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Federated Hermes, Inc. (formerly Federated Investors, Inc.)

PRI reporting framework 2020

You are in Direct - Fixed Income » ESG incorporation in actively managed fixed income » (C) Implementation: Integration

(C) Implementation: Integration

FI 10. Integration overview

10.1. Describe your approach to integrating ESG into traditional financial analysis.

ESG factors are viewed as an integral component of our primary research that when used in conjunction with quantitative metrics and other qualitative assessments help to fully analyze the risks and opportunities of a specific issuer. 

We believe that optimal results in fixed income products are best achieved through a traditional,value-based approach, using fundamental analysis with teams focused by sector to extract value from each step.  Our management process combines top-down decision making with bottom-up security selection to build diversified, risk-managed products.  Top-down portfolio structural inputs of duration management, sector allocation, yield-curve strategy and currency management are overlaid at the security selection level where securities are identified through analysis of industry outlook, relative value, credit quality, and, structural characteristics.

Materiality Assessment

ESG factors play a vital role at both the security selection and allocation level to better understand the risks and opportunities of a specific issuer.  ESG risks are an important consideration during the research process given their material impact to the enterprise value of a company, which in turn influences its creditworthiness.  Prudent assessment of material ESG headwinds seek to address the fundamental question of whether investors are being fairly compensated for their credit risk.  Investment teams have available to them a robust set of tools to help them identify ESG risks and integrate this information into their credit analysis process.  Investment teams have available to them a robust set of tools to help them identify ESG risks and integrate this information into their credit analysis process. Each investment team builds their own unique framework for incorporating ESG factors into their investment process based on their fixed income sector and the investment thesis of the overall portfolio and individual securities. Because third-party data are not of high quality or broadly available for some types of issuers, i.e. high yield, municipal or securitized markets, many of our credit investment teams rely on their own proprietary frameworks for evaluating material ESG risks and integrating it into their credit scoring methodologies.

Proprietary ESG Analytics

ESG resources are housed in a centralized hub which is accessible to all investment teams.  These resources include ESG data from third-party vendors, proprietary Federated Hermes ESG data and research, and engagement insights from EOS corporate engagement teams. This information is consolidated into an ESG Dashboard which provides investment teams with a quantitative assessment by E, S, and G pillars rolled up into a single issuer QESG score. The use of the proprietary Federated Hermes ESG Dashboard ensures that all companies (subject to the availability of the data) can be compared against their peers on a sector, region or global basis with respect to a range of ESG considerations. Our proprietary QESG score captures how well a company manages ESG risks, and importantly whether this is improving or not. The QESG score not only incorporates third-party research indicators, but also the insights of voting and engagement activity.  EOS corporate engagements, which are long-term and objective-focused interactions related to ESG risk and long-term enterprise value, provide opportunity for evaluating management quality and commitment to addressing structural ESG risks.  These proprietary insights allow investment teams both a historical as well as a forward-looking perspective, to better understand their ESG trajectory.  

Engagement

Our fixed income teams also have access to unique ESG insights about a specific issuer through a team of dedicated engagers within the EOS division of Federated Hermes.  EOS is a pioneer in active engagement and stewardship with over a 15 year track record.  Our team of active engagers are ESG subject-matter experts with direct access to corporate boards and executives providing a unique vantage point to evaluate and monitor the ESG progress and momentum of a corporate issuer.  They possess deep knowledge of ESG themes and materiality in the industries and companies they cover, providing meaningful insights into an issuer's willingness and ability to manage their ESG risks within the context of an enterprise long-term strategic plan.

Each corporate engagement has specific objectives based on material ESG issues and every interaction with the company is documented in the EOS database.  In order to measure progress, every key environmental, social, governance and strategic engagement theme is tracked using our proprietary milestone system.  As a company makes a deeper commitment to positive change during their collaborative dialogue with our active engagers, their ESG momentum becomes measurable in the EOS database.  Advance Engagement Analytics measure engagement progress based on quantifiable milestones providing a proof statement of forward-looking and intentional ESG integration.

 

 

10.2. Describe how your ESG integration approach is adapted to each of the different types of fixed income you invest in.

SSA

One of the challenges in assessing ESG risks for sovereigns generally is a lack of ESG data and ratings. We find the materiality of E&S issues typically vary by sovereign, but the importance of governance is consistently paramount  across all sovereigns. Investment teams use external research sources and proprietary to the extent data is available. 

