As filed with the Securities and Exchange Commission on April 9, 2008
                                     Investment Company Act File Number 811-6152

                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM N-CSR
                         CERTIFIED SHAREHOLDER REPORT OF
                   REGISTERED MANAGEMENT INVESTMENT COMPANIES

                  NEW JERSEY DAILY MUNICIPAL INCOME FUND, INC.
               (Exact name of registrant as specified in charter)

                                600 FIFTH AVENUE
                               NEW YORK, NY 10020
               (Address of principal executive offices) (Zip code)

                                 CHRISTINE MANNA
                     C/O REICH & TANG ASSET MANAGEMENT, LLC
                                600 FIFTH AVENUE
                            NEW YORK, NEW YORK 10020
                     (Name and address of agent for service)

Registrant's telephone number, including area code: 212-830-5200

Date of fiscal year end:   January 31

Date of reporting period:  January 31, 2008
<PAGE>
ITEM 1:  REPORT TO STOCKHOLDERS

-------------------------------------------------------------------------------
                                           600 FIFTH AVENUE, NEW YORK, NY 10020
                                                                 (212) 830-5200
NEW JERSEY
DAILY MUNICIPAL
INCOME FUND, INC.
===============================================================================


Dear Shareholder:


We are pleased to present the annual report of New Jersey Daily Municipal Income
Fund, Inc. (the "Fund") for the year ended January 31, 2008.

As of January 31, 2008, the Fund had net assets of $78,423,506.

We thank you for your  support and we look forward to  continuing  to serve your
cash management needs.

Sincerely,


/S/ Michael P. Lydon


Michael P. Lydon
President


<PAGE>
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NEW JERSEY DAILY MUNICIPAL INCOME FUND, INC.
EXPENSE CHART
FOR THE SIX MONTHS ENDED JANUARY 31, 2008
(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 August 1, 2007 through January 31, 2008.

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.

<TABLE>

-------------------------------------------------------------------------------------------------------------------------
                                     Beginning Account Value Ending Account Value    Expenses paid        Annualized
           Class A Shares                     8/1/07                1/31/08        During the Period  Expense Ratio (a)
-------------------------------------------------------------------------------------------------------------------------
<C>             <C>                          <C>                  <C>                   <C>                 <C>
  Actual                                      $1,000.00            $1,013.10             4.97%              0.98%
-------------------------------------------------------------------------------------------------------------------------
  Hypothetical (5% return before              $1,000.00            $1,020.27             4.99%              0.98%
  expenses)
-------------------------------------------------------------------------------------------------------------------------

-------------------------------------------------------------------------------------------------------------------------
           Class B Shares            Beginning Account Value Ending Account Value    Expenses paid        Annualized
                                              8/1/07                1/31/08        During the period  Expense Ratio (a)
-------------------------------------------------------------------------------------------------------------------------
  Actual                                      $1,000.00            $1,014.20             3.91%              0.77%
-------------------------------------------------------------------------------------------------------------------------
  Hypothetical (5% return before              $1,000.00            $1,021.32             3.92%              0.77%
  expenses)
-------------------------------------------------------------------------------------------------------------------------

</TABLE>

(a)  Expenses are equal to the Fund's  annualized  expense ratios  multiplied by
     the average  account value over the period (August 1, 2007 through  January
     31,  2008),  multiplied  by 184/365  (to  reflect  the most  recent  fiscal
     half-year).


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<PAGE>
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NEW JERSEY DAILY MUNICIPAL INCOME FUND, INC.
SCHEDULE OF INVESTMENTS
JANUARY 31, 2008
===============================================================================

<TABLE>

                                                                                                                      Ratings (a)
                                                                                                                   ----------------
    Face                                                                        Maturity    Current      Value             Standard
   Amount                                                                         Date     Coupon(b)   (Note 1)    Moody's & Poor's
----------                                                                        ----     ---------   --------    ------- --------
Put Bonds (c) (7.31%)
-----------------------------------------------------------------------------------------------------------------------------------
<S>           <C>                                                               <C>         <C>      <C>            <C>       <C>
$ 5,730,000   Puerto Rico Industrial Medical & Environmental RB
              (Abbott Laboratories Project) - Series 1983A                      03/01/08     3.95%  $  5,730,000       P-1     A-1+
-----------                                                                                         ------------
  5,730,000   Total Put Bonds                                                                          5,730,000
-----------                                                                                         ------------
Tax Exempt Commercial Paper (8.29%)
-----------------------------------------------------------------------------------------------------------------------------------
$ 2,500,000   New Jersey EDA
              (Chambers Co-Generation Ltd Partnership) 1991 Project
              LOC Dexia Credit Local de France                                  04/08/08     2.91%  $  2,500,000     VMIG-1    A-1+
  4,000,000   Salem County, NJ (Philadelphia Electric Co)
              LOC BNP Paribas                                                   03/12/08     3.26      4,000,000     VMIG-1    A-1+
-----------                                                                                         ------------
  6,500,000   Total Tax Exempt Commercial Paper                                                        6,500,000
-----------                                                                                         ------------
Tax Exempt General Obligation Notes & Bonds (25.95%)
-----------------------------------------------------------------------------------------------------------------------------------
$ 3,780,000   Berkeley Heights Township, NJ BAN                                 02/20/08     3.62%  $  3,781,196       AAA
    932,700   Mantua Township, NJ - Series 2007 BAN (d)                         05/06/08     3.84        933,663
  4,512,400   Middle Township, NJ BAN - Series B (d)                            07/17/08     3.75      4,522,310
  1,335,379   Neshaminy School District, PA TRAN (d)                            06/30/08     3.90      1,336,692
    609,750   Newton, NJ BAN  (d)                                               07/03/08     3.81        610,837
  6,500,000   Ocean City, NJ BAN (d)                                            07/18/08     3.75      6,507,161
  1,650,000   Summit, NJ BAN (d)                                                02/06/09     1.94      1,654,983
  1,000,000   West Paterson, NJ BAN                                             07/18/08     3.10      1,002,930               A-1
-----------                                                                                         ------------
 20,320,229   Total Tax Exempt General Obligation Notes & Bonds                                       20,349,772
-----------                                                                                         ------------
Tax Exempt Variable Rate Demand Instruments (e) (60.48%)
-----------------------------------------------------------------------------------------------------------------------------------
$ 2,000,000   ABN Amro MuniTops Certificate Trust 2002-33
              Port Authority of New York and New Jersey Consolidated Bonds -
              One Hundred Twenty-Eighth Series
              LOC Dexia CLF                                                     11/01/10     2.24%  $  2,000,000     VMIG-1
  1,900,000   BB&T Municipal Trust Floater - Series 1004
              LOC Branch Banking & Trust Company                                01/01/25     2.38      1,900,000     VMIG-1
    600,000   BB&T Municipal Trust Floater - Series 1002
              LOC Branch Banking & Trust Company                                11/06/23     2.38        600,000     VMIG-1

</TABLE>

-------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
<PAGE>
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NEW JERSEY DAILY MUNICIPAL INCOME FUND, INC.
SCHEDULE OF INVESTMENTS (CONTINUED)
JANUARY 31, 2008
===============================================================================

