ca_nq1114.htm

CALIFORNIA DAILY TAX FREE INCOME FUND, INC.
STATEMENT OF NET ASSETS
SEPTEMBER 30, 2014
(UNAUDITED)


			Maturity	Interest	Value
Face Amount			Date	Rate	(Note 1)
TAX EXEMPT GENERAL OBLIGATION NOTES AND BONDS (10.42%)
$3,770,000		Arrowhead Union High School District, WI TRAPN	09/25/15	0.45%	$3,790,283
5,290,000		Burlington Area School District, WI TRAPN	09/23/15	0.45	5,318,328
1,418,000		Cherry Valley-Springfield Central School District, Otsego County, NY GO BAN	07/31/15	0.65	1,422,085
3,750,000		County of Nassau, NY GO RAN, 2014 Series A	03/16/15	0.45	3,776,416
5,300,000		Dalton-Nunda CSD, Livingston County, NY BAN, 2014	06/25/15	0.45	5,321,207
1,500,000		Florida Union Free School District, Orange County, NY BAN, 2014	06/25/15	0.50	1,505,461
1,500,000		Hartland-Lakeside Joint School District No. 3, Waukesha County, WI TRAPN	08/28/15	0.42	1,507,864
2,855,000		Island Park Union Free School District, Nassau County, NY BAN, 2014	07/30/15	0.50	2,866,740
1,500,000		Maple Dale-Indian Hill School District, WI TRAPN	04/01/15	0.42	1,504,331
1,261,000		NewField Central School District, Tompkins County, NY BAN, 2014	06/29/15	0.55	1,265,182
450,000		North Lake School District, WI TRAPN	10/29/14	0.50	450,172
1,100,000		Northland Pines School District, WI TRAPN	10/10/14	0.42	1,100,156
2,881,888		Perry CSD, Wyoming County, NY BAN, 2014	06/25/15	0.45	2,893,419
2,500,000		Pulaski Community School District, Brown, Oconto, Outagamie and Shawano Counties, WI TRAPN	09/15/15	0.45	2,513,075
600,000		Richfield Joint School District No.1, WI TRAPN	10/29/14	0.50	600,229
1,565,635		Sandy Creek CSD, Oswego County, NY GO BAN, 2014	06/26/15	0.45	1,571,923
2,900,000		School District of Altoona, WI TRAPN	10/30/14	0.42	2,901,330
1,100,000		School District of Cambridge Dane and Jefferson Counties, WI TRAPN	09/22/15	0.50	1,105,258
2,200,000		School District of Denmark, Brown, Kewaunee and Manitowoc Counties, WI TRAPN	08/18/15	0.44	2,210,771
1,000,000		School District of Independence, WI TRAPN	10/30/14	0.48	1,000,411
1,700,000		School District of Somerset, WI TRAPN	10/24/14	0.45	1,700,588
2,000,000		School District of Wisconsin Dells, WI TRAPN	10/29/14	0.45	2,000,840
3,100,000		Skaneateles CSD, Onondaga County, NY BAN, 2014	06/30/15	0.50	3,111,491
1,185,000		Tioga Central School District, Tioga County, NY GO BAN, 2014	07/30/15	0.65	1,188,402
2,000,000		Tuckahoe Union Free School District, Westchester County, NY TAN for 2014-2015 Taxes	06/19/15	0.45	2,007,815
3,300,000		Two Rivers Public School District, WI TRAPN	09/30/15	0.48	3,316,698
2,250,000		Unified School District of Antigo, WI TRAPN	10/29/14	0.42	2,250,825
1,750,000		Wheatland J 1 School District, WI TRAPN	10/30/14	0.48	1,750,719
5,110,983		Wheatland-Chili Central School District, Monroe and Livingston Counties, NY BAN, 2014	06/18/15	0.40	5,132,748
66,837,506		Total Tax Exempt General Obligation Notes and Bonds			67,084,767

