40-17G 1 insurancebonds.htm INSURANCE BONDS

111 Huntington Ave., Boston, Massachusetts  02199-7632
Phone 617-954-5000

February 17, 2017

VIA EDGAR
United States Securities and Exchange Commission
100 F Street, N.E.
Washington, DC  20549

Ladies and Gentlemen:

Pursuant to Rule 17g-1(g) under the Investment Company Act of 1940, as amended, enclosed herewith for filing are the following documents:

1.
A copy of the resolution of the Board of Trustees approving the form and amount of the bonds:

a.
Certificate of Assistant Secretary for MFS Series Trust I, II, III, IV, V, VI, VII, VIII, IX, X, XI, XII, XIII, XIV, XV XVI, MFS Municipal Series Trust, MFS Variable Insurance Trust, MFS Variable Insurance Trust II, MFS Variable Insurance Trust III, MFS Institutional Trust, Massachusetts Investors Trust, Massachusetts Investors Growth Stock Fund, MFS California Municipal Fund, MFS Charter Income Trust, MFS Government Markets Income Trust, MFS High Income Municipal Trust, MFS High Yield Municipal Trust, MFS Intermediate High Income Fund, MFS Intermediate Income Trust, MFS Investment Grade Municipal Trust, MFS Multimarket Income Trust, MFS Municipal Income Trust, MFS InterMarket Income Trust I and MFS Special Value Trust, dated;

2.
Fidelity Bond Claim Agreement, dated November 1, 1993, as amended and restated June 12, 2002, as amended and restated June 12, 2002, as amended and restated March 1, 2008, (including Exhibit A, as of September 30, 2016), between the investment company and all other parties to the joint insured bonds entered into pursuant to paragraph (f) of the Rule; and

3.
Copies of the executed bonds:

·
Federal Insurance Company – Bond No. – 81391896 - Declarations
·
Federal Insurance Company – Bond No.– 81391896 - Endorsement No. 1
·
Federal Insurance Company – Bond No.– 81391896 - Endorsement No. 2
·
Federal Insurance Company – Bond No.– 81391896 - Endorsement No. 3
·
Federal Insurance Company – Bond No.– 81391896 - Endorsement No. 4
·
Federal Insurance Company – Bond No.– 81391896 - Endorsement No. 5
·
Federal Insurance Company – Bond No.– 81391896 - Endorsement No. 6
·
Federal Insurance Company – Bond No.– 81391896 - Endorsement No. 7
·
Federal Insurance Company – Bond No.– 81391896 - Endorsement No. 8
·
Federal Insurance Company – Bond No.– 81391896 - Endorsement No. 9
·
Federal Insurance Company – Bond No.– 81391896 - Endorsement No. 10

United States Securities and Exchange Commission
February 17, 2017
Page 2


·
Federal Insurance Company – Bond No.– 81391896 - Endorsement No. 11
·
Federal Insurance Company – Bond No.– 81391896 - Endorsement No. 12
·
Federal Insurance Company – Bond No.– 81391896 - Endorsement No. 13
·
Federal Insurance Company – Bond No.– 81391896 - Endorsement No. 14
·
Federal Insurance Company – Bond No.– 81391896 - Endorsement No. 15
·
Federal Insurance Company – Bond No.– 81391896 - Endorsement No. 16
·
Federal Insurance Company – Bond No.– 81391896 - Endorsement No. 17
·
Federal Insurance Company – Bond No.– 81391896 - Endorsement No. 18
·
Federal Insurance Company – Bond No.– 81391896 - Endorsement No. 19
·
Federal Insurance Company – Bond No.– 81391896 - Endorsement No. 20
·
Federal Insurance Company – Bond No.– 81391896 - Endorsement No. 21
·
Federal Insurance Company – Bond No.– 81391896 - Endorsement No. 22
·
Federal Insurance Company – Bond No.– 81391896 - Endorsement No. 23
·
Federal Insurance Company – Bond No.– 81391896 - Endorsement No. 24
·
Federal Insurance Company – Bond No.– 81391896 - Endorsement No. 25
·
Federal Insurance Company – Bond No.– 81391896 - Endorsement No. 26
·
Federal Insurance Company – Bond No.– 81391896 - Endorsement No. 27
·
Federal Insurance Company – Bond No.– 81391896 - Endorsement No. 28
·
Federal Insurance Company – Bond No.– 81391896 - Endorsement No. 29
·
Policyholder Disclosure Notice of Terrorism Insurance Coverage
·
Important Notice to Policyholders

Had each of the Funds listed below on Attachment A not been named as an insured under the joint insured bonds in effect, it is estimated that each Fund would have been required to maintain coverage under the Rule as set forth on Attachment A.

The premium on the above-mentioned bonds has been paid from November 1, 2016 to November 1, 2017.

Very truly yours,

BRIAN E. LANGENFELD
Brian E. Langenfeld

Assistant Secretary and Assistant Clerk
CRB/bjn
Attachments
 

CERTIFICATE OF ASSISTANT SECRETARY


MFS Series Trust I
MFS Series Trust II
MFS Series Trust III
MFS Series Trust IV
MFS Series Trust V
MFS Series Trust VI
MFS Series Trust VII
MFS Series Trust VIII
MFS Series Trust IX
MFS Series Trust X
MFS Series Trust XI
MFS Series Trust XII
MFS Series Trust XIII
MFS Series Trust XIV
MFS Series Trust XV
MFS Series Trust XVI
MFS Municipal Series Trust
MFS Variable Insurance Trust
MFS Variable Insurance Trust II
MFS Variable Insurance Trust III
MFS Institutional Trust
Massachusetts Investors Trust
Massachusetts Investors Growth Stock Fund
MFS California Municipal Fund
MFS Charter Income Trust
MFS Government Markets Income Trust
MFS High Income Municipal Trust
MFS High Yield Municipal Trust
MFS InterMarket Income Trust I
MFS Intermediate High Income Fund
MFS Intermediate Income Trust
MFS Investment Grade Municipal Trust
MFS Multimarket Income Trust
MFS Municipal Income Trust
MFS Special Value Trust


The undersigned, being the Assistant Secretary of the above-mentioned Trusts, (collectively, the "Trusts"), hereby certifies that the following is a complete, true and correct copy of the vote adopted by the Trustees of the Trusts on June 14, 2016, and that such vote has not been altered, amended or rescinded and is in full force and effect as of the date hereof.







[ALL]  Upon motion duly made and seconded, it was by all of the Independent Trustees voting together and then all of the Trustees present

VOTED:
That it is the finding of the Trustees that the fidelity bonds written by ICI Mutual Insurance Company (ICI Mutual), and Federal Insurance Company (Chubb), (collectively, the "Bond") in the aggregate amount of $56 million (the "Coverage Amount"), on the terms presented at this meeting and covering, among others, Trustees, officers and employees of the Trust, in accordance with the requirements of Rule 17g-1 promulgated by the Securities and Exchange Commission under Section 17(g) of the Investment Company Act of 1940, as amended, are reasonable in form and amount, after having given due consideration to, among other things, the value of the aggregate assets of the Trust to which any person covered under the Bond may have access, the type and terms of the arrangements made for the custody and safekeeping of assets of the Trust, the nature of the Trust's securities, the number of other parties named as insured parties under the Bond and the nature of the business activities of the other parties;

FURTHER
VOTED:
That after having given due consideration to, among other things, the number of other parties insured under the Bond, the nature of business activities of those other parties, the amount of the Bond, the amount of the premium and the ratable allocation of the premium and service fee among all parties named as insureds, that the premium on the Bond and service fee be, and it hereby is, allocated among the insured parties in the proportion that the higher of their minimum required or assigned coverage bears to the Coverage Amount;

FURTHER
VOTED:
That the officers of the Trust be, and each of them hereby is, authorized and directed to enter into an agreement, as required by paragraph (f) of Rule 17g-1 promulgated by the Securities and Exchange Commission under the Investment Company Act of 1940, as amended, with the other named insureds under said Bond providing that in the event any recovery is received under the Bond as a result of a loss sustained by the Trust and also by one or more of the other named insureds, the Trust shall receive an equitable and proportionate share of the recovery, but at least equal to the amount it would have received had it provided and maintained a single insured bond with the minimum coverage required by paragraph (d)(1) of Rule 17g-1 promulgated by the Securities and Exchange Commission under the Investment Company Act of 1940, as amended;


FURTHER
VOTED:
That the Bond be, and it hereby is, approved on the terms presented at this meeting;

FURTHER
VOTED:
That the appropriate officers of the Trust be, and they hereby are, authorized and directed to prepare, execute, and file such amendments and supplements to the aforesaid agreement, and to take such other action as may be necessary or appropriate in order to conform to the provisions of the Investment Company Act of 1940, as amended, and the rules and regulations thereunder; and

FURTHER
VOTED:
That the Secretary or any Assistant Secretary of the Trust shall file the Bond with the Securities and Exchange Commission and give notices required under paragraph (g) of Rule 17g-1 promulgated by the Securities and Exchange Commission under the Investment Company Act of 1940, as amended.


IN WITNESS WHEREOF, I have hereunder set my hand this 17th day of February 2017.


BRIAN E. LANGENFELD 
Brian E. Langenfeld
Assistant Secretary

Date:  February 17, 2017

Commonwealth of Massachusetts                                           )
)   ss.
County of Suffolk                                                                        )

On this 17th day of February 2017, before me, David M. Harris, the undersigned Notary Public, personally appeared Christopher R. Bohane, who is personally known to me to be the person whose name is signed above, and acknowledged to me that he signed it voluntarily for its stated purpose as Assistant Secretary for the MFS Funds.

DAVID M. HARRIS
David M. Harris
Notary Public

My commission expires:  May 7, 2021


FIDELITY BOND CLAIM AGREEMENT


THIS MASTER FIDELITY BOND CLAIM AGREEMENT dated November 1, 1993, as amended and restated June 12, 2002, as amended and restated March 1, 2008, by and among (i) each of the funds listed from time to time in Exhibit A (collectively, the "Funds" or "Fund Parties") and (ii) Massachusetts Financial Services Company ("MFS"), MFS Service Center, Inc. ("MFSC"), MFS Fund Distributors, Inc. ("MFD"), MFS Heritage Trust Company, MFS Institutional Advisors, Inc., and MFS International Ltd., (collectively, the "MFS Parties").

WHEREAS, MFS or certain other MFS Parties act as investment adviser to all of the Funds and certain other clients, MFD acts as distributor for certain of the Funds and MFSC acts as the transfer and shareholder servicing agent for certain of the Funds; and from time to time hereafter each may act in the same capacities with respect to other clients including other investment companies;

WHEREAS, all the parties hereto are named insureds under broker's blanket bonds issued by each of the insurance companies listed from time to time in Exhibit B, and/or such other insurance companies as from time to time may insure parties hereto as such bonds may be amended and/or restated from time to time (collectively the "Bonds");

WHEREAS, the parties desire to establish (i) the criteria by which the premium for the Bonds shall be allocated among the parties, (ii) the basis on which additional investment companies for which MFS, or any subsidiary thereof, may hereafter act as investment adviser and/or for which MFD may act as distributor, and additional affiliates of MFS may from time to time be added as named insureds under the Bonds and (iii) the criteria by which losses in excess of the face amounts of the Bonds shall be allocated among the parties.

NOW THEREFORE, it is agreed as follows:

1. Each of the Funds shall pay a portion of each premium which shall be determined as of a specified date (the "Date") which is the same date for all Fund Parties by calculating the proportion which the minimum amount of fidelity bond coverage required for such Fund (calculated in accordance with Rule 17g-1 under the Investment Company Act of 1940, as amended, ("Rule 17g-1")) bears to the total amount of coverage provided for under the Bonds and applying said proportion to the total annual premium.  The amount remaining after calculating the portions of the premium to be paid by the Funds shall be paid by MFS or such MFS Parties as MFS shall determine.

2. If one or more of the insurance companies listed in Exhibit B (or such other insurers as from time to time may insure the parties hereto) are willing without additional premium until the next renewal date to add, as an insured under any of the Bonds, (i) any investment company permitted to be included on the Bonds pursuant to Rule 17g-1 for which MFS (or any subsidiary thereof) may act as investment adviser and/or for which MFD may act as distributor, or (ii) any affiliate of MFS permitted to be included on the Bonds pursuant to Rule 17g-1, the parties hereto agree (a) that such addition may be made, (b) that such investment company shall become a party to this Agreement and be included within the terms "Funds" and "Fund Parties" and (c) that such affiliate shall become a party to this Agreement and be included within the term "MFS Parties."


3. In the event that the claims of loss of two or more insureds under the Bonds are so related that the insurer is entitled to assert that the claims must be aggregated with the result that the claims exceed the face amount of the Bonds but the total amount payable on such claims is limited to the face amount of the Bonds, the following rules for determining, as among such insureds, the priority of satisfaction of the claims under the Bonds shall apply:

A.
All claims of Funds which have been duly proved and established under the Bonds shall be satisfied in full before satisfaction of any claims of MFS or other MFS Parties, if any.

B.
If the claims of Funds which have been duly proved and established under the Bonds exceed the face amount of the Bonds, the insurance proceeds shall be applied to those claims in the following manner:

(i)
first, the insurance proceeds shall be applied to the claim of each Fund up to its respective minimum fidelity bond requirement as determined pursuant to paragraph one above with respect to the Funds; and

(ii)
the remaining amount of insurance proceeds then shall be applied to the unsatisfied claims of the Funds in proportion to their respective minimum fidelity bond requirements as determined pursuant to paragraph one above with respect to the Funds.

C.
If after giving effect to Paragraph A there remains a portion of the insurance under the Bonds available for the satisfaction of claims of MFS or other MFS Parties, if any, which have been duly proved and established under the Bonds, such remainder shall be applied as MFS shall determine.

4. This Agreement hereby supercedes all prior or contemporaneous agreements among the parties hereto (or any two or more of them) (which other agreements may include other parties) relating to the subject matter hereof.

5. The Agreement shall be governed by and construed in accordance with the laws of The Commonwealth of Massachusetts.

6. Exhibit A hereto may be amended from time to time to reflect the changes in the funds insured under the Bonds.


7. Exhibit B hereto may be amended from time to time to reflect the changes in the insurance companies issuing the Bonds.

8. A copy of the Declaration of Trust of each Fund is on file with the Secretary of State of The Commonwealth of Massachusetts.  Each party hereto acknowledges that the obligations of or arising out of this Agreement are not binding upon any of the Fund's Trustees, officers, employees, agents or shareholders individually, but are binding solely upon the assets and property of the Fund.  If this Agreement is executed by the Fund on behalf of one or more series of the Fund, each party hereto further acknowledges that the assets and liabilities of each series are separate and distinct and that the obligations of or arising out of this Agreement concerning a series are binding solely upon the assets or property of such series and not upon the assets or property of any other series.

9. This Agreement may be amended or modified only with the prior written consent of the parties hereto.

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed and delivered in their names and on their behalf by the undersigned officers, thereunto duly authorized, all as of the first day of March 2008.

MASSACHUSETTS FINANCIAL SERVICES COMPANY
MFS SERVICE CENTER, INC.
MFS FUND DISTRIBUTORS, INC.
MFS INSTITUTIONAL ADVISORS, INC.
MFS INTERNATIONAL LTD.

By:   MARK N. POLEBAUM 
Mark N. Polebaum
Secretary

MFS HERITAGE TRUST COMPANY

By:   MARIA F. DIORIODWYER 
Maria F. DiOrioDwyer
Chairman

On Behalf of the Funds Listed From Time to Time
On Exhibit A Hereto:

By:           SUSAN S. NEWTON 
Susan S. Newton
Assistant Secretary or Assistant Clerk

FIDELITY BOND CLAIM AGREEMENT
EXHIBIT A
As of September 13, 2016

MFS FUNDS BOARD PRODUCTS:
 
MFS SERIES TRUST I
  MFS Core Equity Fund
  MFS Low Volatility Global Equity Fund
  MFS Low Volatility Equity Fund
  MFS New Discovery Fund
  MFS Research International Fund
  MFS Technology Fund
  MFS U.S. Government Cash Reserve Fund
  MFS Value Fund
 
MFS SERIES TRUST II
  MFS Growth Fund
 
MFS SERIES TRUST III
  MFS Global High Yield Fund
  MFS High Income Fund
  MFS High Yield Pooled Portfolio
  MFS Municipal High Income Fund
 
MFS SERIES TRUST IV
MFS Blended Research Emerging Markets Equity Fund
MFS Blended Research Global Equity Fund
MFS Blended Research International Equity Fund
MFS Global New Discovery Fund
  MFS Mid Cap Growth Fund
  MFS U.S. Government Money Market Fund
 
MFS SERIES TRUST V
  MFS Research Fund
  MFS Total Return Fund
  MFS International New Discovery Fund
 
MFS SERIES TRUST VI
  MFS Global Equity Fund
  MFS Global Total Return Fund
  MFS Utilities Fund
 
MFS SERIES TRUST VII
MFS Equity Income Fund
 
MFS SERIES TRUST VIII
  MFS Global Growth Fund
  MFS Strategic Income Fund
 

MFS SERIES TRUST IX
  MFS Corporate Bond Fund
  MFS Inflation-Adjusted Bond Fund
  MFS Limited Maturity Fund
  MFS Municipal Limited Maturity Fund
  MFS Total Return Bond Fund
 
MFS SERIES TRUST X
  MFS Absolute Return Fund
  MFS Aggressive Growth Allocation Fund
MFS Blended Research Growth Equity Fund
MFS Blended Research Mid Cap Equity Fund
MFS Blended Research Small Cap Equity Fund
MFS Blended Research Value Equity Fund
  MFS Conservative Allocation Fund
  MFS Emerging Markets Debt Fund
  MFS Emerging Markets Debt Local Currency Fund
  MFS Emerging Markets Equity Fund
MFS Global Bond Fund
  MFS Growth Allocation Fund
  MFS International Diversification Fund
  MFS International Growth Fund
  MFS International Value Fund
  MFS Managed Wealth Fund
  MFS Moderate Allocation Fund
 
MFS SERIES TRUST XI
  MFS Blended Research Core Equity Fund
  MFS Mid Cap Value Fund
 
MFS SERIES TRUST XII
MFS Equity Opportunities Fund
MFS Lifetime Income Fund
MFS Lifetime 2020 Fund
MFS Lifetime 2025 Fund
MFS Lifetime 2030 Fund
MFS Lifetime 2035 Fund
MFS Lifetime 2040 Fund
MFS Lifetime 2045 Fund
MFS Lifetime 2050 Fund
MFS Lifetime 2055 Fund
MFS Lifetime 2060 Fund
 
MFS SERIES TRUST XIII
MFS Diversified Income Fund
MFS Global Real Estate Fund
MFS Government Securities Fund
MFS New Discovery Value Fund
 
MFS SERIES TRUST XIV


MFS Institutional Money Market Portfolio
 
 
MFS SERIES TRUST XV
MFS Commodity Strategy Fund
MFS Global Alternative Strategy Fund
 
MFS SERIES TRUST XVI
MFS Global Multi-Asset Fund
 
STAND-ALONE FUNDS
  Massachusetts Investors Growth Stock Fund
  Massachusetts Investors Trust
 
CLOSED-END FUNDS
  MFS California Municipal Fund
  MFS Charter Income Trust
  MFS Government Markets Income Trust
  MFS High Income Municipal Trust
  MFS High Yield Municipal Trust
MFS InterMarket Income Trust I
  MFS Intermediate High Income Fund
  MFS Intermediate Income Trust
  MFS Investment Grade Municipal Trust
  MFS Multimarket Income Trust
  MFS Municipal Income Trust
  MFS Special Value Trust
 
MFS MUNICIPAL SERIES TRUST
  MFS Alabama Municipal Bond Fund
  MFS Arkansas Municipal Bond Fund
  MFS California Municipal Bond Fund
  MFS Georgia Municipal Bond Fund
  MFS Maryland Municipal Bond Fund
  MFS Massachusetts Municipal Bond Fund
  MFS Mississippi Municipal Bond Fund
  MFS New York Municipal Bond Fund
  MFS North Carolina Municipal Bond Fund
  MFS Pennsylvania Municipal Bond Fund
  MFS South Carolina Municipal Bond Fund
  MFS Tennessee Municipal Bond Fund
  MFS Virginia Municipal Bond Fund
  MFS West Virginia Municipal Bond Fund
  MFS Municipal Income Fund
 


MFS VARIABLE INSURANCE TRUST
  MFS Growth Series
  MFS Global Equity Series
  MFS Investors Trust Series
  MFS Mid Cap Growth Series
  MFS New Discovery Series
  MFS Total Return Bond Series
  MFS Research Series
  MFS Total Return Series
  MFS Utilities Series
  MFS Value Series
 
MFS INSTITUTIONAL TRUST
  MFS Institutional International Equity Fund
  MFS Institutional Large Cap Value Fund
 
MFS VARIABLE INSURANCE TRUST II
  MFS Blended Research Core Equity Portfolio
  MFS Corporate Bond Portfolio
  MFS Core Equity Portfolio
  MFS Emerging Markets Equity Portfolio
  MFS Global Governments Portfolio
  MFS Global Growth Portfolio
  MFS Global Research Portfolio
  MFS Global Tactical Allocation Portfolio
  MFS Government Securities Portfolio
  MFS High Yield Portfolio
  MFS International Growth Portfolio
  MFS International Value Portfolio
  MFS Massachusetts Investors Growth Stock Portfolio
  MFS U.S. Government Money Market Portfolio
  MFS Research International Portfolio
  MFS Strategic Income Portfolio
  MFS Technology Portfolio
 
