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Form NPORT-P BAILLIE GIFFORD FUNDS For: Jan 31

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StreetInsider.com Top Tickers, 4/18/2024

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6. ORCL
7. AA
8. ALK
9. CCI
10. SPY


March 23, 2022 11:53 AM EDT 

  
    NPORT-P
    false
    
      
      
        
          0001120543
          XXXXXXXX
        
      
      
      
      
        S000061764
        C000200020
        C000200019
      
      
    
  
  
    
      Baillie Gifford Funds
      811-10145
      0001120543
      213800T287IYS8QHPC42
      CALTON SQUARE, ONE GREENSIDE ROW
      EDINBURGH
      GB
      EH1 3AN
      011-44-131-275-2000
      Baillie Gifford Multi Asset Fund
      S000061764
      213800M3EX1HJQCVNM76
      2022-04-30
      2022-01-31
      N
    
    
      26188208.96
      116722.73
      26071486.23
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      1516653.79000000
      
        
          CNY
          
          
        
        
          EUR
          
          
        
        
          IDR
          
          
        
        
          PEN
          
          
        
        
          USD
          
          
        
      
      
      
      N
      
        
          
          
        
        
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
        
        
        
        
      
      
      
      
      
      
    
    
      
        BARCLAYS CAPITAL INC.
        AC28XWWI3WIBK2824319
        TRY/USD FORWARD
        000000000
        
          
          
        
        1.00000000
        NC
        USD
        21143.91000000
        0.081099749410
        N/A
        DFE
        CORP
        US
        N
        
        2
        
          
            
              BARCLAYS CAPITAL INC.
              AC28XWWI3WIBK2824319
            
            -820000.00000000
            TRY
            80287.47000000
            USD
            2022-04-14
            21143.91000000
          
        
        
          N
          N
          N
        
      
      
        BARCLAYS BANK PLC
        G5GSEF7VJP5I7OUK5573
        USD/KRW FORWARD
        000000000
        
          
          
        
        1.00000000
        NC
        USD
        -2086.05000000
        -0.00800126997
        N/A
        DFE
        CORP
        US
        N
        
        2
        
          
            
              BARCLAYS BANK PLC
              G5GSEF7VJP5I7OUK5573
            
            -141212.07000000
            USD
            168000000.00000000
            KRW
            2022-04-28
            -2086.05000000
          
        
        
          N
          N
          N
        
      
      
        CORNING INC
        549300X2937PB0CJ7I56
        Corning Inc
        219350BQ7
        
          
          
        
        17000.00000000
        PA
        USD
        21293.83000000
        0.081674783754
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2079-11-15
          Fixed
          5.45000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        HSBC SECURITIES (USA) INC.
        CYYGQCGNHMHPSMRL3R97
        ZAR/USD FORWARD
        000000000
        
          
          
        
        1.00000000
        NC
        USD
        9314.95000000
        0.035728496326
        N/A
        DFE
        CORP
        US
        N
        
        2
        
          
            
              HSBC SECURITIES (USA) INC.
              CYYGQCGNHMHPSMRL3R97
            
            -7119000.00000000
            ZAR
            469981.46000000
            USD
            2022-03-10
            9314.95000000
          
        
        
          N
          N
          N
        
      
      
        Howard Hughes Corp/The
        549300BVHY25JZC1KI49
        Howard Hughes Corp/The
        44267D107
        
          
          
        
        406.00000000
        NS
        USD
        39101.86000000
        0.149979405297
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        HSBC SECURITIES (USA) INC.
        CYYGQCGNHMHPSMRL3R97
        COP/USD FORWARD
        000000000
        
          
          
        
        1.00000000
        NC
        USD
        -5427.14000000
        -0.02081638136
        N/A
        DFE
        CORP
        US
        N
        
        2
        
          
            
              HSBC SECURITIES (USA) INC.
              CYYGQCGNHMHPSMRL3R97
            
            -1530000000.00000000
            COP
            377888.81000000
            USD
            2022-04-28
            -5427.14000000
          
        
        
          N
          N
          N
        
      
      
        Red Electrica Corp SA
        5493009HMD0C90GUV498
        Red Electrica Corp SA
        000000000
        
          
          
          
        
        15078.00000000
        NS
        
        303945.72000000
        1.165816621724
        Long
        EC
        CORP
        ES
        N
        
        2
        
          N
          N
          N
        
      
      
        HASBRO INC
        549300NUB6D2R1ITYR45
        Hasbro Inc
        418056AS6
        
          
          
        
        17000.00000000
        PA
        USD
        22573.90000000
        0.086584630430
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2040-03-15
          Fixed
          6.35000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        HSBC SECURITIES (USA) INC.
        CYYGQCGNHMHPSMRL3R97
        ZAR/USD FORWARD
        000000000
        
          
          
        
        1.00000000
        NC
        USD
        -9766.63000000
        -0.03746096372
        N/A
        DFE
        CORP
        US
        N
        
        2
        
          
            
              HSBC SECURITIES (USA) INC.
              CYYGQCGNHMHPSMRL3R97
            
            -8565000.00000000
            ZAR
            546788.32000000
            USD
            2022-02-09
            -9766.63000000
          
        
        
          N
          N
          N
        
      
      
        Greggs PLC
        213800I71QMUFJ64IW20
        Greggs PLC
        000000000
        
          
          
          
        
        622.00000000
        NS
        
        22558.26000000
        0.086524641522
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Whitbread PLC
        21380099VMZKRMN3EX36
        Whitbread PLC
        000000000
        
          
          
          
        
        765.00000000
        NS
        
        31477.91000000
        0.120736922023
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        HSBC SECURITIES (USA) INC.
        CYYGQCGNHMHPSMRL3R97
        ZAR/USD FORWARD
        000000000
        
          
          
        
        1.00000000
        NC
        USD
        87.73000000
        0.000336497885
        N/A
        DFE
        CORP
        US
        N
        
        2
        
          
            
              HSBC SECURITIES (USA) INC.
              CYYGQCGNHMHPSMRL3R97
            
            -66118.15000000
            USD
            1020000.00000000
            ZAR
            2022-02-17
            87.73000000
          
        
        
          N
          N
          N
        
      
      
        Nexans SA
        96950015FU78G84UIV14
        Nexans SA
        000000000
        
          
          
          
        
        1650.00000000
        NS
        
        149101.00000000
        0.571892981798
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        FirstCash Holdings Inc
        N/A
        FirstCash Holdings Inc
        33768G107
        
          
          
        
        455.00000000
        NS
        USD
        31713.50000000
        0.121640552902
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        China Yangtze Power Co Ltd
        3003008VX8JFJXA6QP74
        China Yangtze Power Co Ltd
        000000000
        
          
          
          
        
        40500.00000000
        NS
        
        139812.52000000
        0.536266014014
        Long
        EC
        CORP
        CN
        N
        
        1
        
          N
          N
          N
        
      
      
        LondonMetric Property PLC
        213800OCERWWPQDURL87
        LondonMetric Property PLC
        000000000
        
          
          
          
        
        34487.00000000
        NS
        
        124259.51000000
        0.476610765123
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Greencoat UK Wind PLC/Funds
        213800ZPBBK8H51RX165
        Greencoat UK Wind PLC/Funds
        000000000
        
          
          
          
        
        234015.00000000
        NS
        
        447149.01000000
        1.715088300127
        Long
        EC
        RF
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        EUREX CLEARING AKTIENGESELLSCHAFT
        529900LN3S50JPU47S06
        EUREX 5 YEAR EURO BOBL
        000000000
        
          
          
        
        -2.00000000
        NC
        
        4036.02000000
        0.015480590421
        N/A
        DIR
        CORP
        DE
        
        N
        
        1
        
          
            
              EUREX CLEARING AKTIENGESELLSCHAFT
              529900LN3S50JPU47S06
            
            Short
            
              
                BUNDESOBLIGATION
                Bundesobligation
                
                  
                  
                  
                
              
            
            2022-03-08
            -303310.65000000
            USD
            4036.02000000
          
        
        
          N
          N
          N
        
      
      
        CHINA LONGYUAN
        5299008UYLF3O6V9T464
        China Longyuan Power Group Corp Ltd
        000000000
        
          
          
          
        
        91000.00000000
        NS
        
        185666.35000000
        0.712143329160
        Long
        EC
        CORP
        CN
        N
        
        2
        
          N
          N
          N
        
      
      
        Baillie Gifford International Alpha Fund
        21380086L3U8K7PHRI60
        Baillie Gifford International Alpha Fund
        056823370
        
          
          
