Portfolio of Investments
July 31, 2022 (unaudited)
Baillie Gifford Multi Asset Fund
| | | Shares/Principal | | | Value | |
| POOLED INVESTMENT VEHICLES – 32.0% |
| GUERNSEY — 3.2% |
| International Public Partnerships Ltd. | | | 35,962 | | | $ | 71,385 | |
| Renewables Infrastructure Group Ltd. (The) | | | 85,414 | | | | 143,585 | |
| Sequoia Economic Infrastructure Income Fund Ltd. | | | 18,615 | | | | 19,916 | |
| TwentyFour Income Fund Ltd. | | | 110,359 | | | | 136,411 | |
| | | | | | | | 371,297 | |
| IRELAND — 4.6% | | | | | | | | |
| Aspect UCITS Funds PLC, Class A | | | 4,215 | | | | 530,938 | |
| | | | | | | | | |
| LUXEMBOURG — 0.4% | | | | | | | | |
| BBGI Global Infrastructure SA | | | 20,383 | | | | 44,433 | |
| | | | | | | | | |
| UNITED KINGDOM — 2.4% | | | | | | | | |
| 3i Infrastructure PLC | | | 16,046 | | | | 65,604 | |
| Greencoat UK Wind PLC | | | 75,085 | | | | 140,922 | |
| HICL Infrastructure PLC | | | 32,039 | | | | 67,656 | |
| | | | | | | | 274,182 | |
| UNITED STATES — 21.4% | | | | | | | | |
| Baillie Gifford Emerging Markets Equities Fund, Class K(1) | | | 22,778 | | | | 416,603 | |
| Baillie Gifford International Alpha Fund, Class K(1) | | | 57,472 | | | | 659,775 | |
| Baillie Gifford U.S. Equity Growth Fund, Class K(1) | | | 23,259 | | | | 414,481 | |
| Credit Suisse Managed Futures Strategy Fund, Class I | | | 38,574 | | | | 435,120 | |
| KraneShares Asia Pacific High Income Bond ETF | | | 20,000 | | | | 535,006 | |
| | | | | | | | 2,460,985 | |
Total Pooled Investment Vehicles
(cost $3,752,319) | | | | | | | 3,681,835 | |
| | | | | | | | | |
| COMMON STOCKS — 20.2% | | | | | | | | |
| AUSTRALIA — 2.4% | | | | | | | | |
| Lynas Rare Earths Ltd.* | | | 25,295 | | | | 155,548 | |
| Newcrest Mining Ltd. | | | 9,410 | | | | 126,811 | |
| | | | | | | | 282,359 | |
| CANADA — 0.3% | | | | | | | | |
| Hydro One Ltd. | | | 1,408 | | | | 39,308 | |
| | | | | | | | | |
| CHINA — 2.0% | | | | | | | | |
| China Longyuan Power Group Corp., Ltd., Class H | | | 53,000 | | | | 85,148 | |
| China Yangtze Power Co., Ltd., Class A | | | 31,400 | | | | 111,416 | |
| Xinyi Energy Holdings Ltd. | | | 66,000 | | | | 33,418 | |
| | | | | | | | 229,982 | |
| DENMARK — 2.1% | | | | | | | | |
| NKT A/S* | | | 1,704 | | | | 87,305 | |
| Orsted AS | | | 1,323 | | | | 154,019 | |
| | | | | | | | 241,324 | |
| FRANCE — 1.5% | | | | | | | | |
| Nexans SA | | | 1,757 | | | | 168,751 | |
| | | | | | | | | |
| ITALY — 1.8% | | | | | | | | |
| Italgas SpA | | | 5,811 | | | | 33,243 | |
| Prysmian SpA | | | 3,702 | | | | 117,712 | |
| Terna - Rete Elettrica Nazionale | | | 7,090 | | | | 54,280 | |
| | | | | | | | 205,235 | |
| NETHERLANDS — 0.4% | | | | | | | | |
| CTP NV | | | 3,483 | | | | 44,790 | |
| | | | | | | | | |
| SPAIN — 3.7% | | | | | | | | |
| EDP Renovaveis SA | | | 6,152 | | | | 160,009 | |
| Iberdrola SA | | | 10,070 | | | | 107,532 | |
See previously submitted notes to the financial statements for the annual period ended April 30, 2021.