MFS VARIABLE INSURANCE TRUST III
  MFS Blended Research Small Cap Equity Portfolio
  MFS Conservative Allocation Portfolio
  MFS Global Real Estate Portfolio
  MFS Growth Allocation Portfolio
  MFS Inflation-Adjusted Bond Portfolio
  MFS Limited Maturity Portfolio
  MFS Mid Cap Value Portfolio
  MFS Moderate Allocation Portfolio
  MFS New Discovery Value Portfolio


FIDELITY BOND CLAIM AGREEMENT
EXHIBIT B
As of November 1, 2015


ICI Mutual Insurance Company (ICI Mutual)
Federal Insurance Company (Chubb)


Attachment A
 
     
REQUIRED FIDELITY BOND COVERAGE
 
 
MFS SERIES TRUST I
 
(EIF)
 MFS Value Fund
                 2,500,000
(LVO)
 MFS Low Volatility Global Equity Fund
                    400,000
(LVU)
 MFS Low Volatility Equity Fund
                    400,000
(MCF)
 MFS U.S. Government Cash Reserve Fund
                    750,000
(NDF)
 MFS New Discovery Fund
                 1,250,000
(RGI)
 MFS Core Equity Fund
                 1,500,000
(RIF)
 MFS Research International Fund
                 2,500,000
(SCT)
 MFS Technology Fund
                    900,000
 
MFS SERIES TRUST II
 
(MEG)
 MFS Growth Fund
                 2,500,000
 
MFS SERIES TRUST III
 
(HYO)
 MFS Global High Yield Fund
                    750,000
(HYP)
 MFS High Yield Pooled Portfolio
                 1,250,000
(MFH)
 MFS High Income Fund
                 1,500,000
(MMH)
 MFS Municipal High Income Fund
                 2,500,000
 
MFS SERIES TRUST IV
 
(BRK)
 MFS Blended Research Emerging Markets Equity Fund
                    200,000
(BRL)
 MFS Blended Research Global Equity Fund
                    125,000
(BRX)
 MFS Blended Research International Equity Fund
                    600,000
(GND)
 MFS Global New Discovery Fund
                    300,000
(MMM)
 MFS U.S. Government Money Market Fund
                    750,000
(OTC)
 MFS Mid Cap Growth Fund
                 1,700,000
 
MFS SERIES TRUST V
 
(MFR)
 MFS Research Fund
                 2,500,000
(MIO)
 MFS International New Discovery Fund
                 2,500,000
(MTR)
 MFS Total Return Fund
                 2,500,000
 
MFS SERIES TRUST VI
 
(MMU)
 MFS Utilities Fund
                 2,500,000
(MWE)
 MFS Global Equity Fund
                 1,700,000
(MWT)
 MFS Global Total Return Fund
                 1,500,000
 
MFS SERIES TRUST VII
 
(EQI)
 MFS Equity Income Fund
                    600,000
 
MFS SERIES TRUST VIII
 
(MSI)
 MFS Strategic Income Fund
                    750,000
(WGF)
 MFS Global Growth Fund
                    600,000
 
MFS SERIES TRUST IX
 
(IAB)
 MFS Inflation-Adjusted Bond Fund
                 1,250,000
(MFB)
 MFS Corporate Bond Fund
                 2,300,000
(MLM)
 MFS Limited Maturity Fund
                 1,500,000
(MML)
 MFS Municipal Limited Maturity Fund
                 1,500,000
(RBF)
 MFS Total Return Bond Fund
                 2,500,000
 
MFS SERIES TRUST X
 
(AGG)
 MFS Aggressive Growth Allocation Fund
                 1,500,000
(ART)
 MFS Absolute Return Fund
                    600,000
(BMS)
 MFS Blended Research Mid Cap Equity Fund
                    600,000
(BRS)
 MFS Blended Research Small Cap Equity Fund
                    350,000
(BRU)
 MFS Blended Research Value Equity Fund
                    525,000
(BRW)
 MFS Blended Research Growth Equity Fund
                    525,000
(CON)
 MFS Conservative Allocation Fund
                 2,100,000
(EMD)
 MFS Emerging Markets Debt Fund
                 2,500,000
 
 

(EML)
 MFS Emerging Markets Debt Local Currency Fund
                    750,000
(FEM)
 MFS Emerging Markets Equity Fund
                 1,000,000
(FGF)
 MFS International Growth Fund
                 2,500,000
(FGI)
 MFS International Value Fund
                 2,500,000
(GLB)
 MFS Global Bond Fund
                    900,000
(GRO)
 MFS Growth Allocation Fund
                 2,500,000
(MDI)
 MFS International Diversification Fund
                 2,500,000
(MGW)
 MFS Managed Wealth Fund
                    400,000
(MOD)
 MFS Moderate Allocation Fund
                 2,500,000
 
MFS SERIES TRUST XI
 
(MDV)
 MFS Mid Cap Value Fund
                 2,500,000
(UNE)
 MFS Blended Research Core Equity Fund
                 1,250,000
 
MFS SERIES TRUST XII
 
(L25)
 MFS Lifetime 2025 Fund
                    600,000
(L35)
 MFS Lifetime 2035 Fund
                    600,000
(L45)
 MFS Lifetime 2045 Fund
                    525,000
(L55)
 MFS Lifetime 2055 Fund
                    300,000
(LRT)
 MFS Lifetime Income Fund
                    900,000
(ML2)
 MFS Lifetime 2020 Fund
                    750,000
(ML3)
 MFS Lifetime 2030 Fund
                    750,000
(ML4)
 MFS Lifetime 2040 Fund
                    750,000
(ML5)
 MFS Lifetime 2050 Fund
                    525,000
(MSR)
 MFS Equity Opportunities Fund
                    750,000
 
MFS SERIES TRUST XIII
 
(DIF)
 MFS Diversified Income Fund
                 2,300,000
(GRE)
 MFS Global Real Estate Fund
                    900,000
(MGS)
 MFS Government Securities Fund
                 1,700,000
(NDV)
 MFS New Discovery Value Fund
                    900,000
 
MFS SERIES TRUST XIV
 
(IMM)
 MFS Institutional Money Market Portfolio
                 2,500,000
 
MFS SERIES TRUST XV
 
(CMS)
 MFS Commodity Strategy Fund
                    900,000
(DTR)
 MFS Global Alternative Strategy Fund
                    900,000
 
MFS SERIES TRUST XVI
 
(GMA)
 MFS Global Multi-Asset Fund
                    250,000
 
STAND-ALONE FUNDS
 
(MIG)
 Massachusetts Investors Growth Stock Fund
                 2,500,000
(MIT)
 Massachusetts Investors Trust
                 2,500,000
 
CLOSED-END FUNDS
 
(CCA)
 MFS California Municipal Fund
                    400,000
(CIH)
 MFS Intermediate High Income Fund
                    450,000
(CMU)
 MFS High Yield Municipal Trust
                    600,000
(CXE)
 MFS High Income Municipal Trust
                    750,000
(CXH)
 MFS Investment Grade Municipal Trust
                    600,000
(MCR)
 MFS Charter Income Trust
                    900,000
(MFM)
 MFS Municipal Income Trust
                    750,000
(MFV)
 MFS Special Value Trust
                    350,000
(MGF)
 MFS Government Markets Income Trust
                    600,000
(MIN)
 MFS Intermediate Income Trust
                    900,000
(MMT)
 MFS Multimarket Income Trust
                    900,000
 
MFS MUNICIPAL SERIES TRUST
 
(MAL)
 MFS Alabama Municipal Bond Fund
                    400,000
(MAR)
 MFS Arkansas Municipal Bond Fund
                    600,000
(MCA)
 MFS California Municipal Bond Fund
                    750,000
(MGA)
 MFS Georgia Municipal Bond Fund
                    400,000
 
 

(MMA)
 MFS Massachusetts Municipal Bond Fund
                    600,000
(MMD)
 MFS Maryland Municipal Bond Fund
                    450,000
(MMI)
 MFS Municipal Income Fund
                 1,700,000
(MMP)
 MFS Mississippi Municipal Bond Fund
                    450,000
(MNC)
 MFS North Carolina Municipal Bond Fund
                    750,000
(MNY)
 MFS New York Municipal Bond Fund
                    600,000
(MPA)
 MFS Pennsylvania Municipal Bond Fund
                    525,000
(MSC)
 MFS South Carolina Municipal Bond Fund
                    600,000
(MTN)
 MFS Tennessee Municipal Bond Fund
                    525,000
(MVA)
 MFS Virginia Municipal Bond Fund
                    750,000
(MWV)
 MFS West Virginia Municipal Bond Fund
                    525,000
 
MFS INSTITUTIONAL TRUST
 
(IIE)
 MFS Institutional International Equity Fund
                 2,500,000
(ILV)
  MFS Institutional Large Cap Value Fund
                    450,000
 
MFS VARIABLE INSURANCE TRUST
 
(VEG)
 MFS Variable Insurance Trust - MFS Growth Series
                 1,250,000
(VFB)
 MFS Variable Insurance Trust - MFS Total Return Bond Series
                 1,900,000
(VFR)
 MFS Variable Insurance Trust - MFS Research Series
                    900,000
(VGE)
 MFS Variable Insurance Trust - MFS Global Equity Series
                    400,000
(VGI)
 MFS Variable Insurance Trust - MFS Investors Trust Series
                    750,000
(VLU)
 MFS Variable Insurance Trust - MFS Value Series
                 1,700,000
(VMG)
 MFS Variable Insurance Trust - MFS Mid Cap Growth Series
                    750,000
(VND)
 MFS Variable Insurance Trust - MFS New Discovery Series
                    900,000
(VTR)
 MFS Variable Insurance Trust - MFS Total Return Series
                 1,900,000
(VUF)
 MFS Variable Insurance Trust - MFS Utilities Series
                 1,500,000
 
MFS Variable Insurance Trust II:
 
(BDS)
 MFS VIT II - MFS Corporate Bond Portfolio
                    750,000
(CGS)
 MFS VIT II - MFS Blended Research Core Equity Portfolio
                    750,000
(FCE)
 MFS VIT II - MFS Emerging Markets Equity Portfolio
                    400,000
(FCG)
 MFS VIT II - MFS International Value Portfolio
                 1,500,000
(FCI)
 MFS VIT II - MFS International Growth Portfolio
                    600,000
(GSS)
 MFS VIT II - MFS Government Securities Portfolio
                    900,000
(HYS)
 MFS VIT II - MFS High Yield Portfolio
                    750,000
(MIS)
 MFS VIT II - MFS Massachusetts Investors Growth Stock Portfolio
                 1,000,000
(MKS)
 MFS VIT II - MFS U.S. Government Money Market Portfolio
                    750,000
(RES)
 MFS VIT II - MFS Global Research Portfolio
                    525,000
(RGS)
 MFS VIT II - MFS Core Equity Portfolio
                    600,000
(RSS)
 MFS VIT II - MFS Research International Portfolio
                    750,000
(SIS)
 MFS VIT II - MFS Strategic Income Portfolio
                    400,000
(TKS)
 MFS VIT II - MFS Technology Portfolio
                    525,000
(WGO)
 MFS VIT II - MFS Global Growth Portfolio
                    400,000
(WGS)
 MFS VIT II - MFS Global Governments Portfolio
                    600,000
(WTS)
 MFS VIT II - MFS Global Tactical Allocation Portfolio
                 1,000,000
 
MFS Variable Insurance Trust III:
 
(VCA)
 MFS VIT III - MFS Conservative Allocation Portfolio
                    900,000
(VDV)
 MFS VIT III - MFS New Discovery Value Portfolio
                    400,000
(VGA)
 MFS VIT III - MFS Growth Allocation Portfolio
                    750,000
(VIA)
 MFS VIT III - MFS Inflation-Adjusted Bond Portfolio
                    750,000
(VLT)
 MFS VIT III - MFS Limited Maturity Portfolio
                    900,000
(VMA)
 MFS VIT III - MFS Moderate Allocation Portfolio
                 1,500,000
(VMC)
 MFS VIT III - MFS Mid Cap Value Portfolio
                    750,000
(VRE)
 MFS VIT III - MFS Global Real Estate Portfolio
                    600,000
(VSC)
 MFS VIT III - MFS Blended Research Small Cap Equity Portfolio
                    525,000
 
Other
                 7,075,000
 
 MFS InterMarket Income Trust I - Liquidated
 
 
MFS Series Trust XII - MFS Lifetime 2060 Fund - launch 2017
 
 
 


MARSH USA, INC (MA)
ATTN: JILL BERUBE
99 HIGH STREET - 14TH FL
BOSTON, MA 02110  
 
 
 
 
INSURED: MASSACHUSETTS FINANCIAL SERVICES COMPANY
PRODUCT: DFIBond
POLICY NO: 81391896
TRANSACTION: RENL_CORR

 


 

  Chubb Group of Insurance Companies DECLARATIONS
              FINANCIAL INSTITUTION INVESTMENT
  15 Mountain View Road, Warren, New Jersey 07059 COMPANY ASSET PROTECTION BOND
 
NAME OF ASSURED (including its Subsidiaries):     Bond Number: 81391896
 
MASSACHUSETTS FINANCIAL SERVICES COMPANY      
DBA MFS INVESTMENT MANAGEMENT          
111 HUNTINGTON AVENUE       FEDERAL INSURANCE COMPANY
BOSTON, MA 02199       Incorporated under the laws of Indiana
              a stock insurance company herein called the COMPANY
              Capital Center, 251 North Illinois, Suite 1100
              Indianapolis, IN 46204-1927
 
ITEM 1. BOND PERIOD: from 12:01 a.m. on November 1, 2016    
      to 12:01 a.m. on November 1, 2017    
 
ITEM 2. LIMITS OF LIABILITY--DEDUCTIBLE AMOUNTS:      
 
  If “Not Covered” is inserted below opposite any specified INSURING CLAUSE, such INSURING CLAUSE and
  any other reference shall be deemed to be deleted. There shall be no deductible applicable to any loss
  under INSURING CLAUSE 1. sustained by any Investment Company.  
 
          SINGLE LOSS   DEDUCTIBLE
  INSURING CLAUSE   LIMIT OF LIABILITY AMOUNT
 
  1 . Employee   $ 25,000,000   $ 100,000
  2 . On Premises   $ 25,000,000   $ 100,000
  3 . In Transit   $ 25,000,000   $ 100,000
  4 . Forgery or Alteration $ 25,000,000   $ 100,000
  5 . Extended Forgery $ 25,000,000   $ 100,000
  6 . Counterfeit Money $ 25,000,000   $ 100,000
  7 . Threats to Person $ Not Covered   $ Not Covered
  8 . Computer System $ 25,000,000   $ 100,000
  9 . Voice Initiated Funds Transfer          
      Instruction   $ 25,000,000   $ 100,000
  10 . Uncollectible Items of Deposit $ 250,000   $ 100,000
  11 . Audit Expense   $ 250,000   $ 100,000
 
ITEM 3. THE LIABILITY OF THE COMPANY IS ALSO SUBJECT TO THE TERMS OF THE FOLLOWING
  ENDORSEMENTS EXECUTED SIMULTANEOUSLY HEREWITH:    
 
  1 - 27                
 
 
IN WITNESS WHEREOF, THE COMPANY has caused this Bond to be signed by its authorized officers, but it shall not be
valid unless also signed by an authorized representative of the Company.    


ICAP Bond (5-98) - Federal  
Form 17-02-1421 (Ed. 5-98) Page 1 of 1

 


 

  The COMPANY, in consideration of payment of the required premium, and in reliance
  on the APPLICATION and all other statements made and information furnished to the
  COMPANY by the ASSURED, and subject to the DECLARATIONS made a part of this
  Bond and to all other terms and conditions of this Bond, agrees to pay the ASSURED
  for:          
 
 
Insuring Clauses            
 
 
Employee 1 . Loss resulting directly from Larceny or Embezzlement committed by any
Employee, alone or in collusion with others.

 
 
 
On Premises 2 . Loss of Property resulting directly from robbery, burglary, false pretenses,
      common law or statutory larceny, misplacement, mysterious unexplainable
      disappearance, damage, destruction or removal, from the possession, custody or
      control of the ASSURED, while such Property is lodged or deposited at premises
      located anywhere.
 
 
In Transit 3 . Loss of Property resulting directly from common law or statutory larceny,
      misplacement, mysterious unexplainable disappearance, damage or destruction,
      while the Property is in transit anywhere:
 
      a. in an armored motor vehicle, including loading and unloading thereof,
 
      b. in the custody of a natural person acting as a messenger of the ASSURED,
        or    
 
      c. in the custody of a Transportation Company and being transported in a
        conveyance other than an armored motor vehicle provided, however, that
        covered Property transported in such manner is limited to the following:
 
        (1 ) written records,
 
        (2 ) securities issued in registered form, which are not endorsed or are
restrictively endorsed, or
 
        (3 ) negotiable instruments not payable to bearer, which are not endorsed
            or are restrictively endorsed.
 
      Coverage under this INSURING CLAUSE begins immediately on the receipt of
      such Property by the natural person or Transportation Company and ends
      immediately on delivery to the premises of the addressee or to any representative
      of the addressee located anywhere.

 

ICAP Bond (5-98)  
Form 17-02-1421 (Ed. 5-98) Page 1 of 19

 


 

Insuring Clauses          
(continued)          
 
 
Forgery Or Alteration 4 . Loss resulting directly from:
      a. Forgery on, or fraudulent material alteration of, any bills of exchange,
        checks, drafts, acceptances, certificates of deposits, promissory notes, due
        bills, money orders, orders upon public treasuries, letters of credit, other
        written promises, orders or directions to pay sums certain in money, or
        receipts for the withdrawal of Property, or
 
      b. transferring, paying or delivering any funds or other Property, or establishing
        any credit or giving any value in reliance on any written instructions, advices
        or applications directed to the ASSURED authorizing or acknowledging the
        transfer, payment, delivery or receipt of funds or other Property, which
        instructions, advices or applications fraudulently purport to bear the
        handwritten signature of any customer of the ASSURED, or shareholder or
        subscriber to shares of an Investment Company, or of any financial
        institution or Employee but which instructions, advices or applications either
        bear a Forgery or have been fraudulently materially altered without the
        knowledge and consent of such customer, shareholder, subscriber, financial
        institution or Employee;
 
      excluding, however, under this INSURING CLAUSE any loss covered under
      INSURING CLAUSE 5. of this Bond, whether or not coverage for INSURING
      CLAUSE 5. is provided for in the DECLARATIONS of this Bond.
 
      For the purpose of this INSURING CLAUSE, a mechanically reproduced facsimile
      signature is treated the same as a handwritten signature.
 
 
Extended Forgery 5 . Loss resulting directly from the ASSURED having, in good faith, and in the
      ordinary course of business, for its own account or the account of others in any
      capacity:  
 
      a. acquired, accepted or received, sold or delivered, or given value, extended
        credit or assumed liability, in reliance on any original Securities,
        documents or other written instruments which prove to:
 
        (1) bear a Forgery or a fraudulently material alteration,
 
        (2) have been lost or stolen, or
 
        (3) be Counterfeit, or
 
      b. guaranteed in writing or witnessed any signatures on any transfer,
        assignment, bill of sale, power of attorney, guarantee, endorsement or other
        obligation upon or in connection with any Securities, documents or other
        written instruments.
 
      Actual physical possession, and continued actual physical possession if taken as
      collateral, of such Securities, documents or other written instruments by an
      Employee, Custodian, or a Federal or State chartered deposit institution of the
      ASSURED is a condition precedent to the ASSURED having relied on such items.
      Release or return of such collateral is an acknowledgment by the ASSURED that it
      no longer relies on such collateral.

 

ICAP Bond (5-98)  
Form 17-02-1421 (Ed. 5-98) Page 2 of 19

 


 

Insuring Clauses            
 
 
Extended Forgery     For the purpose of this INSURING CLAUSE, a mechanically reproduced facsimile
(continued)     signature is treated the same as a handwritten signature.
 
 
Counterfeit Money 6 . Loss resulting directly from the receipt by the ASSURED in good faith of any
      Counterfeit money.
 
 
Threats To Person 7 . Loss resulting directly from surrender of Property away from an office of the
      ASSURED as a result of a threat communicated to the ASSURED to do bodily
      harm to an Employee as defined in SECTION 1.e. (1), (2) and (5), a Relative or
      invitee of such Employee, or a resident of the household of such Employee, who
      is, or allegedly is, being held captive provided, however, that prior to the surrender
      of such Property:
      a. the Employee who receives the threat has made a reasonable effort to
        notify an officer of the ASSURED who is not involved in such threat, and
 
      b. the ASSURED has made a reasonable effort to notify the Federal Bureau of
        Investigation and local law enforcement authorities concerning such threat.
      It is agreed that for purposes of this INSURING CLAUSE, any Employee of the
      ASSURED, as set forth in the preceding paragraph, shall be deemed to be an
      ASSURED hereunder, but only with respect to the surrender of money, securities
      and other tangible personal property in which such Employee has a legal or
      equitable interest.
 
