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American Century California Tax Free & Municipal Funds – ‘NSAR-B’ for 8/31/10

On: Friday, 10/29/10, at 8:18am ET · Effective: 10/29/10 · For: 8/31/10 · Accession #: 1325358-10-589 · File #: 811-03706

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

10/29/10  American Century Cal Tax Fre… Fds NSAR-B      8/31/10    7:108K                                   Toppan Merrill NSAR/FA
          → California High-Yield Municipal Fund ⇒ A Class (CAYAX) — B Class (CAYBX) — C Class (CAYCX) — I Class (BCHIX) — Investor Class (BCHYX)
          → California Intermediate-Term Tax-Free Bond Fund ⇒ A Class (BCIAX) — C Class (BCIYX) — I Class (BCTIX) — Investor Class (BCITX)
          → California Long-Term Tax-Free Fund ⇒ A Class (ALTAX) — B Class (ALQBX) — C Class (ALTCX) — I Class (BCLIX) — Investor Class (BCLTX)
          → California Tax-Free Money Market Fund ⇒ Investor Class (BCTXX)

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

Document/Exhibit                   Description                      Pages   Size 

 1: NSAR-B      Annual Report by an Investment Company                21±    92K 
 2: EX-99.77B ACCT LTTR  Acct Letter                                HTML      8K 
 3: EX-99.77C VOTES  Votes                                          HTML      6K 
 4: EX-99.77I NEW SECUR  Terms of New or Amended Securities         HTML     21K 
 5: EX-99.77Q1 OTHR EXHB  Amended and Restated Shareholder          HTML      5K 
                Services Plan                                                    
 6: EX-99.77Q1 OTHR EXHB  Management Agreement                      HTML     22K 
 7: EX-99.77Q1 OTHR EXHB  Other Items                               HTML     69K

‘NSAR-B’ — Annual Report by an Investment Company

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: American Century Ca Tax-Free & Municipal Fds — List all N-SARs

Annual Report for the 2nd-half period ended at fiscal year end: 8/31/10

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: 717316
SEC File #: 811-03706

Telephone #: 816-340-3319
2. Address: 4500 Main
Kansas City, MO 64111
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: 4
The number of separate Funds/Series (portfolios) reported here: 4...

N-SAR S# Fund/Series — Filings for F/S#… ⇒ Symbols
↓Information Common to All
↓ Series 5: California High-Yield Municipal Fund — S#5667 ⇒ CAYAX & 4 more
↓ Series 4: California Long-Term Tax-Free Fund — S#5670 ⇒ ALTAX & 4 more
↓ Series 3: California Tax-Free Bond Fund [ now
California Intermediate-Term Tax-Free Bond Fund ] — S#5668 ⇒ BCIAX & 3 more
↓ Series 1: California Tax-Free Money Market Fund — S#5671 ⇒ BCTXX
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: 103

The Identification Code of the family for Form N-SAR Filings: AMERICENIN
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-99.77C: Matters Submitted to a Vote of Security Holders? Yes

EX-99.77I: Terms of New or Amended Securities? Yes

EX-99.77Q1: Other Disclosure? Yes

EX-99.77Q3: Other Info? 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 4 Funds/Series Reported Here

Information Common to All Funds/Series
All: Investment Adviser
8.1 Name: American Century Investment Management, Inc.
Role: Adviser
SEC File #: 801-08174
Location: Kansas City, MO
All: Administrator
10.1 Name: American Century Services, LLC
SEC File #: 084-01406
Location: Kansas City, MO
10.2 Name: (See a prior Form N-SAR for who was...) Deleted
All: Principal Underwriter
11.1 Name: American Century Investments Services, Inc.
SEC File #: 008-35220
Location: Kansas City, MO
All: Shareholder Servicing/Transfer Agent
12.1 Name: American Century Services, LLC
SEC File #: 084-01406
Location: Kansas City, MO
All: Independent Public Accountant
13.1 Name: Pricewaterhousecoopers, LLP
Location: Kansas City, MO
All: Affiliated Broker/Dealer
14.1 Name: Amerian Century Brokerage, Inc.
SEC File #: 008-50034
14.2 Name: American Century Investment Services, Inc.
SEC File #: 008-35220
All: Custodian
15.1 Name: JPMorgan Chase Bank
Role: Custodian
Location: Brooklyn, NY

Type of custody: Rule 17f-5 — Foreign Custodian
15.2 Name: Commerce Bank, N.A.
Role: Custodian
Location: Kansas City, MO

