As filed with the Securities and Exchange Commission on November 2, 2004
Investment Company Act file number 811-8654
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF
REGISTERED MANAGEMENT INVESTMENT COMPANIES
Florida Daily Municipal Income Fund
(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: 08/31
-----
Date of reporting period: 08/31/2004
----------
Item 1: Report to Stockholders
FLORIDA
DAILY MUNICIPAL 600 FIFTH AVENUE, NEW YORK, N.Y. 10020
INCOME FUND (212) 830-5200
================================================================================
Dear Shareholder:
We are pleased to present the annual report of Florida Daily Municipal Income
Fund (the "Fund") for the year ended August 31, 2004.
The Fund had net assets of $112,845,581 and 1,786 active shareholders as of
August 31, 2004.
Effective May 1, 2004, the Fund's portfolio holdings will be available
periodically on our website at http://www.money-funds.com/portfolioholdings or
toll free at (800) 433-1918. The posting of the schedule of portfolio holdings
will be delayed at least 5 days after the date of the schedule. The Fund may
terminate or modify this policy at any time without further notice to
shareholders.
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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FLORIDA DAILY MUNICIPAL INCOME FUND
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 March 1, 2004
through August 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 3/1/04 8/31/04 Expenses Paid During the Period*
- ----------------------------------------------------------------------------------------------------------------------------
Class A $1,000.00 $1,000.60 $4.78
Class B 1,000.00 1,002.00 3.47
- ----------------------------------------------------------------------------------------------------------------------------
Hypothetical 5% Return
- ----------------------------------------------------------------------------------------------------------------------------
Class A $1,000.00 $1,020.36 $4.82
Class B 1,000.00 1,021.67 3.51
- ----------------------------------------------------------------------------------------------------------------------------
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 0.95%, and
0.69%, for the Class A and Class B shares, respectively, multiplied by the
average account value over the period (March 1, 2004 through August 31, 2004),
multiplied by 184/366 (to reflect the most recent fiscal half-year).
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FLORIDA DAILY MUNICIPAL INCOME FUND
STATEMENT OF NET ASSETS
AUGUST 31, 2004
================================================================================
Ratings (a)
--------------------
Face Maturity Value Standard
Amount Date Yield (Note 1) Moody's & Poor's
------ ---- ----- ------ ------- --------
Put Bond (b) (2.22%)
- ------------------------------------------------------------------------------------------------------------------------------------
$ 2,500,000 Plaquemines, LA Port, Harbor & Terminal District
(International Marine Terminal Project) - Series 1984A (c)
LOC KBC Bank 03/15/05 1.08% $ 2,500,000
- ----------- ------------
2,500,000 Total Put Bond 2,500,000
- ----------- ------------
Tax Exempt Commercial Paper (12.23%)
- ------------------------------------------------------------------------------------------------------------------------------------
$ 7,000,000 Jacksonville, FL HEFA HRB - Series 2003B
LOC Bank of America 12/22/04 0.98% $ 7,000,000 P1 A1+
3,200,000 Palm Beach County, FL (Pooled Hospital Loan Program)
LOC Suntrust Bank 11/02/04 1.20 3,200,000 VMIG-1 A1+
500,000 Sarasota County, FL Public Hospital District HRB
(Sarasota Memorial Hospital Project) - Series C
LOC Suntrust Bank 09/20/04 1.08 500,000 VMIG-1 A1+
500,000 Sunshine State Government Finance Commission RB - Series A 09/20/04 1.08 500,000 P1 A1+
1,200,000 Sunshine State Government Finance Commission RB - Series G 10/04/04 1.16 1,200,000 A1
1,400,000 Sunshine State Government Finance Commission RN - Series F 12/10/04 1.21 1,400,000 P1 A1+
- ----------- ------------
13,800,000 Total Tax Exempt Commercial Paper 13,800,000
- ----------- ------------
Tax Exempt General Obligation Notes & Bonds (10.52%)
- ------------------------------------------------------------------------------------------------------------------------------------
$ 3,000,000 Brevard County, FL School Board RAN - Series 2004 04/29/05 1.15% $ 3,016,570 MIG-1
3,000,000 Charleston County, SC School District BAN - Series 2004 11/04/04 0.96 3,005,427 MIG-1 SP-1+
2,310,000 Clark County, OH BAN (North Ridge Water) (c) 06/24/05 1.90 2,314,028
500,000 Shelby Indiana Eastern School Building Corporation RAN (c) 12/31/04 1.75 500,000
3,000,000 State of Texas TRAN 08/31/05 1.60 3,041,197 MIG-1 SP-1+
- ----------- ------------
11,810,000 Total Tax Exempt General Obligation Notes & Bonds 11,877,222
- ----------- ------------
Variable Rate Demand Instruments (d) (74.46%)
- ------------------------------------------------------------------------------------------------------------------------------------
$ 2,000,000 Alachua County, FL HFA RB Continuing Care Retirement Community
(Oak Hammock University Project) - Series 2002A
LOC BNP Paribas 10/01/32 1.35% $ 2,000,000 VMIG-1
1,000,000 Alachua County, FL IDRB (Florida Rock Industries, Inc. Project)
LOC NationsBank 11/01/22 1.38 1,000,000 A1+
700,000 City of Pulaski and Giles, TN IDRB
(Martin Methodist College Project) - Series 2004
LOC Amsouth Bank, N.A. 01/01/24 1.47 700,000 VMIG-1
1,000,000 Clark County, NV School District
Insured by FSA 06/15/21 1.25 1,000,000 VMIG-1 A1+
1,278,000 Clipper Tax-Exempt Certificate Trust - Series 2000-3
Insured by MBIA Insurance Corp. 03/01/05 1.44 1,278,000 VMIG-1
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The accompanying notes are an integral part of these financial statements.
