N-Q

                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM N-Q
             QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
                          MANAGEMENT INVESTMENT COMPANY


Investment Company Act file number     811-3706
                                    --------------------------------------------


            AMERICAN CENTURY CALIFORNIA TAX-FREE AND MUNICIPAL FUNDS
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               (Exact name of registrant as specified in charter)


 4500 MAIN STREET, KANSAS CITY, MISSOURI                             64111
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(Address of principal executive offices)                           (Zip Code)


DAVID C. TUCKER, ESQ., 4500 MAIN STREET, 9TH FLOOR, KANSAS CITY, MISSOURI 64111
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                     (Name and Address of Agent for Service)


Registrant's telephone number, including area code:        816-531-5575
                                                    ----------------------------

Date of fiscal year end:    August 31
                          ------------------------------------------------------

Date of reporting period:   November 30, 2004
                          ------------------------------------------------------






ITEM 1.  SCHEDULE OF INVESTMENTS.

AMERICAN CENTURY(reg.sm) INVESTMENTS
QUARTERLY PORTFOLIO HOLDINGS
CALIFORNIA TAX-FREE MONEY MARKET FUND
NOVEMBER 30, 2004
[american century investments logo and text logo]




CALIFORNIA TAX-FREE MONEY MARKET - SCHEDULE OF INVESTMENTS
NOVEMBER 30, 2004 (UNAUDITED)
PRINCIPAL AMOUNT                                                        VALUE
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SHORT-TERM MUNICIPAL SECURITIES - 99.5%
CALIFORNIA - 99.5%
        $9,995,000  ABN AMRO Leasetops Certificates
                    Trust COP, Series 2002-1, VRDN,
                    1.84%, 12/1/04 (FSA) (SBBPA:
                    ABN AMRO Bank N.V.)(Acquired
                    8/28/02, Cost $9,995,000)(1)                      $9,995,000
        11,585,202  ABN AMRO Leasetops Certificates
                    Trust Rev., Series 2003-1, VRDN,
                    1.84%, 12/1/04 (AMBAC)
                    (SBBPA: ABN AMRO Bank
                    N.V.)(Acquired 1/29/03, Cost
                    $11,585,202)(1)                                   11,585,202
         2,070,000  Alameda-Contra Costa Schools
                    Financing Auth. COP, Series 1997
                    D, VRDN, 1.70%, 12/2/04 (LOC:
                    Bank of Nova Scotia)                               2,070,000
         2,880,000  Alameda-Contra Costa Schools
                    Financing Auth. COP, Series 1999
                    G, (Capital Improvements
                    Financing Projects), VRDN, 1.80%,
                    12/2/04 (AMBAC) (SBBPA: Dexia
                    Credit Local)                                      2,880,000
           740,000  Alameda-Contra Costa Schools
                    Financing Auth. COP, Series
                    2000 I, VRDN, 1.70%, 12/2/04
                    (AMBAC) (SBBPA: KBC Bank N.V.)                       740,000
         1,460,000  Alvord Unified School District
                    Financing Corporation COP, VRDN,
                    1.71%, 12/2/04 (LOC: KBC
                    Bank N.V.)                                         1,460,000
         4,875,000  Apple Valley COP, (Public
                    Facilities Financing), VRDN,
                    1.67%, 12/2/04 (LOC: California
                    State Teacher's Retirement)                        4,875,000
         1,000,000  Association of Bay Area
                    Governments Finance Auth. for
                    Nonprofit Corporations Rev.,
                    (Point Loma Nazarene University),
                    VRDN, 1.76%, 12/2/04 (LOC:
                    Allied Irish Bank plc)                             1,000,000
         2,000,000  Association of Bay Area
                    Governments Finance Auth. for
                    Nonprofit Corporations Rev.,
                    Series 2002 A, (Hamilin School),
                    VRDN, 1.67%, 12/2/04 (LOC:
                    BNP Paribas)                                       2,000,000
         8,000,000  Auburn Union School District COP,
                    VRDN, 1.67%, 12/2/04 (FSA)
                    (SBBPA: Dexia Credit Local)                        8,000,000
         2,300,000  Barstow Multifamily Housing Rev.,
                    (Desert Vista Apartments), VRDN,
                    1.67%, 12/1/04 (LOC: FHLB)                         2,300,000
         3,690,000  Bay Area Governments
                    Association Rev., Series 2001 A,
                    (BART SFO Extension-FTA Capital
                    Grant), 5.00%, 6/15/05 (AMBAC)                     3,758,520
         6,900,000  Bay Area Toll Auth. Rev., Series
                    2003 C, (San Francisco Bay Area),
                    VRDN, 1.64%, 12/2/04 (AMBAC)                       6,900,000
        14,900,000  California Communities
                    Development Auth. Rev., Series
                    2002 A, (Biola University), VRDN,
                    1.76%, 12/2/04 (LOC: Allied Irish
                    Bank plc)                                         14,900,000
         5,000,000  California Community College
                    Financing Auth. Rev., Series
                    2004 A, 3.00%, 6/30/05 (FSA)                       5,040,113
         3,295,000  California Department of Water
                    Resources Rev., (Power Supply -
                    748), VRDN, 1.74%, 12/2/04
                    (LOC: Merrill Lynch & Co.)
                    (Acquired 2/27/03,
                    Cost $3,295,000)(1)                                3,295,000
         1,000,000  California Department of Water
                    Resources Rev., Series 2002 B2,
                    VRDN, 1.74%, 12/1/04 (LOC:
                    BNP Paribas)                                       1,000,000
         1,000,000  California Department of Water
                    Resources Rev., Series 2002 B5,
                    VRDN, 1.62%, 12/1/04 (LOC:
                    Bayerische Landesbank,
                    Westdeutsche Landesbank AG)                        1,000,000
         5,000,000  California Department of Water
                    Resources Rev., Series 2002 C12,
                    VRDN, 1.62%, 12/2/04 (LOC:
                    Landesbank Hessen-Thuringen
                    Girozentrale)                                      5,000,000




CALIFORNIA TAX-FREE MONEY MARKET - SCHEDULE OF INVESTMENTS
NOVEMBER 30, 2004 (UNAUDITED)
PRINCIPAL AMOUNT                                                        VALUE
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        18,000,000  California Department of Water
                    Resources Rev., Series 2002 C14,
                    VRDN, 1.67%, 12/2/04 (LOC:
                    Westdeutsche Landesbank AG)                       18,000,000
         6,000,000  California Department of Water
                    Resources Rev., Series 2002 C16,
                    VRDN, 1.67%, 12/2/04 (LOC:
                    Bank of New York)                                  6,000,000
         6,000,000  California Department of Water
                    Resources Rev., Series 2002 C18,
                    VRDN, 1.68%, 12/2/04 (LOC:
                    Bank of New York)                                  6,000,000
         4,000,000  California Department of Water
                    Resources Rev., Series 2002 C4,
                    VRDN, 1.67%, 12/2/04 (LOC:
                    JPMorgan Chase Bank, California
                    State Teacher's Retirement)                        4,000,000
        30,000,000  California Department of Water
                    Resources Rev., Series 2002 C7,
                    VRDN, 1.65%, 12/2/04 (FSA)
                    (SBBPA: Dexia Credit Local)                       30,000,000
         3,200,000  California Economic Development
                    Financing Auth. Rev., (Volk
                    Enterprises Inc.), VRDN, 1.67%,
                    12/2/04 (LOC: Bank One N.A.)
                    (Acquired 3/8/04, Cost
                    $3,200,000)(1)                                     3,200,000
         2,075,000  California Economic Recovery
                    Rev., Series 2004 L20J, VRDN,
                    1.72%, 12/1/04 (LIQ FAC:
                    Lehman Liquidity Company
                    LLC) (Acquired 5/13/04,
                    Cost $2,075,000) (1)                               2,075,000
        10,500,000  California Educational Facilities
                    Auth. Rev., (Chapman University),
                    VRDN, 1.81%, 12/1/04 (LOC:
                    Allied Irish Bank plc)                            10,500,000
         2,150,000  California Educational Facilities
                    Auth. Rev., (Point Loma Nazarene
                    University), VRDN, 1.73%,
                    12/2/04 (LOC: Allied Irish
                    Bank plc)                                          2,150,000
         3,860,000  California Educational Facilities
                    Auth. Rev., Series 2002 A, (Art
                    Center Design College), VRDN,
                    1.76%, 12/2/04 (LOC: Allied Irish
                    Bank plc)                                          3,860,000
         7,405,000  California Educational Facilities
                    Auth. Rev., Series 2002 B, (Art
                    Center Design College), VRDN,
                    1.76%, 12/2/04 (LOC: Allied Irish
                    Bank plc)                                          7,405,000
         5,000,000  California GO, (PA 1164), VRDN,
                    1.72%, 12/2/04 (LOC: Merrill
                    Lynch Capital Services, Inc.)
                    (Acquired 7/10/03, Cost
                    $5,000,000)(1)                                     5,000,000
        10,000,000  California GO, (PT 1210), VRDN,
                    1.69%, 12/2/04 (MBIA) (SBBPA:
                    Merrill Lynch Capital Services,
                    Inc.) (Acquired 12/2/03-12/5/03,
                    Cost $10,000,000)(1)                              10,000,000
        16,850,000  California GO, Series 2004 A3,
                    (Daily Kindergarten University),
                    VRDN, 1.74%, 12/1/04 (LOC:
                    Citibank N.A.)                                    16,850,000
         5,000,000  California GO, Series 2003 C3,
                    VRDN, 1.67%, 12/2/04 (LOC:
                    Landesbank Hessen-Thuringen
                    Girozentrale, Bank of America
                    N.A., Bank of Nova Scotia)                         5,000,000
        14,900,000  California GO, Series 2003 C4,
                    VRDN, 1.67%, 12/2/04 (LOC:
                    Landesbank Hessen-Thuringen
                    Girozentrale, Bank of America
                    N.A., Bank of Nova Scotia)                        14,900,000
           200,000  California Health Facilities
                    Financing Auth. Rev., (Southern
                    California Presbyterian), VRDN,
                    1.68%, 12/1/04 (MBIA) (SBBPA:
                    Bank of America N.A.)                                200,000
        13,395,000  California Housing Finance
                    Agency Rev., Series 2001 F,
                    (Multifamily Housing III), VRDN,
                    1.70%, 12/1/04 (SBBPA: FNMA)                      13,395,000




CALIFORNIA TAX-FREE MONEY MARKET - SCHEDULE OF INVESTMENTS
NOVEMBER 30, 2004 (UNAUDITED)
PRINCIPAL AMOUNT                                                        VALUE
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        10,100,000  California Housing Finance
                    Agency Rev., Series 2002 B,
                    (Multifamily Housing III), VRDN,
                    1.70%, 12/2/04 (SBBPA: FNMA)                      10,100,000
         7,000,000  California Infrastructure &
                    Economic Development Bank
                    Rev., (Salvation Army Western
                    Territory) 2.10%, 8/9/05
                    (LOC: Bank of America N.A.)                        7,000,000
         4,000,000  California Infrastructure &
                    Economic Development Bank
                    Rev., (Academy of Motion Picture
                    Arts and Sciences Obligated
                    Group), VRDN, 1.67%, 12/2/04
                    (AMBAC) (SBBPA: JPMorgan
                    Chase Bank)                                        4,000,000
         2,830,000  California Infrastructure &
                    Economic Development Bank Rev.,
                    (Rural Community Assistance),
                    VRDN, 1.70%, 12/2/04 (LOC:
                    Bank of the West)                                  2,830,000
         4,000,000  California Infrastructure &
                    Economic Development Bank Rev.,
                    Series 2003 A, VRDN, 1.68%,
                    12/1/04 (LOC: Wells Fargo
                    Bank, N.A.)                                        4,000,000
        26,000,000  California Rev., Series 2004 A,
                    3.00%, 6/30/05                                    26,187,799
        15,000,000  California School Cash Reserve
                    Program Auth. Rev., Series
                    2004 A, 3.00%, 7/6/05 (AMBAC)                     15,122,798
         6,000,000  California State University
                    Channel Islands Financing
                    Auth. Rev., (Rental Housing),
                    VRDN, 1.60%, 8/1/05 (LOC:
                    Citibank N.A.)                                     6,000,000
         7,690,000  California Statewide Communities
                    Development Auth. Rev.,
                    (The Painted Turtle), VRDN,
                    1.67%, 12/2/04 (LOC: Allied Irish
                    Bank plc)                                          7,690,000
        20,000,000  California Statewide Communities
                    Development Auth. Rev., Series
                    2003 A, VRDN, 1.68%, 12/1/04
                    (CRP: Kaiser Permanente)                          20,000,000
         9,500,000  California Statewide Communities
                    Development Auth. Rev., Series
                    2004 M, VRDN, 1.68%, 12/1/04
                    (CRP: Kaiser Permanente)                           9,500,000
         5,605,000  California Statewide Communities
                    Development Auth. Special Tax
                    Rev., VRDN, 1.74%, 12/2/04 (LOC:
                    Merrill Lynch Capital Services,
                    Inc.) (Acquired 8/6/01-3/13/03,
                    Cost $5,605,000)(1)                                5,605,000
         4,300,000  City of Fremont COP, (Building &
                    Equipment Financing), VRDN,
                    1.67%, 12/2/04 (LOC: KBC
                    Bank N.V.)                                         4,300,000
        10,000,000  City of Whittier Rev., (Whittier
                    College), VRDN, 1.77%, 12/2/04
                    (RADIAN) (SBBPA: Bank of
                    New York)                                         10,000,000
         1,075,000  Clovis Unified School District COP,
                    (School Site Acquisition),
                    3.00%, 11/1/05 (XLCA)                              1,084,898
         2,000,000  Davis Special Tax Rev.,
                    (Community Facilities District
                    No. 1999-2), VRDN, 1.67%,
                    12/2/04 (LOC: Wells Fargo
                    Bank, N.A.)                                        2,000,000
         4,000,000  Diamond Bar Public Financing
                    Auth. Lease Rev., Series 2002 A,
                    (Community/Senior Center),
                    VRDN, 1.75%, 12/1/04 (LOC:
                    California State Teachers
                    Retirement)                                        4,000,000
         3,600,000  East Bay Municipal Wastewater
                    Rev., 1.85%, 3/11/05 (SBBPA:
                    Westdeutsche Landesbank AG,
                    JPMorgan, Chase Bank)                              3,600,000
         3,155,000  El Monte COP, Series 2003 A,
                    (Community Improvement), VRDN,
                    1.67%, 12/2/04 (LOC: California
                    State Teachers Retirement)                         3,155,000
         6,875,000  Golden State Tobacco
                    Securitization Corp. Settlement
                    Rev., (PA 1206), VRDN, 1.78%,
                    12/2/04 (LOC: Merrill Lynch
                    Capital Services, Inc.)                            6,875,000
         6,745,000  Golden State Tobacco
                    Securitization Corp. Settlement
                    Rev., (PA 1214), VRDN, 1.78%,
                    12/2/04 (LOC: Merrill Lynch
                    Capital Services, Inc.)
                    (Acquired 10/24/03-10/29/03,
                    Cost $6,745,000)(1)                                6,745,000




