Quarterly Report
September 30, 2022
MFS® Prudent Investor Fund
FPP-Q1
Portfolio of Investments
9/30/22 (unaudited)
The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by broad-based asset classes.
Issuer | Shares/Par | Value ($) | ||
Common Stocks – 55.2% | ||||
Aerospace & Defense – 2.1% | ||||
Safran S.A. | 4,570 | $415,525 | ||
Thales S.A. | 3,481 | 383,954 | ||
$799,479 | ||||
Alcoholic Beverages – 1.3% | ||||
Heineken Holding N.V. | 7,110 | $485,439 | ||
Apparel Manufacturers – 0.5% | ||||
Adidas AG | 1,677 | $194,617 | ||
Automotive – 1.2% | ||||
Knorr-Bremse AG | 10,645 | $461,525 | ||
Business Services – 1.0% | ||||
Accenture PLC, “A” | 1,433 | $368,711 | ||
Cable TV – 1.1% | ||||
Charter Communications, Inc., “A” (a) | 1,384 | $419,836 | ||
Computer Software – 9.9% | ||||
Adobe Systems, Inc. (a) | 1,455 | $400,416 | ||
Check Point Software Technologies Ltd. (a) | 8,576 | 960,684 | ||
Microsoft Corp. | 2,445 | 569,440 | ||
Oracle Corp. | 10,875 | 664,136 | ||
Oracle Corp. Japan | 8,300 | 438,163 | ||
Sage Group PLC | 84,143 | 647,374 | ||
$3,680,213 | ||||
Computer Software - Systems – 2.5% | ||||
Amadeus IT Group S.A. (a) | 8,568 | $396,604 | ||
Samsung Electronics Co. Ltd. | 14,470 | 531,676 | ||
$928,280 | ||||
Consumer Products – 2.4% | ||||
Kao Corp. | 9,600 | $389,264 | ||
Kose Corp. | 5,000 | 508,979 | ||
$898,243 | ||||
Consumer Services – 1.2% | ||||
Booking Holdings, Inc. (a) | 281 | $461,742 | ||
Electrical Equipment – 1.6% | ||||
Legrand S.A. | 9,491 | $613,203 | ||
Electronics – 1.3% | ||||
Kyocera Corp. | 9,400 | $475,157 | ||
Food & Beverages – 2.0% | ||||
Danone S.A. | 4,986 | $234,925 | ||
Nestle S.A. | 4,849 | 525,048 | ||
$759,973 |
1
Portfolio of Investments (unaudited) – continued
Issuer | Shares/Par | Value ($) | ||
Common Stocks – continued | ||||
Forest & Paper Products – 2.2% | ||||
Rayonier, Inc., REIT | 14,529 | $435,434 | ||
Weyerhaeuser Co., REIT | 13,686 | 390,872 | ||
$ 826,306 | ||||
Insurance – 0.7% | ||||
Swiss Re Ltd. | 3,592 | $263,851 | ||
Internet – 5.0% | ||||
Alphabet, Inc., “A” (a) | 14,800 | $1,415,620 | ||
Scout24 AG | 8,656 | 438,757 | ||
$ 1,854,377 | ||||
Leisure & Toys – 1.5% | ||||
Nintendo Co. Ltd. | 14,000 | $566,268 | ||
Other Banks & Diversified Financials – 1.3% | ||||
S&P Global, Inc. | 1,540 | $470,239 | ||
Printing & Publishing – 2.1% | ||||
Wolters Kluwer N.V. | 7,874 | $766,621 | ||
Real Estate – 4.9% | ||||
LEG Immobilien SE | 19,191 | $1,154,068 | ||
Vonovia SE, REIT | 30,803 | 670,486 | ||
$ 1,824,554 | ||||
Special Products & Services – 1.3% | ||||
VanEck Gold Miners UCITS ETF (a) | 6,408 | $167,416 | ||
VanEck Junior Gold Miners UCITS ETF (a) | 12,867 | 327,268 | ||
$ 494,684 | ||||
Specialty Chemicals – 1.3% | ||||
Nitto Denko Corp. | 8,800 | $477,147 | ||
Telecommunications - Wireless – 2.0% | ||||
KDDI Corp. | 25,500 | $747,575 | ||
Telephone Services – 1.4% | ||||
Hellenic Telecommunications Organization S.A. | 14,399 | $209,559 | ||
Infrastrutture Wireless Italiane S.p.A. | 37,436 | 327,309 | ||
$ 536,868 | ||||
Trucking – 1.2% | ||||
Yamato Holdings Co. Ltd. | 29,500 | $441,610 | ||
Utilities - Electric Power – 2.2% | ||||
