As filed with the Securities and Exchange Commission on May 8, 2008
                                     Investment Company Act File Number 811-8654


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


                                   FORM N-CSR


                         CERTIFIED SHAREHOLDER REPORT OF
                   REGISTERED MANAGEMENT INVESTMENT COMPANIES


                       FLORIDA DAILY MUNICIPAL INCOME FUND
               (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:   August 31


Date of reporting period:  February 29, 2008

<PAGE>

ITEM 1: REPORT TO STOCKHOLDERS

-------------------------------------------------------------------------------
                                         600 FIFTH AVENUE, NEW YORK, N.Y. 10020
                                                                 (212) 830-5200
FLORIDA
DAILY MUNICIPAL
INCOME FUND
===============================================================================



Dear Shareholder:


We are  pleased to present the  semi-annual  report of Florida  Daily  Municipal
Income Fund (the "Fund") for the period ended September 1, 2007 through February
29, 2008.

As of February 29, 2008, the fund had net assets of $89,671,654.

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


Sincerely,


/s/ Michael P. Lydon



Michael P. Lydon
President




<PAGE>
-------------------------------------------------------------------------------
FLORIDA DAILY MUNICIPAL INCOME FUND
EXPENSE CHART
FOR SIX MONTHS ENDED FEBRUARY 29, 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  September 1, 2007  through  February 29,
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>
<CAPTION>

-------------------------------------------------------------------------------------------------------------------------
--------------------------------------  Beginning Account    Ending Account      Expenses Paid           Annualized
               Class A                    Value 9/1/07        Value 2/29/08    During the period *    Expense Ratio *
-------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------
<S>             <C>                        <C>                  <C>                  <C>                   <C>
  Actual                                    $1,000.00           $1,011.70             $5.00                1.00%
-------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------
  Hypothetical (5% return before            $1,000.00           $1,019.89             $5.02                1.00%
  expenses)
-------------------------------------------------------------------------------------------------------------------------

-------------------------------------------------------------------------------------------------------------------------
               Class B                  Beginning Account    Ending Account      Expenses Paid           Annualized
                                          Value 9/1/07       Value 02/29/08    During the period *    Expense Ratio *
-------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------
  Actual                                    $1,000.00           $1,013.00             $3.70                0.74%
-------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------
  Hypothetical (5% return before            $1,000.00           $1,021.18             $3.72                0.74%
  expenses)
-------------------------------------------------------------------------------------------------------------------------

</TABLE>
*    Expenses are equal to the Fund's  annualized  expense ratios  multiplied by
     the  average  account  value over the  period  (September  1, 2007  through
     February  29,  2008),  multiplied  by  182/366  (to  reflect  the six month
     period).

<PAGE>
-------------------------------------------------------------------------------
FLORIDA DAILY MUNICIPAL INCOME FUND
SCHEDULE OF INVESTMENTS
FEBRUARY 29, 2008
(UNAUDITED)
===============================================================================

