DAY, BERRY & HOWARD
                              Three Landmark Square
                            Stanford, CT. 06901-2599
                            Telephone (203) 348-3840


                                  May 13, 1985


Connecticut Daily Tax Free Income Fund, Inc.
100 Park Avenue
New York, New York  10017

Dear Sirs:

         In connection with the registration under the Securities Act of 1933 of
shares for a public offering of the Connecticut Daily Tax Free Income Fund, Inc.
(the "Fund") you have requested our opinion with respect to the treatment  under
Connecticut  law of  "exempt-interest  dividends"  to be  paid  by the  Fund  in
accordance  with the  provisions of Section 852 (b) (5) of the Internal  Revenue
Code of 1954, as amended (the "Code")

         In  rendering  our  opinion,  we have  relied on  statements  made in a
registration  statement  dated May 13, 1985,  as filed with the  Securities  and
Exchange  Commission (the  "Registration  Statement") and have not independently
verified the facts contained  therein.  (Capitalized terms not otherwise defined
herein have the same meaning as in the Registration Statement.)

         We have  also  assumed  with  your  consent  that the Fund  will do the
following:

         (1)      Take all actions  necessary to satisfy the  requirements  for,
                  and continue to maintain its status as, a Regulated Investment
                  Company under the provisions of Subchapter M of the Code;

         (2)      Satisfy the  requirements of Section  852(b)(5) of the Code in
                  order to enable it to pay  exempt-interest  dividends  as that
                  term is defined  therein and  properly  designate  the amounts
                  attributable to such dividends as provided in the Code and any
                  Treasury Regulations promulgated thereunder; and

         (3)      Separately  identify  the portion of any such  exempt-interest
                  dividends   which  is  derived  from   Connecticut   Municipal
                  Obligations and Territorial Municipal Obligations.

         Pursuant to Chapter 224 of the General Statutes of Connecticut Revision
of 1958, as amended,  Connecticut imposes a tax on the dividends and, since July
1, 1983,  on the  interest  
<PAGE>

income of resident  individuals (the  "Connecticut  Dividends and Interest Tax")
and a tax on the  gains  from the sale or  exchange  of  capital  assets of such
individuals  (the  "Connecticut  Capital  Gains  Tax"),  each subject to certain
limitations  and  exceptions.  The  Connecticut  Dividends  and  Interest Tax is
imposed on (A) amounts  taxable as  dividends  for Federal  income tax  purposes
without regard to the dividend  exclusion,  and (B) interest  income (i) taxable
for Federal  income tax purposes,  other than such income from  obligations  the
interest on which a state is  prohibited  from taxing under  Federal law or (ii)
from obligations issued by or on behalf of any state, any political  subdivision
thereof, or any agency,  instrumentality,  authority or district of any state or
any  political   subdivision  thereof   (collectively   hereafter  a  "Political
Subdivision"), other than such income from obligations issued by or on behalf of
the State of Connecticut or a Connecticut  Political  Subdivision.  Net gains on
the  sale  or  exchange  of  obligations  of the  State  of  Connecticut  or any
Connecticut  Political  Subdivision are not subject to the  Connecticut  Capital
Gains Tax.

         Connecticut  has  generally  followed  Federal  income tax standards in
determining the character of items of income for Connecticut tax purposes. Prior
to the enactment of Section 852(b)(5) of the Code,  distributions by a regulated
investment company were treated as dividends or capital gain for Connecticut tax
purposes  without regard to whether  derived from interest which would have been
excludable from the  Connecticut  tax base had it been received  directly by the
taxpayer.  Woodruff v. Tax  Commissioner  185 Conn. 186 (1981).  No portion of a
capital  gain  dividend  paid  by  a  regulated  investment  company,   although
characterized  as a capital gain for purposes of the  Connecticut  Capital Gains
Tax by virtue of its  characterization  as capital gain under Federal income tax
law,  is eligible  for the  exclusion  from the  Connecticut  Capital  Gains Tax
applicable  to gains on the sale or  exchange of an  obligation  of the State of
Connecticut or of a Connecticut Political Subdivision.