Portfolio of Investments
July 31, 2022 (unaudited)
Baillie Gifford Multi Asset Fund
| | | Shares/Principal | | | Value | |
| SPAIN (continued) | | | | | | | | |
| Red Electrica Corp. SA | | | 3,751 | | | $ | 73,746 | |
| Siemens Gamesa Renewable Energy SA* | | | 4,519 | | | | 83,147 | |
| | | | | | | | 424,434 | |
| UNITED KINGDOM — 0.9% | | | | | | | | |
| Octopus Renewables Infrastructure Trust PLC | | | 77,726 | | | | 108,263 | |
| | | | | | | | | |
| UNITED STATES — 5.1% | | | | | | | | |
| Ares Capital Corp. | | | 5,875 | | | | 113,916 | |
| Brookfield Renewable Corp., Class A | | | 2,953 | | | | 115,522 | |
| Consolidated Edison, Inc. | | | 655 | | | | 65,022 | |
| Eversource Energy | | | 618 | | | | 54,520 | |
| MP Materials Corp.* | | | 2,430 | | | | 81,575 | |
| Newmont Corp. | | | 2,615 | | | | 118,407 | |
| NextEra Energy, Inc. | | | 463 | | | | 39,119 | |
| | | | | | | | 588,081 | |
Total Common Stocks
(cost $2,349,251) | | | | | | | 2,332,527 | |
| FOREIGN GOVERNMENT BONDS – 14.8% | | | | | | | | | | |
| AUSTRALIA — 4.8% | | | | | | | | | | |
| Australia Government Bond, Series 150, 3.00%, 03/21/47 | | AUD | | | 430,000 | | | | 278,173 | |
| Australia Government Bond, Series 162, 1.75%, 06/21/51 | | AUD | | | 570,000 | | | | 275,930 | |
| | | | | | | | | | 554,103 | |
| BRAZIL — 0.4% | | | | | | | | | | |
| Brazil Letras do Tesouro Nacional, Series LTN, Zero cpn., 01/01/24 | | BRL | | | 285,000 | | | | 46,025 | |
| | | | | | | | | | | |
| CHILE — 0.5% | | | | | | | | | | |
| Bonos de la Tesoreria de la Republica, 1.50%, 03/01/26 | | CLP | | | 16,713,460 | | | | 18,551 | |
| Bonos de la Tesoreria de la Republica en pesos, 5.00%, 03/01/35 | | CLP | | | 35,000,000 | | | | 33,191 | |
| | | | | | | | | | 51,742 | |
| DOMINICAN REPUBLIC — 1.7% | | | | | | | | | | |
| Dominican Republic International Bond, 5.95%, 01/25/27 | | | | | 200,000 | | | | 196,495 | |
| | | | | | | | | | | |
| EGYPT — 0.5% | | | | | | | | | | |
| Egypt Government Bond, Series 7YR, 14.41%, 07/07/27 | | EGP | | | 1,150,000 | | | | 54,068 | |
| | | | | | | | | | | |
| INDONESIA — 0.9% | | | | | | | | | | |
| Indonesia Treasury Bond, Series FR58, 8.25%, 06/15/32 | | IDR | | | 1,423,000,000 | | | | 102,025 | |
| | | | | | | | | | | |
| IVORY COAST (COTE D'IVOIRE) — 0.7% | | | | | | | | | | |
| Ivory Coast Government International Bond, 5.25%, 03/22/30 | | EUR | | | 100,000 | | | | 78,798 | |
| | | | | | | | | | | |
| MALAYSIA — 0.4% | | | | | | | | | | |
| Malaysia Government Bond, Series 0413, 3.84%, 04/15/33 | | MYR | | | 198,000 | | | | 43,667 | |
| | | | | | | | | | | |
| MEXICO — 0.2% | | | | | | | | | | |
| Mexican Bonos, Series M, 7.75%, 05/29/31 | | MXN | | | 500,000 | | | | 23,145 | |
| | | | | | | | | | | |
