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Vanguard California Tax-Free Funds – ‘NSAR-B’ for 11/30/08

On: Monday, 1/26/09, at 8:47am ET · Effective: 1/26/09 · For: 11/30/08 · Accession #: 932471-9-28 · File #: 811-04474

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 1/26/09  Vanguard Cal Tax-Free Funds       NSAR-B     11/30/08    3:90K                                    Vanguard Horizon Funds
          → Vanguard California Intermediate-Term Tax-Exempt Fund ⇒ Admiral Shares (VCADX) — Investor Shares (VCAIX)
          → Vanguard California Long-Term Tax-Exempt Fund ⇒ Admiral Shares (VCLAX) — Investor Shares (VCITX)
          → Vanguard California Municipal Money Market Fund ⇒ Investor Shares (VCTXX)

Annual Report by an Investment Company — Form N-SAR — ICA’40
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: NSAR-B      California Funds Answer File                          15     62K 
 2: EX-99.77B ACCT LTTR  Pwc Opinion                                   2±     9K 
 3: EX-99.77I NEW SECUR  Declaration of Trust                         23±    87K

‘NSAR-B’ — California Funds Answer File

SEC Info℠ rendering: Data from the Answer File, which may only contain updates to a prior Form N-SAR

Form N-SAR

Annual Report by an Open-End Investment Company

Report
Registrant: Vanguard California Tax-Free Funds — List all N-SARs

Annual Report for the 2nd-half period ended at fiscal year end: 11/30/08

Were there any Answer File errors in the Filing? None FoundNone Found by SEC InfoNot Checked by the FilerOne or more Found by SEC Info
Was the Answer File completed by the Registrant? Yes

Is this an Amendment to a previous Report? No
Is this a change to a previous Report? No
Registrant
1. SEC CIK: 783401
SEC File #: 811-04474

Telephone #: 610-669-1000
2. Address: 100 Vanguard Boulevard
Malvern, PA 19355
3. Is this the first Form N-SAR filed by the Registrant? No
4. Is this the final Form N-SAR filed by the Registrant? No
Funds/Series ↑Top of Form N-SAR
7. Is the Registrant a Funds/Series (multiple portfolios) company? Yes

The number of separate Funds/Series (portfolios) at period end: 3
The number of separate Funds/Series (portfolios) reported here: 3...

N-SAR S# Fund/Series — Filings for F/S#… ⇒ Symbols
↓Information Common to All
↓ Series 3: Vanguard Ca Intermediate-Term Tax-Exempt Fund [ now
Vanguard California Intermediate-Term Tax-Exempt Fund ] — S#2566 ⇒ VCADX & VCAIX
↓ Series 1: Vanguard Ca Long-Term Tax-Exempt Fund [ now
Vanguard California Long-Term Tax-Exempt Fund ] — S#2567 ⇒ VCLAX & VCITX
↓ Series 2: Vanguard Ca Tax-Exempt Money Market Fund [ now
Vanguard California Municipal Money Market Fund ] — S#2565 ⇒ VCTXX
Family of Investment Companies
19. Is the Registrant/Series part of a “family” of investment companies? Yes

Total number of registered management investment companies, Series
and portfolios (excluding any Unit Investment Trusts) in the family: 156

The Identification Code of the family for Form N-SAR Filings: VANGUARDGR
Investment Company Type
27. Is the Registrant an “open-end” investment company? Yes, Open-End
Additional Disclosures
77. Did the Registrant file any additional Exhibits with the filing of this
Report (listed here and filed either herewith — as one of the ‘EX-99.*’
↑Exhibits in this Filing — or separately and incorporated by reference)? Yes

EX-99.77B: Accountant’s Report re: Internal Controls? Yes

EX-99.77I: Terms of New or Amended Securities? Yes
Subsidiaries
78. Does the Registrant have any wholly-owned investment company
subsidiaries whose operating and financial data are consolidated with
that of the Registrant in this Report? No
All Series ↑List of 3 Funds/Series Reported Here

