-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, GGpBbzxYqM7GE2JJ8/0kHweZzF2aXhSXe4hbtm4s6+96i0KOS3XzdDeSiykejJSn 4oD8RQveOyieGzXjAJ6sLw== 0001325358-10-000240.txt : 20100429 0001325358-10-000240.hdr.sgml : 20100429 20100429135648 ACCESSION NUMBER: 0001325358-10-000240 CONFORMED SUBMISSION TYPE: NSAR-A PUBLIC DOCUMENT COUNT: 6 CONFORMED PERIOD OF REPORT: 20100228 FILED AS OF DATE: 20100429 DATE AS OF CHANGE: 20100429 EFFECTIVENESS DATE: 20100429 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AMERICAN CENTURY CALIFORNIA TAX FREE & MUNICIPAL FUNDS CENTRAL INDEX KEY: 0000717316 IRS NUMBER: 946562826 STATE OF INCORPORATION: MA FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: NSAR-A SEC ACT: 1940 Act SEC FILE NUMBER: 811-03706 FILM NUMBER: 10780576 BUSINESS ADDRESS: STREET 1: 1665 CHARLESTON RD CITY: MOUNTAIN VIEW STATE: CA ZIP: 94043 BUSINESS PHONE: 8003218321 MAIL ADDRESS: STREET 1: 1665 CHARLESTON RD CITY: MOUNTAIN VIEW STATE: CA ZIP: 94043 FORMER COMPANY: FORMER CONFORMED NAME: BENHAM CALIFORNIA TAX FREE TRUST / DATE OF NAME CHANGE: 19960815 FORMER COMPANY: FORMER CONFORMED NAME: BENHAM CALIFORNIA TAX FREE & MUNICIPAL FUNDS DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: BENHAM CALIFORNIA TAX FREE TRUST DATE OF NAME CHANGE: 19910218 0000717316 S000005667 CALIFORNIA HIGH-YIELD MUNICIPAL FUND C000015521 INVESTOR CLASS BCHYX C000015522 A CLASS CAYAX C000015523 B CLASS CAYBX C000015524 C CLASS CAYCX 0000717316 S000005668 CALIFORNIA TAX-FREE BOND FUND C000015525 INVESTOR CLASS BCITX 0000717316 S000005670 CALIFORNIA LONG-TERM TAX-FREE FUND C000015527 INVESTOR CLASS BCLTX C000055489 A CLASS ALTAX C000055490 B CLASS ALQBX C000055491 C CLASS ALTCX 0000717316 S000005671 CALIFORNIA TAX-FREE MONEY MARKET FUND C000015528 INVESTOR CLASS BCTXX NSAR-A 1 answer.fil MAIN DOCUMENT 000 A00AA00 02/28/2010 000 C00AA00 0000717316 000 D00AA00 N 000 E00AA00 NF 000 F00AA00 Y 000 G00AA00 N 000 H00AA00 N 000 I00AA00 6.1 000 J00AA00 A 001 A00AA00 AMERICAN CENTURY CA TAX-FREE & MUNICIPAL FDS 001 B00AA00 811-03706 001 C00AA00 8163403319 002 A00AA00 4500 MAIN 002 B00AA00 KANSAS CITY 002 C00AA00 MO 002 D01AA00 64111 002 D02AA00 7709 003 00AA00 N 004 00AA00 N 005 00AA00 N 006 00AA00 N 007 A00AA00 Y 007 B00AA00 4 007 C010100 1 007 C020100 CALIFORNIA TAX-FREE MONEY MARKET FUND 007 C030100 N 007 C010200 2 007 C010300 3 007 C020300 CALIFORNIA TAX-FREE BOND FUND 007 C030300 N 007 C010400 4 007 C020400 CALIFORNIA LONG-TERM TAX-FREE FUND 007 C030400 N 007 C010500 5 007 C020500 CALIFORNIA HIGH-YIELD MUNICIPAL FUND 007 C030500 N 007 C010600 6 007 C010700 7 007 C010800 8 007 C010900 9 007 C011000 10 008 A00AA01 AMERICAN CENTURY INVESTMENT MANAGEMENT, INC. 008 B00AA01 A 008 C00AA01 801-08174 008 D01AA01 KANSAS CITY 008 D02AA01 MO 008 D03AA01 64111 008 D04AA01 7709 010 A00AA01 AMERICAN CENTURY SERVICES, LLC 010 B00AA01 084-01406 010 C01AA01 KANSAS CITY 010 C02AA01 MO 010 C03AA01 64111 010 C04AA01 7709 010 A00AA02 DELETE 011 A00AA01 AMERICAN CENTURY INVESTMENTS SERVICES, INC. 011 B00AA01 8-35220 011 C01AA01 KANSAS CITY 011 C02AA01 MO 011 C03AA01 64111 011 C04AA01 7709 012 A00AA01 AMERICAN CENTURY SERVICES, LLC 012 B00AA01 84-01406 012 C01AA01 KANSAS CITY 012 C02AA01 MO 012 C03AA01 64111 012 C04AA01 7709 013 A00AA01 PRICEWATERHOUSECOOPERS, LLP 013 B01AA01 KANSAS CITY 013 B02AA01 MO 013 B03AA01 64106 014 A00AA01 AMERIAN CENTURY BROKERAGE, INC. 014 B00AA01 8-50034 014 A00AA02 AMERICAN CENTURY INVESTMENT SERVICES, INC. 014 B00AA02 8-35220 015 A00AA01 JPMORGAN CHASE BANK 015 B00AA01 C 015 C01AA01 BROOKLYN 015 C02AA01 NY 015 C03AA01 11245 015 E04AA01 X 015 A00AA02 COMMERCE BANK, N.A. 015 B00AA02 C 015 C01AA02 KANSAS CITY 015 C02AA02 MO 015 C03AA02 64105 015 E06AA02 X 018 00AA00 Y 019 A00AA00 Y 019 B00AA00 103 019 C00AA00 AMERICENIN 020 A00AA01 BANK OF AMERICA 020 B00AA01 56-2058405 020 C00AA01 9 021 00AA00 9 022 A00AA01 BANK OF AMERICA CORP. 022 B00AA01 56-2058405 022 C00AA01 135879 022 D00AA01 109189 022 A00AA02 MORGAN STANLEY & CO., INC. 022 B00AA02 13-2655998 022 C00AA02 165554 022 D00AA02 78623 022 A00AA03 GOLDMAN SACHS & CO. 022 B00AA03 13-5108880 022 C00AA03 65436 022 D00AA03 72285 022 A00AA04 E.J. 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H010500 0 048 H020500 0.000 048 I010500 0 048 I020500 0.000 048 J010500 0 048 J020500 0.000 048 K010500 50000000 048 K020500 0.487 049 000500 N 050 000500 N 051 000500 N 052 000500 Y 053 A000500 Y 053 B000500 Y 053 C000500 N 055 A000500 N 055 B000500 N 056 000500 Y 057 000500 N 058 A000500 N 059 000500 Y 060 A000500 N 060 B000500 N 061 000500 5000 062 A000500 Y 062 B000500 0.0 062 C000500 0.0 062 D000500 0.0 062 E000500 7.2 062 F000500 0.0 062 G000500 0.0 062 H000500 0.0 062 I000500 0.0 062 J000500 0.0 062 K000500 0.0 062 L000500 0.0 062 M000500 0.0 062 N000500 0.0 062 O000500 91.0 062 P000500 0.0 062 Q000500 0.0 062 R000500 0.0 063 A000500 0 063 B000500 19.5 064 A000500 Y 064 B000500 N 070 A010500 Y 070 A020500 N 070 B010500 N 070 B020500 N 070 C010500 Y 070 C020500 Y 070 D010500 N 070 D020500 N 070 E010500 Y 070 E020500 Y 070 F010500 N 070 F020500 N 070 G010500 Y 070 G020500 Y 070 H010500 N 070 H020500 N 070 I010500 N 070 I020500 N 070 J010500 Y 070 J020500 Y 070 K010500 Y 070 K020500 Y 070 L010500 N 070 L020500 N 070 M010500 N 070 M020500 N 070 N010500 Y 070 N020500 N 070 O010500 Y 070 O020500 N 070 P010500 Y 070 P020500 Y 070 Q010500 N 070 Q020500 N 070 R010500 Y 070 R020500 N 071 A000500 38973 071 B000500 47154 071 C000500 495238 071 D000500 8 072 A000500 6 072 B000500 14705 072 C000500 0 072 D000500 0 072 E000500 0 072 F000500 1330 072 G000500 0 072 H000500 0 072 I000500 0 072 J000500 0 072 K000500 0 072 L000500 0 072 M000500 11 072 N000500 0 072 O000500 0 072 P000500 0 072 Q000500 0 072 R000500 0 072 S000500 0 072 T000500 285 072 U000500 0 072 V000500 0 072 W000500 0 072 X000500 1626 072 Y000500 63 072 Z000500 13142 072AA000500 0 072BB000500 4090 072CC010500 27035 072CC020500 0 072DD010500 10101 072DD020500 3172 072EE000500 0 073 A010500 0.0000 073 A020500 0.0000 073 B000500 0.0000 073 C000500 0.0000 074 A000500 206 074 B000500 0 074 C000500 37701 074 D000500 475889 074 E000500 0 074 F000500 0 074 G000500 0 074 H000500 0 074 I000500 0 074 J000500 62 074 K000500 0 074 L000500 10739 074 M000500 56 074 N000500 524653 074 O000500 0 074 P000500 236 074 Q000500 0 074 R010500 0 074 R020500 0 074 R030500 0 074 R040500 1408 074 S000500 0 074 T000500 523009 074 U010500 42020 074 U020500 14351 074 V010500 0.00 074 V020500 0.00 074 W000500 0.0000 074 X000500 2843 074 Y000500 0 075 A000500 0 075 B000500 528815 076 000500 0.00 SIGNATURE Amy Bitter TITLE Director EX-99.77Q1 OTHR EXHB 2 a77q1a1amendno_4todecoftrust.htm 
AMENDMENT NO. 4 TO
AMENDED AND RESTATED AGREEMENT AND DECLARATION OF TRUST
OF AMERICAN CENTURY CALIFORNIA TAX-FREE AND MUNICIPAL FUNDS

THIS AMENDMENT NO. 4 TO AMENDED AND RESTATED AGREEMENT AND
DECLARATION OF TRUST is made as of the 16th day of February,
2010, by the Trustees hereunder.

WHEREAS, the Board of Trustees have determined that it is
in the best interests of American Century California Tax-Free
and Municipal Funds (the “Trust”) to add an Institutional Class
of shares of the series titled California Long-Term Tax-Free Fund, California Tax-Free
Bond Fund and California High-Yield Municipal Fund; and

WHEREAS, the Board of Trustees have determined that it is in the
best interests of the Trust to add an A Class of shares and
a C Class of shares of the series titled California Tax-Free Bond Fund.

NOW, THEREFORE, BE IT RESOLVED, each of the aforementioned actions
shall take effect as of March 1, 2010; and

FURTHER RESOLVED, that Schedule A of the Amended and Restated
Agreement and Declaration of Trust for the Trust is hereby
amended to reflect such actions by deleting the text thereof in its
entirety and inserting in lieu therefore the Schedule A attached hereto.

IN WITNESS WHEREOF, a majority of the Trustees do hereto set their hands
as of the date first referenced above.


Trustees of the American Century California Tax-Free and Municipal Funds


/s/Jonathan S. Thomas			/s/Peter F. Pervere
Jonathan S. Thomas			Peter F. Pervere


/s/John Freidenrich			/s/Myron S. Scholes
John Freidenrich			Myron S. Scholes


/s/Ronald J. Gilson			/s/John B. Shoven
Ronald J. Gilson			John B. Shoven


/s/Frederick L.A. Grauer		/s/Jeanne D. Wohlers
Frederick L.A. Grauer			Jeanne D. Wohlers


SCHEDULE A

American Century California Tax-Free and Municipal Funds


Pursuant to Article III, Section 6, the Trustees hereby establish and
designate the following Series as Series of the Trust (and the Classes thereof),
with the relative rights and preferences as described in Section 6:


Series						Class		Date of Establishment

California Tax-Free Money Market Fund		Investor Class		11/09/1983

California Tax-Free Bond Fund			Investor Class		11/09/1983
						Institutional Class	03/01/2010
						A Class			03/01/2010
						C Class			03/01/2010

California Long-Term Tax-Free Fund		Investor Class		11/09/1983
						Institutional Class	03/01/2010
						A Class			09/27/2007
						B Class 		09/27/2007
						C Class			09/27/2007

California High-Yield Municipal Fund		Investor Class		12/30/1986
						Institutional Class	03/01/2010
						A Class			05/08/2002
						B Class			05/08/2002
						C Class			05/01/2001


This Schedule A shall supersede any previously adopted Schedule A to
the Declaration of Trust.
EX-99.77Q1 OTHR EXHB 3 a77q1e1interimmgmtagmtfebrua.htm 
INTERIM MANAGEMENT AGREEMENT

This MANAGEMENT AGREEMENT (“Agreement”) is effective as of the 16th day
of February, 2010 by and between AMERICAN CENTURY CALIFORNIA TAX-FREE
AND MUNICIPAL FUNDS, a Massachusetts business trust and registered
investment company (the “Company”), and AMERICAN CENTURY INVESTMENT
MANAGEMENT, INC., a Delaware corporation (the “Investment Manager”).

WHEREAS, a majority of those members of the Board of Trustees of
the Company (collectively, the “Board of Directors”, and each Trustee
individually a “Director”) who are not “interested persons” as defined
in the Investment Company Act (hereinafter referred to as the
“Independent Directors”), has approved this Agreement as it relates
to each series of shares of the Company set forth on Schedule B
attached hereto (the “Funds”).

