exempt General Obligation Notes & Bonds (21.15%)
- ------------------------------------------------------------------------------------------------------------------------------------
$ 6,675,000 Beacon, NY Dutchess County BAN - Series 2003 (c) 12/24/04 1.20% $ 6,675,184
5,000,000 Binghamton, NY School District BAN (c) 10/14/05 1.85 5,053,569
2,400,000 Cobleskill - Richondville, NY CSD BAN, Series 2004 (c) 06/24/05 1.75 2,418,975
1,767,122 East Greenbush, NY CSD BAN - Series 2004 (c)
Insured by MBIA Insurance Corp. 12/01/04 1.00 1,769,275
3,350,000 Ellicottville, NY CSD BAN (c) 06/16/05 1.70 3,371,501
5,500,000 Erie County, NY RAN
LOC Citibank, N.A. 07/13/05 1.55 5,554,613 MIG-1
4,045,000 Grand Island, NY BAN - Series 2004 (c) 07/21/05 1.60 4,046,136
7,611,500 Jamesville-Dewitt, NY CSD BAN (c) 09/08/05 1.67 7,696,302
3,000,000 Jefferson County, NY BAN (c) 12/10/04 1.15 3,002,685
3,670,000 Johnson City, NY BAN (c) 05/27/05 1.70 3,691,514
5,585,000 Kinderhook, NY CSD BAN - Series 2004 (c) 07/01/05 1.70 5,592,258
4,537,000 Middletown, NY School District BAN - Series 2004 (c) 12/17/04 1.35 4,540,663
7,670,000 New York and New Jersey ABN AMRO Municipal TOPs
Certificates Trust - Series 2002-33
LOC Dexia CLF 12/15/04 1.45 7,670,000 VMIG-1
5,700,000 Penn Yan, NY CSD BAN (c) 06/21/05 1.70 5,737,390
5,000,000 Pittsford, NY CSD BAN - Series 2004A (c) 10/14/05 1.80 5,056,006
- --------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
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NEW YORK DAILY TAX FREE INCOME FUND, INC.
STATEMENT OF NET ASSETS (CONTINUED)
OCTOBER 31, 2004
(UNAUDITED)
================================================================================
Ratings (a)
----------------
Face Maturity Value Standard
Amount Date Yield (Note 1) Moody's & Poor's
------ ---- ----- ------ ------- --------
Tax Exempt General Obligation Notes & Bonds (Continued)
- ------------------------------------------------------------------------------------------------------------------------------------
$ 4,500,000 Salmon River, NY CSD BAN - Series 2004 (c) 06/24/05 1.70% $ 4,515,659
9,000,000 Suffolk County, NY BOCES RAN (First Supervisory District) (c) 06/28/05 1.75 9,067,568
9,467,700 Tully, NY CSD BAN - Series 2004 (c) 06/30/05 1.68 9,481,203
2,815,000 Yorktown, NY CSD BAN - Series 2004 (c) 07/15/05 1.63 2,836,738
- ----------- ------------
97,293,322 Total Tax Exempt General Obligation Notes & Bonds 97,777,239
- ----------- ------------
Variable Rate Demand Instruments (d) (73.23%)
- ------------------------------------------------------------------------------------------------------------------------------------
$ 5,000,000 Commonwealth of Puerto Rico
Public Improvement Bonds TOCs - Series 2001
Insured by FSA 07/01/19 1.75% $ 5,000,000 A1+
1,200,000 Dutchess County, NY IDA Civic Facilities RB
(Trinity - Pawling School Corporation)
LOC Allied Irish Bank 10/01/32 1.76 1,200,000 VMIG-1
2,300,000 Erie County, NY IDA (Hauptman - Woodard Project)
- Series 2004 (c)
LOC Key Bank, N.A. 03/01/24 1.84 2,300,000
1,000,000 Islip, NY IDRB (Brentwood Distributor Co. Facility)
- Series 1984 (c)
LOC Fleet Bank 05/01/09 1.78 1,000,000
10,000,000 Jay Street Development Corporation, NY
(Court Facility Lease Revenue) - Series A-3
LOC Depfa Bank PLC 05/01/22 1.75 10,000,000 VMIG-1 A1+
22,450,000 Long Island Power Authority, NY RB
(Electric System) - Series 7, Subseries 7-B
Insured by MBIA Insurance Corp. 04/01/25 1.74 22,450,000 VMIG-1 A1+
2,500,000 Monroe County, NY IDA - Series A (c)
LOC Wachovia Bank & Trust Company, N.A. 06/01/29 1.78 2,500,000
7,000,000 New York City, NY - Series F-2
LOC Toronto Dominion Bank 02/15/12 1.73 7,000,000 VMIG-1 A1+
2,350,000 New York City, NY GO - Series F-3
LOC Morgan Guaranty Trust Company 02/15/13 1.74 2,350,000 VMIG-1 A1+
11,450,000 New York City, NY GO - Series F-6
LOC Morgan Guaranty Trust Company 02/15/18 1.74 11,450,000 VMIG-1 A1+
- --------------------------------------------------------------------------------
The accompanying notes are an integral part of these statements.
