<SEC-DOCUMENT>0001752724-20-020770.txt : 20200211
<SEC-HEADER>0001752724-20-020770.hdr.sgml : 20200211
<ACCEPTANCE-DATETIME>20200211145103
ACCESSION NUMBER:		0001752724-20-020770
CONFORMED SUBMISSION TYPE:	N-CEN
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20191130
FILED AS OF DATE:		20200211
DATE AS OF CHANGE:		20200211
EFFECTIVENESS DATE:		20200211

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MFS HIGH INCOME MUNICIPAL TRUST
		CENTRAL INDEX KEY:			0000845606
		IRS NUMBER:				043039022
		FISCAL YEAR END:			1130

	FILING VALUES:
		FORM TYPE:		N-CEN
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05754
		FILM NUMBER:		20595959

	BUSINESS ADDRESS:	
		STREET 1:		111 HUNTINGTON AVENUE
		STREET 2:		24TH FLOOR
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02199
		BUSINESS PHONE:		617-954-5000

	MAIL ADDRESS:	
		STREET 1:		111 HUNTINGTON AVENUE
		STREET 2:		24TH FLOOR
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02199

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	COLONIAL HIGH INCOME MUNICIPAL TRUST
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
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<SEQUENCE>1
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            <principalCrdNo>000007059</principalCrdNo>
            <principalLei>MBNUM2BPBDO7JBLYG310</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>9501994.99</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Barclays Capital Inc.</principalName>
            <principalFileNo>8-41342</principalFileNo>
            <principalCrdNo>000019714</principalCrdNo>
            <principalLei>AC28XWWI3WIBK2824319</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>2973342.75</principalTotalPurchaseSale>
          </principalTransaction>
        </principalTransactions>
        <principalAggregatePurchase>79468458.15</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>168581543.27</mnthlyAvgNetAssets>
      </managementInvestmentQuestion>
    </managementInvestmentQuestionSeriesInfo>
    <closedEndManagementInvestment>
      <securityRelatedItems>
        <securityRelatedItem>
          <description>Common stock</description>
          <securityClassTitle>MFS High Income Municipal Trust</securityClassTitle>
          <commonStocks>
            <commonStock commonStockExchange="XNYS" commonStockTickerSymbol="CXE"/>
          </commonStocks>
        </securityRelatedItem>
        <securityRelatedItem>
          <description>Preferred stock</description>
          <securityClassTitle>Variable Rate Municipal Term Preferred Shares</securityClassTitle>
          <commonStocks>
            <commonStock commonStockExchange="N/A" commonStockTickerSymbol="N/A"/>
          </commonStocks>
        </securityRelatedItem>
      </securityRelatedItems>
      <isRightsOffering>N</isRightsOffering>
      <isSecondaryOffering>N</isSecondaryOffering>
      <isRepurchaseSecurity>N</isRepurchaseSecurity>
      <isDefaultLongTermDebt>N</isDefaultLongTermDebt>
      <isDividendsInArrears>N</isDividendsInArrears>
      <isSecuritiesModified>N</isSecuritiesModified>
      <managementFee>1.18</managementFee>
      <netOperatingExpenses>2.82</netOperatingExpenses>
      <marketPricePerShare>5.55000000</marketPricePerShare>
      <netAssetValuePerShare>5.44</netAssetValuePerShare>
    </closedEndManagementInvestment>
    <attachmentsTab>
      <isIPAReportInternalControl>true</isIPAReportInternalControl>
      <isMaterialAmendments>true</isMaterialAmendments>
    </attachmentsTab>
    <signature registrantSignedName="MFS HIGH INCOME MUNICIPAL TRUST" signedDate="2020-02-10" signature="Kasey Phillips" title="Assistant Treasurer"/>
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</DOCUMENT>
<DOCUMENT>
<TYPE>INTERNAL CONTROL RPT
<SEQUENCE>2
<FILENAME>NCEN_7040895581237296.htm
<TEXT>

<HTML>
<HEAD>
   <TITLE>ncenmfshighincmunitr.htm - Generated by SEC Publisher for SEC Filing</TITLE>
</HEAD>

<BODY bgcolor="#ffffff">
<a name="page_1"></a><a name="_bclPageBorder1"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p align=center style="margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:107%;">Report
of Independent Registered Public Accounting Firm</font></p>

<p style="margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:107%;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;vertical-align:baseline;">To
the Shareholders and</font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;vertical-align:baseline;">Board
of Trustees of MFS High Income Municipal Trust</font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" lang=EN-US style="font-size:11.0pt;line-height:normal;vertical-align:baseline;">&nbsp;</font></p>

<p style="margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:107%;">In planning and performing our audit of the financial
statements of MFS High Income Municipal Trust (the &#8220;Fund&#8221;) as of and for the
year ended November 30, 2019, in accordance with the standards of the Public
Company Accounting Oversight Board (United States), we considered the Fund&#8217;s
internal control over financial reporting, including controls over safeguarding
securities, as a basis for designing our auditing procedures for the purpose of
expressing our opinion on the financial statements and to comply with the
requirements of Form N-CEN, but not for the purpose of expressing an opinion on
the effectiveness of the Fund&#8217;s internal control over financial reporting.
Accordingly, we express no such opinion. </font></p>