<TABLE>

                                                                                                                      Ratings (a)
                                                                                                                   ----------------
    Face                                                                        Maturity    Current      Value             Standard
   Amount                                                                         Date     Coupon(b)   (Note 1)    Moody's & Poor's
----------                                                                        ----     ---------   --------    ------- --------
Tax Exempt Variable Rate Demand Instruments (e) (Continued)
-----------------------------------------------------------------------------------------------------------------------------------
<S>           <C>                                                               <C>         <C>      <C>            <C>       <C>
$ 1,300,000   Floaters Guarantor Trust Certificates, Series 2006-78G GT-1
              Evidencing Interest in New Jersey EDA Revenue Refunding Bonds
              (Gloucester Marine Terminal Project) - Series 2006 B (d)
              LOC Goldman Sachs                                                 01/01/37     2.30%  $  1,300,000
  1,860,000   Floaters Guarantor Trust Certificates, Series 2005-L26U
              Related to New Jersey Health Care Facilities Finance Authority
              (Bayonne Hospital Obligated Group Issue)
              LOC Dexia CLF                                                     07/01/12     1.74      1,860,000     VMIG-1     A-1
   780,000    Floater Trust Receipts Series 2004 L26 (Related to COPs
              in Basic Lease Payments by the State of New Jersey as Lessee
              Pursuant to an Equipment Lease Purchase Agreement Series 2004)
              Insured by AMBAC Assurance Corporation                            06/15/16     3.90        780,000     VMIG-1
  1,000,000   Fulton County, KY Industrial Building RB
              (The Burke - Parsons - Bowlby Corporation Project) - Series 2006
              LOC Branch Banking & Trust Company                                07/01/26     2.38      1,000,000       P-1     A-1+
  1,710,000   Jefferson County, KY Industrial Building RB
              (R.C. Tway Company D/B/A Kentucky Manufacturing
              Company Project) - Series 1998
              LOC Fifth Third Bank                                              06/01/18     2.78      1,710,000       P-1     A-1+
    627,000   Kenton County, KY Industrial Building RB
              (Krauss-Maffei Process Technology) - Series 2002 (d)
              LOC Fifth Third Bank                                              10/01/22     2.89        627,000
    670,000   Michigan State Strategic Funding Limited Obligation RB
              (Gudel Lineartec Inc Project) - Series 1997 (d)
              LOC Fifth Third Bank                                              06/01/12     2.32        670,000
  2,250,000   Milwaukee, WI IDRB (Midwest Express Airlines Inc)- Series 1998 (d)
              LOC US Bank, N.A.                                                 08/01/30     2.35      2,250,000
  1,300,000   New Jersey EDA (Lawrenceville School Project) - Series 1996B      07/01/26     1.40      1,300,000     VMIG-1
  2,300,000   New Jersey EDA (Stolthaven Perth Amboy Inc.Project) - Series 1998A
              LOC Citibank, N.A.                                                01/15/18     1.78      2,300,000       P-1     A-1+
  3,000,000   New Jersey EDA IDRB (CST Products, LLC Project) - Series 2006
              LOC National Bank of Canada                                       04/01/26     2.36      3,000,000               A-1
    360,000   New Jersey EDA IDRB (Kooltronic Incorporated Project)
              LOC Wachovia Bank, N.A.                                           12/01/08     2.23        360,000       P-1     A-1+
  1,550,000   New Jersey EDA PCRB (Exxon Project) - Series 1989                 04/01/22     1.57      1,550,000       P-1     A-1+
  1,000,000   New Jersey EDA Refunding RB
              (Union County Genlyte Project)
              LOC Bank of America, N.A.                                         10/15/09     2.17      1,000,000       P-1

</TABLE>

-------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
<PAGE>
-------------------------------------------------------------------------------



===============================================================================

<TABLE>

                                                                                                                      Ratings (a)
                                                                                                                   ----------------
    Face                                                                        Maturity    Current      Value             Standard
   Amount                                                                         Date     Coupon(b)   (Note 1)    Moody's & Poor's
----------                                                                        ----     ---------   --------    ------- --------
Tax Exempt Variable Rate Demand Instruments (e) (Continued)
-----------------------------------------------------------------------------------------------------------------------------------
<S>           <C>                                                               <C>         <C>      <C>            <C>       <C>
$ 2,745,000   New Jersey Health Care Facility Financing Authority RB
              (South Jersey Health Care) - Series 2004 A-4
              LOC Wachovia Bank, N.A.                                           07/01/34     2.17%  $  2,745,000     VMIG-1
  1,000,000   New Jersey Sports & Exposition Authority Services - Series C
              Insured by MBIA Insurance Corp.                                   09/01/24     3.04      1,000,000     VMIG-1    A-1+
  2,150,000   New Jersey State EDA RB (Campus 130 Association)
              LOC Bank of New York Mellon                                       12/01/11     2.25      2,150,000       P-1     A-1+
  1,610,000   New Jersey Educational Facilities Authority RB
              (The College of New Jersey) - Series 1999A
              Insured by AMBAC Assurance Corporation                            07/01/29     5.08      1,610,000     VMIG-1    A-1
  1,000,000   New Jersey State Educational Facilities Authority RB
              (Princeton University) - Series 2001B                             07/01/21     1.55      1,000,000     VMIG-1    A-1+
  1,650,000   New Jersey State Educational Facilities Authority RB
              (Princeton University) - Series 2002B                             07/01/22     1.83      1,650,000     VMIG-1    A-1+
  3,500,000   New Jersey Turnpike Authority Turnpike RB - Series 1991D
              Insured by FGIC                                                   01/01/18     2.85      3,500,000     VMIG-1    A-1+
    630,000   New Jersey EDA (CVC Specialty Chemicals Inc. Poject)
              - Series 2001 (d)
              LOC Wachovia Bank, N.A.                                           05/01/11     2.16        630,000
  2,545,000   Port Authority of New York &  New Jersey
              Versatile Structure Obligation RB - Series 3                      06/01/20     1.68      2,545,000     VMIG-1    A-1+
  1,645,000   Prince William County, VA IDA (Mediatech Inc. Project)
              LOC Branch Banking & Trust Company                                11/01/32     2.38      1,645,000     VMIG-1
  1,000,000   Rutgers, The State University (The State University of New Jersey)
              GO Refunding Bonds - 2002 Series A                                05/01/18     1.40      1,000,000     VMIG-1    A-1+
  2,750,000   TICs/TOCs Trust Series 2000-1 Relating to Puerto Rico
              Infrastructure Financing Authority Special Obligation Bonds
              - 2000 Series A
              Collateralized by U.S. Government                                 04/01/27     2.23      2,750,000               A-1+
  1,000,000   Town of Ridgeland, SC RB
              (LRC Ridgeland, LLC Project) - Series 2006A
              LOC Columbus Bank & Trust                                         09/01/21     2.30      1,000,000       P-1     A-1
-----------                                                                                         ------------
 47,432,000   Total Tax Exempt Variable Rate Demand Instruments                                       47,432,000
-----------                                                                                         ------------
              Total Investments (102.03%) (Cost $80,011,772+)                                         80,011,772
              Liabilities in Excess of Cash and Other Assets (-2.03%)                                 (1,588,266)
                                                                                                    ------------
              Net Assets (100.00%)                                                                  $ 78,423,506
              +   Aggregate cost for federal income tax purposes is identical.                      ============

</TABLE>

-------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
<PAGE>
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NEW JERSEY DAILY MUNICIPAL INCOME FUND, INC.
SCHEDULE OF INVESTMENTS (CONTINUED)
JANUARY 31, 2008
===============================================================================


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)  The interest rate shown  reflects the  security's  current  coupon,  unless
     yield is available.