        
        118681.75100000
        NS
        USD
        1680533.59000000
        6.445868007579
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        REPUBLIC OF TURKEY
        5493000PCHOG3B6S3Q85
        Turkey Government International Bond
        900123AY6
        
          
          
        
        16000.00000000
        PA
        USD
        14471.26000000
        0.055506079984
        Long
        DBT
        NUSS
        TR
        N
        
        2
        
          2036-03-17
          Fixed
          6.87500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        HSBC SECURITIES (USA) INC.
        CYYGQCGNHMHPSMRL3R97
        USD/EUR FORWARD
        000000000
        
          
          
        
        1.00000000
        NC
        USD
        1697.01000000
        0.006509065056
        N/A
        DFE
        CORP
        US
        N
        
        2
        
          
            
              HSBC SECURITIES (USA) INC.
              CYYGQCGNHMHPSMRL3R97
            
            -173760.00000000
            EUR
            197985.79000000
            USD
            2022-07-28
            1697.01000000
          
        
        
          N
          N
          N
        
      
      
        ROMANIA GOVERNMENT BOND
        315700IASY927EDWBK92
        Romania Government Bond
        000000000
        
          
          
        
        135000.00000000
        PA
        
        26340.27000000
        0.101030949166
        Long
        DBT
        NUSS
        RO
        N
        
        2
        
          2031-09-24
          Fixed
          3.65000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        SSP Group Plc
        213800QGNIWTXFMENJ24
        SSP Group Plc
        000000000
        
          
          
          
        
        14805.00000000
        NS
        
        54930.50000000
        0.210691862809
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        BARCLAYS PLC
        213800LBQA1Y9L22JB70
        USD/TRY FORWARD
        000000000
        
          
          
        
        1.00000000
        NC
        USD
        86176.34000000
        0.330538655294
        N/A
        DFE
        CORP
        US
        N
        
        2
        
          
            
              BARCLAYS PLC
              213800LBQA1Y9L22JB70
            
            -2420000.00000000
            TRY
            266317.45000000
            USD
            2022-02-17
            86176.34000000
          
        
        
          N
          N
          N
        
      
      
        Prysmian SpA
        529900X0H1IO3RS1A464
        Prysmian SpA
        000000000
        
          
          
          
        
        4993.00000000
        NS
        
        168371.57000000
        0.645807333401
        Long
        EC
        CORP
        IT
        N
        
        2
        
          N
          N
          N
        
      
      
        HSBC SECURITIES (USA) INC.
        CYYGQCGNHMHPSMRL3R97
        USD/EUR FORWARD
        000000000
        
          
          
        
        1.00000000
        NC
        USD
        35273.09000000
        0.135293744625
        N/A
        DFE
        CORP
        US
        N
        
        2
        
          
            
              HSBC SECURITIES (USA) INC.
              CYYGQCGNHMHPSMRL3R97
            
            -5096370.00000000
            EUR
            5761818.32000000
            USD
            2022-02-09
            35273.09000000
          
        
        
          N
          N
          N
        
      
      
        Hecla Mining Co
        5493009Y6HOBZD1QD537
        Hecla Mining Co
        422704106
        
          
          
        
        16700.00000000
        NS
        USD
        82832.00000000
        0.317711078184
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        HSBC SECURITIES (USA) INC.
        CYYGQCGNHMHPSMRL3R97
        USD/NZD FORWARD
        000000000
        
          
          
        
        1.00000000
        NC
        USD
        15313.22000000
        0.058735508458
        N/A
        DFE
        CORP
        US
        N
        
        2
        
          
            
              HSBC SECURITIES (USA) INC.
              CYYGQCGNHMHPSMRL3R97
            
            -923000.00000000
            NZD
            622564.42000000
            USD
            2022-02-09
            15313.22000000
          
        
        
          N
          N
          N
        
      
      
        Booking Holdings Inc
        FXM8FAOHMYDIPD38UZ17
        Booking Holdings Inc
        09857L108
        
          
          
        
        17.00000000
        NS
        USD
        41754.21000000
        0.160152780058
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        BBGI Global Infrastructure SA
        529900CV0RWCOP5YHK95
        BBGI Global Infrastructure SA
        000000000
        
          
          
          
        
        38252.00000000
        NS
        
        89201.82000000
        0.342143210452
        Long
        EC
        RF
        LU
        N
        
        1
        
          N
          N
          N
        
      
      
        BELL CANADA
        549300JYAVAQRV5MNZ86
        Bell Telephone Co of Canada or Bell Canada/The
        07813ZBH6
        
          
          
        
        21000.00000000
        PA
        
        17803.24000000
        0.068286248980
        Long
        DBT
        CORP
        CA
        N
        
        2
        
          2044-09-29
          Fixed
          4.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        HSBC SECURITIES (USA) INC.
        CYYGQCGNHMHPSMRL3R97
        USD/CAD FORWARD
        000000000
        
          
          
        
        1.00000000
        NC
        USD
        -698.07000000
        -0.00267752284
        N/A
        DFE
        CORP
        US
        N
        
        2
        
          
            
              HSBC SECURITIES (USA) INC.
              CYYGQCGNHMHPSMRL3R97
            
            -2100700.00000000
            CAD
            1651893.70000000
            USD
            2022-02-09
            -698.07000000
          
        
        
          N
          N
          N
        
      
      
        LXI REIT Plc
        N/A
        LXI REIT Plc
        000000000
        
          
          
        
        7566.00000000
        NS
        
        561.62000000
        0.002154154140
        Long
        EC
        CORP
        GB
        N
        
        1
        
          N
          N
          N
        
      
      
        Hicl Infrastructure PLC
        213800BVXR1E5L7PEV94
        Hicl Infrastructure PLC
        000000000
        
          
          
          
        
        113158.00000000
        NS
        
        266058.45000000
        1.020495907493
        Long
        EC
        RF
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Avangrid Inc
        549300OX0Q38NLSKPB49
        Avangrid Inc
        05351W103
        
          
          
        
        6328.00000000
        NS
        USD
        295644.16000000
        1.133975092144
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Renewables Infrastructure Group Ltd/The
        213800NO6Q7Q7HMOMT20
        Renewables Infrastructure Group Ltd/The
        000000000
        
          
          
          
        
        202609.00000000
        NS
        
        364144.28000000
        1.396714697380
        Long
        EC
        RF
        GG
        N
        
        2
        
          N
          N
          N
        
      
      
        CITIGROUP INC
        6SHGI4ZSSLCXXQSBB395
        Citigroup Inc
        172967EW7
        
          
          
        
        13000.00000000
        PA
        USD
        20888.59000000
        0.080120441986
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2039-07-15
          Fixed
          8.12500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        HSBC SECURITIES (USA) INC.
        CYYGQCGNHMHPSMRL3R97
        USD/EUR FORWARD
        000000000
        
          
          
        
        1.00000000
        NC
        USD
        -2468.51000000
        -0.00946823659
        N/A
        DFE
        CORP
        US
        N
        
        2
        
          
            
              HSBC SECURITIES (USA) INC.
              CYYGQCGNHMHPSMRL3R97
            
            -303024.44000000
            USD
            267000.00000000
            EUR
            2022-04-21
            -2468.51000000
          
        
        
          N
          N
          N
        
      
      
        CHICAGO MERCANTILE EXCHANGE INC.
        SNZ2OJLFK8MNNCLQOF39
        CME E-MINI NASDAQ 100 INDEX
        000000000
        
          
          
        
        -2.00000000
        NC
        USD
        49837.50000000
        0.191157111490
        N/A
        DE
        CORP
        US
        N
        
        1
        
          
            
              CHICAGO MERCANTILE EXCHANGE INC.
              SNZ2OJLFK8MNNCLQOF39
            
            Short
            
              
                NASDAQ
                NASDAQ 100 INDEX
                
                  
                  
                  
                
              
            
            2022-03-18
            -646037.50000000
            USD
            49837.50000000
          
        
        
          N
          N
          N
        
      
      
        Sequoia Economic Infrastructure Income Fund Ltd
        2138006OW12FQHJ6PX91
        Sequoia Economic Infrastructure Income Fund Ltd
        000000000
        
          
          
          
        
        163230.00000000
        NS
        
        226281.59000000
        0.867927466826
        Long
        EC
        RF
        GG
        N
        
        2
        
          N
          N
          N
        
      
      
        AT&T INC
        549300Z40J86GGSTL398
        AT&T Inc
        00206RKJ0
        
          
          
        
        18000.00000000
        PA
        USD
        17104.06000000
        0.065604468610
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2053-09-15
          Fixed
          3.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        INDONESIA GOVERNMENT
        529900FWX0GRR7WG5W79
        Indonesia Treasury Bond
        000000000
        
