# BlueBay Funds - BlueBay Emerging Market Investment Grade Corporate Bond Fund
## Société d’Investissement à Capital Variable
Schedule of Investments and other Net Assets as at 30 June 2022
|  |  | Market |  |
| --- | --- | --- | --- |
| Nominal | Value | % of |
| Security Description | Rate | Maturity Date | Currency | ('000) | USD | Net Assets |

Transferable securities admitted to an official exchange listing BONDS
| Suzano Austria GmbH | 6.00% | 15/01/29 | USD | 154 | 152,021 |  | 0.11 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Suzano Austria GmbH | 3.75% | 15/01/31 | USD | 561 | 455,224 |  | 0.34 |
|  |  |  |  |  | 607,245 |  | 0.45 |
| BRITISH VIRGIN ISLANDS |  |  |  |  |  |  |  |
| CAS Capital No 1 Ltd, VRB | 4.00% | 31/12/49† | USD | 835 | 706,619 |  | 0.53 |
| Contemporary Ruiding |  |  |  |  |  |  |  |
| Development Ltd	1.88% | 17/09/25 | USD | 592 | 547,923 | 0.41 |
| Development Ltd	2.63% | 17/09/30 | USD | 680 | 566,447 | 0.42 |
| Huarong Finance 2019 Co Ltd, FRB | 2.76% | 24/02/25 | USD | 1,170 | 1,104,919 |  | 0.82 |
| JMH Co Ltd | 2.50% | 09/04/31 | USD | 1,599 | 1,362,332 |  | 1.02 |
| Shanghai Port Group BVI |  |  |  |  |  |  |  |
| Development 2 Co Ltd | 2.38% | 13/07/30 | USD | 820 | 716,581 |  | 0.53 |
| Sino-Ocean Land Treasure IV Ltd | 4.75% | 05/08/29 | USD | 201 | 84,420 |  | 0.06 |
|  |  |  |  |  | 5,089,241 |  | 3.79 |
| CANADA |  |  |  |  |  |  |  |
| MEGlobal Canada ULC | 5.00% | 18/05/25 | USD | 3,042 | 3,075,842 |  | 2.29 |
| CAYMAN ISLANDS |  |  |  |  |  |  |  |
| ENN Energy Holdings Ltd | 2.63% | 17/09/30 | USD | 1,894 | 1,615,582 |  | 1.20 |
| HPHT Finance 21 Ltd | 2.00% | 19/03/26 | USD | 628 | 582,750 |  | 0.43 |
| Longfor Group Holdings Ltd | 4.50% | 16/01/28 | USD | 482 | 395,240 |  | 0.30 |
| MAF Sukuk Ltd | 4.64% | 14/05/29 | USD | 365 | 366,890 |  | 0.27 |
| Meituan | 2.13% | 28/10/25 | USD | 590 | 532,177 |  | 0.40 |
| QNB Finance Ltd | 2.63% | 12/05/25 | USD | 640 | 615,680 |  | 0.46 |
| SNB Sukuk Ltd | 2.34% | 19/01/27 | USD | 1,723 | 1,600,236 |  | 1.19 |
|  |  |  |  |  | 5,708,555 |  | 4.25 |
| COLOMBIA |  |  |  |  |  |  |  |
| Ecopetrol SA | 6.88% | 29/04/30 | USD | 793 | 701,012 |  | 0.52 |
| Ecopetrol SA | 5.88% | 02/11/51 | USD | 630 | 415,800 |  | 0.31 |
| Oleoducto Central SA | 4.00% | 14/07/27 | USD | 690 | 575,657 |  | 0.43 |
|  |  |  |  |  | 1,692,469 |  | 1.26 |
| HONG KONG |  |  |  |  |  |  |  |
| Airport Authority | 3.25% | 12/01/52 | USD | 625 | 508,588 |  | 0.38 |
| Airport Authority, VRB | 2.10% | 31/12/49† | USD | 750 | 680,749 |  | 0.51 |
| Airport Authority, VRB | 2.40% | 31/12/49† | USD | 950 | 820,562 |  | 0.61 |
| GLP China Holdings Ltd | 4.97% | 26/02/24 | USD | 1,010 | 1,003,781 |  | 0.75 |
| Huaxin Cement International |  |  |  |  |  |  |  |
| Finance Co Ltd | 2.25% | 19/11/25 | USD | 1,402 | 1,282,611 |  | 0.96 |
| Swire Properties MTN Financing |  |  |  |  |  |  |  |
| Ltd | 3.50% | 10/01/28 | USD | 633 | 618,183 |  | 0.46 |
| Vanke Real Estate Hong Kong Co |  |  |  |  |  |  |  |
| Ltd | 5.35% | 11/03/24 | USD | 300 | 300,031 |  | 0.22 |
| Xiaomi Best Time International Ltd | 2.88% | 14/07/31 | USD | 1,015 | 795,062 |  | 0.59 |
|  |  |  |  |  | 6,009,567 |  | 4.48 |
| INDIA |  |  |  |  |  |  |  |
| Adani Electricity Mumbai Ltd | 3.87% | 22/07/31 | USD | 810 | 642,172 |  | 0.48 |
| Adani International Container |  |  |  |  |  |  |  |
| Terminal Pvt Ltd | 3.00% | 16/02/31 | USD | 576 | 489,708 |  | 0.37 |

AUSTRIA
Contemporary Ruiding
Security Description	Rate	Maturity Date	Currency
Transferable securities admitted to an official exchange listing (continued) BONDS (continued)
INDIA (continued)
Adani Ports & Special Economic
('000)
USD
Net Assets
| Zone Ltd | 4.00% | 30/07/27 | USD | 1,442 | 1,332,768 | 0.99 |
| --- | --- | --- | --- | --- | --- | --- |
| Adani Ports & Special Economic |  |  |  |  |  |  |
| Zone Ltd | 4.20% | 04/08/27 | USD | 226 | 210,576 |  | 0.16 |
| Muthoot Finance Ltd | 6.13% | 31/10/22 | USD | 460 | 459,195 |  | 0.34 |
| Power Finance Corp Ltd | 4.50% | 18/06/29 | USD | 697 | 652,765 |  | 0.49 |
| REC Ltd | 2.25% | 01/09/26 | USD | 1,283 | 1,152,606 |  | 0.86 |
| Reliance Industries Ltd | 4.13% | 28/01/25 | USD | 220 | 220,247 |  | 0.16 |
| Shriram Transport Finance Co Ltd | 5.95% | 24/10/22 | USD | 1,199 | 1,188,149 |  | 0.89 |
| Shriram Transport Finance Co Ltd | 4.40% | 13/03/24 | USD | 914 | 850,020 |  | 0.63 |
|  |  |  |  |  | 7,198,206 |  | 5.37 |
| INDONESIA |  |  |  |  |  |  |  |
| Bank Mandiri Persero Tbk PT | 4.75% | 13/05/25 | USD | 925 | 935,002 |  | 0.70 |
| Indofood CBP Sukses Makmur Tbk |  |  |  |  |  |  |  |
| PT | 3.40% | 09/06/31 | USD | 700 | 547,750 |  | 0.41 |
| Indofood CBP Sukses Makmur Tbk PT | 3.54% | 27/04/32 | USD | 866 | 671,150 |  | 0.50 |
| Perusahaan Gas Negara Tbk PT | 5.13% | 16/05/24 | USD | 1,180 | 1,183,068 |  | 0.88 |
|  |  |  |  |  | 3,336,970 |  | 2.49 |
| ISLE OF MAN |  |  |  |  |  |  |  |
| AngloGold Ashanti Holdings Plc | 3.38% | 01/11/28 | USD | 1,000 | 858,750 |  | 0.64 |
| Gohl Capital Ltd | 4.25% | 24/01/27 | USD | 1,647 | 1,491,358 |  | 1.11 |
|  |  |  |  |  | 2,350,108 |  | 1.75 |
| ISRAEL |  |  |  |  |  |  |  |
| Bank Hapoalim BM 144A, VRB | 3.26% | 21/01/32 | USD | 3,349 | 2,846,650 |  | 2.12 |
| Bank Leumi Le-Israel BM 144A, |  |  |  |  |  |  |  |
| VRB | 3.28% | 29/01/31 | USD | 435 | 383,616 |  | 0.29 |
| Israel Electric Corp Ltd 144A | 5.00% | 12/11/24 | USD | 1,062 | 1,068,637 |  | 0.80 |
| Israel Electric Corp Ltd 144A | 4.25% | 14/08/28 | USD | 310 | 298,724 |  | 0.22 |
| Mizrahi Tefahot Bank Ltd 144A, |  |  |  |  |  |  |  |
| VRB | 3.08% | 07/04/31 | USD | 2,750 | 2,402,812 |  | 1.79 |
|  |  |  |  |  | 7,000,439 |  | 5.22 |
| JERSEY |  |  |  |  |  |  |  |
| Galaxy Pipeline Assets Bidco Ltd | 1.75% | 30/09/27 | USD | 1,520 | 1,412,545 |  | 1.05 |
| Galaxy Pipeline Assets Bidco Ltd | 2.16% | 31/03/34 | USD | 2,201 | 1,879,482 |  | 1.40 |
| Galaxy Pipeline Assets Bidco Ltd | 2.94% | 30/09/40 | USD | 3,223 | 2,630,742 |  | 1.96 |
|  |  |  |  |  | 5,922,769 |  | 4.41 |
| KAZAKHSTAN |  |  |  |  |  |  |  |
| KazMunayGas National Co JSC | 3.50% | 14/04/33 | USD | 1,049 | 756,329 |  | 0.56 |
| LUXEMBOURG |  |  |  |  |  |  |  |
| Aegea Finance Sarl | 6.75% | 20/05/29 | USD | 550 | 517,103 |  | 0.38 |
| EIG Pearl Holdings Sarl | 3.55% | 31/08/36 | USD | 1,711 | 1,473,599 |  | 1.10 |
|  |  |  |  |  | 1,990,702 |  | 1.48 |
| MALAYSIA |  |  |  |  |  |  |  |
| Genm Capital Labuan Ltd | 3.88% | 19/04/31 | USD | 1,792 | 1,439,536 |  | 1.07 |

Security Description	Rate	Maturity Date	Currency
Transferable securities admitted to an official exchange listing (continued) BONDS (continued)
MAURITIUS
('000)
USD
Net Assets
| MTN Mauritius Investments Ltd | 6.50% | 13/10/26 | USD | 443 | 436,819 |  | 0.33 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Network i2i Ltd, VRB | 5.65% | 31/12/49† | USD | 330 | 306,859 |  | 0.23 |
| UPL Corp Ltd | 4.50% | 08/03/28 | USD | 2,288 | 1,961,674 |  | 1.46 |
| UPL Corp Ltd | 4.63% | 16/06/30 | USD | 1,230 | 1,008,381 |  | 0.75 |
| UPL Corp Ltd, VRB | 5.25% | 31/12/49† | USD | 1,244 | 962,001 |  | 0.72 |
|  |  |  |  |  | 4,675,734 |  | 3.49 |
| MEXICO |  |  |  |  |  |  |  |
| America Movil SAB de CV | 4.38% | 22/04/49 | USD | 931 | 866,877 |  | 0.65 |
| Banco Santander Mexico SA |  |  |  |  |  |  |  |
| Institucion de Banca Multiple |  |  |  |  |  |  |  |
| Grupo Financiero Santand, VRB | 5.95% | 01/10/28 | USD | 676 | 673,938 |  | 0.50 |
| Fomento Economico Mexicano SAB de CV | 3.50% | 16/01/50 | USD | 1,408 | 1,105,477 |  | 0.83 |
| Mexico City Airport Trust | 5.50% | 31/07/47 | USD | 1,019 | 698,525 |  | 0.52 |
| Petroleos Mexicanos | 5.95% | 28/01/31 | USD | 483 | 353,604 |  | 0.26 |
|  |  |  |  |  | 3,698,421 |  | 2.76 |
| NETHERLANDS |  |  |  |  |  |  |  |
| Bharti Airtel International |  |  |  |  |  |  |  |
| Netherlands BV | 5.35% | 20/05/24 | USD | 1,333 | 1,361,576 |  | 1.01 |
| Braskem Netherlands Finance BV | 4.50% | 10/01/28 | USD | 307 | 278,492 |  | 0.21 |
| MV24 Capital BV | 6.75% | 01/06/34 | USD | 533 | 479,606 |  | 0.36 |
| Prosus NV | 3.06% | 13/07/31 | USD | 1,027 | 760,493 |  | 0.57 |
| Prosus NV | 1.99% | 13/07/33 | EUR | 388 | 276,339 |  | 0.21 |
| Prosus NV | 4.99% | 19/01/52 | USD | 791 | 581,385 |  | 0.43 |
| Royal Capital BV, VRB | 5.00% | 31/12/49† | USD | 548 | 539,027 |  | 0.40 |
|  |  |  |  |  | 4,276,918 |  | 3.19 |
| PERU |  |  |  |  |  |  |  |
| Fondo MIVIVIENDA SA | 4.63% | 12/04/27 | USD | 950 | 920,788 |  | 0.69 |
| Kallpa Generacion SA | 4.13% | 16/08/27 | USD | 395 | 357,228 |  | 0.26 |
|  |  |  |  |  | 1,278,016 |  | 0.95 |
| ROMANIA Romanian Government |  |  |  |  |  |  |  |
| International Bond | 2.75% | 14/04/41 | EUR | 406 | 248,491 |  | 0.19 |
| SINGAPORE |  |  |  |  |  |  |  |
| Continuum Energy Levanter Pte Ltd | 4.50% | 09/02/27 | USD | 1,011 | 798,616 |  | 0.59 |
| GLP Pte Ltd | 3.88% | 04/06/25 | USD | 2,166 | 2,092,692 |  | 1.56 |
| GLP Pte Ltd, VRB | 4.50% | 31/12/49† | USD | 1,197 | 1,015,708 |  | 0.76 |
|  |  |  |  |  | 3,907,016 |  | 2.91 |
| SOUTH KOREA |  |  |  |  |  |  |  |
| Hana Bank | 3.25% | 30/03/27 | USD | 1,577 | 1,522,593 |  | 1.14 |
| Shinhan Bank Co Ltd | 4.38% | 13/04/32 | USD | 720 | 698,652 |  | 0.52 |
|  |  |  |  |  | 2,221,245 |  | 1.66 |
| SUPRANATIONAL |  |  |  |  |  |  |  |
| Africa Finance Corp | 4.38% | 17/04/26 | USD | 833 | 801,763 |  | 0.60 |
| African Export-Import Bank | 5.25% | 11/10/23 | USD | 491 | 494,682 |  | 0.37 |

Security Description	Rate	Maturity Date	Currency
Transferable securities admitted to an official exchange listing (continued) BONDS (continued)
SUPRANATIONAL (continued)
('000)
USD
Net Assets
| African Export-Import Bank | 3.99% | 21/09/29 | USD | 1,062 | 913,320 |  | 0.68 |
| --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  | 2,209,765 |  | 1.65 |
| THAILAND |  |  |  |  |  |  |  |
| Bangkok Bank PCL/Hong Kong | 4.30% | 15/06/27 | USD | 2,350 | 2,360,187 |  | 1.76 |
| GC Treasury Center Co Ltd | 4.40% | 30/03/32 | USD | 1,110 | 1,018,268 |  | 0.76 |
| GC Treasury Center Co Ltd | 4.30% | 18/03/51 | USD | 540 | 416,576 |  | 0.31 |
| PTTEP Treasury Center Co Ltd | 3.90% | 06/12/59 | USD | 495 | 388,486 |  | 0.29 |
| Thaioil Treasury Center Co Ltd | 3.75% | 18/06/50 | USD | 1,279 | 863,140 |  | 0.64 |
|  |  |  |  |  | 5,046,657 |  | 3.76 |
| TURKEY |  |  |  |  |  |  |  |
| Anadolu Efes Biracilik Ve Malt |  |  |  |  |  |  |  |
| Sanayii AS | 3.38% | 29/06/28 | USD | 264 | 184,519 |  | 0.14 |
| UNITED ARAB EMIRATES |  |  |  |  |  |  |  |
| NBK SPC Ltd, VRB | 1.63% | 15/09/27 | USD | 3,240 | 2,890,566 |  | 2.15 |
| Nbk Tier 2 Ltd, VRB | 2.50% | 24/11/30 | USD | 1,797 | 1,643,833 |  | 1.23 |
| Sweihan PV Power Co PJSC | 3.63% | 31/01/49 | USD | 1,690 | 1,408,298 |  | 1.05 |
|  |  |  |  |  | 5,942,697 |  | 4.43 |
| UNITED KINGDOM |  |  |  |  |  |  |  |
| Antofagasta Plc | 5.63% | 13/05/32 | USD | 670 | 646,550 |  | 0.48 |
| UNITED STATES |  |  |  |  |  |  |  |
| DAE Funding LLC | 3.38% | 20/03/28 | USD | 1,433 | 1,252,084 |  | 0.93 |
| Hikma Finance USA LLC | 3.25% | 09/07/25 | USD | 1,037 | 984,022 |  | 0.73 |
| Resorts World Las Vegas LLC / |  |  |  |  |  |  |  |
| RWLV Capital Inc | 4.63% | 06/04/31 | USD | 1,000 | 766,910 |  | 0.57 |
| Stillwater Mining Co | 4.00% | 16/11/26 | USD | 200 | 167,000 |  | 0.13 |
| Stillwater Mining Co | 4.50% | 16/11/29 | USD | 670 | 529,300 |  | 0.40 |
| U.S. Treasury Note | 0.13% | 31/01/23 | USD | 1,679 | 1,655,568 |  | 1.23 |
| U.S. Treasury Note | 0.88% | 31/01/24 | USD | 1,499 | 1,451,456 |  | 1.08 |
|  |  |  |  |  | 6,806,340 |  | 5.07 |
| TOTAL BONDS | 93,320,347 |  | 69.55 |
|  |  |  |  |
| Total Transferable securities admitted to an official exchange listing | 93,320,347 |  | 69.55 |
| Transferable securities dealt in on other regulated markets |  |  |  |
| BONDS |  |  |  |
| AUSTRIA |  |  |  |
| Suzano Austria GmbH | 7.00% | 16/03/47 | USD | 485 | 464,630 |  | 0.35 |
| CHILE |  |  |  |  |  |  |  |
| CAP SA | 3.90% | 27/04/31 | USD | 646 | 510,461 |  | 0.38 |
| Celulosa Arauco y Constitucion SA | 4.20% | 29/01/30 | USD | 1,104 | 987,252 |  | 0.74 |
| Cencosud SA | 5.15% | 12/02/25 | USD | 577 | 575,962 |  | 0.43 |
| Cencosud SA Empresa Nacional de | 4.38% | 17/07/27 | USD | 1,421 | 1,340,003 |  | 1.00 |
| Telecomunicaciones SA | 3.05% | 14/09/32 | USD | 650 | 524,184 |  | 0.39 |
| Falabella SA | 3.38% | 15/01/32 | USD | 2,020 | 1,656,400 |  | 1.23 |
| Inversiones CMPC SA | 3.00% | 06/04/31 | USD | 1,150 | 926,187 |  | 0.69 |