Iberdrola S.A. | 87,384 | $812,355 | ||
Total Common Stocks | $20,628,873 | |||
Bonds – 39.9% | ||||
Automotive – 0.6% | ||||
IAA Spinco, Inc., 5.5%, 6/15/2027 (n) | $ | 245,000 | $223,562 | |
Broadcasting – 0.7% | ||||
WMG Acquisition Corp., 3.875%, 7/15/2030 (n) | $ | 310,000 | $253,973 |
2
Portfolio of Investments (unaudited) – continued
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Building – 0.8% | ||||
New Enterprise Stone & Lime Co., Inc., 5.25%, 7/15/2028 (n) | $ | 160,000 | $132,244 | |
Standard Industries, Inc., 3.375%, 1/15/2031 (n) | 262,000 | 184,265 | ||
$ 316,509 | ||||
Computer Software – 0.3% | ||||
Clarivate Science Holdings Corp., 4.875%, 7/01/2029 (n) | $ | 150,000 | $117,450 | |
Computer Software - Systems – 0.5% | ||||
Fair Isaac Corp., 4%, 6/15/2028 (n) | $ | 236,000 | $201,091 | |
Consumer Products – 0.4% | ||||
Coty, Inc., 6.5%, 4/15/2026 (n) | $ | 180,000 | $165,884 | |
Consumer Services – 1.5% | ||||
Arches Buyer, Inc., 6.125%, 12/01/2028 (n) | $ | 250,000 | $193,665 | |
Match Group Holdings II LLC, 5%, 12/15/2027 (n) | 80,000 | 71,400 | ||
Match Group Holdings II LLC, 4.625%, 6/01/2028 (n) | 270,000 | 235,913 | ||
Match Group Holdings II LLC, 3.625%, 10/01/2031 (n) | 15,000 | 11,325 | ||
Realogy Group LLC/Realogy Co-Issuer Corp., 5.75%, 1/15/2029 (n) | 45,000 | 32,456 | ||
$ 544,759 | ||||
Containers �� 0.1% | ||||
Crown Americas LLC/Crown Americas Capital Corp. VI, 4.75%, 2/01/2026 | $ | 55,000 | $51,226 | |
Electronics – 0.5% | ||||
Sensata Technologies B.V., 5%, 10/01/2025 (n) | $ | 100,000 | $95,407 | |
Sensata Technologies, Inc., 3.75%, 2/15/2031 (n) | 103,000 | 81,134 | ||
$ 176,541 | ||||
Financial Institutions – 0.6% | ||||
Global Aircraft Leasing Co. Ltd., 6.5% (6.5% cash or 7.25% PIK), 9/15/2024 (n)(p) | $ | 180,294 | $135,671 | |
Global Aircraft Leasing Co. Ltd., 6.5% (6.5% cash or 7.25% PIK), 9/15/2024 (n)(p) | 108,806 | 81,877 | ||
$ 217,548 | ||||
Insurance - Property & Casualty – 0.7% | ||||
Hub International Ltd., 7%, 5/01/2026 (n) | $ | 265,000 | $251,330 | |
Medical & Health Technology & Services – 0.5% | ||||
Charles River Laboratories International, Inc., 4%, 3/15/2031 (n) | $ | 220,000 | $177,413 | |
Medical Equipment – 0.5% | ||||
Teleflex, Inc., 4.625%, 11/15/2027 | $ | 225,000 | $202,706 | |
Midstream – 0.4% | ||||
Peru LNG, 5.375%, 3/22/2030 | $ | 200,000 | $157,700 | |
Mortgage-Backed – 2.9% | ||||
Ginnie Mae, TBA, 5.5%, 11/15/2048 | $ | 50,000 | $49,805 | |
Ginnie Mae, TBA, 4.5%, 10/20/2052 | 250,000 | 239,287 | ||
Ginnie Mae, TBA, 5%, 10/20/2052 | 50,000 | 48,934 | ||
UMBS, TBA, 4.5%, 10/25/2052 | 50,000 | 47,629 | ||
UMBS, TBA, 5%, 10/25/2052 | 125,000 | 121,758 | ||
UMBS, TBA, 4%, 11/25/2052 | 125,000 | 115,869 | ||
UMBS, TBA, 5.5%, 11/25/2052 | 475,000 | 471,066 | ||
$ 1,094,348 | ||||
Specialty Chemicals – 0.2% | ||||
Univar Solutions USA, Inc., 5.125%, 12/01/2027 (n) | $ | 63,000 | $56,070 |
3
Portfolio of Investments (unaudited) – continued
Issuer | Shares/Par | Value ($) | ||
Bonds – continued | ||||
Telecommunications - Wireless – 0.8% | ||||
SBA Communications Corp., 3.875%, 2/15/2027 | $ | 155,000 | $137,471 | |