- --------------------------------------------------------------------------------
FLORIDA DAILY MUNICIPAL INCOME FUND
STATEMENT OF NET ASSETS (CONTINUED)
AUGUST 31, 2004
================================================================================
Ratings (a)
------------------
Face Maturity Value Standard
Amount Date Yield (Note 1) Moody's & Poor's
------ ---- ----- ------ ------- --------
Variable Rate Demand Instruments (d) (Continued)
- ------------------------------------------------------------------------------------------------------------------------------------
$ 3,900,000 Collier County, FL Health Facilities HRB
(Cleveland Clinic Health) - Series C-1
LOC JPMorgan Chase & Company 01/01/35 1.35%$ 3,900,000 VMIG-1 A1+
3,100,000 Collier County, FL IDA Health Care Facilities RB
(NCH Healthcare Systems, Inc.) - Series 2002
LOC Fifth Third Bank 11/01/22 1.32 3,100,000 A1+
1,500,000 Connecticut State HEFA (Yale University) - Series 2003 07/01/37 1.31 1,500,000 VMIG-1 A1+
2,500,000 Dade County, FL RB (Water & Sewer System) - Series 1994
Insured by FGIC 10/05/22 1.28 2,500,000 VMIG-1 A1+
1,065,000 Dade County, FL Special Obligations
(Floating/Fixed Capital Asset Acquisition)
LOC Bank of America 10/01/10 1.35 1,065,000 VMIG-1 A1+
900,000 Duluth, MN EDA Health Care Facilities RB
(Miller-Dwan Medical Center Project)
LOC US Bank, N.A. 06/01/19 1.40 900,000 A1+
4,500,000 Florida Finance Authority Continuing Care Retirement Commission RB
(Glenridge Capital Project) - Series 2002C
LOC Bank of Scotland 06/01/12 1.35 4,500,000 VMIG-1
900,000 Florida HFA (Heron Park Project) - Series 1996U
Guaranteed by Federal National Mortgage Association 12/01/29 1.32 900,000 VMIG-1
900,000 Florida HFA (Timberland Apartments)
Collateralized by Federal National Mortgage Association 10/15/32 1.35 900,000 A1+
1,125,000 Florida HFA MHRB - 1995 Series L (Banyon Bay Apartments Project)
Collateralized by Federal National Mortgage Association 12/01/25 1.32 1,125,000 VMIG-1
2,105,000 Florida HFA P-Floats - Series PT-88
Guaranteed by FHA/VA/Private Mortgages 01/01/15 1.41 2,105,000 A1+
3,375,000 Florida HFC MHRB (Charleston Landing) Series 1-A
Guaranteed by Federal Home Loan Mortgage Corporation 07/01/31 1.34 3,375,000 A1+
2,760,000 Florida HFC MHRB (Heather Glenn Apartments) - Series H
LOC Amsouth Bank, N.A. 06/15/36 1.34 2,760,000 VMIG-1
2,210,000 Florida Ocean Highway and Port Authority RB - Series 1990
LOC Wachovia Bank & Trust Co., N.A. 12/01/20 1.40 2,210,000 VMIG-1 A1+
3,875,000 Florida State Board of Education (Eagle 20041007 Class A) 06/01/08 1.38 3,875,000 A1+
3,097,500 Florida State Department of Transportation - Series 2004 - 898 07/01/11 1.36 3,097,500 VMIG-1
1,725,000 Gainesville, FL IDRB (Heat-Pipe Technology, Inc. Project) (c)
LOC Amsouth Bank, N.A. 05/01/18 1.41 1,725,000
85,000 Gulf Breeze, FL RB - Series 1985B
Insured by FGIC 12/01/15 1.32 85,000 VMIG-1 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 (d) (Continued)
- ------------------------------------------------------------------------------------------------------------------------------------
$ 435,000 Gulf Breeze, FL RB - Series 1985C
Insured by FGIC 12/01/15 1.32% $ 435,000 VMIG-1 A1+
1,715,125 Koch Floating Rate Trust
Insured by AMBAC Indemnity Corp. 04/01/09 1.57 1,715,125 A1+
5,000,000 Lee County, FL Solid Waste System Trust Receipts RB - Series L24J
Insured by MBIA Insurance Corp. 10/01/12 1.42 5,000,000 VMIG-1
2,600,000 Manatee County, FL HFA MHRB
(Hampton Court Project)- Series 1989A
LOC Credit Suisse First Boston 06/01/07 1.33 2,600,000 A1
1,350,000 Marion County, FL IDA
(Hamilton Products, Inc. Project) - Series 1995 (c)
LOC Comerica Bank 11/01/15 1.52 1,350,000
1,500,000 Marion County, FL IDA MHRB (Chambrel Project)
Guaranteed by Federal National Mortgage Association 11/15/32 1.34 1,500,000 A1
4,800,000 Miami-Dade County, FL IDA (Professional Modification Service Project)
LOC HSBC Bank US 08/01/18 1.40 4,800,000 A1
5,120,000 Miami-Dade County, FL ROCs II-R Series 4047 Water & Sewer RB
Insured by MBIA Insurance Corp. 10/01/13 1.38 5,120,000 A1+
1,700,000 Nebraska Educational Finance Authority (Creighton University Project)
LOC Allied Irish Bank 08/01/31 1.35 1,700,000 VMIG-1
1,700,000 Ocean Highway & Port Authority, FL RB - Series 1990
LOC Wachovia Bank & Trust Co., N.A. 12/01/20 1.40 1,700,000 VMIG-1 A1+
3,000,000 Orlando, FL Utilities Commission Water & Electric RB - Series 2002B 10/01/22 1.31 3,000,000 VMIG-1 A1+
5,000,000 Port Orange, FL (Palmer College Project) RB - Series 2002
LOC LaSalle National Bank 10/01/32 1.33 5,000,000 A1+
2,500,000 Puerto Rico Infrastructure Financing Authority 04/01/27 1.34 2,500,000 A1+
1,000,000 State of Florida
Insured by FGIC 07/01/16 1.38 1,000,000 A1+
1,000,000 Tampa, FL Health Care Facilities RB
(Lifelink Foundation Inc. Project) (c)
LOC Suntrust Bank 08/01/22 1.33 1,000,000
- ----------- ------------
84,020,625 Total Variable Rate Demand Instruments 84,020,625
- ----------- ------------
Total Investments (99.43%) (cost $112,197,847+) 112,197,847
