<PAGE>
000 B000000 02/28/98
000 C000000 0000810104
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 MICHIGAN DAILY TAX FREE INCOME FUND, INC.
001 B000000 811-5015
001 C000000 2128305200
002 A000000 600 FIFTH AVEUNE
002 B000000 NEW YORK
002 C000000 NY
002 D010000 10020
002 D020000 2302
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
007 B000000 0
007 C010100 1
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A000001 REICH & TANG ASSET MANAGEMENT L.P.
008 B000001 A
008 C000001 801-47230
008 D010001 NEW YORK
008 D020001 NY
008 D030001 10020
008 D040001 2302
011 A000001 REICH & TANG DISTRIBUTORS, INC.
011 B000001 8-43429
011 C010001 NEW YORK
011 C020001 NY
011 C030001 10020
011 C040001 2302
012 A000001 REICH & TANG SERVICES, INC.
012 B000001 84-2007
012 C010001 NEW YORK
012 C020001 NY
012 C030001 10020
<PAGE>
012 C040001 2302
013 A000001 MCGLADREY & PULLEN LLP
013 B010001 NEW YORK
013 B020001 NY
013 B030001 10017
015 A000001 INVESTORS FIDUCIARY TRUST COMPANY
015 B000001 C
015 C010001 KANSAS CITY
015 C020001 MO
015 C030001 64105
015 E010001 X
018 000000 Y
019 A000000 Y
019 B000000 21
019 C000000 REICHTANGI
020 C000001 0
020 C000002 0
020 C000003 0
020 C000004 0
020 C000005 0
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 0
022 A000001 FIRST CHICAGO CAPITAL MARKETS, INC.
022 B000001 36-3595942
022 C000001 30135
022 D000001 26735
022 A000002 SMITH BARNEY INC.
022 B000002 13-1912900
022 C000002 29063
022 D000002 2700
022 A000003 MORGAN (J.P.) SECURITIES INC.
022 B000003 13-3224016
022 C000003 11716
022 D000003 8100
022 A000004 RONEY & CO.
022 B000004 38-0982040
022 C000004 5000
022 D000004 0
022 A000005 OPPENHEIMER & CO., INC.
022 B000005 13-2798343
022 C000005 2074
022 D000005 1028
022 A000006 PRUDENTIAL SECURITIES INCORPORATED
022 B000006 22-2347336
022 C000006 1877
022 D000006 0
022 A000007 COMERICA SECURITIES
<PAGE>
022 B000007 38-2621207
022 C000007 1500
022 D000007 0
022 A000008 SUNTRUST CAPITAL MARKETS, INC.
022 B000008 58-2109565
022 C000008 1000
022 D000008 0
022 A000009 GOLDMAN, SACHS & CO.
022 B000009 13-5108880
022 C000009 1000
022 D000009 0
022 A000010 LEHMAN BROTHERS INC.
022 B000010 13-2518466
022 C000010 400
022 D000010 0
023 C000000 83765
023 D000000 38563
024 000000 N
025 D000001 0
025 D000002 0
025 D000003 0
025 D000004 0
025 D000005 0
025 D000006 0
025 D000007 0
025 D000008 0
026 A000000 N
026 B000000 N
026 C000000 N
026 D000000 N
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
028 A010000 7887
028 A020000 113
028 A030000 0
028 A040000 5277
028 B010000 5393
028 B020000 133
028 B030000 0
028 B040000 8261
028 C010000 5497
028 C020000 138
028 C030000 0
028 C040000 6560
028 D010000 4567
028 D020000 123
028 D030000 0
<PAGE>
028 D040000 5971
028 E010000 6223
028 E020000 129
028 E030000 0
028 E040000 4447
028 F010000 4484
028 F020000 122
028 F030000 0
028 F040000 4548
028 G010000 34051
028 G020000 758
028 G030000 0
028 G040000 35064
028 H000000 0
029 000000 N
030 A000000 0
030 B000000 0.00
030 C000000 0.00
031 A000000 0
031 B000000 0
032 000000 0
033 000000 0
034 000000 N
035 000000 0
036 B000000 0
037 000000 N
038 000000 0
039 000000 N
040 000000 Y
041 000000 Y
042 A000000 0
042 B000000 0
042 C000000 100
042 D000000 0
042 E000000 0
042 F000000 0
042 G000000 0
042 H000000 0
043 000000 100
044 000000 61
045 000000 Y
046 000000 N
047 000000 Y
048 000000 0.300
048 A010000 0
048 A020000 0.000
048 B010000 0
048 B020000 0.000
048 C010000 0
048 C020000 0.000
048 D010000 0
<PAGE>
048 D020000 0.000
048 E010000 0
048 E020000 0.000
048 F010000 0
048 F020000 0.000
048 G010000 0
048 G020000 0.000
048 H010000 0
048 H020000 0.000
048 I010000 0
048 I020000 0.000
048 J010000 0
048 J020000 0.000
048 K010000 0
048 K020000 0.000
049 000000 N
050 000000 N
051 000000 N
052 000000 N
053 A000000 Y
053 B000000 Y
053 C000000 N
054 A000000 Y
054 B000000 N
054 C000000 N
054 D000000 N
054 E000000 N
054 F000000 N
054 G000000 N
054 H000000 Y
054 I000000 N
054 J000000 Y
054 K000000 N
054 L000000 N
054 M000000 Y
054 N000000 N
054 O000000 N
055 A000000 N
055 B000000 N
056 000000 Y
057 000000 N
058 A000000 N
059 000000 Y
060 A000000 N
060 B000000 N
061 000000 1000
062 A000000 Y
062 B000000 0.0
062 C000000 0.0
062 D000000 0.0
062 E000000 100.4
<PAGE>
062 F000000 0.0
062 G000000 0.0
062 H000000 0.0
062 I000000 0.0
062 J000000 0.0
062 K000000 0.0
062 L000000 0.4
062 M000000 0.0
062 N000000 0.0
062 O000000 0.0
062 P000000 0.0
062 Q000000 0.0
062 R000000 0.0
063 A000000 38
063 B000000 0.0
064 A000000 Y
064 B000000 N
066 A000000 N
067 000000 N
068 A000000 N
068 B000000 N
069 000000 N
070 A010000 Y
070 A020000 N
070 B010000 N
070 B020000 N
070 C010000 N
070 C020000 N
070 D010000 N
070 D020000 N
070 E010000 N
070 E020000 N
070 F010000 N
070 F020000 N
070 G010000 N
070 G020000 N
070 H010000 N
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 N
070 J020000 N
070 K010000 N
070 K020000 N
070 L010000 N
070 L020000 N
070 M010000 N
070 M020000 N
070 N010000 N
070 N020000 N
070 O010000 N
<PAGE>
070 O020000 N
070 P010000 N
070 P020000 N
070 Q010000 N
070 Q020000 N
070 R010000 N
070 R020000 N
071 A000000 0
071 B000000 0
071 C000000 0
071 D000000 0
072 A000000 12
072 B000000 1885
072 C000000 0
072 D000000 0
072 E000000 0
072 F000000 150
072 G000000 105
072 H000000 0
072 I000000 34
072 J000000 10
072 K000000 4
072 L000000 5
072 M000000 6
072 N000000 13
072 O000000 1
072 P000000 0
072 Q000000 46
072 R000000 19
072 S000000 14
072 T000000 100
072 U000000 0
072 V000000 0
072 W000000 4
072 X000000 511
072 Y000000 106
072 Z000000 1480
072AA000000 0
072BB000000 0
072CC010000 0
072CC020000 0
072DD010000 1480
072DD020000 0
072EE000000 0
073 A010000 0.0295
073 A020000 0.0176
073 B000000 0.0000
073 C000000 0.0000
074 A000000 0
074 B000000 0
074 C000000 51814
<PAGE>
074 D000000 0
074 E000000 0
074 F000000 0
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 0
074 K000000 0
074 L000000 475
074 M000000 0
074 N000000 52289
074 O000000 0
074 P000000 20
074 Q000000 0
074 R010000 676
074 R020000 0
074 R030000 0
074 R040000 0
074 S000000 0
074 T000000 51593
074 U010000 51612
074 U020000 0
074 V010000 1.00
074 V020000 1.00
074 W000000 0.9999
074 X000000 330
074 Y000000 0
075 A000000 50319
075 B000000 0
076 000000 0.00
077 A000000 Y
077 B000000 Y
077 C000000 N
077 D000000 N
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 N
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 N
077 P000000 N
077 Q010000 Y
077 Q020000 N
077 Q030000 N
078 000000 N
080 A000000 FEDERAL INSURANCE CO.
<PAGE>
080 C000000 600
081 A000000 Y
081 B000000 20
082 A000000 Y
082 B000000 0
083 A000000 N
083 B000000 0
084 A000000 N
084 B000000 0
085 A000000 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
SIGNATURE BERNADETTE N FINN
TITLE SECRETARY
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND> The schedule contains summary financial information
extracted from the financial statements and supporting
schedules as of the end of the most current period and is
qualified in its entirety by reference to such financial
statements.
</LEGEND>
<CIK> 0000810104
<NAME> Michigan Daily Tax Free Income Fund, Inc.