          
          
        
        1599000000.00000000
        PA
        
        122952.84000000
        0.471598891276
        Long
        DBT
        NUSS
        ID
        N
        
        2
        
          2032-06-15
          Fixed
          8.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        GOVERNMENT OF UKRAINE
        6354001WLTJXOMEXPY07
        Ukraine Government Bond
        000000000
        
          
          
        
        1498000.00000000
        PA
        
        51673.95000000
        0.198201013721
        Long
        DBT
        NUSS
        UA
        N
        
        2
        
          2025-02-26
          Fixed
          15.84000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Duke Realty Corp
        254900E47KH1NFFKNF25
        Duke Realty Corp
        264411505
        
          
          
        
        3392.00000000
        NS
        USD
        195989.76000000
        0.751739882686
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        BONOS DE TESORERIA
        254900STKLK2DBJJZ530
        Peru Government Bond
        000000000
        
          
          
        
        460000.00000000
        PA
        
        108024.91000000
        0.414341204206
        Long
        DBT
        NUSS
        PE
        N
        
        2
        
          2034-08-12
          Fixed
          5.40000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Ares Capital Corp
        WEQ82666OJYSI5GUAB47
        Ares Capital Corp
        04010L103
        
          
          
        
        10700.00000000
        NS
        USD
        236470.00000000
        0.907006213277
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Hydro One Ltd
        5493007QZDXTP1W2VL44
        Hydro One Ltd
        448811208
        
          
          
          
        
        5790.00000000
        NS
        
        149583.92000000
        0.573745273592
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        KraneShares Asia Pacific High Income Bond ETF
        N/A
        KraneShares Asia Pacific High Income Bond ETF
        500767843
        
          
          
        
        32500.00000000
        NS
        USD
        1027152.75000000
        3.939755259591
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        REPUBLIC OF PERU
        254900STKLK2DBJJZ530
        Peruvian Government International Bond
        715638AP7
        
          
          
        
        82000.00000000
        PA
        USD
        123205.00000000
        0.472566078178
        Long
        DBT
        NUSS
        PE
        N
        
        2
        
          2033-11-21
          Fixed
          8.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Prologis Inc
        529900DFH19P073LZ636
        Prologis Inc
        74340W103
        
          
          
        
        1357.00000000
        NS
        USD
        212804.74000000
        0.816235553748
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        BOARD OF TRADE OF THE CITY OF CHICAGO, INC.
        549300EX04Q2QBFQTQ27
        CBOT 10 Year US Treasury Note
        000000000
        
          
          
        
        -6.00000000
        NC
        USD
        5255.94000000
        0.020159725278
        N/A
        DIR
        CORP
        US
        N
        
        1
        
          
            
              BOARD OF TRADE OF THE CITY OF CHICAGO, INC.
              549300EX04Q2QBFQTQ27
            
            Short
            
              
                US TREASURY N/B
                United States Treasury Note/Bond
                
                  
                  
                  
                
              
            
            2022-03-22
            -773068.44000000
            USD
            5255.94000000
          
        
        
          N
          N
          N
        
      
      
        HSBC SECURITIES (USA) INC.
        CYYGQCGNHMHPSMRL3R97
        AUD/USD FORWARD
        000000000
        
          
          
        
        1.00000000
        NC
        USD
        4156.66000000
        0.015943318165
        N/A
        DFE
        CORP
        US
        N
        
        2
        
          
            
              HSBC SECURITIES (USA) INC.
              CYYGQCGNHMHPSMRL3R97
            
            -352000.00000000
            AUD
            253153.47000000
            USD
            2022-04-21
            4156.66000000
          
        
        
          N
          N
          N
        
      
      
        GOLDMAN SACHS INTERNATIO
        W22LROWP2IHZNBB6K528
        Goldman Sachs International
        000000000
        
          
        
        52300.00000000
        PA
        USD
        507503.51000000
        1.946584500487
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2051-08-12
          None
          0.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Eversource Energy
        SJ7XXD41SQU3ZNWUJ746
        Eversource Energy
        30040W108
        
          
          
        
        3428.00000000
        NS
        USD
        306771.72000000
        1.176656049807
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        FED REPUBLIC OF BRAZIL
        254900ZFY40OYEADAP90
        Brazilian Government International Bond
        105756BK5
        
          
          
        
        30000.00000000
        PA
        USD
        34973.10000000
        0.134143100594
        Long
        DBT
        NUSS
        BR
        N
        
        2
        
          2037-01-20
          Fixed
          7.12500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Octopus Renewables Infrastruct
        213800B81BFJKWM2JV13
        Octopus Renewables Infrastructure Trust PLC
        000000000
        
          
          
          
        
        100849.00000000
        NS
        
        144929.38000000
        0.555892282938
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        REPUBLICA ORIENT URUGUAY
        549300RDR012H2V82H43
        Uruguay Government International Bond
        917288BD3
        
          
          
        
        2994062.39000000
        PA
        
        80972.43000000
        0.310578496698
        Long
        DBT
        NUSS
        UY
        N
        
        2
        
          2028-12-15
          Fixed
          4.37500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CBRE Group Inc
        52990016II9MJ2OSWA10
        CBRE Group Inc
        12504L109
        
          
          
        
        577.00000000
        NS
        USD
        58473.18000000
        0.224280194401
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Iberdrola SA
        5QK37QC7NWOJ8D7WVQ45
        Iberdrola SA
        000000000
        
          
          
          
        
        33430.00000000
        NS
        
        383277.14000000
        1.470100847411
        Long
        EC
        CORP
        ES
        N
        
        2
        
          N
          N
          N
        
      
      
        Segro PLC
        213800XC35KGM9NFC641
        Segro PLC
        000000000
        
          
          
          
        
        13989.00000000
        NS
        
        246622.83000000
        0.945948488798
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        WALT DISNEY COMPANY/THE
        549300GZKULIZ0WOW665
        Walt Disney Co/The
        254687ER3
        
          
          
        
        12000.00000000
        PA
        USD
        16567.18000000
        0.063545207411
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2041-02-15
          Fixed
          6.15000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        THAILAND GOVERNMENT BOND
        254900PHJ6MSKT6C7026
        Thailand Government Bond
        000000000
        
          
          
        
        1167000.00000000
        PA
        
        31189.25000000
        0.119629735431
        Long
        DBT
        NUSS
        TH
        N
        
        2
        
          2035-12-17
          Fixed
          1.58500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Sixth Street Specialty Lending
        549300TX61566GJWCN05
        Sixth Street Specialty Lending Inc
        83012A109
        
          
          
        
        6000.00000000
        NS
        USD
        143160.00000000
        0.549105634934
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        HSBC SECURITIES (USA) INC.
        CYYGQCGNHMHPSMRL3R97
        EUR/USD FORWARD
        000000000
        
          
          
        
        1.00000000
        NC
        USD
        -749.43000000
        -0.00287451967
        N/A
        DFE
        CORP
        US
        N
        
        2
        
          
            
              HSBC SECURITIES (USA) INC.
              CYYGQCGNHMHPSMRL3R97
            
            -222108.83000000
            USD
            197000.00000000
            EUR
            2022-02-09
            -749.43000000
          
        
        
          N
          N
          N
        
      
      
        APTIV PLC
        N/A
        Aptiv PLC
        03835VAG1
        
          
          
        
        19000.00000000
        PA
        USD
        21020.70000000
        0.080627164153
        Long
        DBT
        CORP
        JE
        
        N
        
        2
        
          2029-03-15
          Fixed
          4.35000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Baillie Gifford U.S. Equity Growth Fund
        213800X8E29HVPS4SU17
        Baillie Gifford U.S. Equity Growth Fund
        056823289
        
          
          
        
        41744.29900000
        NS
        USD
        1134192.60000000
        4.350318159825
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Pan American Silver Corp
        549300MKTF5851TYIB83
        Pan American Silver Corp
        697900108
        
          
          
        
        4500.00000000
        NS
        USD
        97515.00000000
        0.374029309797
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        Lyft Inc
        549300H7I5VN334XVZ52
        Lyft Inc
        55087P104
        
          
          
        
        282.00000000
        NS
        USD
        10862.64000000
        0.041664828403
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Tritax Big Box REIT PLC
        213800L6X88MIYPVR714
        Tritax Big Box REIT PLC
        000000000
        
          
          
          
        
        81903.00000000
        NS
        
        262715.58000000
        1.007673968727
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Orsted AS
        W9NG6WMZIYEU8VEDOG48
        Orsted AS
        000000000
        