For non-U.S. sovereign obligations, for example, we look to compliance with and adherence to international policy norms as a first step when analyzing an issue.  We look for compliance with international guidelines designed to prevent money laundering such as OFAC, UN Securities Council Sanctions list, the Wolfsberg Principles and the Equator Principles.  For other types of SSA debt, such as state or municipal issues, due to the large of number of issuing entities, third-party ratings agencies simply cannot provide coverage on all or even a majority of issuers.  As a result, our municipal bond investment teams have established their own ESG operating guidelines.  Its purpose is to provide a framework for analysts to capture and mitigate ESG risks that are associated with an ultimate obligor under review.  Analysts evaluate ESG aspects that the obligor may be exposed to, ensuring that ESG risks are documented and accounted for. 

Ultimately, investors should be compensated for risks that might otherwise go unnoticed without the added perspective of an ESG lens. The ESG analysis framework follows these steps.  First, available information and sources are documented, both third-party and proprietary such as MSCI, Sustainalytics, ESG Dashboard, SASB and NRSRO ESG assessments. Next, general ESG factors and material sector specific issues are identified (e.g.. issues where the obligor is an educational entity such as a school district would be very distinct from those of a healthcare system). Finally, an internal rating score for the security is determined and integrated with the investment team's overall credit rating which helps inform the ultimate decision to buy/hold/sell the security.  Beyond ratings and data, portfolio managers and analysts actively engage the issuers as a key part of their due diligence and fundamental research process.  These conversations with obligors yield important information about exposure to other ESG-related risks and what systems and processes are in place to mitigate those risks.

Corporate (financial)

Investment teams whose portfolio holdings include debt issuances from banks and other financial institutions use ESG data and resources to better assess creditworthiness and exposure to ESG-related risk.  Banks are highly regulated institutions which means there are very specific risks to which they are exposed. Governance, regulatory compliance, fraud, data privacy and cybersecurity are examples of critical ESG issues which analysts consider when determining whether a security meets a portfolio's credit quality requirements. 

To assess these and other relevant ESG risks, analysts look to multiple sources of ESG data via our ESG Dashboard's assessment of the issuer to determine how its ESG-related  risks compare to its peers, whether those risks are increasing or decreasing, and which "pillar" presents the most risk.  Direct EOS engagement insights are reviewed to assess whether the bank is progressing towards mitigating those risks.  Third-party sources such as MSCI and Sustainalytics are used to flag any controversies the bank may have been involved in and the level of severity of the controversy. 

The above ESG inputs are used to formulate an assessment and adjust the overall credit rating of the issuer and the specific security being evaluated.  Beyond ratings and data, portfolio managers and analysts directly engage with the issuers as a key part of their due diligence process.  These proactive conversations with issuers also yield important information about exposure to other ESG-related risks and what systems and processes are in place to mitigate those risks.

 

Corporate (non-financial)

Federated assesses the credit quality of securities using a broad range of quantitative and qualitative metrics, reflective of the broad range of sectors and industries of corporate securities.  Qualitative items include competitive profile, product positioning, management effectiveness/experience, and material ESG factors.  Among ESG-related risks we believe that poor governance is often the most material as this can lead to ineffective strategy and incompetent management, as well as intensifying environmental and social risks - all of which can corrode the value of a business and the risk that a company fails to meet its financial obligations no matter how attractive its assets currently are or how much market share it has at present.  

Governance concerns, along with other material ESG-related concerns are integrated into investment teams' credit analysis using resources from third-party ESG data vendors, proprietary  Federated Hermes ESG data and research, and engagement insights from EOS at Federated Hermes corporate engagement teams. This information is consolidated into an ESG Dashboard which provides investment teams with a quantitative assessment by E, S, and G pillars rolled up into a single issuer QESG score. The use of the proprietary ESG Dashboard ensures that all companies can be compared against their peers on a sector, region or global basis with respect to a range of ESG considerations. Our proprietary QESG score captures how well a company manages ESG risks, and importantly whether this is improving or declining. The QESG score not only incorporates third-party research indicators, but also the insights of voting and engagement activity.  EOS corporate engagements, which are long-term and objective-focused interactions related to ESG risk and long-term enterprise value, provide opportunity for evaluating management quality and commitment to addressing ESG long-term risks.  These insights, when married with ESG data, allow investment teams both historical as well as a forward-looking perspective.  

