-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, LErjWDiMxeChJz5AYnok8Z9plWqHNKv405i92R5sEfanO6ji5AFtWmiobpli5asA MxH5Kme1q9hx57acsGOieg== /in/edgar/work/0000717316-00-000009/0000717316-00-000009.txt : 20001027 0000717316-00-000009.hdr.sgml : 20001027 ACCESSION NUMBER: 0000717316-00-000009 CONFORMED SUBMISSION TYPE: NSAR-B PUBLIC DOCUMENT COUNT: 9 CONFORMED PERIOD OF REPORT: 20000831 FILED AS OF DATE: 20001026 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AMERICAN CENTURY CALIFORNIA TAX FREE & MUNICIPAL FUNDS CENTRAL INDEX KEY: 0000717316 STANDARD INDUSTRIAL CLASSIFICATION: [0000 ] IRS NUMBER: 946562826 STATE OF INCORPORATION: MA FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: NSAR-B SEC ACT: SEC FILE NUMBER: 811-03706 FILM NUMBER: 746517 BUSINESS ADDRESS: STREET 1: 1665 CHARLESTON RD CITY: MOUNTAIN VIEW STATE: CA ZIP: 94043 BUSINESS PHONE: 8003218321 MAIL ADDRESS: STREET 1: 1665 CHARLESTON RD CITY: MOUNTAIN VIEW STATE: CA ZIP: 94043 FORMER COMPANY: FORMER CONFORMED NAME: BENHAM CALIFORNIA TAX FREE TRUST / DATE OF NAME CHANGE: 19960815 FORMER COMPANY: FORMER CONFORMED NAME: BENHAM CALIFORNIA TAX FREE & MUNICIPAL FUNDS DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: BENHAM CALIFORNIA TAX FREE TRUST DATE OF NAME CHANGE: 19910218 NSAR-B 1 0001.txt N-SAR PAGE 1 000 B000000 08/31/2000 000 C000000 0000717316 000 D000000 N 000 E000000 NF 000 F000000 Y 000 G000000 N 000 H000000 N 000 I000000 6.1 000 J000000 A 001 A000000 AMERICAN CENTURY CA TAX-FREE & MUNICIPAL FDS 001 B000000 811-3706 001 C000000 8165315575 002 A000000 4500 MAIN 002 B000000 KANSAS CITY 002 C000000 MO 002 D010000 64111 002 D020000 7709 003 000000 N 004 000000 N 005 000000 N 006 000000 N 007 A000000 Y 007 B000000 7 007 C010100 1 007 C020100 CALIFORNIA 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N 070 P010400 Y 070 P020400 N 070 Q010400 N 070 Q020400 N 070 R010400 N 070 R020400 N 071 A000400 72973 071 B000400 109339 071 C000400 299712 071 D000400 24 072 A000400 12 072 B000400 17364 072 C000400 0 072 D000400 0 072 E000400 0 072 F000400 1533 072 G000400 0 072 H000400 0 072 I000400 0 072 J000400 0 072 K000400 0 072 L000400 0 072 M000400 11 072 N000400 0 072 O000400 0 072 P000400 0 072 Q000400 0 072 R000400 0 072 S000400 0 072 T000400 0 072 U000400 0 072 V000400 0 072 W000400 0 072 X000400 1543 072 Y000400 0 072 Z000400 15821 072AA000400 0 072BB000400 4160 072CC010400 10027 PAGE 19 072CC020400 0 072DD010400 15821 072DD020400 0 072EE000400 0 073 A010400 0.5553 073 A020400 0.0000 073 B000400 0.0000 073 C000400 0.0000 074 A000400 0 074 B000400 0 074 C000400 8000 074 D000400 298785 074 E000400 0 074 F000400 0 074 G000400 0 074 H000400 0 074 I000400 0 074 J000400 0 074 K000400 0 074 L000400 3758 074 M000400 0 074 N000400 310543 074 O000400 0 074 P000400 129 074 Q000400 0 074 R010400 0 074 R020400 0 074 R030400 0 074 R040400 6934 074 S000400 0 074 T000400 303480 074 U010400 27314 074 U020400 0 074 V010400 11.11 074 V020400 0.00 074 W000400 0.0000 074 X000400 3581 074 Y000400 0 075 A000400 0 075 B000400 293542 076 000400 0.00 028 A010500 9608 