Information Common to All Funds/Series
All: Investment Adviser
8.1 Name: The Vanguard Group, Inc.
Role: Adviser
SEC File #: 801-11953
Location: Malvern, PA
All: Administrator
10.1 Name: The Vanguard Group, Inc.
SEC File #: 801-11953
Location: Malvern, PA
All: Principal Underwriter
11.1 Name: Vanguard Marketing Corp.
SEC File #: 008-21570
Location: Malvern, PA
All: Shareholder Servicing/Transfer Agent
12.1 Name: The Vanguard Group, Inc.
SEC File #: 084-00772
Location: Malvern, PA
All: Independent Public Accountant
13.1 Name: Pricewaterhousecoopers LLP
Location: Philadelphia, PA
All: Affiliated Broker/Dealer
14.1 Name: Vanguard Marketing Corp.
SEC File #: 008-21570
All: Custodian
15.1 Name: U.S. Bank NA
Role: Custodian
Location: Philadelphia, PA

Type of custody: Section 17(f)(1) — Bank
18. Does the Registrant’s/Series’ Custodian(s) maintain some or all of the
Registrant’s/Series’ securities in a central depository or book-entry
system pursuant to Rule 17f-4? Yes
All: Brokerage Commissions Paid on Portfolio Transactions
20. The brokers who received the largest amount of gross brokerage
commissions during the period:
20.1 Broker: Lehman Brothers Inc.
IRS #: 13-2518466
Commissions paid ($000s): 150
20.2 Broker: J.P. Morgan Securities Inc.
IRS #: 13-3224016
Commissions paid ($000s): 34
21. Total brokerage commissions paid by the Registrant during the period:
Aggregate paid ($000s): 184
All: Portfolio Transactions with Entities Acting as Principals
22. The entities acting as principals with whom the Registrant did the
largest amount of portfolio transactions, based on total value of
principal, during the period:
22.1 Entity: Citigroup Global Markets Inc.
IRS #: 13-2919773
Registrant’s purchases ($000s): 3,170,547
Registrant’s sales ($000s): 1,716,597
22.2 Entity: J.P. Morgan Securities Inc.
IRS #: 13-3224016
Registrant’s purchases ($000s): 2,116,196
Registrant’s sales ($000s): 2,047,943
22.3 Entity: Lehman Brothers Inc.
IRS #: 13-2518466
Registrant’s purchases ($000s): 1,746,917
Registrant’s sales ($000s): 663,039
22.4 Entity: Vanguard Ca Tax-Exempt Money Market Fund
IRS #: 23-2449298
Registrant’s purchases ($000s): 1,254,990
Registrant’s sales ($000s): 1,076,858
22.5 Entity: Morgan Stanley
IRS #: 13-2655998
Registrant’s purchases ($000s): 1,357,849
Registrant’s sales ($000s): 869,753
22.6 Entity: Banc of America Securities LLC
IRS #: 56-2058405
Registrant’s purchases ($000s): 1,735,910
Registrant’s sales ($000s): 488,261
22.7 Entity: Goldman, Sachs & Co.
IRS #: 13-5108880
Registrant’s purchases ($000s): 1,694,773
Registrant’s sales ($000s): 426,579
22.8 Entity: Merrill Lynch, Pierce, Fenner & Smith Inc.
IRS #: 13-5674085
Registrant’s purchases ($000s): 907,343
Registrant’s sales ($000s): 886,572
22.9 Entity: Vanguard Ca Intermediate-Term Tax-Exempt Fund
IRS #: 23-2746309
Registrant’s purchases ($000s): 808,706
Registrant’s sales ($000s): 853,445
22.10 Entity: Vanguard Ca Long-Term Tax-Exempt Fund
IRS #: 23-2388563
Registrant’s purchases ($000s): 600,932
Registrant’s sales ($000s): 721,326
23. Total purchase/sale transactions by the Registrant during the period:
Aggregate purchases ($000s): 18,985,019
Aggregate sales ($000s): 12,716,497
All: Holdings of Securities Issued by Registrant’s/Series’ Brokers or Dealers
24. At period end, did the Registrant/Series hold any securities of the
Registrant’s/Series’ regular brokers or dealers, or of the parents of
such brokers or dealers, that derive more than 15% of gross revenue from
securities-related activities? No
All: Considerations which Affected the Participation of Brokers or Dealers
26. Considerations which affected the participation of brokers or dealers or
other entities in commissions or other compensation paid on portfolio
transactions of the Registrant:

Consideration?
Sales of the Registrant’s/Series’ shares ............................... No
Receipt of investment research and statistical info .................... Yes
Receipt of quotations for portfolio valuations ......................... No
Ability to execute portfolio transactions to obtain the best price
and execution ........................................................ Yes
Receipt of telephone line and wire services ............................ No
Broker or Dealer which is an affiliated person ......................... No
An arrangement to return or credit part or all of commissions or
profits thereon...
To an Investment Adviser or Principal Underwriter, or to an
affiliated person of either ...................................... No
To the Registrant .................................................. Yes
Other .................................................................. No
All: Sales Load (Front-End or Deferred) and Fees (Redemption or Maintenance)
29. Was a front-end sales load deducted from any share sales during the
period? No
34. Did the Registrant/Series impose a deferred or contingent deferred sales
load during the period? No
37. Did the Registrant/Series impose a redemption fee other than a deferred
or contingent sales load during the period? No
39. Were any account maintenance fees or other administrative fees imposed
directly on shareholders during the period? Yes
All: Payment Plan for the Distribution of Fund Shares
40. During the period, did the Registrant/Series have a plan of distribution
adopted pursuant to Rule 12b-1? No
All: Advisory Fee
45. Did the Registrant/Series have an advisory contract during the period? No
All: Classification and Asset Allocation
66. Is the Registrant/Series a Fund that usually invests in equity
securities, options & futures on equity securities, indices of equity
securities or securities convertible into equity securities? No
67. Is the Registrant/Series a “balanced” Fund? No
68. Does the Registrant/Series have more than 50% of its net assets at
period end invested in the securities of issuers...
Engaged primarily in production or distribution of precious metals? No
Located primarily in countries other than the United States? No
69. Is the Registrant/Series an index Fund? No
All: Fidelity Bond in Effect at Fiscal Year End
80. Insurer: ICI Mutual Insurance Co.
2nd Insurer: N/A

Aggregate face amount of coverage for the Registrant/Series on all bonds
on which it is named as an insured ($000s): 400,000
81. Is the bond part of a joint fidelity bond(s) shared with other
investment companies or other entities? Yes

How many other investment companies or other entities are covered by the
bond (counting each Fund/Series as a separate investment company): 204
82. Does the mandatory coverage of the fidelity bond have a deductible? No
83. Were any claims with respect to this Registrant/Series filed under the
bond during the period? No
84. Were any losses incurred with respect to this Registrant/Series that
could have been filed as a claim under the fidelity bond but were not? No
85. Are the Registrant’s/Series’ Officers and Directors covered as Officers
and Directors of the Registrant/Series under any errors and omissions
insurance policy owned by the Registrant/Series or anyone else? Yes

Were any claims filed under such policy during the period with respect
to the Registrant/Series? No
Series 1 ↑Information Common to All Funds/Series ↑List of 3 Funds/Series
7. Name: Vanguard Ca Long-Term Tax-Exempt Fund [ now
Vanguard California Long-Term Tax-Exempt Fund ] — S#2567 ⇒ VCLAX & VCITX

Is this the final Form N-SAR filed for this Fund/Series? No
S 1: Sales and Repurchases
28. Monthly total Net Asset Value (NAV) of sales and repurchases of the
Registrant’s/Series’ shares:
1st Month of period: ($000s)
Total NAV of shares sold:
New sales (including exchanges) ............................ 70,443
Reinvestment of dividends and distributions ................ 8,047
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 43,385
2nd Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 64,502
Reinvestment of dividends and distributions ................ 8,328
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 57,060
3rd Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 40,427
Reinvestment of dividends and distributions ................ 8,277
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 42,411
4th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 60,760
Reinvestment of dividends and distributions ................ 8,107
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 75,493
5th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 65,306
Reinvestment of dividends and distributions ................ 8,007
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 148,949
6th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 51,210
Reinvestment of dividends and distributions ................ 7,608
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 54,965

Total of all months: ($000s)
Total NAV of shares sold:
New sales (including exchanges) ............................ 352,648
Reinvestment of dividends and distributions ................ 48,374
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 422,263

Total NAV of the Registrant’s/Series’ share sales during the period
subject to a sales load ($000s): 0
S 1: Miscellaneous Info
55. Did the Registrant/Series have any of the following outstanding at any
time during the period which exceeded 1% of aggregate net assets:
Overdrafts? No
Bank loans? No
56. During the period, did the Registrant’s/Series’ Investment Adviser(s)
have advisory clients other than investment companies? Yes
57. Did the Registrant/Series adjust the number of its shares outstanding by
means of a stock split or stock dividend? No
S 1: Classification and Asset Allocation
58. Is the Registrant/Series a Separate Account of an insurance company? No
59. Is the Registrant/Series a management investment company? Yes
60. Was the Registrant/Series a diversified investment company at any time
during the period? No