<p style="margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:107%;">The management of the Fund is responsible for establishing
and maintaining effective internal control over financial reporting. In
fulfilling this responsibility, estimates and judgments by management are
required to assess the expected benefits and related costs of controls. A
company&#8217;s internal control over financial reporting is a process designed to
provide reasonable assurance regarding the reliability of financial reporting
and the preparation of financial statements for external purposes in accordance
with U.S. generally accepted accounting principles. A company&#8217;s internal
control over financial reporting includes those policies and procedures that
(1) pertain to the maintenance of records that, in reasonable detail,
accurately and fairly reflect the transactions and dispositions of the assets
of the company; (2) provide reasonable assurance that transactions are recorded
as necessary to permit preparation of financial statements in accordance with
U.S. generally accepted accounting principles, and that receipts and
expenditures of the company are being made only in accordance with
authorizations of management and directors of the company; and (3) provide
reasonable assurance regarding prevention or timely detection of unauthorized
acquisition, use or disposition of a company&#8217;s assets that could have a
material effect on the financial statements. </font></p>

<p style="margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:107%;">Because of its inherent limitations, internal control over
financial reporting may not prevent or detect misstatements. Also, projections
of any evaluation of effectiveness to future periods are subject to the risk
that controls may become inadequate because of changes in conditions, or that
the degree of compliance with the policies or procedures may deteriorate. </font></p>

<p style="margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:107%;">A deficiency in internal control over financial reporting
exists when the design or operation of a control does not allow management or
employees, in the normal course of performing their assigned functions, to
prevent or detect misstatements on a timely basis. A material weakness is a
deficiency, or a combination of deficiencies, in internal control over
financial reporting, such that there is a reasonable possibility that a
material misstatement of the company&#8217;s annual or interim financial statements
will not be prevented or detected on a timely basis. </font></p>

<p style="margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:107%;">Our consideration of the Fund&#8217;s internal control over
financial reporting was for the limited purpose described in the first
paragraph and would not necessarily disclose all deficiencies in internal
control that might be material weaknesses under standards established by the
Public Company Accounting Oversight Board (United States). However, we noted no
deficiencies in the Fund&#8217;s internal control over financial
reporting and its operation, including controls over safeguarding securities,
that we consider to be a material weakness as defined above as of November 30,
2019. </font></p>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV>
<a name="page_2"></a><a name="_bclPageBorder1"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">


<p style="margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:107%;">This report is intended solely for the information and use
of management and the Board of Trustees of MFS High Income Municipal Trust and
the Securities and Exchange Commission and is not intended to be and should not
be used by anyone other than these specified parties. </font></p>

<p style="margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:107%;">&nbsp;</font></p>

<p style="margin-bottom:8.0pt;margin-left:4.0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:107%;">/s/ Ernst &amp;
Young LLP</font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;vertical-align:baseline;">Boston,
Massachusetts</font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;vertical-align:baseline;">January
15, 2020</font></p>




</DIV>
</BODY>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>MATERIAL AMENDMENTS
<SEQUENCE>3
<FILENAME>NCEN_7040966483401418.htm
<TEXT>
<html>

<head>
<meta content="text/html; charset=utf-8" />


<title>As Amended - 12/13/00 &#8211; Article 12, Section 12</title>



</head>

<body><a name="page_1"></a><DIV bclPageBorder STYLE="WIDTH: 100%; PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face=helvetica-narrow,sans-serif lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;line-height:12.0pt;">As
Amended - 12/13/00 &#8211; Article 12, Section 12.10(a)(v)</font></p>

<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face=helvetica-narrow,sans-serif lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;line-height:12.0pt;">As Amended &#8211; 2/13/01 &#8211; Article 2.1</font></p>

<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face=helvetica-narrow,sans-serif lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;line-height:12.0pt;">As Amended &#8211; 5/8/01 &#8211; Article 2.1</font></p>

<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face=helvetica-narrow,sans-serif lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;line-height:12.0pt;">As Amended 6/20/01 &#8211;
Article 2.1; Article 4.6</font></p>

<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face=helvetica-narrow,sans-serif lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;line-height:12.0pt;">As Amended - 12/9/03 &#8211; Article 12, Part II</font></p>

<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face=helvetica-narrow,sans-serif lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;line-height:12.0pt;">As Amended 8/11/04 &#8211; Article 3.3; Article 4.5; Article 4.8</font></p>

<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face=helvetica-narrow,sans-serif lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;line-height:12.0pt;">As Amended 2/7/07 &#8211; Article
2.1</font></p>

<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face=helvetica-narrow,sans-serif lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;line-height:12.0pt;">As Amended 6/29/07 Article
4 and Name</font></p>

<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face=helvetica-narrow,sans-serif lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;line-height:12.0pt;">As Amended 12/18/2007 &#8211;
Article 2</font></p>

<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face=helvetica-narrow,sans-serif lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;line-height:12.0pt;">As Amended 2/26/2008 &#8211;
Article 7</font></p>

<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face=helvetica-narrow,sans-serif lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;line-height:12.0pt;">As Amended and Restated
5/14/2008, effective 6/29/2007 &#8211; Article 12</font></p>

<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face=helvetica-narrow,sans-serif lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;line-height:12.0pt;">As Amended 6/24/2008 &#8211;
Article 12</font></p>

<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face=helvetica-narrow,sans-serif lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;line-height:12.0pt;">As Amended 9/12/2012 &#8211;
Article 12</font></p>

<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face=helvetica-narrow,sans-serif lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;line-height:12.0pt;">As Amended 1/1/2013 &#8211;
Article 12, Part I and II</font></p>

<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face=helvetica-narrow,sans-serif lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;line-height:12.0pt;">As Amended 11/1/2014 &#8211;
Article 4.1 - 4.4, Article 5 and Article 6</font></p>

<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face=helvetica-narrow,sans-serif lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;line-height:12.0pt;">As Amended 4/26/2016 &#8211;
Article 12</font></p>

<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face=helvetica-narrow,sans-serif lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;line-height:12.0pt;">As Amended 5/2/2016 &#8211;
Article 14<br>
As Amended 7/19/2019 &#8211; Article 5</font></p>