028 A020500 1171 028 A030500 0 028 A040500 9359 028 B010500 6464 028 B020500 944 028 B030500 0 028 B040500 8966 028 C010500 5277 028 C020500 925 PAGE 20 028 C030500 0 028 C040500 8161 028 D010500 6234 028 D020500 1162 028 D030500 0 028 D040500 6630 028 E010500 7314 028 E020500 927 028 E030500 0 028 E040500 5059 028 F010500 9913 028 F020500 938 028 F030500 0 028 F040500 4672 028 G010500 44810 028 G020500 6067 028 G030500 0 028 G040500 42847 028 H000500 0 058 A000500 N 059 000500 Y 060 A000500 Y 060 B000500 Y 061 000500 5000 062 A000500 Y 062 B000500 0.0 062 C000500 0.0 062 D000500 0.0 062 E000500 0.3 062 F000500 0.0 062 G000500 0.0 062 H000500 0.0 062 I000500 0.0 062 J000500 0.0 062 K000500 0.0 062 L000500 0.0 062 M000500 0.0 062 N000500 0.0 062 O000500 99.7 062 P000500 0.0 062 Q000500 0.0 062 R000500 0.0 063 A000500 0 063 B000500 19.6 064 A000500 Y 064 B000500 N 070 A010500 N 070 A020500 N 070 B010500 N 070 B020500 N 070 C010500 Y PAGE 21 070 C020500 N 070 D010500 N 070 D020500 N 070 E010500 Y 070 E020500 N 070 F010500 N 070 F020500 N 070 G010500 Y 070 G020500 N 070 H010500 N 070 H020500 N 070 I010500 N 070 I020500 N 070 J010500 Y 070 J020500 Y 070 K010500 Y 070 K020500 N 070 L010500 N 070 L020500 N 070 M010500 N 070 M020500 N 070 N010500 N 070 N020500 N 070 O010500 N 070 O020500 N 070 P010500 Y 070 P020500 N 070 Q010500 N 070 Q020500 N 070 R010500 N 070 R020500 N 071 A000500 155409 071 B000500 178364 071 C000500 300336 071 D000500 52 072 A000500 12 072 B000500 19104 072 C000500 0 072 D000500 0 072 E000500 0 072 F000500 1661 072 G000500 0 072 H000500 0 072 I000500 0 072 J000500 0 072 K000500 0 072 L000500 0 072 M000500 11 072 N000500 0 072 O000500 0 072 P000500 0 PAGE 22 072 Q000500 0 072 R000500 0 072 S000500 0 072 T000500 0 072 U000500 0 072 V000500 0 072 W000500 0 072 X000500 1671 072 Y000500 0 072 Z000500 17433 072AA000500 0 072BB000500 8233 072CC010500 9780 072CC020500 0 072DD010500 17433 072DD020500 0 072EE000500 0 073 A010500 0.5118 073 A020500 0.0000 073 B000500 0.0000 073 C000500 0.0000 074 A000500 0 074 B000500 0 074 C000500 1000 074 D000500 313919 074 E000500 0 074 F000500 0 074 G000500 0 074 H000500 0 074 I000500 0 074 J000500 293 074 K000500 0 074 L000500 5974 074 M000500 0 074 N000500 321186 074 O000500 0 074 P000500 143 074 Q000500 0 074 R010500 0 074 R020500 0 074 R030500 0 074 R040500 2846 074 S000500 0 074 T000500 318197 074 U010500 33722 074 U020500 0 074 V010500 9.44 074 V020500 0.00 074 W000500 0.0000 074 X000500 2748 074 Y000500 0 PAGE 23 075 A000500 0 075 B000500 300777 076 000500 0.00 028 A010600 3643 028 A020600 653 028 A030600 0 028 A040600 5911 028 B010600 3317 028 B020600 509 028 B030600 0 028 B040600 6219 028 C010600 3347 028 C020600 508 028 C030600 0 028 C040600 5154 028 D010600 3611 028 D020600 620 028 D030600 0 028 D040600 3970 028 E010600 2631 028 E020600 494 028 E030600 0 028 E040600 4214 028 F010600 3180 028 F020600 499 028 F030600 0 028 F040600 3692 028 G010600 19729 028 G020600 3283 028 G030600 0 028 G040600 29160 028 H000600 0 058 A000600 N 059 000600 Y 060 A000600 Y 060 B000600 Y 061 000600 