<TABLE>
                                                                                                                      Ratings (a)
   Face                                                                         Maturity   Current      Value              Standard
  Amount                                                                          Date    Coupon (b)  (Note 1)     Moody's & Poor's
---------                                                                         ----    ----------   ------      ------- --------
Tax Exempt Commercial Paper (11.93%)
-----------------------------------------------------------------------------------------------------------------------------------
<S>         <C>                                                                 <C>         <C>      <C>            <C>       <C>
$2,000,000   Hillsborough County, FL Aviation Authority Airport Facilities
             - Series B
             LOC Landesbank Baden Wurtemburg                                    03/11/08     3.40%   $ 2,000,000     P-1       A-1+
 3,000,000   Jacksonville, FL Electric Authority RB
             (Electric System) - Series 2000A                                   03/06/08     2.72      3,000,000    VMIG-1     A-1
 2,700,000   Palm Beach County, FL Health Facilities Authority
             (Pooled Hospital Loan Program) - Series 1985
             LOC SunTrust Bank                                                  03/13/08     2.90      2,700,000    VMIG-1     A-1+
 1,500,000   Palm Beach County, FL School District
             LOC Bank of America, N.A.                                          03/13/08     3.65      1,500,000    VMIG-1     A-1+
 1,500,000   Sunshine State Service Florida Government Finance
             Committee - Series F                                               04/08/08     3.20      1,500,000     P-1       A-1+
----------                                                                                           -----------
10,700,000   Total Tax Exempt Commercial Paper                                                        10,700,000
----------                                                                                           -----------
Tax Exempt General Obligation Notes & Bonds (10.50%)
-----------------------------------------------------------------------------------------------------------------------------------
$2,000,000   Broward County, FL School District TAN                             09/30/08     3.40%   $ 2,006,778     MIG-1
 2,000,000   Neshaminy, PA School District TRAN (c)                             06/30/08     3.90      2,001,586
 2,395,000   Orange County, FL IDA IDRB (Orlando-Hawaiian Motel Co.)
             - Series 1985
             LOC US Bank, N.A.                                                  04/01/08     4.00      2,395,000      P-1      A-1+
 3,000,000   Palm Beach County, FL School District TAN                          09/24/08     3.43      3,009,342     MIG-1    SP-1+
----------                                                                                           -----------
 9,395,000   Total Tax Exempt General Obligation Notes & Bonds                                         9,412,706
----------                                                                                           -----------
Variable Rate Demand Instruments (d) (85.94%)
-----------------------------------------------------------------------------------------------------------------------------------
$1,055,000   Alachua County, FL HFA RB Continuing Care Retirement Community
             (Oak Hammock at the University of Florida Project) - Series 2002A
             LOC BNP Paribas                                                    10/01/32     3.75%   $ 1,055,000    VMIG-1
 2,200,000   Alachua County, FL HFA Multifamily RB
             (Santa Fe I Apartments Project) - Series 2006
             LOC Citibank, N.A.                                                 12/15/38     3.20      2,200,000               A-1+
 1,300,000   Branch Banking & Trust Municipal Floater Certificates - Series 1002
             LOC Branch Banking And Trust Company                               11/06/23     3.34      1,300,000    VMIG-1
 1,000,000   Branch Banking & Trust Municipal Floater Certificates - Series 2057
             LOC Branch Banking And Trust Company                               10/01/37     3.29      1,000,000    VMIG-1

</TABLE>
-------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
<PAGE>
-------------------------------------------------------------------------------
FLORIDA DAILY MUNICIPAL INCOME FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
FEBRUARY 29, 2008
(UNAUDITED)
===============================================================================