CALIFORNIA TAX-FREE MONEY MARKET - SCHEDULE OF INVESTMENTS
NOVEMBER 30, 2004 (UNAUDITED)
PRINCIPAL AMOUNT                                                        VALUE
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         3,530,000  Golden State Tobacco
                    Securitization Corp. Settlement
                    Rev., (PA 1236), VRDN, 1.78%,
                    12/2/04 (LOC: Merrill Lynch
                    Capital Services, Inc.) (Acquired
                    1/15/04, Cost $3,530,000)(1)                       3,530,000
         2,735,000  Golden State Tobacco
                    Securitization Corp. Settlement
                    Rev., (PA 1237), VRDN, 1.78%,
                    12/2/04 (LOC: Merrill Lynch
                    Capital Services, Inc.)                            2,735,000
         5,500,000  Golden State Tobacco
                    Securitization Corp. Settlement
                    Rev., (PA 1240), VRDN, 1.78%,
                    12/2/04 (LOC: Merrill Lynch
                    Capital Services, Inc.) (Acquired
                    2/12/04, Cost $5,500,000)(1)                       5,500,000
         1,745,000  Golden State Tobacco
                    Securitization Corp. Settlement
                    Rev., (PT 2338), VRDN, 1.78%,
                    12/2/04 (LOC: Merrill Lynch
                    Capital Services, Inc.) (Acquired
                    8/20/04, Cost $1,745,000)(1)                       1,745,000
        23,800,000  Inland Valley Development Agency
                    Tax Allocation Rev., VRDN, 1.78%,
                    12/1/04 (LOC: California State
                    Teacher's Retirement)                             23,800,000
        10,951,498  Koch Certificates Trust Rev.,
                    Series 1999-2, VRDN, 1.72%,
                    12/2/04 (AMBAC) (MBIA)
                    (SBBPA: State Street Bank &
                    Trust Co.) (Acquired 2/11/00-
                    4/10/00, Cost $10,951,498)(1)                     10,951,498
         3,100,000  Los Angeles Community
                    Redevelopment Agency Rev.,
                    (Skyline at Southpark), VRDN,
                    1.70%, 12/1/04 (LOC:
                    Westdeutsche Landesbank AG)                        3,100,000
         2,500,000  Los Angeles Convention & Exhibit
                    Center Auth. Rev., Series 2003 E,
                    VRDN, 1.67%, 12/1/04 (AMBAC)                       2,500,000
         5,060,000  Los Angeles County Sanitation
                    Districts Financing Auth. Rev.,
                    Series 2003 A, 4.00%, 10/1/05
                    (FSA)                                              5,150,116
         4,955,000  Los Angeles GO, VRDN, 1.69%,
                    12/2/04 (MBIA) (SBBPA: Merrill
                    Lynch Capital Services, Inc.)                      4,955,000
         1,000,000  Los Angeles Water & Power Rev.,
                    Series 2001 B1, VRDN, 1.64%,
                    12/2/04 (SBBPA: Bank of
                    America, JPMorgan Chase Bank,
                    Westdeutsche Landesbank AG,
                    Bayerische Landesbank, Dexia
                    Credit Local, State Street Bank &
                    Trust Co.)                                         1,000,000
         6,400,000  Los Angeles Water & Power Rev.,
                    Subseries 2002 A8, VRDN, 1.67%,
                    12/2/04 (SBBPA: JPMorgan
                    Chase Bank, Westdeutsche
                    Landesbank AG, Bayerische
                    Landesbank, BNP Paribas, Dexia
                    Credit Local)                                      6,400,000
         4,400,000  National City Community
                    Development Commission Tax
                    Allocation Rev., Series 2001 B,
                    VRDN, 1.67%, 12/2/04 (AMBAC)
                    (SBBPA: Bank of Nova Scotia)                       4,400,000
         5,400,000  Orange County Local
                    Transportation Auth. Sales Tax
                    Rev., 1.85%, 3/9/05 (LOC: Dexia
                    Credit Local)                                      5,400,000
         4,850,000  Peninsula Corridor Joint Powers
                    Board Rev., Series 2004 B, (Grant
                    Anticipation Notes), 2.39%,
                    10/14/05                                           4,871,076
         2,000,000  Pomona (City of) COP, VRDN,
                    1.64%, 12/1/04 (LOC: HSH
                    Nordbank AG)                                       2,000,000
         2,300,000  Redwood City COP, (City Hall),
                    VRDN, 1.67%, 12/2/04 (LOC:
                    KBC Bank N.V.)                                     2,300,000
         1,830,000  Riverside County Community
                    Facilities District Special Tax Rev.,
                    (No. 89-1), VRDN, 1.67%,
                    12/2/04 (LOC: KBC Bank N.V.)                       1,830,000
        23,000,000  San Bernardino County
                    Multifamily Housing Auth. Rev.,
                    Series 2004 A, (Highland Hills),
                    1.625%, 5/1/05 (Acquired
                    4/23/04, Cost $23,062,100)(1)                     23,025,833




CALIFORNIA TAX-FREE MONEY MARKET - SCHEDULE OF INVESTMENTS
NOVEMBER 30, 2004 (UNAUDITED)
PRINCIPAL AMOUNT                                                        VALUE
- --------------------------------------------------------------------------------

         4,330,000  San Bernardino County
                    Multifamily Housing Auth. Rev.,
                    Series 1993 A, (Rialto Heritage),
                    VRDN, 1.73%, 12/2/04
                    (LOC: FHLB)                                        4,330,000
         1,985,000  San Bernardino County Rev.,
                    (Gold West Phase 2), VRDN,
                    1.67%, 12/2/04 (LOC: FHLB)                         1,985,000
        10,000,000  San Diego County & School
                    District Tax & Rev. Anticipation
                    Notes, Series 2004 A, 3.25%,
                    7/25/05                                           10,105,723
         7,560,000  San Francisco City & County
                    Redevelopment Agency
                    Community Facilities District
                    No. 4 Rev., VRDN, 1.67%, 12/2/04
                    (LOC: Bank of America N.A.)                        7,560,000
         3,600,000  San Francisco City & County
                    Redevelopment Agency Rev.,
                    (South Harbor), VRDN, 1.70%,
                    12/2/04 (LOC: Dexia Credit Local)                  3,600,000
         7,000,000  San Joaquin Transportation
                    Auth. Sales Tax Rev., 1.82%,
                    3/1/05 (LOC: Westdeutsche
                    Landesbank AG)                                     7,000,000
         7,000,000  San Joaquin Transportation
                    Auth. Sales Tax Rev., 1.82%,
                    3/10/05 (LOC: Westdeutsche
                    Landesbank AG)                                     7,000,000
         4,700,000  San Jose Multifamily Housing
                    Rev., (Foxchase), VRDN, 1.69%,
                    12/2/04 (LOC: FNMA)                                4,700,000
         2,660,000  San Jose Multifamily Housing
                    Rev., (Timberwood), VRDN,
                    1.70%, 12/1/04 (LOC: Wells
                    Fargo & Company)                                   2,660,000
         3,200,000  San Mateo County Housing Auth.
                    Rev., (PT 704), VRDN, 1.75%,
                    12/2/04 (LOC: FHLMC)                               3,200,000
        13,400,000  Santa Clara County-El Camino
                    District Hospital Facilities Auth.
                    ACES Lease Rev., Series 1985 A,
                    (Valley Medical Center), VRDN,
                    1.61%, 12/7/04 (LOC: State
                    Street Bank & Trust Co.)                          13,400,000
         6,750,000  Temecula Public Financing Auth.
                    Special Tax Rev., Series 2002 A,
                    (Harveston), VRDN, 1.67%,
                    12/2/04 (LOC: Bank of
                    America N.A.)                                      6,750,000
         1,300,000  Triunfo Sanitation District Rev.,
                    VRDN, 1.75%, 12/1/04 (LOC:
                    BNP Paribas)                                       1,300,000
         5,950,000  Vallejo COP, VRDN, 1.73%,
                    12/2/04 (LOC: California State
                    Teachers Retirement)                               5,950,000
         1,115,000  Vallejo COP, VRDN, 1.80%,
                    12/2/04 (LOC: KBC Bank N.V.)                       1,115,000
         5,500,000  West Covina Redevelopment
                    Agency Lease Rev., (Lakes Public
                    Parking), VRDN, 1.81%, 12/1/04
                    (LOC: Allied Irish Bank plc)                       5,500,000
         3,400,000  Westminster COP, Series 1998 A,
                    (Civic Center), VRDN, 1.67%,
                    12/2/04 (AMBAC) (SBBPA:
                    Wachovia Bank N.A.)                                3,400,000
         1,600,000  Westminster Redevelopment
                    Agency Tax Allocation Rev.,
                    (Commercial Project No. 1),
                    VRDN, 1.67%, 12/2/04
                    (AMBAC) (SBBPA: Landesbank
                    Hessen-Thuringen Girozentrale)                     1,600,000
                                                                 ---------------
TOTAL INVESTMENT SECURITIES - 99.5%                                  612,478,576
                                                                 ---------------
OTHER ASSETS AND LIABILITIES - 0.5%                                    2,772,727
                                                                 ---------------
TOTAL NET ASSETS - 100.0%                                           $615,251,303
                                                                 ===============




CALIFORNIA TAX-FREE MONEY MARKET - SCHEDULE OF INVESTMENTS
NOVEMBER 30, 2004 (UNAUDITED)
- --------------------------------------------------------------------------------

NOTES TO SCHEDULE OF INVESTMENTS
ACES = Adjustable Convertible Extendable Securities
AMBAC = AMBAC Assurance Corporation
COP = Certificates of Participation
CRP = Corporate Guarantee
FHLB = Federal Home Loan Bank
FHLMC = Federal Home Loan Mortgage Corporation
FNMA = Federal National Mortgage Association
FSA = Financial Security Assurance, Inc.
GO = General Obligation
LIQ FAC = Liquidity Facilities
LOC = Letter of Credit
MBIA = MBIA Insurance Corporation
RADIAN = Radian Asset Assurance, Inc.
SBBPA = Standby Bond Purchase Agreement
VRDN = Variable Rate Demand Note. Interest reset date is indicated. Rate shown
is effective November 30, 2004.
XLCA = XL Capital Ltd.
(1) Security was purchased under Rule 144A of the Securities Act of 1933 or is a
    private placement and, unless registered under the Act or exempted from
    registration, may only be sold to qualified institutional investors. The
    aggregate value of restricted securities at November 30, 2004, was
    $102,252,533, which represented 16.6% of net assets. Restricted securities
    considered illiquid represent 3.7% of net assets.

SUPPLEMENTARY NOTES TO SCHEDULES OF INVESTMENTS

1. FEDERAL TAX INFORMATION

As of November 30, 2004, the cost of investments for federal income tax purposes
was the same as the cost for financial reporting purposes.

THIS SCHEDULE OF INVESTMENTS PROVIDES INFORMATION ABOUT THE FUND'S PORTFOLIO
HOLDINGS AS OF THE DATE ON THE SCHEDULE. IT IS UNAUDITED, AND AMERICAN CENTURY
ASSUMES NO OBLIGATION TO UPDATE OR SUPPLEMENT THE SCHEDULE TO REFLECT SUBSEQUENT
CHANGES. MORE INFORMATION IS AVAILABLE IN THE FUND'S MOST RECENT ANNUAL OR
SEMIANNUAL SHAREHOLDER REPORT. THE AMERICAN CENTURY INVESTMENTS LOGO, AMERICAN
CENTURY AND AMERICAN CENTURY INVESTMENTS ARE SERVICE MARKS OF AMERICAN CENTURY
SERVICES CORPORATION.










AMERICAN CENTURY(reg.sm) INVESTMENTS
QUARTERLY PORTFOLIO HOLDINGS
CALIFORNIA LIMITED-TERM TAX-FREE FUND
NOVEMBER 30, 2004
[american century investments logo and text logo]




CALIFORNIA LIMITED-TERM TAX-FREE - SCHEDULE OF INVESTMENTS
NOVEMBER 30, 2004 (UNAUDITED)
PRINCIPAL AMOUNT                                                        VALUE
- --------------------------------------------------------------------------------

MUNICIPAL SECURITIES - 99.1%
CALIFORNIA - 79.8%
        $1,000,000  Alameda Unified School District
                    GO, 5.50%, 7/1/05 (FSA)                         $  1,020,840
         2,595,000  Alameda Unified School District
                    GO, 5.50%, 7/1/07 (FSA)(2)                         2,806,700
         2,740,000  Alameda Unified School District
                    GO, 5.50%, 7/1/08 (FSA)(2)                         3,026,659
           890,000  Alameda Unified School District
                    GO, 5.50%, 7/1/09 (FSA)                              995,777
         1,545,000  Alameda Unified School District
                    GO, 5.50%, 7/1/10 (FSA)                            1,738,449
         1,520,000  Association of Bay Area
                    Governments Finance Auth. Rev.,
                    Series 2003 A, (Odd Fellows
                    Home), 4.00%, 11/15/07
                    (California Mortgage Insurance)                    1,572,957
         2,685,000  California Department of Water
                    Resources Rev., (Water System),
                    5.50%, 12/1/08                                     2,986,552
         2,000,000  California Department of Water
                    Resources Rev., Series 2002 A,
                    3.00%, 5/1/06 (MBIA)                               2,024,520
         3,000,000  California Department of Water
                    Resources Rev., Series 2002 A,
                    5.50%, 5/1/08                                      3,265,890
         2,025,000  California Economic Recovery GO,
                    Series 2004 B, 3.00%, 7/1/07                       2,058,230
         2,000,000  California Economic Recovery
                    Rev., Series 2004 A,
                    5.00%, 1/1/09                                      2,168,320
         1,250,000  California Economic Recovery
                    Rev., Series 2004 A,
                    5.00%, 7/1/10 (MBIA)                               1,375,975
           465,000  California Educational Facilities
                    Auth. Rev., Series 1997 B, (Pooled
                    College & University Projects),
                    5.75%, 4/1/05                                        470,692
         4,275,000  California GO, 6.50%, 2/1/08
                    (AMBAC) (2)                                        4,804,587
         3,500,000  California GO, 9.00%, 4/1/08                       4,163,775
         2,500,000  California GO, 4.50%, 10/1/08
                    (FSA)(2)                                           2,684,100
         2,500,000  California GO, 5.00%, 12/1/09
                    (AMBAC)                                            2,756,550
         3,000,000  California GO, 5.00%, 3/1/10
                    (XLCA)(2)                                          3,261,780
         1,000,000  California GO, 5.50%, 3/1/11
                    (XLCA)                                             1,119,850
           725,000  California Mobilehome Park
                    Financing Auth. Rev., Series
                    2000 A, (Union City Tropics),
                    4.80%, 8/15/06 (ACA)                                 737,833
           500,000  California Public Works Board
                    Lease Rev., Series 1993 A,
                    (Various University of California
                    Projects), 5.50%, 6/1/10                             554,835
         6,190,000  California Public Works Board
                    Lease Rev., Series 2004 A,
                    (Department of Mental Health -
                    Coalinga), 5.00%, 6/1/06                           6,423,795
         4,200,000  California State University
                    Channel Islands Financing Auth.
                    Rev., Series 2004 A, (Rental
                    Housing & Town Center), 2.50%,
                    8/1/07 (LOC: Citibank N.A.)                        4,196,136
         1,125,000  California State University Fresno
                    Association Inc. Rev., (Auxiliary
                    Organization Event Center),
                    5.00%, 7/1/05                                      1,143,011
         1,000,000  California State University Fresno
                    Association Inc. Rev., (Auxiliary
                    Organization Event Center),
                    5.00%, 7/1/06                                      1,036,160
         1,000,000  California State University Fresno
                    Association Inc. Rev., (Auxiliary
                    Organization Event Center),
                    5.00%, 7/1/12                                      1,051,810
         1,130,000  Carson Redevelopment Agency
                    Residential Mortgage COP, (Area
                    No. 1), 5.50%, 10/1/11 (MBIA)                      1,280,979
           895,000  Central California Joint Powers
                    Health Financing Auth. COP,
                    (Community Hospitals), 5.00%,
                    2/1/07                                               925,824
           895,000  Central California Joint Powers
                    Health Financing Auth. COP,
                    (Community Hospitals),
                    5.125%, 2/1/08                                       933,798
         1,245,000  Central California Joint Powers
                    Health Financing Auth. COP,
                    (Community Hospitals),
                    5.125%, 2/1/09                                     1,308,869
           675,000  Central California Joint Powers
                    Health Financing Auth. COP,
                    (Community Hospitals), 5.25%,
                    2/1/10                                               713,273
           860,000  Central California Joint Powers
                    Health Financing Auth. COP,
                    (Community Hospitals), 5.25%,
                    2/1/11                                               909,768




CALIFORNIA LIMITED-TERM TAX-FREE - SCHEDULE OF INVESTMENTS
NOVEMBER 30, 2004 (UNAUDITED)
PRINCIPAL AMOUNT                                                        VALUE
- --------------------------------------------------------------------------------

         1,390,000  Central California Joint Powers
                    Health Financing Auth. COP,
                    (Community Hospitals), 5.25%,
                    2/1/13                                             1,391,863
         1,070,000  Chaffey Community College
                    District GO, Series 2002 A, 4.25%,
                    7/1/11 (FSA)                                       1,135,238
         1,805,000  Clovis Unified School District COP,
                    (School Site Acquisition),
                    3.00%, 11/1/06 (XLCA)                              1,833,501
         2,075,000  Clovis Unified School District COP,
                    (School Site Acquisition),
                    4.00%, 11/1/07 (XLCA)                              2,173,293
           310,000  Coachella Valley Improvement
                    Bond Act 1915 Recreation & Park
                    District Special Tax Rev.,
                    (District 1), 4.875%, 9/2/07
                    (MBIA)                                               331,278
         6,000,000  East Bay-Delta Housing &
                    Finance Agency Rev., Series
                    2001 A, (Pass Thru Lease
                    Purchase Program), 4.25%,
                    6/1/05 (MBIA)                                      6,058,319
         1,190,000  Imperial Irrigation District COP,
                    (Water Systems), 5.50%,
                    7/1/09 (AMBAC)                                     1,326,541
         1,755,000  Industry Urban Development
                    Agency Rev., 4.50%, 5/1/11
                    (MBIA)                                             1,812,810
           105,000  Lancaster Financing Auth.,
                    (Projects No. 5 & 6), 2.40%,
                    2/1/06                                               104,749
           105,000  Lancaster Financing Auth.,
                    (Projects No. 5 & 6), 3.00%,
                    2/1/08                                               104,529
           110,000  Lancaster Financing Auth.,
                    (Projects No. 5 & 6), 3.80%,
                    2/1/10                                               109,424
           120,000  Lancaster Financing Auth.,
                    (Projects No. 5 & 6), 4.00%,
                    2/1/11                                               119,514
           125,000  Lancaster Financing Auth.,
                    (Projects No. 5 & 6), 4.30%,
                    2/1/13                                               124,398
           750,000  Long Beach Bond Finance Auth.
                    GO, Series 2002 A, (North Long
                    Beach Redevelopment), 5.00%,
                    8/1/10 (AMBAC)                                       823,740
         2,315,000  Long Beach Bond Finance Auth.
                    GO, Series 2002 A, (North Long
                    Beach Redevelopment), 5.00%,
                    8/1/11 (AMBAC)                                     2,551,686
           500,000  Los Angeles Community
                    Redevelopment Agency Parking
                    System Rev., (Cinerama Dome
                    Public Package Project), 4.75%,
                    7/1/07 (ACA)                                         523,510
           615,000  Los Angeles Community
                    Redevelopment Agency Parking
                    System Rev., (Cinerama Dome
                    Public Package Project), 4.875%,
                    7/1/08 (ACA)                                         652,410
           500,000  Los Angeles County Community
                    Facilities District No. 3 Special
                    Tax Rev., Series 2000 A,
                    (Improvement Area B), 4.125%,
                    9/1/05 (AMBAC)                                       508,255
         2,100,000  Los Angeles County Metropolitan
                    Transportation Auth. Sales Tax
                    Rev., Series 2001 B, (Proposal A),
                    5.25%, 7/1/11 (FSA)                                2,351,790
         3,130,000  Los Angeles Department of Water
                    & Power Rev., Series 2001 AA1,
                    (Power Systems), 5.25%,
                    7/1/10 (MBIA)                                      3,485,380
           575,000  Lynwood Public Financing Auth.
                    Rev., (Public Capital
                    Improvement), 4.125%, 9/1/12
                    (AMBAC)                                              599,788
           520,000  Mountain View COP, (Capital
                    Projects), 4.00%, 8/1/05                             526,947
         1,330,000  Oakland Joint Powers Financing
                    Auth. Rev., (Convention Centers),
                    5.00%, 10/1/06 (AMBAC)                             1,397,963
         3,000,000  Oakland Joint Powers Financing
                    Auth. Rev., (Convention Centers),
                    5.25%, 10/1/08 (AMBAC)                             3,299,310
         1,225,000  Oceanside COP, Series 2003 A,
                    5.00%, 4/1/11 (AMBAC)                              1,343,139
         3,500,000  Orange County Recovery COP,
                    Series 1996 A, 6.00%,
                    7/1/07 (MBIA)                                      3,824,625
         1,230,000  Orange County Refunding
                    Recovery Rev., Series 1995 A,
                    6.00%, 6/1/08 (MBIA)                               1,375,755
         2,295,000  Pacific Housing & Finance
                    Agency Lease Rev., Series 1999 A,
                    (Pass Thru Obligation-Lease
                    Purchase), 4.625%, 12/1/04
                    (MBIA)                                             2,295,115
           140,000  Placentia COP, 3.125%, 7/1/07                        138,949
           165,000  Placentia COP, 3.40%, 7/1/08                         164,093
           170,000  Placentia COP, 3.65%, 7/1/09                         168,975
           145,000  Placentia COP, 3.90%, 7/1/10                         144,320




