
	June 30, 2023		March 31, 2023

Non-U.S. sovereign debt	$	2,017,384	1,029,857
Corporate debt	1,219,252		1,269,879
Corporate equity	87,821		65,741
U.S. sovereign debt	42,437		45,022
Exchange traded notes	2,172		2,057
Total trading securities	$	3,369,066	$	2,412,556


	June 30, 2023		March 31, 2023

Corporate debt	$	165,662	$	191,082
Non-U.S. sovereign debt	48,025		40,162
U.S. sovereign debt	7,758		7,809
Total available-for-sale securities, at fair value	$	221,445	$	239,053


	June 30, 2023
	Remaining contractual maturity of the agreements
	Up to 1 year		1-5 years		5-10 years		More than 10 years		Total

Corporate debt	34,526		77,543		53,583		10		165,662
Non-US sovereign debt	—		36,502		5,351		6,172		48,025
US sovereign debt	1,964		2,804		1,700		1,290		7,758
Total available-for-sale securities, at fair value	$	36,490	$	116,849	$	60,634	$	7,472	$	221,445


	March 31, 2023
	Remaining contractual maturity of the agreements
	Up to 1 year		1-5 years		5-10 years		More than 10 years		Total

Corporate debt	77,006		82,579		31,486		11		191,082
Non-US sovereign debt	—		33,143		820		6,199		40,162
US sovereign debt	1,947		2,805		1,725		1,332		7,809
Total available-for-sale securities, at fair value	$	78,953	$	118,527	$	34,031	$	7,542	$	239,053

As of June 30, 2023, the Group held debt securities of two issuers each of which individually exceeded 10% of the Group’s total trading securities - the Ministry of Finance of the Republic of Kazakhstan (S&P Global: BBB- credit rating) in the amount of $2,005,538 and Kazakhstan Sustainability Fund JSC (Fitch: BBB credit rating) in the amount of $770,185. As of March 31, 2023, the Group held debt securities of two issuers each of which individually exceeded 10% of the Group’s total trading securities - the Ministry of Finance of the Republic of Kazakhstan and the Kazakhstan Sustainability Fund

JSC in the amounts of $1,015,161 and $834,917, respectively. The debt securities issued by the Ministry of Finance of the Republic of Kazakhstan and Kazakhstan Sustainability Fund JSC are categorized as non-US sovereign debt and corporate debt, respectively.

The fair value of securities is determined using observable market data based on recent trading activity. Where observable market data is unavailable due to a lack of trading activity, the Group utilizes internally developed models to estimate fair value and independent third parties to validate assumptions, when appropriate. Estimating fair value requires significant management judgment, including benchmarking to similar instruments with observable market data and applying appropriate discounts that reflect differences between the securities that the Group is valuing and the selected benchmark. Depending on the type of securities owned by the Group, other valuation methodologies may be required.

Measurement of fair value is classified within a hierarchy based upon the transparency of inputs used in the valuation of an asset or liability. Classification within the hierarchy is based upon the lowest level of input that is significant to the fair value measurement.

•Level 2 - Valuation inputs are quoted market prices for identical assets or liabilities in markets that are not active, quoted market prices for similar assets and liabilities in active markets, and other observable inputs directly or indirectly related to the asset or liability being measured.

The following tables present securities assets in the Сondensed Сonsolidated Balance Sheets or disclosed in the Notes to the condensed consolidated financial statements at fair value on a recurring basis as of June 30, 2023, and March 31, 2023:


	Weighted Average Interest Rate		Total		Fair Value Measurements as of June 30, 2023 using
					Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Units
					(Level 1)		(Level 2)		(Level 3)

Non-U.S. sovereign debt	12.71	%	$	2,017,384	$	1,951,883	$	65,466	$	35
Corporate debt	16.05	%	1,219,252		922,010		296,914		328
Corporate equity	—	%	87,821		65,058		2,421		20,342
U.S. sovereign debt	4.84	%	42,437		42,437		—		—
Exchange traded notes	—	%	2,172		878		1,294		—

