Offshore Money Market Funds

Past performance is not a guarantee of future results. Investment returns and principal value of money market funds will fluctuate so that an investor’s shares, when redeemed, may be worth or less than their original cost. Current yields may be higher or lower than the yield data quoted and the Fund’s performance ranking may vary. Yield quotation more closely reflects the current earnings of the money market fund than the total return quotation. Total return represents the change in value of an investment after reinvesting all income and capital gains.

Although not contractually obligated to do so, the adviser and/or certain fund service providers waived all or a portion of their fees or reimbursed the Fund for certain operating expenses. These voluntary waivers and reimbursements may be modified or terminated at any time; accordingly, the Fund’s expenses may vary (i.e. increase or decrease) during the Fund’s fiscal year. These waivers increase income to the Fund and result in higher return to investors.

Please consider the investment objectives, risks, and charges and expenses of money market funds carefully before investing. The prospectus contains this and other information about the funds. Please contact Reich & Tang at 800-433-1918 to obtain a prospectus, which should be read carefully before investing. An investment in money market funds is not insured or guaranteed by the FDIC or any other governmental agency. Although money market funds seek to preserve the value of an investment at $1.00 per share, it is possible to lose money by investing in a money market fund.

A portion of the income from Daily Income Fund — National Municipal Portfolio may be subject to the Federal Alternative Minimum tax, along with state and local taxes. A portion of the income from California Daily Tax Free Income Fund may be subject to the Federal Alternative Minimum tax.

Credit ratings do not provide assurance against default or other loss of money and can change. Standard & Poor’s money market fund rating criteria reflect an opinion of the safety of invested principal based on an analysis of portfolio credit quality, market price exposure, and conservative management. A money market fund rating is not a recommendation to buy or sell. Ratings do not serve to remove market risk and are subject to change. Go to www.moodys.com for Moody’s Managed Funds Credit Quality Ratings Methodology.

Standard & Poor’s money market fund rating criteria reflect an opinion of the safety of invested principal based on an analysis of portfolio credit quality, market price exposure, and conservative management. A money market fund rating is not a recommendation to buy or sell. Ratings do not serve to remove market risk and are subject to change.

Money market mutual funds distributed by Reich & Tang Distributors, Inc. Member FINRA

For more information about this share class, please contact our Sales Department at 800-433-1918.