Type of custody: Non-Standard — Other
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: Bank of America Corp.
IRS #: 56-2058405
Commissions paid ($000s): 28
21. Total brokerage commissions paid by the Registrant during the period:
Aggregate paid ($000s): 28
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: Bank of America Corp.
IRS #: 56-2058405
Registrant’s purchases ($000s): 289,929
Registrant’s sales ($000s): 263,904
22.2 Entity: Morgan Stanley & Co., Inc.
IRS #: 13-2655998
Registrant’s purchases ($000s): 355,146
Registrant’s sales ($000s): 171,859
22.3 Entity: Goldman Sachs & Co.
IRS #: 13-5108880
Registrant’s purchases ($000s): 130,535
Registrant’s sales ($000s): 114,943
22.4 Entity: Stone & Youngberg
IRS #: 94-1052545
Registrant’s purchases ($000s): 92,172
Registrant’s sales ($000s): 36,731
22.5 Entity: E.J. De La Rosa
IRS #: 95-4223441
Registrant’s purchases ($000s): 87,098
Registrant’s sales ($000s): 31,716
22.6 Entity: Wachovia Corp.
IRS #: 56-0898180
Registrant’s purchases ($000s): 52,131
Registrant’s sales ($000s): 50,803
22.7 Entity: Piper Jaffray
IRS #: 41-0953246
Registrant’s purchases ($000s): 38,578
Registrant’s sales ($000s): 19,799
22.8 Entity: JP Morgan Chase & Co.
IRS #: 13-3224022
Registrant’s purchases ($000s): 38,277
Registrant’s sales ($000s): 19,885
22.9 Entity: RBC Dain Rauscher, Inc.
IRS #: 41-1416330
Registrant’s purchases ($000s): 13,501
Registrant’s sales ($000s): 28,850
22.10 Entity: Bank of New York Mellon Corp.
IRS #: 13-5160382
Registrant’s purchases ($000s): 4,550
Registrant’s sales ($000s): 30,556
23. Total purchase/sale transactions by the Registrant during the period:
Aggregate purchases ($000s): 1,200,467
Aggregate sales ($000s): 853,987
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 .................... No
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 .................................................. No
Other .................................................................. No
All: Advisory Fee
54. Indicated below are whether services were supplied or paid for wholly or
in substantial part by Investment Adviser(s) or Administrator(s) in
connection with the advisory or administrative contract(s) but for which
the Adviser(s) or Administrator(s) are not reimbursed by the Registrant:

Provided to the Registrant?
Occupancy and office rental ............................................ Yes
Clerical and bookkeeping services ...................................... Yes
Accounting services .................................................... Yes
Services of independent auditors ....................................... Yes
Services of outside counsel ............................................ Yes
Registration and filing fees ........................................... Yes
Stationery, supplies and printing ...................................... Yes
Salaries & compensation of Registrant’s interested Directors ........... Yes
Salaries & compensation of Registrant’s disinterested Directors ........ No
Salaries & compensation of Registrant’s Officers who aren’t Directors .. Yes
Reports to current shareholders ........................................ Yes
Determination of offering and redemption prices ........................ Yes
Trading department ..................................................... Yes
Prospectus preparation and printing for current shareholders ........... Yes
Other .................................................................. Yes
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 Insurance Co.

Aggregate face amount of coverage for the Registrant/Series on all bonds
on which it is named as an insured ($000s): 30,000
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): 131
82. Does the mandatory coverage of the fidelity bond have a deductible? Yes

The amount of the deductible ($000s): 150
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 4 Funds/Series
7. Name: California Tax-Free Money Market Fund — S#5671 ⇒ BCTXX

Is this the final Form N-SAR filed for this Fund/Series? No
S 1: 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
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) ............................ 6,864
Reinvestment of dividends and distributions ................ 3
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 14,309
2nd Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 6,463
Reinvestment of dividends and distributions ................ 2
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 13,295
3rd Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 5,613
Reinvestment of dividends and distributions ................ 3
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 9,608
4th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 8,058
Reinvestment of dividends and distributions ................ 4
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 19,987
5th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 7,859
Reinvestment of dividends and distributions ................ 3
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 8,267
6th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 13,081
Reinvestment of dividends and distributions ................ 3
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 18,766

Total of all months: ($000s)
Total NAV of shares sold:
New sales (including exchanges) ............................ 47,938
Reinvestment of dividends and distributions ................ 18
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 84,232

Total NAV of the Registrant’s/Series’ share sales during the period
subject to a sales load ($000s): 0
S 1: 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
S 1: 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
S 1: Advisory Fee
45. Did the Registrant/Series have an advisory contract during the period? Yes
46. Did the Registrant/Series pay more than one Investment Adviser directly
for investment advice during the period? No
47. Was the Registrant’s/Series’ advisory fee based solely on a percentage
of its assets? Yes
48. Fee (single rate or step rates) applied to the Registrant’s/Series’
assets based on the advisory contract:
Single-fee rate: 0.0%
Step-fee rates:
For 1st $000s: 1,000,000
Annual rate: 0.564%
Of next $000s: 1,000,000
Annual rate: 0.521%
Of next $000s: 3,000,000
Annual rate: 0.48%
Of next $000s: 5,000,000
Annual rate: 0.463%
Of next $000s: 15,000,000
Annual rate: 0.452%
Of next $000s: 25,000,000
Annual rate: 0.452%
& Above $000s: 50,000,000
Annual rate: 0.451%
49. Was the Registrant’s/Series’ advisory fee during the period based solely
on a percentage of its income? No
50. Was the Registrant’s/Series’ advisory fee during the period based on
some combined percentage of its income and assets? No
51. Was the Registrant’s/Series’ advisory fee during the period based in
whole or in part on its investment performance? No
52. Was the Registrant’s/Series’ advisory fee during the period based in
whole or in part on the assets, income or performance of other
Registrants? Yes
53. Were the expenses of the Registrant/Series limited or reduced at any
time during the period by some agreement or understanding other than by
Blue Sky Laws? Yes