<TABLE>

                                                                                                                     Ratings (a)
   Face                                                                         Maturity  Current      Value               Standard
  Amount                                                                         Date    Coupon (b)  (Note 1)     Moody's  & Poor's
--------                                                                         ----    ----------  --------     -------  --------
Variable Rate Demand Instruments (d) (Continued)
-----------------------------------------------------------------------------------------------------------------------------------
<S>         <C>                                                                 <C>         <C>      <C>            <C>       <C>
$4,500,000   Broward County, FL HFA Multifamily Housing RB
             (Palms of Deerfield Beach Apartments) - Series 2006
             LOC Citibank, N.A.                                                 08/15/38     3.20%   $ 4,500,000               A-1
 2,000,000   City of Lakeland, FL Education Facilities RB
             (Florida Southern College Project) - Series 1999
             LOC SunTrust Bank                                                  09/01/29     3.24      2,000,000   VMIG-1
 1,000,000   City of Leesburg, FL HRB (The Villages Regional
             Hospital Project) - Series 2006
             LOC Scotia Bank                                                    07/01/36     3.16      1,000,000   VMIG-1      A-1+
   700,000   City of Pulaski and Giles County, TN IDRB
             (Martin Methodist College Project) - Series 2004
             LOC Amsouth Bank                                                   01/01/24     3.21        700,000   VMIG-1
 1,000,000   Collier County, FL IDA IDRB (Allete Inc. Project) - Series 2006
             LOC Wells Fargo Bank, N.A.                                         10/01/25     3.18      1,000,000               A-1+
 1,300,000   Duval County, Florida HFA
             (Sunbeam Road Apartments Project) - Series 1997
             LOC US Bank, N.A.                                                  07/01/25     3.17      1,300,000               A-1+
 1,200,000   Florida Development Finance Corporation IDRB
             (Enterprise Bond Press Project) - Series 2007B
             LOC Branch Banking And Trust Company                               07/01/17     3.35      1,200,000               A-1+
   900,000   Florida Housing Finance Corporation Housing RB
             (Heron Park Project) - Series 1996U
             Guaranteed by Federal National Mortgage Association                12/01/29     2.85        900,000   VMIG-1
 2,410,000   Florida HFC MHRB (Monterey Lake Apartments) - Series 2005 C
             Guaranteed by Federal Home Loan Mortgage Corporation               07/01/35     2.99      2,410,000               A-1+
   900,000   Florida Housing Finance Corporation Housing RB
             (Timberline Apartments) - Series 1999P
             Collateralized by Federal National Mortgage Association            10/15/32    3.05        900,000                A-1+
 6,195,000   Florida Higher Educational Facilities Financing Authority RB
             (Southeastern University Inc. Project) - Series 2005
             LOC Regions Bank                                                   12/02/30     3.16      6,195,000    VMIG-1
 1,280,000   Florida Housing Finance Corporation RB
             (Lighthouse Bay Apartments) - Series 2002 N1/N2
             Guaranteed by Federal Home Loan Mortgage Corporation               11/01/32     3.04      1,280,000               A-1+
 2,000,000   Gainesville, FL Utilties System RB - Series 2008B                  10/01/38     2.20      2,000,000    VMIG-1     A-1+
 2,000,000   Gainesville, FL Combined Utility Enterprise Utility System RB
             - Series 2007A                                                     10/01/36     2.90      2,000,000    VMIG-1     A-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
--------                                                                         ----    ---------    -------      -------  --------
Variable Rate Demand Instruments (d) (Continued)
-----------------------------------------------------------------------------------------------------------------------------------
<S>         <C>                                                                 <C>         <C>      <C>            <C>       <C>
$1,800,000   Illinois Finance Authority
             (Pollman North America, Inc. Project) - Series 2005D
             LOC Fifth Third Bank                                               12/01/25     3.29%  $  1,800,000     P-1       A-1+
 2,700,000   Jacksonville Electric Authority, FL (Energy System RB)-Series 2004A
             LOC State Street Bank & Trust Co.                                  10/01/34     2.97      2,700,000    VMIG-1
 3,500,000   Jacksonville, FL Economic Development Commission Special Facilities
             Airport RB (Holland Sheltair Aviation Group Project)-Series 2005-B1
             LOC Bank of New York Mellon                                        05/01/35     3.28      3,500,000               A-1+
 2,615,000   Lee County, FL IDA Health Care Facilites RB
             (Shady Rest Care Pavilion Project) - Series 2005
             LOC Fifth Third Bank                                               06/01/25     3.22      2,615,000     P-1       A-1+
 2,000,000   Lehman Municipal Trust Receipts relating to Florida Housing
             Finance Corporation Homeowner Mortgage RB 2007 Series 3
             LOC Government National Mortgage Association/Federal National
             Mortgage Association/Federal Home Loan Mortgage Corp.              01/01/48     3.50      2,000,000    VMIG-1
   910,000   Marion County, FL IDA
             (Hamilton Products, Inc. Project) - Series 1995
             LOC Comerica Bank                                                  11/01/15     3.31        910,000     P-1        A-1
   800,000   Marion County, FL IDA RB
             (Capris Furniture Industries Project) - Series 2005
             LOC SunTrust Bank                                                  02/01/25     3.45        800,000     P-1       A-1+
 2,675,000   Miami Dade County, FL EFA
             (Florida International University Foundation Project) - Series 1999
             LOC SunTrust Bank                                                  05/01/22     3.25      2,675,000               A-1+
 3,500,000   Miami Dade County, FL IDA  IDRB
             (Airbus Service Company Project) - Series 1998A
             LOC Calyon                                                         04/01/30     3.35      3,500,000               A-1+
 1,000,000   Miami-Dade County IDA (Atlas Packaging Inc. Project) - Series 2007
             LOC Bank of New York Mellon                                        10/01/27     3.11      1,000,000     P-1       A-1+
   565,000   Miami Dade County, FL IDA
             (Avborne Heavy Maintenance, Inc) - Series 1998
             LOC JP Morgan Chase Bank, N.A                                      08/01/18     3.43        565,000               A-1+
   945,000   Ocean Highway and Port Authority, FL RB
             (Port, Airport, Marina Improvement) - Series 1990A
             LOC Wachovia Bank, N.A.                                            12/01/20     3.35        945,000    VMIG-1     A-1+