<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face=helvetica-narrow,sans-serif lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;line-height:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;text-decoration:none;">&nbsp;</font></p>

<h1 style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:center;"><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">AMENDED AND RESTATED BY-LAWS</font></u></h1>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">OF</font></u></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">MFS HIGH INCOME MUNICIPAL TRUST</font></u></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;text-decoration:none;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-align:center;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">Article 1.</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;text-decoration:none;">&nbsp;</font></p>

<h1 style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:center;"><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Agreement and Declaration of Trust and Principal Office</font></u></h1>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">1.1.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:line;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">Agreement and Declaration of
Trust</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">.&#160; These By-Laws shall be
subject to the Agreement and Declaration of Trust, as from time to time in effect
(the &quot;Declaration of Trust&quot;), of MFS High Income Municipal Trust, a
Massachusetts business trust established by the Declaration of Trust (the
&quot;Trust&quot;).</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">1.2.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:line;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">Principal Office of the Trust.</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&#160; The principal office of the Trust shall be located
in Boston, Massachusetts.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-align:center;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">Article 2.&nbsp;</font></p>

<h2 style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Shareholders</font></u></h2>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">2.1.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:line;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">Shareholders Meetings</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">.&#160; Except as
provided in the next sentence, regular meetings of the shareholders for the
election of Trustees and the transaction of such other business as may properly
come before the meeting shall be held, so long as Shares are listed for trading
on the New York Stock Exchange, on at least an annual basis, on such day and at
such place as shall be designated by a majority of the Trustees.&#160; In the event
that such a meeting is not held in any annual period if so required, whether
the omission be by oversight or otherwise, a subsequent special meeting may be
called by a majority of the Trustees and held in lieu of such meeting with the same effect as if held within such annual period.&#160; A
Special meeting of the shareholders of the Trust may be called at any time by a
majority of the Trustees, by the president or, if a majority of the Trustees
and the president shall fail to call any meeting of shareholders for a period
of 30 days after written application of one or more shareholders who hold at
least 10% of all outstanding shares of the Trust, then such shareholders may
call such meeting.&#160; Each call of a meeting shall state the place, date, hour
and purposes of the meeting.<a name="_Toc35221375"></a></font></p>
<DIV bclFooter>


<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">1</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;"></font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:8.0pt;">54835863_2</font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV>
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<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:63.0pt;text-indent:-27.0pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">2.2.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:line;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">Advance Notice of Shareholder
Nominees for Trustees and Other Shareholder Proposals.<a name="_Toc35221376"></a></font></u></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">(a)&#160;
As used in this Section 2.2, the term &#8220;annual meeting&#8221; refers to any annual
meeting of shareholders as well as any special meeting held in lieu of an
annual meeting as described in the first two sentences of Section 2.1 of these
Bylaws, and the term &#8220;special meeting&#8221; refers to all meetings of shareholders
other than an annual meeting or a special meeting in lieu of an annual meeting.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><a name="_Toc35221377"></a><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">(b)&#160;
The matters proposed by shareholders to be considered and brought before any
annual or special meeting of shareholders shall be limited to only such
matters, including the nomination and election of Trustees, as shall be brought
properly before such meeting in compliance with the procedures set forth in
this Section 2.2.&#160; Only persons who are nominated in accordance with the
procedures set forth in this Section 2.2 shall be eligible for election as
Trustees, and no proposal to fix the number of Trustees shall be brought before
an annual or special meeting of shareholders or otherwise considered unless in
accordance with the procedures set forth in this Section 2.2, except as may be
otherwise provided in these Bylaws with respect to the right of holders of
preferred shares of beneficial interest, if any, of the Trust to nominate and
elect a specified number of Trustees in certain circumstances.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><a name="_Toc35221378"></a><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">(c)&#160; For any matter to be properly before any annual
meeting, the matter must be (i) specified in the notice of meeting given by or
at the direction of a majority of the Trustees pursuant to Section 2.4 of these
Bylaws, or (ii) brought before the meeting in the manner specified in this
Section 2.2(c) by a shareholder of record entitled to vote at the meeting or by
a shareholder (a &#8220;Beneficial Owner&#8221;) that holds Shares entitled to vote at the
meeting through a nominee or &#8220;street name&#8221; holder of record and that can
demonstrate to the Trust such indirect ownership and such Beneficial Owner&#8217;s
entitlement to vote such Shares, provided that the shareholder was the
shareholder of record or the Beneficial Owner held such Shares at the time the
notice provided for in this Section 2.2(c) is delivered to the secretary.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">In
addition to any other requirements under applicable law and the Declaration of
Trust and these Bylaws, persons nominated by shareholders for election as
Trustees and any other proposals by shareholders may be properly brought before
an annual meeting only pursuant to timely notice (the &#8220;Shareholder Notice&#8221;) in
writing to the secretary.&#160; To be timely, the Shareholder Notice must be delivered
to or mailed and received at the principal executive offices of
the Trust not less than forty-five (45) nor more than sixty (60) days prior to
the first anniversary date of the date on which the Trust first sent its proxy
materials for the prior year&#8217;s annual meeting; provided, however, with respect
to the annual meetings to be held in the calendar years 2008 and 2009, the
Shareholder Notice must be so delivered or mailed and so received on or before
March 18, 2008, and May 1, 2009, respectively; provided further, however, if
and only if the annual meeting is not scheduled to be held within a period that
commences thirty (30) days before the first anniversary date of the annual
meeting for the preceding year and ends thirty (30) days after such anniversary
date (an annual meeting date outside such period being referred to herein as an
&#8220;Other Annual Meeting Date&#8221;), such Shareholder Notice must be given in the
manner provided herein by the later of the close of business on (i) the date
forty-five (45) days prior to such Other Annual Meeting Date or (ii) the tenth
(10th) business day following the date such Other Annual Meeting Date is first
publicly announced or disclosed.</font></p>
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<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">Any
shareholder desiring to nominate any person or persons (as the case may be) for
election as a Trustee or Trustees of the Trust shall deliver, as part of such
Shareholder Notice:&#160; (i) a statement in writing setting forth (A) the name,
age, date of birth, business address, residence address and nationality of the
person or persons to be nominated; (B) the class or series and number of all
Shares of the Trust owned of record or beneficially by each such person or
persons, as reported to such shareholder by such nominee(s); (C) any other
information regarding each such person required by paragraphs (a), (d), (e) and
(f) of Item 401 of Regulation S-K or paragraph (b) of Item 22 of Rule 14a-101
(Schedule 14A) under the Securities Exchange Act of 1934, as amended (the
&#8220;Exchange Act&#8221;), adopted by the Securities and Exchange Commission (or the
corresponding provisions of any regulation or rule subsequently adopted by the
Securities and Exchange Commission or any successor agency applicable to the
Trust); (D) any other information regarding the person or persons to be
nominated that would be required to be disclosed in a proxy statement or other
filings required to be made in connection with solicitation of proxies for
election of Trustees or directors pursuant to Section 14 of the Exchange Act
and the rules and regulations promulgated thereunder; and (E) whether such
shareholder believes any nominee is or will be an &#8220;interested person&#8221; of the
Trust (as defined in the Investment Company Act of 1940, as amended) and, if
not an &#8220;interested person,&#8221; information regarding each nominee that will be sufficient
for the Trust to make such determination; and (ii) the written and signed
consent of the person or persons to be nominated to be named as nominees and to
serve as Trustees if elected.&#160; In addition, a majority of the Trustees may
require any proposed nominee to furnish such other information as they may
reasonably require or deem necessary to determine the eligibility of such
proposed nominee to serve as a Trustee.&#160; Any Shareholder Notice required by
this Section 2.2(c) in respect of a proposal to fix the number of Trustees
shall also set forth a description of and the text of the proposal, which
description and text shall state a fixed number of Trustees that otherwise
complies with applicable law, these Bylaws and the Declaration of Trust.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">Without
limiting the foregoing, any shareholder who gives a Shareholder Notice of any
matter proposed to be brought before a shareholder meeting (whether or not
involving nominees for Trustees) shall deliver, as part
of such Shareholder Notice:&#160; (i) the description of and text of the proposal to
be presented; (ii) a brief written statement of the reasons why such
shareholder favors the proposal; (iii) such shareholder&#8217;s name and address as
they appear on the Trust&#8217;s books; (iv) any other information relating to the
shareholder that would be required to be disclosed in a proxy statement or
other filings required to be made in connection with the solicitation of
proxies with respect to the matter(s) proposed pursuant to Section 14 of the
Exchange Act and the rules and regulations promulgated thereunder; (v) the
class or series and number of all Shares of the Trust owned beneficially and of
record by such shareholder; (vi) any material interest of such shareholder in
the matter proposed (other than as a shareholder); (vii) a representation that
the shareholder intends to appear in person or by proxy at the shareholder
meeting to act on the matter(s) proposed; (viii) if the proposal involves
nominee(s) for Trustees, a description of all arrangements or understandings between
the shareholder and each proposed nominee and any other person or persons
(including their names) pursuant to which the nomination(s) are to be made by
the shareholder; and (ix) in the case of a Beneficial Owner, evidence
establishing such Beneficial Owner&#8217;s indirect ownership of, and entitlement to
vote, Shares at the meeting of shareholders.&#160; As used in this Section 2.2,
Shares &#8220;beneficially owned&#8221; shall mean all Shares which such person is deemed
to beneficially own pursuant to Rules 13d-3 and 13d-5 under the Exchange Act.</font></p>
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<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><a name="_Toc35221379"></a><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">(d)&#160; For any matter to be properly before any special
meeting, the matter must be specified in the notice of meeting given by or at
the direction of a majority of the Trustees pursuant to Section 2.4 of these
Bylaws.&#160; In the event the Trust calls a special meeting for the purpose of
electing one or more Trustees, any shareholder may nominate a person or persons
(as the case may be) for election to such position(s) as specified in the
Trust&#8217;s notice of meeting if and only if the shareholder provides a notice
containing the information required in the Shareholder Notice to the secretary
required with respect to annual meetings by Section 2.2(c) hereof, and such
notice is delivered to or mailed and received at the principal executive office
of the Trust not later than the close of business on the tenth (10th) day
following the day on which the date of the special meeting and of the nominees
proposed by a majority of the Trustees to be elected at such meeting are
publicly announced or disclosed.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><a name="_Toc35221380"></a><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">(e)&#160; For purposes of this Section 2.2, a matter shall
be deemed to have been &#8220;publicly announced or disclosed&#8221; if such matter is
disclosed in a press release reported by the Dow Jones News Service, Associated
Press or comparable national news service, in a document publicly filed by the
Trust with the Securities and Exchange Commission, or in a Web site accessible
to the public maintained by the Trust or by its investment adviser or an
affiliate of such investment adviser with respect to the Trust.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><a name="_Toc35221381"></a><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">(f)&#160;
In no event shall an adjournment or postponement (or a public announcement
thereof) of a meeting of shareholders commence a new time period (or extend any
time period) for the giving of notice as provided in this Section 2.2.</font></p>


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<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><a name="_Toc35221382"></a><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">(g)&#160; The person presiding at any meeting of
shareholders, in addition to making any other determinations that may be
appropriate to the conduct of the meeting, shall have the power and duty to (i)
determine whether a nomination or proposal of other matters to be brought before
a meeting and notice thereof have been duly made and given in the manner
provided in this Section 2.2 and elsewhere in these Bylaws and the Declaration
of Trust and (ii) if not so made or given, to direct and declare at the meeting
that such nomination and/or such other matters shall be disregarded and shall
not be considered.&#160; Any determination by the person presiding shall be binding
on all parties absent manifest error.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><a name="_Toc35221383"></a><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">(h)&#160;
Notwithstanding anything to the contrary in this Section 2.2 or otherwise in these
Bylaws, unless required by federal law, no matter shall be considered at or
brought before any annual or special meeting unless such matter has been
approved for these purposes by a majority of the Trustees and, in particular,
no Beneficial Owner shall have any rights as a shareholder except as may be
required by federal law.&#160; Furthermore, nothing in this Section 2.2 shall be
construed as creating any implication or presumption as to the requirements of
federal law.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">2.3.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:line;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">Place of Meetings</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">.&#160; All meetings of the shareholders shall be held at
the principal office of the Trust, or, to the extent permitted by the
Declaration of Trust, at such other place within the United States as shall be
designated by the Trustees or the president of the Trust.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">2.4.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:line;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">Notice of Meetings</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">.&#160; A written notice of each meeting of shareholders,
stating the place, date and hour and the purposes of the meeting, shall be
given at least seven days before the meeting to each shareholder entitled to
vote thereat by leaving such notice with him or at his residence or usual place
of business or by mailing it, postage prepaid, and addressed to such
shareholder at his address as it appears in the records of the Trust.&#160; Such
notice shall be given by the secretary or an assistant secretary or by an officer
designated by the Trustees.&#160; No notice of any meeting of shareholders need be
given to a shareholder if a written waiver of notice, executed before or after
the meeting by such shareholder or his attorney thereunto duly authorized, is
filed with the records of the meeting.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">2.5.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:line;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">Ballots</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">.&#160; No ballot shall be required for any election unless
requested by a shareholder present or represented at the meeting and entitled
to vote in the election.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;text-decoration:none;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">2.6.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:line;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">Proxies</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">.&#160; Shareholders entitled to vote may vote either in
person or by proxy in writing dated not more than six months before the meeting
named therein, which proxies shall be filed with the secretary or other person
responsible to record the proceedings of the meeting before being voted.&#160;
Unless otherwise specifically limited by their terms, such proxies shall
entitle the holders thereof to vote at any adjournment of such meeting but
shall not be valid after the final adjournment of such meeting.&#160; The placing of
a shareholder's name on a proxy pursuant to telephonic or electronically
transmitted instructions obtained pursuant to procedures reasonably
designed to verify that such instructions have been authorized by such
shareholder shall constitute execution of such proxy by or on behalf of such
shareholder.</font></p>
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<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-align:center;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">Article 3.&nbsp;</font></p>

<h3 style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Trustees</font></u></h3>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">3.1.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:line;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">Committees and Advisory Board</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">.&#160; The Trustees may appoint from their number an
executive committee and other committees.&#160; Except as the Trustees may otherwise
determine, any such committee may make rules for conduct of its business.&#160; The
Trustees may appoint an advisory board to consist of not less than two nor more
than five members.&#160; The members of the advisory board shall be compensated in
such manner as the Trustees may determine and shall confer with and advise the
Trustees regarding the investments and other affairs of the Trust.&#160; Each member
of the advisory board shall hold office until the first meeting of the Trustees
following the next meeting of the shareholders and until his successor is
elected and qualified, or until he sooner dies, resigns, is removed, or becomes
disqualified, or until the advisory board is sooner abolished by the Trustees.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; In addition, the
Trustees may appoint a Dividend Committee of not less than three persons, at
least one of whom shall be a Trustee of the Trust.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; No special
compensation shall be payable to members of the Dividend Committee.&#160; Each
member of the Dividend Committee will hold office until his or her successor is
elected and qualified or until the member dies, resigns, is removed, becomes
disqualified or until the Committee is abolished by the Trustees.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">3.2.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:line;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">Regular Meetings</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">.&#160; Regular meetings of the Trustees may be held
without call or notice at such places and at such times as the Trustees may
from time to time determine, provided that notice of the first regular meeting
following any such determination shall be given to absent Trustees.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">3.3.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:line;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">Special Meetings</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">.&#160; Special meetings of the Trustees may be held at any
time and at any place designated in the call of the meeting, when called by the
board chair, the president or the treasurer or by two or more Trustees,
sufficient notice thereof being given to each Trustee by the secretary or an
assistant secretary or by the board chair, the officer or one of the Trustees
calling the meeting.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">3.4.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:line;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">Notice</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">.&#160; It shall be sufficient notice to a Trustee to send
notice by mail at least forty-eight hours or by telegram at least twenty-four
hours before the meeting addressed to the Trustee at his or her usual or last
known business or residence address or to give notice to him or her in person
or by telephone at least twenty-four hours before the meeting.&#160; Notice of a
meeting need not be given to any Trustee if a written waiver of notice,
executed by him or her before or after the meeting, is filed with the records
of the meeting, or to any Trustee who attends the meeting without
protesting prior thereto or at its commencement the lack of notice to him or
her.&#160; Neither notice of a meeting nor a waiver of a notice need specify the
purposes of the meeting.</font></p>
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<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">&nbsp;</font></p>

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<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">3.5.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:line;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">Quorum</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">.&#160; At any meeting of the Trustees one-third of the
Trustees then in office shall constitute a quorum; provided, however, a quorum
shall not be less than two unless the number of Trustees then in office shall
be one.&#160; Any meeting may be adjourned from time to time by a majority of the votes
cast upon the question, whether or not a quorum is present, and the meeting may
be held as adjourned without further notice.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-align:center;text-indent:-.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">Article 4.&nbsp;</font></p>