 
Computer System 8 . Loss resulting directly from fraudulent:
      a. entries of data into, or
 
      b. changes of data elements or programs within,
      a Computer System, provided the fraudulent entry or change causes:
 
        (1 ) funds or other property to be transferred, paid or delivered,
 
        (2 ) an account of the ASSURED or of its customer to be added, deleted,
debited or credited, or
 
        (3 ) an unauthorized account or a fictitious account to be debited or
            credited.

 

ICAP Bond (5-98)  
Form 17-02-1421 (Ed. 5-98) Page 3 of 19

 


 

Insuring Clauses        
(continued)        
 
 
Voice Initiated Funds 9 . Loss resulting directly from Voice Initiated Funds Transfer Instruction directed
Transfer Instruction     to the ASSURED authorizing the transfer of dividends or redemption proceeds of
      Investment Company shares from a Customer's account, provided such Voice
      Initiated Funds Transfer Instruction was:
      a. received at the ASSURED'S offices by those Employees of the ASSURED
        specifically authorized to receive the Voice Initiated Funds Transfer
        Instruction,
 
      b. made by a person purporting to be a Customer, and
 
      c. made by said person for the purpose of causing the ASSURED or Customer
        to sustain a loss or making an improper personal financial gain for such
        person or any other person.
      In order for coverage to apply under this INSURING CLAUSE, all Voice Initiated
      Funds Transfer Instructions must be received and processed in accordance with
      the Designated Procedures outlined in the APPLICATION furnished to the
      COMPANY.
 
 
Uncollectible Items of 10 . Loss resulting directly from the ASSURED having credited an account of a
Deposit     customer, shareholder or subscriber on the faith of any Items of Deposit which
      prove to be uncollectible, provided that the crediting of such account causes:
 
      a. redemptions or withdrawals to be permitted,
 
      b. shares to be issued, or
 
      c. dividends to be paid,
from an account of an Investment Company.
 
      In order for coverage to apply under this INSURING CLAUSE, the ASSURED
      must hold Items of Deposit for the minimum number of days stated in the
      APPLICATION before permitting any redemptions or withdrawals, issuing any
      shares or paying any dividends with respect to such Items of Deposit.
 
      Items of Deposit shall not be deemed uncollectible until the ASSURED'S
      standard collection procedures have failed.
 
 
Audit Expense 11 . Expense incurred by the ASSURED for that part of the cost of audits or
      examinations required by any governmental regulatory authority or self-regulatory
      organization to be conducted by such authority, organization or their appointee by
      reason of the discovery of loss sustained by the ASSURED and covered by this
      Bond.

 

ICAP Bond (5-98)  
Form 17-02-1421 (Ed. 5-98) Page 4 of 19

 


 

General Agreements        
 
 
Additional Companies A. If more than one corporation, or Investment Company, or any combination of
Included As Assured   them is included as the ASSURED herein:
    (1 ) The total liability of the COMPANY under this Bond for loss or losses
        sustained by any one or more or all of them shall not exceed the limit for
        which the COMPANY would be liable under this Bond if all such loss were
        sustained by any one of them.
 
    (2 ) Only the first named ASSURED shall be deemed to be the sole agent of the
        others for all purposes under this Bond, including but not limited to the giving
        or receiving of any notice or proof required to be given and for the purpose of
        effecting or accepting any amendments to or termination of this Bond. The
        COMPANY shall furnish each Investment Company with a copy of the
        Bond and with any amendment thereto, together with a copy of each formal
        filing of claim by any other named ASSURED and notification of the terms of
        the settlement of each such claim prior to the execution of such settlement.
 
    (3 ) The COMPANY shall not be responsible for the proper application of any
        payment made hereunder to the first named ASSURED.
 
    (4 ) Knowledge possessed or discovery made by any partner, director, trustee,
        officer or supervisory employee of any ASSURED shall constitute knowledge
        or discovery by all the ASSUREDS for the purposes of this Bond.
 
    (5 ) If the first named ASSURED ceases for any reason to be covered under this
        Bond, then the ASSURED next named on the APPLICATION shall thereafter
        be considered as the first named ASSURED for the purposes of this Bond.
 
 
Representation Made By B. The ASSURED represents that all information it has furnished in the
Assured   APPLICATION for this Bond or otherwise is complete, true and correct. Such
    APPLICATION and other information constitute part of this Bond.
 
    The ASSURED must promptly notify the COMPANY of any change in any fact or
    circumstance which materially affects the risk assumed by the COMPANY under
    this Bond.
 
    Any intentional misrepresentation, omission, concealment or incorrect statement of
    a material fact, in the APPLICATION or otherwise, shall be grounds for recision of
    this Bond.

 

ICAP Bond (5-98)  
Form 17-02-1421 (Ed. 5-98) Page 5 of 19

 


 

General Agreements        
(continued)        
 
 
Additional Offices Or C. If the ASSURED, other than an Investment Company, while this Bond is in force,
Employees - Consolidation,   merges or consolidates with, or purchases or acquires assets or liabilities of
Merger Or Purchase Or   another institution, the ASSURED shall not have the coverage afforded under this
Acquisition Of Assets Or   Bond for loss which has:
Liabilities - Notice To   (1 ) occurred or will occur on premises, or
Company        
    (2 ) been caused or will be caused by an employee, or
    (3 ) arisen or will arise out of the assets or liabilities,
    of such institution, unless the ASSURED:
    a.   gives the COMPANY written notice of the proposed consolidation, merger or
        purchase or acquisition of assets or liabilities prior to the proposed effective
        date of such action, and
    b.   obtains the written consent of the COMPANY to extend some or all of the
        coverage provided by this Bond to such additional exposure, and
    c.   on obtaining such consent, pays to the COMPANY an additional premium.
 
 
Change Of Control - D. When the ASSURED learns of a change in control (other than in an Investment
Notice To Company   Company), as set forth in Section 2(a) (9) of the Investment Company Act of
    1940,   the ASSURED shall within sixty (60) days give written notice to the
    COMPANY setting forth:
    (1 ) the names of the transferors and transferees (or the names of the beneficial
        owners if the voting securities are registered in another name),
    (2 ) the total number of voting securities owned by the transferors and the
        transferees (or the beneficial owners), both immediately before and after the
        transfer, and
    (3 ) the total number of outstanding voting securities.
    Failure to give the required notice shall result in termination of coverage for any
    loss involving a transferee, to be effective on the date of such change in control.
 
 
Court Costs And E. The COMPANY will indemnify the ASSURED for court costs and reasonable
Attorneys’ Fees   attorneys' fees incurred and paid by the ASSURED in defense, whether or not
    successful, whether or not fully litigated on the merits and whether or not settled,
    of any claim, suit or legal proceeding with respect to which the ASSURED would
    be entitled to recovery under this Bond. However, with respect to INSURING
    CLAUSE 1., this Section shall only apply in the event that:
    (1 ) an Employee admits to being guilty of Larceny or Embezzlement,
    (2 ) an Employee is adjudicated to be guilty of Larceny or Embezzlement, or

 

ICAP Bond (5-98)  
Form 17-02-1421 (Ed. 5-98) Page 6 of 19

 


 

General Agreements    
 
 
Court Costs And (3) in the absence of 1 or 2 above, an arbitration panel agrees, after a review of
Attorneys’ Fees   an agreed statement of facts between the COMPANY and the ASSURED,
(continued)   that an Employee would be found guilty of Larceny or Embezzlement if
such Employee were prosecuted.
 
  The ASSURED shall promptly give notice to the COMPANY of any such suit or
  legal proceeding and at the request of the COMPANY shall furnish copies of all
  pleadings and pertinent papers to the COMPANY. The COMPANY may, at its
  sole option, elect to conduct the defense of all or part of such legal proceeding.
  The defense by the COMPANY shall be in the name of the ASSURED through
  attorneys selected by the COMPANY. The ASSURED shall provide all reasonable
  information and assistance as required by the COMPANY for such defense.
 
  If the COMPANY declines to defend the ASSURED, no settlement without the
  prior written consent of the COMPANY nor judgment against the ASSURED shall
  determine the existence, extent or amount of coverage under this Bond.
 
  If the amount demanded in any such suit or legal proceeding is within the
  DEDUCTIBLE AMOUNT, if any, the COMPANY shall have no liability for court
  costs and attorney's fees incurred in defending all or part of such suit or legal
  proceeding.
 
  If the amount demanded in any such suit or legal proceeding is in excess of the
  LIMIT OF LIABILITY stated in ITEM 2. of the DECLARATIONS for the applicable
  INSURING CLAUSE, the COMPANY'S liability for court costs and attorney's fees
  incurred in defending all or part of such suit or legal proceedings is limited to the
  proportion of such court costs and attorney's fees incurred that the LIMIT OF
  LIABILITY stated in ITEM 2. of the DECLARATIONS for the applicable INSURING
  CLAUSE bears to the total of the amount demanded in such suit or legal
  proceeding.
 
  If the amount demanded is any such suit or legal proceeding is in excess of the
  DEDUCTIBLE AMOUNT, if any, but within the LIMIT OF LIABILITY stated in ITEM
  2. of the DECLARATIONS for the applicable INSURING CLAUSE, the
  COMPANY'S liability for court costs and attorney's fees incurred in defending all or
  part of such suit or legal proceedings shall be limited to the proportion of such
  court costs or attorney's fees that the amount demanded that would be payable
  under this Bond after application of the DEDUCTIBLE AMOUNT, bears to the total
  amount demanded.
 
  Amounts paid by the COMPANY for court costs and attorneys' fees shall be in
  addition to the LIMIT OF LIABILITY stated in ITEM 2. of the DECLARATIONS.

 

ICAP Bond (5-98)  
Form 17-02-1421 (Ed. 5-98) Page 7 of 19

 


 

Conditions and            
Limitations            
 
 
Definitions 1 . As used in this Bond:
      a. Computer System means a computer and all input, output, processing,
        storage, off-line media libraries, and communication facilities which are
        connected to the computer and which are under the control and supervision
        of the operating system(s) or application(s) software used by the ASSURED.
 
      b. Counterfeit means an imitation of an actual valid original which is intended
        to deceive and be taken as the original.
 
      c. Custodian means the institution designated by an Investment Company to
        maintain possession and control of its assets.
 
      d. Customer means an individual, corporate, partnership, trust customer,
        shareholder or subscriber of an Investment Company which has a written
        agreement with the ASSURED for Voice Initiated Funds Transfer
        Instruction.
 
      e. Employee means:
 
        (1 ) an officer of the ASSURED,
 
        (2 ) a natural person while in the regular service of the ASSURED at any of
            the ASSURED'S premises and compensated directly by the ASSURED
            through its payroll system and subject to the United States Internal
            Revenue Service Form W-2 or equivalent income reporting plans of
            other countries, and whom the ASSURED has the right to control and
            direct both as to the result to be accomplished and details and means
            by which such result is accomplished in the performance of such
            service,
 
        (3 ) a guest student pursuing studies or performing duties in any of the
ASSURED'S premises,
 
        (4 ) an attorney retained by the ASSURED and an employee of such
            attorney while either is performing legal services for the ASSURED,
 
        (5 ) a natural person provided by an employment contractor to perform
            employee duties for the ASSURED under the ASSURED'S supervision
            at any of the ASSURED'S premises,
 
        (6 ) an employee of an institution merged or consolidated with the
            ASSURED prior to the effective date of this Bond,
 
        (7 ) a director or trustee of the ASSURED, but only while performing acts
            within the scope of the customary and usual duties of any officer or
            other employee of the ASSURED or while acting as a member of any
            committee duly elected or appointed to examine or audit or have
            custody of or access to Property of the ASSURED, or

 

ICAP Bond (5-98)  
Form 17-02-1421 (Ed. 5-98) Page 8 of 19

 


 

Conditions and        
Limitations        
 
 
Definitions (8 ) each natural person, partnership or corporation authorized by written
(continued)     agreement with the ASSURED to perform services as electronic data
      processor of checks or other accounting records related to such checks but
      only while such person, partnership or corporation is actually performing
      such services and not:
 
      a. creating, preparing, modifying or maintaining the ASSURED'S
        computer software or programs, or
 
      b. acting as transfer agent or in any other agency capacity in issuing
        checks, drafts or securities for the ASSURED,
 
  (9 ) any partner, officer or employee of an investment advisor, an underwriter
      (distributor), a transfer agent or shareholder accounting recordkeeper, or an
      administrator, for an Investment Company while performing acts coming
      within the scope of the customary and usual duties of an officer or employee
      of an Investment Company or acting as a member of any committee duly
      elected or appointed to examine, audit or have custody of or access to
      Property of an Investment Company.
 
      The term Employee shall not include any partner, officer or employee of a
      transfer agent, shareholder accounting recordkeeper or administrator:
 
      a. which is not an "affiliated person" (as defined in Section 2(a) of the
        Investment Company Act of 1940) of an Investment Company or of
        the investment advisor or underwriter (distributor) of such Investment
        Company, or
 
      b. which is a "bank" (as defined in Section 2(a) of the Investment
Company Act of 1940).
 
        This Bond does not afford coverage in favor of the employers of
        persons as set forth in e. (4), (5) and (8) above, and upon payment to
        the ASSURED by the COMPANY resulting directly from Larceny or
        Embezzlement committed by any of the partners, officers or
        employees of such employers, whether acting alone or in collusion with
        others, an assignment of such of the ASSURED'S rights and causes of
        action as it may have against such employers by reason of such acts
        so committed shall, to the extent of such payment, be given by the
        ASSURED to the COMPANY, and the ASSURED shall execute all
        papers necessary to secure to the COMPANY the rights provided for
        herein.
 
      Each employer of persons as set forth in e.(4), (5) and (8) above and the
      partners, officers and other employees of such employers shall collectively
      be deemed to be one person for all the purposes of this Bond; excepting,
      however, the fifth paragraph of Section 13.
 
      Independent contractors not specified in e.(4), (5) or (8) above,
      intermediaries, agents, brokers or other representatives of the same general
      character shall not be considered Employees.

 

ICAP Bond (5-98)  
Form 17-02-1421 (Ed. 5-98) Page 9 of 19

 


 

Conditions and    
Limitations    
 
 
Definitions f. Forgery means the signing of the name of another natural person with the
(continued)   intent to deceive but does not mean a signature which consists in whole or in
    part of one's own name, with or without authority, in any capacity for any
    purpose.
  g. Investment Company means any investment company registered under the
    Investment Company Act of 1940 and listed under the NAME OF ASSURED
    on the DECLARATIONS.
 
  h. Items of Deposit means one or more checks or drafts drawn upon a
    financial institution in the United States of America.
 
  i. Larceny or Embezzlement means larceny or embezzlement as defined in
    Section 37 of the Investment Company Act of 1940.
 
  j. Property means money, revenue and other stamps; securities; including any
    note, stock, treasury stock, bond, debenture, evidence of indebtedness,
    certificate of deposit, certificate of interest or participation in any profit-
    sharing agreement, collateral trust certificate, preorganization certificate or
    subscription, transferable share, investment contract, voting trust certificate,
    certificate of deposit for a security, fractional undivided interest in oil, gas, or
    other mineral rights, any interest or instruments commonly known as a
    security under the Investment Company Act of 1940, any other certificate of
    interest or participation in, temporary or interim certificate for, receipt for,
    guarantee of, or warrant or right to subscribe to or purchase any of the
    foregoing; bills of exchange; acceptances; checks; withdrawal orders; money
    orders; travelers' letters of credit; bills of lading; abstracts of title; insurance
    policies, deeds, mortgages on real estate and/or upon chattels and interests
    therein; assignments of such policies, deeds or mortgages; other valuable
    papers, including books of accounts and other records used by the
    ASSURED in the conduct of its business (but excluding all electronic data
    processing records); and, all other instruments similar to or in the nature of
    the foregoing in which the ASSURED acquired an interest at the time of the
    ASSURED'S consolidation or merger with, or purchase of the principal
    assets of, a predecessor or which are held by the ASSURED for any
    purpose or in any capacity and whether so held gratuitously or not and
    whether or not the ASSURED is liable therefor.
  k. Relative means the spouse of an Employee or partner of the ASSURED
    and any unmarried child supported wholly by, or living in the home of, such
    Employee or partner and being related to them by blood, marriage or legal
    guardianship.
 
  l. Securities, documents or other written instruments means original
    (including original counterparts) negotiable or non-negotiable instruments, or
    assignments thereof, which in and of themselves represent an equitable
    interest, ownership, or debt and which are in the ordinary course of business
    transferable by delivery of such instruments with any necessary
    endorsements or assignments.

 

ICAP Bond (5-98)  
Form 17-02-1421 (Ed. 5-98) Page 10 of 19

 


 

Conditions and        
Limitations        
 
 
Definitions     m. Subsidiary means any organization that, at the inception date of this Bond,
(continued)       is named in the APPLICATION or is created during the BOND PERIOD and
        of which more than fifty percent (50%) of the outstanding securities or voting
        rights representing the present right to vote for election of directors is owned
        or controlled by the ASSURED either directly or through one or more of its
        subsidiaries.
 
      n. Transportation Company means any organization which provides its own
        or its leased vehicles for transportation or which provides freight forwarding
        or air express services.
 
      o. Voice Initiated Election means any election concerning dividend options
        available to Investment Company shareholders or subscribers which is
        requested by voice over the telephone.
 
      p. Voice Initiated Redemption means any redemption of shares issued by an
        Investment Company which is requested by voice over the telephone.
 
      q. Voice Initiated Funds Transfer Instruction means any Voice Initiated
        Redemption or Voice Initiated Election.
 
      For the purposes of these definitions, the singular includes the plural and the
      plural includes the singular, unless otherwise indicated.
 
 
General Exclusions - 2 . This bond does not directly or indirectly cover:
Applicable to All Insuring     a. loss not reported to the COMPANY in writing within sixty (60) days after
Clauses       termination of this Bond as an entirety;
 
      b. loss due to riot or civil commotion outside the United States of America and
        Canada, or any loss due to military, naval or usurped power, war or
        insurrection. This Section 2.b., however, shall not apply to loss which occurs
        in transit in the circumstances recited in INSURING CLAUSE 3., provided
        that when such transit was initiated there was no knowledge on the part of
        any person acting for the ASSURED of such riot, civil commotion, military,
        naval or usurped power, war or insurrection;
 
      c. loss resulting from the effects of nuclear fission or fusion or radioactivity;
 
      d. loss of potential income including, but not limited to, interest and dividends
        not realized by the ASSURED or by any customer of the ASSURED;
 
      e. damages of any type for which the ASSURED is legally liable, except
        compensatory damages, but not multiples thereof, arising from a loss
        covered under this Bond;
 
      f. costs, fees and expenses incurred by the ASSURED in establishing the
        existence of or amount of loss under this Bond, except to the extent covered
        under INSURING CLAUSE 11.;
 
      g. loss resulting from indirect or consequential loss of any nature;

 

ICAP Bond (5-98)  
Form 17-02-1421 (Ed. 5-98) Page 11 of 19

 


 

Conditions and              
Limitations              
 
 
General Exclusions -     h. loss resulting from dishonest acts by any member of the Board of Directors
Applicable to All Insuring       or Board of Trustees of the ASSURED who is not an Employee, acting
Clauses       alone or in collusion with others;
(continued)     i. loss, or that part of any loss, resulting solely from any violation by the
ASSURED or by any Employee:
        (1 ) of any law regulating:
            a. the issuance, purchase or sale of securities,
            b. securities transactions on security or commodity exchanges or
              the over the counter market,
            c. investment companies,
            d. investment advisors, or
        (2 ) of any rule or regulation made pursuant to any such law; or
      j. loss of confidential information, material or data;
      k. loss resulting from voice requests or instructions received over the
        telephone, provided however, this Section 2.k. shall not apply to INSURING
        CLAUSE 7. or 9.
 
 
Specific Exclusions - 3 . This Bond does not directly or indirectly cover:
Applicable To All Insuring     a. loss caused by an Employee, provided, however, this Section 3.a. shall not
Clauses Except Insuring       apply to loss covered under INSURING CLAUSE 2. or 3. which results
Clause 1.       directly from misplacement, mysterious unexplainable disappearance, or
damage or destruction of Property;
      b. loss through the surrender of property away from premises of the ASSURED
        as a result of a threat:
        (1 ) to do bodily harm to any natural person, except loss of Property in
            transit in the custody of any person acting as messenger of the
            ASSURED, provided that when such transit was initiated there was no
            knowledge by the ASSURED of any such threat, and provided further
            that this Section 3.b. shall not apply to INSURING CLAUSE 7., or
        (2 ) to do damage to the premises or Property of the ASSURED;
      c. loss resulting from payments made or withdrawals from any account
        involving erroneous credits to such account;
      d. loss involving Items of Deposit which are not finally paid for any reason
        provided however, that this Section 3.d. shall not apply to INSURING
        CLAUSE 10.;
      e. loss of property while in the mail;

 

ICAP Bond (5-98)  
Form 17-02-1421 (Ed. 5-98) Page 12 of 19

 


 

Conditions and                
Limitations                
 
 
Specific Exclusions -     f. loss resulting from the failure for any reason of a financial or depository
Applicable To All Insuring       institution, its receiver or other liquidator to pay or deliver funds or other
Clauses Except Insuring       Property to the ASSURED provided further that this Section 3.f. shall not
Clause 1.       apply to loss of Property resulting directly from robbery, burglary,
(continued)       misplacement, mysterious unexplainable disappearance, damage,
        destruction or removal from the possession, custody or control of the
        ASSURED.        
      g. loss of Property while in the custody of a Transportation Company,
        provided however, that this Section 3.g. shall not apply to INSURING
        CLAUSE 3.;        
      h. loss resulting from entries or changes made by a natural person with
        authorized access to a Computer System who acts in good faith on
        instructions, unless such instructions are given to that person by a software
        contractor or its partner, officer, or employee authorized by the ASSURED to
        design, develop, prepare, supply, service, write or implement programs for
        the ASSURED's Computer System; or    
      i. loss resulting directly or indirectly from the input of data into a Computer
        System terminal, either on the premises of the customer of the ASSURED
        or under the control of such a customer, by a customer or other person who
        had authorized access to the customer's authentication mechanism.
 