          
          
          
        
        2086.00000000
        NS
        
        222252.86000000
        0.852474837987
        Long
        EC
        CORP
        DK
        N
        
        2
        
          N
          N
          N
        
      
      
        Martin Marietta Materials Inc
        5299005MZ4WZECVATV08
        Martin Marietta Materials Inc
        573284106
        
          
          
        
        90.00000000
        NS
        USD
        35020.80000000
        0.134326059094
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        HSBC SECURITIES (USA) INC.
        CYYGQCGNHMHPSMRL3R97
        USD/JPY FORWARD
        000000000
        
          
          
        
        1.00000000
        NC
        USD
        12922.51000000
        0.049565682163
        N/A
        DFE
        CORP
        US
        N
        
        2
        
          
            
              HSBC SECURITIES (USA) INC.
              CYYGQCGNHMHPSMRL3R97
            
            -1978360.23000000
            USD
            229141200.00000000
            JPY
            2022-02-09
            12922.51000000
          
        
        
          N
          N
          N
        
      
      
        Consolidated Edison Inc
        54930033SBW53OO8T749
        Consolidated Edison Inc
        209115104
        
          
          
        
        4135.00000000
        NS
        USD
        357470.75000000
        1.371117652620
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        DELL INT LLC / EMC CORP
        N/A
        Dell International LLC / EMC Corp
        24703TAG1
        
          
          
        
        19000.00000000
        PA
        USD
        21783.67000000
        0.083553617955
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2029-10-01
          Fixed
          5.30000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        EDP Renovaveis SA
        529900MUFAH07Q1TAX06
        EDP Renovaveis SA
        000000000
        
          
          
          
        
        10379.00000000
        NS
        
        218181.76000000
        0.836859694438
        Long
        EC
        CORP
        ES
        N
        
        2
        
          N
          N
          N
        
      
      
        Ashtead Group PLC
        2138007UTBN8X9K1A235
        Ashtead Group PLC
        000000000
        
          
          
          
        
        239.00000000
        NS
        
        17095.20000000
        0.065570485123
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        HSBC SECURITIES (USA) INC.
        CYYGQCGNHMHPSMRL3R97
        CNY/USD FORWARD
        000000000
        
          
          
        
        1.00000000
        NC
        USD
        863.09000000
        0.003310474870
        N/A
        DFE
        CORP
        US
        N
        
        2
        
          
            
              HSBC SECURITIES (USA) INC.
              CYYGQCGNHMHPSMRL3R97
            
            -130947.18000000
            USD
            840000.00000000
            CNY
            2022-02-10
            863.09000000
          
        
        
          N
          N
          N
        
      
      
        REPUBLICA ORIENT URUGUAY
        549300RDR012H2V82H43
        Uruguay Government International Bond
        760942BD3
        
          
          
        
        32000.00000000
        PA
        USD
        39538.56000000
        0.151654415291
        Long
        DBT
        NUSS
        UY
        N
        
        2
        
          2055-04-20
          Fixed
          4.97500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        HSBC SECURITIES (USA) INC.
        CYYGQCGNHMHPSMRL3R97
        CHF/USD FORWARD
        000000000
        
          
          
        
        1.00000000
        NC
        USD
        8685.13000000
        0.033312753724
        N/A
        DFE
        CORP
        US
        N
        
        2
        
          
            
              HSBC SECURITIES (USA) INC.
              CYYGQCGNHMHPSMRL3R97
            
            -1382700.00000000
            CHF
            1501179.06000000
            USD
            2022-02-09
            8685.13000000
          
        
        
          N
          N
          N
        
      
      
        NextEnergy Solar Fund Ltd
        213800ZPHCBDDSQH5447
        NextEnergy Solar Fund Ltd
        000000000
        
          
          
          
        
        129129.00000000
        NS
        
        177095.31000000
        0.679268179948
        Long
        EC
        RF
        GG
        N
        
        2
        
          N
          N
          N
        
      
      
        Italgas SpA
        815600F25FF44EF1FA76
        Italgas SpA
        000000000
        
          
          
          
        
        27070.00000000
        NS
        
        179593.98000000
        0.688852098478
        Long
        EC
        CORP
        IT
        N
        
        2
        
          N
          N
          N
        
      
      
        Target Healthcare REIT PLC
        213800RXPY9WULUSBC04
        Target Healthcare REIT PLC
        000000000
        
          
          
          
        
        72951.00000000
        NS
        
        112823.17000000
        0.432745448436
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        DOMINICAN REPUBLIC
        254900EHU7Q8FGVPI369
        Dominican Republic International Bond
        000000000
        
          
          
        
        100000.00000000
        PA
        USD
        112501.00000000
        0.431509730621
        Long
        DBT
        NUSS
        DO
        N
        
        2
        
          2026-01-29
          Fixed
          6.87500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fair Oaks Senior Note
        N/A
        Fair Oaks Senior Note
        000000000
        
          
        
        6846.92000000
        PA
        
        770237.77000000
        2.954330118371
        Long
        DBT
        CORP
        N/A
        N
        
        2
        
          2022-11-30
          Variable
          0.01000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        HSBC SECURITIES (USA) INC.
        CYYGQCGNHMHPSMRL3R97
        USD/AUD FORWARD
        000000000
        
          
          
        
        1.00000000
        NC
        USD
        7146.99000000
        0.027413051703
        N/A
        DFE
        CORP
        US
        N
        
        2
        
          
            
              HSBC SECURITIES (USA) INC.
              CYYGQCGNHMHPSMRL3R97
            
            -909000.00000000
            AUD
            649875.01000000
            USD
            2022-02-09
            7146.99000000
          
        
        
          N
          N
          N
        
      
      
        BHP Group Ltd
        WZE1WSENV6JSZFK0JC28
        BHP Group Ltd
        Q1498M100
        
          
          
          
        
        1009.00000000
        NS
        
        31848.89000000
        0.122159855863
        Long
        EC
        CORP
        AU
        N
        
        1
        
          N
          N
          N
        
      
      
        TwentyFour Income Fund Ltd
        549300CCEV00IH2SU369
        TwentyFour Income Fund Ltd
        000000000
        
          
          
          
        
        186024.00000000
        NS
        
        288962.15000000
        1.108345521428
        Long
        EC
        RF
        GG
        N
        
        1
        
          N
          N
          N
        
      
      
        Rio Tinto PLC
        213800YOEO5OQ72G2R82
        Rio Tinto PLC
        000000000
        
          
          
          
        
        448.00000000
        NS
        
        31577.46000000
        0.121118756795
        Long
        EC
        CORP
        GB
        
        N
        
        2
        
          N
          N
          N
        
      
      
        HSBC SECURITIES (USA) INC.
        CYYGQCGNHMHPSMRL3R97
        USD/RUB FORWARD
        000000000
        
          
          
        
        1.00000000
        NC
        USD
        921.99000000
        0.003536392179
        N/A
        DFE
        CORP
        US
        N
        
        2
        
          
            
              HSBC SECURITIES (USA) INC.
              CYYGQCGNHMHPSMRL3R97
            
            -6100000.00000000
            RUB
            78064.01000000
            USD
            2022-04-20
            921.99000000
          
        
        
          N
          N
          N
        
      
      
        Credit Suisse Managed Futures Strategy Fund
        54930042UF6DI76LB586
        Credit Suisse Managed Futures Strategy Fund
        22540S711
        
          
          
        
        51304.44200000
        NS
        USD
        512018.33000000
        1.963901579998
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        UKRAINE GOVERNMENT
        6354001WLTJXOMEXPY07
        Ukraine Government International Bond
        000000000
        
          
          
        
        252000.00000000
        PA
        USD
        189000.00000000
        0.724929903622
        Long
        DBT
        NUSS
        UA
        N
        
        2
        
          2040-05-31
          Variable
          0.01000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        UK Commercial Property REIT Lt
        213800JN4FQ1A9G8EU25
        UK Commercial Property REIT Ltd
        000000000
        
          
          
          
        
        121233.00000000
        NS
        
        134070.66000000
        0.514242490118
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        HSBC SECURITIES (USA) INC.
        CYYGQCGNHMHPSMRL3R97
        GBP/USD FORWARD
        000000000
        
          
          
        
        1.00000000
        NC
        USD
        34899.47000000
        0.133860684780
        N/A
        DFE
        CORP
        US
        N
        
        2
        
          
            
              HSBC SECURITIES (USA) INC.
              CYYGQCGNHMHPSMRL3R97
            
            -3863090.00000000
            GBP
            5230063.71000000
            USD
            2022-02-09
            34899.47000000
          