CALIFORNIA LIMITED-TERM TAX-FREE - SCHEDULE OF INVESTMENTS
NOVEMBER 30, 2004 (UNAUDITED)
PRINCIPAL AMOUNT                                                        VALUE
- --------------------------------------------------------------------------------

         1,800,000  Poway Unified School District
                    Special Tax Rev., (Community
                    Facilities District No. 1), 5.00%,
                    10/1/07 (MBIA)                                     1,935,468
           585,000  Rancho Water District Financing
                    Auth. Rev., Series 2001 A, 5.00%,
                    8/1/07 (FSA)                                         626,406
         1,650,000  Riverside Sewer Rev., 7.00%,
                    8/1/07 (FGIC)                                      1,848,594
         3,800,000  Sacramento County Sanitation
                    District Auth. Rev., Series 2000 A,
                    5.10%, 12/1/09                                     4,196,378
         2,585,000  Sacramento Municipal Utility
                    District Electric Rev., Series
                    2002 Q, 5.00%, 8/15/09 (FSA)                       2,838,925
         3,000,000  Sacramento Municipal Utility
                    District Electric Rev., Series
                    2003 S, 5.00%, 11/15/11 (MBIA)                     3,327,120
         2,000,000  San Bernardino County
                    Transportation Auth. Rev., Series
                    2001 A, 5.00%, 3/1/05 (AMBAC)                      2,015,660
         1,075,000  San Buenaventura COP, Series
                    2002 B, 3.50%, 1/1/05 (AMBAC)                      1,076,408
         1,115,000  San Buenaventura COP, Series
                    2002 B, 3.50%, 1/1/06 (AMBAC)                      1,131,848
           365,000  San Diego Unified School District
                    GO, Series 2002 D, (Election
                    1998), 5.25%, 7/1/12 (FGIC)                          408,862
         3,650,000  San Diego Unified School District
                    GO, Series 2002 D, (Election
                    1998), 5.25%, 7/1/12 (FGIC)                        4,088,621
         1,040,000  San Diego Unified School District
                    GO, Series 2003 E, (Election
                    1998), 5.25%, 7/1/13 (FSA)                         1,162,366
         1,050,000  San Francisco Port Commission
                    Rev., 3.00%, 7/1/07 (XLCA)                         1,068,207
         8,200,000  San Juan California Unified
                    School District GO, 3.00%,
                    11/18/05                                           8,262,828
         2,000,000  Santa Clara County Financing
                    Auth. Lease Rev., Series 2000 B,
                    (Multiple Facilities), 5.50%,
                    5/15/07 (AMBAC)                                    2,153,580
         5,000,000  Santa Clara County Financing
                    Auth. Rev., (Measure B
                    Transportation Improvement
                    Program), 4.00%, 8/1/06                            5,119,949
           970,000  Santa Margarita-Dana Point
                    Auth. Rev., Series 1994 A,
                    (Improvement Districts 1, 2,
                    2A, 8), 7.25%, 8/1/10 (MBIA)                       1,174,786
         1,250,000  South Orange County Public
                    Financing Auth. Special Tax Rev.,
                    Series 1994 C, (Foothill Area),
                    7.50%, 8/15/07 (FGIC)                              1,416,313
         2,000,000  South Orange County Public
                    Financing Auth. Special Tax Rev.,
                    Series 2003 A, (Senior Lien),
                    5.00%, 9/1/12 (MBIA)                               2,199,920
         1,500,000  Southern California Public Power
                    Auth. Rev., Series 2002 A, (San
                    Juan Unit 3), 4.00%,
                    1/1/05 (FSA)                                       1,502,685
         1,240,000  Stockton Health Facilities Rev.,
                    Series 1997 A, (Dameron Hospital
                    Association), 5.00%, 12/1/05                       1,264,478
         1,165,000  Stockton Health Facilities Rev.,
                    Series 1997 A, (Dameron Hospital
                    Association), 5.20%, 12/1/07                       1,230,857
         1,385,000  Truckee-Donner Public Utility
                    District COP, Series 2003 A,
                    3.50%, 1/1/06 (ACA)                                1,399,127
         2,175,000  Turlock Irrigation District Rev.,
                    Series 2003 A, 5.00%,
                    1/1/13 (MBIA)                                      2,387,715
         1,325,000  Upland COP, (San Antonio
                    Community Hospital), 5.75%,
                    1/1/07                                             1,386,745
         1,375,000  Woodland Finance Auth. Lease
                    Rev., 3.00%, 3/1/07 (XLCA)                         1,393,535
                                                                 ---------------
                                                                     164,936,882
                                                                 ---------------
GUAM - 2.7%
         5,000,000  Guam Government Limited
                    Obligation Rev., Series 2001 A,
                    5.00%, 12/1/09 (FSA)                               5,476,200
                                                                 ---------------
NORTHERN MARIANA ISLES - 2.0%
         1,425,000  Northern Mariana Islands
                    Commonwealth GO, Series
                    2000 A, 5.00%, 6/1/06 (ACA)                        1,470,500




CALIFORNIA LIMITED-TERM TAX-FREE - SCHEDULE OF INVESTMENTS
NOVEMBER 30, 2004 (UNAUDITED)
PRINCIPAL AMOUNT                                                        VALUE
- --------------------------------------------------------------------------------

         1,075,000  Northern Mariana Islands
                    Commonwealth GO, Series
                    2000 A, 5.50%, 6/1/07 (ACA)                        1,137,866
         1,430,000  Northern Mariana Islands
                    Commonwealth GO, Series
                    2000 A, 5.75%, 6/1/10 (ACA)                        1,564,549
                                                                 ---------------
                                                                       4,172,915
                                                                 ---------------
PUERTO RICO - 12.7%
         1,500,000  Childrens Trust Fund Tobacco
                    Settlement Rev., 5.00%,
                    7/1/08(1)                                          1,622,745
         2,000,000  Puerto Rico Commonwealth GO,
                    5.00%, 7/1/05 (FGIC)                               2,035,160
           205,000  Puerto Rico Commonwealth GO,
                    Series 2003 A, 4.00%,
                    7/1/06(1)                                            210,896
         1,260,000  Puerto Rico Commonwealth GO,
                    Series 2003 A, 4.00%, 7/1/06                       1,292,168
        10,000,000  Puerto Rico Commonwealth GO,
                    Series 2003 C, 5.00%, 7/1/08                      10,662,700
         3,000,000  Puerto Rico Electric Power Auth.
                    Rev., 5.00%, 7/1/06                                3,122,999
         2,460,000  Puerto Rico Electric Power Auth.
                    Rev., 5.00%, 7/1/08                                2,646,001
         1,500,000  Puerto Rico Electric Power Auth.
                    Rev., Series 1999 FF, 5.25%,
                    7/1/09 (MBIA)                                      1,656,765
         1,315,000  Puerto Rico Municipal Finance
                    Agency Rev., Series 2002 A,
                    4.50%, 8/1/10 (FSA)                                1,413,323
         1,500,000  Puerto Rico Public Buildings
                    Auth. GO, Series 2002 C,
                    (Government Facilities),
                    5.50%, 7/1/10                                      1,666,245
                                                                 ---------------
                                                                      26,329,002
                                                                 ---------------
U.S. VIRGIN ISLANDS- 1.9%
         1,275,000  Virgin Islands Public Finance
                    Auth. Rev., (Gross Receipts Taxes),
                    4.00%, 10/1/05                                     1,291,333
         1,000,000  Virgin Islands Public Finance
                    Auth. Rev., (Gross Receipts Taxes),
                    4.00%, 10/1/06                                     1,021,660
         1,500,000  Virgin Islands Public Finance
                    Auth. Rev., Series 1998 C, (Senior
                    Lien Fund), 5.50%, 10/1/07                         1,603,904
                                                                 ---------------
                                                                       3,916,897
                                                                 ---------------
TOTAL MUNICIPAL SECURITIES                                           204,831,896
(Cost $199,997,458)                                              ---------------

SHORT-TERM MUNICIPAL SECURITIES - 1.6%
CALIFORNIA - 1.6%
         1,650,000  California Economic Recovery
                    Rev., Series 2004 C1, VRDN,
                    1.74%, 12/1/04 (SBBPA:
                    Landesbank Baden-Wuerttemberg)                     1,650,000
         1,600,000  Santa Clara County-El Camino
                    District Hospital Facilities Auth.
                    ACESSM Lease Rev., Series
                    1985 A, (Valley Medical Center),
                    VRDN, 1.61%, 12/7/04 (LOC:
                    State Street Bank & Trust Co.)                     1,600,000
                                                                 ---------------
TOTAL SHORT-TERM MUNICIPAL SECURITIES                                  3,250,000
(Cost $3,250,000)                                                ---------------




CALIFORNIA LIMITED-TERM TAX-FREE - SCHEDULE OF INVESTMENTS
NOVEMBER 30, 2004 (UNAUDITED)
PRINCIPAL AMOUNT                                                        VALUE
- --------------------------------------------------------------------------------

TOTAL INVESTMENT SECURITIES - 100.7%                                 208,081,896
                                                                 ---------------
(Cost $203,247,508)
OTHER ASSETS AND LIABILITIES - (0.7)%                                (1,361,577)
                                                                 ---------------
TOTAL NET ASSETS - 100.0%                                           $206,720,319
                                                                 ===============

FUTURES CONTRACTS*

                                      Expiration   Underlying Face   Unrealized
Contracts Purchased                      Date      Amount at Value      Gain
- --------------------------------------------------------------------------------
26        U.S. Treasury 10-Year Note  March 2005   $2,879,500          $1,973
                                                   =============================

                                      Expiration   Underlying Face   Unrealized
Contracts Sold                           Date      Amount at Value      Loss
- --------------------------------------------------------------------------------
54        U.S. Treasury 2-Year Note   March 2005   $11,309,625
$(5,062)
                                                   =============================

*FUTURES CONTRACTS typically are based on an index or specific securities and
tend to track the performance of the index or specific securities while
remaining very liquid (easy to buy and sell). By investing its cash assets in
futures, the fund has increased exposure to certain markets while maintaining
easy access to cash. By selling futures, the fund hedges its investments against
price fluctuations.

NOTES TO SCHEDULE OF INVESTMENTS
ACA = American Capital Access
ACESSM = Adjustable Convertible Extendable Securities
AMBAC = AMBAC Assurance Corporation
COP = Certificates of Participation
FGIC = Financial Guaranty Insurance Co.
FSA = Financial Security Assurance, Inc.
GO = General Obligation
LOC = Letter of Credit
MBIA = MBIA Insurance Corporation
SBBPA = Standby Bond Purchase Agreement
VRDN = Variable Rate Demand Note. Interest reset date is indicated. Rate shown
is effective November 30, 2004.
XLCA = XL Capital Ltd.
(1) Escrowed to maturity in U.S. government securities or state and local
    government securities.
(2) Security, or a portion thereof, has been segregated for futures contracts.




CALIFORNIA LIMITED-TERM TAX-FREE - SCHEDULE OF INVESTMENTS
NOVEMBER 30, 2004 (UNAUDITED)
- --------------------------------------------------------------------------------

SUPPLEMENTARY NOTES TO SCHEDULES OF INVESTMENTS

1. FEDERAL TAX INFORMATION

As of November 30, 2004, the components of investments for federal income tax
purposes were as follows:

Federal tax cost of investments                $ 203,247,508
                                             ===============
Gross tax appreciation of investments          $   5,056,506
Gross tax depreciation of investments               (222,118)
                                             ---------------
Net tax appreciation of investments            $   4,834,388
                                             ===============

The cost of investments for federal income tax purposes was the same as the cost
for financial reporting purposes.

THIS SCHEDULE OF INVESTMENTS PROVIDES INFORMATION ABOUT THE FUND'S PORTFOLIO
HOLDINGS AS OF THE DATE ON THE SCHEDULE. IT IS UNAUDITED, AND AMERICAN CENTURY
ASSUMES NO OBLIGATION TO UPDATE OR SUPPLEMENT THE SCHEDULE TO REFLECT SUBSEQUENT
CHANGES. MORE INFORMATION IS AVAILABLE IN THE FUND'S MOST RECENT ANNUAL OR
SEMIANNUAL SHAREHOLDER REPORT. THE AMERICAN CENTURY INVESTMENTS LOGO, AMERICAN
CENTURY AND AMERICAN CENTURY INVESTMENTS ARE SERVICE MARKS OF AMERICAN CENTURY
SERVICES CORPORATION.










AMERICAN CENTURY(reg.sm) INVESTMENTS
QUARTERLY PORTFOLIO HOLDINGS
CALIFORNIA INTERMEDIATE-TERM TAX-FREE FUND
NOVEMBER 30, 2004
[american century investments logo and text logo]




CALIFORNIA INTERMEDIATE-TERM TAX-FREE - SCHEDULE OF INVESTMENTS
NOVEMBER 30, 2004 (UNAUDITED)
PRINCIPAL AMOUNT                                                        VALUE
- --------------------------------------------------------------------------------

MUNICIPAL SECURITIES - 98.2%
CALIFORNIA - 87.2%
        $1,000,000  Adelanto Public Financing Auth.
                    GO, (Community Correctional
                    Facility), 4.00%, 4/1/05                        $  1,006,110
         4,845,000  Alameda County COP, (Santa Rita
                    Jail), 5.375%, 6/1/09 (MBIA)(2)                    5,174,606
         1,385,000  Alameda County COP, Series
                    2001 A, 5.375%, 12/1/15 (MBIA)                     1,532,890
         1,580,000  Association of Bay Area
                    Governments Finance Auth. for
                    Nonprofit Corporations Rev.,
                    Series 2003 A, (Odd Fellows
                    Home), 5.00%, 11/15/08
                    (California Mortgage Insurance)                    1,693,428
         1,085,000  California Department of Water
                    Resources Rev., Series 1998 U,
                    5.125%, 12/1/08, Prerefunded
                    at 101% of Par(1)                                  1,205,522
         1,500,000  California Department of Water
                    Resources Rev., Series 2001 W,
                    (Central Valley Project), 5.50%,
                    12/1/17                                            1,670,310
         2,645,000  California Department of Water
                    Resources Rev., Series 2002 A,
                    5.50%, 5/1/08                                      2,879,426
         3,750,000  California Department of Water
                    Resources Rev., Series 2002 A,
                    5.50%, 5/1/12                                      4,190,775
         7,000,000  California Department of Water
                    Resources Rev., Series 2002 A,
                    5.375%, 5/1/17 (XLCA)                              7,676,410
         4,000,000  California Economic Recovery
                    GO, Series 2004 A, 5.00%,
                    7/1/12 (MBIA)                                      4,419,040
         4,000,000  California Educational Facilities
                    Auth. Rev., (Golden Gate
                    University), 5.50%, 10/1/18                        4,137,680
         1,095,000  California Educational Facilities
                    Auth. Rev., (Scripps College),
                    5.25%, 8/1/16                                      1,164,160
         2,535,000  California Educational Facilities
                    Auth. Rev., (Southwestern
                    University), 5.00%, 11/1/15                        2,681,726
         1,430,000  California Educational Facilities
                    Auth. Rev., (Southwestern
                    University), 5.00%, 11/1/18                        1,488,258
         1,605,000  California Educational Facilities
                    Auth. Rev., Series 2000 B,
                    (Pooled College & University
                    Projects), 6.625%, 6/1/20                          1,768,421
         1,250,000  California Educational Facilities
                    Auth. Rev., Series 2004 C,
                    (Lutheran University), 5.00%,
                    10/1/24                                            1,260,063
         5,000,000  California GO, 7.50%, 10/1/07
                    (MBIA) (2)                                         5,703,000
         1,490,000  California GO, 8.00%, 11/1/07
                    (FGIC)                                             1,632,936
         4,480,000  California GO, 6.00%, 10/1/09
                    (AMBAC) (2)                                        5,120,730
         3,350,000  California GO, 5.75%, 4/1/10
                    (AMBAC)                                            3,789,520
         5,000,000  California GO, 5.50%, 4/1/12
                    (MBIA) (2)                                         5,651,500
        10,000,000  California GO, 5.25%, 10/1/14
                    (FGIC) (2)                                        10,954,699
         2,000,000  California Health Facilities
                    Financing Auth. Rev., Series
                    1998 A, (Kaiser Permanente),
                    5.25%, 6/1/11 (FSA)                                2,179,820
         1,000,000  California Infrastructure &
                    Economic Development Bank
                    Rev., Series 2000 A, (Scripps
                    Research Institute), 5.625%,
                    7/1/20                                             1,077,900
         1,075,000  California Mobilehome Park
                    Financing Auth. Rev., Series
                    2000 A, (Union City Tropics),
                    5.375%, 8/15/14 (ACA)                              1,153,024
         3,000,000  California Public Works Board
                    Lease COP, Series 1994 A,
                    (Various University of California
                    Projects), 6.15%, 11/1/09                          3,069,990
         3,000,000  California Public Works Board
                    Lease Rev., Series 1992 A,
                    (Secretary of State), 6.20%,
                    12/1/05 (AMBAC)                                    3,124,260
         3,100,000  California State University Fresno
                    Association Inc. Rev., (Auxiliary
                    Organization Event Center),
                    5.25%, 7/1/12                                      3,292,293
         1,250,000  California State University
                    System Rev., Series 2002 A,
                    5.375%, 11/1/18 (AMBAC)                            1,372,125
         8,000,000  California Statewide Communities
                    Development Auth. COP,
                    (California Lutheran Homes),
                    5.375%, 11/15/06 (California
                    Mortgage Insurance)(1)                             8,450,159