NOW, THEREFORE, IN CONSIDERATION of the mutual promises and agreements
herein contained, the parties agree as follows:
1.	Investment Management Services. The Investment Manager shall
supervise the investments of each class of each Fund. In such capacity,
the Investment Manager shall maintain a continuous investment program
for each such Fund, determine what securities shall be purchased or
sold by each Fund, secure and evaluate such information as it deems
proper and take whatever action is necessary or convenient to perform
its functions, including the placing of purchase and sale orders.
In performing its duties hereunder, the Investment Manager will
manage the portfolio of all classes of shares of a particular Fund
as a single portfolio.
2.	Compliance with Laws. All functions undertaken by the
Investment Manager hereunder shall at all times conform to, and
be in accordance with, any requirements imposed by:
(a)	the Investment Company Act and any rules and regulations
promulgated thereunder;
(b)	any other applicable provisions of law;
(c)	the Declaration of Trust of the Company as amended from
time to time;
(d)	the Bylaws of the Company as amended from time to time;
(e)	the Multiple Class Plan of the Company as amended from
time to time; and
(f)	the registration statement(s) of the Company, as amended
from time to time, filed under the Securities Act of 1933 and the
Investment Company Act.
3.	Board Supervision. All of the functions undertaken by the
Investment Manager hereunder shall at all times be subject to the
direction of the Board of Directors, its executive committee, or
any committee or officers of the Company acting under the authority
of the Board of Directors.
4.	Payment of Expenses.  The Investment Manager will pay all
the expenses of each class of each Fund that it shall manage, other
than interest, taxes, brokerage commissions, portfolio insurance,
extraordinary expenses, the fees and expenses of the Independent
Directors (including counsel fees), and expenses incurred in
connection with the provision of shareholder services and distribution
services under a plan adopted pursuant to Rule 12b-1 under the
Investment Company Act. The Investment Manager will provide the Company
with all physical facilities and personnel required to carry on
the business of each class of each Fund that it shall manage, including
but not limited to office space, office furniture, fixtures and equipment,
office supplies, computer hardware and software and salaried and hourly
paid personnel. The Investment Manager may at its expense employ others
to provide all or any part of such facilities and personnel.
5.	Account Fees.  The Board of Directors may impose fees for
various account services, proceeds of which may be remitted to the
appropriate Fund or the Investment Manager at the discretion of the
Board of Directors. At least 60 days’ prior written notice of the
intent to impose such fee must be given to the shareholders of the
affected series.
6.	Management Fees.
(a)	In consideration of the services provided by the Investment Manager,
each class of a Fund shall pay to the Investment Manager a management fee
that is calculated as described in this Section 6 using the fee schedules
described herein.
(b)	Definitions
(1)	An “Investment Team” is the Portfolio Managers that the Investment
Manager has designated to manage a given portfolio.
(2)	An “Investment Strategy” is the processes and policies implemented
by the Investment Manager for pursuing a particular investment objective
managed by an Investment Team.
(3)	A “Primary Strategy Portfolio” is each Fund, as well as any other
series of any other registered investment company for which the Investment
Manager serves as the investment manager and for which American Century
Investment Services, Inc. serves as the distributor; provided, however,
that a registered investment company that invests its assets exclusively
in the shares of other registered investment companies shall not be a Primary
Strategy Portfolio. Any exceptions to the above requirements shall be approved
by the Board of Directors.
(4)	A “Secondary Strategy Portfolio” is another account
managed by the Investment Manager that is managed by the same
Investment Team as that assigned to manage any Primary Strategy
Portfolio that shares the same board of directors or board of trustees
as the Company. Any exceptions to this requirement shall be
approved by the Board of Directors.
(5)	An “Investment Category” for a Fund is the group to which the Fund is
assigned for determining the first component of its management fee. Each Primary
Strategy Portfolio is assigned to one of the three Investment Categories
indicated below. The Investment Category assignments for the Funds appear in
Schedule B to this Agreement. The amount of assets in each of the Investment
Categories (“Investment Category Assets”) is determined as follows:
a)	Money Market Fund Category Assets.  The assets which are used to
determine the fee for this Investment Category is the sum of the assets of
all of the Primary Strategy Portfolios and Secondary Strategy Portfolios that
invest primarily in debt securities and are subject
to Rule 2a-7 under the Investment Company Act.
b)	Bond Fund Category Assets. The assets which are used to determine the
fee for this Investment Category is the sum the assets of all of the Primary
Strategy Portfolios and Secondary Strategy Portfolios that invest primarily
in debt securities and are not subject to
Rule 2a-7 under the Investment Company Act.
c)	Equity Fund Category Assets.  The assets which are used to determine
the fee for this Investment Category is the sum the assets of all of the
Primary Strategy Portfolios and Secondary Strategy Portfolios that invest
primarily in equity securities.
(6)	The “Per Annum Investment Category Fee Dollar Amount” for a Fund is
the dollar amount resulting from applying the applicable Investment Category
Fee Schedule for the Fund (as shown on Schedule A) using the applicable
Investment Category Assets.
(7)	The “Per Annum Investment Category Fee Rate” for a Fund is the
percentage rate that results from dividing the Per Annum Investment Category
Fee Dollar Amount for the Fund by the applicable Investment Category
Assets for the Fund.
(8)	The “Complex Assets” is the sum of the assets in all of the Primary
Strategy Portfolios.
(9)	The “Per Annum Complex Fee Dollar Amount” for a class of a Fund
shall be the dollar amount resulting from application of the Complex
Assets to the Complex Fee Schedule for the class as shown in Schedule C.
(10)	The “Per Annum Complex Fee Rate” for a class of a Fund is
the percentage
rate that results from dividing the Per Annum Complex Fee Dollar
Amount for the
class of a Fund by the Complex Assets.
(11)	The “Per Annum Management Fee Rate” for a class of a Fund is the sum of
the Per Annum Investment Category Fee Rate applicable to the Fund and the Per
Annum Complex Fee Rate applicable to the class of the Fund.
(c)	Daily Management Fee Calculation.  For each calendar day, each class
of each Fund shall accrue a fee calculated by multiplying the Per Annum
Management Fee Rate for that class times the net assets of the class on
that day, and further dividing that product by 365
(366 in leap years).
(d)	Monthly Management Fee Payment. On the first business day of
each month, each class of each series Fund shall pay the management fee
to the Investment Manager for the previous month. The fee for the previous
month shall be the sum of the Daily Management Fee Calculations
for each calendar day in the previous month.
(e)	Additional Series or Classes. In the event that the Board of
Directors shall determine to issue any additional series of shares for
which it is proposed that the Investment Manager serve as investment manager,
the Company and the Investment Manager shall enter
into an Addendum to this Agreement setting forth the name of the series
and/or classes, as appropriate, the Applicable Fee and such other terms and
conditions as are applicable to the management of such
series and/or classes, or, in the alternative, enter into a separate
management agreement that relates specifically to such series or
classes of shares.
7.	Continuation of Agreement.  This Agreement shall become effective
for each Fund as of the date first set forth above (the “Effective Date”)
and shall continue in effect for each Fund until the earlier of
(i) 150 days from the Effective Date, or (ii) the date as of
which the shareholders of each Fund approve a new management agreement.
8.	Termination.  This Agreement may be terminated, with respect to
any Fund, by the Investment Manager at any time without penalty upon
giving the Company 60 days’ written notice, and may be terminated, with
respect to any Fund, at any time without penalty by the Board of
Directors or by vote of a majority of the outstanding voting securities
of each class of such Fund on 60 days’ written notice to the
Investment Manager.
9.	Effect of Assignment.  This Agreement shall automatically terminate
with respect to any Fund in the event of its assignment by the Investment
Manager.  The term “assignment” for this purpose has the meaning
defined in Section 2(a)(4) of the Investment Company Act.
10.	Other Activities.  Nothing herein shall be deemed to limit or
restrict the right of the Investment Manager, or the right of any of
its officers, directors or employees (who may also be a Director,
officer or employee of the Company), to engage in any other business or
to devote time and attention to the management or other aspects of any
other business, whether of a similar or dissimilar nature, or to
render services of any kind to any other corporation, firm, individual
or association.
11.	Standard of Care.  In the absence of willful misfeasance, bad
faith, gross negligence, or reckless disregard of its obligations or
duties hereunder on the part of the Investment Manager, it, as an
inducement to it to enter into this Agreement, shall not be subject to
liability to the Company or to any shareholder of the Company for any
act or omission in the course of, or connected with, rendering
services hereunder or for any losses that may be sustained in the purchase,
holding or sale of any security.
12.	Separate Agreement.  The parties hereto acknowledge that certain
provisions of the Investment Company Act, in effect, treat each series
of shares of a registered investment company as a separate investment
company. Accordingly, the parties hereto hereby acknowledge
and agree that, to the extent deemed appropriate and consistent with the
Investment Company Act, this Agreement shall be deemed to
constitute a separate agreement between the Investment Manager and
each Fund.
13.	Use of the Name “American Century”.  The name “American Century”
and all rights to the use of the name “American Century” are the
exclusive property of American Century Proprietary Holdings, Inc. (“ACPH”).
ACPH has consented to, and granted a non-exclusive license for,
the use by the Company of the name “American Century” in the name of the
Company and any Fund.  Such consent and non-exclusive license may be
revoked by ACPH in its discretion if ACPH, the Investment
Manager, or a subsidiary or affiliate of either of them is not employed
as the investment adviser of each Fund.  In the event of such revocation,
the Company and each Fund using the name “American Century”
shall cease using the name “American Century” unless otherwise consented
to by ACPH or any successor to its interest in such name.
       IN WITNESS WHEREOF, the parties have caused this Agreement to be
duly executed by their respective authorized officers to be effective as
of the day and year first written above.

AMERICAN CENTURY INVESTMENT 		AMERICAN CENTURY CALIFORNIA TAX-FREE
MANAGEMENT, INC.			AND MUNICIPAL FUNDS.



/s/David H. Reinmiller
/s/Charles A. Etherington

David H. Reinmiller
Charles A. Etherington
Vice President				Senior Vice President




Schedule A

Investment Category Fee Schedules

Money Market Funds
					Rate Schedules
Category Assets		Schedule 1	Schedule 2	Schedule 3	Schedule 4
First $1 billion	0.25%		0.27%		0.35%		0.23%
Next $1 billion		0.21%		0.23%		0.31%		0.19%
Next $3 billion		0.17%		0.19%		0.27%		0.15%
Next $5 billion		0.15%		0.17%		0.25%		0.13%
Next $15 billion	0.14%		0.16%		0.24%		0.12%
Next $25 billion	0.14%		0.16%		0.24%		0.12%
Thereafter		0.14%		0.16%		0.24%		0.12%

Bond Funds
					Rate Schedules
Category Assets		 1	 2	3	4	5	6	7	8	9	10
First $1 billion	0.28%	0.31%	0.36%	0.61%	0.41%	0.66%	0.38%	0.46%	0.44%	0.89%
Next $1 billion		0.23%	0.26%	0.31%	0.56%	0.36%	0.61%	0.33%	0.41%	0.39%	0.84%
Next $3 billion		0.20%	0.23%	0.28%	0.53%	0.33%	0.58%	0.30%	0.38%	0.36%	0.81%
Next $5 billion		0.18%	0.21%	0.26%	0.51%	0.31%	0.56%	0.28%	0.36%	0.34%	0.79%
Next $15 billion	0.17%	0.20%	0.25%	0.50%	0.30%	0.55%	0.27%	0.35%	0.33%	0.78%
Next $25 billion	0.16%	0.19%	0.24%	0.49%	0.29%	0.54%	0.26%	0.34%	0.32%	0.78%
Thereafter		0.16%	0.19%	0.24%	0.49%	0.29%	0.54%	0.26%	0.34%	0.32%	0.78%

Equity Funds
					Rate Schedules
Category Assets		1	 2	3	4	5	6	7
First $1 billion	0.52%	0.72%	1.23%	0.87%	1.00%	1.15%	1.30%
Next $5 billion		0.46%	0.66%	1.17%	0.81%	0.94%	1.09%	1.24%
Next $15 billion	0.42%	0.62%	1.13%	0.77%	0.90%	1.05%	1.20%
Next $25 billion	0.37%	0.57%	1.08%	0.72%	0.85%	1.00%	1.15%
Next $50 billion	0.34%	0.54%	1.05%	0.69%	0.82%	0.97%	1.12%
Next $150 billion	0.34%	0.54%	1.05%	0.69%	0.82%	0.97%	1.12%
Thereafter		0.34%	0.54%	1.05%	0.69%	0.82%	0.97%	1.12%


Schedule B

Investment Category Assignments
								Applicable Fee
Series					Category		Schedule Number
California Tax-Free Money Market Fund	Money Market Funds		2
California Tax-Free Bond Fund		Bond Funds			1
California Long-Term Tax-Free Fund	Bond Funds			1
California High-Yield Municipal Fund	Bond Funds			2


Schedule C

Complex Fee Schedules

					Rate Schedules
Complex Assets		Institutional Class	All Other Classes
First $2.5 billion		0.11%		0.31%
Next $7.5 billion		0.10%		0.30%
Next $15.0 billion		0.10%		0.30%
Next $25.0 billion		0.10%		0.30%
Next $25.0 billion		0.09%		0.29%
Next $25.0 billion		0.08%		0.28%
Next $25.0 billion		0.07%		0.27%
Next $25.0 billion		0.07%		0.27%
Next $25.0 billion		0.06%		0.26%
Next $25.0 billion		0.06%		0.26%
Thereafter			0.05%		0.25%

Series				     Investor 	Institu Advisor	 A	 B	 C	R
					Class	tional	Class	Class	Class	Class	Class
California High-Yield Municipal Fund	Yes	No	No	Yes	Yes	Yes	No
California Tax Free Money Market Fund	Yes	No	No	No	No	No	No
California Tax-Free Bond Fund		Yes	No	No	No	No	No	No
California Long-Term Tax-Free Fund	Yes	No	No	Yes	Yes	Yes	No
EX-99.77Q1 OTHR EXHB 4 a77q1e2mvfundsmgmtagreements.htm 
MANAGEMENT AGREEMENT

This MANAGEMENT AGREEMENT (“Agreement”) is made as of the 1st day of March, 2010
by and between AMERICAN CENTURY QUANTITATIVE EQUITY FUNDS, INC., a Maryland
corporation, AMERICAN CENTURY CALIFORNIA TAX-FREE AND MUNICIPAL FUNDS,
a Massachusetts business trust, AMERICAN CENTURY GOVERNMENT INCOME TRUST,
a Massachusetts business trust, AMERICAN CENTURY MUNICIPAL TRUST,
a Massachusetts business trust,  each a registered investment company
(each a “Company” and collectively the “Companies”), and AMERICAN CENTURY
INVESTMENT MANAGEMENT, INC., a Delaware corporation (the “Investment Manager”).

WHEREAS, a majority of those members of the Board of Trustees or the Board of
Directors, as applicable, of the Companies (collectively, the “Board of
Directors”, and each Trustee or Directors individually a “Director”) who are
not “interested persons” as defined in the Investment Company Act (hereinafter
referred to as the “Independent Directors” has approved this Agreement as
it relates to each class and series of shares of the Companies set forth
on Schedule B attached hereto (the “Funds”).

