N-Q 1 canq0508.txt As filed with the Securities and Exchange Commission on May 28, 2008 Investment Company Act File Number 811-4922 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-Q QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY CALIFORNIA DAILY TAX FREE INCOME FUND, INC. (Exact name of registrant as specified in charter) 600 FIFTH AVENUE NEW YORK, NY 10020 (Address of principal executive offices) (Zip code) CHRISTINE MANNA C/O REICH & TANG ASSET MANAGEMENT, LLC 600 FIFTH AVENUE NEW YORK, NEW YORK 10020 (Name and address of agent for service) Registrant's telephone number, including area code: 212-830-5200 Date of fiscal year end: December 31 Date of reporting period: March 31, 2008 ITEM 1: SCHEDULE OF INVESTMENTS ------------------------------------------------------------------------------- CALIFORNIA DAILY TAX FREE INCOME FUND, INC. STATEMENT OF NET ASSETS MARCH 31, 2008 (UNAUDITED) ===============================================================================
Ratings (a) Face Maturity Current Value Standard Amount Date Coupon (b) (Note 1) Moody's & Poor's -------- ---- ---------- -------- ------- -------- Put Bond (c) (1.70%) ----------------------------------------------------------------------------------------------------------------------------------- $ 5,000,000 Plaquemines, LA Port, Harbor & Terminal District Port Facility RB (Chevron Pipeline Company Project) - Series 1984 Guaranteed by Chevron Corporation 09/01/08 3.85% $ 5,000,000 P-1 A-1+ ----------- ----------- 5,000,000 Total Put Bond 5,000,000 ----------- ----------- Tax Exempt Commercial Paper (5.63%) ----------------------------------------------------------------------------------------------------------------------------------- $ 5,000,000 Contra Costa Transportation Authority Subordinate Sales Tax Revenue (Limited Tax Bonds) - Series A LOC Bank of America, N.A. 05/06/08 1.90% $ 5,000,000 P-1 A-1+ 3,500,000 Imperial Irrigation District RB (Water System Projects) - Series A LOC Citibank, N.A. 06/05/08 1.25 3,500,000 P-1 A-1+ 3,000,000 Regents of the University of California - Series A 06/05/08 1.90 3,000,000 P-1 A-1+ 5,000,000 Transmission Agency of Northern California (California-Oregon Transmission Project) - Series B LOC Westdeutsche Landesbank 05/05/08 2.20 5,000,000 P-1 A-1+ ----------- ----------- 16,500,000 Total Tax Exempt Commercial Paper 16,500,000 ----------- ----------- Tax Exempt General Obligation Notes & Bonds (9.06%) ----------------------------------------------------------------------------------------------------------------------------------- $ 3,000,000 California Communities TRAN (City of Fresno) - Series 2007A-2 06/30/08 3.62% $ 3,006,260 MIG-1 SP-1+ 4,000,000 City of Torrance, CA TRAN 07/02/08 3.69 4,007,854 MIG-1 SP-1+ 4,500,000 City of Fremont (Alameda County), CA TRAN 09/30/08 3.40 4,512,969 SP-1+ 3,000,000 County of Kern, CA TRAN 06/30/08 3.61 3,006,335 SP-1+ 3,000,000 County of Sacramento, CA 2007 TRAN 07/09/08 3.66 3,006,651 MIG-1 SP-1+ 3,000,000 County of Santa Cruz, CA 2007/8 TRAN 07/11/08 3.65 3,006,782 MIG-1 SP-1+ 3,000,000 School Project for Utility Rate Reduction, CA RAN 10/10/08 3.40 3,012,925 MIG-1 3,000,000 State of California 2008 RAN 06/30/08 3.36 3,004,563 MIG-1 SP-1+ ----------- ----------- 26,500,000 Total Tax Exempt General Obligation Notes & Bonds 26,564,339 ----------- ----------- Variable Rate Demand Instruments (d) (81.96%) ----------------------------------------------------------------------------------------------------------------------------------- $ 5,000,000 ABN AMRO MuniTOPs Certificates Trust (California Non-AMT) Single Asset-Series 2003-2(Relating to Sequoia