<h4 align=center style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Officers and Agents</font></u></h4>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">4.1.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:line;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">Enumeration; Qualification</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">.&#160; The officers of the Trust shall be a president, a
treasurer, and a secretary who shall be elected by the Trustees.&#160; In addition,
there shall be a Chief Compliance Officer, who shall be elected or appointed by
a majority of the Trustees, including a majority of the Trustees who are not
interested persons of the Trust as defined under the Investment Company Act of
1940 (the &#8220;1940 Act&#8221;) (the &#8220;Independent Trustees&#8221;), and otherwise in accordance
with rule 38a-1 (or any successor rule) thereunder, as such rule may be amended
from time to time (&#8220;Rule 38a-1&#8221;).&#160; The Trustees from time to time may in their
discretion elect or appoint such other officers, if any, as the business of the
Trust may require pursuant to section 4.3 of these By-Laws.&#160; The Trust may also
have such agents, if any, as the Trustees from time to time may in their discretion
appoint.&#160; Any officer may be but none need be a Trustee or shareholder.&#160; Any
two or more offices may be held by the same person.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">4.2.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:line;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">Powers</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">.&#160; Subject to the other provisions of these By-Laws,
each officer shall have, in addition to the duties and powers herein and in the
Declaration of Trust set forth, such duties and powers as are commonly incident
to his or her office as if the Trust were organized as a Massachusetts business
corporation and such other duties and powers as the Trustees may from time to time
designate, including without limitation the power to make purchases and sales
of portfolio securities of the Trust pursuant to recommendations of the Trust's
investment adviser in accordance with the policies and objectives of the Trust
set forth in its prospectus and with such general or specific instructions as
the Trustees may from time to time have issued.&#160; The Chief Compliance Officer
shall perform the duties and have the responsibilities of the chief compliance
officer of the Trust in accordance with Rule 38a-1, and shall perform such
other duties and have such other responsibilities as from time to time may be
assigned to him by the Trustees.&#160; The Chief Compliance Officer shall report
directly to the Trustees or a Committee of the Trustees in carrying out his
functions.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">4.3.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:line;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">Election</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">.&#160; The president, the treasurer and the secretary
shall be elected annually by the Trustees at their first meeting following the
annual meeting of the shareholders.&#160; The Chief Compliance Officer shall be
elected pursuant to Section 4.1 of these By-Laws.&#160; Other elected officers, if any, may be elected or appointed by the
Trustees at said meeting or at any other time.&#160; Assistant officers may be
appointed by the elected officers.</font></p>
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<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">&nbsp;</font></p>

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<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">4.4.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:line;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">Tenure</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">.&#160; The president, the treasurer, the secretary and the
Chief Compliance Officer shall hold office until their respective successors
are chosen and qualified, or in each case until he or she sooner dies, resigns,
is removed or becomes disqualified, provided that any removal of the Chief
Compliance Officer shall also require the vote or consent of a majority of the
Independent Trustees and otherwise be in accordance with the provisions of Rule
38a-1.&#160; Each other officer shall hold office at the pleasure of the Trustees.&#160;
Each agent shall retain his or her authority at the pleasure of the Trustees.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">4.5.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:line;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">President and Vice Presidents</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">.&#160; The president shall be the chief executive officer
of the Trust.&#160; The president shall preside at all meetings of the shareholders
at which he or she is present, except as otherwise voted by the Trustees.&#160; Any
vice president shall have such duties and powers as shall be designated from
time to time by the Trustees.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">4.6.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:line;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">Treasurer, Controller and Chief
Accounting Officer</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">.&#160; The treasurer
shall be the chief financial officer of the Trust and, subject to any
arrangement made by the Trustees with a bank or trust company or other
organization as custodian or transfer or shareholder services agent, shall be
in charge of its valuable papers and shall have such duties and powers as shall
be designated from time to time by the Trustees or by the president.&#160; Any
assistant treasurer shall have such duties and powers as shall be designated
from time to time by the Trustees.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0pt;text-align:justify;text-indent:40.5pt;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">The
controller shall be the officer of the Trust primarily responsible for ensuring
all expenditures of the Trust</font><font color=blue face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">are reasonable
and appropriate</font><font color=blue face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">.</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&#160; The controller shall be
responsible for oversight and maintenance of liquidity and leverage facilities
available to the Trust and shall have such other duties and powers as may be
designated from time to time by the Trustees or the President.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The chief
accounting officer of the Trust shall be in charge of its books and accounting
records.&#160; The chief accounting officer shall be responsible for preparation of
financial statements of the Trust and shall have such other duties and powers
as may be designated from time to time by the Trustees or the President.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">4.7.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:line;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">Secretary and Assistant
Secretaries</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">.&#160; The secretary shall
record all proceedings of the shareholders and the Trustees in books to be kept
therefor, which books shall be kept at the principal office of the Trust.&#160; In
the absence of the secretary from any meeting of shareholders or Trustees, an
assistant secretary, or if there be none or he or she is absent, a temporary
clerk chosen at the meeting shall record the proceedings thereof in the
aforesaid books.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:char;">4.8.&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:char;">Board Chair.</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:char;">&#160; The Trustees shall
annually elect one of their number to serve as their chair.&#160; The board chair
shall hold such position until his or her successor is chosen and qualified, or until he or she sooner dies, resigns, is removed or
becomes disqualified.&#160; The board chair shall hold such position at the pleasure
of the Trustees.&#160; The board chair shall preside at all meetings of the Trustees
at which he or she is present and shall perform any other duties and
responsibilities prescribed from time to time by the Trustees.&#160; In the absence
of the board chair, or in the event that such position is vacant, the Trustees
present at any meeting shall designate one of their number to preside at such
meeting.&#160; The board chair shall not be considered an officer of the Trust.</font></p>
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<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">&nbsp;</font></p>

