Effective July 22, 2013, Reich & Tang Asset Management [profile] and Reich & Tang Distributors have implemented an expense limitation agreement with respect to the California Daily Tax Free Income Fund in order to ensure that the fund’s total annual fund operating expenses do not exceed 0.80% and 0.55% of the average daily net assets of the fund’s Class A shares and Class B shares, respectively, for two years.  In addition, for two years from July 22, 2013, the manager and its affiliates have contractually agreed to waive fees and/or reimburse expenses in order to maintain a minimum yield of 0.01% for Class A shares and Class B shares so long as their gross yield is greater than 0.12%. [SEC Filing]. 

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