Union High School District(San Mateo,CA)GO Election 2001,Series 2003 Insured by MBIA Insurance Corp. 01/01/10 2.26% $ 5,000,000 VMIG-1 4,670,000 Alameda - Contra Costa, CA Schools Financing Authority (Capital Improvement Financing Project) - Series K LOC KBC Bank, N.V. 08/01/32 1.93 4,670,000 A-1 1,105,000 Association for Bay Area Government Finance Authority for (American Baptist Homes of West Facilites Projects) - Series 1997 C LOC U.S. Bank, N.A. 10/01/27 0.92 1,105,000 A-1+ 5,100,000 Association for Bay Area Government Finance Authority for Nonprofit Corporations (Valley Christian Schools) - Series 2003 LOC Bank of America, N.A. 11/01/32 1.85 5,100,000 VMIG-1 11,225,000 BB&T Municipal Trust Floater FR/RI Certificates - Series 2014 03/15/39 2.25 11,225,000 VMIG-1 650,000 California Educational Facilities Authority RB (Stanford University) - Series S-4 11/01/50 0.80 650,000 VMIG-1 A-1+ 3,200,000 California HFA Home Mortgage RB - Series 2002M 08/01/33 1.11 3,200,000 VMIG-1 A-1+ 170,000 California HFFA HRB (Adventist Health System/West Project) Series 2002-A LOC Wachovia Bank, N.A. 09/01/25 0.90 170,000 VMIG-1 100,000 California HFFA HRB (Adventist Health System/West Project) Series 2002-B LOC Wachovia Bank, N.A. 09/01/25 0.90 100,000 VMIG-1 560,000 California HFFA RB (Adventist Hospital/West - Sutter Health Revolving Loan Pool) - Series 1991A LOC U.S. Bank, N.A. 08/01/21 1.95 560,000 VMIG-1 A-1+ 950,000 California Infrastructure and Economic Development Bank (Asian Art Museum of San Francisco Project) - Series 2005 Insured by MBIA Insurance Corporation 06/01/34 2.05 950,000 A-1+ 200,000 California Infrastructure and Economic Development Bank (J Paul Getty Trus Project) - Series 2003D 04/01/33 0.90 200,000 VMIG-1 A-1+ 100,000 California PCFA RB (Pacific Gas and Electric Company) 1996- Series F LOC JPMorgan Chase Bank, N.A. 11/01/26 0.95 100,000 A-1+ 11,505,000 California PCFA Pollution Control Refunding RB (Pacific Gas and Electric Company) 1996 - Series C LOC JPMorgan Chase Bank, N.A. 11/01/26 0.90 11,505,000 A-1+ 1,100,000 California PCFA Pollution Control Refunding RB (Pacific Gas and Electric Company) 1996 - Series E LOC JPMorgan Chase Bank, N.A. 11/01/26 0.95 1,100,000 A-1+ 6,995,000 California State Department of Water Resources Power Supply RB - Series 2005F-1 LOC Lloyds Bank PLC 05/01/19 1.09 6,995,000 VMIG-1 A-1+ 4,175,000 California School Facilities Finance Corporation COPs (Capital Improvement Financing Projects) - Series 1998B LOC Bayerische Hypo-Vereins Bank, A.G. 07/01/24 1.65 4,175,000 VMIG-1 500,000 California State Department of Water Resources Power Supply RB - Series 2002B-2 LOC BNP Paribas 05/01/22 1.20 500,000 VMIG-1 A-1+ 1,500,000 California State Department of Water Resources Power Supply RB - Series 2002B-5 LOC Bayerische Landesbank / Westdeutche Landesbank AG 05/01/22 0.92 1,500,000 VMIG-1 A-1+ 1,170,000 California State Department of Water Resources Power Supply RB - Series 2002B-6 LOC State Street Bank & Trust Company 05/01/22 1.09 1,170,000 VMIG-1 A-1+ 4,350,000 California State Department of Water Resources Power Supply RB - Series 2002 C-13 Insured by FSA 05/01/22 1.91 4,350,000 VMIG-1 A-1+ 3,350,000 California State Department of Water Resources Power Supply RB - Series 2005F-5 LOC Citibank, N.A. 05/01/22 1.20 3,350,000 VMIG-1 A-1+ 885,000 California State GO Bonds Kindergarten University Public Education Facilities Bonds - Series 2004 Sub-series A-1 LOC Citibank, N.A./California State Teachers Retirement System 05/01/34 0.90 885,000 VMIG-1 A-1+ 3,900,000 California State GO Bonds Kindergarten University Public Education Facilities Bonds - Series 2004 Sub-series A-2 LOC