NOW, THEREFORE, IN CONSIDERATION of the mutual promises and agreements herein
contained, the parties agree as follows:
1.	Investment Management Services. The Investment Manager shall supervise
the investments of each class of each Fund. In such capacity, the Investment
Manager shall maintain a continuous investment program for each such Fund,
determine what securities shall be purchased or
sold by each Fund, secure and evaluate such information as it deems proper
and take whatever action is necessary or convenient to perform its functions,
including the placing of purchase and sale orders.
In performing its duties hereunder, the Investment Manager will manage the
portfolio of all classes of shares of a particular Fund as a single portfolio.
2.	Compliance with Laws. All functions undertaken by the Investment
Manager hereunder shall at all times conform to, and be in accordance with,
any requirements imposed by:
(a)	the Investment Company Act and any rules and regulations promulgated
thereunder;
(b)	any other applicable provisions of law;
(c)	the Articles of Incorporation of Declaration of Trust of each
Company as amended from time to time, as appropriate;
(d)	the Bylaws of each Company as amended from time to time;
(e)	the Multiple Class Plan of each Company as amended from time
to time; and
(f)	the registration statements of each Company, as amended from
time to time, filed under the Securities Act of 1933 and the Investment
Company Act.
3.	Board Supervision. All of the functions undertaken by the
Investment Manager hereunder shall at all times be subject to the
direction of the Board of Directors, its executive committee, or any
committee or officers of the relevant Company acting under the authority
of the Board of Directors.
4.	Payment of Expenses.  The Investment Manager will pay all the
expenses of each class of each Fund that it shall manage, other than
interest, taxes, brokerage commissions, portfolio insurance, extraordinary
expenses, the fees and expenses of the Independent Directors
(including counsel fees), and expenses incurred in connection with the
provision of shareholder services and distribution services under a plan
adopted pursuant to Rule 12b-1 under the Investment Company
Act. The Investment Manager will provide each Company with all physical
facilities and personnel required to carry on the business of each class
of each Fund that it shall manage, including but not limited
to office space, office furniture, fixtures and equipment, office supplies,
computer hardware and software and salaried and hourly paid personnel. The
Investment Manager may at its expense employ others to
provide all or any part of such facilities and personnel.
5.	Account Fees.  The Board of Directors may impose fees for various
account services, proceeds of which may be remitted to the appropriate
Fund or the Investment Manager at the discretion of the Board of Directors.
At least 60 days’ prior written notice of the intent to
impose such fee must be given to the shareholders of the affected series.
6.	Management Fees.
(a)	In consideration of the services provided by the Investment Manager,
each class of a Fund shall pay to the Investment Manager a management fee
that is calculated as described in this Section 6 using the fee schedules
described herein.
(b)	Definitions
(1)	An “Investment Team” is the Portfolio Managers that the Investment
Manager has designated to manage a given portfolio.
(2)	An “Investment Strategy” is the processes and policies implemented
by the Investment Manager for pursuing a particular investment objective
managed by an Investment Team.
(3)	A “Primary Strategy Portfolio” is each Fund, as well as any other
series of any other registered investment company for which the Investment
Manager serves as the investment manager and for which American Century
Investment Services, Inc. serves as the distributor;
provided, however, that a registered investment company that invests
its assets exclusively in the shares of other registered investment
companies shall not be a Primary Strategy Portfolio. Any exceptions
to the above requirements shall be approved by the Board of Directors.
(4)	A “Secondary Strategy Portfolio” is another account managed
by the Investment Manager that is managed by the same Investment Team
as that assigned to manage any Primary Strategy Portfolio that shares
the same board of directors or board of trustees as a particular Company.
Any exceptions to this requirement shall be approved by the Board of
Directors.
(5)	An “Investment Category” for a Fund is the group to which the
Fund is assigned for determining the first component of its management
fee. Each Primary Strategy Portfolio is assigned to one of the three
Investment Categories indicated below. The Investment Category
assignments for the Funds appear in Schedule B to this Agreement. The
amount of assets in each of the Investment Categories (“Investment
Category Assets”) is determined as follows:
a)	Money Market Fund Category Assets.  The assets which are used
to determine the fee for this Investment Category is the sum of the
assets of all of the Primary Strategy Portfolios and Secondary Strategy
Portfolios that invest primarily in debt securities and are
subject to Rule 2a-7 under the Investment Company Act.

b)	Bond Fund Category Assets. The assets which are used to determine
the fee for this Investment Category is the sum the assets of all of the
Primary Strategy Portfolios and Secondary Strategy Portfolios that invest
primarily in debt securities and are not subject
to Rule 2a-7 under the Investment Company Act.
c)	Equity Fund Category Assets.  The assets which are used to
determine the fee for this Investment Category is the sum the assets
of all of the Primary Strategy Portfolios and Secondary Strategy Portfolios
that invest primarily in equity securities.
(6)	The “Per Annum Investment Category Fee Dollar Amount” for
a Fund is the dollar amount resulting from applying the applicable
Investment Category Fee Schedule for the Fund (as shown on Schedule A)
using the applicable Investment Category Assets.
(7)	The “Per Annum Investment Category Fee Rate” for a Fund is
the percentage rate that results from dividing the Per Annum Investment
Category Fee Dollar Amount for the Fund by the applicable Investment
Category Assets for the Fund.
(8)	The “Complex Assets” is the sum of the assets in all of the
Primary Strategy Portfolios.
(9)	The “Per Annum Complex Fee Dollar Amount” for a class of
a Fund shall be the dollar amount resulting from application of the
Complex Assets to the Complex Fee Schedule for the class as shown in
Schedule C.
(10)	The “Per Annum Complex Fee Rate” for a class of a Fund is the
percentage rate that results from dividing the Per Annum Complex Fee
Dollar Amount for the class of a Fund by the Complex Assets.
(11)	The “Per Annum Management Fee Rate” for a class of a Fund is
the sum of the Per Annum Investment Category Fee Rate applicable to
the Fund and the Per Annum Complex Fee Rate applicable to the class of
the Fund.
(c)	Daily Management Fee Calculation.  For each calendar day, each
class of each Fund shall accrue a fee calculated by multiplying the Per
Annum Management Fee Rate for that class times the net assets of the
class on that day, and further dividing that product by 365
(366 in leap years).
(d)	Monthly Management Fee Payment. On the first business day of each
month, each class of each series Fund shall pay the management fee to the
Investment Manager for the previous month. The fee for the previous
month shall be the sum of the Daily Management Fee Calculations
for each calendar day in the previous month.
(e)	Additional Series or Classes. In the event that the Board of
Directors shall determine to issue any additional series of shares for
which it is proposed that the Investment Manager serve as investment
manager, the relevant Company and the Investment Manager
shall enter into an Addendum to this Agreement setting forth the name
of the series and/or classes, as appropriate, the Applicable Fee and
such other terms and conditions as are applicable to the management
of such series and/or classes, or, in the alternative, enter into
a separate management agreement that relates specifically to such
series or classes of shares.
7.	Continuation of Agreement.  This Agreement shall become
effective for each Fund as of the date first set forth above and
shall continue in effect for each Fund for a period of two (2) years,
unless sooner terminated as hereinafter provided, and shall continue
in effect
from year to year thereafter for each Fund only as long as such continuance
is specifically approved at least annually (i) by either the Board of
Directors or by the vote of a majority of the outstanding
voting securities of such Fund, and (ii) by the vote of a majority of the
Directors, who are not parties to the Agreement or interested persons of
any such party, cast in person at a meeting called for the
purpose of voting on such approval.  The annual approvals provided for
herein shall be effective to continue this Agreement from year to year if
given within a period beginning not more than 90 days prior to
the date as of which the Agreement would otherwise terminate in each
applicable year, notwithstanding the fact that more than 365 days may have
elapsed since the date on which such approval was last given.
8.	Termination.  This Agreement may be terminated, with respect to any Fund,
by the Investment Manager at any time without penalty upon giving the affected
Company 60 days’ written notice, and may be terminated, with respect to any Fund,
at any time without penalty by the Board
of Directors or by vote of a majority of the outstanding voting securities of
each class of such Fund on 60 days’ written notice to the Investment Manager.
9.	Effect of Assignment.  This Agreement shall automatically terminate
with respect to any Fund in the event of its assignment by the Investment
Manager.  The term “assignment” for this purpose has the meaning defined in
Section 2(a)(4) of the Investment Company Act.
10.	Other Activities.  Nothing herein shall be deemed to limit or
restrict the right of the Investment Manager, or the right of any of its
officers, directors or employees (who may also be a Director, officer or
employee of one or more Companies), to engage in any other
business or to devote time and attention to the management or other
aspects of any other business, whether of a similar or dissimilar nature,
or to render services of any kind to any other corporation,
firm, individual or association.
11.	Standard of Care.  In the absence of willful misfeasance, bad
faith, gross negligence, or reckless disregard of its obligations or duties
hereunder on the part of the Investment Manager, it, as an inducement to it
to enter into this Agreement, shall not be subject to
liability to the Companies or to any shareholder of any Company for any
act or omission in the course of, or connected with, rendering services
hereunder or for any losses that may be sustained in the purchase,
holding or sale of any security.
12.	Separate Agreement.  The parties hereto acknowledge that certain
provisions of the Investment Company Act, in effect, treat each series of
shares of a registered investment company as a separate investment company.
Accordingly, the parties hereto hereby acknowledge
and agree that, to the extent deemed appropriate and consistent with the
Investment Company Act, this Agreement shall be deemed to constitute a
separate agreement between the Investment Manager and
each Fund.
13.	Use of the Name “American Century”.  The name “American Century”
and all rights to the use of the name “American Century” are the exclusive
property of American Century Proprietary Holdings, Inc. (“ACPH”).  ACPH has
consented to, and granted a non-exclusive license for,
the use by each Company of the name “American Century” in the name of each
such Company and any Fund.  Such consent and non-exclusive license may be
revoked by ACPH in its discretion if ACPH, the
Investment Manager, or a subsidiary or affiliate of either of them is not
employed as the investment adviser of each Fund.  In the event of such
revocation, each Company and each Fund using the name
“American Century” shall cease using the name “American Century” unless
otherwise consented to by ACPH or any successor to its interest in such name.
IN WITNESS WHEREOF, the parties have caused this Agreement to be amended
and restated as of the day and year first written above.


American Century Investment Management, Inc.	American Century Quantitative Equity
						Funds, Inc.
						American Century California Tax-Free
						And Municipal Funds
						American Century Government Income Trust
						American Century Municipal Trust
/s/David H. Reinmiller				/s/Charles A. Etherington
David H. Reinmiller				Charles A. Etherington
Vice President 					Senior Vice President




Schedule A

Investment Category Fee Schedules

Money Market Funds


				Rate Schedules
Category Assets		 1	  2	   3	   4
First $1 billion	0.25%	0.27%	0.35%	0.23%
Next $1 billion		0.21%	0.23%	0.31%	0.19%
Next $3 billion		0.17%	0.19%	0.27%	0.15%
Next $5 billion		0.15%	0.17%	0.25%	0.13%
Next $15 billion	0.14%	0.16%	0.24%	0.12%
Next $25 billion	0.14%	0.16%	0.24%	0.12%
Thereafter		0.14%	0.16%	0.24%	0.12%

Bond Funds
				Rate Schedules
Category Assets	 	1	 2	 3	 4	 5	 6	 7	 8	 9	 10
First $1 billion	0.28%	0.31%	0.36%	0.61%	0.41%	0.66%	0.38%	0.46%	0.44%	0.89%
Next $1 billion		0.23%	0.26%	0.31%	0.56%	0.36%	0.61%	0.33%	0.41%	0.39%	0.84%
Next $3 billion		0.20%	0.23%	0.28%	0.53%	0.33%	0.58%	0.30%	0.38%	0.36%	0.81%
Next $5 billion		0.18%	0.21%	0.26%	0.51%	0.31%	0.56%	0.28%	0.36%	0.34%	0.79%
Next $15 billion	0.17%	0.20%	0.25%	0.50%	0.30%	0.55%	0.27%	0.35%	0.33%	0.78%
Next $25 billion	0.16%	0.19%	0.24%	0.49%	0.29%	0.54%	0.26%	0.34%	0.32%	0.78%
Thereafter		0.16%	0.19%	0.24%	0.49%	0.29%	0.54%	0.26%	0.34%	0.32%	0.78%

Equity Funds

				Rate Schedules
Category Assets		1	2	3	4	5	6	7
First $1 billion	0.52%	0.72%	1.23%	0.87%	1.00%	1.15%	1.30%
Next $5 billion		0.46%	0.66%	1.17%	0.81%	0.94%	1.09%	1.24%
Next $15 billion	0.42%	0.62%	1.13%	0.77%	0.90%	1.05%	1.20%
Next $25 billion	0.37%	0.57%	1.08%	0.72%	0.85%	1.00%	1.15%
Next $50 billion	0.34%	0.54%	1.05%	0.69%	0.82%	0.97%	1.12%
Next $150 billion	0.34%	0.54%	1.05%	0.69%	0.82%	0.97%	1.12%
Thereafter		0.34%	0.54%	1.05%	0.69%	0.82%	0.97%	1.12%

Schedule B

Investment Category Assignments
							Applicable Fee
Series					Category	Schedule Number

American Century Quantitative
Equity Funds, Inc.
Small Company Fund			Equity Funds	2

American Century Municipal Trust
High-Yield Municipal Fund		Bond Funds	5
Tax-Free Bond Fund			Bond Funds	1
New York Tax-Free Fund			Bond Funds	9

American Century California
Tax-Free and Municipal Funds
California Long-Term Tax-Free Fund	Bond Funds	1
California Tax-Free Bond Fund		Bond Funds	1
California High-Yield Municipal Fund	Bond Funds	2

American Century Government Income Trust
Inflation-Adjusted Bond Fund		Bond Funds	1
Ginnie Mae Fund				Bond Funds	3
Government Bond Fund			Bond Funds	1
Short-Term Government Fund		Bond Funds	3

Schedule C

Complex Fee Schedules

				Rate Schedules
Complex Assets		Institutional Class	All Other Classes
First $2.5 billion		0.11%		0.31%
Next $7.5 billion		0.10%		0.30%
Next $15.0 billion		0.10%		0.30%
Next $25.0 billion		0.10%		0.30%
Next $25.0 billion		0.09%		0.29%
Next $25.0 billion		0.08%		0.28%
Next $25.0 billion		0.07%		0.27%
Next $25.0 billion		0.07%		0.27%
Next $25.0 billion		0.06%		0.26%
Next $25.0 billion		0.06%		0.26%
Thereafter			0.05%		0.25%


Series					Institu-	A	C	R
					tional		Class	Class	Class
					Class
American Century
Quantitative Equity Funds, Inc.
Small Company Fund			No		No	Yes	No

American Century Municipal Trust
High-Yield Municipal Fund		Yes
Tax-Free Bond Fund					Yes	Yes
New York Tax-Free Fund			Yes

American Century California
Tax-Free and Municipal Funds
California Long-Term Tax-Free Fund	Yes
California Tax-Free Bond Fund		Yes		Yes	Yes
California High-Yield Municipal Fund	Yes

American Century Government Income Trust
Inflation–Adjusted Bond Fund					Yes	Yes
Ginnie Mae Fund							Yes
Government Bond Fund			Yes			Yes	Yes
Short-Term Government Fund		Yes			Yes	Yes
EX-99.77Q3 5 exhibit77q3.htm 
EX-99.77Q3
exhibit77q3.txt
EXHIBIT 99.77Q3 - ADDITIONAL ITEMS

Exhibit 99.77Q3

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

File Number 811-03706

Registrant CIK Number: 0000717316

The electronic format for filing FORM N-SAR does not provide adequate space for responding fully to Items 15,
72DD, 73A, 74U and 74V. The complete answers are as follows:

Item 15
Custodian:                                         Sub-Custodian:
J.P. Morgan Chase & Company                        See Attachment A



                              Attachment A

a.Foreign Subcustodians:

