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Rating Action:

Moody's assigns first-time ratings to two Reich & Tang MM funds

Global Credit Research - 04 Nov 2010

New York, November 04, 2010 -- Moody's Investors Service has assigned a Aaa money market fund rating to the Daily Income Fund -- Money Market Portfolio and prospective (P) Aaa money market fund rating to the RNT Natixis Liquidity Prime Portfolio. A prospective rating is subject to fulfillment of contingencies but is highly likely that the rating will become definitive after all documents are received and reviewed or an obligation is issued into the market.

"The ratings reflect our expectation that the portfolios will remain high credit quality, as measured on the basis of the portfolio's maturity adjusted weighted average credit quality versus a reference Aaa-rated 13-month fixed income obligation," said Moody's Vice President-Senior Analyst Dagmar Silva, who is the lead analyst for the fund. She added that "the ratings also reflect the funds very conservative operating guidelines, including maintenance of a weighted average maturity not exceeding 60 days in order to limit the fund's sensitivity to interest rate changes." The liquidity of the fund's portfolio, of which a significant proportion is invested in time deposits, certificate of deposits, US government securities, or overnight repo is also a rating positive.

The Daily Income Fund -- Money Market Portfolio was formed in January 1994 and is comprised of nine share classes including: Institutional Class Shares, Institutional Service Class Shares, Investor Class Shares, Investor Service Class Shares, Short Term Income Class Shares, Retail Class Shares, Pinnacle Class Shares, moneymarketXpress Class Shares and Advantage Primary Liquidity Fund Shares.

The investment objective of the fund is to seek liquidity, high current income and preservation of capital. Moreover, the fund endeavors to maintain a constant net asset value. In pursuing these objectives, the fund will invest in securities with Prime-1 or equivalent ratings. Eligible securities include: CDs, time deposits, commercial paper and short-term floating rate obligations as well as sovereign debt. Also, the fund will maintain a conservative weighted average maturity of 60 days or less. In doing so, exposure to market price risk will be reduced. In addition to its diversification, the portfolio exhibits strong levels of liquidity, with over 40% of portfolio assets maturing within 1-7 days. The fund's shareholder base exhibits some concentration; however, this investor is an omnibus account that represents thousands of underlying investors, which reduces the likelihood of material unexpected redemptions.

The RNT Natixis Liquid Prime Portfolio will launch on November 30, 2010 and will be comprised of Treasury Class Shares and the Liquidity Class Shares. The fund will invest predominately in government securities, repurchase agreements, and overnight time deposits. Moody's anticipates that the investment adviser will maintain the weighted average credit quality of the master portfolio in line with its expectations for Aaa-rated money market funds. The fund will attempt to maintain a WAM of 9 days. As a result, we expect the portfolio will also exhibit strong levels of liquidity, with close to 100% of the portfolio maturing within 30 days.

Moody's noted that in the agency's opinion "the funds benefits from a seasoned, cohesive investment management team that is supported by an independent credit research department capable of developing and maintaining credit policies and procedures for money market funds."

Rich & Tang Management LLC is a subsidiary of Natixis Global Asset Management, L.P. which owns, in addition to R&T, a number of other asset management and distribution and service entities. Natixis Global Asset Management, L.P. is part of Natixis Global Asset Management, an international asset management group based in Paris, France, that is in turn principally owned by Natixis, a French investment banking and financial services firm. Natixis is principally owned by BPCE, France's second largest banking group. The group includes two autonomous and complementary retail banking networks consisting of the Caisse d'Epargne regional savings banks and the Banque Populaire regional cooperative banks. An affiliate of the French Government is an investor in non-voting securities of BPCE and has limited, non-controlling representation on the supervisory board of BPCE as well as the right to convert certain shares into common equity of BPCE at a future time. Natixis and BPCE each own, directly or indirectly, other investment advisers established in various jurisdictions.

Natixis Global Asset Management, L.P had approximately $719 billion under management across the firm's subsidiaries at September 30, 2010. Reich & Tang was one of the first to enter the money fund management business in 1974. The advisor currently is a manager or sub-adviser of eleven taxable, tax-exempt, institutional and offshore funds.

Fund Administration and the portfolio's custodial functions are handled by Bank of New York Mellon.

The principal methodology used in rating the funds and portfolio was Moody's Managed Funds Credit Quality Ratings Methodology, published in June 2004 and available on www.moodys.com in the Rating Methodologies sub-directory under the Research and Ratings tab. Other methodologies and factors that may have been considered in the process of rating this issuer can also be found in the Rating Methodologies sub-directory on Moody's website.

MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY'S is not an auditor and cannot in every instance independently verify or validate information received in the rating process.

Please see ratings tab on the issuer/entity page on Moodys.com for the last rating action and the rating history.

The date on which some Credit Ratings were first released goes back to a time before Moody's Investors Service's Credit Ratings were fully digitized and accurate data may not be available. Consequently, Moody's Investors Service provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website www.moodys.com for further information.

Please see the Credit Policy page on Moodys.com for the methodologies used in determining ratings, further information on the meaning of each rating category and the definition of default and recovery.

New York
Dagmar H. Silva
Vice President - Senior Analyst
Global Managed Investments Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Daniel Serrao
Senior Vice President
Global Managed Investments Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's Investors Service
250 Greenwich Street
New York, NY 10007
U.S.A.

Moody's assigns first-time ratings to two Reich & Tang MM funds
No Related Data.
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