Was the limitation that applied during the period based on...
Assets? Yes
Income? Yes
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? 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 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? Yes

Was the Registrant/Series a diversified investment company at the end of
the period? Yes
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: $2,500
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 .............. 97.9
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: 39
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 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? 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? Yes No
S 1: 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 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 .............................................. 1,352
Net dividend income .............................................. –
Account maintenance fees ......................................... –
Net other income ................................................. –

Expenses ($000s)
Advisory fees .................................................... 1,878
Administrator fees ............................................... –
Salaries and other compensation .................................. –
Shareholder Servicing Agent fees ................................. –
Custodian fees ................................................... –
Postage .......................................................... –
Printing expenses ................................................ –
Directors’ fees .................................................. 18
Registration fees ................................................ –
Taxes ............................................................ –
Interest ......................................................... –
Bookkeeping fees paid to anyone performing this service .......... –
Auditing fees .................................................... –
Legal fees ....................................................... –
Marketing/distribution payments, incl. Rule 12b-1 plan payments .. –
Amortization of organization expenses ............................ –
Shareholder meeting expenses ..................................... –
Other expenses ................................................... 16
Total expenses ................................................... 1,912

Expense reimbursements ($000s): 598

Net investment income ($000s): 38

Realized capital gains ($000s): 3
Realized capital losses ($000s): 0

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): 38

Total capital gains distributions for which the record date passed
during the period ($000s): 69
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: $0.0002

Distribution of capital gains: $0.0003
Other distributions: $0.0000
S 1: Financial Info — Condensed Balance Sheet Data
74. Assets ($000s)
Cash ............................................................. 998
Repurchase agreements ............................................ –
Short-term debt securities, other than repurchase agreements ..... 338,383
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 ................................................ –
Receivables from portfolio instruments sold ...................... 6,205
Receivables from affiliated persons .............................. –
Other receivables ................................................ 426
All other assets ................................................. –
Total assets ..................................................... 346,012

Liabilities ($000s)
Payables for portfolio instruments purchased ..................... –
Amounts owed to affiliated persons ............................... 103
Senior long-term debt ............................................ –
Other liabilities:
Reverse repurchase agreements .................................. –
Short sales .................................................... –
Written options ................................................ –
All other liabilities .......................................... 344

Equity ($000s)
Senior equity .................................................... –
Net assets of common shareholders ................................ 345,565

Number of shares outstanding (000s): 345,562

Net Asset Value (NAV) per share (to nearest cent): $1.00
Mark-to-market NAV per share: $1.0002

Total number of shareholder accounts: 3,376

Total value of assets in segregated accounts ($000s): 0
75. Daily average net assets during the period ($000s): 382,130
Series 3 ↑Information Common to All Funds/Series ↑List of 4 Funds/Series
7. Name: California Tax-Free Bond Fund [ now
California Intermediate-Term Tax-Free Bond Fund ] — S#5668 ⇒ BCIAX & 3 more

Is this the final Form N-SAR filed for this Fund/Series? No
S 3: 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
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) ............................ 22,492
Reinvestment of dividends and distributions ................ 1,705
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 9,608
2nd Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 20,204
Reinvestment of dividends and distributions ................ 1,787
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 11,431
3rd Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 20,573
Reinvestment of dividends and distributions ................ 1,663
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 8,476
4th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 21,185
Reinvestment of dividends and distributions ................ 1,782
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 8,332
5th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 24,698
Reinvestment of dividends and distributions ................ 1,909
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 10,773
6th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 36,973
Reinvestment of dividends and distributions ................ 1,805
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 14,628

Total of all months: ($000s)
Total NAV of shares sold:
New sales (including exchanges) ............................ 146,125
Reinvestment of dividends and distributions ................ 10,651
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 63,248

Total NAV of the Registrant’s/Series’ share sales during the period
subject to a sales load ($000s): 2,548
S 3: 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? Yes
30. Total front-end sales loads collected from sales (including exchanges)
by Principal Underwriter or by any underwriter which is an affiliated
person of the Principal Underwriter, of the Registrant’s/Series’ shares
during the period ($000s): 15

