January 30, 1995
Securities & Exchange Commission
450 5th Street, N.W.
Washington, D.C. 20549
Re: Rule 24f-2 Notice for Vanguard
California Tax-Free Fund
File No. 33-1569
Gentlemen:
Pursuant to Rule 24f-2 under the Investment Company Act of 1940, Vanguard
California Tax-Free Fund (the "Fund") hereby files its Rule 24f-2 Notice
for the fiscal year ended November 30, 1994. A wire transfer in the amount
of $22,507.72 in payment of the registration fee, has been sent to the
lockbox at Mellon Bank in Pittsburgh for deposit to the Securities &
Exchange Commission's account number 910-8739.
1. At the beginning of the fiscal year, the Fund had the following
securities registered under the Securities Act of 1933 other than pursuant
to Rule 24f-2, but which remained unsold:
Aggregate Offering
Price of Shares on
which Registration
Name of Securities Number of Shares Fee was Paid
Shares of Beneficial
Interest (No Par Value)
Insured Long-Term Portfolio None None
Money Market Portfolio None None
Insured Inter-
mediate Term Portfolio None None
2. During the fiscal year the Fund registered the following securities
under the Securities Act of 1933 other than pursuant to Rule 24f-2:
Shares of Beneficial
Interest (No Par Value)
Insured Long-Term Portfolio None None
Money Market Portfolio None None
Insured Inter-
mediate Term Portfolio None None
3. The number and the aggregate sales price of the Fund sold during the
fiscal year was as follows:
Name of Securities Number of Shares Aggregate Sales Price
Shares of Beneficial
Interest (No Par Value)
Insured Long-Term Portfolio 20,734,650 $ 223,013,254
Money Market Portfolio 1,201,419,478 1,201,419,478
Insured Inter-
mediate Term Portfolio 13,644,422 135,786,193
Totals 1,235,798,550 $1,560,218,925
4. The number and the aggregate sales price of the Fund sold during the
fiscal year in reliance pursuant to Rule 24f-2 was as follows:
Name of Securities Number of Shares Aggregate Sales Price
Shares of Beneficial
Interest (No Par Value)
Insured Long-Term Portfolio 20,734,650 $ 223,013,254
Money Market Portfolio 1,201,419,478 1,201,419,478
Insured Inter-
mediate Term Portfolio 13,644,422 135,786,193
Totals 1,235,798,550 $1,560,218,925
Enclosed is an opinion of counsel (Exhibit B) indicating that the
securities sold in reliance upon Rule 24f-2 were legally issued, fully paid
and non-assessable.
Very truly yours,
BY: Raymond J. Klapinsky
Secretary
EXHIBIT A
FOOTNOTE TO RULE 24F-2 NOTICE OF
VANGUARD CALIFORNIA TAX-FREE FUND
The calculation of the registration fee pursuant to subsection (c) of Rule
24f-2 is set forth below. The Fund did not apply any redemptions on
repurchases which took place during the fiscal year to the registration of
any securities pursuant to Section 24(e) of the Investment Company Act.
<TABLE>
<CAPTION>
(a) (b) (c) (d)
Aggregate Sales Aggregate Price of Aggregate Sales Fee Payable
Price of Securities Securities Redeemed Price on which pursuant to
Sold in Reliance on Repurchased fee will be based Section 6(b)
upon Rule 24f-2 During Fiscal Year (a) minus (b) of 1933 Act
<S> <C> <C> <C> <C>
Shares of Beneficial
Interest (No Par Value)
Insured Long-Term Portfolio $ 223,013,254 $ 386,728,729 -- --
Money Market Portfolio 1,201,419,478 1,074,545,264 -- --
Insured Inter-
mediate Term Portfolio 135,786,193 33,673,006 -- --
Totals $1,560,218,925 $1,494,946,999 $65,271,926 $22,507.72
</TABLE>
EXHIBIT B
January 30, 1995
Vanguard California Tax-Free Fund
1300 Morris Drive
Valley Forge, PA 19482
Gentlemen:
Vanguard California Tax-Free Fund is a business trust established under
Pennsylvania law under a Declaration of Trust dated January 15, 1986. I
have acted as Counsel to the Fund since its initial registration as an
open-end management investment company under the Investment Company Act of
1940 ("1940 Act"), as amended. It is in my capacity as Counsel to the Fund
that I am furnishing you this opinion.