CALIFORNIA INTERMEDIATE-TERM TAX-FREE - SCHEDULE OF INVESTMENTS
NOVEMBER 30, 2004 (UNAUDITED)
PRINCIPAL AMOUNT                                                        VALUE
- --------------------------------------------------------------------------------

         3,230,000  California Statewide Communities
                    Development Auth. Rev., Series
                    2000 B, (Brentwood School),
                    5.75%, 10/1/20 (FSA)                               3,559,783
         1,695,000  California Statewide Communities
                    Development Auth. Rev., Series
                    2002 B, 5.20%, 10/1/18 (FSA)                       1,829,397
         1,500,000  California University Fresno
                    Association Inc. Rev., (Auxiliary
                    Organization Event Center),
                    6.00%, 7/1/26                                      1,585,965
         2,545,000  Capistrano Unified Public
                    Financing Auth. Special Tax Rev.,
                    Series 1996 A, (First Lien),
                    6.00%, 9/1/06 (AMBAC)                              2,712,207
         2,100,000  Castaic Lake Water Agency Rev.,
                    Series 2001 A, 5.375%,
                    8/1/17 (MBIA)                                      2,301,642
         2,075,000  Chabot Las Positas Community
                    College District COP, 5.50%,
                    12/1/10 (FSA)                                      2,281,193
         3,000,000  Chino Ontario Upland Water
                    Facilities Auth. COP, Series
                    1997 A, (Agua de Lejos), 5.20%,
                    10/1/15 (FGIC)                                     3,250,140
         1,075,000  City of Los Angeles Rev., Series
                    2004 A, 5.00%, 2/1/23 (AMBAC)                      1,121,935
         1,220,000  Coronado Community
                    Development Agency Tax
                    Allocation Rev., 6.00%,
                    9/1/08 (FSA)                                       1,319,198
         2,300,000  Eastern Municipal Water District
                    COP, Series 2001 A, 5.25%,
                    7/1/13 (FGIC)                                      2,536,992
         4,000,000  El Cajon Redevelopment Agency
                    COP, 5.20%, 10/1/15 (AMBAC)                        4,170,880
         1,095,000  El Segundo Unified School
                    District GO, 5.375%,
                    9/1/16 (FGIC)                                      1,243,241
         1,020,000  El Segundo Unified School
                    District GO, 5.375%,
                    9/1/17 (FGIC)                                      1,158,088
         1,000,000  Folsom Cordova Unified School
                    District No. 2 Facilities
                    Improvement GO, Series 2002 A,
                    5.375%, 10/1/15 (MBIA)                             1,109,110
         1,225,000  Folsom Cordova Unified School
                    District No. 2 Facilities
                    Improvement GO, Series 2002 A,
                    5.375%, 10/1/16 (MBIA)                             1,354,826
         1,225,000  Folsom Public Financing Auth.
                    Rev., (City Hall & Community
                    Center), 5.25%, 10/1/14 (FSA)                      1,356,908
         1,290,000  Folsom Public Financing Auth.
                    Rev., (City Hall & Community
                    Center), 5.25%, 10/1/15 (FSA)                      1,412,550
         1,635,000  Foster City Community
                    Development Agency Single
                    Family Mortgage Rev., 4.25%,
                    9/1/06                                             1,687,761
         2,615,000  Foster City Community
                    Development Agency Single
                    Family Mortgage Rev., 4.25%,
                    9/1/08                                             2,744,966
         2,760,000  Foster City Community
                    Development Agency Single
                    Family Mortgage Rev., 4.40%,
                    9/1/09                                             2,884,807
         2,550,000  Fremont Union High School
                    District GO, Series 2000 B,
                    5.25%, 9/1/16                                      2,778,480
         2,715,000  Fresno Special Tax Rev.,
                    (Community Facilities District
                    No. 3), 4.75%, 9/1/05
                    (LOC: Rabobank International)                      2,727,679
         7,350,000  Imperial Irrigation District COP,
                    (Electrical System), 6.50%,
                    11/1/07 (MBIA-IBC)                                 8,048,397
         1,675,000  Imperial Irrigation District COP,
                    (Water Systems), 5.50%,
                    7/1/16 (AMBAC)                                     1,847,877
         2,715,000  Irvine Unified School District
                    Special Tax Rev., (Community
                    Facilities District No. 86-1),
                    5.50%, 11/1/10 (AMBAC)                             2,987,532
           475,000  Lancaster Financing Auth. Tax
                    Allocation Rev., (Projects
                    No. 5 & 6), 5.30%, 2/1/14                            480,638
           500,000  Lancaster Financing Auth. Tax
                    Allocation Rev., (Projects
                    No. 5 & 6), 5.40%, 2/1/14                            503,375
         2,030,000  Long Beach Bond Finance Auth.
                    Lease Rev., (Plaza Parking
                    Facility), 5.25%, 11/1/16                          2,152,389
         4,000,000  Los Angeles Capital Asset Lease
                    Rev., 5.875%, 12/1/05 (AMBAC)                      4,153,040
         1,030,000  Los Angeles Community
                    Redevelopment Agency Parking
                    System Rev., (Cinerama Dome
                    Public Package Project), 5.30%,
                    7/1/13 (ACA)                                       1,098,258




CALIFORNIA INTERMEDIATE-TERM TAX-FREE - SCHEDULE OF INVESTMENTS
NOVEMBER 30, 2004 (UNAUDITED)
PRINCIPAL AMOUNT                                                        VALUE
- --------------------------------------------------------------------------------

         1,155,000  Los Angeles Convention and
                    Exhibition Center Auth. Lease
                    Rev., Series 1993 A, 6.00%,
                    8/15/10 (MBIA-IBC)                                 1,326,991
         3,000,000  Los Angeles County Metropolitan
                    Transportation Auth. Sales Tax
                    Rev., Series 1997 A, (Proposal A),
                    5.25%, 7/2/12 (MBIA)                               3,221,280
         3,000,000  Los Angeles County Metropolitan
                    Transportation Auth. Sales Tax
                    Rev., Series 2001 B, (Proposal A),
                    5.25%, 7/1/13 (FSA)                                3,320,700
         6,680,000  Los Angeles County Metropolitan
                    Transportation Auth. Sales Tax
                    Rev., Series 2001 B, (Proposal A),
                    5.25%, 7/1/16 (FSA)                                7,294,026
         3,765,000  Los Angeles County
                    Transportation Commission Sales
                    Tax Rev., Series 1992 A,
                    (Proposition C), 6.40%, 7/1/06                     4,001,367
         3,500,000  Los Angeles Unified School
                    District GO, 5.50%, 7/1/12 (MBIA)                  3,980,200
         3,115,000  Los Angeles Unified School
                    District GO, Series 1999 C,
                    5.50%, 7/1/12, Prerefunded at
                    101% of Par (MBIA)(1)                              3,521,383
         8,000,000  Los Angeles Unified School
                    District GO, Series 2000 D,
                    5.625%, 7/1/14Prerefunded at
                    100% of Par (FGIC)(1)                              9,096,719
         5,000,000  Los Angeles Unified School
                    District GO, Series 2002 E,
                    5.00%, 7/1/11 (MBIA)                               5,525,800
         3,000,000  Los Angeles Unified School
                    District GO, Series 2003 F,
                    (Election of 1997), 5.00%,
                    7/1/16 (FSA)                                       3,233,040
         1,390,000  Los Gatos Joint Union High
                    School District GO, Series 2002 C,
                    5.375%, 6/1/17 (FSA)                               1,528,180
         3,000,000  Metropolitan Water District of
                    Southern California Rev., Series
                    1992 B, 8.00%, 7/1/08(1)                           3,565,350
         2,920,000  Metropolitan Water District of
                    Southern California Rev.,
                    Series 2001 A, 5.125%, 7/1/09(1)                   3,228,089
         1,520,000  Mojave Unified School District
                    No. 1 Facilities Improvement GO,
                    5.25%, 8/1/20 (FGIC)                               1,638,514
         1,100,000  Mojave Water Agency
                    Improvement District GO,
                    (Morongo Basin), 5.40%,
                    9/1/08 (FGIC)                                      1,178,650
         1,485,000  Mountain View COP, (Capital
                    Projects), 5.25%, 8/1/18                           1,607,899
         4,000,000  Oakland Joint Powers Financing
                    Auth. Rev., (Convention Centers),
                    5.25%, 10/1/07 (AMBAC)                             4,322,640
         4,565,000  Oceanside Community
                    Development Commission Tax
                    Allocation Rev., (Downtown
                    Redevelopment), 5.20%, 9/1/17                      4,729,249
         1,310,000  Oceanside COP, Series 2003 A,
                    5.00%, 4/1/12 (AMBAC)                              1,435,930
         1,000,000  Ontario Redevelopment Financing
                    Auth. Local Agency Rev., Series
                    1995 A, 5.80%, 9/2/06 (FSA)                        1,013,140
         2,210,000  Orange County Local
                    Transportation Auth. Sales Tax
                    Rev., Series 1997 A, 5.70%,
                    2/15/08 (AMBAC)                                    2,436,636
         1,805,000  Orange County Public Financing
                    Auth. Rev., (Juvenile Justice
                    Center Facility), 5.375%, 6/1/15
                    (AMBAC)                                            1,990,987
         1,000,000  Orange County Public Financing
                    Auth. Rev., (Juvenile Justice
                    Center Facility), 5.375%, 6/1/16
                    (AMBAC)                                            1,100,030
         3,030,000  Orange County Public Financing
                    Auth. Rev., (Juvenile Justice
                    Center Facility), 5.375%, 6/1/17
                    (AMBAC)                                            3,319,032
         1,720,000  Orange County Recovery COP,
                    Series 1996 A, 6.00%,
                    7/1/07 (MBIA)                                      1,879,530
         1,000,000  Placentia COP, 5.45%, 7/1/25                       1,000,000
         1,830,000  Pomona Public Financing Auth.
                    Rev., Series 2001 AD, (Merged
                    Redevelopment), 4.75%,
                    2/1/13 (MBIA)                                      1,942,508
         1,060,000  Redding Joint Powers Financing
                    Auth. Electric System Rev., Series
                    1996 A, 6.25%, 6/1/07 (MBIA)                       1,160,318
         1,010,000  Richmond Joint Powers Financing
                    Auth. Rev., Series 1995 A,
                    5.30%, 5/15/06                                     1,024,463




CALIFORNIA INTERMEDIATE-TERM TAX-FREE - SCHEDULE OF INVESTMENTS
NOVEMBER 30, 2004 (UNAUDITED)
PRINCIPAL AMOUNT                                                        VALUE
- --------------------------------------------------------------------------------

         8,000,000  Sacramento City Financing Auth.
                    Lease Rev., Series 1993 A,
                    5.40%, 11/1/20 (AMBAC)                             9,061,119
         5,290,000  Sacramento City Financing Auth.
                    Rev., Series 2002 A, (City Hall &
                    Redevelopment), 5.25%,
                    12/1/15 (FSA)                                      5,817,360
         2,165,000  Sacramento Municipal Utility
                    District Electric Rev., Series
                    1992 A, 6.25%, 8/15/10 (MBIA)                      2,478,817
         1,890,000  Sacramento Municipal Utility
                    District Electric Rev., Series
                    1992 C, 5.75%, 11/15/07
                    (MBIA)(1)                                          1,921,128
         3,105,000  Sacramento Municipal Utility
                    District Electric Rev., Series
                    1997 K, 5.70%, 7/1/17 (AMBAC)                      3,591,212
         5,005,000  Sacramento Municipal Utility
                    District Electric Rev., Series
                    2001 O, 5.25%, 8/15/11 (MBIA)                      5,612,707
         5,000,000  San Bernardino County COP,
                    Series 1995 A, (Medical Center),
                    5.75%, 8/1/07 (MBIA)                               5,441,000
         1,695,000  San Buenaventura County COP,
                    Series 2002 B, 5.50%,
                    1/1/15 (AMBAC)                                     1,879,772
         1,790,000  San Buenaventura County COP,
                    Series 2002 B, 5.50%,
                    1/1/16 (AMBAC)                                     1,981,727
         2,030,000  San Diego Redevelopment
                    Agency Tax Allocation Rev.,
                    (Horton Plaza), 5.70%, 11/1/17                     2,163,797
         2,635,000  San Diego Redevelopment
                    Agency Tax Allocation Rev.,
                    (Horton Plaza), 5.80%, 11/1/21                     2,801,348
         1,460,000  San Diego Redevelopment
                    Agency Tax Allocation Rev.,
                    (North Park), 5.90%, 9/1/25                        1,532,971
         2,500,000  San Diego Unified School District
                    GO, Series 2002 D, (Election
                    1998), 5.25%, 7/1/12 (FGIC)                        2,800,425
         2,255,000  San Francisco City & County
                    Educational Facilities Unified
                    School District GO, Series 1999 B,
                    5.50%, 6/15/12                                     2,462,437
         2,680,000  San Mateo County Transportation
                    District Sales Tax Rev., Series
                    1993 A, 5.25%, 6/1/18 (MBIA)                       3,013,472
         6,105,000  San Ramon Valley Unified School
                    District GO, (Election 2002),
                    5.25%, 8/1/17 (FSA)                                6,745,170
         6,500,000  San Ramon Valley Unified School
                    District GO, (Election 2002),
                    5.25%, 8/1/18 (FSA)                                7,154,095
         3,350,000  Santa Barbara County GO,
                    5.375%, 10/1/17 (AMBAC)                            3,675,687
         2,075,000  Santa Clara Valley Water District
                    Rev., Series 2000 A, 5.20%,
                    2/1/13                                             2,272,312
         1,120,000  Santa Fe Springs Community
                    Development Commission Rev.,
                    Series 2002 A, 5.375%,
                    9/1/16 (MBIA)                                      1,229,446
         1,250,000  Santa Monica-Malibu Unified
                    School District GO, 5.25%, 8/1/13                  1,403,550
         2,000,000  Southern California Public Power
                    Auth. Rev., 6.75%, 7/1/10
                    (LOC: PNC Bank)                                    2,331,000
         5,000,000  Southern California Public Power
                    Auth. Rev., Series 2002 A,
                    (Southern Transmission), 5.25%,
                    7/1/17 (FSA)                                       5,439,400
         3,325,000  Southern California Public Power
                    Auth. Rev., Series 2002 A,
                    (Southern Transmission), 5.25%,
                    7/1/18 (FSA)                                       3,602,006
         1,975,000  Southwestern Community College
                    District GO, 5.625%, 8/1/17
                    (AMBAC)                                            2,218,597
         2,000,000  Stanislaus County COP, 5.50%,
                    5/1/06 (MBIA)                                      2,093,480
         2,770,000  Stockton Community Facilities
                    District GO, (No. 1 Weston
                    Ranch), 5.40%, 9/1/15                              2,949,358
           325,000  Stockton Community Facilities
                    District GO, (No. 1 Weston
                    Ranch), 5.50%, 9/1/16                                346,382
         1,800,000  Sweetwater Auth. Water Rev.,
                    5.25%, 4/1/10 (AMBAC)                              1,994,976
         1,025,000  Sweetwater Auth. Water Rev.,
                    5.25%, 4/1/13 (FSA)                                1,128,351




CALIFORNIA INTERMEDIATE-TERM TAX-FREE - SCHEDULE OF INVESTMENTS
NOVEMBER 30, 2004 (UNAUDITED)
PRINCIPAL AMOUNT                                                        VALUE
- --------------------------------------------------------------------------------