The maximum sales load rate in effect at period end as a percentage of
the offering price: 4.5%
The minimum sales load rate in effect at period end as a percentage of
the offering price: 0.0%
31. Net amount retained by the Registrant’s/Series’ Principal Underwriter or
by any underwriter or dealer which is an affiliated person of the
Principal Underwriter thereof from front-end sales loads collected from
sales of the Registrant’s/Series’ shares during the period ($000s): 0

Amount by which payout by the Registrant’s/Series’ Principal Underwriter
or by any underwriter which is an affiliated person of the Principal
Underwriter thereof to persons or entities selling the
Registrant’s/Series’ shares exceeded that reported in Item 30 ($000s): 0
32. Amount the Registrant’s/Series’ Principal Underwriter and any
underwriters or dealers which are affiliated persons of the Principal
Underwriter paid to dealers which are not affiliated persons of the
Principal Underwriter for selling the Registrant’s/Series’ shares that
were sold with a front-end sales load during the period ($000s): 0
33. Amount paid to a captive retail sales force of the Registrant’s/Series’
Principal Underwriter or of any underwriter or dealer which is an
affiliated person of the Principal Underwriter for selling the
Registrant’s shares that were sold with a front-end sales load during
the period ($000s): 15
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
S 3: 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? Yes
41. During the period, did the Registrant/Series use its assets directly to
make payments under the 12b-1 plan? Yes
42. For the period, the percentage of total dollars paid directly by the
Registrant/Series under the 12b-1 plan for each of the following:

Percentage of Total Amount Paid (%)
Advertising ............................................................ –
Printing & mailing of prospectuses to other than current shareholders .. –
Payments to underwriters ............................................... –
Payments to brokers or dealers ......................................... –
Direct payments to sales personnel ..................................... –
Payments to banks and savings & loans .................................. –
Other uses, including payments to its Investment Adviser separate
from the advisory fee ................................................ –
Unallocated payments made for a combination of such services ........... 100
43. Total amount paid directly by the Registrant/Series pursuant to its
12b-1 plan ($000s): 4
44. If an Investment Adviser or other affiliated person of the
Registrant/Series made unreimbursed payments pursuant to the 12b-1 plan,
the total amount of such payments ($000s): 0
S 3: Advisory Fee
45. Did the Registrant/Series have an advisory contract during the period? Yes
46. Did the Registrant/Series pay more than one Investment Adviser directly
for investment advice during the period? No
47. Was the Registrant’s/Series’ advisory fee based solely on a percentage
of its assets? Yes
48. Fee (single rate or step rates) applied to the Registrant’s/Series’
assets based on the advisory contract:
Single-fee rate: 0.0%
Step-fee rates:
For 1st $000s: 1,000,000
Annual rate: 0.574%
Of next $000s: 1,000,000
Annual rate: 0.522%
Of next $000s: 3,000,000
Annual rate: 0.492%
Of next $000s: 5,000,000
Annual rate: 0.472%
Of next $000s: 15,000,000
Annual rate: 0.459%
Of next $000s: 25,000,000
Annual rate: 0.457%
& Above $000s: 50,000,000
Annual rate: 0.457%
49. Was the Registrant’s/Series’ advisory fee during the period based solely
on a percentage of its income? No
50. Was the Registrant’s/Series’ advisory fee during the period based on
some combined percentage of its income and assets? No
51. Was the Registrant’s/Series’ advisory fee during the period based in
whole or in part on its investment performance? No
52. Was the Registrant’s/Series’ advisory fee during the period based in
whole or in part on the assets, income or performance of other
Registrants? Yes
53. Were the expenses of the Registrant/Series limited or reduced at any
time during the period by some agreement or understanding other than by
Blue Sky Laws? No
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? Yes

Was the Registrant/Series a diversified investment company at the end of
the period? Yes
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: $5,000
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 .............. 10.1
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 .............. 90.4
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: 9.6
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 No
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? Yes No
S 3: Portfolio Turnover
71. Portfolio turnover rate for the period:
Purchases ($000s): 225,184
Sales ($000s): 70,467

Monthly average Value of portfolio ($000s): 653,927

Percent turnover (lesser of Purchases or Sales, divided by Value): 11%
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 .............................................. 29,251
Net dividend income .............................................. –
Account maintenance fees ......................................... –
Net other income ................................................. –

Expenses ($000s)
Advisory fees .................................................... 3,330
Administrator fees ............................................... –
Salaries and other compensation .................................. –
Shareholder Servicing Agent fees ................................. –
Custodian fees ................................................... –
Postage .......................................................... –
Printing expenses ................................................ –
Directors’ fees .................................................. 28
Registration fees ................................................ –
Taxes ............................................................ –
Interest ......................................................... –
Bookkeeping fees paid to anyone performing this service .......... –
Auditing fees .................................................... –
Legal fees ....................................................... –
Marketing/distribution payments, incl. Rule 12b-1 plan payments .. 4
Amortization of organization expenses ............................ –
Shareholder meeting expenses ..................................... –
Other expenses ................................................... 14
Total expenses ................................................... 3,376