Country                                           Foreign Subcustodian


ARGENTINA                HSBC Bank Argentina S.A.                        HSBC Bank Argentina S.A.
                         Florida 201, 7th Floor                          Buenos Aires
                         1005 Buenos Aires
                         ARGENTINA
- ------------------------ ----------------------------------------------- ------------------------------------------------
- ------------------------ ----------------------------------------------- ------------------------------------------------
AUSTRALIA                JPMorgan Chase Bank N.A.                        Australia and New Zealand Banking Group Ltd.
                         Level 37                                        Melbourne
                         AAP Center 259, George Street
                         Sydney NSW 2000
                         AUSTRALIA
- ------------------------ ----------------------------------------------- ------------------------------------------------
- ------------------------ ----------------------------------------------- ------------------------------------------------
AUSTRIA                  UniCredit Bank Austria AG                       J.P. Morgan AG
                         Julius Tandler Platz - 3                        Frankfurt
                         A-1090 Vienna
                         AUSTRIA
- ------------------------ ----------------------------------------------- ------------------------------------------------
- ------------------------ ----------------------------------------------- ------------------------------------------------
BAHRAIN                  HSBC Bank Middle East Limited                   National Bank of Bahrain
                         1st Floor, Building No 2505, Road No 2832       Manama
                         Al Seef 428
                         BAHRAIN
- ------------------------ ----------------------------------------------- ------------------------------------------------
- ------------------------ ----------------------------------------------- ------------------------------------------------
BANGLADESH               Standard Chartered Bank                         Standard Chartered Bank
                         18-20 Motijheel C.A                             Dhaka
                         Box 536
                         Dhaka-1000
                         BANGLADESH
- ------------------------ ----------------------------------------------- ------------------------------------------------
- ------------------------ ----------------------------------------------- ------------------------------------------------
BELGIUM                  Fortis Bank (Nederland) N.V.                    J.P. Morgan AG
                         Rokin 55                                        Frankfurt
                         1012KK Amsterdam
                         THE NETHERLANDS
- ------------------------ ----------------------------------------------- ------------------------------------------------
- ------------------------ ----------------------------------------------- ------------------------------------------------
BERMUDA                  The Bank of Bermuda Limited                     The Bank of Bermuda Limited
                         6 Front Street                                  Hamilton
                         Hamilton HMDX
                         BERMUDA
- ------------------------ ----------------------------------------------- ------------------------------------------------
- ------------------------ ----------------------------------------------- ------------------------------------------------
BOTSWANA                 Barclays Bank of Botswana Limited               Barclays Bank of Botswana Limited
                         Barclays House, Khama Crescent                  Gaborone
                         Gaborone
                         BOTSWANA
- ------------------------ ----------------------------------------------- ------------------------------------------------
- ------------------------ ----------------------------------------------- ------------------------------------------------
BRAZIL                   HSBC Bank Brasil S.A. Banco Multiplo            HSBC Bank Brasil S.A. Banco Multiplo
                         Avenida Brigadeiro Faria Lima 3064, 2nd Floor   Sao Paulo
                         Sao Paulo, SP 01451-000
                         BRAZIL
- ------------------------ ----------------------------------------------- ------------------------------------------------
- ------------------------ ----------------------------------------------- ------------------------------------------------
BULGARIA                 ING Bank N.V.                                   ING Bank N.V.
                         Sofia Branch                                    Sofia
                         12 Emil Bersinski Street
                         Ivan Vazov Region
                         1408 Sofia
                         BULGARIA
- ------------------------ ----------------------------------------------- ------------------------------------------------
- ------------------------ ----------------------------------------------- ------------------------------------------------
CANADA                   Canadian Imperial Bank of Commerce              Royal Bank of Canada
                         Commerce Court West                             Toronto
                         Security Level
                         Toronto, Ontario M5L 1G9
                         CANADA
- ------------------------ ----------------------------------------------- ------------------------------------------------
- ------------------------ ----------------------------------------------- ------------------------------------------------
                         Royal Bank of Canada                            Royal Bank of Canada
                         200 Bay Street, Suite 1500                      Toronto
                         15th Floor
                         Royal Bank Plaza, North Tower
                         Toronto Ontario M5J 2J5
                         CANADA
- ------------------------ ----------------------------------------------- ------------------------------------------------
- ------------------------ ----------------------------------------------- ------------------------------------------------
CHILE                    Banco de Chile                                  Banco de Chile
                         Av. Andres Bello 2687 5th Floor                 Santiago
                         Las Condes
                         Santiago
                         CHILE
- ------------------------ ----------------------------------------------- ------------------------------------------------
- ------------------------ ----------------------------------------------- ------------------------------------------------
CHINA - SHANGHAI         HSBC Bank (China) Company Limited               JPMorgan Chase Bank, N.A.
                         35/F, HSBC Tower                                New York (for B-Share Market)
                         1000 Lujiazui Ring Road
                         Pudong                                          The Hongkong and Shanghai Banking
                         Shanghai 200120                                 Corporation Limited
                         THE PEOPLE'S REPUBLIC OF CHINA                  Shanghai (for A-Share Market)
- ------------------------ ----------------------------------------------- ------------------------------------------------
- ------------------------ ----------------------------------------------- ------------------------------------------------
CHINA - SHENZHEN         HSBC Bank (China) Company Limited               JPMorgan Chase Bank, N.A.
                         35/F, HSBC Tower                                New York (for B-Share Market)
                         1000 Lujiazui Ring Road
                         Pudong                                          The Hongkong and Shanghai Banking
                         Shanghai 200120                                 Corporation Limited
                         THE PEOPLE'S REPUBLIC OF CHINA                  Shanghai (for A-Share Market)
- ------------------------ ----------------------------------------------- ------------------------------------------------
- ------------------------ ----------------------------------------------- ------------------------------------------------
COLOMBIA                 Santander Investment Trust Colombia S.A.        Santander Investment Trust Colombia S.A.
                         Calle 12, No. 7-32, Piso 3                      Bogota
                         Bogota
                         COLOMBIA
- ------------------------ ----------------------------------------------- ------------------------------------------------
- ------------------------ ----------------------------------------------- ------------------------------------------------
CROATIA                  Privredna banka Zagreb d.d.                     Zagrebacka Banka d.d.
                         Savska c.28                                     Zagreb
                         10000 Zagreb
                         CROATIA
- ------------------------ ----------------------------------------------- ------------------------------------------------
- ------------------------ ----------------------------------------------- ------------------------------------------------
CYPRUS                   Marfin Popular Bank Public Company Ltd.         Marfin Popular Bank Public Company Ltd.
                         154 Limassol Avenue                             Nicosia
                         P.O. Box 22032
                         CY-1598 Nicosia
                         CYPRUS
- ------------------------ ----------------------------------------------- ------------------------------------------------
- ------------------------ ----------------------------------------------- ------------------------------------------------
CZECH REPUBLIC           UniCredit Bank Czech Republic a.s.              Ceskoslovenska obchodni banka,a.s.
                         Revolucni 7                                     Prague
                         110 05 Prague 1
                         CZECH REPUBLIC
- ------------------------ ----------------------------------------------- ------------------------------------------------
- ------------------------ ----------------------------------------------- ------------------------------------------------
DENMARK                  Danske Bank A/S                                 Nordea Bank Danmark A/S
                         2-12 Holmens Kanal                              Copenhagen
                         DK 1092 Copenhagen K
                         DENMARK
- ------------------------ ----------------------------------------------- ------------------------------------------------
- ------------------------ ----------------------------------------------- ------------------------------------------------
EGYPT                    Citibank, N.A.                                  Citibank, N.A.
                         4 Ahmed Pasha Street                            Cairo
                         Garden City
                         Cairo
                         EGYPT
- ------------------------ ----------------------------------------------- ------------------------------------------------
- ------------------------ ----------------------------------------------- ------------------------------------------------
ESTONIA                  Hansabank                                       SEB Esti Uhispank
                         Liivalaia 8                                     Tallinn
                         EE0001 Tallinn
                         ESTONIA
- ------------------------ ----------------------------------------------- ------------------------------------------------
- ------------------------ ----------------------------------------------- ------------------------------------------------
FINLAND                  Nordea Bank Finland Plc                         J.P. Morgan AG
                         Aleksis Kiven katu 3-5                          Frankfurt
                         FIN-00020 NORDEA Helsinki
                         FINLAND
- ------------------------ ----------------------------------------------- ------------------------------------------------
- ------------------------ ----------------------------------------------- ------------------------------------------------
FRANCE                   BNP Paribas Securities Services S.A.            J.P. Morgan AG
                         Ref 256                                         Frankfurt
                         BP 141
                         3, Rue D'Antin
                         75078 Paris
                         Cedex 02
                         FRANCE
- ------------------------ ----------------------------------------------- ------------------------------------------------
- ------------------------ ----------------------------------------------- ------------------------------------------------
                         Societe Generale                                J.P. Morgan AG
                         50 Boulevard Haussman                           Frankfurt
                         75009 Paris
                         FRANCE
- ------------------------ ----------------------------------------------- ------------------------------------------------
- ------------------------ ----------------------------------------------- ------------------------------------------------
GERMANY                  Deutsche Bank AG                                J.P. Morgan AG
                         Alfred-Herrhausen-Allee 16-24                   Frankfurt
                         D-65760 Eschborn
                         GERMANY
- ------------------------ ----------------------------------------------- ------------------------------------------------
- ------------------------ ----------------------------------------------- ------------------------------------------------
                         J.P. Morgan AG                                  J.P. Morgan AG
                         Junghofstrasse 14                               Frankfurt
                         60311 Frankfurt am Main
                         GERMANY
- ------------------------ ----------------------------------------------- ------------------------------------------------
- ------------------------ ----------------------------------------------- ------------------------------------------------
GHANA                    Barclays Bank of Ghana Limited                  Barclays Bank of Ghana Limited
                         Barclays House, High Street                     Accra
                         Accra
                         GHANA
- ------------------------ ----------------------------------------------- ------------------------------------------------
- ------------------------ ----------------------------------------------- ------------------------------------------------
GREECE                   HSBC Bank plc                                   J.P. Morgan AG
                         Messogion 109-111                               Frankfurt
                         11526 Athens
                         GREECE
- ------------------------ ----------------------------------------------- ------------------------------------------------
- ------------------------ ----------------------------------------------- ------------------------------------------------
HONG KONG                The Hongkong and Shanghai Banking               JPMorgan Chase Bank, N.A.
                         Corporation Limited                             Hong Kong
                         36th Floor, Sun Hung Kai Centre
                         30 Harbour Road
                         Wan Chai
                         HONG KONG
- ------------------------ ----------------------------------------------- ------------------------------------------------
- ------------------------ ----------------------------------------------- ------------------------------------------------
HUNGARY                  Deutsche Bank Zrt.                              ING Bank N.V.
                         Hold utca 27                                    Budapest
                         H-1054 Budapest
                         HUNGARY
- ------------------------ ----------------------------------------------- ------------------------------------------------
- ------------------------ ----------------------------------------------- ------------------------------------------------
*ICELAND*                Nyi Glitnir banki hf.                           Nyi Glitnir banki hf.
                         Kirkjusandur 2                                  Reykjavik
                         155 Reykjavik
                         ICELAND
- -------------------------------------------------------------------------------------------------------------------------
*RESTRICTED SERVICE ONLY.  PLEASE CONTACT YOUR RELATIONSHIP MANAGER FOR FURTHER INFORMATION.*
- -------------------------------------------------------------------------------------------------------------------------
- ------------------------ ----------------------------------------------- ------------------------------------------------
INDIA                    The Hongkong and Shanghai Banking               The Hongkong and Shanghai Banking
                         Corporation Limited                             Corporation Limited
                         2nd floor, "Shiv"                               Mumbai
                         Plot No 139-140B
                         Western Express Highway
                         Sahar Road Junction
                         Vile Parle-E
                         Worli Mumbai 400 057
                         INDIA
- ------------------------ ----------------------------------------------- ------------------------------------------------
- ------------------------ ----------------------------------------------- ------------------------------------------------
                         Standard Chartered Bank                         Standard Chartered Bank
                         23-25 Mahatma Ghandi Road                       Mumbai
                         Mumbai 400 001
                         INDIA
- ------------------------ ----------------------------------------------- ------------------------------------------------
- ------------------------ ----------------------------------------------- ------------------------------------------------
INDONESIA                Deutsche Bank AG                                Deutsche Bank AG
                         Deutsche Bank Building                          Jakarta
                         80 Jl. Inman Bonjol
                         Jakarta 10310
                         INDONESIA
- ------------------------ ----------------------------------------------- ------------------------------------------------
- ------------------------ ----------------------------------------------- ------------------------------------------------
IRELAND                  Bank of Ireland                                 J.P. Morgan AG
                         New Century House                               Frankfurt
                         Mayor Street Lower
                         International Financial Services Centre
                         Dublin 1
                         IRELAND
- ------------------------ ----------------------------------------------- ------------------------------------------------
- ------------------------ ----------------------------------------------- ------------------------------------------------
ISRAEL                   Bank Leumi le-Israel B.M.                       Bank Leumi le-Israel B.M.
                         35, Yehuda Halevi Street                        Tel Aviv
                         61000 Tel Aviv
                         ISRAEL
- ------------------------ ----------------------------------------------- ------------------------------------------------
- ------------------------ ----------------------------------------------- ------------------------------------------------
ITALY                    Intesa Sanpaolo S.p.A.                          J.P. Morgan AG
                         6, Piazza della Scala                           Frankfurt
                         20121 Milan
                         ITALY
- ------------------------ ----------------------------------------------- ------------------------------------------------
- ------------------------ ----------------------------------------------- ------------------------------------------------
*IVORY COAST*            Societe Generale de Banques en Cote d'Ivoire    Societe Generale
                         5 et 7, Avenue J. Anoma - 01 B.P. 1355          Paris
                         Abidjan 01
                         IVORY COAST
- -------------------------------------------------------------------------------------------------------------------------
*RESTRICTED SERVICE ONLY.  PLEASE CONTACT YOUR RELATIONSHIP MANAGER FOR FURTHER INFORMATION.*
- -------------------------------------------------------------------------------------------------------------------------
- ------------------------ ----------------------------------------------- ------------------------------------------------
*JAMAICA*                FirstCaribbean International Securities         FirstCaribbean International Securities
                         Limited                                         Limited
                         23-27 Knutsford Blvd.                           Kingston
                         Kingston 10
                         JAMAICA
- -------------------------------------------------------------------------------------------------------------------------
*RESTRICTED SERVICE ONLY.  PLEASE CONTACT YOUR RELATIONSHIP MANAGER FOR FURTHER INFORMATION.*
- -------------------------------------------------------------------------------------------------------------------------
- ------------------------ ----------------------------------------------- ------------------------------------------------
JAPAN                    Mizuho Corporate Bank, Limited                  JPMorgan Chase Bank, N.A.
                         6-7 Nihonbashi-Kabutocho                        Tokyo
                         Chuo-Ku
                         Tokyo 103
                         JAPAN
- ------------------------ ----------------------------------------------- ------------------------------------------------
- ------------------------ ----------------------------------------------- ------------------------------------------------
                         The Bank of Tokyo-Mitsubishi UFJ, Limited       JPMorgan Chase Bank, N.A.
                         3-2 Nihombashi Hongkucho 1-chome                Tokyo
                         Chuo-ku
                         Tokyo 103
                         JAPAN
- ------------------------ ----------------------------------------------- ------------------------------------------------
- ------------------------ ----------------------------------------------- ------------------------------------------------
JORDAN                   HSBC Bank Middle East Limited                   HSBC Bank Middle East Limited
                         1st Floor                                       Western Amman
                         5th Circle
                         Western Amman
                         JORDAN
- ------------------------ ----------------------------------------------- ------------------------------------------------
- ------------------------ ----------------------------------------------- ------------------------------------------------
KAZAKHSTAN               SB HSBC Bank Kazakhstan JSC                     SB HSBC Bank Kazakhstan JSC
                         43 Dostyk Avenue                                Almaty
                         Almaty 050010
                         KAZAKHSTAN
- ------------------------ ----------------------------------------------- ------------------------------------------------
- ------------------------ ----------------------------------------------- ------------------------------------------------
KENYA                    Barclays Bank of Kenya Limited                  Barclays Bank of Kenya Limited
                         c/o Barclaytrust Investment Services &          Nairobi
                         Limited
                         Mezzanine 3, Barclays Plaza, Loita Street
                         Nairobi
                         KENYA
- ------------------------ ----------------------------------------------- ------------------------------------------------
- ------------------------ ----------------------------------------------- ------------------------------------------------
KUWAIT                   HSBC Bank Middle East Limited                   HSBC Bank Middle East Limited
                         G/1/2 Floors                                    Safat
                         Kharafi Tower, Qibla Area
                         Osama Bin Munkez Street
                         Safat 13017
                         KUWAIT
- ------------------------ ----------------------------------------------- ------------------------------------------------
- ------------------------ ----------------------------------------------- ------------------------------------------------
LATVIA                   Hansabanka                                      Hansabanka
                         Balasta dambis 1a                               Riga
                         Riga, LV-1048
                         LATVIA
- ------------------------ ----------------------------------------------- ------------------------------------------------
- ------------------------ ----------------------------------------------- ------------------------------------------------
LEBANON                  HSBC Bank Middle East Limited                   JPMorgan Chase Bank, N.A.
                         HSBC Main Building                              New York
                         Riad El Solh, P.O. Box 11-1380
                         1107-2080 Beirut
                         LEBANON
- ------------------------ ----------------------------------------------- ------------------------------------------------
- ------------------------ ----------------------------------------------- ------------------------------------------------
LITHUANIA                AB SEB Bankas                                   AB SEB Bankas
                         12 Gedimino pr.                                 Vilnius
                         LT 2600 Vilnius
                         LITHUANIA
- ------------------------ ----------------------------------------------- ------------------------------------------------
- ------------------------ ----------------------------------------------- ------------------------------------------------
LUXEMBOURG               Fortis Banque Luxembourg S.A.                   J.P. Morgan AG
                         50 Avenue J.F. Kennedy                          Frankfurt
                         L-2951
                         LUXEMBOURG
- ------------------------ ----------------------------------------------- ------------------------------------------------