| PERU — 0.6% | | | | | | | | | | |
| Peru Government Bond, 6.90%, 08/12/37 | | PEN | | | 220,000 | | | | 49,094 | |
| Peruvian Government International Bond, 8.75%, 11/21/33 | | | | | 14,000 | | | | 18,202 | |
| | | | | | | | | | 67,296 | |
| ROMANIA — 0.4% | | | | | | | | | | |
| Romania Government Bond, Series 15Y, 3.65%, 09/24/31 | | RON | | | 195,000 | | | | 29,003 | |
| Romanian Government International Bond, 1.75%, 07/13/30 | | EUR | | | 20,000 | | | | 15,229 | |
| | | | | | | | | | 44,232 | |
| SOUTH AFRICA — 0.6% | | | | | | | | | | |
| Republic of South Africa Government Bond, Series R209, 6.25%, 03/31/36 | | ZAR | | | 1,830,600 | | | | 73,180 | |
See previously submitted notes to the financial statements for the annual period ended April 30, 2022.
Portfolio of Investments
July 31, 2022 (unaudited)
Baillie Gifford Multi Asset Fund
| | | Shares/Principal | | | Value | |
| UKRAINE — 0.6% |
| Ukraine Government Bond, 15.84%, 02/26/25(2) | | UAH | | | 1,498,000 | | | $ | 0 | |
| Ukraine Government International Bond, Series GDP, 1.26%, 05/31/40(3) | | | | | 279,000 | | | | 74,632 | |
| | | | | | | | | | 74,632 | |
| UNITED STATES — 2.1% | | | | | | | | | | |
| U.S. Treasury Bond, 2.38%, 05/15/51 | | | | | 139,000 | | | | 120,186 | |
| U.S. Treasury Bond, 2.00%, 08/15/51 | | | | | 154,000 | | | | 122,027 | |
| | | | | | | | | | 242,213 | |
| URUGUAY — 0.4% | | | | | | | | | | |
| Uruguay Government International Bond, 4.38%, 12/15/28 | | UYU | | | 1,948,122 | | | | 50,661 | |
| | | | | | | | | | | |
Total Foreign Government Bonds
(cost $2,060,506) | | | | | | | | | 1,702,282 | |
| | | | | | | | | | | |
| STRUCTURED NOTES – 10.5% | | | | | | | | | | |
| SWITZERLAND — 6.0% | | | | | | | | | | |
| Credit Suisse AG, Zero cpn., 10/31/22(4) | | | | | 73,700 | | | | 695,071 | |
| | | | | | | | | | | |
| UNITED STATES — 4.5% | | | | | | | | | | |
| Goldman Sachs International, Zero cpn., 08/12/51(5) | | | | | 26,300 | | | | 260,890 | |
| Goldman Sachs International, Zero cpn., 07/13/51(6) | | | | | 42,200 | | | | 255,154 | |
| | | | | | | | | | 516,044 | |
Total Structured Notes
(cost $1,422,000) | | | | | | | | | 1,211,115 | |
| | | | | | | | | | | |
| REAL ESTATE INVESTMENT TRUSTS — 9.3% | | | | | | | | | | |
| UNITED KINGDOM — 3.2% | | | | | | | | | | |
| LondonMetric Property PLC | | | | | 16,826 | | | | 51,309 | |
| Segro PLC | | | | | 8,070 | | | | 107,960 | |
| Target Healthcare REIT PLC | | | | | 24,165 | | | | 33,842 | |
| Tritax Big Box REIT PLC | | | | | 44,685 | | | | 107,509 | |
| UK Commercial Property REIT Ltd. | | | | | 72,126 | | | | 67,710 | |
| | | | | | | | | | 368,330 | |
| UNITED STATES — 6.1% | | | | | | | | | | |
| Duke Realty Corp. | | | | | 3,740 | | | | 233,975 | |