5000 062 A000600 Y 062 B000600 0.0 062 C000600 0.0 062 D000600 0.0 062 E000600 0.0 062 F000600 0.0 062 G000600 0.0 062 H000600 0.0 062 I000600 0.0 062 J000600 0.0 062 K000600 0.0 062 L000600 0.0 062 M000600 0.0 062 N000600 0.0 PAGE 24 062 O000600 100.0 062 P000600 0.0 062 Q000600 0.0 062 R000600 0.0 063 A000600 0 063 B000600 17.0 064 A000600 Y 064 B000600 N 070 A010600 N 070 A020600 N 070 B010600 N 070 B020600 N 070 C010600 Y 070 C020600 N 070 D010600 N 070 D020600 N 070 E010600 Y 070 E020600 N 070 F010600 N 070 F020600 N 070 G010600 Y 070 G020600 N 070 H010600 N 070 H020600 N 070 I010600 N 070 I020600 N 070 J010600 Y 070 J020600 N 070 K010600 Y 070 K020600 N 070 L010600 N 070 L020600 N 070 M010600 N 070 M020600 N 070 N010600 N 070 N020600 N 070 O010600 N 070 O020600 N 070 P010600 Y 070 P020600 N 070 Q010600 N 070 Q020600 N 070 R010600 N 070 R020600 N 071 A000600 39764 071 B000600 57277 071 C000600 196793 071 D000600 20 072 A000600 12 072 B000600 11183 072 C000600 0 PAGE 25 072 D000600 0 072 E000600 0 072 F000600 1007 072 G000600 0 072 H000600 0 072 I000600 0 072 J000600 0 072 K000600 0 072 L000600 0 072 M000600 7 072 N000600 0 072 O000600 0 072 P000600 0 072 Q000600 0 072 R000600 0 072 S000600 0 072 T000600 0 072 U000600 0 072 V000600 0 072 W000600 0 072 X000600 1014 072 Y000600 0 072 Z000600 10169 072AA000600 0 072BB000600 1413 072CC010600 5695 072CC020600 0 072DD010600 10169 072DD020600 0 072EE000600 0 073 A010600 0.4961 073 A020600 0.0000 073 B000600 0.0000 073 C000600 0.0000 074 A000600 0 074 B000600 0 074 C000600 0 074 D000600 196325 074 E000600 0 074 F000600 0 074 G000600 0 074 H000600 0 074 I000600 0 074 J000600 997 074 K000600 0 074 L000600 3136 074 M000600 0 074 N000600 200457 074 O000600 949 074 P000600 85 074 Q000600 0 PAGE 26 074 R010600 0 074 R020600 0 074 R030600 0 074 R040600 750 074 S000600 0 074 T000600 198673 074 U010600 19621 074 U020600 0 074 V010600 10.13 074 V020600 0.00 074 W000600 0.0000 074 X000600 2655 074 Y000600 0 075 A000600 0 075 B000600 194091 076 000600 0.00 028 A010700 3242 028 A020700 384 028 A030700 0 028 A040700 5076 028 B010700 3959 028 B020700 300 028 B030700 0 028 B040700 5115 028 C010700 4250 028 C020700 308 028 C030700 0 028 C040700 4578 028 D010700 4294 028 D020700 383 028 D030700 0 028 D040700 3246 028 E010700 2332 028 E020700 314 028 E030700 0 028 E040700 2336 028 F010700 2757 028 F020700 315 028 F030700 0 028 F040700 3494 028 G010700 20834 028 G020700 2004 028 G030700 0 028 G040700 23845 028 H000700 0 058 A000700 N 059 000700 Y 060 A000700 Y 060 B000700 Y 061 000700 5000 062 A000700 Y PAGE 27 062 B000700 0.0 062 C000700 0.0 062 D000700 0.0 062 E000700 5.7 062 F000700 0.0 062 G000700 0.0 062 H000700 0.0 062 I000700 0.0 062 J000700 0.0 062 K000700 0.0 062 L000700 0.0 062 M000700 0.0 062 N000700 0.0 062 O000700 84.1 062 P000700 0.0 062 Q000700 10.2 062 R000700 0.0 063 A000700 0 063 B000700 3.5 064 A000700 Y 064 B000700 N 070 A010700 N 070 A020700 N 070 B010700 N 070 B020700 N 070 C010700 Y 070 C020700 N 070 D010700 N 070 D020700 N 070 E010700 Y 070 E020700 N 070 F010700 N 070 F020700 