- ------------------------ ----------------------------------------------- ------------------------------------------------
MALAYSIA                 HSBC Bank Malaysia Berhad                       HSBC Bank Malaysia Berhad
                         2 Leboh Ampang                                  Kuala Lumpur
                         50100 Kuala Lumpur
                         MALAYSIA
- ------------------------ ----------------------------------------------- ------------------------------------------------
- ------------------------ ----------------------------------------------- ------------------------------------------------
MALTA                    HSBC Bank Malta p.l.c.                          HSBC Bank Malta p.l.c.
                         233 Republic Street                             Valletta
                         Valletta VLT 05
                         MALTA
- ------------------------ ----------------------------------------------- ------------------------------------------------
- ------------------------ ----------------------------------------------- ------------------------------------------------
MAURITIUS                The Hongkong and Shanghai Banking               The Hongkong and Shanghai Banking
                         Corporation Limited                             Corporation Limited
                         HSBC Centre                                     Port Louis
                         18 Cybercity
                         Ebene
                         MAURITIUS
- ------------------------ ----------------------------------------------- ------------------------------------------------
- ------------------------ ----------------------------------------------- ------------------------------------------------
MEXICO                   Banco Nacional de Mexico, S.A.                  Banco Santander, S.A.
                         Act. Roberto Medellin No. 800 3er Piso Norte    Mexico, D.F.
                         Colonia Santa Fe
                         01210 Mexico, D.F.
                         MEXICO
- ------------------------ ----------------------------------------------- ------------------------------------------------
- ------------------------ ----------------------------------------------- ------------------------------------------------
MOROCCO                  Societe Generale Marocaine de Banques           Attijariwafa Bank S.A.
                         55 Boulevard Abdelmoumen                        Casablanca
                         Casablanca 20100
                         MOROCCO
- ------------------------ ----------------------------------------------- ------------------------------------------------
- ------------------------ ----------------------------------------------- ------------------------------------------------
NAMIBIA                  Standard Bank Namibia Limited                   The Standard Bank of South Africa Limited
                         Mutual Platz                                    Johannesburg
                         Cnr. Stroebel and Post Streets
                         P.O.Box 3327
                         Windhoek
                         NAMIBIA
- ------------------------ ----------------------------------------------- ------------------------------------------------
- ------------------------ ----------------------------------------------- ------------------------------------------------
NETHERLANDS              KAS Bank N.V.                                   J.P. Morgan AG
                         Spuistraat 172                                  Frankfurt
                         1012 VT Amsterdam
                         NETHERLANDS
- ------------------------ ----------------------------------------------- ------------------------------------------------
- ------------------------ ----------------------------------------------- ------------------------------------------------
NEW ZEALAND              National Australia Bank Limited                 Westpac Banking Corporation
                         National Nominees Limited                       Wellington
                         Level 2 BNZ Tower
                         125 Queen Street
                         Auckland
                         NEW ZEALAND
- ------------------------ ----------------------------------------------- ------------------------------------------------
- ------------------------ ----------------------------------------------- ------------------------------------------------
NIGERIA                  Stanbic IBTC Bank Plc                           The Standard Bank of South Africa Limited
                         IBTC place                                      Johannesburg
                         Walter carrington Crescent
                         Victoria Island
                         Lagos
                         NIGERIA
- -------------------------------------------------------------------------------------------------------------------------
- ------------------------ ----------------------------------------------- ------------------------------------------------
NORWAY                   Nordea Bank Norge ASA                           Nordea Bank Norge ASA
                         Essendropsgate 7                                Oslo
                         P.O. Box 1166
                         NO-0107 Oslo
                         NORWAY
- ------------------------ ----------------------------------------------- ------------------------------------------------
- ------------------------ ----------------------------------------------- ------------------------------------------------
OMAN                     HSBC Bank Middle East Limited                   HSBC Bank Middle East Limited
                         Bait Al Falaj Main Office                       Ruwi
                         Ruwi PC 112
                         OMAN
- ------------------------ ----------------------------------------------- ------------------------------------------------
- ------------------------ ----------------------------------------------- ------------------------------------------------
PAKISTAN                 Standard Chartered Bank (Pakistan) Limited      Standard Chartered Bank (Pakistan) Limited
                         P.O. Box 4896                                   Karachi
                         Ismail Ibrahim Chundrigar Road
                         Karachi 74000
                         PAKISTAN
- ------------------------ ----------------------------------------------- ------------------------------------------------
- ------------------------ ----------------------------------------------- ------------------------------------------------
PANAMA                   HSBC Bank (Panama) S.A.                         HSBC Bank (Panama) S.A.
                         Plaza HSBC Building, 9th Floor                  Panama City
                         Aquilino de la Guardia Street and 47th Street
                         Panama City
                         PANAMA
- ------------------------ ----------------------------------------------- ------------------------------------------------
- ------------------------ ----------------------------------------------- ------------------------------------------------
PERU                     Citibank del Peru S.A.                          Banco de Credito del Peru
                         Av Canaval y Moreryra 480 Piso 4                Lima
                         San Isidro, Lima 27
                         PERU
- ------------------------ ----------------------------------------------- ------------------------------------------------
- ------------------------ ----------------------------------------------- ------------------------------------------------
PHILIPPINES              The Hongkong and Shanghai Banking               The Hongkong and Shanghai Banking
                         Corporation Limited                             Corporation Limited
                         12/F, The Enterprise Center, Tower 1            Manila
                         6766 Ayala Avenue Corner Paseo de Roxas
                         Makati City, Manila 1226
                         PHILIPPINES
- ------------------------ ----------------------------------------------- ------------------------------------------------
- ------------------------ ----------------------------------------------- ------------------------------------------------
POLAND                   Bank Handlowy w. Warszawie S.A.                 BRE Bank S.A.
                         ul. Senatorska 16                               Warsaw
                         00-923 Warsaw 55
                         POLAND
- ------------------------ ----------------------------------------------- ------------------------------------------------
- ------------------------ ----------------------------------------------- ------------------------------------------------
PORTUGAL                 Banco Espirito Santo, S.A                       J.P. Morgan AG
                         7th floor                                       Frankfurt
                         Rua Castilho, 26
                         1250-069 Lisbon
                         PORTUGAL
- ------------------------ ----------------------------------------------- ------------------------------------------------
- ------------------------ ----------------------------------------------- ------------------------------------------------
QATAR                    HSBC Bank Middle East Limited                   HSBC Bank Middle East Limited
                         810 Abdulla Bin Jassim Street                   Doha
                         P.O. Box 57
                         Doha
                         QATAR
- ------------------------ ----------------------------------------------- ------------------------------------------------
- ------------------------ ----------------------------------------------- ------------------------------------------------
ROMANIA                  ING Bank N.V.                                   ING Bank N.V.
                         13-15 Kiseleff Avenue                           Bucharest
                         011342 Bucharest 1
                         ROMANIA
- ------------------------ ----------------------------------------------- ------------------------------------------------
- ------------------------ ----------------------------------------------- ------------------------------------------------
*RUSSIA*                 J.P. Morgan Bank International                  JPMorgan Chase Bank, N.A.
                         (Limited Liability Company)                     New York
                         Building 2/1, 8th floor                         A/C JPMorgan Chase Bank London (USD NOSTRO
                         Paveletskaya Square                             Account)
                         113054 Moscow
                         RUSSIA
- ------------------------ ----------------------------------------------- ------------------------------------------------
- ------------------------ ----------------------------------------------- ------------------------------------------------
                         ING Bank (Eurasia) ZAO                          JPMorgan Chase Bank, N.A.
                         (Closed Joint Stock Company)                    New York
                         36 krasnoproletarskaya ulitsa                   A/C JPMorgan Chase Bank London (USD NOSTRO
                         127473 Moscow                                   Account)
                         RUSSIA
- -------------------------------------------------------------------------------------------------------------------------
*RESTRICTED SERVICE ONLY.  PLEASE CONTACT YOUR RELATIONSHIP MANAGER FOR FURTHER INFORMATION.*
- -------------------------------------------------------------------------------------------------------------------------
- ------------------------ ----------------------------------------------- ------------------------------------------------
SAUDI ARABIA             SAAB Securities Limited                         SAAB Securities Limited
                         3/F HSBC Building                               Riyadh
                         North Olaya road, Al-Murooj District
                         Riyadh 11413
                         SAUDI ARABIA
- ------------------------ ----------------------------------------------- ------------------------------------------------
- ------------------------ ----------------------------------------------- ------------------------------------------------
SERBIA                   UniCredit Bank Srbija a.d.                      UniCredit Bank Srbija a.d.
                         Rajiceva 27-29                                  Belgrade
                         11000 Belgrade
                         SERBIA AND MONTENEGRO
- ------------------------ ------------------------------------------------------------------------------------------------
- ------------------------ ----------------------------------------------- ------------------------------------------------
SINGAPORE                DBS Bank Ltd.                                   Oversea-Chinese Banking Corporation
                         180 Clemenceau Avenue #03-01                    Singapore
                         Haw Par Centre
                         239922
                         SINGAPORE
- ------------------------ ----------------------------------------------- ------------------------------------------------
- ------------------------ ----------------------------------------------- ------------------------------------------------
SLOVAK REPUBLIC          UniCredit Bank Slovakia a.s.                    Vseobecna uverova banka, a.s
                         Sancova 1/A                                     Bratislava
                         SK-813 33 Bratislava
                         SLOVAK REPUBLIC
- ------------------------ ----------------------------------------------- ------------------------------------------------
- ------------------------ ----------------------------------------------- ------------------------------------------------
SLOVENIA                 UniCredit Banka Slovenija d.d.                  J.P. Morgan AG
                         Smartinska 140                                  Frankfurt
                         SI-1000 Ljubljana
                         SLOVENIA
- ------------------------ ----------------------------------------------- ------------------------------------------------
- ------------------------ ----------------------------------------------- ------------------------------------------------
SOUTH AFRICA             FirstRand Bank Limited                          The Standard Bank of South Africa Limited
                         1 Mezzanine Floor, 3 First Place, Bank City     Johannesburg
                         Cnr Simmonds and Jeppe Streets
                         Johannesburg 2001
                         SOUTH AFRICA
- ------------------------ ----------------------------------------------- ------------------------------------------------
- ------------------------ ----------------------------------------------- ------------------------------------------------
SOUTH KOREA              Standard Chartered First Bank Korea Limited     Standard Chartered First Bank Korea Limited
                         100 KongPyung-dong ChongRo-Gu                   Seoul
                         Seoul 110-702
                         SOUTH KOREA
- ------------------------ ----------------------------------------------- ------------------------------------------------
- ------------------------ ----------------------------------------------- ------------------------------------------------
SPAIN                    Santander Investment, S.A.                      J.P. Morgan AG
                         Ciudad Grupo Santander                          Frankfurt
                         Avenida de Cantabria, s/n
                         Edificio Ecinar, planta baja
                         Boadilla del Monte
                         28660 Madrid
                         SPAIN
- ------------------------ ----------------------------------------------- ------------------------------------------------
- ------------------------ ----------------------------------------------- ------------------------------------------------
SRI LANKA                The Hongkong and Shanghai Banking               The Hongkong and Shanghai Banking
                         Corporation Limited                             Corporation Limited
                         24 Sir Baron Jayatillaka Mawatha                Colombo
                         Colombo 1
                         SRI LANKA
- ------------------------ ----------------------------------------------- ------------------------------------------------
- ------------------------ ----------------------------------------------- ------------------------------------------------
SWEDEN                   Skandinaviska Enskilda Banken AB (publ)         Svenska Handelsbanken
                         Sergels Torg 2                                  Stockholm
                         SE-106 40 Stockholm
                         SWEDEN
- ------------------------ ----------------------------------------------- ------------------------------------------------
- ------------------------ ----------------------------------------------- ------------------------------------------------
SWITZERLAND              UBS AG                                          UBS AG
                         45 Bahnhofstrasse                               Zurich
                         8021 Zurich
                         SWITZERLAND
- ------------------------ ----------------------------------------------- ------------------------------------------------
- ------------------------ ----------------------------------------------- ------------------------------------------------
TAIWAN                   JPMorgan Chase Bank                             JPMorgan Chase Bank, N.A.
                         8th Floor, Cathay Xin Yi Trading Building       Taipei
                         No. 108, Section 5, Hsin  Yi Road
                         Taipei 110
                         TAIWAN
- ------------------------ ----------------------------------------------- ------------------------------------------------
- ------------------------ ----------------------------------------------- ------------------------------------------------
THAILAND                 Standard Chartered Bank (Thai) Public Company   Standard Chartered Bank (Thai) Public Company
                         Limited                                         Limited
                         14th Floor, Zone B                              Bangkok
                         Sathorn Nakorn Tower
                         100 North Sathorn Road Bangrak
                         Bangkok 10500
                         THAILAND
- ------------------------ ----------------------------------------------- ------------------------------------------------
- ------------------------ ----------------------------------------------- ------------------------------------------------
TUNISIA                  Banque Internationale Arabe de Tunisie, S.A.    Banque Internationale Arabe de Tunisie, S.A.
                         70-72 Avenue Habib Bourguiba                    Tunis
                         P.O. Box 520
                         1080 Tunis Cedex
                         TUNISIA
- ------------------------ ----------------------------------------------- ------------------------------------------------
- ------------------------ ----------------------------------------------- ------------------------------------------------
TURKEY                   Citibank A.S.                                   JPMorgan Chase Bank, N.A.
                         Turkiye Main Branch                             Istanbul
                         Buyukdere Cad. No:100
                         80280 Esentepe
                         Istanbul
                         TURKEY
- ------------------------ ----------------------------------------------- ------------------------------------------------
- ------------------------ ----------------------------------------------- ------------------------------------------------
*UKRAINE*                ING Bank Ukraine                                JPMorgan Chase Bank, N.A.
                         30-A Spaska Street                              New York
                         04070 Kiev                                      A/C JPMorgan Chase Bank London (USD NOSTRO
                         UKRAINE                                         Account)
- -------------------------------------------------------------------------------------------------------------------------
*RESTRICTED SERVICE ONLY.  PLEASE CONTACT YOUR RELATIONSHIP MANAGER FOR FURTHER INFORMATION.*
- -------------------------------------------------------------------------------------------------------------------------
- ------------------------ ----------------------------------------------- ------------------------------------------------
U.A.E. - ADX             HSBC Bank Middle East Limited                   The National Bank of Abu Dhabi
                         Level 4, Precinct Building 4, Unit 5            Abu Dhabi
                         Gate District
                         P.O. Box 506553
                         Dubai
                         UNITED ARAB EMIRATES
- ------------------------ ----------------------------------------------- ------------------------------------------------
- ------------------------ ----------------------------------------------- ------------------------------------------------
U.A.E. - DFM             HSBC Bank Middle East Limited                   The National Bank of Abu Dhabi
                         Level 4, Precinct Building 4, Unit 5            Abu Dhabi
                         Gate District
                         P.O. Box 506553
                         Dubai
                         UNITED ARAB EMIRATES
- ------------------------ ----------------------------------------------- ------------------------------------------------
- ------------------------ ----------------------------------------------- ------------------------------------------------
U.A.E. - NASDAQ Dubai    HSBC Bank Middle East Limited                   JPMorgan Chase Bank, N.A.
                         Level 4, Precinct Building 4, Unit 5            New York
                         Gate District                                   A/C JPMorgan Chase Bank London (USD NOSTRO
                         P.O. Box 506553                                 Account)
                         Dubai
                         UNITED ARAB EMIRATES
- ------------------------ ----------------------------------------------- ------------------------------------------------
- ------------------------ ----------------------------------------------- ------------------------------------------------
U.K.                     JPMorgan Chase Bank, N.A.                       JPMorgan Chase Bank, N.A.
                         1 Tallis Street                                 London
                         London EC4Y 5AJ
                         UNITED KINGDOM
- ------------------------ ----------------------------------------------- ------------------------------------------------
- ------------------------ ----------------------------------------------- ------------------------------------------------
                         Deutsche Bank AG                                Varies by currency
                         The Depository and Clearing Centre
                         Lower Ground Floor
                         27 Leadenhall Street
                         London EC3A 1AA
                         UNITED KINGDOM
- ------------------------ ----------------------------------------------- ------------------------------------------------
- ------------------------ ----------------------------------------------- ------------------------------------------------
URUGUAY                  Banco Itau Uruguay S.A.                         Banco Itau Uruguay S.A.
                         Zabala 1463                                     Montevideo.
                         Montevideo
                         URUGUAY
- ------------------------ ----------------------------------------------- ------------------------------------------------
- ------------------------ ----------------------------------------------- ------------------------------------------------
U.S.A.                   JPMorgan Chase Bank                             JPMorgan Chase Bank, N.A.
                         4 New York Plaza                                New York
                         New York
                         NY 10004
                         U.S.A.
- ------------------------ ----------------------------------------------- ------------------------------------------------
- ------------------------ ----------------------------------------------- ------------------------------------------------
VENEZUELA                Citibank, N.A.                                  Citibank, N.A.
                         Centro Comercial El Recreo                      Caracas
                         Torre Norte, Piso 20
                         Avda. Casanora, Sabana Grande
                         Caracas 1050 D.C.
                         VENEZUELA
- ------------------------ ----------------------------------------------- ------------------------------------------------
- ------------------------ ----------------------------------------------- ------------------------------------------------
VIETNAM                  The Hongkong and Shanghai Banking               The Hongkong and Shanghai Banking
                         Corporation Limited                             Corporation Limited
                         The Metropolitan, 235 dong Khoi Street          Ho Chi Minh City
                         District 1
                         Ho Chi Minh City
                         VIETNAM
- ------------------------ ----------------------------------------------- ------------------------------------------------
- ------------------------ ----------------------------------------------- ------------------------------------------------
ZAMBIA                   Barclays Bank of Zambia Plc                     Barclays Bank of Zambia Plc
                         Elunda Park, Plot 4644                          Lusaka
                         Lusaka
                         ZAMBIA
- ------------------------ ----------------------------------------------- ------------------------------------------------
- ------------------------ ----------------------------------------------- ------------------------------------------------
*ZIMBABWE*               Barclays Bank of Zimbabwe Limited               Barclays Bank of Zimbabwe Limited
                         Corporate centre                                Harare
                         1st Floor, Eastern Wing
                         Birmingham Road, Cnr. Paisley Road
                         Harare
                         ZIMBABWE
- -------------------------------------------------------------------------------------------------------------------------
*RESTRICTED SERVICE ONLY.  PLEASE CONTACT YOUR RELATIONSHIP MANAGER FOR FURTHER INFORMATION.*