- --------------------------------------------------------------------------------
================================================================================
Ratings (a)
----------------
Face Maturity Value Standard
Amount Date Yield (Note 1) Moody's & Poor's
------ ---- ----- ------ ------- --------
Variable Rate Demand Instruments (d) (Continued)
- ------------------------------------------------------------------------------------------------------------------------------------
$ 4,500,000 New York City, NY GO - Series H-4
Insured by AMBAC Indemnity Corp. 08/01/15 1.75% $ 4,500,000 VMIG-1 A1
4,000,000 New York City, NY GO - Series J, Subseries J-2
LOC Westdeutsche Landesbank 02/15/16 1.75 4,000,000 P1 A1+
10,545,000 New York City, NY GO Fiscal 1993 - Series A-6
LOC Landesbank Hessen 08/01/19 1.74 10,545,000 VMIG-1 A1+
1,500,000 New York City, NY GO Trust Receipts SGB33 - Series 1 1996F
Insured by FSA 02/01/19 1.78 1,500,000 A1+
1,500,000 New York City, NY HDC Residential RB
(East 17th Street Properties) - Series A
LOC Rabobank Nederland 01/01/23 1.69 1,500,000 A1
1,300,000 New York City, NY (Columbus Apartment Project) - Series 1995A
Collateralized by Federal National Mortgage Association 03/15/25 1.74 1,300,000 A1+
2,000,000 New York City, NY (West End Towers) - Series 2004
Guaranteed by Federal National Mortgage Association 05/15/34 1.77 2.000,000 P1 A1
5,800,000 New York City, NY HDC Residential RB
(Montefiore Medical Center) - Series 1993A
LOC Chase Manhattan Bank, N.A. 05/01/30 1.70 5,800,000 A1
5,050,000 New York City, NY MHRB (941 Hoe Avenue Apartment)
LOC Key Bank, N.A. 06/15/37 1.79 5,050,000 A1
4,725,000 New York City, NY IDA Civic Facilities RB
(American Society Technion Project)
LOC Allied Irish Bank 10/01/33 1.73 4,725,000 VMIG-1
23,900,000 New York City, NY IDA Civic Facilities RB (Center for
Jewish History)
LOC Allied Irish Bank 09/01/31 1.75 23,900,000 VMIG-1
3,865,000 New York City, NY IDA Civic Facilities RB
(Convent Sacred Heart School)
LOC Allied Irish Bank 11/01/32 1.80 3,865,000 VMIG-1
1,820,000 New York City, NY IDA Civic Facilities RB
(Epiphany Community Nursery School Project) - Series 1997
LOC Bank of New York 05/01/11 1.90 1,820,000 VMIG-1
1,700,000 New York City, NY IDA IDRB (Abigal Press Inc. Project)
- Series 2002
LOC JPMorgan Chase & Co. 12/01/18 1.85 1,700,000 A1+
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The accompanying notes are an integral part of these financial statements.
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NEW YORK DAILY TAX FREE INCOME FUND, INC.
