Mutual Fund Summary Prospectus (497k)
July 29 2013 - 9:35AM
Edgar (US Regulatory)
A
DVANTAGE
M
UNICIPAL
L
IQUIDITY
F
UND
Shares of Daily Income Fund (the Fund) - Municipal Portfolio
Ticker Symbol
[ADMXX]
SUMMARY PROSPECTUS
July
29, 2013
Before you invest, you may want to review the Funds Prospectus, which contains more information about the Fund and
its risks. You can find the Funds Prospectus, Statement of Additional Information (SAI), Annual Report and other information about the Fund online at http://hosted.rightprospectus.com/RNT/Advantage. 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
Funds Prospectus and SAI, both dated July 29, 2013, and the Funds most recent shareholder report, dated March 31, 2013, are all incorporated by reference into this Summary Prospectus.
INVESTMENT OBJECTIVE
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 Advantage Shares of the Municipal Portfolio.
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Municipal Portfolio
Advantage Shares
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Shareholder Fees
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(fees paid directly from your investment)
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Sales Charge (Load) Imposed on Purchases
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None
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Annual Fund Operating Expenses
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(expenses that you pay each year as a percentage of the value of your investment)
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Management Fees
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0.12%
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Distribution and Service (12b-1) Fees
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1.00%
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Other Expenses (includes Administration Fees listed below)
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0.13%
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Administration Fees
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0.05%
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Total Annual Fund Operating Expenses
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1.25%
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Available exclusively to customers of
Oppenheimer & Co. Inc. and its Affiliates
85 Broad
Street
New York, NY 10004
Example
This Example is intended to help you compare the cost of investing in the Advantage Shares of the Municipal Portfolio with the cost of investing in other mutual funds. The Example assumes
that you invest $10,000 in the Advantage Shares of the Municipal Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and
that the Advantage Shares of the Municipal Portfolios operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
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1 Year
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3 Years
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5 Years
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10 Years
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Municipal Portfolio Advantage Shares:
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$
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127
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$
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397
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$
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686
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$
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1,511
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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 Portfolios 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 Portfolios 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 Portfolios overall investment objective.
PRINCIPAL RISKS
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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.
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The value of the Portfolios shares and the securities held by the Portfolio can each decline in value.
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The amount of income the Portfolio generates will vary with changes in prevailing interest rates.
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The payment of interest and preservation of capital are dependent upon the continuing ability of issuers to meet payment obligations.
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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.
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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.
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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
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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.
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RISK/RETURN BAR
CHART AND TABLE
The following performance information provides some indication of the risks of investing in the Advantage Shares of the Municipal
Portfolio
.
The bar chart shows changes in the Advantage Shares of the Municipal Portfolios performance from year to year. The table shows the Portfolios average annual total returns for the one year, five year and since inception
periods. While analyzing this information, please note that the Portfolios past performance is not an indication of how the Portfolio will perform in the future. The current 7-day yield for the Advantage 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
Advantage Shares
As of June 30, 2013, the Municipal Portfolios Advantage Shares had a year-to-date return of
0.01%.
The Municipal Portfolio Advantage Shares highest quarterly return was 0.70% for the quarter ended June 30,
2007; the lowest quarterly return was 0.00% for the quarter ended March 31, 2013.
Average Annual Total Returns - Municipal Portfolio
Advantage Shares
For the period ended December 31, 2012
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One Year
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Five Years
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Since
Inception
(November 2, 2006)
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Advantage Shares Return Before Taxes:
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0.02
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%
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0.35
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%
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0.79
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%
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MANAGEMENT
Investment Manager:
Reich & Tang Asset Management, LLC (the Manager) is the Portfolios investment manager.
PURCHASE AND SALE
OF FUND SHARES
You may purchase, exchange or redeem Municipal Portfolio Advantage Shares of the Fund on any business day through Oppenheimer &
Co. Inc. via written request (85 Broad Street, New York, NY 10004) or telephone (800-433-1918). There is no minimum initial or subsequent investment amount.
TAX INFORMATION
The Portfolio intends to distribute income that is exempt from regular federal income tax. It is possible that a portion of the Portfolios 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 intermediarys website for
more information.
ADVMUNI - 23380W689 SP0713
Available exclusively to customers of
Oppenheimer & Co. and its Affiliates
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A
DVANTAGE
M
UNICIPAL
L
IQUIDITY
F
UND
SUMMARY PROSPECTUS
|
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|
July 29, 2013
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