| | | Shares | | | Value | |
| COMMON STOCKS — 100.1% | | | | | | | | |
| | | | | | | | | |
| CHINA — 100.1% | | | | | | | | |
| 3peak, Inc., Class A * | | | 546 | | | $ | 7,797 | |
| Anker Innovations Technology Co., Ltd., Class A | | | 4,290 | | | | 51,112 | |
| BYD Co., Ltd., Class A | | | 700 | | | | 30,205 | |
| Centre Testing International Group Co., Ltd., Class A | | | 17,600 | | | | 37,224 | |
| Contemporary Amperex Technology Co., Ltd., Class A | | | 3,000 | | | | 105,432 | |
| Dongguan Yiheda Automation Co., Ltd., Class A | | | 4,280 | | | | 15,270 | |
| Guangdong Kinlong Hardware Products Co., Ltd., Class A | | | 2,900 | | | | 12,612 | |
| Guangzhou Kingmed Diagnostics Group Co., Ltd., Class A | | | 4,100 | | | | 21,391 | |
| Hangzhou Tigermed Consulting Co., Ltd., Class A | | | 2,800 | | | | 27,273 | |
| Hefei Meiya Optoelectronic Technology, Inc., Class A | | | 5,370 | | | | 12,143 | |
| Iflytek Co., Ltd., Class A | | | 2,300 | | | | 14,509 | |
| Jiangsu Azure Corp., Class A | | | 15,463 | | | | 19,524 | |
| Kweichow Moutai Co., Ltd., Class A | | | 400 | | | | 98,019 | |
| LONGi Green Energy Technology Co., Ltd., Class A | | | 6,466 | | | | 16,029 | |
| Longshine Technology Group Co., Ltd., Class A | | | 9,100 | | | | 15,286 | |
| Midea Group Co., Ltd., Class A | | | 8,500 | | | | 91,591 | |
| Oppein Home Group, Inc., Class A | | | 1,900 | | | | 16,745 | |
| Ping An Insurance Group Co. of China Ltd., Class A | | | 4,600 | | | | 37,021 | |
| Proya Cosmetics Co., Ltd., Class A | | | 2,508 | | | | 39,095 | |
| Quectel Wireless Solutions Co., Ltd., Class A | | | 2,310 | | | | 15,820 | |
| SF Holding Co., Ltd., Class A | | | 5,200 | | | | 32,922 | |
| SG Micro Corp., Class A | | | 2,410 | | | | 32,475 | |
| Shandong Sinocera Functional Material Co., Ltd., Class A | | | 6,000 | | | | 16,998 | |
| Shanxi Xinghuacun Fen Wine Factory Co., Ltd., Class A | | | 800 | | | | 24,568 | |
| Shenzhen Inovance Technology Co., Ltd., Class A | | | 6,250 | | | | 55,077 | |
| Shenzhen Megmeet Electrical Co., Ltd., Class A | | | 8,200 | | | | 32,579 | |
| Sinocare, Inc., Class A | | | 8,200 | | | | 35,229 | |
| Sungrow Power Supply Co., Ltd., Class A | | | 2,601 | | | | 36,391 | |
| Yifeng Pharmacy Chain Co., Ltd., Class A | | | 7,500 | | | | 27,044 | |
| Yonyou Network Technology Co., Ltd., Class A * | | | 10,080 | | | | 16,383 | |
| Zhejiang Sanhua Intelligent Controls Co., Ltd., Class A | | | 15,620 | | | | 52,492 | |
| Zijin Mining Group Co., Ltd., Class A | | | 7,600 | | | | 19,315 | |
| | | | | | | | 1,065,571 | |
| TOTAL INVESTMENTS — 100.1%** | | | | | | | | |
| (cost $1,122,607) | | | | | | $ | 1,065,571 | |
| Other assets less liabilities — (0.1)% | | | | | | | (903 | ) |
| NET ASSETS — 100.0% | | | | | | $ | 1,064,668 | |
This report classifies issuers geographically by their country of risk. For compliance monitoring purposes, Baillie Gifford Overseas Limited (the “Manager”) retains discretion to consider a number of factors in determining where a particular issuer is located, as described in further detail in each Fund’s prospectus.
See previously submitted notes to the financial statements for the semi-annual period ended June 30, 2024.
| Fair Value Measurement |
| |
| GAAP provides guidance on fair value measurements and defines fair value as the price that a 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 that the Fund has the ability to access. |
| 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. |
| |
| 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 September 30, 2024 in valuing the Fund’s investments carried at fair value: |
| |
| Investments in Securities | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Common Stocks*** | | $ | — | | | $ | 1,065,571 | | | $ | — | | | $ | 1,065,571 | |
| Total | | $ | — | | | $ | 1,065,571 | | | $ | — | | | $ | 1,065,571 | |
See previously submitted notes to the financial statements for the semi-annual period ended June 30, 2024.