         1,080,000  Sweetwater Auth. Water Rev.,
                    5.25%, 4/1/14 (FSA)                                1,188,896
         1,135,000  Sweetwater Auth. Water Rev.,
                    5.25%, 4/1/15 (FSA)                                1,235,493
         1,195,000  Sweetwater Auth. Water Rev.,
                    5.25%, 4/1/16 (FSA)                                1,299,706
           500,000  Taft Public Financing Auth. Lease
                    Rev., Series 1997 A, (Community
                    Correctional Facility), 5.50%,
                    1/1/06                                               508,005
         3,000,000  Ventura County Public Financing
                    Auth. COP, 4.75%, 8/15/11 (FSA)                    3,186,510
         3,980,000  Whittier Health Facilities Rev.,
                    (Presbyterian Intercommunity),
                    6.00%, 6/1/06 (MBIA)                               4,204,074
         1,010,000  Woodland Wastewater System
                    COP, 6.00%, 3/1/06 (AMBAC)                         1,058,096
                                                                 ---------------
                                                                     363,366,568
                                                                 ---------------
GUAM - 1.1%
         4,000,000  Guam Government GO, Series
                    2001 A, 5.50%, 12/1/10 (FSA)                       4,511,160
                                                                 ---------------
NORTHERN MARIANA ISLES - 0.8%
         1,485,000  Northern Mariana Islands
                    Commonwealth GO, Series
                    2000 A, 5.50%, 6/1/08 (ACA)                        1,592,291
         1,555,000  Northern Mariana Islands
                    Commonwealth GO, Series
                    2000 A, 5.50%, 6/1/09 (ACA)                        1,679,820
                                                                 ---------------
                                                                       3,272,111
                                                                 ---------------
PUERTO RICO - 8.4%
         5,000,000  Childrens Trust Fund Tobacco
                    Settlement Rev., 5.00%,
                    7/1/08(1)                                          5,409,150
         5,000,000  Puerto Rico Commonwealth GO,
                    Series 2003 C, 5.00%, 7/1/08                       5,331,350
         3,000,000  Puerto Rico Commonwealth
                    Infrastructure Financing Auth.
                    Special Tax Rev., Series 1998 A,
                    5.50%, 7/1/08 (AMBAC)                              3,303,000
         3,700,000  Puerto Rico Electric Power Auth.
                    Rev., Series 2002 II, 5.375%,
                    7/1/18 (MBIA)                                      4,073,922
         2,655,000  Puerto Rico Electric Power Auth.
                    Rev., Series 2002 KK, 5.25%,
                    7/1/13 (FSA)                                       2,989,583
         3,140,000  Puerto Rico Electric Power Auth.
                    Rev., Series 2002 KK, 5.50%,
                    7/1/14 (FSA)                                       3,607,577
         1,450,000  Puerto Rico Municipal Finance
                    Agency GO, Series 1999 B,
                    6.00%, 8/1/15 (FSA)                                1,644,315
         3,090,000  Puerto Rico Public Buildings
                    Auth. Rev., Series 1995 A,
                    6.25%, 7/1/09 (AMBAC)                              3,540,707
         4,670,000  Puerto Rico Public Buildings
                    Auth. Rev., Series 2002 C,
                    (Government Facilities),
                    5.25%, 7/1/11                                      5,152,645
                                                                 ---------------
                                                                      35,052,249
                                                                 ---------------
U.S. VIRGIN ISLANDS - 0.7%
         1,890,000  Virgin Islands Public Finance
                    Auth. Rev., (Gross Receipts Taxes),
                    4.00%, 10/1/06                                     1,930,937
         1,050,000  Virgin Islands Public Finance
                    Auth. Rev., Series 1998 A, 5.50%,
                    10/1/13                                            1,109,273
                                                                 ---------------
                                                                       3,040,210
                                                                 ---------------
TOTAL MUNICIPAL SECURITIES                                           409,242,298
  (Cost $387,033,924)                                            ---------------




CALIFORNIA INTERMEDIATE-TERM TAX-FREE - SCHEDULE OF INVESTMENTS
NOVEMBER 30, 2004 (UNAUDITED)
PRINCIPAL AMOUNT                                                        VALUE
- --------------------------------------------------------------------------------

SHORT-TERM MUNICIPAL SECURITIES - 0.4%
CALIFORNIA - 0.4%
         1,850,000  California Department of Water
                    Resources Rev., Series 2002 B2,
                    VRDN, 1.74%, 12/1/04 (LOC:
                    BNP Paribas)                                       1,850,000
            50,000  California Economic Recovery
                    Rev., Series 2004 C1, VRDN,
                    1.74%, 12/1/04 (SBBPA:
                    Landesbank Baden-Wuerttemberg)                        50,000
                                                                 ---------------
TOTAL SHORT-TERM MUNICIPAL SECURITIES                                  1,900,000
(Cost $1,900,000)                                                ---------------
TOTAL INVESTMENT SECURITIES - 98.6%                                  411,142,298
                                                                 ---------------
(Cost $388,933,924)
OTHER ASSETS AND LIABILITIES - 1.4%                                    5,670,502
                                                                 ---------------
TOTAL NET ASSETS - 100.0%                                           $416,812,800
                                                                 ===============

FUTURES CONTRACTS*

                                         Expiration     Underlying Face     Unrealized
Contracts Purchased                         Date        Amount at Value        Gain
- ----------------------------------------------------------------------------------------
52        U.S. Treasury 10-Year Note     March 2005       $ 5,759,000        $  3,945
                                                          ==============================

                                         Expiration     Underlying Face     Unrealized
Contracts Sold                              Date        Amount at Value        Loss
- ----------------------------------------------------------------------------------------
108       U.S. Treasury 2-Year Note      March 2005       $22,619,250        $(10,124)
                                                          ==============================

*FUTURES CONTRACTS typically are based on an index or specific securities and
tend to track the performance of the index or specific securities while
remaining very liquid (easy to buy and sell). By investing its cash assets in
futures, the fund has increased exposure to certain markets while maintaining
easy access to cash. By selling futures, the fund hedges its investments against
price fluctuations.

NOTES TO SCHEDULE OF INVESTMENTS
ACA = American Capital Access
AMBAC = AMBAC Assurance Corporation
COP = Certificates of Participation
FGIC = Financial Guaranty Insurance Co.
FSA = Financial Security Assurance, Inc.
GO = General Obligation
LOC = Letter of Credit
MBIA = MBIA Insurance Corporation
MBIA-IBC = MBIA Insured Bond Certificates
SBBPA = Standby Bond Purchase Agreement
VRDN = Variable Rate Demand Note. Interest reset date is indicated. Rate shown
is effective November 30, 2004.
XLCA = XL Capital Ltd.
(1) Escrowed to maturity in U.S. government securities or state and local
    government securities.
(2) Security, or a portion thereof, has been segregated for futures contracts.




CALIFORNIA INTERMEDIATE-TERM TAX-FREE - SCHEDULE OF INVESTMENTS
NOVEMBER 30, 2004 (UNAUDITED)
- --------------------------------------------------------------------------------

SUPPLEMENTARY NOTES TO SCHEDULES OF INVESTMENTS

1. FEDERAL TAX INFORMATION
As of November 30, 2004, the components of investments for federal income tax
purposes were as follows:
Federal tax cost of investments                 $ 388,933,924
                                              ===============
Gross tax appreciation of investments           $  22,429,391
Gross tax depreciation of investments                (221,017)
                                              ---------------
Net tax appreciation of investments             $  22,208,374
                                              ===============

The cost of investments for federal income tax purposes was the same as the
cost for financial reporting purposes.

THIS SCHEDULE OF INVESTMENTS PROVIDES INFORMATION ABOUT THE FUND'S PORTFOLIO
HOLDINGS AS OF THE DATE ON THE SCHEDULE. IT IS UNAUDITED, AND AMERICAN CENTURY
ASSUMES NO OBLIGATION TO UPDATE OR SUPPLEMENT THE SCHEDULE TO REFLECT SUBSEQUENT
CHANGES. MORE INFORMATION IS AVAILABLE IN THE FUND'S MOST RECENT ANNUAL OR
SEMIANNUAL SHAREHOLDER REPORT. THE AMERICAN CENTURY INVESTMENTS LOGO, AMERICAN
CENTURY AND AMERICAN CENTURY INVESTMENTS ARE SERVICE MARKS OF AMERICAN CENTURY
SERVICES CORPORATION.










[AMERICAN CENTURY(reg.SM) INVESTMENTS
QUARTERLY PORTFOLIO HOLDINGS
CALIFORNIA LONG-TERM TAX-FREE FUND
NOVEMBER 30, 2004
american century investments logo and text logo]




CALIFORNIA LONG-TERM TAX-FREE - SCHEDULE OF INVESTMENTS
NOVEMBER 30, 2004 (UNAUDITED)
PRINCIPAL AMOUNT                                                         VALUE
- --------------------------------------------------------------------------------

MUNICIPAL SECURITIES - 98.9%
CALIFORNIA - 96.9%
        $1,190,000  Alameda Corridor Transportation
                    Auth. Rev., Series 1999 A,
                    5.125%, 10/1/17 (MBIA)                          $  1,278,857
         2,300,000  Alameda County COP, 6.80%,
                    6/15/17(MBIA)(1)                                   1,280,433
         5,235,000  Antioch Public Financing Auth.
                    Rev., Series 2002 A, (Municipal
                    Facilities), 5.50%, 1/1/32 (MBIA)                  5,562,030
         4,730,000  Antioch Public Financing Auth.
                    Rev., Series 2002 B, (Municipal
                    Facilities), 5.625%, 1/1/22 (MBIA)                 5,221,684
         6,005,000  Antioch Public Financing Auth.
                    Rev., Series 2002 B, (Municipal
                    Facilities), 5.625%, 1/1/27 (MBIA)                 6,492,906
         1,000,000  Banning COP, (Wastewater
                    System, Refunding &
                    Improvement), 8.00%,
                    1/1/19 (AMBAC)                                     1,238,760
         4,135,000  Bell Community Redevelopment
                    Agency Tax Allocation Rev., (Bell
                    Redevelopment Project Area),
                    5.625%, 10/1/33 (RADIAN)                           4,350,640
         5,195,000  Bell GO, (Election 2003), 5.00%,
                    8/1/34 (MBIA)                                      5,264,249
         1,205,000  Berryessa Union School District
                    GO, Series 2001 B, (Election of
                    1999), 5.375%, 8/1/17 (FSA)                        1,325,717
         1,205,000  Berryessa Union School District
                    GO, Series 2001 B, (Election of
                    1999), 5.375%, 8/1/18 (FSA)                        1,320,945
         3,500,000  Big Bear Lake Water Rev.,
                    6.00%, 4/1/22 (MBIA)                               4,162,200
         9,000,000  California Department of Water
                    Resources Rev., Series 2002 A,
                    5.375%, 5/1/17 (XLCA)                              9,869,670
         4,000,000  California Educational Facilities
                    Auth. Rev., (Pepperdine
                    University), 5.75%, 9/15/30                        4,313,040
         2,000,000  California Educational Facilities
                    Auth. Rev., (University of Pacific),
                    5.25%, 11/1/34                                     2,043,820
         8,570,000  California Educational Facilities
                    Auth. Rev., (University of Southern
                    California), 5.50%, 10/1/27                        9,180,805
         1,920,000  California Educational Facilities
                    Auth. Rev., (Western University
                    Health Sciences), 6.00%, 10/1/32                   1,989,542
         3,035,000  California Educational Facilities
                    Auth. Rev., Series 1997 B,
                    (Pooled College & University
                    Projects), 6.30%, 4/1/21                           3,362,203
         3,000,000  California GO, 6.125%, 10/1/11
                    (AMBAC)                                            3,514,710
         5,000,000  California GO, 5.625%, 5/1/20                      5,473,700
         1,000,000  California GO, 5.00%, 2/1/25                       1,018,600
         3,000,000  California Health Facilities
                    Financing Auth. Rev., Series
                    1989 A, (Kaiser Permanente),
                    7.15%, 10/1/09(1)                                  2,513,190
           365,000  California Health Facilities
                    Financing Auth. Rev., Series
                    1992 A, 6.75%, 3/1/20
                    (California Mortgage Insurance)                      366,183
         1,290,000  California Health Facilities
                    Financing Auth. Rev., Series
                    1992 C, (AIDS Healthcare
                    Foundation), 6.25%, 9/1/17
                    (California Mortgage Insurance)                    1,293,380
         5,165,000  California Health Facilities
                    Financing Auth. Rev., Series
                    1993 C, (St. Francis Memorial
                    Hospital), 5.875%, 11/1/23(2)                      6,106,063
           835,000  California Housing Finance
                    Agency Single Family Mortgage
                    Rev., Series 1998 C4, 5.65%,
                    8/1/16 (FHA/VA)                                      839,409
         4,000,000  California Public Works Board
                    Lease Rev., Series 1993 A,
                    (Department of Corrections),
                    5.00%, 12/1/19 (AMBAC)                             4,310,440
         1,000,000  California Public Works Board
                    Lease Rev., Series 1993 B,
                    (Various University of California
                    Projects), 5.25%, 6/1/20                           1,090,080
        18,600,000  California Public Works Board
                    Lease Rev., Series 1993 D,
                    (Department of Corrections),
                    5.25%, 6/1/15 (FSA)(3)                            20,772,479
         2,400,000  California Public Works Board
                    Lease Rev., Series 2003 C,
                    (Department of Corrections),
                    5.00%, 6/1/24                                      2,439,144




CALIFORNIA LONG-TERM TAX-FREE - SCHEDULE OF INVESTMENTS
NOVEMBER 30, 2004 (UNAUDITED)
PRINCIPAL AMOUNT                                                         VALUE
- --------------------------------------------------------------------------------

         3,135,000  California State Universities
                    and Colleges Rev., 5.75%,
                    11/1/15 (FGIC)                                     3,296,390
         2,800,000  California State University
                    Channel Islands Financing Auth.
                    Rev., Series 2004 A, (Rental
                    Housing & Town Center), 2.50%,
                    8/1/07 (LOC: Citibank N.A.)                        2,797,424
         3,925,000  California Statewide Communities
                    Development Auth. Rev. COP,
                    (Gemological Institute), 6.75%,
                    5/1/10 (Connie Lee)(2)                             4,479,524
        14,500,000  California Statewide Communities
                    Development Auth. Rev., Series
                    1998 A, (Sherman Oaks), 5.00%,
                    8/1/22 (AMBAC)                                    15,421,909
         5,695,000  Capistrano Unified School District
                    Community Facilities Special Tax
                    Rev., (Refunding Issue 1988-1),
                    6.50%, 9/1/14 (FSA)                                6,206,639
         1,275,000  Carson Redevelopment Agency
                    Residential Mortgage COP, (Area
                    No. 1), 5.50%, 10/1/16 (MBIA)                      1,448,043
         1,520,000  Castaic Lake Water Agency COP,
                    Series 1994 A, (Water System
                    Improvement), 7.00%,
                    8/1/12 (MBIA)                                      1,868,946
         1,320,000  Coalinga Public Financing Auth.
                    Local Obligation Rev., Series
                    1998 A, 6.375%, 9/15/21
                    (AMBAC)                                            1,636,048
        13,500,000  Compton Community
                    Redevelopment Agency Tax
                    Allocation Rev., Series 1995 A,
                    6.50%, 8/1/13 (FSA)                               14,157,180
         2,615,000  Concord Joint Powers Financing
                    Auth. Lease Rev., (Concord
                    Avenue Parking Structure),
                    5.125%, 3/1/23                                     2,700,903
         2,580,000  Concord Joint Powers Financing
                    Auth. Lease Rev., (Police
                    Facilities), 5.25%, 8/1/13                         2,868,470
         1,000,000  Contra Costa Transportation Auth.
                    Sales Tax Rev., Series 1993 A,
                    6.00%, 3/1/05 (FGIC)                               1,010,150
         2,200,000  Contra Costa Water District Rev.,
                    Series 1992 E, 6.25%,
                    10/1/12 (AMBAC)                                    2,535,940
         1,580,000  El Segundo Unified School
                    District GO, 5.375%,
                    9/1/19 (FGIC)                                      1,793,900
         2,620,000  Escondido Unified School District
                    COP, 4.75%, 7/1/19 (MBIA)                          2,777,357
         1,975,000  Fresno Sewer Rev., Series 1993
                    A1, 6.25%, 9/1/14 (AMBAC)                          2,381,337
         9,350,000  Imperial Irrigation District COP,
                    (Water Systems), 5.50%,
                    7/1/29 (AMBAC)                                     9,949,429
         1,815,000  Kern High School District GO,
                    7.15%, 8/1/14 (MBIA)(2)                            2,319,661
         1,340,000  Kern High School District GO,
                    Series 1992 C, 6.25%,
                    8/1/13 (MBIA)(2)                                   1,610,653
         3,630,000  Kern High School District GO,
                    Series 1993 D, 7.00%,
                    8/1/17 (MBIA)(2)                                   3,699,986
         1,250,000  Lancaster Financing Auth.,
                    (Projects No. 5 & 6), 5.60%,
                    2/1/34                                             1,269,150
         1,335,000  Little Lake City School District
                    GO, Series 2000 A, 6.125%,
                    7/1/25 (FSA)                                       1,528,949
         1,605,000  Long Beach Bond Finance Auth.
                    Lease Rev., (Plaza Parking
                    Facility), 5.25%, 11/1/21                          1,680,210
         2,745,000  Los Angeles Community
                    Redevelopment Agency Housing
                    Rev., Series 1994 A, 6.45%,
                    7/1/17 (AMBAC)                                     2,806,625
         8,500,000  Los Angeles Department of
                    Water & Power Rev., Series 2001
                    AA3, (Power Systems), 5.25%,
                    7/1/24                                             8,815,265
        12,810,000  Los Angeles Department of
                    Water & Power Rev., Series 2003
                    A, 5.00%, 7/1/38 (FGIC)                           12,877,765
         5,000,000  Manteca Redevelopment Agency
                    Tax Allocation Rev., (Sub
                    Amended Merged Area),
                    5.00%, 10/1/36 (AMBAC)                             5,039,250
         8,000,000  Metropolitan Water District of
                    Southern California Rev., 5.75%,
                    8/10/18                                            9,294,480
         1,915,000  Mid-Peninsula Regional Open
                    Space District Financing Auth.
                    Rev., 5.90%, 9/1/14 (AMBAC)                        2,056,538
         2,165,000  Mid-Peninsula Regional Open
                    Space District GO, 7.00%, 9/1/14                   2,212,478




