<PAGE>
000 B000000 08/31/96
000 C000000 0000927516
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 A
001 A000000 FLORIDA DAILY MUNICIPAL INCOME FUND
001 B000000 811-8654
001 C000000 2128305200
002 A000000 600 FIFTH AVENUE
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 L.P.
011 B000001 8-43429
011 C010001 NEW YORK
011 C020001 NY
011 C030001 10020
011 C040001 2302
012 A000001 REICH & TANG SERVICES L.P.
012 B000001 84-2007
012 C010001 NEW YORK
012 C020001 NY
012 C030001 10020
<PAGE>
013 A000001 MCGLADREY & PULLEN
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
015 A000002 MORGAN GUARANTY TRUST COMPANY OF NY
015 B000002 S
015 C010002 NEW YORK
015 C020002 NY
015 C030002 10005
015 E010002 X
015 A000003 BANKERS TRUST COMPANY
015 B000003 S
015 C010003 NEW YORK
015 C020003 NY
015 C030003 10005
015 E010003 X
015 A000004 CHASE SECURITIES
015 B000004 S
015 C010004 NEW YORK
015 C020004 NY
015 C030004 10005
015 E010004 X
015 A000005 NATIONSBANC CAPITOL MARKETS, INC.
015 B000005 S
015 C010005 CHARLOTTE
015 C020005 NC
015 C030005 28255
015 E010005 X
018 000000 Y
019 A000000 Y
019 B000000 19
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 CITIBANK, NA
022 B000001 13-3187336
<PAGE>
022 C000001 56370
022 D000001 57370
022 A000002 BANK OF NEW YORK (THE)
022 B000002 13-5160382
022 C000002 23275
022 D000002 21600
022 A000003 GOLDMAN, SACHS & CO.
022 B000003 13-5108880
022 C000003 24100
022 D000003 2000
022 A000004 MORGAN (J.P.) SECURITIES, INC.
022 B000004 13-3224016
022 C000004 13080
022 D000004 11880
022 A000005 PAINE WEBBER INCORPORATED
022 B000005 13-2638166
022 C000005 11000
022 D000005 9100
022 A000006 FIRST CHICAGO CAPITAL MARKETS, INC.
022 B000006 36-3595942
022 C000006 8415
022 D000006 8500
022 A000007 LEHMAN BROTHERS INC.
022 B000007 13-2518466
022 C000007 11880
022 D000007 200
022 A000008 BANKERS TRUST COMPANY
022 B000008 13-4941247
022 C000008 9465
022 D000008 2235
022 A000009 SMITH BARNEY, INC.
022 B000009 13-1912900
022 C000009 5100
022 D000009 5900
022 A000010 MERRILL LYNCH, PIERCE, FENNER & SMITH INC.
022 B000010 13-5674085
022 C000010 7800
022 D000010 0
023 C000000 177349
023 D000000 118785
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
<PAGE>
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 7797
028 A020000 87
028 A030000 0
028 A040000 26408
028 B010000 9702
028 B020000 87
028 B030000 0
028 B040000 8857
028 C010000 9979
028 C020000 97
028 C030000 0
028 C040000 8417
028 D010000 7717
028 D020000 104
028 D030000 0
028 D040000 7346
028 E010000 13462
028 E020000 91
028 E030000 0
028 E040000 9282
028 F010000 13124
028 F020000 107
028 F030000 0
028 F040000 11558
028 G010000 61781
028 G020000 573
028 G030000 0
028 G040000 71868
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
<PAGE>
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 67
044 000000 66
045 000000 Y
046 000000 N
047 000000 Y
048 000000 0.400
048 A010000 0
048 A020000 0.000
048 B010000 0
048 B020000 0.000
048 C010000 0
048 C020000 0.000
048 D010000 0
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
<PAGE>
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 100.0
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 0.0
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 59
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
<PAGE>
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
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 1515
072 C000000 0
072 D000000 0
072 E000000 0
072 F000000 170
072 G000000 88
072 H000000 9
072 I000000 45
072 J000000 7
072 K000000 1
072 L000000 5
072 M000000 6
072 N000000 10
072 O000000 1
072 P000000 0
072 Q000000 37
<PAGE>
072 R000000 18
072 S000000 9
072 T000000 67
072 U000000 11
072 V000000 0
072 W000000 0
072 X000000 484
072 Y000000 310
072 Z000000 1341
072AA000000 0
072BB000000 0
072CC010000 0
072CC020000 0
072DD010000 1341
072DD020000 0
072EE000000 0
073 A010000 0.0307
073 A020000 0.0332
073 B000000 0.0000
073 C000000 0.0000
074 A000000 0
074 B000000 0
074 C000000 46798
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 222
074 M000000 35
074 N000000 47055
074 O000000 0
074 P000000 0
074 Q000000 0
