As filed with the Securities and Exchange Commission on January 5, 2006
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: April 30
Date of reporting period: October 31, 2005
ITEM 1: REPORT TO STOCKHOLDERS
- --------------------------------------------------------------------------------
NEW YORK 600 FIFTH AVENUE, NEW YORK, NY 10020
DAILY TAX FREE (212) 830-5200
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, 2005 through October 31,
2005.
The Fund had net assets of $462,760,177 and 2,612 active shareholders as of
October 31, 2005.
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
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
NEW YORK DAILY TAX FREE INCOME FUND, INC.
EXPENSE CHART
FOR THE SIX MONTHS ENDED OCTOBER 31, 2005
(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, 2005 through October 31, 2005.
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.
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
================================================================================
- ----------------------------------------------------------------------------------------------------------------------
Beginning Account Value Ending Account Value Expenses Paid During the
Class A & Victory Shares 5/1/05 10/31/05 Period*
- ----------------------------------------------------------------------------------------------------------------------
Actual $1,000.00 $1,008.20 $4.35
- ----------------------------------------------------------------------------------------------------------------------
Hypothetical (5% return before $1,000.00 $1,020.87 $4.38
expenses)
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Beginning Account Value Ending Account Value Expenses Paid During the
Class B 5/1/05 10/31/05 Period*
- ----------------------------------------------------------------------------------------------------------------------
Actual $1,000.00 $1,009.20 $3.34
- ----------------------------------------------------------------------------------------------------------------------
Hypothetical (5% return before $1,000.00 $1,021.88 $3.36
expenses)
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Beginning Account Value Ending Account Value Expenses Paid During the
Advantage Shares 5/1/05 10/31/05 Period*
- ----------------------------------------------------------------------------------------------------------------------
Actual $1,000.00 $1,007.50 $5.06
- ----------------------------------------------------------------------------------------------------------------------
Hypothetical (5% return before $1,000.00 $1,020.16 $5.09
expenses)
- ----------------------------------------------------------------------------------------------------------------------
<FN>
* Expenses are equal to the Fund's annualized expense ratios of 0.86%, 0.66%,
and 1.00%, for the Class A and Victory shares, Class B, and Advantage
Shares, respectively, multiplied by the average account value over the
period (May 1, 2005 through October 31, 2005), multiplied by 184/365 (to
reflect the most recent fiscal half-year).
</FN>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
NEW YORK DAILY TAX FREE INCOME FUND, INC.
SCHEDULE OF INVESTMENTS
OCTOBER 31, 2005
(UNAUDITED)
================================================================================
Ratings (a)
-----------------
Face Maturity Value Standard
Amount Date Yield (Note 1) Moody's & Poor's
------ ---- ----- ------ ------- --------
Tax Exempt Commercial Paper (3.46%)
- ------------------------------------------------------------------------------------------------------------------------------------
$ 9,000,000 New York City, NY MTA Transportation Facilities BAN - Series 1998B
LOC ABN AMRO Bank N.A. 11/02/05 2.65% $ 9,000,000 P-1 A1+
2,000,000 New York City Municipal Water - Series Five Lot B 12/22/05 2.78 2,000,000 P-1 A1+
5,000,000 New York State Dormitory Authority (Columbia University) - Series C12/07/05 2.70 5,000,000 A1+
- ----------- ------------
16,000,000 Total Tax Exempt Commercial Paper 16,000,000
- ----------- ------------
Tax Exempt General Obligation Notes & Bonds (14.37%)
- ------------------------------------------------------------------------------------------------------------------------------------
