Mutual Fund Summary Prospectus (497k)
July 29 2013 - 9:26AM
Edgar (US Regulatory)
|
|
|
Daily Income
Fund
Municipal Portfolio
|
Retail Class Shares (“Retail Shares”) – Ticker Symbol: DMTXX
SUMMARY PROSPECTUS
July
29, 2013
Before you invest, you may want to review the Fund’s Prospectus, which contains more information about the Fund
and its risks. You can find the Fund’s Prospectus, Statement of Additional Information (SAI), Annual Report and other information about the Fund online at http://hosted.rightprospectus.com/RNT/DIF_Retail. You can also get this information at no
cost by calling 1-800-994-6260 or by sending an e-mail request to rntfulfillment@rrd.com.
The
Fund’s Prospectus and SAI, both dated July 29, 2013, and the Fund’s most recent shareholder report, dated March 31, 2013, are all incorporated by reference into this Summary Prospectus.
The investment objective of the Municipal Portfolio is to seek as high a level of tax-exempt current income to the extent consistent with the preservation of capital and the maintenance of
liquidity.
|
:
|
|
Fees and Expenses of the Municipal Portfolio
|
This table describes the fees and expenses that you may pay if you buy and hold Retail Shares of the Municipal Portfolio.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Municipal Portfolio
Retail Shares
|
|
|
SHAREHOLDER FEES
|
|
|
|
|
|
|
|
|
|
(fees paid directly from your investment)
|
|
|
|
|
|
|
|
|
|
|
|
Sales Charge (Load) Imposed on Purchases
|
|
|
|
|
|
|
None
|
|
|
ANNUAL FUND OPERATING EXPENSES
|
|
|
|
|
|
|
|
|
|
(expenses that you pay each year as a percentage of the value of your investment)
|
|
|
|
|
|
|
|
|
|
Management Fees
|
|
|
|
|
|
|
0.12%
|
|
|
Distribution and Service
(12b-1)
Fees
|
|
|
|
|
|
|
0.90%
|
|
|
Other Expenses (includes Administration Fees listed below)
|
|
|
|
|
|
|
0.18%
|
|
|
Administration Fees
|
|
|
0.05%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Annual Fund Operating Expenses
|
|
|
|
|
|
|
1.20%
|
|
|
Fee Waivers
(a)
|
|
|
|
|
|
|
0.13%
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Annual Fund Operating Expenses After Fee Waivers
|
|
|
|
|
|
|
1.07%
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
The Manager and its affiliates have voluntarily agreed to waive their fees so that the total annual fund operating expenses paid by the Municipal
Portfolio’s Retail Shares (after voluntary waivers) will not exceed 1.07% (the “Expense Cap”) up to the date of the Portfolio’s next effective Prospectus. While the Manager and its affiliates currently do not anticipate
terminating or increasing these arrangements prior to the date of the Portfolio’s next effective Prospectus, these arrangements may only be terminated or the Expense Cap be increased with the approval of the Daily Income Fund’s Board of
Trustees.
|
1411 BROADWAY
28th FLOOR
NEW YORK, NY 10018
(212)
830-5345
EXAMPLE
This Example is intended to help you compare the cost of investing in the Retail Shares of the Municipal Portfolio with the cost of investing in other mutual funds. The Example assumes that you
invest $10,000 in the Retail Shares of the Municipal Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Retail
Shares of the Municipal Portfolio’s operating expenses remain the same (taking into account the Expense Cap for year one). Although your actual costs may be higher or lower, based on these assumptions your costs would be:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 Year
|
|
3 Years
|
|
5 Years
|
|
10 Years
|
|
Municipal Portfolio – Retail Shares:
|
|
|
|
$109
|
|
|
|
|
$368
|
|
|
|
|
$647
|
|
|
|
|
$1,443
|
|
|
:
|
|
Principal Investment Strategies
|
The Daily Income Fund (the “Fund”) seeks to maintain investment portfolios with a dollar-weighted average maturity of 60 days or less, to value its investment portfolios at amortized cost
and maintain a net asset value of $1.00 per share. The Municipal Portfolio seeks to achieve its objective by investing at least 80% of its net assets (plus any borrowings for investment purposes) in obligations issued by states, territories and
possessions of the United States and its political subdivisions, public authorities and other entities authorized to issue debt, including Participation Certificates therein the interest on which is exempt from regular federal income tax. The
Portfolio will provide shareholders with at least 60 days’ prior notice of any change in this policy. The maturities of variable rate demand instruments held in the Portfolio will be deemed to be the longer of the period required before the
Portfolio is entitled to receive payment of the principal amount of the instrument through demand, or the period remaining until the next interest rate adjustment, although the stated maturities may be in excess of 397 days.