        
        
          N
          N
          N
        
      
      
        TAG Immobilien AG
        529900TAE68USJNXLR59
        TAG Immobilien AG
        000000000
        
          
          
          
        
        4520.00000000
        NS
        
        119365.67000000
        0.457839913486
        Long
        EC
        CORP
        DE
        N
        
        2
        
          N
          N
          N
        
      
      
        HSBC SECURITIES (USA) INC.
        CYYGQCGNHMHPSMRL3R97
        USD/KRW FORWARD
        000000000
        
          
          
        
        1.00000000
        NC
        USD
        -3531.01000000
        -0.01354357004
        N/A
        DFE
        CORP
        US
        N
        
        2
        
          
            
              HSBC SECURITIES (USA) INC.
              CYYGQCGNHMHPSMRL3R97
            
            -256110.98000000
            USD
            305000000.00000000
            KRW
            2022-04-28
            -3531.01000000
          
        
        
          N
          N
          N
        
      
      
        International Public Partnerships Ltd
        2138002AJT55TI5M4W30
        International Public Partnerships Ltd
        000000000
        
          
          
          
        
        98110.00000000
        NS
        
        221894.68000000
        0.851100999929
        Long
        EC
        RF
        GG
        N
        
        1
        
          N
          N
          N
        
      
      
        HSBC SECURITIES (USA) INC.
        CYYGQCGNHMHPSMRL3R97
        USD/EGP FORWARD
        000000000
        
          
          
        
        1.00000000
        NC
        USD
        -2667.07000000
        -0.01022983491
        N/A
        DFE
        CORP
        US
        N
        
        2
        
          
            
              HSBC SECURITIES (USA) INC.
              CYYGQCGNHMHPSMRL3R97
            
            -1930000.00000000
            EGP
            118915.59000000
            USD
            2022-03-10
            -2667.07000000
          
        
        
          N
          N
          N
        
      
      
        EUREX CLEARING AKTIENGESELLSCHAFT
        529900LN3S50JPU47S06
        EUREX 30 YEAR EURO BUXL
        000000000
        
          
          
        
        -1.00000000
        NC
        
        14038.92000000
        0.053847793241
        N/A
        DIR
        CORP
        DE
        
        N
        
        1
        
          
            
              EUREX CLEARING AKTIENGESELLSCHAFT
              529900LN3S50JPU47S06
            
            Short
            
              
                BUNDESREPUB. DEUTSCHLAND
                Bundesrepublik Deutschland Bundesanleihe
                
                  
                  
                  
                
              
            
            2022-03-08
            -244162.68000000
            USD
            14038.92000000
          
        
        
          N
          N
          N
        
      
      
        HSBC SECURITIES (USA) INC.
        CYYGQCGNHMHPSMRL3R97
        USD/THB FORWARD
        000000000
        
          
          
        
        1.00000000
        NC
        USD
        -2969.77000000
        -0.01139087343
        N/A
        DFE
        CORP
        US
        N
        
        2
        
          
            
              HSBC SECURITIES (USA) INC.
              CYYGQCGNHMHPSMRL3R97
            
            -261517.41000000
            USD
            8600000.00000000
            THB
            2022-07-21
            -2969.77000000
          
        
        
          N
          N
          N
        
      
      
        Galaxy Entertainment Group Ltd
        549300ZSEBV3HR826S10
        Galaxy Entertainment Group Ltd
        000000000
        
          
          
          
        
        4000.00000000
        NS
        
        23165.05000000
        0.088852050073
        Long
        EC
        CORP
        HK
        
        N
        
        2
        
          N
          N
          N
        
      
      
        ELECTRICITE DE FRANCE SA
        549300X3UK4GG3FNMO06
        Electricite de France SA
        000000000
        
          
          
        
        15000.00000000
        PA
        USD
        20160.43000000
        0.077327505697
        Long
        DBT
        CORP
        FR
        N
        
        2
        
          2039-01-26
          Fixed
          6.95000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        UNITED MEXICAN STATES
        254900EGTWEU67VP6075
        Mexico Government International Bond
        91086QAZ1
        
          
          
        
        26000.00000000
        PA
        USD
        28114.32000000
        0.107835509460
        Long
        DBT
        NUSS
        MX
        N
        
        2
        
          2110-10-12
          Fixed
          5.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        REPUBLIC OF SOUTH AFRICA
        378900AAFB4F17004C49
        Republic of South Africa Government Bond
        000000000
        
          
          
        
        1153000.00000000
        PA
        
        52683.92000000
        0.202074862688
        Long
        DBT
        NUSS
        ZA
        N
        
        2
        
          2036-03-31
          Fixed
          6.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MEX BONOS DESARR FIX RT
        254900EGTWEU67VP6075
        Mexican Bonos
        000000000
        
          
          
        
        670000.00000000
        PA
        
        32730.22000000
        0.125540292222
        Long
        DBT
        NUSS
        MX
        N
        
        2
        
          2023-12-07
          Fixed
          8.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        REPUBLIC OF EL SALVADOR
        529900AKDMUSFSDOM949
        El Salvador Government International Bond
        000000000
        
          
          
        
        35000.00000000
        PA
        USD
        19775.35000000
        0.075850489786
        Long
        DBT
        NUSS
        SV
        N
        
        2
        
          2027-01-18
          Fixed
          6.37500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        HSBC SECURITIES (USA) INC.
        CYYGQCGNHMHPSMRL3R97
        EUR/USD FORWARD
        000000000
        
          
          
        
        1.00000000
        NC
        USD
        10902.68000000
        0.041818406146
        N/A
        DFE
        CORP
        US
        N
        
        2
        
          
            
              HSBC SECURITIES (USA) INC.
              CYYGQCGNHMHPSMRL3R97
            
            -1297000.00000000
            EUR
            1470906.59000000
            USD
            2022-04-21
            10902.68000000
          
        
        
          N
          N
          N
        
      
      
        GOLDMAN SACHS INTERNATIO
        W22LROWP2IHZNBB6K528
        Goldman Sachs International
        000000000
        
          
        
        50000.00000000
        PA
        USD
        514695.00000000
        1.974168236744
        Long
        DBT
        CORP
        GB
        
        N
        
        2
        
          2051-07-13
          None
          0.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        First Industrial Realty Trust
        N/A
        First Industrial Realty Trust Inc
        32054K103
        
          
          
        
        3053.00000000
        NS
        USD
        185561.34000000
        0.711740551969
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        HSBC SECURITIES (USA) INC.
        CYYGQCGNHMHPSMRL3R97
        CHF/USD FORWARD
        000000000
        
          
          
        
        1.00000000
        NC
        USD
        44.79000000
        0.000171796880
        N/A
        DFE
        CORP
        US
        N
        
        2
        
          
            
              HSBC SECURITIES (USA) INC.
              CYYGQCGNHMHPSMRL3R97
            
            -111000.00000000
            CHF
            119861.87000000
            USD
            2022-02-10
            44.79000000
          
        
        
          N
          N
          N
        
      
      
        BONOS TESORERIA PESOS
        549300FLZTJM5YJF8D34
        Bonos de la Tesoreria de la Republica en pesos
        000000000
        
          
          
        
        35000000.00000000
        PA
        
        40076.18000000
        0.153716514840
        Long
        DBT
        NUSS
        CL
        N
        
        2
        
          2035-03-01
          Fixed
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CREDIT SUISSE NASSAU
        ANGGYXNX0JLX3X63JN86
        Credit Suisse AG/Nassau
        22539U503
        
          
        
        122500.00000000
        PA
        USD
        1192951.92000000
        4.575695875087
        Long
        DBT
        CORP
        BS
        
        N
        
        2
        
          2022-10-31
          None
          0.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Pershing Square Holdings Ltd/Fund
        N/A
        Pershing Square Holdings Ltd/Fund
        000000000
        
          
          
          
        
        940.00000000
        NS
        
        35189.34000000
        0.134972512458
        Long
        EC
        RF
        GG
        N
        
        2
        
          N
          N
          N
        
      
      
        Dufry AG
        549300X53WDBVW7TIF57
        Dufry AG
        000000000
        
          
          
          
        
        514.00000000
        NS
        
        26636.55000000
        0.102167363091
        Long
        EC
        CORP
        CH
        N
        
        2
        
          N
          N
          N
        
      
      
        3i Infrastructure PLC
        549300SQ4ZSVSWC6H750
        3i Infrastructure PLC
        000000000
        
          
          
          
        