Cash and other assets, net of liabilities (0.57%) 647,734
------------
Net Assets (100%) $112,845,581
============
Net Asset Value, offering and redemption price per share:
Class A Shares, 63,765,967 shares outstanding (Note 3) $ 1.00
============
Class B Shares, 49,079,860 shares outstanding (Note 3) $ 1.00
============
<FN>
+ Aggregate cost for federal income tax purposes is identical
</FN>
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The accompanying notes are an integral part of these financial statements.
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FLORIDA DAILY MUNICIPAL INCOME FUND
STATEMENT OF NET ASSETS (CONTINUED)
AUGUST 31, 2004
================================================================================
FOOTNOTES:
(a) 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 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) The maturity date indicated is the next put date.
(c) Securities that are not rated which the Fund's adviser has determined to be
of comparable quality to those rated securities in which the Fund invests.
(d) Securities payable on demand at par including accrued interest (usually
with seven days' notice) and if indicated, unconditionally secured as to
principal and interest by a bank letter of credit. The interest rates are
adjustable and are based on bank prime rates or other interest rate
adjustment indices. The rate shown is the rate in effect at the date of
this statement.
KEY:
BAN = Bond Anticipation Note IDRB = Industrial Development Revenue Bond
EDA = Economic Development Authority LOC = Letter of Credit
FGIC = Financial Guaranty Insurance Company MHRB = Multi-Family Housing Revenue Bond
FHA = Federal Housing Administration RAN = Revenue Anticipation Note
FSA = Financial Security Assurance RB = Revenue Bond
HEFA = Health and Education Facilities Authority RN = Revenue Notes
HFA = Housing Finance Authority ROCs = Reset Option Certificates
HFC = Housing Finance Commission TRAN = Tax & Revenue Anticipation Note
HRB = Hospital Revenue Bond VA = Veterans Association
IDA = Industrial Development Authority
- --------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
FLORIDA DAILY MUNICIPAL INCOME FUND
BREAKDOWN OF PORTFOLIO HOLDINGS BY STATE
AUGUST 31, 2004
================================================================================
States Value % of Portfolio
- ------------------------- ---------------------------- -------------------------
Connecticut $ 1,500,000 1.34%
Florida 90,822,070 80.95
Indiana 500,000 0.45
Louisiana 2,500,000 2.23
Minnesota 900,000 0.80
Nebraska 1,700,000 1.51
Nevada 1,000,000 0.89
Ohio 2,314,028 2.06
Puerto Rico 2,500,000 2.23
South Carolina 3,005,427 2.68
Tennessee 700,000 0.62
Texas 3,041,197 2.71
Other Territories 1,715,125 1.53
- ------------------------- ---------------------------- -------------------------
Total $ 112,197,847 100.00%
- ------------------------- ---------------------------- -------------------------
- --------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
- --------------------------------------------------------------------------------
FLORIDA DAILY MUNICIPAL INCOME FUND
STATEMENT OF OPERATIONS
YEAR ENDED AUGUST 31, 2004
================================================================================
INVESTMENT INCOME
Income:
Interest....................................................................$ 1,173,759
- ---------------
Expenses: (Note 2)
Investment management fee................................................... 443,944
Administration fee.......................................................... 233,071
Shareholder servicing fee (Class A)......................................... 149,042
Audit and accounting........................................................ 95,494
Shareholder servicing and related shareholder expenses+..................... 86,300
Legal, compliance and filing fees........................................... 68,961
Custodian expenses.......................................................... 8,643
Trustees' fees and expenses................................................. 8,430
Other....................................................................... 7,240
----------------
Total expenses........................................................... 1,101,125
Less: Expenses paid indirectly...........................................( 1,533)
Fees waived .......................................................( 182,496)
----------------
Net expenses............................................................. 917,096
----------------
Net investment income........................................................... 256,663
REALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) on investments......................................... -0-
----------------
Increase in net assets from operations.......................................... $ 256,663
================
<FN>
+ Includes class specific transfer agency expenses of $39,555 and $27,937 for
Class A and Class B shares, respectively.