CALIFORNIA LONG-TERM TAX-FREE - SCHEDULE OF INVESTMENTS
NOVEMBER 30, 2004 (UNAUDITED)
PRINCIPAL AMOUNT                                                         VALUE
- --------------------------------------------------------------------------------

        10,300,000  Modesto, Stockton, Redding
                    Public Power Agency Rev., Series
                    1989 D, (San Juan), 6.75%,
                    7/1/20 (MBIA)(2)                                  12,524,182
         1,065,000  Mountain View School District
                    Santa Clara County GO, Series
                    2000 B, 6.125%, 7/1/25 (FSA)                       1,216,219
         1,000,000  New Haven Unified School
                    District GO, 12.00%, 8/1/18 (FSA)                  1,775,120
         1,000,000  Oakland Joint Powers Financing
                    Auth. Rev., (Convention Centers),
                    5.50%, 10/1/14 (AMBAC)                             1,141,200
         6,110,000  Oakland Redevelopment Agency
                    Tax Allocation Rev., (Central
                    District), 5.50%, 2/1/14 (AMBAC)                   6,965,400
         1,680,000  Oceanside COP, Series 2003 A,
                    5.25%, 4/1/17 (AMBAC)                              1,823,186
         7,130,000  Ontario COP, (Water System
                    Improvement), 5.00%, 7/1/29
                    (MBIA)                                             7,186,398
         3,100,000  Oxnard School District GO, Series
                    2001 A, 5.75%, 8/1/22 (MBIA)                       3,608,028
         2,825,000  Pasadena COP, (Old Pasadena
                    Parking Facility), 6.25%, 1/1/18                   3,296,973
         2,500,000  Pico Rivera Water Auth. Rev.,
                    Series 1999 A, (Water Systems),
                    5.50%, 5/1/29 (MBIA)                               2,773,050
         4,475,000  Pittsburg Redevelopment Agency
                    Tax Allocation Rev., (Los Medanos
                    Community Development), 6.20%,
                    8/1/19                                             4,736,385
         5,000,000  Pittsburg Redevelopment Agency
                    Tax Allocation Rev., (Los
                    Medanos Community
                    Development), 6.25%, 8/1/26                        5,247,400
         1,130,000  Pomona COP, Series 2002 AE,
                    (Mission Promenade), 5.375%,
                    10/1/19 (AMBAC)                                    1,230,638
         1,000,000  Pomona Unified School District
                    GO, Series 2000 A, 6.55%,
                    8/1/29 (MBIA)                                      1,257,290
         1,000,000  Pomona Unified School District
                    GO, Series 2001 A, 6.15%,
                    8/1/30 (MBIA)                                      1,166,330
         1,110,000  Poway Redevelopment Agency
                    COP, (Paguay Redevelopment),
                    5.375%, 12/15/20 (AMBAC)                           1,208,246
           585,000  Redlands Unified School District
                    COP, 6.00%, 9/1/12 (FSA)                             586,878
         1,000,000  Redwood City Elementary School
                    District GO, 5.00%,
                    8/1/16 (FGIC)                                      1,097,850
         2,270,000  Richmond Joint Powers Financing
                    Auth. Tax Allocation Rev., Series
                    2003 A, 5.25%, 9/1/25 (MBIA)                       2,361,890
         1,580,000  Riverside Redevelopment Agency
                    Rev., Series 2004 A, (Tax
                    Allocation), 5.00%, 8/1/28 (FGIC)                  1,601,061
         1,500,000  Sacramento City Financing Auth.
                    Lease Rev., Series 1993 A,
                    5.40%, 11/1/20 (AMBAC)                             1,698,960
         1,000,000  Sacramento City Financing Auth.
                    Rev., 5.50%, 6/1/20                                1,101,830
         1,915,000  Sacramento City Financing Auth.
                    Rev., 5.60%, 6/1/24                                2,097,289
        10,000,000  Sacramento Municipal Utility
                    District Electric Rev., Series
                    1997 K, 5.25%, 7/1/24 (AMBAC)                     10,962,200
         5,000,000  Sacramento Power Auth. Rev.,
                    (Cogeneration Projects), 6.00%,
                    7/1/22                                             5,255,500
         1,000,000  Saddleback Valley Unified School
                    District Public Financing Auth.
                    Special Tax Rev., Series 1997 A,
                    6.00%, 9/1/16 (FSA)                                1,180,340
         1,345,000  San Diego Community College
                    District Lease Rev., 6.125%,
                    12/1/06, Prerefunded at 102%
                    of Par (MBIA)                                      1,475,250
        10,400,000  San Diego County COP, 5.625%,
                    9/1/12 (AMBAC)                                    11,862,136
         4,640,000  San Diego County COP, (Burnham
                    Institute), 6.25%, 9/1/29                          4,794,651
         3,355,000  San Diego Redevelopment Agency
                    Tax Allocation Rev., (Centre City
                    Redevelopment), 5.25%,
                    9/1/19 (FSA)                                       3,605,451
         2,600,000  San Diego Redevelopment Agency
                    Tax Allocation Rev., (Centre City
                    Redevelopment), 5.25%,
                    9/1/20 (FSA)                                       2,790,918
         2,715,000  San Marcos Public Facilities Auth.
                    Rev., Series 2000 A, (Tax
                    Increment Project Area 3),
                    6.75%, 10/1/30                                     2,935,920
         3,535,000  San Mateo County Joint Powers
                    Auth. Lease Rev., (Capital Projects
                    Program), 6.50%, 7/1/15 (MBIA)                     4,281,592




CALIFORNIA LONG-TERM TAX-FREE - SCHEDULE OF INVESTMENTS
NOVEMBER 30, 2004 (UNAUDITED)
PRINCIPAL AMOUNT                                                         VALUE
- --------------------------------------------------------------------------------

         3,975,000  San Mateo County Joint Powers
                    Auth. Lease Rev., (Capital Projects
                    Program), 6.50%, 7/1/16 (MBIA)                     4,853,873
         4,000,000  San Mateo County Joint Powers
                    Auth. Lease Rev., (Capital Projects
                    Program), 6.00%, 7/1/19 (MBIA)                     4,776,760
         2,450,000  San Mateo County Transportation
                    District Sales Tax Rev., Series
                    1993 A, 5.25%, 6/1/18 (MBIA)                       2,754,854
         3,500,000  Santa Ana Financing Auth. Lease
                    Rev., 6.25%, 7/1/15 (MBIA)                         4,165,735
         3,355,000  Santa Barbara County GO, 5.50%,
                    10/1/22 (AMBAC)                                    3,659,936
         2,000,000  Santa Margarita-Dana Point Auth.
                    Rev., Series 1994 B,
                    (Improvement Districts 3, 3A, 4,
                    4A), 7.25%, 8/1/14 (MBIA)                          2,564,700
         2,500,000  South Coast Air Quality
                    Management District Building
                    Corp. Rev., (Installment Sale
                    Headquarters), 6.00%,
                    8/1/11 (AMBAC)                                     2,899,375
         2,705,000  South Gate COP, Series 2002 A,
                    5.50%, 9/1/21 (AMBAC)                              2,974,093
         2,000,000  South Gate Public Financing
                    Auth. Tax Allocation Rev.,
                    (Redevelopment Project No. 1),
                    5.75%, 9/1/22 (XLCA)                               2,253,600
         1,425,000  Southern California Public Power
                    Auth. Rev., 7.00%, 7/1/09
                    (Pittsburgh National Bank)                         1,454,711
         3,260,000  Southern California Public Power
                    Auth. Rev., 6.00%, 7/1/18
                    (Pittsburgh National Bank)                         3,279,593
         7,315,000  Southern California Public Power
                    Auth. Rev., (Multiple Projects),
                    6.75%, 7/1/12 (FSA)                                8,875,802
         3,730,000  Southern California Public Power
                    Auth. Rev., (Multiple Projects),
                    6.75%, 7/1/13 (FSA)                                4,540,231
         5,635,000  Southern California Public Power
                    Auth. Rev., Series 2002 A,
                    (Southern Transmission Project),
                    5.25%, 7/1/16 (FSA)                                6,153,814
         2,000,000  Southern Orange County Finance
                    Auth. Special Tax Rev., Series
                    1994 A, 7.00%, 9/1/11 (MBIA)                       2,435,740
         1,525,000  Stanton Redevelopment Agency
                    Tax Allocation Rev., (Community
                    Development), 5.45%,
                    12/1/17 (AMBAC)                                    1,570,826
         2,850,000  Stockton Health Facilities Auth.
                    Rev., Series 1997 A, (Dameron
                    Hospital Association),
                    5.70%, 12/1/14                                     2,990,648
         1,255,000  Sweetwater Auth. Water Rev.,
                    5.50%, 4/1/17 (FSA)                                1,380,136
         1,325,000  Sweetwater Auth. Water Rev.,
                    5.50%, 4/1/18 (FSA)                                1,457,116
         2,000,000  Taft Public Financing Auth. Lease
                    Rev., Series 1997 A, (Community
                     Correctional Facility),
                    6.05%, 1/1/17                                      2,117,000
         2,885,000  Torrance COP, Series 2005 B,
                    (Refinancing & Public
                    Improvement), 5.25%,
                    6/1/34 (AMBAC)(4)                                  2,975,993
         2,500,000  Ukiah Electric Rev., 6.25%,
                    6/1/18 (MBIA)                                      2,990,875
         1,000,000  University of California Rev.,
                    Series 2004 A, (UCLA Medical
                    Center), 5.50%, 5/15/24 (AMBAC)                    1,078,620
         1,445,000  Walnut Valley Unified School
                    District GO, Series 1992 B, 6.00%,
                    8/1/10 (AMBAC)(2)                                  1,672,255
         3,020,000  Watsonville Insured Hospital Rev.,
                    Series 1996 A, (Community
                    Hospital), 6.20%, 7/1/12
                    (California Mortgage Insurance)(2)                 3,471,581
         4,525,000  Woodland COP, (Wastewater
                    System Reference), 5.75%,
                    3/1/12 (AMBAC)                                     5,166,012
                                                                 ---------------
                                                                     451,895,118
                                                                 ---------------
PUERTO RICO - 2.0%
         4,000,000  Puerto Rico Commonwealth GO,
                    Series 2003 C, 5.00%, 7/1/08                       4,265,080
         4,000,000  Puerto Rico Electric Power Auth.
                    Rev., Series 2002 II, 5.375%,
                    7/1/17 (XLCA)                                      4,404,240




CALIFORNIA LONG-TERM TAX-FREE - SCHEDULE OF INVESTMENTS
NOVEMBER 30, 2004 (UNAUDITED)
PRINCIPAL AMOUNT                                                         VALUE
- --------------------------------------------------------------------------------

           500,000  Puerto Rico Public Buildings Auth.
                    Rev., Series 2002 D, (Government
                    Facilities), 5.375%, 7/1/12,
                    Prerefunded at 100% of Par(2)                        561,793
                                                                 ---------------
                                                                       9,231,113
                                                                 ---------------
TOTAL MUNICIPAL SECURITIES                                           461,126,231
(Cost $423,267,054)                                              ---------------

MUNICIPAL DERIVATIVES - 0.3%
CALIFORNIA - 0.3%
         1,000,000  San Diego County Water Auth.
                    Rev. COP, (Registration Rites),
                    Yield Curve Notes, Inverse Floater,
                    9.87%, 4/22/09 (FGIC)(5)                           1,236,980
                                                                 ---------------
(Cost $3,514,145)
TOTAL INVESTMENT SECURITIES - 99.2%                                  462,363,211
                                                                 ---------------
(Cost $426,781,199)
OTHER ASSETS AND LIABILITIES - 0.8%                                    3,573,925
                                                                 ---------------
TOTAL NET ASSETS - 100.0%                                           $465,937,136
                                                                 ===============



CALIFORNIA LONG-TERM TAX-FREE - SCHEDULE OF INVESTMENTS
NOVEMBER 30, 2004 (UNAUDITED)
- --------------------------------------------------------------------------------

FUTURES CONTRACTS*

                                  Expiration     Underlying Face    Unrealized
Contracts Sold                    Date           Amount at Value    Loss
- --------------------------------------------------------------------------------
50 U.S. Treasury 10-Year Note     March 2005     $5,537,500         $(1,563)
                                                 ===============================

*FUTURES CONTRACTS typically are based on an index or specific securities and
tend to track the performance of the index or specific securities while
remaining very liquid (easy to buy and sell). By investing its cash assets in
futures, the fund has increased exposure to certain markets while maintaining
easy access to cash. By selling futures, the fund hedges its investments against
price fluctuations.

NOTES TO SCHEDULE OF INVESTMENTS
AMBAC = AMBAC Assurance Corporation
COP = Certificates of Participation
FGIC = Financial Guaranty Insurance Co.
FHA = Federal Housing Authority
FSA = Financial Security Assurance, Inc.
GO = General Obligation
LOC = Letter of Credit
MBIA = MBIA Insurance Corporation
RADIAN = Radian Asset Assurance, Inc.
VA = Veteran's Administration
XLCA = XL Capital Ltd.
(1) Security is a zero-coupon municipal bond. The rate indicated is the yield to
    maturity at purchase. Zero-coupon securities are issued at a substantial
    discount from their value at maturity.
(2) Escrowed to maturity in U.S. government securities or state and local
    government securities.
(3) Security, or a portion thereof, has been segregated for a when-issued
    security and futures contracts.
(4) When-issued security.
(5) Inverse floaters have interest rates that move inversely to market interest
    rates. Inverse floaters typically have durations longer than long-term
    bonds, which may cause their value to be more volatile than long-term bonds
    when interest rates change. Final maturity is indicated.




CALIFORNIA LONG-TERM TAX-FREE - SCHEDULE OF INVESTMENTS
NOVEMBER 30, 2004 (UNAUDITED)
- --------------------------------------------------------------------------------

SUPPLEMENTARY NOTES TO SCHEDULES OF INVESTMENTS

1. FEDERAL TAX INFORMATION

As of November 30, 2004, the components of investments for federal income tax
purposes were as follows:
Federal tax cost of investments                  $426,781,199
                                              ===============
Gross tax appreciation of investments            $ 35,961,493
Gross tax depreciation of investments                (379,481)
                                              ---------------
Net tax appreciation of investments              $ 35,582,012
                                              ===============

The cost of investments for federal income tax purposes was the same as the cost
for financial reporting purposes.

THIS SCHEDULE OF INVESTMENTS PROVIDES INFORMATION ABOUT THE FUND'S PORTFOLIO
HOLDINGS AS OF THE DATE ON THE SCHEDULE. IT IS UNAUDITED, AND AMERICAN CENTURY
ASSUMES NO OBLIGATION TO UPDATE OR SUPPLEMENT THE SCHEDULE TO REFLECT SUBSEQUENT
CHANGES. MORE INFORMATION IS AVAILABLE IN THE FUND'S MOST RECENT ANNUAL OR
SEMIANNUAL SHAREHOLDER REPORT. THE AMERICAN CENTURY INVESTMENTS LOGO, AMERICAN
CENTURY AND AMERICAN CENTURY INVESTMENTS ARE SERVICE MARKS OF AMERICAN CENTURY
SERVICES CORPORATION.