(c)  The maturity date indicated is the next put date.

(d)  Securities that are not rated which the Fund's adviser has determined to be
     of comparable quality to those rated securities in which the Fund invests.

(e)  Securities are payable on demand at par including accrued interest (usually
     with seven days' notice) and, where indicated are  unconditionally  secured
     as to principal and interest by a bank letter of credit. The interest rates
     are  adjustable  and are based on bank prime rates or other  interest  rate
     adjustment  indices.  The rate  shown is the rate in  effect at the date of
     this statement.

<TABLE>

KEY:
<S>          <C>  <C>                                        <C>        <C>  <C>
     BAN      =   Bond Anticipation Note                      LOC        =   Letter of Credit
     COPs     =   Certificates of Participation               PCRB       =   Pollution Control Revenue Bond
     EDA      =   Economic Development Authority              RB         =   Revenue Bond
     FGIC     =   Financial Guaranty Insurance Company        TICs       =   Trust Inverse Certificates
     GO       =   General Obligation                          TOCs       =   Tender Option Certificates
     IDA      =   Industrial Development Authority            TRAN       =   Tax and Revenue Anticipation Notes
     IDRB     =   Industrial Development Revenue Bond

 </TABLE>

-------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
<PAGE>
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NEW JERSEY DAILY MUNICIPAL INCOME FUND, INC.
BREAKDOWN OF PORTFOLIO HOLDINGS BY STATE
JANUARY 31, 2008
===============================================================================

<TABLE>

------------------------- ---------------------------- -------------------------------

         States                      Value                     % of Portfolio
------------------------- ---------------------------- -------------------------------
<S>                              <C>                               <C>
Kentucky                        $   3,337,000                        4.17%
Michigan                              670,000                        0.84
New Jersey                         56,793,080                       70.98
New York                            2,000,000                        2.50
Pennsylvania                        1,336,692                        1.67
Puerto Rico                         8,480,000                       10.60
South Carolina                      1,000,000                        1.25
Virginia                            1,645,000                        2.06
Wisconsin                           2,250,000                        2.81
Other                               2,500,000                        3.12
------------------------- ---------------------------- -------------------------------
Total                           $   80,011,772                    100.00%
------------------------- ---------------------------- -------------------------------

</TABLE>

-------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
<PAGE>
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NEW JERSEY DAILY MUNICIPAL INCOME FUND, INC.
STATEMENT OF ASSETS AND LIABILITIES
JANUARY 31, 2008
===============================================================================

<TABLE>

ASSETS:
<S>                                                                                           <C>
   Investments in securities, at amortized cost (Note 1)................................      $    80,011,772
   Accrued interest receivable..........................................................              766,882
   Other receivable.....................................................................                2,784
   Prepaid expenses.....................................................................                4,378
                                                                                              ---------------
         Total assets...................................................................           80,785,816
                                                                                              ---------------

LIABILITIES:

   Payable to affiliates*...............................................................               40,182
   Due to Custodian.....................................................................              535,630
   Payable for securities purchased.....................................................            1,654,983
   Accrued expenses.....................................................................               61,639
   Dividends payable ...................................................................               62,082
   Capital gain payable.................................................................                7,794
                                                                                              ---------------
         Total liabilities..............................................................            2,362,310
                                                                                              ---------------
   Net assets...........................................................................      $    78,423,506
                                                                                              ===============

SOURCE OF NET ASSETS:

   Net capital paid on shares of capital stock (Note 3).................................      $    78,422,761
   Accumulated undistributed net realized gain..........................................                  745
                                                                                              ---------------
   Net assets...........................................................................      $    78,423,506
                                                                                              ===============

<CAPTION>

Net asset value, per share (Note 3):
<S>                                                 <C>                  <C>                       <C>
Class Name                                          Net Assets          Shares Outstanding         Net Asset Value
Class A Shares..............................        $53,037,973             53,048,318                 $1.00
Class B Shares..............................        $25,385,533             25,390,484                 $1.00

</TABLE>

*    Includes fees payable to Reich & Tang Asset  Management,  LLC, Reich & Tang
     Distributors, Inc. and Reich & Tang Services, Inc.

-------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
<PAGE>
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NEW JERSEY DAILY MUNICIPAL INCOME FUND, INC.
STATEMENT OF OPERATIONS
YEAR ENDED JANUARY 31, 2008
===============================================================================

<TABLE>

INVESTMENT INCOME

Income:
<S>                                                                                            <C>
    Interest.................................................................................  $     3,540,205
                                                                                               ---------------
Expenses: (Note 2)
    Investment management fee................................................................          292,258
    Administration fee.......................................................................          204,581
    Shareholder servicing fee (Class A shares)...............................................          143,225
    Shareholder servicing fee (JPMorgan Select shares).......................................              190
    Custodian expenses.......................................................................            8,274
    Shareholder servicing and related shareholder expenses+..................................           75,953
    Legal, compliance and filing fees........................................................           64,242
    Audit and accounting.....................................................................           88,338
    Directors' fees and expenses.............................................................           13,807
    Other....................................................................................            6,388
                                                                                               ---------------
         Total expenses......................................................................          897,256
         Less: Expenses paid indirectly......................................................             (254)
                                                                                               ---------------
         Net Expenses........................................................................          897,002
                                                                                               ---------------
Net investment income........................................................................        2,643,203
                                                                                               ===============
REALIZED GAIN (LOSS) ON INVESTMENTS

Net realized gain (loss) on investments......................................................           12,890
                                                                                               ---------------
Increase in net assets from operations.......................................................  $     2,656,093
                                                                                               ===============

</TABLE>

+    Includes class specific  transfer agency  expenses of $38,517,  $13,603 and
     $48 for Class A, Class B, and JP Morgan Select shares, respectively.

-------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
<PAGE>
-------------------------------------------------------------------------------
NEW JERSEY DAILY MUNICIPAL INCOME FUND, INC.
STATEMENTS OF CHANGES IN NET ASSETS
YEAR ENDED JANUARY 31, 2008 AND 2007
===============================================================================

 <TABLE>
                                                                                 2008                      2007
                                                                                ------                    ------
INCREASE (DECREASE) IN NET ASSETS
Operations:
<S>                                                                        <C>                        <C>
     Net investment income.........................................        $   2,643,203             $    3,362,226
     Net realized gain (loss) on investments.......................               12,890                        632
                                                                           -------------             --------------
     Increase in net assets from operations........................            2,656,093                  3,362,858
Dividends to shareholders from net investment income*:
     Class A shares................................................           (1,908,379)                (2,465,619)
     Class B shares................................................             (732,232)                  (573,445)
     JPMorgan Select shares........................................               (2,592)                  (323,162)
                                                                           -------------             --------------
     Total dividends to shareholders...............................           (2,643,203)                (3,362,226)
Distributions to shareholders from realized gains on investments:
     Class A shares................................................               (5,271)                      (-0-)
     Class B shares................................................               (2,523)                      (-0-)
     JPMorgan Select shares........................................                 (-0-)                      (-0-)
                                                                           -------------             --------------
     Total dividends to shareholders...............................               (7,794)                      (-0-)
Capital share transactions (Note 3):
     Class A shares................................................          (39,102,873)                (5,564,432)
     Class B shares................................................            3,452,192                   (548,791)
     JPMorgan Select shares........................................             (314,802)               (26,408,100)
                                                                           -------------             --------------
     Total capital share transactions..............................          (35,965,483)               (32,521,323)
                                                                           -------------             --------------
     Total increase (decrease).....................................          (35,960,387)               (32,520,691)
Net assets:
     Beginning of year.............................................          114,383,893                146,904,584
                                                                           -------------             --------------
     End of year...................................................        $  78,423,506             $  114,383,893
                                                                           =============             ==============
     Undistributed net investment income...........................        $         -0-             $          -0-
                                                                           =============             ==============
</TABLE>

*    Designated as exempt-interest dividends for federal income tax purposes.