Security Description	Rate	Maturity Date	Currency
Transferable securities dealt in on other regulated markets (continued) BONDS (continued)
CHILE (continued)
Sociedad de Transmision Austral
('000)
USD
Net Assets
| SA | 4.00% | 27/01/32 | USD | 645 | 503,100 |  | 0.38 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Telefonica Moviles Chile SA | 3.54% | 18/11/31 | USD | 1,383 | 1,168,894 |  | 0.87 |
|  |  |  |  |  | 8,192,443 |  | 6.11 |
| COLOMBIA |  |  |  |  |  |  |  |
| Empresas Publicas de Medellin |  |  |  |  |  |  |  |
| ESP | 4.25% | 18/07/29 | USD | 989 | 779,023 |  | 0.58 |
| Empresas Publicas de Medellin ESP | 4.38% | 15/02/31 | USD | 2,040 | 1,562,257 |  | 1.17 |
| Interconexion Electrica SA ESP | 3.83% | 26/11/33 | USD | 644 | 530,616 |  | 0.40 |
| SURA Asset Management SA | 4.88% | 17/04/24 | USD | 1,217 | 1,210,383 |  | 0.90 |
| SURA Asset Management SA | 4.38% | 11/04/27 | USD | 441 | 421,513 |  | 0.31 |
|  |  |  |  |  | 4,503,792 |  | 3.36 |
| INDIA |  |  |  |  |  |  |  |
| Adani Ports & Special Economic |  |  |  |  |  |  |  |
| Zone Ltd | 4.38% | 03/07/29 | USD | 565 | 501,616 |  | 0.37 |
| LUXEMBOURG Natura &Co. Luxembourg Holdings |  |  |  |  |  |  |  |
| Sarl	6.00% | 19/04/29 | USD | 360 | 319,500 |  | 0.24 |
| MEXICO Alfa SAB de CV	6.88% | 25/03/44 | USD | 511 | 496,708 |  | 0.37 |
| Alpek SAB de CV	4.25% | 18/09/29 | USD | 411 | 368,414 |  | 0.27 |
| America Movil SAB de CV	5.38% Banco Santander Mexico SA | 04/04/32 | USD | 810 | 719,045 |  | 0.54 |
| Institucion de Banca Multiple Grupo Financiero Santand	5.38% Cibanco SA Ibm / PLA | 17/04/25 | USD | 1,023 | 1,030,161 |  | 0.77 |
| Administradora Industrial S de RL de CV	4.96% | 18/07/29 | USD | 1,248 | 1,118,364 |  | 0.83 |
| SAB de CV	4.75% | 15/01/51 | USD | 1,392 | 1,022,236 |  | 0.76 |
|  |  |  |  | 4,754,928 |  | 3.54 |
| MULTINATIONAL |  |  |  |  |  |  |  |
| JBS USA LUX SA / JBS USA Food |  |  |  |  |  |  |  |
| Co. / JBS USA Finance, Inc. | 5.75% | 01/04/33 | USD | 1,100 | 1,049,870 |  | 0.78 |
| NETHERLANDS |  |  |  |  |  |  |  |
| Braskem Netherlands Finance BV | 4.50% | 31/01/30 | USD | 374 | 318,977 |  | 0.24 |
| PANAMA |  |  |  |  |  |  |  |
| AES Panama Generation Holdings |  |  |  |  |  |  |  |
| SRL | 4.38% | 31/05/30 | USD | 1,244 | 1,079,015 |  | 0.81 |
| Banco General SA | 4.13% | 07/08/27 | USD | 625 | 592,656 |  | 0.44 |
| Multibank Inc | 4.38% | 09/11/22 | USD | 850 | 850,850 |  | 0.63 |
|  |  |  |  |  | 2,522,521 |  | 1.88 |
| PARAGUAY |  |  |  |  |  |  |  |
| Banco Continental SAECA | 2.75% | 10/12/25 | USD | 1,444 | 1,267,381 |  | 0.94 |

Infraestructura Energetica Nova
Security Description	Rate	Maturity Date	Currency
Transferable securities dealt in on other regulated markets (continued) BONDS (continued)
PERU
('000)
USD
Net Assets
| Banco de Credito del Peru SA Banco de Credito del Peru SA, VRB | 2.70% 3.13% | 11/01/25 01/07/30 | USD USD | 756 2,267 | 710,640 2,075,439 |  | 0.53 1.55 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Consorcio Transmantaro SA | 5.20% | 11/04/38 | USD | 577 | 517,785 |  | 0.39 |
| InRetail Consumer | 3.25% | 22/03/28 | USD | 541 | 450,146 |  | 0.33 |
|  |  |  |  |  | 3,754,010 |  | 2.80 |
| SOUTH KOREA Shinhan Bank Co Ltd | 3.75% | 20/09/27 | USD | 1,773 | 1,707,953 |  | 1.27 |
| UNITED KINGDOM Fresnillo Plc | 4.25% | 02/10/50 | USD | 2,274 | 1,677,501 |  | 1.25 |
| TOTAL BONDS |  |  |  |  | 31,035,122 |  | 23.13 |
|  |  |  |  |  |  |  |  |
| Total Transferable securities dealt in on other regulated markets	31,035,122	23.13 |
| Other Securities |  |  |  |  |  |  |  |
| BONDS |  |  |  |  |  |  |  |
| UNITED ARAB EMIRATES Abu Dhabi Commercial Bank PJSC | 3.50% | 31/03/27 | USD | 3,262 | 3,164,140 |  | 2.36 |
| TOTAL BONDS |  |  |  |  | 3,164,140 |  | 2.36 |
|  |  |  |  |  |  |  |  |
| Total Other Securities |  |  |  |  | 3,164,140 |  | 2.36 |
| Total Investments (Cost USD 144,132,619) |  |  |  |  | 127,519,609 |  | 95.04 |
| Other assets less liabilities |  |  |  |  | 6,646,321 |  | 4.96 |
| Total Net Assets |  |  |  |  | 134,165,930 |  | 100.00 |
| Glossary: FRB - Floating Rate Bond VRB - Variable Rate Bond † Perpetual maturity |  |  |  |  |  |  |  |

The accompanying notes form an integral part of the financial statements. Reverse repurchase and repurchase agreements, if any, are disclosed in note 8. Financial derivative instruments, if any, are disclosed in note 9.
Schedule of Investments and other Net Assets as at 30 June 2022
|  | Market |  |
| --- | --- | --- |
| Security Description | Rate | Maturity Date | Currency | Nominal ('000) | Value EUR | % of Net Assets |

Transferable securities admitted to an official exchange listing BONDS
BELGIUM
| Anheuser-Busch InBev SA/NV | 3.70% | 02/04/40 | EUR | 8,329 | 7,989,710 |  | 0.59 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| CHINA |  |  |  |  |  |  |  |
| China Government International |  |  |  |  |  |  |  |
| Bond | 0.63% | 17/11/33 | EUR | 9,170 | 7,074,645 |  | 0.52 |
| China Government International Bond | 0.63% | 25/11/35 | EUR | 5,955 | 4,267,753 |  | 0.32 |
|  |  |  |  |  | 11,342,398 |  | 0.84 |
| DENMARK |  |  |  |  |  |  |  |
| TDC Net A/S | 5.06% | 31/05/28 | EUR | 11,700 | 10,969,186 |  | 0.81 |
| FRANCE |  |  |  |  |  |  |  |
| Atos SE | 1.00% | 12/11/29 | EUR | 9,100 | 5,375,020 |  | 0.40 |
| BNP Paribas SA, VRB | 2.75% | 25/07/28 | EUR | 13,700 | 13,188,209 |  | 0.98 |
| Electricite de France SA, VRB | 3.38% | 31/12/49† | EUR | 5,000 | 3,276,723 |  | 0.24 |
| Electricite de France SA, VRB | 5.00% | 31/12/49† | EUR | 9,800 | 8,646,479 |  | 0.64 |
| Electricite de France SA, VRB | 5.38% | 31/12/49† | EUR | 5,000 | 4,585,873 |  | 0.34 |
| Iliad SA | 0.75% | 11/02/24 | EUR | 23,700 | 22,201,258 |  | 1.65 |
| Lagardere SA | 1.75% | 07/10/27 | EUR | 8,300 | 7,617,070 |  | 0.56 |
| TotalEnergies SE, VRB | 2.63% | 31/12/49† | EUR | 7,384 | 6,897,735 |  | 0.51 |
|  |  |  |  |  | 71,788,367 |  | 5.32 |
| GERMANY |  |  |  |  |  |  |  |
| Bundesrepublik Deutschland |  |  |  |  |  |  |  |
| Bundesanleihe | 0.25% | 15/02/29 | EUR | 4,454 | 4,200,297 |  | 0.31 |
| Bundesrepublik Deutschland |  |  |  |  |  |  |
| Bundesanleihe | 0.00% | 15/08/29 | EUR | 4,749 | 4,368,065 | 0.32 |
| Bundesrepublik Deutschland |  |  |  |  |  |  |
| Bundesanleihe | 0.00% | 15/08/30 | EUR | 125,410 | 113,487,243 | 8.40 |
| Bundesrepublik Deutschland Bundesanleihe | 0.00% | 15/02/31 | EUR | 6,300 | 5,646,136 | 0.42 |
| Bundesrepublik Deutschland |  |  |  |  |  |  |
| Bundesanleihe | 0.00% | 15/08/31 | EUR | 57,400 | 50,922,018 | 3.77 |
| Bundesrepublik Deutschland |  |  |  |  |  |  |
| Bundesanleihe | 0.00% | 15/02/32 | EUR | 16,700 | 14,660,524 | 1.09 |
| Bundesrepublik Deutschland |  |  |  |  |  |  |
| Bundesanleihe | 4.25% | 04/07/39 | EUR | 3,060 | 4,252,009 | 0.31 |
| Bundesrepublik Deutschland |  |  |  |  |  |  |
| Bundesanleihe | 1.25% | 15/08/48 | EUR | 5,950 | 5,486,784 |  | 0.41 |
| Commerzbank AG, VRB | 6.13% | 31/12/49† | EUR | 6,000 | 5,434,870 |  | 0.40 |
| Commerzbank AG, VRB | 6.50% | 31/12/49† | EUR | 4,000 | 3,444,708 |  | 0.26 |
| Deutsche Bank AG, VRB | 1.00% | 19/11/25 | EUR | 10,900 | 10,292,212 |  | 0.76 |
| Deutsche Bank AG, VRB | 1.75% | 19/11/30 | EUR | 11,700 | 9,661,436 |  | 0.72 |
| Deutsche Bank AG, VRB | 5.63% | 19/05/31 | EUR | 5,100 | 5,102,654 |  | 0.38 |
| Deutsche Bank AG, VRB | 4.00% | 24/06/32 | EUR | 7,000 | 6,412,098 |  | 0.47 |
| Deutsche Bank AG, VRB | 4.63% | 31/12/49† | EUR | 5,400 | 4,171,597 |  | 0.31 |
| Volkswagen Leasing GmbH | 0.00% | 19/07/24 | EUR | 11,700 | 11,138,680 |  | 0.83 |
| Vonovia SE | 0.00% | 01/09/23 | EUR | 3,500 | 3,425,313 |  | 0.25 |
|  |  |  |  |  | 262,106,644 |  | 19.41 |
| ITALY |  |  |  |  |  |  |  |
| ASTM SpA | 1.00% | 25/11/26 | EUR | 5,050 | 4,442,507 |  | 0.33 |
| ASTM SpA | 1.50% | 25/01/30 | EUR | 8,060 | 6,225,246 |  | 0.46 |
| ASTM SpA | 2.38% | 25/11/33 | EUR | 7,770 | 5,708,102 |  | 0.42 |
| Autostrade per l'Italia SpA | 2.00% | 04/12/28 | EUR | 10,214 | 8,387,947 |  | 0.62 |
| Autostrade per l'Italia SpA | 2.00% | 15/01/30 | EUR | 8,050 | 6,355,246 |  | 0.47 |
| Intesa Sanpaolo SpA, VRB | 5.88% | 31/12/49† | EUR | 3,930 | 3,073,844 |  | 0.23 |

Security Description	Rate	Maturity Date	Currency
Transferable securities admitted to an official exchange listing (continued) BONDS (continued)
ITALY (continued)
('000)
EUR
Net Assets
UniCredit SpA, VRB	7.50%	31/12/49†	EUR	17,386	16,108,295	1.20
50,301,187	3.73
JAPAN
Nissan Motor Co Ltd	3.20%	17/09/28	EUR	5,739	5,115,018	0.38
Rakuten Group Inc, VRB	4.25%	31/12/49†	EUR	10,100	7,067,221	0.52
12,182,239	0.90
LUXEMBOURG
Medtronic Global Holdings SCA	0.00%	15/03/23	EUR	15,589	15,510,804	1.15
Traton Finance Luxembourg SA	0.13%	24/03/25	EUR	15,800	14,691,047	1.09
30,201,851	2.24
MEXICO
Mexico Government International
Bond	4.00%	15/03/15^	EUR	39,565	28,127,499	2.08
NETHERLANDS
Abertis Infraestructuras Finance
BV, VRB	3.25%	31/12/49†	EUR	6,800	5,452,160	0.40
American Medical Systems Europe
BV	0.75%	08/03/25	EUR	16,200	15,535,814	1.15
Coloplast Finance BV, FRB	0.37%	19/05/24	EUR	19,080	19,141,543	1.42
Cooperatieve Rabobank UA, VRB	4.88%	31/12/49†	EUR	2,800	2,353,618	0.17
Digital Dutch Finco BV	0.13%	15/10/22	EUR	7,449	7,441,809	0.55
Prosus NV	1.29%	13/07/29	EUR	5,210	3,898,286	0.29
Prosus NV	1.99%	13/07/33	EUR	6,250	4,190,340	0.31
Rentokil Initial Finance BV	3.88%	27/06/27	EUR	5,250	5,344,031	0.40
Rentokil Initial Finance BV	4.38%	27/06/30	EUR	5,050	5,195,786	0.39
Upjohn Finance BV	1.91%	23/06/32	EUR	9,939	7,374,881	0.55
Volkswagen International Finance
NV, VRB	3.38%	31/12/49†	EUR	14,500	13,415,039	0.99
Wintershall Dea Finance 2 BV,
VRB	2.50%	31/12/49†	EUR	6,500	4,611,839	0.34
Wintershall Dea Finance 2 BV,
VRB	3.00%	31/12/49†	EUR	7,600	5,018,518	0.37
Wintershall Dea Finance BV	1.82%	25/09/31	EUR	3,300	2,639,895	0.20
101,613,559	7.53
OMAN
Oman Government International
Bond	6.25%	25/01/31	USD	10,383	9,599,794	0.71
ROMANIA
Romanian Government
International Bond	1.75%	13/07/30	EUR	9,096	6,502,088	0.48
Romanian Government
International Bond	2.12%	16/07/31	EUR	4,503	3,198,078	0.24
Romanian Government
International Bond	3.88%	29/10/35	EUR	2,405	1,784,162	0.13
Romanian Government
International Bond	2.63%	02/12/40	EUR	21,254	12,387,863	0.92
Romanian Government
International Bond	2.75%	14/04/41	EUR	7,979	4,677,634	0.35
Romanian Government
International Bond	2.88%	13/04/42	EUR	16,934	9,941,577	0.74
Security Description	Rate	Maturity Date	Currency
Transferable securities admitted to an official exchange listing (continued) BONDS (continued)
ROMANIA (continued)
Romanian Government
('000)
EUR
Net Assets
| International Bond Romanian Government International Bond | 4.63% 3.38% | 03/04/49 28/01/50 | EUR EUR | 4,243 5,094 | 3,023,467 3,031,354 |  | 0.22 0.22 |
| --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  | 44,546,223 |  | 3.30 |
| SOUTH AFRICA |  |  |  |  |  |  |  |
| Republic of South Africa |  |  |  |  |  |  |  |
| Government Bond | 8.50% | 31/01/37 | ZAR | 1,385,671 | 63,976,188 |  | 4.74 |
| SPAIN |  |  |  |  |  |  |  |
| Banco de Sabadell SA, VRB | 5.75% | 31/12/49† | EUR | 8,800 | 7,275,679 |  | 0.54 |
| CaixaBank SA, VRB | 5.88% | 31/12/49† | EUR | 5,600 | 4,943,450 |  | 0.37 |
| FCC Servicios Medio Ambiente |  |  |  |  |  |  |  |
| Holding SAU | 0.82% | 04/12/23 | EUR | 14,837 | 14,661,189 |  | 1.08 |
|  |  |  |  |  | 26,880,318 |  | 1.99 |
| SWEDEN |  |  |  |  |  |  |  |
| Samhallsbyggnadsbolaget i Norden |  |  |  |  |  |  |  |
| AB | 1.00% | 12/08/27 | EUR | 1,803 | 1,166,774 |  | 0.09 |
| Samhallsbyggnadsbolaget i Norden AB, VRB | 2.62% | 31/12/49† | EUR | 10,480 | 3,570,952 |  | 0.26 |
|  |  |  |  |  | 4,737,726 |  | 0.35 |
| SWITZERLAND |  |  |  |  |  |  |  |
| Credit Suisse Group AG, VRB | 9.75% | 31/12/49† | USD | 4,400 | 4,281,341 |  | 0.32 |
| Credit Suisse Group AG, VRB | 6.38% | 31/12/49† | USD | 2,440 | 1,940,653 |  | 0.14 |
| Credit Suisse Group AG 144A, |  |  |  |  |  |  |  |
| VRB | 6.38% | 31/12/49† | USD | 8,630 | 6,863,865 |  | 0.51 |
| UBS Group AG, VRB | 1.00% | 21/03/25 | EUR | 5,820 | 5,684,128 |  | 0.42 |
|  |  |  |  |  | 18,769,987 |  | 1.39 |
| UNITED KINGDOM |  |  |  |  |  |  |  |
| Barclays Plc, VRB | 2.89% | 31/01/27 | EUR | 8,320 | 8,101,126 |  | 0.60 |
| Barclays Plc, VRB | 6.38% | 31/12/49† | GBP | 7,908 | 8,475,577 |  | 0.63 |
| Nationwide Building Society, VRB | 5.75% | 31/12/49† | GBP | 1,697 | 1,767,641 |  | 0.13 |
| NatWest Group Plc, VRB | 5.13% | 31/12/49† | GBP | 1,791 | 1,763,244 |  | 0.13 |
| SSE Plc, VRB | 4.00% | 31/12/49† | EUR | 4,736 | 4,100,455 |  | 0.30 |
|  |  |  |  |  | 24,208,043 |  | 1.79 |
| UNITED STATES |  |  |  |  |  |  |  |
| Bank of America Corp, FRB | 0.82% | 22/09/26 | EUR | 15,010 | 14,813,062 |  | 1.10 |
| Becton Dickinson & Co | 0.00% | 13/08/23 | EUR | 9,696 | 9,532,299 |  | 0.70 |
| Berry Global Inc | 1.00% | 15/01/25 | EUR | 6,044 | 5,563,545 |  | 0.41 |
| Blackstone Private Credit Fund | 1.75% | 30/11/26 | EUR | 8,550 | 7,133,424 |  | 0.53 |
| DAE Funding LLC | 1.55% | 01/08/24 | USD | 13,390 | 11,947,879 |  | 0.88 |
| Fidelity National Information |  |  |  |  |  |  |  |
| Services Inc | 0.13% | 03/12/22 | EUR | 14,200 | 14,192,275 |  | 1.05 |
| Goldman Sachs Group Inc, VRB | 0.01% | 30/04/24 | EUR | 32,500 | 31,981,036 |  | 2.37 |
| Morgan Stanley, VRB | 2.10% | 08/05/26 | EUR | 12,340 | 12,108,162 |  | 0.90 |
| Morgan Stanley, VRB | 2.95% | 07/05/32 | EUR | 10,100 | 9,583,084 |  | 0.71 |

