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May 27, 2022 11:48 AM EDT 

  
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      ADVISORS' INNER CIRCLE III
      811-22920
      0001593547
      549300TG800HOPJVWT31
      ONE FREEDOM VALLEY DRIVE
      OAKS
      
      19456
      8774463863
      Aperture New World Opportunities Fund
      S000063768
      549300KQFTG6MAUPT147
      2022-12-31
      2022-03-31
      N
    
    
      337064355.92
      13201599.28
      323862756.64
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      0.00000000
      0.00000000
      0.00000000
      5148406.47000000
      
        
          USD
          
          
        
        
          ZAR
          
          
        
      
      
      
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        SAUDI ELECTRICITY GLOBAL SUKUK COMPANY 5
        549300WDKWTRF2HVF283
        SAUDI ELECTRICITY GLOBAL SUKUK CO 5 1.740000% 09/17/2025
        N/A
        
          
        
        1665000.00000000
        PA
        USD
        1588133.61000000
        0.490372411596
        Long
        DBT
        NUSS
        SA
        
        N
        
        2
        
          2025-09-17
          Fixed
          1.74000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Pemerintah Republik Indonesia
        529900FWX0GRR7WG5W79
        REPUBLIC OF INDONESIA 4.350000% 01/08/2027
        Y20721BQ1
        
          
        
        1566000.00000000
        PA
        USD
        1663406.50000000
        0.513614630239
        Long
        DBT
        NUSS
        ID
        
        N
        
        2
        
          2027-01-08
          Fixed
          4.35000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        PAMPA ENERGIA S.A.
        254900QNIK0CVURGML24
        PAMPA ENERGIA SA 7.500000% 01/24/2027
        P7464EAA4
        
          
        
        320000.00000000
        PA
        USD
        280766.40000000
        0.086693018645
        Long
        DBT
        NUSS
        AR
        
        N
        
        2
        
          2027-01-24
          Fixed
          7.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        EGYPTIAN POUND
        N/A
        FX Forward Contract: EGP/USD SETTLE 2022-06-08
        N/A
        
          
        
        1.00000000
        NC
        
        61815.34000000
        0.019086893671
        N/A
        DFE
        
        EG
        
        N
        
        2
        
          
            
              J.P. MORGAN SECURITIES
              N/A
            
            1340414.51000000
            USD
            25870000.00000000
            EGP
            2022-06-08
            61815.34000000
          
        
        
          N
          N
          N
        
      
      
        ADANI PORTS AND SPECIAL ECONOMIC ZONE LIMITED
        335800QOAXP5TM7OYP69
        ADANI PORTS & SPECIAL ECONOMIC ZONE LTD 3.375000% 07/24/2024
        Y00130RW9
        
          
        
        364000.00000000
        PA
        USD
        358736.56000000
        0.110768080813
        Long
        DBT
        NUSS
        IN
        
        N
        
        2
        
          2024-07-24
          Fixed
          3.37500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Banco de Credito del Peru
        549300EQYQ8SCQZ4BY14
        BANCO DE CREDITO DEL PERU S.A. 2.700000% 01/11/2025
        05971V2A2
        
          
        
        636000.00000000
        PA
        USD
        619082.40000000
        0.191155786612
        Long
        DBT
        NUSS
        PE
        
        N
        
        2
        
          2025-01-11
          Fixed
          2.70000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        SHIMAO GROUP HOLDINGS LIMITED
        254900WTJ6B5CU69ZD26
        SHIMAO GROUP HOLDINGS LTD 5.200000% 01/16/2027
        BR4151782
        
          
        
        311000.00000000
        PA
        USD
        83970.00000000
        0.025927649375
        Long
        DBT
        NUSS
        CN
        
        N
        
        2
        
          2027-01-16
          Fixed
          5.20000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        QNB FINANSBANK ANONIM SIRKETI
        789000Q21SW842S9IJ58
        QNB FINANSBANK AS 6.875000% 09/07/2024
        N/A
        
          
        
        361000.00000000
        PA
        USD
        373877.59000000
        0.115443218565
        Long
        DBT
        NUSS
        TR
        
        N
        
        2
        
          2024-09-07
          Fixed
          6.87500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        TURKCELL ILETISIM HIZMETLERI ANONIM SIRKETI
        7890003EX1LTLS2FFL84
        TURKCELL ILETISIM HIZMETLERI AS 5.750000% 10/15/2025
        N/A
        
          
        
        655000.00000000
        PA
        USD
        625328.50000000
        0.193084412202
        Long
        DBT
        NUSS
        TR
        
        N
        
        2
        
          2025-10-15
          Fixed
          5.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        KAISA GROUP HOLDINGS LTD.
        254900N8L3L7NRJT0120
        KAISA GROUP HOLDINGS LTD 11.950000% 11/12/2023
        N/A
        
          
        
        1000000.00000000
        PA
        USD
        180250.00000000
        0.055656291532
        Long
        DBT
        NUSS
        CN
        
        N
        
        2
        
          2023-11-12
          Fixed
          11.95000000
          Y
          N
          N
        
        
          N
          N
          N
        
      
      
        Petroleos Mexicanos
        549300CAZKPF4HKMPX17
        PETROLEOS MEXICANOS 6.500000% 03/13/2027
        71654QCG5
        
          
        
        620000.00000000
        PA
        USD
        629610.00000000
        0.194406422810
        Long
        DBT
        NUSS
        MX
        
        N
        
        2
        
          2027-03-13
          Fixed
          6.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Banco Inbursa, S. A., Institucion de Banca Multiple, Grupo Financiero Inbursa
        9598007PWYZP4GP23S45
        BANCO INBURSA SA INSTITUCION DE BANCA MULTIPLE GRU 4.375000% 04/11/2027
        P13296AM3
        
          
        
        622000.00000000
        PA
        USD
        631330.00000000
        0.194937511972
        Long
        DBT
        NUSS
        MX
        
        N
        
        2
        
          2027-04-11
          Fixed
          4.37500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        SURA Asset Management S.A.
        549300013ETMS1C0EA22
        SURA ASSET MANAGEMENT SA 4.875000% 04/17/2024
        N8370TAA4
        
          
        
        358000.00000000
        PA
        USD
        363556.16000000
        0.112256242048
        Long
        DBT
        NUSS
        CO
        
        N
        
        2
        
          2024-04-17
          Fixed
          4.87500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ALPHABET INC.
        5493006MHB84DD0ZWV18
        ALPHABET INC-CL A COMMON STOCK
        02079K305
        
          
        
        172.00000000
        NS
        USD
        478392.20000000
        0.147714484049
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        ARABIAN CENTRES SUKUK II LIMITED
        549300X92PKHJD8UYG94
        ARABIAN CENTRES SUKUK II LTD 5.625000% 10/07/2026
        N/A
        
          
        
        1525000.00000000
        PA
        USD
        1442162.00000000
        0.445300353446
        Long
        DBT
        NUSS
        SA
        
        N
        
        2
        
          2026-10-07
          Fixed
          5.62500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ATP TOWER HOLDINGS, LLC
        254900CIKL1FQZ45N873
        ATP TOWER HOLDINGS LLC / ANDEAN TOWER PARTNERS COL 4.050000% 04/27/2026
        00216DAA9
        
          
        
        800000.00000000
        PA
        USD
        760000.00000000
        0.234667304102
        Long
        DBT
        NUSS
        CL
        
        Y
        
        2
        
          2026-04-27
          Fixed
          4.05000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Alsea, S.A.B. de C.V.
        4469000001BJLPKNUN21
        ALSEA SAB DE CV COMMON STOCK
        N/A
        
          
        
        240900.00000000
        NS
        
        597223.68000000
        0.184406409120
        Long
        EC
        
        MX
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Centrais Eletricas Brasileiras S.A.
        254900I8KYDELP4B4Z08
        CENTRAIS ELETRICAS BRASILEIRAS SA 3.625000% 02/04/2025
        P22835AA3
        
          
        
        311000.00000000
        PA
        USD
        304702.25000000
        0.094083757317
        Long
        DBT
        NUSS
        BR
        
        N
        
        2
        
          2025-02-04
          Fixed
          3.62500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        SK Innovation Co., Ltd.
        988400PXP70BWVSJVF07
        SK INNOVATION CO LTD 4.125000% 07/13/2023
        N/A
        
          
        
        200000.00000000
        PA
        USD
        201537.48000000
        0.062229285667
        Long
        DBT
        NUSS
        KR
        
        N
        
        2
        
          2023-07-13
          Fixed
          4.12500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        N/A
        N/A
        N/A
        N/A
        
          
        
        99121.00000000
        NC
        USD
        -14645.79000000
        -0.00452222112
        N/A
        DE
        
        US
        
        N
        
        2
        
          
            
              N/A
              N/A
            
            Y
            
            
              
                
              
            
            2024-03-10
            0.00000000
            USD
            0.00000000
            USD
            -297459.28000000
            USD
            -14645.79000000
          
        
        
          N
          N
          N
        
      
      
        KAISA GROUP HOLDINGS LTD.
        254900N8L3L7NRJT0120
        KAISA GROUP HOLDINGS LTD 9.375000% 06/30/2024
        N/A
        
          
        
        1018000.00000000
        PA
        USD
        193929.00000000
        0.059879994233
        Long
        DBT
        NUSS
        CN
        
        N
        
        2
        
          2024-06-30
          Fixed
          9.37500000
          Y
          N
          N
        
        
          N
          N
          N
        
      
      
        SMC GLOBAL POWER HOLDINGS CORP.
        549300HBCE80QXKII590
        SMC GLOBAL POWER HOLDINGS CORP 7.000000% MATURITY: PERPETUAL
        N/A
        
          
        
        632000.00000000
        PA
        USD
        610575.20000000
        0.188528994915
        Long
        DBT
        NUSS
        PH
        
        N
        
        2
        
          2170-04-21
          Fixed
          7.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        FIRST QUANTUM MINERALS LTD.
        549300I7UVBGWRYMYZ18
        FIRST QUANTUM MINERALS LTD 6.875000% 03/01/2026
        C3535CAJ7
        
          
        
        363000.00000000
        PA
        USD
        373109.55000000
        0.115206068728
        Long
        DBT
        NUSS
        ZM
        
        N
        
        2
        
          2026-03-01
          Fixed
          6.87500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        N/A
        N/A
        N/A
        N/A
        
          
        
        50029.00000000
        NC
        
        -8084.55000000
        -0.00249628888
        N/A
        DE
        
        ZA
        
        N
        
        2
        
          
            
              N/A
              N/A
            
            Y
            
            
              
                
              
            
            2024-02-08
            0.00000000
            ZAR
            0.00000000
            ZAR
            -9623645.46000000
            ZAR
            -8084.55000000
          
        
        
          N
          N
          N
        
      
      
        N/A
        N/A
        XAE ENERGY        JUN22 PHYSICAL INDEX FUTURE.
        N/A
        
          
        
        32.00000000
        NC
        USD
        2550720.00000000
        0.787592876211
        N/A
        DE
        
        US
        
        N
        
        1
        
          
            
              JP MORGAN
              N/A
            
            Long
            
              
                E-mini Energy Select Sector Futures Jun 2022
                N/A
                N/A
              
            
            2022-06-20
            2578170.20000000
            USD
            -27450.20000000
          
        
        
          N
          N
          N
        
      
      
        BRK: GOLDMAN SACHS
        N/A
        BRK: GOLDMAN SACHS REC: TELBOR03 INDEX
        N/A
        
          
        
        25500000.00000000
        NC
        
        110684.09000000
        0.034176232904
        N/A
        DIR
        
        XX
        
        N
        
        2
        
          
            
              BRK: GOLDMAN SACHS
              N/A
            
            Y
            
              
                
              
            
            
            2024-06-15
            0.00000000
            ILS
            0.00000000
            ILS
            -25500000.00000000
            ILS
            110684.09000000
          
        
        
          N
          N
          N
        
      
      
        N/A
        N/A
        N/A
        N/A
        
          
        
        244600.00000000
        NC
        USD
        -917.39000000
        -0.00028326505
        N/A
        DE
        
        US
        
        N
        
        2
        
          
            
              N/A
              N/A
            
            Y
            
            
              
                
              
            
            2024-03-28
            0.00000000
            USD
            0.00000000
            USD
            -80279.34000000
            USD
            -917.39000000
          
        
        
          N
          N
          N
        
      
      
        UNION PACIFIC CORPORATION
        549300LMMRSZZCZ8CL11
        UNION PACIFIC CORP COMMON STOCK
        907818108
        
          
        
        3190.00000000
        NS
        USD
        871539.90000000
        0.269107787830
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        BANK OF THE PHILIPPINE ISLANDS
        549300UW4UH6XT2X8C50
        BANK OF THE PHILIPPINE ISLANDS MTN 4.250000% 09/04/2023
        N/A
        
          
        
        379000.00000000
        PA
        USD
        386580.00000000
        0.119365376868
        Long
        DBT
        NUSS
        PH
        
        N
        
        2
        
          2023-09-04
          Fixed
          4.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Leviathan Bond LTD
        254900D9T8VKYVQNZ220
        LEVIATHAN BOND LTD 144A 6.125000% 06/30/2025
        N/A
        
          
        
        636026.00000000
        PA
        USD
        645374.31000000
        0.199274012453
        Long
        DBT
        NUSS
        IL
        
        Y
        
        2
        
          2025-06-30
          Fixed
          6.12500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        RENEW CLEAN ENERGY PRIVATE LIMITED
        3358008RR2HQOCUDCQ35
        RENEW POWER SYNTHETIC 6.670000% 03/12/2024
        Y7275HAA6
        
          
        
        364000.00000000
        PA
        USD
        371280.00000000
        0.114641153509
        Long
        DBT
        NUSS
        IN
        
        N
        
        2
        
          2024-03-12
          Fixed
          6.67000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ABQ FINANCE LIMITED
        549300EKNBMBS9DNYE37
        ABQ FINANCE LTD MTN 3.125000% 09/24/2024
        N/A
        
          
        
        212000.00000000
        PA
        USD
        210598.68000000
        0.065027137477
        Long
        DBT
        NUSS
        QA
        
        N
        
        2
        
          2024-09-24
          Fixed
          3.12500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Leviathan Bond LTD
        254900D9T8VKYVQNZ220
        LEVIATHAN BOND LTD 144A 6.500000% 06/30/2027
        N/A
        
          
        
        620000.00000000
        PA
        USD
        634364.16000000
        0.195874377956
        Long
        DBT
        NUSS
        IL
        
        Y
        
        2
        
          2027-06-30
          Fixed
          6.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        RIYAD SUKUK LIMITED
        549300P8GI2KKEMZUH97
        RIYAD SUKUK LTD 3.174000% 02/25/2030
        N/A
        
          
        
        644000.00000000
        PA
        USD
        630455.39000000
        0.194667456221
        Long
        DBT
        NUSS
        SA
        
        N
        
        2
        
          2030-02-25
          Fixed
          3.17400000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        SK hynix Inc.
        988400XAIK6XISWQV045
        SK HYNIX INC 144A 1.500000% 01/19/2026
        78392BAB3
        
          
        
        1700000.00000000
        PA
        USD
        1574027.60000000
        0.486016859835
        Long
        DBT
        NUSS
        KR
        
        Y
        
        2
        
          2026-01-19
          Fixed
          1.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Sino-Ocean Land Treasure Finance I Limited
        N/A
        SINO-OCEAN LAND TREASURE FINANCE I LTD 6.000000% 07/30/2024
        N/A
        
          
        
        248000.00000000
        PA
        USD
        202120.00000000
        0.062409151980
        Long
        DBT
        NUSS
        CN
        
        N
        
        2
        
          2024-07-30
          Fixed
          6.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MASHREQ BANK PSC
        5493000SA3K24EQKA103
        MASHREQBANK PSC MTN 4.250000% 02/26/2024
        N/A
        
          
        
        990000.00000000
        PA
        USD
        1005099.48000000
        0.310347349114
        Long
        DBT
        NUSS
        AE
        
        N
        
        2
        
          2024-02-26
          Fixed
          4.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        SHIMAO GROUP HOLDINGS LIMITED
        254900WTJ6B5CU69ZD26
        SHIMAO GROUP HOLDINGS LTD 6.125000% 02/21/2024
        N/A
        
          
        
        312000.00000000
        PA
        USD
        93756.00000000
        0.028949299688
        Long
        DBT
        NUSS
        CN
        
        N
        
        2
        
          2024-02-21
          Fixed
          6.12500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MINMETALS BOUNTEOUS FINANCE (BVI) LIMITED
        3003005FATJ63Y0MR949
        MINMETALS BOUNTEOUS FINANCE BVI LTD 4.200000% 07/27/2026
        N/A
        
          
        
        750000.00000000
        PA
        USD
        765942.26000000
        0.236502112174
        Long
        DBT
        NUSS
        CN
        
        N
        
        2
        
          2026-07-27
          Fixed
          4.20000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        U.S. DOLLARS
        N/A
        FX Forward Contract: USD/BRL SETTLE 2022-05-03
        N/A
        
          
        
        1.00000000
        NC
        USD
        -9928.62000000
        -0.00306568748
        N/A
        DFE
        
        US
        
        N
        
        2
        
          
            
              GOLDMAN, SACHS & CO.
              N/A
            
            4664738.78000000
            BRL
            962020.00000000
            USD
            2022-05-03
            -9928.62000000
          
        
        
          N
          N
          N
        
      
      
        KOOKMIN BANK
        549300XXMOJSIW8P4769
        KOOKMIN BANK MTN 4.350000% MATURITY: PERPETUAL
        Y4822WCT5
        
          
        
        726000.00000000
        PA
        USD
        726000.00000000
        0.224169029971
        Long
        DBT
        NUSS
        KR
        
        N
        
        2
        
          2171-01-02
          Fixed
          4.35000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Banco de Bogota S.A.
        549300LYHE7LWSKDZT53
        BANCO DE BOGOTA SA 4.375000% 08/03/2027
        P09252AM2
        
          
        
        630000.00000000
        PA
        USD
        604018.80000000
        0.186504557136
        Long
        DBT
        NUSS
        CO
        
        N
        
        2
        
          2027-08-03
          Fixed
          4.37500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Comision Federal de Electricidad
        4469000001BFPONMPF32
        COMISION FEDERAL DE ELECTRICIDAD 4.750000% 02/23/2027
        P29595AB4
        
          
        
        316000.00000000
        PA
        USD
        323110.00000000
        0.099767569248
        Long
        DBT
        NUSS
        MX
        
        N
        
        2
        
          2027-02-23
          Fixed
          4.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Shougang Group Co., Ltd.
        30030091XVDTZ9S51E79
        SHOUGANG GROUP CO LTD 4.000000% 05/23/2024
        N/A
        
          
        
        328000.00000000
        PA
        USD
        329336.01000000
        0.101689991592
        Long
        DBT
        NUSS
        CN
        
        N
        
        2
        
          2024-05-23
          Fixed
          4.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        The Hashemite Kingdom of Jordan
        5493000JZ4MYPVMBVN50
        KINGDOM OF JORDAN 4.950000% 07/07/2025
        N/A
        
          
        
        800000.00000000
        PA
        USD
        796128.00000000
        0.245822646685
        Long
        DBT
        NUSS
        JO
        
        N
        
        2
        
          2025-07-07
          Fixed
          4.95000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Kingdom of Saudi Arabia
        635400FMICXSM3SI3H65
        SAUDI GOVERNMENT INTERNATIONAL BOND MTN 3.250000% 10/26/2026
        N/A
        
          
        
        1846000.00000000
        PA
        USD
        1889177.94000000
        0.583326702829
        Long
        DBT
        NUSS
        SA
        
        N
        
        2
        
          2026-10-26
          Fixed
          3.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ICICI BANK LIMITED
        N/A
        ICICI BANK LTD/DUBAI MTN 4.000000% 03/18/2026
        45112FAJ5
        
          
        
        765000.00000000
        PA
        USD
        770706.99000000
        0.237973331047
        Long
        DBT
        NUSS
        IN
        
        N
        
        2
        
          2026-03-18
          Fixed
          4.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Turkiye Cumhuriyeti
        5493000PCHOG3B6S3Q85
        REPUBLIC OF TURKEY 6.375000% 10/14/2025
        900123CZ1
        
          
        
        1485000.00000000
        PA
        USD
        1451765.70000000
        0.448265714484
        Long
        DBT
        NUSS
        TR
        
        N
        
        2
        
          2025-10-14
          Fixed
          6.37500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        SK hynix Inc.
        988400XAIK6XISWQV045
        SK HYNIX INC 3.000000% 09/17/2024
        N/A
        
          
        
        500000.00000000
        PA
        USD
        495957.52000000
        0.153138176536
        Long
        DBT
        NUSS
        KR
        
        N
        
        2
        
          2024-09-17
          Fixed
          3.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ZTO Express (Cayman) Inc
        549300SCJPK3YZJTJR78
        ZTO EXPRESS CAYMAN INC-ADR DEPOSITARY RECEIPT
        98980A105
        
          
        
        26530.00000000
        NS
        USD
        663250.00000000
        0.204793538744
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        CHINA SCE GROUP HOLDINGS LIMITED
        549300Q8UEI2ERAP6P49
        CHINA SCE GROUP HOLDINGS LTD 7.375000% 04/09/2024
        N/A
        
          
        
        500000.00000000
        PA
        USD
        275000.00000000
        0.084912511352
        Long
        DBT
        NUSS
        CN
        
        N
        
        2
        
          2024-04-09
          Fixed
          7.37500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        N/A
        N/A
        N/A
        N/A
        
          
        
        6879.00000000
        NC
        USD
        8637.47000000
        0.002667015525
        N/A
        DE
        
        US
        
        N
        
        2
        
          
            
              N/A
              N/A
            
            Y
            
            
              
                
              
            
            2024-02-24
            0.00000000
            USD
            0.00000000
            USD
            -91886.16000000
            USD
            8637.47000000
          
        
        
          N
          N
          N
        
      
      
        OZTEL HOLDINGS SPC LIMITED
        549300RABIG0RH4JYT64
        OZTEL HOLDINGS SPC LTD 6.625000% 04/24/2028
        N/A
        
          
        
        288000.00000000
        PA
        USD
        301539.46000000
        0.093107173893
        Long
        DBT
        NUSS
        OM
        
        N
        
        2
        
          2028-04-24
          Fixed
          6.62500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ENN Clean Energy International Investment Limited
        3003009YZ3S5V395NR77
        ENN CLEAN ENERGY INTERNATIONAL INVESTMENT LTD 144A 3.375000% 05/12/2026
        268733AA0
        
          
        
        1650000.00000000
        PA
        USD
        1544525.86000000
        0.476907525898
        Long
        DBT
        NUSS
        CN
        
        Y
        
        2
        
          2026-05-12
          Fixed
          3.37500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Puma International Financing S.A.
        222100YFBPO7IDRUBR17
        PUMA INTERNATIONAL FINANCING SA 5.125000% 10/06/2024
        N/A
        
          
        
        1979000.00000000
        PA
        USD
        1884997.50000000
        0.582035896796
        Long
        DBT
        NUSS
        SG
        
        N
        
        2
        
          2024-10-06
          Fixed
          5.12500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        THE DEMOCRATIC SOCIALIST REPUBLIC OF SRI LANKA
        254900HXCCIOHM74FA02
        REPUBLIC OF SRI LANKA 6.350000% 06/28/2024
        Y8137FAQ1
        
          
        
        1500000.00000000
        PA
        USD
        736605.00000000
        0.227443565182
        Long
        DBT
        NUSS
        LK
        
        N
        
        2
        
          2024-06-28
          Fixed
          6.35000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        FIBRIA OVERSEAS FINANCE LTD.
        549300WABWKSHESAMG92
        FIBRIA OVERSEAS FINANCE LTD 4.000000% 01/14/2025
        31572UAG1
        
          
        
        310000.00000000
        PA
        USD
        315173.90000000
        0.097317117679
        Long
        DBT
        NUSS
        BR
        
        N
        
        2
        
          2025-01-14
          Fixed
          4.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MDGH GMTN (RSC) LTD
        213800WRY6FRL9IXLT77
        MDGH GMTN RSC LTD MTN 2.500000% 05/21/2026
        N/A
        
          
        
        2620000.00000000
        PA
        USD
        2549207.60000000
        0.787125888276
        Long
        DBT
        NUSS
        AE
        
        N
        
        2
        
          2026-05-21
          Fixed
          2.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ISRAELI SHEKEL
        N/A
        FX Forward Contract: ILS/USD SETTLE 2022-04-29
        N/A
        
          
        
        1.00000000
        NC
        
        9091.63000000
        0.002807247765
        N/A
        DFE
        
        IL
        
        N
        
        2
        
          
            
              GOLDMAN, SACHS & CO.
              N/A
            
            962024.97000000
            USD
            3097700.00000000
            ILS
            2022-04-29
            9091.63000000
          
        
        
          N
          N
          N
        
      
      
        N/A
        N/A
        Credit Default Swap
        SP9U0Z5L2
        
          
        
        3181000.00000000
        NC
        USD
        -13786.22000000
        -0.00425680931
        N/A
        DCR
        
        XX
        
        N
        
        2
        
          
            
              N/A
              N/A
            
            Y
            
            
            2027-06-20
            15278.87000000
            USD
            0.00000000
            USD
            3181000.00000000
            USD
            -29065.09000000
          
        
        
          N
          N
          N
        
      
      
        BANCO BRADESCO S.A.
        N/A
        BANCO BRADESCO SA/CAYMAN ISLANDS MTN 3.200000% 01/27/2025
        05947LAZ1
        
          
        
        622000.00000000
        PA
        USD
        616091.00000000
        0.190232123752
        Long
        DBT
        NUSS
        BR
        
        N
        
        2
        
          2025-01-27
          Fixed
          3.20000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Gobierno de la Republica Dominicana
        254900EHU7Q8FGVPI369
        DOMINICAN REPUBLIC 5.500000% 01/27/2025
        P3579EBD8
        
          
        
        1187000.00000000
        PA
        USD
        1226776.37000000
        0.378795136164
        Long
        DBT
        NUSS
        DO
        
        N
        
        2
        
          2025-01-27
          Fixed
          5.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        N/A
        N/A
        N/A
        N/A
        
          
        
        252000000.00000000
        NC
        
        -73979.85000000
        -0.02284296310
        N/A
        DIR
        
        XX
        
        N
        
        2
        
          
            
              N/A
              N/A
            
            Y
            
              
                
              
            
            
            2024-06-15
            0.00000000
            ZAR
            0.00000000
            ZAR
            -252000000.00000000
            ZAR
            -73979.85000000
          
        
        
          N
          N
          N
        
      
      
        DAR AL-ARKAN SUKUK COMPANY LTD.
        5493000UYHRBXEIYUQ69
        DAR AL-ARKAN SUKUK CO LTD 6.750000% 02/15/2025
        N/A
        
          
        
        672000.00000000
        PA
        USD
        673357.44000000
        0.207914440976
        Long
        DBT
        NUSS
        SA
        
        N
        
        2
        
          2025-02-15
          Fixed
          6.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        JANUB GAZ DAHLIZI GAPALI SAHMDAR JAMIYYATI
        213800DG58KG59XY6318
        SOUTHERN GAS CORRIDOR CJSC 6.875000% 03/24/2026
        N/A
        
          
        
        626000.00000000
        PA
        USD
        683141.28000000
        0.210935424340
        Long
        DBT
        NUSS
        AZ
        
        N
        
        2
        
          2026-03-24
          Fixed
          6.87500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        N/A
        N/A
        N/A
        N/A
        
          
        
        51365.00000000
        NC
        USD
        20083.27000000
        0.006201166879
        N/A
        DE
        
        US
        
        N
        
        2
        
          
            
              N/A
              N/A
            
            Y
            
            
              
                
              
            
            2024-02-08
            0.00000000
            USD
            0.00000000
            USD
            -126472.10000000
            USD
            20083.27000000
          
        
        
          N
          N
          N
        
      
      
        N/A
        N/A
        N/A
        N/A
        
          
        
        28907.00000000
        NC
        USD
        4161.47000000
        0.001284948613
        N/A
        DE
        
        US
        
        N
        
        2
        
          
            
              N/A
              N/A
            
            Y
            
            
              
                
              
            
            2024-03-23
            0.00000000
            USD
            0.00000000
            USD
            -162620.10000000
            USD
            4161.47000000
          
        
        
          N
          N
          N
        
      
      
        Republic of Lebanon
        529900QPC4K9S1KHL354
        LEBANON GOVERNMENT INTERNATIONAL BOND MTN 6.150000% 06/19/2020
        N/A
        
          
        
        2770000.00000000
        PA
        USD
        329076.00000000
        0.101609707585
        Long
        DBT
        NUSS
        LB
        
        N
        
        2
        
          2023-12-31
          Fixed
          6.15000000
          Y
          N
          N
        
        
          N
          N
          N
        
      
      
        N/A
        N/A
        MSCI EMGMKT       JUN22 PHYSICAL INDEX FUTURE.
        N/A
        
          
        
        -319.00000000
        NC
        USD
        -17951725.00000000
        -5.54300382861
        N/A
        DE
        
        US
        
        N
        
        1
        
          
            
              J.P. MORGAN SECURITIES
              N/A
            
            Short
            
              
                US MSCI Emerging Markets Equity Index Future Jun 2022
                N/A
                N/A
              
            
            2022-06-20
            -17738076.79000000
            USD
            -213648.21000000
          
        
        
          N
          N
          N
        
      
      
        THE DEMOCRATIC SOCIALIST REPUBLIC OF SRI LANKA
        254900HXCCIOHM74FA02
        REPUBLIC OF SRI LANKA 6.825000% 07/18/2026
        Y8137FAF5
        
          
        
        308000.00000000
        PA
        USD
        148101.80000000
        0.045729802814
        Long
        DBT
        NUSS
        LK
        
        N
        
        2
        
          2026-07-18
          Fixed
          6.82500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ABJA INVESTMENT CO. PTE. LTD.
        254900E6OE5YJ9WCCU19
        ABJA INVESTMENT CO PTE LTD 5.950000% 07/31/2024
        N/A
        
          
        
        1074000.00000000
        PA
        USD
        1122330.00000000
        0.346544941333
        Long
        DBT
        NUSS
        IN
        
        N
        
        2
        
          2024-07-31
          Fixed
          5.95000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        YPF SOCIEDAD ANONIMA
        5493003N7447U18U5U53
        YPF SA 8.500000% 07/28/2025
        P989MJBE0
        
          
        
        1278000.00000000
        PA
        USD
        1093329.00000000
        0.337590222272
        Long
        DBT
        NUSS
        AR
        
        N
        
        2
        
          2025-07-28
          Fixed
          8.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        THE SIAM COMMERCIAL BANK PUBLIC COMPANY LIMITED
        N/A
        SIAM COMMERCIAL BANK PCL/CAYMAN ISLANDS MTN 2.750000% 05/16/2023
        N/A
        
          
        
        200000.00000000
        PA
        USD
        199780.61000000
        0.061686812053
        Long
        DBT
        NUSS
        TH
        
        N
        
        2
        
          2023-05-16
          Fixed
          2.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        N/A
        N/A
        N/A
        N/A
        
          
        
        498100.00000000
        NC
        USD
        -545.99000000
        -0.00016858684
        N/A
        DE
        
        US
        
        N
        
        2
        
          
            
              N/A
              N/A
            
            Y
            
            
              
                
              
            
            2024-03-17
            0.00000000
            USD
            0.00000000
            USD
            -162157.55000000
            USD
            -545.99000000
          
        
        
          N
          N
          N
        
      
      
        Saudi Arabian Oil Company
        5586006WD91QHB7J4X50
        SAUDI ARABIAN OIL CO 144A 1.625000% 11/24/2025
        80414L2H7
        
          
        
        1700000.00000000
        PA
        USD
        1612079.40000000
        0.497766219470
        Long
        DBT
        NUSS
        SA
        
        Y
        
        2
        
          2025-11-24
          Fixed
          1.62500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CHINA RAILWAY XUNJIE CO., LIMITED
        300300YS8XX94W7OT806
        CHINA RAILWAY XUNJIE CO LTD 3.250000% 07/28/2026
        N/A
        
          
        
        307000.00000000
        PA
        USD
        302549.72000000
        0.093419114670
        Long
        DBT
        NUSS
        CN
        
        N
        
        2
        
          2026-07-28
          Fixed
          3.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        OZTEL HOLDINGS SPC LIMITED
        549300RABIG0RH4JYT64
        OZTEL HOLDINGS SPC LTD 5.625000% 10/24/2023
        N/A
        
          
        
        785000.00000000
        PA
        USD
        794666.49000000
        0.245371372196
        Long
        DBT
        NUSS
        OM
        
        N
        
        2
        
          2023-10-24
          Fixed
          5.62500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Woori Bank
        549300VUVMRL6RE7R376
        WOORI BANK MTN 4.250000% MATURITY: PERPETUAL
        Y9700WAA4
        
          
        
        723000.00000000
        PA
        USD
        707383.20000000
        0.218420669094
        Long
        DBT
        NUSS
        KR
        
        N
        
        2
        
          2170-04-04
          Fixed
          4.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        PT Bank Mandiri (Persero) Tbk
        549300RSKQN4Z5ZSGH94
        BANK MANDIRI PERSERO TBK PT MTN 4.750000% 05/13/2025
        N/A
        
          
        
        300000.00000000
        PA
        USD
        309051.16000000
        0.095426582298
        Long
        DBT
        NUSS
        ID
        
        N
        
        2
        
          2025-05-13
          Fixed
          4.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BANCO DO BRASIL S.A.
        N/A
        BANCO DO BRASIL SA/CAYMAN 144A 3.250000% 09/30/2026
        059578AF1
        
          
        
        1500000.00000000
        PA
        USD
        1443765.00000000
        0.445795316194
        Long
        DBT
        NUSS
        BR
        
        Y
        
        2
        
          2026-09-30
          Fixed
          3.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        SUNAC CHINA HOLDINGS LIMITED
        549300OLARYHDXP3WK18
        SUNAC CHINA HOLDINGS LTD 7.500000% 02/01/2024
        N/A
        
          
        
        1392000.00000000
        PA
        USD
        351480.00000000
        0.108527452692
        Long
        DBT
        NUSS
        CN
        
        N
        
        2
        
          2024-02-01
          Fixed
          7.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BOS FUNDING LIMITED
        635400PTLHUGAMGH6I34
        BOS FUNDING LTD MTN 4.000000% 09/18/2024
        G12592AD6
        
          
        
        310000.00000000
        PA
        USD
        309838.80000000
        0.095669784082
        Long
        DBT
        NUSS
        AE
        
        N
        
        2
        
          2024-09-18
          Fixed
          4.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        VALE S.A.
        254900SMTWBX7RU2SR20
        VALE SA-SP ADR DEPOSITARY RECEIPT
        91912E105
        
          
        
        28643.00000000
        NS
        USD
        572573.57000000
        0.176795126411
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Arab Republic of Egypt
        529900GFIVH4086NMH82
        EGYPT GOVERNMENT INTERNATIONAL BOND MTN 5.800000% 09/30/2027
        03846JAD2
        
          
        
        600000.00000000
        PA
        USD
        548844.00000000
        0.169468081385
        Long
        DBT
        NUSS
        EG
        
        Y
        
        2
        
          2027-09-30
          Fixed
          5.80000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        WEST CHINA CEMENT LIMITED
        529900MMG3NBTIWPPR63
        WEST CHINA CEMENT LTD 4.950000% 07/08/2026
        N/A
        
          
        
        316000.00000000
        PA
        USD
        275330.80000000
        0.085014653384
        Long
        DBT
        NUSS
        CN
        
        N
        
        2
        
          2026-07-08
          Fixed
          4.95000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ITAU UNIBANCO HOLDING S.A.
        N/A
        ITAU UNIBANCO HOLDING SA/CAYMAN ISLAND MTN 6.500000% MATURITY: PERPETUAL
        P5R6DPAB6
        
          
        
        110000.00000000
        PA
        USD
        110372.35000000
        0.034079976081
        Long
        DBT
        NUSS
        BR
        
        N
        
        2
        
          2170-09-19
          Fixed
          6.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        DIB SUKUK LIMITED
        549300U3ZMUHC2JQLL56
        DIB SUKUK LTD 2.950000% 02/20/2025
        N/A
        
          
        
        636000.00000000
        PA
        USD
        628918.78000000
        0.194192992897
        Long
        DBT
        NUSS
        AE
        
        N
        
        2
        
          2025-02-20
          Fixed
          2.95000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Republic of Zambia
        213800DMLAZ6LGMMD849
        REPUBLIC OF ZAMBIA 8.500000% 04/14/2024
        N/A
        
          
        
        463000.00000000
        PA
        USD
        334415.64000000
        0.103258443011
        Long
        DBT
        NUSS
        ZM
        
        N
        
        2
        
          2024-04-14
          Fixed
          8.50000000
          Y
          N
          N
        
        
          N
          N
          N
        
      
      
        Totalplay Telecomunicaciones S.A. de C.V.
        4469000001BSAPAMOQ06
        TOTAL PLAY TELECOMUNICACIONES SA DE CV 7.500000% 11/12/2025
        P9190NAB9
        
          
        
        660000.00000000
        PA
        USD
        640780.80000000
        0.197855661653
        Long
        DBT
        NUSS
        MX
        
        N
        
        2
        
          2025-11-12
          Fixed
          7.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BPRL INTERNATIONAL SINGAPORE PTE. LTD.
        875500AQ853IMLV4TX18
        BPRL INTERNATIONAL SINGAPORE PTE LTD MTN 4.375000% 01/18/2027
        N/A
        
          
        
        728000.00000000
        PA
        USD
        718916.45000000
        0.221981822627
        Long
        DBT
        NUSS
        IN
        
        N
        
        2
        
          2027-01-18
          Fixed
          4.37500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CCB Life Insurance Co., Ltd.
        300300F2005031000082
        CCB LIFE INSURANCE CO LTD 4.500000% 04/21/2077
        N/A
        
          
        
        200000.00000000
        PA
        USD
        199502.30000000
        0.061600877504
        Long
        DBT
        NUSS
        CN
        
        N
        
        2
        
          2077-04-21
          Fixed
          4.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        NTPC LIMITED
        335800Q4TRGJXNLVMB81
        NTPC LTD MTN 4.250000% 02/26/2026
        N/A
        
          
        
        364000.00000000
        PA
        USD
        364267.55000000
        0.112475899908
        Long
        DBT
        NUSS
        IN
        
        N
        
        2
        
          2026-02-26
          Fixed
          4.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        HIKMA FINANCE USA LLC
        213800BU7YH2WTM1QL87
        HIKMA FINANCE USA LLC 3.250000% 07/09/2025
        N/A
        
          
        
        1299000.00000000
        PA
        USD
        1255678.35000000
        0.387719280545
        Long
        DBT
        NUSS
        JO
        
        N
        
        2
        
          2025-07-09
          Fixed
          3.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        STATE BANK OF INDIA
        N/A
        STATE BANK OF INDIA/LONDON 4.375000% 01/24/2024
        Y81647AE2
        
          
        
        110000.00000000
        PA
        USD
        111671.89000000
        0.034481238645
        Long
        DBT
        NUSS
        IN
        
        N
        
        2
        
          2024-01-24
          Fixed
          4.37500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        REPUBLIC OF SOUTH AFRICA
        378900AAFB4F17004C49
        REPUBLIC OF SOUTH AFRICA 4.850000% 09/27/2027
        836205AW4
        
          
        
        688000.00000000
        PA
        USD
        691440.00000000
        0.213497843090
        Long
        DBT
        NUSS
        ZA
        
        N
        
        2
        
          2027-09-27
          Fixed
          4.85000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        REC LIMITED
        335800B4YRYWAMIJZ374
        REC LTD 3.500000% 12/12/2024
        N/A
        
          
        
        715000.00000000
        PA
        USD
        706952.00000000
        0.218287526276
        Long
        DBT
        NUSS
        IN
        
        N
        
        2
        
          2024-12-12
          Fixed
          3.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        OIL INDIA LIMITED
        335800XXEP14XISP1A16
        OIL INDIA LTD 5.375000% 04/17/2024
        EK1699199
        
          
        
        218000.00000000
        PA
        USD
        225194.00000000
        0.069533774842
        Long
        DBT
        NUSS
        IN
        
        N
        
        2
        
          2024-04-17
          Fixed
          5.37500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        NBM US HOLDINGS, INC.
        5493008K1QMSP0J8UC24
        NBM US HOLDINGS INC 7.000000% 05/14/2026
        U63768AA0
        
          
        
        1316000.00000000
        PA
        USD
        1365850.08000000
        0.421737310634
        Long
        DBT
        NUSS
        BR
        
        N
        
        2
        
          2026-05-14
          Fixed
          7.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        UNIGEL Luxembourg S.A.
        N/A
        UNIGEL LUXEMBOURG SA 144A 8.750000% 10/01/2026
        904752AB8
        
          
        
        1350000.00000000
        PA
        USD
        1424229.75000000
        0.439763362967
        Long
        DBT
        NUSS
        BR
        
        Y
        
        2
        
          2026-10-01
          Fixed
          8.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Yandex N.V.
        549300GGZHJ5Q1B18P93
        YANDEX NV-A COMMON STOCK
        N97284108
        
          
        
        28548.00000000
        NS
        USD
        556212.30000000
        0.171743211776
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        LIGHT SERVICOS DE ELETRICIDADE S A
        N/A
        LIGHT SERVICOS DE ELETRICIDADE SA/LIGHT ENERGIA SA 4.375000% 06/18/2026
        53227QAB4
        
          
        
        1000000.00000000
        PA
        USD
        937500.00000000
        0.289474470521
        Long
        DBT
        NUSS
        BR
        
        Y
        
        2
        
          2026-06-18
          Fixed
          4.37500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Canacol Energy Ltd.
        549300X5MNRWPMSM9N14
        CANACOL ENERGY LTD 144A 5.750000% 11/24/2028
        134808AD6
        
          
        
        1250000.00000000
        PA
        USD
        1175000.00000000
        0.362808003053
        Long
        DBT
        NUSS
        CO
        
        Y
        
        2
        
          2028-11-24
          Fixed
          5.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        SASOL FINANCING USA LLC
        549300XRB1PFMESFEL85
        SASOL FINANCING USA LLC 5.875000% 03/27/2024
        80386WAA3
        
          
        
        1273000.00000000
        PA
        USD
        1289930.90000000
        0.398295535239
        Long
        DBT
        CORP
        ZA
        
        N
        
        2
        
          2024-03-27
          Fixed
          5.87500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MICROSOFT CORPORATION
        INR2EJN1ERAN0W5ZP974
        MICROSOFT CORP COMMON STOCK
        594918104
        
          
        
        1582.00000000
        NS
        USD
        487746.42000000
        0.150602812456
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        FIRST QUANTUM MINERALS LTD.
        549300I7UVBGWRYMYZ18
        FIRST QUANTUM MINERALS LTD 7.250000% 04/01/2023
        C3535CAF5
        
          
        
        351000.00000000
        PA
        USD
        351007.02000000
        0.108381409348
        Long
        DBT
        NUSS
        ZM
        
        N
        
        2
        
          2023-04-01
          Fixed
          7.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        COSCO SHIPPING Holdings Co., Ltd.
        3003009XI0QGYYA29S17
        COSCO SHIPPING HOLDINGS CO-H COMMON STOCK
        N/A
        
          
        
        321500.00000000
        NS
        
        560643.66000000
        0.173111495071
        Long
        EC
        
        HK
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Turkiye Cumhuriyeti
        5493000PCHOG3B6S3Q85
        REPUBLIC OF TURKEY 5.750000% 03/22/2024
        900123CF5
        
          
        
        2276000.00000000
        PA
        USD
        2249598.40000000
        0.694614726107
        Long
        DBT
        NUSS
        TR
        
        N
        
        2
        
          2024-03-22
          Fixed
          5.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CHINALCO CAPITAL HOLDINGS LIMITED
        5493003PX4GYVUD3CQ19
        CHINALCO CAPITAL HOLDINGS LTD 2.125000% 06/03/2026
        N/A
        
          
        
        567000.00000000
        PA
        USD
        530419.41000000
        0.163779069721
        Long
        DBT
        NUSS
        CN
        
        N
        
        2
        
          2026-06-03
          Fixed
          2.12500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ULKER BISKUVI SANAYI ANONIM SIRKETI
        7890009HEU9BS7J3DA93
        ULKER BISKUVI SANAYI AS 144A 6.950000% 10/30/2025
        903742AA2
        
          
        
        850000.00000000
        PA
        USD
        742288.00000000
        0.229198320826
        Long
        DBT
        NUSS
        TR
        
        Y
        
        2
        
          2025-10-30
          Fixed
          6.95000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MEDCO BELL PTE. LTD.
        2549003PNDCWIWGKC768
        MEDCO BELL PTE LTD 6.375000% 01/30/2027
        Y56607AA5
        
          
        
        550000.00000000
        PA
        USD
        530750.00000000
        0.163881146911
        Long
        DBT
        NUSS
        ID
        