TAX EXEMPT VARIABLE RATE DEMAND INSTRUMENTS (91.84%) (a)
$1,800,000		Association of Bay Area Government Finance Authority for Nonprofit Corporations RB (Sharp Healthcare) – Series 2009D LOC Citibank, N.A.	08/01/35	0.05%	$1,800,000
11,855,000		Bay Area Toll Authority San Francisco, CA (Bay Area Toll Bridge) RB – 2007 Series B-2 LOC JPMorgan Chase Bank, N.A.	04/01/47	0.03	11,855,000
26,900,000		Bay Area Toll Authority San Francisco, CA (Bay Area Toll Bridge) RB – 2008 Series E-1 LOC Bank of Tokyo Mitsubishi, UFJ	04/01/45	0.03	26,900,000
9,750,000		BB&T Municipal Trust Floater Certificates – Series 2011 LOC Branch Banking & Trust Company	09/01/22	0.08	9,750,000
3,595,000		California Education Facilities Authority RB (Life Chiropractic College West Incorporated) – Series 1999 LOC Bank of West	01/01/25	0.03	3,595,000
19,000,000		California Education Facility Authority RB (California Institute of Technology) – Series 1994 LOC California Institute of Technology	01/01/24	0.03	19,000,000
3,000,000		California HFFA RB (Adventist Hospital/West Sutter Health Revolving–Loan Pool) – Series 1991A LOC U.S. Bank, N.A.	08/01/21	0.03	3,000,000
11,400,000		California HFFA RB (Catholic Healthcare West Loan Program) – 2011 Series C LOC BMO Harris Bank	03/01/47	0.03	11,400,000
18,160,000		California HFFA RB (Catholic Healthcare West Loan Program) – Series 2005H LOC Sumitomo Mitsui Banking Corp.	07/01/35	0.04	18,160,000
11,000,000		California HFFA RB (Catholic Healthcare West Loan Program) – Series 2005I LOC Mizuho Corporate Bank Ltd	07/01/35	0.03	11,000,000
10,000,000		California HFFA RB (Catholic Healthcare West Loan Program) – Series 2009H LOC Wells Fargo Bank, N.A.	07/01/33	0.04	10,000,000
4,800,000		California HFFA RB (Scripps Health) – 2010 Series B LOC JPMorgan Chase Bank, N.A.	10/01/40	0.03	4,800,000
15,520,000		California Infrastructure and Economic Development Bank RB (California Academy of Sciences, San Francisco, CA) – Series 2008E LOC Northern Trust Company	09/01/38	0.02	15,520,000
14,055,000		California Infrastructure and Economic Development Bank RRB (Pacific Gas and Electric Company) – Series 2009D LOC Sumitomo Mitsui Banking Corp.	12/01/16	0.01	14,055,000
5,000,000		California Municipal Finance Authority RB (La Sierra University) – Series 2008A LOC Wells Fargo Bank, N.A.	08/01/28	0.03	5,000,000
4,900,000		California Municipal Finance Authority RB (Westmont College) – Series 2010A LOC Comerica Bank	01/01/40	0.06	4,900,000
5,000,000		California PCFA PCRRB (Pacific Gas and Electric Company) – 1996 Series E LOC JPMorgan Chase Bank, N.A.	11/01/26	0.02	5,000,000
2,300,000		California PCFA Resource Recovery RB (Sanger Project) – 1990 Series A (b) LOC National Bank of Canada	09/01/20	0.08	2,300,000
6,540,000		California Statewide Communities Development Authority MHRB (Stoneridge at Elk Grove) – 2005 Series Q (b) LOC Citibank, N.A.	10/01/38	0.09	6,540,000
6,400,000		California Statewide Communities Development Authority RB (Chadwick School) – Series 2002 LOC JPMorgan Chase Bank, N.A.	10/01/29	0.07	6,400,000
1,275,000		California Statewide Communities Development Authority RB (John Muir Health) – Series 2008A LOC Wells Fargo Bank, N.A.	08/15/36	0.01	1,275,000
9,200,000		California Statewide Communities Development Authority RB (The Master's College) – Series 2007 LOC U.S. Bank, N.A.	02/01/37	0.04	9,200,000
3,100,000		California Statewide Communities Development Authority RB (The Painted Turtle) – Series 2003 LOC Wells Fargo Bank, N.A.	04/01/33	0.03	3,100,000