Series Number:  4
For period ending 02/28/2010

72DD).           1. Total income dividends for which record date passed during the period
                                Investor Class      9,274
              2.  Dividends for a second class of open-end company shares
                                A Class            266
                                B Class              -
                                C Class            139

72EE)   1. Total capital gains for which record date passed during the period
          Investor Class         283
         2. Dividends for a second class of open-end company shares

            A Class              8
            B Class              -
            C Class              5


73A)          1. Dividends from net investment income
                                Investor Class    $0.2430
              2. Dividends for a second class of open-end company shares
                                A Class           $0.2296
                                B Class           $0.1896
                                C Class           $0.1895

73B.     Distributions per share for which record date passed during the period:

         Investor Class           $ 0.0074
         A Class                  $ 0.0074
         B Class                  $ 0.0074
         C Class                  $ 0.0074

74U).         1. Number of shares outstanding (000's omitted)
                                Investor Class        38,122
2.            Number of shares outstanding of a second class of open-end company shares (000's omitted)
                                A Class               	1372
                                B Class                    3
                                C Class                	 829

74V).         1. Net asset value per share (to nearest cent)
                                Investor Class   $10.79
2.Net asset value per share of a second class of open-end company shares (to nearest cent)
                                A Class               $10.79
                                B Class               $10.79
                                C Class               $10.79

Series Number:  5
For the six months ended 02/28/2010

72DD).        1. Total income dividends for which record date passed during the period
                                Investor Class       10,101
              2.  Dividends for a second class of open-end company shares
                                A Class   2,517
                                B Class      20
                                C Class     635

73A)          1. Dividends from net investment income
                                Investor Class $0.2367

              2.  Dividends for a second class of open-end company shares
                                A Class $0.2253
                                B Class $0.1909
                                C Class $0.1909

74U).         1. Number of shares outstanding (000's omitted)
                                Investor Class 42,020
2.            Number of shares outstanding of a second class of open-end company shares (000's omitted)
                                A Class 11,000
                                B Class    106
                                C Class  3,245

74V).         1. Net asset value per share (to nearest cent)
                                Investor Class $9.28
2.Net asset value per share of a second class of open-end company shares (to nearest cent)
                                A Class $ 9.28
                                B Class $ 9.28
                                C Class $ 9.28
 EX-99.77Q1 OTHR EXHB 6 exhibit77q1a2bylaws.htm 
Bylaws
as amended and restated as of February 18, 2010

Table of Contents

ARTICLE I Offices								1

Section 1.  Principal Office							1
Section 2.  Other Offices							1
ARTICLE II Meetings of Shareholders						1
Section 1.  Place of Meetings							1
Section 2.  Call of Meeting							1
Section 3.  Notice of Shareholders’ Meeting					1
Section 4.  Manner of Giving Notice; Affidavit of Notice			2
Section 5.  Adjourned Meeting; Notice						2
Section 6.  Voting								3
Section 7.  Waiver of Notice by Consent of Absent Shareholders			3
Section 8.  Shareholder Action by Written Consent without a Meeting		3
Section 9.  Record Date for Shareholder Notice, Voting and Giving Consents	4
Section 10.  Proxies								5
Section 11.  Inspectors of Election						5
ARTICLE III Trustees								6
Section 1.  Powers								6
Section 2.  Number and Qualification of Trustees				6
Section 3.  Mandatory Retirement						6
Section 4.  Vacancies								6
Section 5.  Place of Meetings and Meetings by Telephone				7
Section 6.  Regular Meetings							7
Section 7.  Special Meetings							7
Section 8.  Quorum								8
Section 9.  Waiver of Notice							8
Section 10.  Adjournment							8
Section 11.  Notice of Adjournment						8
Section 12.  Action without a Meeting						8
Section 13.  Fees and Compensation of Trustees					9
ARTICLE IV Committees								9
Section 1.  Committees of Trustees						9
Section 2.  Meetings and Action of Committees					9
ARTICLE V Officers								10
Section 1.  Officers								10
Section 2.  Election of Officers						10
Section 3.  Subordinate Officers						10
Section 4.  Removal and Resignation of Officers					10
Section 5.  Vacancies In Offices						11
Section 6.  Chairman of the Board						11
Section 7.  President								11
Section 8.  Vice Presidents							11
Section 9.  Secretary								12
Section 10.  Chief Financial Officer						12
Section 11.  Chief Compliance Officer						12
ARTICLE VI Indemnification of Trustees, Officers, Employees and Other Agents	13
Section 1. Indemnification							13
Section 2. “Disabling Conduct”							13
Section 3. Conditions for Indemnification					13
Section 4. Advance of Expenses							14
Section 5. Rights Not Exclusive							14
Section 6. Survival								15
Section 7. Definitions								15
Section 8. Insurance								15
Section 9. Fiduciaries of Employee Benefit Plan					15
ARTICLE VII Records and Reports							16
Section 1.  Maintenance and Inspection of Share Register			16
Section 2.  Maintenance and Inspection of Bylaws				16
Section 3.  Maintenance and Inspection of Other Records				16
Section 4.  Inspection by Trustees						16
Section 5.  Financial Statements						17
ARTICLE VIII General Matters							17
Section 1.  Checks, Drafts, Evidence of Indebtedness				17
Section 2.  Contracts and Instruments; How Executed				17
Section 3.  Certificates for Shares						17
Section 4.  Lost Certificates							18
Section 5.  Uncertificated Shares						18
Section 6.  Representation of Shares of Other Entities				18
ARTICLE IX Amendments								19
Section 1.  Amendment by Shareholders						19
Section 2.  Amendment by Trustees						19


Bylaws

as amended and restated as of February 18,2010

ARTICLE I

Offices

Section 1.  Principal Office
The Board of Trustees shall fix the location of the principal executive
office of the Trust at any place within or outside The Commonwealth of
Massachusetts.
Section 2.  Other Offices
The Board of Trustees may at any time establish branch or subordinate
offices at any place or places where the trust intends to do business.

ARTICLE II
Meetings of Shareholders

Section 1.  Place of Meetings
Meetings of shareholders shall be held at any place within or outside
The Commonwealth of Massachusetts designated by the Board of Trustees.
In the absence of any such designation, shareholders’ meetings shall be
held at the principal executive office of the Trust.

Section 2.  Call of Meeting
A meeting of the shareholders shall be held whenever called by the
Trustees and whenever required by the provisions of the 1940 Act.
A shareholder meeting may be called at any time by the Board of Trustees or
by the Chairman of the Board or by the President.  If a shareholder
meeting is a meeting of the shareholders of one or more series or classes
of shares, but not a meeting of all shareholders of the Trust, then only
special meetings of the shareholders of such one or more series
or classes shall be called and only the shareholders of such one or more
series or classes shall be entitled to notice of and to vote at such meeting.

Section 3.  Notice of Shareholders’ Meeting
All notices of meetings of shareholders shall be sent or otherwise given
in accordance with Section 4 of this Article II not less than ten (10)
nor more than ninety (90) days before the date of the meeting.  The notice
shall specify (i) the place, date and hour of the meeting, and
(ii) the general nature of the business to be transacted.  The notice of
any meeting at which trustees are to be elected also shall include the name
of any nominee or nominees whom at the time of the notice
are intended to be presented for election.
If action is proposed to be taken at any meeting for approval of (i) a contract
or transaction in which a trustee has a direct or indirect financial interest,
(ii) an amendment of the Declaration of Trust, (iii) a reorganization of the
Trust, or (iv) a voluntary dissolution of the
Trust, the notice shall also state the general nature of that proposal.

Section 4.  Manner of Giving Notice; Affidavit of Notice
Notice of any meeting of shareholders shall be given either personally or by
first-class mail or telegraphic or other written communication, charges
prepaid, addressed to the shareholder at the address of that shareholder
appearing on the books of the Trust or its transfer agent
or given by the shareholder to the Trust for the purpose of notice.
If no such address appears on the Trust’s books or is given, notice shall
be deemed to have been given if sent to that shareholder by
first-class mail or telegraphic or other written communication to the
Trust’s principal executive office, or if published at least once in a
newspaper of general circulation in the county where that office
is located.  Notice shall be deemed to have been given at the time when
delivered personally or deposited in the mail or sent by telegram or other
means of written communication.
If any notice addressed to a shareholder at the address of that shareholder
appearing on the books of the Trust is returned to the Trust by the United
States Postal Service marked to indicate that the Postal Service is unable
to deliver the notice to the shareholder at the address,
all future notices or reports shall be deemed to have been duly given
without further mailing if these shall be available to the shareholder
on written demand of the shareholder at the principal
executive office of the Trust for a period of one year from the date
of the giving of the notice.
An affidavit of the mailing or other means of giving any notice of
any shareholder’s meeting shall be executed by the Secretary, an
Assistant Secretary or any transfer agent of the Trust giving the notice
and shall be filed and maintained in the minute book of the Trust.

Section 5.  Adjourned Meeting; Notice
Any shareholder’s meeting, whether or not a quorum is present, may
be adjourned from time to time by the vote of the majority of the
shares represented at that meeting, either in person or by proxy.
When any meeting of shareholders is adjourned to another time or
place, notice need not be given of the adjourned meeting at which
the adjournment is taken, unless a new record date of the adjourned meeting
is fixed or unless the adjournment is for more than ninety (90) days from
the date set for the original meeting, in which case the Board of Trustees
shall set a new record date.  Where required, notice of any such adjourned
meeting shall be given to each shareholder of record
entitled to vote at the adjourned meeting in accordance with the provisions
of Section 3 and 4 of this Article II.  At any adjourned meeting, the Trust
may transact any business which might have been
transacted at the original meeting.

Section 6.  Voting
The shareholders entitled to vote at any meeting of shareholders shall
be determined in accordance with the provisions of the Declaration of
Trust, as in effect at such time.  The shareholders’ vote may be by
voice vote or by ballot, provided, however, that any election for
trustees must be by ballot if demanded by any shareholder before the
voting has begun.  On any matter other than elections of trustees, any
shareholder may vote part of the shares in favor of the proposal
and refrain from voting the remaining shares or vote them against the
proposal, but if the shareholder fails to specify the number of shares
which the shareholder is voting affirmatively, it will be
conclusively presumed that the shareholder’s approving vote is
with respect to the total shares that the shareholder is entitled to
vote on such proposal.

Section 7.  Waiver of Notice by Consent of Absent Shareholders
The transactions of the meeting of shareholders, however called and
noticed and wherever held, shall be as valid as though had at a meeting
duly held after regular call and notice if a quorum be present either in
person or by proxy and if either before or after the meeting,
each person entitled to vote who was not present in person or by proxy
signs a written waiver of notice or a consent to a holding of the meeting
or an approval of the minutes.  The waiver of notice or
consent need not specify either the business to be transacted or the
purpose of any meeting of shareholders.
Attendance by a person at a meeting shall also constitute a waiver of
notice of that meeting, except when the person objects at the beginning
of the meeting to the transaction of any business because the meeting is
not lawfully called or convened and except that attendance
at a meeting is not a waiver of any right to object to the consideration
of matters not included in the notice of the meeting if that objection is
expressly made at the beginning of the meeting.