        N
        
        2
        
          2027-01-30
          Fixed
          6.37500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        N/A
        N/A
        N/A
        N/A
        
          
        
        501900.00000000
        NC
        USD
        -1244.55000000
        -0.00038428314
        N/A
        DE
        
        US
        
        N
        
        2
        
          
            
              N/A
              N/A
            
            Y
            
            
              
                
              
            
            2024-03-15
            0.00000000
            USD
            0.00000000
            USD
            -161293.43000000
            USD
            -1244.55000000
          
        
        
          N
          N
          N
        
      
      
        CHINA CONSTRUCTION BANK CORPORATION
        5493001KQW6DM7KEDR62
        CHINA CONSTRUCTION BANK CORP 4.250000% 02/27/2029
        N/A
        
          
        
        676000.00000000
        PA
        USD
        685458.31000000
        0.211650860108
        Long
        DBT
        NUSS
        CN
        
        N
        
        2
        
          2029-02-27
          Fixed
          4.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BILIBILI INC.
        5493008V60M52L3PIS45
        BILIBILI INC-SPONSORED ADR DEPOSITARY RECEIPT
        090040106
        
          
        
        19375.00000000
        NS
        USD
        495612.50000000
        0.153031643756
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        N/A
        N/A
        N/A
        N/A
        
          
        
        33913.00000000
        NC
        USD
        10431.86000000
        0.003221074293
        N/A
        DE
        
        US
        
        N
        
        2
        
          
            
              N/A
              N/A
            
            Y
            
            
              
                
              
            
            2024-02-10
            0.00000000
            USD
            0.00000000
            USD
            -86329.21000000
            USD
            10431.86000000
          
        
        
          N
          N
          N
        
      
      
        PETROBRAS GLOBAL FINANCE B.V.
        549300FNENFFSMO3GT38
        PETROBRAS GLOBAL FINANCE BV 5.299000% 01/27/2025
        71647NAV1
        
          
        
        316000.00000000
        PA
        USD
        330062.00000000
        0.101914157535
        Long
        DBT
        NUSS
        BR
        
        N
        
        2
        
          2025-01-27
          Fixed
          5.29900000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        INVERSIONES CMPC S.A.
        N/A
        INVERSIONES CMPC SA/CAYMAN ISLANDS BRANCH 4.375000% 05/15/2023
        P58072AG7
        
          
        
        110000.00000000
        PA
        USD
        111788.60000000
        0.034517275515
        Long
        DBT
        NUSS
        CL
        
        N
        
        2
        
          2023-05-15
          Fixed
          4.37500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Empresa Nacional de Telecomunicaciones S.A.
        529900N4SUIP0URJT330
        EMPRESA NACIONAL DE TELECOMUNICACIONES SA 4.750000% 08/01/2026
        P37115AF2
        
          
        
        310000.00000000
        PA
        USD
        321625.00000000
        0.099309041686
        Long
        DBT
        NUSS
        CL
        
        N
        
        2
        
          2026-08-01
          Fixed
          4.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Pemerintah Republik Indonesia
        529900FWX0GRR7WG5W79
        INDONESIA GOVERNMENT INTERNATIONAL BOND MTN 4.750000% 01/08/2026
        Y20721BN8
        
          
        
        529000.00000000
        PA
        USD
        561757.75000000
        0.173455495725
        Long
        DBT
        NUSS
        ID
        
        N
        
        2
        
          2026-01-08
          Fixed
          4.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fortune Star (BVI) Limited
        2549008CU8NYQQRSNU62
        FORTUNE STAR BVI LTD 6.750000% 07/02/2023
        N/A
        
          
        
        340000.00000000
        PA
        USD
        330055.00000000
        0.101911996125
        Long
        DBT
        NUSS
        CN
        
        N
        
        2
        
          2023-07-02
          Fixed
          6.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        INDIAN OIL CORPORATION LIMITED
        335800J8OBWE4VFUDG88
        INDIAN OIL CORP LTD 4.750000% 01/16/2024
        N/A
        
          
        
        666000.00000000
        PA
        USD
        679253.40000000
        0.209734952869
        Long
        DBT
        NUSS
        IN
        
        N
        
        2
        
          2024-01-16
          Fixed
          4.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        African Export-Import Bank
        21380068LJCDYA42GJ76
        AFRICAN EXPORT-IMPORT BANK/THE 144A 2.634000% 05/17/2026
        00831TAB7
        
          
        
        650000.00000000
        PA
        USD
        604344.00000000
        0.186604970040
        Long
        DBT
        NUSS
        XX
        
        Y
        
        2
        
          2026-05-17
          Fixed
          2.63400000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        EMG SUKUK LIMITED
        549300ZBBW15DAXN4O07
        EMG SUKUK LTD 4.564000% 06/18/2024
        N/A
        
          
        
        446000.00000000
        PA
        USD
        450460.00000000
        0.139089781323
        Long
        DBT
        NUSS
        AE
        
        N
        
        2
        
          2024-06-18
          Fixed
          4.56400000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BRK: JPMORGAN CHASE BANK, N.A.
        N/A
        BRK: JPMORGAN CHASE BANK, N.A. PAY: 1MLIBOR
        N/A
        
          
        
        105300.00000000
        NC
        USD
        2829.88000000
        0.000873789882
        N/A
        DE
        
        US
        
        N
        
        2
        
          
            
              BRK: JPMORGAN CHASE BANK, N.A.
              N/A
            
            Y
            
            
              
                
              
            
            2024-01-18
            0.00000000
            USD
            0.00000000
            USD
            -30748.81000000
            USD
            2829.88000000
          
        
        
          N
          N
          N
        
      
      
        Republic of Trinidad and Tobago
        HYBZ5SXKW67ICKUUWH81
        TRINIDAD & TOBAGO 4.500000% 08/04/2026
        P93960AG0
        
          
        
        308000.00000000
        PA
        USD
        308000.00000000
        0.095102012715
        Long
        DBT
        NUSS
        TT
        
        N
        
        2
        
          2026-08-04
          Fixed
          4.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        THE OIL AND GAS HOLDING COMPANY B.S.C (CLOSED)
        549300OBH16L6TS6IW50
        OIL AND GAS HOLDING CO BSCC/THE 7.625000% 11/07/2024
        N/A
        
          
        
        930000.00000000
        PA
        USD
        976500.00000000
        0.301516608495
        Long
        DBT
        NUSS
        BH
        
        N
        
        2
        
          2024-11-07
          Fixed
          7.62500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MAR SUKUK LIMITED
        5493000TGLZ3JMN09026
        MAR SUKUK LTD 2.210000% 09/02/2025
        N/A
        
          
        
        310000.00000000
        PA
        USD
        298954.08000000
        0.092308878952
        Long
        DBT
        NUSS
        QA
        
        N
        
        2
        
          2025-09-02
          Fixed
          2.21000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        N/A
        N/A
        N/A
        N/A
        
          
        
        8599.00000000
        NC
        USD
        820.01000000
        0.000253196757
        N/A
        DE
        
        US
        
        N
        
        2
        
          
            
              N/A
              N/A
            
            Y
            
            
              
                
              
            
            2024-02-16
            0.00000000
            USD
            0.00000000
            USD
            -124838.18000000
            USD
            820.01000000
          
        
        
          N
          N
          N
        
      
      
        N/A
        N/A
        N/A
        N/A
        
          
        
        19139.00000000
        NC
        
        7915.73000000
        0.002444161867
        N/A
        DE
        
        IL
        
        N
        
        2
        
          
            
              N/A
              N/A
            
            Y
            
            
              
                
              
            
            2024-03-16
            0.00000000
            ILS
            0.00000000
            ILS
            -635801.19000000
            ILS
            7915.73000000
          
        
        
          N
          N
          N
        
      
      
        N/A
        N/A
        N/A
        N/A
        
          
        
        612900.00000000
        NC
        USD
        1231.67000000
        0.000380306155
        N/A
        DE
        
        US
        
        N
        
        2
        
          
            
              N/A
              N/A
            
            Y
            
            
              
                
              
            
            2024-03-16
            0.00000000
            USD
            0.00000000
            USD
            -197627.44000000
            USD
            1231.67000000
          
        
        
          N
          N
          N
        
      
      
        Nostrum Oil & Gas Finance B.V.
        213800SGF6UKA42KSB50
        NOSTRUM OIL & GAS FINANCE BV 8.000000% 07/25/2022
        N64884AB0
        
          
        
        212000.00000000
        PA
        USD
        53000.00000000
        0.016364956733
        Long
        DBT
        NUSS
        KZ
        
        N
        
        2
        
          2022-07-25
          Fixed
          8.00000000
          Y
          N
          N
        
        
          N
          N
          N
        
      
      
        U.S. DOLLARS
        N/A
        FX Forward Contract: USD/INR SETTLE 2022-04-29
        N/A
        
          
        
        1.00000000
        NC
        USD
        -2657.18000000
        -0.00082046482
        N/A
        DFE
        
        US
        
        N
        
        2
        
          
            
              GOLDMAN, SACHS & CO.
              N/A
            
            73517797.66000000
            INR
            962023.00000000
            USD
            2022-04-29
            -2657.18000000
          
        
        
          N
          N
          N
        
      
      
        EQUINOR ASA
        OW6OFBNCKXC4US5C7523
        EQUINOR ASA COMMON STOCK
        N/A
        
          
        
        19344.00000000
        NS
        
        727719.44000000
        0.224699946221
        Long
        EC
        
        NO
        
        N
        
        1
        
          N
          N
          N
        
      
      
        BANCOLOMBIA S.A.
        54930052NWJRPNMP1W58
        BANCOLOMBIA SA 3.000000% 01/29/2025
        05968LAM4
        
          
        
        673000.00000000
        PA
        USD
        654627.10000000
        0.202131022038
        Long
        DBT
        NUSS
        CO
        
        N
        
        2
        
          2025-01-29
          Fixed
          3.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        N/A
        N/A
        N/A
        N/A
        
          
        
        62080.00000000
        NC
        USD
        2159.90000000
        0.000666918302
        N/A
        DE
        
        US
        
        N
        
        2
        
          
            
              N/A
              N/A
            
            Y
            
            
              
                
              
            
            2024-03-10
            0.00000000
            USD
            0.00000000
            USD
            -267539.28000000
            USD
            2159.90000000
          
        
        
          N
          N
          N
        
      
      
        Fideicomiso Fibra UNO (Banco Actinver, S.A. Institucion de Banca Multiple, Grupo Financiero Actinver)
        54930011BLQ0JPRBAL73
        TRUST FIBRA UNO 5.250000% 01/30/2026
        P9406GAC2
        
          
        
        600000.00000000
        PA
        USD
        619500.00000000
        0.191284730120
        Long
        DBT
        NUSS
        MX
        
        N
        
        2
        
          2026-01-30
          Fixed
          5.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        N/A
        N/A
        N/A
        N/A
        
          
        
        263000000.00000000
        NC
        
        34519.77000000
        0.010658764952
        N/A
        DIR
        
        XX
        
        N
        
        2
        
          
            
              N/A
              N/A
            
            Y
            
              
                
              
            
            
            2024-06-15
            0.00000000
            ZAR
            0.00000000
            ZAR
            -263000000.00000000
            ZAR
            34519.77000000
          
        
        
          N
          N
          N
        
      
      
        TENGIZCHEVROIL FINANCE COMPANY INTERNATIONAL LTD.
        5493001VEV2XTJIBZH31
        TENGIZCHEVROIL FINANCE CO INTERNATIONAL LTD 144A 2.625000% 08/15/2025
        88034QAB3
        
          
        
        900000.00000000
        PA
        USD
        792000.00000000
        0.244548032696
        Long
        DBT
        NUSS
        KZ
        
        Y
        
        2
        
          2025-08-15
          Fixed
          2.62500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ABU DHABI NATIONAL ENERGY COMPANY - P.J.S.C
        213800UNJSVQFNUYYW03
        ABU DHABI NATIONAL ENERGY CO PJSC MTN 3.875000% 05/06/2024
        N/A
        
          
        
        722000.00000000
        PA
        USD
        734909.36000000
        0.226919997725
        Long
        DBT
        NUSS
        AE
        
        N
        
        2
        
          2024-05-06
          Fixed
          3.87500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        SHANGHAI ELECTRIC GROUP GLOBAL INVESTMENT LIMITED
        529900Y3SWJ0FFDION78
        SHANGHAI ELECTRIC GROUP GLOBAL INVESTMENT LTD 2.650000% 11/21/2024
        N/A
        
          
        
        632000.00000000
        PA
        USD
        614020.30000000
        0.189592747980
        Long
        DBT
        NUSS
        CN
        
        N
        
        2
        
          2024-11-21
          Fixed
          2.65000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        TIMES CHINA HOLDINGS LIMITED
        2549000KTINB9ZPZP710
        TIMES CHINA HOLDINGS LTD 5.750000% 01/14/2027
        N/A
        
          
        
        667000.00000000
        PA
        USD
        253460.00000000
        0.078261545918
        Long
        DBT
        NUSS
        CN
        
        N
        
        2
        
          2027-01-14
          Fixed
          5.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Contemporary Ruiding Development Limited
        549300MSU00BINFBY870
        CONTEMPORARY RUIDING DEVELOPMENT LTD 1.875000% 09/17/2025
        N/A
        
          
        
        666000.00000000
        PA
        USD
        627671.88000000
        0.193807984132
        Long
        DBT
        NUSS
        CN
        
        N
        
        2
        
          2025-09-17
          Fixed
          1.87500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        U.S. DOLLARS
        N/A
        FX Forward Contract: USD/EGP SETTLE 2022-06-08
        N/A
        
          
        
        1.00000000
        NC
        USD
        188057.53000000
        0.058067044185
        N/A
        DFE
        
        US
        
        N
        
        2
        
          
            
              GOLDMAN, SACHS & CO.
              N/A
            
            25870000.00000000
            EGP
            1590287.38000000
            USD
            2022-06-08
            188057.53000000
          
        
        
          N
          N
          N
        
      
      
        SA GLOBAL SUKUK LIMITED
        5493007DFAVKU7UOGR47
        SA GLOBAL SUKUK LTD 144A 1.602000% 06/17/2026
        78397PAB7
        
          
        
        300000.00000000
        PA
        USD
        281928.00000000
        0.087051689093
        Long
        DBT
        NUSS
        SA
        
        Y
        
        2
        
          2026-06-17
          Fixed
          1.60200000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        TURK TELEKOMUNIKASYON ANONIM SIRKETI
        789000A2TXOI10JZLF90
        TURK TELEKOMUNIKASYON AS 4.875000% 06/19/2024
        N/A
        
          
        
        213000.00000000
        PA
        USD
        203498.07000000
        0.062834662469
        Long
        DBT
        NUSS
        TR
        
        N
        
        2
        
          2024-06-19
          Fixed
          4.87500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        PETRON CORP.
        549300R3PFXOFQSZ7G25
        PETRON CORP 5.950000% MATURITY: PERPETUAL
        N/A
        
          
        
        316000.00000000
        PA
        USD
        304150.00000000
        0.093913237556
        Long
        DBT
        NUSS
        PH
        
        N
        
        2
        
          2170-10-19
          Fixed
          5.95000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Ukraine
        6354001WLTJXOMEXPY07
        UKRAINE GOVERNMENT 7.750000% 09/01/2026
        N/A
        
          
        
        619000.00000000
        PA
        USD
        263879.70000000
        0.081478865534
        Long
        DBT
        NUSS
        UA
        
        N
        
        2
        
          2026-09-01
          Fixed
          7.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        FEDERAL REPUBLIC OF NIGERIA
        549300GSBZD84TNEQ285
        NIGERIA GOVERNMENT INTERNATIONAL BOND MTN 6.500000% 11/28/2027
        N/A
        
          
        
        341000.00000000
        PA
        USD
        323915.90000000
        0.100016409222
        Long
        DBT
        NUSS
        NG
        
        N
        
        2
        
          2027-11-28
          Fixed
          6.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Turkiye Cumhuriyeti
        5493000PCHOG3B6S3Q85
        REPUBLIC OF TURKEY 8.600000% 09/24/2027
        M88269US8
        
          
        
        1610000.00000000
        PA
        USD
        1649928.00000000
        0.509452836478
        Long
        DBT
        NUSS
        TR
        
        N
        
        2
        
          2027-09-24
          Fixed
          8.60000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BRK: BANK OF AMERICA
        N/A
        BRK: BANK OF AMERICA REC: TELBOR03 INDEX
        N/A
        
          
        
        52600000.00000000
        NC
        
        232343.26000000
        0.071741271645
        N/A
        DIR
        
        XX
        
        N
        
        2
        
          
            
              BRK: BANK OF AMERICA
              N/A
            
            Y
            
              
                
              
            
            
            2024-06-15
            0.00000000
            ILS
            0.00000000
            ILS
            -52600000.00000000
            ILS
            232343.26000000
          
        
        
          N
          N
          N
        
      
      
        Republic of Lebanon
        529900QPC4K9S1KHL354
        LEBANON GOVERNMENT INTERNATIONAL BOND MTN 6.850000% 05/25/2029
        N/A
        
          
        
        1594000.00000000
        PA
        USD
        191280.00000000
        0.059062055169
        Long
        DBT
        NUSS
        LB
        
        N
        
        2
        
          2029-05-25
          Fixed
          6.85000000
          Y
          N
          N
        
        
          N
          N
          N
        
      
      
        Banco Inbursa, S. A., Institucion de Banca Multiple, Grupo Financiero Inbursa
        9598007PWYZP4GP23S45
        BANCO INBURSA SA INSTITUCION DE BANCA MULTIPLE GRU 4.125000% 06/06/2024
        P13296AL5
        
          
        
        626000.00000000
        PA
        USD
        634754.61000000
        0.195994938283
        Long
        DBT
        NUSS
        MX
        
        N
        
        2
        
          2024-06-06
          Fixed
          4.12500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        SAMBA FUNDING LIMITED
        549300PT73WJRNMAKE44
        SAMBA FUNDING LTD 2.900000% 01/29/2027
        N/A
        
          
        
        310000.00000000
        PA
        USD
        303725.60000000
        0.093782194393
        Long
        DBT
        NUSS
        SA
        
        N
        
        2
        
          2027-01-29
          Fixed
          2.90000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Kenbourne Invest S.A.
        222100QGH6Y9KFYZ4B27
        KENBOURNE INVEST SA 6.875000% 11/26/2024
        L5831KAA4
        
          
        
        681000.00000000
        PA
        USD
        668047.38000000
        0.206274839049
        Long
        DBT
        NUSS
        CL
        
        N
        
        2
        
          2024-11-26
          Fixed
          6.87500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CHINA STATE CONSTRUCTION INTERNATIONAL HOLDINGS LIMITED
        529900QVUUH13RIZIR85
        CHINA STATE CONSTRUCTION INT COMMON STOCK
        N/A
        
          
        
        284000.00000000
        NS
        
        379957.36000000
        0.117320485980
        Long
        EC
        
        HK
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Woori Bank
        549300VUVMRL6RE7R376
        WOORI BANK MTN 5.250000% MATURITY: PERPETUAL
        98105HAF7
        
          
        
        1386000.00000000
        PA
        USD
        1382535.00000000
        0.426889159575
        Long
        DBT
        NUSS
        KR
        
        N
        
        2
        
          2167-11-16
          Fixed
          5.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Yuzhou Group Holdings Company Limited
        213800MP59KHGJSPHE82
        YUZHOU GROUP HOLDINGS CO LTD 6.000000% 10/25/2023
        N/A
        
          
        
        326000.00000000
        PA
        USD
        47270.00000000
        0.014595688769
        Long
        DBT
        NUSS
        CN
        
        N
        
        2
        
          2023-10-25
          Fixed
          6.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        SHINHAN BANK
        5493003P813VL21KG928
        SHINHAN BANK CO LTD MTN 3.875000% 03/24/2026
        82460EAJ9
        
          
        
        1243000.00000000
        PA
        USD
        1254738.28000000
        0.387429012529
        Long
        DBT
        NUSS
        KR
        
        N
        
        2
        
          2026-03-24
          Fixed
          3.87500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MSU Energy S.A.
        529900D1ZX75KRP2HC66
        MSU ENERGY SA / UGEN SA / UENSA SA 6.875000% 02/01/2025
        P8S12UAA3
        
          
        
        660000.00000000
        PA
        USD
        518100.00000000
        0.159975171389
        Long
        DBT
        NUSS
        AR
        
        N
        
        2
        
          2025-02-01
          Fixed
          6.87500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        HANWHA LIFE INSURANCE CO., LTD.
        988400ZKCI3R9DQHR320
        HANWHA LIFE INSURANCE CO LTD 4.700000% MATURITY: PERPETUAL
        Y306AXAB6
        
          
        
        1375000.00000000
        PA
        USD
        1389664.76000000
        0.429090635310
        Long
        DBT
        NUSS
        KR
        
        N
        
        2
        
          2170-10-23
          Fixed
          4.70000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        N/A
        N/A
        NASDAQ 100 E-MINI JUN22 PHYSICAL INDEX FUTURE.
        N/A
        
          
        
        -17.00000000
        NC
        USD
        -5055375.00000000
        -1.56096213484
        N/A
        DE
        
        US
        
        N
        
        1
        
          
            
              J.P. MORGAN SECURITIES
              N/A
            
            Short
            
              
                NASDAQ 100 E-MINI Jun 2022
                N/A
                N/A
              
            
            2022-06-20
            -5098239.43000000
            USD
            42864.43000000
          
        
        
          N
          N
          N
        
      
      
        RINGCENTRAL, INC.
        549300C8EH0H1614VE84
        RINGCENTRAL INC-CLASS A COMMON STOCK
        76680R206
        
          
        
        3587.00000000
        NS
        USD
        420432.27000000
        0.129818035998
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        State of Qatar
        52990074F6OJOAXK4P65
        QATAR GOVERNMENT INTERNATIONAL BOND 144A 3.400000% 04/16/2025
        74727PBC4
        
          
        
        1800000.00000000
        PA
        USD
        1835049.60000000
        0.566613345430
        Long
        DBT
        NUSS
        QA
        
        Y
        
        2
        
          2025-04-16
          Fixed
          3.40000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        POSCO Holdings Inc.
        988400E5HRVX81AYLM04
        POSCO HOLDINGS INC 2.750000% 07/15/2024
        Y70750BL0
        
          
        
        361000.00000000
        PA
        USD
        358174.17000000
        0.110594430096
        Long
        DBT
        NUSS
        KR
        
        N
        
        2
        
          2024-07-15
          Fixed
          2.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CHINA EVERGRANDE GROUP
        549300CUF7B1LAB15T90
        CHINA EVERGRANDE GROUP 7.500000% 06/28/2023
        N/A
        
          
        
        1346000.00000000
        PA
        USD
        161520.00000000
        0.049872977577
        Long
        DBT
        NUSS
        CN
        
        N
        
        2
        
          2023-06-28
          Fixed
          7.50000000
          Y
          N
          N
        
        
          N
          N
          N
        
      
      
        EMIRATES DEVELOPMENT BANK P.J.S.C.
        5493002OSL5GLN4HID57
        EMIRATES DEVELOPMENT BANK PJSC MTN 1.639000% 06/15/2026
        N/A
        
          
        
        310000.00000000
        PA
        USD
        290011.20000000
        0.089547561136
        Long
        DBT
        NUSS
        AE
        
        N
        
        2
        
          2026-06-15
          Fixed
          1.63900000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Clean Renewable Power (Mauritius) Pte. Ltd
        2138003P9CSDW7P4MT75
        CLEAN RENEWABLE POWER MAURITIUS PTE LTD 144A 4.250000% 03/25/2027
        18452NAB0
        
          
        
        350000.00000000
        PA
        USD
        335300.00000000
        0.103531509296
        Long
        DBT
        NUSS
        IN
        
        Y
        
        2
        
          2027-03-25
          Fixed
          4.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        N/A
        N/A
        SPXW US 04/01/22 C4525 LONG
        13099E3T9
        
          
        
        11.00000000
        NC
        USD
        34925.00000000
        0.010783888941
        N/A
        DE
        
        US
        
        N
        
        1
        
          
            
              J.P. MORGAN SECURITIES
              N/A
            
            Call
            Purchased
            
              
                Call Option 4525 Apr 2022 on S&P 500 Index
                N/A
                N/A
              
            
            1100.00000000
            525.00000000
            USD
            2022-04-04
            XXXX
            -19034.71000000
          
        
        
          N
          N
          N
        
      
      
        TURK TELEKOMUNIKASYON ANONIM SIRKETI
        789000A2TXOI10JZLF90
        TURK TELEKOMUNIKASYON AS 6.875000% 02/28/2025
        N/A
        
          
        
        730000.00000000
        PA
        USD
        717849.88000000
        0.221652494855
        Long
        DBT
        NUSS
        TR
        
        N
        
        2
        
          2025-02-28
          Fixed
          6.87500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        N/A
        N/A
        N/A
        N/A
        
          
        
        7393.00000000
        NC
        
        -1432.54000000
        -0.00044232934
        N/A
        DE
        
        IL
        
        N
        
        2
        
          
            
              N/A
              N/A
            
            Y
            
            
              
                
              
            
            2024-03-30
            0.00000000
            ILS
            0.00000000
            ILS
            -259925.58000000
            ILS
            -1432.54000000
          
        
        
          N
          N
          N
        
      
      
        VEDANTA RESOURCES FINANCE II PLC
        8945002DGA3BBXO3N634
        VEDANTA RESOURCES FINANCE II PLC 144A 8.950000% 03/11/2025
        92243XAE1
        
          
        
        1200000.00000000
        PA
        USD
        1167000.00000000
        0.360337820905
        Long
        DBT
        NUSS
        IN
        
        Y
        
        2
        
          2025-03-11
          Fixed
          8.95000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        U.S. DOLLARS
        N/A
        FX Forward Contract: USD/TWD SETTLE 2022-04-29
        N/A
        
          
        
        1.00000000
        NC
        USD
        -6753.46000000
        -0.00208528454
        N/A
        DFE
        
        US
        
        N
        
        2
        
          
            
              GOLDMAN, SACHS & CO.
              N/A
            
            27727340.00000000
            TWD
            962020.00000000
            USD
            2022-04-29
            -6753.46000000
          
        
        
          N
          N
          N
        
      
      
        KAISA GROUP HOLDINGS LTD.
        254900N8L3L7NRJT0120
        KAISA GROUP HOLDINGS LTD 11.500000% 01/30/2023
        N/A
        
          
        
        1462000.00000000
        PA
        USD
        278511.00000000
        0.085996612543
        Long
        DBT
        NUSS
        CN
        
        N
        
        2
        
          2023-01-30
          Fixed
          11.50000000
          Y
          N
          N
        
        
          N
          N
          N
        
      
      
        Bangkok Bank Public Co Ltd (Hong Kong Branch)
        N/A
        BANGKOK BANK PCL/HONG KONG MTN 5.000000% MATURITY: PERPETUAL
        06000BAA0
        
          
        
        1700000.00000000
        PA
        USD
        1676625.00000000
        0.517696143080
        Long
        DBT
        NUSS
        TH
        
        Y
        
        2
        
          2171-03-23
          Fixed
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Bank of Communications Co Ltd (Hong Kong Branch)
        N/A
        BANK OF COMMUNICATIONS CO LTD/HONG KONG MTN 1.200000% 09/10/2025
        N/A
        
          
        
        1691000.00000000
        PA
        USD
        1587145.17000000
        0.490067208241
        Long
        DBT
        NUSS
        CN
        
        N
        
        2
        
          2025-09-10
          Fixed
          1.20000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Atento Luxco 1 SA
        549300MLFF3HYCZQTC48
        ATENTO LUXCO 1 SA 144A 8.000000% 02/10/2026
        04684LAC2
        
          
        
        700000.00000000
        PA
        USD
        707172.93000000
        0.218355743444
        Long
        DBT
        NUSS
        BR
        
        Y
        
        2
        
          2026-02-10
          Fixed
          8.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        N/A
        N/A
        SPXW US 04/01/22 C4650 SHORT
        13099E302
        
          
        
        -11.00000000
        NC
        USD
        -495.00000000
        -0.00015284252
        N/A
        DE
        
        US
        
        N
        
        1
        
          
            
              J.P. MORGAN SECURITIES
              N/A
            
            Call
            Written
            
              
                Call Option 4650 Apr 2022 on S&P 500 Index
                N/A
                N/A
              
            
            -1100.00000000
            650.00000000
            USD
            2022-04-04
            XXXX
            5501.57000000
          
        
        
          N
          N
          N
        
      
      
        U.S. DOLLARS
        N/A
        FX Forward Contract: USD/EGP SETTLE 2022-06-08
        N/A
        
          
        
        1.00000000
        NC
        USD
        187885.77000000
        0.058014009375
        N/A
        DFE
        
        US
        
        N
        
        2
        
          
            
              BARCLAYS CAPITAL INC.
              N/A
            
            25880000.00000000
            EGP
            1590657.65000000
            USD
            2022-06-08
            187885.77000000
          
        
        
          N
          N
          N
        
      
      
        Yili Holding Investment Limited
        549300SF6W72SOPKF392
        YILI HOLDING INVESTMENT LTD 1.625000% 11/19/2025
        N/A
        
          
        
        350000.00000000
        PA
        USD
        325078.32000000
        0.100375332864
        Long
        DBT
        NUSS
        CN
        
        N
        
        2
        
          2025-11-19
          Fixed
          1.62500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        COUNTRY GARDEN HOLDINGS COMPANY LIMITED
        549300MGHLPT1EFHGF84
        COUNTRY GARDEN HOLDINGS CO LTD 5.625000% 12/15/2026
        N/A
        
          
        
        309000.00000000
        PA
        USD
        227115.00000000
        0.070126927330
        Long
        DBT
        NUSS
        CN
        
        N
        
        2
        
          2026-12-15
          Fixed
          5.62500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Medco Oak Tree Pte. Ltd
        254900AU06KP3JTGZL51
        MEDCO OAK TREE PTE LTD 7.375000% 05/14/2026
        Y59501AA7
        
          
        
        691000.00000000
        PA
        USD
        696528.00000000
        0.215068878936
        Long
        DBT
        NUSS
        ID
        
        N
        
        2
        
          2026-05-14
          Fixed
          7.37500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        HYUNDAI CAPITAL SERVICES, INC.
        549300MALMDAGL2ZJJ27
        HYUNDAI CAPITAL SERVICES INC MTN 1.250000% 02/08/2026
        Y3815NBC4
        
          
        
        310000.00000000
        PA
        USD
        284700.10000000
        0.087907638085
        Long
        DBT
        NUSS
        KR
        
        N
        
        2
        
          2026-02-08
          Fixed
          1.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        KasikornBank PCL (Hong Kong Branch)
        N/A
        KASIKORNBANK PCL/HONG KONG MTN 3.343000% 10/02/2031
        N/A
        
          
        
        942000.00000000
        PA
        USD
        886482.56000000
        0.273721674328
        Long
        DBT
        NUSS
        TH
        
        N
        
        2
        
          2031-10-02
          Fixed
          3.34300000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        RAIL CAPITAL MARKETS PLC
        213800IW9C7PR3HKI783
        UKRAINE RAILWAYS VIA RAIL CAPITAL MARKETS PLC 8.250000% 07/09/2024
        N/A
        
          
        
        652000.00000000
        PA
        USD
        182560.00000000
        0.056369556627
        Long
        DBT
        NUSS
        UA
        
        N
        
        2
        
          2024-07-09
          Fixed
          8.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CIFI HOLDINGS (GROUP) CO. LTD.
        549300WGKSV867C0JF48
        CIFI HOLDINGS GROUP CO LTD 6.000000% 07/16/2025
        G2140AAV9
        
          
        
        622000.00000000
        PA
        USD
        516260.00000000
        0.159407029494
        Long
        DBT
        NUSS
        CN
        
        N
        
        2
        
          2025-07-16
          Fixed
          6.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Banco Santander (Mexico) S.A., Institucion de Banca Multiple, Grupo Financiero Santander Mexico
        SCRYQ25DTVRHYYMM6P89
        BANCO SANTANDER MEXICO SA INSTITUCION DE BANCA MUL 5.950000% 10/01/2028
        P1507SAG2
        
          
        
        1015000.00000000
        PA
        USD
        1038913.40000000
        0.320788166808
        Long
        DBT
        NUSS
        MX
        
        N
        
        2
        
          2028-10-01
          Fixed
          5.95000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Gold Fields Orogen Holdings (BVI) Limited
        213800CLGJ2E9KGU2F20
        GOLD FIELDS OROGEN HOLDINGS BVI LTD 5.125000% 05/15/2024
        N/A
        
          
        
        535000.00000000
        PA
        USD
        545833.75000000
        0.168538598158
        Long
        DBT
        NUSS
        ZA
        
        N
        
        2
        
          2024-05-15
          Fixed
          5.12500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        DIB SUKUK LIMITED
        549300U3ZMUHC2JQLL56
        DIB SUKUK LTD 3.625000% 02/06/2023
        N/A
        
          
        
        2100000.00000000
        PA
        USD
        2120097.00000000
        0.654628220297
        Long
        DBT
        NUSS
        AE
        
        N
        
        2
        
          2023-02-06
          Fixed
          3.62500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CBQ FINANCE LIMITED
        213800FNEMX56U9OHK56
        CBQ FINANCE LTD MTN 5.000000% 05/24/2023
        N/A
        
          
        
        660000.00000000
        PA
        USD
        677240.52000000
        0.209113430338
        Long
        DBT
        NUSS
        QA
        
        N
        
        2
        
          2023-05-24
          Fixed
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        TUPY OVERSEAS S.A.
        222100ZREIYU6AS2OO19
        TUPY OVERSEAS SA 144A 4.500000% 02/16/2031
        89990BAB6
        
          
        
        400000.00000000
        PA
        USD
        352004.00000000
        0.108689249622
        Long
        DBT
        NUSS
        BR
        
        Y
        
        2
        
          2031-02-16
          Fixed
          4.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        HTA Group, Ltd
        213800WEFU8O8X6EPU13
        HTA GROUP LTD/MAURITIUS 144A 7.000000% 12/18/2025
        40435WAB6
        
          
        
        1500000.00000000
        PA
        USD
        1483200.00000000
        0.457971770322
        Long
        DBT
        NUSS
        MU
        
        Y
        
        2
        
          2025-12-18
          Fixed
          7.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        COUNTRY GARDEN HOLDINGS COMPANY LIMITED
        549300MGHLPT1EFHGF84
        COUNTRY GARDEN HOLDINGS CO LTD 6.500000% 04/08/2024
        G24524AZ6
        
          
        
        622000.00000000
        PA
        USD
        510040.00000000
        0.157486462874
        Long
        DBT
        NUSS
        CN
        
        N
        
        2
        
          2024-04-08
          Fixed
          6.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ALFA, S.A.B. de C.V.
        549300ZCGJ6T8YDJ4M34
        ALFA SAB DE CV 5.250000% 03/25/2024
        P0156PAB5
        
          
        
        354000.00000000
        PA
        USD
        363274.80000000
        0.112169365742
        Long
        DBT
        NUSS
        MX
        
        N
        
        2
        
          2024-03-25
          Fixed
          5.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        TNB GLOBAL VENTURES CAPITAL BERHAD
        5493004U8XEGPFWIBZ14
        TNB GLOBAL VENTURES CAPITAL BHD MTN 3.244000% 10/19/2026
        N/A
        
          
        
        636000.00000000
        PA
        USD
        629118.48000000
        0.194254654819
        Long
        DBT
        NUSS
        MY
        
        N
        
        2
        
          2026-10-19
          Fixed
          3.24400000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MUMTALAKAT SUKUK HOLDING COMPANY
        549300EN7U0YPUUKDX15
        MUMTALAKAT SUKUK HOLDING CO 5.625000% 02/27/2024
        N/A
        
          
        
        1000000.00000000
        PA
        USD
        1030330.00000000
        0.318137846626
        Long
        DBT
        NUSS
        BH
        
        N
        
        2
        
          2024-02-27
          Fixed
          5.62500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Axis Bank Limited (Gandhinagar Branch)
        N/A
        AXIS BANK LTD/GIFT CITY 144A
        05464XAA3
        
          
        
        800000.00000000
        PA
        USD
        747190.28000000
        0.230712011393
        Long
        DBT
        NUSS
        IN
        
        Y
        
        2
        
          2171-03-08
          Fixed
          4.10000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        U.S. DOLLARS
        N/A
        FX Forward Contract: USD/TRY SETTLE 2022-04-25
        N/A
        
          
        
        1.00000000
        NC
        USD
        -31206.50000000
        -0.00963571740
        N/A
        DFE
        
        US
        
        N
        
        2
        
          
            
              BARCLAYS CAPITAL INC.
              N/A
            
            24830000.00000000
            TRY
            1632596.70000000
            USD
            2022-04-25
            -31206.50000000
          
        
        
          N
          N
          N
        
      
      
        SHRIRAM TRANSPORT FINANCE COMPANY LIMITED
        335800TM2YO24B76XL26
        SHRIRAM TRANSPORT FINANCE CO LTD MTN 5.100000% 07/16/2023
        Y7758EEF4
        
          
        
        489000.00000000
        PA
        USD
        489611.25000000
        0.151178621178
        Long
        DBT
        NUSS
        IN
        
        N
        
        2
        
          2023-07-16
          Fixed
          5.10000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        N/A
        N/A
        N/A
        N/A
        
          
        
        65476.00000000
        NC
        USD
        -20511.33000000
        -0.00633334015
        N/A
        DE
        
        US
        
        N
        
        2
        
          
            
              N/A
              N/A
            
            Y
            
            
              
                
              
            
            2023-11-15
            0.00000000
            USD
            0.00000000
            USD
            -395307.96780000
            USD
            -20511.33000000
          
        
        
          N
          N
          N
        
      
      
        FS Luxembourg S.a r.l.
        222100EKR3JUJPGGOY81
        FS LUXEMBOURG SARL 144A 10.000000% 12/15/2025
        30315XAB0
        
          
        
        675000.00000000
        PA
        USD
        707460.75000000
        0.218444614422
        Long
        DBT
        NUSS
        BR
        
        Y
        
        2
        
          2025-12-15
          Fixed
          10.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        N/A
        N/A
        N/A
        N/A
        
          
        
        88000.00000000
        NC
        USD
        55784.22000000
        0.017224648051
        N/A
        DE
        
        US
        
        N
        
        2
        
          
            
              N/A
              N/A
            
            Y
            
            
              
                
              
            
            2024-03-08
            0.00000000
            USD
            0.00000000
            USD
            -708992.49000000
            USD
            55784.22000000
          
        
        
          N
          N
          N
        
      
      
        PT Bank Negara Indonesia (Persero) Tbk
        549300HZ8J3MLVXQ8F85
        BANK NEGARA INDONESIA PERSERO TBK PT 4.300000% MATURITY: PERPETUAL
        N/A
        
          
        
        1800000.00000000
        PA
        USD
        1635278.69000000
        0.504929528472
        Long
        DBT
        NUSS
        ID
        
        N
        
        2
        
          2171-03-24
          Fixed
          4.30000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Ukraine
        6354001WLTJXOMEXPY07
        UKRAINE GOVERNMENT 7.750000% 09/01/2024
        N/A
        
          
        
        1294000.00000000
        PA
        USD
        556420.00000000
        0.171807343880
        Long
        DBT
        NUSS
        UA
        
        N
        
        2
        
          2024-09-01
          Fixed
          7.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        N/A
        N/A
        N/A
        N/A
        
          
        
        810300.00000000
        NC
        USD
        5161.49000000
        0.001593727557
        N/A
        DE
        
        US
        
        N
        
        2
        
          
            
              N/A
              N/A
            
            Y
            
            
              
                
              
            
            2024-03-10
            0.00000000
            USD
            0.00000000
            USD
            -253231.83000000
            USD
            5161.49000000
          
        
        
          N
          N
          N
        
      
      
        Korea East-West Power Co., Ltd.
        549300VDRGYGX9NBTB52
        KOREA EAST-WEST POWER CO LTD 144A 1.750000% 05/06/2025
        5006EPAK7
        
          
        
        1100000.00000000
        PA
        USD
        1054977.47000000
        0.325748314176
        Long
        DBT
        NUSS
        KR
        
        Y
        
        2
        
          2025-05-06
          Fixed
          1.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        N/A
        N/A
        N/A
        N/A
        
          
        
        206300.00000000
        NC
        USD
        4747.82000000
        0.001465997526
        N/A
        DE
        
        US
        
        N
        
        2
        
          
            
              N/A
              N/A
            
            Y
            
            
              
                
              
            
            2024-02-09
            0.00000000
            USD
            0.00000000
            USD
            -61038.36000000
            USD
            4747.82000000
          
        
        
          N
          N
          N
        
      
      
        HYUNDAI CAPITAL AMERICA
        549300RIPPWJB5Z0FK07
        HYUNDAI CAPITAL AMERICA MTN 2.750000% 09/27/2026
        44891CAK9
        
          
        
        1772000.00000000
        PA
        USD
        1685465.50000000
        0.520425848741
        Long
        DBT
        NUSS
        US
        
        N
        
        2
        
          2026-09-27
          Fixed
          2.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        WUXI BIOLOGICS (CAYMAN) INC.
        5493001TD2TH6VDTJU11
        WUXI BIOLOGICS CAYMAN INC COMMON STOCK
        N/A
        
          
        
        38500.00000000
        NS
        
        319715.19000000
        0.098719344365
        Long
        EC
        
        HK
        
        Y
        
        1
        
          N
          N
          N
        
      
      
        THE ISRAEL ELECTRIC CORP. LTD.
        254900JW7GE35YNJGJ55
        ISRAEL ELECTRIC CORP LTD 144A 5.000000% 11/12/2024
        465077AK1
        
          
        
        913000.00000000
        PA
        USD
        947694.00000000
        0.292622100124
        Long
        DBT
        CORP
        IL
        
        Y
        
        2
        
          2024-11-12
          Fixed
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        National Central Cooling Company PJSC
        254900E7M1Y3DXGQ1283
        NATIONAL CENTRAL COOLING CO PJSC 2.500000% 10/21/2027
        N/A
        
          
        
        626000.00000000
        PA
        USD
        572790.00000000
        0.176861954101
        Long
        DBT
        NUSS
        AE
        
        N
        
        2
        
          2027-10-21
          Fixed
          2.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ARCELIK ANONIM SIRKETI
        789000748KTQCUMJ0R25
        ARCELIK AS 5.000000% 04/03/2023
        N/A
        
          
        
        250000.00000000
        PA
        USD
        249277.00000000
        0.076969949427
        Long
        DBT
        NUSS
        TR
        
        N
        
        2
        
          2023-04-03
          Fixed
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Sinochem Offshore Capital Company Limited
        3003004LKKZ33WMP2P47
        SINOCHEM OFFSHORE CAPITAL CO LTD MTN 1.625000% 10/29/2025
        N/A
        
          
        
        633000.00000000
        PA
        USD
        588754.72000000
        0.181791424894
        Long
        DBT
        NUSS
        CN
        
        N
        
        2
        
          2025-10-29
          Fixed
          1.62500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CA Magnum Holdings
        549300ZRDHFR078MFZ78
        CA MAGNUM HOLDINGS 144A 5.375000% 10/31/2026
        12674CAA1
        
          
        
        300000.00000000
        PA
        USD
        295500.00000000
        0.091242353108
        Long
        DBT
        NUSS
        IN
        
        Y
        
        2
        
          2026-10-31
          Fixed
          5.37500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        PT Perusahaan Gas Negara Tbk
        549300OX1VFDX7ZPN240
        PERUSAHAAN GAS NEGARA TBK PT 5.125000% 05/16/2024
        Y7136YAA8
        
          
        
        483000.00000000
        PA
        USD
        499859.73000000
        0.154343072721
        Long
        DBT
        NUSS
        ID
        
        N
        
        2
        
          2024-05-16
          Fixed
          5.12500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        KIA CORPORATION
        988400V8MJK9N7OI5X76
        KIA CORP 3.000000% 04/25/2023
        Y47606AF8
        
          
        
        321000.00000000
        PA
        USD
        321987.63000000
        0.099421011955
        Long
        DBT
        NUSS
        KR
        
        N
        
        2
        
          2023-04-25
          Fixed
          3.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Banco Centroamericano de Integracion Economica
        549300OLDAMXBPSHIC05
        CENTRAL AMERICAN BANK FOR ECONOMIC INTEGRATION 144 2.000000% 05/06/2025
        15238PAF3
        
          
        
        1800000.00000000
        PA
        USD
        1748449.48000000
        0.539873586620
        Long
        DBT
        NUSS
        XX
        
        Y
        
        2
        
          2025-05-06
          Fixed
          2.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        HAIDILAO INTERNATIONAL HOLDING LTD.
        3003009Q8GV4VNKZWI24
        HAIDILAO INTERNATIONAL HOLDING LTD 2.150000% 01/14/2026
        N/A
        
          
        
        657000.00000000
        PA
        USD
        558791.90000000
        0.172539722009
        Long
        DBT
        NUSS
        CN
        