4,705,000		City and County of San Francisco Finance Corporation Lease RRB (Moscone Center Expansion Project) – Series 2008-2 LOC State Street Bank & Trust Company	04/01/30	0.03	4,705,000
2,500,000		City and County of San Francisco MHRB (Folsom-Dore Apartment Project) – Series 2002A (b) LOC Citibank, N.A.	12/01/34	0.10	2,500,000
5,290,000		City of Berkeley RB (Berkeley-Albany YMCA) – Series 2008 LOC Wells Fargo Bank, N.A.	07/01/38	0.03	5,290,000
3,600,000		City of Hemet Multifamily Housing RRB (Sunwest Retirement Village) – 1999 Series A Guaranteed by Federal Home Loan Mortgage Corporation	01/01/25	0.05	3,600,000
1,515,000		City of Irvine, CA Assessment District No. 94-13 (Oak Creek) Limited Obligation Improvement Bonds LOC State Street Bank & Trust Company	09/02/22	0.04	1,515,000
4,375,000		City of Livermore, Alameda, CA (Livermore Capital Projects Financing Authority) LOC U.S. Bank, N.A.	10/01/30	0.04	4,375,000
2,000,000		City of New York GO Bonds, Fiscal 2012 Series D Subseries D-3 LOC Bank of New York Mellon, N.A.	10/01/39	0.03	2,000,000
15,355,000		City of Pittsburg Public Financing Authority Water RRB – Series 2008 LOC Bank of The West	06/01/35	0.05	15,355,000
5,640,000		Community Facilities District No. 89-5 (Rancon Business Center) of the Rancho, CA Water District Refunding Bonds – Series 1998 LOC Wells Fargo Bank, N.A.	09/01/28	0.03	5,640,000
9,400,000		County of Contra Costa Multifamily Mortgage RRB (Rivershore Apartments) – Series 1992 B Guaranteed by Federal National Mortgage Association	11/15/22	0.04	9,400,000
10,865,000		County of Orange, CA (Irvine Coast Assessment District No. 88-1 Limited Obligation Improvement Bonds) LOC Sumitomo Mitsui Banking Corp.	09/02/18	0.03	10,865,000
8,800,000		County of Sacramento Special Facilities Airport RB (The Cessna Aircraft Company Project) – Series 1998 (b) LOC Bank of America, N.A.	11/01/28	0.07	8,800,000
7,000,000		District of Columbia RRB (American University Issue) – Series 2008 LOC JPMorgan Chase Bank, N.A.	10/01/38	0.03	7,000,000
3,720,000		Housing Authority of the County of Sacramento Multifamily Housing RRB (Ashford Park Apartments) 1996 Issue D Guaranteed by Federal National Mortgage Association	07/15/29	0.05	3,720,000
4,000,000		IDA of the County of Alameda RB (Ettore Products Co. Project) – Series 2005 A (b) LOC Comerica Bank	12/01/30	0.09	4,000,000
5,000,000		Indiana Finance Authority Health System RRB (Sisters of St. Francis Health Services, Inc. Obligated Group) – Series 2008A LOC JPMorgan Chase Bank, N.A.	11/01/41	0.04	5,000,000
2,300,000		Irvine Ranch Water District Series 1993 District No. 105, 140, 240 and 250 LOC Bank of New York Mellon, N.A.	04/01/33	0.03	2,300,000
22,595,000		Irvine Ranch Water District Series Consolidated Series 2009B LOC Bank of America, N.A.	10/01/41	0.02	22,595,000
6,000,000		Irvine Unified School District Community Facilities District No. 09-1 Adjustable Rate Special Tax Bonds - Series 2012 B LOC Bank of America, N.A.	09/01/51	0.05	6,000,000
4,029,000		Kern Water Bank Authority RB Series 2003A LOC Wells Fargo Bank, N.A.	07/01/28	0.03	4,029,000
3,540,000		Redevelopment Agency of the City of Livermore Multifamily Housing RRB (Livermore Independent Senior Apartments) – 2009 Series A Guaranteed by Federal National Mortgage Association	07/15/39	0.05	3,540,000