        26063.00000000
        NS
        
        121637.69000000
        0.466554491473
        Long
        EC
        RF
        JE
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Golub Capital BDC Inc
        2549005WE0QLGK9APF78
        Golub Capital BDC Inc
        38173M102
        
          
          
        
        8560.00000000
        NS
        USD
        134220.80000000
        0.514818368296
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Vale Indonesia Tbk PT
        5299002HHYBH7C6WBQ62
        Vale Indonesia Tbk PT
        000000000
        
          
          
          
        
        531700.00000000
        NS
        
        175884.84000000
        0.674625291586
        Long
        EC
        CORP
        ID
        N
        
        2
        
          N
          N
          N
        
      
      
        HSBC SECURITIES (USA) INC.
        CYYGQCGNHMHPSMRL3R97
        USD/CZK FORWARD
        000000000
        
          
          
        
        1.00000000
        NC
        USD
        -5021.57000000
        -0.01926077384
        N/A
        DFE
        CORP
        US
        N
        
        2
        
          
            
              HSBC SECURITIES (USA) INC.
              CYYGQCGNHMHPSMRL3R97
            
            -522694.74000000
            USD
            11320000.00000000
            CZK
            2022-04-28
            -5021.57000000
          
        
        
          N
          N
          N
        
      
      
        BARCLAYS CAPITAL INC.
        AC28XWWI3WIBK2824319
        TRY/USD FORWARD
        000000000
        
          
          
        
        1.00000000
        NC
        USD
        -7738.78000000
        -0.02968292613
        N/A
        DFE
        CORP
        US
        N
        
        2
        
          
            
              BARCLAYS CAPITAL INC.
              AC28XWWI3WIBK2824319
            
            -107486.34000000
            USD
            1340000.00000000
            TRY
            2022-02-17
            -7738.78000000
          
        
        
          N
          N
          N
        
      
      
        MEX BONOS DESARR FIX RT
        254900EGTWEU67VP6075
        Mexican Bonos
        000000000
        
          
          
        
        1906800.00000000
        PA
        
        92777.63000000
        0.355858615736
        Long
        DBT
        NUSS
        MX
        N
        
        2
        
          2031-05-29
          Fixed
          7.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CITIGROUP GLOBAL MARKETS
        82VOJDD5PTRDMVVMGV31
        Citigroup Global Markets Holdings Inc/United States
        17327E166
        
          
        
        100000.00000000
        PA
        USD
        823570.00000000
        3.158891644053
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2026-01-15
          None
          0.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BONOS DE TESORERIA
        254900STKLK2DBJJZ530
        Peru Government Bond
        000000000
        
          
          
        
        390000.00000000
        PA
        
        105214.36000000
        0.403561036267
        Long
        DBT
        NUSS
        PE
        N
        
        2
        
          2028-08-12
          Fixed
          6.35000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        INDONESIA GOVERNMENT
        529900FWX0GRR7WG5W79
        Indonesia Treasury Bond
        000000000
        
          
          
        
        2471000000.00000000
        PA
        
        180574.40000000
        0.692612605230
        Long
        DBT
        NUSS
        ID
        N
        
        2
        
          2035-06-15
          Fixed
          7.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        HSBC SECURITIES (USA) INC.
        CYYGQCGNHMHPSMRL3R97
        ZAR/USD FORWARD
        000000000
        
          
          
        
        1.00000000
        NC
        USD
        3769.47000000
        0.014458209120
        N/A
        DFE
        CORP
        US
        N
        
        2
        
          
            
              HSBC SECURITIES (USA) INC.
              CYYGQCGNHMHPSMRL3R97
            
            -184535.00000000
            USD
            2910000.00000000
            ZAR
            2022-03-10
            3769.47000000
          
        
        
          N
          N
          N
        
      
      
        HUNGARY
        5299003F3UFKGCCMAP43
        Hungary Government International Bond
        445545AF3
        
          
          
        
        46000.00000000
        PA
        USD
        72187.34000000
        0.276882335602
        Long
        DBT
        NUSS
        HU
        N
        
        2
        
          2041-03-29
          Fixed
          7.62500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        HSBC SECURITIES (USA) INC.
        CYYGQCGNHMHPSMRL3R97
        USD/EUR FORWARD
        000000000
        
          
          
        
        1.00000000
        NC
        USD
        1223.15000000
        0.004691523870
        N/A
        DFE
        CORP
        US
        N
        
        2
        
          
            
              HSBC SECURITIES (USA) INC.
              CYYGQCGNHMHPSMRL3R97
            
            -110000.00000000
            EUR
            125292.31000000
            USD
            2022-06-16
            1223.15000000
          
        
        
          N
          N
          N
        
      
      
        Wizz Air Holdings Plc
        213800COXGZCORLJZA85
        Wizz Air Holdings Plc
        000000000
        
          
          
          
        
        485.00000000
        NS
        
        26583.62000000
        0.101964344362
        Long
        EC
        CORP
        CH
        N
        
        2
        
          N
          N
          N
        
      
      
        Six Flags Entertainment Corp
        549300JYTDUAA4JQ3717
        Six Flags Entertainment Corp
        83001A102
        
          
          
        
        816.00000000
        NS
        USD
        32223.84000000
        0.123598017066
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        First Majestic Silver Corp
        529900PWCU5DUH1DYR51
        First Majestic Silver Corp
        32076V103
        
          
          
          
        
        8100.00000000
        NS
        
        82264.88000000
        0.315535828200
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        BARCLAYS BANK PLC
        G5GSEF7VJP5I7OUK5573
        USD/RUB FORWARD
        000000000
        
          
          
        
        1.00000000
        NC
        USD
        603.25000000
        0.002313830499
        N/A
        DFE
        CORP
        US
        N
        
        2
        
          
            
              BARCLAYS BANK PLC
              G5GSEF7VJP5I7OUK5573
            
            -3240000.00000000
            RUB
            41649.10000000
            USD
            2022-04-14
            603.25000000
          
        
        
          N
          N
          N
        
      
      
        CTP NV
        3157000YTVO4TN65UM14
        CTP NV
        000000000
        
          
          
          
        
        4932.00000000
        NS
        
        100328.82000000
        0.384822020175
        Long
        EC
        CORP
        NL
        N
        
        2
        
          N
          N
          N
        
      
      
        RUSSIA GOVT BOND - OFZ
        5493004EHVGF71PDBU58
        Russian Federal Bond - OFZ
        000000000
        
          
          
        
        5195000.00000000
        PA
        
        62440.66000000
        0.239497892253
        Long
        DBT
        NUSS
        RU
        N
        
        2
        
          2025-11-12
          Fixed
          7.15000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Aspect Ucits Funds PLC-Aspect Core Ucits Fund
        549300T6ACXTNC1FJM77
        Aspect Ucits Funds PLC-Aspect Core Ucits Fund
        000000000
        
          
          
          
        
        5654.46610000
        NS
        USD
        604405.88000000
        2.318264001783
        Long
        EC
        RF
        IE
        
        N
        
        1
        
          N
          N
          N
        
      
      
        MP Materials Corp
        N/A
        MP Materials Corp
        553368101
        
          
          
        
        4300.00000000
        NS
        USD
        171742.00000000
        0.658734981523
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        LEG Immobilien SE
        391200SO40AKONBO0Z96
        LEG Immobilien SE
        000000000
        
          
          
          
        
        2140.00000000
        NS
        
        283889.78000000
        1.088889898702
        Long
        EC
        CORP
        DE
        N
        
        2
        
          N
          N
          N
        
      
      
        Foresight Solar Fund Ltd
        213800VO4O83JVSSOX33
        Foresight Solar Fund Ltd
        000000000
        
          
          
          
        
        31243.00000000
        NS
        
        42270.82000000
        0.162134293484
        Long
        EC
        RF
        GB
        N
        
        1
        
          N
          N
          N
        
      
      
        BARCLAYS BANK PLC
        G5GSEF7VJP5I7OUK5573
        TRY/USD FORWARD
        000000000
        
          
          
        
        1.00000000
        NC
        USD
        11395.43000000
        0.043708401966
        N/A
        DFE
        CORP
        US
        N
        
        2
        
          
            
              BARCLAYS BANK PLC
              G5GSEF7VJP5I7OUK5573
            
            -68998.12000000
            USD
            1080000.00000000
            TRY
            2022-02-17
            11395.43000000
          
        
        
          N
          N
          N
        
      
      
        INDONESIA GOVERNMENT
        529900FWX0GRR7WG5W79
        Indonesia Treasury Bond
        000000000
        
          
          