AMERICAN CENTURY(reg.sm) INVESTMENTS
QUARTERLY PORTFOLIO HOLDINGS
CALIFORNIA HIGH-YIELD MUNICIPAL FUND
NOVEMBER 30, 2004
[american century investments logo and text logo]




CALIFORNIA HIGH-YIELD MUNICIPAL - SCHEDULE OF INVESTMENTS
NOVEMBER 30, 2004 (UNAUDITED)
PRINCIPAL AMOUNT                                                         VALUE
- --------------------------------------------------------------------------------
MUNICIPAL SECURITIES - 96.8%
CALIFORNIA - 96.8%
        $1,000,000  ABC Unified School District GO,
                    Series 2000 B, 6.14%,
                    8/1/21 (FGIC)(1)                                $    437,300
         5,000,000  Alameda Corridor Transportation
                    Auth. Rev., Series 2004 A,
                    (Sub Lien), 5.71%, 10/1/29
                    (AMBAC)(1)                                         1,279,150
         2,000,000  Alameda Public Financing Auth.
                    Local Agency Rev., Series 1996 A,
                    (Community Facility District
                    No. 1), 7.00%, 8/1/19                              2,129,560
         2,325,000  Alhambra City Elementary School
                    District GO, Series 2004 B,
                    (Election of 1999), 5.00%,
                    9/1/26 (FGIC)                                      2,385,311
         1,200,000  Anaheim Public Financing Auth.
                    Rev., Series 1997 A, 6.00%,
                    9/1/24 (FSA)                                       1,423,848
           880,000  Association of Bay Area
                    Governments Finance Auth. for
                    Nonprofit Corporations COP,
                    (Eskaton Gold River Lodge),
                    6.375%, 11/15/15                                     921,281
         3,000,000  Association of Bay Area
                    Governments Finance Auth. for
                    Nonprofit Corporations COP,
                    (Eskaton Gold River Lodge),
                    6.375%, 11/15/28                                   3,051,960
         2,500,000  Beaumont Financing Auth. Rev.,
                    Series 2003 A, 6.875%, 9/1/27                      2,660,375
         1,190,000  Berryessa Unified School
                    District GO, Series 2000 A,
                    6.18%, 8/1/21 (FSA)(1)                               520,649
         1,220,000  Berryessa Unified School
                    District GO, Series 2000 A,
                    6.05%, 8/1/22 (FSA)(1)                               500,993
         1,000,000  Berryessa Unified School
                    District GO, Series 2000 A,
                    6.06%, 8/1/23 (FSA)(1)                               385,670
         1,000,000  Cabrillo Unified School
                    District GO, Series 1996 A,
                    5.95%, 8/1/17 (AMBAC)(1)                             554,770
         2,000,000  Cabrillo Unified School
                    District GO, Series 1996 A,
                    5.95%, 8/1/18 (AMBAC)(1)                           1,046,480
         1,815,000  Calaveras Unified School
                    District GO, 5.89%,
                    8/1/23 (FSA)(1)                                      699,229
         1,880,000  Calaveras Unified School
                    District GO, 5.90%,
                    8/1/24 (FSA)(1)                                      677,721
         1,950,000  Calaveras Unified School
                    District GO, 5.91%,
                    8/1/25 (FSA)(1)                                      656,760
         1,505,000  California Educational
                    Facilities Auth. Rev., (Western
                    University Health Sciences),
                    6.00%, 10/1/21                                     1,581,063
         4,000,000  California Health Facilities
                    Financing Auth. Rev., Series
                    1989 A, (Kaiser Permanente),
                    7.15%, 10/1/12 (AMBAC)(1)                          2,928,720
         2,500,000  California Health Facilities
                    Financing Auth. Rev., Series
                    1998 A, (Kaiser Permanente),
                    5.50%, 6/1/22 (FSA)                                2,737,275
         4,410,000  California Mobilehome Park
                    Financing Auth. Rev.,
                    Series 2000 B, (Union City
                    Tropics), 7.30%, 8/15/35                           4,682,362
         1,905,000  California Mobilehome Park
                    Financing Auth. Rev.,
                    Series 2001 B, (Rancho
                    Vallecitos - San Marcos),
                    6.75%, 11/15/36                                    1,966,227
         6,345,000  California Mobilehome Park
                    Financing Auth. Rev.,
                    Series 2003 B, (Palomar Estates
                    E&W), 7.00%, 9/15/36                               6,689,088
         2,000,000  California Public Works Board
                    Lease Rev., Series 1993 D,
                    (Department of Corrections),
                    5.25%, 6/1/15 (FSA)                                2,233,600
         1,405,000  California State and Local
                    Government Financing Auth. Rev.,
                    Series 1997 B, (Marin Valley
                    Mobile Country), 7.50%, 10/1/24                    1,472,496
         2,885,000  California Statewide Communities
                    Development Auth. COP,
                    (Sonoma County Indian Health),
                    6.40%, 9/1/29                                      2,939,469
         2,000,000  California Statewide Communities
                    Development Auth. COP,
                    (Windward School),
                    6.90%, 9/1/23                                      2,042,560
         2,000,000  California Statewide Communities
                    Development Auth. Rev.,
                    (Thomas Jefferson School of
                    Law), 7.75%, 10/1/31                               2,147,160
         4,630,000  California University Fresno
                    Association Inc. Rev., (Auxiliary
                    Organization Event Center),
                    6.00%, 7/1/26                                      4,895,345





CALIFORNIA HIGH-YIELD MUNICIPAL - SCHEDULE OF INVESTMENTS
NOVEMBER 30, 2004 (UNAUDITED)
PRINCIPAL AMOUNT                                                         VALUE
- --------------------------------------------------------------------------------
         2,500,000  California University Fresno
                    Association Inc. Rev., (Auxiliary
                    Organization Event Center),
                    6.00%, 7/1/31                                      2,620,825
         2,455,000  California University Fresno
                    Association Inc. Rev., (Auxiliary
                    Organization Event Center),
                    7.00%, 7/1/31                                      2,573,282
         4,070,000  Capistrano Unified School
                    District Community Facilities
                    Special Tax Rev., (No. 90-2
                    Talega), 6.00%, 9/1/32                             4,159,825
         6,250,000  Capistrano Unified School
                    District Community Facilities
                    Special Tax Rev., (No. 90-2
                    Talega), 6.00%, 9/1/33                             6,383,625
         1,000,000  Carmel Unified School District
                    GO, 5.50%, 8/1/25 (MBIA)                           1,078,380
         1,075,000  Cathedral City Public Financing
                    Auth. Rev., Series 2000 A, 6.00%,
                    8/1/23 (MBIA)(1)                                     409,650
         1,075,000  Cathedral City Public Financing
                    Auth. Rev., Series 2000 A, 6.00%,
                    8/1/24 (MBIA)(1)                                     383,098
         1,085,000  Cathedral City Public Financing
                    Auth. Rev., Series 2000 A, 6.05%,
                    8/1/25 (MBIA)(1)                                     360,318
         1,085,000  Cathedral City Public Financing
                    Auth. Rev., Series 2000 A, 6.05%,
                    8/1/26 (MBIA)(1)                                     335,883
         1,700,000  Chino Valley Unified School
                    District COP, Series 2001 A,
                    5.375%, 9/1/20 (FSA)                               1,856,230
         2,140,000  Chula Vista Community Facilities
                    District Special Tax Rev., (No.
                    01-1 Area A), 6.10%, 9/1/32                        2,211,348
         3,600,000  Chula Vista Community Facilities
                    District Special Tax Rev., (No.
                    06-1 Eastlake Woods Area A),
                    6.20%, 9/1/33                                      3,770,028
         7,715,000  Chula Vista Community Facilities
                    District Special Tax Rev., (No.
                    99-1), 7.625%, 9/1/29                              8,209,685
         2,000,000  City of Lincoln Community
                    Facilities District No. 2003-1
                    Special Tax Rev., 6.00%, 9/1/34                    2,033,860
         1,780,000  Clovis Public Financing Auth.
                    Lease Rev., (Corporate Yard),
                    5.375%, 3/1/20 (AMBAC)                             1,931,905
           570,000  Corcoran COP, 8.75%, 6/1/16
                    (Acquired 4/28/92, Cost
                    $570,000)(2)                                         661,086
         2,050,000  Corona-Norco Unified School
                    District GO, Series 2000 B,
                    6.03%, 9/1/22 (FSA)(1)                               837,733
         1,750,000  Del Mar Race Track Auth. Rev.,
                    6.20%, 8/15/11                                     1,861,983
         1,010,000  Dixie Elementary School District
                    GO, 5.94%, 8/1/24 (FSA)(1)                           364,095
         1,035,000  Dixie Elementary School District
                    GO, 5.94%, 8/1/25 (FSA)(1)                           348,588
         1,150,000  Duarte Unified School District
                    GO, Series 1999 B, 6.08%,
                    11/1/23 (FSA)(1)                                     437,414
         4,450,000  El Dorado County Special Tax
                    Rev., (Community Facilities
                    District No. 1992-1), 5.60%,
                    9/1/09                                             4,791,627
         2,500,000  El Dorado County Special Tax
                    Rev., (Community Facilities
                    District No. 2001-1 Promontory
                    Specific), 6.30%, 9/1/31                           2,594,825
         1,000,000  El Segundo Unified School
                    District GO, 5.375%,
                    9/1/20 (FGIC)                                      1,135,380
         4,225,000  Florin Resource Conservation
                    District COP, Series 1999 A, (Elk
                    Grove Water Works), 6.75%,
                    3/1/29, Prerefunded at 102%
                    of Par(3)                                          5,058,635
         3,825,000  Folsom Public Financing Auth.
                    Rev., Series 1997 A, 6.875%,
                    9/2/19                                             3,957,269
         2,495,000  Folsom Special Tax Rev.,
                    (Community Facilities District
                    No. 7), 5.75%, 9/1/14                              2,651,611
         4,250,000  Folsom Special Tax Rev.,
                    (Community Facilities District
                    No. 10), 7.00%, 9/1/24                             4,568,453
         6,500,000  Folsom Special Tax Rev.,
                    (Community Facilities District
                    No. 14), 6.30%, 9/1/32                             6,746,544





CALIFORNIA HIGH-YIELD MUNICIPAL - SCHEDULE OF INVESTMENTS
NOVEMBER 30, 2004 (UNAUDITED)
PRINCIPAL AMOUNT                                                         VALUE
- --------------------------------------------------------------------------------
         3,000,000  Fullerton Unified School District
                    Community Facilities District
                    No. 1 Special Tax Rev., (Amerige
                    Heights), 6.20%, 9/1/32                            3,082,980
         5,000,000  Fullerton Unified School District
                    Community Facilities District
                    No. 1 Special Tax Rev., 6.375%,
                    9/1/31                                             5,420,550
         1,165,000  Gateway Improvement Auth.
                    Rev., Series 1995 A, (Marin City
                    Community Facility), 7.75%,
                    9/1/05, Prerefunded at 102%
                    of Par(3)                                          1,237,591
         1,600,000  Glendale Electric Works Rev.,
                    5.875%, 2/1/21 (MBIA)                              1,794,784
         2,630,000  Glendale Unified School District
                    GO, Series 1999 C, 6.00%,
                    9/1/22 (FSA)                                       2,968,560
         3,460,000  Hawaiian Gardens COP, Series
                    2000 A, 8.00%, 6/1/23                              3,695,038
         2,000,000  Highland Special Tax Rev.,
                    (Community Facilities District
                    No. 01-1), 6.45%, 9/1/28                           2,073,560
         5,000,000  Imperial Irrigation District COP,
                    (Water Systems), 5.50%,
                    7/1/29 (AMBAC)                                     5,320,550
         2,000,000  Indio Redevelopment Agency
                    Tax Allocation Rev., Series
                    2004 B, (Sub-Merged Project
                    Area), 6.50%, 8/15/34                              2,052,580
         1,000,000  Laguna Salada Union School
                    District GO, Series 2000 C,
                    6.12%, 8/1/29 (FGIC)(1)                              260,040
         2,500,000  Lake Elsinore School Financing
                    Auth. Rev., (Horsethief Canyon),
                    5.625%, 9/1/16                                     2,632,125
         2,000,000  Los Angeles Community
                    Facilities District Special Tax
                    Rev., (Cascades Business Park),
                    6.40%, 9/1/22                                      2,094,140
         1,500,000  Los Angeles Unified School
                    District GO, Series 2003 A,
                    5.00%, 1/1/28 (MBIA)                               1,527,720
         1,500,000  Manhattan Beach Unified School
                    District GO, Series 1999 C,
                    5.90%, 9/1/24 (FGIC)(1)                              538,410
         7,225,000  Menlo Park Community
                    Development Agency Multifamily
                    Rev., (Las Pulgas), 5.55%,
                    6/1/30 (AMBAC)                                     7,749,317
         2,285,000  Milpitas Improvement Bond Act
                    1915 Special Assessment,
                    Series 1996 A, (Local
                    Improvement District 18),
                    6.75%, 9/2/16                                      2,378,297
         5,000,000  Modesto High School District
                    GO, Series 2002 A, 5.92%,
                    8/1/25 (FGIC)(1)                                   1,684,000
         4,000,000  Moreno Valley Unified School
                    District Special Tax Rev.,
                    (Community Facilities No.
                    2002-1), 6.20%, 9/1/32                             4,132,200
         1,920,000  Murrieta Community Facilities
                    District No. 2 Special Tax Rev.,
                    Series 2004 A, (The Oaks
                    Improvement Area), 6.00%,
                    9/1/34                                             1,957,402
         4,100,000  Murrieta Special Tax Rev.,
                    (Community Facilities District No.
                    2000-1), 6.375%, 9/1/30                            4,281,015
         3,500,000  Oceanside Community
                    Development Commission Tax
                    Allocation Rev., (Downtown
                    Redevelopment), 5.70%, 9/1/25                      3,610,320
         3,000,000  Oceanside Community Facilities
                    District Special Tax Rev., Series
                    2002 A, (No. 2001-1 Morrow
                    Hills Development), 6.20%,
                    9/1/32                                             3,080,910
         2,000,000  Orange County Community
                    Facilities District Special Tax
                    Rev., Series 1999 A, (No. 99-1
                    Ladera Ranch), 6.50%, 8/15/21                      2,274,860
         1,300,000  Orange County Community
                    Facilities District Special Tax
                    Rev., Series 1999 A, (No. 99-1
                    Ladera Ranch), 6.70%, 8/15/29                      1,465,061
         4,590,000  Orange County Community
                    Facilities District Special Tax
                    Rev., Series 2000 A, (No. 01-1
                    Ladera Ranch), 6.25%, 8/15/30                      4,863,564
         2,400,000  Orange County Community
                    Facilities District Special Tax
                    Rev., Series 2002 A, (No. 01-1
                    Ladera Ranch), 6.00%, 8/15/32                      2,497,008
         3,000,000  Oxnard School District GO,
                    Series 2001 A, 5.75%,
                    8/1/30 (MBIA)                                      3,372,300
         1,150,000  Pacifica COP, (Public Safety
                    Building), 5.80%, 11/1/20 (MBIA)                   1,299,109
        10,000,000  Palmdale Water District COP,
                    5.00%, 10/1/34 (FGIC)                             10,118,245
         2,680,000  Palomar Pomerado Health Care
                    District COP, (Indian Health
                    Council Inc.), 6.25%, 10/1/29                      2,761,472




CALIFORNIA HIGH-YIELD MUNICIPAL - SCHEDULE OF INVESTMENTS
NOVEMBER 30, 2004 (UNAUDITED)
PRINCIPAL AMOUNT                                                         VALUE
- --------------------------------------------------------------------------------
         3,000,000  Perris Public Financing Auth.
                    Special Tax Rev., Series 2004 A,
                    6.125%, 9/1/34                                     3,051,210
         1,000,000  Perris Union High School
                    District GO, Series 2000 A,
                    6.40%, 9/1/24 (FGIC)(1)                              359,630
         1,000,000  Perris Union High School
                    District GO, Series 2000 A,
                    6.40%, 3/1/25 (FGIC)(1)                              344,950
         2,900,000  Pittsburg Redevelopment
                    Agency Tax Allocation Rev.,
                    (Los Medanos Community
                    Development), 6.20%,
                    8/1/25 (AMBAC)(1)                                    968,107
         1,000,000  Placentia COP, (Improvement),
                    5.60%, 7/1/30                                      1,000,310
         1,750,000  Placer County Water Agency
                    Rev., (Capital Improvement),
                    5.50%, 7/1/29 (AMBAC)                              1,869,280
         2,640,000  Placer Union High School
                    District GO, Series 2000 A,
                    6.20%, 8/1/16 (FGIC)(1)                            1,552,980
         1,600,000  Placer Union High School
                    District GO, Series 2000 A,
                    6.28%, 8/1/18 (FGIC)(1)                              838,304
         2,925,000  Placer Union High School
                    District GO, Series 2000 A,
                    6.35%, 8/1/21 (FGIC)(1)                            1,280,975
         2,100,000  Placer Union High School
                    District GO, Series 2000 A,
                    6.37%, 8/1/22 (FGIC)(1)                              863,247
         3,525,000  Placer Union High School
                    District GO, Series 2000 A,
                    6.39%, 8/1/23 (FGIC)(1)                            1,360,474
         1,000,000  Placer Union High School
                    District GO, Series 2000 A,
                    6.40%, 8/1/24 (FGIC)(1)                              361,180
         4,835,000  Pleasant Valley School
                    District-Ventura County GO,
                    Series 2002 A, 5.85%, 8/1/31
                    (MBIA)                                             5,649,601
         4,910,000  Pomona Improvement Bond
                    Act 1915 Special Assessment,
                    (Rio Rancho Assessment
                    District), 7.50%, 9/2/21                           5,068,151
         1,815,000  Redondo Beach Public
                    Financing Auth. Rev., (South
                    Bay Center Redevelopment),
                    7.125%, 7/1/08                                     1,905,623
         1,000,000  Richmond Joint Powers
                    Financing Auth. Rev., Series
                    1995 A, 5.25%, 5/15/13                               989,830
         1,700,000  Richmond Wastewater Rev.,
                    6.18%, 8/1/23 (FGIC)(1)                              649,468
         2,905,000  Richmond Wastewater Rev.,
                    6.20%, 8/1/26 (FGIC)(1)                              904,239
         2,365,000  Riverside County COP, 5.75%,
                    11/1/31 (MBIA)                                     2,599,017
         2,040,000  Riverside County Improvement
                    Bond Act 1915 Special
                    Assessment, (Assessment
                    District No. 168 - Rivercrest),
                    6.70%, 9/2/26                                      2,161,686
         4,765,000  Riverside Unified School
                    District Special Tax Rev.,
                    Series 2000 A, (Community
                    Facilities District No. 7), 7.00%,
                    5/31/30                                            5,414,088
         4,315,000  Rohnert Park Finance Auth.
                    Rev., Series 2001 A,
                    (Las Casitas de Sonoma),
                    6.40%, 4/15/36                                     4,491,742
           635,000  Sacramento County Special
                    Tax Rev., (Community Facilities
                    District No. 1), 5.60%, 9/1/07                       670,230
           645,000  Sacramento County Special
                    Tax Rev., (Community Facilities
                    District No. 1), 5.70%, 9/1/08                       689,170
         1,500,000  Sacramento County Special
                    Tax Rev., (Community Facilities
                    District No. 1), 6.30%, 9/1/21                     1,563,990
         3,970,000  Sacramento Municipal Utility
                    District Electric Rev., Series
                    1997 K, 5.25%, 7/1/24 (AMBAC)                      4,351,993
         5,000,000  Sacramento Power Auth. Rev.,
                    (Cogeneration Projects), 6.00%,
                    7/1/22                                             5,255,500
         4,000,000  Sacramento Special Tax Rev.,
                    (North Natomas Community
                    Facilities), 6.30%, 9/1/26                         4,166,760
         2,575,000  San Bruno Park School District
                    GO, Series 2000 B, 5.94%,
                    8/1/24 (FGIC)(1)                                     928,262