 
Specific Exclusions - 4 . This bond does not directly or indirectly cover:    
Applicable To All Insuring     a. loss resulting from the complete or partial non-payment of or default on any
Clauses Except Insuring       loan whether such loan was procured in good faith or through trick, artifice,
Clauses 1., 4., And 5.       fraud or false pretenses; provided, however, this Section 4.a. shall not apply
        to INSURING CLAUSE 8.;      
 
      b. loss resulting from forgery or any alteration;    
 
      c. loss involving a counterfeit provided, however, this Section 4.c. shall not
        apply to INSURING CLAUSE 5. or 6.    
 
 
Limit Of Liability/Non- 5 . At all times prior to termination of this Bond, this Bond shall continue in force for
Reduction And Non-     the limit stated in the applicable sections of ITEM 2. of the DECLARATIONS,
Accumulation Of Liability     notwithstanding any previous loss for which the COMPANY may have paid or be
      liable to pay under this Bond provided, however, that the liability of the COMPANY
      under this Bond with respect to all loss resulting from:  
 
      a. any one act of burglary, robbery or hold-up, or attempt thereat, in which no
        Employee is concerned or implicated, or    
 
      b. any one unintentional or negligent act on the part of any one person
        resulting in damage to or destruction or misplacement of Property, or
 
      c. all acts, other than those specified in a. above, of any one person, or

 

ICAP Bond (5-98)  
Form 17-02-1421 (Ed. 5-98) Page 13 of 19

 


 

Conditions and        
Limitations        
 
 
Limit Of Liability/Non-     d. any one casualty or event other than those specified in a., b., or c. above,
Reduction And Non-     shall be deemed to be one loss and shall be limited to the applicable LIMIT OF
Accumulation Of Liability     LIABILITY stated in ITEM 2. of the DECLARATIONS of this Bond irrespective of
(continued)     the total amount of such loss or losses and shall not be cumulative in amounts
      from year to year or from period to period.
 
      All acts, as specified in c. above, of any one person which
 
      i. directly or indirectly aid in any way wrongful acts of any other person or
        persons, or
 
      ii. permit the continuation of wrongful acts of any other person or persons
 
      whether such acts are committed with or without the knowledge of the wrongful
      acts of the person so aided, and whether such acts are committed with or without
      the intent to aid such other person, shall be deemed to be one loss with the
      wrongful acts of all persons so aided.
 
 
Discovery 6 . This Bond applies only to loss first discovered by an officer of the ASSURED
      during the BOND PERIOD. Discovery occurs at the earlier of an officer of the
      ASSURED being aware of:
 
      a. facts which may subsequently result in a loss of a type covered by this Bond,
        or
 
      b. an actual or potential claim in which it is alleged that the ASSURED is liable
        to a third party,
 
      regardless of when the act or acts causing or contributing to such loss occurred,
      even though the amount of loss does not exceed the applicable DEDUCTIBLE
      AMOUNT, or the exact amount or details of loss may not then be known.
 
 
Notice To Company - 7 . a. The ASSURED shall give the COMPANY notice thereof at the earliest
Proof - Legal Proceedings       practicable moment, not to exceed sixty (60) days after discovery of loss, in
Against Company       an amount that is in excess of 50% of the applicable DEDUCTIBLE
        AMOUNT, as stated in ITEM 2. of the DECLARATIONS.
 
      b. The ASSURED shall furnish to the COMPANY proof of loss, duly sworn to,
        with full particulars within six (6) months after such discovery.
 
      c. Securities listed in a proof of loss shall be identified by certificate or bond
        numbers, if issued with them.
 
      d. Legal proceedings for the recovery of any loss under this Bond shall not be
        brought prior to the expiration of sixty (60) days after the proof of loss is filed
        with the COMPANY or after the expiration of twenty-four (24) months from
        the discovery of such loss.
 
      e. This Bond affords coverage only in favor of the ASSURED. No claim, suit,
        action or legal proceedings shall be brought under this Bond by anyone
        other than the ASSURED.

 

ICAP Bond (5-98)  
Form 17-02-1421 (Ed. 5-98) Page 14 of 19

 


 

Conditions and        
Limitations        
 
 
Notice To Company -     f. Proof of loss involving Voice Initiated Funds Transfer Instruction shall
Proof - Legal Proceedings       include electronic recordings of such instructions.
Against Company        
(continued)        
 
 
Deductible Amount 8 . The COMPANY shall not be liable under any INSURING CLAUSES of this Bond
      on account of loss unless the amount of such loss, after deducting the net amount
      of all reimbursement and/or recovery obtained or made by the ASSURED, other
      than from any Bond or policy of insurance issued by an insurance company and
      covering such loss, or by the COMPANY on account thereof prior to payment by
      the COMPANY of such loss, shall exceed the DEDUCTIBLE AMOUNT set forth in
      ITEM 3. of the DECLARATIONS, and then for such excess only, but in no event
      for more than the applicable LIMITS OF LIABILITY stated in ITEM 2. of the
      DECLARATIONS.
 
      There shall be no deductible applicable to any loss under INSURING CLAUSE 1.
      sustained by any Investment Company.
 
 
Valuation 9 . BOOKS OF ACCOUNT OR OTHER RECORDS
      The value of any loss of Property consisting of books of account or other records
      used by the ASSURED in the conduct of its business shall be the amount paid by
      the ASSURED for blank books, blank pages, or other materials which replace the
      lost books of account or other records, plus the cost of labor paid by the
      ASSURED for the actual transcription or copying of data to reproduce such books
      of account or other records.
 
      The value of any loss of Property other than books of account or other records
      used by the ASSURED in the conduct of its business, for which a claim is made
      shall be determined by the average market value of such Property on the
      business day immediately preceding discovery of such loss provided, however,
      that the value of any Property replaced by the ASSURED with the consent of the
      COMPANY and prior to the settlement of any claim for such Property shall be the
actual market value at the time of replacement.
 
      In the case of a loss of interim certificates, warrants, rights or other securities, the
      production of which is necessary to the exercise of subscription, conversion,
      redemption or deposit privileges, the value of them shall be the market value of
      such privileges immediately preceding their expiration if said loss is not discovered
      until after their expiration. If no market price is quoted for such Property or for
      such privileges, the value shall be fixed by agreement between the parties.
      OTHER PROPERTY
 
      The value of any loss of Property, other than as stated above, shall be the actual
      cash value or the cost of repairing or replacing such Property with Property of
      like quality and value, whichever is less.

 

ICAP Bond (5-98)  
Form 17-02-1421 (Ed. 5-98) Page 15 of 19

 


 

Conditions and        
Limitations        
(continued)        
 
 
Securities Settlement 10 . In the event of a loss of securities covered under this Bond, the COMPANY may,
      at its sole discretion, purchase replacement securities, tender the value of the
      securities in money, or issue its indemnity to effect replacement securities.
 
      The indemnity required from the ASSURED under the terms of this Section
      against all loss, cost or expense arising from the replacement of securities by the
      COMPANY'S indemnity shall be:
 
      a. for securities having a value less than or equal to the applicable
        DEDUCTIBLE AMOUNT - one hundred (100%) percent;
 
      b. for securities having a value in excess of the DEDUCTIBLE AMOUNT but
        within the applicable LIMIT OF LIABILITY - the percentage that the
        DEDUCTIBLE AMOUNT bears to the value of the securities;
 
      c. for securities having a value greater than the applicable LIMIT OF LIABILITY
        - the percentage that the DEDUCTIBLE AMOUNT and portion in excess of
        the applicable LIMIT OF LIABILITY bears to the value of the securities.
 
      The value referred to in Section 10.a., b., and c. is the value in accordance with
      Section 9, Valuation, regardless of the value of such securities at the time the loss
under the COMPANY'S indemnity is sustained.
 
      The COMPANY is not required to issue its indemnity for any portion of a loss of
      securities which is not covered by this Bond; however, the COMPANY may do so
      as a courtesy to the ASSURED and at its sole discretion.
 
      The ASSURED shall pay the proportion of the Company's premium charge for the
      Company's indemnity as set forth in Section 10.a., b., and c. No portion of the
      LIMIT OF LIABILITY shall be used as payment of premium for any indemnity
      purchased by the ASSURED to obtain replacement securities.
 
 
Subrogation - Assignment 11.   In the event of a payment under this Bond, the COMPANY shall be subrogated to
Recovery     all of the ASSURED'S rights of recovery against any person or entity to the extent
      of such payment. On request, the ASSURED shall deliver to the COMPANY an
      assignment of the ASSURED'S rights, title and interest and causes of action
      against any person or entity to the extent of such payment.
 
      Recoveries, whether effected by the COMPANY or by the ASSURED, shall be
      applied net of the expense of such recovery in the following order:
 
      a. first, to the satisfaction of the ASSURED'S loss which would otherwise have
        been paid but for the fact that it is in excess of the applicable LIMIT OF
        LIABILITY,
 
      b. second, to the COMPANY in satisfaction of amounts paid in settlement of
        the ASSURED'S claim,
 
      c. third, to the ASSURED in satisfaction of the applicable DEDUCTIBLE
        AMOUNT, and

 

ICAP Bond (5-98)  
Form 17-02-1421 (Ed. 5-98) Page 16 of 19

 


 

Conditions and        
Limitations        
 
 
Subrogation - Assignment     d. fourth, to the ASSURED in satisfaction of any loss suffered by the
Recovery       ASSURED which was not covered under this Bond.
(continued)     Recovery from reinsurance or indemnity of the COMPANY shall not be deemed a
      recovery under this section.
 
 
Cooperation Of Assured 12 . At the COMPANY'S request and at reasonable times and places designated by
      the COMPANY, the ASSURED shall:
 
      a. submit to examination by the COMPANY and subscribe to the same under
        oath,
 
      b. produce for the COMPANY'S examination all pertinent records, and
 
      c. cooperate with the COMPANY in all matters pertaining to the loss.
 
      The ASSURED shall execute all papers and render assistance to secure to the
      COMPANY the rights and causes of action provided for under this Bond. The
      ASSURED shall do nothing after loss to prejudice such rights or causes of action.
 
 
Termination 13 . If the Bond is for a sole ASSURED, it shall not be terminated unless written notice
      shall have been given by the acting party to the affected party and to the
      Securities and Exchange Commission, Washington, D.C., not less than sixty (60)
      days prior to the effective date of such termination.
 
      If the Bond is for a joint ASSURED, it shall not be terminated unless written notice
      shall have been given by the acting party to the affected party, and by the
      COMPANY to all ASSURED Investment Companies and to the Securities and
      Exchange Commission, Washington, D.C., not less than sixty (60) days prior to
      the effective date of such termination.
 
      This Bond will terminate as to any one ASSURED, other than an Investment
      Company:
 
      a. immediately on the taking over of such ASSURED by a receiver or other
        liquidator or by State or Federal officials, or
 
      b. immediately on the filing of a petition under any State or Federal statute
        relative to bankruptcy or reorganization of the ASSURED, or assignment for
        the benefit of creditors of the ASSURED, or
 
      c. immediately upon such ASSURED ceasing to exist, whether through merger
        into another entity, disposition of all of its assets or otherwise.
 
      The COMPANY shall refund the unearned premium computed at short rates in
      accordance with the standard short rate cancellation tables if terminated by the
      ASSURED or pro rata if terminated for any other reason.

 

ICAP Bond (5-98)  
Form 17-02-1421 (Ed. 5-98) Page 17 of 19

 


 

Conditions and        
Limitations        
 
 
Termination     If any partner, director, trustee, or officer or supervisory employee of an
(continued)     ASSURED not acting in collusion with an Employee learns of any dishonest act
      committed by such Employee at any time, whether in the employment of the
      ASSURED or otherwise, whether or not such act is of the type covered under this
      Bond, and whether against the ASSURED or any other person or entity, the
      ASSURED:
 
      a. shall immediately remove such Employee from a position that would enable
        such Employee to cause the ASSURED to suffer a loss covered by this
        Bond; and
 
      b. within forty-eight (48) hours of learning that an Employee has committed
        any dishonest act, shall notify the COMPANY, of such action and provide full
particulars of such dishonest act.
 
      The COMPANY may terminate coverage as respects any Employee sixty (60)
      days after written notice is received by each ASSURED Investment Company
      and the Securities and Exchange Commission, Washington, D.C. of its desire to
      terminate this Bond as to such Employee.
 
 
Other Insurance 14 . Coverage under this Bond shall apply only as excess over any valid and collectible
      insurance, indemnity or suretyship obtained by or on behalf of:
 
      a. the ASSURED,
 
      b. a Transportation Company, or
 
      c. another entity on whose premises the loss occurred or which employed the
        person causing the loss or engaged the messenger conveying the Property
        involved.
 
 
Conformity 15 . If any limitation within this Bond is prohibited by any law controlling this Bond's
      construction, such limitation shall be deemed to be amended so as to equal the
      minimum period of limitation provided by such law.
 
 
Change or Modification 16 . This Bond or any instrument amending or affecting this Bond may not be changed
      or modified orally. No change in or modification of this Bond shall be effective
      except when made by written endorsement to this Bond signed by an authorized
      representative of the COMPANY.
 
      If this Bond is for a sole ASSURED, no change or modification which would
      adversely affect the rights of the ASSURED shall be effective prior to sixty (60)
      days after written notice has been furnished to the Securities and Exchange
      Commission, Washington, D.C., by the acting party.

 

ICAP Bond (5-98)  
Form 17-02-1421 (Ed. 5-98) Page 18 of 19

 


 

Conditions And  
Limitations  
 
 
Change or Modification If this Bond is for a joint ASSURED, no charge or modification which would
(continued) adversely affect the rights of the ASSURED shall be effective prior to sixty (60)
  days after written notice has been furnished to all insured Investment Companies
  and to the Securities and Exchange Commission, Washington, D.C., by the
  COMPANY.

 

ICAP Bond (5-98)  
Form 17-02-1421 (Ed. 5-98) Page 19 of 19

 


 

IMPORTANT NOTICE TO POLICYHOLDERS
 
 
 
All of the members of the Chubb Group of Insurance companies doing business in the United
States (hereinafter “Chubb”) distribute their products through licensed insurance brokers and agents
(“producers”). Detailed information regarding the types of compensation paid by Chubb to producers on
US insurance transactions is available under the Producer Compensation link located at the bottom of the
page at www.chubb.com, or by calling 1-866-588-9478. Additional information may be available from your
producer.
 
Thank you for choosing Chubb.

 

10-02-1295 (ed. 6/2007)


 

Important Notice:
 
 
 
The SEC Requires Proof of Your Fidelity Insurance Policy
 
Your company is now required to file an electronic copy of your fidelity insurance coverage
(Chubb’s ICAP Bond policy) to the Securities and Exchange Commission (SEC), according to
rules adopted by the SEC on June 12, 2006.
 
Chubb is in the process of providing your agent/broker with an electronic copy of your insurance
policy as well as instructions on how to submit this proof of fidelity insurance coverage to the
SEC. You can expect to receive this information from your agent/broker shortly.
 
The electronic copy of your policy is provided by Chubb solely as a convenience and does not
affect the terms and conditions of coverage as set forth in the paper policy you receive by mail.
The terms and conditions of the policy mailed to you, which are the same as those set forth in
the electronic copy, constitute the entire agreement between your company and Chubb.
 
If you have any questions, please contact your agent or broker.

 

Form 14-02-12160 (ed. 7/2006)


 

POLICYHOLDER
DISCLOSURE NOTICE OF
TERRORISM INSURANCE COVERAGE
(for policies with no terrorism exclusion or sublimit)
Insuring Company: FEDERAL INSURANCE
COMPANY
You are hereby notified that, under the Terrorism Risk Insurance Act (the “Act”), this
policy makes available to you insurance for losses arising out of certain acts of terrorism.
Terrorism is defined as any act certified by the Secretary of the Treasury of the United
States, to be an act of terrorism; to be a violent act or an act that is dangerous to human
life, property or infrastructure; to have resulted in damage within the United States,
or outside the United States in the case of an air carrier or vessel or the premises of a
United States Mission; and to have been committed by an individual or individuals as part
of an effort to coerce the civilian population of the United States or to influence the policy
or affect the conduct of the United States Government by coercion.
 
You should know that the insurance provided by your policy for losses caused by acts of
terrorism is partially reimbursed by the United States under the formula set forth in the
Act. Under this formula, the United States pays 85% of covered terrorism losses that
exceed the statutorily established deductible to be paid by the insurance company
providing the coverage. Beginning in 2016, the Federal share will be reduced by 1% per
year until it reaches 80%, where it will remain.
 
However, if aggregate insured losses attributable to terrorist acts certified under the Act
exceed $100 billion in a calendar year, the Treasury shall not make any payment for
any portion of the amount of such losses that exceeds $100 billion.

 

10-02-1281 (Ed. 03/2015)


 

If aggregate insured losses attributable to terrorist acts certified under the Act exceed
$100 billion in a calendar year and we have met our insurer deductible under the Act,
we shall not be liable for the payment of any portion of the amount of such losses that
exceeds $100 billion, and in such case insured losses up to that amount are subject to
pro rata allocation in accordance with procedures established by the Secretary of the
Treasury.
 
The portion of your policy’s annual premium that is attributable to insurance for such acts
of terrorism is: $ -0-.
 
If you have any questions about this notice, please contact your agent or broker.

 

10-02-1281 (Ed. 03/2015)


 

FEDERAL INSURANCE COMPANY
 
Endorsement No: 1
 
Bond Number: 81391896
 
NAME OF ASSURED: MASSACHUSETTS FINANCIAL SERVICES COMPANY
 
 
 
NAME OF ASSURED ENDORSEMENT  
 
It is agreed that the NAME OF ASSURED in the DECLARATIONS is amended to read as follows:
 
MFS Series Trust I  
MFS Value Fund  
MFS U.S. Government Cash Reserve Fund  
MFS New Discovery Fund  
MFS Core Equity Fund  
MFS Research International Fund  
MFS Technology Fund  
MFS Low Volatility Global Equity Fund  
MFS Low Volatility Equity Fund  
 
MFS Series Trust II  
MFS Growth Fund  
 
MFS Series Trust III  
MFSGlobal High Yield Fund  
MFS High Yield Pooled Portfolio  
MFS High Income Fund  
MFS Municipal High Income Fund  
 
MFS Series Trust IV  
MFS Blended Research Emerging Markets Equity Fund  
MFS Blended Research Global Equity Fund  
MFS Blended Research International Equity Fund  
MFS Global New Discovery Fund  
MFS U.S. Government Money Market Fund  
MFS Mid Cap Growth Fund  
 
MFS Series Trust V  
MFS Research Fund  
MFS International New Discovery Fund  
MFS Total Return Fund  
 
MFS Series Trust VI  
MFS Global Equity Fund  
MFS Global Total Return Fund  
MFS Utilities Fund  

 

MFS Series Trust VII  
ICAP Bond  
Form 17-02-0949 (Rev. 1-97) Page 1

 


 

MFS Equity Income Fund
 
MFS Series Trust VIII
MFS Strategic Income Fund
MFS Global Growth Fund
 
MFS Series Trust IX
MFS Inflation-Adjusted Bond Fund
MFS Corporate Bond Fund
MFS Limited Maturity Fund
MFS Municipal Limited Maturity Fund
MFS Total Return Bond Fund
 
MFS Series Trust X
MFS Aggressive Growth Allocation Fund
MFS Absolute Return Fund
MFS Blended Research Small Cap Equity Fund
MFS Blended Research Value Equity Fund
MFS Blended Research Growth Equity Fund
MFS Conservative Allocation Fund
MFS Emerging Markets Debt Fund
MFS Emerging Markets Debt Local Currency Fund
MFS Emerging Markets Equity Fund
MFS International Growth Fund
MFS International Value Fund
MFS Global Bond Fund
MFS Growth Allocation Fund
MFS International Diversification Fund
MFS Moderate Allocation Fund
MFS Managed Wealth Fund
 
MFS Series Trust XI
MFS Mid Cap Value Fund
MFS Blended Research Core Equity Fund
 
MFS Series Trust XII
MFS Lifetime 2015 Fund
MFS Lifetime 2025 Fund
MFS Lifetime 2035 Fund
MFS Lifetime 2045 Fund
MFS Lifetime 2055 Fund
MFS Lifetime Income Fund
MFS Lifetime 2020 Fund
MFS Lifetime 2030 Fund
MFS Lifetime 2040 Fund
MFS Lifetime 2050 Fund
MFS Equity Opportunities Fund

 

ICAP Bond  
Form 17-02-0949 (Ed. 1-97) Page 2

 


 

MFS Series Trust XIII
MFS Diversified Income Fund
MFS Global Real Estate Fund
MFS Government Securities Fund
MFS New Discovery Value Fund
 
MFS Series Trust XIV
MFS Institutional Money Market Portfolio
 
MFS Series Trust XV
MFS Commodity Strategy Fund
MFS Global Alternative Strategy Fund
 