$ 3,000,000 Broome, Delaware and Tioga Counties, NY
Board of Cooperative Educational Services, RAN - Series 2005 (b) 06/30/06 2.80% $ 3,018,293
1,565,268 Guilderland, NY CSD BAN - Series A (b) 07/06/06 2.75 1,575,571
8,940,000 Herricks Union Free School District BAN, NY (b) 12/01/05 2.05 8,947,736
6,000,000 Irvington, NY Union Free School District TAN (b) 06/23/06 2.70 6,039,320
980,000 Kiryas Joel, NY Union Free School District BAN - Series 2005A (b) 07/11/06 3.00 982,626
4,000,000 Monroe County, NY
Board of Cooperative Educational Services, RAN - Series 2005 (b) 06/29/06 2.80 4,024,308
8,000,000 Newburgh City, NY School District BAN (b) 09/28/06 2.95 8,073,926
7,670,000 New York & New Jersey ABN AMRO Municipal TOPs
Certificates Trust - Series 2002-33
Insured by FSA 11/02/05 2.54 7,670,000 VMIG-1
4,000,000 New York State Environmental Quality GO - Series 1998G
LOC West LB AG 08/03/06 2.95 4,000,000 VMIG-1 A1+
5,000,000 North Babylon, NY Union Free School (b) 08/08/06 2.90 5,040,964
3,000,000 North Syracuse CSD GO - Series 2005B (b) 08/24/06 3.00 3,026,567
3,000,000 Tobacco Settlement Financing Corporation, NY - Series 2003A-1C (b)
LOC AMBAC Assurance Corporation 06/22/06 2.85 3,000,000
9,545,000 Victor, NY CSD BAN (b) 06/30/06 2.90 9,612,973
1,479,675 Victor, NY CSD BAN (b) 10/06/06 3.00 1,496,349
- ----------- ------------
66,179,943 Total Tax Exempt General Obligation Notes & Bonds 66,508,633
- ----------- ------------
Variable Rate Demand Instruments (c) (81.26%)
- ------------------------------------------------------------------------------------------------------------------------------------
$ 5,000,000 Commonwealth of Puerto Rico
Public Improvement Bonds TOCs - Series 2001-2
Insured by FSA 07/01/19 2.71% $ 5,000,000 A1+
- --------------------------------------------------------------------------------
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 (c) (Continued)
- ------------------------------------------------------------------------------------------------------------------------------------
$ 1,200,000 Dutchess County, NY IDA Civic Facilities RB
(Trinity - Pawling School Corporation)
LOC Allied Irish Bank 10/01/32 2.70% $ 1,200,000 VMIG-1
2,300,000 Erie County, NY IDA (Hauptman - Woodward Project) - Series 2004
LOC Key Bank, N.A. 03/01/24 2.77 2,300,000 VMIG-1 A1
1,200,000 Forest City New Rochelle, NY
(Revenue Certificates of Trust) - Series 2003
LOC Wachovia Bank, N.A. 06/01/11 2.75 1,200,000 VMIG-1
1,000,000 Islip, NY IDRB (Brentwood Distributor Co. Facility) - Series 1984
LOC Fleet National Bank 05/01/09 2.67 1,000,000 VMIG-1 A1+
2,750,000 Jay Street Development Corporation, NY
(Jay Street Project) - Series 2004 A-4
LOC Depfa Bank PLC 05/01/22 2.68 2,750,000 VMIG-1 A1+
2,785,000 Jay Street Development Corporation, NY
(Jay Street Project) - Series 2004 A-4
LOC Depfa Bank PLC 05/01/22 2.68 2,785,000 VMIG-1 A1+
13,990,000 Liberty, NY Development Corporation - Putters - Series 1130
GIC Goldman 10/01/29 2.73 13,990,000 VMIG-1
600,000 Long Island Power Authority, NY RB (Electric System)
LOC Bayerische Landesbank / Landesbank Baden - Wurttemberg 05/01/33 2.68 600,000 VMIG-1 A1+
14,250,000 Long Island Power Authority, NY RB (Electric System) -
Series 7, Subseries 7-B
Insured by MBIA Insurance Corp. 04/01/25 2.67 14,250,000 VMIG-1 A1+
1,775,000 Long Island Power Authority, NY RB (Electric System) - Series F
Insured by FSA 12/01/29 2.75 1,775,000 VMIG-1 A1+
2,500,000 Monroe County, NY IDA (Rochester Institute of Technology Project) -
Series 1999A
LOC Wachovia Bank, N.A. 06/01/29 2.68 2,500,000 VMIG-1
3,745,000 Nassau County, New York Interim Finance Authority -
Morgan Stanley Floating Rate Trust - Series 1104
Insured by AMBAC Assurance Corporation 11/15/12 2.72 3,745,000 A1
3,200,000 New York City, NY - Series 2004, Subseries H-8
LOC West LB AG 03/01/34 2.66 3,200,000 VMIG-1 A1+
1,200,000 New York City, NY GO - Series 1994 E-4
LOC State Street Bank & Trust Company 08/01/21 2.70 1,200,000 VMIG-1 A1+
- --------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
- --------------------------------------------------------------------------------
NEW YORK DAILY TAX FREE INCOME FUND, INC.