Security Description	Rate	Maturity Date	Currency
Transferable securities admitted to an official exchange listing (continued) BONDS (continued)
UNITED STATES (continued)
('000)
EUR
Net Assets
| Visa Inc | 1.50% | 15/06/26 | EUR | 26,500 | 25,934,568 |  | 1.92 |
| --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  | 142,789,334 |  | 10.57 |
| TOTAL BONDS |  |  |  |  | 922,130,253 |  | 68.29 |
|  |  |  |  |  |  |  |  |

Total Transferable securities admitted to an official exchange listing	922,130,253	68.29
Transferable securities dealt in on other regulated markets BONDS
CAYMAN ISLANDS
| 2.13% | 21/02/26 | USD | 17,620 | 14,706,332 |  | 1.09 |
| --- | --- | --- | --- | --- | --- | --- |
| 4.25% | 15/04/26 | USD | 8,979 | 8,015,414 |  | 0.59 |
| 2.75% | 21/02/28 | USD | 5,180 | 4,024,495 |  | 0.30 |
|  |  |  |  | 26,746,241 |  | 1.98 |
| 4.50% | 17/02/42 | ISK | 2,778,485 | 17,889,183 |  | 1.33 |
| 4.35% | 17/09/27 | USD | 3,504 | 3,068,840 |  | 0.23 |
| 4.81% | 17/09/30 | USD | 13,814 | 11,692,361 |  | 0.86 |
|  |  |  |  | 14,761,201 |  | 1.09 |
| 1.00% | 16/01/30 | EUR | 3,639 | 2,879,552 |  | 0.21 |
| 2.25% | 19/12/39 | EUR | 5,500 | 3,591,525 |  | 0.27 |
| 2.88% | 26/05/28 | EUR | 2,804 | 2,403,259 |  | 0.18 |
| 3.38% | 08/02/38 | EUR | 1,978 | 1,328,822 |  | 0.10 |
|  |  |  |  | 3,732,081 |  | 0.28 |

Avolon Holdings Funding Ltd 144A Avolon Holdings Funding Ltd 144A Avolon Holdings Funding Ltd 144A
ICELAND
Iceland Rikisbref
JAPAN
Nissan Motor Co Ltd 144A Nissan Motor Co Ltd 144A
LUXEMBOURG
Bevco Lux Sarl
NETHERLANDS
JAB Holdings BV
ROMANIA
Romanian Government International Bond Romanian Government International Bond
SWITZERLAND
Credit Suisse Group AG 144A,
VRB	3.09%	14/05/32	USD	6,010	4,607,082	0.34
UNITED STATES
Charter Communications Operating
| LLC / Charter Communications |  |
| --- | --- |
| Operating Capital | 3.50% | 01/06/41 | USD | 7,320 | 4,941,606 | 0.37 |
| Charter Communications Operating LLC / Charter Communications Operating Capital | 3.85% | 01/04/61 | USD | 5,930 | 3,739,830 | 0.28 |
| Charter Communications Operating LLC / Charter Communications |  |  |  |  |  |  |
| Operating Capital | 4.40% | 01/12/61 | USD | 9,550 | 6,619,724 | 0.49 |
| HCA Inc 144A | 4.63% | 15/03/52 | USD | 8,150 | 6,240,850 | 0.46 |
| Magallanes Inc 144A | 5.05% | 15/03/42 | USD | 4,405 | 3,587,499 | 0.26 |
| Magallanes Inc 144A | 5.14% | 15/03/52 | USD | 6,084 | 4,893,229 | 0.36 |

Security Description	Rate	Maturity Date	Currency
Transferable securities dealt in on other regulated markets (continued) BONDS (continued)
UNITED STATES (continued)
('000)
EUR
Net Assets
| Magallanes Inc 144A | 5.39% | 15/03/62 | USD | 5,500 | 4,418,219 |  | 0.33 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Morgan Stanley, VRB | 2.48% | 16/09/36 | USD | 9,540 | 7,018,577 |  | 0.52 |
|  |  |  |  |  | 41,459,534 |  | 3.07 |
| TOTAL BONDS |  |  |  |  | 115,666,399 |  | 8.57 |
|  |  |  |  |  |  |  |  |
| Total Transferable securities dealt in on other regulated markets	115,666,399	8.57 |
| Other Securities |  |  |  |  |  |  |  |
| BONDS |  |  |  |  |  |  |  |
| GERMANY Volkswagen Leasing GmbH | 0.00% | 12/07/23 | EUR | 16,200 | 15,955,767 |  | 1.18 |
| JAPAN Rakuten Group Inc | 5.13% | 31/12/49† | USD | 3,740 | 2,919,373 |  | 0.22 |
| Rakuten Group Inc | 6.25% | 31/12/49† | USD | 663 | 508,976 |  | 0.04 |
|  |  |  |  |  | 3,428,349 |  | 0.26 |
| TOTAL BONDS |  |  |  |  | 19,384,116 |  | 1.44 |
|  |  |  |  |  |  |  |  |
| Total Other Securities |  |  |  |  | 19,384,116 |  | 1.44 |
| Total Investments (Cost EUR 1,209,806,697) |  |  |  |  | 1,057,180,768 |  | 78.30 |
| Other assets less liabilities |  |  |  |  | 293,086,450 |  | 21.70 |
| Total Net Assets |  |  |  |  | 1,350,267,218 |  | 100.00 |
| Glossary: FRB - Floating Rate Bond VRB - Variable Rate Bond † Perpetual maturity ^ Maturity date is on 15 March 2115 |  |  |  |  |  |  |  |

The accompanying notes form an integral part of the financial statements. Reverse repurchase and repurchase agreements, if any, are disclosed in note 8. Financial derivative instruments, if any, are disclosed in note 9.
Schedule of Investments and other Net Assets as at 30 June 2022
|  |  | Market |  |
| --- | --- | --- | --- |
| Nominal | Value | % of |
| Security Description | Rate | Maturity Date | Currency | ('000) | USD | Net Assets |

Transferable securities admitted to an official exchange listing BONDS
ARGENTINA
Argentine Republic Government
| International Bond, S/U | 2.50% | 09/07/41 | USD | 20 | 5,238 |  | 0.00 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Pampa Energia SA | 7.50% | 24/01/27 | USD | 566 | 464,120 |  | 0.27 |
|  |  |  |  |  | 469,358 |  | 0.27 |
| BERMUDA |  |  |  |  |  |  |  |
| Investment Energy Resources Ltd | 6.25% | 26/04/29 | USD | 1,580 | 1,347,740 |  | 0.78 |
| BRITISH VIRGIN ISLANDS |  |  |  |  |  |  |  |
| CAS Capital No 1 Ltd, VRB | 4.00% | 31/12/49† | USD | 1,390 | 1,176,287 |  | 0.68 |
| Huarong Finance II Co Ltd | 5.00% | 19/11/25 | USD | 384 | 364,080 |  | 0.21 |
| Huarong Finance II Co Ltd | 4.88% | 22/11/26 | USD | 701 | 644,920 |  | 0.37 |
| Sino-Ocean Land Treasure IV Ltd | 4.75% | 05/08/29 | USD | 726 | 304,920 |  | 0.18 |
| Studio City Finance Ltd | 6.50% | 15/01/28 | USD | 684 | 391,590 |  | 0.23 |
|  |  |  |  |  | 2,881,797 |  | 1.67 |
| CAYMAN ISLANDS China Evergrande Group, FTB ± | 11.50% | 22/01/23 | USD | 2,776 | 241,686 |  | 0.14 |
| China Evergrande Group, FTB ± | 8.75% | 28/06/25 | USD | 1,150 | 94,875 |  | 0.05 |
| CIFI Holdings Group Co Ltd | 6.00% | 16/07/25 | USD | 260 | 156,000 |  | 0.09 |
| IHS Holding Ltd | 5.63% | 29/11/26 | USD | 1,280 | 1,055,440 |  | 0.61 |
| IHS Holding Ltd | 6.25% | 29/11/28 | USD | 1,040 | 837,200 |  | 0.49 |
| Kaisa Group Holdings Ltd, FTB ± | 8.50% | 30/06/23 | USD | 626 | 88,344 |  | 0.05 |
| Kaisa Group Holdings Ltd, FTB ± | 11.95% | 22/10/22 | USD | 626 | 88,149 |  | 0.05 |
| Kaisa Group Holdings Ltd, FTB ± | 11.50% | 30/01/23 | USD | 200 | 27,500 |  | 0.02 |
| Kaisa Group Holdings Ltd, FTB ± | 10.88% | 23/07/23 | USD | 1,323 | 181,912 |  | 0.11 |
| Kaisa Group Holdings Ltd, FTB ± | 9.75% | 28/09/23 | USD | 200 | 27,850 |  | 0.02 |
| Kaisa Group Holdings Ltd ± | 9.38% | 30/06/24 | USD | 916 | 129,557 |  | 0.08 |
| Kaisa Group Holdings Ltd, FTB ± | 10.50% | 15/01/25 | USD | 415 | 58,178 |  | 0.03 |
| Kaisa Group Holdings Ltd, VRB± | 10.88% | 31/12/49† | USD | 206 | 21,200 |  | 0.01 |
| Melco Resorts Finance Ltd | 5.38% | 04/12/29 | USD | 400 | 242,000 |  | 0.14 |
| MGM China Holdings Ltd | 5.88% | 15/05/26 | USD | 200 | 153,850 |  | 0.09 |
| Oryx Funding Ltd | 5.80% | 03/02/31 | USD | 2,633 | 2,497,730 |  | 1.45 |
| Wynn Macau Ltd | 5.50% | 01/10/27 | USD | 1,387 | 901,550 |  | 0.52 |
| Zhenro Properties Group Ltd ± | 9.15% | 06/05/23 | USD | 807 | 60,525 |  | 0.04 |
| Zhenro Properties Group Ltd ± | 7.35% | 05/02/25 | USD | 999 | 74,925 |  | 0.04 |
| Zhenro Properties Group Ltd ± | 6.63% | 07/01/26 | USD | 280 | 21,000 |  | 0.01 |
| Zhenro Properties Group Ltd ± | 6.70% | 04/08/26 | USD | 3,501 | 262,575 |  | 0.15 |
|  |  |  |  |  | 7,222,046 |  | 4.19 |
| COLOMBIA |  |  |  |  |  |  |  |
| Bancolombia SA, VRB | 4.63% | 18/12/29 | USD | 1,052 | 913,794 |  | 0.53 |
| Ecopetrol SA | 5.88% | 28/05/45 | USD | 4,183 | 2,856,152 |  | 1.66 |
| Ecopetrol SA | 5.88% | 02/11/51 | USD | 1,710 | 1,128,600 |  | 0.65 |
|  |  |  |  |  | 4,898,546 |  | 2.84 |
| CYPRUS |  |  |  |  |  |  |  |
| MHP SE, FTB | 7.75% | 10/05/24 | USD | 821 | 430,666 |  | 0.25 |
| INDIA |  |  |  |  |  |  |  |
| Adani Green Energy Ltd | 4.38% | 08/09/24 | USD | 740 | 670,625 |  | 0.39 |
| Manappuram Finance Ltd | 5.90% | 13/01/23 | USD | 1,191 | 1,173,135 |  | 0.68 |
| Shriram Transport Finance Co Ltd | 4.40% | 13/03/24 | USD | 815 | 757,950 |  | 0.44 |

Security Description	Rate	Maturity Date	Currency
Transferable securities admitted to an official exchange listing (continued) BONDS (continued)
INDIA (continued)
('000)
USD
Net Assets
| Yes Bank Ifsc Banking Unit Branch	3.75% | 06/02/23 | USD | 859 | 850,034 |  | 0.49 |
| --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  | 3,451,744 |  | 2.00 |
| LUXEMBOURG Aegea Finance Sarl	6.75% | 20/05/29 | USD | 1,090 | 1,024,804 |  | 0.59 |
| Altice Financing SA	5.75% | 15/08/29 | USD | 1,670 | 1,348,525 |  | 0.78 |
| MHP Lux SA, FTB	6.95% | 03/04/26 | USD | 745 | 387,540 |  | 0.23 |
|  |  |  |  | 2,760,869 |  | 1.60 |
| MAURITIUS Clean Renewable Power Mauritius Pte Ltd	4.25% | 25/03/27 | USD | 402 | 321,440 |  | 0.18 |
| Greenko Power II Ltd	4.30% | 13/12/28 | USD | 1,026 | 826,232 |  | 0.48 |
| HTA Group Ltd/Mauritius	7.00% | 18/12/25 | USD | 1,020 | 848,066 |  | 0.49 |
| MTN Mauritius Investments Ltd	4.76% | 11/11/24 | USD | 723 | 703,459 |  | 0.41 |
| MTN Mauritius Investments Ltd	6.50% | 13/10/26 | USD | 731 | 720,801 |  | 0.42 |
| Network i2i Ltd, VRB	5.65% | 31/12/49† | USD | 1,630 | 1,515,696 |  | 0.88 |
| UPL Corp Ltd, VRB	5.25% | 31/12/49† | USD | 1,534 | 1,186,262 |  | 0.69 |
|  |  |  |  | 6,121,956 |  | 3.55 |
| MEXICO |  |  |  |  |  |  |  |
| Banco Mercantil del Norte |  |  |  |  |  |  |  |
| SA/Grand Cayman, VRB | 7.63% | 31/12/49† | USD | 277 | 258,614 |  | 0.15 |
| Banco Mercantil del Norte |  |  |  |  |  |  |  |
| SA/Grand Cayman, VRB | 6.75% | 31/12/49† | USD | 2,066 | 1,952,370 |  | 1.13 |
| Banco Mercantil del Norte |  |  |  |  |  |  |  |
| SA/Grand Cayman, VRB | 8.38% | 31/12/49† | USD | 1,964 | 1,902,380 |  | 1.11 |
| Braskem Idesa SAPI | 7.45% | 15/11/29 | USD | 500 | 433,375 |  | 0.25 |
| Petroleos Mexicanos | 7.69% | 23/01/50 | USD | 1,365 | 917,962 |  | 0.53 |
| Petroleos Mexicanos | 6.95% | 28/01/60 | USD | 814 | 503,052 |  | 0.29 |
|  |  |  |  |  | 5,967,753 |  | 3.46 |
| NETHERLANDS |  |  |  |  |  |  |  |
| BOI Finance BV | 7.50% | 16/02/27 | EUR | 1,550 | 1,312,562 |  | 0.76 |
| Braskem Netherlands Finance BV | 4.50% | 10/01/28 | USD | 603 | 547,005 |  | 0.32 |
| IHS Netherlands Holdco BV | 8.00% | 18/09/27 | USD | 1,051 | 920,807 |  | 0.53 |
| Metinvest BV | 8.50% | 23/04/26 | USD | 1,002 | 525,649 |  | 0.30 |
| Metinvest BV | 7.65% | 01/10/27 | USD | 1,386 | 734,407 |  | 0.43 |
| Metinvest BV | 7.75% | 17/10/29 | USD | 200 | 106,350 |  | 0.06 |
| MV24 Capital BV | 6.75% | 01/06/34 | USD | 2,645 | 2,378,846 |  | 1.38 |
| Teva Pharmaceutical Finance |  |  |  |  |  |  |  |
| Netherlands III BV | 3.15% | 01/10/26 | USD | 3,848 | 3,199,372 |  | 1.86 |
| Teva Pharmaceutical Finance Netherlands III BV | 5.13% | 09/05/29 | USD | 960 | 790,800 |  | 0.46 |
|  |  |  |  |  | 10,515,798 |  | 6.10 |
| NIGERIA |  |  |  |  |  |  |  |
| Access Bank Plc, VRB | 9.13% | 31/12/49† | USD | 2,164 | 1,763,660 |  | 1.02 |
| United Bank for Africa Plc | 6.75% | 19/11/26 | USD | 1,410 | 1,245,471 |  | 0.72 |
|  |  |  |  |  | 3,009,131 |  | 1.74 |
| OMAN |  |  |  |  |  |  |  |
| Bank Muscat SAOG | 4.75% | 17/03/26 | USD | 1,630 | 1,572,950 |  | 0.91 |
| Oman Government International |  |  |  |  |  |  |  |
| Bond | 7.00% | 25/01/51 | USD | 972 | 859,005 |  | 0.50 |

Security Description	Rate	Maturity Date	Currency
Transferable securities admitted to an official exchange listing (continued) BONDS (continued)
OMAN (continued)
('000)
USD
Net Assets
| OQ SAOC	5.13% | 06/05/28 | USD | 890 | 842,608 |  | 0.49 |
| --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  | 3,274,563 |  | 1.90 |
| PAKISTAN |  |  |  |  |  |  |  |
| Pakistan Water & Power |  |  |  |  |  |  |  |
| Development Authority | 7.50% | 04/06/31 | USD | 580 | 323,350 |  | 0.19 |
| SINGAPORE |  |  |  |  |  |  |  |
| Continuum Energy Levanter Pte Ltd | 4.50% | 09/02/27 | USD | 493 | 389,569 |  | 0.22 |
| GLP Pte Ltd, VRB | 4.50% | 31/12/49† | USD | 1,483 | 1,258,392 |  | 0.73 |
| Medco Bell Pte Ltd | 6.38% | 30/01/27 | USD | 1,274 | 1,082,900 |  | 0.63 |
|  |  |  |  |  | 2,730,861 |  | 1.58 |
| SPAIN |  |  |  |  |  |  |  |
| AI Candelaria Spain SA | 7.50% | 15/12/28 | USD | 551 | 493,145 |  | 0.29 |
| TURKEY |  |  |  |  |  |  |  |
| KOC Holding AS | 5.25% | 15/03/23 | USD | 1,458 | 1,440,048 |  | 0.83 |
| Limak Iskenderun Uluslararasi |  |  |  |  |  |  |  |
| Liman Isletmeciligi AS | 9.50% | 10/07/36 | USD | 1,259 | 1,095,959 |  | 0.64 |
| Mersin Uluslararasi Liman Isletmeciligi AS | 5.38% | 15/11/24 | USD | 870 | 807,360 |  | 0.47 |
| Turk Telekomunikasyon AS | 4.88% | 19/06/24 | USD | 600 | 533,738 |  | 0.31 |
| Turkey Government International |  |  |  |  |  |  |  |
| Bond | 4.88% | 16/04/43 | USD | 1,801 | 1,068,358 |  | 0.62 |
| Turkey Government International Bond | 5.75% | 11/05/47 | USD | 4,445 | 2,746,688 |  | 1.59 |
| Turkiye Sise ve Cam Fabrikalari AS | 6.95% | 14/03/26 | USD | 958 | 853,698 |  | 0.49 |
| Ulker Biskuvi Sanayi AS | 6.95% | 30/10/25 | USD | 487 | 377,212 |  | 0.22 |
|  |  |  |  |  | 8,923,061 |  | 5.17 |
| UKRAINE |  |  |  |  |  |  |  |
| Ukraine Government International |  |  |  |  |  |  |  |
| Bond | 7.75% | 01/09/24 | USD | 451 | 116,133 |  | 0.07 |
| Ukraine Government International |  |  |  |  |  |  |  |
| Bond | 7.75% | 01/09/26 | USD | 431 | 112,060 |  | 0.07 |
| Ukraine Government International |  |  |  |  |  |  |  |
| Bond | 7.38% | 25/09/32 | USD | 2,061 | 520,402 |  | 0.30 |
| Ukraine Government International Bond, FRB ± | 0.00% | 31/05/40 | USD | 822 | 209,610 |  | 0.12 |
| VF Ukraine PAT via VFU Funding |  |  |  |  |  |  |  |
| Plc | 6.20% | 11/02/25 | USD | 1,800 | 1,193,962 |  | 0.69 |
|  |  |  |  |  | 2,152,167 |  | 1.25 |
| UNITED ARAB EMIRATES |  |  |  |  |  |  |  |
| Emirates NBD Bank PJSC, VRB | 6.13% | 31/12/49† | USD | 2,867 | 2,872,017 |  | 1.67 |
| Oztel Holdings SPC Ltd | 6.63% | 24/04/28 | USD | 598 | 604,092 |  | 0.35 |
|  |  |  |  |  | 3,476,109 |  | 2.02 |
| UNITED KINGDOM |  |  |  |  |  |  |  |
| Bidvest Group UK Plc | 3.63% | 23/09/26 | USD | 2,060 | 1,812,543 |  | 1.05 |
| Endeavour Mining Plc | 5.00% | 14/10/26 | USD | 1,130 | 910,921 |  | 0.53 |
| Liquid Telecommunications Financing Plc | 5.50% | 04/09/26 | USD | 320 | 282,400 |  | 0.16 |