        N
        
        2
        
          2026-01-14
          Fixed
          2.15000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CNAC (HK) FINBRIDGE COMPANY LIMITED
        549300US1UQ7R7WABI28
        CNAC HK FINBRIDGE CO LTD 2.000000% 09/22/2025
        Y1670YAT2
        
          
        
        620000.00000000
        PA
        USD
        581179.53000000
        0.179452412506
        Long
        DBT
        NUSS
        CN
        
        N
        
        2
        
          2025-09-22
          Fixed
          2.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Teva Pharmaceutical Finance Netherlands III B.V.
        5493004T21MOAFINJP35
        TEVA PHARMACEUTICAL FINANCE NETHERLANDS III BV 7.125000% 01/31/2025
        88167AAN1
        
          
        
        633000.00000000
        PA
        USD
        665877.96000000
        0.205604981229
        Long
        DBT
        NUSS
        IL
        
        N
        
        2
        
          2025-01-31
          Fixed
          7.12500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        SUNAC CHINA HOLDINGS LIMITED
        549300OLARYHDXP3WK18
        SUNAC CHINA HOLDINGS LTD 6.500000% 07/09/2023
        N/A
        
          
        
        305000.00000000
        PA
        USD
        88602.50000000
        0.027358039226
        Long
        DBT
        NUSS
        CN
        
        N
        
        2
        
          2023-07-09
          Fixed
          6.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        N/A
        N/A
        N/A
        N/A
        
          
        
        15540.00000000
        NC
        USD
        85259.46000000
        0.026325799509
        N/A
        DE
        
        US
        
        N
        
        2
        
          
            
              N/A
              N/A
            
            Y
            
            
              
                
              
            
            2024-03-04
            0.00000000
            USD
            0.00000000
            USD
            -68593.90000000
            USD
            85259.46000000
          
        
        
          N
          N
          N
        
      
      
        AZUL INVESTMENTS LLP
        549300C6XNC8IDH04C74
        AZUL INVESTMENTS LLP 144A 7.250000% 06/15/2026
        05502FAC2
        
          
        
        650000.00000000
        PA
        USD
        547625.00000000
        0.169091687380
        Long
        DBT
        CORP
        BR
        
        Y
        
        2
        
          2026-06-15
          Fixed
          7.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Kuwait Projects Company S.P.C Limited
        254900BQTJEWBK1TAN59
        KUWAIT PROJECTS CO SPC LTD 5.000000% 03/15/2023
        N/A
        
          
        
        717000.00000000
        PA
        USD
        712168.85000000
        0.219898347494
        Long
        DBT
        NUSS
        KW
        
        N
        
        2
        
          2023-03-15
          Fixed
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        N/A
        N/A
        N/A
        N/A
        
          
        
        13030.00000000
        NC
        USD
        4001.43000000
        0.001235532619
        N/A
        DE
        
        US
        
        N
        
        2
        
          
            
              N/A
              N/A
            
            Y
            
            
              
                
              
            
            2024-02-08
            0.00000000
            USD
            0.00000000
            USD
            -52605.86890000
            USD
            4001.43000000
          
        
        
          N
          N
          N
        
      
      
        RONSHINE CHINA HOLDINGS LIMITED
        549300GNBBT32SFSEC47
        RONSHINE CHINA HOLDINGS LTD 8.750000% 10/25/2022
        N/A
        
          
        
        867000.00000000
        PA
        USD
        312120.00000000
        0.096374156521
        Long
        DBT
        NUSS
        CN
        
        N
        
        2
        
          2022-10-25
          Fixed
          8.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ANGLO AMERICAN CAPITAL PLC
        TINT358G1SSHR3L3PW36
        ANGLO AMERICAN CAPITAL PLC 4.750000% 04/10/2027
        G0446NAL8
        
          
        
        363000.00000000
        PA
        USD
        377052.14000000
        0.116423433157
        Long
        DBT
        NUSS
        ZA
        
        N
        
        2
        
          2027-04-10
          Fixed
          4.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ABQ FINANCE LIMITED
        549300EKNBMBS9DNYE37
        ABQ FINANCE LTD MTN 1.875000% 09/08/2025
        N/A
        
          
        
        1000000.00000000
        PA
        USD
        947558.00000000
        0.292580107027
        Long
        DBT
        NUSS
        QA
        
        N
        
        2
        
          2025-09-08
          Fixed
          1.87500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        NEWMONT CORPORATION
        549300VSP3RIX7FGDZ51
        NEWMONT CORP COMMON STOCK
        651639106
        
          
        
        6862.00000000
        NS
        USD
        545185.90000000
        0.168338559720
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        APL REALTY HOLDINGS PTE. LTD.
        2549002FEDJKTISCJV28
        APL REALTY HOLDINGS PTE LTD 5.950000% 06/02/2024
        N/A
        
          
        
        1238000.00000000
        PA
        USD
        674833.80000000
        0.208370300741
        Long
        DBT
        NUSS
        ID
        
        N
        
        2
        
          2024-06-02
          Fixed
          5.95000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        FIRST ABU DHABI BANK P.J.S.C
        2138002Y3WMK6RZS8H90
        FIRST ABU DHABI BANK PJSC 4.500000% MATURITY: PERPETUAL
        N/A
        
          
        
        682000.00000000
        PA
        USD
        675984.76000000
        0.208725685847
        Long
        DBT
        NUSS
        AE
        
        N
        
        2
        
          2170-04-05
          Fixed
          4.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        TENGIZCHEVROIL FINANCE COMPANY INTERNATIONAL LTD.
        5493001VEV2XTJIBZH31
        TENGIZCHEVROIL FINANCE CO INTERNATIONAL LTD 4.000000% 08/15/2026
        G87602AA9
        
          
        
        631000.00000000
        PA
        USD
        574184.76000000
        0.177292618008
        Long
        DBT
        NUSS
        KZ
        
        N
        
        2
        
          2026-08-15
          Fixed
          4.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        AKBANK TURK ANONIM SIRKETI
        789000TUMN63Z28TJ497
        AKBANK TAS 6.800000% 02/06/2026
        00971YAH3
        
          
        
        688000.00000000
        PA
        USD
        669747.36000000
        0.206799746580
        Long
        DBT
        NUSS
        TR
        
        N
        
        2
        
          2026-02-06
          Fixed
          6.80000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        FirstRand Bank Limited
        ZAYQDKTCATIXF9OQY690
        FIRSTRAND BANK LTD 6.250000% 04/23/2028
        N/A
        
          
        
        428000.00000000
        PA
        USD
        431997.52000000
        0.133389070259
        Long
        DBT
        NUSS
        ZA
        
        N
        
        2
        
          2028-04-23
          Fixed
          6.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        GDS HOLDINGS LIMITED
        391200MGV8DDCHTN2R77
        GDS HOLDINGS LTD - ADR DEPOSITARY RECEIPT
        36165L108
        
          
        
        9179.00000000
        NS
        USD
        360275.75000000
        0.111243340771
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        ALIBABA GROUP HOLDING LIMITED
        5493001NTNQJDH60PM02
        ALIBABA GROUP HOLDING-SP ADR DEPOSITARY RECEIPT
        01609W102
        
          
        
        2870.00000000
        NS
        USD
        312256.00000000
        0.096416149618
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        NongHyup Bank
        988400GSDJCW3LKJBD20
        NONGHYUP BANK MTN 1.250000% 07/20/2025
        65540KAD7
        
          
        
        620000.00000000
        PA
        USD
        583454.65000000
        0.180154907607
        Long
        DBT
        NUSS
        KR
        
        N
        
        2
        
          2025-07-20
          Fixed
          1.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Gobierno de la Republica Dominicana
        254900EHU7Q8FGVPI369
        DOMINICAN REPUBLIC 6.875000% 01/29/2026
        P3579EBK2
        
          
        
        1327000.00000000
        PA
        USD
        1409950.77000000
        0.435354402780
        Long
        DBT
        NUSS
        DO
        
        N
        
        2
        
          2026-01-29
          Fixed
          6.87500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Saudi Arabian Oil Company
        5586006WD91QHB7J4X50
        SAUDI ARABIAN OIL CO 144A 1.250000% 11/24/2023
        80414L2G9
        
          
        
        350000.00000000
        PA
        USD
        341797.40000000
        0.105537729483
        Long
        DBT
        NUSS
        SA
        
        Y
        
        2
        
          2023-11-24
          Fixed
          1.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        N/A
        N/A
        N/A
        N/A
        
          
        
        21420.00000000
        NC
        USD
        1592.42000000
        0.000491695932
        N/A
        DE
        
        US
        
        N
        
        2
        
          
            
              N/A
              N/A
            
            Y
            
            
              
                
              
            
            2024-02-24
            0.00000000
            USD
            0.00000000
            USD
            -91464.22000000
            USD
            1592.42000000
          
        
        
          N
          N
          N
        
      
      
        PT Cikarang Listrindo Tbk
        254900NPCIO562Z7FN53
        CIKARANG LISTRINDO TBK PT 4.950000% 09/14/2026
        N5276YAD8
        
          
        
        950000.00000000
        PA
        USD
        940975.00000000
        0.290547455892
        Long
        DBT
        NUSS
        ID
        
        N
        
        2
        
          2026-09-14
          Fixed
          4.95000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Estado Plurinacional de Bolivia
        529900TGIRPY3SZXEB56
        BOLIVIA GOVERNMENT 4.500000% 03/20/2028
        P37878AC2
        
          
        
        363000.00000000
        PA
        USD
        315813.63000000
        0.097514648882
        Long
        DBT
        NUSS
        BO
        
        N
        
        2
        
          2028-03-20
          Fixed
          4.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MINMETALS BOUNTEOUS FINANCE (BVI) LIMITED
        3003005FATJ63Y0MR949
        MINMETALS BOUNTEOUS FINANCE BVI LTD 3.375000% MATURITY: PERPETUAL
        N/A
        
          
        
        1073000.00000000
        PA
        USD
        1060284.95000000
        0.327387119470
        Long
        DBT
        NUSS
        CN
        
        N
        
        2
        
          2170-09-03
          Fixed
          3.37500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ADANI TRANSMISSION STEP-ONE LIMITED
        335800Z8CGS7O7D72N41
        ADANI TRANSMISSION LTD 4.000000% 08/03/2026
        N/A
        
          
        
        309000.00000000
        PA
        USD
        300853.84000000
        0.092895473107
        Long
        DBT
        NUSS
        IN
        
        N
        
        2
        
          2026-08-03
          Fixed
          4.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Turkiye Cumhuriyeti
        5493000PCHOG3B6S3Q85
        REPUBLIC OF TURKEY 5.600000% 11/14/2024
        900123CW8
        
          
        
        2295000.00000000
        PA
        USD
        2226838.50000000
        0.687587088772
        Long
        DBT
        NUSS
        TR
        
        N
        
        2
        
          2024-11-14
          Fixed
          5.60000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        SHARJAH SUKUK PROGRAMME LIMITED
        549300N3BQ9P6RRMVV02
        SHARJAH SUKUK PROGRAM LTD MTN 3.854000% 04/03/2026
        N/A
        
          
        
        1621000.00000000
        PA
        USD
        1640724.33000000
        0.506610993811
        Long
        DBT
        NUSS
        AE
        
        N
        
        2
        
          2026-04-03
          Fixed
          3.85400000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        United States of America
        254900HROIFWPRGM1V77
        TREASURY BILL 0.000000% 06/23/2022
        912796R43
        
          
        
        30000000.00000000
        PA
        USD
        29967549.30000000
        9.253163164207
        Long
        DBT
        UST
        US
        
        N
        
        2
        
          2022-06-23
          None
          0.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Volcan Compania Minera S.A.A.
        549300XKJ91C4SZLG750
        VOLCAN CIA MINERA SAA 4.375000% 02/11/2026
        P98047AC0
        
          
        
        330000.00000000
        PA
        USD
        315975.00000000
        0.097564475544
        Long
        DBT
        NUSS
        PE
        
        N
        
        2
        
          2026-02-11
          Fixed
          4.37500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MTN (MAURITIUS) INVESTMENTS LIMITED
        2549009PQD415OQIR074
        MTN MAURITIUS INVESTMENTS LTD 6.500000% 10/13/2026
        N/A
        
          
        
        954000.00000000
        PA
        USD
        1002940.20000000
        0.309680622250
        Long
        DBT
        NUSS
        ZA
        
        N
        
        2
        
          2026-10-13
          Fixed
          6.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CEMIG GERACAO E TRANSMISSAO S.A
        529900ZT0AVI5W1VFB58
        CEMIG GERACAO E TRANSMISSAO SA 9.250000% 12/05/2024
        P2205LAC9
        
          
        
        312000.00000000
        PA
        USD
        338523.12000000
        0.104526720982
        Long
        DBT
        NUSS
        BR
        
        N
        
        2
        
          2024-12-05
          Fixed
          9.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        DAE Sukuk (DIFC) Ltd
        635400AMGMPG1J5EQD94
        DAE SUKUK DIFC LTD MTN 3.750000% 02/15/2026
        N/A
        
          
        
        1265000.00000000
        PA
        USD
        1231793.75000000
        0.380344366477
        Long
        DBT
        NUSS
        AE
        
        N
        
        2
        
          2026-02-15
          Fixed
          3.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Woori Bank
        549300VUVMRL6RE7R376
        WOORI BANK MTN 4.750000% 04/30/2024
        98105HAC4
        
          
        
        474000.00000000
        PA
        USD
        486910.51000000
        0.150344706211
        Long
        DBT
        NUSS
        KR
        
        N
        
        2
        
          2024-04-30
          Fixed
          4.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ESKOM HOLDINGS SOC LIMITED
        3789001900ED06F65111
        ESKOM HOLDINGS SOC LTD MTN 6.350000% 08/10/2028
        S25221AV4
        
          
        
        315000.00000000
        PA
        USD
        321489.00000000
        0.099267048590
        Long
        DBT
        NUSS
        ZA
        
        N
        
        2
        
          2028-08-10
          Fixed
          6.35000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        KWG GROUP HOLDINGS LIMITED
        549300LK82ZOM9ZE7H90
        KWG GROUP HOLDINGS LTD 7.400000% 01/13/2027
        N/A
        
          
        
        691000.00000000
        PA
        USD
        262752.75000000
        0.081130894063
        Long
        DBT
        NUSS
        CN
        
        N
        
        2
        
          2027-01-13
          Fixed
          7.40000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MEGLOBAL CANADA ULC
        635400MHHHT7LMKMQL03
        MEGLOBAL CANADA ULC MTN 5.000000% 05/18/2025
        58518N2B7
        
          
        
        1800000.00000000
        PA
        USD
        1855566.00000000
        0.572948251058
        Long
        DBT
        NUSS
        KW
        
        Y
        
        2
        
          2025-05-18
          Fixed
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CHINALCO CAPITAL HOLDINGS LIMITED
        5493003PX4GYVUD3CQ19
        CHINALCO CAPITAL HOLDINGS LTD 4.100000% MATURITY: PERPETUAL
        N/A
        
          
        
        1223000.00000000
        PA
        USD
        1220187.81000000
        0.376760768252
        Long
        DBT
        NUSS
        CN
        
        N
        
        2
        
          2171-03-11
          Fixed
          4.10000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Arab Republic of Egypt
        529900GFIVH4086NMH82
        ARAB REPUBLIC OF EGYPT 5.875000% 06/11/2025
        N/A
        
          
        
        681000.00000000
        PA
        USD
        669733.54000000
        0.206795479340
        Long
        DBT
        NUSS
        EG
        
        N
        
        2
        
          2025-06-11
          Fixed
          5.87500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        C&W SENIOR FINANCING DESIGNATED ACTIVITY COMPANY
        5493009O8OIWZPZRY516
        C&W SENIOR FINANCING DAC 6.875000% 09/15/2027
        G3165UAA9
        
          
        
        688000.00000000
        PA
        USD
        682840.00000000
        0.210842397280
        Long
        DBT
        NUSS
        PA
        
        N
        
        2
        
          2027-09-15
          Fixed
          6.87500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Banco Santander-Chile
        3YJP8HORPAEXJ80D6368
        BANCO SANTANDER CHILE 2.700000% 01/10/2025
        05971WAC7
        
          
        
        680000.00000000
        PA
        USD
        664659.20000000
        0.205228661330
        Long
        DBT
        NUSS
        CL
        
        N
        
        2
        
          2025-01-10
          Fixed
          2.70000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Banco Santander (Mexico) S.A., Institucion de Banca Multiple, Grupo Financiero Santander Mexico
        SCRYQ25DTVRHYYMM6P89
        BANCO SANTANDER MEXICO SA INSTITUCION DE BANCA MUL 5.375000% 04/17/2025
        P1507SAH0
        
          
        
        316000.00000000
        PA
        USD
        327481.86000000
        0.101117480564
        Long
        DBT
        NUSS
        MX
        
        N
        
        2
        
          2025-04-17
          Fixed
          5.37500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        SK hynix Inc.
        988400XAIK6XISWQV045
        SK HYNIX INC 144A 1.000000% 01/19/2024
        78392BAA5
        
          
        
        700000.00000000
        PA
        USD
        672371.00000000
        0.207609855166
        Long
        DBT
        NUSS
        KR
        
        Y
        
        2
        
          2024-01-19
          Fixed
          1.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        DIFC SUKUK LIMITED
        N/A
        DIFC SUKUK LTD 4.325000% 11/12/2024
        N/A
        
          
        
        545000.00000000
        PA
        USD
        560742.87000000
        0.173142128418
        Long
        DBT
        NUSS
        AE
        
        N
        
        2
        
          2024-11-12
          Fixed
          4.32500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        DP WORLD CRESCENT LIMITED
        21380096JRTWB8TL9236
        DP WORLD CRESCENT LTD 3.908000% 05/31/2023
        N/A
        
          
        
        361000.00000000
        PA
        USD
        364610.00000000
        0.112581639143
        Long
        DBT
        NUSS
        AE
        
        N
        
        2
        
          2023-05-31
          Fixed
          3.90800000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ENERGEAN ISRAEL FINANCE LTD
        98450044QACBL3F8EB03
        ENERGEAN ISRAEL FINANCE LTD 144A 4.500000% 03/30/2024
        N/A
        
          
        
        1648000.00000000
        PA
        USD
        1627812.00000000
        0.502624017929
        Long
        DBT
        NUSS
        IL
        
        Y
        
        2
        
          2024-03-30
          Fixed
          4.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Jiumaojiu International Holdings Ltd
        6556009ZSGTEPL7MEK84
        JIUMAOJIU INTERNATIONAL HOLD COMMON STOCK
        N/A
        
          
        
        96000.00000000
        NS
        
        205890.24000000
        0.063573299423
        Long
        EC
        
        HK
        
        Y
        
        1
        
          N
          N
          N
        
      
      
        PT PELABUHAN INDONESIA (PERSERO)
        N/A
        PELABUHAN INDONESIA II PT 4.250000% 05/05/2025
        Y7133MAC3
        
          
        
        1996000.00000000
        PA
        USD
        2025580.72000000
        0.625444166848
        Long
        DBT
        NUSS
        ID
        
        N
        
        2
        
          2025-05-05
          Fixed
          4.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        SHINHAN FINANCIAL GROUP CO.,LTD
        988400EB8A6G49E5KO54
        SHINHAN FINANCIAL GROUP CO LTD 144A 2.875000% MATURITY: PERPETUAL
        824596AA8
        
          
        
        1200000.00000000
        PA
        USD
        1091040.00000000
        0.336883441405
        Long
        DBT
        NUSS
        KR
        
        Y
        
        2
        
          2170-11-12
          Fixed
          2.87500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Greenko Solar (Mauritius) Limited
        2138007S1PL541B3KP92
        GREENKO SOLAR MAURITIUS LTD 5.550000% 01/29/2025
        V3855GAA8
        
          
        
        450000.00000000
        PA
        USD
        452475.00000000
        0.139711958452
        Long
        DBT
        NUSS
        IN
        
        N
        
        2
        
          2025-01-29
          Fixed
          5.55000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Petrorio Luxembourg S.a r.l.
        222100466T5WZDU1B498
        PETRORIO LUXEMBOURG TRADING SARL 144A 6.125000% 06/09/2026
        71677WAA0
        
          
        
        650000.00000000
        PA
        USD
        650143.00000000
        0.200746454067
        Long
        DBT
        NUSS
        BR
        
        Y
        
        2
        
          2026-06-09
          Fixed
          6.12500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        PT Pertamina (Persero)
        254900NDAKGNZ2IBBL45
        PERTAMINA PERSERO PT MTN 4.300000% 05/20/2023
        Y7138AAE0
        
          
        
        1204000.00000000
        PA
        USD
        1219102.27000000
        0.376425583061
        Long
        DBT
        NUSS
        ID
        
        N
        
        2
        
          2023-05-20
          Fixed
          4.30000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MAF GLOBAL SECURITIES LIMITED
        54930037VUDNYTS17017
        MAF GLOBAL SECURITIES LTD 4.750000% 05/07/2024
        N/A
        
          
        
        1349000.00000000
        PA
        USD
        1377733.70000000
        0.425406648882
        Long
        DBT
        NUSS
        AE
        
        N
        
        2
        
          2024-05-07
          Fixed
          4.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ADCB FINANCE (CAYMAN) LIMITED
        213800R9XDKRM525M609
        ADCB FINANCE CAYMAN LTD MTN 4.000000% 03/29/2023
        N/A
        
          
        
        2000000.00000000
        PA
        USD
        2024952.00000000
        0.625250035233
        Long
        DBT
        NUSS
        AE
        
        N
        
        2
        
          2023-03-29
          Fixed
          4.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Yuzhou Group Holdings Company Limited
        213800MP59KHGJSPHE82
        YUZHOU GROUP HOLDINGS CO LTD 8.300000% 05/27/2025
        N/A
        
          
        
        550000.00000000
        PA
        USD
        71775.00000000
        0.022162165463
        Long
        DBT
        NUSS
        CN
        
        N
        
        2
        
          2025-05-27
          Fixed
          8.30000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        N/A
        N/A
        Credit Default Swap
        N/A
        
          
        
        1591000.00000000
        NC
        USD
        62867.22000000
        0.019411685570
        N/A
        DCR
        
        XX
        
        N
        
        2
        
          
            
              N/A
              N/A
            
            Y
            
            
            2027-06-20
            88339.13000000
            USD
            0.00000000
            USD
            1591000.00000000
            USD
            -25471.91000000
          
        
        
          N
          N
          N
        
      
      
        SHELF DRILLING HOLDINGS, LTD.
        54930078ZJ3XP4MRYB68
        SHELF DRILLING HOLDINGS LTD 144A 8.875000% 11/15/2024
        822538AG9
        
          
        
        43000.00000000
        PA
        USD
        43860.00000000
        0.013542773628
        Long
        DBT
        NUSS
        AE
        
        Y
        
        2
        
          2024-11-15
          Fixed
          8.87500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        TIMES CHINA HOLDINGS LIMITED
        2549000KTINB9ZPZP710
        TIMES CHINA HOLDINGS LTD 6.600000% 03/02/2023
        N/A
        
          
        
        309000.00000000
        PA
        USD
        159135.00000000
        0.049136554524
        Long
        DBT
        NUSS
        CN
        
        N
        
        2
        
          2023-03-02
          Fixed
          6.60000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        USIMINAS INTERNATIONAL S.a r.l.
        529900KLYX6QPXVIVP43
        USIMINAS INTERNATIONAL SARL 5.875000% 07/18/2026
        L95806AA0
        
          
        
        388000.00000000
        PA
        USD
        397199.48000000
        0.122644383108
        Long
        DBT
        NUSS
        BR
        
        N
        
        2
        
          2026-07-18
          Fixed
          5.87500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Oman Sovereign Sukuk SAOC
        549300KM6RUZQLK8LU36
        OMAN SOVEREIGN SUKUK 4.397000% 06/01/2024
        N/A
        
          
        
        356000.00000000
        PA
        USD
        359577.80000000
        0.111027832817
        Long
        DBT
        NUSS
        OM
        
        N
        
        2
        
          2024-06-01
          Fixed
          4.39700000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Bharti Airtel International (Netherlands) B.V.
        724500ULW6PWKDAI7I46
        BHARTI AIRTEL INTERNATIONAL NETHERLANDS BV 5.350000% 05/20/2024
        N1384FAB1
        
          
        
        620000.00000000
        PA
        USD
        640894.00000000
        0.197890614731
        Long
        DBT
        NUSS
        IN
        
        N
        
        2
        
          2024-05-20
          Fixed
          5.35000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        N/A
        N/A
        N/A
        N/A
        
          
        
        37390.00000000
        NC
        USD
        97.13000000
        0.000029991099
        N/A
        DE
        
        US
        
        N
        
        2
        
          
            
              N/A
              N/A
            
            Y
            
            
              
                
              
            
            2024-03-08
            0.00000000
            USD
            0.00000000
            USD
            -162339.28000000
            USD
            97.13000000
          
        
        
          N
          N
          N
        
      
      
        BRK: JPMORGAN CHASE BANK, N.A.
        N/A
        BRK: JPMORGAN CHASE BANK, N.A. PAY: 1MLIBOR
        N/A
        
          
        
        675000.00000000
        NC
        USD
        18622.14000000
        0.005750009724
        N/A
        DE
        
        US
        
        N
        
        2
        
          
            
              BRK: JPMORGAN CHASE BANK, N.A.
              N/A
            
            Y
            
            
              
                
              
            
            2024-01-04
            0.00000000
            USD
            0.00000000
            USD
            -196625.90000000
            USD
            18622.14000000
          
        
        
          N
          N
          N
        
      
      
        N/A
        N/A
        N/A
        N/A
        
          
        
        35807.00000000
        NC
        USD
        11330.80000000
        0.003498642485
        N/A
        DE
        
        US
        
        N
        
        2
        
          
            
              N/A
              N/A
            
            Y
            
            
              
                
              
            
            2024-03-22
            0.00000000
            USD
            0.00000000
            USD
            -195260.95000000
            USD
            11330.80000000
          
        
        
          N
          N
          N
        
      
      
        Sinopec Group Overseas Development (2018) Limited
        549300C6OZZ8LTVR8209
        SINOPEC GROUP OVERSEAS DEVELOPMENT 2018 LTD 144A 1.450000% 01/08/2026
        82939GAR9
        
          
        
        1660000.00000000
        PA
        USD
        1552433.18000000
        0.479349090987
        Long
        DBT
        NUSS
        CN
        
        Y
        
        2
        
          2026-01-08
          Fixed
          1.45000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        KAISA GROUP HOLDINGS LTD.
        254900N8L3L7NRJT0120
        KAISA GROUP HOLDINGS LTD 9.950000% 07/23/2025
        N/A
        
          
        
        1359000.00000000
        PA
        USD
        241562.25000000
        0.074587844711
        Long
        DBT
        NUSS
        CN
        
        N
        
        2
        
          2025-07-23
          Fixed
          9.95000000
          Y
          N
          N
        
        
          N
          N
          N
        
      
      
        CSN Resources S.A.
        222100ZEX458NMOXZP08
        CSN RESOURCES SA 7.625000% 04/17/2026
        L21779AD2
        
          
        
        229000.00000000
        PA
        USD
        237610.40000000
        0.073367621045
        Long
        DBT
        NUSS
        BR
        
        N
        
        2
        
          2026-04-17
          Fixed
          7.62500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        THE REPUBLIC OF KENYA
        549300VVURQQYU45PR87
        REPUBLIC OF KENYA 7.000000% 05/22/2027
        N/A
        
          
        
        936000.00000000
        PA
        USD
        900506.88000000
        0.278052002441
        Long
        DBT
        NUSS
        KE
        
        N
        
        2
        
          2027-05-22
          Fixed
          7.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        N/A
        N/A
        N/A
        N/A
        
          
        
        14299.00000000
        NC
        
        -4211.47000000
        -0.00130038725
        N/A
        DE
        
        IL
        
        N
        
        2
        
          
            
              N/A
              N/A
            
            Y
            
            
              
                
              
            
            2024-03-29
            0.00000000
            ILS
            0.00000000
            ILS
            -507326.68000000
            ILS
            -4211.47000000
          
        
        
          N
          N
          N
        
      
      
        ENFRAGEN, LLC
        N/A
        ENFRAGEN ENERGIA SUR SA / ENFRAGEN SPAIN SA / PRIM 5.375000% 12/30/2030
        E4181LAA9
        
          
        
        640000.00000000
        PA
        USD
        446137.60000000
        0.137755141909
        Long
        DBT
        NUSS
        ES
        
        N
        
        2
        
          2030-12-30
          Fixed
          5.37500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        STILLWATER MINING COMPANY
        6354007DPCY4ZN2MRR73
        STILLWATER MINING CO 4.000000% 11/16/2026
        U85969AE0
        
          
        
        317000.00000000
        PA
        USD
        304478.50000000
        0.094014669410
        Long
        DBT
        NUSS
        ZA
        
        N
        
        2
        
          2026-11-16
          Fixed
          4.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Arab Republic of Egypt
        529900GFIVH4086NMH82
        EGYPT GOVERNMENT INTERNATIONAL BOND MTN 6.200400% 03/01/2024
        N/A
        
          
        
        1088000.00000000
        PA
        USD
        1092743.68000000
        0.337409491395
        Long
        DBT
        NUSS
        EG
        
        N
        
        2
        
          2024-03-01
          Fixed
          6.20040000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        TULLOW OIL PLC
        2138003EYHWO75RKS857
        TULLOW OIL PLC 144A 10.250000% 05/15/2026
        899415AG8
        
          
        
        650000.00000000
        PA
        USD
        662272.00000000
        0.204491558977
        Long
        DBT
        NUSS
        GH
        
        Y
        
        2
        
          2026-05-15
          Fixed
          10.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Kenbourne Invest S.A.
        222100QGH6Y9KFYZ4B27
        KENBOURNE INVEST SA 144A 4.700000% 01/22/2028
        48855KAC4
        
          
        
        1100000.00000000
        PA
        USD
        968306.90000000
        0.298986802325
        Long
        DBT
        NUSS
        CL
        
        Y
        
        2
        
          2028-01-22
          Fixed
          4.70000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        China Huadian Overseas Development Management Company Limited
        254900JOAO2OHK0MFD45
        CHINA HUADIAN OVERSEAS DEVELOPMENT MANAGEMENT CO L 4.000000% MATURITY: PERPETUAL
        N/A
        
          
        
        200000.00000000
        PA
        USD
        201210.72000000
        0.062128391077
        Long
        DBT
        NUSS
        CN
        
        N
        
        2
        
          2170-11-29
          Fixed
          4.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        N/A
        N/A
        N/A
        N/A
        
          
        
        7476.00000000
        NC
        
        4450.32000000
        0.001374137627
        N/A
        DE
        
        KR
        
        N
        
        2
        
          
            
              N/A
              N/A
            
            Y
            
            
              
                
              
            
            2024-02-16
            0.00000000
            KRW
            0.00000000
            KRW
            -109362595.00000000
            KRW
            4450.32000000
          
        
        
          N
          N
          N
        
      
      
        Orbia Advance Corporation S.A.B. de CV
        549300MVHZ20SBIOEQ79
        ORBIA ADVANCE CORP SAB DE CV 1.875000% 05/11/2026
        P7S81YAB1
        
          
        
        310000.00000000
        PA
        USD
        290408.00000000
        0.089670082170
        Long
        DBT
        NUSS
        MX
        
        N
        
        2
        
          2026-05-11
          Fixed
          1.87500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Government of Mongolia
        254900PW61ADCBDCLP71
        MONGOLIA GOVERNMENT INTERNATIONAL BOND 144A 3.500000% 07/07/2027
        60937LAF2
        
          
        
        1000000.00000000
        PA
        USD
        899790.27000000
        0.277830732787
        Long
        DBT
        NUSS
        MN
        
        Y
        
        2
        
          2027-07-07
          Fixed
          3.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        RKPF Overseas 2020 (A) Limited
        254900LKOLISWWIE7W36
        RKPF OVERSEAS 2020 A LTD 5.125000% 07/26/2026
        N/A
        
          
        
        621000.00000000
        PA
        USD
        471960.00000000
        0.145728395847
        Long
        DBT
        NUSS
        CN
        
        N
        
        2
        
          2026-07-26
          Fixed
          5.12500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        WYNN RESORTS, LIMITED
        254900CEKKWIHTEAB172
        WYNN RESORTS LTD COMMON STOCK
        983134107
        
          
        
        9698.00000000
        NS
        USD
        773318.52000000
        0.238779700396
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Turkiye Cumhuriyeti
        5493000PCHOG3B6S3Q85
        REPUBLIC OF TURKEY 3.250000% 03/23/2023
        900123CA6
        
          
        
        364000.00000000
        PA
        USD
        357258.72000000
        0.110311764065
        Long
        DBT
        NUSS
        TR
        
        N
        
        2
        
          2023-03-23
          Fixed
          3.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ESKOM HOLDINGS SOC LIMITED
        3789001900ED06F65111
        ESKOM HOLDINGS SOC LTD 7.125000% 02/11/2025
        N/A
        
          
        
        338000.00000000
        PA
        USD
        325757.64000000
        0.100585088381
        Long
        DBT
        NUSS
        ZA
        
        N
        
        2
        
          2025-02-11
          Fixed
          7.12500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        TSMC Global, Ltd.
        549300N2ZLI21P85T117
        TSMC GLOBAL LTD 1.250000% 04/23/2026
        G91139AF5
        
          
        
        648000.00000000
        PA
        USD
        599935.46000000
        0.185243732939
        Long
        DBT
        NUSS
        TW
        
        N
        
        2
        
          2026-04-23
          Fixed
          1.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ZHENRO PROPERTIES GROUP LIMITED
        549300I66TVJEL841P38
        ZHENRO PROPERTIES GROUP LTD 6.630000% 01/07/2026
        N/A
        
          
        
        632000.00000000
        PA
        USD
        69520.00000000
        0.021465882870
        Long
        DBT
        NUSS
        CN
        
        N
        
        2
        
          2026-01-07
          Fixed
          6.63000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BOC AVIATION (USA) CORPORATION
        254900QKLTY6MF4Y3P65
        BOC AVIATION USA CORP MTN 1.625000% 04/29/2024
        66980P2A6
        
          
        
        200000.00000000
        PA
        USD
        192242.00000000
        0.059359094572
        Long
        DBT
        CORP
        SG
        
        Y
        
        2
        
          2024-04-29
          Fixed
          1.62500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Gol Finance SA
        5299007RH8MA67ZC6J07
        GOL FINANCE SA 7.000000% 01/31/2025
        L4441RAA4
        
          
        
        550000.00000000
        PA
        USD
        456500.00000000
        0.140954768845
        Long
        DBT
        NUSS
        BR
        
        N
        
        2
        
          2025-01-31
          Fixed
          7.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        PERIAMA HOLDINGS, LLC
        254900NINXO00BLT2Z47
        PERIAMA HOLDINGS LLC/DE 5.950000% 04/19/2026
        N/A
        
          
        
        665000.00000000
        PA
        USD
        675839.50000000
        0.208680833514
        Long
        DBT
        NUSS
        IN
        
        N
        
        2
        
          2026-04-19
          Fixed
          5.95000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Banco General S.A.
        549300B5C08LGDFB7205
        BANCO GENERAL SA 4.125000% 08/07/2027
        P12651AB4
        
          
        
        110000.00000000
        PA
        USD
        112238.50000000
        0.034656192383
        Long
        DBT
        NUSS
        PA
        
        N
        
        2
        
          2027-08-07
          Fixed
          4.12500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Independent State of Papua New Guinea
        254900NKI6OC90ZW9W36
        PNG GOVT INTL BOND 8.375000% 10/04/2028
        Y6726SAP6
        
          
        
        727000.00000000
        PA
        USD
        623766.00000000
        0.192601954751
        Long
        DBT
        NUSS
        PG
        
        N
        
        2
        
          2028-10-04
          Fixed
          8.37500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Teva Pharmaceutical Finance Netherlands III B.V.
        5493004T21MOAFINJP35
        TEVA PHARMACEUTICAL FINANCE NETHERLANDS III BV 3.150000% 10/01/2026
        88167AAE1
        
          
        
        3038000.00000000
        PA
        USD
        2753582.44000000
        0.850231273446
        Long
        DBT
        NUSS
        IL
        
        N
        
        2
        
          2026-10-01
          Fixed
          3.15000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        REPUBLIC OF SOUTH AFRICA
        378900AAFB4F17004C49
        REPUBLIC OF SOUTH AFRICA 4.875000% 04/14/2026
        836205AT1
        
          
        
        934000.00000000
        PA
        USD
        950812.00000000
        0.293584853616
        Long
        DBT
        NUSS
        ZA
        
        N
        
        2
        
          2026-04-14
          Fixed
          4.87500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CREDICORP LTD.
        529900UYAEYQCQ2BKB17
        CREDICORP LTD 144A 2.750000% 06/17/2025
        22530EAA0
        
          
        
        1000000.00000000
        PA
        USD
        964625.99000000
        0.297850237553
        Long
        DBT
        NUSS
        PE
        
        Y
        
        2
        
          2025-06-17
          Fixed
          2.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        THREE GORGES FINANCE I (CAYMAN ISLANDS) LIMITED
        549300FD0MPTWEITI779
        THREE GORGES FINANCE I CAYMAN ISLANDS LTD 3.700000% 06/10/2025
        G8850LAA8
        
          
        
        700000.00000000
        PA
        USD
        710668.48000000
        0.219435074095
        Long
        DBT
        NUSS
        CN
        
        N
        
        2
        
          2025-06-10
          Fixed
          3.70000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Kingdom of Bahrain
        549300RODM1WN85LFQ95
        KINGDOM OF BAHRAIN 7.000000% 01/26/2026
        N/A
        
          
        
        356000.00000000
        PA
        USD
        384114.03000000
        0.118603952484
        Long
        DBT
        NUSS
        BH
        
        N
        
        2
        
          2026-01-26
          Fixed
          7.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MEITUAN
        21380033K525E5JLIA77
        MEITUAN-CLASS B COMMON STOCK
        N/A
        
          
        
        28200.00000000
        NS
        
        560162.38000000
        0.172962888913
        Long
        EC
        
        HK
        
        N
        
        1
        
          N
          N
          N
        
      
      
        SHINHAN FINANCIAL GROUP CO.,LTD
        988400EB8A6G49E5KO54
        SHINHAN FINANCIAL GROUP CO LTD 2.875000% MATURITY: PERPETUAL
        Y7749XAY7
        
          
        
        600000.00000000
        PA
        USD
        545520.00000000
        0.168441720702
        Long
        DBT
        NUSS
        KR
        
        N
        
        2
        
          2170-11-12
          Fixed
          2.87500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        N/A
        N/A
        N/A
        N/A
        
          
        
        29344.00000000
        NC
        USD
        6100.98000000
        0.001883816485
        N/A
        DE
        
        US
        
        N
        
        2
        
          
            
              N/A
              N/A
            
            Y
            
            
              
                
              
            
            2024-03-23
            0.00000000
            USD
            0.00000000
            USD
            -163201.90000000
            USD
            6100.98000000
          
        
        
          N
          N
          N
        
      
      
        ENDEAVOUR MINING PLC
        529900NI5MXQ91GHXR07
        ENDEAVOUR MINING PLC 144A 5.000000% 10/14/2026
        29261HAA3
        
          
        
        800000.00000000
        PA
        USD
        732016.00000000
        0.226026606947
        Long
        DBT
        NUSS
        GB
        
        Y
        
        2
        
          2026-10-14
          Fixed
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        DOHA FINANCE LIMITED
        549300C2SXK7TLB4RX62
        DOHA FINANCE LTD MTN 2.375000% 03/31/2026
        N/A
        
          
        
        947000.00000000
        PA
        USD
        904385.00000000
        0.279249460290
        Long
        DBT
        NUSS
        QA
        
        N
        
        2
        
          2026-03-31
          Fixed
          2.37500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        NETWORK I2I LIMITED
        2549003L8M1FGHLHOX45
        NETWORK I2I LTD 144A 3.975000% MATURITY: PERPETUAL
        64132NAC0
        
          
        
        1100000.00000000
        PA
        USD
        1018050.00000000
        0.314346117028
        Long
        DBT
        NUSS
        IN
        
        Y
        
        2
        
          2170-06-03
          Fixed
          3.97500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        N/A
        N/A
        N/A
        N/A
        
          
        
        33900.00000000
        NC
        
        43963.62000000
        0.013574768663
        N/A
        DE
        
        SG
        
        N
        
        2
        
          
            
              N/A
              N/A
            
            Y
            
            
              
                
              
            
            2024-01-04
            0.00000000
            SGD
            0.00000000
            SGD
            -1155050.90480000
            SGD
            43963.62000000
          
        
        
          N
          N
          N
        
      
      
        CREDICORP LTD.
        529900UYAEYQCQ2BKB17
        CREDICORP LTD 2.750000% 06/17/2025
        G2519YAA6
        
          
        
        631000.00000000
        PA
        USD
        608679.00000000
        0.187943499992
        Long
        DBT
        NUSS
        PE
        
        N
        
        2
        
          2025-06-17
          Fixed
          2.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Grupo Bimbo S.A.B. de C.V.
        5493000RIXURZEBFEV60
        GRUPO BIMBO SAB DE CV 5.950000% MATURITY: PERPETUAL
        P4949BAN4
        
          
        
        708000.00000000
        PA
        USD
        722160.00000000
        0.222983342540
        Long
        DBT
        NUSS
        MX
        
        N
        
        2
        
          2170-07-17
          Fixed
          5.95000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        DIB SUKUK LIMITED
        549300U3ZMUHC2JQLL56
        DIB SUKUK LTD MTN 2.950000% 01/16/2026
        N/A
        
          
        
        310000.00000000
        PA
        USD
        304685.98000000
        0.094078733584
        Long
        DBT
        NUSS
        AE
        
        N
        
        2
        
          2026-01-16
          Fixed
          2.95000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        COLOMBIA PESO
        N/A
        FX Forward Contract: COP/USD SETTLE 2022-04-29
        N/A
        
          
        
        1.00000000
        NC
        
        2595.08000000
        0.000801290036
        N/A
        DFE
        
        CO
        
        N
        
        2
        
          
            
              GOLDMAN, SACHS & CO.
              N/A
            
            962021.00000000
            USD
            3651552729.91000000
            COP
            2022-04-29
            2595.08000000
          
        
        
          N
          N
          N
        
      
      
        CENCOSUD S.A.
        549300NLTGCFV7482429
        CENCOSUD SA 5.150000% 02/12/2025
        P2205JAK6
        
          
        
        310000.00000000
        PA
        USD
        321625.00000000
        0.099309041686
        Long
        DBT
        NUSS
        CL
        
        N
        
        2
        
          2025-02-12
          Fixed
          5.15000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        QNB FINANCE LTD
        549300MY0DXTHQEX5O57
        QNB FINANCE LTD MTN 2.750000% 02/12/2027
        N/A
        
          
        
        633000.00000000
        PA
        USD
        616031.80000000
        0.190213844404
        Long
        DBT
        NUSS
        QA
        
        N
        
        2
        
          2027-02-12
          Fixed
          2.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        N/A
        N/A
        BRK: BNP PARIBAS PAY: 1MLIBOR
        N/A
        
          
        
        61776.00000000
        NC
        USD
        -5769.00000000
        -0.00178131010
        N/A
        DE
        
        US
        
        N
        
        2
        
          
            
              BRK: BNP PARIBAS
              N/A
            
            Y
            
            
              
                
              
            
            2024-02-03
            0.00000000
            USD
            0.00000000
            USD
            -470057.12710000
            USD
            -5769.00000000
          
        
        
          N
          N
          N
        
      
      
        COUNTRY GARDEN HOLDINGS COMPANY LIMITED
        549300MGHLPT1EFHGF84
        COUNTRY GARDEN HOLDINGS CO LTD 3.125000% 10/22/2025
        G24524BL6
        
          
        
        625000.00000000
        PA
        USD
        460937.50000000
        0.142324948006
        Long
        DBT
        NUSS
        CN
        
        N
        
        2
        
          2025-10-22
          Fixed
          3.12500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BANCOLOMBIA S.A.
        54930052NWJRPNMP1W58
        BANCOLOMBIA SA 4.875000% 10/18/2027
        05968LAK8
        
          
        
        110000.00000000
        PA
        USD
        109313.60000000
        0.033753062912
        Long
        DBT
        NUSS
        CO
        
        N
        
        2
        
          2027-10-18
          Fixed
          4.87500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ENDEAVOUR MINING PLC
        529900NI5MXQ91GHXR07
        ENDEAVOUR MINING PLC 5.000000% 10/14/2026
        G3R41AAA4
        
          
        
        317000.00000000
        PA
        USD
        290061.34000000
        0.089563043002
        Long
        DBT
        NUSS
        GB
        
        N
        
        2
        
          2026-10-14
          Fixed
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        N/A
        N/A
        N/A
        N/A
        
          
        
        15090.00000000
        NC
        USD
        2126.35000000
        0.000656558976
        N/A
        DE
        
        US
        
        N
        
        2
        
          
            
              N/A
              N/A
            
            Y
            
            
              
                
              