SBA Communications Corp., 3.125%, 2/01/2029 | 195,000 | 156,833 | ||
$ 294,304 | ||||
Transportation - Services – 0.6% | ||||
Q-Park Holding I B.V., 2%, 3/01/2027 | EUR | 265,000 | $205,194 | |
U.S. Treasury Obligations – 26.7% | ||||
U.S. Treasury Notes, 1.625%, 12/15/2022 | $ | 760,000 | $757,714 | |
U.S. Treasury Notes, 0.5%, 3/15/2023 | 1,725,000 | 1,698,923 | ||
U.S. Treasury Notes, 1.375%, 6/30/2023 | 1,725,000 | 1,690,298 | ||
U.S. Treasury Notes, 1.375%, 9/30/2023 (f) | 1,730,000 | 1,681,073 | ||
U.S. Treasury Notes, 2.625%, 12/31/2023 | 1,715,000 | 1,679,963 | ||
U.S. Treasury Notes, 2.25%, 3/31/2024 | 985,000 | 955,450 | ||
U.S. Treasury Notes, TIPS, 0.5%, 4/15/2024 | 769,441 | 747,661 | ||
U.S. Treasury Notes, TIPS, 0.125%, 4/15/2027 | 844,711 | 778,828 | ||
$ 9,989,910 | ||||
Utilities - Electric Power – 0.6% | ||||
Clearway Energy Operating LLC, 4.75%, 3/15/2028 (n) | $ | 145,000 | $129,108 | |
Clearway Energy Operating LLC, 3.75%, 2/15/2031 (n) | 125,000 | 99,285 | ||
$ 228,393 | ||||
Total Bonds | $14,925,911 | |||
Investment Companies (h) – 5.6% | ||||
Money Market Funds – 5.6% | ||||
MFS Institutional Money Market Portfolio, 2.64% (v) | 2,087,134 | $2,087,342 |
Underlying/Expiration Date/Exercise Price | Put/Call | Counterparty | Notional Amount | Par Amount/ Number of Contracts | |
Purchased Options – 3.1% | |||||
Computer Software - Systems – 0.5% | |||||
Apple, Inc. – September 2023 @ $145 | Put | Goldman Sachs International | $ 1,326,720 | 96 | $196,800 |
Internet – 0.0% | |||||
Tencent Holdings Ltd. – September 2023 @ HKD 495.01 | Call | Goldman Sachs International | $ 337,508 | 97 | $4,819 |
Market Index Securities – 2.6% | |||||
Euro Stoxx 50 Index – December 2022 @ EUR 3,500 | Put | Goldman Sachs International | $ 325,200 | 10 | $25,972 |
Russell 2000 Index – December 2022 @ $1,600 | Put | Goldman Sachs International | 499,415 | 3 | 21,237 |
Russell 2000 Index – December 2022 @ $1,700 | Put | Goldman Sachs International | 832,358 | 5 | 50,000 |
Russell 2000 Index – December 2022 @ $1,800 | Put | Goldman Sachs International | 832,358 | 5 | 89,800 |
Russell 2000 Index – March 2023 @ $1,600 | Put | Goldman Sachs International | 832,358 | 5 | 52,800 |
Russell 2000 Index – March 2023 @ $1,700 | Put | Goldman Sachs International | 832,358 | 5 | 74,800 |
Russell 2000 Index – June 2023 @ $1,700 | Put | Goldman Sachs International | 832,358 | 5 | 87,800 |
Russell 2000 Index – December 2023 @ $1,650 | Put | Goldman Sachs International | 832,358 | 5 | 97,900 |
Russell 2000 Index – June 2024 @ $1,400 | Put | Goldman Sachs International | 832,358 | 5 | 66,550 |
S&P 500 Index – December 2022 @ $2,900 | Put | Goldman Sachs International | 1,075,686 | 3 | 9,051 |
S&P 500 Index – December 2022 @ $3,300 | Put | Goldman Sachs International | 717,124 | 2 | 16,452 |
S&P 500 Index – December 2022 @ $3,400 | Put | Goldman Sachs International | 1,075,686 | 3 | 31,119 |
S&P 500 Index – March 2023 @ $3,650 | Put | Goldman Sachs International | 717,124 | 2 | 50,330 |
S&P 500 Index – June 2023 @ $3,600 | Put | Goldman Sachs International | 1,075,686 | 3 | 83,700 |
S&P 500 Index – June 2023 @ $3,750 | Put | Goldman Sachs International | 717,124 | 2 | 67,260 |