I have examined the Fund's: (1) Declaration of Trust and amendments
thereof; (2) minutes of the meetings of shareholders and Trustees; (3)
Notification of Registration on Form N-8A under the 1940 Act; (4)
Registration on Form N-1A under the Securities Act of 1933 ("1933 Act") and
1940 Act and all amendments thereto; and (5) all other relevant documents
and records, as well as the procedures and requirements relative to the
issuance and sale of the Fund's shares of beneficial interest ("shares").
Under Article V, Section 5.1 of the Declaration of Trust, as amended to
date, the Fund is legally authorized to issue an unlimited number of
shares, without any par value, from one or more series ("Portfolios") of
shares. Currently the Fund is offering shares of three Portfolios. On
November 30, 1994, (the end of the Fund's fiscal year), the Fund had issued
and outstanding 84,099,546 shares of its Insured Long-Term Portfolio and
1,158,837,614 shares of its Money Market Portfolio and 10,402,067 shares of
its Insured Intermediate Term Portfolio.
My examination also disclosed the following information:
1. On December 1, 1993 (the beginning of the Fund's fiscal year), the
Fund did not have any shares registered under the 1933 Act other than
pursuant to Rule 24f-2 of the 1940 Act, but which remained unsold on that
date.
2. During the fiscal year ended November 30, 1994, the Fund did not have
any shares registered under the 1933 Act other than pursuant to Rule 24f-2.
3. During the fiscal year November 30, 1994, the Fund sold the following
shares in reliance upon registration pursuant to Rule 24f-2 of the 1940
Act:
Name of Securities Name of Shares Aggregate Sales Price
Shares of Beneficial
Interest (No Par Value)
Insured Long-Term Portfolio 20,734,650 $ 223,013,254
Money Market Portfolio 1,201,419,478 1,201,419,478
Insured Inter-
mediate Term Portfolio 13,644,422 135,786,193
Total 1,235,798,550 $1,560,218,925
You have instructed me to file, on behalf of the Fund, a Notice pursuant to
Rule 24f-2 of the 1940 Act, for the purpose of registering, under the 1933
Act, the shares set forth above which were sold by the Fund during the
fiscal year in reliance upon Rule 24f-2 of the 1940 Act.
Based upon the foregoing information and my examination, it is my opinion
that:
1. The Fund is a validly organized and subsisting trust of the
Commonwealth of Pennsylvania authorized to issue an unlimited number of
shares, without par value, from one or more separate series ("Portfolios")
of shares;
2. The proposed registration of the combined total of 1,235,798,550
shares of the Fund in reliance upon Rule 24f-2 of the 1940 Act is proper;
3. Such shares, which were issued for a consideration deemed by the
Trustees to be consistent with the Declaration of Trust, are legally
authorized, and issued, fully paid, and non-assessable; and
4. The holders of such shares have all the rights provided with respect
to such holdings by the Declaration of Trust, as amended, and the laws of
the Commonwealth of Pennsylvania.
I hereby consent to the use of this opinion as an Exhibit to the Rule 24f-2
Notice filed on behalf of the Fund, covering the registration of such
shares under the 1933 Act, and the applications and registration
statements, and amendments thereto, filed in accordance with the securities
laws of the states in which shares of the Fund are offered. I further
consent to the reference in the Prospectus of the Fund to the fact that
this opinion concerning the legality of the issue has been rendered by me.
Very truly yours,
BY: Raymond J. Klapinsky
Counsel