Was the Registrant/Series a diversified investment company at the end of
the period? No
61. The lowest minimum initial investment required by the Registrant/Series
from an investor that is not an employee or otherwise affiliated with
the Registrant/Series, its Investment Adviser, Principal Underwriter or
other affiliated entity: $3,000
62. Does the Registrant/Series invest primarily in debt securities,
including convertible debt securities, options & futures on debt
securities or indices of debt securities? Yes

The percentage of net assets in each type at period end:

Debt — Short-Term Maturities
U.S. Treasury ............................... 0.0%
U.S. Government Agency ...................... 0.0
Repurchase agreements ....................... 0.0
State and Municipal – tax-free .............. 1.6
Bank certificates of deposit – domestic ..... 0.0
Bank certificates of deposit – foreign ...... 0.0
Bankers acceptances ......................... 0.0
Commercial paper – taxable .................. 0.0
Time deposits ............................... 0.0
Options ..................................... 0.0
All other ................................... 0.0

Debt — Intermediate & Long-Term Maturities
U.S. Treasury ............................... 0.0%
U.S. Government Agency ...................... 0.0
State and Municipal – tax-free .............. 97.3
Corporate ................................... 0.0
All other ................................... 0.0

Non-Debt
Investments other than debt securities ...... 0.0%
63. The dollar-weighted average portfolio maturity at period end in days or,
if longer than one year, in years (to one decimal place):
Days: 0
Years: 7.4
64. Is the timely payment of principal and interest on any of the
instruments listed in Item 62 insured or guaranteed by an entity other
than the issuer? Yes

Is the issuer of any instrument covered in Item 62 delinquent or in
default as to payment of principal or interest at period end? No
S 1: Investment Practices
70. Activities that are permitted by the Registrant’s/Series’ investment
policies, and which were engaged in during the period:

Activity Permitted Engaged In
Writing or investing in repurchase agreements? Yes No
Writing or investing in options on equities? No –
Writing or investing in options on debt securities? Yes No
Writing or investing in options on stock indices? No –
Writing or investing in interest rate futures? Yes to both
Writing or investing in stock index futures? No –
Writing or investing in options on futures? Yes No
Writing or investing in options on stock index futures? No –
Writing or investing in other commodity futures? No –
Investments in restricted securities? Yes to both
Investments in shares of other investment companies? Yes No
Investments in securities of foreign issuers? No –
Currency exchange transactions? No –
Loaning portfolio securities? Yes No
Borrowing of money? Yes No
Purchases/sales by certain exempted affiliated persons? Yes to both
Margin purchases? No –
Short selling? No –
S 1: Portfolio Turnover
71. Portfolio turnover rate for the period:
Purchases ($000s): 848,342
Sales ($000s): 764,863

Monthly average Value of portfolio ($000s): 2,832,504

Percent turnover (lesser of Purchases or Sales, divided by Value): 27%
S 1: Financial Info — Income and Expenses
72. The number of months covered by the values in Items 72 and 73: 12

Income ($000s)
Net interest income .............................................. 138,795
Net dividend income .............................................. –
Account maintenance fees ......................................... –
Net other income ................................................. –

Expenses ($000s)
Advisory fees .................................................... 286
Administrator fees ............................................... 1,461
Salaries and other compensation .................................. –
Shareholder Servicing Agent fees ................................. 473
Custodian fees ................................................... 20
Postage .......................................................... –
Printing expenses ................................................ 22
Directors’ fees .................................................. 4
Registration fees ................................................ –
Taxes ............................................................ –
Interest ......................................................... –
Bookkeeping fees paid to anyone performing this service .......... –
Auditing fees .................................................... 24
Legal fees ....................................................... –
Marketing/distribution payments, incl. Rule 12b-1 plan payments .. 698
Amortization of organization expenses ............................ –
Shareholder meeting expenses ..................................... –
Other expenses ................................................... –
Total expenses ................................................... 2,988