Citibank, N.A./California State Teachers Retirement System 05/01/34 1.05 3,900,000 VMIG-1 A-1+ 500,000 California State GO Bonds Kindergarten University Public Education Facilities Bonds - Series 2004 Sub-series A-3 LOC Citibank, N.A./California State Teachers Retirement System 05/01/34 1.40 500,000 VMIG-1 A-1+ 700,000 California State GO Bonds Kindergarten University Public Education Facilities Bonds - Series 2004 Sub-series A-5 LOC Citibank, N.A./California State Teachers Retirement System 05/01/34 0.85 700,000 VMIG-1 A-1+ 1,645,000 California State GO Bonds Kindergarten University Public Education Facilities Bonds - Series 2004 Sub-series B-1 LOC Citibank, N.A./State Street/National Australia Bank 05/01/34 0.90 1,645,000 VMIG-1 A-1+ 2,800,000 California State GO Bonds Kindergarten University Public Education Facilities Bonds - Series 2004 Sub-series B-3 LOC Citibank, N.A./State Street/National Australia Bank 05/01/34 1.09 2,800,000 VMIG-1 A-1+ 100,000 California State GO Bonds Kindergarten University Public Education Facilities Bonds - Series 2005B-7 LOC Landesbank Hessen Thurigen Girozentrale 05/01/40 0.90 100,000 VMIG-1 A-1+ 1,000,000 California State GO Bonds - Series 2003A-1 LOC Westdeutsche Landesbank/JPMorgan Chase Bank, N.A. 05/01/33 1.40 1,000,000 VMIG-1 A-1+ 7,100,000 California State GO Bonds - Series 2003A-3 LOC Westdeutsche Landesbank/JPMorgan Chase Bank, N.A. 05/01/33 0.92 7,100,000 VMIG-1 A-1+ 10,000,000 California Statewide Communities Development Authority MHRB (Irvine Apartments Communities, L.P. Project) - Series 2001 W-1 LOC Wells Fargos Bank, N.A 08/01/34 2.00 10,000,000 VMIG-1 8,000,000 California Statewide Communities Development Authority MHRB (Westgate Pasadena Apartment Project) - Series 2007G LOC Bank of America, N.A. 04/01/42 2.10 8,000,000 VMIG-1 695,000 California Statewide Communities Development Authority RB (North Peninsula Jewish Campus) - Series 2004 LOC Bank of America, N.A. 07/01/34 0.90 695,000 VMIG-1 1,300,000 Carona-Norco, CA Unified School District COPs (2005 School Facility Bridge Funding Program) Insured by FSA 11/01/30 2.10 1,300,000 VMIG-1 1,320,000 Carlsbad, CA MHRB (Santa Fe Ranch Apartments Project) - Series 1993A Guaranteed by Federal Home Loan Mortgage Corporation 06/01/16 2.05 1,320,000 VMIG-1 2,800,000 Citigroup Global Markets ROC Trust II-R - Series 10018Z (Anaheim City School District (County of Orange, CA) GO Election of 2002) - Series 2007 Insured by MBIA Insurance Corp. 08/01/31 2.58 2,800,000 A-1+ 4,255,000 Citigroup Global Markets ROC Trust II-R - Series 10161 (San Diego UFSD 2004 GO Bonds(Election 1998 - Series F)) Insured by FSA 07/01/29 2.25 4,255,000 A-1+ 1,400,000 City of Pulaski and Giles County, TN RB (Martin Methodist College Program) - Series 2004 LOC Amsouth Bank 01/01/24 2.26 1,400,000 VMIG-1 1,020,000 Colton, CA Redevelopment Agency 1985 Issue A Guaranteed by Federal Home Loan Bank 05/01/10 2.05 1,020,000 A-1+ 600,000 Connecticut State HEFA RB (Yale University) - Series T-1 07/01/29 0.80 600,000 VMIG-1 A-1+ 400,000 Contra Costa County,CA Multifamily Mortgage RB(Rivershore Apartments) Collateralized by Federal National Mortgage Association 11/15/22 1.94 400,000 A-1+ 3,500,000 County of San Mateo, CA MHRB (Pacific Oaks Apartments Project) - Series 1987A LOC Wells Fargo Bank, N.A. 07/01/17 2.13 3,500,000 VMIG-1 4,500,000 Fremont, CA COPs (1998 Family Resource Center Financing Project) LOC KBC Bank, N.V. 08/01/28 1.93 4,500,000 A-1+ 2,700,000 Irvine, CA Improvement Bond Act - 1915 Assessment District # 04-20 Series A LOC KBC Bank 09/02/30 1.10 2,700,000 VMIG-1 4,100,000 Irvine, CA Improvement Bond Act - 1915 Assessment District # 05-21 Series A LOC Bank of New York/ California State Teachers Retirement System 09/02/31 0.90 4,100,000 VMIG-1 6,695,000 Irvine, CA Improvement Bond Act - 1915 Assessment District # 89-10 LOC Bayerische Hypo-Vereins Bank, A.G. 09/02/15 1.11 6,695,000 VMIG-1 A-1+ 1,000,000 Irvine, CA Improvement Bond Act - 1915 Assessment District # 93-14 LOC Bank of America, N. V. 09/02/25 0.90 1,000,000 VMIG-1 A-1+ 3,450,000 Irvine, CA Improvement Bond Act - 1915 Assessment District # 94-13 (Oak Creek) LOC State Street Bank & Trust Company 09/02/22 1.09 3,450,000 VMIG-1 A-1 900,000 Irvine, CA Water District - Series 1995 Improvement District # 105, 140, 240 & 250 LOC State Street Bank & Trust Co. 01/01/21 0.90 900,000 VMIG-1 A-1+ 1,400,000 Irvine, CA Water District - Series 1991 Improvement District # 105, 250 & 290 LOC Landesbank Baden - Wurtemburg 08/01/16 1.15 1,400,000 VMIG-1 A-1+ 900,000 Irvine, CA Water District Improvement District # 182 Series A LOC Landesbank Hessen - Thuringen Gironzentrale 11/15/13 0.90 900,000 A-1+ 800,000 Irvine, CA Water District (Orange County) Improvement District # 282 Series A LOC Landesbank Hessen - Thuringen Gironzentrale 11/15/13 0.90 800,000 A-1+ 2,200,000 Irvine, CA Water District (Orange County) LOC Landesbank Hessen - Thuringen Gironzentrale 10/01/10 1.15 2,200,000 A-1+ 1,085,000 J.P. Morgan Securities, Inc. Puttable Tax-Exempt Receipts Series 474 County of Ventura, CA 2003 COPs (Public Finance Authority II) Insured by FSA 08/15/11 2.29 1,085,000 VMIG-1 995,000 J.P. Morgan Securities,Inc. Puttable Tax-Exempt Receipts Series 1435 (Trustees of the California State University Systemwide RB) - Series 2005C LOC JPMorgan Chase Bank, N.A. 11/01/13 3.50 995,000 A-1 1,700,000 King George County, VA IDA (Birchwood Power Partners, L.P. Projects) - Series 1995 LOC Bank of Nova Scotia 11/01/25 1.52 1,700,000 A-1+ 5,155,000 Lake Elsinore Recreation Authority Revenue Refunding bonds (Public Facilities Project) - Series 2000A LOC California State Teachers Retirement System 02/01/32 1.90 5,155,000 VMIG-1 A-1+ 6,350,000 Lehman Municipal Trust Receipts Floater Trust Receipts 2006 K54 (Harbor Department of the City of Los Angeles, CA RB 2006 - Series D) Insured by MBIA Insurance Corporation 08/01/26 2.35 6,350,000 A-1 8,200,000 Lehman Municipal Trust Receipts Floater Trust Receipts 2007 P68W (Department of Veterans Affairs of the State of California Home Purchase RB Series 2007A 12/01/32 2.23 8,200,000 VMIG-1 2,900,000 Los Angeles, CA (Department of Water and Power System) - Series 2001 B-1 07/01/35 1.09 2,900,000 VMIG-1 A-1+ 500,000 Los Angeles, CA (Department of Water and Power System) - Series 2001 B-3 07/01/34 0.90 500,000 VMIG-1 A-1+ 5,000,000 Los Angeles, CA (Department of Water and Power System) - Series 2002 A-6 07/01/35 1.95 5,000,000 VMIG-1 A-1+ 3,300,000 Los Angeles, CA Housing Authority MHRB (Malibu Meadows Project) - Series 1998B Collateralized by Federal National Mortgage Association 04/15/28 1.94 3,300,000 A-1+ 1,000,000 Metropolitian Transportation Authority, NY - Series 2005E-1 LOC Fortis Bank S.A./N.V. 11/01/35 2.02 1,000,000 VMIG-1 A-1+ 1,500,000 Metropolitian Water District of Southern California RB - Series B-1 07/01/35 1.09 1,500,000 VMIG-1 A-1+ 800,000 Metropolitian Water District of Southern California RB - Series B-3 07/01/35 0.92 800,000 VMIG-1 A-1+ 2,400,000 Metropolitian Water District of Southern California RB - Series C-1 07/01/36 1.10 2,400,000 VMIG-1 A-1+ 600,000 M-S-R Public Power Agency RB, CA (San Juan Project )-Series 1998F Insured by MBIA Insurance Corporation 07/01/22 2.05 600,000 VMIG-1 A-1+ 2,100,000 Oakland-Alameda Counties, CA Colliseum Authority (Oakland Colliseum