            
            2024-02-16
            0.00000000
            USD
            0.00000000
            USD
            -63430.36000000
            USD
            2126.35000000
          
        
        
          N
          N
          N
        
      
      
        FLEX LTD.
        549300EAQH74YHD07T53
        FLEX LTD 4.750000% 06/15/2025
        33938EAU1
        
          
        
        110000.00000000
        PA
        USD
        113621.03000000
        0.035083079999
        Long
        DBT
        NUSS
        US
        
        N
        
        2
        
          2025-06-15
          Fixed
          4.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CIFI HOLDINGS (GROUP) CO. LTD.
        549300WGKSV867C0JF48
        CIFI HOLDINGS GROUP CO LTD 5.950000% 10/20/2025
        G2140AAW7
        
          
        
        311000.00000000
        PA
        USD
        258130.00000000
        0.079703514747
        Long
        DBT
        NUSS
        CN
        
        N
        
        2
        
          2025-10-20
          Fixed
          5.95000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CHILEAN PESO
        N/A
        FX Forward Contract: CLP/USD SETTLE 2022-04-29
        N/A
        
          
        
        1.00000000
        NC
        
        -9591.18000000
        -0.00296149520
        N/A
        DFE
        
        CL
        
        N
        
        2
        
          
            
              J.P. MORGAN SECURITIES
              N/A
            
            962000.00000000
            USD
            752765000.00000000
            CLP
            2022-04-29
            -9591.18000000
          
        
        
          N
          N
          N
        
      
      
        EGYPTIAN POUND
        N/A
        FX Forward Contract: EGP/USD SETTLE 2022-06-08
        N/A
        
          
        
        1.00000000
        NC
        
        47443.26000000
        0.014649186739
        N/A
        DFE
        
        EG
        
        N
        
        2
        
          
            
              BARCLAYS CAPITAL INC.
              N/A
            
            1355328.62000000
            USD
            25880000.00000000
            EGP
            2022-06-08
            47443.26000000
          
        
        
          N
          N
          N
        
      
      
        EI SUKUK COMPANY LTD.
        549300IIDFP0RTSSG071
        EI SUKUK CO LTD 1.827000% 09/23/2025
        N/A
        
          
        
        310000.00000000
        PA
        USD
        294732.50000000
        0.091005370008
        Long
        DBT
        NUSS
        AE
        
        N
        
        2
        
          2025-09-23
          Fixed
          1.82700000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        DAE FUNDING LLC
        635400SZTPQL3Y1P2C76
        DAE FUNDING LLC MTN 2.625000% 03/20/2025
        N/A
        
          
        
        310000.00000000
        PA
        USD
        294128.00000000
        0.090818716869
        Long
        DBT
        NUSS
        AE
        
        N
        
        2
        
          2025-03-20
          Fixed
          2.62500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Alsea, S.A.B. de C.V.
        4469000001BJLPKNUN21
        ALSEA SAB DE CV 144A 7.750000% 12/14/2026
        021151AA3
        
          
        
        1000000.00000000
        PA
        USD
        1038805.00000000
        0.320754695840
        Long
        DBT
        NUSS
        MX
        
        Y
        
        2
        
          2026-12-14
          Fixed
          7.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        LIQUID TELECOMMUNICATIONS FINANCING PLC
        635400MXAVJRJJCWVI87
        LIQUID TELECOMMUNICATIONS FINANCING PLC 144A 5.500000% 09/04/2026
        536333AB3
        
          
        
        400000.00000000
        PA
        USD
        382320.00000000
        0.118050004874
        Long
        DBT
        NUSS
        ZA
        
        Y
        
        2
        
          2026-09-04
          Fixed
          5.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        FEDERAL REPUBLIC OF NIGERIA
        549300GSBZD84TNEQ285
        NIGERIA GOVERNMENT INTERNATIONAL BOND MTN 8.375000% 03/24/2029
        65412JAU7
        
          
        
        300000.00000000
        PA
        USD
        302892.00000000
        0.093524801413
        Long
        DBT
        NUSS
        NG
        
        Y
        
        2
        
          2029-03-24
          Fixed
          8.37500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CZECH REPUBLIC KORUNA
        N/A
        FX Forward Contract: CZK/USD SETTLE 2022-04-29
        N/A
        
          
        
        1.00000000
        NC
        
        15616.76000000
        0.004822030221
        N/A
        DFE
        
        CZ
        
        N
        
        2
        
          
            
              GOLDMAN, SACHS & CO.
              N/A
            
            959909.90000000
            USD
            21591000.00000000
            CZK
            2022-04-29
            15616.76000000
          
        
        
          N
          N
          N
        
      
      
        The Hashemite Kingdom of Jordan
        5493000JZ4MYPVMBVN50
        JORDAN GOVERNMENT INTERNATIONAL BOND 144A 4.950000% 07/07/2025
        418097AK7
        
          
        
        700000.00000000
        PA
        USD
        696612.00000000
        0.215094815849
        Long
        DBT
        NUSS
        JO
        
        Y
        
        2
        
          2025-07-07
          Fixed
          4.95000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        DAR AL-ARKAN SUKUK COMPANY LTD.
        5493000UYHRBXEIYUQ69
        DAR AL-ARKAN SUKUK CO LTD 6.875000% 03/21/2023
        N/A
        
          
        
        724000.00000000
        PA
        USD
        726751.20000000
        0.224400980075
        Long
        DBT
        NUSS
        SA
        
        N
        
        2
        
          2023-03-21
          Fixed
          6.87500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        INVESTMENT ENERGY RESOURCES LIMITED
        254900A71Y7WHN7L5K89
        INVESTMENT ENERGY RESOURCES LTD 144A 6.250000% 04/26/2029
        46143NAB6
        
          
        
        300000.00000000
        PA
        USD
        303003.00000000
        0.093559075190
        Long
        DBT
        NUSS
        GT
        
        Y
        
        2
        
          2029-04-26
          Fixed
          6.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CCBL (CAYMAN) 1 CORPORATION LIMITED
        549300PPQILFPZT13E12
        CCBL CAYMAN 1 CORP LTD MTN 1.990000% 07/21/2025
        N/A
        
          
        
        1678000.00000000
        PA
        USD
        1592482.49000000
        0.491715227314
        Long
        DBT
        NUSS
        CN
        
        N
        
        2
        
          2025-07-21
          Fixed
          1.99000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Gol Finance SA
        5299007RH8MA67ZC6J07
        GOL FINANCE SA 144A 8.000000% 06/30/2026
        36254VAC2
        
          
        
        600000.00000000
        PA
        USD
        539154.00000000
        0.166476073258
        Long
        DBT
        NUSS
        BR
        
        Y
        
        2
        
          2026-06-30
          Fixed
          8.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CNOOC FINANCE (2015) U.S.A. LLC
        549300Q3CTIH31RFPO82
        CNOOC FINANCE 2015 USA LLC 3.500000% 05/05/2025
        12634MAB6
        
          
        
        1000000.00000000
        PA
        USD
        1002719.87000000
        0.309612590346
        Long
        DBT
        CORP
        CN
        
        N
        
        2
        
          2025-05-05
          Fixed
          3.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        SAUDI ELECTRICITY GLOBAL SUKUK COMPANY 3
        549300BJ6IA5S2UFVN71
        SAUDI ELECTRICITY GLOBAL SUKUK CO 3 4.000000% 04/08/2024
        N/A
        
          
        
        1362000.00000000
        PA
        USD
        1386815.64000000
        0.428210904639
        Long
        DBT
        NUSS
        SA
        
        N
        
        2
        
          2024-04-08
          Fixed
          4.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Africa Finance Corporation
        213800LXFHRRXIJRXW97
        AFRICA FINANCE CORP MTN 4.375000% 04/17/2026
        N/A
        
          
        
        687000.00000000
        PA
        USD
        685887.06000000
        0.211783246433
        Long
        DBT
        NUSS
        XX
        
        N
        
        2
        
          2026-04-17
          Fixed
          4.37500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Atento Luxco 1 SA
        549300MLFF3HYCZQTC48
        ATENTO LUXCO 1 SA 8.000000% 02/10/2026
        L0427PAD8
        
          
        
        338000.00000000
        PA
        USD
        341463.50000000
        0.105434630255
        Long
        DBT
        NUSS
        BR
        
        N
        
        2
        
          2026-02-10
          Fixed
          8.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        FAB Sukuk Company Limited
        549300JEV79SSEDKS489
        FAB SUKUK CO LTD 3.625000% 03/05/2023
        N/A
        
          
        
        1218000.00000000
        PA
        USD
        1231232.35000000
        0.380171021445
        Long
        DBT
        NUSS
        AE
        
        N
        
        2
        
          2023-03-05
          Fixed
          3.62500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        TURKIYE IHRACAT KREDI BANKASI ANONIM SIRKETI
        789000JVRVYLAXGDWR11
        TURK IHRACAT KR 5.750000% 07/06/2026
        N/A
        
          
        
        619000.00000000
        PA
        USD
        565295.56000000
        0.174547875113
        Long
        DBT
        NUSS
        TR
        
        N
        
        2
        
          2026-07-06
          Fixed
          5.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BRF GmbH
        5299002S6DY5RA2IOQ11
        BRF GMBH 4.350000% 09/29/2026
        A08163AA4
        
          
        
        363000.00000000
        PA
        USD
        353565.63000000
        0.109171438441
        Long
        DBT
        NUSS
        BR
        
        N
        
        2
        
          2026-09-29
          Fixed
          4.35000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        KWG GROUP HOLDINGS LIMITED
        549300LK82ZOM9ZE7H90
        KWG GROUP HOLDINGS LTD 5.875000% 11/10/2024
        N/A
        
          
        
        1041000.00000000
        PA
        USD
        416920.50000000
        0.128733697052
        Long
        DBT
        NUSS
        CN
        
        N
        
        2
        
          2024-11-10
          Fixed
          5.87500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MUTHOOT FINANCE LIMITED
        335800HAMJMBFL4RRF02
        MUTHOOT FINANCE LTD MTN 4.400000% 09/02/2023
        62828L2B8
        
          
        
        360000.00000000
        PA
        USD
        359730.00000000
        0.111074828032
        Long
        DBT
        NUSS
        IN
        
        Y
        
        2
        
          2023-09-02
          Fixed
          4.40000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Grupo de Inversiones Suramericana S.A.
        549300AC1Q176TZL0305
        GRUPO DE INVERSIONES SURAMERICANA SA 5.500000% 04/29/2026
        G42036AB2
        
          
        
        730000.00000000
        PA
        USD
        735110.00000000
        0.226981949893
        Long
        DBT
        NUSS
        CO
        
        N
        
        2
        
          2026-04-29
          Fixed
          5.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        N/A
        N/A
        J.P. MORGAN COLLATERAL
        N/A
        
          
        
        -310.73000000
        PA
        USD
        -310.73000000
        -0.00009594496
        Short
        STIV
        
        US
        
        N
        
        2
        
          N
          N
          N
        
      
      
        KOC HOLDING ANONIM SIRKETI
        7890005U0H950VH19H45
        KOC HOLDING AS 5.250000% 03/15/2023
        N/A
        
          
        
        1765000.00000000
        PA
        USD
        1765141.20000000
        0.545027535216
        Long
        DBT
        NUSS
        TR
        
        N
        
        2
        
          2023-03-15
          Fixed
          5.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Kingdom of Saudi Arabia
        635400FMICXSM3SI3H65
        SAUDI GOVERNMENT INTERNATIONAL BOND MTN 2.900000% 10/22/2025
        80413TAS8
        
          
        
        1000000.00000000
        PA
        USD
        1007510.00000000
        0.311091652048
        Long
        DBT
        NUSS
        SA
        
        Y
        
        2
        
          2025-10-22
          Fixed
          2.90000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        COMMERCIAL BANK OF DUBAI(PSC)
        2138002DQL2YD4S8HE87
        COMMERCIAL BANK OF DUBAI PSC 6.000000% MATURITY: PERPETUAL
        M2520KAE8
        
          
        
        460000.00000000
        PA
        USD
        461150.00000000
        0.142390562219
        Long
        DBT
        NUSS
        AE
        
        N
        
        2
        
          2170-04-21
          Fixed
          6.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        SABIC Capital II B.V.
        2138005PCUTH59D4RJ83
        SABIC CAPITAL II BV 4.000000% 10/10/2023
        N/A
        
          
        
        700000.00000000
        PA
        USD
        712397.00000000
        0.219968794001
        Long
        DBT
        NUSS
        SA
        
        N
        
        2
        
          2023-10-10
          Fixed
          4.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Perusahaan Penerbit Surat Berharga Syariah Negara Indonesia III
        254900G208H6Q0L5B953
        PERUSAHAAN PENERBIT SBSN INDONESIA III 4.325000% 05/28/2025
        71567RAD8
        
          
        
        250000.00000000
        PA
        USD
        260987.50000000
        0.080585832933
        Long
        DBT
        NUSS
        ID
        
        N
        
        2
        
          2025-05-28
          Fixed
          4.32500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        UZAUTO MOTORS Joint Stock Company
        25490082QA3E2MKBZI88
        UZAUTO MOTORS AJ 144A 4.850000% 05/04/2026
        46653NAA0
        
          
        
        600000.00000000
        PA
        USD
        528000.00000000
        0.163032021797
        Long
        DBT
        NUSS
        UZ
        
        Y
        
        2
        
          2026-05-04
          Fixed
          4.85000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BAIDU, INC.
        254900AL64IANZYI1E02
        BAIDU INC 3.875000% 09/29/2023
        056752AK4
        
          
        
        964000.00000000
        PA
        USD
        972911.93000000
        0.300408710187
        Long
        DBT
        NUSS
        CN
        
        N
        
        2
        
          2023-09-29
          Fixed
          3.87500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Arcos Dorados Holdings Inc.
        54930023P2MIZN13DQ85
        ARCOS DORADOS HOLDINGS INC-A COMMON STOCK
        G0457F107
        
          
        
        69732.00000000
        NS
        USD
        566921.16000000
        0.175049816126
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        ENFRAGEN, LLC
        N/A
        ENFRAGEN ENERGIA SUR SA / ENFRAGEN SPAIN SA / PRIM 5.375000% 12/30/2030
        29280LAA1
        
          
        
        1400000.00000000
        PA
        USD
        975926.00000000
        0.301339372926
        Long
        DBT
        NUSS
        ES
        
        Y
        
        2
        
          2030-12-30
          Fixed
          5.37500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        YAPI VE KREDI BANKASI ANONIM SIRKETI
        B85ZYWEZ5IZCZ2WNIO12
        YAPI VE KREDI BANKASI AS MTN 5.850000% 06/21/2024
        N/A
        
          
        
        681000.00000000
        PA
        USD
        669082.50000000
        0.206594455917
        Long
        DBT
        NUSS
        TR
        
        N
        
        2
        
          2024-06-21
          Fixed
          5.85000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        PETROFAC LIMITED
        2138004624W8CKCSJ177
        PYRENEES BONDCO LTD 144A 9.750000% 11/15/2026
        747242AA3
        
          
        
        1250000.00000000
        PA
        USD
        1143825.00000000
        0.353182011993
        Long
        DBT
        NUSS
        JE
        
        Y
        
        2
        
          2026-11-15
          Fixed
          9.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ITAU UNIBANCO HOLDING S.A.
        N/A
        ITAU UNIBANCO HOLDING SA/CAYMAN ISLAND 3.250000% 01/24/2025
        46556KAB2
        
          
        
        2204000.00000000
        PA
        USD
        2189012.80000000
        0.675907542661
        Long
        DBT
        NUSS
        BR
        
        N
        
        2
        
          2025-01-24
          Fixed
          3.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ECOPETROL S.A.
        254900IDGKCJICKBPA66
        ECOPETROL SA 5.375000% 06/26/2026
        279158AL3
        
          
        
        1349000.00000000
        PA
        USD
        1366604.45000000
        0.421970239547
        Long
        DBT
        NUSS
        CO
        
        N
        
        2
        
          2026-06-26
          Fixed
          5.37500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Korea Hydro & Nuclear Power Co., Ltd.
        9884008CRY5MLCN8OQ43
        KOREA HYDRO & NUCLEAR POWER CO LTD MTN 1.250000% 04/27/2026
        Y4899GEG4
        
          
        
        997000.00000000
        PA
        USD
        928978.99000000
        0.286843414672
        Long
        DBT
        NUSS
        KR
        
        N
        
        2
        
          2026-04-27
          Fixed
          1.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        TURKIYE VAKIFLAR BANKASI TURK ANONIM ORTAKLIGI
        789000KAIHOLSQKQ9858
        TURKIYE VAKIFLAR BANKASI TAO 6.500000% 01/08/2026
        N/A
        
          
        
        309000.00000000
        PA
        USD
        294897.24000000
        0.091056237234
        Long
        DBT
        NUSS
        TR
        
        N
        
        2
        
          2026-01-08
          Fixed
          6.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Far East Horizon Limited
        549300S9XRGO1ZPUHE62
        FAR EAST HORIZON LTD MTN 2.625000% 03/03/2024
        N/A
        
          
        
        200000.00000000
        PA
        USD
        186692.32000000
        0.057645504514
        Long
        DBT
        NUSS
        CN
        
        N
        
        2
        
          2024-03-03
          Fixed
          2.62500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        SAMBA FUNDING LIMITED
        549300PT73WJRNMAKE44
        SAMBA FUNDING LTD 2.750000% 10/02/2024
        N/A
        
          
        
        1068000.00000000
        PA
        USD
        1054650.00000000
        0.325647200357
        Long
        DBT
        NUSS
        SA
        
        N
        
        2
        
          2024-10-02
          Fixed
          2.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Banco de Bogota S.A.
        549300LYHE7LWSKDZT53
        BANCO DE BOGOTA SA 6.250000% 05/12/2026
        P09252AK6
        
          
        
        417000.00000000
        PA
        USD
        426382.50000000
        0.131655304988
        Long
        DBT
        NUSS
        CO
        
        N
        
        2
        
          2026-05-12
          Fixed
          6.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CEMEX, Sociedad Anonima Bursatil de Capital Variable
        549300RIG2CXWN6IV731
        CEMEX SAB DE CV 144A 7.375000% 06/05/2027
        151290BW2
        
          
        
        700000.00000000
        PA
        USD
        749000.00000000
        0.231270803648
        Long
        DBT
        NUSS
        MX
        
        Y
        
        2
        
          2027-06-05
          Fixed
          7.37500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        AGUA Y SANEAMIENTOS ARGENTINOS S.A.
        5299003HUR94018IBF62
        AGUA Y SANEAMIENTOS ARGENTINOS SA 6.625000% 02/01/2023
        N/A
        
          
        
        564000.00000000
        PA
        USD
        298920.00000000
        0.092298355976
        Long
        DBT
        NUSS
        AR
        
        N
        
        2
        
          2023-02-01
          Fixed
          6.62500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        STILLWATER MINING COMPANY
        6354007DPCY4ZN2MRR73
        STILLWATER MINING CO 144A 4.000000% 11/16/2026
        86074QAP7
        
          
        
        1000000.00000000
        PA
        USD
        960500.00000000
        0.296576244198
        Long
        DBT
        CORP
        ZA
        
        Y
        
        2
        
          2026-11-16
          Fixed
          4.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        SHUI ON DEVELOPMENT (HOLDING) LIMITED
        3003005J4J3G9CZFDK52
        SHUI ON DEVELOPMENT HOLDING LTD 6.150000% 08/24/2024
        N/A
        
          
        
        316000.00000000
        PA
        USD
        295460.00000000
        0.091230002197
        Long
        DBT
        NUSS
        CN
        
        N
        
        2
        
          2024-08-24
          Fixed
          6.15000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Kuwait Projects Company S.P.C Limited
        254900BQTJEWBK1TAN59
        KUWAIT PROJECTS CO SPC LTD MTN 4.500000% 02/23/2027
        N/A
        
          
        
        868000.00000000
        PA
        USD
        783494.99000000
        0.241921917212
        Long
        DBT
        NUSS
        KW
        
        N
        
        2
        
          2027-02-23
          Fixed
          4.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        SK BATTERY AMERICA, INC.
        54930012FBFVNU7RWO57
        SK BATTERY AMERICA INC 2.125000% 01/26/2026
        N/A
        
          
        
        316000.00000000
        PA
        USD
        292155.59000000
        0.090209690373
        Long
        DBT
        NUSS
        KR
        
        N
        
        2
        
          2026-01-26
          Fixed
          2.12500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        RAKFUNDING CAYMAN LTD
        254900VKV21C7FBKPR59
        RAKFUNDING CAYMAN LTD MTN 4.125000% 04/09/2024
        N/A
        
          
        
        400000.00000000
        PA
        USD
        405036.00000000
        0.125064087084
        Long
        DBT
        NUSS
        AE
        
        N
        
        2
        
          2024-04-09
          Fixed
          4.12500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Empresa Nacional del Petroleo
        549300YP3P0JZBLIV197
        EMPRESA NACIONAL DEL PETROLEO 3.750000% 08/05/2026
        P37110AK2
        
          
        
        940000.00000000
        PA
        USD
        936230.60000000
        0.289082514369
        Long
        DBT
        NUSS
        CL
        
        N
        
        2
        
          2026-08-05
          Fixed
          3.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Republica de Costa Rica
        549300S1EK2VN6XVJP58
        COSTA RICA GOVERNMENT 4.375000% 04/30/2025
        P3699PGE1
        
          
        
        316000.00000000
        PA
        USD
        319160.00000000
        0.098547916812
        Long
        DBT
        NUSS
        CR
        
        N
        
        2
        
          2025-04-30
          Fixed
          4.37500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        APTIV PLC
        N/A
        APTIV PLC COMMON STOCK
        G6095L109
        
          
        
        6730.00000000
        NS
        USD
        805648.30000000
        0.248762256073
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        COUNTRY GARDEN HOLDINGS COMPANY LIMITED
        549300MGHLPT1EFHGF84
        COUNTRY GARDEN HOLDINGS CO LTD 5.125000% 01/17/2025
        N/A
        
          
        
        634000.00000000
        PA
        USD
        488180.00000000
        0.150736690153
        Long
        DBT
        NUSS
        CN
        
        N
        
        2
        
          2025-01-17
          Fixed
          5.12500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        U.S. DOLLARS
        N/A
        FX Forward Contract: USD/CNY SETTLE 2022-04-29
        N/A
        
          
        
        1.00000000
        NC
        USD
        -5294.36000000
        -0.00163475419
        N/A
        DFE
        
        US
        
        N
        
        2
        
          
            
              MORGAN STANLEY & CO, INC
              N/A
            
            6157000.00000000
            CNY
            961962.86000000
            USD
            2022-04-29
            -5294.36000000
          
        
        
          N
          N
          N
        
      
      
        United States of America
        N/A
        US 5YR NOTE (CBT) JUN22 FINANCIAL COMMODITY FUTURE.
        N/A
        
          
        
        72.00000000
        NC
        USD
        8257500.00000000
        2.549691136353
        N/A
        DIR
        
        US
        
        N
        
        1
        
          
            
              J.P. MORGAN SECURITIES
              N/A
            
            Long
            
              
                U.S. Treasury Futures
                US 5-Year Note (consolidated) Jun 2022
                
                  
                  
                  
                
              
            
            2022-07-03
            8213790.24000000
            USD
            43709.76000000
          
        
        
          N
          N
          N
        
      
      
        N/A
        N/A
        N/A
        N/A
        
          
        
        22957.00000000
        NC
        USD
        8300.24000000
        0.002562888084
        N/A
        DE
        
        US
        
        N
        
        2
        
          
            
              N/A
              N/A
            
            Y
            
            
              
                
              
            
            2024-03-17
            0.00000000
            USD
            0.00000000
            USD
            -519196.52000000
            USD
            8300.24000000
          
        
        
          N
          N
          N
        
      
      
        STATE BANK OF INDIA
        N/A
        STATE BANK OF INDIA/LONDON MTN 1.800000% 07/13/2026
        N/A
        
          
        
        620000.00000000
        PA
        USD
        573983.60000000
        0.177230505277
        Long
        DBT
        NUSS
        IN
        
        N
        
        2
        
          2026-07-13
          Fixed
          1.80000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        NBK SPC LIMITED
        549300P1ANDK86KWB419
        NBK SPC LTD 144A 1.625000% 09/15/2027
        62877PAB0
        
          
        
        1500000.00000000
        PA
        USD
        1370280.00000000
        0.423105149297
        Long
        DBT
        NUSS
        KW
        
        Y
        
        2
        
          2027-09-15
          Fixed
          1.62500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Republic of Lebanon
        529900QPC4K9S1KHL354
        LEBANON GOVERNMENT INTERNATIONAL BOND MTN 6.100000% 10/04/2022
        N/A
        
          
        
        1260000.00000000
        PA
        USD
        152838.00000000
        0.047192212400
        Long
        DBT
        NUSS
        LB
        
        N
        
        2
        
          2022-10-04
          Fixed
          6.10000000
          Y
          N
          N
        
        
          N
          N
          N
        
      
      
        PT Bank Mandiri (Persero) Tbk
        549300RSKQN4Z5ZSGH94
        BANK MANDIRI PERSERO TBK PT MTN 3.750000% 04/11/2024
        N/A
        
          
        
        362000.00000000
        PA
        USD
        360538.58000000
        0.111324495517
        Long
        DBT
        NUSS
        ID
        
        N
        
        2
        
          2024-04-11
          Fixed
          3.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        N/A
        N/A
        N/A
        N/A
        
          
        
        12383.00000000
        NC
        
        64105.45000000
        0.019794017276
        N/A
        DE
        
        XX
        
        N
        
        2
        
          
            
              N/A
              N/A
            
            Y
            
            
              
                
              
            
            2024-03-16
            0.00000000
            EUR
            0.00000000
            EUR
            -674877.82000000
            EUR
            64105.45000000
          
        
        
          N
          N
          N
        
      
      
        ENERGEAN PLC
        549300RVMKU0CYUZBB05
        ENERGEAN PLC 144A 6.500000% 04/30/2027
        29280EAA7
        
          
        
        600000.00000000
        PA
        USD
        569700.00000000
        0.175907846246
        Long
        DBT
        NUSS
        EG
        
        Y
        
        2
        
          2027-04-30
          Fixed
          6.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        HKT CAPITAL NO. 4 LIMITED
        254900MLP05EG5KFTB45
        HKT CAPITAL NO 4 LTD 3.000000% 07/14/2026
        N/A
        
          
        
        200000.00000000
        PA
        USD
        196326.54000000
        0.060620289296
        Long
        DBT
        NUSS
        HK
        
        N
        
        2
        
          2026-07-14
          Fixed
          3.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        SHRIRAM TRANSPORT FINANCE COMPANY LIMITED
        335800TM2YO24B76XL26
        SHRIRAM TRANSPORT FINANCE CO LTD MTN 4.400000% 03/13/2024
        Y7758EEG2
        
          
        
        1343000.00000000
        PA
        USD
        1313454.00000000
        0.405558827951
        Long
        DBT
        NUSS
        IN
        
        N
        
        2
        
          2024-03-13
          Fixed
          4.40000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BANCO BTG PACTUAL S.A.
        N/A
        BANCO BTG PACTUAL SA/CAYMAN ISLANDS 2.750000% 01/11/2026
        05971BAG4
        
          
        
        622000.00000000
        PA
        USD
        573801.22000000
        0.177174191300
        Long
        DBT
        NUSS
        BR
        
        N
        
        2
        
          2026-01-11
          Fixed
          2.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BHARTI AIRTEL LIMITED
        335800KQ1FPKOQ84OR26
        BHARTI AIRTEL LTD 4.375000% 06/10/2025
        Y0889VAA8
        
          
        
        110000.00000000
        PA
        USD
        110920.91000000
        0.034249356471
        Long
        DBT
        NUSS
        IN
        
        N
        
        2
        
          2025-06-10
          Fixed
          4.37500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CNPC Global Capital Limited
        254900BS1UPERUNF4860
        CNPC GLOBAL CAPITAL LTD 1.350000% 06/23/2025
        N/A
        
          
        
        700000.00000000
        PA
        USD
        662934.34000000
        0.204696071532
        Long
        DBT
        NUSS
        CN
        
        N
        
        2
        
          2025-06-23
          Fixed
          1.35000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Greenko Wind Projects (Mauritius) Ltd
        254900MSUXE1FF83DP82
        GREENKO WIND PROJECTS MAURITIUS LTD 144A 5.500000% 04/06/2025
        39531JAA2
        
          
        
        1000000.00000000
        PA
        USD
        996250.00000000
        0.307614870674
        Long
        DBT
        CORP
        IN
        
        Y
        
        2
        
          2025-04-06
          Fixed
          5.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        SOUTHERN COPPER CORPORATION
        2549007U6NAP46Q9TU15
        SOUTHERN COPPER CORP 3.875000% 04/23/2025
        84265VAH8
        
          
        
        110000.00000000
        PA
        USD
        111662.10000000
        0.034478215759
        Long
        DBT
        CORP
        PE
        
        N
        
        2
        
          2025-04-23
          Fixed
          3.87500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BDO UNIBANK, INC.
        3FGIIBS1PEI1FYQBGN97
        BDO UNIBANK INC MTN 2.125000% 01/13/2026
        N/A
        
          
        
        310000.00000000
        PA
        USD
        299325.25000000
        0.092423486141
        Long
        DBT
        NUSS
        PH
        
        N
        
        2
        
          2026-01-13
          Fixed
          2.12500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Banco de Credito del Peru
        549300EQYQ8SCQZ4BY14
        BANCO DE CREDITO DEL PERU S.A. 4.250000% 04/01/2023
        P0956JCG8
        
          
        
        1110000.00000000
        PA
        USD
        1126539.00000000
        0.347844565916
        Long
        DBT
        NUSS
        PE
        
        N
        
        2
        
          2023-04-01
          Fixed
          4.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CNAC (HK) FINBRIDGE COMPANY LIMITED
        549300US1UQ7R7WABI28
        CNAC HK FINBRIDGE CO LTD 3.375000% 06/19/2024
        N/A
        
          
        
        1000000.00000000
        PA
        USD
        995763.12000000
        0.307464535388
        Long
        DBT
        NUSS
        CN
        
        N
        
        2
        
          2024-06-19
          Fixed
          3.37500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Joint Stock Company National Company KazMunayGas
        2138001H1M69RFJCSH88
        KAZMUNAYGAS NATIONAL CO JSC 144A 4.750000% 04/19/2027
        48667QAN5
        
          
        
        316000.00000000
        PA
        USD
        302588.96000000
        0.093431230913
        Long
        DBT
        NUSS
        KZ
        
        Y
        
        2
        
          2027-04-19
          Fixed
          4.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        OQ SAOC
        549300YK417GKI6EQ392
        OQ SAOC MTN 5.125000% 05/06/2028
        67624L2A5
        
          
        
        400000.00000000
        PA
        USD
        395014.40000000
        0.121969689907
        Long
        DBT
        NUSS
        OM
        
        Y
        
        2
        
          2028-05-06
          Fixed
          5.12500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        THE BIDVEST GROUP (UK) PLC
        984500A80C777F496830
        BIDVEST GROUP UK PLC/THE 3.625000% 09/23/2026
        N/A
        
          
        
        316000.00000000
        PA
        USD
        295080.80000000
        0.091112915563
        Long
        DBT
        NUSS
        ZA
        
        N
        
        2
        
          2026-09-23
          Fixed
          3.62500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        THE DEMOCRATIC SOCIALIST REPUBLIC OF SRI LANKA
        254900HXCCIOHM74FA02
        REPUBLIC OF SRI LANKA 6.850000% 11/03/2025
        Y8137FAE8
        
          
        
        496000.00000000
        PA
        USD
        241239.52000000
        0.074488194475
        Long
        DBT
        NUSS
        LK
        
        N
        
        2
        
          2025-11-03
          Fixed
          6.85000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MTN (MAURITIUS) INVESTMENTS LIMITED
        2549009PQD415OQIR074
        MTN MAURITIUS INVESTMENTS LTD 4.755000% 11/11/2024
        N/A
        
          
        
        250000.00000000
        PA
        USD
        250625.00000000
        0.077386175119
        Long
        DBT
        NUSS
        ZA
        
        N
        
        2
        
          2024-11-11
          Fixed
          4.75500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        InterCement Financial Operations B.V.
        213800IVMAMWIHPCZJ07
        INTERCEMENT FINANCIAL OPERATIONS BV 5.750000% 07/17/2024
        N20137AD2
        
          
        
        340000.00000000
        PA
        USD
        300478.40000000
        0.092779547459
        Long
        DBT
        NUSS
        BR
        
        N
        
        2
        
          2024-07-17
          Fixed
          5.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        DP WORLD SALAAM
        549300SUYBT9X88E9435
        DP WORLD SALAAM 6.000000% MATURITY: PERPETUAL
        N/A
        
          
        
        1022000.00000000
        PA
        USD
        1054299.29000000
        0.325538910660
        Long
        DBT
        NUSS
        AE
        
        N
        
        2
        
          2171-01-01
          Fixed
          6.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Bangkok Bank Public Co Ltd (Hong Kong Branch)
        N/A
        BANGKOK BANK PCL/HONG KONG MTN 4.050000% 03/19/2024
        Y0606WBY5
        
          
        
        110000.00000000
        PA
        USD
        112167.50000000
        0.034634269517
        Long
        DBT
        NUSS
        TH
        
        N
        
        2
        
          2024-03-19
          Fixed
          4.05000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        SHIMAO GROUP HOLDINGS LIMITED
        254900WTJ6B5CU69ZD26
        SHIMAO GROUP HOLDINGS LTD 5.600000% 07/15/2026
        N/A
        
          
        
        309000.00000000
        PA
        USD
        87292.50000000
        0.026953546899
        Long
        DBT
        NUSS
        CN
        
        N
        
        2
        
          2026-07-15
          Fixed
          5.60000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Celulosa Arauco y Constitucion S.A.
        549300QEKV8G0AMNQD28
        CELULOSA ARAUCO Y CONSTITUCION SA 4.500000% 08/01/2024
        151191AZ6
        
          
        
        826000.00000000
        PA
        USD
        848723.26000000
        0.262062630728
        Long
        DBT
        NUSS
        CL
        
        N
        
        2
        
          2024-08-01
          Fixed
          4.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ECOPETROL S.A.
        254900IDGKCJICKBPA66
        ECOPETROL SA 4.125000% 01/16/2025
        279158AK5
        
          
        
        110000.00000000
        PA
        USD
        108353.30000000
        0.033456548423
        Long
        DBT
        NUSS
        CO
        
        N
        
        2
        
          2025-01-16
          Fixed
          4.12500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        OOREDOO INTERNATIONAL FINANCE LIMITED
        549300BHXCDJ03WU7N77
        OOREDOO INTERNATIONAL FINANCE LTD MTN 3.250000% 02/21/2023
        N/A
        
          
        
        2800000.00000000
        PA
        USD
        2814459.20000000
        0.869028359172
        Long
        DBT
        NUSS
        QA
        
        N
        
        2
        
          2023-02-21
          Fixed
          3.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        N/A
        N/A
        N/A
        N/A
        
          
        
        67350000.00000000
        NC
        
        59842.65000000
        0.018477780718
        N/A
        DIR
        
        XX
        
        N
        
        2
        
          
            
              N/A
              N/A
            
            Y
            
            
              
                
              
            
            2032-06-15
            0.00000000
            ZAR
            0.00000000
            ZAR
            -67350000.00000000
            ZAR
            59842.65000000
          
        
        
          N
          N
          N
        
      
      
        N/A
        N/A
        J.P. MORGAN COLLATERAL
        N/A
        
          
        
        119994.64000000
        PA
        USD
        119994.64000000
        0.037051077204
        Long
        STIV
        
        US
        
        N
        
        2
        
          N
          N
          N
        
      
      
        TURKCELL ILETISIM HIZMETLERI ANONIM SIRKETI
        7890003EX1LTLS2FFL84
        TURKCELL ILETISIM HIZMETLERI AS 5.800000% 04/11/2028
        N/A
        
          
        
        200000.00000000
        PA
        USD
        180748.00000000
        0.055810060371
        Long
        DBT
        NUSS
        TR
        
        N
        
        2
        
          2028-04-11
          Fixed
          5.80000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        N/A
        N/A
        N/A
        N/A
        
          
        
        52161.00000000
        NC
        USD
        100014.10000000
        0.030881630551
        N/A
        DE
        
        US
        
        N
        
        2
        
          
            
              N/A
              N/A
            
            Y
            
            
              
                
              
            
            2024-02-28
            0.00000000
            USD
            0.00000000
            USD
            -662220.70000000
            USD
            100014.10000000
          
        
        
          N
          N
          N
        
      
      
        COUNTRY GARDEN HOLDINGS COMPANY LIMITED
        549300MGHLPT1EFHGF84
        COUNTRY GARDEN HOLDINGS CO LTD 5.125000% 01/14/2027
        N/A
        
          
        
        311000.00000000
        PA
        USD
        223920.00000000
        0.069140398335
        Long
        DBT
        NUSS
        CN
        
        N
        
        2
        
          2027-01-14
          Fixed
          5.12500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        GEELY AUTOMOBILE HOLDINGS LIMITED
        549300YS3T1KVQ2SNI84
        GEELY AUTOMOBILE HOLDINGS LTD 4.000000% MATURITY: PERPETUAL
        N/A
        
          
        
        328000.00000000
        PA
        USD
        312505.83000000
        0.096493290319
        Long
        DBT
        NUSS
        CN
        
        N
        
        2
        
          2170-06-09
          Fixed
          4.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Islamic Republic of Pakistan
        529900LOP29R5WKHOD86
        PAKISTAN GOVERNMENT INTERNATIONAL BOND MTN 6.000000% 04/08/2026
        695847AS2
        
          
        
        650000.00000000
        PA
        USD
        510250.00000000
        0.157551305155
        Long
        DBT
        NUSS
        PK
        
        Y
        
        2
        
          2026-04-08
          Fixed
          6.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ALMARAI SUKUK LTD.
        549300R2WJK99D0C8819
        ALMARAI SUKUK LTD 4.311000% 03/05/2024
        N/A
        
          
        
        213000.00000000
        PA
        USD
        216598.00000000
        0.066879564123
        Long
        DBT
        NUSS
        SA
        
        N
        
        2
        
          2024-03-05
          Fixed
          4.31100000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Petroleos Mexicanos
        549300CAZKPF4HKMPX17
        PETROLEOS MEXICANOS MTN 6.875000% 08/04/2026
        71654QCB6
        
          
        
        2847000.00000000
        PA
        USD
        2978161.29000000
        0.919575106720
        Long
        DBT
        NUSS
        MX
        
        N
        
        2
        
          2026-08-04
          Fixed
          6.87500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        REPUBLIC OF SOUTH AFRICA
        378900AAFB4F17004C49
        REPUBLIC OF SOUTH AFRICA 5.875000% 09/16/2025
        836205AR5
        
          
        
        750000.00000000
        PA
        USD
        793500.00000000
        0.245011191849
        Long
        DBT
        NUSS
        ZA
        
        N
        
        2
        
          2025-09-16
          Fixed
          5.87500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Volcan Compania Minera S.A.A.
        549300XKJ91C4SZLG750
        VOLCAN CIA MINERA SAA 144A 4.375000% 02/11/2026
        92863UAB2
        
          
        
        200000.00000000
        PA
        USD
        191500.00000000
        0.059129985178
        Long
        DBT
        NUSS
        PE
        
        Y
        
        2
        
          2026-02-11
          Fixed
          4.37500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Republica de Colombia
        549300MHDRBVRF6B9117
        REPUBLIC OF COLOMBIA 2.625000% 03/15/2023
        P3772NHK1
        
          
        
        1000000.00000000
        PA
        USD
        994470.00000000
        0.307065255146
        Long
        DBT
        NUSS
        CO
        
        N
        
        2
        
          2023-03-15
          Fixed
          2.62500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Joint Stock Company National Company KazMunayGas
        2138001H1M69RFJCSH88
        KAZMUNAYGAS NATIONAL CO JSC 4.750000% 04/24/2025
        N/A
        
          
        
        631000.00000000
        PA
        USD
        613037.39000000
        0.189289252138
        Long
        DBT
        NUSS
        KZ
        
        N
        
        2
        
          2025-04-24
          Fixed
          4.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        N/A
        N/A
        E-MINI RUSS 2000  JUN22 PHYSICAL INDEX FUTURE.
        N/A
        
          
        
        24.00000000
        NC
        USD
        2479680.00000000
        0.765657658733
        N/A
        DE
        
        US
        
        N
        
        1
        
          
            
              J.P. MORGAN SECURITIES
              N/A
            
            Long
            
              
                Russell 2000 E-mini Composite Index Futures Jun 2022
                N/A
                N/A
              
            
            2022-06-20
            2525935.56000000
            USD
            -46255.56000000
          
        
        
          N
          N
          N
        
      
      
        N/A
        N/A
        N/A
        N/A
        
          
        
        14387.00000000
        NC
        USD
        1995.78000000
        0.000616242516
        N/A
        DE
        
        US
        
        N
        
        2
        
          
            
              N/A
              N/A
            
            Y
            
            
              
                
              
            
            2024-03-25
            0.00000000
            USD
            0.00000000
            USD
            -81011.33000000
            USD
            1995.78000000
          
        
        
          N
          N
          N
        
      
      
        KEB Hana Bank
        6RPK2YDJN6L35AS0M510
        HANA BANK MTN 3.500000% MATURITY: PERPETUAL
        482466AG4
        
          
        
        600000.00000000
        PA
        USD
        571292.33000000
        0.176399514389
        Long
        DBT
        NUSS
        KR
        
        Y
        
        2
        
          2170-04-19
          Fixed
          3.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        FORMOSA GROUP (CAYMAN) LIMITED
        254900F1H4XQO1YQV116
        FORMOSA GROUP CAYMAN LTD 3.375000% 04/22/2025
        N/A
        
          
        
        316000.00000000
        PA
        USD
        312903.25000000
        0.096616002792
        Long
        DBT
        NUSS
        TW
        
        N
        
        2
        
          2025-04-22
          Fixed
          3.37500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        AGILE GROUP HOLDINGS LIMITED
        549300ZRISRT38EEYY07
        AGILE GROUP HOLDINGS LTD 8.375000% MATURITY: PERPETUAL
        N/A
        
          
        
        1860000.00000000
        PA
        USD
        372000.00000000
        0.114863469902
        Long
        DBT
        NUSS
        CN
        
        N
        
        2
        
          2170-12-04
          Fixed
          8.37500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MAR SUKUK LIMITED
        5493000TGLZ3JMN09026
        MAR SUKUK LTD 3.025000% 11/13/2024
        N/A
        
          
        
        289000.00000000
        PA
        USD
        288235.31000000
        0.088999214664
        Long
        DBT
        NUSS
        QA
        
        N
        
        2
        
          2024-11-13
          Fixed
          3.02500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Bank Muscat SAOG
        549300HC6W6OEXV7SY67
        BANK MUSCAT SAOG MTN 4.875000% 03/14/2023
        N/A
        
          
        
        354000.00000000
        PA
        USD
        356446.14000000
        0.110060861488
        Long
        DBT
        NUSS
        OM
        
        N
        
        2
        
          2023-03-14
          Fixed
          4.87500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Compania de Minas Buenaventura S.A.A.
        529900WQB1ZU9KB6EL71
        CIA DE MINAS BUENAVENTURA SAA 5.500000% 07/23/2026
        P6680PAA9
        
          
        
        317000.00000000
        PA
        USD
        311851.92000000
        0.096291380717
        Long
        DBT
        NUSS
        PE
        
        N
        
        2
        
          2026-07-23
          Fixed
          5.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Greenko Solar (Mauritius) Limited
        2138007S1PL541B3KP92
        GREENKO SOLAR MAURITIUS LTD 5.950000% 07/29/2026
        V3855GAB6
        
          
        
        338000.00000000
        PA
        USD
        342225.00000000
        0.105669760719
        Long
        DBT
        NUSS
        IN
        
        N
        
        2
        
          2026-07-29
          Fixed
          5.95000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        AKCB FINANCE LIMITED
        549300ACYDRN77DHCX17
        AKCB FINANCE LTD 4.750000% 10/09/2023
        N/A
        
          
        
        1061000.00000000
        PA
        USD
        1081613.11000000
        0.333972674481
        Long
        DBT
        NUSS
        QA
        
        N
        
        2
        
          2023-10-09
          Fixed
          4.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        AES Andes S.A.
        549300IF4IFG0FS0RM26
        AES ANDES SA 7.125000% 03/26/2079
        P0607LAC7
        
          
        
        634000.00000000
        PA
        USD
        636383.84000000
        0.196498000141
        Long
        DBT
        NUSS
        CL
        
        N
        
        2
        
          2079-03-26
          Fixed
          7.12500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Banco Santander (Mexico) S.A., Institucion de Banca Multiple, Grupo Financiero Santander Mexico
        SCRYQ25DTVRHYYMM6P89
        BANCO SANTANDER MEXICO SA INSTITUCION DE BANCA MUL 5.375000% 04/17/2025
        05969BAD5
        
          
        