N 070 G010700 Y 070 G020700 N 070 H010700 N 070 H020700 N 070 I010700 N 070 I020700 N 070 J010700 Y 070 J020700 N 070 K010700 Y 070 K020700 N 070 L010700 N 070 L020700 N 070 M010700 N 070 M020700 N 070 N010700 N 070 N020700 N 070 O010700 N 070 O020700 N PAGE 28 070 P010700 Y 070 P020700 N 070 Q010700 N 070 Q020700 N 070 R010700 N 070 R020700 N 071 A000700 136183 071 B000700 139942 071 C000700 140732 071 D000700 97 072 A000700 12 072 B000700 6421 072 C000700 0 072 D000700 0 072 E000700 0 072 F000700 714 072 G000700 0 072 H000700 0 072 I000700 0 072 J000700 0 072 K000700 0 072 L000700 0 072 M000700 5 072 N000700 0 072 O000700 0 072 P000700 0 072 Q000700 0 072 R000700 0 072 S000700 0 072 T000700 0 072 U000700 0 072 V000700 0 072 W000700 0 072 X000700 719 072 Y000700 0 072 Z000700 5702 072AA000700 0 072BB000700 164 072CC010700 1834 072CC020700 0 072DD010700 5702 072DD020700 0 072EE000700 0 073 A010700 0.4116 073 A020700 0.0000 073 B000700 0.0000 073 C000700 0.0000 074 A000700 0 074 B000700 0 074 C000700 8300 074 D000700 137012 PAGE 29 074 E000700 0 074 F000700 0 074 G000700 0 074 H000700 0 074 I000700 0 074 J000700 0 074 K000700 0 074 L000700 1694 074 M000700 0 074 N000700 147006 074 O000700 0 074 P000700 61 074 Q000700 0 074 R010700 0 074 R020700 0 074 R030700 0 074 R040700 4740 074 S000700 0 074 T000700 142205 074 U010700 13679 074 U020700 0 074 V010700 10.40 074 V020700 0.00 074 W000700 0.0000 074 X000700 1054 074 Y000700 0 075 A000700 0 075 B000700 140389 076 000700 0.00 SIGNATURE MARYANNE ROEPKE TITLE TREASURER EX-27.6.1 2 0002.txt FINANCIAL DATA SCHEDULE
6 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE ANNUAL REPORT OF AMERICAN CENTURY CALIFORNIA TAX-FREE & MUNICIPAL FUNDS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH REPORT. 0000717316 AMERICAN CENTURY CALIFORNIA TAX-FREE & MUNICIPAL FUNDS 11 CALIFORNIA TAX-FREE MONEY MARKET YEAR AUG-31-2000 AUG-31-2000 647,427,084 647,427,084 0 4,378,364 0 651,805,448 0 0 11,329,322 11,329,322 0 640,479,131 640,479,131 595,736,009 275,802 0 (278,807) 0 0 640,476,126 0 21,312,931 0 2,956,216 18,356,715 32,827 0 18,389,542 0 (18,381,329) 0 0 826,843,685 (758,102,192) 13,551,919 82,301,625 0 0 0 0 2,936,540 0 2,956,216 597,251,347 1.00 0.03 0.00 0.00 (0.03) 0.00 1.00 0.49
EX-27.6.2 3 0003.txt FINANCIAL DATA SCHEDULE
6 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE ANNUAL REPORT OF AMERICAN CENTURY CALIFORNIA TAX-FREE & MUNICIPAL FUNDS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH REPORT. 0000717316 AMERICAN CENTURY CALIFORNIA TAX-FREE & MUNICIPAL FUNDS 21 CALIFORNIA MUNICIPAL MONEY MARKET YEAR AUG-31-2000 AUG-31-2000 183,745,624 183,745,624 0 1,099,367 0 184,844,991 0 0 6,316,561 6,316,561 0 178,564,963 178,564,963 194,537,655 122,436 0 (158,044) 0 0 178,528,430 0 7,048,106 0 962,396 6,085,710 92 0 6,085,802 0 (6,085,710) 0 0 191,753,071 (198,623,041) 5,413,729 (1,456,149) 0 122,436 0 0 956,050 0 962,396 194,429,349 1.00 0.03 0.00 0.00 (0.03) 0.00 1.00 0.49
EX-27.6.3 4 0004.txt FINANCIAL DATA SCHEDULE