-------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
<PAGE>
-------------------------------------------------------------------------------
NEW JERSEY DAILY MUNICIPAL INCOME FUND, INC.
NOTES TO FINANCIAL STATEMENTS

===============================================================================

1. Summary of Accounting Policies

New  Jersey  Daily  Municipal  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, municipal money market
fund.  The Fund had three  classes  of stock  authorized,  Class A,  Class B and
JPMorgan Select shares.  The JPMorgan Select shares  liquidated on May 24, 2007.
The Class A and JPMorgan  Select 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  shareholder  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, which approximates  market value.
     Under this valuation  method, a portfolio  instrument is valued at cost and
     any discount or premium is amortized on a constant basis to the maturity of
     the instrument. If fluctuating interest rates cause the market value of the
     Fund's  portfolio to deviate more than 1/2 of 1% from the value  determined
     on the basis of  amortized  cost,  the  Board of  Directors  will  consider
     whether any action  should be  initiated.  The  maturity  of variable  rate
     demand instruments is deemed to be the longer of the period required before
     the Fund is  entitled  to receive  payment of the  principal  amount or the
     period remaining until the next interest rate adjustment.

  b) Federal Income Taxes -
     It is the Fund's  policy to comply with the  requirements  of the  Internal
     Revenue Code applicable to regulated investment companies and to distribute
     all of its tax exempt and taxable 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.  Net realized  long-term capital gains, if any, are distributed at
     least  annually  and in no event  later  than 60 days  after the end of the
     Fund's fiscal year.

  d) Use of Estimates -
     The  preparation  of financial  statements  in conformity  with  accounting
     principles  generally  accepted  in the United  States of America  requires
     management  to make  estimates  and  assumptions  that affect the  reported
     amounts of assets and liabilities  and disclosure of contingent  assets and
     liabilities  at the  date of the  financial  statements  and  the  reported
     amounts of increases and decreases in net assets from operations during the
     reporting period. Actual results could differ from those estimates.

  e) Representations and Indemnifications -
     In the normal  course of  business  the Fund  enters  into  contracts  that
     contain a variety of  representations  and warranties which provide general
     indemnifications.  The Fund's maximum exposure under these  arrangements is
     unknown,  as this would involve  future claims that may be made against the
     Fund that have not yet occurred.  However,  based on  experience,  the Fund
     expects the risk of loss to be remote.

  f) General -
     Securities transactions are recorded on a trade date basis. Interest income
     including  accretion of discount and amortization of premium, is accrued as
     earned. Realized gains and losses from securities transactions are recorded
     on the identified cost basis.

-------------------------------------------------------------------------------
<PAGE>
-------------------------------------------------------------------------------
NEW JERSEY DAILY MUNICIPAL INCOME FUND, INC.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)

===============================================================================

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
0.30% of the Fund's average daily net assets.

Pursuant to an Administrative  Services Agreement,  the Fund pays to the Manager
an annual fee of 0.21% of the Fund's average daily net assets.

Pursuant to Distribution and Service 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 and  JPMorgan  Select  shares of the Fund.  For its  services
under the Shareholder  Servicing  Agreements,  the Distributor receives from the
Fund a fee equal to 0.20% of the Fund's  average  daily net assets with  respect
only  to the  Class A and  JPMorgan  Select  shares.  There  were no  additional
expenses borne by the Fund pursuant to the Distribution and Service Plans.

Directors of the Fund not affiliated  with the Manager are paid a fee that is to
be allocated among multiple funds, as defined below.  Each Independent  Director
receives  an annual  retainer  of $50,000  and a fee of $3,000 for each Board of
Directors meeting attended.  Each Independent Director also receives a fee up to
$1,500 at the discretion of the Lead Director for telephonic  Board meetings and
committee  meetings  that are not held on the  same day as a Board  Meeting.  In
addition,  the Lead Independent  Director  receives an additional  annual fee of
$12,000,  payable  quarterly  and the Audit  Committee  Chairman and  Compliance
Oversight  Committee  Chairman each receives an additional annual fee of $8,000,
payable  quarterly.  Each  Independent  Director will also be reimbursed for all
out-of-pocket  expenses relating to attendance at such meetings.  The fees noted
above are to be allocated at the  discretion of the Manager among the Fund,  the
Connecticut Daily Tax Free Income Fund, Inc., the Florida Daily Municipal Income
Fund,  the  California  Daily Tax Free Income Fund,  Inc.,  and the Daily Income
Fund.  Effective  January 1, 2008 the annual retainer was changed to $60,000 and
the annual fees payable to the Lead  Independent  Director,  the Audit Committee
Chairman  and the  Compliance  Oversight  Committee  Chairman  were  changed  to
$13,800, $9,200 and $9,200, respectively.

Included in the statement of operations under the caption "Shareholder servicing
and  related  shareholder  expenses"  are fees of  $48,763  paid to Reich & Tang
Services,  Inc. an affiliate of the Manager, as transfer agent for the Fund (the
"Transfer Agent"). 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, Class B, and JPMorgan  Select shares
of the Fund.  For the year ended  January 31,  2008,  these fees  amounted to an
annual  rate of 0.05% of the  monthly  average  net  assets of the shares of the
Fund.

For the year ended January 31, 2008,  the breakdown of expenses paid  indirectly
by the Fund was as follows:

Custodian expenses...................................       $     136
Shareholder servicing and related shareholder expenses            118
                                                            ---------
Total                                                       $     254
                                                            =========
3. Compensating Balance Arrangement and Other Transactions

Reich & Tang Asset Management,  LLC and the Bank of New York Mellon (the "Bank")
have entered into a  compensating  balance  arrangement,  effective  November 1,
2006, with the New Jersey Daily Municipal  Income Fund,  Inc., which would allow
the Fund to compensate  the Bank for any  overdrafts  by  maintaining a positive
cash balance the next day. Conversely,  on any day the Fund maintains a positive
balance it will be allowed to  overdraw  the  account as  compensation.  In both
cases the Federal Reserve  requirements,  currently 10%, will be assessed on the
transaction.  Therefore, all overdrafts must be compensated at 100% of the total
and all positive  balances  will allow for an overdraft of 90% of the total.  On
January 31, 2008, the Fund was overdrawn by $593,796.