| First Industrial Realty Trust, Inc. | | | | | 2,703 | | | | 140,421 | |
| Prologis, Inc. | | | | | 1,034 | | | | 137,067 | |
| Rexford Industrial Realty, Inc. | | | | | 2,866 | | | | 187,465 | |
| | | | | | | | | | 698,928 | |
Total Real Estate Investment Trusts
(cost $999,037) | | | | | | | | | 1,067,258 | |
| | | | | | | | | | | |
| CORPORATE BONDS – 1.6% | | | | | | | | | | |
| CANADA — 0.1% | | | | | | | | | | |
| Bell Canada, Series MTN, 4.75%, 09/29/44 | | | | | 21,000 | | | | 15,545 | |
| | | | | | | | | | | |
| FRANCE — 0.3% | | | | | | | | | | |
| Electricite de France SA, 6.95%, 01/26/39 | | | | | 15,000 | | | | 16,980 | |
| Orange SA, 9.00%, 03/01/31 | | | | | 13,000 | | | | 17,145 | |
| | | | | | | | | | 34,125 | |
| UNITED KINGDOM — 0.2% | | | | | | | | | | |
| Tesco PLC, 5.50%, 01/13/33 | | | | | 14,000 | | | | 18,375 | |
| | | | | | | | | | | |
| UNITED STATES — 1.0% | | | | | | | | | | |
| Aptiv PLC, 4.35%, 03/15/29 | | | | | 19,000 | | | | 18,330 | |
| AT&T, Inc., 3.50%, 09/15/53 | | | | | 18,000 | | | | 14,230 | |
| Citigroup, Inc., 8.13%, 07/15/39 | | | | | 13,000 | | | | 17,651 | |
See previously submitted notes to the financial statements for the annual period ended April 30, 2022.
Portfolio of Investments
July 31, 2022 (unaudited)
Baillie Gifford Multi Asset Fund
| | | Shares/Principal | | | Value | |
| UNITED STATES (continued) | | | | | | | | | | |
| Corning, Inc., 5.45%, 11/15/79 | | | | | 17,000 | | | $ | 16,089 | |
| Dell International LLC / EMC Corp., 5.30%, 10/01/29 | | | | | 19,000 | | | | 19,270 | |
| Hasbro, Inc., 6.35%, 03/15/40 | | | | | 17,000 | | | | 18,166 | |
| Walt Disney Co. (The), 6.15%, 02/15/41 | | | | | 12,000 | | | | 14,339 | |
| | | | | | | | | | 118,075 | |
Total Corporate Bonds
(cost $212,094) | | | | | | | | | 186,120 | |
| | | | | | | | | | | |
| INFLATION INDEXED BONDS – 1.3% | | | | | | | | | | |
| BRAZIL — 0.7% | | | | | | | | | | |
| Brazil Notas do Tesouro Nacional Serie B, Series NTNB, 6.00%, 05/15/27 | | BRL | | | 398,453 | | | | 76,518 | |
| | | | | | | | | | | |
| MEXICO — 0.6% | | | | | | | | | | |
| Mexican Udibonos, Series S, 4.00%, 11/30/28 | | MXN | | | 1,497,638 | | | | 73,419 | |
| | | | | | | | | | | |
Total Inflation Indexed Bonds
(cost $162,768) | | | | | | | | | 149,937 | |
| | | | | | | | | | | |
TOTAL INVESTMENTS — 89.7%
(cost $10,957,975) | | | | | | | | $ | 10,331,074 | |
| Other assets less liabilities — 10.3% | | | | | | | | | 1,186,164 | |
| NET ASSETS — 100.0% | | | | | | | | $ | 11,517,238 | |
| * | Non-income producing security. |
| (1) | Affiliated Fund. |
| (2) | Investment was valued at nil due to a decision made by Baillie Gifford Overseas Limited (the "Manager") based on there being no trading available in this security. |