 
MFS Series Trust XVI
MFS Global Multi-Asset Fund
 
Stand Alone Funds
Massachusetts Investors Growth Stock Fund
Massachusetts Investors Trust
 
Closed End Funds
MFS California Municipal Fund
MFS Intermediate High Income Fund
MFS High Yield Municipal Trust
MFS High Income Municipal Trust
MFS Investment Grade Municipal Trust
MFS Charter Income Trust
MFS Municipal Income Trust
MFS Special Value Trust
MFS Government Markets Income Trust
MFS Intermediate Income Trust
MFS Multimarket Income Trust
 
MFS Municipal Series Trust
MFS Alabama Municipal Bond Fund
MFS Arkansas Municipal Bond Fund
MFS California Municipal Bond Fund
MFS Georgia Municipal Bond Fund
MFS Massachusetts Municipal Bond Fund
MFS Maryland Municipal Bond Fund
MFS Municipal Income Fund
MFS Mississippi Municipal Bond Fund
MFS North Carolina Municipal Bond Fund
MFS New York Municipal Bond Fund
MFS Pennsylvania Municipal Bond Fund
MFS South Carolina Municipal Bond Fund
MFS Tennessee Municipal Bond Fund
MFS Virginia Municipal Bond Fund
MFS West Virginia Municipal Bond Fund
 
MFS Institutional Trust
MFS Institutional International Equity Fund
MFS Institutional Large Cap Value Fund

 

ICAP Bond  
Form 17-02-0949 (Ed. 1-97) Page 3

 


 

MFS Variable Insurance Trust
MFS Growth Series
MFS Total Return Bond Series
MFS Research Series
MFS Global Equity Series
MFS Investors Trust Series
MFS Value Series
MFS Mid Cap Growth Series
MFS New Discovery Series
MFS Total Return Series
MFS Utilities Series
 
 
MFS Variable Insurance Trust II
MFS Corporate Bond Portfolio
MFS Blended Research Core Equity Portfolio
MFS Emerging Markets Equity Portfolio
MFS International Value Portfolio
MFS International Growth Portfolio
MFS Government Securities Portfolio
MFS High Yield Portfolio
MFS Massachusetts Investors Growth Stock Portfolio
MFS U.S. Government Money Market Portfolio
MFS Global Research Portfolio
MFS Core Equity Portfolio
MFS Research International Portfolio
MFS Strategic Income Portfolio
MFS Technology Portfolio
MFS Global Growth Portfolio
MFS Global Governments Portfolio
MFS Global Tactical Allocation Portfolio
 
MFS Variable Insurance Trust III
MFS Conservative Allocation Portfolio
MFS New Discovery Value Portfolio
MFS Growth Allocation Portfolio
MFS Inflation-Adjusted Bond Portfolio
MFS Limited Maturity Portfolio
MFS Moderate Allocation Portfolio
MFS Mid Cap Value Portfolio
MFS Global Real Estate Portfolio
MFS Blended Research Small Cap Equity Portfolio
 
 
LLC Funds Board
MFS International Concentrated Equity LLC
MFS International Growth LLC
MFS Emerging Markets Debt LLC
MFS Global Equity LLC
MFS International Research Equity LLC
MFS Core Plus Fixed Income LLC

 

ICAP Bond  
Form 17-02-0949 (Ed. 1-97) Page 4

 


 

Heritage Trust Board
MFS Heritage Trust Company CIT - MFS Blended Research Large Cap Growth Fund
MFS Heritage Trust Company CIT - MFS International Value Fund
MFS Heritage Trust Company CIT - MFS Global Value Fund
MFS Heritage Trust Company CIT - MFS International Growth Fund II
MFS Heritage Trust Company CIT - MFS International Small Cap Equity Fund
MFS Heritage Trust Company CIT - MFS Global Equity Fund
MFS Heritage Trust Company CIT - MFS International Research Equity Fund
MFS Heritage Trust Company CIT - MFS Growth Equity Fund
MFS Heritage Trust Company CIT - MFS Large Cap Value Fund
MFS Heritage Trust Company CIT - MFS International Concentrated Equity Fund
MFS Heritage Trust Company CIT - MFS Emerging Markets Debt Fund
MFS Heritage Trust Company CIT - MFS International Growth Fund
MFS Heritage Trust Company CIT - MFS International Equity Fund
MFS Heritage Trust Company CIT - MFS Blended Research U.S. Core Equity Fund
MFS Heritage Trust Company CIT - MFS Emerging Markets Equity Fund
MFS Heritage Trust Company CIT - MFS Global Growth Fund
MFS Heritage Trust Company CIT - MFS Low Volatility Global Equity Fund
MFS Heritage Trust Company CIT - MFS International Growth ex-Emerging Market Fund
 
Other
MFS Commodity Strategy Portfolio
Massachusetts Financial Services Company
MFS Institutional Advisors, Inc.
3060097 Nova Scotia Company
MFS Investment Management Canada Limited
MFS International Singapore Pte. Ltd.
MFS Service Center, Inc.
MFS Heritage Trust Company
MFS Fund Distributors, Inc.
MFS International Ltd.
MFS International (U.K) Limited
MFS do Brasil Desenvolvimento, de Mercado Ltda (Brazil)
MFS International (Hong Kong) Limited
MFS Investment Management Company (Lux.) S.a.r.l.
MFS Investment Management K.K.
MFS Development Funds, LLC
MFS International Switzerland GmbH
MFS International (Chile) SpA
MFS International Holdings Pty Ltd
MFS Bermuda Holdings Ltd
MFS Exchange LLC
MFS International Australia Pty Ltd
 
 
 
 
This Endorsement applies to loss discovered after 12:01 a.m. on November 1, 2016.
 
ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.

 

ICAP Bond  
Form 17-02-0949 (Ed. 1-97) Page 5
 
 

 

Date: January 6, 2017


ICAP Bond  
Form 17-02-0949 (Ed. 1-97) Page 2

 


 

        FEDERAL INSURANCE COMPANY
 
        Endorsement No. 2  
 
        Bond Number: 81391896  
 
NAME OF ASSURED: MASSACHUSETTS FINANCIAL SERVICES COMPANY    
 
 
 
REVISE ITEM 2. ENDORSEMENT
 
It is agreed that this Bond is amended by deleting ITEM 2. in its entirety on the DECLARATIONS and
substituting the following:        
 
ITEM 2. LIMITS OF LIABILITY-DEDUCTIBLE AMOUNTS:        
 
If "Not Covered" is inserted below opposite any specified INSURING CLAUSE, such INSURING CLAUSE
and any other reference to such INSURING CLAUSE in this Bond shall be deemed to be deleted. There
shall be no deductible applicable to any loss under INSURING CLAUSE 1 sustained by any
Investment Company.        
 
      SINGLE LOSS DEDUCTIBLE
INSURING CLAUSE LIMIT OF LIABILITY AMOUNT
1 . Employee $ 25,000,000 $ 100,000
2 . On Premises $ 25,000,000 $ 100,000
3 . In Transit $ 25,000,000 $ 100,000
4 . Forgery or Alteration $ 25,000,000 $ 100,000
5 . Extended Forgery $ 25,000,000 $ 100,000
6 . Counterfeit Money $ 25,000,000 $ 100,000
7 . Threats to Person $ Not Covered $ Not Covered
8 . Computer System $ 25,000,000 $ 100,000
9 . Voice Initiated Funds Transfer Instruction $ 25,000,000 $ 100,000
10 . Uncollectible Items of Deposit $ 250,000 $ 100,000
11 . Audit Expense $ 250,000 $ 100,000
12 . Unauthorized Signature $ 25,000,000 $ 100,000
13 . Claims Expense $ 250,000 $ 100,000
14 . Automated Phone System $ 25,000,000 $ 100,000
15 . Computer Systems & Voice Instruction $ 25,000,000 $ 100,000
16 . Destruction of Data or Programs by Hacker $ 25,000,000 $ 100,000
17 . Destruction of Data or Programs by Virus $ 25,000,000 $ 100,000
 
 
This Endorsement applies to loss discovered after 12:01 a.m. on November 1, 2016.    
 
ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.    

 

Date: January 6, 2017



 

ICAP Bond
Form 17-02-1582 (Ed. 5-98)

Page 2


 

            FEDERAL INSURANCE COMPANY
            Endorsement No.: 3
            Bond Number: 81391896
 
 
NAME OF ASSURED: MASSACHUSETTS FINANCIAL SERVICES COMPANY
UNAUTHORIZED SIGNATURE ENDORSEMENT
It is agreed that this Bond is amended as follows:  
1 . By adding the following INSURING CLAUSE:  
    12 . Unauthorized Signature  
        Loss resulting directly from the ASSURED having accepted, paid or cashed any check or
        Withdrawal Order made or drawn on or against the account of the ASSURED’S customer
        which bears the signature or endorsement of one other than a person whose name and signature
        is on file with the ASSURED as a signatory on such account.  
        It shall be a condition precedent to the ASSURED'S right of recovery under this INSURING
        CLAUSE that the ASSURED shall have on file signatures of all the persons who are signatories
        on such account.  
2 . By adding to Section 1., Definitions, the following:  
    r.   Instruction means a written order to the issuer of an Uncertificated Security requesting that the
        transfer, pledge or release from pledge of the specified Uncertificated Security be registered.
    s.   Uncertificated Security means a share, participation or other interest in property of or an
        enterprise of the issuer or an obligation of the issuer, which is:  
        (1 ) not represented by an instrument and the transfer of which is registered on books
            maintained for that purpose by or on behalf of the issuer, and  
        (2 ) of a type commonly dealt in on securities exchanges or markets, and
        (3 ) either one of a class or series or by its terms divisible into a class or series of shares,
            participations, interests or obligations.  

 

ICAP Bond  
Form 17-02-5602 (Ed. 10-03) Page 1

 


 

t. Withdrawal Order means a non-negotiable instrument, other than an Instruction, signed by a
  customer of the ASSURED authorizing the ASSURED to debit the customer’s account in the
  amount of funds stated therein.
 
 
 
 
This Endorsement applies to loss discovered after 12:01 a.m. on November 1, 2016.
 
 
 
ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.

 

Date: January 6, 2017


ICAP Bond  
Form 17-02-5602 (Ed. 10-03) Page 2

 


 

        FEDERAL INSURANCE COMPANY
        Endorsement No.: 4
        Bond Number: 81391896
 
 
NAME OF ASSURED: MASSACHUSETTS FINANCIAL SERVICES COMPANY  
CLAIMS EXPENSE ENDORSEMENT
It is agreed that this Bond is amended as follows:  
1 . By adding the following INSURING CLAUSE:  
    13. Claims Expense  
    Reasonable expense incurred by the ASSURED, solely for independent firms or individuals to
    determine the amount of loss where:  
    (1 ) the loss is covered under the Bond, and  
    (2 ) the loss is in excess of the applicable DEDUCTIBLE AMOUNT.  
2 . Under General Exclusions-Applicable To All Insuring Clauses, Section 2.f. does not apply to loss
    covered under this INSURING CLAUSE.  
 
 
 
This Endorsement applies to loss discovered after 12:01 a.m. on November 1, 2016.
 
ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.

 

Date: January 6, 2017


ICAP Bond

Form 17-02-6282 (Ed. 11-04)


 

        ENDORSEMENT/RIDER
 
Effective date of    
this endorsement/rider: November 1, 2016 FEDERAL INSURANCE COMPANY
 
      Endorsement/Rider No. 5
 
      To be attached to and  
      form a part of Bond No. 81391896
 
Issued to: MASSACHUSETTS FINANCIAL SERVICES COMPANY  
 
 
 
AUTOMATED PHONE SYSTEM ENDORSEMENT
 
In consideration of the premium charged, it is agreed that:  
 
(1 ) The Insuring Clauses section is amended by adding the following Insuring Clause:
 
    Automated Phone System Insuring Clause    
 
    Loss resulting directly from the ASSURED having transferred funds on the faith of any Automated Phone
    System (hereinafter “APS”) Transaction, where the request for such APS Transaction is unauthorized or
    fraudulent and is made with the intent to deceive. In order for coverage to apply under this Insuring
    Clause the ASSURED shall maintain and follow all APS Designated Procedures with respect to APS
    Transactions. The isolated failure of the ASSURED to maintain and follow a particular APS Designated
    Procedure in a particular instance will not preclude coverage under this Automated Phone System
    Insuring Clause subject to the exclusions herein and in this Bond.  
 
(2 ) For purposes of this endorsement, the following terms shall apply:  
 
    Automated Phone System or APS means an automated system which receives and converts to
    executable instructions transmissions over the telephone through use of a touch-tone keypad or other
    tone system or voice recognition system, and always excluding transmissions from a computer system
    or part thereof.    
 
    APS Transaction means any APS Purchase, APS Redemption, APS Election or APS Exchange.
 
    APS Purchase means any purchase of shares issued by an Investment Company which is requested
    through an Automated Phone System.    
 
    APS Redemption means any redemption of shares issued by an Investment Company which is
    requested over the telephone by means of information transmitted by an individual caller through use of
    a telephone keypad or voice recognition system.  
 
    APS Election means any election concerning various account features available to Fund shareholders
    which is made over the telephone by means of information transmitted by an individual caller through
    use of a telephone keypad or voice recognition system. These features include account statements, auto
    exchange, auto asset builder, automatic withdrawal, dividend/capital gain options, dividend sweep,
    telephone balance consent and change of address.  
 
    APS Exchange means any exchange of shares in a registered account of one Fund into shares in an
    account with the same tax identification number and same ownership-type code of another Fund in the
    same complex pursuant to exchange privileges of the two Funds, which exchange is requested over the
    telephone by means of information transmitted by an Individual caller through use of a telephone keypad
    or voice recognition system.    
 
    APS Designated Procedures means all of the following procedures:  

 

Q08-2343 (12/2008)

Page 1


 

(1 ) Election in Application No APS Redemption shall be executed unless the shareholder to whose
    account such an APS Redemption relates has previously elected to permit Telephone
    Redemptions.
 
(2 ) Logging: All APS Purchases, Redemptions or Exchanges shall be logged or otherwise recorded
    and the records shall be retained for at least six (6) months. Information contained in the records
    shall be capable of being retrieved and produced within a reasonable time after retrieval of specific
    information is requested, at a success rate of no less than 85 percent.
 
(3 ) Identity Test: The caller in any request for an APS Transaction, must first input his/her account
    number, the last four digits of his/her social security number, and finally, his/her personal
    identification number (“PIN”). It is proposed that in addition to this procedure, a customer may:
 
    (a) begin by saying or pressing his/her account number, then say or press his/her PIN, or
 
    (b) begin by saying or pressing his/her social security number, then say or press his/her PIN and
      lastly, say name of fund or account number (or press account number).
 
    (c) Limited attempts to Enter PIN: If the caller fails to enter a correct PIN within (3) three
      attempts, the caller must not be allowed additional attempts during the same telephone call
      to enter the PIN. The caller may either be instructed to redial a customer service
representative or may be immediately connected to such a representative.
 
    (d) Written Confirmation: A written confirmation of any APS Purchase, Redemption, Exchange
      or change of address shall be mailed to the shareholder(s) to whose account such
      transaction relates, at the record address, by the end of the ASSURED’S next regular
      processing cycle, but in no event later than five (5) business days following such APS
      Transaction.
 
    (e) Access to APS Equipment: Access to the equipment which permits the entity receiving the
      APS Transaction request to process and effect the transaction shall be limited in the
      following manner: The Shareholder Services Group, Inc., accesses the hardware housing the
      Mutual Fund On-Line system which effects transactions.
 
(3) With respect to the coverage afforded pursuant to the Automated Phone Systems Insuring Clause, this
Bond does not directly or indirectly cover any loss resulting from:
 
(1 ) the redemption of shares, where the proceeds of such redemption are made payable to other than
    (i) the shareholder of record, or (ii) a person designated to receive redemption proceeds, or (iii) a
    bank account designated to receive redemption proceeds; or
 
(2 ) the redemption of shares, where the proceeds of such redemption are paid by check mailed to any
    address, unless such address has either been (i) designated by voice over the telephone or in
    writing without a signature guarantee. In either case at least thirty (30) days prior to such
    redemption, or (ii) designated, or (iii) verified by any other procedures, if such procedures are
    stated below in this Endorsement; or
 
(3 ) the redemption of shares, where the proceeds of such redemption are paid by wire transfer to
    other than the shareholders designated bank account of record; or
 
(4 ) the intentional failure to adhere to one or more APS Designated Procedures.
 
The title and any headings in this endorsement/rider are solely for convenience and form no part of the terms
and conditions of coverage.
 
All other terms, conditions and limitations of this Bond shall remain unchanged.

Q08-2343 (12/2008)

Page 2


 

                ENDORSEMENT/RIDER
 
Effective date of          
this endorsement/rider: November 1, 2016 FEDERAL INSURANCE COMPANY
              Endorsement/Rider No . 6
              To be attached to and  
              form a part of Policy No. 81391896
 
Issued to: MASSACHUSETTS FINANCIAL SERVICES COMPANY  
          COMPUTER SYSTEMS AND VOICE INSTRUCTIONS ENDORSEMENT
            (WITH INTERNET RIDER)  
In consideration of the premium charged, it is agreed that:  
1 . This bond is amended by adding the following additional Insuring Clause:
    Computer Systems And Voice Instructions Insuring Clause  
    (A) Loss resulting directly from a fraudulent:  
      (1 ) entry of data into, or    
      (2 ) change of data elements or programs within a “Computer System” (as defined
          below),    
      provided the fraudulent entry or change causes:  
          (a) Property to be transferred, paid or delivered,  
          (b) an account of the ASSURED, or of its customer, to be added,
            deleted, debited or credited, or  
          (c) an unauthorized account or a fictitious account to be debited or
            credited;    
      (3 ) voice instructions or advices having been transmitted to the ASSURED or its
          agent(s) by telephone; and provided further, the fraudulent entry or change is
          made or caused by an individual acting with the manifest intent to:
          (a) cause the ASSURED or its agent(s) to sustain a loss, and
          (b) obtain financial benefit for that individual or for other persons
            intended by that individual to receive financial benefit,
          (c) and further provided such voice instructions or advices:

 

Q09-392 (12/2016)

Page 1


 

          (i) were made by a person who purported to represent an
            individual authorized to make such voice instructions or
            advices; and
          (ii) were electronically recorded by the ASSURED or its
            agent(s).
 
      (4 ) It shall be a condition to recovery under this Computer Systems And Voice
          Instructions Insuring Clause that the ASSURED or its agent(s) shall to the best of
          their ability electronically record all voice instructions or advices received over
          telephone. The ASSURED or its agent(s) warrant that they shall make their best
          efforts to maintain the electronic recording system on a continuous basis.
 
          Nothing, however, in this endorsement shall bar the ASSURED from recovery
          where no recording is available because of mechanical failure of the device used
          in making such recording, or because of failure of the media used to record a
          conversation from any cause, or error or omission of any Employee(s) or
          agent(s) of the ASSURED.
 
    (B) Loss resulting by reason of the ASSURED having transferred, paid, or delivered any funds or
      property, established any credit, debited any account or given any value on the faith of any
      instructions directed to the ASSURED over the Internet authorizing or acknowledging the
      transfer, payment, delivery or receipt of funds or property which instructions were transmitted
      over the Internet directly to the ASSURED and fraudulently purport to have been sent by a
      customer, an office of the ASSURED or another financial institution, but which instructions
      were either transmitted over the Internet, without the knowledge or consent of said person, or
      were fraudulently modified during transmission over the Internet to the ASSURED.
 
2 . For purposes of this endorsement, the following terms shall apply
 
    Computer Systemmeans:
 
    (a) computers with related peripheral components, including storage components, wherever
      located,  
    (b) systems and applications software,
    (c) terminal devices,
    (d) related communication networks or customer communication systems, and
    (e) related Electronic Funds Transfer Systems” (as defined below),
 
    by which data are electronically collected, transmitted, processed, stored, and retrieved; provided that
    the coverage afforded pursuant to the terms of this endorsement shall apply to all Computer Systems
    used by the ASSURED.  
 
    Electronic Funds Transfer Systemmeans automated teller machines, point of sale terminals, and
    other similar operating systems and includes any shared networks, or other similar facilities for such
    systems, in which the ASSURED participates.
 
3 . In addition to the exclusions in the attached bond, the following exclusions are applicable to this
    Computer Systems And Voice Instructions Insuring Clause:
 
    (a) loss resulting directly or indirectly from the theft of confidential information, material or
      data;      
 
    (b) loss resulting directly or indirectly from entries or changes made by an individual
      authorized to have access to a Computer System who acts in good faith on instructions,
      unless such instructions are given to that individual by a software contractor (or by a
      partner, officer or employee thereof) authorized by the ASSURED to design, develop,
      prepare, supply service, write or implement programs for the ASSURED'S Computer
      System. This exclusion shall only apply to that customer's account.

 

Q09-392 (12/2016)

Page 2


 

4 . The coverage afforded by this endorsement applies only to loss discovered by the ASSURED during
    the period this endorsement is in force.
 
5 . All loss or series of losses involving the fraudulent activity of one individual, or involving fraudulent
    activity in which one individual is implicated, whether or not that individual is specifically identified,
    shall be treated as one loss. A series of losses involving unidentified individuals but arising from the
    same method of operation may be deemed by the COMPANY to involve the same individual and in
    that event shall be treated as one loss.
 