Section 8.  Shareholder Action by Written Consent without a Meeting
Any action which may be taken at any meeting of shareholders may be taken
without a meeting and without prior notice if a consent in writing setting
forth the action so taken is signed by the holders of outstanding shares
having not less than the minimum number of votes that
would be necessary to authorize or take that action at a meeting at which
all shares entitled to vote on that action were present and voted.  All
such consents shall be filed with the Secretary of the Trust
and shall be maintained in the Trust’s records.  Any shareholder giving
a written consent or the shareholder’s proxy holders or a transferee of
the shares or a personal representative of the shareholder
or their respective proxy holders may revoke the consent by a writing
received by the Secretary of the Trust before written consents of the
number of shares required to authorize the proposed action have
been filed with the Secretary.
If the consents of all shareholders entitled to vote have not been
solicited in writing and if the unanimous written consent of all such
shareholders shall not have been received, the Secretary shall give prompt
notice of the action approved by the shareholders without a meeting.
This notice shall be given in the manner specified in Section 4 of this
Article II.  In the case of approval of (i) contracts or transactions in
which a trustee has a direct or indirect financial interest,
(ii) indemnification of agents of the Trust, and (iii) a reorganization
of the Trust, the notice shall be given at least ten (10) days before the
consummation of any action authorized by that approval.

Section 9.  Record Date for Shareholder Notice, Voting and Giving Consents
For purposes of determining the shareholders entitled to notice of any
meeting or to vote or entitled to give consent to action without a meeting,
the Board of Trustees may fix in advance a record date which shall not be
more than ninety (90) days nor less than ten (10) days before
the date of any such meeting as provided in the Declaration of Trust.
If the Board of Trustees does not so fix a record date:
(a)	The record date for determining shareholders entitled to notice of
or to vote at a meeting of shareholders shall be at the close of business
on the business day next preceding the day on which notice is given or if
notice is waived, at the close of business on the business
day next preceding the day on which the meeting is held.
(b)	The record date for determining shareholders entitled to give
consent to action in writing without a meeting, (i) when no prior action
by the Board of Trustees has been taken, shall be the day on which the
first written consent is given, or (ii) when prior action of
the Board of Trustees has been taken, shall be at the close of business
on the day on which the Board of Trustees adopt the resolution relating
to that action or the seventy-fifth day before the date of
such other action, whichever is later.

Section 10.  Proxies
Every person entitled to vote for trustees or on any other matter shall
have the right to do so either in person or by one or more agents
authorized by a written proxy signed by the person and filed with the
Secretary of the Trust.  A proxy shall be deemed signed if the
shareholder’s name is placed on the proxy (whether by manual signature,
typewriting, telegraphic transmission, or by electronic, telephonic,
computerized or other alternative form of execution authorized by the
Trustees) by the shareholder or the shareholder’s attorney-in-fact.
A proxy with respect to Shares held in the name of two or more persons
shall be valid if executed by one of them unless at or prior
to exercise of such proxy the Trust receives specific written notice
to the contrary from any one of them.  A proxy purporting to be exercised
by or on behalf of a Shareholder shall be deemed valid unless
challenged at or prior to its exercise and the burden of proving invalidity
shall rest on the challenger.  A validly executed proxy which does not state
that it is irrevocable shall continue in full force
and effect unless (i) revoked by the person executing it before the vote
pursuant to that proxy by a writing delivered to the Trust stating that the
proxy is revoked or by a subsequent proxy executed by,
or attendance at the meeting and voting in person by the person executing
that proxy; or (ii) written notice of the death or incapacity of the maker
of that proxy is received by the Trust before the vote pursuant
to that proxy is counted; provided however, that no proxy shall be valid
after the expiration of eleven (11) months from the date of the proxy unless
otherwise provided in the proxy.  The revocability of
a proxy that states on its face that it is irrevocable shall be governed
by the provisions of the General Corporation Law of the Commonwealth of
Massachusetts, as if the Trust were a Massachusetts
corporation.

Section 11.  Inspectors of Election
Before any meeting of shareholders, the Board of Trustees may appoint any
persons other than nominees for office to act as inspectors of election at
the meeting or its adjournment.  If no inspectors of election are so
appointed, the chairman of the meeting may and on the request
of any shareholder or a shareholder’s proxy shall, appoint inspectors of
election at the meeting.  The number of inspectors shall be either one (1)
or three (3).  If inspectors are appointed at a meeting
on the request of one or more shareholders or proxies, the holders of
a majority of shares or their proxies present at the meeting shall determine
whether one (1) or three (3) inspectors are to be appointed.
If any person appointed as inspector fails to appear or fails or refuses
to act, the chairman of the meeting may and on the request of any shareholder
or a shareholder’s proxy, shall appoint a person
to fill the vacancy.
These inspectors shall:
(a)	Determine the number of shares outstanding and the voting power of
each, the shares represented at the meeting, the existence of a quorum and
the authenticity, validity and effect of proxies;
(b)	Receive votes, ballots or consents;
(c)	Hear and determine all challenges and questions in any way arising
in connection with the right to vote;
(d)	Count and tabulate all votes or consents;
(e)	Determine when the polls shall close;
(f)	Determine the result; and
(g)	Do any other acts that may be proper to conduct the election or
vote with fairness to all shareholders.

ARTICLE III

Trustees

Section 1.  Powers
Subject to the applicable provisions of the Declaration of Trust, these
Bylaws, and applicable laws relating to action required to be approved by
the shareholders or by the outstanding shares, the business and affairs of
the Trust shall be managed and all powers shall be exercised
by or under the direction of the Board of Trustees.

Section 2.  Number and Qualification of Trustees
The authorized number of trustees shall be not less than three (3) nor
more than fifteen (15) until changed by a duly adopted amendment to the
Declaration of Trust and these Bylaws.  The selection and nomination of
disinterested trustees is committed solely to the discretion
of a Nominating Committee consisting of all sitting disinterested trustees
except where the remaining trustee or trustees are interested persons.

Section 3.  Mandatory Retirement
Disinterested trustees shall retire when they reach the age of seventy three
(73) years; provided, however, the remaining disinterested trustees may
waive the mandatory retirement provision expressed herein for a period
not to exceed two years.

Section 4.  Vacancies
Vacancies in the Board of Trustees may be filled by a majority of the remaining
trustees, though less than a quorum, or by a sole remaining trustee, unless
the Board of Trustees calls a meeting of shareholders for the purposes of
electing trustees.  In the event that at any
time less than a majority of the trustees holding office at that time were so
elected by the holders of the outstanding voting securities of the Trust,
the Board of Trustees shall forthwith cause to be
held as promptly as possible, and in any event within sixty (60) days,
a meeting of such holders for the purpose of electing trustees to fill any
existing vacancies in the Board of Trustees, unless
such period is extended by order of the United States Securities and
Exchange Commission.

Section 5.  Place of Meetings and Meetings by Telephone
All meetings of the Board of Trustees may be held at any place within or
outside The Commonwealth of Massachusetts that has been designated from
time to time by resolution of the Board.  In the absence of such a designation,
regular meetings shall be held at the principal executive
office of the Trust.  Any meeting, regular or special, may be held by
conference telephone or similar communication equipment, so long as all
trustees participating in the meeting can hear one another
and all such trustees shall be deemed to be present in person at the
meeting; provided that, in accordance with the provisions of the
Investment Company Act of 1940, the Board may not transact by such a
meeting any business which involves the entering into, or the approval,
performance, or renewal of any contract or agreement, whereby a person
undertakes regularly to serve or act as the Trust’s investment
advisor or principal underwriter.

Section 6.  Regular Meetings
Regular meetings of the Board of Trustees shall be held without call
at such time as shall from time to time be fixed by the Board of Trustees.
Such regular meetings may be held without notice.

Section 7.  Special Meetings
Special meetings of the Board of Trustees for any purpose or purposes may
be called at any time by the Chairman of the Board or the President or any
Vice President or the Secretary or any two (2) trustees.
Notice of the time and place of special meetings shall be delivered
personally or by telephone to each trustee or sent by first-class mail,
by facsimile, or electronic mail, charges prepaid, addressed to each
trustee at that trustee’s address as it is shown on the records of
the Trust.  In case the notice is mailed, it shall be deposited in the
United States mail at least four (4) days before the time of the holding
of the meeting.  In case the notice is delivered personally, by telephone,
by facsimile delivery, or by electronic mail, it shall be given at least
forty-eight (48) hours before the time of the holding of the meeting.
Any oral notice given personally or by telephone may
be communicated either to the trustee or to a person at the office of
the trustee
who the person giving the notice  has reason to believe will promptly
communicate it to the trustee.  The notice need not specify
the purpose of the meeting or the place if the meeting is to be held at the
principal executive office of the Trust.

Section 8.  Quorum
A majority of the number of trustees (as fixed in accordance with the provisions
of the Declaration of Trust) shall constitute a quorum for the transaction of
business, except to adjourn as provided in Section 10 of this Article III.
Every act or decision done or made by a majority
of the trustees present at a meeting duly held at which a quorum is present shall
be regarded as the act of the Board of Trustees, subject to the provisions of
the Declaration of Trust.  A meeting at
which a quorum is initially present may continue to transact business
notwithstanding the withdrawal of trustees if any action taken is approved by
at least a majority of the required quorum for
that meeting.

Section 9.  Waiver of Notice
Notice of any meeting need not be given to any trustee who either before or
after the meeting signs a written waiver of notice, a consent to holding the
meeting or an approval of the minutes.  The waiver of notice of consent need
not specify the purpose of the meeting.  All such
waivers, consents and approvals shall be filed with the records of the Trust
or made a part of the minutes of the meeting.  Notice of a meeting shall also
be deemed given to any trustee who attends the meeting
without protesting before or at its commencement the lack of notice to that
trustee.

Section 10.  Adjournment
A majority of the trustees present, whether or not constituting a quorum,
may adjourn any meeting to another time and place.

Section 11.  Notice of Adjournment
Notice of the time and place of holding an adjourned meeting need not be
given unless the meeting is adjourned for more than forty-eight (48) hours,
in which case notice of the time and place shall be given before the time of
the adjourned meeting in the manner specified in
Section 6 of this Article III to the trustees who were present at the
time of the adjournment.

Section 12.  Action without a Meeting
Any action required or permitted to be taken by the Board of Trustees may
be taken without a meeting if a majority of the members of the Board of
Trustees shall individually or collectively consent in writing to that action;
provided that, in accordance with the Investment
Company Act of 1940, such written consent does not approve the entering
into, or the renewal or performance of any contract or agreement, whereby
a person undertakes regularly to serve or act as the
Trust’s investment advisor or principal underwriter.  Any other action
by written consent shall have the same force and effect as a majority vote
of the Board of Trustees.  Written consents shall be filed
with the minutes of the proceedings of the Board of Trustees.

Section 13.  Fees and Compensation of Trustees
Trustees and members of committees may receive such compensation, if any,
for their services and such reimbursement of expenses as may be fixed or
determined by resolution of the Board of Trustees.  This Section 12 shall
not be construed to preclude any trustee from serving
the Trust in any other capacity as an officer, agent, employee or
otherwise and receiving compensation for those services.

ARTICLE IV

Committees

Section 1.  Committees of Trustees
The Board of Trustees may by resolution adopted by a majority of the
authorized number of trustees designate one or more committees, each
consisting of two (2) or more trustees, to serve at the pleasure of the
Board.  The Board may designate one or more trustees as alternate
members of any committee who may replace any absent member at any meeting
of the committee.  Any committee to the extent provided in the resolution
of the Board, shall have the authority of the Board, except
with respect to:
(a)	the approval of any action which under applicable law also requires
shareholders’ approval or approval of the outstanding shares, or requires
approval by a majority of the entire Board or certain members of said Board;
(b)	the filling of vacancies on the Board of Trustees or in any
committee;
(c)	the fixing of compensation of the trustees for serving on the
Board of Trustees or on any committee;
(d)	the amendment or repeal of the Declaration of Trust or of the
Bylaws or the adoption of new Bylaws;
(e) 	the amendment or repeal of any resolution of the Board of Trustees
which by its express terms is not so amendable or repealable; or
(f)	the appointment of any other committees of the Board of Trustees
or the members of these committees.

Section 2.  Meetings and Action of Committees
Meetings and action of committees shall be governed by and held and taken
in accordance with the provisions of Article III of these Bylaws, with such
changes in the context thereof as are necessary to substitute the committee
and its members for the Board of Trustees and its
members, except that the time of regular meetings of committees may be
determined either by resolution of the Board of Trustees or by resolution
of the committee.  Special meetings of committees may also be
called by resolution of the Board of Trustees, and notice of special meetings
of committees shall also be given to all alternate members who shall have
the right to attend all meetings of the committee.
The Board of Trustees may adopt rules for the government of any committee
not inconsistent with the provisions of these Bylaws.

ARTICLE V

Officers

Section 1.  Officers
The officers of the Trust shall be a President, a Secretary, a Chief
Financial Officer, a Chief Compliance Officer and a Treasurer.  The
Trust may also have, at the discretion of the Board of Trustees, one
or more Vice Presidents, one or more Assistant Secretaries, one or more
Assistant Treasurers, and such other officers as may be appointed in
accordance with the provisions of Section 3 of this Article V.  Any
number of offices may be held by the same person.

Section 2.  Election of Officers
The officers of the Trust, except such officers as may be appointed in
accordance with the provisions of Section 3 or Section 5 of this
Article V, shall be chosen by the Board of Trustees, and each shall
serve at the pleasure of the Board of Trustees, subject to the rights,
if any, of an officer under any contract of employment.

Section 3.  Subordinate Officers
The Board of Trustees may appoint and may empower the President to
appoint such other officers as the business of the Trust may require,
each of whom shall hold office for such period, have such authority
and perform such duties as are provided in these Bylaws or as the
Board of Trustees may from time to time determine.

Section 4.  Removal and Resignation of Officers
Subject to the rights, if any, of an officer under any contract of
employment, any officer may be removed, either with or without cause,
by the Board of Trustees at any regular or special meeting of the
Board of Trustees or except in the case of an officer upon whom such
power of removal may be conferred by the Board of Trustees.
Any officer may resign at any time by giving written notice to the
Trust.  Any resignation shall take effect at the date of the receipt
of that notice or at any later time specified in that notice; and unless
otherwise specified in that notice, the acceptance of the
resignation shall not be necessary to make it effective.  Any resignation
is without prejudice to the rights, if any, of the Trust under any
contract to which the officer is a party.

Section 5.  Vacancies In Offices
A vacancy in any office because of death, resignation, removal,
disqualification or other cause shall be filled in the manner
prescribed in these Bylaws for regular appointment to that office.

Section 6.  Chairman of the Board
The Chairman of the Board shall, if present, preside at meetings
of the Board of Trustees and exercise and perform such other
powers and duties as may be from time to time assigned to him by the
Board of Trustees or prescribed by the Bylaws.

Section 7.  President
Subject to such supervisory powers, if any, as may be given by the
Board of Trustees to the Chairman of the Board, the President shall
be the principal executive officer and the principal operating officer
of the Trust and shall, subject to control of the Board of Trustees,
have general supervision, direction and control of the business and
the officers of the Trust.  He shall preside at all shareholder meetings
and, in the absence of the Chairman of the Board or if there
be none, at all meetings of the Board of Trustees.  He shall have the
general powers and duties of management usually vested in the office of
 President of a corporation and shall have such other powers
and duties as may be prescribed by the Board of Trustees or these Bylaws.

Section 8.  Vice Presidents
In the absence or disability of the President, the Vice Presidents,
if any, in order of their rank as fixed by the Board of Trustees or
if not ranked, a Vice President designated by the Board of Trustees,
shall perform all the duties of the President and when so acting shall
have all powers of and be subject to all the restrictions upon the
President.  The Vice Presidents shall have such other powers and perform
such other duties as from time to time may be prescribed for
them respectively by the Board of Trustees or by these Bylaws and the
president or the Chairman of the Board.