| (3) | Adjustable rate security with an interest rate that is not based on a published reference index and spread. The rate is based on the structure of the agreement and current market conditions. |
| (4) | ETF-linked certificate which tracks the Xtrackers Harvest CSI 500 China A Shares Small Cap ETF as the reference price. Value correlates to changes in this reference price. |
| (5) | Index-linked note which tracks the USD 10-20 Year Long Volatility Index Total Return Strategy as the reference price. Value correlates to changes in this reference price. |
| (6) | Index-linked note which tracks the Volatility Curve US Series 1 Total Return Strategy as the reference price. Value correlates to changes in this reference price. |
This report classifies issuers geographically by their country of risk. For compliance monitoring purposes, the Manager retains discretion to consider a number of factors in determining where a particular issuer is located, as described in further detail in the Fund’s prospectus.
See previously submitted notes to the financial statements for the annual period ended April 30, 2022.
Portfolio of Investments
July 31, 2022 (unaudited)
Baillie Gifford Multi Asset Fund
A summary of the Fund’s transactions with affiliated funds during the period ended July 31, 2022 is as follows:
| Affiliated Fund Holdings | | | | | | |
| | | Shares at
April 30,
2022 | | | Value
at
April 30,
2022 | | | Purchases
Cost | | | Sales
Proceeds | | | Net
Realized
Gain/(Loss) | | | Net
Change in
Unrealized
Appreciation/
(Depreciation) | | | Shares at
July 31,
2022 | | | Value
at
July 31,
2022 | | | Income
Distributions | | | Capital
Gain
Distributions | |
| Baillie Gifford Emerging Markets Equities Fund, Class K | | | 22,778 | | | $ | 442,342 | | | $ | – | | | $ | – | | | $ | – | | | $ | (25,739 | ) | | | 22,778 | | | $ | 416,603 | | | $ | – | | | $ | – | |
| Baillie Gifford International Alpha Fund, Class K | | | 63,332 | | | | 749,848 | | | | – | | | | (65,632 | ) | | | (1,231 | ) | | | (23,210 | ) | | | 57,472 | | | | 659,775 | | | | – | | | | – | |
| Baillie Gifford U.S. Equity Growth Fund, Class K | | | 26,989 | | | | 523,592 | | | | – | | | | (63,037 | ) | | | (35,920 | ) | | | (10,154 | ) | | | 23,259 | | | | 414,481 | | | | – | | | | – | |
| | | | 113,099 | | | $ | 1,715,782 | | | $ | – | | | $ | (128,669 | ) | | $ | (37,151 | ) | | $ | (59,103 | ) | | | 103,509 | | | $ | 1,490,859 | | | $ | – | | | $ | – | |
Open futures contracts outstanding at July 31, 2022:
| Description | | Counterparty | | Expiration Date | | Number of
Contracts
Purchased
(Sold) | | | Notional Value at
July 31, 2022 | | | Unrealized
Appreciation
(Depreciation) | |