SCHEDULE OF INVESTMENTS (CONTINUED)
OCTOBER 31, 2005
(UNAUDITED)
================================================================================
Ratings (a)
-----------------
Face Maturity Value Standard
Amount Date Yield (Note 1) Moody's & Poor's
------ ---- ----- ------ ------- --------
Variable Rate Demand Instruments (c) (Continued)
- ------------------------------------------------------------------------------------------------------------------------------------
$ 2,350,000 New York City, NY GO - Series 1995 F-3
LOC JPMorgan Chase Bank, N.A. 02/15/13 2.70% $ 2,350,000 VMIG-1 A1+
1,200,000 New York City, NY GO - Series 1994 H-3
Insured by FSA 08/01/14 2.68 1,200,000 VMIG-1 A1+
4,500,000 New York City, NY GO - Series 1994 H-4
Insured by AMBAC Assurance Corporation 08/01/15 2.70 4,500,000 VMIG-1 A1
4,000,000 New York City, NY GO - Series J, Subseries J-2
LOC West LB AG 02/15/16 2.67 4,000,000 P-1 A1+
3,400,000 New York City, NY GO Bonds - Series 1995 B-9
LOC JPMorgan Chase Bank, N.A. 08/15/23 2.67 3,400,000 VMIG-1 A1+
3,000,000 New York City, NY GO Fiscal 1993 - Series A-6
LOC Landesbank Hessen -Thuringen Girozentrale 08/01/19 2.67 3,000,000 VMIG-1 A1+
1,500,000 New York City, NY GO Trust Receipts SGB33 - Series 1 1997F
Insured by FSA 02/01/19 2.73 1,500,000 A1+
3,550,000 New York City, NY HDC Residential RB
(East 17th Street Properties) - Series A
LOC Rabobank Nederland 01/01/23 2.72 3,550,000 A1
1,300,000 New York City, NY HDC
(Columbus Apartment Project) - Series 1995A
Collateralized by Federal National Mortgage Association 03/15/25 2.67 1,300,000 A1+
3,500,000 New York City, NY HDC (West End Towers) - Series 2004 A
Guaranteed by Federal National Mortgage Association 05/15/34 2.71 3,500,000 P-1 A1
5,800,000 New York City, NY HDC Residential RB
(Montefiore Medical Center) - Series 1993A
LOC JPMorgan Chase Bank, N.A. 05/01/30 2.64 5,800,000 A1
5,700,000 New York City, NY Housing Development Corporation MHRB
(941 Hoe Avenue Apartment) - Series 2004A
LOC Key Bank, N.A, 06/15/37 2.72 5,700,000 A1
4,725,000 New York City, NY IDA Civic Facilities RB
(American Society Technion Project) - Series 2003
LOC Allied Irish Bank 10/01/33 2.66 4,725,000 VMIG-1
13,700,000 New York City, NY IDA Civic Facilities RB
(Center for Jewish History) - Series 2001
LOC Bank of America, N.A. 09/01/31 2.65 13,700,000 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 (c) (Continued)
- ------------------------------------------------------------------------------------------------------------------------------------
$ 3,865,000 New York City, NY IDA Civic Facilities RB
(Convent Sacred Heart School) - Series 2002
LOC Allied Irish Bank 11/01/32 2.75% $ 3,865,000 VMIG-1
1,555,000 New York City, NY IDA Civic Facilities RB
(Epiphany Community Nursery School Project) - Series 1997
LOC Bank of New York 05/01/11 2.72 1,555,000 VMIG-1
1,586,600 New York City, NY IDA IDRB (Abigal Press) - Series 2002
LOC JPMorgan Chase Bank, N.A. 12/01/18 2.73 1,586,600 A1+
17,900,000 New York City, NY IDA Special Facility RB - Series 1997 B
(Korean Airlines Company Limited Project)
LOC Rabobank Nederland 11/01/24 2.71 17,900,000 VMIG-1 A1+
2,700,000 New York City, NY MHRB
(Peter Cintron Apartments) - Series 2004 A
LOC Key Bank, N.A. 06/15/37 2.72 2,700,000 A1
5,000,000 New York City, NY Municipal Water Finance
Authority RB Municipal Securities Trust Receipts -
Series 1997 SGB 25
Insured by MBIA Insurance Corp. 06/15/23 2.73 5,000,000 A1+
7,035,000 New York City, NY Trust for Cultural Resources
(Carnegie Hall) - Series 1985
LOC Depfa Bank PLC 12/01/15 2.55 7,035,000 VMIG-1 A1+
3,000,000 New York City, NY Trust for Cultural Resources
(The Museum of Broadcasting) - Series 1989
LOC KBC Bank, N.V. 05/01/14 2.64 3,000,000 VMIG-1 A1
2,495,000 New York City, NY Trust for Cultural Resources
Morgan Stanley Floating Rate Trust Certificates - Series 2004-950
Insured by FGIC 02/01/34 2.72 2,495,000 VMIG-1
9,500,000 New York Local Government Assistance Corporation - Series 2003 A-4V
Insured by FSA 04/01/22 2.63 9,500,000 A1+
12,155,000 New York State Urban Development Corporation
(Eagle Tax Exempt Trust) - Series 963206 07/01/16 2.73 12,155,000 A1+
990,000 New York State Dormitory Authority (Merlots) - Series 2001 A 30
Insured by AMBAC Assurance Corporation 02/15/18 2.71 990,000 VMIG-1
2,500,000 New York State Dormitory Authority RB
(Columbia University) - Series 2003 B 07/01/28 2.65 2,500,000 VMIG-1 A1+
- --------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
- --------------------------------------------------------------------------------
NEW YORK DAILY TAX FREE INCOME FUND, INC.