Security Description	Rate	Maturity Date	Currency
Transferable securities admitted to an official exchange listing (continued) BONDS (continued)
UNITED KINGDOM (continued)
('000)
USD
Net Assets
| Tullow Oil Plc | 10.25% | 15/05/26 | USD | 5,733 | 5,500,813 |  | 3.19 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Vedanta Resources Finance II Plc | 13.88% | 21/01/24 | USD | 1,055 | 943,566 |  | 0.55 |
|  |  |  |  |  | 9,450,243 |  | 5.48 |
| UNITED STATES |  |  |  |  |  |  |  |
| Kosmos Energy Ltd | 7.75% | 01/05/27 | USD | 1,110 | 943,500 |  | 0.55 |
| Kosmos Energy Ltd | 7.50% | 01/03/28 | USD | 2,274 | 1,921,956 |  | 1.12 |
| Stillwater Mining Co | 4.00% | 16/11/26 | USD | 1,921 | 1,604,035 |  | 0.93 |
| Stillwater Mining Co | 4.50% | 16/11/29 | USD | 2,672 | 2,110,880 |  | 1.22 |
|  |  |  |  |  | 6,580,371 |  | 3.82 |
| TOTAL BONDS |  |  |  |  | 86,481,274 |  | 50.15 |
| COMMON STOCKS |  |  |  |  |  |  |  |
| MEXICO |  |  |  |  |  |  |  |
| Urbi Desarrollos Urbanos SAB de |  |  |  |  |  |  |  |
| CV |  |  | MXN | 10 | 3,933 |  | 0.00 |
| TOTAL COMMON STOCKS | 3,933 |  | 0.00 |
|  |  |  |  |
| Total Transferable securities admitted to an official exchange listing | 86,485,207 |  | 50.15 |
| Transferable securities dealt in on other regulated markets |  |  |  |
| BONDS |  |  |  |
| ARGENTINA |  |  |  |
| Argentine Republic Government |  |  |  |
| International Bond, S/U | 2.00% | 09/01/38 | USD | 13,197 | 3,860,174 |  | 2.24 |
| Pampa Energia SA | 7.38% | 21/07/23 | USD | 2,336 | 2,286,068 |  | 1.33 |
| YPF SA | 8.75% | 04/04/24 | USD | 4,616 | 3,772,840 |  | 2.19 |
| YPF SA | 8.50% | 23/03/25 | USD | 1,716 | 1,336,657 |  | 0.77 |
| YPF SA, S/U | 4.00% | 12/02/26 | USD | 60 | 47,189 |  | 0.03 |
|  |  |  |  |  | 11,302,928 |  | 6.56 |
| AUSTRIA |  |  |  |  |  |  |  |
| Klabin Austria GmbH | 3.20% | 12/01/31 | USD | 947 | 725,639 |  | 0.42 |
| BERMUDA |  |  |  |  |  |  |  |
| Digicel Group Holdings Ltd, PIK | 10.00% | 01/04/24 | USD | 1,586 | 1,533,174 |  | 0.89 |
| Digicel Group Holdings Ltd, PIK | 8.00% | 01/04/25 | USD | 665 | 452,225 |  | 0.26 |
| Digicel Group Holdings Ltd, PIK ± | 7.00% | 31/12/49† | USD | 104 | 49,447 |  | 0.03 |
|  |  |  |  |  | 2,034,846 |  | 1.18 |
| BRAZIL |  |  |  |  |  |  |  |
| Natura Cosmeticos SA | 4.13% | 03/05/28 | USD | 1,235 | 1,024,402 |  | 0.59 |
| Samarco Mineracao SA ± | 4.13% | 01/11/22 | USD | 3,837 | 2,186,610 |  | 1.27 |
| Samarco Mineracao SA ± | 5.75% | 24/10/23 | USD | 1,400 | 860,493 |  | 0.50 |
|  |  |  |  |  | 4,071,505 |  | 2.36 |
| BRITISH VIRGIN ISLANDS |  |  |  |  |  |  |  |
| Studio City Co Ltd | 7.00% | 15/02/27 | USD | 1,010 | 873,650 |  | 0.51 |

Security Description	Rate	Maturity Date	Currency
Transferable securities dealt in on other regulated markets (continued) BONDS (continued)
BRITISH VIRGIN ISLANDS (continued)
('000)
USD
Net Assets
| Studio City Finance Ltd | 5.00% | 15/01/29 | USD | 530 | 267,915 |  | 0.15 |
| --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  | 1,141,565 |  | 0.66 |
| CANADA |  |  |  |  |  |  |  |
| Canacol Energy Ltd | 5.75% | 24/11/28 | USD | 1,610 | 1,308,125 |  | 0.76 |
| First Quantum Minerals Ltd | 7.50% | 01/04/25 | USD | 201 | 193,337 |  | 0.11 |
| First Quantum Minerals Ltd | 6.88% | 01/03/26 | USD | 654 | 605,358 |  | 0.35 |
| First Quantum Minerals Ltd | 6.88% | 15/10/27 | USD | 1,936 | 1,737,173 |  | 1.01 |
|  |  |  |  |  | 3,843,993 |  | 2.23 |
| CAYMAN ISLANDS |  |  |  |  |  |  |  |
| Agile Group Holdings Ltd | 5.75% | 02/01/25 | USD | 376 | 130,059 |  | 0.08 |
| Melco Resorts Finance Ltd | 5.63% | 17/07/27 | USD | 483 | 330,565 |  | 0.19 |
| MGM China Holdings Ltd | 4.75% | 01/02/27 | USD | 680 | 487,288 |  | 0.28 |
|  |  |  |  |  | 947,912 |  | 0.55 |
| CHILE |  |  |  |  |  |  |  |
| AES Andes SA, VRB | 7.13% | 26/03/79 | USD | 2,351 | 2,251,523 |  | 1.31 |
| Agrosuper SA | 4.60% | 20/01/32 | USD | 840 | 727,545 |  | 0.42 |
| VTR Comunicaciones SpA | 5.13% | 15/01/28 | USD | 325 | 242,694 |  | 0.14 |
|  |  |  |  |  | 3,221,762 |  | 1.87 |
| GUATEMALA |  |  |  |  |  |  |  |
| CT Trust | 5.13% | 03/02/32 | USD | 2,010 | 1,620,562 |  | 0.94 |
| INDIA |  |  |  |  |  |  |  |
| ReNew Wind Energy AP2 / ReNew |  |  |  |  |  |  |  |
| Power Pvt Ltd other 9 |  |  |  |  |  |  |  |
| Subsidiaries | 4.50% | 14/07/28 | USD | 1,360 | 1,076,100 |  | 0.62 |
| IRELAND |  |  |  |  |  |  |  |
| C&W Senior Financing DAC | 6.88% | 15/09/27 | USD | 777 | 701,243 |  | 0.41 |
| LCPR Senior Secured Financing DAC | 6.75% | 15/10/27 | USD | 1,318 | 1,232,969 |  | 0.71 |
|  |  |  |  |  | 1,934,212 |  | 1.12 |
| LUXEMBOURG |  |  |  |  |  |  |  |
| JSM Global Sarl | 4.75% | 20/10/30 | USD | 800 | 608,900 |  | 0.35 |
| Millicom International Cellular SA | 5.13% | 15/01/28 | USD | 887 | 760,174 |  | 0.44 |
| Millicom International Cellular SA | 6.25% | 25/03/29 | USD | 1,385 | 1,205,037 |  | 0.70 |
| Millicom International Cellular SA | 4.50% | 27/04/31 | USD | 761 | 570,750 |  | 0.33 |
| Natura &Co. Luxembourg Holdings |  |  |  |  |  |  |  |
| Sarl | 6.00% | 19/04/29 | USD | 480 | 426,000 |  | 0.25 |
| Rede D'or Finance Sarl | 4.95% | 17/01/28 | USD | 613 | 563,309 |  | 0.33 |
| Rede D'or Finance Sarl | 4.50% | 22/01/30 | USD | 248 | 210,180 |  | 0.12 |
| Rumo Luxembourg Sarl | 4.20% | 18/01/32 | USD | 2,441 | 1,957,377 |  | 1.13 |
| Tupy Overseas SA | 4.50% | 16/02/31 | USD | 510 | 396,142 |  | 0.23 |
|  |  |  |  |  | 6,697,869 |  | 3.88 |
| MAURITIUS |  |  |  |  |  |  |  |
| CA Magnum Holdings | 5.38% | 31/10/26 | USD | 984 | 861,000 |  | 0.50 |

Security Description	Rate	Maturity Date	Currency
Transferable securities dealt in on other regulated markets (continued) BONDS (continued)
MEXICO
('000)
USD
Net Assets
| Axtel SAB de CV | 6.38% | 14/11/24 | USD | 601 | 532,185 |  | 0.31 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| BBVA Bancomer SA/Texas, VRB | 5.88% | 13/09/34 | USD | 1,324 | 1,170,913 |  | 0.68 |
| Braskem Idesa SAPI | 6.99% | 20/02/32 | USD | 1,810 | 1,411,800 |  | 0.82 |
| Cemex SAB de CV | 5.20% | 17/09/30 | USD | 420 | 359,100 |  | 0.21 |
| Cemex SAB de CV, VRB | 5.13% | 31/12/49† | USD | 420 | 359,625 |  | 0.21 |
| Electricidad Firme de Mexico |  |  |  |  |  |  |  |
| Holdings SA de CV | 4.90% | 20/11/26 | USD | 1,691 | 1,394,864 |  | 0.81 |
| Petroleos Mexicanos | 8.75% | 02/06/29 | USD | 3,210 | 2,880,068 |  | 1.67 |
| Petroleos Mexicanos | 6.70% | 16/02/32 | USD | 640 | 486,400 |  | 0.28 |
|  |  |  |  |  | 8,594,955 |  | 4.99 |
| MULTINATIONAL |  |  |  |  |  |  |  |
| Digicel International Finance |  |  |  |  |  |  |  |
| Ltd/Digicel international Holdings |  |  |  |  |  |  |  |
| Ltd | 8.75% | 25/05/24 | USD | 3,768 | 3,482,591 |  | 2.02 |
| Digicel International Finance |  |  |  |  |  |  |  |
| Ltd/Digicel international Holdings |  |  |  |  |  |  |  |
| Ltd, PIK | 13.00% | 31/12/25 | USD | 855 | 748,350 |  | 0.43 |
| 4,230,941 | 2.45 |
| NETHERLANDS |  |  |  |  |  |  |
| Braskem Netherlands Finance BV, |  |  |  |  |  |  |
| VRB Teva Pharmaceutical Finance | 8.50% | 23/01/81 | USD | 1,662 | 1,672,180 | 0.97 |
| Netherlands III BV | 7.13% | 31/01/25 | USD | 620 | 605,391 |  | 0.35 |
| VTR Finance NV | 6.38% | 15/07/28 | USD | 600 | 439,500 |  | 0.26 |
|  |  |  |  |  | 2,717,071 |  | 1.58 |
| PARAGUAY |  |  |  |  |  |  |  |
| Telefonica Celular del Paraguay SA | 5.88% | 15/04/27 | USD | 2,406 | 2,183,445 |  | 1.27 |
| PERU |  |  |  |  |  |  |  |
| Compania de Minas Buenaventura |  |  |  |  |  |  |  |
| SAA | 5.50% | 23/07/26 | USD | 2,764 | 2,506,395 |  | 1.45 |
| InRetail Consumer | 3.25% | 22/03/28 | USD | 800 | 665,650 |  | 0.39 |
|  |  |  |  |  | 3,172,045 |  | 1.84 |
| SPAIN |  |  |  |  |  |  |  |
| AI Candelaria Spain SA | 5.75% | 15/06/33 | USD | 2,195 | 1,607,837 |  | 0.93 |
| UNITED KINGDOM |  |  |  |  |  |  |  |
| Tullow Oil Plc | 7.00% | 01/03/25 | USD | 602 | 501,917 |  | 0.29 |
| UNITED STATES |  |  |  |  |  |  |  |
| NBM US Holdings Inc | 7.00% | 14/05/26 | USD | 575 | 582,044 |  | 0.34 |
| SierraCol Energy Andina LLC | 6.00% | 15/06/28 | USD | 2,344 | 1,731,337 |  | 1.00 |
|  |  |  |  |  | 2,313,381 |  | 1.34 |
| TOTAL BONDS |  |  |  |  | 64,801,485 |  | 37.58 |
|  |  |  |  |  |  |  |  |

Total Transferable securities dealt in on other regulated markets	64,801,485	37.58
| Security Description | Rate | Maturity Date | Currency | ('000) | USD |  | Net Assets |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Other Securities |  |  |  |  |  |  |  |
| BONDS |  |  |  |  |  |  |  |
| MAURITIUS |  |  |  |  |  |  |  |
| Axian Telecom | 7.38% | 16/02/27 | USD | 710 | 667,400 |  | 0.39 |
| QATAR Commercial Bank PSQC | 4.50% | 31/12/49† | USD | 1,191 | 1,077,855 |  | 0.62 |
| TOTAL BONDS |  |  |  |  | 1,745,255 |  | 1.01 |
| SHORT TERM BONDS |  |  |  |  |  |  |  |
| CAYMAN ISLANDS Zhenro Properties Group Ltd ± | 8.00% | 06/03/23 | USD | 200 | 17,000 |  | 0.01 |
| TOTAL SHORT TERM BONDS |  |  |  |  | 17,000 |  | 0.01 |
| WARRANTS |  |  |  |  |  |  |  |
| MEXICO |  |  |  |  |  |  |  |
| Urbi Warrant |  |  | MXN | 109 | 2 |  | 0.00 |
| TOTAL WARRANTS |  |  |  |  | 2 |  | 0.00 |
|  |  |  |  |  |  |  |  |
| Total Other Securities |  |  |  |  | 1,762,257 |  | 1.02 |
| Total Investments (Cost USD 190,447,993) |  |  |  |  | 153,048,949 |  | 88.75 |
| Other assets less liabilities |  |  |  |  | 19,401,336 |  | 11.25 |
| Total Net Assets |  |  |  |  | 172,450,285 |  | 100.00 |
| Glossary: |  |  |  |  |  |  |  |
| FTB - Flat Trading Bond |  |  |  |  |  |  |  |
| FRB - Floating Rate Bond |  |  |  |  |  |  |  |
| PIK - Payment-in-Kind |  |  |  |  |  |  |  |
| S/U - Step Up Bond |  |  |  |  |  |  |  |
| VRB - Variable Rate Bond |  |  |  |  |  |  |  |
| ± Defaulted Security † Perpetual maturity |  |  |  |  |  |  |  |

The accompanying notes form an integral part of the financial statements. Reverse repurchase and repurchase agreements, if any, are disclosed in note 8. Financial derivative instruments, if any, are disclosed in note 9.
0

Translation (ENIT, 2022-06-30):
# BlueBay Funds - BlueBay Emerging Market Investment Grade Corporate Bond Fund
## Société d’Investissement à Capital Variable
Prospetto di composizione del portafoglio titoli e altre attività nette al 30 giugno 2022
|  | Valore | Valore di | % del |
| --- | --- | --- | --- |
| Descrizione del titolo | Tasso | Data di scadenza | Valuta | nominale (in migliaia) | mercato in USD | patrimonio netto |