STATEMENT OF NET ASSETS (CONTINUED)
OCTOBER 31, 2004
(UNAUDITED)
================================================================================
Ratings (a)
----------------
Face Maturity Value Standard
Amount Date Yield (Note 1) Moody's & Poor's
------ ---- ----- ------ ------- --------
Variable Rate Demand Instruments (d) (Continued)
- ------------------------------------------------------------------------------------------------------------------------------------
$17,900,000 New York City, NY IDA Special Facility RB
(Korean Airlines Company Limited Project) - Series 1997B
LOC Rabobank Nederland 11/01/24 1.78% $ 17,900,000 VMIG-1 A1+
2,700,000 New York City, NY MHRB (Peter Cintron Apartments) - Series C
LOC Key Bank, N.A. 06/15/37 1.79 2,700,000 A1
10,000,000 New York City, NY MTA RB - Series G-1
Insured by AMBAC Indemnity Corp. 11/01/26 1.71 10,000,000 VMIG-1 A1+
5,000,000 New York City, NY Municipal Water Finance
Authority RB Municipal Securities Trust Receipts
Insured by MBIA Insurance Corp. 06/15/23 1.78 5,000,000 A1+
1,115,000 New York City, NY Trust for Cultural Resources
(Carnegie Hall) - Series 1990
LOC Depfa Bank PLC 12/01/15 1.75 1,115,000 VMIG-1 A1+
5,000,000 New York City, NY Trust for Cultural Resources
(The Museum of Broadcasting)
LOC KBC Bank 05/01/14 1.72 5,000,000 VMIG-1 A1+
1,828,500 New York City, NY Trust for Cultural Resources - Series 950
Insured by FGIC 02/01/34 1.78 1,828,500 VMIG-1
12,155,000 New York State Development Corporation (Eagle) 07/01/16 1.78 12,155,000 A1+
990,000 New York State Dormitory Authority (Merlots) - Series A30
Insured by AMBAC Indemnity Corp. 02/15/18 1.81 990,000 VMIG-1
2,000,000 New York State Dormitory Authority RB (Cornell University)
- Series A 07/01/29 1.74 2,000,000 A1+
4,580,000 New York State Dormitory Authority RB (Public Library)
- Series A
Insured by MBIA Insurance Corp. 07/01/28 1.74 4,580,000 VMIG-1 A1
3,000,000 New York State Dormitory Authority RB (Wagner College Project)
LOC Morgan Guaranty Trust Company 07/01/28 1.75 3,000,000 A1+
12,000,000 New York State HFA (Normandie Court II Project) - Series A
Guaranteed by Federal Home Loan Mortgage Corporation 11/01/29 1.77 12,000,000 VMIG-1
12,000,000 New York State HFA RB (Saxony Housing) - Series 1997A
Collateralized by Federal National Mortgage Association 05/15/30 1.78 12,000,000 VMIG-1
1,300,000 New York State HFA RB (Saville Housing) - Series A
LOC Fleet Bank 11/01/35 1.78 1,300,000 VMIG-1
4,000,000 New York State HFA RB (Union Square Housing)
Guaranteed by Federal National Mortgage Association 05/15/24 1.76 4,000,000 VMIG-1
- --------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
- --------------------------------------------------------------------------------
================================================================================
Ratings (a)
----------------
Face Maturity Value Standard
Amount Date Yield (Note 1) Moody's & Poor's
------ ---- ----- ------ ------- --------
Variable Rate Demand Instruments (d) (Continued)
- ------------------------------------------------------------------------------------------------------------------------------------
$ 6,300,000 New York State HFA RB - Series A
Guaranteed by Federal National Mortgage Association 05/01/29 1.76% $ 6,300,000 VMIG-1
4,000,000 New York State Housing Finance Agency (Helena Housing) -
Series A
LOC Fleet Bank 11/01/36 1.76 4,000,000 VMIG-1
3,300,000 New York State Local Government Assistance Corporation -
Series A-7V
Insured by FGIC 04/01/20 1.72 3,300,000 VMIG-1 A1+
10,600,000 New York State Local Government Assistance Corporation -
Series 1994B
LOC Westdeutsche Landesbank/Bayerische Landesbank 04/01/23 1.72 10,600,000 VMIG-1 A1+
1,000,000 New York State Local Government Assistance Corporation -
Series B
LOC Bank of Nova Scotia 04/01/25 1.74 1,000,000 VMIG-1 A1+
13,200,000 New York State Local Government Assistance Corporation -
Series C
LOC Landesbank Hessen 04/01/25 1.74 13,200,000 VMIG-1 A1+
5,000,000 New York State Local Government Assistance Corporation -
Series 1995D
LOC Societe Generale 04/01/25 1.69 5,000,000 VMIG-1 A1+
8,900,000 New York State Local Government Assistance Corporation -
Series 1995F
LOC Societe Generale 04/01/25 1.72 8,900,000 VMIG-1 A1+
3,800,000 New York State Local Government Assistance Corporation -
Series G
LOC Bank of Nova Scotia 04/01/25 1.73 3,800,000 VMIG-1 A1
2,000,000 New York State Local Government Assistance Corporation -
Series 8V
Insured by FSA 04/01/19 1.72 2,000,000 A1+
4,600,000 New York State MHRB (Normandie Court I Project) - Series 1
LOC Landesbank Hessen 05/15/15 1.70 4,600,000 VMIG-1 A1+
4,560,000 New York State Thruway Authority
(Highway & Bridge Trust Fund) ROCs RR II R4506
Insured by AMBAC Indemnity Corp. 04/01/19 1.78 4,560,000 A1+
4,400,000 New York Triborough Bridge & Tunnel Authority - Series C
Insured by AMBAC Indemnity Corp. 01/01/33 1.74 4,400,000 VMIG-1 A1+
5,000,000 New York Triborough Bridge & Tunnel Authority BAN - Series C
Insured by AMBAC Indemnity Corp. 01/01/32 1.74 5,000,000 VMIG-1 A1+
- --------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
- --------------------------------------------------------------------------------
NEW YORK DAILY TAX FREE INCOME FUND, INC.