</TABLE>
-------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
<PAGE>
-------------------------------------------------------------------------------
FLORIDA DAILY MUNICIPAL INCOME FUND
SCHEDULE OF INVESTMENTS (CONTINUED)
FEBRUARY 29, 2008
(UNAUDITED)
===============================================================================

<TABLE>
                                                                                                                      Ratings (a)
   Face                                                                         Maturity   Current      Value              Standard
  Amount                                                                          Date    Coupon (b)  (Note 1)     Moody's & Poor's
--------                                                                          ----    ----------  --------     ------- --------
Variable Rate Demand Instruments (d) (Continued)
-----------------------------------------------------------------------------------------------------------------------------------
<S>         <C>                                                                 <C>         <C>      <C>            <C>       <C>
$1,200,000   Ocean Highway and Port Authority, FL RB
             (Port, Airport, Marina Improvement) - Series 1990C
             LOC Wachovia Bank, N.A.                                            12/01/20     3.35%  $  1,200,000    VMIG-1     A-1+
 2,000,000   Orlando & Orange County Expressway Authority Series 2003B
             Insured by Dexia CLF                                               01/01/12     3.41      2,000,000               A-1+
 1,300,000   Orlando & Orange County Expressway Authority Series 2003C
             Insured by Dexia CLF                                               07/01/25     3.10      1,300,000    VMIG-1     A-1+
   500,000   Orlando, FL Utilities Commission Water & Electric RB -
             Series 2002B                                                       10/01/22     2.99        500,000    VMIG-1     A-1+
 2,185,000   Palm Beach County, FL (Jupiter Medical Center) - Serries B
             LOC Wachovia Bank, N.A.                                            08/01/20     3.35      2,185,000     P-1       A-1+
   700,000   Palm Beach County, FL RB
             (The King's Academy Project) - Series 2006
             LOC Wachovia Bank, N.A.                                            08/01/31     3.36        700,000    VMIG-1
 1,550,000   Pinellas County, FL HFA (Suncoast Hospice Project) - Series 2004
             LOC Wachovia Bank, N.A.                                            12/01/24     3.36      1,550,000               A-1+
 1,000,000   PUTTERS - Series 2176 Cape Coral, FL Special Obligations
             Bonds - Series 2004
             Insured by MBIA Insurance Corporation                              10/01/14     3.55      1,000,000    VMIG-1
3,,900,000   Sarasota County, FL Continuing CareRetirement Community
             Revenue Refunding RB (Glenridge on Palmer Ranch Project)
             LOC Bank of Scotland                                               06/01/36     3.75      3,900,000    VMIG-1
1,500,000    St. Lucie County, FL IDRB
             (Freedom Plastic, Inc. Project) - Series 2000
             LOC LaSalle National Bank, N.A.                                    11/01/20     3.10      1,500,000               A-1+
 2,200,000   Tallahassee, FL IDRB
             (Rose Printing Company, Inc. Project) - Series 2000A
             LOC Branch Banking And Trust Company                               10/01/15     3.28      2,200,000    VMIG-1
 2,680,000   Tampa, FL Student Housing RB (CHF-Tampa, LLC Project)
              - Series 2005A
             LOC Royal Bank of Canada                                           10/01/37     3.16      2,680,000    VMIG-1     A-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
--------                                                                          ----    ----------  --------     ------- --------

Variable Rate Demand Instruments (d) (Continued)
-----------------------------------------------------------------------------------------------------------------------------------
<S>         <C>                                                                 <C>         <C>      <C>            <C>       <C>
$  400,000   TOCs Trust - Series 2000-1 (Puerto Rico Infrastructure Financing
             Authority Special Obligation Bonds, 2000 - Series A)
             Collateralized by The State and Local Government Series Securities 04/01/27    3.19%     $    400,000             A-1+
----------                                                                                            ------------
77,065,000   Total Variable Rate Demand Instruments                                                     77,065,000
----------                                                                                            ------------
             Total Investments (108.37%) (Cost $97,177,706+)                                            97,177,706
             Liabilities in excess of cash and other assets (-8.37%)                                    (7,506,052)
                                                                                                      ------------
             Net Assets (100%)                                                                        $ 89,671,654
                                                                                                      ============
             +   Aggregate cost for federal income tax purposes is identical.

</TABLE>

FOOTNOTES:
(a)  Variable rate demand  instruments  are not 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 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)  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.