        350000.00000000
        PA
        USD
        362717.25000000
        0.111997209485
        Long
        DBT
        NUSS
        MX
        
        Y
        
        2
        
          2025-04-17
          Fixed
          5.37500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        N/A
        N/A
        N/A
        N/A
        
          
        
        16220.00000000
        NC
        USD
        1802.99000000
        0.000556714213
        N/A
        DE
        
        US
        
        N
        
        2
        
          
            
              N/A
              N/A
            
            Y
            
            
              
                
              
            
            2024-03-02
            0.00000000
            USD
            0.00000000
            USD
            -68662.87000000
            USD
            1802.99000000
          
        
        
          N
          N
          N
        
      
      
        QNB FINANCE LTD
        549300MY0DXTHQEX5O57
        QNB FINANCE LTD MTN 3.500000% 03/28/2024
        N/A
        
          
        
        1217000.00000000
        PA
        USD
        1221259.50000000
        0.377091676940
        Long
        DBT
        NUSS
        QA
        
        N
        
        2
        
          2024-03-28
          Fixed
          3.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        XP Inc.
        5493008KDA8NBZRJST80
        XP INC 144A 3.250000% 07/01/2026
        98379XAA2
        
          
        
        1700000.00000000
        PA
        USD
        1609118.00000000
        0.496851819793
        Long
        DBT
        NUSS
        BR
        
        Y
        
        2
        
          2026-07-01
          Fixed
          3.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        JSW STEEL LIMITED
        335800EK6HZSC4CVAJ09
        JSW STEEL LTD 5.950000% 04/18/2024
        N/A
        
          
        
        554000.00000000
        PA
        USD
        563972.00000000
        0.174139195828
        Long
        DBT
        NUSS
        IN
        
        N
        
        2
        
          2024-04-18
          Fixed
          5.95000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        N/A
        N/A
        N/A
        N/A
        
          
        
        7269.00000000
        NC
        
        -4017.94000000
        -0.00124063045
        N/A
        DE
        
        IL
        
        N
        
        2
        
          
            
              N/A
              N/A
            
            Y
            
            
              
                
              
            
            2024-03-25
            0.00000000
            ILS
            0.00000000
            ILS
            -263892.91000000
            ILS
            -4017.94000000
          
        
        
          N
          N
          N
        
      
      
        N/A
        N/A
        N/A
        N/A
        
          
        
        46574.00000000
        NC
        USD
        32765.04000000
        0.010116952112
        N/A
        DE
        
        US
        
        N
        
        2
        
          
            
              N/A
              N/A
            
            Y
            
            
              
                
              
            
            2024-02-24
            0.00000000
            USD
            0.00000000
            USD
            -557071.11000000
            USD
            32765.04000000
          
        
        
          N
          N
          N
        
      
      
        Yuzhou Group Holdings Company Limited
        213800MP59KHGJSPHE82
        YUZHOU GROUP HOLDINGS CO LTD 8.500000% 02/26/2024
        N/A
        
          
        
        713000.00000000
        PA
        USD
        92690.00000000
        0.028620147917
        Long
        DBT
        NUSS
        CN
        
        N
        
        2
        
          2024-02-26
          Fixed
          8.50000000
          Y
          N
          N
        
        
          N
          N
          N
        
      
      
        Sigma Alimentos, S.A. de C.V.
        549300FW3RGHPHT21D10
        SIGMA ALIMENTOS SA DE CV 4.125000% 05/02/2026
        P8674JAE9
        
          
        
        460000.00000000
        PA
        USD
        463450.00000000
        0.143100739587
        Long
        DBT
        NUSS
        MX
        
        N
        
        2
        
          2026-05-02
          Fixed
          4.12500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MELCO RESORTS FINANCE LIMITED
        N/A
        MELCO RESORTS FINANCE LTD 4.875000% 06/06/2025
        G5975LAA4
        
          
        
        110000.00000000
        PA
        USD
        100787.50000000
        0.031120435410
        Long
        DBT
        NUSS
        HK
        
        N
        
        2
        
          2025-06-06
          Fixed
          4.87500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        SA GLOBAL SUKUK LIMITED
        5493007DFAVKU7UOGR47
        SA GLOBAL SUKUK LTD 144A 0.946000% 06/17/2024
        78397PAA9
        
          
        
        300000.00000000
        PA
        USD
        286920.00000000
        0.088593082754
        Long
        DBT
        NUSS
        SA
        
        Y
        
        2
        
          2024-06-17
          Fixed
          0.94600000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ACCESS BANK PLC
        029200328C3N9YI2D660
        ACCESS BANK PLC MTN 6.125000% 09/21/2026
        00434G2B5
        
          
        
        300000.00000000
        PA
        USD
        282000.00000000
        0.087073920732
        Long
        DBT
        NUSS
        NG
        
        Y
        
        2
        
          2026-09-21
          Fixed
          6.12500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Huarong Finance II Co., Ltd.
        549300BHVD63HE2GHX17
        HUARONG FINANCE II CO LTD MTN 5.500000% 01/16/2025
        N/A
        
          
        
        2583000.00000000
        PA
        USD
        2608830.00000000
        0.805535661792
        Long
        DBT
        NUSS
        CN
        
        N
        
        2
        
          2025-01-16
          Fixed
          5.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Petroleos Mexicanos
        549300CAZKPF4HKMPX17
        PETROLEOS MEXICANOS 3.500000% 01/30/2023
        71654QBG6
        
          
        
        1184000.00000000
        PA
        USD
        1184296.00000000
        0.365678354710
        Long
        DBT
        NUSS
        MX
        
        N
        
        2
        
          2023-01-30
          Fixed
          3.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Sultanate of Oman
        549300SZ20F0QTKNQC75
        OMAN GOVERNMENT INTERNATIONAL BOND MTN 4.875000% 02/01/2025
        N/A
        
          
        
        316000.00000000
        PA
        USD
        322320.00000000
        0.099523638761
        Long
        DBT
        NUSS
        OM
        
        N
        
        2
        
          2025-02-01
          Fixed
          4.87500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CITIC Limited
        2549006I3Q3M98KHOT11
        CITIC LTD MTN 3.875000% 02/28/2027
        N/A
        
          
        
        633000.00000000
        PA
        USD
        636002.46000000
        0.196380240382
        Long
        DBT
        NUSS
        CN
        
        N
        
        2
        
          2027-02-28
          Fixed
          3.87500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        RELIANCE INDUSTRIES LIMITED
        5493003UOETFYRONLG31
        RELIANCE INDUSTRIES LTD 4.125000% 01/28/2025
        Y72596BU5
        
          
        
        644000.00000000
        PA
        USD
        653106.39000000
        0.201661468202
        Long
        DBT
        NUSS
        IN
        
        N
        
        2
        
          2025-01-28
          Fixed
          4.12500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ADANI GREEN ENERGY LIMITED
        335800ZBBU81OH211H17
        ADANI GREEN ENERGY LTD 144A 4.375000% 09/08/2024
        00653XAA5
        
          
        
        800000.00000000
        PA
        USD
        778000.00000000
        0.240225213936
        Long
        DBT
        NUSS
        IN
        
        Y
        
        2
        
          2024-09-08
          Fixed
          4.37500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Braskem Netherlands Finance B.V.
        2549000TLMHFQ74DS330
        BRASKEM NETHERLANDS FINANCE BV 8.500000% 01/23/2081
        N15516AF9
        
          
        
        660000.00000000
        PA
        USD
        723297.30000000
        0.223334509810
        Long
        DBT
        NUSS
        BR
        
        N
        
        2
        
          2081-01-23
          Fixed
          8.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        N/A
        N/A
        N/A
        N/A
        
          
        
        69720000.00000000
        NC
        
        -27553.76000000
        -0.00850785075
        N/A
        DIR
        
        XX
        
        N
        
        2
        
          
            
              N/A
              N/A
            
            Y
            
            
              
                
              
            
            2032-06-15
            0.00000000
            ZAR
            0.00000000
            ZAR
            -69720000.00000000
            ZAR
            -27553.76000000
          
        
        
          N
          N
          N
        
      
      
        BANCO MERCANTIL DEL NORTE S.A.
        N/A
        BANCO MERCANTIL DEL NORTE SA/GRAND CAYMAN 144A 5.875000% MATURITY: PERPETUAL
        05973KAA5
        
          
        
        1600000.00000000
        PA
        USD
        1480000.00000000
        0.456983697463
        Long
        DBT
        NUSS
        MX
        
        Y
        
        2
        
          2171-01-24
          Fixed
          5.87500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        NAVER Corporation
        988400ULUQYDB2HQYJ61
        NAVER CORP 1.500000% 03/29/2026
        N/A
        
          
        
        310000.00000000
        PA
        USD
        288591.82000000
        0.089109295244
        Long
        DBT
        NUSS
        KR
        
        N
        
        2
        
          2026-03-29
          Fixed
          1.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Korea Mine Rehabilitation and Mineral Resources Corp.
        988400H3GWWTNW7D1G09
        KOREA MINE REHABILITATION & MINERAL RESOURCES CORP 1.750000% 04/15/2026
        N/A
        
          
        
        1000000.00000000
        PA
        USD
        940740.81000000
        0.290475144397
        Long
        DBT
        NUSS
        KR
        
        N
        
        2
        
          2026-04-15
          Fixed
          1.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ZHENRO PROPERTIES GROUP LIMITED
        549300I66TVJEL841P38
        ZHENRO PROPERTIES GROUP LTD 8.300000% 09/15/2023
        N/A
        
          
        
        309000.00000000
        PA
        USD
        34762.50000000
        0.010733713366
        Long
        DBT
        NUSS
        CN
        
        N
        
        2
        
          2023-09-15
          Fixed
          8.30000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Emirate of Abu Dhabi
        213800FER4348CINTA77
        ABU DHABI GOVERNMENT INTERNATIONAL BOND MTN 0.750000% 09/02/2023
        29135LAL4
        
          
        
        700000.00000000
        PA
        USD
        684705.00000000
        0.211418258494
        Long
        DBT
        NUSS
        AE
        
        Y
        
        2
        
          2023-09-02
          Fixed
          0.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        OMGRID FUNDING LIMITED
        549300L1HIVZ83RMAP18
        OMGRID FUNDING LTD 5.196000% 05/16/2027
        N/A
        
          
        
        1246000.00000000
        PA
        USD
        1230562.06000000
        0.379964054146
        Long
        DBT
        NUSS
        OM
        
        N
        
        2
        
          2027-05-16
          Fixed
          5.19600000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        KOSMOS ENERGY LTD.
        213800YDFJ3OT9B5P157
        KOSMOS ENERGY LTD 144A 7.750000% 05/01/2027
        500688AF3
        
          
        
        200000.00000000
        PA
        USD
        196500.00000000
        0.060673849021
        Long
        DBT
        CORP
        GH
        
        Y
        
        2
        
          2027-05-01
          Fixed
          7.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        AXTEL, S.A.B. DE C.V.
        549300BVRDR8XTSXAD13
        AXTEL SAB DE CV 6.375000% 11/14/2024
        P0606PAC9
        
          
        
        176000.00000000
        PA
        USD
        179520.00000000
        0.055430887411
        Long
        DBT
        NUSS
        MX
        
        N
        
        2
        
          2024-11-14
          Fixed
          6.37500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        KOSMOS ENERGY LTD.
        213800YDFJ3OT9B5P157
        KOSMOS ENERGY LTD 144A 7.500000% 03/01/2028
        500688AD8
        
          
        
        1300000.00000000
        PA
        USD
        1251250.00000000
        0.386351926656
        Long
        DBT
        CORP
        GH
        
        Y
        
        2
        
          2028-03-01
          Fixed
          7.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ANB SUKUK LTD.
        549300688XPYTZKYN814
        ARAB NATIONAL BANK 3.326000% 10/28/2030
        G03659AA0
        
          
        
        316000.00000000
        PA
        USD
        308100.00000000
        0.095132889992
        Long
        DBT
        NUSS
        SA
        
        N
        
        2
        
          2030-10-28
          Fixed
          3.32600000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        HYUNDAI CAPITAL AMERICA
        549300RIPPWJB5Z0FK07
        HYUNDAI CAPITAL AMERICA 144A 4.125000% 06/08/2023
        44891AAW7
        
          
        
        1588000.00000000
        PA
        USD
        1608490.03000000
        0.496657919758
        Long
        DBT
        CORP
        US
        
        Y
        
        2
        
          2023-06-08
          Fixed
          4.12500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        PT Pertamina (Persero)
        254900NDAKGNZ2IBBL45
        PERTAMINA PERSERO PT 1.400000% 02/09/2026
        69370RAK3
        
          
        
        985000.00000000
        PA
        USD
        908484.98000000
        0.280515422466
        Long
        DBT
        NUSS
        ID
        
        N
        
        2
        
          2026-02-09
          Fixed
          1.40000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ULKER BISKUVI SANAYI ANONIM SIRKETI
        7890009HEU9BS7J3DA93
        ULKER BISKUVI SANAYI AS 6.950000% 10/30/2025
        N/A
        
          
        
        750000.00000000
        PA
        USD
        654960.00000000
        0.202233812493
        Long
        DBT
        NUSS
        TR
        
        N
        
        2
        
          2025-10-30
          Fixed
          6.95000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BOC AVIATION LIMITED
        254900H06V5RMEB3KE72
        BOC AVIATION LTD MTN VARIABLE RATE 09/26/2023
        09681MAH1
        
          
        
        110000.00000000
        PA
        USD
        110023.88000000
        0.033972378034
        Long
        DBT
        NUSS
        SG
        
        N
        
        2
        
          2023-09-26
          Floating
          2.09057040
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        QIB SUKUK LTD.
        549300XDP1VCBZLCP049
        QIB SUKUK LTD 1.950000% 10/27/2025
        N/A
        
          
        
        666000.00000000
        PA
        USD
        634427.60000000
        0.195893966500
        Long
        DBT
        NUSS
        QA
        
        N
        
        2
        
          2025-10-27
          Fixed
          1.95000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ROYAUME DU MAROC
        529900F3MBW9XY5K1X07
        KINGDOM OF MOROCCO 2.375000% 12/15/2027
        N/A
        
          
        
        316000.00000000
        PA
        USD
        288337.36000000
        0.089030724925
        Long
        DBT
        NUSS
        MA
        
        N
        
        2
        
          2027-12-15
          Fixed
          2.37500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        SASOL FINANCING USA LLC
        549300XRB1PFMESFEL85
        SASOL FINANCING USA LLC 6.500000% 09/27/2028
        80386WAB1
        
          
        
        628000.00000000
        PA
        USD
        637545.60000000
        0.196856719992
        Long
        DBT
        CORP
        ZA
        
        N
        
        2
        
          2028-09-27
          Fixed
          6.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        SUNAC CHINA HOLDINGS LIMITED
        549300OLARYHDXP3WK18
        SUNAC CHINA HOLDINGS LTD 7.950000% 10/11/2023
        N/A
        
          
        
        1068000.00000000
        PA
        USD
        280350.00000000
        0.086564445664
        Long
        DBT
        NUSS
        CN
        
        N
        
        2
        
          2023-10-11
          Fixed
          7.95000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        N/A
        N/A
        N/A
        N/A
        
          
        
        534500.00000000
        NC
        USD
        4115.42000000
        0.001270729627
        N/A
        DE
        
        US
        
        N
        
        2
        
          
            
              N/A
              N/A
            
            Y
            
            
              
                
              
            
            2024-03-08
            0.00000000
            USD
            0.00000000
            USD
            -166329.14000000
            USD
            4115.42000000
          
        
        
          N
          N
          N
        
      
      
        Sultanate of Oman
        549300SZ20F0QTKNQC75
        OMAN GOV INTERNTL BOND 5.625000% 01/17/2028
        N/A
        
          
        
        1645000.00000000
        PA
        USD
        1695975.26000000
        0.523670976433
        Long
        DBT
        NUSS
        OM
        
        N
        
        2
        
          2028-01-17
          Fixed
          5.62500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        KAISA GROUP HOLDINGS LTD.
        254900N8L3L7NRJT0120
        KAISA GROUP HOLDINGS LTD 9.750000% 09/28/2023
        N/A
        
          
        
        309000.00000000
        PA
        USD
        55620.00000000
        0.017173941387
        Long
        DBT
        NUSS
        CN
        
        N
        
        2
        
          2023-09-28
          Fixed
          9.75000000
          Y
          N
          N
        
        
          N
          N
          N
        
      
      
        Lenovo Group Limited
        254900VUZRGD5U73RE46
        LENOVO GROUP LTD MTN 4.750000% 03/29/2023
        AR8509507
        
          
        
        1431000.00000000
        PA
        USD
        1446111.36000000
        0.446519808267
        Long
        DBT
        NUSS
        CN
        
        N
        
        2
        
          2023-03-29
          Fixed
          4.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        N/A
        N/A
        GOLDMAN SACHS COLLATERAL
        N/A
        
          
        
        940399.88000000
        PA
        USD
        940399.88000000
        0.290369874497
        Long
        STIV
        
        US
        
        N
        
        2
        
          N
          N
          N
        
      
      
        N/A
        N/A
        N/A
        N/A
        
          
        
        15220.00000000
        NC
        
        4477.51000000
        0.001382533158
        N/A
        DE
        
        ZA
        
        N
        
        2
        
          
            
              N/A
              N/A
            
            Y
            
            
              
                
              
            
            2024-02-16
            0.00000000
            ZAR
            0.00000000
            ZAR
            -3536537.61830000
            ZAR
            4477.51000000
          
        
        
          N
          N
          N
        
      
      
        MISC Capital Two (Labuan) Limited
        9845000ED8376T875113
        MISC CAPITAL TWO LABUAN LTD 144A 3.625000% 04/06/2025
        60475DAA9
        
          
        
        1000000.00000000
        PA
        USD
        999900.00000000
        0.308741891279
        Long
        DBT
        NUSS
        MY
        
        Y
        
        2
        
          2025-04-06
          Fixed
          3.62500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        AUB Sukuk Limited
        549300FXQ5JG3SV47Q86
        AUB SUKUK LTD MTN 2.615000% 09/09/2026
        G0623QAA0
        
          
        
        310000.00000000
        PA
        USD
        299844.40000000
        0.092583785524
        Long
        DBT
        NUSS
        BH
        
        N
        
        2
        
          2026-09-09
          Fixed
          2.61500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        KOOKMIN BANK
        549300XXMOJSIW8P4769
        KOOKMIN BANK 144A 1.750000% 05/04/2025
        50050GAM0
        
          
        
        1500000.00000000
        PA
        USD
        1441080.05000000
        0.444966276749
        Long
        DBT
        NUSS
        KR
        
        Y
        
        2
        
          2025-05-04
          Fixed
          1.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ECOPETROL S.A.
        254900IDGKCJICKBPA66
        ECOPETROL SA 5.875000% 09/18/2023
        279158AC3
        
          
        
        314000.00000000
        PA
        USD
        320330.24000000
        0.098909255057
        Long
        DBT
        NUSS
        CO
        
        N
        
        2
        
          2023-09-18
          Fixed
          5.87500000
          N
          N
          N
        
        
          N
          N
          N
        
      
    
    
      2022-03-31
      THE ADVISORS' INNER CIRCLE III
      Andy Metzger
      Andy Metzger
      CFO
    
  
  XXXX
THE ADVISORS’ INNER CIRCLE FUND III  

APERTURE NEW WORLD

OPPORTUNITIES FUND

MARCH 31, 2022

(Unaudited)

 

 

SCHEDULE OF INVESTMENTS

      

GLOBAL BONDS — 71.5%

      
        Face Amount                   Value          

Argentina — 0.7%

      

Agua y Saneamientos Argentinos

      

6.63%, 02/01/23

     $ 564,000       $ 298,920  

MSU Energy

      

6.88%, 02/01/25

      660,000        518,100  

Pampa Energia

      

7.50%, 01/24/27

      320,000        280,766  

YPF

      

8.50%, 07/28/25

      1,278,000        1,093,329  
     

 

 

 

        2,191,115  
     

 

 

 

Azerbaijan — 0.2%

      

Southern Gas Corridor CJSC

      

6.88%, 03/24/26

      626,000        683,141  
     

 

 

 

Bahrain — 0.7%

      

AUB Sukuk MTN

      

2.62%, 09/09/26

      310,000        299,844  

Mumtalakat Sukuk Holding

      

5.63%, 02/27/24

      1,000,000        1,030,330  

Oil and Gas Holding BSCC

      

7.63%, 11/07/24

      930,000        976,500  
     

 

 

 

        2,306,674  
     

 

 

 

Brazil — 5.5%

      

Atento Luxco 1

      

8.00%, 02/10/26

      1,038,000        1,048,637  

Azul Investments LLP

      

7.25%, 06/15/26

      650,000        547,625  

Banco Bradesco MTN

      

3.20%, 01/27/25

      622,000        616,091  

Banco BTG Pactual

      

2.75%, 01/11/26

      622,000        573,801  

Banco do Brasil

      

3.25%, 09/30/26

      1,500,000        1,443,765  

Braskem Netherlands Finance BV

      

8.50%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 8.220%, 01/23/81 (A)

      660,000        723,297  

BRF GmbH

      

4.35%, 09/29/26

      363,000        353,566  

Cemig Geracao e Transmissao

      

9.25%, 12/05/24

      312,000        338,523  

THE ADVISORS’ INNER CIRCLE FUND III  

APERTURE NEW WORLD

OPPORTUNITIES FUND

MARCH 31, 2022

(Unaudited)

 

 

GLOBAL BONDS (continued)            
        Face Amount                   Value          

Brazil (continued)

      

Centrais Eletricas Brasileiras

      

3.63%, 02/04/25

     $ 311,000       $ 304,702  

CSN Resources

      

7.63%, 04/17/26

      229,000        237,610  

Fibria Overseas Finance

      

4.00%, 01/14/25

      310,000        315,174  

FS Luxembourg Sarl

      

10.00%, 12/15/25

      675,000        707,461  

Gol Finance

      

7.00%, 01/31/25

      550,000        456,500  

8.00%, 06/30/26

      600,000        539,154  

InterCement Financial Operations BV

      

5.75%, 07/17/24

      340,000        300,478  

Itau Unibanco Holding

      

3.25%, 01/24/25

      2,204,000        2,189,013  

Itau Unibanco Holding MTN

      

6.50%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 3.863%, (A)(B)

      110,000        110,372  

Light Servicos de Eletricidade

      

4.38%, 06/18/26

      1,000,000        937,500  

NBM US Holdings

      

7.00%, 05/14/26

      1,316,000        1,365,850  

Petrobras Global Finance BV

      

5.30%, 01/27/25

      316,000        330,062  

Petrorio Luxembourg Sarl

      

6.13%, 06/09/26

      650,000        650,143  

Tupy Overseas

      

4.50%, 02/16/31

      400,000        352,004  

Unigel Luxembourg

      

8.75%, 10/01/26

      1,350,000        1,424,230  

Usiminas International Sarl

      

5.88%, 07/18/26

      388,000        397,200  

XP

      

3.25%, 07/01/26

      1,700,000        1,609,118  
     

 

 

 

        17,871,876  
     

 

 

 

Burkina Faso — 0.3%

      

Endeavour Mining

      

5.00%, 10/14/26

      1,117,000        1,022,077  
     

 

 

 

        1,022,077  
     

 

 

 

THE ADVISORS’ INNER CIRCLE FUND III  

APERTURE NEW WORLD

OPPORTUNITIES FUND

MARCH 31, 2022

(Unaudited)

 

 

GLOBAL BONDS (continued)            
        Face Amount                   Value          

Chile — 1.9%

      

AES Andes

      

7.13%, USD Swap Semi 30/360 5 Yr Curr + 4.644%, 03/26/79 (A)

     $ 634,000       $ 636,384  

ATP Tower Holdings

      

4.05%, 04/27/26

      800,000        760,000  

Banco Santander Chile

      

2.70%, 01/10/25

      680,000        664,659  

Celulosa Arauco y Constitucion

      

4.50%, 08/01/24

      826,000        848,723  

Cencosud

      

5.15%, 02/12/25

      310,000        321,625  

Empresa Nacional de Telecomunicaciones

      

4.75%, 08/01/26

      310,000        321,625  

Empresa Nacional del Petroleo

      

3.75%, 08/05/26

      940,000        936,231  

Inversiones CMPC

      

4.38%, 05/15/23

      110,000        111,789  

Kenbourne Invest

      

4.70%, 01/22/28

      1,100,000        968,307  

6.88%, 11/26/24

      681,000        668,047  
     

 

 

 

        6,237,390  
     

 

 

 

China — 10.2%

      

Agile Group Holdings

      

8.38%, (A)(B)

      1,860,000        372,000  

Baidu

      

3.88%, 09/29/23

      964,000        972,912  

Bank of Communications MTN

      

1.20%, 09/10/25

      1,691,000        1,587,145  

CCB Life Insurance

      

4.50%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 2.680%, 04/21/77 (A)

      200,000        199,502  

CCBL Cayman 1 MTN

      

1.99%, 07/21/25

      1,678,000        1,592,482  

China Construction Bank

      

4.25%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 1.880%, 02/27/29 (A)

      676,000        685,458  

China Huadian Overseas Development Management

      

4.00%, (A)(B)

      200,000        201,211  

THE ADVISORS’ INNER CIRCLE FUND III  

APERTURE NEW WORLD

OPPORTUNITIES FUND

MARCH 31, 2022

(Unaudited)

 

 

GLOBAL BONDS (continued)            
        Face Amount                   Value          

China (continued)

      

China Railway Xunjie

      

3.25%, 07/28/26

     $ 307,000       $ 302,550  

China SCE Group Holdings

      

7.38%, 04/09/24

      500,000        275,000  

Chinalco Capital Holdings

      

2.13%, 06/03/26

      567,000        530,419  

4.10%, (A)(B)

      1,223,000        1,220,188  

CIFI Holdings Group

      

5.95%, 10/20/25

      311,000        258,130  

6.00%, 07/16/25

      622,000        516,260  

CITIC MTN

      

3.88%, 02/28/27

      633,000        636,002  

CNAC HK Finbridge

      

2.00%, 09/22/25

      620,000        581,180  

3.38%, 06/19/24

      1,000,000        995,763  

CNOOC Finance 2015 USA

      

3.50%, 05/05/25

      1,000,000        1,002,720  

CNPC Global Capital

      

1.35%, 06/23/25

      700,000        662,934  

Contemporary Ruiding Development

      

1.88%, 09/17/25

      666,000        627,672  

Country Garden Holdings

      

3.13%, 10/22/25

      625,000        460,938  

5.13%, 01/17/25

      634,000        488,180  

5.13%, 01/14/27

      311,000        223,920  

5.63%, 12/15/26

      309,000        227,115  

6.50%, 04/08/24

      622,000        510,040  

ENN Clean Energy International Investment

      

3.38%, 05/12/26

      1,650,000        1,544,526  

Far East Horizon MTN

      

2.63%, 03/03/24

      200,000        186,692  

Fortune Star BVI

      

6.75%, 07/02/23

      340,000        330,055  

Geely Automobile Holdings

      

4.00%, (A)(B)

      328,000        312,506  

Haidilao International Holding

      

2.15%, 01/14/26

      657,000        558,792  

Huarong Finance II MTN

      

5.50%, 01/16/25

      2,583,000        2,608,830  

THE ADVISORS’ INNER CIRCLE FUND III  

APERTURE NEW WORLD

OPPORTUNITIES FUND

MARCH 31, 2022

(Unaudited)

 

 

GLOBAL BONDS (continued)            
        Face Amount                   Value          

China (continued)

      

Kaisa Group Holdings

      

9.38%, 06/30/24 (C)

     $ 1,018,000       $ 193,929  

9.75%, 09/28/23

      309,000        55,620  

9.95%, 07/23/25

      1,359,000        241,562  

11.50%, 01/30/23

      1,462,000        278,511  

11.95%, 11/12/23 (C)

      1,000,000        180,250  

KWG Group Holdings

      

5.88%, 11/10/24

      1,041,000        416,921  

7.40%, 01/13/27

      691,000        262,753  

Lenovo Group MTN

      

4.75%, 03/29/23

      1,431,000        1,446,111  

Minmetals Bounteous Finance BVI

      

3.38%, (A)(B)

      1,073,000        1,060,285  

4.20%, 07/27/26

      750,000        765,942  

RKPF Overseas 2020 A

      

5.13%, 07/26/26

      621,000        471,960  

Ronshine China Holdings

      

8.75%, 10/25/22

      867,000        312,120  

Shanghai Electric Group Global Investment

      

2.65%, 11/21/24

      632,000        614,020  

Shimao Group Holdings

      

5.20%, 01/16/27

      311,000        83,970  

5.60%, 07/15/26

      309,000        87,293  

6.13%, 02/21/24

      312,000        93,756  

Shougang Group

      

4.00%, 05/23/24

      328,000        329,336  

Shui On Development Holding

      

6.15%, 08/24/24

      316,000        295,460  

Sinochem Offshore Capital MTN

      

1.63%, 10/29/25

      633,000        588,755  

Sino-Ocean Land Treasure Finance I

      

6.00%, 07/30/24

      248,000        202,120  

Sinopec Group Overseas Development 2018

      

1.45%, 01/08/26

      1,660,000        1,552,433  

Sunac China Holdings

      

6.50%, 07/09/23

      305,000        88,603  

7.50%, 02/01/24

      1,392,000        351,480  

7.95%, 10/11/23

      1,068,000        280,350  

Three Gorges Finance I Cayman Islands

      

3.70%, 06/10/25

      700,000        710,668  

THE ADVISORS’ INNER CIRCLE FUND III  

APERTURE NEW WORLD

OPPORTUNITIES FUND

MARCH 31, 2022

(Unaudited)

 

 

GLOBAL BONDS (continued)            
        Face Amount                   Value          

China (continued)

      

Times China Holdings

      

5.75%, 01/14/27

     $ 667,000       $ 253,460  

6.60%, 03/02/23

      309,000        159,135  

West China Cement

      

4.95%, 07/08/26

      316,000        275,331  

Yili Holding Investment

      

1.63%, 11/19/25

      350,000        325,078  

Yuzhou Group Holdings

      

6.00%, 10/25/23

      326,000        47,270  

8.30%, 05/27/25

      550,000        71,775  

8.50%, 02/26/24 (C)

      713,000        92,690  

Zhenro Properties Group

      

6.63%, 01/07/26

      632,000        69,520  

8.30%, 09/15/23

      309,000        34,763  
     

 

 

 

        32,964,352  
     

 

 

 

Colombia — 1.8%

      

Banco de Bogota

      

4.38%, 08/03/27

      630,000        604,019  

6.25%, 05/12/26

      417,000        426,383  

Bancolombia

      

3.00%, 01/29/25

      673,000        654,627  

4.88%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 2.929%, 10/18/27 (A)

      110,000        109,314  

Canacol Energy

      

5.75%, 11/24/28

      1,250,000        1,175,000  

Ecopetrol

      

4.13%, 01/16/25

      110,000        108,353  

5.38%, 06/26/26

      1,349,000        1,366,604  

5.88%, 09/18/23

      314,000        320,330  

Grupo de Inversiones Suramericana

      

5.50%, 04/29/26

      730,000        735,110  

SURA Asset Management

      

4.88%, 04/17/24

      358,000        363,556  
     

 

 

 

        5,863,296  
     

 

 

 

Congo — 0.5%

      

HTA Group

      

7.00%, 12/18/25

      1,500,000        1,483,200  
     

 

 

 

Egypt — 0.2%

      

Energean

      

6.50%, 04/30/27

      600,000        569,700  
     

 

 

 

THE ADVISORS’ INNER CIRCLE FUND III  

APERTURE NEW WORLD

OPPORTUNITIES FUND

MARCH 31, 2022

(Unaudited)

 

 

GLOBAL BONDS (continued)            
        Face Amount                   Value          

Ghana — 0.6%

      

Kosmos Energy

      

7.50%, 03/01/28

     $ 1,300,000       $ 1,251,250  

7.75%, 05/01/27

      200,000        196,500  

Tullow Oil

      

10.25%, 05/15/26

      650,000        662,272  
     

 

 

 

        2,110,022  
     

 

 

 

Guatemala — 0.1%

      

Investment Energy Resources

      

6.25%, 04/26/29

      300,000        303,003  
     

 

 

 

Hong Kong — 0.1%

      

HKT Capital No. 4

      

3.00%, 07/14/26

      200,000        196,327  

Melco Resorts Finance

      

4.88%, 06/06/25

      110,000        100,787  
     

 

 

 

        297,114  
     

 

 

 

India — 5.3%

      

ABJA Investment Pte

      

5.95%, 07/31/24

      1,074,000        1,122,330  

Adani Green Energy

      

4.38%, 09/08/24

      800,000        778,000  

Adani Ports & Special Economic Zone

      

3.38%, 07/24/24

      364,000        358,737  

Adani Transmission

      

4.00%, 08/03/26

      309,000        300,854  

Axis Bank MTN

      

4.10%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 3.315%, (A)(B)

      800,000        747,190  

Bharti Airtel

      

4.38%, 06/10/25

      110,000        110,921  

Bharti Airtel International Netherlands BV

      

5.35%, 05/20/24

      620,000        640,894  

BPRL International Singapore Pte MTN

      

4.38%, 01/18/27

      728,000        718,916  

Clean Renewable Power Mauritius Pte

      

4.25%, 03/25/27

      350,000        335,300  

Greenko Solar Mauritius

      

5.55%, 01/29/25

      450,000        452,475  

5.95%, 07/29/26

      338,000        342,225  

Greenko Wind Projects Mauritius

      

5.50%, 04/06/25

      1,000,000        996,250  

THE ADVISORS’ INNER CIRCLE FUND III  

APERTURE NEW WORLD

OPPORTUNITIES FUND

MARCH 31, 2022

(Unaudited)

 

 

GLOBAL BONDS (continued)            
        Face Amount                   Value          

India (continued)

      

ICICI Bank MTN

      

4.00%, 03/18/26

     $ 765,000       $ 770,707  

Indian Oil

      

4.75%, 01/16/24

      666,000        679,253  

JSW Steel

      

5.95%, 04/18/24

      554,000        563,972  

Magnum Holdings

      

5.38%, 10/31/26

      300,000        295,500  

Muthoot Finance MTN

      

4.40%, 09/02/23

      360,000        359,730  

Network i2i

      

3.98%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 3.390%, (A)(B)

      1,100,000        1,018,050  

NTPC MTN

      

4.25%, 02/26/26

      364,000        364,268  

Oil India

      

5.38%, 04/17/24

      218,000        225,194  

Periama Holdings

      

5.95%, 04/19/26

      665,000        675,840  

REC

      

3.50%, 12/12/24

      715,000        706,952  

Reliance Industries

      

4.13%, 01/28/25

      644,000        653,106  

ReNew Power Synthetic

      

6.67%, 03/12/24

      364,000        371,280  

Shriram Transport Finance MTN

      

4.40%, 03/13/24

      1,343,000        1,313,454  

5.10%, 07/16/23

      489,000        489,611  

State Bank of India

      

4.38%, 01/24/24

      110,000        111,672  

State Bank of India MTN

      

1.80%, 07/13/26

      620,000        573,984  

Vedanta Resources Finance II

      

8.95%, 03/11/25

      1,200,000        1,167,000  
     

 

 

 

        17,243,665  
     

 

 

 

Indonesia — 3.1%

      

APL Realty Holdings Pte

      

5.95%, 06/02/24

      1,238,000        674,834  

Bank Mandiri Persero MTN

      

3.75%, 04/11/24

      362,000        360,538  

4.75%, 05/13/25

      300,000        309,051  

THE ADVISORS’ INNER CIRCLE FUND III  

APERTURE NEW WORLD

OPPORTUNITIES FUND

MARCH 31, 2022

(Unaudited)

 

 

GLOBAL BONDS (continued)            
        Face Amount                   Value          

Indonesia (continued)

      

Bank Negara Indonesia Persero

      

4.30%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 3.466%, (A)(B)

     $ 1,800,000       $ 1,635,279  

Cikarang Listrindo

      

4.95%, 09/14/26

      950,000        940,975  

Medco Bell Pte

      

6.38%, 01/30/27

      550,000        530,750  

Medco Oak Tree Pte

      

7.38%, 05/14/26

      691,000        696,528  

Pelabuhan Indonesia II

      

4.25%, 05/05/25

      1,996,000        2,025,581  

Pertamina Persero

      

1.40%, 02/09/26

      985,000        908,485  

Pertamina Persero MTN

      

4.30%, 05/20/23

      1,204,000        1,219,102  

Perusahaan Gas Negara

      

5.13%, 05/16/24

      483,000        499,860  

Perusahaan Penerbit SBSN Indonesia III

      

4.33%, 05/28/25

      250,000        260,987  
     

 

 

 

        10,061,970  
     

 

 

 

Ireland — 0.2%

      

C&W Senior Financing DAC

      

6.88%, 09/15/27

      688,000        682,840  
     

 

 

 

Israel — 1.4%

      

Energean Israel Finance

      

4.50%, 03/30/24

      1,648,000        1,627,812  

Israel Electric

      

5.00%, 11/12/24

      913,000        947,694  

Leviathan Bond

      

6.13%, 06/30/25

      636,026        645,374  

6.50%, 06/30/27

      620,000        634,364  

Teva Pharmaceutical Finance Netherlands III BV

      

7.13%, 01/31/25

      633,000        665,878  
     

 

 

 

        4,521,122  
     

 

 

 

Jersey — 0.4%

      

Petrofac

      

9.75%, 11/15/26

      1,250,000        1,143,825  
     

 

 

 

THE ADVISORS’ INNER CIRCLE FUND III  

APERTURE NEW WORLD

OPPORTUNITIES FUND

MARCH 31, 2022

(Unaudited)

 

 

GLOBAL BONDS (continued)            
        Face Amount                   Value          

Jordan — 0.4%

      

Hikma Finance USA

      

3.25%, 07/09/25

     $ 1,299,000       $ 1,255,678  
     

 

 

 

Kazakhstan — 0.7%

      

KazMunayGas National JSC

      

4.75%, 04/24/25

      631,000        613,037  

4.75%, 04/19/27

      316,000        302,589  

Nostrum Oil & Gas Finance BV

      

8.00%, 07/25/22

      212,000        53,000  

Tengizchevroil Finance International

      

2.63%, 08/15/25

      900,000        792,000  

4.00%, 08/15/26

      631,000        574,185  
     

 

 

 

        2,334,811  
     

 

 

 

Kuwait — 1.5%

      

Kuwait Projects SPC

      

5.00%, 03/15/23

      717,000        712,169  

Kuwait Projects SPC MTN

      

4.50%, 02/23/27

      868,000        783,495  

MEGlobal Canada ULC MTN

      

5.00%, 05/18/25

      1,800,000        1,855,566  

NBK SPC

      

1.63%, U.S. SOFR + 1.050%, 09/15/27 (A)

      1,500,000        1,370,280  
     

 

 

 

        4,721,510  
     

 

 

 

Malaysia — 0.5%

      

Misc Capital Two Labuan MTN

      

3.63%, 04/06/25

      1,000,000        999,900  

TNB Global Ventures Capital MTN

      

3.24%, 10/19/26

      636,000        629,118  
     

 

 

 

        1,629,018  
     

 

 

 

Mexico — 4.5%

      

Alfa

      

5.25%, 03/25/24

      354,000        363,275  

Alsea

      

7.75%, 12/14/26

      1,000,000        1,038,805  

Axtel

      

6.38%, 11/14/24

      176,000        179,520  

Banco Inbursa Institucion De Banca Multiple Grupo Financiero Inbursa

      

4.13%, 06/06/24

      626,000        634,755  

4.38%, 04/11/27

      622,000        631,330  

THE ADVISORS’ INNER CIRCLE FUND III  

APERTURE NEW WORLD

OPPORTUNITIES FUND

MARCH 31, 2022

(Unaudited)

 

 

GLOBAL BONDS (continued)            
        Face Amount                   Value          

Mexico (continued)

      

Banco Mercantil del Norte

      

5.88%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 4.643%, (A)(B)

     $ 1,600,000       $ 1,480,000  

Banco Santander Mexico Institucion de Banca Multiple Grupo Financiero Santand

      

5.38%, 04/17/25

      666,000        690,199  

5.95%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 2.995%, 10/01/28 (A)

      1,015,000        1,038,913  

Cemex

      

7.38%, 06/05/27

      700,000        749,000  

Comision Federal de Electricidad

      

4.75%, 02/23/27

      316,000        323,110  

Grupo Bimbo

      

5.95%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 3.280%, (A)(B)

      708,000        722,160  

Orbia Advance

      

1.88%, 05/11/26

      310,000        290,408  

Petroleos Mexicanos

      

3.50%, 01/30/23

      1,184,000        1,184,296  

6.50%, 03/13/27

      620,000        629,610  

Petroleos Mexicanos MTN

      

6.88%, 08/04/26

      2,847,000        2,978,161  

Sigma Alimentos

      

4.13%, 05/02/26

      460,000        463,450  

Total Play Telecomunicaciones

      

7.50%, 11/12/25

      660,000        640,781  

Trust Fibra Uno

      

5.25%, 01/30/26

      600,000        619,500  
     

 

 

 

        14,657,273  
     

 

 

 

Netherlands — 0.8%

      

Teva Pharmaceutical Finance Netherlands III BV

      

3.15%, 10/01/26

      3,038,000        2,753,582  
     

 

 

 

Nigeria — 0.1%

      

Access Bank MTN

      

6.13%, 09/21/26

      300,000        282,000  
     

 

 

 

Oman — 0.9%

      

Bank Muscat SAOG MTN

      

4.88%, 03/14/23

      354,000        356,446  

THE ADVISORS’ INNER CIRCLE FUND III  

APERTURE NEW WORLD

OPPORTUNITIES FUND

MARCH 31, 2022

(Unaudited)

 

 

GLOBAL BONDS (continued)            
        Face Amount                   Value          

Oman (continued)

      

OmGrid Funding

      

5.20%, 05/16/27

     $ 1,246,000       $ 1,230,562  

OQ SAOC MTN

      

5.13%, 05/06/28

      400,000        395,014  

Oztel Holdings SPC

      

5.63%, 10/24/23

      785,000        794,667  

6.63%, 04/24/28

      288,000        301,540  
     

 

 

 

        3,078,229  
     

 

 

 

Panama — 0.0%

      

Banco General

      

4.13%, 08/07/27

      110,000        112,239  
     

 

 

 

Peru — 1.3%

      

Banco de Credito del Peru

      

2.70%, 01/11/25

      636,000        619,082  

4.25%, 04/01/23

      1,110,000        1,126,539  

Cia de Minas Buenaventura SAA

      

5.50%, 07/23/26

      317,000        311,852  

Credicorp

      

2.75%, 06/17/25

      1,631,000        1,573,305  

Southern Copper

      

3.88%, 04/23/25

      110,000        111,662  

Volcan Cia Minera SAA

      

4.38%, 02/11/26

      530,000        507,475  
     

 

 

 

        4,249,915  
     

 

 

 

Philippines — 0.5%

      

Bank of the Philippine Islands MTN

      

4.25%, 09/04/23

      379,000        386,580  

BDO Unibank MTN

      

2.13%, 01/13/26

      310,000        299,325  

Petron

      

5.95%, (A)(B)

      316,000        304,150  

SMC Global Power Holdings

      

7.00%, (A)(B)

      632,000        610,575  
     

 

 

 

        1,600,630  
     

 

 

 

Qatar — 3.0%

      

ABQ Finance MTN

      

1.88%, 09/08/25

      1,000,000        947,558  

3.13%, 09/24/24

      212,000        210,599  

THE ADVISORS’ INNER CIRCLE FUND III  

APERTURE NEW WORLD

OPPORTUNITIES FUND

MARCH 31, 2022

(Unaudited)

 

 

GLOBAL BONDS (continued)            
        Face Amount                   Value          

Qatar (continued)

      

AKCB Finance

      

4.75%, 10/09/23

     $ 1,061,000       $ 1,081,613  

CBQ Finance MTN

      

5.00%, 05/24/23

      660,000        677,241  

Doha Finance MTN

      

2.38%, 03/31/26

      947,000        904,385  

MAR Sukuk

      

2.21%, 09/02/25

      310,000        298,954  

3.03%, 11/13/24

      289,000        288,235  

Ooredoo International Finance MTN

      

3.25%, 02/21/23

      2,800,000        2,814,459  

QIB Sukuk

      

1.95%, 10/27/25

      666,000        634,428  

QNB Finance MTN

      

2.75%, 02/12/27

      633,000        616,032  

3.50%, 03/28/24

      1,217,000        1,221,259  
     

 

 

 

        9,694,763  
     

 

 

 

Saudi Arabia — 3.6%

      

Almarai Sukuk

      

4.31%, 03/05/24

      213,000        216,598  

Arab National Bank

      

3.33%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 2.974%, 10/28/30 (A)

      316,000        308,100  

Arabian Centres Sukuk II

      

5.63%, 10/07/26

      1,525,000        1,442,162  

Dar Al-Arkan Sukuk

      

