California Daily Tax Free Income Fund seeks OK to liquidate

By Toni Weeks

San Luis Obispo, Calif., March 13 – The board of directors of the California Daily Tax Free Income Fund, Inc. has approved the liquidation and termination of the fund, according to a 497 filing with the Securities and Exchange Commission.

Shareholder approval is required at a meeting on July 9. If approved, the liquidation will occur July 10.

The fund seeks as high a level of current income exempt from federal income tax and, to the extent possible, from California income taxes, as is believed to be consistent with preservation of capital, maintenance of liquidity and stability of principal. It invests primarily in short-term, high-quality debt obligations of California and its political subdivisions; Puerto Rico, Guam and other U.S. territories and their political subdivisions; and other states.

New York-based Reich & Tang Asset Management, LLC is the fund’s investment adviser.

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