| S&P 500 E-Mini Future | | HSBC Securities (USA) Inc. | | September 2022 | | | (3) | | | $ | (620,025 | ) | | $ | (63,243 | ) |
| U.S. Ultra Bond Future | | HSBC Securities (USA) Inc. | | September 2022 | | | 2 | | | | 316,625 | | | | 2,801 | |
| | | | | | | | | | | | | | | $ | (60,442 | ) |
Open forward foreign currency contracts outstanding at July 31, 2022:
| Counterparty | | Settlement
Date | | Currency To
Deliver | | Currency To
Receive | | Unrealized
Appreciation | | | Unrealized
Depreciation | |
| HSBC Securities (USA) Inc. | | 8/10/2022 | | CAD | | | 808,400 | | | USD | | | 621,234 | | | $ | – | | | $ | (10,047 | ) |
| HSBC Securities (USA) Inc. | | 8/10/2022 | | CHF | | | 533,700 | | | USD | | | 544,946 | | | | – | | | | (16,299 | ) |
| HSBC Securities (USA) Inc. | | 8/10/2022 | | EUR | | | 1,344,686 | | | USD | | | 1,401,469 | | | | 25,998 | | | | – | |
| HSBC Securities (USA) Inc. | | 8/10/2022 | | GBP | | | 657,646 | | | USD | | | 806,706 | | | | 5,608 | | | | – | |
| HSBC Securities (USA) Inc. | | 8/10/2022 | | NOK | | | 2,490,000 | | | USD | | | 244,884 | | | | – | | | | (12,822 | ) |
| HSBC Securities (USA) Inc. | | 8/10/2022 | | NZD | | | 416,000 | | | USD | | | 255,691 | | | | – | | | | (5,925 | ) |
| HSBC Securities (USA) Inc. | | 8/10/2022 | | USD | | | 1,118,400 | | | AUD | | | 759,955 | | | | – | | | | (21,642 | ) |
| HSBC Securities (USA) Inc. | | 8/10/2022 | | USD | | | 379,196 | | | JPY | | | 50,670,600 | | | | 1,115 | | | | – | |
| HSBC Securities (USA) Inc. | | 8/18/2022 | | CLP | | | 338,000,000 | | | USD | | | 389,326 | | | | 15,634 | | | | – | |
| HSBC Securities (USA) Inc. | | 8/18/2022 | | CLP | | | 468,140 | | | USD | | | 391,000,000 | | | | – | | | | (35,850 | ) |
| HSBC Securities (USA) Inc. | | 8/18/2022 | | PHP | | | 37,243 | | | USD | | | 2,100,000 | | | | 702 | | | | – | |
| HSBC Securities (USA) Inc. | | 8/18/2022 | | PHP | | | 14,800,000 | | | USD | | | 279,967 | | | | 12,544 | | | | – | |
| HSBC Securities (USA) Inc. | | 8/18/2022 | | TRY | | | 63,868 | | | USD | | | 1,170,000 | | | | – | | | | (94 | ) |
| HSBC Securities (USA) Inc. | | 8/18/2022 | | TRY | | | 1,170,000 | | | USD | | | 65,400 | | | | 1,625 | | | | – | |
| HSBC Securities (USA) Inc. | | 8/18/2022 | | USD | | | 190,577 | | | BRL | | | 1,006,000 | | | | 2,679 | | | | – | |
| HSBC Securities (USA) Inc. | | 8/18/2022 | | USD | | | 698,000 | | | BRL | | | 130,149 | | | | – | | | | (3,940 | ) |
| HSBC Securities (USA) Inc. | | 8/24/2022 | | EUR | | | 723,186 | | | USD | | | 775,386 | | | | 34,930 | | | | – | |
| HSBC Securities (USA) Inc. | | 8/24/2022 | | GBP | | | 752,046 | | | USD | | | 925,945 | | | | 9,565 | | | | – | |
See previously submitted notes to the financial statements for the annual period ended April 30, 2022.