S&P 500 Index – June 2023 @ $3,850 | Put | Goldman Sachs International | 717,124 | 2 | 82,220 |
4
Portfolio of Investments (unaudited) – continued
Underlying/Expiration Date/Exercise Price | Put/Call | Counterparty | Notional Amount | Par Amount/ Number of Contracts | Value ($) |
Purchased Options – continued | |||||
Market Index Securities – continued | |||||
S&P 500 Index – December 2023 @ $3,300 | Put | Goldman Sachs International | $ 717,124 | 2 | $45,716 |
$952,707 | |||||
Total Purchased Options | $1,154,326 |
Written Options (see table below) – (0.1)% | $(48,000) | |||
Other Assets, Less Liabilities – (3.7)% | (1,356,072) | |||
Net Assets – 100.0% | $37,392,380 |
(a) | Non-income producing security. | |||
(f) | All or a portion of the security has been segregated as collateral for open futures contracts. | |||
(h) | An affiliated issuer, which may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. At period end, the aggregate values of the fund's investments in affiliated issuers and in unaffiliated issuers were $2,087,342 and $36,709,110, respectively. | |||
(n) | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. At period end, the aggregate value of these securities was $2,930,523, representing 7.8% of net assets. | |||
(p) | Payment-in-kind (PIK) security for which interest income may be received in additional securities and/or cash. | |||
(v) | Affiliated issuer that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end. |
The following abbreviations are used in this report and are defined: | |
ETF | Exchange-Traded Fund |
REIT | Real Estate Investment Trust |
TBA | To Be Announced |
TIPS | Treasury Inflation Protected Security |
UMBS | Uniform Mortgage-Backed Security |
Abbreviations indicate amounts shown in currencies other than the U.S. dollar. All amounts are stated in U.S. dollars unless otherwise indicated. A list of abbreviations is shown below: | |
EUR | Euro |
HKD | Hong Kong Dollar |
Derivative Contracts at 9/30/22 | |||||||
Written Options | |||||||
Underlying | Put/ Call | Counterparty | Par Amount/ Number of Contracts | Notional Amount | Exercise Price | Expiration Date | Value |
Liability Derivatives | |||||||
Computer Software - Systems | |||||||
Apple, Inc. | Put | Goldman Sachs International | 96 | $1,326,720 | $100.00 | September – 2023 | $(48,000) |
Forward Foreign Currency Exchange Contracts | ||||||
Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation) | ||
Asset Derivatives | ||||||
USD | 253,309 | EUR | 250,722 | HSBC Bank | 10/21/2022 | $7,294 |
5
Portfolio of Investments (unaudited) – continued
Futures Contracts | ||||||
Description | Long/ Short | Currency | Contracts | Notional Amount | Expiration Date | Value/Unrealized Appreciation (Depreciation) |
Asset Derivatives | ||||||
Equity Futures | ||||||
MSCI EAFE Index | Short | USD | 7 | $581,210 | December – 2022 | $66,552 |
S&P 500 E-Mini Index | Short | USD | 5 | 900,375 | December – 2022 | 105,387 |
$171,939 |
At September 30, 2022, the fund had liquid securities with an aggregate value of $75,794 to cover any collateral or margin obligations for certain derivative contracts.
