<SEC-DOCUMENT>0001752724-20-020876.txt : 20200211
<SEC-HEADER>0001752724-20-020876.hdr.sgml : 20200211
<ACCEPTANCE-DATETIME>20200211150605
ACCESSION NUMBER:		0001752724-20-020876
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 YIELD MUNICIPAL TRUST
		CENTRAL INDEX KEY:			0000809844
		IRS NUMBER:				042950868
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1130

	FILING VALUES:
		FORM TYPE:		N-CEN
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-04992
		FILM NUMBER:		20596103

	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 MUNICIPAL INCOME TRUST
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
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<SEQUENCE>1
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            <principalName>Pershing LLC</principalName>
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          <securityClassTitle>MFS High Yield Municipal Trust</securityClassTitle>
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          <description>Preferred stock</description>
          <securityClassTitle>Variable Rate Municipal Term Preferred Shares</securityClassTitle>
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      <isDividendsInArrears>N</isDividendsInArrears>
      <isSecuritiesModified>N</isSecuritiesModified>
      <managementFee>1.01</managementFee>
      <netOperatingExpenses>2.73</netOperatingExpenses>
      <marketPricePerShare>4.73000000</marketPricePerShare>
      <netAssetValuePerShare>4.91</netAssetValuePerShare>
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    <signature registrantSignedName="MFS HIGH YIELD MUNICIPAL TRUST" signedDate="2020-02-10" signature="Kasey Phillips" title="Assistant Treasurer"/>
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<DOCUMENT>
<TYPE>MATERIAL AMENDMENTS
<SEQUENCE>2
<FILENAME>NCEN_7053140654172570.htm
<TEXT>
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<meta content="text/html; charset=utf-8" />


<title>As Amended &#8211; 5/8/01 &#8211; Article 2, Section 1</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:12.0pt;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:12.0pt;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:12.0pt;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:12.0pt;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:12.0pt;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:12.0pt;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:12.0pt;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:12.0pt;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:12.0pt;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:12.0pt;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:12.0pt;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:12.0pt;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:12.0pt;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:12.0pt;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:12.0pt;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:12.0pt;layout-grid-mode:line;line-height:12.0pt;">As Amended 4/28/2016 &#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:12.0pt;layout-grid-mode:line;line-height:12.0pt;">As Amended 5/2/2016 &#8211;
Article 14</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:12.0pt;layout-grid-mode:line;line-height:12.0pt;">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:12.0pt;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;layout-grid-mode:char;">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 YIELD
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:char;">Article 1.</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:char;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;layout-grid-mode:char;">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:char;">1.1.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:char;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:char;">Agreement and Declaration of Trust</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:char;">.&#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 Yield 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:char;">1.2.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:char;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:char;">Principal Office of the Trust.</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:char;">&#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:char;">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;layout-grid-mode:char;">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:char;">2.1.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:char;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:char;">Shareholders Meetings</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:char;">.&#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><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:char;">2.2.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:char;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:char;">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;"><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;">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>

<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>
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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:char;">2.3.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:char;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:char;">Place of Meetings</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:char;">.&#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:char;">2.4.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:char;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:char;">Notice of Meetings</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:char;">.&#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:char;">2.5.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:char;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:char;">Ballots</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:char;">.&#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:char;">2.6.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:char;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:char;">Proxies</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:char;">.&#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>

<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:char;">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;layout-grid-mode:char;">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:char;">3.1.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:char;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:char;">Committees and Advisory Board</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:char;">.&#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>


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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;">&#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:char;">3.2.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:char;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:char;">Regular Meetings</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:char;">.&#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:char;">3.3.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:char;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:char;">Special Meetings</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:char;">.&#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:char;">3.4.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:char;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:char;">Notice</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:char;">.&#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>

<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:char;">3.5.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:char;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:char;">Quorum</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:char;">.&#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:char;">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;layout-grid-mode:char;">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:char;">4.1.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:char;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:char;">Enumeration; Qualification</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:char;">.&#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>
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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:char;">4.2.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:char;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:char;">Powers</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:char;">.&#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:char;">4.3.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:char;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:char;">Election</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:char;">.&#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>

<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:char;">4.4.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:char;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:char;">Tenure</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:char;">.&#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:char;">4.5.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:char;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:char;">President and Vice Presidents</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:char;">.&#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:char;">4.6.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:char;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:char;">Treasurer, Controller and Chief Accounting Officer</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:char;">.&#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;"><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>
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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;">&#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:char;">4.7.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:char;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:char;">Secretary and Assistant Secretaries</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:char;">.&#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: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;">4.8.&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">Board Chair.</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&#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>

<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:char;">&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:char;">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.&#160; 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:char;">Article 6.&nbsp;</font></p>

<h1 style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:center;">&nbsp;</h1>
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<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;layout-grid-mode:char;">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:char;">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:char;">7.1.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:char;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:char;">Share Certificates</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:char;">.&#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>

<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:char;">7.2.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:char;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:char;">Discontinuance of Issuance of Certificates</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:char;">. 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:char;">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:char;">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;layout-grid-mode:char;">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:char;">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>


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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;">&#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:char;">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;layout-grid-mode:char;">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>

<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:char;">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:char;">Article 13.</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:char;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:line;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>
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<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><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>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><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;"><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;"><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;">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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<DOCUMENT>
<TYPE>MATERIAL AMENDMENTS
<SEQUENCE>3
<FILENAME>NCEN_7400293720654656.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>
<DOCUMENT>
<TYPE>INTERNAL CONTROL RPT
<SEQUENCE>4
<FILENAME>NCEN_7037805395543031.htm
<TEXT>

<HTML>
<HEAD>
   <TITLE>ncenmfshighyldmunitr.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 Yield 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 Yield 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>
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<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 Yield 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>




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