SCHEDULE OF INVESTMENTS (CONTINUED)
OCTOBER 31, 2005
(UNAUDITED)
================================================================================
Ratings (a)
-----------------
Face Maturity Value Standard
Amount Date Yield (Note 1) Moody's & Poor's
------ ---- ----- ------ ------- --------
Variable Rate Demand Instruments (c) (Continued)
- ------------------------------------------------------------------------------------------------------------------------------------
$ 2,000,000 New York State Dormitory Authority RB
(Cornell University) - Series 2000 A 07/01/29 2.65% $ 2,000,000 A1+
4,180,000 New York State Dormitory Authority RB - Series 2005-13A
Insured by AMBAC Assurance Corporation 09/15/24 2.73 4,180,000 A1+
4,480,000 New York State Dormitory Authority RB (Public Library) - Series 1999A
Insured by MBIA Insurance Corp. 07/01/28 2.67 4,480,000 VMIG-1 A1
3,910,000 New York State Dormitory Authority Revenues Floater -
Series 2003 M&J
Insured by FGIC 11/15/29 2.78 3,910,000 VMIG-1
1,000,000 New York State Energy Research & Development Authority
Electric Facilities RB (Long Island Lighting Company Project) -
Series 1997 A
LOC Royal Bank of Scotland 12/01/27 2.73 1,000,000 VMIG-1
2,700,000 New York State Energy Research and Development Authority
(Con Edison Co., NY) - Series 2005 A-2
LOC Wachovia Bank, N.A. 05/01/39 2.68 2,700,000 VMIG-1 A1+
11,000,000 New York State HFA (Normandie Court II Project) - Series 1999 A
Guaranteed by Federal Home Loan Mortgage Corporation 11/01/29 2.71 11,000,000 VMIG-1
5,000,000 New York State HFA RB (350 West 43rd Street Project) - Series 2004 A
LOC Landesbank Hessen 11/01/34 2.71 5,000,000 VMIG-1
8,000,000 New York State Housing Finance Agency RB (100 Maiden Lane) -
Series 2004 A
LOC Bank of New York 11/01/37 2.71 8,000,000 VMIG-1
2,000,000 New York State, Housing Finance Agency RB (10 Barclay Street) -
Series 2004A
Guaranteed by Federal National Mortgage Association 11/15/37 2.75 2,000,000 VMIG-1
4,000,000 New York State HFA RB (Union Square Housing) - Series 1996 A
Guaranteed by Federal National Mortgage Association 05/15/24 2.72 4,000,000 VMIG-1
11,300,000 New York State HFA RB (250 West 50th Street) - Series 1997 A
Guaranteed by Federal National Mortgage Association 05/01/29 2.72 11,300,000 VMIG-1
3,300,000 New York State, Housing Finance Agency (115 First Ave.) -
Series 2005 AVH
LOC Key Bank, N.A. 11/01/34 2.75 3,300,000 VMIG-1
4,000,000 New York State Housing Finance Agency (Helena Housing) -
Series 2004 A
LOC Fleet Bank 11/01/36 2.72 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 (c) (Continued)
- ------------------------------------------------------------------------------------------------------------------------------------
$ 5,000,000 New York State Housing Finance Agency
State Personal Income Tax RB (Economic Development & Housing) -
Series 2005 C
Insured by FGIC 03/15/33 2.68% $ 5,000,000 A1+
1,750,000 New York State Housing Finance Agency RB
(Archstone Westbury) - Series 2004 A
LOC JPMorgan Chase Bank, N.A. 11/01/36 2.73 1,750,000 VMIG-1
12,700,000 New York State Local Government Assistance Corporation - Series 1995F
LOC Societe Generale 04/01/25 2.59 12,700,000 VMIG-1 A1+
2,000,000 New York State Local Government Assistance Corporation -
Series 2003-8V
Insured by FSA 04/01/19 2.61 2,000,000 A1+
900,000 New York State Local Government Assistance Corporation - Series 1995 B
LOC Bank of Nova Scotia 04/01/25 2.60 900,000 VMIG-1 A1+
3,600,000 New York State Local Government Assistance Corporation - Series 1995 G
LOC Bank of Nova Scotia 04/01/25 2.64 3,600,000 VMIG-1 A1
11,540,000 New York State MHRB (Normandie Court I Project) - Series 1991-A
LOC Landesbank Hessen -ThuringenGirozentrale 05/15/15 2.68 11,540,000 VMIG-1 A1+
3,655,000 New York StateThruway Authority Trust Receipts - Series 2004
Insured by MBIA Insurance Corp. 04/01/15 2.78 3,655,000 VMIG-1
5,000,000 New York Triborough Bridge & Tunnel Authority BAN - Series 2001 C
Insured by AMBAC Assurance Corporation 01/01/32 2.68 5,000,000 VMIG-1 A1+
2,400,000 New York, City Housing Development Corporation Multifamily
(Manhattan Court Development) - Series 2004A
LOC Citibank, N.A. 06/01/36 2.71 2,400,000 A1+
1,675,000 New York, Housing Finance Agency RB
(Avalon Chrystie Place I Project) - Series 2004
LOC Fleet Bank 11/01/36 2.72 1,675,000 VMIG-1
1,125,000 New York, NY City IDA Civic Facilities
(MSMC Realty Corporation Project) - Series 2001
LOC JPMorgan Chase Bank, N.A. 01/01/31 2.65 1,125,000 VMIG-1 A1+
9,000,000 New York, NY - Fiscal 2004 - Series H-6
LOC Fleet Bank 03/01/34 2.67 9,000,000 VMIG-1 A1
8,000,000 New York, NY Eagle Tax Exempt Trust - Series 720050077
Class A COPs
Insured by MBIA Insurance Corp. 08/01/15 2.73 8,000,000 A1+
- --------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
- --------------------------------------------------------------------------------
NEW YORK DAILY TAX FREE INCOME FUND, INC.
SCHEDULE OF INVESTMENTS (CONTINUED)
OCTOBER 31, 2005
(UNAUDITED)
================================================================================
Ratings (a)
-----------------
Face Maturity Value Standard
Amount Date Yield (Note 1) Moody's & Poor's
------ ---- ----- ------ ------- --------
Variable Rate Demand Instruments (c) (Continued)
- ------------------------------------------------------------------------------------------------------------------------------------
$ 1,400,000 New York, NY HDC Multy-Family Rent Housing RB (Queenswood
Apartments Project) - Series 2001 A
LOC Federal Home Loan Mortgage Corporation 04/01/31 2.66% $ 1,400,000 VMIG-1
1,500,000 New York State Energy Research & Development Authority
(Con Edison Company) - Series 2004 C-3
LOC Citibank, N.A. 11/01/39 2.73 1,500,000 VMIG-1 A1+
10,000,000 New York, NY GO Bonds Fiscal 2006 - Series F-3
LOC Royal Bank of Scotland 09/01/35 2.69 10,000,000 VMIG-1 A1+
12,000,000 New York Triborough Bridge & Tunnel Authority
Revenues - Series 2005 B-4 01/01/32 2.67 12,000,000 VMIG-1 A1+
10,545,000 NYC Transitional Finance Authority - ROCs II-R Trust - Series 2019
Insured by MBIA Insurance Corp. 02/01/20 2.73 10,545,000 VMIG-1
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 2.75 4,000,000 VMIG-1 A1+
2,000,000 Puerto Rico Commonwealth - P-Floats - Series PA-625
Insured by AMBAC Assurance Corporation 07/01/10 2.70 2,000,000 A1+
3,000,000 Puerto Rico Commonwealth Infrastructure Financing Authority -
TOCs (TICs/TOCs Trust - Series 2000-1 04/01/27 2.71 3,000,000 A1+
970,000 Puerto Rico HFC (Eagle) - Series 2000-C5102
Insured by AMBAC Assurance Corporation 10/01/11 2.80 970,000 A1+
2,000,000 Puerto Rico Infrastructure Financing Authority
Eagle Tax-Exempt Trust - Series 20015101 10/01/34 2.71 2,000,000
3,400,000 Puerto Rico PFC P-Floats PA 783 10/01/19 2.70 3,400,000 A1+
4,000,000 Triborough Building & Tunnel Authority General - Series 2002 F 11/01/32 2.68 4,000,000 VMIG-1 A1+
- ----------- ------------
376,031,600 Total Variable Rate Demand Instruments 376,031,600
- ----------- ------------
Variable Rate Demand Instrument - Private Placement (c) (0.65%)
- ------------------------------------------------------------------------------------------------------------------------------------
$ 3,000,000 Orange County, NY IDA IDRB (1986 Blaser Real Estate Inc. Project)
LOC UBS AG 09/01/21 4.39% $ 3,000,000 P-1 A1+
- ----------- ------------
3,000,000 Total Variable Rate Demand Instrument - Private Placement 3,000,000
- ----------- ------------
Total Investments (99.74%) (Cost $461,540,233+) $461,540,233
Cash and other assets, net of liabilities (0.26%) 1,219,944
------------
Net Assets (100.00%) $462,760,177
============
<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 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 either a line of credit, a liquidity
facility, a standby purchase agreement or some other financing mechanism to
ensure the remarketing of the securities. This is not a guarantee and does
not serve to insure or collateralize the issue.
(b) Securities that are not rated that the Adviser has determined to be of
comparable quality to those rated securities in which the Fund invests.