</FN>
- --------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
- --------------------------------------------------------------------------------
FLORIDA DAILY MUNICIPAL INCOME FUND
STATEMENTS OF CHANGES IN NET ASSETS
YEARS ENDED AUGUST 31, 2004 AND 2003
================================================================================
2004 2003
----------------- ------------------
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income........................................ $ 256,663 $ 505,630
Net realized gain (loss) on investments...................... -0- -0-
----------------- ------------------
Increase in net assets from operations............................ 256,663 505,630
Dividends to shareholders from net investment income*:
Class A...................................................... ( 68,580) ( 159,566)
Class B...................................................... ( 188,083) ( 346,064)
Transactions in shares of beneficial interest (Note 3):
Class A...................................................... 4,771,896 11,329,859
Class B...................................................... ( 8,233,448) 2,787,807
----------------- ------------------
Total (decrease) increase................................ ( 3,461,552) 14,117,666
Net assets:
Beginning of year............................................ 116,307,133 102,189,467
----------------- ------------------
End of year.................................................. $ 112,845,581 $ 116,307,133
================= ==================
Undistributed net investment income............................... $ -0- $ -0-
================= ==================
<FN>
* Designated as exempt-interest dividends for federal income tax purposes.
</FN>
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The accompanying notes are an integral part of these financial statements.
- --------------------------------------------------------------------------------
FLORIDA DAILY MUNICIPAL INCOME FUND
NOTES TO FINANCIAL STATEMENTS
================================================================================
1. Summary of Accounting Policies
Florida Daily Municipal Income Fund, a Massachusetts Business Trust, is a
no-load, non-diversified, open-end management investment company registered
under the Investment Company Act of 1940. The Fund is a short-term, tax exempt
money market fund. The Fund has two classes of stock authorized, Class A and
Class B. The Class A shares are subject to a service fee pursuant to the Fund's
Distribution and Service Plans. The Class B shares are not subject to a service
fee. Additionally, the Fund may allocate among its classes certain expenses, to
the extent allowable to specific classes, including transfer agent fees,
government registration fees, certain printing and postage costs, and
administrative and legal expenses. Class specific expenses of the Fund were
limited to servicing 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. 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 or premium is amortized
on a constant basis to the maturity of the instrument. The maturity of variable
rate demand instruments is deemed to be the longer of the period required before
the Fund is entitled to receive payment of the principal amount or the period
remaining until the next interest rate adjustment.
b) Federal Income Taxes -
It is the Fund's policy to comply with the requirements of the Internal Revenue
Code applicable to regulated investment companies and to distribute all of its
tax exempt and taxable income to its shareholders. Therefore, no provision for
federal income tax is required.
c) Dividends and Distributions -
Dividends from investment income (excluding capital gains and losses, if any,
and amortization of market discount) are declared daily and paid monthly.
Distributions of net capital gains, if any, realized on sales of investments are
made after the close of the Fund's fiscal year, as declared by the Fund's Board
of Trustees.
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") at the annual rate of
..40% of the Fund's average daily net assets.
Pursuant to an Administrative Services Contract the Fund pays to the Manager an
annual fee of .21% of the Fund's average daily net assets.
Pursuant to 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 Distribution Agreements covering all
classes and Shareholder Servicing Agreements, only with respect to Class A
shares of the Fund. For its services under the Shareholder Servicing Agreements,
the Distributor receives from the Fund a fee equal to .25% of the Fund's average
daily net assets with respect only to the Class A shares. There were no
additional expenses borne by the Fund pursuant to the Distribution Plan.
For the year ended August 31, 2004 the Manager and Distributor voluntarily
waived the following fees:
Administration fees...................................... $ 177,578
Shareholder servicing fees - Class A..................... 4,918
---------
Total............................................ $ 182,496
=========
The Manager and Distributor have no right to recoup prior fees waived.