Expense reimbursements ($000s): 0

Net investment income ($000s): 25,875

Realized capital gains ($000s): 113
Realized capital losses ($000s): 0

Net unrealized appreciation during the period ($000s): 37,963
Net unrealized depreciation during the period ($000s): 0

Total income dividends for which the record date passed during the
period ($000s): 25,988
Dividends for a second class of shares ($000s): 20

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: $0.0000

Distribution of capital gains: $0.0000
Other distributions: $0.0000
S 3: Financial Info — Condensed Balance Sheet Data
74. Assets ($000s)
Cash ............................................................. 923
Repurchase agreements ............................................ –
Short-term debt securities, other than repurchase agreements ..... 82,628
Long-term debt securities, including convertible debt ............ 742,156
Preferred, conv. preferred and adjustable-rate preferred stock ... –
Common stock ..................................................... –
Options on equities .............................................. –
Options on all futures ........................................... –
Other investments ................................................ –
Receivables from portfolio instruments sold ...................... 235
Receivables from affiliated persons .............................. –
Other receivables ................................................ 11,308
All other assets ................................................. –
Total assets ..................................................... 837,250

Liabilities ($000s)
Payables for portfolio instruments purchased ..................... 15,229
Amounts owed to affiliated persons ............................... 322
Senior long-term debt ............................................ –
Other liabilities:
Reverse repurchase agreements .................................. –
Short sales .................................................... –
Written options ................................................ –
All other liabilities .......................................... 1,279

Equity ($000s)
Senior equity .................................................... –
Net assets of common shareholders ................................ 820,420

Number of shares outstanding (000s): 70,546
Number of shares outstanding of a second class of shares (000s): 400

Net Asset Value (NAV) per share (to nearest cent): $0

Total number of shareholder accounts: 3,552

Total value of assets in segregated accounts ($000s): 0
75. Monthly average net assets during the period ($000s): 700,655
Series 4 ↑Information Common to All Funds/Series ↑List of 4 Funds/Series
7. Name: California Long-Term Tax-Free Fund — S#5670 ⇒ ALTAX & 4 more

Is this the final Form N-SAR filed for this Fund/Series? No
S 4: 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
S 4: 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) ............................ 2,255
Reinvestment of dividends and distributions ................ 1,110
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 4,624
2nd Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 3,297
Reinvestment of dividends and distributions ................ 1,157
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 3,979
3rd Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 2,446
Reinvestment of dividends and distributions ................ 1,050
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 3,425
4th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 4,240
Reinvestment of dividends and distributions ................ 1,096
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 7,331
5th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 3,802
Reinvestment of dividends and distributions ................ 1,179
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 4,438
6th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 4,034
Reinvestment of dividends and distributions ................ 1,099
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 2,619

Total of all months: ($000s)
Total NAV of shares sold:
New sales (including exchanges) ............................ 20,074
Reinvestment of dividends and distributions ................ 6,691
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 26,416

Total NAV of the Registrant’s/Series’ share sales during the period
subject to a sales load ($000s): 1,899
S 4: 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? Yes
30. Total front-end sales loads collected from sales (including exchanges)
by Principal Underwriter or by any underwriter which is an affiliated
person of the Principal Underwriter, of the Registrant’s/Series’ shares
during the period ($000s): 59

Amount by which payout by the Registrant’s/Series’ Principal Underwriter
or by any underwriter which is an affiliated person of the Principal
Underwriter thereof to persons or entities selling the
Registrant’s/Series’ shares exceeded that reported in Item 30 ($000s): 0
32. Amount the Registrant’s/Series’ Principal Underwriter and any
underwriters or dealers which are affiliated persons of the Principal
Underwriter paid to dealers which are not affiliated persons of the
Principal Underwriter for selling the Registrant’s/Series’ shares that
were sold with a front-end sales load during the period ($000s): 0
33. Amount paid to a captive retail sales force of the Registrant’s/Series’
Principal Underwriter or of any underwriter or dealer which is an
affiliated person of the Principal Underwriter for selling the
Registrant’s shares that were sold with a front-end sales load during
the period ($000s): 59
34. Did the Registrant/Series impose a deferred or contingent deferred sales
load during the period? Yes
35. Total deferred or contingent deferred sales loads collected during the
period from redemptions and repurchases of the Registrant’s/Series’
shares ($000s): 6
36. Did the Registrant/Series retain all monies collected from the deferred
or contingent deferred sales loads during the period? No

The net amount the Registrant/Series retained from deferred or
contingent deferred sales loads ($000s): 0
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
S 4: 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? Yes
41. During the period, did the Registrant/Series use its assets directly to
make payments under the 12b-1 plan? Yes
42. For the period, the percentage of total dollars paid directly by the
Registrant/Series under the 12b-1 plan for each of the following:

Percentage of Total Amount Paid (%)
Advertising ............................................................ –
Printing & mailing of prospectuses to other than current shareholders .. –
Payments to underwriters ............................................... –
Payments to brokers or dealers ......................................... –
Direct payments to sales personnel ..................................... –
Payments to banks and savings & loans .................................. –
Other uses, including payments to its Investment Adviser separate
from the advisory fee ................................................ –
Unallocated payments made for a combination of such services ........... 100
43. Total amount paid directly by the Registrant/Series pursuant to its
12b-1 plan ($000s): 122
44. If an Investment Adviser or other affiliated person of the
Registrant/Series made unreimbursed payments pursuant to the 12b-1 plan,
the total amount of such payments ($000s): 0
S 4: Advisory Fee
45. Did the Registrant/Series have an advisory contract during the period? Yes
46. Did the Registrant/Series pay more than one Investment Adviser directly
for investment advice during the period? No
47. Was the Registrant’s/Series’ advisory fee based solely on a percentage
of its assets? Yes
48. Fee (single rate or step rates) applied to the Registrant’s/Series’
assets based on the advisory contract:
Single-fee rate: 0.0%
Step-fee rates:
For 1st $000s: 1,000,000
Annual rate: 0.574%
Of next $000s: 1,000,000
Annual rate: 0.522%
Of next $000s: 3,000,000
Annual rate: 0.492%
Of next $000s: 5,000,000
Annual rate: 0.472%
Of next $000s: 15,000,000
Annual rate: 0.459%
Of next $000s: 25,000,000
Annual rate: 0.457%
& Above $000s: 50,000,000
Annual rate: 0.457%
49. Was the Registrant’s/Series’ advisory fee during the period based solely
on a percentage of its income? No
50. Was the Registrant’s/Series’ advisory fee during the period based on
some combined percentage of its income and assets? No
51. Was the Registrant’s/Series’ advisory fee during the period based in
whole or in part on its investment performance? No
52. Was the Registrant’s/Series’ advisory fee during the period based in
whole or in part on the assets, income or performance of other
Registrants? Yes
53. Were the expenses of the Registrant/Series limited or reduced at any
time during the period by some agreement or understanding other than by
Blue Sky Laws? No
S 4: 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 4: 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? Yes

Was the Registrant/Series a diversified investment company at the end of
the period? Yes
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: $5,000
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 .............. 3.8
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 .............. 96.4
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: 17.0
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 4: 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 No
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? Yes No
S 4: Portfolio Turnover
71. Portfolio turnover rate for the period:
Purchases ($000s): 109,551
Sales ($000s): 104,988

Monthly average Value of portfolio ($000s): 411,869

Percent turnover (lesser of Purchases or Sales, divided by Value): 25%
S 4: 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 .............................................. 21,700
Net dividend income .............................................. –
Account maintenance fees ......................................... –
Net other income ................................................. –

Expenses ($000s)
Advisory fees .................................................... 2,070
Administrator fees ............................................... –
Salaries and other compensation .................................. –
Shareholder Servicing Agent fees ................................. –
Custodian fees ................................................... –
Postage .......................................................... –
Printing expenses ................................................ –
Directors’ fees .................................................. 20
Registration fees ................................................ –
Taxes ............................................................ –
Interest ......................................................... –
Bookkeeping fees paid to anyone performing this service .......... –
Auditing fees .................................................... –
Legal fees ....................................................... –
Marketing/distribution payments, incl. Rule 12b-1 plan payments .. 122
Amortization of organization expenses ............................ –
Shareholder meeting expenses ..................................... –
Other expenses ................................................... 7
Total expenses ................................................... 2,219

Expense reimbursements ($000s): 0

Net investment income ($000s): 19,481

Realized capital gains ($000s): 0
Realized capital losses ($000s): 2,284

Net unrealized appreciation during the period ($000s): 23,855
Net unrealized depreciation during the period ($000s): 0

Total income dividends for which the record date passed during the
period ($000s): 18,721
Dividends for a second class of shares ($000s): 896

Total capital gains distributions for which the record date passed
during the period ($000s): 296
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: $0.0000

Distribution of capital gains: $0.0000
Other distributions: $0.0000
S 4: Financial Info — Condensed Balance Sheet Data
74. Assets ($000s)
Cash ............................................................. 74
Repurchase agreements ............................................ –
Short-term debt securities, other than repurchase agreements ..... 17,063
Long-term debt securities, including convertible debt ............ 435,674
Preferred, conv. preferred and adjustable-rate preferred stock ... –
Common stock ..................................................... –
Options on equities .............................................. –
Options on all futures ........................................... –
Other investments ................................................ –
Receivables from portfolio instruments sold ...................... 4,085
Receivables from affiliated persons .............................. –
Other receivables ................................................ 5,875
All other assets ................................................. –
Total assets ..................................................... 462,771