19,020,000		Redevelopment Agency of the City of Pittsburg Los Medanos Community Development Project Subordinate Tax Allocation Bonds – Series 2004A LOC State Street Bank & Trust Company/California State Teachers Retirement System	09/01/35	0.04	19,020,000
5,900,000		Riverside County, CA 1985 COPs (ACES) Type One Series A LOC State Street Bank & Trust Company	12/01/15	0.04	5,900,000
1,050,000		Riverside County, CA 1985 COPs (ACES) Type One Series B LOC State Street Bank & Trust Company	12/01/15	0.03	1,050,000
6,370,000		Sacramento Municipal Utility District Subordinated Electric RB – Series 2012M LOC U.S. Bank, N.A.	08/15/41	0.03	6,370,000
5,500,000		San Francisco, CA Redevelopment Agency of City & County (Fillmore Center) – Series A-1 Guaranteed by Federal Home Loan Mortgage Corporation	12/01/17	0.05	5,500,000
1,500,000		San Rafael Redevelopment Agency MHRB (Fairfax Street Apartments) – Series 2001A LOC Citibank, N.A.	09/01/31	0.05	1,500,000
2,675,000		Santa Clara County, CA MHRB (Grove Garden Apartments) – Series 1997A Guaranteed by Federal National Mortgage Association	02/15/27	0.06	2,675,000
2,500,000		South Carolina Jobs EDA (Franco Manufacturing Company, Inc. Project) – Series 1998 (b) LOC Bank of America, N.A.	05/01/19	0.20	2,500,000
26,895,000		Southern California Public Power Authority RRB (Magnolia Power Project A) – Series 2009-1 LOC U.S. Bank, N.A.	07/01/36	0.03	26,895,000
20,000,000		Southern California Public Power Authority RRB (Magnolia Power Project A) – Series 2009-2 LOC Wells Fargo Bank, N.A.	07/01/36	0.03	20,000,000
3,000,000		State of California GO Bonds - Series 2003 A-1 LOC JPMorgan Chase Bank, N.A.	05/01/33	0.02	3,000,000
13,630,000		State of California GO Bonds – Series 2003 A-2 LOC BMO Harris Bank	05/01/33	0.03	13,630,000
6,155,000		State of California GO Bonds - Series 2004 A-1 LOC Citibank, N.A.	05/01/34	0.01	6,155,000
18,500,000		State of California GO Bonds - Series 2004 A-3 LOC State Street Bank & Trust Company	05/01/34	0.02	18,500,000
9,500,000		State of California GO Bonds – Series 2004 A-6 LOC Citibank, N.A.	05/01/34	0.03	9,500,000
6,100,000		State of California GO Bonds – Series 2004 B-3 LOC Citibank, N.A.	05/01/34	0.02	6,100,000
16,845,000		State of California GO Bonds – Series 2004 B-3 LOC State Street Bank & Trust Company	05/01/34	0.02	16,845,000
28,870,000		State of California GO Bonds – Series 2004 B-4 LOC Citibank, N.A.	05/01/34	0.03	28,870,000
24,000,000		State of California GO Bonds – Series 2005 A1-2 LOC Royal Bank of Canada	05/01/40	0.03	24,000,000
20,000,000		State of California GO Bonds – Series 2005 A2-2 LOC Royal Bank of Canada	05/01/40	0.03	20,000,000
1,000,000		The City of Los Angles MHRB (Fountain Park Phase II Project) – Series 2000B (b) Guaranteed by Federal National Mortgage Association	03/15/34	0.04	1,000,000
2,000,000		The City of New York GO – 2013 Series A-3 LOC Mizuho Corporate Bank Ltd	10/01/40	0.01	2,000,000
1,100,000		The Housing Authority of the County of Los Angles Multifamily Housing RRB (Malibu Meadows II Project) – 1998 Series C Guaranteed by Federal National Mortgage Association	04/15/28	0.05	1,100,000
8,000,000		The Metropolitan Water District of Southern California Water Revenue Refunding Bonds, 2014 Series D	07/01/32	0.03	8,000,000
4,700,000		University of Illinois, Health Service Facilities System RB – Series 1997A LOC Wells Fargo Bank, N.A.	10/01/26	0.05	4,700,000
591,589,000		Total Tax Exempt Variable Rate Demand Instruments			591,589,000