Section 9.  Secretary
The Secretary shall keep or cause to be kept at the principal executive
office of the Trust or such other place as the Board of Trustees may
direct a book of minutes of all meetings and actions of trustees, committees
of trustees and shareholders with the time and place of
holding, whether regular or special, and if special, how authorized,
the notice given, the names of those present at trustees’ meetings or
committee meetings, the number of shares present or represented at
shareholders’ meetings and the proceedings.
The Secretary shall keep or cause to be kept at the principal executive
office of the Trust or at the office of the Trust’s transfer agent or
registrar, as determined by resolution of the Board of Trustees, a share
register or a duplicate share register showing the names of all
shareholders and their addresses, the number and classes of shares held
by each, the number and date of certificates issued for the same and the
number and date of cancellation of every certificate
surrendered for cancellation.
The Secretary shall give or cause to be given notice of all meetings of
the shareholders and the Board of Trustees required by these Bylaws or
by applicable law to be given and shall have such other powers and perform
such other duties as may be prescribed by the Board of
Trustees or by these Bylaws.

Section 10.  Chief Financial Officer
The Chief Financial Officer shall be the principal financial and
accounting officer of the Trust and shall keep and maintain or cause
to be kept and maintained adequate and correct books and records of
accounts of the properties and business transactions of the Trust,
including accounts of its assets, liabilities, receipts, disbursements,
gains, losses, capital, retained earnings and shares.  The books of
account shall at all reasonable times be open to inspection by any trustee.
The Chief Financial Officer shall deposit all monies and other valuables
in the name and to the credit of the Trust with such depositories as may
be designated by the Board of Trustees.  He shall disburse the funds of
the Trust as may be ordered by the Board of Trustees, shall
render to the president and trustees, whenever they request it, an account
of all of his transactions as Chief Financial Officer and of the financial
condition of the Trust and shall have other powers and
perform such other duties as may be prescribed by the Board of Trustees
or these Bylaws.

Section 11.  Chief Compliance Officer
The Chief Compliance Officer shall be the principal officer of the Trust
responsible for administering its compliance policies and procedures.
The Chief Compliance Officer shall have the power to develop and enforce
policies and procedures reasonably designed to prevent the
Trust from violating the securities laws applicable to its operations.
The Chief Compliance Officer shall serve at the pleasure of the Trustees
and reports directly to the Trust.  The Chief Compliance Officer
shall have such other powers and perform such other duties as may be
prescribed by the Trustees, these Bylaws, or the federal securities laws.

ARTICLE VI
Indemnification of Trustees, Officers, Employees and Other Agents

Section 1. Indemnification
The Trust shall indemnify any individual (“Indemnitee”) who is a present or
former trustee, officer, employee, or agent of the Trust, or who, while
a trustee, officer, employee, or agent of the Trust, is or was serving at
the request of the Trust as a trustee, officer, partner,
employee or agent of another foreign or domestic corporation, partnership,
joint venture, trust, other enterprise or employee benefit plan who, by
reason of his position was, is, or is threatened to be made
a party to any threatened, pending, or completed action, suit or proceeding,
whether civil, criminal, administrative, or investigative (hereinafter
collectively referred to as a “Proceeding”) against any
judgments, penalties, fines, amounts paid in settlement, and expenses
(including attorneys’ fees) actually and reasonably incurred by such
Indemnitee in connection with any Proceeding, to the fullest ext
ent that such indemnification may be lawful under Massachusetts law.
The Trust shall pay any reasonable expenses so incurred by such Indemnitee
in defending a Proceeding in advance of the final disposition thereof to
the fullest extent that such advance payment may be lawful under
Massachusetts law. Subject to any applicable limitations and requirements
set forth in the Trust’s Declaration of Trust and in these
By-laws, any payment of indemnification or advance of expenses shall
be made in accordance with the procedures set forth in Massachusetts law.

Section 2. “Disabling Conduct”
Anything in this Article to the contrary notwithstanding, nothing in this
Article shall protect or purport to protect any Indemnitee against any
liability to the Trust or its stockholders, whether or not there has been
an adjudication of liability, to which he would otherwise
be subject by reason of willful misfeasance, bad faith, gross negligence,
or reckless disregard of the duties involved in the conduct of his office
(“Disabling Conduct”).

Section 3. Conditions for Indemnification
Anything in this Article to the contrary notwithstanding, no indemnification
shall be made by the Trust to any Indemnitee unless:
(a)	there is a final decision on the merits by a court or other body
before whom the Proceeding was brought that the Indemnitee was not liable
by reason of Disabling Conduct; or
(b)	in the absence of such decision, the Trustees, based upon a review
of the facts, forms a reasonable belief that the Indemnitee was not liable
by reason of Disabling Conduct, which reasonable belief may be formed:
(i)	by the vote of a majority of a quorum of trustees who are neither
“interested persons” of the Trust as defined in Article 2(a)(19) of the
Investment Company Act, nor parties to the Proceeding; or
(ii)	based on a written opinion of independent legal counsel.

Section 4. Advance of Expenses
Anything in this Article to the contrary notwithstanding, any advance of
expenses by the Trust to any Indemnitee shall be made only upon the
undertaking by such Indemnitee to repay the advance unless it is ultimately
determined that such Indemnitee is entitled to indemnification
as above provided, and only if the Trustees:
(a)	obtains assurances that the advance will be repaid by (A) the
Trust receiving collateral from the Indemnitee for his undertaking or
(B) the Trust obtaining insurance against losses arising by reason of any
lawful advances; or
(b)	has a reasonable belief that the Indemnitee has not engaged in
Disabling Conduct and will ultimately be found entitled to indemnification,
which reasonable belief may be formed:
(i)	by a majority of a quorum of trustees who are neither “interested
persons” of the Trust as defined in Article 2(a)(19) of the Investment
Company Act, nor parties to the Proceeding; or
(ii)	based upon a written opinion of an independent legal counsel
that in turn is based on counsel’s review of readily available facts
(which review shall not require a full trial-type inquiry).

Section 5. Rights Not Exclusive
The indemnification and advancement of expenses provided by, or granted
pursuant to, this Article shall not be deemed exclusive of any other
rights to which those seeking indemnification or advancement of expenses
may be entitled under any law, bylaw, agreement, vote of
stockholders or disinterested trustees or otherwise, both as to
action in such person’s official capacity and as to action in another
capacity while holding such office.

Section 6. Survival
The indemnification and advancement of expenses provided by, or
granted pursuant to, this Article shall, unless otherwise provided
when authorized or ratified, continue as to an Indemnitee who has
ceased to be a trustee, officer, employee or agent and shall inure to the
benefit of the heirs, executors and administrators of such an Indemnitee.

Section 7. Definitions
For purposes of this Article, references to (i) the “Trust” shall include,
in addition to the resulting trust, any constituent trust (including any
constituent of a constituent) absorbed in a consolidation or merger which,
if its separate existence had continued, would have had
power and authority to indemnify its trustees, officers, and employees or
agents so that any person who is or was a trustee, officer, employee or
agent of such constituent trust, or is or was serving at the
request of such constituent trust as a trustee, officer, employee or agent
of another trust, partnership, joint venture, trust or other enterprise,
shall stand in the same position under the provisions
of this Article with respect to the resulting or surviving trust as such
person would have with respect to such constituent trust if its separate
existence had continued; (ii) “fines” shall include any
excise taxes assessed on a person with respect to an employee benefit
plan; and (iii) “serving at the request of the “Trust” shall include any
service as a trustee, officer, employee or agent of the Trust which
imposes duties on, or involves service by, such trustee, officer,
employee or agent with respect to an employee benefit plan, its
participants or beneficiaries.

Section 8. Insurance
To the fullest extent permitted by applicable Massachusetts law and by
Sections 17(h) and 17(i) of the Investment Company Act, or any successor
provisions thereto or interpretations thereunder, the Trust may purchase
and maintain insurance on behalf of any person who is or was
a trustee, officer, employee, or agent of the Trust, or who is or was
serving at the request of the Trust as a trustee, officer, partner,
employee, or agent of another foreign or domestic corporation,
partnership, joint venture, trust, other enterprise, or employee
benefit plan, against any liability asserted against him and
incurred by him in any such capacity or arising out of his position,
whether or not
the Trust would have the power to indemnify him against such liability.

Section 9. Fiduciaries of Employee Benefit Plan
This Article does not apply to any proceeding against any trustee,
investment manager or other fiduciary of an employee benefit plan
in that person’s capacity as such, even though that person may also
be an agent of this Trust as defined in Section 1 of this Article. Nothing
contained in this Article shall limit any right to indemnification
to which such a trustee, investment manager or other fiduciary may
be entitled by contract or otherwise which shall be enforceable to the
extent permitted by applicable law other than this Article.

ARTICLE VII
Records and Reports

Section 1.  Maintenance and Inspection of Share Register
This Trust shall keep at its principal executive office or at the
office of its transfer agent or registrar, if either be appointed
and as determined by resolution of the Board of Trustees, a record
of its shareholders, giving the names and addresses of all shareholders
and the number and series of shares held by each shareholder.

Section 2.  Maintenance and Inspection of Bylaws
The Trust shall keep at is principal executive office the original
or a copy of these Bylaws as amended to date, which shall be open
to inspection by the shareholders at all reasonable times during
office hours.

Section 3.  Maintenance and Inspection of Other Records
The accounting books and records and minutes of proceedings of the
shareholders and the Board of Trustees and any committee or committees
of the Board of Trustees shall be kept at such place or places
designated by the Board of Trustees or in the absence of such designation,
at the principal executive office of the Trust.  The minutes shall be kept
in written form and the accounting books and records shall be kept
either in written form or in any other form capable of being
converted into written form.  The minutes and accounting books and records
shall be open to inspection upon the written demand of any shareholder or
holder of a voting trust certificate at any reasonable
time during usual business hours for a purpose reasonably related to the
holder’s interests as a shareholder or as the holder of a voting trust
certificate.  The inspection may be made in person or by an
agent or attorney and shall include the right to copy and make extracts.

Section 4.  Inspection by Trustees
Every trustee shall have the absolute right at any reasonable time to inspect
all books, records, and documents of every kind and the physical properties
of the Trust.  This inspection by a trustee may be made in person or by
 an agent or attorney and the right of inspection includes
the right to copy and make extracts of documents.

Section 5.  Financial Statements
A copy of any financial statements and any income statement of the Trust for
each quarterly period of each fiscal year and accompanying balance sheet of
the Trust as of the end of each such period that has been prepared by the
Trust shall be kept on file in the principal executive
office of the Trust for at least twelve (12) months and each such statement
shall be exhibited at all reasonable times to any shareholder demanding an
examination of any such statement or a copy shall
be mailed to any such shareholder.
The quarterly income statements and balance sheets referred to in this section
shall be accompanied by the report, if any, of any independent accountants
engaged by the Trust or the certificate of an authorized officer of the
Trust that the financial statements were prepared
without audit from the books and records of the Trust.

ARTICLE VIII
General Matters

Section 1.  Checks, Drafts, Evidence of Indebtedness
All checks, drafts, or other orders for payment of money, notes or
other evidences of indebtedness issued in the name of or payable to
the Trust shall be signed or endorsed by such person or persons and in
such manner as from time to time shall be determined by resolution
of the Board of Trustees.

Section 2.  Contracts and Instruments; How Executed
The Board of Trustees, except as otherwise provided in these Bylaws,
may authorize any officer or officers, agent or agents, to enter
into any contract or execute any instrument in the name of and on behalf
of the Trust and this authority may be general or confined to specific
instances; and unless so authorized or ratified by the Board of
Trustees or within the agency power of an officer, no officer, agent, or
employee shall have any power or authority to bind the Trust by
any contract or engagement or to pledge its credit or to render
it liable for any purpose or for any amount.

Section 3.  Certificates for Shares
At the discretion of the Trustees, a certificate or certificates
for shares of beneficial interest in any series of the trust may
be issued to each shareholder when any of these shares are fully paid.
All certificates shall be signed in the name of the Trust by the chairman
of the board or the president or vice president and by the chief
financial officer or an assistant treasurer or the secretary or any
assistant secretary, certifying the number of shares and the series
of shares owned by the shareholders.  Any or all of the signatures
on the certificate may be facsimile.  In case any officer, transfer
agent, or registrar who has signed or whose facsimile signature has
been place on a certificate shall have ceased to be that officer,
transfer agent, or registrar before that certificate is issued, it
may be issued by the Trust with the same effect as if that person were an
officer, transfer agent or registrar at the date of issue.
Notwithstanding the foregoing, the Trust may adopt and use a system
of issuance, recordation and transfer of its shares by electronic or
other means.

Section 4.  Lost Certificates
Except as provided in this Section 4, no new certificates for shares
shall be issued to replace an old certificate unless the latter is
surrendered to the Trust and cancelled at the same time.  The Board of
Trustees may in case any share certificate or certificate for any
other security is lost, stolen, or destroyed, authorize the issuance
of a replacement certificate on such terms and conditions as the Board
of Trustees may require, including a provision for indemnification of
the Trust secured by a bond or other adequate security sufficient to
protest the Trust against any claim that may be made against it,
including any expense or liability on account of the alleged loss,
theft, or destruction of the certificate or the issuance of the
replacement certificate.

Section 5.  Uncertificated Shares
Unless determined otherwise by the Trustees, the Trust shall issue
shares of any or all series in  uncertificated form; provided, however,
the Trust may issue certificates to the holders of shares of a series
which was originally issued in uncertificated form, and if it
has issued shares of any series in certificated form, they may at any
time discontinue the issuance of share certificates for such series and
may, by written notice to such shareholders of such series require
the surrender of their shares certificates to the Trust for cancellation,
which surrender and cancellation shall not affect the ownership of shares
for such series.
For any series of shares for which the trustees issue shares without
certificates, the Trust, or any transfer agent selected by the Trust,
may either issue receipts therefore or may keep accounts upon the books
of the Trust for the record holders of such shares, who shall
in either case be deemed, for all purposes hereunder to be the holders
of such shares as if they had received certificates therefore and shall
be held to have expressly assented and agreed to the terms hereof
and of the Declaration of Trust.

Section 6.  Representation of Shares of Other Entities
The Chairman of the Board, the President or any Vice President or any
other person authorized by resolution of the Board of Trustees or by
any of the foregoing designated officers, is authorized to vote on
behalf of the Trust any and all shares of any corporation or
corporations, partnerships, trusts, or other entities, foreign or
domestic, standing in the name of the Trust.  The authority granted
to these officers to vote or represent on behalf of the Trust any and all
shares held by the Trust in any form of entity may be exercised
by any of these officers in person or by any person authorized to
do so by a proxy duly executed by these officers.

ARTICLE IX

Amendments

Section 1.  Amendment by Shareholders

These Bylaws may be amended or repealed, in whole or in part, at any time
by the affirmative vote or written consent of a majority of the outstanding
shares issued and entitled to vote, except as otherwise provided by
applicable law or by the Declaration of Trust or these Bylaws.

Section 2.  Amendment by Trustees

Subject to the right of shareholders as provided in Section 1 of this
Article to adopt, amend or repeal Bylaws, and except as otherwise
 provided by applicable law or by the Declaration of Trust, these
Bylaws may be adopted, amended, or repealed, in whole or in part, at any
time by the Board of Trustees.
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