Liabilities ($000s)
Payables for portfolio instruments purchased ..................... 10,014
Amounts owed to affiliated persons ............................... 191
Senior long-term debt ............................................ –
Other liabilities:
Reverse repurchase agreements .................................. –
Short sales .................................................... –
Written options ................................................ –
All other liabilities .......................................... 654

Equity ($000s)
Senior equity .................................................... –
Net assets of common shareholders ................................ 451,912

Number of shares outstanding (000s): 38,043
Number of shares outstanding of a second class of shares (000s): 2,308

Net Asset Value (NAV) per share (to nearest cent): $0.00

Total number of shareholder accounts: 3,356

Total value of assets in segregated accounts ($000s): 0
75. Monthly average net assets during the period ($000s): 434,961
Series 5 ↑Information Common to All Funds/Series ↑List of 4 Funds/Series
7. Name: California High-Yield Municipal Fund — S#5667 ⇒ CAYAX & 4 more

Is this the final Form N-SAR filed for this Fund/Series? No
S 5: 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
S 5: 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) ............................ 7,476
Reinvestment of dividends and distributions ................ 1,609
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 10,662
2nd Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 8,582
Reinvestment of dividends and distributions ................ 1,702
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 7,737
3rd Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 7,836
Reinvestment of dividends and distributions ................ 1,536
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 5,072
4th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 5,363
Reinvestment of dividends and distributions ................ 1,604
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 7,986
5th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 5,921
Reinvestment of dividends and distributions ................ 1,729
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 6,111
6th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 15,576
Reinvestment of dividends and distributions ................ 1,565
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 13,773

Total of all months: ($000s)
Total NAV of shares sold:
New sales (including exchanges) ............................ 50,754
Reinvestment of dividends and distributions ................ 9,745
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 51,341

Total NAV of the Registrant’s/Series’ share sales during the period
subject to a sales load ($000s): 11,919
S 5: 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? Yes
30. Total front-end sales loads collected from sales (including exchanges)
by Principal Underwriter or by any underwriter which is an affiliated
person of the Principal Underwriter, of the Registrant’s/Series’ shares
during the period ($000s): 77

Amount by which payout by the Registrant’s/Series’ Principal Underwriter
or by any underwriter which is an affiliated person of the Principal
Underwriter thereof to persons or entities selling the
Registrant’s/Series’ shares exceeded that reported in Item 30 ($000s): 0
32. Amount the Registrant’s/Series’ Principal Underwriter and any
underwriters or dealers which are affiliated persons of the Principal
Underwriter paid to dealers which are not affiliated persons of the
Principal Underwriter for selling the Registrant’s/Series’ shares that
were sold with a front-end sales load during the period ($000s): 0
33. Amount paid to a captive retail sales force of the Registrant’s/Series’
Principal Underwriter or of any underwriter or dealer which is an
affiliated person of the Principal Underwriter for selling the
Registrant’s shares that were sold with a front-end sales load during
the period ($000s): 77
34. Did the Registrant/Series impose a deferred or contingent deferred sales
load during the period? Yes
35. Total deferred or contingent deferred sales loads collected during the
period from redemptions and repurchases of the Registrant’s/Series’
shares ($000s): 3
36. Did the Registrant/Series retain all monies collected from the deferred
or contingent deferred sales loads during the period? No

The net amount the Registrant/Series retained from deferred or
contingent deferred sales loads ($000s): 0
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
S 5: 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? Yes
41. During the period, did the Registrant/Series use its assets directly to
make payments under the 12b-1 plan? Yes
42. For the period, the percentage of total dollars paid directly by the
Registrant/Series under the 12b-1 plan for each of the following:

Percentage of Total Amount Paid (%)
Advertising ............................................................ –
Printing & mailing of prospectuses to other than current shareholders .. –
Payments to underwriters ............................................... –
Payments to brokers or dealers ......................................... –
Direct payments to sales personnel ..................................... –
Payments to banks and savings & loans .................................. –
Other uses, including payments to its Investment Adviser separate
from the advisory fee ................................................ –
Unallocated payments made for a combination of such services ........... 100
43. Total amount paid directly by the Registrant/Series pursuant to its
12b-1 plan ($000s): 571
44. If an Investment Adviser or other affiliated person of the
Registrant/Series made unreimbursed payments pursuant to the 12b-1 plan,
the total amount of such payments ($000s): 0
S 5: Advisory Fee
45. Did the Registrant/Series have an advisory contract during the period? Yes
46. Did the Registrant/Series pay more than one Investment Adviser directly
for investment advice during the period? No
47. Was the Registrant’s/Series’ advisory fee based solely on a percentage
of its assets? Yes
48. Fee (single rate or step rates) applied to the Registrant’s/Series’
assets based on the advisory contract:
Single-fee rate: 0.0%
Step-fee rates:
For 1st $000s: 1,000,000
Annual rate: 0.604%
Of next $000s: 1,000,000
Annual rate: 0.552%
Of next $000s: 3,000,000
Annual rate: 0.522%
Of next $000s: 5,000,000
Annual rate: 0.502%
Of next $000s: 15,000,000
Annual rate: 0.489%
Of next $000s: 25,000,000
Annual rate: 0.487%
& Above $000s: 50,000,000
Annual rate: 0.487%
49. Was the Registrant’s/Series’ advisory fee during the period based solely
on a percentage of its income? No
50. Was the Registrant’s/Series’ advisory fee during the period based on
some combined percentage of its income and assets? No
51. Was the Registrant’s/Series’ advisory fee during the period based in
whole or in part on its investment performance? No
52. Was the Registrant’s/Series’ advisory fee during the period based in
whole or in part on the assets, income or performance of other
Registrants? Yes
53. Were the expenses of the Registrant/Series limited or reduced at any
time during the period by some agreement or understanding other than by
Blue Sky Laws? Yes

Was the limitation that applied during the period based on...
Assets? Yes
Income? No
S 5: 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 5: 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: $5,000
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 .............. 6.2
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 .............. 93.3
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: 19.8
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 5: 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 to both
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 to both
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 to both
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? Yes No
S 5: Portfolio Turnover
71. Portfolio turnover rate for the period:
Purchases ($000s): 87,074
Sales ($000s): 83,896

Monthly average Value of portfolio ($000s): 499,254

Percent turnover (lesser of Purchases or Sales, divided by Value): 17%
S 5: 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 .............................................. 29,573
Net dividend income .............................................. –
Account maintenance fees ......................................... –
Net other income ................................................. –

Expenses ($000s)
Advisory fees .................................................... 2,687
Administrator fees ............................................... –
Salaries and other compensation .................................. –
Shareholder Servicing Agent fees ................................. –
Custodian fees ................................................... –
Postage .......................................................... –
Printing expenses ................................................ –
Directors’ fees .................................................. 25
Registration fees ................................................ –
Taxes ............................................................ –
Interest ......................................................... –
Bookkeeping fees paid to anyone performing this service .......... –
Auditing fees .................................................... –
Legal fees ....................................................... –
Marketing/distribution payments, incl. Rule 12b-1 plan payments .. 571
Amortization of organization expenses ............................ –
Shareholder meeting expenses ..................................... –
Other expenses ................................................... 9
Total expenses ................................................... 3,292

Expense reimbursements ($000s): 126

Net investment income ($000s): 26,407

Realized capital gains ($000s): 0
Realized capital losses ($000s): 4,868

Net unrealized appreciation during the period ($000s): 50,932
Net unrealized depreciation during the period ($000s): 0

Total income dividends for which the record date passed during the
period ($000s): 20,170
Dividends for a second class of shares ($000s): 6,240

Dividends from net investment income: $0.0000

Distribution of capital gains: $0.0000
Other distributions: $0.0000
S 5: Financial Info — Condensed Balance Sheet Data
74. Assets ($000s)
Cash ............................................................. 301
Repurchase agreements ............................................ –
Short-term debt securities, other than repurchase agreements ..... 34,259
Long-term debt securities, including convertible debt ............ 518,366
Preferred, conv. preferred and adjustable-rate preferred stock ... –
Common stock ..................................................... –
Options on equities .............................................. –
Options on all futures ........................................... –
Other investments ................................................ –
Receivables from portfolio instruments sold ...................... 532
Receivables from affiliated persons .............................. –
Other receivables ................................................ 10,686
All other assets ................................................. –
Total assets ..................................................... 564,144

Liabilities ($000s)
Payables for portfolio instruments purchased ..................... 6,965
Amounts owed to affiliated persons ............................... 275
Senior long-term debt ............................................ –
Other liabilities:
Reverse repurchase agreements .................................. –
Short sales .................................................... –
Written options ................................................ –
All other liabilities .......................................... 1,489

Equity ($000s)
Senior equity .................................................... –
Net assets of common shareholders ................................ 555,415

Number of shares outstanding (000s): 43,110
Number of shares outstanding of a second class of shares (000s): 14,237

Net Asset Value (NAV) per share (to nearest cent): $0.00

Total number of shareholder accounts: 2,670

Total value of assets in segregated accounts ($000s): 0
75. Monthly average net assets during the period ($000s): 531,216
Signature ↑Top of Form N-SAR
/s/ Amy Bitter
Name: Amy Bitter
Title: Director

↑Top

Filing Submission 0001325358-10-000589 – Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

American Century California Tax Free & Municipal Funds – ‘NSAR-B’ for 8/31/10

On: Friday, 10/29/10, at 8:18am ET · Effective: 10/29/10 · For: 8/31/10 · Accession #: 1325358-10-589 · File #: 811-03706

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

‘NSAR-B’ — Annual Report by an Investment Company

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