-------------------------------------------------------------------------------
<PAGE>
-------------------------------------------------------------------------------



===============================================================================

<TABLE>

4. Capital Stock

At  January  31,  2008,  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:
                                                              Year                      Year
                                                              Ended                    Ended
Class A shares                                          January 31, 2008         January 31, 2007
--------------                                          ----------------         ----------------
<S>                                                     <C>                       <C>
Sold........................................                387,538,090              327,496,565
Issued on reinvestment of dividends.........                  1,702,462                1,845,777
Redeemed....................................               (428,343,425)            (334,906,774)
                                                        ---------------          ---------------
Net increase (decrease).....................                (39,102,873)              (5,564,432)
                                                        ===============          ===============
Class B shares
--------------
Sold........................................                174,785,241              112,329,458
Issued on reinvestment of dividends.........                    732,731                  563,276
Redeemed....................................               (172,065,780)            (113,441,525)
                                                        ---------------          ---------------
Net increase (decrease).....................                  3,452,192                 (548,791)
                                                        ===============          ===============
JPMorgan Select shares
----------------------
Sold........................................                        -0-               52,852,476
Issued on reinvestment of dividends.........                      2,926                  344,536
Redeemed....................................                   (317,728)             (79,605,112)
                                                        ---------------          ---------------
Net increase (decrease).....................                   (314,802)             (26,408,100)
                                                        ===============          ===============

</TABLE>

5. Concentration of Credit Risk

The Fund invests primarily in obligations of political subdivisions of the State
of New Jersey and,  accordingly,  is subject to the credit risk  associated with
the non-performance of such issuers.  Approximately 56% 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.


-------------------------------------------------------------------------------
<PAGE>
-------------------------------------------------------------------------------



===============================================================================

6. Tax Information

The tax character of all  distributions  paid during the years ended January 31,
2008 and 2007 were as follows:

<TABLE>
                                                               2008                            2007
                                                           -----------                     -----------
<S>                                                        <C>                             <C>
   Tax-exempt income.................................      $ 2,643,203                     $ 3,362,226
   Ordinary income...................................            5,695                             -0-
   Long-term capital gain............................            2,099                             -0-

</TABLE>

At January  31,  2008,  undistributed  capital  gains for  income  tax  purposes
amounted to $745.

During the year ended January 31, 2008, the Fund utilized  $4,351 of its carried
forward capital losses.

The  Fund  has   adopted   Financial   Accounting   Standards   Board   ("FASB")
Interpretation   No.  48,   Accounting  for  Uncertainty  in  Income  Taxes,  an
interpretation of FASB Statement No. 109 ("FIN 48"). FIN 48 requires  Management
to  determine  whether a tax  position of the Fund is more likely than not to be
sustained  upon  examination  by  the  applicable  taxing  authority,  including
resolution  of  any  related  appeals  or  litigation  processes,  based  on the
technical  merits of the position.  The tax benefit to be recognized is measured
as the largest  amount of benefit that is greater than fifty  percent  likely of
being realized upon ultimate settlement which could result in the Fund recording
a tax  liability  that would  reduce net  assets.  FIN 48 must be applied to all
existing tax positions upon initial adoption and the cumulative  effect, if any,
is to be reported as an adjustment to net assets.

Based on its analysis, Management has determined that the adoption of FIN 48 did
not have an impact to the Fund's  financial  statements upon adoption.  However,
the  Management's  conclusions  regarding  FIN 48 may be  subject  to review and
adjustment  at a later date  based on factors  including,  but not  limited  to,
further implementation guidance expected from the FASB, and on-going analyses of
tax laws, regulations and interpretations thereof.

7. New Accounting Pronouncement

In September 2006, FASB issued Statement of Financial  Accounting  Standards No.
157,  Fair  Value  Measurements  ("SFAS157").   SFAS  157  defines  fair  value,
establishes a framework for measuring fair value, and expands  disclosures about
fair value  measurements.  SFAS 157 applies to reporting periods beginning after
November 15, 2007. Management is currently evaluating the impact the adoption of
SFAS 157 will have on the Fund's financial statements.


-------------------------------------------------------------------------------
<PAGE>
-------------------------------------------------------------------------------



===============================================================================

<TABLE>

8. Financial Highlights
                                                                                         Year Ended
Class A shares                                                                           January 31,
---------------                                                     ----------------------------------------------------
                                                                      2008       2007       2006       2005       2004
                                                                    --------   --------   --------   --------   --------
Per Share Operating Performance:
(for a share outstanding throughout the year)
<S>                                                                 <C>        <C>        <C>        <C>        <C>
Net asset value, beginning of year............................      $ 1.00     $ 1.00     $ 1.00     $ 1.00     $ 1.00
                                                                    -------    -------    -------    -------    -------
Income from investment operations:
  Net investment income.......................................        0.026      0.025      0.015      0.003      0.001
  Net realized and unrealized gain (loss)
     on investments...........................................        0.000      0.000     (0.000)    (0.000)      --
                                                                    -------    -------    -------    -------    -------
Total from investment operations..............................        0.026      0.025      0.015      0.003      0.001
                                                                    -------    -------    -------    -------    -------
Less distributions from:
  Dividends from net investment income........................       (0.026)    (0.025)    (0.015)    (0.003)    (0.001)
  Net realized gains on investments.............................     (0.000)    ( --  )    ( --  )    (  -- )    ( --  )
                                                                    -------    -------    -------    -------    -------
Total distributions...........................................       (0.026)    (0.025)    (0.015)    (0.003)    (0.001)
                                                                    -------    -------    -------    -------    -------
Net asset value, end of year..................................      $ 1.00     $ 1.00     $ 1.00     $ 1.00     $ 1.00
                                                                    =======    =======    =======    =======    =======
Total Return..................................................        2.69%      2.52%      1.55%      0.34%      0.14%
Ratios/Supplemental Data
Net assets, end of year (000's)...............................      $53,038    $92,135    $97,702    $107,203   $96,004
Ratios to average net assets:
    Expenses (net of fees waived)(a)..........................        0.98%      0.96%      0.94%      0.93%      0.90%
    Net investment income.....................................        2.66%      2.48%      1.53%      0.34%      0.14%
    Management & Administration fees waived...................         --        0.03%       --         --         --
    Shareholder servicing fees waived.........................         --         --         --        0.00%      0.02%
    Expenses paid indirectly .................................        0.00%       --        0.00%      0.00%      0.00%

</TABLE>

(a)Includes expenses paid indirectly, if applicable.
<PAGE>
-------------------------------------------------------------------------------
NEW JERSEY DAILY MUNICIPAL INCOME FUND, INC.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)

===============================================================================

<TABLE>

8. Financial Highlights (continued)
                                                                                         Year Ended
Class B shares                                                                           January 31,
---------------                                                     ----------------------------------------------------
                                                                      2008       2007       2006       2005       2004
                                                                    --------   --------   --------   --------   --------
Per Share Operating Performance:
(for a share outstanding throughout the year)
<S>                                                                 <C>        <C>        <C>        <C>        <C>
Net asset value, beginning of year............................      $ 1.00     $ 1.00     $ 1.00     $ 1.00     $ 1.00
                                                                    -------    -------    -------    -------    -------
Income from investment operations:
  Net investment income.......................................        0.029      0.027      0.017      0.005      0.003
  Net realized and unrealized gain (loss)
     on investments...........................................        0.000      0.000     (0.000)    (0.000)      --
                                                                    -------    -------    -------    -------    -------
Total from investment operations..............................        0.029      0.027      0.017      0.005      0.003
                                                                    -------    -------    -------    -------    -------
Less distributions from:
  Dividends from net investment income........................       (0.029)    (0.027)    (0.017)    (0.005)    (0.003)
  Net realized gains on investments.............................     (0.000)    ( --  )    ( --  )    (  -- )    ( --  )
                                                                    -------    -------    -------    -------    -------
Total distributions...........................................       (0.029)    (0.027)    (0.017)    (0.005)    (0.003)
                                                                    -------    -------    -------    -------    -------
Net asset value, end of year..................................      $ 1.00     $ 1.00     $ 1.00     $ 1.00     $ 1.00
                                                                    =======    =======    =======    =======    =======
Total Return..................................................        2.90%      2.72%      1.76%      0.54%      0.32%
Ratios/Supplemental Data
Net assets, end of year (000's)...............................      $25,386    $21,934    $22,484    $15,255    $11,916
Ratios to average net assets:
    Expenses (net of fees waived)(a)..........................        0.77%      0.76%      0.74%      0.74%      0.73%
    Net investment income.....................................        2.85%      2.68%      1.74%      0.60%      0.32%
    Management & Administration fees waived...................         --        0.03%       --         --         --
    Expenses paid indirectly .................................        0.00%       --        0.00%      0.00%      0.00%

</TABLE>


(a) Includes expenses paid indirectly, if applicable.