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<p align=left style="margin:0in;margin-bottom:.0001pt;text-align:left;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-align:center;text-indent:-.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">Article 5.&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">Resignations and Removals</font></u></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Any Trustee,
officer or advisory board member may resign at any time by delivering his or
her resignation in writing to the president, the treasurer or the secretary or
to a meeting of the Trustees.&#160; The Trustees may remove any officer elected by
them with or without cause by the vote or consent of a majority of the Trustees
then in office, provided that any removal of the Chief Compliance Officer shall
also require the vote or consent of a majority of the Independent Trustees and
otherwise be in accordance with Rule 38a-1.&#160; Subject to the limitation on the
termination of the Chief Compliance Officer noted above, The term of any officer
of the Trust that is an employee of Massachusetts Financial Services Company
(or any affiliate thereof) shall terminate automatically, without action of the
Trustees, upon the effective date of termination (voluntary or otherwise) of
such officer's employment with MFS or applicable affiliate.</font><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">Except to the extent expressly provided in a written
agreement with the Trust, no Trustee, officer, or advisory board member
resigning, and no officer or advisory board member removed, shall have any
right to any compensation for any period following his or her resignation or
removal, or any right to damages on account of such removal.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-align:center;text-indent:-.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">Article 6.&nbsp;</font></p>

<h1 style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:center;"><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Vacancies</font></u></h1>

<p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; A vacancy in any office may be filled at any
time.&#160; Each successor shall hold office for the unexpired term, and in the case
of the president, the treasurer and the secretary, until his or her successor
is chosen and qualified, or in each case until he or she sooner dies, resigns,
is removed or becomes disqualified.&#160; A vacancy in the office of the Chief
Compliance Officer shall be filled in accordance with Section 4.1 of these
By-Laws.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-align:center;text-indent:-.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">Article 7.&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:center;"><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">Shares of Beneficial Interest</font></u></p>

<p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">7.1.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:line;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">Share Certificates</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">.&#160; In lieu of issuing certificates for shares, the
Trustees or the transfer agent shall keep accounts upon the books of the Trust
for the record holders of such shares.</font></p>

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<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">7.2.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:line;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">Discontinuance of Issuance of
Certificates</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">. The Trustees have
discontinued the issuance of share certificates and may, by written notice to
each shareholder, require the surrender of share certificates of the Trust for
cancellation.&#160; Such surrender and cancellation shall not affect the ownership
of shares in the Trust.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-align:center;text-indent:-.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">Article 8.&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">Record Date and Closing Transfer Books</font></u></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Trustees may
fix in advance a time, which shall not be more than 90 days before the date of
any meeting of shareholders or the date for the payment of any dividend or
making of any other distribution to shareholders, as the record date for
determining the shareholders having the right to notice and to vote at such
meeting and any adjournment thereof or the right to receive such dividend or
distribution, and in such case only shareholders of record on such record date
shall have such right, notwithstanding any transfer of shares on the books of
the Trust after the record date; or without fixing such record date the Trustees
may for any such purposes close the transfer books for all or any part of such
period.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-align:center;text-indent:-.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">Article 9.&nbsp;</font></p>

<h1 style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:center;"><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Seal</font></u></h1>

<p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The seal of the
Trust shall, subject to alteration by the Trustees, consist of a flat-faced
circular die with the word &quot;Massachusetts&quot; together with the name of
the Trust and the year of its organization, cut or engraved thereon; but,
unless otherwise required by the Trustees, the seal shall not be necessary to
be placed on, and its absence shall not impair the validity of, any document,
instrument or other paper executed and delivered by or on behalf of the Trust.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-align:center;text-indent:-.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">Article 10.&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">Execution of Papers</font></u></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Except as the
Trustees may generally or in particular cases authorize the execution thereof
in some other manner, all deeds, leases, transfers, contracts, bonds, notes, checks,
drafts and other obligations made, accepted or endorsed by the Trust shall be
signed, and all transfers of securities standing in the name of the Trust shall
be executed, by the president or by one of the vice presidents or by the
treasurer or by whomsoever else shall be designated for that purpose by the
vote of the Trustees and need not bear the seal of the Trust.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-align:center;text-indent:-.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">Article 11.&nbsp;</font></p>

<h1 style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:center;"><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Fiscal Year</font></u></h1>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Except as from
time to time otherwise provided by the Trustees, the fiscal year of the Trust
shall end on December 31.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&nbsp;</font></p>


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<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">&nbsp;</font></p>

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<p align=center style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-align:center;text-indent:-.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">Article
12.&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">Shares of Beneficial Interest</font></u></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Trust has an
unlimited number of common shares, without par value, which may be issued from
time to time by the Trustees of the Trust.&#160; The Trust also has preferred
shares, without par value, which may be issued by the Trustees from time to
time in one or more series and with such designations, preferences and other
rights, qualifications, limitations and restrictions as are determined by the
Board of Trustees or a duly authorized committee thereof. A Statement Establishing
and Fixing the Rights and Preferences of one type of such preferred shares,
Variable Rate Municipal Term Preferred Shares, is attached to these By-Laws as
Exhibit 1, which is hereby incorporated by reference into and made a part of
these By-Laws.&#160; </font></p>

<p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-align:center;text-indent:-.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">Article 13.</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;text-decoration:none;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:center;"><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">Amendments</font></u></p>