6.75%, 02/15/25

      672,000        673,358  

6.88%, 03/21/23

      724,000        726,751  

Global Sukuk

      

0.95%, 06/17/24

      300,000        286,920  

1.60%, 06/17/26

      300,000        281,928  

Riyad Sukuk

      

3.17%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 1.791%, 02/25/30 (A)

      644,000        630,455  

SABIC Capital II BV

      

4.00%, 10/10/23

      700,000        712,397  

Samba Funding

      

2.75%, 10/02/24

      1,068,000        1,054,650  

2.90%, 01/29/27

      310,000        303,726  

THE ADVISORS’ INNER CIRCLE FUND III  

APERTURE NEW WORLD

OPPORTUNITIES FUND

MARCH 31, 2022

(Unaudited)

 

 

GLOBAL BONDS (continued)            
        Face Amount                   Value          

Saudi Arabia (continued)

      

Saudi Arabian Oil

      

1.25%, 11/24/23

     $ 350,000       $ 341,797  

1.63%, 11/24/25

      1,700,000        1,612,079  

Saudi Electricity Global Sukuk 3

      

4.00%, 04/08/24

      1,362,000        1,386,816  

Saudi Electricity Global Sukuk 5

      

1.74%, 09/17/25

      1,665,000        1,588,134  
     

 

 

 

        11,565,871  
     

 

 

 

Singapore — 0.7%

      

BOC Aviation MTN

      

2.09%, ICE LIBOR USD 3 Month + 1.125%, 09/26/23 (A)

      110,000        110,024  

BOC Aviation USA MTN

      

1.63%, 04/29/24

      200,000        192,242  

Puma International Financing

      

5.13%, 10/06/24

      1,979,000        1,884,997  
     

 

 

 

        2,187,263  
     

 

 

 

South Africa — 2.2%

      

Anglo American Capital

      

4.75%, 04/10/27

      363,000        377,052  

Bidvest Group UK

      

3.63%, 09/23/26

      316,000        295,081  

Eskom Holdings SOC

      

7.13%, 02/11/25

      338,000        325,758  

Eskom Holdings SOC MTN

      

6.35%, 08/10/28

      315,000        321,489  

Fields Orogen Holdings BVI

      

5.13%, 05/15/24

      535,000        545,834  

FirstRand Bank

      

6.25%, USD Swap Semi 30/360 5 Yr Curr + 3.561%, 04/23/28 (A)

      428,000        431,997  

Liquid Telecommunications Financing

      

5.50%, 09/04/26

      400,000        382,320  

Mauritius Investments

      

4.76%, 11/11/24

      250,000        250,625  

6.50%, 10/13/26

      954,000        1,002,940  

Sasol Financing USA

      

5.88%, 03/27/24

      1,273,000        1,289,931  

6.50%, 09/27/28

      628,000        637,546  

THE ADVISORS’ INNER CIRCLE FUND III  

APERTURE NEW WORLD

OPPORTUNITIES FUND

MARCH 31, 2022

(Unaudited)

 

 

GLOBAL BONDS (continued)            
        Face Amount                   Value          

South Africa (continued)

      

Stillwater Mining

      

4.00%, 11/16/26

     $ 1,317,000       $ 1,264,978  
     

 

 

 

        7,125,551  
     

 

 

 

South Korea — 4.9%

      

Hana Bank MTN

      

3.50%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 2.409%, (A)(B)

      600,000        571,292  

Hanwha Life Insurance

      

4.70%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 2.000%, (A)(B)

      1,375,000        1,389,665  

Hyundai Capital Services MTN

      

1.25%, 02/08/26

      310,000        284,700  

Kia

      

3.00%, 04/25/23

      321,000        321,988  

Kookmin Bank

      

1.75%, 05/04/25

      1,500,000        1,441,080  

Kookmin Bank MTN

      

4.35%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 2.639%, (A)(B)

      726,000        726,000  

Korea East-West Power

      

1.75%, 05/06/25

      1,100,000        1,054,977  

NAVER

      

1.50%, 03/29/26

      310,000        288,592  

NongHyup Bank MTN

      

1.25%, 07/20/25

      620,000        583,455  

POSCO

      

2.75%, 07/15/24

      361,000        358,174  

Shinhan Bank MTN

      

3.88%, 03/24/26

      1,243,000        1,254,738  

Shinhan Financial Group

      

2.88%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 2.064%, (A)(B)

      1,800,000        1,636,560  

SK Battery America

      

2.13%, 01/26/26

      316,000        292,156  

SK Hynix

      

1.00%, 01/19/24

      700,000        672,371  

1.50%, 01/19/26

      1,700,000        1,574,028  

3.00%, 09/17/24

      500,000        495,958  

SK Innovation

      

4.13%, 07/13/23

      200,000        201,537  

THE ADVISORS’ INNER CIRCLE FUND III  

APERTURE NEW WORLD

OPPORTUNITIES FUND

MARCH 31, 2022

(Unaudited)

 

 

GLOBAL BONDS (continued)            
        Face Amount                   Value          

South Korea (continued)

      

Woori Bank MTN

      

4.25%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 2.664%, (A)(B)

     $ 723,000       $ 707,383  

4.75%, 04/30/24

      474,000        486,910  

5.25%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 3.347%, (A)(B)

      1,386,000        1,382,535  
     

 

 

 

        15,724,099  
     

 

 

 

Spain — 0.4%

      

EnfraGen Energia Sur

      

5.38%, 12/30/30

      2,040,000        1,422,064  
     

 

 

 

        1,422,064  
     

 

 

 

Supranational — 0.9%

      

Africa Finance MTN

      

4.38%, 04/17/26

      687,000        685,887  

African Export-Import Bank

      

2.63%, 05/17/26

      650,000        604,344  

Central American Bank for Economic Integration

      

2.00%, 05/06/25

      1,800,000        1,748,450  
     

 

 

 

        3,038,681  
     

 

 

 

Taiwan — 0.3%

      

Formosa Group Cayman

      

3.38%, 04/22/25

      316,000        312,903  

TSMC Global

      

1.25%, 04/23/26

      648,000        599,936  
     

 

 

 

        912,839  
     

 

 

 

Thailand — 0.9%

      

Bangkok Bank MTN

      

4.05%, 03/19/24

      110,000        112,167  

5.00%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 4.729%, (A)(B)

      1,700,000        1,676,625  

Kasikornbank MTN

      

3.34%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 1.700%,10/02/31 (A)

      942,000        886,483  

Siam Commercial Bank MTN

      

2.75%, 05/16/23

      200,000        199,781  
     
     

 

 

 

        2,875,056  
     

 

 

 

Turkey — 2.2%

      

Akbank

      

6.80%, 02/06/26

      688,000        669,747  

THE ADVISORS’ INNER CIRCLE FUND III  

APERTURE NEW WORLD

OPPORTUNITIES FUND

MARCH 31, 2022

(Unaudited)

 

 

GLOBAL BONDS (continued)            
        Face Amount                   Value          

Turkey (continued)

      

Arcelik

      

5.00%, 04/03/23

     $ 250,000       $ 249,277  

KOC Holding

      

5.25%, 03/15/23

      1,765,000        1,765,141  

QNB Finansbank

      

6.88%, 09/07/24

      361,000        373,878  

Turk Telekomunikasyon

      

4.88%, 06/19/24

      213,000        203,498  

6.88%, 02/28/25

      730,000        717,850  

Turkcell Iletisim Hizmetleri

      

5.75%, 10/15/25

      655,000        625,329  

5.80%, 04/11/28

      200,000        180,748  

Turkiye Vakiflar Bankasi TAO

      

6.50%, 01/08/26

      309,000        294,897  

Ulker Biskuvi Sanayi

      

6.95%, 10/30/25

      1,600,000        1,397,248  

Yapi ve Kredi Bankasi MTN

      

5.85%, 06/21/24

      681,000        669,082  
     

 

 

 

        7,146,695  
     

 

 

 

Ukraine — 0.1%

      

Ukraine Railways Via Rail Capital Markets

      

8.25%, 07/09/24

      652,000        182,560  
     

 

 

 

United Arab Emirates — 6.4%

      

Abu Dhabi National Energy PJSC MTN

      

3.88%, 05/06/24

      722,000        734,909  

ADCB Finance Cayman MTN

      

4.00%, 03/29/23

      2,000,000        2,024,952  

BOS Funding MTN

      

4.00%, 09/18/24

      310,000        309,839  

Commercial Bank of Dubai PSC

      

6.00%, USD Swap Semi 30/360 6 Yr Curr + 5.597%, (A)(B)

      460,000        461,150  

DAE Funding MTN

      

2.63%, 03/20/25

      310,000        294,128  

DAE Sukuk Difc MTN

      

3.75%, 02/15/26

      1,265,000        1,231,794  

DIB Sukuk

      

2.95%, 02/20/25

      636,000        628,919  

3.63%, 02/06/23

      2,100,000        2,120,097  

THE ADVISORS’ INNER CIRCLE FUND III  

APERTURE NEW WORLD

OPPORTUNITIES FUND

MARCH 31, 2022

(Unaudited)

 

 

GLOBAL BONDS (continued)            
        Face Amount                   Value          

United Arab Emirates (continued)

      

DIB Sukuk MTN

      

2.95%, 01/16/26

     $ 310,000       $ 304,686  

DIFC Sukuk

      

4.33%, 11/12/24

      545,000        560,743  

DP World Crescent

      

3.91%, 05/31/23

      361,000        364,610  

DP World Salaam

      

6.00%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 5.750%, (A)(B)

      1,022,000        1,054,299  

EI Sukuk

      

1.83%, 09/23/25

      310,000        294,733  

EMG SUKUK

      

4.56%, 06/18/24

      446,000        450,460  

Emirates Development Bank PJSC MTN

      

1.64%, 06/15/26

      310,000        290,011  

Fab Sukuk

      

3.63%, 03/05/23

      1,218,000        1,231,232  

First Abu Dhabi Bank PJSC

      

4.50%, US Treas Yield Curve Rate T Note Const Mat 5 Yr + 4.138%, (A)(B)

      682,000        675,985  

MAF Global Securities

      

4.75%, 05/07/24

      1,349,000        1,377,734  

Mashreqbank PSC MTN

      

4.25%, 02/26/24

      990,000        1,005,099  

MDGH - GMTN BV MTN

      

2.50%, 05/21/26

      2,620,000        2,549,208  

National Central Cooling PJSC

      

2.50%, 10/21/27

      626,000        572,790  

Rakfunding Cayman MTN

      

4.13%, 04/09/24

      400,000        405,036  

Sharjah Sukuk Program MTN

      

3.85%, 04/03/26

      1,621,000        1,640,724  

Shelf Drilling Holdings

      

8.88%, 11/15/24

      43,000        43,860  
     

 

 

 

        20,626,998  
     

 

 

 

United States — 1.1%

      

Flex

      

4.75%, 06/15/25

      110,000        113,621  

Hyundai Capital America

      

4.13%, 06/08/23

      1,588,000        1,608,490  

THE ADVISORS’ INNER CIRCLE FUND III  

APERTURE NEW WORLD

OPPORTUNITIES FUND

MARCH 31, 2022

(Unaudited)

 

 

GLOBAL BONDS (continued)            
        Face Amount                   Value          

United States (continued)

      

Hyundai Capital America MTN

      

2.75%, 09/27/26

     $ 1,772,000       $ 1,685,466  
     

 

 

 

        3,407,577  
     

 

 

 

Uzbekistan — 0.2%

      

Uzauto Motors AJ

      

4.85%, 05/04/26

      600,000        528,000  
     

 

 

 

Zambia — 0.2%

      

First Quantum Minerals

      

6.88%, 03/01/26

      363,000        373,110  

7.25%, 04/01/23

      351,000        351,007  
     

 

 

 

        724,117  
     

 

 

 

Total Global Bonds

      

(Cost $252,716,580)

         231,393,401  
     

 

 

 

     
SOVEREIGN DEBT — 11.6%            

Bahrain — 0.1%

      

Bahrain Government International Bond

      

7.00%, 01/26/26

      356,000        384,114  
     

 

 

 

Bolivia — 0.1%

      

Bolivian Government International Bond

      

4.50%, 03/20/28

      363,000        315,814  
     

 

 

 

Colombia — 0.3%

      

Colombia Government International Bond

      

2.63%, 03/15/23

      1,000,000        994,470  
     

 

 

 

Costa Rica — 0.1%

      

Costa Rica Government International Bond

      

4.38%, 04/30/25

      316,000        319,160  
     

 

 

 

Dominican Republic — 0.8%

      

Dominican Republic Government International Bond

      

5.50%, 01/27/25

      1,187,000        1,226,776  

6.88%, 01/29/26

      1,327,000        1,409,951  
     

 

 

 

        2,636,727  
     

 

 

 

Egypt — 0.7%

      

Egypt Government International Bond

      

5.88%, 06/11/25

      681,000        669,733  

THE ADVISORS’ INNER CIRCLE FUND III  

APERTURE NEW WORLD

OPPORTUNITIES FUND

MARCH 31, 2022

(Unaudited)

 

 

SOVEREIGN DEBT (continued)            
        Face Amount                   Value          

Egypt (continued)

      

Egypt Government International Bond MTN

      

5.80%, 09/30/27

     $ 600,000       $ 548,844  

6.20%, 03/01/24

      1,088,000        1,092,744  
     

 

 

 

        2,311,321  
     

 

 

 

Indonesia — 0.7%

      

Indonesia Government International Bond

      

4.35%, 01/08/27

      1,566,000        1,663,406  

Indonesia Government International Bond MTN

      

4.75%, 01/08/26

      529,000        561,758  
     

 

 

 

        2,225,164  
     

 

 

 

Jordan — 0.5%

      

Jordan Government International Bond

      

4.95%, 07/07/25

      1,500,000        1,492,740  
     

 

 

 

        1,492,740  
     

 

 

 

Kenya — 0.3%

      

Kenya Government International Bond

      

7.00%, 05/22/27

      936,000        900,507  
     

 

 

 

Lebanon — 0.2%

      

Lebanon Government International Bond MTN

      

6.10%, 10/04/22 (C)

      1,260,000        152,838  

6.15%, 12/31/23 (C)

      2,770,000        329,076  

6.85%, 05/25/29 (C)

      1,594,000        191,280  
     

 

 

 

        673,194  
     

 

 

 

Mongolia — 0.3%

      

Mongolia Government International Bond

      

3.50%, 07/07/27

      1,000,000        899,790  
     

 

 

 

Morocco — 0.1%

      

Morocco Government International Bond

      

2.38%, 12/15/27

      316,000        288,337  
     

 

 

 

Nigeria — 0.2%

      

Nigeria Government International Bond MTN

      

6.50%, 11/28/27

      341,000        323,916  

8.38%, 03/24/29

      300,000        302,892  
     

 

 

 

        626,808  
     

 

 

 

Oman — 0.7%

      

Oman Government International Bond

      

5.63%, 01/17/28

      1,645,000        1,695,975  

Oman Government International Bond MTN

      

4.88%, 02/01/25

      316,000        322,320  

THE ADVISORS’ INNER CIRCLE FUND III  

APERTURE NEW WORLD

OPPORTUNITIES FUND

MARCH 31, 2022

(Unaudited)

 

 

SOVEREIGN DEBT (continued)            
        Face Amount                   Value          

Oman (continued)

      

Oman Sovereign Sukuk

      

4.40%, 06/01/24

     $ 356,000       $ 359,578  
     

 

 

 

        2,377,873  
     

 

 

 

Pakistan — 0.2%

      

Pakistan Government International Bond MTN

      

6.00%, 04/08/26

      650,000        510,250  
     

 

 

 

Papua New Guinea — 0.2%

      

Papua New Guinea Government International Bond

      

8.38%, 10/04/28

      727,000        623,766  
     

 

 

 

Qatar — 0.6%

      

Qatar Government International Bond

      

3.40%, 04/16/25

      1,800,000        1,835,050  
     

 

 

 

Saudi Arabia — 0.9%

      

Saudi Government International Bond MTN

      

2.90%, 10/22/25

      1,000,000        1,007,510  

3.25%, 10/26/26

      1,846,000        1,889,178  
     

 

 

 

        2,896,688  
     

 

 

 

South Africa — 0.7%

      

South Africa Government International Bond

      

4.85%, 09/27/27

      688,000        691,440  

4.88%, 04/14/26

      934,000        950,812  

5.88%, 09/16/25

      750,000        793,500  
     

 

 

 

        2,435,752  
     

 

 

 

South Korea — 0.6%

      

Korea Hydro & Nuclear Power MTN

      

1.25%, 04/27/26

      997,000        928,979  

Korea Resources MTN

      

1.75%, 04/15/26

      1,000,000        940,741  
     

 

 

 

        1,869,720  
     

 

 

 

Sri Lanka — 0.1%

      

Sri Lanka Government International Bond

      

6.83%, 07/18/26

      308,000        148,102  

6.85%, 11/03/25 (C)

      496,000        241,239  
     

 

 

 

        389,341  
     

 

 

 

Trinidad & Tobago — 0.1%

      

Trinidad & Tobago Government International Bond

      

4.50%, 08/04/26

      308,000        308,000  
     

 

 

 

THE ADVISORS’ INNER CIRCLE FUND III  

APERTURE NEW WORLD

OPPORTUNITIES FUND

MARCH 31, 2022

(Unaudited)

 

 

SOVEREIGN DEBT (continued)            
        Face Amount                   Value          

Turkey — 2.6%

      

Turkey Government International Bond

      

3.25%, 03/23/23

     $ 364,000       $ 357,259  

5.60%, 11/14/24

      2,295,000        2,226,838  

5.75%, 03/22/24

      2,276,000        2,249,598  

6.38%, 10/14/25

      1,485,000        1,451,766  

8.60%, 09/24/27

      1,610,000        1,649,928  

Turkiye Ihracat Kredi Bankasi

      

5.75%, 07/06/26

      619,000        565,296  
     

 

 

 

        8,500,685  
     

 

 

 

Ukraine — 0.2%

      

Ukraine Government International Bond

      

7.75%, 09/01/24

      1,294,000        556,420  

7.75%, 09/01/26

      619,000        263,880  
     

 

 

 

        820,300  
     

 

 

 

United Arab Emirates — 0.2%

      

Abu Dhabi Government International Bond MTN

      

0.75%, 09/02/23

      700,000        684,705  
     

 

 

 

Zambia — 0.1%

      

Zambia Government International Bond

      

8.50%, 04/14/24

      463,000        334,416  
     

 

 

 

Total Sovereign Debt

      

(Cost $39,122,612)

         37,654,692  
     

 

 

 

     
U.S. TREASURY OBLIGATIONS — 9.3%            

U.S. Treasury Bills

      

0.42%, 6/23/2022 (D)

    $ 30,000,000        29,967,549  
     

 

 

 

Total U.S. Treasury Obligations

      

(Cost $29,971,296)

         29,967,549  
     

 

 

 

     
COMMON STOCK — 3.5%            
     Shares       

Brazil — 0.4%

      

Arcos Dorados Holdings, Cl A

      69,732        566,921  

Vale ADR, Cl B

      28,643        572,574  
     

 

 

 

        1,139,495  
     

 

 

 

China — 0.6%

      

Alibaba Group Holding ADR *

      2,870        312,256  

Bilibili ADR *

      19,375        495,612  

THE ADVISORS’ INNER CIRCLE FUND III  

APERTURE NEW WORLD

OPPORTUNITIES FUND

MARCH 31, 2022

(Unaudited)

 

 

COMMON STOCK (continued)            
            Shares                         Value          

China (continued)

      

GDS Holdings ADR *

      9,179       $ 360,276  

ZTO Express Cayman ADR

      26,530        663,250  
     

 

 

 

        1,831,394  
     

 

 

 

Hong Kong — 0.6%

      

China State Construction International Holdings

      284,000        379,957  

COSCO SHIPPING Holdings, Cl H *

      321,500        560,644  

Jiumaojiu International Holdings

      96,000        205,890  

Meituan, Cl B *

      28,200        560,163  

Wuxi Biologics Cayman *

      38,500        319,715  
     

 

 

 

        2,026,369  
     

 

 

 

Mexico — 0.2%

      

Alsea *

      240,900        597,224  
     

 

 

 

Norway — 0.2%

      

Equinor

      19,344        727,719  
     

 

 

 

United States — 1.5%

      

Communication Services — 0.3%

      

Alphabet, Cl A *

      172        478,392  

Yandex, Cl A *(E)

      28,548        556,212  
     

 

 

 

        1,034,604  
     

 

 

 

Consumer Discretionary — 0.5%

      

Aptiv *

      6,730        805,648  

Wynn Resorts *

      9,698        773,319  
     

 

 

 

        1,578,967  
     

 

 

 

Industrials — 0.3%

      

Union Pacific

      3,190        871,540  
     

 

 

 

Information Technology — 0.3%

      

Microsoft

      1,582        487,747  

RingCentral, Cl A *

      3,587        420,432  
     

 

 

 

        908,179  
     

 

 

 

Materials — 0.1%

      

Newmont

      6,862        545,186  
     

 

 

 

        4,938,476  
     

 

 

 

Total Common Stock

      

(Cost $10,846,158)

         11,260,677  
     

 

 

 

Total Investments - 95.9%

      

(Cost $332,656,646)

        $ 310,276,319  
     

 

 

 

THE ADVISORS’ INNER CIRCLE FUND III  

APERTURE NEW WORLD

OPPORTUNITIES FUND

MARCH 31, 2022

(Unaudited)

 

 

WRITTEN OPTIONS — 0.0%(F)            
            Contracts                       Value          

Total Written Options

      

    (Proceeds $5,997)

      (11)       $ (495)  
     

 

 

 

    

      
PURCHASED OPTIONS — 0.0%(F)            

Total Purchased Options

      

(Cost $53,960)

      11       $ 34,925   
     

 

 

 

Other Assets & Liabilities, Net - 10.7%

         13,315,754   
     

 

 

 

Net Assets - 100.0%

        $ 323,626,503   
     

 

 

 

The open option contracts held by the Fund at March 31, 2022, are as follows:

 

     Number of           Notional      Exercise      Expiration          
Description    Contracts            Amount      Price      Date        Value  

PURCHASED OPTION — 0.0%

 

       

Call Options

                 

S&P 500 Index*

      11     $               4,977,500       $ 4,525.00        4/16/2022     $               34,925       
      

 

 

            

 

 

  

WRITTEN OPTION — 0.0%

                 

Call Options

                 

S&P 500 Index*

      (11)     $         (5,115,000)        4,650.00        04/16/22     $         (495)      
      

 

 

            

 

 

  

The open futures contracts held by the Fund at March 31, 2022, are as follows:

 

                                Unrealized  
           Number of                Expiration          Notional       Appreciation/  
Type of Contract    Contracts      Date      Amount   Value   (Depreciation)  

Long Contracts

             

XAE Energy

      42        Jun-2022      $ 3,390,621     $ 3,347,820     $ (42,801)    

U.S. 5-Year Treasury Note

      72        Jul-2022        8,213,790       8,257,500                   43,710     
        

 

 

 

  

 

 

 

  

 

 

  
                 11,604,411             11,605,320       909     
        

 

 

 

  

 

 

 

  

 

 

  

Short Contracts

             

MSCI Emerging Markets

      (319)        Jun-2022      $ (17,738,077 )    $ (17,951,725 )    $ (213,648)    

THE ADVISORS’ INNER CIRCLE FUND III  

APERTURE NEW WORLD

OPPORTUNITIES FUND

MARCH 31, 2022

(Unaudited)

 

 

                               Unrealized
Type of Contract    Number of
Contracts		     Expiration
Date		      Notional
Amount		   Value   Appreciation/
(Depreciation)

NASDAQ 100 Index E-MINI

      (11 )      Jun-2022      $ (3,322,472 )     $ (3,271,125 )     $ 51,347  
       

 

 

 

  

 

 

 

  

 

 

 

          (21,060,549 )           (21,222,850 )       (162,301 ) 
       

 

 

 

  

 

 

 

  

 

 

 

        $ (9,456,138 )     $ (9,617,530 )     $ (161,392 ) 
       

 

 

 

  

 

 

 

  

 

 

 

The open forward foreign currency contracts held by the Fund at March 31, 2022, are as follows:

 

         
Counterparty            Settlement Date            Currency to Deliver      Currency to Receive      Unrealized
Appreciation/
(Depreciation)

Barclays PLC

    04/25/22    TRY 24,830,000      USD 1,632,597        $ (31,207 ) 

Barclays PLC

    04/29/22    USD 962,080      PHP 49,898,279        295  

Barclays PLC

    06/08/22    USD 1,355,329      EGP 25,880,000        47,443  

Barclays PLC

    06/08/22    EGP 25,880,000      USD 1,590,658        187,886  

Goldman Sachs

    04/29/22    USD 959,910      CZK 21,591,000        15,617  

Goldman Sachs

    04/29/22    USD 960,523      PLN 4,040,000        (1,303 ) 

Goldman Sachs

    04/29/22    USD 962,021      COP   3,651,552,730        2,595  

Goldman Sachs

    04/29/22    USD 962,025        ILS 3,097,700        9,092  

Goldman Sachs

    04/29/22      ILS 3,097,700      USD 972,743        1,627  

Goldman Sachs

    04/29/22    TWD 27,727,340      USD 962,020        (6,754 ) 

Goldman Sachs

    04/29/22      INR 73,517,798      USD 962,023        (2,657 ) 

Goldman Sachs

    04/29/22    COP   3,624,010,069      USD 962,021        4,681  

Goldman Sachs

    05/03/22    USD 1,924,100      BRL 9,198,141        (7,568 ) 

Goldman Sachs

    05/03/22    BRL 4,664,739      USD 962,020        (9,929 ) 

Goldman Sachs

    06/08/22    EGP 25,870,000      USD 1,590,287        188,057  

JPMorgan Chase Bank

    04/29/22    USD 962,000      CLP 752,765,000        (9,591 ) 

JPMorgan Chase Bank

    04/29/22    CLP 762,144,500      USD 962,000        (2,276 ) 

JPMorgan Chase Bank

    06/08/22    USD 1,340,415      EGP 25,870,000        61,816  

Morgan Stanley

    04/29/22    CNH 6,157,000      USD 961,963        (5,294 ) 

Morgan Stanley

    05/04/22    COP 3,628,805,260      USD 962,040        4,067  
           

 

 

 

              $             446,597  
           

 

 

 

THE ADVISORS’ INNER CIRCLE FUND III  

APERTURE NEW WORLD

OPPORTUNITIES FUND

MARCH 31, 2022

(Unaudited)

 

 

The open centrally cleared swap agreements held by the Fund at March 31, 2022, are as follows:

 

Credit Default Swaps  
Reference
Entity/Obligation		    Buy/
Sell		    (Pays)/
Receives
Rate		   

Payment

Frequency

   

Termination

Date

   

Notional

Amount

    Value      Upfront
Payments/
Receipts		     

Unrealized
Appreciation

Depreciation

  

ICE FED REP OF BRAZIL

    Buy    1.00%    Quarterly    06/20/2027    1,591,000     $ 62,867        $ 88,339       $ (25,472)  

ICE UNITED MEXICAN STATES

    Buy    1.00%    Quarterly    06/20/2027    3,181,000      (13,786)       $ 15,279        (29,065)  
                 

 

 

     

 

 

     

 

 

  
                   $         49,081        $     103,618       $       (54,537)  
                 

 

 

     

 

 

     

 

 

  

 

Interest Rate Swaps  
Fund Pays  

Fund

Receives

   

Payment

Frequency

    Termination Date    Currency    Notional Amount      Value     

Upfront

Payments/

Receipts

      Unrealized
Appreciation
  (Depreciation)  		  

0.9075%

   TELBOR Index    Annually    06/15/2024    ILS      25,500,000      $ 110,684       $ –      $ 110,684   

0.895%

   TELBOR Index    Annually    06/15/2024    ILS      52,600,000        232,343         –        232,343   

3-Month- ZAR-JIBAR

   6.1%    Quarterly    06/15/2024    ZAR      263,000,000        34,520         –        34,520   

3-Month- ZAR-JIBAR

   6.545%    Quarterly    06/15/2024    ZAR      252,000,000        (73,980)        –        (73,980)  

8.24%

   3-Month - ZAR-JIBAR    Quarterly    06/15/2032    ZAR      67,350,000        59,843         –        59,843   

7.95%

   3-Month - ZAR-JIBAR    Quarterly    06/15/2032    ZAR      69,720,000        (27,554)        –        (27,554)  
                

 

 

     

 

 

     

 

 

  
                 $           335,856       $ –      $ 335,856   
                

 

 

     

 

 

     

 

 

  

The open OTC swap agreements held by the Fund at March 31, 2022, are as follows:

 

Total Return Swaps

  
Counterparty    Reference Entity/
Obligation		      Fund Pays    Fund Receives      Payment
Frequency		     

Termination

Date

      Currency      Notional
Amount		      Value        Upfront
Payments/
Receipts		        Unrealized
Appreciation
  

JPMorgan Chase

    Abu Dhabi Commercial Bank      6545464   

1-Day ILS

LIBOR BBA

      Annually      02/10/2024      USD      (86,329)       $         13,848         $ –         $ 13,848  

JPMorgan Chase

    Abu Dhabi Commercial Bank      6545464   

1-Day ILS

LIBOR BBA

      Annually      03/10/2024      USD      (297,459)        (4,660 )         –          (4,660 ) 

JPMorgan Chase

    Abu Dhabi Commercial Bank      6545464   

1-Day ILS

LIBOR BBA

      Annually      02/08/2024      USD      (126,472)        25,257          –          25,257  

Morgan Stanley

   

Amadeus IT

Group, S.A.

      B3MSM28   

1-Month

EURIBOR

      Annually      03/16/2024      EUR      (674,878)        64,105          –          64,105  

JPMorgan Chase

    Bank Leumi      6076425   

1-Day USD

OBFR BBA

      Annually      03/16/2024      ILS      (635,801)        9,737          –          9,737  

JPMorgan Chase

    Bank Leumi      6076425   

1-Day USD

OBFR BBA

      Annually      03/30/2024      ILS      (259,926)        (1,432 )         –          (1,432 ) 

JPMorgan Chase

    Bank Leumi      6076425   

1-Day USD

OBFR BBA

      Annually      03/25/2024      ILS      (263,893)        (3,327 )         –          (3,327 ) 

JPMorgan Chase

    Bank Leumi      6076425   

1-Day USD

OBFR BBA

      Annually      03/29/2024      ILS      (507,327)        (2,852 )         –          (2,852 ) 

JPMorgan Chase

    Bank Rakyat Indonesia      6709099   

1-Day USD

OBFR BBA

      Annually      03/17/2024      USD      498,100        (546 )         –          (546 ) 

JPMorgan Chase

    Bank Rakyat Indonesia      6709099   

1-Day USD

OBFR BBA

      Annually      03/16/2024      USD      612,900        1,231          –          1,231  

JPMorgan Chase

    Bank Rakyat Indonesia      6709099   

1-Day USD

OBFR BBA

      Annually      03/28/2024      USD      244,600        (917 )         –          (917 ) 

Bank of America

    BIM Birlesik Magazalar A.S.      B0D0006   

1-Day USD

OBFR BBA

      Annually      03/25/2024      USD      (81,011)        1,996          –          1,996  

THE ADVISORS’ INNER CIRCLE FUND III  

APERTURE NEW WORLD

OPPORTUNITIES FUND

MARCH 31, 2022

(Unaudited)

 

 

Total Return Swaps

  
Counterparty    Reference Entity/
Obligation		      Fund Pays    Fund Receives      Payment
Frequency		     

Termination

Date

      Currency      Notional
Amount		      Value        Upfront
Payments/
Receipts		        Unrealized
  

Bank of America

    BIM Birlesik Magazalar A.S.      B0D0006   

1-Day USD

OBFR BBA

      Annually      03/23/2024      USD      (163,202)       $ 6,101         $ –         $ 6,101  

Bank of America

    BIM Birlesik Magazalar A.S.      B0D0006   

1-Day USD

OBFR BBA

      Annually      03/23/2024      USD      (162,620)        4,161          –          4,161  

Bank of America

    BIM Birlesik Magazalar A.S.      B0D0006   

1-Day USD

OBFR BBA

      Annually      03/22/2024      USD      (195,261)        11,331          –          11,331  

Morgan Stanley

    DBS Group Holdings      6175203    1-Day SORA      Annually      01/04/2024      SGD      (1,155,051)        43,964          –          43,964  
        HNDL IN                                      

BNP Paribas

    Hindalco Industries      EQUITY    1-Month LIBOR      Annually      02/03/2024      USD      (470,057)        (5,769 )         –          (5,769 ) 

JPMorgan Chase

    International Container      6455819   

1-Day USD

OBFR BBA

      Annually      03/08/2024      USD      (162,339)        97          –          97  

JPMorgan Chase

    International Container      6455819   

1-Day USD

OBFR BBA

      Annually      03/10/2024      USD      (267,539)        2,160          –          2,160  

JPMorgan Chase

    International Container      HQPSY7   

1-Day USD

OBFR BBA

      Annually      03/04/2024      USD      (68,594)        85,259          –          85,259  

JPMorgan Chase

    International Container      6455819   

1-Day USD

OBFR BBA

      Annually      02/08/2024      USD      (52,606)        4,001          –          4,001  

JPMorgan Chase

    International Container      6455819   

1-Day USD

OBFR BBA

      Annually      02/24/2024      USD      (91,464)        1,593          –          1,593  

JPMorgan Chase

    International Container      6455819   

1-Day USD

OBFR BBA

      Annually      03/02/2024      USD      (68,663)        1,803          –          1,803  

JPMorgan Chase

    International Container      6455819   

1-Day USD

OBFR BBA

      Annually      02/16/2024      USD      (63,430)        2,127              –          2,127  

Morgan Stanley

    Kangwon Land Inc      6683449    1-Day FEDEF      Annually      03/17/2024      USD      (519,197)        8,300          –          8,300  

Morgan Stanley

    MTN Group Ltd      6563206    1-Month JIBAR      Annually      02/08/2024      ZAR      (9,623,645)        645          –          645  

JPMorgan Chase

    PE      TLKM IJ
EQUITY		   

1-Day USD

OBFR BBA

      Annually      03/08/2024      USD      534,500        4,116          –          4,116  

JPMorgan Chase

    PE      TLKM IJ
EQUITY		   

1-Day USD

OBFR BBA

      Annually      01/04/2024      USD      675,000        18,622          –          18,622  

JPMorgan Chase

    PE      TLKM IJ
EQUITY		   

1-Day USD

OBFR BBA

      Annually      01/18/2024      USD      105,300        2,830          –          2,830  

JPMorgan Chase

    PE      TLKM IJ
EQUITY		   

1-Day USD

OBFR BBA

      Annually      03/10/2024      USD      810,300        5,161          –          5,161  

JPMorgan Chase

    PE      TLKM IJ
EQUITY		   

1-Day USD

OBFR BBA

      Annually      03/15/2024      USD      501,900        (1,245 )         –          (1,245 ) 

JPMorgan Chase

    PE      TLKM IJ
EQUITY		   

1-Day USD

OBFR BBA

      Annually      02/09/2024      USD      206,300        4,748          –          4,748  

Morgan Stanley

    Shoprite Holdings Ltd      6801575    1-Month JIBAR      Annually      02/16/2024      ZAR      (3,536,538)        4,478          –          4,478  

BNP Paribas

    Tata Motors      B611LV1    1-Month LIBOR      Annually      11/15/2023      USD      (395,308)        (20,511 )         –          (20,511 ) 

JPMorgan Chase

    Türkiye Petrol Rafinerileri A.S.      B03MYT9   

1-Day USD

OBFR BBA

      Annually      02/24/2024      USD      (91,886)        8,638          –          8,638  

JPMorgan Chase

    Türkiye Petrol Rafinerileri A.S.      B03MYT9   

1-Day USD

OBFR BBA

      Annually      02/16/2024      USD      (124,838)        820          –          820  

JPMorgan Chase

    Türkiye Petrol Rafinerileri A.S.      B03MYT9   

1-Day USD

OBFR BBA

      Annually      02/28/2024      USD      (662,221)        100,014          –          100,014  
   Unimicron                                           

Morgan Stanley

    Technology Corporation      6137720    1-Day SOFR      Annually      03/08/2024      USD      (708,992)        55,784          –          55,784  

Morgan Stanley

    Woori Financial Group      BGHWH98    1-Day FEDEF      Annually      02/16/2024      KRW      (109,362,595)        4,450          –          4,450  

Morgan Stanley

    Woori Financial Group      BGHWH98    1-Day FEDEF      Annually      02/24/2024      USD      (557,071)        32,765          –          32,765  
                                   

 

 

       

 

 

       

 

 

  
                                     $     488,884         $ –         $     488,884  
                                   

 

 

       

 

 

       

 

 

  

THE ADVISORS’ INNER CIRCLE FUND III  

APERTURE NEW WORLD

OPPORTUNITIES FUND

MARCH 31, 2022

(Unaudited)

 

 

*

Non-income producing security.

(A)

Variable or floating rate security. The rate shown is the effective interest rate as of period end. The rates on certain securities are not based on published reference rates and spreads and are either determined by the issuer or agent based on current market conditions; by using a formula based on the rates of underlying loans; or by adjusting periodically based on prevailing interest rates.

(B)

Perpetual security with no stated maturity date.

(C)

The issuer is, or is in danger of being, in default of its payment obligation.

(D)

Interest rate represents the security’s effective yield at the time of purchase.

(E)

Represents fair value as determined by the Fund’s Board of Trustees (the “Board”), or its designee in good faith, pursuant to the policies and procedures approved by the Board. The Board considers fair valued securities to be securities for which market quotations are not readily available and these securities may be valued using a combination of observable and unobservable inputs. Securities with a total aggregate value of $556,212, or 0.2% of Net Assets, were fair valued under the Fund’s valuation procedures as of March 31, 2022. Please see Notes to Investment Portfolio.

(F)

Refer to table below for details on options contracts.

ADR — American Depositary Receipt

BBA — British Bankers Association

BRL — Brazilian Real

Cl — Class

CLP — Chilian Peso

CNH — Intercontinental Exchange

COP — Colombian Peso

DAC — Designated Activity Company

DOP — Dominican Peso

EGP— Egyptian Pound

EUR — Euro

EURIBOR — European Interbank Offered Rate

HKD — Hong Kong Dollar

ICE — Intercontinental Exchange

IDR — Indonesian Rupiah

ILS— Israli New Shekel

INR — Indian Rupee

JSC — Joint Stock Company

KRW — Korean Won

LIBOR— London Interbank Offered Rate

LLP — Limited Liability Partnership

Ltd. — Limited

MSCI — Morgan Stanley Capital International

MTN — Medium Term Note

MXN — Mexican Peso

NASDAQ — National Association of Securities Dealers Automated Quotations

NOK — Norwegian Krone

PHP — Phulippine Peso

THE ADVISORS’ INNER CIRCLE FUND III  

APERTURE NEW WORLD

OPPORTUNITIES FUND

MARCH 31, 2022

(Unaudited)

 

 

PJSC — Public Joint Stock Company

PLC — Public Limited Company

REIT — Real Estate Investment Trust

RB — Revenue Bond

S&P — Standard & Poor’s

Ser — Series

TELBOR — Tel Aviv Inter-Bank Offered Rate

TRY — Turkish Lira

TWD— Taiwan Dollar

USD — U.S. Dollar

ULC — Unlimited Liability Company

ZAR — South African Rand

The following table summarizes the inputs used as of March 31, 2022, in valuing the Fund’s investments and other financial instruments carried at value:

 

Investments in Securities

    Level 1   Level 2       Level 3          Total

  Global Bonds

      $ –       $ 231,393,401       $ –        $ 231,393,401  

  Sovereign Debt

      –       37,654,692       –        37,6 54,692  

  U.S. Treasury Obligations

      –       29,967,549       –        29,967,549  

  Common Stock

      11,260,677       –       –        11,260,677  
  

 

 

 

  

 

 

 

  

 

 

     

 

 

 

Total Investments in Securities

      $   11,260,677       $ 299,015,642       $ –        $ 310,276,319  
  

 

 

 

  

 

 

 

  

 

 

     

 

 

 

Other Financial Instruments

    Level 1   Level 2       Level 3          Total

Purchased Options

    $     34,925     $         –     $                   –      $ 34,925  

Written Options

      (495 )      –       –        (495 ) 

Futures Contracts*

          

Unrealized Appreciation

      95,057       –       –        95,057  

Unrealized Depreciation

      (256,449 )      –       –        (256,449 ) 

Forwards Contracts*

          

Unrealized Appreciation

      –       523,176       –        523,176  

Unrealized Depreciation

      –       (76,578 )      –        (76,578 ) 

Centrally Cleared Swaps

          

Credit Default Swaps*

          

Unrealized Depreciation

      –       (54,537 )      –        (54,537 ) 

Interest Rate Swaps*

          

Unrealized Appreciation

      –       437,390       –        437,390  

Unrealized Depreciation

      –       (101,534 )      –        (101,534 ) 

OTC Swaps

          

Total Return Swaps*

          

Unrealized Appreciation

      –       530,142       –        530,142  

Unrealized Depreciation

      –       (41,259 )      –        (41,259 ) 
  

 

 

 

  

 

 

 

  

 

 

     

 

 

 

Total Other Financial Instruments

    $ (126,962 )    $ 1,216,800     $ –      $ 1,089,838  
  

 

 

 

  

 

 

 

  

 

 

     

 

 

 

THE ADVISORS’ INNER CIRCLE FUND III  

APERTURE NEW WORLD

OPPORTUNITIES FUND

MARCH 31, 2022

(Unaudited)

 

 

*Futures contracts, forwards contracts and swap contracts are valued at the unrealized appreciation (depreciation) on the instrument.

Amounts designated as “—” are $0.

For information regarding the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent semi-annual and annual financial statements.