The Portfolio’s investment manager considers the following factors when buying and selling securities for the Portfolio: (i) the
availability of cash, (ii) redemption requests, (iii) yield management, and (iv) credit management. Yield management is where the investment manager considers the overall yield of the Portfolio and how an individual purchase would
impact the yield of the Portfolio, against the backdrop of the Portfolio’s overall investment objective. Credit management is where the investment manager considers the overall credit quality of the Portfolio and how an individual purchase
would impact the credit quality of the Portfolio, against the backdrop of the Portfolio’s overall investment objective.
|
•
|
|
Although the Portfolio seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the
Portfolio.
|
|
•
|
|
The value of the Portfolio’s shares and the securities held by the Portfolio can each decline in value.
|
|
•
|
|
The amount of income the Portfolio generates will vary with changes in prevailing interest rates.
|
|
•
|
|
The payment of interest and preservation of capital are dependent upon the continuing ability of issuers to meet payment obligations.
|
|
•
|
|
An investment in the Portfolio is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation (the
“FDIC”) or any other governmental agency.
|
|
•
|
|
The Municipal Portfolio invests in municipal debt obligations. The value of these municipal obligations may be affected by uncertainties in the
municipal debt market related to taxation. In addition, the payment of interest and preservation of capital are dependent upon the continuing ability of issuers and/or obligors of state, municipal and public authority debt obligations to meet these
payment obligations.
|
|
•
|
|
Because the Municipal Portfolio may invest in Participation Certificates, investors should understand the characteristics of the banking industry
and the risks that such investments entail. Adverse changes in economic and regulatory developments affecting the banking industry could affect the ability of the banks to meet their obligations. Such adverse economic changes may include substantial
losses on loans, increases in non-performing assets and charge-offs and declines in total deposits. The activities of U.S. banks and most foreign banks are subject to comprehensive regulations which, in the case of U.S. regulations, have undergone
substantial changes in the past decade and are currently subject to legislative and regulatory scrutiny. The enactment of new legislation or regulations, as well as changes in interpretation and enforcement of current
|
|
|
laws, may affect the manner of operations and profitability of U.S. and foreign banks. Significant developments in the U.S. banking industry have included increased competition from other types
of financial institutions, increased acquisition activity and geographic expansion. Banks may be particularly susceptible to certain economic factors, such as interest rate changes and adverse developments in the market for real estate. Fiscal and
monetary policy and general economic cycles can affect the availability and cost of funds, loan demand and asset quality and thereby impact the earnings and financial conditions of banks.
|
|
:
|
|
Risk/Return Bar Chart and Table
|
The following performance information provides some indication of the risks of investing in the Retail Shares of the Municipal Portfolio
.
The bar chart shows changes in the Retail Shares of
the Municipal Portfolio’s performance from year to year. The table shows the Portfolio’s average annual total returns for the one year, five year and since inception periods. While analyzing this information, please note that the
Portfolio’s past performance is not an indication of how the Portfolio will perform in the future. The current 7-day yield for the Retail Shares of the Municipal Portfolio may be obtained by calling the Fund at (212) 830-5345 or toll free
at (800) 433-1918.
Municipal Portfolio – Retail Shares
As of June 30, 2013, the Municipal Portfolio Retail Shares had a year-to-date return of 0.01%.
The Municipal Portfolio Retail Shares’ highest quarterly return was 0.71% for the quarter ended June 30, 2007; the lowest quarterly return
was 0.00% for the quarter ended September 30, 2011.
Investors purchasing or redeeming shares through a Participating Organization
may be charged a fee in connection with such service and, therefore, the net return to such investors may be less than the net return by investing in the Portfolio directly.
Average Annual Total Returns – For the period ended December 31, 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
One Year
|
|
|
Five Years
|
|
|
Since
Inception
(October 30, 2006)
|
|
|
Retail Shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return Before Taxes:
|
|
|
0.02%
|
|
|
|
0.33%
|
|
|
|
0.75%
|
|
Investment Manager: Reich & Tang Asset Management, LLC (the “Manager”) is the Portfolio’s investment manager.
|
:
|
|
Purchase and Sale of Fund Shares
|
You may purchase, exchange or redeem Municipal Portfolio Retail Shares on any business day by written request via mail (Daily Income Fund, c/o Reich & Tang, 1411 Broadway – 28th Floor,
New York, NY 10018), by bank wire, by electronic funds transfer or through a financial intermediary. The minimum initial investment amount is $5,000 and the minimum amount for subsequent investments is $100.
The Portfolio intends to distribute income that is exempt from regular federal income tax. It is possible that a portion of the Portfolio’s distributions may be subject to state, local or
federal income taxes or to the federal alternative minimum tax.
|
:
|
|
Payments to Broker-Dealers and Other Financial Intermediaries
|
If you purchase the Portfolio through a broker-dealer or other financial intermediary (such as a bank or financial advisor), the Portfolio and/or its Manager may pay the intermediary for the sale of
Portfolio shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other financial intermediary and your salesperson to recommend the Portfolio over another investment. Ask your salesperson or
visit your financial intermediary’s website for more information.
MU.R-23380W713–SP0713
|
|
|
Daily Income
Fund
Municipal Portfolio
|
Retail Class Shares
Summary Prospectus
July 29, 2013
Astec Industries (NASDAQ:ASTE)
Historical Stock Chart
From Jun 2024 to Jul 2024
Astec Industries (NASDAQ:ASTE)
Historical Stock Chart
From Jul 2023 to Jul 2024