Fees are paid to Trustees who are unaffiliated with the Manager on the basis of
$1,000 per annum plus $250 per meeting attended.
Included in the Statement of Operations under the caption "Shareholder servicing
and related shareholder expenses" are fees of $58,039 paid to Reich & Tang
Services, Inc., an affiliate of the Manager, as transfer agent for the Fund.
For the year ended August 31, 2004, the breakdown of expenses paid indirectly by
the Fund were as follows:
Custodian expenses....................................... $ 1,202
Shareholder servicing and related shareholder expenses... 331
-------
Total............................................ $ 1,533
=======
3. Transactions in Shares of Beneficial Interest
At August 31, 2004, an unlimited number of shares of beneficial interest ($.001
par value) were authorized. Transactions, all at $1.00 per share, were as
follows:
Year Ended Year Ended
Class A August 31, 2004 August 31, 2003
------- --------------- ---------------
Sold............................................ 254,197,969 267,571,854
Issued on reinvestment of dividends............. 63,818 166,272
Redeemed........................................ ( 249,489,891) ( 256,408,267)
---------------- ----------------
Net increase.................................... 4,771,896 11,329,859
================ ================
Class B
-------
Sold............................................ 190,912,621 165,348,413
Issued on reinvestment of dividends............. 30,018 65,329
Redeemed........................................ ( 199,176,087) ( 162,625,935)
---------------- ----------------
Net (decrease) increase......................... ( 8,233,448) 2,787,807
================ ================
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
FLORIDA DAILY MUNICIPAL INCOME FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
================================================================================
3. Transactions in Shares of Beneficial Interest (continued)
As of August 31, 2004, the breakdown of net assets by share class were as
follows:
Class A................................. $ 63,765,828
Class B................................. 49,079,753
----------------
Total................................. $ 112,845,581
================
4. Liabilities
At August 31, 2004, the Fund had the following liabilities:
Fees payable to Affiliates*............. $ 48,725
Dividends payable....................... 17,807
Accrued other payables.................. 50,011
---------
Total liabilities.................... $ 116,543
=========
* 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 dividends paid during the years ended August 31, 2004
and 2003, were tax-exempt income.
At August 31, 2004, the Fund had unused capital loss carry forwards of $246,
available for Federal income tax purposes to be applied against future gains, if
any. If not applied against future gains, $246 will expire in the year 2008.
At August 31, 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 Florida and, accordingly, is subject to the credit risk associated with the
non-performance of such issuers. Approximately 74% 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 creditworthiness 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
Year Ended August 31,
-------------------------------------------------------------
Class A 2004 2003 2002 2001 2000
- ------- -------- --------- --------- --------- ---------
Per Share Operating Performance:
(for a share outstanding throughout the year)
Net asset value, beginning of year........... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------- --------- --------- --------- ----------
Income from investment operations:
Net investment income..................... 0.001 0.003 0.008 0.027 0.031
Net realized and unrealized gain (loss)
on investments............................ -- -- -- -- --
-------- --------- --------- --------- ----------
Total from investment operations.......... 0.001 0.003 0.008 0.027 0.031
-------- --------- --------- --------- ----------
Less distributions from:
Dividends from net investment income...... ( 0.001 ) ( 0.003 ) ( 0.008 ) ( 0.027 ) ( 0.031 )
Net realized gains on investments......... -- -- -- -- --
-------- ---------- --------- --------- ----------
Total distributions....................... ( 0.001 ) ( 0.003 ) ( 0.008 ) .( 0.027 ) ( 0.031 )
-------- ---------- --------- --------- ----------
Net asset value, end of year................. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ========== ========= ========= ==========
Total Return................................. 0.12% 0.31% 0.81% 2.78% 3.09%
Ratios/Supplemental Data
Net assets, end of year (000s)............... $ 63,766 $ 58,994 $ 47,664 $ 47,703 $ 59,029
Ratios to average net assets:
Expenses(a)(Net of fees waived)........... 0.95% 0.93% 0.90% 0.84% 0.85%
Net investment income..................... 0.12% 0.29% 0.79% 2.79% 3.06%
Management and administration fees waived. 0.16% 0.17% 0.26% 0.21% 0.30%
Shareholder servicing fees waived......... 0.01% 0.02% 0.00% 0.00% 0.00%
Expenses paid indirectly.................. 0.00% 0.00% 0.00% 0.00% 0.00%
<FN>
(a) Includes expenses paid indirectly
</FN>
- --------------------------------------------------------------------------------
FLORIDA DAILY MUNICIPAL INCOME FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
================================================================================
7. Financial Highlights (Continued)
Year Ended August 31,
--------------------------------------------------------------
Class B 2004 2003 2002 2001 2000
- ------- -------- --------- --------- --------- ---------
Per Share Operating Performance:
(for a share outstanding throughout the year)
Net asset value, beginning of year........ $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------- --------- --------- --------- ----------
Income from investment operations:
Net investment income.................. 0.004 0.006 0.011 0.030 0.033