(c) Securities payable on demand at par including accrued interest (usually
with seven days' notice) and 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 IDRB = Industrial Development Revenue Bond
CSD = Central School District LOC = Letter of Credit
FGIC = Financial Guaranty Insurance Company MHRB = Multi-Family Revenue Housing Bond
FSA = Financial Security Assurance MTA = Metropolitan Transit Authority
GIC = Guaranteed Investment Contract 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 TAN = Tax Anticipation Note
HFC = Housing Finance CommissionTOCs TOCs = Tender Option Certificates
IDA = Industrial Development Authority TOPs = Tender Option Puts
BREAKDOWN OF PORTFOLIO HOLDINGS BY STATE:
- ------------------------------------------------------------------
State Value % of Portfolio
- ------------------------------------------------------------------
New York $445,170,233 96.45%
Puerto Rico 16,370,000 3.55
- ------------------------------------------------------------------
Total $461,540,233 100.00%
- ------------------------------------------------------------------
- --------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
- --------------------------------------------------------------------------------
NEW YORK DAILY TAX FREE INCOME FUND, INC.
STATEMENT OF ASSETS AND LIABILITIES
OCTOBER 31, 2005
(UNAUDITED)
================================================================================
ASSETS:
Investments in securities, at amortized cost (Note 1)............................. $ 461,540,233
Accrued interest receivable....................................................... 1,956,277
Prepaid expenses.................................................................. 11,771
Other receivables................................................................. 406
---------------
Total assets................................................................ 463,508,687
---------------
LIABILITIES:
Payable to affiliates*............................................................ 227,402
Due to custodian.................................................................. 148,621
Accrued expenses.................................................................. 95,551
Dividends payable................................................................. 276,936
---------------
Total liabilities........................................................... 748,510
---------------
Net assets........................................................................ $ 462,760,177
===============
SOURCE OF NET ASSETS:
Net capital paid in on shares of capital stock (Note 3)........................... $ 462,776,418
Accumulated net realized loss..................................................... (16,241)
---------------
Net assets........................................................................ $ 462,760,177
===============
Net asset value, per share (Note 3):
Class A shares, ($312,907,096 applicable to 312,919,220 shares outstanding) $ 1.00
========
Class B shares, ($45,259,976 applicable to 45,261,730 shares outstanding) $ 1.00
========
Victory shares, ($40,083,749 applicable to 40,085,302 shares outstanding) $ 1.00
========
Advantage shares, ($64,509,356 applicable to 64,511,855 shares outstanding) $ 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, 2005
(UNAUDITED)
================================================================================
INVESTMENT INCOME
Income:
Interest.................................................................. $ 5,735,885
-----------------
Expenses: (Note 2)
Investment management fee................................................. 695,900
Administration fee........................................................ 487,130
Distribution fee (Advantage Shares)....................................... 162,058
Shareholder servicing fee (Class A)....................................... 299,799
Shareholder servicing fee (Victory Shares)................................ 46,541
Shareholder servicing fee (Advantage Shares).............................. 90,032
Custodian expenses........................................................ 10,578
Shareholder servicing and related shareholder expenses+................... 123,064
Legal, compliance and filing fees......................................... 88,263
Audit and accounting...................................................... 71,118
Directors' fees and expenses.............................................. 26,992
Other expenses............................................................ 13,774
-----------------
Total expenses........................................................ 2,115,249
Less: Expenses paid indirectly....................................... (3,844)
Fees Waived................................................... (111,640)
-----------------
Net expenses ............................................................. 1,999,765
-----------------
Net investment income....................................................... 3,736,120
REALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain on investments............................................ 9,282
-----------------
Increase in net assets from operations...................................... $ 3,745,402
=================
<FN>
+ Includes class specific transfer agency expenses of $74,950, $11,392 and
$11,635 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, 2005 Ended
(Unaudited) April 30, 2005
---------------- --------------
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income......................................... $ 3,736,120 $ 3,352,664
Net realized gain (loss) on investments....................... 9,282 (17,929)
---------------- ----------------
Increase in net assets from operations........................ 3,745,402 3,334,735
Dividends to shareholders from net investment income*:
Class A....................................................... (2,418,506) (2,114,974)
Class B....................................................... (413,314) (430,993)
Victory Shares................................................ (373,910) (355,460)
Advantage Shares.............................................. (530,390) (451,237)
Distributions to shareholders from realized gains on investments:
Class A....................................................... (4,822) -0-
Class B....................................................... (692) -0-
Victory Shares................................................ (827) -0-
Advantage Shares.............................................. (1,253) -0-
Capital share transactions (Note 3):
Class A....................................................... 29,772,865 (13,725,723)
Class B....................................................... 5,429,148 (11,578,460)
Victory Shares................................................ (5,902,025) (7,628,452)
Advantage Shares.............................................. (7,054,195) 34,880,420
---------------- ---------------
Total increase (decrease)................................. 22,247,481 1,929,856
Net assets:
Beginning of period........................................... 440,512,696 438,582,840
---------------- ----------------
End of period................................................. $ 462,760,177 $ 440,512,696
================ ================
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. (the "Fund") 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 Advantage
Shares commenced 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. 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.