TAX EXEMPT VARIABLE RATE DEMAND INSTRUMENTS – PRIVATE PLACEMENT (a) (0.04%)
$270,000		Redevelopment Agency of the City of Morgan Hill (Kent Trust Project) – Series 1984B LOC Wells Fargo Bank, N.A.	12/01/14	1.63%	$270,000
270,000		Total Tax Exempt Variable Rate Demand Instruments - Private Placement			270,000

		Total Investments (102.30%)
		(cost $658,943,767†)			$ 658,943,767
		Liabilities in excess of cash and other assets (-2.30%)			(14,801,548)
		Net Assets (100.00%)			$ 644,142,219


		Class A, 449,186,502 shares outstanding			$ 1.00
		Class B, 137,141,358 shares outstanding			$ 1.00
		Advantage Shares, 57,828,594 shares outstanding			$ 1.00



		† Aggregate cost for federal income tax purposes is identical. All securities are valued at amortized cost and as a result, there is no unrealized appreciation and depreciation.

FOOTNOTES:

(a)		Securities payable on demand at par including accrued interest (usually with seven days’ notice) and, if indicated, unconditionally secured as to principal and interest by a bank letter of credit. The interest rates are adjustable and are based on bank prime rates or other interest rate adjustment indices. The rate shown is the rate in effect at the date of this statement.

(b)		Security subject to alternative minimum tax.

KEY:
ACES	=	Adjustable Convertible Extendable Securities
BAN	=	Bond Anticipation Note
COP	=	Certificates of Participation
CSD	=	Central School District
EDA	=	Economic Development Authority
GO	=	General Obligation
HFFA	=	Health Facilities Financing Authority
IDA	=	Industrial Development Authority
LOC	=	Letter of Credit
MHRB	=	Multi-family Housing Revenue Bond
PCFA	=	Pollution Control Financing Authority
PCRRB		Pollution Control Refunding Revenue Bonds
RAN	=	Revenue Anticipation Note
RB	=	Revenue Bond
RRB	=	Refunding Revenue Bond
TAN	=	Tax Anticipation Note
TRAPN	=	Tax and Revenue Anticipation Promissory Note



Note 1 - Valuation of Securities
		Investments are recorded on the basis of amortized cost, which approximates value, as permitted by Rule 2a-7 under the 1940 Act. Under this method, a portfolio instrument is valued at cost and any discount or premium is amortized on a constant basis to the maturity of the instrument. The maturity of variable rate demand instruments is deemed to be the longer of the period required before the Fund is entitled to receive payment of the principal amount or the period remaining until the next interest rate adjustment.

		Under the provisions of GAAP, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods giving the highest priority to readily available unadjusted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3) generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

		Level 1 – prices are determined using quoted prices in an active market for identical assets.

		Level 2 – prices are determined using other significant observable inputs. Observable inputs are inputs that the other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.


		Level 3 – prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

		The following is a summary of the tiered valuation input levels, as of the end of the reporting period, September 30, 2014. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Money market securities may be valued using amortized cost, in accordance with the 1940 Act. Generally, amortized cost approximates the current fair value of a security, but as the value is not obtained from a quoted price in an active market, such securities are reflected as a Level 2.
			Debt securities

		Quoted prices in active markets for identical assets (Level 1)	-
		Significant other observable inputs (Level 2)	658,943,767
		Significant unobservable inputs (Level 3)	-
		Total	658,943,767


		At September 30, 2014, there was no Level 1 or Level 3 investments. There were also no transfers between levels during the period ended September 30, 2014.

Item 2: Controls and Procedures