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:

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

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;

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

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 17^th 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 17^th 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


(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


					(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 System” means:

		(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 System” means 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

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.


*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.


*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.


*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.


*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


*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.


*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


*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;


*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.


*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.


*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.


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


				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.


						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.


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.


				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.


				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:


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.


		(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.


		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.


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.


		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.


			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.


			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.


			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.


			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.


			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.


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: