FLORIDA DAILY MUNICIPAL INCOME FUND
NSAR-A, 1998-04-22
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<PAGE>
000 A000000 02/28/98
000 C000000 0000927516
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000 F000000 Y
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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
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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>
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
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020 C000006      0
020 C000007      0
020 C000008      0
020 C000009      0
020 C000010      0
021  000000        0
022 A000001 MORGAN (J.P.) SECURITIES INC.
022 B000001 13-3224016
022 C000001     72500
022 D000001     80100
022 A000002 FIRST CHICAGO CAPITAL MARKETS, INC.
022 B000002 36-3595942
022 C000002     73300
022 D000002     71600
022 A000003 LEHMAN BROTHERS INC.
022 B000003 13-2518466
022 C000003     75230
022 D000003     43000
022 A000004 CITICORP SECURITIES, INC.
022 B000004 13-3187336
022 C000004     35750
022 D000004     20650
022 A000005 GOLDMAN, SACHS & CO.
022 B000005 13-5108880
022 C000005     42300
022 D000005      3100
022 A000006 PIPER, JAFFRAY INC.
022 B000006 41-0953246
<PAGE>
022 C000006     14900
022 D000006     12500
022 A000007 MORGAN STANLEY & CO. INCORPORATED
022 B000007 13-2655998
022 C000007     13908
022 D000007      8900
022 A000008 RAUSCHER PIERCE REFSNES, INC.
022 B000008 75-1828470
022 C000008     10875
022 D000008      8000
022 A000009 SUNTRUST CAPITAL MARKETS, INC.
022 B000009 58-2109565
022 C000009     11115
022 D000009      3715
022 A000010 MERRILL LYNCH, PIERCE, FENNER & SMITH INC.
022 B000010 13-5674085
022 C000010      7000
022 D000010      5000
023 C000000     388358
023 D000000     281240
024  000000 N
025 D000001       0
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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>               0000927516
<NAME>              Florida Daily Municipal Income Fund
<SERIES>
<NUMBER>            1
<NAME>              Class A
       
<S>                               <C>    
<FISCAL-YEAR-END>             AUG-31-1998
<PERIOD-START>                SEP-01-1997
<PERIOD-END>                  FEB-28-1998
<PERIOD-TYPE>                 6-mos
<INVESTMENTS-AT-COST>         145779304
<INVESTMENTS-AT-VALUE>        145779304
<RECEIVABLES>                 722214
<ASSETS-OTHER>                0
<OTHER-ITEMS-ASSETS>          307176
<TOTAL-ASSETS>                146808694
<PAYABLE-FOR-SECURITIES>      0
<SENIOR-LONG-TERM-DEBT>       0
<OTHER-ITEMS-LIABILITIES>     340886
<TOTAL-LIABILITIES>           340886
<SENIOR-EQUITY>               0
<PAID-IN-CAPITAL-COMMON>      146471705
<SHARES-COMMON-STOCK>         146471705
<SHARES-COMMON-PRIOR>         108468768
<ACCUMULATED-NII-CURRENT>     0
<OVERDISTRIBUTION-NII>        0
<ACCUMULATED-NET-GAINS>       (3897)
<OVERDISTRIBUTION-GAINS>      0
<ACCUM-APPREC-OR-DEPREC>      0
<NET-ASSETS>                  14647808
<DIVIDEND-INCOME>             0
<INTEREST-INCOME>             2353914
<OTHER-INCOME>                0
<EXPENSES-NET>                463257
<NET-INVESTMENT-INCOME>       1890657
<REALIZED-GAINS-CURRENT>      0
<APPREC-INCREASE-CURRENT>     0
<NET-CHANGE-FROM-OPS>         1890657
<EQUALIZATION>                0
<DISTRIBUTIONS-OF-INCOME>     1890657
<DISTRIBUTIONS-OF-GAINS>      0
<DISTRIBUTIONS-OTHER>         0
<NUMBER-OF-SHARES-SOLD>       247881899
<NUMBER-OF-SHARES-REDEEMED>   211711416
<SHARES-REINVESTED>           1832454
<NET-CHANGE-IN-ASSETS>        38002937
<ACCUMULATED-NII-PRIOR>       0
<ACCUMULATED-GAINS-PRIOR>     (3897)
<OVERDISTRIB-NII-PRIOR>       0
<OVERDIST-NET-GAINS-PRIOR>    0
<GROSS-ADVISORY-FEES>         260640
<INTEREST-EXPENSE>            0
<GROSS-EXPENSE>               649626
<AVERAGE-NET-ASSETS>          131399806
<PER-SHARE-NAV-BEGIN>         1.00
<PER-SHARE-NII>               0.01
<PER-SHARE-GAIN-APPREC>       0
<PER-SHARE-DIVIDEND>          0.01
<PER-SHARE-DISTRIBUTIONS>     0
<RETURNS-OF-CAPITAL>          0
<PER-SHARE-NAV-END>           1.00
<EXPENSE-RATIO>               0.47
<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>               0000927516
<NAME>              Florida Daily Municipal Income Fund
<SERIES>
<NUMBER>            2
<NAME>              Class B
       