In the high yield market, external and internal resources are not widely available or of low quality.  As a result our U.S. High Yield investment team has developed a proprietary framework for incorporating ESG factors into their credit analysis. 

  • Each analyst is required to rate each company under their coverage universe on ESG factors.  Analysts identify sector-specific risks that companies face within E&S dimensions then evaluate whether the governance structure is appropriate and capable of mitigating these risks.  Sector-level risk factors can include, among others, labor market indicators, health factors, human capital development, privacy issues, supply chain concerns, diversity, and carbon footprint.
  • Analysts then formulate an ESG rating and comment on relative value risk/reward.
  • As part of our governance assessment, analysts comment on bondholder protections and the level of alignment between bondholder protections and shareholder interests. Governance issues are closely monitored in the high yield market where analysts must assess management's plan for addressing highly levered balance sheets, priorities for free cash flow allocation and the ability to implement a business strategy successfully.
  • A low ESG score prompts a discussion about the risks inherent from the ESG metrics and the analyst's views about the trajectory of the rating.
  • Marrying a proprietary credit analysis with high or low ESG ratings helps identify risk that may not appropriately be accounted for in the bond yield.  

 

 

Securitised

The primary challenge in identifying ESG-related risks in securitized products is the issue of transparency and the ability to "map-up" the security to identify its sponsoring entity.  By carefully unraveling these securities, the same set of Federated Hermes proprietary ESG data and engagement resources have been applied to understand the ESG risks in structured finance.  

Our Structured Products team developed their own ESG assessment framework for securitized assets.  A key component of their integration process is a bottom-up, qualitative ESG review of each security, which is then rolled-up to the issuer level.  The team assesses the quality of an issuer and/or the underlying collateral against material ESG factors that are sector and industry-specific.  After careful analysis of the security, issuer, and collateral, the team assigns a score to each of the material ESG issues in order to identify and monitor structural risks as well as mispriced opportunities.

10.3. Additional information [OPTIONAL]


FI 11. Integration - ESG information in investment processes

11.1. Indicate how ESG information is typically used as part of your investment process.

Select all that apply
SSA
Corporate (financial)
Corporate (non-financial)
Securitised
ESG analysis is integrated into fundamental analysis
ESG analysis is used to adjust the internal credit assessments of issuers.
ESG analysis is used to adjust forecasted financials and future cash flow estimates.
ESG analysis impacts the ranking of an issuer relative to a chosen peer group.
An issuer`s ESG bond spreads and its relative value versus its sector peers are analysed to find out if all risks are priced in.
The impact of ESG analysis on bonds of an issuer with different durations/maturities are analysed.
Sensitivity analysis and scenario analysis are applied to valuation models to compare the difference between base-case and ESG-integrated security valuation.
ESG analysis is integrated into portfolio weighting decisions.
Companies, sectors, countries and currency and monitored for changes in ESG exposure and for breaches of risk limits.
The ESG profile of portfolios is examined for securities with high ESG risks and assessed relative to the ESG profile of a benchmark.
Other, specify in Additional Information

11.2. Additional information [OPTIONAL]


FI 12. Integration - E,S and G issues reviewed

12.1. Indicate the extent to which ESG issues are reviewed in your integration process.

Environment
Social
Governance
SSA

Environmental

Social

Governance

Corporate (financial)

Environmental

Social

Governance

Corporate (non-financial)

Environmental

Social

Governance

Securitised

Environmental

Social

Governance

12.2. Please provide more detail on how you review E, S and/or G factors in your integration process.

SSA

One of the challenges in assessing ESG risks for sovereigns generally is a lack of quality and availability of ESG data. We find the materiality of E&S issues typically vary by sovereign, but the importance of governance is consistently paramount  across all sovereigns. It is our observation that very often the lines blur between governance and social issues where government policies can lead to labor strife or human rights abuses.  Investment teams use external research sources and proprietary resources to the extent data is available. External sources such as World Bank, MSCI, Sustainalytics, sell-side research and national credit rating agency reports support our analysts' fundamental research and credit analysis.   For non-U.S. sovereign obligations, for example, we look to compliance with and adherence to international policy norms when analyzing an issue.  We look for compliance with international guidelines designed to prevent money laundering such as OFAC, UN Securities Council Sanctions list, the Wolfsberg Principles and the Equator Principles.  