See attached supplemental information. For more information see notes to financial statements as disclosed in the most recent semiannual or annual report.
6
Supplemental Information
9/30/22 (unaudited)
The fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies.
(1) Investment Valuations
Subject to its oversight, the fund's Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of the fund’s investments to MFS as the fund's adviser, pursuant to the fund’s valuation policy and procedures which have been adopted by the adviser and approved by the Board. Effective September 8, 2022, and in accordance with Rule 2a-5 under the Investment Company Act of 1940, the Board of Trustees designated the adviser as the “valuation designee” of the fund. If the adviser, as valuation designee, determines that reliable market quotations are not readily available for an investment, the investment is valued at fair value as determined in good faith by the adviser in accordance with the adviser’s fair valuation policy and procedures.
Under the fund's valuation policy and procedures, equity securities, including restricted equity securities, are generally valued at the last sale or official closing price on their primary market or exchange as provided by a third-party pricing service. Equity securities, for which there were no sales reported that day, are generally valued at the last quoted daily bid quotation on their primary market or exchange as provided by a third-party pricing service. Debt instruments and floating rate loans, including restricted debt instruments, are generally valued at an evaluated or composite bid as provided by a third-party pricing service. Short-term instruments with a maturity at issuance of 60 days or less may be valued at amortized cost, which approximates market value. Exchange-traded options are generally valued at the last sale or official closing price on their primary exchange as provided by a third-party pricing service. Exchange-traded options for which there were no sales reported that day are generally valued at the last daily bid quotation on their primary exchange as provided by a third-party pricing service. For put options, the position may be valued at the last daily ask quotation if there are no trades reported during the day. Options not traded on an exchange are generally valued at a broker/dealer bid quotation. Foreign currency options are generally valued at valuations provided by a third-party pricing service. Futures contracts are generally valued at last posted settlement price on their primary exchange as provided by a third-party pricing service. Futures contracts for which there were no trades that day for a particular position are generally valued at the closing bid quotation on their primary exchange as provided by a third-party pricing service. Forward foreign currency exchange contracts are generally valued at the mean of bid and asked prices for the time period interpolated from rates provided by a third-party pricing service for proximate time periods. Open-end investment companies are generally valued at net asset value per share. The values of foreign securities and other assets and liabilities expressed in foreign currencies are converted to U.S. dollars using the mean of bid and asked prices for rates provided by a third-party pricing service.
Under the fund’s valuation policy and procedures, market quotations are not considered to be readily available for debt instruments, floating rate loans, and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services or otherwise determined by the adviser in accordance with the adviser’s fair valuation policy and procedures. Securities and other assets generally valued on the basis of information from a third-party pricing service may also be valued at a broker/dealer bid quotation. In determining values, third-party pricing services can utilize both transaction data and market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, spreads and other market data. An investment may also be valued at fair value if the adviser determines that the investment’s value has been materially affected by events occurring after the close of the exchange or market on which the investment is principally traded (such as foreign exchange or market) and prior to the determination of the fund’s net asset value, or after the halt of trading of a specific security where trading does not resume prior to the close of the exchange or market on which the security is principally traded. Events that occur after foreign markets close (such as developments in foreign markets and significant movements in the U.S. markets) and prior to the determination of the fund’s net asset value may be deemed to have a material effect on the value of securities traded in foreign markets. Accordingly, the fund’s foreign equity securities may often be valued at fair value. The adviser generally relies on third-party pricing services or other information (such as the correlation with price movements of similar securities in the same or other markets; the type, cost and investment characteristics of the security; the business and financial condition of the issuer; and trading and other market data) to assist in determining whether to fair value and at what value to fair value an investment. The value of an investment for purposes of calculating the fund’s net asset value can differ depending on the source and method used to determine value. When fair valuation is used, the value of an investment used to determine the fund’s net asset value may differ from quoted or published prices for the same investment. There can be no assurance that the fund could obtain the fair value assigned to an investment if it were to sell the investment at the same time at which the fund determines its net asset value per share.