6 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE ANNUAL REPORT OF AMERICAN CENTURY CALIFORNIA TAX-FREE & MUNICIPAL FUNDS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH REPORT. 0000717316 AMERICAN CENTURY CALIFORNIA TAX-FREE & MUNICIPAL FUNDS 31 CALIFORNIA INTERMEDIATE-TERM TAX-FREE FUND YEAR AUG-31-2000 AUG-31-2000 429,003,100 444,722,417 11,038,207 0 0 455,760,624 1,015,727 0 10,173,896 111,898,623 401,315 431,606,873 40,131,474 40,396,397 (3,156,504) 0 15,719,316 0 0 444,571,001 0 22,633,496 0 2,246,442 20,387,054 (2,376,556) 11,126,025 29,136,523 0 (20,387,054) 0 0 17,387,158 (20,974,523) 1,331,536 (15,288,204) 0 (3,171,891) 0 0 2,230,933 0 2,246,442 43,964,372 10.85 0.50 0.23 0.00 (0.50) 0.00 11.08 0.51
EX-27.6.4 5 0005.txt FINANCIAL DATA SCHEDULE
6 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE ANNUAL REPORT OF AMERICAN CENTURY CALIFORNIA TAX-FREE & MUNICIPAL FUNDS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH REPORT. 0000717316 AMERICAN CENTURY CALIFORNIA TAX-FREE & MUNICIPAL FUNDS 41 CALIFORNIA LONG-TERM TAX-FREE FUND YEAR AUG-31-2000 AUG-31-2000 295,252,413 306,785,100 3,757,719 0 0 310,542,819 0 0 7,063,072 7,063,072 273,135 296,740,526 27,313,536 27,795,144 (5,066,601) 0 11,532,686 0 0 303,479,746 0 17,363,990 0 1,543,481 15,820,509 (4,159,995) 10,026,558 21,687,072 0 (15,820,509) 0 0 8,594,787 (12,925,328) 1,003,841 (29,147,467) 0 (2,723,555) 0 0 1,532,838 0 1,543,481 302,116,317 10.86 0.56 0.25 0.00 (0.56) 0.00 11.11 0.51
EX-27.6.5 6 0006.txt FINANCIAL DATA SCHEDULE
6 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE ANNUAL REPORT OF AMERICAN CENTURY CALIFORNIA TAX-FREE & MUNICIPAL FUNDS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH REPORT. 0000717316 AMERICAN CENTURY CALIFORNIA TAX-FREE & MUNICIPAL FUNDS 51 CALIFORNIA HIGH-YIELD MUNICIPAL FUND YEAR AUG-31-2000 AUG-31-2000 305,001,000 314,919,435 6,266,425 0 0 321,185,860 0 0 2,988,599 2,988,599 337,221 319,491,098 33,722,081 32,866,910 (11,549,493) 0 9,918,435 0 0 318,197,261 0 19,104,041 0 1,671,403 17,432,638 (8,233,096) 9,780,323 18,979,865 0 (17,432,638) 0 0 18,974,933 (23,142,289) 1,348,647 (23,771,016) (9,644,053) 0 0 0 1,660,548 0 1,671,403 308,998,211 9.36 0.52 0.08 0.00 (0.52) 0.00 9.44 0.54
EX-27.6.6 7 0007.txt FINANCIAL DATA SCHEDULE
6 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE ANNUAL REPORT OF AMERICAN CENTURY CALIFORNIA TAX-FREE & MUNICIPAL FUNDS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH REPORT. 0000717316 AMERICAN CENTURY CALIFORNIA TAX-FREE & MUNICIPAL FUNDS 61 CALIFORNIA INSURED TAX-FREE FUND YEAR AUG-31-2000 AUG-31-2000 188,699,671 196,325,244 4,132,237 0 0 200,457,481 949,124 0 835,413 1,784,537 196,211 192,653,316 19,621,139 20,252,426 (1,802,156) 0 7,625,573 0 0 198,672,944 0 11,182,751 0 1,013,819 10,168,932 (1,412,516) 5,695,420 14,451,836 0 (10,168,932) 0 0 5,847,868 (8,371,917) 703,467 (13,264,468) (1,744,540) 0 0 0 1,006,819 0 1,013,819 198,435,845 9.88 0.50 0.25 0.00 (0.50) 0.00 10.13 0.51
EX-27.6.7 8 0008.txt FINANCIAL DATA SCHEDULE