        
        2530000000.00000000
        PA
        
        184885.97000000
        0.709150097424
        Long
        DBT
        NUSS
        ID
        N
        
        2
        
          2040-04-15
          Fixed
          7.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Baillie Gifford Emerging Markets Equities Fund
        213800AYGKM1ZPTRBP96
        Baillie Gifford Emerging Markets Equities Fund
        056823396
        
          
          
        
        31152.64500000
        NS
        USD
        759501.49000000
        2.913149957389
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        LXI REIT Plc
        2138008YZGXOKAXQVI45
        LXI REIT Plc
        000000000
        
          
          
          
        
        63058.00000000
        NS
        
        125106.26000000
        0.479858566160
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        ROMANIA
        315700IASY927EDWBK92
        Romanian Government International Bond
        000000000
        
          
          
        
        20000.00000000
        PA
        
        20427.56000000
        0.078352111650
        Long
        DBT
        NUSS
        RO
        N
        
        2
        
          2030-07-13
          Fixed
          1.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Hays PLC
        213800QC8AWD4BO8TH08
        Hays PLC
        000000000
        
          
          
          
        
        16054.00000000
        NS
        
        31283.39000000
        0.119990819564
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Terna - Rete Elettrica Naziona
        8156009E94ED54DE7C31
        Terna - Rete Elettrica Nazionale
        000000000
        
          
          
          
        
        38112.00000000
        NS
        
        299461.71000000
        1.148617717295
        Long
        EC
        CORP
        IT
        N
        
        2
        
          N
          N
          N
        
      
      
        BONOS DE TESORERIA
        254900STKLK2DBJJZ530
        Peru Government Bond
        000000000
        
          
          
        
        245000.00000000
        PA
        
        64104.91000000
        0.245881302793
        Long
        DBT
        NUSS
        PE
        N
        
        2
        
          2037-08-12
          Fixed
          6.90000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        HSBC SECURITIES (USA) INC.
        CYYGQCGNHMHPSMRL3R97
        NOK/USD FORWARD
        000000000
        
          
          
        
        1.00000000
        NC
        USD
        2933.86000000
        0.011253136756
        N/A
        DFE
        CORP
        US
        N
        
        2
        
          
            
              HSBC SECURITIES (USA) INC.
              CYYGQCGNHMHPSMRL3R97
            
            -6680000.00000000
            NOK
            753879.63000000
            USD
            2022-02-09
            2933.86000000
          
        
        
          N
          N
          N
        
      
      
        HSBC SECURITIES (USA) INC.
        CYYGQCGNHMHPSMRL3R97
        USD/ZAR FORWARD
        000000000
        
          
          
        
        1.00000000
        NC
        USD
        2209.40000000
        0.008474392217
        N/A
        DFE
        CORP
        US
        N
        
        2
        
          
            
              HSBC SECURITIES (USA) INC.
              CYYGQCGNHMHPSMRL3R97
            
            -1020000.00000000
            ZAR
            68415.28000000
            USD
            2022-02-17
            2209.40000000
          
        
        
          N
          N
          N
        
      
      
        CRH PLC
        549300MIDJNNTH068E74
        CRH PLC
        000000000
        
          
          
          
        
        707.00000000
        NS
        
        35690.31000000
        0.136894036976
        Long
        EC
        CORP
        IE
        N
        
        2
        
          N
          N
          N
        
      
      
        Brookfield Renewable Corp
        N/A
        Brookfield Renewable Corp
        11284V105
        
          
          
        
        4252.00000000
        NS
        USD
        145503.44000000
        0.558094152041
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Royal Caribbean Cruises Ltd
        K2NEH8QNVW44JIWK7Z55
        Royal Caribbean Cruises Ltd
        000000000
        
          
          
          
        
        396.00000000
        NS
        USD
        30812.76000000
        0.118185667392
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        MMC Norilsk Nickel PJSC
        253400JPTEEW143W3E47
        MMC Norilsk Nickel PJSC
        55315J102
        
          
          
          
        
        8410.00000000
        NS
        USD
        237735.61000000
        0.911860597062
        Long
        EC
        CORP
        RU
        N
        
        2
        
          N
          N
          N
        
      
      
        Ryanair Holdings PLC
        635400BR2ROC1FVEBQ56
        Ryanair Holdings PLC
        783513203
        
          
          
        
        269.00000000
        NS
        USD
        30025.78000000
        0.115167120643
        Long
        EC
        CORP
        IE
        N
        
        1
        
          N
          N
          N
        
      
      
        LETRA TESOURO NACIONAL
        254900ZFY40OYEADAP90
        Brazil Letras do Tesouro Nacional
        000000000
        
          
          
        
        504000.00000000
        PA
        
        76690.08000000
        0.294153080969
        Long
        DBT
        NUSS
        BR
        N
        
        2
        
          2024-01-01
          None
          0.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        HSBC SECURITIES (USA) INC.
        CYYGQCGNHMHPSMRL3R97
        USD/NOK FORWARD
        000000000
        
          
          
        
        1.00000000
        NC
        USD
        -4519.23000000
        -0.01733399454
        N/A
        DFE
        CORP
        US
        N
        
        2
        
          
            
              HSBC SECURITIES (USA) INC.
              CYYGQCGNHMHPSMRL3R97
            
            -262742.32000000
            USD
            2300000.00000000
            NOK
            2022-04-21
            -4519.23000000
          
        
        
          N
          N
          N
        
      
      
        Sands China Ltd
        549300EVO6UZDGY05787
        Sands China Ltd
        000000000
        
          
          
          
        
        6400.00000000
        NS
        
        17846.09000000
        0.068450604781
        Long
        EC
        CORP
        MO
        N
        
        2
        
          N
          N
          N
        
      
      
        IVORY COAST
        254900ICW11T82O6H590
        Ivory Coast Government International Bond
        000000000
        
          
          
        
        100000.00000000
        PA
        
        112248.38000000
        0.430540779339
        Long
        DBT
        NUSS
        CI
        N
        
        2
        
          2030-03-22
          Fixed
          5.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Iberdrola SA
        N/A
        Iberdrola SA
        000000000
        
          
          
        
        557.00000000
        NS
        
        6386.04000000
        0.024494345829
        Long
        EC
        CORP
        ES
        N
        
        1
        
          N
          N
          N
        
      
      
        REPUBLIC OF TURKEY
        5493000PCHOG3B6S3Q85
        Turkey Government International Bond
        900123AW0
        
          
          
        
        15000.00000000
        PA
        USD
        15308.10000000
        0.058715870146
        Long
        DBT
        NUSS
        TR
        N
        
        2
        
          2025-02-05
          Fixed
          7.37500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Lynas Rare Earths Ltd
        529900SGT9M1FJPXXI35
        Lynas Rare Earths Ltd
        000000000
        
          
          
          
        
        26800.00000000
        NS
        
        173103.95000000
        0.663958887778
        Long
        EC
        CORP
        MY
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Nickel Mines Ltd
        54930007K0WX53TSIK16
        Nickel Mines Ltd
        000000000
        
          
          
          
        
        178996.00000000
        NS
        
        183846.74000000
        0.705164018568
        Long
        EC
        CORP
        AU
        
        N
        
        2
        
          N
          N
          N
        
      
      
        HSBC SECURITIES (USA) INC.
        CYYGQCGNHMHPSMRL3R97
        USD/GBP FORWARD
        000000000
        
          
          
        
        1.00000000
        NC
        USD
        113.92000000
        0.000436952458
        N/A
        DFE
        CORP
        US
        N
        
        2
        
          
            
              HSBC SECURITIES (USA) INC.
              CYYGQCGNHMHPSMRL3R97
            
            -219091.89000000
            USD
            163000.00000000
            GBP
            2022-02-09
            113.92000000
          
        
        
          N
          N
          N
        
      
      
        CHINA GOVERNMENT BOND
        300300CHN201808MOF68
        China Government Bond
        000000000
        
          
          
        
        1740000.00000000
        PA
        
        274336.31000000
        1.052246533165
        Long
        DBT
        NUSS
        CN
        N
        
        2
        
          2050-03-16
          Fixed
          3.39000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        HSBC SECURITIES (USA) INC.
        CYYGQCGNHMHPSMRL3R97
        CHF/USD FORWARD
        000000000
        
          
          
        
        1.00000000
        NC
        USD
        -799.56000000
        -0.00306679869
        N/A
        DFE
        CORP
        US
        N
        
        2
        
          
            
              HSBC SECURITIES (USA) INC.
              CYYGQCGNHMHPSMRL3R97
            
            -120616.64000000
            USD
            111000.00000000
            CHF
            2022-02-10
            -799.56000000
          