Various inputs are used in determining the value of the fund's assets or liabilities. These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fund's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit risk).
7
Supplemental Information (unaudited) – continued
Level 3 includes significant unobservable inputs, which may include the adviser's own assumptions in determining the fair value of investments. Other financial instruments are derivative instruments, such as futures contracts, forward foreign currency exchange contracts, and written options. The following is a summary of the levels used as of September 30, 2022 in valuing the fund's assets and liabilities:
Financial Instruments | Level 1 | Level 2 | Level 3 | Total |
Equity Securities: | ||||
United States | $5,596,446 | $1,123,535 | $— | $6,719,981 |
Japan | 1,313,843 | 2,730,320 | — | 4,044,163 |
Germany | 2,263,311 | 682,114 | — | 2,945,425 |
France | — | 1,647,607 | — | 1,647,607 |
Netherlands | — | 1,252,060 | — | 1,252,060 |
Spain | — | 1,208,959 | — | 1,208,959 |
United Kingdom | — | 1,142,058 | — | 1,142,058 |
Israel | 960,684 | — | — | 960,684 |
Switzerland | — | 788,899 | — | 788,899 |
Other Countries | 209,559 | 863,804 | — | 1,073,363 |
U.S. Treasury Bonds & U.S. Government Agencies & Equivalents | — | 9,989,910 | — | 9,989,910 |
U.S. Corporate Bonds | — | 3,261,211 | — | 3,261,211 |
Residential Mortgage-Backed Securities | — | 1,094,348 | — | 1,094,348 |
Foreign Bonds | — | 580,442 | — | 580,442 |
Mutual Funds | 2,087,342 | — | — | 2,087,342 |
Total | $12,431,185 | $26,365,267 | $— | $38,796,452 |
Other Financial Instruments | ||||
Futures Contracts – Assets | $171,939 | $— | $— | $171,939 |
Forward Foreign Currency Exchange Contracts – Assets | — | 7,294 | — | 7,294 |
Written Options - Liabilities | — | (48,000) | — | (48,000) |
For further information regarding security characteristics, see the Portfolio of Investments.
(2) Investments in Affiliated Issuers
An affiliated issuer may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. For the purposes of this report, the following were affiliated issuers:
Affiliated Issuers | Beginning Value | Purchases | Sales Proceeds | Realized Gain (Loss) | Change in Unrealized Appreciation or Depreciation | Ending Value |
MFS Institutional Money Market Portfolio | $2,529,336 | $4,768,988 | $5,211,353 | $(157) | $528 | $2,087,342 |
Affiliated Issuers | Dividend Income | Capital Gain Distributions |
MFS Institutional Money Market Portfolio | $14,641 | $— |
(3) Issuer Country Weightings
Issuer country weighting percentages of portfolio holdings based on net assets, as of September 30, 2022, are as follows:
United States | 58.4% |
Japan | 10.8% |
Germany | 7.2% |
France | 4.4% |
Netherlands | 3.9% |
Spain | 3.2% |
United Kingdom | 3.1% |
Israel | 2.6% |
Switzerland | 2.1% |
Other Countries | 4.3% |
8
Supplemental Information (unaudited) – continued
The issuer country weighting percentages include both accrued interest amounts and the equivalent exposure from any derivative holdings, if applicable.
(4) Russia and Ukraine Conflict
The market disruptions, which began in late February 2022, associated with geopolitical events related to the conflict between Russia and Ukraine may adversely affect the value of the fund’s assets and thus the fund’s performance. Management continues to monitor these events and to evaluate the related impacts, if any, to the fund.
9