Valori mobiliari ammessi alla quotazione ufficiale di una borsa valori OBBLIGAZIONI
| Suzano Austria GmbH | 6.00% | 15/01/29 | USD | 154 | 152,021 |  | 0.11 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Suzano Austria GmbH | 3.75% | 15/01/31 | USD | 561 | 455,224 |  | 0.34 |
|  |  |  |  |  | 607,245 |  | 0.45 |
| ISOLE VERGINI BRITANNICHE |  |  |  |  |  |  |  |
| CAS Capital No 1 Ltd, VRB | 4.00% | 31/12/49† | USD | 835 | 706,619 |  | 0.53 |
| Contemporary Ruiding |  |  |  |  |  |  |  |
| Development Ltd	1.88% | 17/09/25 | USD | 592 | 547,923 | 0.41 |
| Development Ltd	2.63% | 17/09/30 | USD | 680 | 566,447 | 0.42 |
| Huarong Finance 2019 Co Ltd, FRB | 2.76% | 24/02/25 | USD | 1,170 | 1,104,919 |  | 0.82 |
| JMH Co Ltd | 2.50% | 09/04/31 | USD | 1,599 | 1,362,332 |  | 1.02 |
| Shanghai Port Group BVI Development 2 Co Ltd | 2.38% | 13/07/30 | USD | 820 | 716,581 |  | 0.53 |
| Sino-Ocean Land Treasure IV Ltd | 4.75% | 05/08/29 | USD | 201 | 84,420 |  | 0.06 |
|  |  |  |  |  | 5,089,241 |  | 3.79 |
| CANADA |  |  |  |  |  |  |  |
| MEGlobal Canada ULC | 5.00% | 18/05/25 | USD | 3,042 | 3,075,842 |  | 2.29 |
| ISOLE CAYMAN |  |  |  |  |  |  |  |
| ENN Energy Holdings Ltd | 2.63% | 17/09/30 | USD | 1,894 | 1,615,582 |  | 1.20 |
| HPHT Finance 21 Ltd | 2.00% | 19/03/26 | USD | 628 | 582,750 |  | 0.43 |
| Longfor Group Holdings Ltd | 4.50% | 16/01/28 | USD | 482 | 395,240 |  | 0.30 |
| MAF Sukuk Ltd | 4.64% | 14/05/29 | USD | 365 | 366,890 |  | 0.27 |
| Meituan | 2.13% | 28/10/25 | USD | 590 | 532,177 |  | 0.40 |
| QNB Finance Ltd | 2.63% | 12/05/25 | USD | 640 | 615,680 |  | 0.46 |
| SNB Sukuk Ltd | 2.34% | 19/01/27 | USD | 1,723 | 1,600,236 |  | 1.19 |
|  |  |  |  |  | 5,708,555 |  | 4.25 |
| COLOMBIA |  |  |  |  |  |  |  |
| Ecopetrol SA | 6.88% | 29/04/30 | USD | 793 | 701,012 |  | 0.52 |
| Ecopetrol SA | 5.88% | 02/11/51 | USD | 630 | 415,800 |  | 0.31 |
| Oleoducto Central SA | 4.00% | 14/07/27 | USD | 690 | 575,657 |  | 0.43 |
|  |  |  |  |  | 1,692,469 |  | 1.26 |
| HONG KONG |  |  |  |  |  |  |  |
| Airport Authority | 3.25% | 12/01/52 | USD | 625 | 508,588 |  | 0.38 |
| Airport Authority, VRB | 2.10% | 31/12/49† | USD | 750 | 680,749 |  | 0.51 |
| Airport Authority, VRB | 2.40% | 31/12/49† | USD | 950 | 820,562 |  | 0.61 |
| GLP China Holdings Ltd Huaxin Cement International | 4.97% | 26/02/24 | USD | 1,010 | 1,003,781 |  | 0.75 |
| Finance Co Ltd | 2.25% | 19/11/25 | USD | 1,402 | 1,282,611 |  | 0.96 |
| Swire Properties MTN Financing Ltd | 3.50% | 10/01/28 | USD | 633 | 618,183 |  | 0.46 |
| Vanke Real Estate Hong Kong Co |  |  |  |  |  |  |  |
| Ltd | 5.35% | 11/03/24 | USD | 300 | 300,031 |  | 0.22 |
| Xiaomi Best Time International Ltd | 2.88% | 14/07/31 | USD | 1,015 | 795,062 |  | 0.59 |
|  |  |  |  |  | 6,009,567 |  | 4.48 |
| INDIA |  |  |  |  |  |  |  |
| Adani Electricity Mumbai Ltd | 3.87% | 22/07/31 | USD | 810 | 642,172 |  | 0.48 |
| Adani International Container Terminal Pvt Ltd | 3.00% | 16/02/31 | USD | 576 | 489,708 |  | 0.37 |

AUSTRIA
Contemporary Ruiding
|  | Data di |  | nominale (in | mercato in | patrimonio |
| --- | --- | --- | --- | --- | --- |
| Descrizione del titolo | Tasso | scadenza | Valuta | migliaia) | USD | netto |

Valori mobiliari ammessi alla quotazione ufficiale di una borsa valori (segue) OBBLIGAZIONI (segue)
INDIA (segue)
Adani Ports & Special Economic
| Zone Ltd | 4.00% | 30/07/27 | USD | 1,442 | 1,332,768 | 0.99 |
| --- | --- | --- | --- | --- | --- | --- |
| Adani Ports & Special Economic |  |  |  |  |  |  |
| Zone Ltd | 4.20% | 04/08/27 | USD | 226 | 210,576 |  | 0.16 |
| Muthoot Finance Ltd | 6.13% | 31/10/22 | USD | 460 | 459,195 |  | 0.34 |
| Power Finance Corp Ltd | 4.50% | 18/06/29 | USD | 697 | 652,765 |  | 0.49 |
| REC Ltd | 2.25% | 01/09/26 | USD | 1,283 | 1,152,606 |  | 0.86 |
| Reliance Industries Ltd | 4.13% | 28/01/25 | USD | 220 | 220,247 |  | 0.16 |
| Shriram Transport Finance Co Ltd | 5.95% | 24/10/22 | USD | 1,199 | 1,188,149 |  | 0.89 |
| Shriram Transport Finance Co Ltd | 4.40% | 13/03/24 | USD | 914 | 850,020 |  | 0.63 |
|  |  |  |  |  | 7,198,206 |  | 5.37 |
| INDONESIA |  |  |  |  |  |  |  |
| Bank Mandiri Persero Tbk PT | 4.75% | 13/05/25 | USD | 925 | 935,002 |  | 0.70 |
| Indofood CBP Sukses Makmur Tbk |  |  |  |  |  |  |  |
| PT Indofood CBP Sukses Makmur Tbk PT | 3.40% 3.54% | 09/06/31 27/04/32 | USD USD | 700 866 | 547,750 671,150 |  | 0.41 0.50 |
| Perusahaan Gas Negara Tbk PT | 5.13% | 16/05/24 | USD | 1,180 | 1,183,068 |  | 0.88 |
|  |  |  |  |  | 3,336,970 |  | 2.49 |
| ISOLA DI MAN |  |  |  |  |  |  |  |
| AngloGold Ashanti Holdings Plc | 3.38% | 01/11/28 | USD | 1,000 | 858,750 |  | 0.64 |
| Gohl Capital Ltd | 4.25% | 24/01/27 | USD | 1,647 | 1,491,358 |  | 1.11 |
|  |  |  |  |  | 2,350,108 |  | 1.75 |
| ISRAELE |  |  |  |  |  |  |  |
| Bank Hapoalim BM 144A, VRB Bank Leumi Le-Israel BM 144A, | 3.26% | 21/01/32 | USD | 3,349 | 2,846,650 |  | 2.12 |
| VRB | 3.28% | 29/01/31 | USD | 435 | 383,616 |  | 0.29 |
| Israel Electric Corp Ltd 144A | 5.00% | 12/11/24 | USD | 1,062 | 1,068,637 |  | 0.80 |
| Israel Electric Corp Ltd 144A | 4.25% | 14/08/28 | USD | 310 | 298,724 |  | 0.22 |
| Mizrahi Tefahot Bank Ltd 144A, |  |  |  |  |  |  |  |
| VRB | 3.08% | 07/04/31 | USD | 2,750 | 2,402,812 |  | 1.79 |
|  |  |  |  |  | 7,000,439 |  | 5.22 |
| JERSEY |  |  |  |  |  |  |  |
| Galaxy Pipeline Assets Bidco Ltd | 1.75% | 30/09/27 | USD | 1,520 | 1,412,545 |  | 1.05 |
| Galaxy Pipeline Assets Bidco Ltd | 2.16% | 31/03/34 | USD | 2,201 | 1,879,482 |  | 1.40 |
| Galaxy Pipeline Assets Bidco Ltd | 2.94% | 30/09/40 | USD | 3,223 | 2,630,742 |  | 1.96 |
|  |  |  |  |  | 5,922,769 |  | 4.41 |
| KAZAKISTAN |  |  |  |  |  |  |  |
| KazMunayGas National Co JSC | 3.50% | 14/04/33 | USD | 1,049 | 756,329 |  | 0.56 |
| LUSSEMBURGO |  |  |  |  |  |  |  |
| Aegea Finance Sarl | 6.75% | 20/05/29 | USD | 550 | 517,103 |  | 0.38 |
| EIG Pearl Holdings Sarl | 3.55% | 31/08/36 | USD | 1,711 | 1,473,599 |  | 1.10 |
|  |  |  |  |  | 1,990,702 |  | 1.48 |
| MALAYSIA |  |  |  |  |  |  |  |
| Genm Capital Labuan Ltd | 3.88% | 19/04/31 | USD | 1,792 | 1,439,536 |  | 1.07 |

|  | Data di |  | nominale (in | mercato in | patrimonio |
| --- | --- | --- | --- | --- | --- |
| Descrizione del titolo | Tasso | scadenza | Valuta | migliaia) | USD | netto |

Valori mobiliari ammessi alla quotazione ufficiale di una borsa valori (segue) OBBLIGAZIONI (segue)
MAURITIUS
| MTN Mauritius Investments Ltd | 6.50% | 13/10/26 | USD | 443 | 436,819 |  | 0.33 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Network i2i Ltd, VRB | 5.65% | 31/12/49† | USD | 330 | 306,859 |  | 0.23 |
| UPL Corp Ltd | 4.50% | 08/03/28 | USD | 2,288 | 1,961,674 |  | 1.46 |
| UPL Corp Ltd | 4.63% | 16/06/30 | USD | 1,230 | 1,008,381 |  | 0.75 |
| UPL Corp Ltd, VRB | 5.25% | 31/12/49† | USD | 1,244 | 962,001 |  | 0.72 |
|  |  |  |  |  | 4,675,734 |  | 3.49 |
| MESSICO |  |  |  |  |  |  |  |
| America Movil SAB de CV | 4.38% | 22/04/49 | USD | 931 | 866,877 |  | 0.65 |
| Banco Santander Mexico SA Institucion de Banca Multiple |  |  |  |  |  |  |  |
| Grupo Financiero Santand, VRB | 5.95% | 01/10/28 | USD | 676 | 673,938 |  | 0.50 |
| Fomento Economico Mexicano SAB de CV | 3.50% | 16/01/50 | USD | 1,408 | 1,105,477 |  | 0.83 |
| Mexico City Airport Trust | 5.50% | 31/07/47 | USD | 1,019 | 698,525 |  | 0.52 |
| Petroleos Mexicanos | 5.95% | 28/01/31 | USD | 483 | 353,604 |  | 0.26 |
|  |  |  |  |  | 3,698,421 |  | 2.76 |
| PAESI BASSI |  |  |  |  |  |  |  |
| Bharti Airtel International |  |  |  |  |  |  |  |
| Netherlands BV | 5.35% | 20/05/24 | USD | 1,333 | 1,361,576 |  | 1.01 |
| Braskem Netherlands Finance BV | 4.50% | 10/01/28 | USD | 307 | 278,492 |  | 0.21 |
| MV24 Capital BV | 6.75% | 01/06/34 | USD | 533 | 479,606 |  | 0.36 |
| Prosus NV | 3.06% | 13/07/31 | USD | 1,027 | 760,493 |  | 0.57 |
| Prosus NV | 1.99% | 13/07/33 | EUR | 388 | 276,339 |  | 0.21 |
| Prosus NV | 4.99% | 19/01/52 | USD | 791 | 581,385 |  | 0.43 |
| Royal Capital BV, VRB | 5.00% | 31/12/49† | USD | 548 | 539,027 |  | 0.40 |
|  |  |  |  |  | 4,276,918 |  | 3.19 |
| PERÙ |  |  |  |  |  |  |  |
| Fondo MIVIVIENDA SA | 4.63% | 12/04/27 | USD | 950 | 920,788 |  | 0.69 |
| Kallpa Generacion SA | 4.13% | 16/08/27 | USD | 395 | 357,228 |  | 0.26 |
|  |  |  |  |  | 1,278,016 |  | 0.95 |
| ROMANIA |  |  |  |  |  |  |  |
| Obbligazioni internazionali del |  |  |  |  |  |  |  |
| governo romeno | 2.75% | 14/04/41 | EUR | 406 | 248,491 |  | 0.19 |
| SINGAPORE |  |  |  |  |  |  |  |
| Continuum Energy Levanter Pte Ltd | 4.50% | 09/02/27 | USD | 1,011 | 798,616 |  | 0.59 |
| GLP Pte Ltd | 3.88% | 04/06/25 | USD | 2,166 | 2,092,692 |  | 1.56 |
| GLP Pte Ltd, VRB | 4.50% | 31/12/49† | USD | 1,197 | 1,015,708 |  | 0.76 |
|  |  |  |  |  | 3,907,016 |  | 2.91 |
| COREA DEL SUD |  |  |  |  |  |  |  |
| Hana Bank | 3.25% | 30/03/27 | USD | 1,577 | 1,522,593 |  | 1.14 |
| Shinhan Bank Co Ltd | 4.38% | 13/04/32 | USD | 720 | 698,652 |  | 0.52 |
|  |  |  |  |  | 2,221,245 |  | 1.66 |
| SOVRANAZIONALI |  |  |  |  |  |  |  |
| Africa Finance Corp | 4.38% | 17/04/26 | USD | 833 | 801,763 |  | 0.60 |
| African Export-Import Bank | 5.25% | 11/10/23 | USD | 491 | 494,682 |  | 0.37 |

|  | Data di |  | nominale (in | mercato in | patrimonio |
| --- | --- | --- | --- | --- | --- |
| Descrizione del titolo | Tasso | scadenza | Valuta | migliaia) | USD | netto |

Valori mobiliari ammessi alla quotazione ufficiale di una borsa valori (segue) OBBLIGAZIONI (segue)
SOVRANAZIONALI (segue)
| African Export-Import Bank | 3.99% | 21/09/29 | USD | 1,062 | 913,320 |  | 0.68 |
| --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  | 2,209,765 |  | 1.65 |
| THAILANDIA |  |  |  |  |  |  |  |
| Bangkok Bank PCL/Hong Kong | 4.30% | 15/06/27 | USD | 2,350 | 2,360,187 |  | 1.76 |
| GC Treasury Center Co Ltd | 4.40% | 30/03/32 | USD | 1,110 | 1,018,268 |  | 0.76 |
| GC Treasury Center Co Ltd | 4.30% | 18/03/51 | USD | 540 | 416,576 |  | 0.31 |
| PTTEP Treasury Center Co Ltd | 3.90% | 06/12/59 | USD | 495 | 388,486 |  | 0.29 |
| Thaioil Treasury Center Co Ltd | 3.75% | 18/06/50 | USD | 1,279 | 863,140 |  | 0.64 |
|  |  |  |  |  | 5,046,657 |  | 3.76 |
| TURCHIA |  |  |  |  |  |  |  |
| Anadolu Efes Biracilik Ve Malt Sanayii AS | 3.38% | 29/06/28 | USD | 264 | 184,519 |  | 0.14 |
| EMIRATI ARABI UNITI |  |  |  |  |  |  |  |
| NBK SPC Ltd, VRB | 1.63% | 15/09/27 | USD | 3,240 | 2,890,566 |  | 2.15 |
| Nbk Tier 2 Ltd, VRB | 2.50% | 24/11/30 | USD | 1,797 | 1,643,833 |  | 1.23 |
| Sweihan PV Power Co PJSC | 3.63% | 31/01/49 | USD | 1,690 | 1,408,298 |  | 1.05 |
|  |  |  |  |  | 5,942,697 |  | 4.43 |
| REGNO UNITO |  |  |  |  |  |  |  |
| Antofagasta Plc | 5.63% | 13/05/32 | USD | 670 | 646,550 |  | 0.48 |
| STATI UNITI |  |  |  |  |  |  |  |
| DAE Funding LLC | 3.38% | 20/03/28 | USD | 1,433 | 1,252,084 |  | 0.93 |
| Hikma Finance USA LLC | 3.25% | 09/07/25 | USD | 1,037 | 984,022 |  | 0.73 |
| Resorts World Las Vegas LLC / RWLV Capital Inc | 4.63% | 06/04/31 | USD | 1,000 | 766,910 |  | 0.57 |
| Stillwater Mining Co | 4.00% | 16/11/26 | USD | 200 | 167,000 |  | 0.13 |
| Stillwater Mining Co | 4.50% | 16/11/29 | USD | 670 | 529,300 |  | 0.40 |
| Treasury Note statunitensi | 0.13% | 31/01/23 | USD | 1,679 | 1,655,568 |  | 1.23 |
| Treasury Note statunitensi | 0.88% | 31/01/24 | USD | 1,499 | 1,451,456 |  | 1.08 |
|  | 6,806,340 |  | 5.07 |
| TOTALE OBBLIGAZIONI | 93,320,347 |  | 69.55 |
|  |  |  |  |
| Totale valori mobiliari ammessi alla quotazione ufficiale di una borsa valori | 93,320,347 |  | 69.55 |
| Valori mobiliari negoziati in altri mercati regolamentati |  |  |  |
| OBBLIGAZIONI |  |  |  |
| AUSTRIA |  |  |  |
| Suzano Austria GmbH | 7.00% | 16/03/47 | USD | 485 | 464,630 |  | 0.35 |
| CILE |  |  |  |  |  |  |  |
| CAP SA | 3.90% | 27/04/31 | USD | 646 | 510,461 |  | 0.38 |
| Celulosa Arauco y Constitucion SA | 4.20% | 29/01/30 | USD | 1,104 | 987,252 |  | 0.74 |
| Cencosud SA | 5.15% | 12/02/25 | USD | 577 | 575,962 |  | 0.43 |
| Cencosud SA | 4.38% | 17/07/27 | USD | 1,421 | 1,340,003 |  | 1.00 |
| Empresa Nacional de Telecomunicaciones SA | 3.05% | 14/09/32 | USD | 650 | 524,184 |  | 0.39 |
| Falabella SA | 3.38% | 15/01/32 | USD | 2,020 | 1,656,400 |  | 1.23 |
| Inversiones CMPC SA | 3.00% | 06/04/31 | USD | 1,150 | 926,187 |  | 0.69 |

|  | Data di |  | nominale (in | mercato in | patrimonio |
| --- | --- | --- | --- | --- | --- |
| Descrizione del titolo | Tasso | scadenza | Valuta | migliaia) | USD | netto |