Expense reimbursements ($000s): 34

Net investment income ($000s): 135,841

Realized capital gains ($000s): 21,251
Realized capital losses ($000s): 34,038

Net unrealized appreciation during the period ($000s): 0
Net unrealized depreciation during the period ($000s): 335,321

Total income dividends for which the record date passed during the
period ($000s): 32,899
Dividends for a second class of shares ($000s): 102,942

Total capital gains distributions for which the record date passed
during the period ($000s): 0
73. Distributions per share for which the record date passed during the
period, shown in fractions of a cent, if so declared:

Dividends from net investment income: $0.4990
Dividends for a second class of shares: $0.5070

Distribution of capital gains: $0.0000
Other distributions: $0.0000
S 1: Financial Info — Condensed Balance Sheet Data
74. Assets ($000s)
Cash ............................................................. 88
Repurchase agreements ............................................ –
Short-term debt securities, other than repurchase agreements ..... 44,231
Long-term debt securities, including convertible debt ............ 2,673,178
Preferred, conv. preferred and adjustable-rate preferred stock ... –
Common stock ..................................................... –
Options on equities .............................................. –
Options on all futures ........................................... –
Other investments ................................................ 288
Receivables from portfolio instruments sold ...................... 574
Receivables from affiliated persons .............................. –
Other receivables ................................................ 39,857
All other assets ................................................. –
Total assets ..................................................... 2,758,216

Liabilities ($000s)
Payables for portfolio instruments purchased ..................... –
Amounts owed to affiliated persons ............................... 4,277
Senior long-term debt ............................................ –
Other liabilities:
Reverse repurchase agreements .................................. –
Short sales .................................................... –
Written options ................................................ –
All other liabilities .......................................... 5,717

Equity ($000s)
Senior equity .................................................... –
Net assets of common shareholders ................................ 2,748,222

Number of shares outstanding (000s): 65,774
Number of shares outstanding of a second class of shares (000s): 203,883

Net Asset Value (NAV) per share (to nearest cent): $10.19
NAV per share of a second class of shares (to nearest cent): $10.19

Total number of shareholder accounts: 19,698

Total value of assets in segregated accounts ($000s): 4,131
75. Monthly average net assets during the period ($000s): 2,960,834
Series 2 ↑Information Common to All Funds/Series ↑List of 3 Funds/Series
7. Name: Vanguard Ca Tax-Exempt Money Market Fund [ now
Vanguard California Municipal Money Market Fund ] — S#2565 ⇒ VCTXX

Is this the final Form N-SAR filed for this Fund/Series? No
S 2: Sales and Repurchases
28. Monthly total Net Asset Value (NAV) of sales and repurchases of the
Registrant’s/Series’ shares:
1st Month of period: ($000s)
Total NAV of shares sold:
New sales (including exchanges) ............................ 457,924
Reinvestment of dividends and distributions ................ 10,291
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 574,352
2nd Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 497,302
Reinvestment of dividends and distributions ................ 9,997
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 522,223
3rd Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 350,164
Reinvestment of dividends and distributions ................ 10,372
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 412,668
4th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 647,547
Reinvestment of dividends and distributions ................ 19,141
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 833,607
5th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 728,297
Reinvestment of dividends and distributions ................ 18,245
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 959,636
6th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 321,734
Reinvestment of dividends and distributions ................ 5,959
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 594,267

Total of all months: ($000s)
Total NAV of shares sold:
New sales (including exchanges) ............................ 3,002,968
Reinvestment of dividends and distributions ................ 74,005
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 3,896,753

Total NAV of the Registrant’s/Series’ share sales during the period
subject to a sales load ($000s): 0
S 2: Miscellaneous Info
55. Did the Registrant/Series have any of the following outstanding at any
time during the period which exceeded 1% of aggregate net assets:
Overdrafts? Yes
Bank loans? No
56. During the period, did the Registrant’s/Series’ Investment Adviser(s)
have advisory clients other than investment companies? Yes
57. Did the Registrant/Series adjust the number of its shares outstanding by
means of a stock split or stock dividend? No
S 2: Classification and Asset Allocation
58. Is the Registrant/Series a Separate Account of an insurance company? No
59. Is the Registrant/Series a management investment company? Yes
60. Was the Registrant/Series a diversified investment company at any time
during the period? No

The percentage of net assets in each type at period end:

Debt — Short-Term Maturities
U.S. Treasury ............................... 0.0%
U.S. Government Agency ...................... 0.0
Repurchase agreements ....................... 0.0
State and Municipal – tax-free .............. 99.2
Bank certificates of deposit – domestic ..... 0.0
Bank certificates of deposit – foreign ...... 0.0
Bankers acceptances ......................... 0.0
Commercial paper – taxable .................. 0.0
Time deposits ............................... 0.0
Options ..................................... 0.0
All other ................................... 0.0

Debt — Intermediate & Long-Term Maturities
U.S. Treasury ............................... 0.0%
U.S. Government Agency ...................... 0.0
State and Municipal – tax-free .............. 0.0
Corporate ................................... 0.0
All other ................................... 0.0

Non-Debt
Investments other than debt securities ...... 0.0%
63. The dollar-weighted average portfolio maturity at period end in days or,
if longer than one year, in years (to one decimal place):
Days: 34
Years: 0.0
64. Is the timely payment of principal and interest on any of the
instruments listed in Item 62 insured or guaranteed by an entity other
than the issuer? Yes

Is the issuer of any instrument covered in Item 62 delinquent or in
default as to payment of principal or interest at period end? No
S 2: Investment Practices
70. Activities that are permitted by the Registrant’s/Series’ investment
policies, and which were engaged in during the period:

Activity Permitted Engaged In
Writing or investing in repurchase agreements? Yes No
Writing or investing in options on equities? No –
Writing or investing in options on debt securities? No –
Writing or investing in options on stock indices? No –
Writing or investing in interest rate futures? No –
Writing or investing in stock index futures? No –
Writing or investing in options on futures? No –
Writing or investing in options on stock index futures? No –
Writing or investing in other commodity futures? No –
Investments in restricted securities? Yes to both
Investments in shares of other investment companies? Yes No
Investments in securities of foreign issuers? No –
Currency exchange transactions? No –
Loaning portfolio securities? Yes No
Borrowing of money? Yes No
Purchases/sales by certain exempted affiliated persons? Yes to both
Margin purchases? No –
Short selling? No –
S 2: Portfolio Turnover
71. Portfolio turnover rate for the period:
Purchases ($000s): 0
Sales ($000s): 0

Monthly average Value of portfolio ($000s): 0

Percent turnover (lesser of Purchases or Sales, divided by Value): 0%
S 2: Financial Info — Income and Expenses
72. The number of months covered by the values in Items 72 and 73: 12

Income ($000s)
Net interest income .............................................. 191,008
Net dividend income .............................................. –
Account maintenance fees ......................................... –
Net other income ................................................. –

Expenses ($000s)
Advisory fees .................................................... 800
Administrator fees ............................................... 3,053
Salaries and other compensation .................................. –
Shareholder Servicing Agent fees ................................. 2,201
Custodian fees ................................................... 61
Postage .......................................................... –
Printing expenses ................................................ 37
Directors’ fees .................................................. 10
Registration fees ................................................ –
Taxes ............................................................ –
Interest ......................................................... –
Bookkeeping fees paid to anyone performing this service .......... –
Auditing fees .................................................... 18
Legal fees ....................................................... –
Marketing/distribution payments, incl. Rule 12b-1 plan payments .. 2,242
Amortization of organization expenses ............................ –
Shareholder meeting expenses ..................................... –
Other expenses ................................................... 649
Total expenses ................................................... 9,071

Expense reimbursements ($000s): 59

Net investment income ($000s): 181,996

Realized capital gains ($000s): 94
Realized capital losses ($000s): 357

Net unrealized appreciation during the period ($000s): 0
Net unrealized depreciation during the period ($000s): 0

Total income dividends for which the record date passed during the
period ($000s): 181,996

Dividends from net investment income: $0.0220

Distribution of capital gains: $0.0000
Other distributions: $0.0000
S 2: Financial Info — Condensed Balance Sheet Data
74. Assets ($000s)
Cash ............................................................. 10,620
Repurchase agreements ............................................ –
Short-term debt securities, other than repurchase agreements ..... 7,446,381
Long-term debt securities, including convertible debt ............ –
Preferred, conv. preferred and adjustable-rate preferred stock ... –
Common stock ..................................................... –
Options on equities .............................................. –
Options on all futures ........................................... –
Other investments ................................................ 806
Receivables from portfolio instruments sold ...................... 15,960
Receivables from affiliated persons .............................. –
Other receivables ................................................ 55,020
All other assets ................................................. –
Total assets ..................................................... 7,528,787