<PAGE>
-------------------------------------------------------------------------------
NEW JERSEY DAILY MUNICIPAL INCOME FUND, INC.
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

===============================================================================

To the Board of Directors and Shareholders of
New Jersey Daily Municipal Income Fund, Inc.


In our opinion, the accompanying statement of assets and liabilities,  including
the schedule of  investments,  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 New Jersey Daily Municipal Income
Fund,  Inc. (the "Fund") at January 31, 2008,  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 January  31,  2008 by  correspondence  with the
custodian and brokers, provide a reasonable basis for our opinion.



PricewaterhouseCoopers LLP
New York, New York
March 28, 2008


-------------------------------------------------------------------------------
<PAGE>
-------------------------------------------------------------------------------
NEW JERSEY DAILY MUNICIPAL 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.

LONG TERM CAPITAL GAIN/TAX-EXEMPT INCOME DISTRIBUTION

On January 31,  2008,  the Fund paid a long-term  capital gain  distribution  of
$0.0000994 per share.  The Fund paid tax-exempt  distributions  in the amount of
$2,643,203 during the year ended January 31, 2008.



-------------------------------------------------------------------------------
<PAGE>
-------------------------------------------------------------------------------




===============================================================================

<TABLE>

                                                  Directors and Officers Information
                                                          January 31, 2008(1)
---------------------- ----------- --------------- ---------------------------------- -------------------- ---------------

---------------------  Position(s) Term of Office       Principal Occupation(s)            Number of            Other
  Name, Address(2),    Held with   and Length of              During Past                Portfolios in      Directorships
       and Age            Fund     Time Served(3)               5 Years                  Fund Complex          held by
                                                                                          Overseen by          Director
                                                                                           Director
---------------------- ----------- --------------- ---------------------------------- -------------------- ---------------
------------------------- -------- --------------- ---------------------------------- -------------------- ---------------
Disinterested Directors:
------------------------- -------- --------------- ---------------------------------- -------------------- ---------------
---------------------- ----------- --------------- ---------------------------------- -------------------- ---------------
<S>                     <C>          <C>           <C>                                <C>                  <C>
 Albert R. Dowden,       Director    Since 2006    Corporate Director/Trustee for     Director/Trustee     Director/Trustee
 Age 66                                            Annuity & Life Re (Holdings)       of seven             for Annuity &
                                                   Ltd., Boss Group, Ltd.,            portfolios              Life Re
                                                   Homeowners of American Holding                            (Holdings)
                                                   Corporation, AIM Funds and                                Ltd., Boss
                                                   CompuDyne Corporation.                                   Group, Ltd.,
                                                                                                           Homeowners of
                                                                                                              America
                                                                                                              Holding
                                                                                                            Corporation,
                                                                                                           AIM Funds and
                                                                                                             CompuDyne
                                                                                                            Corporation.
---------------------- ----------- --------------- ---------------------------------- -------------------- ---------------
---------------------- ----------- --------------- ---------------------------------- -------------------- ---------------
 Carl Frischling,        Director    Since 2006    Partner of Kramer Levin Naftalis   Director/Trustee      Director of
 Esq.,                                             & Frankel LLP (a law firm) with    of seven               AIM Funds.
 Age 70                                            which he has been associated       portfolios
                                                   with since 1994.
---------------------- ----------- --------------- ---------------------------------- -------------------- ---------------
---------------------- ----------- --------------- ---------------------------------- -------------------- ---------------
 Edward A. Kuczmarski,   Director    Since 2006    Certified Public Accountant and    Director/Trustee       Trustee of
 Age 58                                            Partner of Hays & Company LLP      of eleven              the Empire
                                                   since 1980.                        portfolios            Builder Tax
                                                                                                             Free Bond
                                                                                                              Fund and
                                                                                                            Director of
                                                                                                             ISI Funds.
---------------------- ----------- --------------- ---------------------------------- -------------------- ---------------
---------------------- ----------- --------------- ---------------------------------- -------------------- ---------------
 William Lerner, Esq.,   Director    Since 2006    Self-employed consultant to        Director/Trustee      Director of
 Age 71                                            business entities and              of seven portfolios       MTM
                                                   entrepreneurs for corporate                             Technologies,
                                                   governance and corporate                                   Inc. and
                                                   secretarial services.                                       Coach
                                                                                                             Industries
                                                                                                            Group, Inc.
---------------------- ----------- --------------- ---------------------------------- -------------------- ---------------
---------------------- ----------- --------------- ---------------------------------- -------------------- ---------------
 Dr. W. Giles Mellon,    Director    Since 1987    Professor Emeritus of Business     Director/Trustee          N/A
 Age 76                                            Administration in the Graduate     of ten portfolios
                                                   School of Management, Rutgers
                                                   University with which he has
                                                   been associated with
                                                   since 1966.
---------------------- ----------- --------------- ---------------------------------- -------------------- ---------------

</TABLE>
-------------------------------------------------------------------------------
<PAGE>
-------------------------------------------------------------------------------
NEW JERSEY DAILY MUNICIPAL INCOME FUND, INC.
ADDITIONAL INFORMATION (CONTINUED)
(UNAUDITED)

===============================================================================

<TABLE>

                                                  Directors and Officers Information
                                                          January 31, 2008(1)
--------------------- ------------ --------------- ---------------------------------- -------------------- ---------------

--------------------  Position(s)  Term of Office       Principal Occupation(s)            Number of            Other
 Name, Address(2),     Held with   and Length of              During Past                Portfolios in      Directorships
      and Age            Fund      Time Served(3)               5 Years                  Fund Complex          held by
                                                                                          Overseen by          Director
                                                                                           Director
--------------------- ------------ --------------- ---------------------------------- -------------------- ---------------
------------------------------------------------- -- ------------------ ------------- -------------------- ---------------
Disinterested Directors: (continued)
------------------------------------------------- -- ------------------ ------------- -------------------- ---------------
--------------------- ------------ --------------- ---------------------------------- -------------------- ---------------
<S>                     <C>          <C>           <C>                                <C>                  <C>
 James L. Schultz,     Director      Since 2006    Self Employed as Consultant        Director/Trustee      Director of
 Age 71                                                                               of seven portfolios     Computer
                                                                                                           Research, Inc.
--------------------- ------------ --------------- ---------------------------------- -------------------- ---------------
--------------------- ------------ --------------- ---------------------------------- -------------------- ---------------
 Robert Straniere,     Director      Since 1987    Owner, Straniere Law Firm since    Director/Trustee      Director of
 Esq., Age 66                                      1980, NYS Assemblyman from 1981 to of ten portfolios     Sparx Japan
                                                   2004. Partner, Hantor-Davidoff law                          Funds
                                                   firm since May, 2006. Partner,
                                                   Gotham Global Group since June,
                                                   2005. President, NYC Hot Dog Co.,
                                                   since November, 2005. Counsel at
                                                   Fisher & Fisher from 1995 to 2006.
--------------------- ------------ --------------- ---------------------------------- -------------------- ---------------
--------------------- ------------ --------------- ---------------------------------- -------------------- ---------------
 Dr. Yung Wong,        Director      Since 1987    Managing Director of Abacus        Director/Trustee          N/A
 Age 69                                            Associates, an investment firm,    of ten portfolios
                                                   since 1996.
--------------------- ------------ --------------- ---------------------------------- -------------------- ---------------