<S>                               <C>    
<FISCAL-YEAR-END>             AUG-31-1998
<PERIOD-START>                SEP-01-1997
<PERIOD-END>                  FEB-28-1998
<PERIOD-TYPE>                 6-mos
<INVESTMENTS-AT-COST>         145779304
<INVESTMENTS-AT-VALUE>        145779304
<RECEIVABLES>                 722214
<ASSETS-OTHER>                0
<OTHER-ITEMS-ASSETS>          307176
<TOTAL-ASSETS>                146808694
<PAYABLE-FOR-SECURITIES>      0
<SENIOR-LONG-TERM-DEBT>       0
<OTHER-ITEMS-LIABILITIES>     340886
<TOTAL-LIABILITIES>           340886
<SENIOR-EQUITY>               0
<PAID-IN-CAPITAL-COMMON>      146471705
<SHARES-COMMON-STOCK>         146471705
<SHARES-COMMON-PRIOR>         108468768
<ACCUMULATED-NII-CURRENT>     0
<OVERDISTRIBUTION-NII>        0
<ACCUMULATED-NET-GAINS>       (3897)
<OVERDISTRIBUTION-GAINS>      0
<ACCUM-APPREC-OR-DEPREC>      0
<NET-ASSETS>                  14647808
<DIVIDEND-INCOME>             0
<INTEREST-INCOME>             2353914
<OTHER-INCOME>                0
<EXPENSES-NET>                463257
<NET-INVESTMENT-INCOME>       1890657
<REALIZED-GAINS-CURRENT>      0
<APPREC-INCREASE-CURRENT>     0
<NET-CHANGE-FROM-OPS>         1890657
<EQUALIZATION>                0
<DISTRIBUTIONS-OF-INCOME>     1890657
<DISTRIBUTIONS-OF-GAINS>      0
<DISTRIBUTIONS-OTHER>         0
<NUMBER-OF-SHARES-SOLD>       247881899
<NUMBER-OF-SHARES-REDEEMED>   211711416
<SHARES-REINVESTED>           1832454
<NET-CHANGE-IN-ASSETS>        38002937
<ACCUMULATED-NII-PRIOR>       0
<ACCUMULATED-GAINS-PRIOR>     (3897)
<OVERDISTRIB-NII-PRIOR>       0
<OVERDIST-NET-GAINS-PRIOR>    0
<GROSS-ADVISORY-FEES>         260640
<INTEREST-EXPENSE>            0
<GROSS-EXPENSE>               649626
<AVERAGE-NET-ASSETS>          131399806
<PER-SHARE-NAV-BEGIN>         1.00
<PER-SHARE-NII>               0.02
<PER-SHARE-GAIN-APPREC>       0
<PER-SHARE-DIVIDEND>          0.02
<PER-SHARE-DISTRIBUTIONS>     0
<RETURNS-OF-CAPITAL>          0
<PER-SHARE-NAV-END>           1.00
<EXPENSE-RATIO>               0.47
<AVG-DEBT-OUTSTANDING>        0
<AVG-DEBT-PER-SHARE>          0
        

</TABLE>


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