         With  the  inclusion  of  interest  income  in  the  tax  base  of  the
Connecticut Dividends and Interest Tax, Connecticut proposed regulations,  which
have now become final,  providing that exempt-interest  dividends of a regulated
investment  company are  includable  in interest  income  (rather than  dividend
income) for purposes of the tax,  except to the extent derived from  Connecticut
Municipal  Obligations,  because Section  852(b)(5)(B) of the Code provides that
exempt-interest  dividends are treated as interest income  excludable from gross
income  for  Federal  income  tax  purposes  under  Section  103(a) of the Code.
Exempt-interest  dividends are not treated as "dividends" for Federal income tax
purposes  and thus  exempt-interest  dividends  are  subject to the  Connecticut
Dividends and Interest Tax, if at all, only as "interest income."

         The  Connecticut  regulations,  on their face,  however,  suggest  that
exempt-interest  dividends derived from Territorial  Municipal Obligations (such
as in respect  of certain  obligations  of Puerto  Rico and the Virgin  Islands)
would be subject to the Connecticut Dividends and Interest Tax. They provide, in
the first instance, that for purposes of this tax any exempt-interest  dividends
are included in interest income, and then go on to exclude only  exempt-interest
dividends derived from Connecticut Municipal Obligations.  Since the Connecticut
regulations acknowledge that the source of exempt-interest  dividends as derived
<PAGE>

from Connecticut  Municipal Obligations can be specified and will be recognized,
it is not clear  whether the  failure  specifically  to exclude  exempt-interest
dividends  derived from  Territorial  Municipal  Obligations,  interest on which
would not be subject to the tax if received  directly by a Connecticut  resident
individual, is intentional.

         The intention  generally  expressed in the statute is not to include in
interest  income  amounts  in  respect  of  Territorial  Municipal  Obligations.
Moreover, the category of interest income exempt from Federal income tax that is
added  back to the tax  base  of the  Connecticut  Dividends  and  Interest  Tax
encompasses  only  interest  on  obligations  of  a  "state"  or  its  Political
Subdivisions  and does not  explicitly  extend to interest on obligations of any
territory or  possession  of the United  States.  Although it is not clear to us
that, as a matter of United States  Constitutional  law, the Federal prohibition
itself  would  flow  through  the  Fund  to  its  shareholders,  exempt-interest
dividends derived from Territorial  Municipal Obligations should not be found to
be included in the tax base of the Connecticut  Dividends and Interest Tax under
the  Connecticut  statute.  Thus,  we  conclude  that,  if  the  failure  of the
Connecticut  regulations  to  exclude  exempt-interest  dividends  derived  from
Territorial Municipal Obligations is intentional, to that extent the Connecticut
regulations should be found to be invalid as a matter of Connecticut law.

         Based on the foregoing,  including  without  limitation the assumptions
set forth above and in the  Registration  Statement,  and an examination of such
questions of law and fact as we have deemed appropriate,  we advise you that, in
our opinion the portion of  exempt-interest  dividends  paid by the Fund that is
correctly  designated as derived from Connecticut  Municipal  Obligations is not
subject to the Connecticut  Dividends and Interest Tax and that,  while in light
of the explicit  language of the  Connecticut  regulations  the matter cannot be
considered  entirely free from doubt, the portion of  exempt-interest  dividends
paid by the Fund  that is  correctly  designated  as  derived  from  Territorial
Municipal  Obligations  should not be subject to the  Connecticut  Dividends and
Interest Tax.

         We do not express  any opinion  with  respect to the  character  of any
particular  obligation  which may be held by the  Fund,  nor do we  express  any
opinion with respect to the  qualification of the Fund under Subchapter M of the
Code or its eligibility to pity exempt-interest  dividends, or the taxability of
the Fund under the laws of any state.

         We  understand  our  opinion  will  be  included  in  the  Registration
Statement to be filed with the Securities and Exchange Commission.

                                                     Very truly yours,

                                                     Day, Berry & Howard


<PAGE>

                               DAY, BERRY & HOWARD
                              Three Landmark Square
                            Stanford, CT. 06901-2599
                            Telephone: (203) 348-3840

                         CONSENT OF CONNECTICUT COUNSEL


To the Board of Directors
Connecticut Daily Tax Free Income Fund, Inc.


                  We  hereby  consent  to the  reference  to our firm  under the
caption  "Connecticut  Income Taxes" in the  Prospectus  and in the Statement of
Additional Information which is part of this Registration  Statement,  and under
the heading "Counsel and Auditors" in the Statement of Additional Information.

                                                             Day, Berry & Howard

Stamford, Connecticut
May 13, 1985