</TABLE>

-------------------------------------------------------------------------------
<PAGE>
-------------------------------------------------------------------------------



===============================================================================

<TABLE>

                                            Directors and Officers Information (continued)
                                                          January 31, 2008(1)
--------------------- ----------- -------------- ----------------------------------------- ------------------ ------------

--------------------  Position(s) Term of Office         Principal Occupation(s)               Number of          Other
 Name, Address(2),    Held with    and Length of               During Past                   Portfolios in    Directorships
      and Age            Fund     Time Served(3)                 5 Years                      Fund Complex       held by
                                                                                              Overseen by       Director
                                                                                                Director
--------------------- ----------- -------------- ----------------------------------------- ------------------ ------------
-------------------------------------- --------------- ------------ ----------------- ---------------- -------------------
Interested Directors/Officers:
-------------------------------------- --------------- ------------ ----------------- ---------------- -------------------

--------------------- ----------- -------------- ----------------------------------------- ------------------ ------------
<S>                     <C>          <C>           <C>                                     <C>                  <C>
Steven W. Duff,       Director(4)  Since 1994    President and Chief Executive Officer     Director/Trustee      None
Age 54                                           of Reich & Tang Asset Management, LLC     of ten portfolios
                      President   1994 to 2007   ("RTAM, LLC"), a registered Investment
                      and                        Advisor and Chief Investment Officer
                      Director                   of the Mutual Funds Division of RTAM,
                                                 LLC.  Associated with RTAM, LLC since
                                                 1994.  Mr. Duff is also
                                                 Director/Trustee of six other funds in
                                                 the Reich & Tang Fund Complex. Prior
                                                 to December 2007 Mr. Duff was
                                                 President of the Fund and President
                                                 and Director/Trustee of eight other
                                                 funds in the Reich & Tang Fund
                                                 Complex, Principal Executive Officer
                                                 of Delafield Fund, Inc., and President
                                                 and Chief Executive Officer of Tax
                                                 Exempt Proceeds Fund, Inc. Mr. Duff
                                                 also serves as a Director of Reich &
                                                 Tang Services, Inc. and Director,
                                                 Chief Executive Officer and President
                                                 of Reich & Tang Distributors, Inc.
--------------------- ----------- -------------- ----------------------------------------- ------------------ ------------
--------------------- ----------- -------------- ----------------------------------------- ------------------ ------------
Michael P. Lydon,     President    Since 2007    President and Chief Executive Officer     Director/Trustee       N/A
Age 44                and                        of the Mutual Funds division of RTAM,     of nine
                      Director(4)                LLC and Executive Vice President of       portfolios
                                                 RTAM, LLC.  Associated with RTAM, LLC
                      Vice         2005 - 2007   since January 2005.  Mr. Lydon was Vice
                      President                  President at Automatic Data Processing
                                                 from July 2000 to December 2004.  Mr.
                                                 Lydon is also President and Director of
                                                 four other funds in the Reich & Tang
                                                 Fund Complex, President of New York
                                                 Daily Tax Free Income Fund, Inc.,
                                                 Principal Executive Officer of
                                                 Delafield Fund, Inc., and President and
                                                 Chief Executive Officer of Tax Exempt
                                                 Proceeds Fund, Inc.  Mr. Lydon also
                                                 serves as President and Chief Executive
                                                 Officer of Reich & Tang Services, Inc.
                                                 Prior to December 2007, Mr. Lydon was
                                                 Vice President of twelve other Funds in
                                                 the Reich & Tang Fund Complex.
--------------------- ----------- -------------- ----------------------------------------- ------------------ ------------

</TABLE>

-------------------------------------------------------------------------------
<PAGE>
-------------------------------------------------------------------------------
NEW JERSEY DAILY MUNICIPAL INCOME FUND, INC.
ADDITIONAL INFORMATION
(UNAUDITED)
===============================================================================

<TABLE>

                                            Directors and Officers Information (continued)
                                                          January 31, 2008(1)
---------------------- ------------ ---------------- ------------------------------------- ------------------- ------------

---------------------  Position(s)  Term of Office         Principal Occupation(s)             Number of           Other
  Name, Address(2),     Held with    and Length of               During Past                 Portfolios in     Directorships
       and Age            Fund      Time Served(3)                 5 Years                    Fund Complex        held by
                                                                                              Overseen by        Director
                                                                                                Director
---------------------- ------------ ---------------- ------------------------------------- ------------------- ------------
-------------------------------------- ------------- --------------- ---------------- ----------------- -------------------
Interested Directors/Officers (continued):
---------------------- ------------ ---------------- ------------------------------------- ------------------- ------------
<S>                     <C>          <C>           <C>                                           <C>                  <C>
Christopher Brancazio, Chief          Since 2007      Vice President, Chief Compliance            N/A              N/A
Age 42                 Compliance                     Officer and AML Officer of RTAM,
                       Officer                        LLC since September 2007. Mr.
                                                      Brancazio is also Chief Compliance
                                                      Officer of eight other funds in
                                                      the Reich & Tang Fund Complex.
                                                      From February 2007 to August 2007,
                                                      Mr. Brancazio was a Compliance
                                                      Officer at Bank of New York Asset
                                                      Management.  From March 2002 to
                                                      February 2007 Mr. Brancazio served
                                                      as Vice President, Chief
                                                      Compliance Officer, and AML
                                                      Officer of Trainer Wortham & Co.
                                                      Inc., and the Trainer Wortham
                                                      Mutual Funds.  Mr. Brancazio also
                                                      serves as Vice President, Chief
                                                      Compliance Officer and AML Officer
                                                      of Reich & Tang Services, Inc. and
                                                      Reich & Tang Distributors, Inc.
---------------------- ------------ ---------------- ------------------------------------- ------------------- ------------
---------------------- ----------- ----------------- ------------------------------------- ------------------- ------------
Richard De Sanctis,    Vice           Since 2005     Chief Operating Officer and                  N/A              N/A
Age 51                 President                     Executive Vice President of RTAM LLC
                                                     and Reich & Tang Services, Inc.
                       Treasurer                     Associated with RTAM, LLC since
                       and           1992 to 2004    1990.  Mr. De Sanctis is Vice
                       Assistant                     President of eight other funds in
                       Secretary                     the Reich & Tang Fund Complex, and
                                                     serves as Executive Vice President
                                                     and Chief Financial Officer of Reich
                                                     & Tang Distributors, Inc.  Prior to
                                                     December 2004, Mr. De Sanctis was
                                                     Treasurer and Assistant Secretary of
                                                     eleven funds in the Reich & Tang
                                                     Fund Complex and Vice President,
                                                     Treasurer and Assistant Secretary of
                                                     Cortland Trust, Inc.
---------------------- ----------- ----------------- ------------------------------------- ------------------- ------------