Project) - Series C-1 LOC Bank of America/California State Teachers Retirement System 02/01/25 1.93 2,100,000 VMIG-1 A-1+ 600,000 Orange County, CA Apartments Development RB (Irvine Coast Assessment District #88-1) LOC KBC Bank, N.V. 09/02/18 0.95 600,000 VMIG-1 A-1+ 1,000,000 Orange County, CA Sanitation District COPs- Series 2006 02/01/36 0.95 1,000,000 VMIG-1 A-1+ 1,000,000 Palm Beach County, FL RB - Series 1995 (Norton Gallery and School of Art, Inc. Project) LOC Northern Trust 05/01/25 2.15 1,000,000 A-1+ 8,245,000 Pomona California COPs LOC HSH Norbank, A.G. 01/01/34 1.95 8,245,000 A-1+ 2,400,000 Riverside County, CA 1985 COPs Type One Series A (Public Facilites Project) LOC State Street Bank & Trust Company 12/01/15 2.03 2,400,000 VMIG-1 A-1+ 200,000 Rohnert Park, CA MHRB (Crossbrook Apartments)- 1995 Series A Guaranteed by Federal National Mortgage Association 06/15/25 1.94 200,000 A-1+ 7,300,000 Sacramento County, CA 1990 COPs (Administration Center and Court House Project) LOC Bayerische Landesbank 06/01/20 1.90 7,300,000 VMIG-1 A-1+ 3,095,000 Sacramento County, CA Multifamily Mortgage RB (Smoketree Apartments) - Series 1990A Collateralized by Federal National Mortgage Association 04/15/10 2.00 3,095,000 A-1+ 3,200,000 San Bernadino County, CA COPS (1996 County Center Refinancing Project) - Series 1996 LOC BNP Paribas 07/01/15 1.93 3,200,000 VMIG-1 A-1+ 2,000,000 San Bernadino County, CA Multifamily Housing Mortgage Revenue Refunding Bond (Parkview Place Apartment) - Series 2004 A Guaranteed by Federal National Mortgage Association 02/15/27 1.94 2,000,000 A-1+ 2,700,000 San Diego, CA COPs (San Diego Museum of Art) LOC Allied Irish Banks PLC 09/01/30 1.95 2,700,000 VMIG-1 5,500,000 San Francisco, CA Redevelopment Agency of City & County (Filmore Center) - Series A1 Guaranteed by Federal Home Loan Mortgage Corporation 12/01/17 2.11 5,500,000 A-1+ 2,675,000 Santa Clara County, CA Multifamily Housing Revenue Refunding Bond (The Grove Garden Apartments) - Series 1997A Collateralized by Federal National Mortgage Association 02/15/27 1.94 2,675,000 A-1+ 1,000,000 Simi Valley, CA MHRB (Lincoln Wood Ranch) - Series 1990 Guaranteed by Federal Home Loan Mortgage Corporation 06/01/10 1.94 1,000,000 A-1+ 2,000,000 Southern California Public Power Authority (Southern Transmission Project) - Series 2000A Insured by FSA 07/01/23 2.05 2,000,000 VMIG-1 A-1+ 1,550,000 Southern California Public Power Authority (Southern Transmission Project) - Series 2001A Insured by FSA 07/01/21 2.05 1,550,000 VMIG-1 A-1+ 2,000,000 TOCs (TICs/TOCs Trust - Series 2001-2) Relating to Puerto Rico Public Improvement GO - Series 2001 Insured by FSA 07/01/19 2.24 2,000,000 A-1+ ----------- ------------ 240,290,000 Total Variable Rate Demand Instruments 240,290,000 ----------- ------------ Variable Rate Demand Instruments - Private Placements (d) (0.62%) ----------------------------------------------------------------------------------------------------------------------------------- 1,455,000 Redevelopment Agency of the City of Morgan Hill (Kent Trust Project) - Series 1984B LOC Wells Fargo Bank, N.A. 12/01/14 2.62% $ 1,455,000 P-1 A-1+ 365,000 Redevelopment Agency of the City of Morgan Hill (Nob Hill Venture Investments) - Series 1984 LOC Wells Fargo Bank, N.A. 12/01/09 2.62 365,000 P-1 A-1+ ----------- ------------ 1,820,000 Total Variable Rate Demand Instruments - Private Placements 1,820,000 ---------- ------------ Total Investments (98.97%) (cost $ 290,174,339) 290,174,339 Cash and Other Assets, Net of Liabilities (1.03%) 3,019,392 ------------ Net Assets (100.00%) $293,193,731 ============ Net asset value, offering and redemption price per share: Class A Shares, 194,934,848 shares outstanding $ 1.00 ============ Class B Shares, 19,591,716 shares outstanding $ 1.00 ============ Advantage Shares, 78,686,560 shares outstanding $ 1.00 ============