STATEMENT OF NET ASSETS (CONTINUED)
OCTOBER 31, 2004
(UNAUDITED)
================================================================================
Ratings (a)
----------------
Face Maturity Value Standard
Amount Date Yield (Note 1) Moody's & Poor's
------ ---- ----- ------ ------- --------
Variable Rate Demand Instruments (d) (Continued)
- ------------------------------------------------------------------------------------------------------------------------------------
$ 9,000,000 New York City, NY - Subseries H-6
LOC Fleet Bank 03/01/34 1.73% $ 9,000,000 VMIG-1 A1
4,000,000 New York Triborough Building & Tunnel Authority General - Series F
LOC ABN AMRO Bank N.A. 11/01/32 1.74 4,000,000 VMIG-1 A1+
4,000,000 Port Authority of New York and New Jersey
ROB/INS Trust Receipts Class F - Series 10
Insured by FSA 01/15/17 1.76 4,000,000 VMIG-1 A1+
1,300,000 Port Authority of New York and New Jersey Special Versatile
Structure Obligation RB - Series 3 06/01/20 1.71 1,300,000 VMIG-1 A1+
2,000,000 Port Orange, FL RB (Palmer College) - Series 2002
LOC LaSalle National Bank 10/01/32 1.77 2,000,000 A1+
2,000,000 Puerto Rico Commonwealth - PA 625
Insured by AMBAC Indemnity Corp. 07/01/10 1.76 2,000,000 A1+
1,205,000 Puerto Rico HFC (Eagle) - Series 2000-C5102
Insured by AMBAC Indemnity Corp. 10/01/11 1.86 1,205,000 A1+
2,000,000 Puerto Rico Infrastructure Financing Authority
(Eagle Trust) - Series 2001 (c) 10/01/34 1.77 2,000,000
3,400,000 Puerto Rico PFC P-Floats PA 783 10/01/19 1.76 3,400,000 A1+
- ----------- ------------
338,588,500 Total Variable Rate Demand Instruments 338,588,500
- ----------- ------------
Variable Rate Demand Instrument - Private Placement (d) (0.65%)
- ------------------------------------------------------------------------------------------------------------------------------------
$ 3,000,000 Orange County, NY IDA IDRB (1986 Blaser Real Estate Inc. Project)
LOC Union Bank of Switzerland 09/01/21 3.09% $ 3,000,000 P1 A1+
- ----------- ------------
3,000,000 Total Variable Rate Demand Instrument - Private Placement 3,000,000
- ----------- ------------
Total Investments (98.85%) (cost $457,015,739+) 457,015,739
Cash and other assets, net of liabilities (1.15%) 5,318,274
------------
Net Assets (100.00%) $462,334,013
============
Net Asset Value, offering and redemption price per share:
Class A, 291,111,289 shares outstanding (Note 3) $ 1.00
============
Class B, 47,094,203 shares outstanding (Note 3) $ 1.00
============
Victory Shares, 48,246,349 shares outstanding (Note 3) $ 1.00
============
Advantage Shares, 75,876,266 shares outstanding (Note 3) $ 1.00
============
<FN>
+ Aggregate cost for federal income tax purposes is identical.