For other types of SSA debt, such as state or municipal issues, due to the large of number of issuing entities, third party rating agencies simply cannot provide coverage on all or even a majority of issuers.  As a result, our municipal bond investment teams have established their own ESG operating guidelines.  Its purpose is to provide a framework for analysts to capture and mitigate ESG risks that are associated with an ultimate obligor under review.  Analysts evaluate ESG aspects that the obligor may be exposed to, ensuring that ESG risks are documented and accounted for.  Ultimately, investors should be compensated for risks that might otherwise go unnoticed without the added perspective of an ESG lens. The ESG analysis framework follows a series of detailed steps to arrive at an assessment of ESG risks that are then integrated with an overall credit assessment. 

  • Document any available ESG ratings or credit reports for the obligor from MSCI, Sustainalytics, SASB, and NRSRO. Beyond ratings and data, portfolio managers and analysts often directly engage with the issuers as a key part of their due diligence process for an obligor.  These conversations with obligors often yield important information about exposure to ESG-related risks and an assessment of whether adequate governance structures are in place to mitigate those risks.
  •  Assess material ESG risks by type of project. The investment team has identified 10 municipal project sectors and mapped out sector specific material ESG considerations.  
  • Assign a rating to the ESG risk assessment and marry that proprietary score with their traditional credit analysis to support an overall risk assessment of the security.

 

Corporate (financial)

Federated's approach to incorporating ESG into the credit analysis of financial corporate issuers focuses on three areas: data, materiality and engagement. These elements are the foundation for formulating a proprietary ESG rating for the issuer which is then added to the overall credit score of the issuer;  the ESG score can either enhance or decrease the overall score and help determine if a particular issuer meets the credit quality criteria for a given portfolio.  This integration of ESG data with fundamental quantitative metrics and other qualitative considerations allows a more robust understanding of the risks and opportunities within a security.

Data - Proprietary Dashboards are used to evaluate issuer ESG exposure and momentum.  Our ESG Dashboard provides a concise digest of ESG data, incorporating research from 10 leading providers including Sustainalytics, MSCI, Trucost, Bloomberg, ISS and CDP, and it includes EOS at Federated Hermes ("EOS") engagement and stewardship information. A valuable component of the Dashboard is the QESG score, a proprietary ranking applied to over 12,000 global securities created by Hermes over a decade ago.  The score captures how well a company manages ESG risk, versus its peers as well as ESG rating momentum.  Investment teams incorporate the QESG rating, both the overall composite QESG score as well as individual E, S, and G pillar scores, to go deeper into a particular E, S, or G risk which may be increasing or decreasing in its materiality to the company.  

Materiality - Research is focused on financially material ESG risks and opportunities in each industry.  Identifying financially material factors requires both fundamental research and external sources such as sell-side research and NRA reports such as Moody's, Fitch and S&P.  In 2018 Federated joined the Sustainability Accounting Standards Board (SASB).  SASB has developed a complete set of standards for 77 industries, focusing on ESG and sustainability risks that are financially material to each industry sector.  Federated Hermes has multiple representatives on SASB boards and working groups including our Director of Responsible Investing, Director of ESG Integration and one of our Chief Investment Officers.  All of our investment teams have access to SASB materiality maps through a centralized ESG hub that houses SASB materiality matrices, proprietary ESG portfolio tools, ESG third-party data and EOS corporate engagement insights.

Engagement - Investment teams have access to unique ESG insights about a specific issuer through EOS dedicated engagers.  These corporate engagement specialists have deep knowledge of industry sectors, the companies they cover, and material ESG priorities, providing meaningful insight into an issuer's willingness to managing their ESG risks within the context of an enterprise's long-term strategic plan. This perspective on long-term ESG risks can impact an investment team's assessment of bond valuations.  Direct engagement with issuers is not only important to obtain additional insights into a company's ESG practices, it can also serve as a mechanism to improve issuer's ESG profiles and thereby reduce risks over the longer term.