Portfolio of Investments
July 31, 2022 (unaudited)
Baillie Gifford Multi Asset Fund
| Counterparty | | Settlement
Date | | Currency To
Deliver | | Currency To
Receive | | Unrealized
Appreciation | | | Unrealized
Depreciation | |
| HSBC Securities (USA) Inc. | | 8/24/2022 | | USD | | | 272,852 | | | JPY | | | 35,970,600 | | | $ | – | | | $ | (2,599 | ) |
| HSBC Securities (USA) Inc. | | 8/25/2022 | | CZK | | | 3,080,000 | | | USD | | | 132,218 | | | | 4,782 | | | | – | |
| HSBC Securities (USA) Inc. | | 8/25/2022 | | USD | | | 265,214 | | | PLN | | | 1,150,000 | | | | – | | | | (18,434 | ) |
| HSBC Securities (USA) Inc. | | 9/8/2022 | | USD | | | 2,055,000 | | | ZAR | | | 131,840 | | | | 8,767 | | | | – | |
| HSBC Securities (USA) Inc. | | 9/8/2022 | | USD | | | 65,473 | | | ZAR | | | 1,090,000 | | | | – | | | | (193 | ) |
| HSBC Securities (USA) Inc. | | 9/15/2022 | | EUR | | | 315,000 | | | USD | | | 330,737 | | | | 7,711 | | | | – | |
| HSBC Securities (USA) Inc. | | 9/15/2022 | | USD | | | 307,117 | | | JPY | | | 41,300,000 | | | | 3,730 | | | | – | |
| HSBC Securities (USA) Inc. | | 9/22/2022 | | ILS | | | 440,000 | | | USD | | | 128,078 | | | | – | | | | (1,800 | ) |
| HSBC Securities (USA) Inc. | | 9/22/2022 | | ILS | | | 128,546 | | | USD | | | 440,000 | | | | 1,332 | | | | – | |
| Total unrealized appreciation (depreciation) | | | | | | | | | | | | | | $ | 136,722 | | | $ | (129,645 | ) |
| Net unrealized appreciation (depreciation) | | | | | | | | | | | | | | | | | | $ | 7,077 | |
| ETF | - | Exchange Traded Fund |
| MTN | - | Medium Term Note |
| REIT | - | Real Estate Investment Trust |
| | | |
| Currency Abbreviations: |
| AUD | - | Australian Dollar |
| BRL | - | Brazilian Real |
| CAD | - | Canadian Dollar |
| CHF | - | Swiss Franc |
| CLP | - | Chilean Peso |
| CZK | - | Czech Koruna |
| EGP | - | Egyptian Pound |
| EUR | - | Euro |
| GBP | - | Great Britain Pound |
| IDR | - | Indonesian Rupiah |
| ILS | - | Israeli Shekel |
| JPY | - | Japanese Yen |
| MXN | - | Mexican Peso |
| MYR | - | Malaysian Ringgit |
| NOK | - | Norwegian Krone |
| NZD | - | New Zealand Dollar |
| PEN | - | Peruvian Nuevo Sol |
| PHP | - | Philippine Peso |
| PLN | - | Polish Zloty |
| RON | - | Romanian New Leu |
| TRY | - | Turkish Lira |
| UAH | - | Ukrainian Hryvnia |
| UYU | - | Uruguayan Peso |
| ZAR | - | South African Rand |
See previously submitted notes to the financial statements for the annual period ended April 30, 2022.
Portfolio of Investments
July 31, 2022 (unaudited)
Baillie Gifford Multi Asset Fund
Fair Value Measurement
GAAP provides guidance on fair value measurements and defines fair value as the price that the Fund would receive to sell an investment or pay to transfer a liability in a timely transaction with an independent buyer in the principal market, or in the absence of a principal market, the most advantageous market for the investment or liability. It establishes a single definition of fair value, creates a three-tier hierarchy as a framework for measuring fair value based on inputs used to value the Fund’s investments, and requires additional disclosure about fair value. The hierarchy of inputs is summarized below:
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)
Level 3 - significant unobservable inputs (including the Trust’s own assumptions in determining the fair value of investments)
For Level 1 inputs, the Fund uses unadjusted quoted prices in active markets for assets or liabilities with sufficient frequency and volume to provide pricing information as the most reliable evidence of fair value.