6 . The COMPANY’S maximum Limit of Liability for this Computer Systems And Voice Instructions
    Insuring Clause is $25,000,000, which is part of $58,000,000, and is subject to a deductible of
    $100,000, which applies to each and every loss.
 
7 . If any loss is covered under this Insuring Clause and any other Insuring Clause or Coverage, the
    maximum amount payable for such loss shall not exceed the largest amount available under anyone
    Insuring Clause or Coverage.
 
8 . Coverage under this endorsement shall terminate upon termination or cancellation of the bond to
    which this endorsement is attached. Coverage under this endorsement may also be terminated or
    cancelled without cancelling the bond as an entirety:
 
    (a) ninety (90) days after receipt by the ASSURED of written notice from the COMPANY of
      its desire to terminate or cancel coverage under this endorsement, or
 
    (b) immediately upon receipt by the COMPANY of a written request from the ASSURED to
      terminate or cancel coverage under this endorsement.
 
    The COMPANY shall refund to the ASSURED the unearned premium for this coverage under this
    endorsement. The refund shall be computed at short rates if this endorsement is terminated or
    cancelled or reduced by notice from, or at the instance of, the ASSURED.
 
9 . Section 7, Notice to Company-Proof-Legal Proceedings Against Company, of the Conditions and
    Limitations of this bond is amended by adding the following sentence:
 
Proof of loss resulting from voice instructions or advices covered under this bond
      shall include electronic recordings of such voice instructions or advices.
 
10 . Notwithstanding the foregoing, however, coverage afforded by this endorsement is not designed to
    provide protection against loss covered under a separate Electronic and Computer Crime Policy by
    whatever title assigned or written by any insurer. Any loss which is covered under such separate
    Policy is excluded from coverage under this bond; and the ASSURED agrees to make claim for such
    loss under its separate Policy.
 
The title and any headings in this endorsement/rider are solely for convenience and form no part of the terms and
conditions of coverage.
 
All other terms, conditions and limitations of this Policy shall remain unchanged.

Q09-392 (12/2016)

Page 3


 

          ENDORSEMENT/RIDER
Effective date of    
this endorsement/rider: November 1, 2016 FEDERAL INSURANCE COMPANY
        Endorsement/Rider No. 7
        To be attached to and  
        form a part of Policy No. 81391896
 
Issued to: MASSACHUSETTS FINANCIAL SERVICES COMPANY  
 
      DESTRUCTION OF DATA OR PROGRAMS BY HACKER ENDORSEMENT
 
In consideration of the premium charged, it is agreed that this Bond is amended as follows:
(1 ) The Insuring Clauses section is amended by adding the following:  
    Insuring Clause: Destruction Of Data Or Programs By Hacker Insuring Clause
    Loss resulting directly from the malicious destruction of or damage to, Electronic Data or
    Computer Programs owned by the ASSURED or for which the ASSURED is legally liable while
    stored within a Computer System covered pursuant to the terms and conditions of the Computer
    Systems and Voice Instructions Endorsement 6, attached to this Bond.  
    The liability of the Company shall be limited to the cost of duplication of such Electronic Data or
    Computer Programs from other Electronic Data or Computer Programs which shall have
    been furnished by the ASSURED.    
    In the event, however, that destroyed or damaged Computer Programs cannot be duplicated from
    other Computer Programs, the Company will pay the cost incurred for computer
    time, computer programmers, consultants or other technical specialists as is reasonably
    necessary to restore Computer Programs to substantially the previous level of operational
    capability.    
    The Company’s maximum Limit of Liability for this Destruction Of Data Or Programs By Hacker
    Insuring Clause is $25,000,000, which is part of $58,000,000, and is subject to a deductible of
    $100,000, which applies to each and every loss.  
(2 ) For purposes of this endorsement, the definition of Computer System, as set forth in Subsection 1,
    Definitions, of the Conditions and Limitations Section, is deleted and replaced with the following:
    Computer System means:    
    (a) computers with related peripheral components, including storage components, wherever
      located,    
    (b) systems and applications software,    
    (c) terminal devices,    

 

Q08-2336 (01/2017)

Page 1


 

    (d) related communication networks or customer communication systems, and
    (e) related Electronic Funds Transfer Systems,
    by which data are electronically collected, transmitted, processed, stored, and retrieved.
(3 ) For purposes of this endorsement, the following terms shall apply:
    Electronic Data means facts or information converted to a form usable in a Computer System by
    Computer Programs and which is stored on magnetic tapes or disks, or optical storage disks or
    other bulk media.
    Computer Program means a set of related electronic instructions which direct the operations and
    functions of a computer or devices connected to it which enable the computer or devices to
    receive, process, store or send Electronic Data.
 
The title and any headings in this endorsement/rider are solely for convenience and form no part of the terms and
conditions of coverage.
All other terms, conditions and limitations of this Policy shall remain unchanged.

Q08-2336 (01/2017)

Page 2


 

        ENDORSEMENT/RIDER
 
 
Effective date of  
this endorsement/rider: November 1, 2016 FEDERAL INSURANCE COMPANY
 
        Endorsement/Rider No. 8
 
        To be attached to and
        form a part of Policy No. 81391896
 
 
 
Issued to: MASSACHUSETTS FINANCIAL SERVICES COMPANY
 
DESTRUCTION OF DATA OR PROGRAMS BY VIRUS ENDORSEMENT
 
In consideration of the premium charged, it is agreed that:
 
(1 ) The Insuring Clauses section is amended by adding the following Insuring Clause:
 
    Destruction Of Data Or Programs By Virus Insuring Clause
 
    Loss resulting directly from the malicious destruction of or damage to, Electronic Data or
    Computer Programs owned by the ASSURED or for which the ASSURED is legally liable while
    stored within a Computer System covered pursuant to the terms and conditions of the
    Computer Systems and Voice Instructions Endorsement 6, attached to this Bond, if such
    destruction or damage was caused by a computer programmer similar instruction which
    was written or altered to incorporate a hidden instruction designed to destroy or damage
    Electronic Data or Computer Programs in the Computer System in which the computer
    program or instruction so written or so altered is used.
 
    The liability of the Company shall be limited to the cost of duplication of such Electronic Data
    or Computer Programs from other Electronic Data or Computer Programs which shall
    have been furnished by the ASSURED.  
 
    In the event, however, that destroyed or damaged Computer Programs cannot be duplicated
    from other Computer Programs, the Company will pay the cost incurred for computer time,
    computer programmers, consultants or other technical specialists as is reasonably necessary to
    restore Computer Programs to substantially the previous level of operational capability.
 
    The Company’s maximum Limit of Liability for this Destruction Of Data Or Programs By Virus
    Insuring Clause is $25,000,000, which is part of $58,000,000 and is subject to a deductible of
    $100,000, which applies to each and every loss.
 
(2 ) For purposes of this endorsement, the definition of Computer System, as set forth in
    Subsection 1, Definitions, of the Conditions and Limitations Section, is deleted and replaced with the
    following:  
 
    Computer System means:  
 
    (a) computers with related peripheral components, including storage components,
      wherever located,  

 

Q08-2337 (12/2016)

Page 1


 

    (b) systems and applications software,
    (c) terminal devices,
    (d) related communication networks or customer communication systems, and
    (e) related Electronic Funds Transfer Systems,
    by which data are electronically collected, transmitted, processed, stored, and retrieved.
(3 ) For purposes of this endorsement, the following terms shall apply:
    Electronic Data means facts or information converted to a form usable in a Computer
    System by Computer Programs and which is stored on magnetic tapes or disks, or optical
    storage disks or other bulk media.
    Computer Program means a set of related electronic instructions which direct the operations
    and functions of a computer or devices connected to it which enable the computer or
    devices to receive, process, store or send Electronic Data.
 
The title and any headings in this endorsement/rider are solely for convenience and form no part of the terms and
conditions of coverage.
All other terms, conditions and limitations of this Policy shall remain unchanged.

Q08-2337 (12/2016)

Page 2


 

            ENDORSEMENT/RIDER
Effective date of      
this endorsement/rider: November 1, 2016 FEDERAL INSURANCE COMPANY
          Endorsement/Rider No. 9
          To be attached to and  
          form a part of Bond No. 81391896
Issued to: MASSACHUSETTS FINANCIAL SERVICES COMPANY  
 
 
DISHONEST OR FRAUDULENT ACT ENDORSEMENT
In consideration of the premium charged, it is agreed that:  
(1 ) Dishonest or fraudulent acts which meet any of the following criteria will not require notification by the
    ASSURED to the Company:    
    (i) Acts involving values of less than $5,000 (five thousand dollars), or
    (ii) convictions involving any controlled substances as defined by federal and local law which:
      (a) occurred more than three (3) years prior to the ASSURED’S discovery; and
      (b) did not occur while employed by the ASSURED.  
(2 ) Any request for waiver for an Employee must include a description of the position to be held and a
    description of the facts and circumstances surrounding the legal infraction.
 
 
The title and any headings in this endorsement/rider are solely for convenience and form no part of the terms
and conditions of coverage.    
 
 
All other terms, conditions and limitations of this Bond shall remain unchanged.

Q08-2342 (12/2008)

Page 1


 

          ENDORSEMENT/RIDER  
 
 
Effective date of        
this endorsement/rider: November 1, 2016 FEDERAL INSURANCE COMPANY  
 
        Endorsement/Rider No. 10  
 
        To be attached to and    
        form a part of Policy No. 81391896  
 
 
Issued to: MASSACHUSETTS FINANCIAL SERVICES COMPANY    
 
 
      TELEFACSIMILE TRANSMISSIONS COVERAGE ENDORSEMENT  
 
 
In consideration of the premium charged, it is agreed that this Bond is amended as follows:  
 
 
(1 ) The Insuring Clauses section is amended by adding the following Insuring Clause:  
 
    Telefacsimile Transmissions Insuring Clause    
 
    Loss resulting by reason of the ASSURED having transferred, paid or delivered any funds or  
    Property, established any credit, debited any account, or given any value on the faith of  
    any fraudulent instructions sent by a customer or financial institution by Telefacsimile  
    Transmission directly to the ASSURED authorizing or acknowledging the transfer, payment, or  
    delivery of funds or property, establishment of credit, debiting of an account or the giving of value  
    by the ASSURED, which Telefacsimile instructions:    
 
    (i) fraudulently purport to have been sent by such customer or financial institution  
      but which Telefacsimile Instructions were transmitted without the knowledge or  
      consent of such customer or financial institution by a person other than such  
      customer or financial institution and which bear a forged signature.  
 
(2 ) The coverage afforded by this endorsement applies only to loss discovered by the ASSURED  
    during the period this endorsement is in force. The first sentence of Subsection 6, Discovery, of  
    the Conditions and Limitations section of this Bond does not apply to this Telefacsimile  
    Transmissions Insuring Clause.      
 
(3 ) The Company’s maximum Limit of Liability for this Telefacsimile Transmissions Insuring Clause is  
    $25,000,000, which is part of $58,000,000, and is subject to a deductible of $100,000, which
    applies to each and every loss.      
 
(4 ) Coverage under this endorsement shall terminate upon termination or cancellation of this Bond to  
    which this endorsement is attached, and coverage under this endorsement may also be  
    terminated or canceled without canceling the Bond as an entirety:    
 
    (i) ninety (90) days after receipt by the ASSURED of written notice from the  
      Company of its desire to terminate or cancel coverage under this endorsement,  
      or      
 
    (ii) immediately upon receipt by the Company of a written request from the  

 

Q08-2346 (12/2016)

Page 1


 

    ASSURED to terminate or cancel coverage under this endorsement.
 
(5 ) For purposes of this endorsement, the following terms shall apply:
 
    "Telefacsimile" means a system of transmitting written documents by electronic
    signals over telephone lines to equipment maintained by the ASSURED for the purposes
    of reproducing a copy of said document. It does not mean electronic communication sent
    by Telex, TWX, or similar means of communication or through Electronic Communication
    System or through an Automated Clearing House.
 
    "Forged Signature" means the handwritten signing of the name of another genuine
    person or the use of a copy of his signature without authority and with intent to cause the
    ASSURED to sustain a loss and to obtain financial benefit; it does not include the signing
    in whole or in part of one's own name, with or without authority, in any capacity, for any
    purpose.
 
 
The title and any headings in this endorsement/rider are solely for convenience and form no part of the terms
and conditions of coverage.
 
All other terms, conditions and limitations of this Policy shall remain unchanged.

Q08-2346 (12/2016)

Page 2


 

      ENDORSEMENT/RIDER
 
Effective date of    
this endorsement/rider: November 1, 2016 FEDERAL INSURANCE COMPANY
 
    Endorsement/Rider No. 11
 
    To be attached to and  
    form a part of Bond No. 81391896
 
Issued to: MASSACHUSETTS FINANCIAL SERVICES COMPANY  
 
 
 
AMEND EXTENDED FORGERY INSURING CLAUSE ENDORSEMENT
 
In consideration of the premium charged, it is agreed that this Bond is amended by deleting paragraph b. of
Insuring Clause 5, Extended Forgery, and replacing it with the following:  
b. guaranteed in writing or witnessed any signature upon any transfer, assignment, bill of sale, power
  of attorney, guarantee, endorsement, or other obligation upon or in connection with any Securities,
  documents or other written instructions; or purportedly guaranteed in writing or witnessed any
  signature on any transfer, assignment, bill of sale, power of attorney, guarantee, endorsement, or
  other obligation upon or in connection with any Securities, documents or other written
  instructions which purported guarantee was effected by the unauthorized use of a stamp or
  medallion of or belonging to the ASSURED which was lost, stolen or counterfeited and for which
  loss the ASSURED is legally liable.    
 
 
The title and any headings in this endorsement/rider are solely for convenience and form no part of the terms
and conditions of coverage.    
 
 
 
All other terms, conditions and limitations of this Bond shall remain unchanged.

Q08-2348(12/2008)

Page 1


 

        FEDERAL INSURANCE COMPANY
        Endorsement No: 12
        Bond Number: 81391896
NAME OF ASSURED: MASSACHUSETTS FINANCIAL SERVICES COMPANY  
 
 
TERMINATION-NONRENEWAL-NOTICE ENDORSEMENT
It is agreed that this Bond is amended as follows:  
1 . By adding to Section 13., Termination, the following:  
    "Termination By The Company  
    Bonds In Effect For More Than Sixty (60) Days  
    If this Bond has been in effect for more than sixty (60) days, or, if this Bond is a renewal, the
    COMPANY may terminate by providing written notice of cancellation at least sixty (60) days before the
    effective date of termination for at least one of the following reasons:  
    1 . Nonpayment of premium;  
    2 . Discovery of fraud or material misrepresentation in obtaining this Bond or in the presentation of a
        claim thereunder;  
    3 . Discovery of willful or reckless acts or omissions or violation of any provision of this Bond on the
        part of the ASSURED which substantially and materially increases any hazard insured against,
        and which occurred subsequent to the inception of the current BOND PERIOD;
    4 . Conviction of the ASSURED of a crime arising out of acts increasing the hazard insured against;
    5 . Material change in the risk which increases the risk of loss after insurance coverage has been
        issued or renewed, except to the extent that the COMPANY should reasonably have foreseen the
        change, or contemplated the risk when the contract was written;  
    6 . Determination by the Commissioner that the continuation of the Bond would jeopardize a
        COMPANY'S solvency or would place the COMPANY in violation of the insurance laws of any
        state;  
    7 . Determination by the Commissioner that continuation of the present premium volume of the
COMPANY would jeopardize the COMPANY'S policyholders, creditors or the public;
    8 . Such other reasons that are approved by the Commissioner;  
    9 . Determination by the Commissioner that the COMPANY no longer has adequate reinsurance to
        meet the ASSUREDS needs;  
    10 . Substantial breaches of contractual duties, conditions or warranties; or
    11 . Unfavorable underwriting facts, specific to the ASSURED, existing that were not present at the
        inception of the Bond.  

 

ICAP Bond  
Form 17-02-1360 (Rev. 10-99) Page 1

 


 

Bonds In Effect Sixty (60) Days Or Less
 
If this Bond has been in effect for sixty (60) days or less, and it is not a renewal Bond, the COMPANY
may terminate for any reason by providing written notice of termination at least sixty (60) days before
the effective date of termination.
 
Notice Of Termination
 
Notice of termination under this Section shall be mailed or delivered, by certified mail, return receipt
provided by the United States Postal Service, to the ASSURED and to the authorized agent or broker, if
any, at least sixty (60) days prior to the effective date of cancellation at the address shown on the
DECLARATIONS of this Bond.
 
If this Bond is cancelled for nonpayment of premium, the COMPANY will mail or deliver, by certified
mail, return receipt provided by the United States Postal Service, a written notice at least thirty (30)
days before the effective date of cancellation. The cancellation notice shall contain information
regarding the amount of premium due and the due date, and shall state the effect of nonpayment by
the due date. Cancellation shall not be effective if payment of the amount due is made prior to the
effective date of cancellation.
 
All notice of cancellation shall state the reason(s) for cancellation.
 
There is no liability on the part of, and no cause of action of any nature shall arise against, the
COMPANY, its authorized representatives, its employees, or any firm, person or corporation furnishing
to the COMPANY, information relating to the reasons for cancellation or nonrenewal, for any statement
made by them in complying or enabling the COMPANY to comply with this Section, for the provision of
information pertaining thereto, or for statements made or evidence submitted at any hearings
conducted in connection therewith, if such information was provided in good faith and without malice.
 
Notice Of Nonrenewal
 
If the COMPANY elects not to renew this Bond, the COMPANY shall mail or deliver written notice, by
certified mail, return receipt, provided by the United States Postal Service, to the ASSURED, at his last
known address, at least sixty (60) days before the expiration date or before the anniversary date, if this
Bond has been written for a term of more than one (1) year. Such notice shall also be mailed to the
ASSURED'S agent or broker, if any.
 
Such notice shall contain all of the following:
 
a. Bond Number:
 
b. Date of Notice;
 
c. Reason for Cancellation;
 
d. Expiration Date of the Bond;
 
e. Effective Date and Hour of Cancellation.
 
Notice of nonrenewal shall not be required if the COMPANY or a COMPANY within the same insurance
group has offered to issue a renewal Bond, the ASSURED has obtained replacement coverage or has
agreed in writing to obtain replacement coverage, the ASSURED has requested or agreed to
nonrenewal, or the Bond is expressly designated as nonrenewable.

 

ICAP Bond  
Form 17-02-1360 (Rev. 10-99) Page 2

 


 

    Return Premium Calculations
 
    Any unearned premiums which have been paid by the ASSURED shall be refunded to the ASSURED
    on a pro rata basis if terminated by the COMPANY or the ASSURED. The unearned premiums shall
    be refunded to the ASSURED within forty-five (45) days of receipt of the request for cancellation or the
    effective date of cancellation, whichever is later.
 
    Conditional Renewal
 
    If the COMPANY offers or purports to renew the Bond, but on less favorable terms or at higher rates,
    the new terms or higher premiums may take effect on the renewal date, if the COMPANY mails or
    delivers by certified mail, return receipt provided by the United States Postal Service, to the ASSURED,
    notice of the new terms or premiums at least sixty (60) days prior to the renewal date. If the
    COMPANY notifies the ASSURED within sixty (60) days prior to the renewal date, the new terms or
    premiums do not take effect until sixty (60) days after the notice is mailed or delivered, in which case,
    the ASSURED may elect to cancel the renewal Bond within the sixty (60) day period. If the COMPANY
    does not notify the ASSURED of the new terms or premiums, the COMPANY shall continue the Bond
    at the expiring terms and premiums until notice is given or until the effective date of replacement
    coverage is obtained by the ASSURED, whichever occurs first.”
 
2 . It is further understood and agreed that for the purposes of Section 13., Termination, any occurrence
    listed in this Section shall be considered to be a request by the ASSURED to immediately terminate this
    Bond.
 
 
 
 
This Endorsement applies to loss discovered after 12:01 a.m. on November 1, 2016.
 
 
 
 
ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.

Date: January 6, 2017


ICAP Bond  
Form 17-02-1360 (Rev. 10-99) Page 3

 


 

      ENDORSEMENT/RIDER
Effective date of    
this endorsement/rider: November 1, 2016 FEDERAL INSURANCE COMPANY
    Endorsement/Rider No. 13
    To be attached to and  
    form a part of Bond No. 81391896
Issued to: MASSACHUSETTS FINANCIAL SERVICES COMPANY  
 
 
AUTOMATIC INCREASE IN LIMITS ENDORSEMENT
In consideration of the premium charged, it is agreed that GENERAL AGREEMENTS, Section C. Additional
Offices Or Employees-Consolidation, Merger Or Purchase Or Acquisition Of Assets Or Liabilities-Notice To
Company, is amended by adding the following subsection:  
Automatic Increase in Limits for Investment Companies  
If an increase in bonding limits is required pursuant to rule 17g-1 of the Investment Company Act of 1940 (“the
Act”), due to:    
(i) the creation of a new Investment Company, other than by consolidation or merger with, or purchase or
  acquisition of assets or liabilities of, another institution; or  
(ii) an increase in asset size of current Investment Companies covered under this Bond,
then the minimum required increase in limits shall take place automatically without payment of additional
premium for the remainder of the BOND PERIOD.  
 
 
The title and any headings in this endorsement/rider are solely for convenience and form no part of the terms
and conditions of coverage.    
 