</FN>
- --------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
================================================================================
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. Ratings are unaudited.
In addition, 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) The maturity date indicated is the next put date.
(c) Securities that are not rated that the Adviser has determined to be of
comparable quality to those rated securities in which the Fund invests.
(d) Securities payable on demand at par including accrued interest (usually
with seven days' notice) and where indicated are unconditionally secured as
to principal and interest by a bank letter of credit. The interest rates
are adjustable and are based on bank prime rates or other interest rate
adjustment indices. The rate shown is the rate in effect at the date of
this statement.
KEY:
BAN = Bond Anticipation Note LOC = Letter of Credit
BOCES = Board of Cooperative Educational Services MHRB = Multi-Family Housing Revenue Bond
CSD = Central School District MTA = Metropolitan Transit Authority
FGIC = Financial Guaranty Insurance Company PFC = Public Finance Corporation
FSA = Financial Security Assurance RAN = Revenue Anticipation Note
GO = General Obligation RB = Revenue Bond
HDC = Housing Development Corporation ROB/INS = Reverse Option Bond / Inverse Securities
HFA = Housing Finance Authority ROCs = Reset Option Certificates
HFC = Housing Finance Commission TOCs = Tender Option Certificates
IDA = Industrial Development Authority TOPs = Tender Option Puts
IDRB = Industrial Development Revenue Bond
Breakdown of Portfolio holdings by State
- ------------------------- ---------------------------- -------------------------
States Value % of Portfolio
- ------------------------- ---------------------------- -------------------------
Florida $ 2,000,000 0.44%
New York 441,410,739 96.58
Puerto Rico 13,605,000 2.98
- ------------------------- ---------------------------- -------------------------
Total $ 457,015,739 100.00%
- ------------------------- ---------------------------- -------------------------
- --------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
- --------------------------------------------------------------------------------
NEW YORK DAILY TAX FREE INCOME FUND, INC.
STATEMENT OF OPERATIONS
SIX MONTHS ENDED OCTOBER 31, 2004
(UNAUDITED)
================================================================================
INVESTMENT INCOME
Income:
Interest.................................................................. $ 2,978,731
-----------------
Expenses: (Note 2)
Investment management fee................................................. 715,632
Administration fee........................................................ 500,943
Distribution fee (Advantage Shares)....................................... 155,086
Shareholder servicing fee (Class A)....................................... 306,019
Shareholder servicing fee (Victory Shares)................................ 51,172
Shareholder servicing fee (Advantage Shares).............................. 86,159
Custodian expenses........................................................ 12,719
Shareholder servicing and related shareholder expenses+................... 123,884
Legal, compliance and filing fees......................................... 95,995
Audit and accounting...................................................... 68,701
Directors' fees and expenses.............................................. 10,500
Other expenses............................................................ 11,305
-----------------
Total expenses........................................................ 2,138,115
Less: Expenses paid indirectly....................................... (447)
Fees waived.................................................... (136,954)
-----------------
Net expenses ............................................................. 2,000,714
-----------------
Net investment income........................................................ 978,017
REALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain on investments............................................. 7,595
-----------------
Increase in net assets from operations....................................... $ 985,612
=================
<FN>
+ Includes class specific transfer agency expenses of $76,505, $12,743 and
$12,793 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, INC.
STATEMENTS OF CHANGES IN NET ASSETS
================================================================================
Six Months
Ended Year
October 31, 2004 Ended
(Unaudited) April 30, 2004
----------- -------------
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income......................................... $ 978,017 $ 1,053,212
Net realized gain (loss) on investments....................... 7,595 -0-
------------- ---------------
Increase in net assets from operations........................ 985,612 1,053,212
Dividends to shareholders from net investment income*:
Class A....................................................... (600,532) (624,714)
Class B....................................................... (148,218) (193,709)
Victory Shares................................................ (101,074) (153,411)
Advantage Shares.............................................. (128,193) (81,378)
Capital share transactions (Note 3):
Class A....................................................... (5,760,789) (27,214,765)
Class B....................................................... (4,316,839) 4,445,274
Victory Shares................................................ (5,369,430) (26,167,129)
Advantage Shares.............................................. 39,190,636 (20,564,068)
------------- ---------------
Total increase (decrease)................................. 23,751,173 (69,500,688)
Net assets:
Beginning of period........................................... 438,582,840 508,083,528
------------- ---------------
End of period................................................. $ 462,334,013 $ 438,582,840
============= ===============
Undistributed net investment income........................... $ -0- $ -0-
============= ===============
<FN>
* Designated as exempt-interest dividends for regular 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. 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 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 to specific
classes, 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 Victory Shares commenced on
August 27, 1999. The Advantage Shares commenced on November 22, 2002 (formerly
New York Tax Exempt Liquidity Fund Shares; redesignated Advantage New York Tax
Exempt Liquidity Fund Shares on April 29, 2004).