API-QH-002-0600

THE ADVISORS’ INNER CIRCLE FUND III  

APERTURE DISCOVER

EQUITY FUND

MARCH 31, 2022

(Unaudited)

 

 

 

SCHEDULE OF INVESTMENTS

COMMON STOCK — 94.0%

            
               Shares                          Value          

United States — 94.0%

     

Communication Services — 2.9%

     

New York Times, Cl A

      284,248       $     13,029,928   
     

 

 

 

Consumer Discretionary — 32.2%

     

Lindblad Expeditions Holdings *

      1,258,603        18,979,733  

Malibu Boats, Cl A *

      298,426        17,311,692  

Mister Car Wash *

      1,193,754        17,655,622  

OneSpaWorld Holdings *

      1,108,506        11,306,761  

RH *

      26,123        8,518,449  

Skyline Champion *

      475,242        26,081,281  

Traeger *

      1,348,519        10,032,982  

Travel + Leisure

      344,449        19,957,375  

YETI Holdings *

      213,546        12,808,489  
     

 

 

 

        142,652,384  
     

 

 

 

Health Care — 4.7%

     

Progyny *

      407,891        20,965,598  
     

 

 

 

Industrials — 40.7%

     

AAR *

      371,518        17,992,617  

Astec Industries

      340,055        14,622,365  

Atkore *

      263,898        25,978,119  

AZEK, Cl A *

      253,096        6,286,905  

Driven Brands Holdings *

      820,639        21,566,393  

EnPro Industries

      191,773        18,741,975  

Hillman Solutions *

      1,014,767        12,055,432  

Kornit Digital *

      256,862        21,239,919  

Montrose Environmental Group *

      397,708        21,050,684  

WESCO International *

      159,495        20,756,679  
     

 

 

 

        180,291,088  
     

 

 

 

Information Technology — 9.4%

     

DoubleVerify Holdings *

      896,313        22,560,198  

Sprout Social, Cl A *

      237,365        19,017,684  
     

 

 

 

        41,577,882  
     

 

 

 

Materials — 4.1%

     

Ingevity *

      282,033        18,069,854  
     

 

 

 

        416,586,734  
     

 

 

 

Total Common Stock
(Cost $393,785,674)

         416,586,734  
     

 

 

 

THE ADVISORS’ INNER CIRCLE FUND III  

APERTURE DISCOVER

EQUITY FUND

MARCH 31, 2022

(Unaudited)

 

 

 

U.S. TREASURY OBLIGATIONS — 2.3%  
         Face Amount                   Value          

U.S. Treasury Bills

     

0.44%, 6/23/2022 (A)

    $     10,000,000      $ 9,989,183   
    

 

 

 

Total U.S. Treasury Obligations
(Cost $9,989,856)

        9,989,183  
    

 

 

 

Total Investments - 96.3%
(Cost $403,775,530)

       $ 426,575,917  
    

 

 

 

    
 PURCHASED OPTIONS — 0.4%(B)  
     Contracts      

Total Purchased Options
(Cost $1,429,500)

      1,500      $ 1,665,000  
    

 

 

 

    
 WRITTEN OPTIONS — (0.5)%(B)  

Total Written Options
(Proceeds $2,443,488)

      (3,000 )     $ (2,070,000 ) 
    

 

 

 

Other Assets & Liabilities, Net - 3.8%

        16,874,072  
    

 

 

 

Net Assets - 100.0%

       $     443,044,989  
    

 

 

 

A list of the open option contracts held by the Fund at March 31, 2022 is as follows:

 

     Number of     Notional     Exercise      Expiration         
Description    Contracts     Amount     Price      Date      Value  

PURCHASED OPTION — 0.4%

 

          

Call Options

             

SPROUT SOCIAL INC*

      1,500      $ 12,750,000       $85.00        7/16/2022       $     1,665,000  
    

 

 

          

 

 

  

Total Purchased Option

       $ 12,750,000            $ 1,665,000  
    

 

 

          

 

 

  

WRITTEN OPTIONS — (0.5)%

             

Put Options

             

SPROUT SOCIAL INC*

      (1,500 )     $ (9,000,000 )      60.00        07/16/22       $ (1,020,000 ) 
    

 

 

          

 

 

  

Call Options

             

SPROUT SOCIAL INC*

      (1,500 )      (15,000,000 )      100.00        07/16/22        (1,050,000 ) 
    

 

 

          

 

 

  

THE ADVISORS’ INNER CIRCLE FUND III  

APERTURE DISCOVER

EQUITY FUND

MARCH 31, 2022

(Unaudited)

 

 

 

     Number of      Notional      Exercise      Expiration         
Description    Contracts      Amount      Price      Date      Value  

WRITTEN OPTIONS (continued)

               

Total Written Options

        $   (24,000,000)             $   (2,070,000)  
     

 

 

           

 

 

  

The open futures contracts held by the Fund at March 31, 2022, are as follows:

 

      Number of    Expiration    Notional                Unrealized 
Type of Contract      Contracts    Date    Amount        Value      Appreciation 

Long Contracts Russell 2000 Index E-MINI

    165    Jun-2022    $       16,814,748        $       17,047,800        $         233,052  
        

 

 

     

 

 

     

 

 

 

The open OTC swap agreements held by the Fund at March 31, 2022, are as follows:

 

Total Return Swaps
                                             Upfront      Unrealized
     

Reference Entity/

Obligation

   

Fund Pays

   

Fund Receives

   

Payment

Frequency

   

Termination

Date

    Currency   

Notional

Amount

    

Value

  

Payments/

Receipts

     

Appreciation

(Depreciation)

Morgan Stanley

    MSAISCEN #    1-Month LIBOR    MSAISCEN    Annually    03/09/2024    USD      (8,982,205)      $ 353,609      $ –       $ 353,609  

Morgan Stanley

    MSAISCHB ^    1-Month LIBOR    MSAISCHB    Annually    04/04/2022    USD      722,481       149,231       –        149,231  

Morgan Stanley

    MSAISCHB ^    1-Month LIBOR    MSAISCHB    Annually    02/09/2024    USD      3,205,428       416,877       –        416,877  

Morgan Stanley

    MSAISCHB ^    1-Month LIBOR    MSAISCHB    Annually    03/08/2024    USD      4,332,764       441,792       –        441,792  

Morgan Stanley

    Sprouts Farmers Market    1-Month LIBOR    Sprouts Farmers Market Inc    Annually    04/10/2023    USD      1,219,430       (109,339 )      –        (109,339 ) 

Morgan Stanley

    Sprouts Farmers Market    1-Month LIBOR    Sprouts Farmers Market Inc    Annually    11/26/2023    USD      1,078,968       (218,940 )      –        (218,940 ) 

Morgan Stanley

    Sprouts Farmers Market    1-Month LIBOR    Sprouts Farmers Market Inc    Annually    01/26/2024    USD      1,608,787       (244,837 )      –        (244,837 ) 
                      

 

 

 

  

 

 

     

 

 

 

                        $   788,393      $         –       $      788,393  
                      

 

 

 

  

 

 

     

 

 

 

# The following table represents the individual common stock exposure comprising the Morgan Stanley Equity Basket Swaps at March 31, 2022:

 

Shares    Description    Notional Amount      Unrealized
Appreciation		      Fair Value     

Percentage 

of Basket   

MSAISCEN

               

149,174

    Southwestern Energy Co      $       (434,739)      $         17,115      $         17,115          4.84%

32,466

    Antero Resources Corp      (402,403)        15,842        15,842      4.48%

31,509

    Range Resources Corp      (388,929)        15,311        15,311      4.33%

17,441

    Ovintiv Inc      (382,642)        15,064        15,064      4.26%

9,817

    Chesapeake Energy Corp      (346,713)        13,649        13,649      3.86%

14,092

    Callon Petroleum Co      (337,731)        13,296        13,296      3.76%

21,046

    SM Energy Co      (333,240)        13,119        13,119      3.71%

11,095

    PDC Energy Inc      (327,850)        12,907        12,907      3.65%

14,101

    Matador Resources Co      (303,599)        11,952        11,952      3.38%

93,827

    Kosmos Energy Ltd      (273,957)        10,785        10,785      3.05%

79,663

    Equitrans Midstream Corp      (273,059)        10,750        10,750      3.04%

15,651

    Murphy Oil Corp      (256,891)        10,113        10,113      2.86%

THE ADVISORS’ INNER CIRCLE FUND III  

APERTURE DISCOVER

EQUITY FUND

MARCH 31, 2022

(Unaudited)

 

 

 

Shares    Description    Notional Amount      Unrealized
Appreciation		      Fair Value     

Percentage 

of Basket   

                                      

25,568

    PBF Energy Inc    $       (253,298)      $         9,972      $         9,972      2.82%

76,948

    Centennial Resource Development Inc/DE      (252,400)        9,936        9,936      2.81%

28,761

    CNX Resources Corp      (241,621)        9,512        9,512      2.69%

7,140

    Laredo Petroleum Inc      (229,944)        9,052        9,052      2.56%

105,332

    Tellurian Inc      (226,352)        8,911        8,911      2.52%

12,577

    Helmerich & Payne Inc      (218,268)        8,593        8,593      2.43%

8,405

    Civitas Resources Inc      (203,896)        8,027        8,027      2.27%

31,975

    Patterson-UTI Energy Inc      (201,201)        7,921        7,921      2.24%

7,351

    Renewable Energy Group Inc      (181,441)        7,143        7,143      2.02%

32,607

    Comstock Resources Inc      (172,458)        6,789        6,789      1.92%

5,157

    Whiting Petroleum Corp      (170,662)        6,719        6,719      1.90%

17,081

    ChampionX Corp      (169,764)        6,683        6,683      1.89%

78,490

    Uranium Energy Corp      (146,410)        5,764        5,764      1.63%

14,919

    Magnolia Oil & Gas Corp      (143,715)        5,658        5,658      1.60%

4,454

    Denbury Inc      (141,919)        5,587        5,587      1.58%

2,253

    Oasis Petroleum Inc      (133,835)        5,269        5,269      1.49%

62,480

    Gevo Inc      (118,565)        4,668        4,668      1.32%

9,508

    Northern Oil and Gas Inc      (108,685)        4,279        4,279      1.21%

5,970

    California Resources Corp      (108,685)        4,279        4,279      1.21%

1,674

    Nabors Industries Ltd      (104,194)        4,102        4,102      1.16%

7,702

    Green Plains Inc      (97,008)        3,819        3,819      1.08%

14,380

    Liberty Oilfield Services Inc      (86,229)        3,395        3,395      0.96%

26,218

    Clean Energy Fuels Corp      (84,433)        3,324        3,324      0.94%

22,318

    NexTier Oilfield Solutions Inc      (83,535)        3,289        3,289      0.93%

10,942

    US Silica Holdings Inc      (82,636)        3,253        3,253      0.92%

21,871

    Energy Fuels Inc/Canada      (80,840)        3,182        3,182      0.90%

3,463

    Cactus Inc      (79,942)        3,147        3,147      0.89%

9,165

    Delek US Holdings Inc      (79,043)        3,112        3,112      0.88%

20,763

    Frontline Ltd/Bermuda      (74,552)        2,935        2,935      0.83%

7,210

    Golar LNG Ltd      (72,756)        2,864        2,864      0.81%

10,675

    Talos Energy Inc      (68,265)        2,687        2,687      0.76%

6,854

    Scorpio Tankers Inc      (59,283)        2,334        2,334      0.66%

5,032

    CVR Energy Inc      (52,097)        2,051        2,051      0.58%

20,127

    DHT Holdings Inc      (47,606)        1,874        1,874      0.53%

29,715

    W&T Offshore Inc      (45,809)        1,803        1,803      0.51%

8,146

    ProPetro Holding Corp      (45,809)        1,803        1,803      0.51%

10,303

    RPC Inc      (44,911)        1,768        1,768      0.50%

5,414

    International Seaways Inc      (39,522)        1,556        1,556      0.44%

22,561

    Other      (168,865)        6,648        6,648      1.88%
     

 

 

     

 

 

     

 

 

     

 

          $ (8,982,205)          $ 353,609          $ 353,609          100.00%
     

 

 

     

 

 

     

 

 

     

 

THE ADVISORS’ INNER CIRCLE FUND III  

APERTURE DISCOVER

EQUITY FUND

MARCH 31, 2022

(Unaudited)

 

 

 

^ The following table represents the individual common stock exposure comprising the Morgan Stanley Equity Basket Swaps at March 31, 2022:

 

Shares

   

Description

   

Notional Amount

     

Unrealized

Appreciation

     

Fair Value

     

  Percentage of  

Basket

MSAISCHB

               

62,093

    Taylor Morrison Home Corp        $ 1,868,564           $ 227,987           $ 227,987       22.62% 

76,453

    Tri Pointe Homes Inc      1,697,568         207,123         207,123       20.55% 

14,611

    LGI Homes Inc      1,577,789         192,509         192,509       19.10% 

29,985

    Toll Brothers Inc      1,558,789         190,191         190,191       18.87% 

37,230

    MDC Holdings Inc      1,557,963         190,090         190,090       18.86% 
     

 

 

     

 

 

     

 

 

     

 

          $         8,260,673           $         1,007,900           $  1,007,900               100.00% 
     

 

 

     

 

 

     

 

 

     

 

 

*

Non-income producing security.

(A)

Interest rate represents the security’s effective yield at the time of purchase.

(B)

Refer to table below for details on options contracts.

Cl — Class

LIBOR— London Interbank Offered Rate

REIT — Real Estate Investment Trust

RB — Revenue Bond

Ser — Series

USD — U.S. Dollar

The following table summarizes the inputs used as of March 31, 2022, in valuing the Fund’s investments and other financial instruments carried at value:

 

Investments in Securities

    Level 1   Level 2   Level 3      Total

Common Stock

      $ 416,586,734       $ –       $               –        $ 416,586,734  

U.S. Treasury Obligations

      –       9,989,183       –        9,989,183  
  

 

 

 

  

 

 

 

  

 

 

     

 

 

 

Total Investments in Securities

      $ 416,586,734       $ 9,989,183       $ –        $ 426,575,917  
  

 

 

 

  

 

 

 

  

 

 

     

 

 

 

Other Financial Instruments

    Level 1   Level 2   Level 3      Total

Purchased Options

    $ 1,665,000     $ –     $ –      $ 1,665,000  

Written Options

      (2,070,000 )      –       –        (2,070,000 ) 

Futures Contracts*

          

Unrealized Appreciation

      233,052       –       –        233,052  

OTC Swaps

          

Total Return Swaps*

          

Unrealized Appreciation

      –           1,361,509       –        1,361,509  

Unrealized Depreciation

      –       (573,116 )      –        (573,116 ) 
  

 

 

 

  

 

 

 

  

 

 

     

 

 

 

Total Other Financial Instruments

    $ (171,948 )    $ 788,393     $ –      $ 616,445  
  

 

 

 

  

 

 

 

  

 

 

     

 

 

 

THE ADVISORS’ INNER CIRCLE FUND III  

APERTURE DISCOVER

EQUITY FUND

MARCH 31, 2022

(Unaudited)

 

 

 

*Futures contracts and swap contracts are valued at the unrealized appreciation (depreciation) on the instrument.

Amounts designated as “—” are $0.

For information regarding the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent semi-annual and annual financial statements.

API-QH-003-0500

THE ADVISORS’ INNER CIRCLE FUND III  

APERTURE INTERNATIONAL

EQUITY FUND

MARCH 31, 2022

(Unaudited)

 

 

SCHEDULE OF INVESTMENTS

COMMON STOCK — 55.1%

            
               Shares                          Value          

Belgium — 2.6%

     

Anheuser-Busch InBev

      122,505       $ 7,323,378    
     

 

 

 

China — 5.9%

     

Alibaba Group Holding ADR *

      30,106        3,275,533  

Budweiser Brewing APAC

      1,088,900        2,878,953  

Industrial & Commercial Bank of China, Cl H

      12,595,000        7,706,846  

Tencent Holdings

      28,200        1,315,841  

Tencent Holdings ADR

      34,158        1,585,614  
     

 

 

 

        16,762,787  
     

 

 

 

Germany — 16.3%

     

Brenntag

      109,065        8,799,639  

Deutsche Boerse

      18,319        3,288,025  

Fresenius & KGaA

      217,023        7,973,849  

Infineon Technologies

      82,304        2,801,501  

Muenchener Rueckversicherungs-Gesellschaft in Muenchen

      28,955        7,745,735  

Puma

      47,140        4,013,393  

SAP

      49,279        5,476,722  

SAP ADR

      6,589        731,115  

Siemens

      38,151        5,260,329  
     

 

 

 

        46,090,308  
     

 

 

 

Hong Kong — 0.0%

     

JD.com, Cl A *

      1,342        38,697  
     

 

 

 

India — 4.1%

     

HDFC Bank ADR

      52,112        3,196,029  

ICICI Bank ADR

      446,768        8,461,786  
     

 

 

 

        11,657,815  
     

 

 

 

Italy — 4.4%

     

Intesa Sanpaolo

      1,667,481        3,816,124  

Moncler

      26,452        1,468,913  

Stellantis

      378,811        6,130,072  

UniCredit

      106,077        1,138,457  
     

 

 

 

        12,553,566  
     

 

 

 

Japan — 4.6%

     

Asahi Group Holdings

      33,200        1,205,433  

FANUC

      18,300        3,222,748  

Nintendo

      4,900        2,466,991  

Sony Group

      2,100        216,229  

Sony Group ADR

      56,871        5,841,221  
     

 

 

 

        12,952,622  
     

 

 

 

THE ADVISORS’ INNER CIRCLE FUND III  

APERTURE INTERNATIONAL

EQUITY FUND

MARCH 31, 2022

(Unaudited)

 

 

COMMON STOCK (continued)            
               Shares                          Value          

Netherlands — 1.4%

     

ASM International

      6,709       $ 2,446,172    

Heineken

      15,384        1,465,255  
     

 

 

 

        3,911,427  
     

 

 

 

Sweden — 0.7%

     

Hexagon, Cl B

      138,784        1,951,789  
     

 

 

 

Switzerland — 4.2%

     

Cie Financiere Richemont, Cl A

      34,172        4,312,159  

Holcim

      97,225        4,737,383  

Nestle

      22,825        2,963,528  
     

 

 

 

        12,013,070  
     

 

 

 

Taiwan — 1.6%

     

Taiwan Semiconductor Manufacturing ADR

      44,786        4,669,388  
     

 

 

 

United Kingdom — 6.3%

     

AstraZeneca ADR

      19,277        1,278,836  

Coca-Cola Europacific Partners

      192,031        9,334,627  

Linde

      22,886        7,308,926  
     

 

 

 

        17,922,389  
     

 

 

 

United States — 3.0%

     

Health Care — 3.0%

     

Medtronic

      76,769        8,517,521  
     

 

 

 

Total Common Stock
(Cost $160,349,012)

         156,364,757  
     

 

 

 

     

U.S. TREASURY OBLIGATIONS — 31.7%

      
     Face Amount       

U.S. Treasury Bills

      

0.05%, 4/28/2022 (A)

    $ 50,000,000        49,994,928  

0.57%, 7/14/2022 (A)

      40,000,000        39,929,415  
     

 

 

 

Total U.S. Treasury Obligations
(Cost $89,932,009)

         89,924,343  
     

 

 

 

Total Investments - 86.8%
(Cost $250,281,021)

        $ 246,289,100  
     

 

 

 

THE ADVISORS’ INNER CIRCLE FUND III  

APERTURE INTERNATIONAL

EQUITY FUND

MARCH 31, 2022

(Unaudited)

 

 

WRITTEN OPTIONS — 0.0%(B)           
               Contracts                         Value          

Total Written Options
(Proceeds $135,680)

      (217 )     $ (130,724)    
    

 

 

 

Other Assets & Liabilities, Net - 13.2%

        37,486,311   
    

 

 

 

Net Assets - 100.0%

       $ 283,644,687   
    

 

 

 

The open option contracts held by the Fund at March 31, 2022, are as follows:

 

Description   

Number of

 Contracts

    

Notional

 Amount

     

Exercise

     Price

     

Expiration

          Date

      Value  

WRITTEN OPTIONS — 0.0%

              

Call Options

              

Avino Silver & Gold Mines Ltd*

      (67 )    $ (2,594,170)        $350.00        05/21/22      $ (94,724)  

Coca-Cola Europacific Partners PLC*

      (150 )      (750,000)        50.00        05/21/22        (36,000)  
    

 

 

           

 

 

  

Total Written Options

      $     (3,344,170)            $       (130,724)  
    

 

 

           

 

 

  

The open futures contracts held by the Fund at March 31, 2022, are as follows:

 

Type of Contract   

Number of

 Contracts

     

Expiration

Date

      Notional   
Amount   		   Value  

Unrealized   

Appreciation/   

(Depreciation)   

Long Contracts

             

MSCI EAFE Index

      13        Jun-2022      $ 1,313,752       $ 1,393,860       $ 80,108    

MSCI Emerging Markets

      25        Jun-2022        1,276,821       1,406,875       130,054  

Nikkei 225 Index

      12        Jun-2022        2,545,806       2,743,223       329,170  

S&P TSX 60 Index

      15        Jun-2022        3,003,148       3,160,661       91,820  

TOPIX Index

      25        Jun-2022        3,761,387       3,997,248       430,988  
        

 

 

 

  

 

 

 

  

 

 

 

         $     11,900,914     $     12,701,867     $     1,062,140  
        

 

 

 

  

 

 

 

  

 

 

 

THE ADVISORS’ INNER CIRCLE FUND III  

APERTURE INTERNATIONAL

EQUITY FUND

MARCH 31, 2022

(Unaudited)

 

 

The open OTC swap agreements held by the Fund at March 31, 2022, are as follows:

 

Total Return Swaps  
Counterparty    Reference Entity/
Obligation		    Fund Pays    Fund Receives   

Payment

Frequency

   

Termination

Date

    Currency    Notional
Amount		   Value     Upfront
Payments/
Receipts		      Unrealized
Appreciation		  

JPMorgan Chase

    Accor SA    AC FP EQUITY    1-Month LIBOR    Annually    02/08/2023    EUR    (3,135,886)   $ 91,053       $       –          $ 91,053  

Goldman Sachs

    Air Liquide SA    AI FP EQUITY    1-Month LIBOR    Annually    12/19/2022    EUR    (14,982)     3,116       –          3,116  

Goldman Sachs

    Air Liquide SA    AI FP EQUITY    1-Month LIBOR    Annually    11/30/2023    EUR    (701,789)     51,513       –          51,513  

Goldman Sachs

    Air Liquide SA    AI FP EQUITY    1-Month LIBOR    Annually    11/29/2023    EUR    (716,856)     48,207       –          48,207  

Bank of America

    Air Liquide SA    AI FP EQUITY    1-Month LIBOR    Annually    12/17/2023    EUR    (419,881)     12,466       –          12,466  

Goldman Sachs

    Air Liquide SA    AI FP EQUITY    1-Month LIBOR    Annually    10/29/2023    EUR    (709,273)     84,372       –          84,372  

Goldman Sachs

    Air Liquide SA    AI FP EQUITY    1-Month LIBOR    Annually    12/19/2022    EUR    (372,964)     70,347       –          70,347  

Goldman Sachs

    Air Liquide SA    AI FP EQUITY    1-Month LIBOR    Annually    12/19/2022    EUR    (1,242,160)     250,654       –          250,654  

Goldman Sachs

    Ashtead Group PLC    AHT LN EQUITY    1-Month LIBOR    Annually    12/17/2023    GBP    (362,062)     (101,356 )      –          (101,356)  

Goldman Sachs

    Ashtead Group PLC    AHT LN EQUITY    1-Month LIBOR    Annually    10/10/2022    GBP    (457,220)     228,280       –          228,280  

Goldman Sachs

    Ashtead Group PLC    AHT LN EQUITY    1-Month LIBOR    Annually    10/10/2022    GBP    (573,297)     288,483       –          288,483  

Credit Suisse

    Ashtead Group PLC    AHT LN EQUITY    1-Month LIBOR    Annually    10/10/2022    GBP    (2,226)     1,330       –          1,330  

Credit Suisse

    Ashtead Group PLC    AHT LN EQUITY    1-Month LIBOR    Annually    10/10/2022    GBP    (155,782)     143,147       –          143,147  

Credit Suisse

    Ashtead Group PLC    AHT LN EQUITY    1-Month LIBOR    Annually    10/10/2022    GBP    (219,911)     133,440       –          133,440  

Morgan Stanley

    Astrazeneca PLC    AZN LN EQUITY    1-Month LIBOR    Annually    10/05/2022    GBP    (5,540,572)     1,450,923       –            1,450,923  

Goldman Sachs

    BNP Paribas    BNP FP EQUITY    1-Month LIBOR    Annually    11/11/2022    EUR    (1,095,609)     428,630       –          428,630  

UBS

    BNP Paribas    BNP FP EQUITY    1-Month LIBOR    Annually    11/11/2022    EUR    (739,478)     228,016       –          228,016  

Bank of America

    BNP Paribas    BNP FP EQUITY    1-Month LIBOR    Annually    12/17/2023    EUR    (419,921)     (41,149 )      –          (41,149)  

UBS

    BNP Paribas    BNP FP EQUITY    1-Month LIBOR    Annually    12/14/2023    EUR    (715,247)     (70,965 )      –          (70,965)  

Credit Suisse

    BNP Paribas    BNP FP EQUITY    1-Month LIBOR    Annually    12/23/2023    EUR    (708,436)     (98,187 )      –          (98,187)  

JPMorgan Chase

    Bureau Veritas SA    BVI FP EQUITY    1-Month LIBOR    Annually    01/04/2023    EUR    (3,144,594)     515,481       –          515,481  

Morgan Stanley

    CLH PLC    CRH ID EQUITY    1-Month LIBOR    Annually    10/05/2022    EUR    (5,570,251)     586,082       –          586,082  

Bank of America

    Compagnie de Saint-Gobain    SGO FP EQUITY    1-Month LIBOR    Annually    06/10/2023    EUR    (696,035)     (40,009 )      –          (40,009)  

Bank of America

    Compagnie de Saint-Gobain    SGO FP EQUITY    1-Month LIBOR    Annually    07/05/2023    EUR    (702,331)     (30,164 )      –          (30,164)  

Bank of America

    Compagnie de Saint-Gobain    SGO FP EQUITY    1-Month LIBOR    Annually    11/01/2023    EUR    (58,033)     (4,404 )      –          (4,404)  

Bank of America

    Compagnie de Saint-Gobain    SGO FP EQUITY    1-Month LIBOR    Annually    05/03/2023    EUR    (1,356,138)     36,398       –          36,398  

Bank of America

    Compagnie de Saint-Gobain    SGO FP EQUITY    1-Month LIBOR    Annually    01/28/2023    EUR    (1,305,444)     472,811       –          472,811  

Bank of America

    Compagnie de Saint-Gobain    SGO FP EQUITY    1-Month LIBOR    Annually    01/27/2023    EUR    (256,349)     83,476       –          83,476  

Bank of America

    Compagnie de Saint-Gobain    SGO FP EQUITY    1-Month LIBOR    Annually    11/11/2023    EUR    (665,304)     (60,226 )      –          (60,226)  

Bank of America

    Compagnie de Saint-Gobain    SGO FP EQUITY    1-Month LIBOR    Annually    11/29/2023    EUR    (715,546)     (52,046 )      –          (52,046)  

THE ADVISORS’ INNER CIRCLE FUND III  

APERTURE INTERNATIONAL

EQUITY FUND

MARCH 31, 2022

(Unaudited)

 

 

Total Return Swaps  
Counterparty    Reference Entity/
Obligation		    Fund Pays    Fund Receives   

Payment

Frequency

   

Termination

Date

    Currency    Notional
Amount		   Value     Upfront
Payments/
Receipts		      Unrealized  

Credit Suisse

    Compagnie de Saint-Gobain    SGO FP EQUITY    1-Month LIBOR    Annually    12/17/2023    EUR    (421,204)   $ (39,580 )      $       –          $ (39,580)  

Morgan Stanley

    Credit Agricole SA    ACA FP EQUITY    1-Month LIBOR    Annually    02/12/2023    EUR    (2,445,615)     (103,385 )      –          (103,385)  

Morgan Stanley

    CSIN0905    CSIN0905 IND    1MLIBOR    Annually    03/29/2024    USD    (2,813,206)             40,431       –                 40,431  

Goldman Sachs

    ENX FP Equity    ENX FP EQUIT    1MLIBOR    Annually    02/15/2024    EUR    (665,773)     4,258       –          4,258  

Goldman Sachs

    ENX FP Equity    ENX FP EQUIT    1MLIBOR    Annually    01/26/2024    EUR    (12,832)     (107 )      –          (107)  

Credit Suisse

    ENX FP Equity    ENX FP EQUIT    1MLIBOR    Annually    01/25/2024    EUR    (576,873)     (4,436 )      –          (4,436)  

Goldman Sachs

    Euronext NV    ENX FP EQUITY    1-Month LIBOR    Annually    10/22/2023    EUR    (1,420,376)     (283,432 )      –          (283,432)  

Goldman Sachs

    Euronext NV    ENX FP EQUITY    1-Month LIBOR    Annually    11/30/2023    EUR    (697,898)     (63,484 )      –          (63,484)  

Goldman Sachs

    Euronext NV    ENX FP EQUITY    1-Month LIBOR    Annually    10/29/2023    EUR    (1,416,192)     (232,052 )      –          (232,052)  

Goldman Sachs

    Euronext NV    ENX FP EQUITY    1-Month LIBOR    Annually    12/17/2023    EUR    (420,046)     (29,108 )      –          (29,108)  

UBS

    Euronext NV    ENX FP EQUITY    1-Month LIBOR    Annually    12/16/2023    EUR    (427,634)     (18,289 )      –          (18,289)  

Goldman Sachs

    GSAIRNEW Index^    GSAIRNEW INDEX    1MLIBOR    Annually    03/07/2024    EUR    (589,761)     60,132       –          60,132  

Goldman Sachs

    Informa PLC    INF LN EQUITY    1-Month LIBOR    Annually    07/30/2023    GBP    (249,549)     67,456       –          67,456  

Goldman Sachs

    Informa PLC    INF LN EQUITY    1-Month LIBOR    Annually    07/30/2023    GBP    (279,643)     75,959       –          75,959  

Goldman Sachs

    Informa PLC    INF LN EQUITY    1-Month LIBOR    Annually    08/02/2023    GBP    (641,656)     175,102       –          175,102  

JPMorgan Chase

    Intercontinental HO    IHG LN EQUITY    1-Month LIBOR    Annually    08/19/2023    USD    (3,360,287)     599,740       –          599,740  

Bank of America

    Intercontinental HO    IHG LN EQUITY    1-Month LIBOR    Annually    11/29/2023    USD    (602,592)     98,643       –          98,643  

Barclays

    Lloyd’s Banking Group    LLOY LN EQUITY    1-Month LIBOR    Annually    12/23/2023    GBP    1,279,654     1,123       –          1,123  

Bank of America

    Lloyd’s Banking Group    LLOY LN EQUITY    1-Month LIBOR    Annually    04/01/2023    GBP    2,683,976     139,268       –          139,268  

Bank of America

    Lloyd’s Banking Group    LLOY LN EQUITY    1-Month LIBOR    Annually    10/22/2023    GBP    1,248,586     (18,886 )      –          (18,886)  

UBS

    Lloyd’s Banking Group    LLOY LN EQUITY    1-Month LIBOR    Annually    12/17/2023    GBP    768,084     6,368       –          6,368  

Bank of America

    Lloyd’s Banking Group    LLOY LN EQUITY    1-Month LIBOR    Annually    12/14/2023    GBP    1,321,317     15,868       –          15,868  

Morgan Stanley

    LVMH Moet Hennessy    MC FP EQUITY    1-Month LIBOR    Annually    09/08/2023    EUR    (3,247,977)     (95,909 )      –          (95,909)  

Credit Suisse

    Pernod Ricard SA    RI FP EQUITY    1-Month LIBOR    Annually    12/17/2023    EUR    (421,807)     (23,909 )      –          (23,909)  

Goldman Sachs

    Pernod Ricard SA    RI FP EQUITY    1-Month LIBOR    Annually    10/05/2022    EUR    (813,076)     433,092       –          433,092  

Goldman Sachs

    Pernod Ricard SA    RI FP EQUITY    1-Month LIBOR    Annually    10/05/2022    EUR    (621,193)     180,378       –          180,378  

Goldman Sachs

    Pernod Ricard SA    RI FP EQUITY    1-Month LIBOR    Annually    10/05/2022    EUR    (622,824)     180,337       –          180,337  

Goldman Sachs

    Pernod Ricard SA    RI FP EQUITY    1-Month LIBOR    Annually    10/05/2022    EUR    (124,071)     35,159       –          35,159  

Goldman Sachs

    Pernod Ricard SA    RI FP EQUITY    1-Month LIBOR    Annually    10/05/2022    EUR    (623,855)     167,071       –          167,071  

Goldman Sachs

    RI FP Equity    RI FP EQUITY    1MLIBOR    Annually    02/28/2024    EUR    (632,254)     15,130       –          15,130  

JPMorgan Chase

    Schneider Electric    SU FP EQUITY    1-Month LIBOR    Annually    10/07/2023    EUR    (5,274,812)     332,579       –          332,579  

Morgan Stanley

    Taiwan Semiconductor    2330 TT EQUITY    1-Month LIBOR    Annually    12/19/2022    USD    (746,482)     110,928       –          110,928  

THE ADVISORS’ INNER CIRCLE FUND III  

APERTURE INTERNATIONAL

EQUITY FUND

MARCH 31, 2022

(Unaudited)

 

 

Total Return Swaps  
Counterparty    Reference Entity/
Obligation		    Fund Pays    Fund Receives   

Payment

Frequency

   

Termination

Date

    Currency    Notional
Amount		   Value     Upfront
Payments/
Receipts		      Unrealized  

Morgan Stanley

    Veolia Environment    VIE FP EQUITY    1-Month LIBOR    Annually    10/05/2022    EUR    (6,922,224)    $ 754,680      $       –         $ 754,680  

Bank of America

    Vinci SA    DG FP EQUITY    1-Month LIBOR    Annually    12/10/2023    EUR    (715,746)     59,457       –          59,457  

JPMorgan Chase

    Vinci SA    DG FP EQUITY    1-Month LIBOR    Annually    12/17/2023    EUR    (421,758)     35,436       –          35,436  

Bank of America

    Vinci SA    DG FP EQUITY    1-Month LIBOR    Annually    06/10/2023    EUR    (701,289)     (11,990 )      –          (11,990)  

Bank of America

    Vinci SA    DG FP EQUITY    1-Month LIBOR    Annually    10/07/2023    EUR    (388,844)     22,367       –          22,367  

Bank of America

    Vinci SA    DG FP EQUITY    1-Month LIBOR    Annually    10/14/2023    EUR    (167,015)     9,561       –          9,561  

Bank of America

    Vinci SA    DG FP EQUITY    1-Month LIBOR    Annually    10/26/2023    EUR    (426,402)     15,589       –          15,589  

JPMorgan Chase

    Vinci SA    DG FP EQUITY    1-Month LIBOR    Annually    11/09/2023    EUR    (723,575)     (17,304 )      –          (17,304)  

Bank of America

    Vinci SA    DG FP EQUITY    1-Month LIBOR    Annually    11/18/2023    EUR    (1,034,550)     (7,447 )      –          (7,447)  

Morgan Stanley

    Vinci SA    DG FP EQUITY    1-Month LIBOR    Annually    12/16/2023    EUR    (705,174)     76,502       –          76,502  

Bank of America

    Vinci SA    FR0000125486    1-Month LIBOR    Annually    02/08/2023    EUR    (1,314,972)     121,285       –          121,285  

Bank of America

    Vinci SA    DG FP EQUITY    1-Month LIBOR    Annually    11/29/2023    EUR    (715,497)     74,958       –          74,958  
                      

 

 

    

 

 

     

 

 

  
                        $   7,669,257      $ –         $ 7,669,257  
                      

 

 

    

 

 

     

 

 

  

^ The following table represents the individual common stock exposure comprising the Goldman Sachs Equity Basket Swaps at March 31, 2022:

 

Shares   Description   Notional Amount   Unrealized
Appreciation		   Fair Value   Percentage of
Basket

GSAIRNEW Index

        

3,754,237

   RWE AG   $ (60,981 )    $ 6,218     $ 6,218       10.34%  

11,665,863

   Iberdrola SA     (47,535 )      4,847       4,847       8.06%  

918,276

   Orsted AS     (43,053 )      4,390       4,390       7.30%  

3,677,155

   Vestas Wind Systems A/S     (40,576 )      4,137       4,137       6.88%  

15,261,742

   Enel SpA     (38,040 )      3,879       3,879       6.45%  

8,085,418

   E.ON SE     (35,032 )      3,572       3,572       5.94%  

220,925

   Linde PLC     (26,362 )      2,688       2,688       4.47%  

2,861,304

   Siemens Energy AG     (24,357 )      2,483       2,483       4.13%  

7,526,473

   Terna - Rete Elettrica Nazionale     (24,062 )      2,453       2,453       4.08%  

2,710,520

   SSE PLC     (23,119 )      2,357       2,357       3.92%  

1,984,602

   EDP Renovaveis SA     (19,049 )      1,942       1,942       3.23%  

431,184

   Alfen Beheer BV     (16,336 )      1,666       1,666       2.77%  

1,851,399

   Solaria Energia y Medio Ambiente SA     (15,570 )      1,587       1,587       2.64%  

234,030

   Air Liquide SA     (15,275 )      1,557       1,557       2.59%  

    23,082,313

   NEL ASA     (14,626 )      1,491       1,491       2.48%  

1,854,494

   Encavis AG     (14,508 )      1,479       1,479       2.46%  

348,821

   Verbund AG     (13,682 )      1,395       1,395       2.32%  

6,508,616

   ITM Power PLC     (11,264 )      1,149       1,149       1.91%  

THE ADVISORS’ INNER CIRCLE FUND III  

APERTURE INTERNATIONAL

EQUITY FUND

MARCH 31, 2022

(Unaudited)

 

 

Shares   Description   Notional Amount   Unrealized
Appreciation		   Fair Value   Percentage of
Basket

146,287

   Acciona SA     $ (10,439)       $ 1,064       $ 1,064       1.77%  

160,265

   Wacker Chemie AG     (10,203)       1,040       1,040       1.73%  

1,497,585

   Siemens Gamesa Renewable Energy SA     (9,849)       1,004       1,004       1.67%  

    4,906,973

   EDP - Energias de Portugal SA     (9,023)       920       920       1.53%  

1,222,521

   Nordex SE     (7,962)       812       812       1.35%  

1,619,514

   Engie SA     (7,962)       812       812       1.35%  

1,261,618

   Scatec ASA     (7,195)       734       734       1.22%  

956,396

   PowerCell Sweden AB     (7,077)       722       722       1.20%  

427,012

   Neoen SA     (6,782)       692       692       1.15%  

7,392,575

   Enlight Renewable Energy Ltd     (6,428)       655       655       1.09%  

430,460

   ERG SpA     (5,308)       541       541       0.90%  

1,425,266

   Ceres Power Holdings PLC     (5,131)       523       523       0.87%  

1,407,201

   Falck Renewables SpA     (5,072)       517       517       0.86%  

4,627,853

   Aker Carbon Capture ASA     (4,482)       457       457       0.76%  

269,916

   Prysmian SpA     (3,421)       349       349       0.58%  
   

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

      $ (589,761)       $ 60,132       $ 60,132       100.00%  
   

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

 

*

Non-income producing security.

(A)

Interest rate represents the security’s effective yield at the time of purchase.

(B)

Refer to table below for details on options contracts.

ADR — American Depositary Receipt

CHF — Swiss Franc

Cl — Class

CNY — Chinese Yen

DAC — Designated Activity Company

EAFE — Europe, Australasia, and the Far East

EUR — Euro

GBP — British Pound Sterling

HKD — Hong Kong Dollar

JPY — Japanese Yen

LIBOR— London Interbank Offered Rate

Ltd. — Limited

MSCI — Morgan Stanley Capital International

PLC — Public Limited Company

REIT — Real Estate Investment Trust

RB — Revenue Bond

S&P — Standard & Poor’s

Ser — Series

TOPIX— Tokyo Stock Price Index

THE ADVISORS’ INNER CIRCLE FUND III  

APERTURE INTERNATIONAL

EQUITY FUND

MARCH 31, 2022

(Unaudited)

 

 

TSX — Toronto Stock Exchange

TWD— Taiwan Dollar

USD — U.S. Dollar

The following table summarizes the inputs used as of March 31, 2022, in valuing the Fund’s investments and other financial instruments carried at value:

 

Investments in Securities

    Level 1      Level 2      Level 3      Total  

  Common Stock

      $ 156,364,757        $ –        $ –        $ 156,364,757  

  U.S. Treasury Obligations

      –        89,924,343        –        89,924,343  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Investments in Securities

      $ 156,364,757        $ 89,924,343        $ –        $ 246,289,100  
  

 

 

     

 

 

     

 

 

     

 

 

  
                                                                                                                               

Other Financial Instruments

    Level 1      Level 2      Level 3      Total  

  Written Options

    $ (130,724)      $ –       $ –      $ (130,724)  

  Futures Contracts*

            

Unrealized Appreciation

      1,062,140         –         –        1,062,140   

  OTC Swaps

            

Total Return Swaps*

            

 Unrealized Appreciation

      –         9,117,082         –        9,117,082   

 Unrealized Depreciation

      –         (1,447,824)        –        (1,447,824)  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Other Financial Instruments

    $ 931,416       $ 7,669,258       $ –      $ 8,600,674   
  

 

 

     

 

 

     

 

 

     

 

 

  

*Futures contracts and swap contracts are valued at the unrealized appreciation (depreciation) on the instrument.

Amounts designated as “—” are $0.

For information regarding the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent semi-annual and annual financial statements.