Liabilities ($000s)
Payables for portfolio instruments purchased ..................... 700
Amounts owed to affiliated persons ............................... 10,215
Senior long-term debt ............................................ –
Other liabilities:
Reverse repurchase agreements .................................. –
Short sales .................................................... –
Written options ................................................ –
All other liabilities .......................................... 12,283

Equity ($000s)
Senior equity .................................................... –
Net assets of common shareholders ................................ 7,505,589

Number of shares outstanding (000s): 7,505,581

Net Asset Value (NAV) per share (to nearest cent): $1.00
Mark-to-market NAV per share: $1.0003

Total number of shareholder accounts: 40,549

Total value of assets in segregated accounts ($000s): 0
75. Daily average net assets during the period ($000s): 8,292,165
Series 3 ↑Information Common to All Funds/Series ↑List of 3 Funds/Series
7. Name: Vanguard Ca Intermediate-Term Tax-Exempt Fund [ now
Vanguard California Intermediate-Term Tax-Exempt Fund ] — S#2566 ⇒ VCADX & VCAIX

Is this the final Form N-SAR filed for this Fund/Series? No
S 3: Sales and Repurchases
28. Monthly total Net Asset Value (NAV) of sales and repurchases of the
Registrant’s/Series’ shares:
1st Month of period: ($000s)
Total NAV of shares sold:
New sales (including exchanges) ............................ 153,555
Reinvestment of dividends and distributions ................ 12,855
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 80,839
2nd Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 149,968
Reinvestment of dividends and distributions ................ 13,439
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 81,525
3rd Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 161,234
Reinvestment of dividends and distributions ................ 13,524
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 79,134
4th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 148,024
Reinvestment of dividends and distributions ................ 13,471
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 161,299
5th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 146,474
Reinvestment of dividends and distributions ................ 13,183
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 406,921
6th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 119,952
Reinvestment of dividends and distributions ................ 12,266
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 164,441

Total of all months: ($000s)
Total NAV of shares sold:
New sales (including exchanges) ............................ 879,207
Reinvestment of dividends and distributions ................ 78,738
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 974,159

Total NAV of the Registrant’s/Series’ share sales during the period
subject to a sales load ($000s): 0
S 3: Miscellaneous Info
55. Did the Registrant/Series have any of the following outstanding at any
time during the period which exceeded 1% of aggregate net assets:
Overdrafts? No
Bank loans? No
56. During the period, did the Registrant’s/Series’ Investment Adviser(s)
have advisory clients other than investment companies? Yes
57. Did the Registrant/Series adjust the number of its shares outstanding by
means of a stock split or stock dividend? No
S 3: Classification and Asset Allocation
58. Is the Registrant/Series a Separate Account of an insurance company? No
59. Is the Registrant/Series a management investment company? Yes
60. Was the Registrant/Series a diversified investment company at any time
during the period? No

The percentage of net assets in each type at period end:

Debt — Intermediate & Long-Term Maturities
U.S. Treasury ............................... 0.0%
U.S. Government Agency ...................... 0.0
State and Municipal – tax-free .............. 97.2
Corporate ................................... 0.0
All other ................................... 0.0

Non-Debt
Investments other than debt securities ...... 0.0%
63. The dollar-weighted average portfolio maturity at period end in days or,
if longer than one year, in years (to one decimal place):
Days: 0
Years: 6.0
64. Is the timely payment of principal and interest on any of the
instruments listed in Item 62 insured or guaranteed by an entity other
than the issuer? Yes

Is the issuer of any instrument covered in Item 62 delinquent or in
default as to payment of principal or interest at period end? No
S 3: Investment Practices
70. Activities that are permitted by the Registrant’s/Series’ investment
policies, and which were engaged in during the period:

Activity Permitted Engaged In
Writing or investing in repurchase agreements? Yes No
Writing or investing in options on equities? No –
Writing or investing in options on debt securities? Yes No
Writing or investing in options on stock indices? No –
Writing or investing in interest rate futures? Yes to both
Writing or investing in stock index futures? No –
Writing or investing in options on futures? Yes No
Writing or investing in options on stock index futures? No –
Writing or investing in other commodity futures? No –
Investments in restricted securities? Yes to both
Investments in shares of other investment companies? Yes No
Investments in securities of foreign issuers? No –
Currency exchange transactions? No –
Loaning portfolio securities? Yes No
Borrowing of money? Yes No
Purchases/sales by certain exempted affiliated persons? Yes to both
Margin purchases? No –
Short selling? No –
S 3: Portfolio Turnover
71. Portfolio turnover rate for the period:
Purchases ($000s): 1,568,066
Sales ($000s): 1,129,681