Valori mobiliari negoziati in altri mercati regolamentati (segue) OBBLIGAZIONI (segue)
CILE (segue)
Sociedad de Transmision Austral
| SA | 4.00% | 27/01/32 | USD | 645 | 503,100 |  | 0.38 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Telefonica Moviles Chile SA | 3.54% | 18/11/31 | USD | 1,383 | 1,168,894 |  | 0.87 |
|  |  |  |  |  | 8,192,443 |  | 6.11 |
| COLOMBIA |  |  |  |  |  |  |  |
| Empresas Publicas de Medellin ESP | 4.25% | 18/07/29 | USD | 989 | 779,023 |  | 0.58 |
| Empresas Publicas de Medellin ESP | 4.38% | 15/02/31 | USD | 2,040 | 1,562,257 |  | 1.17 |
| Interconexion Electrica SA ESP | 3.83% | 26/11/33 | USD | 644 | 530,616 |  | 0.40 |
| SURA Asset Management SA | 4.88% | 17/04/24 | USD | 1,217 | 1,210,383 |  | 0.90 |
| SURA Asset Management SA | 4.38% | 11/04/27 | USD | 441 | 421,513 |  | 0.31 |
|  |  |  |  |  | 4,503,792 |  | 3.36 |
| INDIA |  |  |  |  |  |  |  |
| Adani Ports & Special Economic |  |  |  |  |  |  |  |
| Zone Ltd | 4.38% | 03/07/29 | USD | 565 | 501,616 |  | 0.37 |
| LUSSEMBURGO |  |  |  |  |  |  |  |
| Natura &Co. Luxembourg Holdings |  |  |  |  |  |  |  |
| Sarl | 6.00% | 19/04/29 | USD | 360 | 319,500 |  | 0.24 |
| MESSICO |  |  |  |  |  |  |  |
| Alfa SAB de CV | 6.88% | 25/03/44 | USD | 511 | 496,708 |  | 0.37 |
| Alpek SAB de CV | 4.25% | 18/09/29 | USD | 411 | 368,414 |  | 0.27 |
| America Movil SAB de CV Banco Santander Mexico SA | 5.38% | 04/04/32 | USD | 810 | 719,045 |  | 0.54 |
| Institucion de Banca Multiple |  |  |  |  |  |  |  |
| Grupo Financiero Santand Cibanco SA Ibm / PLA | 5.38% | 17/04/25 | USD | 1,023 | 1,030,161 |  | 0.77 |
| Administradora Industrial S de RL |  |  |  |  |  |  |  |
| de CV Infraestructura Energetica Nova | 4.96% | 18/07/29 | USD | 1,248 | 1,118,364 |  | 0.83 |
| SAB de CV | 4.75% | 15/01/51 | USD | 1,392 | 1,022,236 |  | 0.76 |
|  |  |  |  |  | 4,754,928 |  | 3.54 |
| MULTINAZIONALE |  |  |  |  |  |  |  |
| JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc. | 5.75% | 01/04/33 | USD | 1,100 | 1,049,870 |  | 0.78 |
| PAESI BASSI |  |  |  |  |  |  |  |
| Braskem Netherlands Finance BV | 4.50% | 31/01/30 | USD | 374 | 318,977 |  | 0.24 |
| PANAMA |  |  |  |  |  |  |  |
| AES Panama Generation Holdings |  |  |  |  |  |  |  |
| SRL | 4.38% | 31/05/30 | USD | 1,244 | 1,079,015 |  | 0.81 |
| Banco General SA | 4.13% | 07/08/27 | USD | 625 | 592,656 |  | 0.44 |
| Multibank Inc | 4.38% | 09/11/22 | USD | 850 | 850,850 |  | 0.63 |
|  |  |  |  |  | 2,522,521 |  | 1.88 |
| PARAGUAY |  |  |  |  |  |  |  |
| Banco Continental SAECA | 2.75% | 10/12/25 | USD | 1,444 | 1,267,381 |  | 0.94 |

|  | Data di |  | nominale (in | mercato in | patrimonio |
| --- | --- | --- | --- | --- | --- |
| Descrizione del titolo | Tasso | scadenza | Valuta | migliaia) | USD | netto |

Valori mobiliari negoziati in altri mercati regolamentati (segue) OBBLIGAZIONI (segue)
PERÙ
| Banco de Credito del Peru SA Banco de Credito del Peru SA, | 2.70% | 11/01/25 | USD | 756 | 710,640 |  | 0.53 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| VRB | 3.13% | 01/07/30 | USD | 2,267 | 2,075,439 |  | 1.55 |
| Consorcio Transmantaro SA | 5.20% | 11/04/38 | USD | 577 | 517,785 |  | 0.39 |
| InRetail Consumer | 3.25% | 22/03/28 | USD | 541 | 450,146 |  | 0.33 |
|  |  |  |  |  | 3,754,010 |  | 2.80 |
| COREA DEL SUD |  |  |  |  |  |  |  |
| Shinhan Bank Co Ltd | 3.75% | 20/09/27 | USD | 1,773 | 1,707,953 |  | 1.27 |
| REGNO UNITO |  |  |  |  |  |  |  |
| Fresnillo Plc | 4.25% | 02/10/50 | USD | 2,274 | 1,677,501 |  | 1.25 |
| TOTALE OBBLIGAZIONI |  |  |  |  | 31,035,122 |  | 23.13 |
|  |  |  |  |  |  |  |  |
| Totale valori mobiliari negoziati in altri mercati regolamentati	31,035,122	23.13 |
| Altri titoli |  |  |  |  |  |  |  |
| OBBLIGAZIONI |  |  |  |  |  |  |  |
| EMIRATI ARABI UNITI |  |  |  |  |  |  |  |
| Abu Dhabi Commercial Bank PJSC | 3.50% | 31/03/27 | USD | 3,262 | 3,164,140 |  | 2.36 |
| TOTALE OBBLIGAZIONI |  |  |  |  | 3,164,140 |  | 2.36 |
|  |  |  |  |  |  |  |  |
| Totale altri titoli |  |  |  |  | 3,164,140 |  | 2.36 |
| Totale investimenti |  |  |  |  | 127,519,609 |  | 95.04 |
| (Costo USD 144,132,619) |  |  |  |  |  |  |  |
| Altre attività al netto delle passività |  |  |  |  | 6,646,321 |  | 4.96 |
| Patrimonio netto complessivo |  |  |  |  | 134,165,930 |  | 100.00 |

Glossario:
FRB - Floating Rate Bond (Obbligazione a tasso fluttuante) VRB - Variable Rate Bond (Obbligazione a tasso variabile)
† Titolo perpetuo
La nota integrativa costituisce parte integrante del presente bilancio.
Le eventuali operazioni di pronti contro termine attive e passive sono riportate nella Nota 8. Gli eventuali strumenti finanziari derivati sono riportati nella Nota 9.
Prospetto di composizione del portafoglio titoli e altre attività nette al 30 giugno 2022
|  | Valore | Valore di | % del |
| --- | --- | --- | --- |
| Descrizione del titolo | Tasso | Data di scadenza | Valuta | nominale (in migliaia) | mercato in EUR | patrimonio netto |

Valori mobiliari ammessi alla quotazione ufficiale di una borsa valori OBBLIGAZIONI
BELGIO
| Anheuser-Busch InBev SA/NV | 3.70% | 02/04/40 | EUR | 8,329 | 7,989,710 |  | 0.59 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| CINA |  |  |  |  |  |  |  |
| Obbligazioni internazionali del |  |  |  |  |  |  |  |
| governo cinese Obbligazioni internazionali del governo cinese | 0.63% 0.63% | 17/11/33 25/11/35 | EUR EUR | 9,170 5,955 | 7,074,645 4,267,753 |  | 0.52 0.32 |
|  |  |  |  |  | 11,342,398 |  | 0.84 |
| DANIMARCA |  |  |  |  |  |  |  |
| TDC Net A/S | 5.06% | 31/05/28 | EUR | 11,700 | 10,969,186 |  | 0.81 |
| FRANCIA |  |  |  |  |  |  |  |
| Atos SE | 1.00% | 12/11/29 | EUR | 9,100 | 5,375,020 |  | 0.40 |
| BNP Paribas SA, VRB | 2.75% | 25/07/28 | EUR | 13,700 | 13,188,209 |  | 0.98 |
| Electricite de France SA, VRB | 3.38% | 31/12/49† | EUR | 5,000 | 3,276,723 |  | 0.24 |
| Electricite de France SA, VRB | 5.00% | 31/12/49† | EUR | 9,800 | 8,646,479 |  | 0.64 |
| Electricite de France SA, VRB | 5.38% | 31/12/49† | EUR | 5,000 | 4,585,873 |  | 0.34 |
| Iliad SA | 0.75% | 11/02/24 | EUR | 23,700 | 22,201,258 |  | 1.65 |
| Lagardere SA | 1.75% | 07/10/27 | EUR | 8,300 | 7,617,070 |  | 0.56 |
| TotalEnergies SE, VRB | 2.63% | 31/12/49† | EUR | 7,384 | 6,897,735 |  | 0.51 |
|  |  |  |  |  | 71,788,367 |  | 5.32 |
| GERMANIA |  |  |  |  |  |  |  |
| Bundesrepublik Deutschland |  |  |  |  |  |  |  |
| Bundesanleihe | 0.25% | 15/02/29 | EUR | 4,454 | 4,200,297 |  | 0.31 |
| Bundesrepublik Deutschland Bundesanleihe | 0.00% | 15/08/29 | EUR | 4,749 | 4,368,065 | 0.32 |
| Bundesrepublik Deutschland |  |  |  |  |  |  |
| Bundesanleihe Bundesrepublik Deutschland | 0.00% | 15/08/30 | EUR | 125,410 | 113,487,243 | 8.40 |
| Bundesanleihe | 0.00% | 15/02/31 | EUR | 6,300 | 5,646,136 | 0.42 |
| Bundesrepublik Deutschland Bundesanleihe | 0.00% | 15/08/31 | EUR | 57,400 | 50,922,018 | 3.77 |
| Bundesrepublik Deutschland |  |  |  |  |  |  |
| Bundesanleihe Bundesrepublik Deutschland | 0.00% | 15/02/32 | EUR | 16,700 | 14,660,524 | 1.09 |
| Bundesanleihe | 4.25% | 04/07/39 | EUR | 3,060 | 4,252,009 | 0.31 |
| Bundesrepublik Deutschland |  |  |  |  |  |  |
| Bundesanleihe | 1.25% | 15/08/48 | EUR | 5,950 | 5,486,784 |  | 0.41 |
| Commerzbank AG, VRB | 6.13% | 31/12/49† | EUR | 6,000 | 5,434,870 |  | 0.40 |
| Commerzbank AG, VRB | 6.50% | 31/12/49† | EUR | 4,000 | 3,444,708 |  | 0.26 |
| Deutsche Bank AG, VRB | 1.00% | 19/11/25 | EUR | 10,900 | 10,292,212 |  | 0.76 |
| Deutsche Bank AG, VRB | 1.75% | 19/11/30 | EUR | 11,700 | 9,661,436 |  | 0.72 |
| Deutsche Bank AG, VRB | 5.63% | 19/05/31 | EUR | 5,100 | 5,102,654 |  | 0.38 |
| Deutsche Bank AG, VRB | 4.00% | 24/06/32 | EUR | 7,000 | 6,412,098 |  | 0.47 |
| Deutsche Bank AG, VRB | 4.63% | 31/12/49† | EUR | 5,400 | 4,171,597 |  | 0.31 |
| Volkswagen Leasing GmbH | 0.00% | 19/07/24 | EUR | 11,700 | 11,138,680 |  | 0.83 |
| Vonovia SE | 0.00% | 01/09/23 | EUR | 3,500 | 3,425,313 |  | 0.25 |
|  |  |  |  |  | 262,106,644 |  | 19.41 |
| ITALIA |  |  |  |  |  |  |  |
| ASTM SpA | 1.00% | 25/11/26 | EUR | 5,050 | 4,442,507 |  | 0.33 |
| ASTM SpA | 1.50% | 25/01/30 | EUR | 8,060 | 6,225,246 |  | 0.46 |
| ASTM SpA | 2.38% | 25/11/33 | EUR | 7,770 | 5,708,102 |  | 0.42 |
| Autostrade per l’Italia SpA | 2.00% | 04/12/28 | EUR | 10,214 | 8,387,947 |  | 0.62 |
| Autostrade per l’Italia SpA | 2.00% | 15/01/30 | EUR | 8,050 | 6,355,246 |  | 0.47 |
| Intesa Sanpaolo SpA, VRB | 5.88% | 31/12/49† | EUR | 3,930 | 3,073,844 |  | 0.23 |

|  | Valore | Valore di | % del |
| --- | --- | --- | --- |
| Descrizione del titolo | Tasso | Data di scadenza | Valuta | nominale (in migliaia) | mercato in EUR | patrimonio netto |

Valori mobiliari ammessi alla quotazione ufficiale di una borsa valori (segue) OBBLIGAZIONI (segue)
ITALIA (segue)
| UniCredit SpA, VRB | 7.50% | 31/12/49† | EUR | 17,386 | 16,108,295 |  | 1.20 |
| --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  | 50,301,187 |  | 3.73 |
| GIAPPONE |  |  |  |  |  |  |  |
| Nissan Motor Co Ltd | 3.20% | 17/09/28 | EUR | 5,739 | 5,115,018 |  | 0.38 |
| Rakuten Group Inc, VRB | 4.25% | 31/12/49† | EUR | 10,100 | 7,067,221 |  | 0.52 |
|  |  |  |  |  | 12,182,239 |  | 0.90 |
| LUSSEMBURGO |  |  |  |  |  |  |  |
| Medtronic Global Holdings SCA | 0.00% | 15/03/23 | EUR | 15,589 | 15,510,804 |  | 1.15 |
| Traton Finance Luxembourg SA | 0.13% | 24/03/25 | EUR | 15,800 | 14,691,047 |  | 1.09 |
|  |  |  |  |  | 30,201,851 |  | 2.24 |
| MESSICO |  |  |  |  |  |  |  |
| Obbligazioni internazionali del governo messicano | 4.00% | 15/03/15^ | EUR | 39,565 | 28,127,499 |  | 2.08 |
| PAESI BASSI |  |  |  |  |  |  |  |
| Abertis Infraestructuras Finance |  |  |  |  |  |  |  |
| BV, VRB American Medical Systems Europe | 3.25% | 31/12/49† | EUR | 6,800 | 5,452,160 |  | 0.40 |
| BV | 0.75% | 08/03/25 | EUR | 16,200 | 15,535,814 | 1.15 |
| Coloplast Finance BV, FRB | 0.37% | 19/05/24 | EUR | 19,080 | 19,141,543 | 1.42 |
| Cooperatieve Rabobank UA, VRB | 4.88% | 31/12/49† | EUR | 2,800 | 2,353,618 | 0.17 |
| Digital Dutch Finco BV | 0.13% | 15/10/22 | EUR | 7,449 | 7,441,809 | 0.55 |
| Prosus NV | 1.29% | 13/07/29 | EUR | 5,210 | 3,898,286 | 0.29 |
| Prosus NV | 1.99% | 13/07/33 | EUR | 6,250 | 4,190,340 | 0.31 |
| Rentokil Initial Finance BV | 3.88% | 27/06/27 | EUR | 5,250 | 5,344,031 | 0.40 |
| Rentokil Initial Finance BV | 4.38% | 27/06/30 | EUR | 5,050 | 5,195,786 | 0.39 |
| Upjohn Finance BV | 1.91% | 23/06/32 | EUR | 9,939 | 7,374,881 | 0.55 |
| Volkswagen International Finance |  |  |  |  |  |  |
| NV, VRB Wintershall Dea Finance 2 BV, | 3.38% | 31/12/49† | EUR | 14,500 | 13,415,039 | 0.99 |
| VRB | 2.50% | 31/12/49† | EUR | 6,500 | 4,611,839 | 0.34 |
| Wintershall Dea Finance 2 BV, |  |  |  |  |  |  |
| VRB | 3.00% | 31/12/49† | EUR | 7,600 | 5,018,518 |  | 0.37 |
| Wintershall Dea Finance BV | 1.82% | 25/09/31 | EUR | 3,300 | 2,639,895 |  | 0.20 |
|  |  |  |  |  | 101,613,559 |  | 7.53 |
| OMAN |  |  |  |  |  |  |  |
| Obbligazioni internazionali del governo omanita | 6.25% | 25/01/31 | USD | 10,383 | 9,599,794 |  | 0.71 |
| ROMANIA |  |  |  |  |  |  |  |
| Obbligazioni internazionali del governo romeno | 1.75% | 13/07/30 | EUR | 9,096 | 6,502,088 |  | 0.48 |
| Obbligazioni internazionali del |  |  |  |  |  |  |  |
| governo romeno Obbligazioni internazionali del | 2.12% | 16/07/31 | EUR | 4,503 | 3,198,078 |  | 0.24 |
| governo romeno | 3.88% | 29/10/35 | EUR | 2,405 | 1,784,162 |  | 0.13 |
| Obbligazioni internazionali del governo romeno | 2.63% | 02/12/40 | EUR | 21,254 | 12,387,863 |  | 0.92 |
| Obbligazioni internazionali del |  |  |  |  |  |  |  |
| governo romeno Obbligazioni internazionali del | 2.75% | 14/04/41 | EUR | 7,979 | 4,677,634 |  | 0.35 |
| governo romeno | 2.88% | 13/04/42 | EUR | 16,934 | 9,941,577 |  | 0.74 |

|  |  |  | Valore | Valore di | % del |
| --- | --- | --- | --- | --- | --- |
| Data di |  | nominale (in | mercato in | patrimonio |
| Descrizione del titolo | Tasso | scadenza | Valuta | migliaia) | EUR | netto |

Valori mobiliari ammessi alla quotazione ufficiale di una borsa valori (segue) OBBLIGAZIONI (segue)
ROMANIA (segue)
Obbligazioni internazionali del
| governo romeno Obbligazioni internazionali del | 4.63% | 03/04/49 | EUR | 4,243 | 3,023,467 | 0.22 |
| --- | --- | --- | --- | --- | --- | --- |
| governo romeno | 3.38% | 28/01/50 | EUR | 5,094 | 3,031,354 |  | 0.22 |
|  |  |  |  |  | 44,546,223 |  | 3.30 |
| SUDAFRICA |  |  |  |  |  |  |  |
| Obbligazioni governative della |  |  |  |  |  |  |  |
| Repubblica del Sud Africa | 8.50% | 31/01/37 | ZAR | 1,385,671 | 63,976,188 |  | 4.74 |
| SPAGNA |  |  |  |  |  |  |  |
| Banco de Sabadell SA, VRB | 5.75% | 31/12/49† | EUR | 8,800 | 7,275,679 |  | 0.54 |
| CaixaBank SA, VRB | 5.88% | 31/12/49† | EUR | 5,600 | 4,943,450 |  | 0.37 |
| FCC Servicios Medio Ambiente Holding SAU | 0.82% | 04/12/23 | EUR | 14,837 | 14,661,189 |  | 1.08 |
|  |  |  |  |  | 26,880,318 |  | 1.99 |
| SVEZIA |  |  |  |  |  |  |  |
| Samhallsbyggnadsbolaget i Norden |  |  |  |  |  |  |  |
| AB Samhallsbyggnadsbolaget i Norden AB, VRB | 1.00% 2.62% | 12/08/27 31/12/49† | EUR EUR | 1,803 10,480 | 1,166,774 3,570,952 |  | 0.09 0.26 |
|  |  |  |  |  | 4,737,726 |  | 0.35 |
| SVIZZERA |  |  |  |  |  |  |  |
| Credit Suisse Group AG, VRB | 9.75% | 31/12/49† | USD | 4,400 | 4,281,341 |  | 0.32 |
| Credit Suisse Group AG, VRB | 6.38% | 31/12/49† | USD | 2,440 | 1,940,653 |  | 0.14 |
| Credit Suisse Group AG 144A, |  |  |  |  |  |  |  |
| VRB | 6.38% | 31/12/49† | USD | 8,630 | 6,863,865 |  | 0.51 |
| UBS Group AG, VRB | 1.00% | 21/03/25 | EUR | 5,820 | 5,684,128 |  | 0.42 |
|  |  |  |  |  | 18,769,987 |  | 1.39 |
| REGNO UNITO |  |  |  |  |  |  |  |
| Barclays Plc, VRB | 2.89% | 31/01/27 | EUR | 8,320 | 8,101,126 |  | 0.60 |
| Barclays Plc, VRB | 6.38% | 31/12/49† | GBP | 7,908 | 8,475,577 |  | 0.63 |
| Nationwide Building Society, VRB | 5.75% | 31/12/49† | GBP | 1,697 | 1,767,641 |  | 0.13 |
| NatWest Group Plc, VRB | 5.13% | 31/12/49† | GBP | 1,791 | 1,763,244 |  | 0.13 |
| SSE Plc, VRB | 4.00% | 31/12/49† | EUR | 4,736 | 4,100,455 |  | 0.30 |
|  |  |  |  |  | 24,208,043 |  | 1.79 |
| STATI UNITI |  |  |  |  |  |  |  |
| Bank of America Corp, FRB | 0.82% | 22/09/26 | EUR | 15,010 | 14,813,062 |  | 1.10 |
| Becton Dickinson & Co | 0.00% | 13/08/23 | EUR | 9,696 | 9,532,299 |  | 0.70 |
| Berry Global Inc | 1.00% | 15/01/25 | EUR | 6,044 | 5,563,545 |  | 0.41 |
| Blackstone Private Credit Fund | 1.75% | 30/11/26 | EUR | 8,550 | 7,133,424 |  | 0.53 |
| DAE Funding LLC | 1.55% | 01/08/24 | USD | 13,390 | 11,947,879 |  | 0.88 |
| Fidelity National Information Services Inc | 0.13% | 03/12/22 | EUR | 14,200 | 14,192,275 |  | 1.05 |
| Goldman Sachs Group Inc, VRB | 0.01% | 30/04/24 | EUR | 32,500 | 31,981,036 |  | 2.37 |
| Morgan Stanley, VRB | 2.10% | 08/05/26 | EUR | 12,340 | 12,108,162 |  | 0.90 |
| Morgan Stanley, VRB | 2.95% | 07/05/32 | EUR | 10,100 | 9,583,084 |  | 0.71 |

|  |  |  | Valore | Valore di | % del |
| --- | --- | --- | --- | --- | --- |
| Data di |  | nominale (in | mercato in | patrimonio |
| Descrizione del titolo | Tasso | scadenza | Valuta | migliaia) | EUR | netto |