API-QH-004-0300

THE ADVISORS’ INNER CIRCLE FUND III    APERTURE ENDEAVOUR
   EQUITY FUND
   MARCH 31, 2022
   (Unaudited)

 

 

SCHEDULE OF INVESTMENTS

COMMON STOCK — 58.9%

 

 

            Shares                      Value          

China — 2.4%

     

Alibaba Group Holding ADR *

      12,931      $ 1,406,893   

JD.com ADR *

      23,130       1,338,533  

Tencent Holdings

      19,900       950,631  
    

 

 

 

       3,696,057  
    

 

 

 

Germany — 0.4%

     

Delivery Hero *

      15,317       675,409  
    

 

 

 

Hong Kong — 0.2%

     

Alibaba Group Holding *

      17,700       253,300  

JD.com, Cl A *

      947       28,289  
    

 

 

 

       281,589  
    

 

 

 

Japan — 3.5%

     

Sony Group

      50,700       5,301,552  
    

 

 

 

Taiwan — 0.9%

     

Taiwan Semiconductor Manufacturing ADR

      12,704       1,324,519  
    

 

 

 

United Kingdom — 3.9%

     

Farfetch, Cl A *

      15,974       241,527  

Linde PLC

      17,855       5,703,422  
    

 

 

 

       5,944,949  
    

 

 

 

United States — 47.6%

     

Communication Services — 7.4%

     

Activision Blizzard

      23,650       1,894,601  

Alphabet, Cl A *

      537       1,493,585  

IHS Holding *

      235,171       2,605,695  

T-Mobile US *

      41,573       5,335,895  
    

 

 

 

       11,329,776  
    

 

 

 

Consumer Discretionary — 10.3%

     

Amazon.com *

      2,233       7,279,469  

Carvana, Cl A *

      7,080       844,573  

Dollar Tree *

      23,354       3,740,143  

Las Vegas Sands *

      5,361       208,382  

Lithia Motors, Cl A

      5,815       1,745,198  

Marriott Vacations Worldwide

      12,050       1,900,285  
    

 

 

 

       15,718,050  
    

 

 

 

Consumer Staples — 0.5%

     

Coty, Cl A *

      81,382       731,624  
    

 

 

 

Energy — 0.9%

     

Marathon Oil

      59,118       1,484,453  
    

 

 

 

THE ADVISORS’ INNER CIRCLE FUND III    APERTURE ENDEAVOUR
   EQUITY FUND
   MARCH 31, 2022
   (Unaudited)

 

 

COMMON STOCK (continued)     
            Shares                      Value          

Financials — 6.4%

     

Aon, Cl A

      7,124      $ 2,319,788   

Intercontinental Exchange

      35,890       4,741,787  

S&P Global

      6,643       2,724,826  
    

 

 

 

       9,786,401  
    

 

 

 

Health Care — 0.3%

     

Finch Therapeutics Group *

      95,581       480,772  
    

 

 

 

Industrials — 5.7%

     

WillScot Mobile Mini Holdings, Cl A *

      174,861       6,842,311  

XPO Logistics *

      26,003       1,893,018  
    

 

 

 

       8,735,329  
    

 

 

 

Information Technology — 8.6%

     

Amplitude, Cl A *

      17,803       328,109  

Analog Devices

      15,872       2,621,737  

Braze, Cl A

      7,338       304,307  

Iris Energy

      60,063       941,187  

Microsoft

      16,769       5,170,050  

nCino *

      8,433       345,584  

QUALCOMM

      11,163       1,705,930  

ServiceNow *

      3,195       1,779,264  
    

 

 

 

       13,196,168  
    

 

 

 

Materials — 5.0%

     

Alcoa

      3,002       270,270  

Freeport-McMoRan

      27,055       1,345,716  

Martin Marietta Materials

      5,107       1,965,633  

Perimeter Solutions *

      308,111       3,731,224  

PureCycle Technologies *

      36,386       291,088  
    

 

 

 

       7,603,931  
    

 

 

 

Real Estate — 1.4%

     

SBA Communications, REIT, Cl A

      6,156       2,118,280  
    

 

 

 

Utilities — 1.1%

     

Vistra

      71,081       1,652,633  
    

 

 

 

       72,837,417  
    

 

 

 

Total Common Stock
(Cost $87,381,736)

        90,061,492  
    

 

 

 

THE ADVISORS’ INNER CIRCLE FUND III    APERTURE ENDEAVOUR
   EQUITY FUND
   MARCH 31, 2022
   (Unaudited)

 

 

U.S. TREASURY OBLIGATIONS — 30.7%     
        Face Amount                  Value            

U.S. Treasury Bills

     

0.43%, 6/23/2022 (A)

     $ 37,000,000      $ 36,959,978      

0.58%, 7/21/2022 (A)

      10,000,000       9,979,457      
    

 

 

  

Total U.S. Treasury Obligations
(Cost $46,945,630)

        46,939,435      
    

 

 

  

 

WARRANTS — 0.2%     
     Number of
  Warrants		        

United States — 0.2%

     

Everarc Holdings, Expires 12/01/2022*

                          76,161       762    

PureCycle Technologies, Expires 03/20/2026*

      93,268                   267,679      
    

 

 

  
       268,441      
    

 

 

  

Total Warrants
(Cost $941,135)

        268,441      
    

 

 

  

Total Investments - 89.8%
(Cost $135,268,501)

       $ 137,269,368      
    

 

 

  
    
 PURCHASED OPTIONS — 0.3%(B)     
        Contracts                  Value            

Total Purchased Options
(Cost $423,695)

                    1,234,571     $ 493,441      
    

 

 

  

 

 WRITTEN OPTIONS — (0.2)%(B)     

Total Written Options
(Proceeds $191,046)

                  (1,989,111)     $ (268,909)     
    

 

 

  

Other Assets & Liabilities, Net - 10.1%

                 15,333,749      
    

 

 

  

Net Assets - 100.0%

      $ 152,827,648      
    

 

 

  

The open option contracts held by the Fund at March 31, 2022, are as follows:

 

Description    Number of
Contracts		     

Notional

Amount

      Exercise
Price		      Expiration            
Date             		      Value

PURCHASED OPTIONS — 0.3%

 

         

Put Options

               

Nasdaq-100*

      7        $                 10,272,500        $ 14,675.00        4/16/2022      $                         –   

S&P 500 Index*

      24        10,800,000        4,500.00        4/16/2022        –  

THE ADVISORS’ INNER CIRCLE FUND III    APERTURE ENDEAVOUR
   EQUITY FUND
   MARCH 31, 2022
   (Unaudited)

 

 

Description    Number of
Contracts		    

Notional

Amount

    

Exercise

Price

     

Expiration

Date

      Value

PURCHASED OPTIONS (continued)

             
    

 

 

          

 

 

 

       21,072,500             –  
    

 

 

          

 

 

 

Call Options

             

Glencore PLC*

      480,000       $ 4,188,430,204       $ 450.00        6/18/2022        $ 389,365  

Glencore PLC*

      754,540       6,584,037,763       540.00        5/21/2022        104,076  
    

 

 

          

 

 

 

       10,772,467,967                       493,441   
    

 

 

          

 

 

 

Total Purchased Options

        $           10,793,540,467             $ 493,441  
    

 

 

          

 

 

 

    

 

 

          

 

 

 

WRITTEN OPTIONS — (0.2)%

             

Put Options

             

Glencore PLC*

      (754,540 )      $ (6,584,037,763 )      390.00        05/21/22        $ (49,560 ) 

Nasdaq-100*

      (7 )      (9,957,500 )      14,225.00        04/16/22        –  

S&P 500 Index*

      (24 )      (10,464,000 )      4,360.00        04/16/22        –  
    

 

 

          

 

 

 

       (6,604,459,263 )            (49,560 ) 
    

 

 

          

 

 

 

Call Options

             

Glencore PLC*

      (754,540 )      (6,525,309,974 )      600.00        05/21/22        (22,302 ) 

Glencore PLC*

      (480,000 )      (4,188,430,204 )      500.00        06/18/22        (197,047 ) 
    

 

 

          

 

 

 

       (10,713,740,178 )            (219,349 ) 
    

 

 

          

 

 

 

Total Written Options

        $ (17,318,199,441 )            $ (268,909 ) 
    

 

 

          

 

 

 

    

 

 

          

 

 

 

The open futures contracts held by the Fund at March 31, 2022, are as follows:

 

Type of Contract          Number of      
Contracts		          Expiration    
Date		      Notional
Amount		   Value   Unrealized
Appreciation/
(Depreciation)

Long Contracts

             

Euro STOXX 50

      57        Jun-2022      $ 2,320,892      $ 2,410,653      $ 90,557  

FTSE 100 Index

      18        Jun-2022        1,660,002       1,770,112       97,401  

NASDAQ 100 Index E-MINI

      5        Jun-2022        1,338,407       1,486,875       148,468  

Nikkei 225 Index

      31        Jun-2022        3,833,342       4,275,675       442,333  

S&P 500 Index E-MINI

      5        Jun-2022                  1,062,027                 1,132,688                   70,661  
        

 

 

 

  

 

 

 

  

 

 

 

         $ 10,214,670     $ 11,076,003     $ 849,420  
        

 

 

 

  

 

 

 

  

 

 

 

THE ADVISORS’ INNER CIRCLE FUND III    APERTURE ENDEAVOUR
   EQUITY FUND
   MARCH 31, 2022
   (Unaudited)

 

 

The open forward foreign currency contracts held by the Fund at March 31, 2022, are as follows:

 

Counterparty            Settlement Date              Currency to Deliver      Currency to Receive      Unrealized
Appreciation/
(Depreciation)

JPMorgan Chase Bank

      06/15/22        USD        42,411        JPY        5,000,000        $ (1,260 ) 

JPMorgan Chase Bank

      06/15/22        HKD        11,981,000        USD        1,531,684        564  

JPMorgan Chase Bank

      06/15/22        JPY        72,000,000        USD        583,313        (9,266 ) 

JPMorgan Chase Bank

      12/15/22        EUR        2,200,000        USD        2,513,591        43,714  

JPMorgan Chase Bank

      12/15/22        USD        2,509,939        EUR        2,200,000        (40,062 ) 

Morgan Stanley

      06/15/22        EUR        763,000        USD        835,851        (10,608 ) 

Morgan Stanley

      06/15/22        USD        4,204,278        CNY        27,000,000        27,129  

Morgan Stanley

      06/15/22        CNY        36,500,000        USD        5,727,026        6,791  

Morgan Stanley

      06/15/22        JPY        561,420,000        USD        4,801,797        181,161  
                 

 

 

 

                    $                 198,163  
                 

 

 

 

                 

 

 

 

The open OTC swap agreements held by the Fund at March 31, 2022, are as follows:

 

Total Return Swaps

  
Counterparty    Reference Entity/
Obligation		      Fund Pays    Fund Receives      Payment
Frequency		      Termination
Date		      Currency      Notional
Amount		      Value       

Upfront
Payments/

Receipts

        Unrealized
Appreciation		  

Goldman Sachs

    Airbus      EUR-EURIBOR-
Telerate		    4012250      Annually      07/27/2023      EUR      (676,388)      $     (17,417 )       $ –        $ (17,417 ) 

Goldman Sachs

    Airbus      EUR-EURIBOR-
Telerate		    4012250      Annually      01/03/2024      EUR      (650,941)        (13,463 )         –          (13,463 ) 

Goldman Sachs

    Airbus      EUR-EURIBOR-
Telerate		    4012250      Annually      12/17/2023      EUR      (101,789)        7,650          –          7,650  

Goldman Sachs

    Airbus      EUR-EURIBOR-
Telerate		    4012250      Annually      10/01/2023      EUR      (124,631)        (7,578 )         –          (7,578 ) 

Goldman Sachs

    Airbus      EUR-EURIBOR-
Telerate		    4012250      Annually      07/30/2023      EUR      (672,257)        (39,704 )         –          (39,704 ) 

Goldman Sachs

    Airbus      EUR-EURIBOR-
Telerate		    4012250      Annually      05/27/2023      EUR      (825,152)        116,348          –          116,348  

Citibank

    BILL.COM Holdings Inc      090043100    USD-SOFR 1D      Annually      03/09/2024      USD      (139,800)        32,334          –          32,334  

Citibank

    BILL.COM Holdings Inc      090043100    USD-SOFR 1D      Annually      03/03/2024      USD      (496,012)        (16,124 )         –          (16,124 ) 

Morgan Stanley

    CSI 500 NTR      CSIN00905    1-Day SOFR      Annually      11/25/2023      USD      (1,659,626)        (181,608 )         –          (181,608 ) 

Morgan Stanley

    Energy Transfer LP      29273V100    FEDEF-1D      Annually      02/07/2024      USD      (1,908,903)        112,257          –          112,257  

Goldman Sachs

    Flutter Entertainment      1-Month GBP-
LIBOR-BBA		    BWXC0Z1      Annually      10/01/2023      GBP      (71,627)        (38,730 )         –          (38,730 ) 

Goldman Sachs

    Flutter Entertainment      1-Month GBP-
LIBOR-BBA		    BWXC0Z1      Annually      08/12/2023      GBP      (31,942)        (14,394 )         –          (14,394 ) 

Goldman Sachs

    Flutter Entertainment      1-Month GBP-
LIBOR-BBA		    BWXC0Z1      Annually      05/27/2023      GBP      (1,463,390)        (668,190 )         –          (668,190 ) 

JPMorgan Chase

    GLENCORE PLC      SONIA-1D    B4T3BW6      Annually      03/25/2024      GBP      (2,031,840)        12,893          –          12,893  

THE ADVISORS’ INNER CIRCLE FUND III    APERTURE ENDEAVOUR
   EQUITY FUND
   MARCH 31, 2022
   (Unaudited)

 

 

Total Return Swaps  
                     
Counterparty    Reference Entity/
Obligation		      Fund Pays    Fund Receives      Payment
Frequency		      Termination
Date		      Currency      Notional
Amount		      Value     Upfront
Payments/
Receipts		      Unrealized  

Goldman Sachs

    GS HY Debt Sensitivity †      USD-SOFR 1D    GSXUDEBT      Annually      02/07/2024      USD      860,655      $ (50,611 )    $ –      $ (50,611 ) 

Bank of America

    Hormel Foods Corp      440452100    1-Month LIBOR      Annually      05/27/2023      USD      383,532        (22,203 )      –        (22,203 ) 

Bank of America

    Hormel Foods Corp      440452100    1-Month LIBOR      Annually      05/27/2023      USD      44,891        (2,566 )      –        (2,566 ) 

Morgan Stanley

    HY Debt Sensitivity ††      FEDEF-1D    MSAIHYDS      Annually      02/07/2024      USD      981,894        19,689       –        19,689  

Morgan Stanley

    MSAIBNK1 ^^^      MSAIBNK1    1-Month LIBOR      Annually      09/28/2023      USD      (2,415,475)        (113,758 )      –        (113,758 ) 

Morgan Stanley

    MSAIFINL ^^      MSAIFINL    1-Month LIBOR      Annually      08/13/2023      USD      (3,278,971)        (46,373 )      –        (46,373 ) 

Morgan Stanley

    MSAIFINL ^^      MSAIFINL    1-Month LIBOR      Annually      09/24/2023      USD      (1,285,790)        63,591       –        63,591  

Morgan Stanley

    MSCI ACWI Index***      M1CXADB    3-Month USD LIBOR -17.5BPS      Quarterly      10/04/2022      USD      (14,854,785)        534,415       –        534,415  

Bank of America

    Porsche Automobile      1-Month
EURIBOR		    7101069      Annually      05/27/2023      EUR      (601,364)        943       –        943  

Bank of America

    Porsche Automobile      1-Month
EURIBOR		    7101069      Annually      03/19/2023      EUR      (96,484)        (2,623 )      –        (2,623 ) 

Bank of America

    Porsche Automobile      1-Month
EURIBOR		    7101069      Annually      11/18/2022      EUR      (46,703)        29,183       –        29,183  

Bank of America

    Porsche Automobile      1-Month
EURIBOR		    7101069      Annually      06/06/2022      EUR      (99,206)        80,405       –        80,405  

Add to

    Reynolds Consumer Products      USD-SOFR 1D    76171L106      Annually      02/07/2024      USD      376,686        (3,678 )      –        (3,678 ) 

Morgan Stanley

    Shell PLC      BP6MXD8    SONIA-1D      Annually      02/07/2024      GBP      (868,344)        105,087       –        105,087  

Morgan Stanley

    Snap-On Inc      833034101    1-Day FEDEF      Annually      10/22/2023      USD      464,983        10,220       –        10,220  

Morgan Stanley

    Snap-On Inc      833034101    1-Day FEDEF      Annually      10/11/2022      USD      403,315        31,161       –        31,161  

Morgan Stanley

    STXE 600 Banks      STXE 600
Banks		    1-Month EURIBOR      Annually      09/28/2023      EUR      (740,238)        (26,323 )      –        (26,323 ) 

JPMorgan Chase

    Thule Group AB      EUR_ESTRON_
ON_ACT/360_
BBA		    BSQXJ01      Annually      03/25/2024      SEK      807,848        (987 )      –        (987 ) 

JPMorgan Chase

    Thule Group AB      EUR_ESTRON_
ON_ACT/360_
BBA		    BSQXJ01      Annually      03/09/2024      SEK      3,604,771        (34,511 )      –        (34,511 ) 

JPMorgan Chase

    Thule Group AB      EUR_ESTRON_
ON_ACT/360_
BBA		    BSQXJ01      Annually      03/25/2024      SEK      2,590,194        6,070       –        6,070  

JPMorgan Chase

    Thule Group AB      EUR_ESTRON_
ON_ACT/360_
BBA		    BSQXJ01      Annually      03/25/2024      SEK      90,903        415       –        415  

Morgan Stanley

    Topix Banks Index ###      TPNBNK    1-Day MUTSC      Annually      10/04/2023      JPY      (81,061,122)        49,628       –        49,628  

Morgan Stanley

    Toridoll Holdings Company      MUTSC-1D    B0WHPP8      Annually      03/09/2024      JPY      40,567,623        (49,537 )      –        (49,537 ) 

Bank of America

    Volkswagen      5497168    1-Month EURIBOR      Annually      05/27/2023      EUR      605,669        193,543       –        193,543  

Bank of America

    Volkswagen      5497168    1-Month EURIBOR      Annually      03/19/2023      EUR      96,326        35,460       –        35,460  

Bank of America

    Volkswagen      5497168    1-Month EURIBOR      Annually      11/18/2022      EUR      50,654        (1,432 )      –        (1,432 ) 

Bank of America

    Volkswagen      5497168    1-Month EURIBOR      Annually      06/06/2022      EUR      117,962        (15,503 )      –        (15,503 ) 
                                   

 

 

    

 

 

     

 

 

  
                                    $ 73,979     $ –      $ 73,979  
                                   

 

 

    

 

 

     

 

 

  

THE ADVISORS’ INNER CIRCLE FUND III    APERTURE ENDEAVOUR
   EQUITY FUND
   MARCH 31, 2022
   (Unaudited)

 

 

† The following table represents the individual common stock exposure comprising the Morgan Stanley Equity Basket Swaps at March 31, 2022:

 

Equity Basket Swaps  
Shares         Description   

Notional        

Amount        

     

Unrealized

Appreciation

      Fair Value     

Percentage

of Basket

  

GSXUDEBT

                 
 

154,674

    Cleveland-Cliffs Inc        $ 38,557       $ (2,267)       $ (2,267)        4.48%  
 

7,112

    MicroStrategy Inc      26,766        (1,574)        (1,574)        3.11%  
 

126,223

    AMC Entertainment Holdings Inc      24,098        (1,417)        (1,417)        2.80%  
 

133,351

    Sunnova Energy International Inc      23,840        (1,402)        (1,402)        2.77%  
 

33,158

    Tenet Healthcare Corp      22,033        (1,296)        (1,296)        2.56%  
 

302,284

    Coty Inc      21,086        (1,240)        (1,240)        2.45%  
 

4,106

    TransDigm Group Inc      20,742        (1,220)        (1,220)        2.41%  
 

82,002

    DISH Network Corp      20,139        (1,184)        (1,184)        2.34%  
 

72,270

    Uber Technologies Inc      19,967        (1,174)        (1,174)        2.32%  
 

204,472

    PG&E Corp      18,934        (1,113)        (1,113)        2.20%  
 

46,944

    Performance Food Group Co      18,504        (1,088)        (1,088)        2.15%  
 

117,913

    Park Hotels & Resorts Inc      17,816        (1,048)        (1,048)        2.07%  
 

17,843

    Carvana Co      16,525        (972)        (972)        1.92%  
 

78,799

    Allegheny Technologies Inc      16,352        (962)        (962)        1.90%  
 

32,145

    Boyd Gaming Corp      16,352        (962)        (962)        1.90%  
 

26,162

    SeaWorld Entertainment Inc      15,061        (886)        (886)        1.75%  
 

31,889

    Scientific Games Corp      14,545        (855)        (855)        1.69%  
 

27,366

    HealthEquity Inc      14,287        (840)        (840)        1.66%  
 

42,380

    Six Flags Entertainment Corp      14,287        (840)        (840)        1.66%  
 

81,540

    Wendy’s Co/The      13,857        (815)        (815)        1.61%  
 

103,404

    Cinemark Holdings Inc      13,857        (815)        (815)        1.61%  
 

162,085

    New Residential Investment Corp      13,770        (810)        (810)        1.60%  
 

159,303

    Rocket Cos Inc      13,684        (805)        (805)        1.59%  
 

569,005

    Skillz Inc      13,254        (779)        (779)        1.54%  
 

34,858

    Spirit AeroSystems Holdings Inc      13,168        (774)        (774)        1.53%  
 

92,919

    American Airlines Group Inc      13,168        (774)        (774)        1.53%  
 

14,408

    Live Nation Entertainment Inc      13,168        (774)        (774)        1.53%  
 

41,624

    Allison Transmission Holdings Inc      12,652        (744)        (744)        1.47%  
 

72,097

    Norwegian Cruise Line Holdings Ltd      12,221        (719)        (719)        1.42%  
 

20,027

    Caesars Entertainment Inc      11,963        (703)        (703)        1.39%  
   

74,372

    Carnival Corp      11,619        (683)        (683)        1.35%  

THE ADVISORS’ INNER CIRCLE FUND III    APERTURE ENDEAVOUR
   EQUITY FUND
   MARCH 31, 2022
   (Unaudited)

 

 

             
Shares         Description   

Notional        

Amount        

     

Unrealized

Appreciation

      Fair Value     

Percentage

of Basket

  
 

38,790

    Brinker International Inc        $ 11,447          $ (673)        $ (673)        1.33%  
 

9,373

    Marriott Vacations Worldwide Corp      11,447        (673)        (673)        1.33%  
 

12,296

    Howard Hughes Corp/The      9,898        (582)        (582)        1.15%  
 

30,166

    Adient PLC      9,553        (562)        (562)        1.11%  
 

30,990

    Maxar Technologies Inc      9,467        (557)        (557)        1.10%  
 

30,496

    Cheesecake Factory Inc/The      9,381        (552)        (552)        1.09%  
 

12,973

    Ryman Hospitality Properties Inc      9,295        (547)        (547)        1.08%  
 

351,895

    Paysafe Ltd      9,209        (542)        (542)        1.07%  
 

142,795

    CommScope Holding Co Inc      8,693        (511)        (511)        1.01%  
 

42,731

    Century Aluminum Co      8,693        (511)        (511)        1.01%  
 

24,664

    United Natural Foods Inc      7,918        (466)        (466)        0.92%  
 

55,075

    Dun & Bradstreet Holdings Inc      7,488        (440)        (440)        0.87%  
 

33,702

    Outfront Media Inc      7,402        (435)        (435)        0.86%  
 

109,172

    Rite Aid Corp      7,402        (435)        (435)        0.86%  
 

33,746

    Sinclair Broadcast Group Inc      7,316        (430)        (430)        0.85%  
 

16,396

    Surgery Partners Inc      6,971        (410)        (410)        0.81%  
 

7,466

    LendingTree Inc      6,885        (405)        (405)        0.80%  
 

19,543

    Mr Cooper Group Inc      6,885        (405)        (405)        0.80%  
 

31,215

    Option Care Health Inc      6,885        (405)        (405)        0.80%  
 

1,457,904

    Other      162,147        (9,535)        (9,535)        18.84%  
       

 

 

     

 

 

     

 

 

     

 

 

  
            $ 860,655          $ (50,611)          $ (50,611)                100.00%  
       

 

 

     

 

 

     

 

 

     

 

 

  

†† The following table represents the individual common stock exposure comprising the Morgan Stanley Equity Basket Swaps at March 31, 2022:

 

 

Equity Basket Swaps                       
             
Shares         Description    Notional Amount     

Unrealized

Appreciation

      Fair Value      Percentage
of Basket		  

MSAIHYDS

               
 

1,382

    Cheniere Energy Inc        $ 91,807        $ 1,841          $ 1,841        9.35%  
 

2,877

    Occidental Petroleum Corp      78,257         1,569        1,569        7.97%  
 

2,514

    Cleveland-Cliffs Inc      38,785         778        778        3.95%  
 

2,123

    United States Steel Corp      38,392         770        770        3.91%  
 

1,510

    Spirit AeroSystems Holdings Inc      35,348         709        709        3.60%  
 

3,031

    Gogo Inc      27,689         555        555        2.82%  
   

5,823

    Equitrans Midstream Corp      23,565         473        473        2.40%  

THE ADVISORS’ INNER CIRCLE FUND III    APERTURE ENDEAVOUR
   EQUITY FUND
   MARCH 31, 2022
   (Unaudited)

 

 

Shares         Description    Notional Amount     

Unrealized

Appreciation

      Fair Value     

Percentage

of Basket

  
 

72

    TransDigm Group Inc      $ 22,584      $ 453      $ 453        2.30%  
 

3,579

    Sabre Corp      19,638        394        394        2.00%  
 

1,051

    US Foods Holding Corp      18,951        380        380        1.93%  
 

979

    Maxar Technologies Inc      18,460        370        370        1.88%  
 

442

    Tenet Healthcare Corp      18,263        366        366        1.86%  
 

190

    Nexstar Media Group Inc      17,183        345        345        1.75%  
 

667

    Olin Corp      16,692        335        335        1.70%  
 

1,281

    Elanco Animal Health Inc      16,005        321        321        1.63%  
 

61

    Charter Communications Inc      15,808        317        317        1.61%  
 

2,200

    Hanesbrands Inc      15,710        315        315        1.60%  
 

789

    United Natural Foods Inc      15,612        313        313        1.59%  
 

1,287

    ChampionX Corp      15,121        303        303        1.54%  
 

1,095

    Nordstrom Inc      14,237        285        285        1.45%  
 

1,348

    Newell Brands Inc      13,845        278        278        1.41%  
 

676

    MGM Resorts International      13,550        272        272        1.38%  
 

489

    Berry Global Group Inc      13,550        272        272        1.38%  
 

2,134

    Comstock Resources Inc      13,354        268        268        1.36%  
 

603

    Owens & Minor Inc      12,765        256        256        1.30%  
 

243

    Howard Hughes Corp/The      12,077        242        242        1.23%  
 

193

    WESCO International Inc      12,077        242        242        1.23%  
 

291

    Royal Caribbean Cruises Ltd      11,685        234        234        1.19%  
 

598

    Enovis Corp      11,390        228        228        1.16%  
 

585

    Iridium Communications Inc      11,292        226        226        1.15%  
 

1,649

    Goodyear Tire & Rubber Co/The      11,292        226        226        1.15%  
 

195

    Yum! Brands Inc      11,095        222        222        1.13%  
 

1,116

    Xerox Holdings Corp      10,801        217        217        1.10%  
 

437

    Performance Food Group Co      10,703        215        215        1.09%  
 

475

    United Airlines Holdings Inc      10,506        211        211        1.07%  
 

1,135

    US Silica Holdings Inc      10,114        203        203        1.03%  
 

270

    Caesars Entertainment Inc      10,015        201        201        1.02%  
 

1,006

    Carnival Corp      9,721        195        195        0.99%  
 

115

    Asbury Automotive Group Inc      8,837        177        177        0.90%  
   

834

    Norwegian Cruise Line Holdings Ltd      8,739        175        175        0.89%  

THE ADVISORS’ INNER CIRCLE FUND III    APERTURE ENDEAVOUR
   EQUITY FUND
   MARCH 31, 2022
   (Unaudited)

 

 

             
Shares         Description    Notional Amount     

Unrealized

Appreciation

      Fair Value     

Percentage

of Basket

  
 

274

    Boyd Gaming Corp        $ 8,641           $ 173           $ 173         0.88%   
 

539

    Univar Solutions Inc      8,346         167         167         0.85%   
 

256

    HB Fuller Co      8,052         161         161         0.82%   
 

443

    Aramark      7,953         159         159         0.81%   
 

771

    Delek US Holdings Inc      7,855         158         158         0.80%   
 

244

    Acadia Healthcare Co Inc      7,659         154         154         0.78%   
 

169

    Penske Automotive Group Inc      7,561         152         152         0.77%   
 

195

    Wynn Resorts Ltd      7,462         150         150         0.76%   
 

605

    International Game Technology PLC      7,168         144         144         0.73%   
 

673

    Hostess Brands Inc      7,070         142         142         0.72%   
 

        14,555

    Other      118,613         2,378         2,378         12.08%   
       

 

 

     

 

 

     

 

 

     

 

 

  
            $ 981,894           $ 19,689           $ 19,689         100.00%   
       

 

 

     

 

 

     

 

 

     

 

 

  

^^^ The following table represents the individual common stock exposure comprising the Morgan Stanley Equity Basket Swaps at March 31, 2022:

 

 

Equity Basket Swaps                          
Shares         Description    Notional Amount     

Unrealized

Appreciation

      Fair Value     

Percentage

of Basket

  

MSAIBNK1

               
 

6,130

    Bank of America Corp        $ (178,745)      $ (8,418)      $ (8,418)        7.40%  
 

1,251

    PNC Financial Services Group Inc/The      (163,286)        (7,690)        (7,690)        6.76%  
 

1,688

    JPMorgan Chase & Co      (162,803)        (7,667)        (7,667)        6.74%  
 

9,753

    Regions Financial Corp      (153,624)        (7,235)        (7,235)        6.36%  
 

368

    SVB Financial Group      (145,653)        (6,860)        (6,860)        6.03%  
 

3,464

    Truist Financial Corp      (139,131)        (6,552)        (6,552)        5.76%  
 

4,562

    Fifth Third Bancorp      (138,890)        (6,541)        (6,541)        5.75%  
 

3,599

    US Bancorp      (135,508)        (6,382)        (6,382)        5.61%  
 

8,139

    KeyCorp      (128,986)        (6,075)        (6,075)        5.34%  
 

3,896

    Citizens Financial Group Inc      (124,880)        (5,881)        (5,881)        5.17%  
 

3,518

    Wells Fargo & Co      (120,774)        (5,688)        (5,688)        5.00%  
 

1,004

    First Republic Bank/CA      (115,218)        (5,426)        (5,426)        4.77%  
 

2,674

    Citigroup Inc      (100,967)        (4,755)        (4,755)        4.18%  
 

1,912

    Zions Bancorp NA      (88,648)        (4,175)        (4,175)        3.67%  
 

1,368

    Comerica Inc      (87,440)        (4,118)        (4,118)        3.62%  
 

665

    M&T Bank Corp      (79,711)        (3,754)        (3,754)        3.30%  
 

7,102

    Huntington Bancshares Inc/OH      (73,430)        (3,458)        (3,458)        3.04%  
 

781

    Popular Inc      (45,169)        (2,127)        (2,127)        1.87%  
 

769

    East West Bancorp Inc      (42,995)        (2,025)        (2,025)        1.78%  
 

367

    Cullen/Frost Bankers Inc      (35,991)        (1,695)        (1,695)        1.49%  
   

4,476

    New York Community Bancorp Inc      (34,058)        (1,604)        (1,604)        1.41%  

THE ADVISORS’ INNER CIRCLE FUND III    APERTURE ENDEAVOUR
   EQUITY FUND
   MARCH 31, 2022
   (Unaudited)

 

 

Shares         Description    Notional Amount     

Unrealized

Appreciation

      Fair Value        Percentage  
of Basket
 

605

    Commerce Bancshares Inc/MO        $ (30,677)           $ (1,445)           $ (1,445)       1.27% 
 

758

    Synovus Financial Corp      (26,329)         (1,240)         (1,240)       1.09% 
 

757

    BankUnited Inc      (23,672)             0.98% 
             (1,115)         (1,115)      
 

1,255

    Associated Banc-Corp      (20,290)         (956)         (956)       0.84% 
 

2,003

    Valley National Bancorp      (18,599)         (876)         (876)       0.77% 
       

 

 

     

 

 

     

 

 

     

 

            $         (2,415,475)           $         (113,758)           $   (113,758)               100.00% 
       

 

 

     

 

 

     

 

 

     

 

^^ The following table represents the individual common stock exposure comprising the Morgan Stanley Equity Basket Swaps at March 31, 2022:

 

Equity Basket Swaps
Shares         Description    Notional Amount     

Unrealized

Appreciation

      Fair Value     

Percentage   

of Basket   

MSAIFINL

 

         
 

12,513

    Blackstone Inc        $         (262,930)      $                 992      $             992      5.76%
 

2,677

    Aon PLC      (144,246)        544        544      3.16%
 

2,707

    Ameriprise Financial Inc      (134,660)        508        508      2.95%
 

4,681

    Marsh & McLennan Cos Inc      (131,922)        498        498      2.89%
 

2,358

    Moody’s Corp      (131,922)        498        498      2.89%
 

2,198

    Mastercard Inc      (130,096)        491        491      2.85%
 

4,356

    Nasdaq Inc      (128,726)        486        486      2.82%
 

3,877

    American Express Co      (120,053)        453        453      2.63%
 

6,348

    Progressive Corp/The      (120,053)        453        453      2.63%
 

5,304

    Intercontinental Exchange Inc      (115,945)        437        437      2.54%
 

3,065

    Visa Inc      (112,750)        425        425      2.47%
 

14,470

    Ally Financial Inc      (104,077)        393        393      2.28%
 

2,807

    Chubb Ltd      (99,512)        375        375      2.18%
 

5,416

    Discover Financial Services      (99,055)        374        374      2.17%
 

2,450

    CME Group Inc      (96,316)        363        363      2.11%
 

6,891

    Charles Schwab Corp/The      (96,316)        363        363      2.11%
 

736

    BlackRock Inc      (93,121)        351        351      2.04%
 

7,992

    MetLife Inc      (93,121)        351        351      2.04%
 

4,213

    Capital One Financial Corp      (91,752)        346        346      2.01%
 

3,928

    Allstate Corp/The      (89,926)        339        339      1.97%
 

8,418

    Aflac Inc      (89,926)        339        339      1.97%
 

1,607

    Goldman Sachs Group Inc/The      (87,643)        331        331      1.92%
 

2,894

    Travelers Cos Inc/The      (87,643)        331        331      1.92%
 

12,789

    Bank of America Corp      (87,187)        329        329      1.91%
 

3,391

    T Rowe Price Group Inc      (84,905)        320        320      1.86%
 

7,066

    Hartford Financial Services Group Inc/Th      (83,992)        317        317      1.84%
 

11,350

    Fifth Third Bancorp      (80,796)        305        305      1.77%
 

2,609

    PNC Financial Services Group Inc/ The      (79,883)        301        301      1.75%
   

3,522

    JPMorgan Chase & Co      (79,427)        300        300      1.74%

THE ADVISORS’ INNER CIRCLE FUND III    APERTURE ENDEAVOUR
   EQUITY FUND
   MARCH 31, 2022
   (Unaudited)

 

 

             
Shares         Description    Notional Amount     

Unrealized

Appreciation

      Fair Value     

  Percentage  

of Basket

  
 

6,381

    Principal Financial Group Inc        $ (77,601)           $ 293           $ 293         1.70%   
 

6,953

    Zions Bancorp NA      (75,319)         284         284         1.65%   
 

20,347

    Regions Financial Corp      (74,862)         282         282         1.64%   
 

6,859

    American International Group Inc      (71,210)         269         269         1.56%   
 

3,588

    Prudential Financial Inc      (70,297)         265         265         1.54%   
 

18,837

    KeyCorp      (69,841)         263         263         1.53%   
 

3,590

    Northern Trust Corp      (69,384)         262         262         1.52%   
 

9,115

    Citizens Financial Group Inc      (68,471)         258         258         1.50%   
 

7,228

    Truist Financial Corp      (68,015)         257         257         1.49%   
 

11,592

    Synchrony Financial      (66,646)         251         251         1.46%   
 

7,510

    US Bancorp      (66,189)         250         250         1.45%   
 

7,453

    Brighthouse Financial Inc      (63,907)         241         241         1.40%   
 

19,952

    Western Union Co/The      (62,081)         234         234         1.36%   
 

25,489

    Huntington Bancshares Inc/OH      (61,624)         232         232         1.35%   
 

4,013

    Comerica Inc      (60,255)         227         227         1.32%   
 

7,340

    Wells Fargo & Co      (58,885)         222         222         1.29%   
 

5,401

    Lincoln National Corp      (58,429)         220         220         1.28%   
 

6,987

    Bank of New York Mellon Corp/The      (57,516)         217         217         1.26%   
 

3,847

    State Street Corp      (55,690)         210         210         1.22%   
 

11,244

    Franklin Resources Inc      (52,038)         196         196         1.14%   
 

13,068

    Invesco Ltd      (49,756)         188         188         1.09%   
 

5,579

    Citigroup Inc      (48,843)         184         184         1.07%   
       

 

 

     

 

 

     

 

 

     

 

 

  
            $       (4,564,761)           $         17,218           $         17,218                 100.00%   
       

 

 

     

 

 

     

 

 

     

 

 

  

### The following table represents the individual common stock exposure comprising the Morgan Stanley Equity Basket Swaps at March 31, 2022:

 

 

Equity Basket Swaps                          
Shares         Description    Notional Amount     

Unrealized

Appreciation

      Fair Value     

Percentage

of Basket

  

TPMBNK

                 
 

9,961

    Mitsubishi UFJ Financial Group Inc      $ (27,058,203)      $             16,566      $         16,566        33.38%  
 

1,099

    Sumitomo Mitsui Financial Group Inc      (15,344,870)        9,395        9,395        18.93%  
 

2,031

    Mizuho Financial Group Inc      (11,372,875)        6,963        6,963        14.03%  
 

300

    Sumitomo Mitsui Trust Holdings Inc      (4,288,133)        2,625        2,625        5.29%  
 

1,801

    Resona Holdings Inc      (3,372,143)        2,065        2,065        4.16%  
 

907

    Concordia Financial Group Ltd      (1,483,419)        908        908        1.83%  
 

530

    Chiba Bank Ltd/The      (1,369,933)        839        839        1.69%  
 

375

    Japan Post Bank Co Ltd      (1,321,296)        809        809        1.63%  
 

387

    Shizuoka Bank Ltd/The      (1,191,598)        730        730        1.47%  
 

134

    Fukuoka Financial Group Inc      (1,134,856)        695        695        1.40%  
 

57

    Bank of Kyoto Ltd/The      (1,086,219)        665        665        1.34%  
   

104

    Shinsei Bank Ltd      (826,823)        506        506        1.02%  

THE ADVISORS’ INNER CIRCLE FUND III    APERTURE ENDEAVOUR
   EQUITY FUND
   MARCH 31, 2022
   (Unaudited)

 

 

             
Shares         Description    Notional Amount     

Unrealized

Appreciation

      Fair Value     

  Percentage  

of Basket

  
 

89

    Aozora Bank Ltd      $ (818,717)           $ 501               $ 501         1.01%   
 

825

    Mebuki Financial Group Inc      (753,868)         462         462         0.93%   
 

234

    Hirogin Holdings Inc      (543,110)         333         333         0.67%   
 

358

    Hachijuni Bank Ltd/The      (518,791)         318         318         0.64%   
 

324

    Kyushu Financial Group Inc      (462,048)         283         283         0.57%   
 

210

    Iyo Bank Ltd/The      (453,942)         278         278         0.56%   
 

185

    Yamaguchi Financial Group Inc      (445,836)         273         273         0.55%   
 

472

    Seven Bank Ltd      (405,306)         248         248         0.50%   
 

127

    Chugoku Bank Ltd/The      (397,199)         243         243         0.49%   
 

298

    Gunma Bank Ltd/The      (380,987)         233         233         0.47%   
 

99

    Hokuhoku Financial Group Inc      (316,138)         194         194         0.39%   
 

104

    Nishi-Nippon Financial Holdings Inc      (283,714)         174           174         0.35%   
 

50

    77 Bank Ltd/The      (275,608)         169         169         0.34%   
 

54

    Kiyo Bank Ltd/The      (267,502)         164         164         0.33%   
 

30

    Shiga Bank Ltd/The      (235,077)         144         144         0.29%   
 

26

    Daishi Hokuetsu Financial Group Inc      (235,077)         144         144         0.29%   
 

31

    Ogaki Kyoritsu Bank Ltd/The      (210,759)         129         129         0.26%   
 

94

    San-In Godo Bank Ltd/The      (210,759)         129         129         0.26%   
 

239

    North Pacific Bank Ltd      (202,653)         124         124         0.25%   
 

139

    Suruga Bank Ltd      (202,653)         124         124         0.25%   
 

24

    Awa Bank Ltd/The      (186,441)         114         114         0.23%   
 

152

    Hyakugo Bank Ltd/The      (186,441)         114         114         0.23%   
 

25

    Nanto Bank Ltd/The      (178,334)         109         109         0.22%   
 

21

    Juroku Financial Group Inc      (162,122)         99         99         0.20%   
 

15

    Hokkoku Financial Holdings Inc      (162,122)         99         99         0.20%   
 

24

    Musashino Bank Ltd/The      (145,910)         89         89         0.18%   
 

123

    TOMONY Holdings Inc      (145,910)         89         89         0.18%   
 

20

    Tokyo Kiraboshi Financial Group Inc      (121,592)         74         74         0.15%   
 

12

    Bank of Nagoya Ltd/The      (121,592)         74         74         0.15%   
 

66

    Keiyo Bank Ltd/The      (113,486)         69         69         0.14%   
 

183

    Senshu Ikeda Holdings Inc      (113,486)         69         69         0.14%   
 

14

    Okinawa Financial Group Inc      (105,379)         65         65         0.13%   
 

17

    Hyakujushi Bank Ltd/The      (97,273)         60         60         0.12%   
 

34

    Bank of the Ryukyus Ltd      (97,273)         60         60         0.12%   
 

133

    Toho Bank Ltd/The      (97,273)         60         60         0.12%   
 

6

    Aichi Bank Ltd/The      (89,167)         55         55         0.11%   
 

12

    Aomori Bank Ltd/The      (81,061)         50         50         0.10%   
 

15

    San ju San Financial Group Inc      (81,061)         50         50         0.10%   
 

507

    Other      (1,305,084)         799         799         1.61%   
       

 

 

     

 

 

     

 

 

     

 

 

  
            $     (81,061,122)           $         49,628           $     49,628                 100.00%   
       

 

 

     

 

 

     

 

 

     

 

 

  

THE ADVISORS’ INNER CIRCLE FUND III    APERTURE ENDEAVOUR
   EQUITY FUND
   MARCH 31, 2022
   (Unaudited)

 

 

*** The following table represents the individual common stock exposure comprising the Morgan Stanley Equity Basket Swaps at March 31, 2022:

 

Equity Basket Swaps                  
Shares         Description    Notional Amount     

Unrealized

Appreciation

      Fair Value     

Percentage

of Basket

  

MSCI ACWI Index

            
 

3,684

    APPLE        $ (642,857)         $ 23,127      $         23,127        4.33 % 
 

1,601

    MICROSOFT CORP      (493,477)         17,753        17,753        3.32 % 
 

102

    AMAZON.COM      (333,903)         12,012        12,012        2.25 % 
 

192

    TESLA      (206,423)         7,426        7,426        1.39 % 
 

68

    ALPHABET A      (187,750)         6,754        6,754        1.26 % 
 

64

    ALPHABET C      (179,231)         6,448        6,448        1.21 % 
 

561

    NVIDIA      (153,078)         5,507        5,507        1.03 % 
 

531

    META PLATFORMS A      (118,074)         4,248        4,248        0.79 % 
 

5,531

    TAIWAN SEMICONDUCTOR MFG      (115,184)         4,144        4,144        0.78 % 
 

211

    UNITEDHEALTH GROUP      (107,785)         3,878        3,878        0.73 % 
 

591

    JOHNSON & JOHNSON      (104,702)         3,767        3,767        0.70 % 
 

293

    BERKSHIRE HATHAWAY B      (103,228)         3,714        3,714        0.69 % 
 

664

    JPMORGAN CHASE & CO      (90,404)         3,252        3,252        0.61 % 
 

375

    VISA A      (83,096)         2,989        2,989        0.56 % 
 

543

    PROCTER & GAMBLE CO      (82,978)         2,985        2,985        0.56 % 
 

632

    NESTLE      (82,511)         2,968        2,968        0.56 % 
 

951

    EXXON MOBIL CORP      (78,463)         2,823        2,823        0.53 % 
 

433

    CHEVRON CORP      (70,437)         2,534        2,534        0.47 % 
 

197

    MASTERCARD A      (70,353)         2,531        2,531        0.47 % 
 

234

    HOME DEPOT      (70,143)         2,523        2,523        0.47 % 
 

1,654

    BANK OF AMERICA CORP      (68,132)         2,451        2,451        0.46 % 
 

1,260

    PFIZER      (65,207)         2,346        2,346        0.44 % 
 

397

    ABBVIE      (64,312)         2,314        2,314        0.43 % 
 

93

    ASML HLDG      (62,953)         2,265        2,265        0.42 % 
 

158

    ROCHE HOLDING GENUSS      (62,781)         2,259        2,259        0.42 % 
 

1,294

    TENCENT HOLDINGS LI (CN)      (61,786)         2,223        2,223        0.42 % 
 

1,072

    SAMSUNG ELECTRONICS CO      (61,542)         2,214        2,214        0.41 % 
 

92

    BROADCOM      (58,163)         2,092        2,092        0.39 % 
 

99

    COSTCO WHOLESALE CORP      (57,094)         2,054        2,054        0.38 % 
 

921

    COCA COLA (THE)      (57,092)         2,054        2,054        0.38 % 
 

408

    DISNEY (WALT)      (55,946)         2,013        2,013        0.38 % 
 

947

    CISCO SYSTEMS      (52,774)         1,899        1,899        0.36 % 
 

183

    LILLY (ELI) & COMPANY      (52,252)         1,880        1,880        0.35 % 
 

88

    THERMO FISHER SCIENTIFIC      (52,229)         1,879        1,879        0.35 % 
 

310

    PEPSICO      (51,934)         1,868        1,868        0.35 % 
 

344

    WALMART      (51,253)         1,844        1,844        0.35 % 
 

3,408

    ALIBABA GRP HLDG (HK)      (48,764)         1,754        1,754        0.33 % 
   

107

    ADOBE      (48,647)         1,750        1,750        0.33 % 

THE ADVISORS’ INNER CIRCLE FUND III    APERTURE ENDEAVOUR
   EQUITY FUND
   MARCH 31, 2022
   (Unaudited)

 

 

             
Shares         Description    Notional Amount     

Unrealized

Appreciation

      Fair Value     

Percentage

of Basket

  
 

1,729

    SHELL        $ (47,965)           $ 1,726           $ 1,726         0.32%   
 

1,024

    COMCAST CORP A (NEW)      (47,905)         1,723         1,723         0.32%   
 

142

    ACCENTURE A      (47,800)         1,720         1,720         0.32%   
 

930

    VERIZON COMMUNICATIONS      (47,327)         1,703         1,703         0.32%   
 

397

    ABBOTT LABORATORIES      (46,967)         1,690         1,690         0.32%   
 

220

    SALESFORCE.COM      (46,645)         1,678         1,678         0.31%   
 

567

    MERCK & CO      (46,509)         1,673         1,673         0.31%   
 

348

    ASTRAZENECA      (46,376)         1,668         1,668         0.31%   
 

913

    INTEL CORP      (45,231)         1,627         1,627         0.30%   
 

62

    LVMH MOET HENNESSY      (45,014)         1,619         1,619         0.30%   
 

1,137

    BHP GROUP (AU)      (44,147)         1,588         1,588         0.30%   
 

2,381

    TOYOTA MOTOR CORP      (43,576)         1,568         1,568         0.29%   
 

818,185

    Other      (9,892,385)         355,888         355,888         66.59%   
       

 

 

     

 

 

     

 

 

     

 

 

  
            $   (14,854,785)           $     534,415           $     534,415                 100.00%   
       

 

 

     

 

 

     

 

 

     

 

 

  

 

*

Non-income producing security.

(A)

Interest rate represents the security’s effective yield at the time of purchase.

(B)

Refer to table below for details on options contracts.

ADR — American Depositary Receipt

BBA — British Bankers Association

Cl — Class

CNY — Chinese Yen

EUR — Euro

EURIBOR — European Interbank Offered Rate

FTSE— Financial Times Stock Exchange Group

GBP — British Pound Sterling

HKD — Hong Kong Dollar

JPY — Japanese Yen

LIBOR— London Interbank Offered Rate

LP — Limited Partnership

MSCI — Morgan Stanley Capital International

NASDAQ — National Association of Securities Dealers Automated Quotations

PLC — Public Limited Company

REIT — Real Estate Investment Trust

RB — Revenue Bond

S&P — Standard & Poor’s

Ser — Series

SONIA — Sterling Overnight Interbank Average Rate

USD — U.S. Dollar

THE ADVISORS’ INNER CIRCLE FUND III    APERTURE ENDEAVOUR
   EQUITY FUND
   MARCH 31, 2022
   (Unaudited)

 

 

The following table summarizes the inputs used as of March 31, 2022, in valuing the Fund’s investments and other financial instruments carried at value:

 

Investments in Securities            

    Level 1      Level 2      Level 3      Total  

Common Stock

      $ 90,061,492         $ –         $               –         $ 90,061,492   

U.S. Treasury Obligations

      –         46,939,435         –         46,939,435   

Warrants

      –         268,441         –         268,441   
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Investments in Securities

      $     90,061,492         $     47,207,876         $ –         $   137,269,368   
  

 

 

     

 

 

     

 

 

     

 

 

  

Other Financial Instruments            

    Level 1      Level 2      Level 3      Total  

Purchased Options

     $ 493,441       $ –        $ –        $ 493,441   

Written Options

      (268,909)        –         –         (268,909)  

Futures Contracts*

            

Unrealized Appreciation

      849,420         –         –         849,420   

Forwards Contracts*

            

Unrealized Appreciation

      –         259,359         –         259,359   

Unrealized Depreciation

      –         (61,196)        –         (61,196)  

OTC Swaps

            

Total Return Swaps*

            

Unrealized Appreciation

      –         1,441,292         –         1,441,292   

Unrealized Depreciation

      –         (1,367,313)        –         (1,367,313)  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Other Financial Instruments

     $ 1,073,952        $ 272,142        $ –        $ 1,346,094   
  

 

 

     

 

 

     

 

 

     

 

 

  

*Futures contracts, forwards contracts and swap contracts are valued at the unrealized appreciation (depreciation) on the instrument.

Amounts designated as “— “ are $0.

For information regarding the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent semi-annual and annual financial statements.

API-QH-001-0700


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