(d)  Securities  payable on demand at par including  accrued  interest  (usually
     with seven days' notice)  and if indicated,  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>
     EFA      =   Educational Facilities Authority                MHRB       =    Multi-Family Housing Revenue Bond
     HFA      =   Housing Finance Agency                          RB         =    Revenue Bond
     HRB      =   Hospital Revenue Bond                           TAN        =    Tax Anticipation Note
     IDA      =   Industrial Development Authority                TOCs       =    Tender Option Certificates
     IDRB     =   Industrial Development Revenue Bond             TRAN       =    Tax and Revenue Anticipation Note
     LOC      =   Letter of Credit

</TABLE>
-------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
<PAGE>
-------------------------------------------------------------------------------
FLORIDA DAILY MUNICIPAL INCOME FUND
BREAKDOWN OF PORTFOLIO HOLDINGS BY STATE
FEBRUARY 29, 2008
(UNAUDITED)
===============================================================================

<TABLE>

---------------------------- ------------------------------- -----------------------------
          States                         Value                      % of Portfolio
---------------------------- ------------------------------- -----------------------------
<S>                                  <C>                             <C>
Florida                              $  90,976,120                        93.62%
Illinois                                 1,800,000                         1.85
Pennsylvania                             2,001,586                         2.06
Puerto Rico                                400,000                         0.41
Tennessee                                  700,000                         0.72
Other Territories                        1,300,000                         1.34
---------------------------- ------------------------------- -----------------------------
Total                                $  97,177,706                       100.00%
---------------------------- ------------------------------- -----------------------------

</TABLE>


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

<PAGE>
-------------------------------------------------------------------------------
FLORIDA DAILY MUNICIPAL INCOME FUND
STATEMENT OF ASSETS AND LIABILITIES
FEBRUARY 29, 2008
(UNAUDITED)
===============================================================================

<TABLE>

ASSETS
<S>                                                                                                 <C>
  Investments in securities, at amortized cost (Note 1)......................................      $    97,177,706
  Accrued interest receivable................................................................              416,882
  Prepaid Expenses...........................................................................                9,707
                                                                                                   ---------------
       Total assets..........................................................................           97,604,295
                                                                                                   ---------------
LIABILITIES

  Payable to affiliates*.....................................................................               58,922
  Due to custodian...........................................................................            7,766,610
  Accrued expenses...........................................................................               63,991
  Dividends payable .........................................................................               43,104
  Other payable..............................................................................                   14
                                                                                                   ---------------
       Total liabilities.....................................................................            7,932,641
                                                                                                   ---------------
  Net assets.................................................................................      $    89,671,654
                                                                                                   ===============
SOURCE OF NET ASSETS:

  Net capital paid in on shares of beneficial interest (Note 4)..............................      $    89,670,909
  Accumulated undistributed net realized gain................................................                  745
                                                                                                   ---------------
  Net assets.................................................................................      $    89,671,654
                                                                                                   ===============
Net asset value, per share (Note 4):

  Class Name                                       Net Assets         Shares Outstanding         Net Asset Value
  ----------                                       -----------        ------------------         ---------------
  Class A Shares............................       $56,152,960            56,152,493                  $1.00
  Class B Shares............................       $33,518,694            33,518,416                  $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>
-------------------------------------------------------------------------------
FLORIDA DAILY MUNICIPAL INCOME FUND
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED FEBRUARY 29, 2008
(UNAUDITED)
===============================================================================

<TABLE>

INVESTMENT INCOME
Income:
<S>                                                                             <C>
    Interest....................................................................$       1,436,184
                                                                                -----------------
Expenses: (Note 2)
    Investment management fee...................................................          174,971
    Administration fee..........................................................           91,860
    Shareholder servicing fee (Class A shares)..................................           55,332
    Custodian expenses..........................................................            3,846
    Shareholder servicing and related shareholder expenses+.....................           37,270
    Legal, compliance and filing fees...........................................           32,990
    Audit and accounting........................................................           43,962
    Trustees' fees and expenses.................................................            3,899
    Miscellaneous...............................................................            2,660
                                                                                -----------------
       Total expenses...........................................................          446,790
       Less: Fees waived .......................................................          (65,718)
                Expenses paid indirectly........................................             (897)
                                                                                -----------------
       Net expenses.............................................................          380,175
                                                                                -----------------
Net investment income...........................................................        1,056,009

REALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain on investments................................................              745
                                                                                -----------------
Increase in net assets from operations..........................................$       1,056,754
                                                                                =================
</TABLE>

+    Includes class specific transfer agency expenses of $14,389 and $10,806 for
     Class A and Class B shares, respectively.