Money market funds, Federated's largest asset class, are often viewed as too short-term for ESG considerations to be meaningful.  But we have taken the position that ESG considerations within money markets can have the potential to act as very effective risk management tool for a vital asset class. Money market funds required that securities be "of the highest quality".  NRSRO ratings are only one input into the credit analysis required.  Federated believes that ESG risks are a critical component of this analysis.  A 2017 Hermes study on the relationship between ESG factors and spreads on CDS concluded that the better an issuer's ESG performance, the lower the CDS spread, i.e. issuers with better ESG credentials retain relatively lower structural risk.  The need for the utmost confidence in the liquidity market, coupled with the need for deep analysis of high quality issuers render ESG issues highly relevant because even short-term securities can be exposed to ESG risks.  If a global bank is hit by an ESG event, it does not matter in which security your are invested: ESG events affect issuers and all of their financial instruments whether they are a bond, repurchase agreement or commercial paper. What makes ESG data integration in the liquidity markets particularly challenging is that coverage of ESG information might not be satisfactory, especially for smaller issuers or credit-enhanced or collateralized instruments. 

The Federated Hermes Money Market team developed their own in-house ESG assessments of corporate issuers and a view on how exposed the underlying collateral, such as bank loans and receivables or the sponsor or credit enhancer, are to ESG impacts.  One of their main tools is the ESG Dashboard, powered by our proprietary QESG score, which serves as an extension of their deep primary research.  These scores, as noted above, act as an early indicator of changing ESG risks, thereby alerting analysts and portfolio managers to potential risks and opportunities.  Another key ESG information source is direct engagement with issuers.  Our liquidity analysts engage with hundreds of issuers per year.  In addition, they benefit from joint engagements with our EOS engagement and stewardship division.  Proactive fundamental and ESG engagements help crystalize an issuer's risk profile and resilience towards ESG externalities. We believe that combining ESG analysis on an issuer level with direct engagement with corporate issuers and global banks is the only way to effectively integrate ESG into money market and liquidity portfolios, maintaining with utmost confidence their high quality, minimal credit risk requirements.

 

Corporate (non-financial)

Federated's approach to incorporating ESG into the credit analysis of corporate issuers focuses on three areas: data, materiality and engagement. These elements are the foundation for formulating a proprietary ESG rating for the issuer which is then added to the overall credit score of the issuer;  the ESG score can either enhance or decrease the overall score and help determine if a particular issuer meets the credit quality criteria for a given portfolio.  This integration of ESG data with fundamental quantitative metrics and other qualitative considerations allows a more robust understanding of the risks and opportunities within a security.

Data - Proprietary Dashboards are used to evaluate issuer ESG exposure and momentum.  Our ESG Dashboard provides a concise digest of ESG data, incorporating research from 10 leading providers including Sustainalytics, MSCI, Trucost, Bloomberg, ISS and CDP, and it includes EOS at Federated Hermes ("EOS") engagement and stewardship information. A valuable component of the Dashboard is the QESG score, a proprietary ranking applied to over 12,000 global securities created by Hermes over a decade ago.  The score captures how well a company manages ESG risk, versus its peers as well as ESG rating momentum.  Investment teams incorporate the QESG rating, both the overall composite QESG score as well as individual E, S, and G pillar scores, to go deeper into a particular E, S, or G risk which may be increasing or decreasing in its materiality to the company.  

In addition to the ESG Dashboard, investment teams have access to multiple portfolio-level tools for a holistic ESG perspective.  Our Carbon Tool enables investment teams to identify carbon risks in their portfolios and specific issuers that are or might become more exposed to carbon risks in the future.  Another key tool is the Portfolio Snapshot which retains differentiated engagement analytics.  The tool incorporates engagement activity as a percentage of AUM and also by ESG theme as well as progress achieved towards engagement objectives for that company.  This tool identifies a portfolio's carbon emission outliers for Scope 1, 2, and 3 emissions relative to its benchmark and industry peers.

Materiality - Research is focused on financially material ESG risks and opportunities in each industry.  Identifying financially material factors requires both fundamental research and external sources such as sell-side research and NRA reports such as Moody's, Fitch and S&P.  In 2018 Federated joined the Sustainability Accounting Standards Board (SASB).  SASB has developed a complete set of standards for 77 industries, focusing on ESG and sustainability risks that are financially material to each industry sector.  Investment teams have access to SASB materiality maps through a centralized ESG hub that houses SASB materiality matrices, proprietary ESG portfolio tools, ESG third-party data and EOS  corporate engagement insights.