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
NEW YORK DAILY TAX FREE INCOME FUND, INC.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
(UNAUDITED)
================================================================================
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, 2005, the Distributor voluntarily waived the
following fees:
Distribution fees - Advantage Shares $ 21,608
Shareholder servicing fees - Advantage Shares 90,032
----------
Total fees waived $ 111,640
==========
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.
Included in the Statement of Operations under the caption "Shareholder servicing
and related shareholder expenses" are fees of $97,167 paid to Reich & Tang
Services, Inc., ("The Transfer Agent") an affiliate of the Manager, as
shareholder servicing agent for the Fund. Pursuant to the Transfer Agency
Agreement, the Transfer 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 and B shares
of the Fund. For the period ended October 31, 2005, these fees amounted to an
annual rate of 0.05% of the monthly average net assets of the Class A and B
shares of the Fund.
For the period ended October 31, 2005, the breakdown of expenses paid indirectly
by the Fund were as follows:
Custodian expenses $ 3,558
Shareholder servicing and related expenses 286
--------
Total $ 3,844
========
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
================================================================================
3. Capital Stock
At October 31, 2005, 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, 2005 Ended
(Unaudited) April 30, 2005
---------------- --------------
Class A
- -------
Sold...................................... 537,541,435 1,180,832,049
Issued on reinvestment of dividends....... 1,354,172 1,148,123
Redeemed.................................. (509,122,742) (1,195,705,895)
--------------- ---------------
Net increase (decrease)................... 29,772,865 (13,725,723)
=============== ===============
Class B
- -------
Sold...................................... 56,168,508 188,232,629
Issued on reinvestment of dividends....... 406,670 411,002
Redeemed.................................. (51,146,030) (200,222,091)
--------------- ---------------
Net increase (decrease)................... 5,429,148 (11,578,460)
=============== ===============
Victory Shares
- --------------
Sold...................................... 28,338,782 88,893,111
Issued on reinvestment of dividends....... 372,367 357,160
Redeemed.................................. (34,613,174) (96,878,723)
--------------- ---------------
Net increase (decrease)................... (5,902,025) (7,628,452)
=============== ===============
Advantage Shares
- ----------------
Sold...................................... 68,957,597 166,028,545
Issued on reinvestment of dividends....... 528,728 422,774
Redeemed.................................. (76,540,520) (131,570,899)
--------------- ---------------
Net increase (decrease)................... (7,054,195) (34,880,420)
=============== ===============
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
NEW YORK DAILY TAX FREE INCOME FUND, INC.
NOTES TO FINANCIAL STATEMENTS
(UNAUDITED)
================================================================================
4. Tax Information
The tax character of all distributions paid during the years ended April 30,
2005 and 2004 were tax-exempt. During the year ended April 30, 2005, as
permitted under Federal income tax regulation, the Fund elected to defer $25,523
of post-October net capital losses to the next taxable year.
At April 30, 2005, the Fund had $7,595 of long-term distributable earnings.
5. 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 78% 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.
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
================================================================================
6. Financial Highlights
Six Months Ended
Class A shares October 31, 2005 For the Year Ended April 30,
- -------------- (Unaudited) --------------------------------------------------------------
--------- 2005 2004 2003 2002 2001
---------- ---------- ---------- ---------- ----------
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..................... 0.008 0.007 0.002 0.006 0.012 0.031
Net realized and unrealized gain(loss)
on investments.......................... (0.000) (0.000) -- 0.000 -- --
--------- ---------- ---------- ---------- ---------- ----------
Total from investment operations.......... 0.008 0.007 0.002 0.006 0.012 0.031
Less distributions from:
Dividends from net investment income...... (0.008) (0.007) (0.002) (0.006) (0.012) (0.031)
Net realized gains on investments......... (0.000) -- -- (0.000) -- --
--------- ---------- ---------- ---------- ---------- ----------
Total Distributions....................... (0.008) (0.007) (0.002) (0.006) (0.012) (0.031)
--------- ---------- ---------- ---------- ---------- ----------
Net asset value, end of period.............. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
========= ========== ========== ========== ========== ==========
Total Return................................ 0.82%(a) 0.70% 0.21% 0.59% 1.23% 3.11%
Ratios/Supplemental Data
Net assets, end of period (000)............. $ 312,907 $ 283,134 $ 296,871 $ 324,086 $ 343,895 $ 406,791
Ratios to average net assets:
Expenses (b).............................. 0.86%(c) 0.86% 0.83% 0.82% 0.85% 0.87%
Net investment income..................... 1.61%(c) 0.70% 0.21% 0.59% 1.27% 3.03%
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)
================================================================================
6. Financial Highlights (Continued)
Six Months Ended