Net realized and unrealized gain (loss)
on investments......................... -- -- -- -- --
-------- --------- --------- --------- ----------
Total from investment operations....... 0.004 0.006 0.011 0.030 0.033
-------- --------- --------- --------- ----------
Less distributions:
Dividends from net investment income... ( 0.004 ) ( 0.006 ) ( 0.011 ) ( 0.030 ) ( 0.033 )
Net realized gains on investments...... -- -- -- -- --
-------- ---------- --------- --------- ----------
Total distributions.................... ( 0.004 ) ( 0.006 ) ( 0.011 ) ( 0.030 ) ( 0.033 )
-------- ---------- --------- --------- ----------
Net asset value, end of year.............. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ========== ========= ========= ==========
Total Return.............................. 0.37% 0.55% 1.08% 3.07% 3.39%
Ratios/Supplemental Data
Net assets, end of year (000s)............ $ 49,080 $ 57,313 $ 54,525 $ 43,157 $ 28,786
Ratios to average net assets:
Expenses(a) (Net of fees waived).......... 0.69% 0.69% 0.63% 0.57% 0.56%
Net investment income..................... 0.37% 0.57% 1.06% 2.95% 3.35%
Management and administration fees waived. 0.16% 0.17% 0.26% 0.21% 0.30%
Expenses paid indirectly.................. 0.00% 0.00% 0.00% 0.00% 0.00%
<FN>
(a) Includes expenses paid indirectly
</FN>
- --------------------------------------------------------------------------------
FLORIDA DAILY MUNICIPAL INCOME FUND
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
================================================================================
To the Board of Trustees and Shareholders of
Florida Daily Municipal Income Fund
In our opinion, the accompanying statement of net assets and the related
statements of operations and of changes in net assets and the financial
highlights present fairly, in all material respects, the financial position of
Florida Daily Municipal Income Fund (the "Fund") at August 31, 2004, the
results of its operations for the year then ended, the changes in its net assets
for each of the two years in the period then ended and the financial highlights
for each of the five years in the period then ended, in conformity with
accounting principles generally accepted in the United States of America. These
financial statements and financial highlights (hereafter referred to as
"financial statements") are the responsibility of the Fund's management; our
responsibility is to express an opinion on these financial statements based on
our audits. We conducted our audits of these financial statements in accordance
with the standards of the Public Company Accounting Oversight Board (United
States). Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements, assessing the
accounting principles used and significant estimates made by management, and
evaluating the overall financial statement presentation. We believe that our
audits, which included confirmation of securities at August 31, 2004 by
correspondence with the custodian, provide a reasonable basis for our opinion.
PricewaterhouseCoopers LLP
New York, New York
October 21, 2004
- --------------------------------------------------------------------------------
FLORIDA DAILY MUNICIPAL INCOME FUND
ADDITIONAL INFORMATION
(UNAUDITED)
================================================================================
ADDITIONAL INFORMATION ABOUT PORTFOLIO HOLDINGS
The Fund will be 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 beginning with its first quarter ending on November
30, 2004. Once filed, 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.
- --------------------------------------------------------------------------------
Florida DAILY MUNICIPAL INCOME FUND
ADDITIONAL INFORMATION
(UNAUDITED)
================================================================================
Trustees and Officers Information
August 31, 2004+
- ----------------------- -------------- --------------- ------------------------------------ ------------------- ----------------
Name, Address*, Position(s) Term of Principal Occupation(s) Number of Other
and Age Held with Office During Past Portfolios in Directorships
Fund and Length of 5 Years Fund Complex held by
Time Served** Overseen by Trustee Trustee
- ----------------------- -------------- --------------- ------------------------------------ ------------------- ----------------
Disinterested Trustees:
- ----------------------- -------------- --------------- ------------------------------------ ------------------- ----------------
Dr. W. Giles Mellon, Trustee Since 1994 Professor Emeritus of Director/Trustee of N/A
Age 73 Business Administration in eleven portfolios
the Graduate School of
Management, Rutgers University
with which he has been associated
since 1966.
- ----------------------- -------------- --------------- ------------------------------------ ------------------- ----------------
Robert Straniere, Esq. Trustee Since 1994 Owner, Straniere Law Firm Director/Trustee of WPG Funds
Age 63 since 1980, NYS Assemblyman eleven portfolios Group
since 1981 and counsel at
Fisher, Fisher & Berger
since 1995.
- ----------------------- -------------- --------------- ------------------------------------ ------------------- ----------------
Dr. Yung Wong, Trustee Since 1994 Managing Director of Abacus Director/Trustee of N/A
Age 65 Associates, an investment eleven portfolios
firm, since 1996.
- ----------------------- -------------- -------------- ------------------------------------ ------------------- ----------------
<FN>
+ The Statement of Additional Information includes additional information
about Florida Daily Municipal Income Fund (the "Fund") trustees/officers
and is available, without charge, upon request by calling the Fund's
transfer agent at (212) 830-5200.
* The address for each of the above trustees/officers of the Fund is Reich &
Tang Asset Management, LLC, 600 Fifth Avenue, New York, NY 10020.