Engagement - Investment teams have access to unique ESG insights about a specific issuer through EOS dedicated engagers.  These corporate engagement specialists have deep knowledge of industry sectors, the companies they cover, and material ESG priorities, providing meaningful insight into an issuer's willingness to managing their ESG risks within the context of an enterprise's long-term strategic plan. This perspective on long-term ESG risks can impact an investment team's assessment of bond valuations.  Direct engagement with issuers is not only important to obtain additional insights into a company's ESG practices, it can also serve as a mechanism to improve issuer's ESG profiles and thereby reduce risks over the longer term.

External sources of data as described above for identifying ESG risks are not always as available or are limited for certain asset classes. When this is the case, as it is for the high yield bond market, one of our firm's largest franchises, our investment team developed a proprietary framework for identifying potential ESG risks and opportunities.  Our high yield strategy applies a bottom-up process, focusing on strong operating companies that generate free cash flow in stable and predictable businesses.  Our process includes: focus on franchise value, industry profile, competitive profile, strength of management, i.e.. governance, forward-looking view of company financials and a belief that the market is more efficient at pricing high-yield credit risk than rating agencies, from whom we may hold a fundamentally different view of quality.

Our high yield investment team has developed a proprietary ESG research framework for incorporating ESG considerations across all high yield securities:

  • Proprietary ratings process - Analysts identify sector-specific risks that companies face within environmental and social dimensions via research sources such as SASB materiality map; then the governance structure is evaluated to determine whether it is appropriate and capable of mitigating these risks.  Sector level risk factors can include labor market indicators, human capital development, privacy issues, supply chain concerns, diversity and carbon footprint .  Analysts comment specifically on the level of risk and how management teams are addressing those risks.
  • Risk - Analysts are expected to formulate an ESG rating and comment on relative value risk/reward.
  • Bondholder Protections - As part of our governance assessment, analysts vigilantly monitor bondholder protections.  While our analysts have always engaged with management teams to evaluate factors fundamentally impacting credit, ESG due diligence is viewed as a natural extension of their primary debtholder stewardship research.  

Marrying the team's proprietary credit analysis assessment with ESG ratings allows the team to identify low or poor ESG companies with low credit analytics and identify business risks that could cause the spreads to widen. Companies are then siloed by credit analytics and by the issuer's ESG pillar components to scrutinize why particular companies are scoring poorly.  A low score prompts a discussion about the risks inherent from ESG metrics and the analyst's views about the trajectory of the rating.

Securitised

Securitized debt instruments are defined as financial securities that are created by securitizing individual loan products; it is a complex process that includes pooling a large number of loans and transferring the payments to the security holders.  One drawback of securitized debt is that they create a complex financial system and it becomes difficult to identify who owes money and to whom they owe it.  ​What makes ESG data integration particularly challenging in securitized products is that, unlike in sovereign or corporate debt, the issuer or issuers are not readily identified; rather, ownership is opaque and typically involves multiple parties. This lack of transparency makes applying an ESG framework to these instruments difficult; nor are there third party ESG data providers for securitized products upon which to rely. 

Our Structured Products team integrates ESG factors into securitized due diligence by looking beyond the issuer of a securitized product to its ultimate sponsoring corporate entity. Our investment team applies their own ESG assessments of corporate issuers and a view on how exposed the underlying collateral, such as bank loans and receivables or the sponsor or credit enhancer, are to ESG impacts. Using the framework of data, materiality and engagement allows integration of ESG factors to follow the same processes as those used for corporate issuers.  Using third-party ESG ratings, if available, are a starting point but are most effectively used with the ESG Dashboard, which provides a QESG score and the benefit of multiple rating sources.  These scores, as noted above, act as an early indicator of changing ESG risks, thereby alerting analysts and portfolio managers to potential risks and opportunities.  It is important to recognize that even when these ESG scores are available, they are additive to the proprietary, fundamental research by the analysts and portfolio managers.  In addition, our Structured Products team directly engages with issuers as well as leveraging the insights from our EOS engagement and stewardship division. Engagement helps to make the picture clearer about an issuer's ESG risk and resilience towards ESG externalities.  

12.3. Additional information.[OPTIONAL]


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