CALIFORNIA HIGH-YIELD MUNICIPAL - SCHEDULE OF INVESTMENTS
NOVEMBER 30, 2004 (UNAUDITED)
PRINCIPAL AMOUNT                                                         VALUE
- --------------------------------------------------------------------------------
         2,660,000  San Bruno Park School District
                    GO, Series 2000 B, 5.94%,
                    8/1/25 (FGIC)(1)                                     895,888
         3,970,000  San Diego County Improvement
                    Bond Act 1915 Special
                    Assessment, 6.25%, 9/2/12                          4,108,355
         1,000,000  San Diego Special Tax Rev.,
                    Series 1995 B, (Community
                    Facilities District No. 1), 7.10%,
                    9/1/05, Prerefunded at 102%
                    of Par(3)                                          1,057,640
         1,250,000  San Francisco City and County
                    Redevelopment Agency Lease
                    Rev., (George R. Moscone),
                    7.05%, 7/1/13(1)                                     855,550
         1,580,000  San Juan California Unified
                    School District GO, 5.94%,
                    8/1/24 (FGIC)(1)                                     569,574
         1,595,000  San Juan California Unified
                    School District GO, 5.94%,
                    8/1/25 (FGIC)(1)                                     537,196
         5,000,000  San Marcos Public Facilities
                    Auth. Special Tax Rev., Series
                    2004 A, 5.00%, 9/1/34 (FGIC)                       5,036,100
         1,500,000  San Marcos Public Facilities
                    Auth. Special Tax Rev.,
                    (Area 3-A), 5.00%, 10/1/34
                    (AMBAC)                                            1,509,750
         3,005,000  Santa Barbara County Rev.,
                    5.50%, 9/1/22 (AMBAC)                              3,277,163
         7,755,000  Shasta Lake Public Finance
                    Auth. Rev., (Electrical
                    Enterprise), 6.25%, 4/1/21                         8,609,755
         2,160,000  Soledad Special Assessment,
                    (Diamond Ridge Assessment
                    District No. 02-01), 6.75%,
                    9/2/33                                             2,265,818
           500,000  Southern California Public
                    Power Auth. Rev., (Pooled
                    Project), 6.75%, 7/1/10 (FSA)                        591,665
         2,400,000  Southern California Public
                    Power Auth. Rev., (Transmission),
                    6.35%, 7/1/14 (MBIA)(1)                            1,588,752
         1,250,000  Southern California Public
                    Power Auth. Rev., (Transmission),
                    6.35%, 7/1/15 (MBIA)(1)                              780,000
         1,200,000  Southwestern Community
                    College District GO, 5.625%,
                    8/1/18 (AMBAC)                                     1,344,672
         1,000,000  Stockton Community Facilities
                    District Special Tax Rev.,
                    (Brookside Estates No. 90-2),
                    6.20%, 8/1/15                                      1,039,590
         4,195,000  Stockton Community Facilities
                    District Special Tax Rev.,
                    (Spanos Park West No. 2001-1),
                    6.375%, 9/1/32                                     4,361,206
         5,000,000  Sunnyvale Special Tax Rev.,
                    (Community Facilities District
                    No. 1), 7.75%, 8/1/32                              5,040,350
         2,690,000  Tahoe-Truckee Unified School
                    District GO, Series 1999 A,
                    (Improvement District No. 2),
                    6.19%, 8/1/22 (FGIC)(1)                            1,104,837
         2,220,000  Tahoe-Truckee Unified School
                    District GO, Series 1999 A,
                    (Improvement District No. 2),
                    6.19%, 8/1/23 (FGIC)(1)                              856,032
         1,665,000  Tehama Community COP,
                    (Social Services Building),
                    7.00%, 10/3/05, Prerefunded
                    at 102% of Par(3)                                  1,766,448
         2,000,000  Tustin Unified School District
                    Special Tax Rev., (Community
                    Facilities District No. 97-1),
                    6.375%, 9/1/08, Prerefunded
                    at 102% of Par(3)                                  2,313,480
         2,500,000  Union Elementary School
                    District GO, Series 2004 C,
                    5.43%, 9/1/27 (FGIC)(1)                              728,250
         1,500,000  University of California Rev.,
                    Series 2003 A, 5.00%,
                    5/15/23 (AMBAC)                                    1,561,680
         2,500,000  West Basin Municipal Water
                    District COP, Series 2003 A,
                    5.00%, 8/1/30 (MBIA)                               2,521,725
         2,000,000  West Contra Costa Unified
                    School District COP, 7.125%,
                    1/1/24                                             2,047,360
         3,235,000  West Sacramento Special Tax
                    Rev., (Community Facilities
                    District No. 10), 6.75%, 9/1/26                    3,442,655
         1,000,000  West Sacramento Special Tax
                    Rev., (Community Facilities
                    District No. 10), 6.20%, 9/1/29                    1,025,850




CALIFORNIA HIGH-YIELD MUNICIPAL - SCHEDULE OF INVESTMENTS
NOVEMBER 30, 2004 (UNAUDITED)
PRINCIPAL AMOUNT                                                         VALUE
- --------------------------------------------------------------------------------
         2,000,000  Yuba City Redevelopment
                    Agency Tax Allocation Rev.,
                    6.00%, 9/1/31                                      2,040,460
         2,895,000  Yuba City Unified School
                    District GO, 6.05%,
                    9/1/24 (FGIC)(1)                                   1,039,131
         1,500,000  Yuba City Unified School
                    District GO, 6.05%,
                    3/1/25 (FGIC)(1)                                     516,406
                                                                 ---------------
TOTAL MUNICIPAL SECURITIES                                           347,946,650
(Cost $328,590,563)                                              ---------------

SHORT-TERM MUNICIPAL SECURITIES - 1.9%
CALIFORNIA - 1.9%
         4,900,000  California Department of Water
                    Resources Rev., Series 2002 B2,
                    VRDN, 1.74%, 12/1/04
                    (LOC: BNP Paribas)                                 4,900,000
           350,000  California Economic Recovery
                    Rev., Series 2004 C1, VRDN,
                    1.74%, 12/1/04 (SBBPA:
                    Landesbank
                    Baden-Wuerttemberg)                                  350,000
         1,750,000  California GO, Series 2003 A1,
                    VRDN, 1.74%, 12/1/04 (LOC:
                    Westdeutsche Landesbank AG,
                    JPMorgan Chase Bank)                               1,750,000
           150,000  Federated California Municipal
                    Cash Trust, 1.40%, 12/1/04                           150,000
                                                                 ---------------
TOTAL SHORT-TERM MUNICIPAL SECURITIES                                  7,150,000
(Cost $7,150,000)                                                ---------------
TOTAL INVESTMENT SECURITIES - 98.7%                                  355,096,650
                                                                 ---------------
(Cost $335,740,563)
OTHER ASSETS AND LIABILITIES - 1.3%                                    4,645,675
                                                                 ---------------
TOTAL NET ASSETS - 100.0%                                           $359,742,325
                                                                 ===============




CALIFORNIA HIGH-YIELD MUNICIPAL - SCHEDULE OF INVESTMENTS
NOVEMBER 30, 2004 (UNAUDITED)

NOTES TO SCHEDULE OF INVESTMENTS
AMBAC = AMBAC Assurance Corporation
COP = Certificates of Participation
FGIC = Financial Guaranty Insurance Co.
FSA = Financial Security Assurance, Inc.
GO = General Obligation
LOC = Letter of Credit
MBIA = MBIA Insurance Corporation
SBBPA = Standby Bond Purchase Agreement
VRDN = Variable Rate Demand Note. Interest reset date is indicated. Rate shown
is effective November 30, 2004.
(1) Security is a zero-coupon municipal bond. The rate indicated is the yield
    to maturity at purchase. Zero-coupon securities are issued at a substantial
    discount from their value at maturity.
(2) Security was purchased under Rule 144A of the Securities Act of 1933 or
    is a private placement and, unless registered under the Act or exempted
    from registration, may only be sold to qualified institutional investors.
    The aggregate value of restricted securities at November 30, 2004, was
    $661,086, which represented 0.2% of net assets.
(3) Escrowed to maturity in U.S. government securities or state and local
    government securities.




CALIFORNIA HIGH-YIELD MUNICIPAL - SCHEDULE OF INVESTMENTS
NOVEMBER 30, 2004 (UNAUDITED)

SUPPLEMENTARY NOTES TO SCHEDULES OF INVESTMENTS

1. FEDERAL TAX INFORMATION
As of November 30, 2004, the components of investments for federal income tax
purposes were as follows:
Federal tax cost of investments                                    $335,740,563
                                                                ===============
Gross tax appreciation of investments                              $ 19,589,673
Gross tax depreciation of investments                                  (233,586)
                                                                ---------------
Net tax appreciation of investments                                $ 19,356,087
                                                                ===============

The cost of investments for federal income tax purposes was the same as the cost
for financial reporting purposes.

THIS SCHEDULE OF INVESTMENTS PROVIDES INFORMATION ABOUT THE FUND'S PORTFOLIO
HOLDINGS AS OF THE DATE ON THE SCHEDULE. IT IS UNAUDITED, AND AMERICAN CENTURY
ASSUMES NO OBLIGATION TO UPDATE OR SUPPLEMENT THE SCHEDULE TO REFLECT SUBSEQUENT
CHANGES. MORE INFORMATION IS AVAILABLE IN THE FUND'S MOST RECENT ANNUAL OR
SEMIANNUAL SHAREHOLDER REPORT. THE AMERICAN CENTURY INVESTMENTS LOGO, AMERICAN
CENTURY AND AMERICAN CENTURY INVESTMENTS ARE SERVICE MARKS OF AMERICAN CENTURY
SERVICES CORPORATION.




ITEM 2.  CONTROLS AND PROCEDURES.

(a)  The  registrant's  principal  executive  officer  and  principal  financial
     officer  have  concluded  that the  registrant's  disclosure  controls  and
     procedures (as defined in Rule 30a-3(c) under the Investment Company Act of
     1940)  are  effective  based on their  evaluation  of  these  controls  and
     procedures as of a date within 90 days of the filing date of this report.

(b)  There were no changes in the  registrant's  internal control over financial
     reporting (as defined in Rule 30a-3(d) under the Investment  Company Act of
     1940) that occurred during the  registrant's  last fiscal quarter that have
     materially  affected,  or are reasonably likely to materially  affect,  the
     registrant's internal control over financial reporting.


ITEM 3.  EXHIBITS.

Separate  certifications  by the registrant's  principal  executive  officer and
principal  financial officer,  pursuant to Section 302 of the Sarbanes-Oxley Act
of 2002 and Rule 30a-2(a)  under the  Investment  Company Act of 1940, are filed
and attached hereto as Exhibit 99.CERT.






                                   SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.


Registrant:  American Century California Tax-Free and Municipal Funds
             ----------------------------------------------------------

By:    /s/ William M. Lyons
       -------------------------------------------
       Name:    William M. Lyons
       Title:   President


Date:  January 27, 2005


     Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment  Company  Act of  1940,  this  report  has been  signed  below by the
following  persons on behalf of the  registrant and in the capacities and on the
dates indicated.


By:    /s/ William M. Lyons
       -------------------------------------------
       Name:    William M. Lyons
       Title:   President
                (principal executive officer)


Date:  January 27, 2005



By:     /s/ Maryanne L. Roepke
        ------------------------------------------
        Name:    Maryanne L. Roepke
        Title:   Sr. Vice President, Treasurer, and
                 Chief Accounting Officer
                 (principal financial officer)


Date:  January 27, 2005

EX-99.CERT

                                                                EXHIBIT 99.CERT


                                 CERTIFICATIONS


I, William M. Lyons, certify that:

1. I have  reviewed  this  report  on Form N-Q of  American  Century  California
Tax-Free and Municipal Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a
material fact or omit to state a material fact  necessary to make the statements
made, in light of the  circumstances  under which such statements were made, not
misleading with respect to the period covered by this report;

3. Based on my knowledge,  the schedules of investments  included in this report
fairly present in all material  respects the investments of the registrant as of
the end of the fiscal quarter for which the report is filed;

4.  The  registrant's  other  certifying  officer  and  I  are  responsible  for
establishing and maintaining  disclosure  controls and procedures (as defined in
Rule 30a-3(c) under the  Investment  Company Act of 1940) for the registrant and
have:

(a) Designed such disclosure controls and procedures,  or caused such disclosure
controls and  procedures to be designed  under our  supervision,  to ensure that
material  information  relating to the  registrant,  including its  consolidated
subsidiaries, is made known to us by others within those entities,  particularly
during the period in which this report is being prepared;

(b) Not  applicable  prior to the first report on Form N-Q  following  the first
annual  report on Form N-CSR for a fiscal year ending on or after  November  15,
2004;

(c) Evaluated the  effectiveness  of the  registrant's  disclosure  controls and
procedures and presented in this report our conclusions  about the effectiveness
of the disclosure controls and procedures,  as of a date within 90 days prior to
the filing date of this report, based on such evaluation; and

(d)  Disclosed in this report any change in the  registrant's  internal  control
over  financial  reporting  that occurred  during the  registrant's  most recent
fiscal  quarter  that  has  materially  affected,  or is  reasonably  likely  to
materially affect, the registrant's  internal control over financial  reporting;
and

5.  The  registrant's  other  certifying  officer  and I have  disclosed  to the
registrant's  auditors  and the audit  committee  of the  registrant's  board of
directors (or persons performing the equivalent functions):

(a) All  significant  deficiencies  and  material  weaknesses  in the  design or
operation of internal  control over  financial  reporting  which are  reasonably
likely  to  adversely  affect  the  registrant's  ability  to  record,  process,
summarize, and report financial information; and

(b) Any fraud,  whether  or not  material,  that  involves  management  or other
employees who have a significant role in the registrant's  internal control over
financial reporting.


Date:  January 27, 2005



/s/ William M. Lyons
- ------------------------------------------
William M. Lyons
President
(principal executive officer)




I, Maryanne L. Ropeke, certify that:

1. I have  reviewed  this  report  on Form N-Q of  American  Century  California
Tax-Free and Municipal Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a
material fact or omit to state a material fact  necessary to make the statements
made, in light of the  circumstances  under which such statements were made, not
misleading with respect to the period covered by this report;

3. Based on my knowledge,  the schedules of investments  included in this report
fairly present in all material  respects the investments of the registrant as of
the end of the fiscal quarter for which the report is filed;

4.  The  registrant's  other  certifying  officer  and  I  are  responsible  for
establishing and maintaining  disclosure  controls and procedures (as defined in
Rule 30a-3(c) under the  Investment  Company Act of 1940) for the registrant and
have:

(a) Designed such disclosure controls and procedures,  or caused such disclosure
controls and  procedures to be designed  under our  supervision,  to ensure that
material  information  relating to the  registrant,  including its  consolidated
subsidiaries, is made known to us by others within those entities,  particularly
during the period in which this report is being prepared;

(b) Not  applicable  prior to the first report on Form N-Q  following  the first
annual  report on Form N-CSR for a fiscal year ending on or after  November  15,
2004;

(c) Evaluated the  effectiveness  of the  registrant's  disclosure  controls and
procedures and presented in this report our conclusions  about the effectiveness
of the disclosure controls and procedures,  as of a date within 90 days prior to
the filing date of this report, based on such evaluation; and

(d)  Disclosed in this report any change in the  registrant's  internal  control
over  financial  reporting  that occurred  during the  registrant's  most recent
fiscal  quarter  that  has  materially  affected,  or is  reasonably  likely  to
materially affect, the registrant's  internal control over financial  reporting;
and

5.  The  registrant's  other  certifying  officer  and I have  disclosed  to the
registrant's  auditors  and the audit  committee  of the  registrant's  board of
directors (or persons performing the equivalent functions):

(a) All  significant  deficiencies  and  material  weaknesses  in the  design or
operation of internal  control over  financial  reporting  which are  reasonably
likely  to  adversely  affect  the  registrant's  ability  to  record,  process,
summarize, and report financial information; and

(b) Any fraud,  whether  or not  material,  that  involves  management  or other
employees who have a significant role in the registrant's  internal control over
financial reporting.

Date:  January 27, 2005



/s/ Maryanne L. Roepke
- -----------------------------------------
Maryanne L. Roepke
Sr. Vice President, Treasurer, and
Chief Accounting Officer
(principal financial officer)