All other terms, conditions and limitations of this Bond shall remain unchanged.

14-02-14098 (04/2008)

Page 1


 

      FEDERAL INSURANCE COMPANY
 
      Endorsement No.: 14
 
      Bond Number: 81391896
 
 
 
NAME OF ASSURED: MASSACHUSETTS FINANCIAL SERVICES COMPANY
 
JOINT LOSS PAYEE ENDORSEMENT
 
It is agreed that this Bond is amended as follows:  
1 . At the written request of the Named ASSURED, any payment in satisfaction of loss covered by this
    Bond involving money, securities or other Property in which The Office of the City Attorney has an
    interest shall be paid by an instrument issued to that organization and the Named ASSURED as
    Joint Loss-Payees, subject to the following conditions and limitations:  
 
    a. The attached Bond is for the sole use and benefit of the Named ASSURED as expressed
      herein. The organization named above shall not be considered as an ASSURED under this
      Bond, nor shall it otherwise have any rights or benefits under said Bond.
 
    b. Notwithstanding any payment made under the terms of this Endorsement or the execution of
      more than one of such similar Endorsement, the amount paid for any one loss occurrence or
      otherwise in accordance with the terms of this bond shall not exceed the LIMIT OF LIABILITY
      as set forth in the DECLARATIONS.  
 
    c. Nothing herein is intended to alter the terms, conditions and limitations of this Bond.
 
2 . Should this Bond be canceled, reduced, non-renewed or restrictively modified by the COMPANY, the
    COMPANY will endeavor to give thirty (30) days advance notice to The Office of the City Attorney
    but failure to do so shall not impair or delay the effectiveness of any such cancellation, reduction,
    non-renewal or restrictive modification, nor shall the COMPANY be held liable in any way.
 
3 . Should this Bond be canceled or reduced at the request of the ASSURED, the COMPANY will
    endeavor to notify The Office of the City Attorney of such cancellation or reduction within ten (10)
    business days after receipt of such request, but failure to do so shall not impair or delay the
    effectiveness of such cancellation or reduction, nor shall the COMPANY be held liable in any way.
 
 
This Endorsement applies to loss discovered after 12:01 a.m. on November 1, 2016.
 
ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.

Date: January 6, 2017


Form 17-02-4771 (Ed. 9-02)


 

      FEDERAL INSURANCE COMPANY
 
      Endorsement No.: 15
 
      Bond Number: 81391896
 
 
 
NAME OF ASSURED: MASSACHUSETTS FINANCIAL SERVICES COMPANY
 
JOINT LOSS PAYEE ENDORSEMENT
 
It is agreed that this Bond is amended as follows:  
1 . At the written request of the Named ASSURED, any payment in satisfaction of loss covered by this
    Bond involving money, securities or other Property in which Teachers' Retirement System of
    Louisiana (8401 United Plaza Boulevard, Baton Rouge, LA 70809-7017) has an interest shall be
    paid by an instrument issued to that organization and the Named ASSURED as Joint Loss-Payees,
    subject to the following conditions and limitations:  
 
    a. The attached Bond is for the sole use and benefit of the Named ASSURED as expressed
      herein. The organization named above shall not be considered as an ASSURED under this
      Bond, nor shall it otherwise have any rights or benefits under said Bond.
 
    b. Notwithstanding any payment made under the terms of this Endorsement or the execution of
      more than one of such similar Endorsement, the amount paid for any one loss occurrence or
      otherwise in accordance with the terms of this bond shall not exceed the LIMIT OF LIABILITY
      as set forth in the DECLARATIONS.  
 
    c. Nothing herein is intended to alter the terms, conditions and limitations of this Bond.
 
2 . Should this Bond be canceled, reduced, non-renewed or restrictively modified by the COMPANY, the
    COMPANY will endeavor to give thirty (30) days advance notice to Teachers' Retirement System of
    Louisiana (8401 United Plaza Boulevard, Baton Rouge, LA 70809-7017) but failure to do so shall not
    impair or delay the effectiveness of any such cancellation, reduction, non-renewal or restrictive
    modification, nor shall the COMPANY be held liable in any way.  
 
3 . Should this Bond be canceled or reduced at the request of the ASSURED, the COMPANY will
    endeavor to notify Teachers' Retirement System of Louisiana (8401 United Plaza Boulevard, Baton
    Rouge, LA 70809-7017) of such cancellation or reduction within ten (10) business days after receipt
    of such request, but failure to do so shall not impair or delay the effectiveness of such cancellation or
    reduction, nor shall the COMPANY be held liable in any way.  
 
 
This Endorsement applies to loss discovered after 12:01 a.m. on November 1, 2016.
 
ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.

Date: January 6, 2017


Form 17-02-4771 (Ed. 9-02)


 

      FEDERAL INSURANCE COMPANY
 
      Endorsement No.: 16
 
      Bond Number: 81391896
 
 
 
NAME OF ASSURED: MASSACHUSETTS FINANCIAL SERVICES COMPANY
 
JOINT LOSS PAYEE ENDORSEMENT
 
It is agreed that this Bond is amended as follows:  
1 . At the written request of the Named ASSURED, any payment in satisfaction of loss covered by this
    Bond involving money, securities or other Property in which KP International Equity Fund c/o SEI, 1
    Freedom Valley Drive, Oaks PA 19456 has an interest shall be paid by an instrument issued to that
    organization and the Named ASSURED as Joint Loss-Payees, subject to the following conditions
    and limitations:  
 
    a. The attached Bond is for the sole use and benefit of the Named ASSURED as expressed
      herein. The organization named above shall not be considered as an ASSURED under this
      Bond, nor shall it otherwise have any rights or benefits under said Bond.
 
    b. Notwithstanding any payment made under the terms of this Endorsement or the execution of
      more than one of such similar Endorsement, the amount paid for any one loss occurrence or
      otherwise in accordance with the terms of this bond shall not exceed the LIMIT OF LIABILITY
      as set forth in the DECLARATIONS.  
 
    c. Nothing herein is intended to alter the terms, conditions and limitations of this Bond.
 
2 . Should this Bond be canceled, reduced, non-renewed or restrictively modified by the COMPANY, the
    COMPANY will endeavor to give thirty (30) days advance notice to KP International Equity Fund c/o
    SEI, 1 Freedom Valley Drive, Oaks PA 19456 but failure to do so shall not impair or delay the
    effectiveness of any such cancellation, reduction, non-renewal or restrictive modification, nor shall
    the COMPANY be held liable in any way.  
 
3 . Should this Bond be canceled or reduced at the request of the ASSURED, the COMPANY will
    endeavor to notify KP International Equity Fund c/o SEI, 1 Freedom Valley Drive, Oaks PA 19456 of
    such cancellation or reduction within ten (10) business days after receipt of such request, but failure
    to do so shall not impair or delay the effectiveness of such cancellation or reduction, nor shall the
    COMPANY be held liable in any way.  
 
 
This Endorsement applies to loss discovered after 12:01 a.m. on November 1, 2016.
 
ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.

Date: January 6, 2017


Form 17-02-4771 (Ed. 9-02)


 

      FEDERAL INSURANCE COMPANY
 
      Endorsement No.: 17
 
      Bond Number: 81391896
 
 
 
NAME OF ASSURED: MASSACHUSETTS FINANCIAL SERVICES COMPANY
 
JOINT LOSS PAYEE ENDORSEMENT
 
It is agreed that this Bond is amended as follows:  
1 . At the written request of the Named ASSURED, any payment in satisfaction of loss covered by this
    Bond involving money, securities or other Property in which KP Large Cap Equity Fund c/o/ SEI, 1
    Freedom Valley Drive, Oaks PA 19456 has an interest shall be paid by an instrument issued to that
    organization and the Named ASSURED as Joint Loss-Payees, subject to the following conditions
    and limitations:  
 
    a. The attached Bond is for the sole use and benefit of the Named ASSURED as expressed
      herein. The organization named above shall not be considered as an ASSURED under this
      Bond, nor shall it otherwise have any rights or benefits under said Bond.
 
    b. Notwithstanding any payment made under the terms of this Endorsement or the execution of
      more than one of such similar Endorsement, the amount paid for any one loss occurrence or
      otherwise in accordance with the terms of this bond shall not exceed the LIMIT OF LIABILITY
      as set forth in the DECLARATIONS.  
 
    c. Nothing herein is intended to alter the terms, conditions and limitations of this Bond.
 
2 . Should this Bond be canceled, reduced, non-renewed or restrictively modified by the COMPANY, the
    COMPANY will endeavor to give thirty (30) days advance notice to KP Large Cap Equity Fund c/o/
    SEI, 1 Freedom Valley Drive, Oaks PA 19456 but failure to do so shall not impair or delay the
    effectiveness of any such cancellation, reduction, non-renewal or restrictive modification, nor shall
    the COMPANY be held liable in any way.  
 
3 . Should this Bond be canceled or reduced at the request of the ASSURED, the COMPANY will
    endeavor to notify KP Large Cap Equity Fund c/o/ SEI, 1 Freedom Valley Drive, Oaks PA 19456 of
    such cancellation or reduction within ten (10) business days after receipt of such request, but failure
    to do so shall not impair or delay the effectiveness of such cancellation or reduction, nor shall the
    COMPANY be held liable in any way.  
 
 
This Endorsement applies to loss discovered after 12:01 a.m. on November 1, 2016.
 
ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.

Date: January 6, 2017


Form 17-02-4771 (Ed. 9-02)


 

      FEDERAL INSURANCE COMPANY
      Endorsement No.: 18
      Bond Number: 81391896
 
 
NAME OF ASSURED: MASSACHUSETTS FINANCIAL SERVICES COMPANY  
AUTOMATIC ACQUISITION DOLLAR THRESHOLD ENDORSEMENT
It is agreed that this Bond is amended by deleting in its entirety General Agreement C., Additional Offices or
Employees-Consolidation, Merger or Purchase or Acquisition of Assets or Liabilities-Notice To Company,
and substituting the following:  
C. Additional Offices or Employees-Consolidation, Merger or Purchase or Acquisition Of Assets or
  Liabilities-Notice To Company  
  If the ASSURED, other than an Investment Company, while this Bond is in force, merges or
  consolidates with, or purchases or acquires assets or liabilities of another institution, the ASSURED
  shall not have the coverage afforded under this Bond for loss which has:  
  (1 ) occurred or will occur on premises,  
  (2 ) been caused or will be caused by an employee, or  
  (3 ) arisen or will arise out of the assets or liabilities,  
  of such institution, unless the ASSURED:  
  a.   gives the COMPANY written notice of the proposed consolidation, merger or purchase or
      acquisition of assets or liabilities prior to the proposed effective date of such action, and
  b.   obtains the written consent of the COMPANY to extend some or all of the coverage provided
      by this Bond to such additional exposure, and  
  c.   on obtaining such consent, pays to the COMPANY an additional premium.
  Notwithstanding anything stated above to the contrary, the COMPANY hereby agrees to provide
  coverage which shall be effective on the date of acquisition under this Bond for those acquired
  institutions in which the ASSURED owns greater than fifty percent (50%) of the voting stock or voting
  rights either directly or through one or more of its subsidiaries for the remainder of the BOND
  PERIOD, with no additional premium, provided the acquired institution meets all of the following
  conditions:  
  i.   the assets shall not exceed $1,000,000,000,  
  ii.   there shall be neither any paid nor pending Bond claim for the three (3) year period prior to the
      date of acquisition, and  
  iii.   the ASSURED is not aware of any disciplinary action or proceeding by State or Federal
      officials involving the acquired institution as of the date of acquisition.

 

ICAP Bond  
Form 17-02-6246 (Ed. 3-04) Page 1

 


 

The COMPANY further agrees that as respects any acquisition that involves a State or Federal
regulatory assisted acquisition or assumption of assets and/or liabilities, coverage shall be provided
under this Bond for the remainder of the BOND PERIOD as long as conditions i. and ii. above are
met. As respects such acquisition or assumption of assets and/or liabilities, coverage applies only to
a Single Loss fully sustained by the ASSURED on or after the date of such acquisition or
assumption. All of the circumstances, conditions or acts causing or contributing to a Single Loss
must occur on or after the date of such acquisition or assumption for coverage to apply regardless of
the time such loss is discovered by the ASSURED.
 
 
 
 
This Endorsement applies to loss discovered after 12:01 a.m. on November 1, 2016.
 
 
 
 
ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.

Date: January 6, 2017


ICAP Bond  
Form 17-02-6246 (Ed. 3-04) Page 2

 


 

      FEDERAL INSURANCE COMPANY
      Endorsement No.: 19
      Bond Number: 81391896
NAME OF ASSURED: MASSACHUSETTS FINANCIAL SERVICES COMPANY
 
 
AMEND DISCOVERY ENDORSEMENT
It is agreed that this Bond is amended by deleting Section 6., Discovery, in its entirety and substituting the
following:    
6 . Discovery  
    This Bond applies only to loss first discovered by the Risk Management Department or Department
    of General Counsel of the ASSURED during the BOND PERIOD. Discovery occurs at the earlier of
    the Risk Management Department or Department of General Counsel of the ASSURED being aware
    of:    
    a. facts which may subsequently result in a loss of a type covered by this Bond, or
    b. an actual or potential claim in which it is alleged that the ASSURED is liable to a third party,
    regardless of when the act or acts causing or contributing to such loss occurred, even though the
    amount of loss does not exceed the applicable DEDUCTIBLE AMOUNT, or the exact amount or
    details of loss may not then be known.  
 
 
 
This Endorsement applies to loss discovered after 12:01 a.m. on November 1, 2016.
 
 
ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.

Date: January 6, 2017


ICAP Bond

Form 17-02-6260 (Ed. 6-04)


 

    ENDORSEMENT/RIDER
Effective date of    
this endorsement/rider: November 1, 2016 FEDERAL INSURANCE COMPANY
  Endorsement/Rider No. 20
  To be attached to and  
  form a part of Bond No. 81391896
Issued to: MASSACHUSETTS FINANCIAL SERVICES COMPANY  
 
AMEND DEFINITION OF EMPLOYEE ENDORSEMENT
In consideration of the premium charged, it is agreed that the definition of Employee as set forth in Section 1,
Definitions, of the Conditions and Limitations section, is amended to include any consultants and independent
contractors that have a valid contract with the ASSURED.  
The title and any headings in this endorsement/rider are solely for convenience and form no part of the terms
and conditions of coverage.    
 
All other terms, conditions and limitations of this Bond shall remain unchanged.

Q08-2322 (12/2008)

Page 1


 

                  ENDORSEMENT/RIDER
 
Effective date of              
this endorsement/rider: November 1, 2016 FEDERAL INSURANCE COMPANY    
 
            Endorsement/Rider No. 21    
 
            To be attached to and      
            form a part of Policy No. 81391896    
 
Issued to: MASSACHUSETTS FINANCIAL SERVICES COMPANY      
 
 
AMEND OTHER INSURANCE ENDORSEMENT
 
In consideration of the premium charged, it is agreed that:          
 
(1 )     Section 14., Other Insurance, of this Bond is amended to add the following paragraph to the end thereof:
 
          Notwithstanding anything to the contrary contained in the foregoing paragraph, the coverage
          under this Bond shall apply specifically excess over the “Other Policy/Bond” scheduled below, or
          any renewal or replacement thereof; provided that this excess coverage provided under this Bond
          shall be subject to all of the terms, conditions, limitations and other provisions of this Bond, and in
          no event shall this Bond be construed to be subject to any terms, conditions, limitations or other
          provisions of the Other Policy/Bond or any other insurance, indemnity or suretyship policy/bond.
 
SCHEDULED OTHER POLICY/BOND

 
ASSURED Carrier Policy/Bond Number Policy/Bond   Policy/Bond
                Limit of Liability   Deductible
MFS-Offshore Federal Insurance Co. 82179304 $ 9,000,000 $ 50,000
MFS Investment Mgmt.            
 
 
    (2 ) Payment of deductibles and payment of loss under the “Other Policy/Bond” set forth in the schedule
        above for a loss shall serve to reduce the applicable deductible under the attached Bond for that
        same loss.            
 
 
The title and any headings in this endorsement/rider are solely for convenience and form no part of the
terms and conditions of coverage.            
 
All other terms, conditions and limitations of this Bond shall remain unchanged.    

Q11-583 (3/2011)

Page 1


 

      FEDERAL INSURANCE COMPANY
 
      Rider No.: 22
 
      Bond Number: 81391896
 
Name of Insured: MASSACHUSETTS FINANCIAL SERVICES COMPANY  
 
 
 
It is agreed that:    
 
1 . “Employee” as used in the attached bond shall include any natural person who is a director or
    trustee of the Insured while such director or trustee is engaged in handling funds or other property
    of any Employee Welfare or Pension Benefit Plan owned, controlled or operated by the Insured or
    any natural person who is a trustee, manager, officer or employee of any such Plan.
 
2 . If the bond, in accordance with the agreements, limitations and conditions thereof, covers loss
    sustained by two or more Employee Welfare or Pension Benefit Plans or sustained by any such
    Plan in addition to loss sustained by an Insured other than such Plan, it is the obligation of the
    Insured or the Plan Administrator(s) of such Plans under Regulations published by the Secretary
    of Labor implementing Section 13 of the Welfare and Pension Plans Disclosure Act of 1958 to
    obtain under one or more bonds issued by one or more Insurers an amount of coverage for each
    such Plan at least equal to that which would be required if such Plans were bonded separately.
 
3 . In compliance with the foregoing, payment by the Company in accordance with the agreements,
    limitations and conditions of the bond shall be held by the Insured, or, if more than one, by the
    Insured first named, for the use and benefit of any Employee Welfare or Pension Benefit Plan
    sustaining loss so covered and to the extent that such payment is in excess of the amount of
    coverage required by such Regulations to be carried by said Plan sustaining such loss, such
    excess shall be held for the use and benefit of any other such Plan also covered in the event that
    such other Plan discovers that it has sustained loss covered thereunder.
 
4 . If money or other property of two or more Employee Welfare or Pension Benefit Plans covered
    under the bond is commingled, recovery for loss of such money or other property through
    fraudulent or dishonest acts of Employees shall be shared by such Plans on a pro rata basis in
    accordance with the amount for which each such Plan is required to carry bonding coverage in
    accordance with the applicable provisions of said Regulations.  
 
5 . The Deductible Amount of this bond applicable to loss sustained by a Plan through acts
    committed by an Employee of the Plan shall be waived, but only up to an amount equal to the
    amount of coverage required to be carried by the Plan because of compliance with the provisions
    of the Employee Retirement Income Security Act of 1974.  
 
 
 
 
    ERISA RIDER  
TO COMPLY WITH BONDING REGULATIONS MADE  
APPLICABLE TO THE EMPLOYEE RETIREMENT  
INCOME SECURITY ACT OF 1974.  
 
NOTE: This rider should not be used for any insured exempted from the bonding provisions of the Act.
 
REVISED TO JUNE, 1990.  

 

SR 6145b

Page 1


 

6 . Nothing herein contained shall be held to vary, alter, waive or extend any of the terms, conditions,
    provisions, agreements or limitations of the bond, other than as stated herein.
7 . This rider is effective as of 12:01 a.m. on November 1, 2016.
 
 
Accepted:

Date: January 6, 2017


ERISA RIDER
TO COMPLY WITH BONDING REGULATIONS MADE
APPLICABLE TO THE EMPLOYEE RETIREMENT
INCOME SECURITY ACT OF 1974.
 
NOTE: This rider should not be used for any insured exempted from the bonding provisions of the Act.
 
REVISED TO JUNE, 1990.

 

SR 6145b

Page 2


 

        ENDORSEMENT/RIDER
Effective date of    
this endorsement/rider: November 1, 2016 FEDERAL INSURANCE COMPANY
      Endorsement/Rider No. 23
      To be attached to and  
      form a part of Bond No. 81391896
 
 
Issued to: MASSACHUSETTS FINANCIAL SERVICES COMPANY  
    DELETING VALUATION-OTHER PROPERTY AND AMENDING CHANGE OR MODIFICATION
ENDORSEMENT
In consideration of the premium charged, it is agreed that this Bond is amended as follows:
1 . The paragraph titled Other Property in Section 9, Valuation, is deleted in its entirety.
2 . The third paragraph in Section 16, Change or Modification, is deleted in its entirety and replaced with
    the following:    
    If this Bond is for a joint ASSURED, no change or modification which would adversely affect the
    rights of the ASSURED shall be effective prior to sixty (60) days after written notice has been
    furnished to all insured Investment Companies and the Securities and Exchange Commission,
    Washington, D.C., by the COMPANY.    
 
 
The title and any headings in this endorsement/rider are solely for convenience and form no part of the
terms and conditions of coverage.    
All other terms, conditions and limitations of this Bond shall remain unchanged.  

17-02-2437 (12/2006) rev.