</TABLE>

-------------------------------------------------------------------------------
<PAGE>
-------------------------------------------------------------------------------



===============================================================================

<TABLE>

                                            Directors and Officers Information (continued)
                                                          January 31, 2008(1)
---------------------- ----------- ----------------- ------------------------------------ ------------------- ------------

---------------------  Position(s)  Term of Office         Principal Occupation(s)            Number of           Other
  Name, Address(2),    Held with    and Length of                During Past                Portfolios in     Directorships
       and Age            Fund      Time Served(3)                 5 Years                   Fund Complex        held by
                                                                                             Overseen by        Director
                                                                                               Director
---------------------- ----------- ----------------- ------------------------------------ ------------------- ------------
-------------------------------------- ------------- -------------- ----------------- ---------------- -------------------
Interested Directors/Officers (continued):
---------------------- ----------- ----------------- ------------------------------------ ------------------- ------------
<S>                     <C>          <C>              <C>                                    <C>                  <C>
Christine Manna,       Secretary      Since 2007     Vice President and Secretary of             N/A              N/A
Age 37                                               RTAM, LLC. Ms. Manna is also
                                                     Secretary of eight other funds in
                                                     the Reich & Tang Complex. Ms.
                                                     Manna has been associated with
                                                     RTAM, LLC and its predecessors
                                                     since June 1995. Ms. Manna is also
                                                     a Vice President of Reich & Tang
                                                     Services, Inc. and Reich & Tang
                                                     Distributors, Inc.
---------------------- ----------- ----------------- ------------------------------------ ------------------- ------------
---------------------- ----------- ----------------- ------------------------------------ ------------------- ------------
Dana E. Messina,       Vice           Since 1989     Executive Vice President of RTAM,           N/A              N/A
Age 51                 President                     LLC.  Associated with RTAM, LLC
                                                     since 1980.  Ms. Messina is also
                                                     Vice President of six other funds
                                                     in the Reich & Tang Fund Complex.
                                                     Ms. Messina also serves as
                                                     Executive Vice President of Reich
                                                     & Tang Distributors, Inc.
---------------------- ----------- ----------------- ------------------------------------ ------------------- ------------
---------------------- ----------- ----------------- ------------------------------------ ------------------- ------------
Anthony Pace,          Treasurer      Since 2004     Vice President of RTAM, LLC since           N/A              N/A
Age 42                 and                           September 2004.  Mr. Pace was a
                       Assistant                     Director of a Client Service
                       Secretary                     Group at GlobeOp Financial
                                                     Services, Inc. from May 2002 to
                                                     August 2004 and
                                                     Controller/Director of Mutual
                                                     Fund Administration for Smith
                                                     Barney Funds Management LLC and
                                                     Salomon Brothers Asset Management
                                                     Inc. from 1998 to May 2002.  Mr.
                                                     Pace is also Treasurer and
                                                     Assistant Secretary of eight
                                                     other funds in the Reich & Tang
                                                     Fund Complex.
---------------------- ----------- ----------------- ------------------------------------ ------------------- ------------

</TABLE>

-------------------------------------------------------------------------------
<PAGE>
-------------------------------------------------------------------------------
NEW JERSEY DAILY MUNICIPAL INCOME FUND, INC.
ADDITIONAL INFORMATION (CONTINUED)
(UNAUDITED)
===============================================================================

<TABLE>
                                            Directors and Officers Information (continued)
                                                           January 31, 20081
------------------- ------------- -------------------- ---------------------------------- ------------------- ------------

------------------  Position(s)     Term of Office          Principal Occupation(s)           Number of           Other
Name, Address(2),    Held with       and Length of                During Past               Portfolios in     Directorships
     and Age            Fund        Time Served(3)                  5 Years                  Fund Complex        held by
                                                                                             Overseen by        Director
                                                                                               Director
------------------- ------------- -------------------- ---------------------------------- ------------------- ------------
-------------------------------------- --------------- ------------ ----------------- ---------------- -------------------
Interested Directors/Officers (continued):
------------------- ------------- -------------------- ---------------------------------- ------------------- ------------
<S>                     <C>          <C>                 <C>                                   <C>               <C>
Robert Rickard,         Vice          Since 2007       Senior Vice President of RTAM             N/A              N/A
Age 38               President                         LLC. Associated with RTAM, LLC
                                                       since December 1991. Mr. Rickard
                                                       is also Vice President of eight
                                                       other funds in the Reich & Tang
                                                       Fund Complex.
------------------- ------------- -------------------- ---------------------------------- ------------------- ------------

</TABLE>

(1)  The Statement of Additional  Information  includes  additional  information
     about New Jersey Daily Municipal Income Fund, Inc. (the "Fund")  directors/
     officers  and is  available,  without  charge,  upon request by calling the
     Fund's transfer agent at (800) 433-1918.

(2)  The address for each of the above directors/officers of the Fund is Reich &
     Tang Asset Management, LLC, 600 Fifth Avenue, New York, NY 10020.

(3)  Each Director 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  Director and until the
     election and qualification of his or her successor, if any, elected at such
     meeting,  or (ii) the date a Director resigns or retires,  or a Director is
     removed by the Board of Directors or  shareholders,  in accordance with the
     Fund's  Articles of  Incorporation,  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.


(4)  Steven W. Duff and  Michael P. Lydon are deemed  interested  persons of the
     Fund due to their affiliation with Reich & Tang Asset Management,  LLC, the
     Fund's investment advisor.


-------------------------------------------------------------------------------
<PAGE>
-------------------------------------------------------------------------------




      NEW JERSEY
      DAILY
      MUNICIPAL
      INCOME
      FUND, INC.





                                                                  Annual Report
                                                              January 31, 2008





------------------------------------------------------
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 Jersey Daily Municipal 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 Mellon
      2 Hanson Place, 7th Floor
      Brooklyn, New York 11217


  Transfer Agent &
   Dividend Disbursing Agent
      Reich & Tang Services, Inc.
      600 Fifth Avenue
      New York, New York 10020


  Distributor
      Reich & Tang Asset Distributor, Inc
      600 Fifth Avenue
      New York, New York 10020



  NJ01/08A





  NJ1/07A

<PAGE>
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 Directors has determined that there is an audit
committee financial expert serving on its audit committee, Edward A. Kuczmarski,
who is "independent," as defined in the instructions to this Item.

ITEM 4:  PRINCIPAL ACCOUNTANT FEES AND SERVICES
<TABLE>
<CAPTION>
                                    FYE 1/31/2008                  FYE 1/31/2007
<S>                                 <C>                            <C>
4(a)     Audit Fees                 $31,000                        $29,000
4(b)     Audit Related Fees         $     0                        $     0
4(c)     Tax Fees                   $ 4,000                        $ 3,750
4(d)     All Other Fees             $     0                        $     0
</TABLE>

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) $4,000 and $52,950, 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 January 31, 2008. $3,750 and $49,500, 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 January 31, 2007.

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.
<PAGE>

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)   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.
<PAGE>
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 Jersey Daily Municipal Income Fund, Inc.

 By (Signature and Title)*       /s/Christine Manna
                                    Christine Manna, Secretary
Date: April 9, 2008


Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.

By (Signature and Title)*        /s/Michael P. Lydon
                                    Michael P. Lydon, President
Date: April 9, 2008

By (Signature and Title)*        /s/Anthony Pace
                                    Anthony Pace, Treasurer
Date: April 9, 2008

* Print the name and title of each signing officer under his or her signature.