6 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE ANNUAL REPORT OF AMERICAN CENTURY CALIFORNIA TAX-FREE & MUNICIPAL FUNDS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH REPORT. 0000717316 AMERICAN CENTURY CALIFORNIA TAX-FREE & MUNICIPAL FUNDS 71 CALIFORNIA LIMITED-TERM TAX-FREE FUND YEAR AUG-31-2000 AUG-31-2000 142,933,877 145,311,735 1,693,781 0 0 147,005,516 0 0 4,800,346 4,800,346 136,786 140,299,430 13,678,629 13,777,307 (608,905) 0 2,377,858 0 0 142,205,170 0 6,421,112 0 719,399 5,701,713 (163,569) 1,834,226 7,372,370 0 (5,701,713) 0 0 7,842,692 (8,327,211) 380,842 655,721 0 (824,886) 0 0 714,414 0 719,399 140,797,205 10.27 0.41 0.13 0.00 (0.41) 0.00 10.40 0.51
EX-99 9 0009.txt ACCOUNTANTS LETTER Report of Independent Accountants To the Trustees and Shareholders of the American Century California Tax-Free and Municipal Funds: In planning and performing our audit of the financial statements and financial highlights of the American Century California Tax-Free and Municipal Funds (the "Funds"for the year ended August 31, 2000, we considered its internal control, including control activities for safeguarding securities, in order to determine our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-SAR, not to provide assurance on internal control. The management of the Funds is responsible for establishing and maintaining internal control. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. Generally, controls that are relevant to an audit pertain to the entity's objective of preparing financial statements for external purposes that are fairly presented in conformity with generally accepted accounting principles. Those controls include the safeguarding of assets against unauthorized acquisition, use or disposition. Because of inherent limitations in internal control, errors or fraud may occur and not be detected. Also, projection of any evaluation of internal control to future periods is subject to the risk that controls may become inadequate because of changes in conditions or that the effectiveness of their design and operation may deteriorate. Our consideration of internal control would not necessarily disclose all matters in internal control that might be material weaknesses under standards established by the American Institute of Certified Public Accountants. A material weakness is a condition in which the design or operation of one or more of the internal control components does not reduce to a relatively low level the risk that misstatements caused by error or fraud in amounts that would be material in relation to the financial statements being audited may occur and not be detected within a timely period by employees in the normal course of performing their assigned functions. However, we noted no matters involving internal control and its operation, including controls for safeguarding securities that we consider to be material weaknesses as defined above as of August 31, 2000. This report is intended solely for the information and use of the Board of Directors, management and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties. October 13, 2000
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