-------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
<PAGE>
-------------------------------------------------------------------------------
FLORIDA DAILY MUNICIPAL INCOME FUND
STATEMENTS OF CHANGES IN NET ASSETS

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

<TABLE>


                                                                       Six Months Ended
                                                                       February 29, 2008                Year Ended
                                                                          (Unaudited)                August 31, 2007
INCREASE (DECREASE) IN NET ASSETS                                       ---------------              ---------------
Operations:
<S>                                                                    <C>                       <C>
     Net investment income........................................     $       1,056,009         $        2,226,692
     Net realized gain (loss) on investments......................                   745                        -0-
                                                                       -----------------         ------------------
Increase in net assets from operations............................             1,056,754                  2,226,692

Dividends to shareholders from net investment income*:

     Class A......................................................              (506,431)                (1,245,135)
     Class B......................................................              (549,578)                  (981,557)
                                                                       -----------------         ------------------
     Total dividend to shareholders...............................            (1,056,009)                (2,226,692)
                                                                       -----------------         ------------------
Transactions in shares of beneficial interest (Note 4):

     Class A......................................................            17,440,742                (44,887,662)
     Class B......................................................            (3,320,893)               (12,710,166)
                                                                       -----------------         ------------------
     Total capital share transactions.............................            14,119,849                (57,597,828)
                                                                       -----------------         ------------------
         Total increase (decrease)................................            14,120,594                (57,597,828)
                                                                       -----------------         ------------------
Net assets:
     Beginning of period..........................................            75,551,060                133,148,888
                                                                       -----------------         ------------------
     End of period................................................     $      89,671,654         $       75,551,060
                                                                       =================         ==================
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>
-------------------------------------------------------------------------------
FLORIDA DAILY MUNICIPAL INCOME FUND
NOTES TO FINANCIAL STATEMENTS
(UNAUDITED)
===============================================================================

1. Summary of Accounting Policies

Florida  Daily  Municipal  Income Fund, a  Massachusetts  Business  Trust,  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,  tax exempt
money market  fund.  The Fund has two classes of stock  authorized,  Class A and
Class B. The Class A shares are subject to a service fee  pursuant to the Fund's
Distribution  and Service Plan.  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>
-------------------------------------------------------------------------------



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

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
..40% of the Fund's average daily net assets.

Pursuant to an Administrative  Services Contract the Fund pays to the Manager an
annual fee of .21% of the Fund's average daily net assets.

Pursuant to a Distribution Plan 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 a Distribution  Agreement  covering
all classes and a Shareholder Servicing Agreement,  only with respect to Class A
shares of the Fund. For its services under the Shareholder  Servicing Agreement,
the Distributor receives from the Fund a fee equal to .25% of the Fund's average
daily  net  assets  with  respect  only to the  Class A  shares.  There  were no
additional expenses borne by the Fund pursuant to the Distribution Plan.

For the period  ended  February  29,  2008 the  Manager  voluntarily  waived the
following fees:

  Administration fees.........................  $65,718
                                               ========
The Manager has no right to recoup prior fees waived.

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 New Jersey 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  pursuant to the  Transfer  Agency
Agreement  between Reich & Tang and the Fund.  Reich & Tang  Services,  Inc., an
affiliate of the Manager,  as transfer agent and dividend 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 and Class B Shares of the Fund.  For the  period  February
29, 2008 these fees amounted to:

                                                  Amount                 %
                                                 -------               -----
 Class A shares.............................     $11,140               0.05%
 Class B Shares.............................      10,877               0.05%
                                                 -------
 Total Transfer Agency Fees.................     $22,017
                                                 =======


-------------------------------------------------------------------------------
<PAGE>
-------------------------------------------------------------------------------
FLORIDA DAILY MUNICIPAL INCOME FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
(UNAUDITED)
===============================================================================


3. Compensating Balance Arrangement and Other Transactions

Reich & Tang and the Bank of New York have entered into a  compensating  balance
arrangement, effective November 1, 2006, with the Florida Daily Municipal Income
Fund,  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.  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 February 29, 2008, the fund was overdrawn by $7,811,307.