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. Under this valuation method, a
portfolio instrument is valued at cost and any discount is accreted 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 (if any) income to its shareholders.
Therefore, no provision for federal income tax is required.
c) Dividends and Distributions -
Dividends from investment income (excluding capital gains and losses, if
any, and amortization of market discount) are declared daily and paid
monthly. Distributions of net capital gains, if any, realized on sales of
investments are made after the close of the Fund's fiscal year, as declared
by the Fund's Board of Directors.
d) Use of Estimates -
The preparation of financial statements in conformity with accounting
principles generally accepted in the United States of America requires
management to make estimates and assumptions that 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.
e) 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 .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, 2004, the Distributor voluntarily waived the
following fees:
Distribution fees - Advantage Shares............................$ 50,795
Shareholder servicing fees - Advantage Shares................... 86,159
---------
Total...........................................................$ 136,954
---------
The Distributor has no right to recoup prior waivers.
Fees are paid to Directors who are unaffiliated with the Manager on the basis of
$4,000 per annum plus $750 per meeting attended.
Included in the Statement of Operations under the caption "Shareholder servicing
and related shareholder expenses" are fees of $101,212 paid to Reich & Tang
Services, Inc., an affiliate of the Manager, as shareholder servicing agent for
the Fund.
For the period ended October 31, 2004, expenses paid indirectly by the Fund were
$447 resulting from shareholder servicing and related shareholder expenses.
3. Capital Stock
At October 31, 2004, 20,000,000,000 shares of $.001 par value stock were
authorized. Transactions, all at $1.00 per share, were as follows:
Six Months Ended Year
October 31,2004 Ended
(Unaudited) April 30, 2004
--------- --------------
Class A
- -------
Sold...................................... 524,261,628 1,016,942,018
Issued on reinvestment of dividends....... 303,638 414,212
Redeemed.................................. (530,326,055) (1,044,570,995)
--------------- ---------------
Net increase (decrease)................... (5,760,789) (27,214,765)
=============== ===============
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
NEW YORK DAILY TAX FREE INCOME FUND, INC.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
(UNAUDITED)
================================================================================
3. Capital Stock (Continued)
Six Months Ended Year
October 31,2004 Ended
(Unaudited) April 30, 2004
--------- --------------
Class B
- -------
Sold...................................... 105,650,849 209,343,267
Issued on reinvestment of dividends....... 138,381 199,092
Redeemed.................................. (110,106,069) (205,097,085)
--------------- ---------------
Net increase (decrease)................... (4,316,839) 4,445,274
=============== ===============
Victory Shares
- --------------
Sold...................................... 38,100,846 144,236,690
Issued on reinvestment of dividends....... 100,447 152,982
Redeemed.................................. (43,570,723) (170,556,801)
--------------- ---------------
Net increase (decrease)................... (5,369,430) (26,167,129)
=============== ===============
Advantage Shares
- ----------------
Sold...................................... 95,643,489 175,147,776
Issued on reinvestment of dividends....... 115,340 87,245
Redeemed.................................. (56,568,193) (195,799,089)
--------------- ---------------
Net increase (decrease)................... 39,190,636 (20,564,068)
=============== ===============
As of October 31, 2004, the breakdown of net assets by share class were as follows:
Class A................................ $ 291,115,008
Class B................................ 47,094,805
Victory Shares......................... 48,246,965
Advantage Shares....................... 75,877,235
---------------
$ 462,334,013
===============
4. Liabilities
At October 31, 2004, the Fund had the following liabilities:
Fees payable to Affiliates*............... $ 230,199
Dividends payable......................... 124,340
Accrued other payables.................... 33,979
---------------
Total liabilities...................... $ 388,518
===============
* Includes fees payable to Reich & Tang Asset Management, LLC, Reich & Tang
Distributors, Inc. and Reich & Tang Services, Inc.