Valori mobiliari ammessi alla quotazione ufficiale di una borsa valori (segue) OBBLIGAZIONI (segue)
STATI UNITI (segue)
| Visa Inc | 1.50% | 15/06/26 | EUR | 26,500 | 25,934,568 |  | 1.92 |
| --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  | 142,789,334 |  | 10.57 |
| TOTALE OBBLIGAZIONI |  |  |  |  | 922,130,253 |  | 68.29 |
|  |  |  |  |  |  |  |  |
| Totale valori mobiliari ammessi alla quotazione ufficiale di una borsa valori | 922,130,253 |  | 68.29 |
| Valori mobiliari negoziati in altri mercati regolamentati |  |  |  |
| OBBLIGAZIONI |  |  |  |
| ISOLE CAYMAN |  |  |  |
| Avolon Holdings Funding Ltd 144A | 2.13% | 21/02/26 | USD | 17,620 | 14,706,332 |  | 1.09 |
| Avolon Holdings Funding Ltd 144A | 4.25% | 15/04/26 | USD | 8,979 | 8,015,414 |  | 0.59 |
| Avolon Holdings Funding Ltd 144A | 2.75% | 21/02/28 | USD | 5,180 | 4,024,495 |  | 0.30 |
|  |  |  |  |  | 26,746,241 |  | 1.98 |
| ISLANDA |  |  |  |  |  |  |  |
| Iceland Rikisbref | 4.50% | 17/02/42 | ISK | 2,778,485 | 17,889,183 |  | 1.33 |
| GIAPPONE |  |  |  |  |  |  |  |
| Nissan Motor Co Ltd 144A | 4.35% | 17/09/27 | USD | 3,504 | 3,068,840 |  | 0.23 |
| Nissan Motor Co Ltd 144A | 4.81% | 17/09/30 | USD | 13,814 | 11,692,361 |  | 0.86 |
|  |  |  |  |  | 14,761,201 |  | 1.09 |
| LUSSEMBURGO |  |  |  |  |  |  |  |
| Bevco Lux Sarl | 1.00% | 16/01/30 | EUR | 3,639 | 2,879,552 |  | 0.21 |
| PAESI BASSI |  |  |  |  |  |  |  |
| JAB Holdings BV | 2.25% | 19/12/39 | EUR | 5,500 | 3,591,525 |  | 0.27 |
| ROMANIA |  |  |  |  |  |  |  |
| Obbligazioni internazionali del governo romeno | 2.88% | 26/05/28 | EUR | 2,804 | 2,403,259 |  | 0.18 |
| Obbligazioni internazionali del |  |  |  |  |  |  |  |
| governo romeno | 3.38% | 08/02/38 | EUR | 1,978 | 1,328,822 |  | 0.10 |

3,732,081	0.28
SVIZZERA
Credit Suisse Group AG 144A,
VRB	3.09%	14/05/32	USD	6,010	4,607,082	0.34
STATI UNITI
Charter Communications Operating
| LLC / Charter Communications |  |
| --- | --- |
| Operating Capital | 3.50% | 01/06/41 | USD | 7,320 | 4,941,606 | 0.37 |
| Charter Communications Operating LLC / Charter Communications |  |  |  |  |  |  |
| Operating Capital Charter Communications Operating LLC / Charter Communications | 3.85% | 01/04/61 | USD | 5,930 | 3,739,830 | 0.28 |
| Operating Capital | 4.40% | 01/12/61 | USD | 9,550 | 6,619,724 | 0.49 |
| HCA Inc 144A | 4.63% | 15/03/52 | USD | 8,150 | 6,240,850 | 0.46 |
| Magallanes Inc 144A | 5.05% | 15/03/42 | USD | 4,405 | 3,587,499 | 0.26 |
| Magallanes Inc 144A | 5.14% | 15/03/52 | USD | 6,084 | 4,893,229 | 0.36 |

|  |  |  | Valore | Valore di | % del |
| --- | --- | --- | --- | --- | --- |
| Data di |  | nominale (in | mercato in | patrimonio |
| Descrizione del titolo | Tasso | scadenza | Valuta | migliaia) | EUR | netto |

Valori mobiliari negoziati in altri mercati regolamentati (segue) OBBLIGAZIONI (segue)
STATI UNITI (segue)
| Magallanes Inc 144A | 5.39% | 15/03/62 | USD | 5,500 | 4,418,219 |  | 0.33 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Morgan Stanley, VRB | 2.48% | 16/09/36 | USD | 9,540 | 7,018,577 |  | 0.52 |
|  |  |  |  |  | 41,459,534 |  | 3.07 |
| TOTALE OBBLIGAZIONI |  |  |  |  | 115,666,399 |  | 8.57 |
|  |  |  |  |  |  |  |  |
| Totale valori mobiliari negoziati in altri mercati regolamentati	115,666,399	8.57 |
| Altri titoli |  |  |  |  |  |  |  |
| OBBLIGAZIONI |  |  |  |  |  |  |  |
| GERMANIA |  |  |  |  |  |  |  |
| Volkswagen Leasing GmbH | 0.00% | 12/07/23 | EUR | 16,200 | 15,955,767 |  | 1.18 |
| GIAPPONE |  |  |  |  |  |  |  |
| Rakuten Group Inc | 5.13% | 31/12/49† | USD | 3,740 | 2,919,373 |  | 0.22 |
| Rakuten Group Inc | 6.25% | 31/12/49† | USD | 663 | 508,976 |  | 0.04 |
|  |  |  |  |  | 3,428,349 |  | 0.26 |
| TOTALE OBBLIGAZIONI |  |  |  |  | 19,384,116 |  | 1.44 |
|  |  |  |  |  |  |  |  |
| Totale altri titoli |  |  |  |  | 19,384,116 |  | 1.44 |
| Totale investimenti |  |  |  |  | 1,057,180,768 |  | 78.30 |
| (Costo EUR 1,209,806,697) |  |  |  |  |  |  |  |
| Altre attività al netto delle passività |  |  |  |  | 293,086,450 |  | 21.70 |
| Patrimonio netto complessivo |  |  |  |  | 1,350,267,218 |  | 100.00 |
| Glossario: |  |  |
| FRB - Floating Rate Bond (Obbligazione a tasso fluttuante) VRB - Variable Rate Bond (Obbligazione a tasso variabile) |  |  |
| † Titolo perpetuo |  |  |
| ^ La data di scadenza è il 15 marzo 2115 |  |  |

La nota integrativa costituisce parte integrante del presente bilancio.
Le eventuali operazioni di pronti contro termine attive e passive sono riportate nella Nota 8. Gli eventuali strumenti finanziari derivati sono riportati nella Nota 9.
Prospetto di composizione del portafoglio titoli e altre attività nette al 30 giugno 2022
|  | Valore | Valore di | % del |
| --- | --- | --- | --- |
| Descrizione del titolo | Tasso | Data di scadenza | Valuta | nominale (in migliaia) | mercato in USD | patrimonio netto |

Valori mobiliari ammessi alla quotazione ufficiale di una borsa valori OBBLIGAZIONI
ARGENTINA
Obbligazioni internazionali del governo
| della Repubblica argentina, S/U | 2.50% | 09/07/41 | USD | 20 | 5,238 |  | 0.00 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Pampa Energia SA | 7.50% | 24/01/27 | USD | 566 | 464,120 |  | 0.27 |
|  |  |  |  |  | 469,358 |  | 0.27 |
| BERMUDA |  |  |  |  |  |  |  |
| Investment Energy Resources Ltd | 6.25% | 26/04/29 | USD | 1,580 | 1,347,740 |  | 0.78 |
| ISOLE VERGINI BRITANNICHE |  |  |  |  |  |  |  |
| CAS Capital No 1 Ltd, VRB | 4.00% | 31/12/49† | USD | 1,390 | 1,176,287 |  | 0.68 |
| Huarong Finance II Co Ltd | 5.00% | 19/11/25 | USD | 384 | 364,080 |  | 0.21 |
| Huarong Finance II Co Ltd | 4.88% | 22/11/26 | USD | 701 | 644,920 |  | 0.37 |
| Sino-Ocean Land Treasure IV Ltd | 4.75% | 05/08/29 | USD | 726 | 304,920 |  | 0.18 |
| Studio City Finance Ltd | 6.50% | 15/01/28 | USD | 684 | 391,590 |  | 0.23 |
|  |  |  |  |  | 2,881,797 |  | 1.67 |
| ISOLE CAYMAN China Evergrande Group, FTB ± | 11.50% | 22/01/23 | USD | 2,776 | 241,686 |  | 0.14 |
| China Evergrande Group, FTB ± | 8.75% | 28/06/25 | USD | 1,150 | 94,875 |  | 0.05 |
| CIFI Holdings Group Co Ltd | 6.00% | 16/07/25 | USD | 260 | 156,000 |  | 0.09 |
| IHS Holding Ltd | 5.63% | 29/11/26 | USD | 1,280 | 1,055,440 |  | 0.61 |
| IHS Holding Ltd | 6.25% | 29/11/28 | USD | 1,040 | 837,200 |  | 0.49 |
| Kaisa Group Holdings Ltd, FTB ± | 8.50% | 30/06/23 | USD | 626 | 88,344 |  | 0.05 |
| Kaisa Group Holdings Ltd, FTB ± | 11.95% | 22/10/22 | USD | 626 | 88,149 |  | 0.05 |
| Kaisa Group Holdings Ltd, FTB ± | 11.50% | 30/01/23 | USD | 200 | 27,500 |  | 0.02 |
| Kaisa Group Holdings Ltd, FTB ± | 10.88% | 23/07/23 | USD | 1,323 | 181,912 |  | 0.11 |
| Kaisa Group Holdings Ltd, FTB ± | 9.75% | 28/09/23 | USD | 200 | 27,850 |  | 0.02 |
| Kaisa Group Holdings Ltd ± | 9.38% | 30/06/24 | USD | 916 | 129,557 |  | 0.08 |
| Kaisa Group Holdings Ltd, FTB ± | 10.50% | 15/01/25 | USD | 415 | 58,178 |  | 0.03 |
| Kaisa Group Holdings Ltd, VRB± | 10.88% | 31/12/49† | USD | 206 | 21,200 |  | 0.01 |
| Melco Resorts Finance Ltd | 5.38% | 04/12/29 | USD | 400 | 242,000 |  | 0.14 |
| MGM China Holdings Ltd | 5.88% | 15/05/26 | USD | 200 | 153,850 |  | 0.09 |
| Oryx Funding Ltd | 5.80% | 03/02/31 | USD | 2,633 | 2,497,730 |  | 1.45 |
| Wynn Macau Ltd | 5.50% | 01/10/27 | USD | 1,387 | 901,550 |  | 0.52 |
| Zhenro Properties Group Ltd ± | 9.15% | 06/05/23 | USD | 807 | 60,525 |  | 0.04 |
| Zhenro Properties Group Ltd ± | 7.35% | 05/02/25 | USD | 999 | 74,925 |  | 0.04 |
| Zhenro Properties Group Ltd ± | 6.63% | 07/01/26 | USD | 280 | 21,000 |  | 0.01 |
| Zhenro Properties Group Ltd ± | 6.70% | 04/08/26 | USD | 3,501 | 262,575 |  | 0.15 |
|  |  |  |  |  | 7,222,046 |  | 4.19 |
| COLOMBIA |  |  |  |  |  |  |  |
| Bancolombia SA, VRB | 4.63% | 18/12/29 | USD | 1,052 | 913,794 |  | 0.53 |
| Ecopetrol SA | 5.88% | 28/05/45 | USD | 4,183 | 2,856,152 |  | 1.66 |
| Ecopetrol SA | 5.88% | 02/11/51 | USD | 1,710 | 1,128,600 |  | 0.65 |
|  |  |  |  |  | 4,898,546 |  | 2.84 |
| CIPRO |  |  |  |  |  |  |  |
| MHP SE, FTB | 7.75% | 10/05/24 | USD | 821 | 430,666 |  | 0.25 |
| INDIA |  |  |  |  |  |  |  |
| Adani Green Energy Ltd | 4.38% | 08/09/24 | USD | 740 | 670,625 |  | 0.39 |
| Manappuram Finance Ltd | 5.90% | 13/01/23 | USD | 1,191 | 1,173,135 |  | 0.68 |
| Shriram Transport Finance Co Ltd | 4.40% | 13/03/24 | USD | 815 | 757,950 |  | 0.44 |

|  | Valore | Valore di | % del |
| --- | --- | --- | --- |
| Descrizione del titolo | Tasso | Data di scadenza | Valuta | nominale (in migliaia) | mercato in USD | patrimonio netto |

Valori mobiliari ammessi alla quotazione ufficiale di una borsa valori (segue) OBBLIGAZIONI (segue)
INDIA (segue)
| Yes Bank Ifsc Banking Unit Branch	3.75% | 06/02/23 | USD | 859 | 850,034 |  | 0.49 |
| --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  | 3,451,744 |  | 2.00 |
| LUSSEMBURGO Aegea Finance Sarl	6.75% | 20/05/29 | USD | 1,090 | 1,024,804 |  | 0.59 |
| Altice Financing SA	5.75% | 15/08/29 | USD | 1,670 | 1,348,525 |  | 0.78 |
| MHP Lux SA, FTB	6.95% | 03/04/26 | USD | 745 | 387,540 |  | 0.23 |
|  |  |  |  | 2,760,869 |  | 1.60 |
| MAURITIUS Clean Renewable Power Mauritius Pte Ltd	4.25% | 25/03/27 | USD | 402 | 321,440 |  | 0.18 |
| Greenko Power II Ltd	4.30% | 13/12/28 | USD | 1,026 | 826,232 |  | 0.48 |
| HTA Group Ltd/Mauritius	7.00% | 18/12/25 | USD | 1,020 | 848,066 |  | 0.49 |
| MTN Mauritius Investments Ltd	4.76% | 11/11/24 | USD | 723 | 703,459 |  | 0.41 |
| MTN Mauritius Investments Ltd	6.50% | 13/10/26 | USD | 731 | 720,801 |  | 0.42 |
| Network i2i Ltd, VRB	5.65% | 31/12/49† | USD | 1,630 | 1,515,696 |  | 0.88 |
| UPL Corp Ltd, VRB	5.25% | 31/12/49† | USD | 1,534 | 1,186,262 |  | 0.69 |
|  |  |  |  | 6,121,956 |  | 3.55 |
| MESSICO |  |  |  |  |  |  |  |
| Banco Mercantil del Norte SA/Grand Cayman, VRB | 7.63% | 31/12/49† | USD | 277 | 258,614 |  | 0.15 |
| Banco Mercantil del Norte |  |  |  |  |  |  |  |
| SA/Grand Cayman, VRB Banco Mercantil del Norte | 6.75% | 31/12/49† | USD | 2,066 | 1,952,370 |  | 1.13 |
| SA/Grand Cayman, VRB | 8.38% | 31/12/49† | USD | 1,964 | 1,902,380 |  | 1.11 |
| Braskem Idesa SAPI | 7.45% | 15/11/29 | USD | 500 | 433,375 |  | 0.25 |
| Petroleos Mexicanos | 7.69% | 23/01/50 | USD | 1,365 | 917,962 |  | 0.53 |
| Petroleos Mexicanos | 6.95% | 28/01/60 | USD | 814 | 503,052 |  | 0.29 |
|  |  |  |  |  | 5,967,753 |  | 3.46 |
| PAESI BASSI |  |  |  |  |  |  |  |
| BOI Finance BV | 7.50% | 16/02/27 | EUR | 1,550 | 1,312,562 |  | 0.76 |
| Braskem Netherlands Finance BV | 4.50% | 10/01/28 | USD | 603 | 547,005 |  | 0.32 |
| IHS Netherlands Holdco BV | 8.00% | 18/09/27 | USD | 1,051 | 920,807 |  | 0.53 |
| Metinvest BV | 8.50% | 23/04/26 | USD | 1,002 | 525,649 |  | 0.30 |
| Metinvest BV | 7.65% | 01/10/27 | USD | 1,386 | 734,407 |  | 0.43 |
| Metinvest BV | 7.75% | 17/10/29 | USD | 200 | 106,350 |  | 0.06 |
| MV24 Capital BV Teva Pharmaceutical Finance | 6.75% | 01/06/34 | USD | 2,645 | 2,378,846 |  | 1.38 |
| Netherlands III BV | 3.15% | 01/10/26 | USD | 3,848 | 3,199,372 |  | 1.86 |
| Teva Pharmaceutical Finance Netherlands III BV | 5.13% | 09/05/29 | USD | 960 | 790,800 |  | 0.46 |
|  |  |  |  |  | 10,515,798 |  | 6.10 |
| NIGERIA |  |  |  |  |  |  |  |
| Access Bank Plc, VRB | 9.13% | 31/12/49† | USD | 2,164 | 1,763,660 |  | 1.02 |
| United Bank for Africa Plc | 6.75% | 19/11/26 | USD | 1,410 | 1,245,471 |  | 0.72 |
|  |  |  |  |  | 3,009,131 |  | 1.74 |
| OMAN |  |  |  |  |  |  |  |
| Bank Muscat SAOG | 4.75% | 17/03/26 | USD | 1,630 | 1,572,950 |  | 0.91 |
| Obbligazioni internazionali del |  |  |  |  |  |  |  |
| governo omanita | 7.00% | 25/01/51 | USD | 972 | 859,005 |  | 0.50 |

|  | Valore | Valore di | % del |
| --- | --- | --- | --- |
| Descrizione del titolo | Tasso | Data di scadenza | Valuta | nominale (in migliaia) | mercato in USD | patrimonio netto |