<SERIES>
<NUMBER> 1
<NAME> CLASS A
<S> <C>
<FISCAL-YEAR-END> FEB-28-1998
<PERIOD-START> MAR-01-1997
<PERIOD-END> FEB-28-1998
<PERIOD-TYPE> YEAR
<INVESTMENTS-AT-COST> 51813685
<INVESTMENTS-AT-VALUE> 51813685
<RECEIVABLES> 475500
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 52289185
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 696138
<TOTAL-LIABILITIES> 696138
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 51611795
<SHARES-COMMON-STOCK> 51611795
<SHARES-COMMON-PRIOR> 45166400
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (18749)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 51593047
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1885048
<OTHER-INCOME> 0
<EXPENSES-NET> 405007
<NET-INVESTMENT-INCOME> 1480041
<REALIZED-GAINS-CURRENT> 42
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 1480083
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1480040
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 82174625
<NUMBER-OF-SHARES-REDEEMED> 77167155
<SHARES-REINVESTED> 1437925
<NET-CHANGE-IN-ASSETS> 6445438
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (18791)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 150005
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 510713
<AVERAGE-NET-ASSETS> 50139098
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .03
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> .03
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .81
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND> The schedule contains summary financial information
extracted from the financial statements and supporting
schedules as of the end of the most current period and is
qualified in its entirety by reference to such financial
statements.
</LEGEND>
<CIK> 0000810104
<NAME> Michigan Daily Tax Free Income Fund, Inc.
<SERIES>
<NUMBER> 2
<NAME> CLASS B
<S> <C>
<FISCAL-YEAR-END> FEB-28-1998
<PERIOD-START> MAR-01-1997
<PERIOD-END> FEB-28-1998
<PERIOD-TYPE> YEAR
<INVESTMENTS-AT-COST> 51813685
<INVESTMENTS-AT-VALUE> 51813685
<RECEIVABLES> 475500
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 52289185
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 696138
<TOTAL-LIABILITIES> 696138
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 51611795
<SHARES-COMMON-STOCK> 51611795
<SHARES-COMMON-PRIOR> 45166400
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (18749)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 51593047
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1885048
<OTHER-INCOME> 0
<EXPENSES-NET> 405007
<NET-INVESTMENT-INCOME> 1480041
<REALIZED-GAINS-CURRENT> 42
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 1480083
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1480040
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 82174625
<NUMBER-OF-SHARES-REDEEMED> 77167155
<SHARES-REINVESTED> 1437925
<NET-CHANGE-IN-ASSETS> 6445438
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (18791)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 150005
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 510713
<AVERAGE-NET-ASSETS> 50139098
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .02
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> .02
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .62
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
McGLADREY & PULLEN, LLP
Certified Public Accountants and Consultants
REPORT OF CERTIFIED PUBLIC ACCOUNTANTS
The Board of Directors
Michigan Daily Tax Free Income Fund, Inc.
In planning and performing our audit of the financial statements of Michigan
Daily Tax Free Income Fund, Inc. for the year ended February 28, 1998, we
considered its internal control, including controls over safeguarding
securities, in order to determine our auditing procedures for the purpose of
expressing our opinion on the financial statements and to comply with the
requirements of Form N-SAR, not to provide assurance on internal control.
The management of Michigan Daily Tax Free Income Fund, Inc. is responsible for
establishing and maintaining internal control. In fulfilling this
responsibility, estimates and judgments by management are required to assess the
expected benefits and related costs of controls. Generally, controls that are
relevant to an audit pertain to the entity's objective of preparing financial
statements for external purposes that are fairly presented in conformity with
generally accepted accounting principles. Those controls include safeguarding of
assets against unauthorized acquisition, use, or disposition.
Because of inherent limitations in internal control, errors or irregularities
may occur and not be detected. Also, projection of any evaluation of internal
control to future periods is subject to the risk that it may become inadequate
because of changes in conditions or that the effectiveness of the design and
operation may deteriorate.
Our consideration of internal control would not necessarily disclose all matters
in internal control that might be material weaknesses under standards
established by the American Institute of Certified Public Accountants. A
material weakness is a condition in which the design or operation of any
specific internal control component does not reduce to a relatively low level
the risk that errors or irregularities in amounts that would be material in
relation to the financial statements being audited may occur and not be detected
within a timely period by employees in the normal course of performing their
assigned functions. However, we noted no matters involving internal control,
including controls over safeguarding securities, that we consider to be material
weaknesses as defined above as of February 28, 1998.
This report is intended solely for the information and use of management and the
Securities and Exchange Commission.
New York, New York
March 31, 1998