Class B shares October 31, 2005 For the Year Ended April 30,
- -------------- (Unaudited) --------------------------------------------------------------
--------- 2005 2004 2003 2002 2001
---------- ---------- ---------- ---------- ----------
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..................... 0.009 0.009 0.004 0.008 0.015 0.033
Net realized and unrealized gain(loss)
on investments.......................... (0.000) (0.000) -- 0.000 -- --
--------- ---------- ---------- ---------- ---------- ----------
Total from investment operations.......... 0.009 0.009 0.004 0.008 0.015 0.033
Less distributions from:
Dividends from net investment income...... (0.009) (0.009) (0.004) (0.008) (0.015) (0.033)
Net realized gains on investments......... (0.000) -- -- (0.000) -- --
--------- ---------- ---------- ---------- ---------- ----------
Total Distributions....................... (0.009) (0.009) (0.004) (0.008) (0.015) (0.033)
--------- ---------- ---------- ---------- ---------- ----------
Net asset value, end of period.............. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
========= ========== ========== ========== ========== ==========
Total Return................................ 0.92%(a) 0.90% 0.41% 0.79% 1.46% 3.37%
Ratios/Supplemental Data
Net assets, end of period (000)............. $ 45,260 $ 39,831 $ 51,411 $ 46,966 $ 50,441 $ 45,149
Ratios to average net assets:
Expenses (b).............................. 0.66%(c) 0.66% 0.63% 0.61% 0.62% 0.62%
Net investment income..................... 1.81%(c) 0.88% 0.40% 0.77% 1.44% 3.31%
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>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
================================================================================
6. Financial Highlights (Continued)
Six Months Ended
Victory Shares October 31, 2005 For the Year Ended April 30,
- -------------- (Unaudited) --------------------------------------------------------------
--------- 2005 2004 2003 2002 2001
---------- ---------- ---------- ---------- ----------
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..................... 0.008 0.007 0.002 0.006 0.012 0.031
Net realized and unrealized gain(loss)
on investments.......................... (0.000) (0.000) -- 0.000 -- --
--------- ---------- ---------- ---------- ---------- ----------
Total from investment operations.......... 0.008 0.007 0.002 0.006 0.012 0.031
Less distributions from:
Dividends from net investment income...... (0.008) (0.007) (0.002) (0.006) (0.012) (0.031)
Net realized gains on investments......... (0.000) -- -- (0.000) -- --
--------- ---------- ---------- ---------- ---------- ----------
Total Distributions....................... (0.008) (0.007) (0.002) (0.006) (0.012) (0.031)
--------- ---------- ---------- ---------- ---------- ----------
Net asset value, end of period.............. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
========= ========== ========== ========== ========== ==========
Total Return................................ 0.82%(a) 0.70% 0.21% 0.59% 1.23% 3.11%
Ratios/Supplemental Data
Net assets, end of period (000)............. $ 40,084 $ 45,985 $ 53,616 $ 79,783 $ 89,963 $ 78,428
Ratios to average net assets:
Expenses (b).............................. 0.86%(c) 0.86% 0.83% 0.82% 0.85% 0.87%
Net investment income..................... 1.61%(c) 0.70% 0.21% 0.59% 1.27% 3.03%
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)
================================================================================
6. Financial Highlights (Continued)
November 22, 2002
Six Months Ended (Commencement of
October 31, 2005 Year Ended April 30, Offering) to
Advantage shares (Unaudited) 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
Income from investment operations: -------- -------- -------- --------
Net investment income.......................... 0.007 0.006 0.001 0.001
Net realized and unrealized gain (loss)
on investments.............................. (0.000) (0.000) -- 0.000
-------- -------- -------- --------
Total from investment operations............... 0.007 0.006 0.001 0.001
Less distributions: -------- -------- -------- --------
Dividends from net investment income........... (0.007) (0.006) (0.001) (0.001)
Net realized gains on investments.............. (0.000) -- -- (0.000)
-------- -------- -------- --------
Total distributions............................ (0.007) (0.006) (0.001) (0.001)
-------- -------- -------- --------
Net asset value, end of period.................... $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======== ========
Total Return...................................... 0.75% (a) 0.61% 0.15% 0.15%(a)
Ratios/Supplemental Data
Net assets, end of period (000)................... $ 64,509 $ 71,563 $ 36,685 $ 57,249
Ratios to average net assets:
Expenses (b) (net of fees waived).............. 1.00%(c) 0.95% 0.89% 0.90%(c)
Net investment income.......................... 1.47%(c) 0.63% 0.14% 0.33%(c)
Expenses paid indirectly....................... 0.00%(c) 0.00% 0.00% 0.00%(c)
Shareholder servicing and distribution fees waived 0.31%(c) 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
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
NY 10/05S
NEW YORK
DAILY
TAX FREE
INCOME
FUND, INC.
Semi-Annual Report
October 31, 2005
(Unaudited)
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/ Rosanne Holtzer
-------------------
Rosanne Holtzer, Secretary
Date: January 5, 2006
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: January 5, 2006
By (Signature and Title)* /s/ Anthony Pace
-----------------
Anthony Pace, Treasurer
Date: January 5, 2006
* Print the name and title of each signing officer under his or her signature.