<p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Except as otherwise expressly stated herein,
these By-Laws may be amended or replaced, in whole or in part, by a majority of
the Trustees then in office at any meeting of the Trustees, or by one or more
writings signed by such a majority.</font></p>








<p align=center style="margin:0in;margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font color=white face=arial,sans-serif lang=EN-US style="font-size:11.5pt;layout-grid-mode:both;letter-spacing:-.5pt;">H CRITERIA</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;line-height:12.0pt;">Article 14</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">Claims and Disputes</font></u></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;text-decoration:none;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:27.0pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">14.1&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">Forum for Adjudication of Disputes.</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&#160;
Unless the Trust consents in writing to
the selection of an alternative forum, (i) any action or proceeding brought by
or on behalf of the Trust or any of the Trust&#8217;s Shareholders, (ii) any action
asserting a claim against the Trust (or a series thereof), or against any
trustee, officer or other employee of the Trust, whether arising under federal
law, the law of any state, or the law of a non-U.S. jurisdiction, (iii) any action
asserting a claim arising pursuant to any provision of the Massachusetts
Business Corporation Act, the statutory or common law of the Commonwealth of
Massachusetts, the Declaration or these By-Laws, (iv) any action to interpret,
apply, enforce or determine the validity of the Declaration, these By-Laws, or
any agreement on behalf of the Trust authorized thereunder, or (v) any action
asserting a claim governed by the internal affairs doctrine (each, a
&quot;Covered Action&quot;) shall be brought in the state or federal courts
located within the Commonwealth of Massachusetts. Any person purchasing or
otherwise acquiring or holding any interest in shares of beneficial interest of
the Trust shall be (i) deemed to have notice of and consented to the provisions
of this Section, and (ii) deemed to have waived any argument relating to the
inconvenience of the forums referenced above in connection with any action or
proceeding described in this Section. </font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">If
any Covered Action is filed in a court other than the state or federal courts
of the Commonwealth of Massachusetts (a &#8220;Foreign Action&#8221;) in the name of any
shareholder, such shareholder shall be deemed to have consented to (i) the
personal jurisdiction of the state and federal courts
located within the Commonwealth of Massachusetts in connection with any action
brought in any such courts to enforce the first paragraph of this Section (an
&#8220;Enforcement Action&#8221;) and (ii) having service of process made upon such
shareholder in any such Enforcement Action by service upon such shareholder&#8217;s
counsel in the Foreign Action as agent for such shareholder.</font></p>
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<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">If
any provision or provisions of this Section shall be held to be invalid,
illegal or unenforceable as applied to any person or circumstance for any
reason whatsoever, then, to the fullest extent permitted by law, the validity,
legality and enforceability of such provision(s) in any other circumstance and
of the remaining provisions of this Section (including, without limitation,
each portion of any sentence of this Section containing any such provision held
to be invalid, illegal or unenforceable that is not itself held to be invalid,
illegal or unenforceable) and the application of such provision to other
persons and circumstances shall not in any way be affected or impaired thereby.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:27.0pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">14.2&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">Claims.</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&#160; As used herein, a &#8220;direct Shareholder claim&quot;
shall refer to (i) a claim based upon alleged violations of a Shareholder&#8217;s
individual rights independent of any harm to the Trust, including a
Shareholder&#8217;s voting rights under Article III, rights to receive a dividend
payment as may be declared from time to time, rights to inspect books and
records, or other similar rights personal to the Shareholder and independent of
any harm to the Trust; and (ii) a claim for which a direct shareholder action
is expressly provided under the U.S. federal securities laws. Any claim
asserted by a Shareholder that is not a direct Shareholder claim, including
without limitation any claims purporting to be brought on behalf of the Trust
or involving any alleged harm to the Trust, shall be considered a &#8220;derivative
claim&quot; as used herein.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.0in;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:27.0pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">a.
</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">Derivative Claims.</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&#160; No Shareholder shall have the right to bring or
maintain any court action or other proceeding asserting a derivative claim or
any claim asserted on behalf of the Trust or involving any alleged harm to the
Trust without first making demand on the Trustees requesting the Trustees to
bring or maintain such action, proceeding or claim. Such demand shall be
excused only when the plaintiff makes a specific showing that irreparable
nonmonetary injury to the Trust or any series or class thereof would otherwise
result, or if a majority of the Board of Trustees, or a majority of any
committee established to consider the merits of such action, has a material
personal financial interest in the action at issue. A Trustee shall not be
deemed to have a personal financial interest in an action or otherwise be
disqualified from ruling on a Shareholder demand by virtue of the fact that
such Trustee receives remuneration from his or her service on the Board of
Trustees of the Trust or on the boards of one or more investment companies with
the same or an affiliated investment adviser or underwriter, or the amount of
such remuneration. Such demand shall be mailed to the Secretary of the Trust at
the Trust&#8217;s principal office and shall set forth with particularity the nature
of the proposed court action, proceeding or claim and the essential facts
relied upon by the shareholder to support the allegations made in the demand.
The Trustees shall consider such demand within 90 days of its receipt by the
Trust. In their sole discretion, the Trustees may submit the matter to a vote
of shareholders of the Trust or series or class of Shares, as appropriate. Any
decision by the Trustees to bring, maintain or settle (or not to bring, maintain or settle) such court action,
proceeding or claim, or to submit the matter to a vote of Shareholders, shall
be binding upon the Shareholders.</font></p>
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</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>MATERIAL AMENDMENTS
<SEQUENCE>4
<FILENAME>NCEN_7387683999210387.txt
<TEXT>
The Registrant's By-Laws were amended during the
period. Please see Amended and Restated By-Laws
dated July 19, 2019 attached hereto as EX-99.G.1.b.i.






</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