For the  period  ended  February  29,  2008,  the  breakdown  of  expenses  paid
indirectly by the Fund were as follows:

   Custodian expenses.....................................   $      897

4. Transactions in Shares of Beneficial Interest

At February 29, 2008, an unlimited  number of shares of  beneficial  interest of
$.001 par value were authorized.  Transactions,  all at $1.00 per share, were as
follows:

<TABLE>
                                                           Six Months Ended
                                                          February 29, 2008                      Year Ended
Class A shares                                               (Unaudited)                       August 31, 2007
--------------                                            -----------------                    ---------------
<S>                                                       <C>                                  <C>
Sold.................................................         92,096,812                        278,181,000
Issued on reinvestment of dividends..................            516,338                          1,295,234
Redeemed.............................................        (75,172,408)                      (324,363,896)
                                                          -----------------                    ---------------
Net increase (decrease)..............................         17,440,742                        (44,887,662)
                                                          =================                    ===============

Class B shares
--------------
Sold.................................................        124,302,943                        274,123,588
Issued on reinvestment of dividends..................            302,426                            383,292
Redeemed.............................................       (127,926,262)                      (287,217,046)
                                                          -----------------                    ---------------
Net increase (decrease)..............................         (3,320,893)                       (12,710,166)
                                                          =================                    ===============
</TABLE>

5. Concentration of Credit Risk

The Fund invests primarily in obligations of political subdivisions of the State
of Florida and,  accordingly,  is subject to the credit risk associated with the
non-performance  of such issuers.  Approximately  84% 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 August 31,
2007 and 2006 were tax exempt income.

At August 31, 2007, the Fund had no distributable earnings.

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,
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 Pronouncements

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>
-------------------------------------------------------------------------------
FLORIDA DAILY MUNICIPAL INCOME FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
(UNAUDITED)
===============================================================================

8. Financial Highlights

<TABLE>
                                                                Six Months
                                                                  Ended                          Years Ended August 31,
                                                             February 29, 2008---------------------------------------------------
Class A shares                                                  (Unaudited)     2007       2006       2005       2004       2003
--------------                                                  -----------   --------   --------   --------   --------  --------
<S>                                                               <C>         <C>        <C>        <C>        <C>       <C>
Per Share Operating Performance:
(for a share outstanding throughout the period)
Net asset value, beginning of period............................. $   1.00    $  1.00    $  1.00    $  1.00    $  1.00   $  1.00
                                                                  ---------   --------   --------   --------   --------  --------
Income from investment operations:
    Net investment income........................................     0.012      0.027      0.022      0.010      0.001     0.003
    Net realized and unrealized gain (loss)
      on investments.............................................      --         --         --        0.000       --        --
                                                                  ---------   --------   --------   --------   --------  --------
    Total from investment operations.............................     0.012      0.027      0.022      0.010      0.001     0.003
                                                                  ---------   --------   --------   --------   --------  --------
Less distributions from:
    Dividends from net investment income.........................    (0.012)    (0.027)    (0.022)    (0.010)    (0.001)   (0.003)
    Net realized gains on investments............................      --         --         --        0.000       --        --
                                                                  ---------   --------   --------   --------   --------  --------
    Total Distributions..........................................    (0.012)    (0.027)    (0.022)    (0.010)    (0.001)   (0.003)
                                                                  ---------   --------   --------   --------   --------  --------
Net asset value, end of period................................... $   1.00    $  1.00    $  1.00    $  1.00    $  1.00   $  1.00
                                                                  =========   ========   ========   ========   ========  ========
Total Return.....................................................     1.17%(a)   2.71%      2.20%      1.02%      0.12%     0.31%
Ratios/Supplemental Data
Net assets, end of period (000's)................................ $  56,153   $ 38,712   $ 83,599   $ 72,975   $ 63,766  $ 58,994
Ratios to average net assets:
  Expenses (net of fees waived) (a)..............................     1.00%(c)   1.00%      0.99%      0.99%      0.95%     0.93%
  Net investment income..........................................     2.29%(c)   2.67%      2.17%      1.04%      0.12%     0.29%
  Management and/or and administration fees waived...............     0.15%(c)   0.17%      0.16%      0.16%      0.16%     0.17%
  Shareholder servicing fees waived..............................      --        0.00%      0.01%       --        0.01%     0.02%
  Expenses paid indirectly.......................................     0.00%(c)   0.00%       --        0.00%      0.00%     0.00%