Page 1


 

      ENDORSEMENT/RIDER
 
Effective date of    
this endorsement/rider: November 1, 2016 FEDERAL INSURANCE COMPANY
 
      Endorsement/Rider No. 24
 
      To be attached to and  
      form a part of Policy No. 81391896
 
Issued to: MASSACHUSETTS FINANCIAL SERVICES COMPANY  
 
 
 
AMEND TERMINATION SECTION ENDORSEMENT
 
In consideration of the premium charged, it is agreed that Section 13, Termination, of the Conditions and
Limitations of this bond is amended as follows:    
1 . The first two paragraphs are deleted and replaced with the following:  
    The COMPANY may terminate this bond as an entirety by furnishing written notice specifying the
    termination date which cannot be prior to ninety (90) days after the receipt of such written notice
    by Legal Department of fund and/or sponsor and/or the Risk Management Department of each
    Investment Company named as ASSURED and the Securities and Exchange Commission,
    Washington, D.C. The ASSURED may terminate this bond as an entirety by furnishing written
    notice to the COMPANY. When the ASSURED cancels, the ASSURED shall furnish written notice
    to the Securities and Exchange Commission, Washington, D.C. prior to ninety (90) days before
    the effective date of the termination. The COMPANY shall notify all other Investment Companies
    named as ASSURED of the receipt of such termination notice and the termination cannot be
    effective prior to ninety (90) days after receipt of written notice by all other Investment
    Companies. Premiums are earned until the termination date as set forth herein.
2 . The last paragraph is deleted and replaced with the following:  
    The COMPANY may terminate coverage as respects any Employee ninety (90) days after written
    notice is received by each ASSURED Investment Company and the Securities and Exchange
    Commission, Washington, D.C. of its desire to terminate this Bond as to such Employee.
 
 
 
The title and any headings in this endorsement/rider are solely for convenience and form no part of the
terms and conditions of coverage.    
All other terms, conditions and limitations of this Bond shall remain unchanged.  

Q09-393 (2/2009) Page 1


 

        ENDORSEMENT/RIDER  
 
 
Effective date of      
this endorsement/rider: November 1, 2016 FEDERAL INSURANCE COMPANY  
 
      Endorsement/Rider No. 25  
 
      To be attached to and    
      form a part of Policy No. 81391896  
 
 
 
Issued to: MASSACHUSETTS FINANCIAL SERVICES COMPANY    
 
 
    CANCELLATION NOTICE ENDORSEMENT    
 
In consideration of the premium charged, it is agreed that:    
 
1 . The COMPANY will mark its records to indicate that the Department of Member Firms of the New  
    York Stock Exchange located at 11 Wall Street, New York, NY 10005, is to be notified promptly  
    concerning the cancellation, termination or substantial modification of the attached bond, whether at  
    the request of the ASSURED or the COMPANY, and will use its best efforts to so notify said  
    Department, but failure to so notify said Department shall not impair or delay the effectiveness  
    of any such cancellation, termination or modification.    
 
2 . Should this Bond be canceled, reduced, non-renewed or restrictively modified by the COMPANY, the  
    COMPANY will to give thirty (30) days advance notice to Los Angeles Department of Water and  
    Power Risk Management Section, P.O. Box 51111, Room 465, Los Angeles, CA 90051-5700, unless  
    an earlier date of such cancelation is approved by the Los Angeles Department of Water and Power  
    Risk Management Section.      
 
3 . Should this Bond be canceled or reduced at the request of the ASSURED, the COMPANY will notify  
    Los Angeles Department of Water and Power Risk Management Section, P.O. Box 51111, Room  
    465, Los Angeles, C A 90051-5700, of such cancellation or reduction within ten (10) business days
    after receipt of such request, unless an earlier date of such cancelation is approved by the Los  
    Angeles Department of Water and Power Risk Management Section.    
 
 
 
The title and any headings in this endorsement/rider are solely for convenience and form no part of the terms and  
conditions of coverage.      
 
All other terms, conditions and limitations of this Policy shall remain unchanged.    

Q12-1858 (11/2014)

Page 1


 

        ENDORSEMENT/RIDER
Effective date of    
this endorsement/rider: November 1, 2016 FEDERAL INSURANCE COMPANY
      Endorsement/Rider No. 26
      To be attached to and  
      form a part of Policy No. 81391896
Issued to: MASSACHUSETTS FINANCIAL SERVICES COMPANY  
 
 
AMEND NAME OF ASSURED (NEW FUNDS) ENDORSEMENT
In consideration of the premium charged, is agreed that:  
1 . The NAME OF ASSURED, as set forth on the DECLARATIONS of this Bond, shall include any newly
    created, merged, consolidated or terminated registered investment company sponsored by an ASSURED
    or any newly created portfolio of an ASSURED. Provided, however, that this provision shall not apply to a
    registered investment company that is created as a result of a merger, consolidation or acquisition with any
    other registered investment company.    
 
The title and any headings in this endorsement/rider are solely for convenience and form no part of the terms and
conditions of coverage.    
 
All other terms, conditions and limitations of this Policy shall remain unchanged.

Q09-1831 (11/2009)

Page 1


 

    FEDERAL INSURANCE COMPANY
 
    Endorsement No.: 27
 
    Bond Number: 81391896
 
 
 
NAME OF ASSURED: MASSACHUSETTS FINANCIAL SERVICES COMPANY  
 
CO-SURETY ENDORSEMENT
 
In consideration of the premium charged, it is agreed that with respect to this endorsement:
(1 ) The following terms shall have the following meanings:  
    Controlling Company means Federal Insurance Company  
 
    Company means, unless otherwise specified, each insurance company, including the Controlling
    Company, executing this endorsement.  
 
    Companies means, unless otherwise specified, all of the insurance companies, including the
    Controlling Company, executing this endorsement.  
(2 ) The following is added to Subsection 5, Limit of Liability/Non-Reduction and Non-Accumulation of
    Liability, of the Conditions and Limitations section:  
    Each Company shall be liable only for such portion of each loss as underwritten by such Company,
    as specified in this Endorsement, but in no event shall any Company be liable for an amount greater
    than that underwritten by it.  
(3 ) The following is added to Subsection 7, Notice to Company Proof - Legal Proceedings Against the
    Company, of the Conditions and Limitations section:  
    In the absence of a request from any Company to pay premiums directly to it, premiums for this
    Bond may be paid to the Controlling Company for the account of all Companies. In the absence
    of a request from any Company that notice of loss and proof of loss be given to or filed directly with
    it, the ASSURED giving such notice to and the filing of such proof with the Controlling Company
    shall be deemed to be in compliance with the conditions of this Bond for the giving of notice of loss
    and the filing of proof of loss, if given and filed in accordance with said conditions.
(4 ) The following is added to Subsection 13, Termination, of the Conditions and Limitations section:
    The Controlling Company may give notice in accordance with the terms of this Bond terminating
    the Bond as an entirety or as to any Employee or ASSURED, and any notice so given shall
    terminate the liability of all Companies as an entirety or as to such Employee or ASSURED, as the
    case may be.  
    Any Company other than the Controlling Company may give notice in accordance with the terms
    of this Bond, terminating the entire liability of such other Company under this Bond or as to any
    person or entity.  
    In the absence of a request from any Company that notice of termination by the ASSURED of this
    Bond in its entirety may be given to or filed directly with it, the giving of such notice in accordance
    with the terms of this Bond to the Controlling Company shall terminate the liability of all
    Companies as an entirety. The ASSURED may terminate the entire liability of any Company,
    under this Bond by giving notice of such termination to that Company and by sending a copy of such
    notice to the Controlling Company.  
 
    In the event of the termination of this Bond as an entirety, no Company shall be liable to the
    ASSURED for a greater proportion of any return premium due the ASSURED than the percentage
    underwritten by that Company.  

 

Q08-2344 (12/2008)

Page 1


 

    In the event of the termination of this Bond as to any Company, such Company alone shall be liable
    to the ASSURED for any return premium due the ASSURED on account of such termination. The
    termination of the attached Bond as to any Company other than the Controlling Company shall not
    terminate or otherwise affect the liability of the other Companies under this Bond.
 
(5 ) It is agreed that the execution by the Controlling Company of the Declarations and all
    endorsements shall constitute execution by all Companies signing this endorsement.
(6 ) The following section is added:  
    Claims Control  
    The Controlling Company shall investigate, adjust and settle all claims arising under
    this Bond on behalf of all Companies. However, the Controlling Company shall not
    settle any claim which is considered binding on behalf of each Company individually for
    its proportion of any loss, without the prior written consent of each Company, which
    consent shall not be unreasonably withheld. The Companies shall be entitled to any and
    all particulars of any such claim and the Controlling Company shall provide each
    Company with prompt notice of any significant changes in the status or development of
    any claim, including reserve changes and settlement negotiations.
    In no event shall the Controlling Company be liable for more than its proportionate
    share of loss as stated in this endorsement. The Companies shall be liable for their
    proportionate share of allocated loss expense incurred by the Controlling Company
    associated with any claim made under the Bond.
 
 
The title and any headings in this endorsement/rider are solely for convenience and form no part of the terms
and conditions of coverage.  
 
ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.
 
Underwritten for a SINGLE LOSS FEDERAL INSURANCE COMPANY
LIMIT OF LIABILITY of $25,000,000 Controlling Company
      CHUBB & SON
      A division of Federal Insurance Company
      Manager

Date: January 6, 2017


Underwritten for a SINGLE LOSS ICI Mutual Insurance Company
LIMIT OF LIABILITY of $33,000,000  
 
 
  By
  Authorized Representative

 

Q08-2344 (12/2008)

Page 2

 



MARSH USA, INC (MA) ATTN: JILL BERUBE

99 HIGH STREET - 14TH FL BOSTON, MA 02110

INSURED: MASSACHUSETTS FINANCIAL SERVICES COMPANY D/B/A MFS INVESTMENT MANAGEMENT

PRODUCT: DFIBond POLICY NO: 81391896 TRANSACTION: ENDT


 

      FEDERAL INSURANCE COMPANY
 
      Endorsement No.: 28
 
      Bond Number: 81391896
 
NAME OF ASSURED: MASSACHUSETTS FINANCIAL SERVICES COMPANY
 
      D/B/A MFS INVESTMENT MANAGEMENT  
 
JOINT LOSS PAYEE ENDORSEMENT
 
It is agreed that this Bond is amended as follows:  
1 . At the written request of the Named ASSURED, any payment in satisfaction of loss covered by this
    Bond involving money, securities or other Property in which Brinker Capital Destinations Trust -
    'Proposed International Value Equity Fund' has an interest shall be paid by an instrument issued to
    that organization and the Named ASSURED as Joint Loss-Payees, subject to the following
    conditions and limitations:  
 
    a. The attached Bond is for the sole use and benefit of the Named ASSURED as expressed
      herein. The organization named above shall not be considered as an ASSURED under this
      Bond, nor shall it otherwise have any rights or benefits under said Bond.
 
    b. Notwithstanding any payment made under the terms of this Endorsement or the execution of
      more than one of such similar Endorsement, the amount paid for any one loss occurrence or
      otherwise in accordance with the terms of this bond shall not exceed the LIMIT OF LIABILITY
      as set forth in the DECLARATIONS.  
 
    c. Nothing herein is intended to alter the terms, conditions and limitations of this Bond.
 
2 . Should this Bond be canceled, reduced, non-renewed or restrictively modified by the COMPANY, the
    COMPANY will endeavor to give thirty (30) days advance notice to Brinker Capital Destinations Trust
    - 'Proposed International Value Equity Fund' but failure to do so shall not impair or delay the
    effectiveness of any such cancellation, reduction, non-renewal or restrictive modification, nor shall
    the COMPANY be held liable in any way.  
 
3 . Should this Bond be canceled or reduced at the request of the ASSURED, the COMPANY will
    endeavor to notify Brinker Capital Destinations Trust - 'Proposed International Value Equity Fund' of
    such cancellation or reduction within ten (10) business days after receipt of such request, but failure
    to do so shall not impair or delay the effectiveness of such cancellation or reduction, nor shall the
    COMPANY be held liable in any way.  
 
 
This Endorsement applies to loss discovered after 12:01 a.m. on January 1, 2017.
 
ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.

Date: January 4, 2017




MARSH USA, INC (MA)
ATTN: Lakenya Rivers
99 HIGH STREET - 14TH FL
BOSTON, MA 02110  
 
 
 
 
INSURED: MASSACHUSETTS FINANCIAL SERVICES COMPANY D/B/A MFS INVESTMENT
    MANAGEMENT
 
 
PRODUCT: DFIBond
 
POLICY NO: 81391896
 
TRANSACTION: ENDT

 


 

FEDERAL INSURANCE COMPANY
 
Endorsement No: 29
 
Bond Number: 81391896
 
NAME OF ASSURED: MASSACHUSETTS FINANCIAL SERVICES COMPANY
D/B/A MFS INVESTMENT MANAGEMENT  
 
 
NAME OF ASSURED ENDORSEMENT  
 
It is agreed that the NAME OF ASSURED in the DECLARATIONS is amended to read as follows:
 
MFS Series Trust I  
MFS Value Fund  
MFS U.S. Government Cash Reserve Fund  
MFS New Discovery Fund  
MFS Core Equity Fund  
MFS Research International Fund  
MFS Technology Fund  
MFS Low Volatility Global Equity Fund  
MFS Low Volatility Equity Fund  
 
MFS Series Trust II  
MFS Growth Fund  
 
MFS Series Trust III  
MFSGlobal High Yield Fund  
MFS High Yield Pooled Portfolio  
MFS High Income Fund  
MFS Municipal High Income Fund  
 
MFS Series Trust IV  
MFS Blended Research Emerging Markets Equity Fund  
MFS Blended Research Global Equity Fund  
MFS Blended Research International Equity Fund  
MFS Global New Discovery Fund  
MFS U.S. Government Money Market Fund  
MFS Mid Cap Growth Fund  
 
MFS Series Trust V  
MFS Research Fund  
MFS International New Discovery Fund  
MFS Total Return Fund  
 
MFS Series Trust VI  
MFS Global Equity Fund  
MFS Global Total Return Fund  
MFS Utilities Fund  
 
 
 
MFS Series Trust VII  

ICAP Bond

Form 17-02-0949 (Rev. 1-97)

Page 1


 

MFS Equity Income Fund
 
MFS Series Trust VIII
MFS Strategic Income Fund
MFS Global Growth Fund
 
MFS Series Trust IX
MFS Inflation-Adjusted Bond Fund
MFS Corporate Bond Fund
MFS Limited Maturity Fund
MFS Municipal Limited Maturity Fund
MFS Total Return Bond Fund
 
MFS Series Trust X
MFS Aggressive Growth Allocation Fund
MFS Absolute Return Fund
MFS Blended Research Mid Cap Equity Fund
MFS Blended Research Small Cap Equity Fund
MFS Blended Research Value Equity Fund
MFS Blended Research Growth Equity Fund
MFS Conservative Allocation Fund
MFS Emerging Markets Debt Fund
MFS Emerging Markets Debt Local Currency Fund
MFS Emerging Markets Equity Fund
MFS International Growth Fund
MFS International Value Fund
MFS Global Bond Fund
MFS Growth Allocation Fund
MFS International Diversification Fund
MFS Moderate Allocation Fund
MFS Managed Wealth Fund
 
MFS Series Trust XI
MFS Mid Cap Value Fund
MFS Blended Research Core Equity Fund
 
MFS Series Trust XII
MFS Lifetime 2025 Fund
MFS Lifetime 2035 Fund
MFS Lifetime 2045 Fund
MFS Lifetime 2055 Fund
MFS Lifetime Income Fund
MFS Lifetime 2020 Fund
MFS Lifetime 2030 Fund
MFS Lifetime 2040 Fund
MFS Lifetime 2050 Fund
MFS Equity Opportunities Fund

 

ICAP Bond

Form 17-02-0949 (Rev. 1-97)

Page 2


 

MFS Series Trust XIII
MFS Diversified Income Fund
MFS Global Real Estate Fund
MFS Government Securities Fund
MFS New Discovery Value Fund
 
MFS Series Trust XIV
MFS Institutional Money Market Portfolio
 
MFS Series Trust XV
MFS Commodity Strategy Fund
MFS Global Alternative Strategy Fund
 
 
MFS Series Trust XVI
MFS Global Multi-Asset Fund
 
Stand Alone Funds
Massachusetts Investors Growth Stock Fund
Massachusetts Investors Trust
 
Closed End Funds
MFS California Municipal Fund
MFS Intermediate High Income Fund
MFS High Yield Municipal Trust
MFS High Income Municipal Trust
MFS Investment Grade Municipal Trust
MFS Charter Income Trust
MFS Municipal Income Trust
MFS Special Value Trust
MFS Government Markets Income Trust
MFS Intermediate Income Trust
MFS Multimarket Income Trust
 
MFS Municipal Series Trust
MFS Alabama Municipal Bond Fund
MFS Arkansas Municipal Bond Fund
MFS California Municipal Bond Fund
MFS Georgia Municipal Bond Fund
MFS Massachusetts Municipal Bond Fund
MFS Maryland Municipal Bond Fund
MFS Municipal Income Fund
MFS Mississippi Municipal Bond Fund
MFS North Carolina Municipal Bond Fund
MFS New York Municipal Bond Fund
MFS Pennsylvania Municipal Bond Fund
MFS South Carolina Municipal Bond Fund
MFS Tennessee Municipal Bond Fund
MFS Virginia Municipal Bond Fund
MFS West Virginia Municipal Bond Fund
 
MFS Institutional Trust
MFS Institutional International Equity Fund
MFS Institutional Large Cap Value Fund

 

ICAP Bond

Form 17-02-0949 (Rev. 1-97)

Page 3


 

MFS Variable Insurance Trust
MFS Growth Series
MFS Total Return Bond Series
MFS Research Series
MFS Global Equity Series
MFS Investors Trust Series
MFS Value Series
MFS Mid Cap Growth Series
MFS New Discovery Series
MFS Total Return Series
MFS Utilities Series
 
 
MFS Variable Insurance Trust II
MFS Corporate Bond Portfolio
MFS Blended Research Core Equity Portfolio
MFS Emerging Markets Equity Portfolio
MFS International Value Portfolio
MFS International Growth Portfolio
MFS Government Securities Portfolio
MFS High Yield Portfolio
MFS Massachusetts Investors Growth Stock Portfolio
MFS U.S. Government Money Market Portfolio
MFS Global Research Portfolio
MFS Core Equity Portfolio
MFS Research International Portfolio
MFS Strategic Income Portfolio
MFS Technology Portfolio
MFS Global Growth Portfolio
MFS Global Governments Portfolio
MFS Global Tactical Allocation Portfolio
 
MFS Variable Insurance Trust III
MFS Conservative Allocation Portfolio
MFS New Discovery Value Portfolio
MFS Growth Allocation Portfolio
MFS Inflation-Adjusted Bond Portfolio
MFS Limited Maturity Portfolio
MFS Moderate Allocation Portfolio
MFS Mid Cap Value Portfolio
MFS Global Real Estate Portfolio
MFS Blended Research Small Cap Equity Portfolio
 
 
LLC Funds Board
MFS International Concentrated Equity LLC
MFS International Growth LLC
MFS Emerging Markets Debt LLC
MFS Global Equity LLC
MFS International Research Equity LLC
MFS Core Plus Fixed Income LLC

 

ICAP Bond

Form 17-02-0949 (Rev. 1-97)

Page 4


 

Heritage Trust Board
MFS Heritage Trust Company CIT - MFS Blended Research Large Cap Growth Fund
MFS Heritage Trust Company CIT - MFS International Value Fund
MFS Heritage Trust Company CIT - MFS Global Value Fund
MFS Heritage Trust Company CIT - MFS International Growth Fund II
MFS Heritage Trust Company CIT - MFS International Small Cap Equity Fund
MFS Heritage Trust Company CIT - MFS Global Equity Fund
MFS Heritage Trust Company CIT - MFS International Research Equity Fund
MFS Heritage Trust Company CIT - MFS Growth Equity Fund
MFS Heritage Trust Company CIT - MFS Large Cap Value Fund
MFS Heritage Trust Company CIT - MFS International Concentrated Equity Fund
MFS Heritage Trust Company CIT - MFS Emerging Markets Debt Fund
MFS Heritage Trust Company CIT - MFS International Growth Fund
MFS Heritage Trust Company CIT - MFS International Equity Fund
MFS Heritage Trust Company CIT - MFS Blended Research U.S. Core Equity Fund
MFS Heritage Trust Company CIT - MFS Emerging Markets Equity Fund
MFS Heritage Trust Company CIT - MFS Global Growth Fund
MFS Heritage Trust Company CIT - MFS Low Volatility Global Equity Fund
MFS Heritage Trust Company CIT - MFS International Growth ex-Emerging Market Fund
 
Other
MFS Commodity Strategy Portfolio
Massachusetts Financial Services Company
MFS Institutional Advisors, Inc.
3060097 Nova Scotia Company
MFS Investment Management Canada Limited
MFS International Singapore Pte. Ltd.
MFS Service Center, Inc.
MFS Heritage Trust Company
MFS Fund Distributors, Inc.
MFS International Ltd.
MFS International (U.K) Limited
MFS do Brasil Desenvolvimento, de Mercado Ltda (Brazil)
MFS International (Hong Kong) Limited
MFS Investment Management Company (Lux.) S.a.r.l.
MFS Investment Management K.K.
MFS Development Funds, LLC
MFS International Switzerland GmbH
MFS International (Chile) SpA
MFS International Holdings Pty Ltd
MFS Bermuda Holdings Ltd
MFS Exchange LLC
MFS International Australia Pty Ltd
MFS Closed End Fund-MFS InterMarket Income Trust I Liquidated
MFS Series Trust XII MFS Lifetime 2060 Fund Launch 2017
 
 
 
 
This Endorsement applies to loss discovered after 12:01 a.m. on November 1, 2016.
 
ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.

 

ICAP Bond

Form 17-02-0949 (Rev. 1-97)

Page 5


 

Date: February 2, 2017