The Fund's Level 2 valuation techniques include inputs other than quoted prices within Level 1 that are observable for an asset or liability, either directly or indirectly. This includes when a fair value adjustment is applied which seeks to reflect changes in foreign securities’ market prices since the close of the market on which they are traded. Level 2 observable inputs may include quoted prices for similar assets and liabilities in active markets or quoted prices for identical or similar assets or liabilities in markets that are not active in which there are few transactions, the prices are not current, or price quotations vary substantially over time or among market participants. Inputs that are observable for the asset or liability in Level 2 include such factors as interest rates, yield curves, prepayment speeds, credit risk, and default rates for similar liabilities.
For Level 3 valuation techniques, the Fund uses unobservable inputs that reflect assumptions market participants would be expected to use in pricing the asset or liability. Unobservable inputs are used to measure fair value to the extent that observable inputs are not available and are developed based on the best information available under the circumstances.
In developing unobservable inputs, market participant assumptions are used if they are reasonably available without undue cost and effort.
There was one Level 3 security held by the Fund as at July 31, 2022:
For the Ukraine Government Bond, while there were prices available independently, there did not seem to be trading evidence and market movements to back these prices. In addition to this the local currency was suspended meaning nothing could be done in the event a market was available at the price from independent sources. It was therefore deemed prudent to value these at nil.
See previously submitted notes to the financial statements for the annual period ended April 30, 2022.
Portfolio of Investments
July 31, 2022 (unaudited)
Baillie Gifford Multi Asset Fund
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following is a summary of the inputs used as of July 31, 2022 in valuing the Fund’s investments carried at fair value:
| Investments in Securities | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Assets:(1) | | | | | | | | | | | | | | | | |
| Pooled Investment Vehicles | | $ | 3,267,375 | | | $ | 414,460 | | | $ | – | | | $ | 3,681,835 | |
| Common Stocks | | | 627,389 | | | | 1,705,138 | | | | – | | | | 2,332,527 | |
| Foreign Government Bonds | | | – | | | | 1,702,282 | | | | – | | | | 1,702,282 | |
| Structured Notes | | | – | | | | 1,211,115 | | | | – | | | | 1,211,115 | |
| Real Estate Investment Trusts | | | 784,079 | | | | 283,179 | | | | – | | | | 1,067,258 | |
| Corporate Bonds | | | – | | | | 186,120 | | | | – | | | | 186,120 | |
| Inflation Indexed Bonds | | | – | | | | 149,937 | | | | – | | | | 149,937 | |
| Total Investments in Securities | | $ | 4,678,843 | | | $ | 5,652,231 | | | $ | – | | | $ | 10,331,074 | |
| Other Financial Instruments(2) | | | | | | | | | | | | | | | | |
| Forward Foreign Currency Contracts | | | – | | | | 136,722 | | | | – | | | | 136,722 | |
| Futures Contracts | | | 2,801 | | | | – | | | | – | | | | 2,801 | |
| Total Investments in Securities and Other Financial Instruments | | $ | 4,681,644 | | | $ | 5,788,953 | | | $ | – | | | $ | 10,470,597 | |
| Liabilities: | | | | | | | | | | | | | | | | |
| Other Financial Instruments(2) | | | | | | | | | | | | | | | | |
| Forward Foreign Currency Contracts | | $ | – | | | $ | 129,645 | | | $ | – | | | $ | 129,645 | |
| Futures Contracts | | | 63,243 | | | | – | | | | – | | | | 63,243 | |
| Total Other Financial Instruments | | $ | 63,243 | | | $ | 129,645 | | | $ | – | | | $ | 192,888 | |
| (1) | A complete listing of investments and additional information regarding the industry classification and geographical location of these investments is disclosed in the Portfolio of Investments. |
| (2) | Reflects the unrealized appreciation (depreciation) of the instruments. |
See previously submitted notes to the financial statements for the annual period ended April 30, 2022.