** Each Trustee will hold office for an indefinite term until the earliest of
(i) the next meeting of shareholders, if any, called for the purpose of
considering the election or re-election of such Trustee and until the
election and qualification of his or her successor, if any, elected at such
meeting, or (ii) the date a Trustee resigns or retires, or a Trustee is
removed by the Board of Trustees or shareholders, in accordance with the
Fund's Declaration of Trust, as amended, and Amended and Restated By-Laws.
Each officer will hold office for an indefinite term until the date he or
she resigns or retires or until his/her successor is elected and qualifies.
</FN>
- --------------------------------------------------------------------------------
================================================================================
Trustees and Officers Information (continued)
August 31, 2004+
- ----------------------- --------------- -------------- ----------------------------------- ----------------- -----------------
Name, Address*, Position(s) Term of Principal Occupation(s) Number of Other
and Age Held with Office During Past Portfolios in Directorships
Fund and Length of 5 Years Fund Complex held by
Time Served** Overseen by Trustee Trustee
- ----------------------- --------------- -------------- ----------------------------------- ------------------ -----------------
Interested Trustees/Officers:
- ----------------------- --------------- -------------- ----------------------------------- ------------------ -----------------
Steven W. Duff,*** President Since 1994 Manager and President of Reich & Tang Director/Trustee None
Age 50 and Asset Management, LLC ("RTAM, LLC"), and/or Officer of
Trustee a registered Investment Advisor and sixteen portfolios
President of the Mutual Funds
Division of RTAM, LLC. Associated
with RTAM, LLC since 1994. Mr. Duff
is also President and Director/Trustee
of nine other funds in the Reich & Tang
Fund Complex, Director of Pax World
Money Market Funds, Inc. and President
and Chief Executive Officer of Tax
Exempt Proceeds Funds, Inc. Mr. Duff
also serves as a Director of Reich &
Tang Services, Inc. and Reich & Tang
Distributors, Inc.
- ----------------------- --------------- -------------- ----------------------------------- ------------------ -----------------
Richard De Sanctis, Treasurer Since 1994 Executive Vice President, CFO of N/A N/A
Age 48 and RTAM, LLC. Associated with RTAM, LLC
Assistant since 1990. Mr. De Sanctis is also
Secretary Treasurer and Assistant Secretary of
ten other funds in the Reich & Tang
Fund Complex, and the Vice President,
Treasurer and Assistant Secretary of
Cortland Trust, In. Mr. De Sanctis
also serves as Executive Vice
President and Chief Financial Officer
of Reich & Tang Services, Inc. and
Reich & Tang Distributors, Inc.
- ---------------------- --------------- -------------- ---------------------------------- ------------------ -----------------
<FN>
+ The Statement of Additional Information includes additional information
about Florida Daily Municipal Income Fund (the "Fund") trustees/officers and
is available, without charge, upon request by calling the Fund's transfer
agent at (212) 830-5200.
* The address for each of the above trustees/officers of the Fund is Reich &
Tang Asset Management, LLC, 600 Fifth Avenue, New York, NY 10020.
** Each Trustee will hold office for an indefinite term until the earliest of
(i) the next meeting of shareholders, if any, called for the purpose of
considering the election or re-election of such Trustee and until the
election and qualification of his or her successor, if any, elected at such
meeting, or (ii) the date a Trustee resigns or retires, or a Trustee is
removed by the Board of Trustees or shareholders, in accordance with the
Fund's Declaration of Trust, as amended, and Amended and Restated By-Laws.
Each officer will hold office for an indefinite term until the date he or
she resigns or retires or until his/her successor is elected and qualifies.
*** Steven W. Duff is deemed an interested person of the Fund due to his
affiliation with Reich & Tang Asset Management, LLC, the Fund's investment
advisor.
</FN>
- --------------------------------------------------------------------------------
FLORIDA DAILY MUNICIPAL INCOME FUND
ADDITIONAL INFORMATION (CONTINUED)
(UNAUDITED)
================================================================================
Trustees and Officers Information (continued)
August 31, 2004+
- ----------------------- --------------- -------------- ----------------------------------- ------------------- ------------------
Name, Address,* Position(s) Term of Principal Occupation(s) Number of Other
and Age Held with Office During Past Portfolios in Directorships
Fund and Length of 5 Years Fund Complex held by
Time Served** Overseen by Trustee Trustee
- ----------------------- --------------- -------------- ----------------------------------- ------------------- ------------------
Interested Trustees/Officers (Continued):
- ----------------------- --------------- -------------- ----------------------------------- ------------------- ------------------
Molly Flewharty, Vice Since 1995 Senior Vice President of RTAM, LLC. N/A N/A
Age 53 President Associated with RTAM, LLC since
1977. Ms. Flewharty is also Vice
President of eleven other funds
in the Reich & Tang Fund Complex.