074 R010000 686
074 R020000 0
074 R030000 0
074 R040000 0
074 S000000 0
074 T000000 46369
074 U010000 36760
074 U020000 9613
074 V010000 1.00
074 V020000 1.00
074 W000000 0.9998
074 X000000 382
074 Y000000 0
075 A000000 42274
<PAGE>
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 ST. PAUL FIRE & MARINE INSURANCE CO.
080 C000000 350
081 A000000 Y
081 B000000 18
082 A000000 Y
082 B000000 100
083 A000000 N
083 B000000 0
084 A000000 N
084 B000000 0
085 A000000 N
085 B000000 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
McGLADREY & PULLEN, L.L.P.
Certified Public Accountants & Consultants
The Board of Trustees and Shareholders
Florida Daily Municipal Income Fund
In planning and performing our audit of the financial statements of Florida
Daily Municipal Income Fund for the period from September 01, 1995 (commencement
of Operations) to August 31, 1996, we considered its internal control structure,
including procedures for 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 the internal control structure.
The management of Florida Daily Municipal Income Fund is responsible for
establishing and maintaining an internal control structure. In fulfilling this
responsibility, estimates and judgments by management are required to assess the
expected benefits and related costs of internal control structure policies and
procedures. Two of the objectives of an internal control structure are to
provide management with reasonable, but not absolute, assurance that assets are
safeguarded against loss from unauthorized use or disposition and that
transactions are executed in accordance with management's authorization and
recorded properly to permit preparation of financial statements in confirmity
with generally accepted accounting principles.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and not be detected. Also, projection of any evaluation
of the structure 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 the internal control structure would not necessarily
disclose all matters in the internal control structure 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 the specific internal control structure elements 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 the internal control structure, including procedures for safeguarding
securities, that we consider to be material weaknesses as defined above as of
August 31, 1996.
This report is intended solely for the information and use of management and the
Securities and Exchange Commission.
McGladrey & Pullen, LLP
New York, New York
September 27, 1996
<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> 0000927516
<NAME> Florida Daily Municipal Income Fund
<S> <C>
<FISCAL-YEAR-END> AUG-31-1996
<PERIOD-START> SEP-01-1995
<PERIOD-END> AUG-31-1996
<PERIOD-TYPE> YEAR
<INVESTMENTS-AT-COST> 46797963
<INVESTMENTS-AT-VALUE> 46797963
<RECEIVABLES> 222053
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 34830
<TOTAL-ASSETS> 47054846
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 685883
<TOTAL-LIABILITIES> 685883
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 46372860
<SHARES-COMMON-STOCK> 46372860
<SHARES-COMMON-PRIOR> 031151736
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (3897)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 46368963
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1515055
<OTHER-INCOME> 0
<EXPENSES-NET> 173658
<NET-INVESTMENT-INCOME> 1341397
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 1341397
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1341397
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 239648625
<NUMBER-OF-SHARES-REDEEMED> 225656418
<SHARES-REINVESTED> 1228917
<NET-CHANGE-IN-ASSETS> 15221124
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (3897)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 170022
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 484482
<AVERAGE-NET-ASSETS> 42274435
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.03
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0.03
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.56
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