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
================================================================================
5. Tax Information
The tax character of all distributions paid during the years ended April 30,
2004 and 2003 were as follows:
2004 2003
------------- -------------
Ordinary Income $ -0- $ 1,727
Tax - Exempt Income 1,053,212 3,145,190
At April 30, 2004, the Fund had no distributable earnings.
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 76% 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. Financial Highlights
Six Months
Ended Year Ended April 30,
CLASS A October 31, 2004 -----------------------------------------------------------
- ------- (Unaudited) 2004 2003 2002 2001 2000
--------- ------ ------ ------ ------ ------
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.................... 0.002 0.002 0.006 0.012 0.031 0.026
Net realized and unrealized gain(loss)
on investments 0.000 -- 0.000 -- -- --
-------- -------- -------- -------- -------- --------
Total from investment operations.......... 0.002 0.002 0.006 0.012 0.031 0.026
Less distributions from:
Dividends from net investment income..... (0.002) (0.002) (0.006) (0.012) (0.031) (0.026)
Net realized gains on investments........ -- -- (0.000) -- -- --
-------- -------- -------- -------- -------- --------
Total distributions...................... (0.002) (0.002) (0.006) (0.012) (0.031) (0.026)
-------- -------- -------- -------- -------- --------
Net asset value, end of period................. $ 1.00 $1.00 $1.00 $1.00 $1.00 $1.00
======== ======== ======== ======== ======== ========
Total Return................................... 0.20%(a) 0.21% 0.59% 1.23% 3.11% 2.62%
Ratios/Supplemental Data
Net assets, end of period (000)................ $291,115 $296,871 $324,086 $343,895 $406,791 $323,216
Ratios to average net assets:
Expenses (b)................................ 0.85%(c) 0.83% 0.82% 0.85% 0.87% 0.86%
Net investment income....................... 0.39%(c) 0.21% 0.59% 1.27% 3.03% 2.59%
Expenses paid indirectly.................... 0.00%(c) 0.00% 0.00% 0.00% 0.00% 0.00%
(a) Not annualized
(b) Includes expenses paid indirectly
(c) Annualized
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
NEW YORK DAILY TAX FREE INCOME FUND, INC.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
(UNAUDITED)
================================================================================
7. Financial Highlights (Continued)
Six Months
Ended Year Ended April 30,
CLASS B October 31, 2004 -----------------------------------------------------------
- ------- (Unaudited) 2004 2003 2002 2001 2000
--------- ------ ------ ------ ------ ------
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.................... 0.003 0.004 0.008 0.015 0.033 0.028
Net realized and unrealized gain(loss)
on investments 0.000 -- 0.000 -- -- --
-------- -------- -------- -------- -------- --------
Total from investment operations.......... 0.003 0.004 0.008 0.015 0.033 0.028
Less distributions from:
Dividends from net investment income..... (0.003) (0.004) (0.008) (0.015) (0.033) (0.028)
Net realized gains on investments........ -- -- (0.000) -- -- --
-------- -------- -------- -------- -------- --------
Total distributions...................... (0.003) (0.004) (0.008) (0.015) (0.033) (0.028)
-------- -------- -------- -------- -------- --------
Net asset value, end of period................. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======== ======== ======== ========
Total Return................................... 0.30%(a) 0.41% 0.79% 1.46% 3.37% 2.84%
Ratios/Supplemental Data
Net assets, end of period (000)................ $ 47,095 $ 51,411 $ 46,966 $ 50,441 $ 45,149 $ 39,277
Ratios to average net assets:
Expenses (b)................................ 0.65%(c) 0.63% 0.61% 0.62% 0.62% 0.64%
Net investment income....................... 0.58%(c) 0.40% 0.77% 1.44% 3.31% 2.87%
Expenses paid indirectly.................... 0.00%(c) 0.00% 0.00% 0.00% 0.00% 0.00%
(a) Not annualized
(b) Includes expenses paid indirectly
(c) Annualized
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
================================================================================
7. Financial Highlights (Continued)
August 27, 1999
Victory Shares Six Months Ended Year Ended April 30, (Commencement of
- -------------- October 31, 2004 ----------------------------------------------- Offering)
(Unaudited) 2004 2003 2002 2001 April 30, 2000