Total trading securities			$	3,369,066	$	2,982,266	$	366,095	$	20,705

Corporate debt	17.52	%	$	165,662	$	93,274	$	72,388	$	—
Non-US sovereign debt	13.87	%	48,025		41,023		7,002		—
US sovereign debt	4.84	%	7,758		7,758		—		—

Total available-for-sale securities, at fair value			$	221,445	$	142,055	$	79,390	$	—


	Weighted Average Interest Rate		Total		Fair Value Measurements as of March 31, 2023 using
					Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Units
					(Level 1)		(Level 2)		(Level 3)

Corporate debt	15.62	%	$	1,269,879	$	1,106,584	$	162,895	$	400
Non-U.S. sovereign debt	12.04	%	1,029,857		971,762		54,319		3,776
Corporate equity	—		65,741		62,971		1,808		962
U.S. sovereign debt	4.22	%	45,022		45,022		—		—
Exchange traded notes	—		2,057		447		1,610		—

Total trading securities			$	2,412,556	$	2,186,786	$	220,632	$	5,138

Corporate debt	15.78	%	$	191,082	$	129,504	$	61,578	$	—
Non-U.S. sovereign debt	13.64	%	40,162		39,624		538		—
U.S. sovereign debt	4.24	%	7,809		7,809		—		—

Total available-for-sale securities, at fair value			$	239,053	$	176,937	$	62,116	$	—

The tables below present the valuation techniques and significant level 3 inputs used in the valuation as of June 30, 2023, and March 31, 2023. The tables are not intended to be all inclusive, but instead capture the significant unobservable inputs relevant to determination of fair value.

Type

Valuation Technique

FV as of June 30, 2023

Significant Unobservable Inputs

Non-US sovereign debt

DCF

Discount rate

48.8%

Estimated number of years

11 years

Corporate debt

DCF

328

Discount rate

74.0%

Estimated number of years

3 months

Corporate equity

DCF

20,000

Discount rate

13.0%

Estimated number of years

4 years, 6 months

Corporate equity

DCF

342

Discount rate

58.8%

Estimated number of years

9 years

Total

20,705

Type

Valuation Technique

FV as of March 31, 2023

Significant Unobservable Inputs

Non-US sovereign debt

DCF

3,776

Discount rate

48.8%

Estimated number of years

11 years

Corporate debt

DCF

400

Discount rate

74.0%

Estimated number of years

3 months

Corporate equity

DCF

962

Discount rate

58.8%

Estimated number of years

9 years

Total

5,138

The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the three months ended June 30, 2023, and the year ended March 31, 2023:


	Trading securities
Balance as of March 31, 2023	$	5,138
Purchase of investments that use Level 3 inputs	20,000
Deconsolidation of Freedom UA securities	(3,928)
Revaluation of investments that use Level 3 inputs	24
Reclassification to investment in associate	$	(529)
Balance as of June 30, 2023	$	20,705

Balance as of March 31, 2022	$	9,142
Reclassification to level 2	(1,339)
Sale of investments that use Level 3 inputs	(5,213)
Purchase of investments that use Level 3 inputs	2,604
Revaluation of investments that use Level 3 inputs	(56)
Balance as of March 31, 2023	$	5,138

The table below presents the amortized cost, unrealized gains and losses accumulated in other comprehensive income, and fair value of available-for-sale securities as of June 30, 2023, and March 31, 2023:


	June 30, 2023
		Assets measured at amortized cost		Recognized impairment loss in Income Statement		Unrealized loss accumulated in other comprehensive loss		Assets measured at fair value		Maturity Date

Corporate debt		$	166,265	$	(61)	$	(542)	$	165,662	2023-2035
Non-US sovereign debt		49,979		(248)		(1,706)		48,025		2024-indefinite
U.S. sovereign debt		8,451		—		(693)		7,758		2023-2044
Total available-for-sale securities, at fair value		$	224,695	$	(309)	(2,941)		$	221,445