Valori mobiliari ammessi alla quotazione ufficiale di una borsa valori (segue) OBBLIGAZIONI (segue)
OMAN (segue)
| OQ SAOC	5.13% | 06/05/28 | USD | 890 | 842,608 |  | 0.49 |
| --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  | 3,274,563 |  | 1.90 |
| PAKISTAN |  |  |  |  |  |  |  |
| Pakistan Water & Power |  |  |  |  |  |  |  |
| Development Authority | 7.50% | 04/06/31 | USD | 580 | 323,350 |  | 0.19 |
| SINGAPORE |  |  |  |  |  |  |  |
| Continuum Energy Levanter Pte Ltd | 4.50% | 09/02/27 | USD | 493 | 389,569 |  | 0.22 |
| GLP Pte Ltd, VRB | 4.50% | 31/12/49† | USD | 1,483 | 1,258,392 |  | 0.73 |
| Medco Bell Pte Ltd | 6.38% | 30/01/27 | USD | 1,274 | 1,082,900 |  | 0.63 |
|  |  |  |  |  | 2,730,861 |  | 1.58 |
| SPAGNA |  |  |  |  |  |  |  |
| AI Candelaria Spain SA | 7.50% | 15/12/28 | USD | 551 | 493,145 |  | 0.29 |
| TURCHIA |  |  |  |  |  |  |  |
| KOC Holding AS Limak Iskenderun Uluslararasi | 5.25% | 15/03/23 | USD | 1,458 | 1,440,048 |  | 0.83 |
| Liman Isletmeciligi AS | 9.50% | 10/07/36 | USD | 1,259 | 1,095,959 |  | 0.64 |
| Mersin Uluslararasi Liman Isletmeciligi AS | 5.38% | 15/11/24 | USD | 870 | 807,360 |  | 0.47 |
| Turk Telekomunikasyon AS | 4.88% | 19/06/24 | USD | 600 | 533,738 |  | 0.31 |
| Obbligazioni internazionali del governo turco | 4.88% | 16/04/43 | USD | 1,801 | 1,068,358 |  | 0.62 |
| Obbligazioni internazionali del governo turco | 5.75% | 11/05/47 | USD | 4,445 | 2,746,688 |  | 1.59 |
| Turkiye Sise ve Cam Fabrikalari AS | 6.95% | 14/03/26 | USD | 958 | 853,698 |  | 0.49 |
| Ulker Biskuvi Sanayi AS | 6.95% | 30/10/25 | USD | 487 | 377,212 |  | 0.22 |
|  |  |  |  |  | 8,923,061 |  | 5.17 |
| UCRAINA |  |  |  |  |  |  |  |
| Obbligazioni internazionali del governo ucraino | 7.75% | 01/09/24 | USD | 451 | 116,133 |  | 0.07 |
| Obbligazioni internazionali del |  |  |  |  |  |  |  |
| governo ucraino Obbligazioni internazionali del | 7.75% | 01/09/26 | USD | 431 | 112,060 |  | 0.07 |
| governo ucraino | 7.38% | 25/09/32 | USD | 2,061 | 520,402 |  | 0.30 |
| Obbligazioni internazionali del governo ucraino, FRB ± | 0.00% | 31/05/40 | USD | 822 | 209,610 |  | 0.12 |
| VF Ukraine PAT via VFU Funding |  |  |  |  |  |  |  |
| Plc | 6.20% | 11/02/25 | USD | 1,800 | 1,193,962 |  | 0.69 |
|  |  |  |  |  | 2,152,167 |  | 1.25 |
| EMIRATI ARABI UNITI |  |  |  |  |  |  |  |
| Emirates NBD Bank PJSC, VRB | 6.13% | 31/12/49† | USD | 2,867 | 2,872,017 |  | 1.67 |
| Oztel Holdings SPC Ltd | 6.63% | 24/04/28 | USD | 598 | 604,092 |  | 0.35 |
|  |  |  |  |  | 3,476,109 |  | 2.02 |
| REGNO UNITO |  |  |  |  |  |  |  |
| Bidvest Group UK Plc | 3.63% | 23/09/26 | USD | 2,060 | 1,812,543 |  | 1.05 |
| Endeavour Mining Plc Liquid Telecommunications | 5.00% | 14/10/26 | USD | 1,130 | 910,921 |  | 0.53 |
| Financing Plc | 5.50% | 04/09/26 | USD | 320 | 282,400 |  | 0.16 |

|  | Valore | Valore di | % del |
| --- | --- | --- | --- |
| Descrizione del titolo | Tasso | Data di scadenza | Valuta | nominale (in migliaia) | mercato in USD | patrimonio netto |

Valori mobiliari ammessi alla quotazione ufficiale di una borsa valori (segue) OBBLIGAZIONI (segue)
REGNO UNITO (segue)
| Tullow Oil Plc | 10.25% | 15/05/26 | USD | 5,733 | 5,500,813 |  | 3.19 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Vedanta Resources Finance II Plc | 13.88% | 21/01/24 | USD | 1,055 | 943,566 |  | 0.55 |
|  |  |  |  |  | 9,450,243 |  | 5.48 |
| STATI UNITI |  |  |  |  |  |  |  |
| Kosmos Energy Ltd | 7.75% | 01/05/27 | USD | 1,110 | 943,500 |  | 0.55 |
| Kosmos Energy Ltd | 7.50% | 01/03/28 | USD | 2,274 | 1,921,956 |  | 1.12 |
| Stillwater Mining Co | 4.00% | 16/11/26 | USD | 1,921 | 1,604,035 |  | 0.93 |
| Stillwater Mining Co | 4.50% | 16/11/29 | USD | 2,672 | 2,110,880 |  | 1.22 |
|  |  |  |  |  | 6,580,371 |  | 3.82 |
| TOTALE OBBLIGAZIONI |  |  |  |  | 86,481,274 |  | 50.15 |
| AZIONI ORDINARIE |  |  |  |  |  |  |  |
| MESSICO |  |  |  |  |  |  |  |
| Urbi Desarrollos Urbanos SAB de |  |  |  |  |  |  |  |
| CV |  |  | MXN | 10 | 3,933 |  | 0.00 |
| TOTALE AZIONI ORDINARIE | 3,933 |  | 0.00 |
|  |  |  |  |
| Totale valori mobiliari ammessi alla quotazione ufficiale di una borsa valori | 86,485,207 |  | 50.15 |
| Valori mobiliari negoziati in altri mercati regolamentati |  |  |  |
| OBBLIGAZIONI |  |  |  |
| ARGENTINA |  |  |  |
| Obbligazioni internazionali del governo |  |  |  |
| della Repubblica argentina, S/U | 2.00% | 09/01/38 | USD | 13,197 | 3,860,174 |  | 2.24 |
| Pampa Energia SA | 7.38% | 21/07/23 | USD | 2,336 | 2,286,068 |  | 1.33 |
| YPF SA | 8.75% | 04/04/24 | USD | 4,616 | 3,772,840 |  | 2.19 |
| YPF SA | 8.50% | 23/03/25 | USD | 1,716 | 1,336,657 |  | 0.77 |
| YPF SA, S/U | 4.00% | 12/02/26 | USD | 60 | 47,189 |  | 0.03 |
|  |  |  |  |  | 11,302,928 |  | 6.56 |
| AUSTRIA |  |  |  |  |  |  |  |
| Klabin Austria GmbH | 3.20% | 12/01/31 | USD | 947 | 725,639 |  | 0.42 |
| BERMUDA |  |  |  |  |  |  |  |
| Digicel Group Holdings Ltd, PIK | 10.00% | 01/04/24 | USD | 1,586 | 1,533,174 |  | 0.89 |
| Digicel Group Holdings Ltd, PIK | 8.00% | 01/04/25 | USD | 665 | 452,225 |  | 0.26 |
| Digicel Group Holdings Ltd, PIK ± | 7.00% | 31/12/49† | USD | 104 | 49,447 |  | 0.03 |
|  |  |  |  |  | 2,034,846 |  | 1.18 |
| BRASILE |  |  |  |  |  |  |  |
| Natura Cosmeticos SA | 4.13% | 03/05/28 | USD | 1,235 | 1,024,402 |  | 0.59 |
| Samarco Mineracao SA ± | 4.13% | 01/11/22 | USD | 3,837 | 2,186,610 |  | 1.27 |
| Samarco Mineracao SA ± | 5.75% | 24/10/23 | USD | 1,400 | 860,493 |  | 0.50 |
|  |  |  |  |  | 4,071,505 |  | 2.36 |
| ISOLE VERGINI BRITANNICHE |  |  |  |  |  |  |  |
| Studio City Co Ltd | 7.00% | 15/02/27 | USD | 1,010 | 873,650 |  | 0.51 |

|  | Valore | Valore di | % del |
| --- | --- | --- | --- |
| Descrizione del titolo | Tasso | Data di scadenza | Valuta | nominale (in migliaia) | mercato in USD | patrimonio netto |

Valori mobiliari negoziati in altri mercati regolamentati (segue) OBBLIGAZIONI (segue)
ISOLE VERGINI BRITANNICHE (segue)
| Studio City Finance Ltd | 5.00% | 15/01/29 | USD | 530 | 267,915 |  | 0.15 |
| --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  | 1,141,565 |  | 0.66 |
| CANADA |  |  |  |  |  |  |  |
| Canacol Energy Ltd | 5.75% | 24/11/28 | USD | 1,610 | 1,308,125 |  | 0.76 |
| First Quantum Minerals Ltd | 7.50% | 01/04/25 | USD | 201 | 193,337 |  | 0.11 |
| First Quantum Minerals Ltd | 6.88% | 01/03/26 | USD | 654 | 605,358 |  | 0.35 |
| First Quantum Minerals Ltd | 6.88% | 15/10/27 | USD | 1,936 | 1,737,173 |  | 1.01 |
|  |  |  |  |  | 3,843,993 |  | 2.23 |
| ISOLE CAYMAN |  |  |  |  |  |  |  |
| Agile Group Holdings Ltd | 5.75% | 02/01/25 | USD | 376 | 130,059 |  | 0.08 |
| Melco Resorts Finance Ltd | 5.63% | 17/07/27 | USD | 483 | 330,565 |  | 0.19 |
| MGM China Holdings Ltd | 4.75% | 01/02/27 | USD | 680 | 487,288 |  | 0.28 |
|  |  |  |  |  | 947,912 |  | 0.55 |
| CILE |  |  |  |  |  |  |  |
| AES Andes SA, VRB | 7.13% | 26/03/79 | USD | 2,351 | 2,251,523 |  | 1.31 |
| Agrosuper SA | 4.60% | 20/01/32 | USD | 840 | 727,545 |  | 0.42 |
| VTR Comunicaciones SpA | 5.13% | 15/01/28 | USD | 325 | 242,694 |  | 0.14 |
|  |  |  |  |  | 3,221,762 |  | 1.87 |
| GUATEMALA |  |  |  |  |  |  |  |
| CT Trust | 5.13% | 03/02/32 | USD | 2,010 | 1,620,562 |  | 0.94 |
| INDIA |  |  |  |  |  |  |  |
| ReNew Wind Energy AP2 / ReNew Power Pvt Ltd / altre 9 filiali | 4.50% | 14/07/28 | USD | 1,360 | 1,076,100 |  | 0.62 |
| IRLANDA |  |  |  |  |  |  |  |
| C&W Senior Financing DAC LCPR Senior Secured Financing | 6.88% | 15/09/27 | USD | 777 | 701,243 |  | 0.41 |
| DAC	6.75% | 15/10/27 | USD | 1,318 | 1,232,969 | 0.71 |
|  |  |  |  |  | 1,934,212 |  | 1.12 |
| LUSSEMBURGO |  |  |  |  |  |  |  |
| JSM Global Sarl | 4.75% | 20/10/30 | USD | 800 | 608,900 |  | 0.35 |
| Millicom International Cellular SA | 5.13% | 15/01/28 | USD | 887 | 760,174 |  | 0.44 |
| Millicom International Cellular SA | 6.25% | 25/03/29 | USD | 1,385 | 1,205,037 |  | 0.70 |
| Millicom International Cellular SA Natura &Co. Luxembourg Holdings | 4.50% | 27/04/31 | USD | 761 | 570,750 |  | 0.33 |
| Sarl | 6.00% | 19/04/29 | USD | 480 | 426,000 |  | 0.25 |
| Rede D’or Finance Sarl | 4.95% | 17/01/28 | USD | 613 | 563,309 |  | 0.33 |
| Rede D’or Finance Sarl | 4.50% | 22/01/30 | USD | 248 | 210,180 |  | 0.12 |
| Rumo Luxembourg Sarl | 4.20% | 18/01/32 | USD | 2,441 | 1,957,377 |  | 1.13 |
| Tupy Overseas SA | 4.50% | 16/02/31 | USD | 510 | 396,142 |  | 0.23 |
|  |  |  |  |  | 6,697,869 |  | 3.88 |
| MAURITIUS |  |  |  |  |  |  |  |
| CA Magnum Holdings | 5.38% | 31/10/26 | USD | 984 | 861,000 |  | 0.50 |

|  | Valore | Valore di | % del |
| --- | --- | --- | --- |
| Descrizione del titolo | Tasso | Data di scadenza | Valuta | nominale (in migliaia) | mercato in USD | patrimonio netto |

Valori mobiliari negoziati in altri mercati regolamentati (segue) OBBLIGAZIONI (segue)
MESSICO
| Axtel SAB de CV | 6.38% | 14/11/24 | USD | 601 | 532,185 |  | 0.31 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| BBVA Bancomer SA/Texas, VRB | 5.88% | 13/09/34 | USD | 1,324 | 1,170,913 |  | 0.68 |
| Braskem Idesa SAPI | 6.99% | 20/02/32 | USD | 1,810 | 1,411,800 |  | 0.82 |
| Cemex SAB de CV | 5.20% | 17/09/30 | USD | 420 | 359,100 |  | 0.21 |
| Cemex SAB de CV, VRB | 5.13% | 31/12/49† | USD | 420 | 359,625 |  | 0.21 |
| Electricidad Firme de Mexico |  |  |  |  |  |  |  |
| Holdings SA de CV | 4.90% | 20/11/26 | USD | 1,691 | 1,394,864 |  | 0.81 |
| Petroleos Mexicanos | 8.75% | 02/06/29 | USD | 3,210 | 2,880,068 |  | 1.67 |
| Petroleos Mexicanos | 6.70% | 16/02/32 | USD | 640 | 486,400 |  | 0.28 |
|  |  |  |  |  | 8,594,955 |  | 4.99 |
| MULTINAZIONALE |  |  |  |  |  |  |  |
| Digicel International Finance Ltd/Digicel international Holdings |  |  |  |  |  |  |  |
| Ltd | 8.75% | 25/05/24 | USD | 3,768 | 3,482,591 |  | 2.02 |
| Digicel International Finance Ltd/Digicel international Holdings |  |  |  |  |  |  |  |
| Ltd, PIK | 13.00% | 31/12/25 | USD | 855 | 748,350 |  | 0.43 |
| 4,230,941 |  | 2.45 |
| PAESI BASSI |  |  |  |  |  |  |
| Braskem Netherlands Finance BV, VRB | 8.50% | 23/01/81 | USD | 1,662 | 1,672,180 | 0.97 |
| Teva Pharmaceutical Finance |  |  |  |  |  |  |
| Netherlands III BV | 7.13% | 31/01/25 | USD | 620 | 605,391 |  | 0.35 |
| VTR Finance NV | 6.38% | 15/07/28 | USD | 600 | 439,500 |  | 0.26 |
|  |  |  |  |  | 2,717,071 |  | 1.58 |
| PARAGUAY |  |  |  |  |  |  |  |
| Telefonica Celular del Paraguay SA | 5.88% | 15/04/27 | USD | 2,406 | 2,183,445 |  | 1.27 |
| PERÙ |  |  |  |  |  |  |  |
| Compania de Minas Buenaventura |  |  |  |  |  |  |  |
| SAA | 5.50% | 23/07/26 | USD | 2,764 | 2,506,395 |  | 1.45 |
| InRetail Consumer | 3.25% | 22/03/28 | USD | 800 | 665,650 |  | 0.39 |
|  |  |  |  |  | 3,172,045 |  | 1.84 |
| SPAGNA |  |  |  |  |  |  |  |
| AI Candelaria Spain SA | 5.75% | 15/06/33 | USD | 2,195 | 1,607,837 |  | 0.93 |
| REGNO UNITO |  |  |  |  |  |  |  |
| Tullow Oil Plc | 7.00% | 01/03/25 | USD | 602 | 501,917 |  | 0.29 |
| STATI UNITI |  |  |  |  |  |  |  |
| NBM US Holdings Inc | 7.00% | 14/05/26 | USD | 575 | 582,044 |  | 0.34 |
| SierraCol Energy Andina LLC | 6.00% | 15/06/28 | USD | 2,344 | 1,731,337 |  | 1.00 |
|  |  |  |  |  | 2,313,381 |  | 1.34 |
| TOTALE OBBLIGAZIONI |  |  |  |  | 64,801,485 |  | 37.58 |
|  |  |  |  |  |  |  |  |

Totale valori mobiliari negoziati in altri mercati regolamentati	64,801,485	37.58
| Data di Descrizione del titolo	Tasso	scadenza | Valuta | Valore nominale (in migliaia) | Valore di mercato in USD |  | % del patrimonio netto |
| --- | --- | --- | --- | --- | --- |
| Altri titoli OBBLIGAZIONI MAURITIUS Axian Telecom	7.38%	16/02/27 | USD | 710 | 667,400 |  | 0.39 |
| QATAR Commercial Bank PSQC	4.50%	31/12/49† | USD | 1,191 | 1,077,855 |  | 0.62 |
| TOTALE OBBLIGAZIONI |  |  | 1,745,255 |  | 1.01 |
| OBBLIGAZIONI A BREVE TERMINE |  |  |  |  |  |  |
| ISOLE CAYMAN Zhenro Properties Group Ltd ± | 8.00% | 06/03/23 | USD | 200 | 17,000 | 0.01 |
| TOTALE OBBLIGAZIONI A BREVE TERMINE |  |  | 17,000 |  | 0.01 |
| WARRANT |  |  |  |  |  |
| MESSICO |  |  |  |  |  |
| Urbi Warrant | MXN | 109 | 2 |  | 0.00 |
| TOTALE WARRANT |  |  | 2 |  | 0.00 |
|  |  |  |  |  |  |
| Totale altri titoli |  |  | 1,762,257 |  | 1.02 |
| Totale investimenti |  |  | 153,048,949 |  | 88.75 |
| (Costo USD 190,447,993) |  |  |  |  |  |
| Altre attività al netto delle passività |  |  | 19,401,336 |  | 11.25 |
| Patrimonio netto complessivo |  |  | 172,450,285 |  | 100.00 |
| Glossario: |  |  |  |  |  |
| FTB - Flat Trading Bond |  |  |  |  |  |
| FRB - Floating Rate Bond (Obbligazione a tasso fluttuante) PIK - Payment-in-kind (pagamento in natura) |  |  |  |  |  |
| S/U - Step Up Bond (Obbligazione con cedola crescente) |  |  |  |  |  |
| VRB - Variable Rate Bond (Obbligazione a tasso variabile) ± Titolo insolvente |  |  |  |  |  |
| † Titolo perpetuo |  |  |  |  |  |

La nota integrativa costituisce parte integrante del presente bilancio.
Le eventuali operazioni di pronti contro termine attive e passive sono riportate nella Nota 8. Gli eventuali strumenti finanziari derivati sono riportati nella Nota 9.
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