--------- -------- -------- -------- -------- --------------
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.................... 0.002 0.002 0.006 0.012 0.031 0.018
Net realized and unrealized gain(loss)
on investments 0.000 -- 0.000 -- -- --
-------- -------- -------- -------- -------- --------
Total from investment operations.......... 0.002 0.002 0.006 0.012 0.031 0.018
Less distributions from:
Dividends from net investment income..... (0.002) (0.002) (0.006) (0.012) (0.031) (0.018)
Net realized gains on investments........ -- -- (0.000) -- -- --
-------- -------- -------- -------- -------- --------
Total distributions...................... (0.002) (0.002) (0.006) (0.012) (0.031) (0.018)
-------- -------- -------- -------- -------- --------
Net asset value, end of period................. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======== ======== ======== ========
Total Return................................... 0.20%(a) 0.21% 0.59% 1.23% 3.11% 1.84%(a)
Ratios/Supplemental Data
Net assets, end of period (000)................ $ 48,247 $ 53,616 $ 79,783 $ 89,963 $ 78,428 $ 65,745
Ratios to average net assets:
Expenses (b)................................ 0.85%(c) 0.83% 0.82% 0.85% 0.87% 0.86%(c)
Net investment income....................... 0.39%(c) 0.21% 0.59% 1.27% 3.03% 2.59%(c)
Expenses paid indirectly.................... 0.00%(c) 0.00% 0.00% 0.00% 0.00% 0.00%(c)
(a) Not annualized
(b) Includes expenses paid indirectly
(c) Annualized
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
NEW YORK DAILY TAX FREE INCOME FUND, INC.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
(UNAUDITED)
================================================================================
7. Financial Highlights (Continued)
Advantage Shares Six Months Ended Year November 22, 2002
- ---------------- October 31, 2004 Ended Commencement of Offering) to
(Unaudited) April 30, 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
------- -------- --------
Income from investment operations:
Net investment income..................... 0.002 0.001 0.001
Net realized and unrealized gain(loss)
on investments 0.000 -- 0.000
------- -------- --------
Total from investment operations 0.002 0.001 0.001
Less distributions from:
Dividends from net investment income...... (0.002) (0.001) (0.001)
Net realized gains on investments......... -- -- (0.000)
------- -------- --------
Total distributions..................... (0.002) (0.001) (0.001)
------- -------- --------
Net asset value, end of period................ $ 1.00 $1.00 $ 1.00
======= ======== ========
Total Return.................................. 0.17%(a) 0.15% 0.15%(a)
Ratios/Supplemental Data
Net assets, end of period (000)............... $75,877 $36,685 $ 57,249
Ratios to average net assets:
Expenses (b)................................. 0.91%(c) 0.89% 0.90%(c)
Net investment income........................ 0.37%(c) 0.14% 0.33%(c)
Expenses paid indirectly..................... 0.00%(c) 0.00% 0.00%(c)
Distribution and shareholder servicing fees waived 0.40%(c) 0.39% 0.37%(c)
(a) Not annualized
(b) Includes expenses paid indirectly
(c) Annualized
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
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 will be 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
101 Barclay Street, 13th Floor
New York, New York 10286
Transfer Agent &
Dividend Disbursing Agent
Reich & Tang Services, Inc.
600 Fifth Avenue
New York, New York 10020
NY10/04S
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
NEW YORK
DAILY
TAX FREE
INCOME
FUND, INC.
Semi-Annual Report
October 31, 2004
(Unaudited)
- --------------------------------------------------------------------------------
ITEM 2: CODE OF ETHICS
Not Applicable (disclosure required in annual report on N-CSR only).
ITEM 3: AUDIT COMMITTEE FINANCIAL EXPERT
Not Applicable (disclosure required in annual report on N-CSR only).
ITEM 4: PRINCIPAL ACCOUNTANT FEES AND SERVICES
Not Applicable (disclosure required in annual report on N-CSR only).
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 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/ Rosanne Holtzer
Rosanne Holtzer, Secretary
Date: December 29, 2004
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/ Steven W. Duff
Steven W. Duff, President
Date: December 29, 2004
By (Signature and Title)* /S/ Anthony Pace
Anthony Pace, Treasurer
Date: December 29, 2004
* Print the name and title of each signing officer under his or her signature.