</TABLE>

(a) Unannualized
(b) Includes expenses paid indirectly if applicable.
(c) Annualized


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



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



8. Financial Highlights (continued)

<TABLE>

                                                                Six Months
                                                                   Ended                         Years Ended August 31,
                                                             February 29, 2008---------------------------------------------------
Class A shares                                                  (Unaudited)     2007       2006       2005       2004       2003
--------------                                                  -----------   --------   --------   --------   --------  --------
<S>                                                               <C>         <C>        <C>        <C>        <C>       <C>
Per Share Operating Performance:
(for a share outstanding throughout the period)
Net asset value, beginning of period............................. $   1.00    $  1.00    $  1.00    $  1.00    $  1.00   $  1.00
                                                                  ---------   --------   --------   --------   --------  --------
Income from investment operations:
    Net investment income........................................     0.013      0.029      0.024      0.013      0.004     0.006
    Net realized and unrealized gain (loss)
      on investments.............................................      --         --         --        0.000       --        --
                                                                  ---------   --------   --------   --------   --------  --------
    Total from investment operations.............................     0.013      0.029      0.024      0.013      0.004     0.006
                                                                  ---------   --------   --------   --------   --------  --------
Less distributions from:
    Dividends from net investment income.........................    (0.013)    (0.029)    (0.024)    (0.013)    (0.004)   (0.006)
    Net realized gains on investments............................      --         --         --        0.000       --        --
                                                                  ---------   --------   --------   --------   --------  --------
    Total Distributions..........................................    (0.013)    (0.029)    (0.024)    (0.013)    (0.004)   (0.006)
                                                                  ---------   --------   --------   --------   --------  --------
Net asset value, end of period................................... $   1.00    $  1.00    $  1.00    $  1.00    $  1.00   $  1.00
                                                                  =========   ========   ========   ========   ========  ========
Total Return.....................................................     1.30%(a)   2.98%      2.48%      1.31%      0.37%     0.55%
Ratios/Supplemental Data
Net assets, end of period (000's)................................ $  33,519   $ 36,839   $ 49,550   $ 44,156   $ 49,080  $ 57,313
Ratios to average net assets:
  Expenses (net of fees waived) (a)..............................     0.74%(c)   0.74%      0.72%      0.70%      0.69%     0.69%
  Net investment income..........................................     2.54%(c)   2.94%      2.44%      1.27%      0.37%     0.57%
  Management and/or and administration fees waived...............     0.15%(c)   0.17%      0.16%      0.16%      0.16%     0.17%
  Expenses paid indirectly.......................................     0.00%(c)   0.00%       --        0.00%      0.00%     0.00%

</TABLE>

(a) Unannualized
(b) Includes expenses paid indirectly if applicable.
(c) Annualized





<PAGE>
-------------------------------------------------------------------------------
FLORIDA DAILY MUNICIPAL INCOME FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
(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.


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






------------------------------------------------------
This report is submitted for the general  information         FLORIDA
of  the   shareholders   of  the  Fund.   It  is  not         DAILY
authorized for distribution to prospective  investors         MUNICIPAL
in the Fund  unless  preceded  or  accompanied  by an         INCOME
effective  prospectus,   which  includes  information         FUND
regarding   the  Fund's   objectives   and  policies,
experience  of  its  management,   marketability   of
shares, and other information.
------------------------------------------------------




Florida Daily Municipal Income Fund
     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.                         Semi-Annual Report
     600 Fifth Avenue                                     February 29, 2008
     New York, New York 10020                               (Unaudited)


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



FL2/08S

<PAGE>

ITEM 2:    CODE OF ETHICS


Not Applicable.


ITEM 3:    AUDIT COMMITTEE FINANCIAL EXPERT


Not Applicable.


ITEM 4:    PRINCIPAL ACCOUNTANT FEES AND SERVICES


Not Applicable.


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.


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 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) Not Applicable.

(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) Florida Daily Municipal Income Fund


 By (Signature and Title)*       /s/Christine Manna
                                    Christine Manna, Secretary


Date:   May 8, 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:   May 8, 2008


By (Signature and Title)*        /s/Anthony Pace
                                    Anthony Pace, Treasurer


Date:   May 8, 2008


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