Note 1 Valuation of Securities - Investments are valued at amortized cost, which approximates market value. Under this valuation 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. If fluctuating interest rates cause the market value of the Fund's portfolio to deviate more than 1/2 of 1% from the value determined on the basis of amortized cost, the Board of Directors will consider whether any action should be initiated. 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. FOOTNOTES: (a) Unless the securities are assigned their own ratings, the ratings are those of the bank whose letter of credit guarantees the issue or the insurance company who insures the issue. All letters of credit and insurance are irrevocable and direct pay covering both principal and interest. Ratings are unaudited. In addition, certain issuers may have either a line of credit, a liquidity facility, a standby purchase agreement or some other financing mechanism to ensure the remarketing of the securities. This is not a guarantee and does not serve to insure or collateralize the issue. (b) The interest rate shown reflects the security's current coupon, unless yield is available. (c) The maturity date indicated for the put bonds is the next put date. (d) 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. KEY: AMT = Alternative Minimum Tax MHRB = Multi-Family Housing Revenue Bond COPs = Certificates of Participation PCFA = Pollution Control Finance Authority FSA = Financial Service Authority RAN = Revenue Anticipation Note FGIC = Financial Guaranty Insurance Company RB = Revenue Bond GO = General Obligation ROCs = Reset Option Certificates HEFA = Health and Education Facilities Authority TICs = Trust Inverse Certificates HFA = Housing Finance Authority TOCs = Tender Option Certificates HFFA = Health Facility Finance Authority TOP = Tender Option Puts HRB = Hospital Revenue Bond TRAN = Tax and Revenue Anticipation Notes IDA = Industrial Development Authority USFD = Unified School District LOC = Letter of Credit
ITEM 2: CONTROLS AND PROCEDURES (a) The registrant's Principal Executive Officer and Principal Financial Officer have evaluated the design and operation of the registrant's disclosure controls and procedures within 90 days of this filing and have concluded that the registrant's disclosure controls and procedures were effective in ensuring that information required to be disclosed by the registrant in this Form N-Q was recorded, processed, summarized and reported on a timely basis. (b) There were no changes in the registrant's internal controls over financial reporting that occurred during the registrant's last fiscal quarter that have materially affected, or are reasonably likely to affect, the registrant's internal controls over financial reporting. ITEM 3: EXHIBITS Certifications of Principal Executive Officer and Principal Financial Officer, under Rule 30a-2(a) of the Investment Company Act of 1940. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. (Registrant) California Daily Tax Free Income Fund, Inc. By (Signature and Title)* /s/Christine Manna Christine Manna, Secretary Date: May 22, 2008 Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By (Signature and Title)* /s/Michael P. Lydon Michael P. Lydon, President Date: May 28, 2008 By (Signature and Title)* /s/Anthony Pace Anthony Pace, Treasurer Date: May 28, 2008 * Print the name and title of each signing officer under his or her signature.