- ----------------------- --------------- -------------- ----------------------------------- ------------------- ------------------
Rosanne Holtzer, Secretary Since 1998 Senior Vice President of RTAM, LLC. N/A N/A
Age 40 and Associated with RTAM, LLC since
Assistant 1986. Ms. Holtzer is also Secretary
Treasurer and Assistant Treasurer of eleven
other funds in the Reich & Tang Fund
Complex. Ms. Holtzer also serves
as Vice President of Reich & Tang
Distributor, Inc.
- ----------------------- -------------- -------------- ----------------------------------- ------------------- ------------------
Dana E. Messina, Vice Since 1995 Executive Vice President of RTAM, N/A N/A
Age 47 President LLC. Associated with RTAM, LLC since
1980. Ms. Messina is also Vice
President of eight other funds in
the Reich & Tang Fund Complex.
- ----------------------- -------------- -------------- ----------------------------------- ------------------- ------------------
<FN>
+ The Statement of Additional Information includes additional information
about Florida Daily Municipal Income Fund (the "Fund") trustees/officers and
is available, without charge, upon request by calling the Fund's transfer
agent at (212) 830-5200.
* The address for each of the above trustees/officers of the Fund is Reich &
Tang Asset Management, LLC, 600 Fifth Avenue, New York, NY 10020.
** Each Trustee will hold office for an indefinite term until the earliest of
(i) the next meeting of shareholders, if any, called for the purpose of
considering the election or re-election of such Trustee and until the
election and qualification of his or her successor, if any, elected at such
meeting, or (ii) the date a Trustee resigns or retires, or a Trustee is
removed by the Board of Trustees or shareholders, in accordance with the
Fund's Declaration of Trust, as amended, and Amended and Restated By-Laws.
Each officer will hold office for an indefinite term until the date he or
she resigns or retires or until his/her successor is elected and qualifies.
</FN>
- --------------------------------------------------------------------------------
================================================================================
- --------------------------------------------------------------------------------
This report is submitted for the general information of the shareholders of the
Fund. It is not authorized for distribution to prospective investors in the Fund
unless preceded or accompanied by an effective prospectus, which includes
information regarding the Fund's objectives and policies, experience of its
management, marketability of shares, and other information.
- --------------------------------------------------------------------------------
Florida Daily Municipal Income Fund
600 Fifth Avenue
New York, New York 10020
Manager
Reich & Tang Asset Management, 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
- --------------------------------------------------------------------------------
================================================================================
FLORIDA
DAILY
MUNICIPAL
INCOME
FUND
Annual Report
August 31, 2004
FL8/04A
Item 2: Code of Ethics
The registrant has adopted a Code of Ethics applicable to its Principal
Executive and Senior Financial Officers.
Item 3: Audit Committee Financial Expert
The registrant's Board of Trustees has determined that it does not have an audit
committee financial expert serving on its audit committee. The Board believes
that the collective experience of the audit committee members, including their
long-standing service as audit committee members, is sufficient to effectively
carry out the role and obligations of the audit committee. In making its
determination, the Board considered, among other things, the nature of
investment company financials, and the fact that the audit committee is able to
consult with the registrant's independent accountants and to seek outside
advice, as it deems appropriate.
Item 4: Principal Accountant Fees and Services
FYE 08/31/2004 FYE 08/31/2003
4(a) Audit Fees $21,650 $20,600
-------------- ---------------
4(b) Audit Related Fees $0 $0
-------------- ---------------
4(c) Tax Fees $3,000 $3,000
-------------- ---------------
4(d) All Other Fees $0 $0
-------------- ---------------
4(e)(1) The audit committee has adopted pre-approval policies and procedures
whereby the audit committee has pre-approved the provision of certain enumerated
tax services to the registrant by the registrant's principal accountant to the
extent the fee is less than $5,000 per occurrence.
4(e)(2) None.
4(f) Not applicable.
4(g) $3,000 and $20,000, respectively, were the amount of non-audit fees that
were billed by the registrant's accountant for services rendered to (i) the
registrant, and (ii) the registrant's investment adviser and any control person
of the adviser that provides ongoing services to the registrant for the fiscal
year ended August 31, 2004. $3,000 and $17,600, respectively, were the amount of
non-audit fees that were billed by the registrant's accountant for services
rendered to (i) the registrant, and (ii) the registrant's investment adviser and
any control person of the adviser that provides ongoing services to the
registrant for the fiscal year ended August 31, 2003.
4(h) The registrant's audit committee has considered whether its principal
accountant's provision of non-audit services that were rendered to the
registrant's investment adviser, and any control persons of the investment
adviser that provides ongoing services to the registrant, that were not
pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, is
compatible with maintaining the principal accountant's independence.
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 trustees 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 registrant's second fiscal
year that have materially affected, or are reasonably likely to affect,
the registrant's internal controls over financial reporting.
Item 11: Exhibits
(a)(1) Code of Ethics.
(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) Florida Daily Municipal Income Fund
By (Signature and Title)*/s/Rosanne Holtzer
Rosanne Holtzer, Secretary
Date November 1, 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 November 1, 2004
By (Signature and Title)*/s/Richard DeSanctis
Richard DeSanctis, Treasurer
Date November 1, 2004
* Print the name and title of each signing officer under his or her signature.