Monthly average Value of portfolio ($000s): 4,476,807

Percent turnover (lesser of Purchases or Sales, divided by Value): 25%
S 3: Financial Info — Income and Expenses
72. The number of months covered by the values in Items 72 and 73: 12

Income ($000s)
Net interest income .............................................. 192,904
Net dividend income .............................................. –
Account maintenance fees ......................................... –
Net other income ................................................. –

Expenses ($000s)
Advisory fees .................................................... 444
Administrator fees ............................................... 2,364
Salaries and other compensation .................................. –
Shareholder Servicing Agent fees ................................. 796
Custodian fees ................................................... 33
Postage .......................................................... –
Printing expenses ................................................ 34
Directors’ fees .................................................. 5
Registration fees ................................................ –
Taxes ............................................................ –
Interest ......................................................... –
Bookkeeping fees paid to anyone performing this service .......... –
Auditing fees .................................................... 24
Legal fees ....................................................... –
Marketing/distribution payments, incl. Rule 12b-1 plan payments .. 1,155
Amortization of organization expenses ............................ –
Shareholder meeting expenses ..................................... –
Other expenses ................................................... –
Total expenses ................................................... 4,855

Expense reimbursements ($000s): 35

Net investment income ($000s): 188,084

Realized capital gains ($000s): 17,245
Realized capital losses ($000s): 44,391

Net unrealized appreciation during the period ($000s): 0
Net unrealized depreciation during the period ($000s): 303,290

Total income dividends for which the record date passed during the
period ($000s): 53,517
Dividends for a second class of shares ($000s): 134,567

Dividends from net investment income: $0.4250
Dividends for a second class of shares: $0.4320

Distribution of capital gains: $0.0000
Other distributions: $0.0000
S 3: Financial Info — Condensed Balance Sheet Data
74. Assets ($000s)
Cash ............................................................. 90
Repurchase agreements ............................................ –
Short-term debt securities, other than repurchase agreements ..... 71,560
Long-term debt securities, including convertible debt ............ 4,405,723
Preferred, conv. preferred and adjustable-rate preferred stock ... –
Common stock ..................................................... –
Options on equities .............................................. –
Options on all futures ........................................... –
Other investments ................................................ 475
Receivables from portfolio instruments sold ...................... 2,964
Receivables from affiliated persons .............................. –
Other receivables ................................................ 69,113
All other assets ................................................. –
Total assets ..................................................... 4,549,925

Liabilities ($000s)
Payables for portfolio instruments purchased ..................... 5,204
Amounts owed to affiliated persons ............................... 5,518
Senior long-term debt ............................................ –
Other liabilities:
Reverse repurchase agreements .................................. –
Short sales .................................................... –
Written options ................................................ –
All other liabilities .......................................... 9,193

Equity ($000s)
Senior equity .................................................... –
Net assets of common shareholders ................................ 4,530,010

Number of shares outstanding (000s): 129,249
Number of shares outstanding of a second class of shares (000s): 314,255

Net Asset Value (NAV) per share (to nearest cent): $10.21
NAV per share of a second class of shares (to nearest cent): $10.21

Total number of shareholder accounts: 21,902

Total value of assets in segregated accounts ($000s): 5,748
75. Monthly average net assets during the period ($000s): 4,665,682
Signature ↑Top of Form N-SAR
/s/ Elizabeth Haegele
Name: Elizabeth Haegele
Title: Manager

↑Top

Filing Submission 0000932471-09-000028 – Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

Vanguard California Tax-Free Funds – ‘NSAR-B’ for 11/30/08

On: Monday, 1/26/09, at 8:47am ET · Effective: 1/26/09 · For: 11/30/08 · Accession #: 932471-9-28 · File #: 811-04474

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Annual Report by an Investment Company — Form N-SAR — ICA’40Filing Table of Contents

‘NSAR-B’ — California Funds Answer File

Annual Report by an Investment Company — Form N-SAR — ICA’40
Filing Table of Contents