        
        
          N
          N
          N
        
      
      
        JCDecaux SA
        9695009KV7AFPDEI5S30
        JCDecaux SA
        000000000
        
          
          
          
        
        1199.00000000
        NS
        
        32821.58000000
        0.125890713365
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        HSBC SECURITIES (USA) INC.
        CYYGQCGNHMHPSMRL3R97
        EGP/USD FORWARD
        000000000
        
          
          
        
        1.00000000
        NC
        USD
        2299.59000000
        0.008820325698
        N/A
        DFE
        CORP
        US
        N
        
        2
        
          
            
              HSBC SECURITIES (USA) INC.
              CYYGQCGNHMHPSMRL3R97
            
            -119283.07000000
            USD
            1930000.00000000
            EGP
            2022-03-10
            2299.59000000
          
        
        
          N
          N
          N
        
      
      
        HSBC SECURITIES (USA) INC.
        CYYGQCGNHMHPSMRL3R97
        JPY/USD FORWARD
        000000000
        
          
          
        
        1.00000000
        NC
        USD
        1675.15000000
        0.006425218666
        N/A
        DFE
        CORP
        US
        N
        
        2
        
          
            
              HSBC SECURITIES (USA) INC.
              CYYGQCGNHMHPSMRL3R97
            
            -251269.09000000
            USD
            29080000.00000000
            JPY
            2022-04-21
            1675.15000000
          
        
        
          N
          N
          N
        
      
      
        Vonovia SE
        5299005A2ZEP6AP7KM81
        Vonovia SE
        000000000
        
          
          
          
        
        1942.00000000
        NS
        
        110608.13000000
        0.424249423390
        Long
        EC
        CORP
        DE
        N
        
        2
        
          N
          N
          N
        
      
      
        Fraport AG Frankfurt Airport S
        5299001ERX0K10IZUL40
        Fraport AG Frankfurt Airport Services Worldwide
        000000000
        
          
          
          
        
        747.00000000
        NS
        
        51025.09000000
        0.195712241142
        Long
        EC
        CORP
        DE
        N
        
        2
        
          N
          N
          N
        
      
      
        EGYPT GOVERNMENT BOND
        529900GFIVH4086NMH82
        Egypt Government Bond
        000000000
        
          
          
        
        1639000.00000000
        PA
        
        103521.52000000
        0.397067965695
        Long
        DBT
        NUSS
        EG
        N
        
        2
        
          2027-07-07
          Fixed
          14.40600000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        TESCO PLC
        2138002P5RNKC5W2JZ46
        Tesco PLC
        000000000
        
          
          
        
        14000.00000000
        PA
        
        22915.45000000
        0.087894682327
        Long
        DBT
        CORP
        GB
        N
        
        2
        
          2033-01-13
          Fixed
          5.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        TREASURY BILL
        254900HROIFWPRGM1V77
        United States Treasury Bill
        912796H44
        
          
          
        
        490000.00000000
        PA
        USD
        489610.05000000
        1.877952202957
        Long
        DBT
        UST
        US
        N
        
        1
        
          2022-05-19
          None
          0.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        STICHTING AK RABOBANK
        DG3RU1DBUFHT4ZF9WN62
        Stichting AK Rabobank Certificaten
        000000000
        
          
          
        
        168550.00000000
        PA
        
        244747.97000000
        0.938757260866
        Long
        DBT
        CORP
        NL
        N
        
        2
        
          N/A
          Variable
          6.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Xinyi Energy Holdings Ltd
        N/A
        Xinyi Energy Holdings Ltd
        000000000
        
          
          
          
        
        110000.00000000
        NS
        
        55191.27000000
        0.211692074295
        Long
        EC
        CORP
        CN
        N
        
        2
        
          N
          N
          N
        
      
      
        NextEra Energy Inc
        N/A
        NextEra Energy Inc
        65339F101
        
          
          
        
        2170.00000000
        NS
        USD
        169520.40000000
        0.650213794888
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ORANGE SA
        969500MCOONR8990S771
        Orange SA
        35177PAL1
        
          
          
        
        13000.00000000
        PA
        USD
        19221.18000000
        0.073724910925
        Long
        DBT
        CORP
        FR
        N
        
        2
        
          2031-03-01
          Variable
          9.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Siemens Gamesa Renewable Energ
        9598004BR8D81D3M1D64
        Siemens Gamesa Renewable Energy SA
        000000000
        
          
          
          
        
        6287.00000000
        NS
        
        136037.26000000
        0.521785596723
        Long
        EC
        CORP
        ES
        N
        
        2
        
          N
          N
          N
        
      
      
        REPUBLIC OF PANA
        549300SHS4T08CL0LP14
        Panama Government International Bond
        000000000
        
          
          
        
        30000.00000000
        PA
        USD
        29520.00000000
        0.113227146851
        Long
        DBT
        NUSS
        PA
        N
        
        2
        
          2031-06-30
          Fixed
          3.36200000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        NKT A/S
        529900197LKWCEQ0NL18
        NKT A/S
        000000000
        
          
          
          
        
        1683.00000000
        NS
        
        70853.60000000
        0.271766631848
        Long
        EC
        CORP
        DK
        N
        
        2
        
          N
          N
          N
        
      
      
        ROMANIA
        315700IASY927EDWBK92
        Romanian Government International Bond
        000000000
        
          
          
        
        80000.00000000
        PA
        
        79567.04000000
        0.305187971633
        Long
        DBT
        NUSS
        RO
        N
        
        2
        
          2032-01-28
          Fixed
          2.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        HSBC SECURITIES (USA) INC.
        CYYGQCGNHMHPSMRL3R97
        CAD/USD FORWARD
        000000000
        
          
          
        
        1.00000000
        NC
        USD
        -11314.32000000
        -0.04339729580
        N/A
        DFE
        CORP
        US
        N
        
        2
        
          
            
              HSBC SECURITIES (USA) INC.
              CYYGQCGNHMHPSMRL3R97
            
            -797521.94000000
            USD
            1000000.00000000
            CAD
            2022-07-28
            -11314.32000000
          
        
        
          N
          N
          N
        
      
      
        HSBC SECURITIES (USA) INC.
        CYYGQCGNHMHPSMRL3R97
        USD/ILS FORWARD
        000000000
        
          
          
        
        1.00000000
        NC
        USD
        5431.16000000
        0.020831800504
        N/A
        DFE
        CORP
        US
        N
        
        2
        
          
            
              HSBC SECURITIES (USA) INC.
              CYYGQCGNHMHPSMRL3R97
            
            -502822.83000000
            USD
            1607600.00000000
            ILS
            2022-03-10
            5431.16000000
          
        
        
          N
          N
          N
        
      
      
        Rexford Industrial Realty Inc
        549300MSLO0DF0EMX355
        Rexford Industrial Realty Inc
        76169C100
        
          
          
        
        2826.00000000
        NS
        USD
        206778.42000000
        0.793120952813
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
    
    
      
    
    
      2022-03-22
      Baillie Gifford Funds
      Lindsay Cockburn
      Lindsay Cockburn
      Treasurer
    
  
  XXXX

 

Portfolio of Investments

 

January 31, 2022 (unaudited)

 

Baillie Gifford Multi Asset Fund

 

   Shares/Principal   Value 
POOLED INVESTMENT VEHICLES – 30.7%
GUERNSEY — 5.0%
International Public Partnerships Ltd.    98,110   $221,895 
NextEnergy Solar Fund Ltd.    128,419    176,121 
Pershing Square Holdings Ltd.    940    35,189 
Renewables Infrastructure Group Ltd. (The)    202,609    364,144 
Sequoia Economic Infrastructure Income Fund Ltd.    163,230    226,282 
TwentyFour Income Fund Ltd.    186,024    288,962 
          1,312,593 
IRELAND — 2.3%           
Aspect Core Trend Fund, Class A    5,654    604,406 
LUXEMBOURG — 0.4%           
BBGI Global Infrastructure SA    38,252    89,202 
UNITED KINGDOM — 3.4%           
3i Infrastructure PLC    26,063    121,638 
Foresight Solar Fund Ltd.    31,243    42,271 
Greencoat UK Wind PLC    234,015    447,149 
HICL Infrastructure PLC    113,158    266,058 
          877,116 
UNITED STATES — 19.6%           
Baillie Gifford Emerging Markets Equities Fund, Class K(1)    31,153    759,501 
Baillie Gifford International Alpha Fund, Class K(1)    118,682    1,680,534 
Baillie Gifford U.S. Equity Growth Fund, Class K(1)    41,744    1,134,193 
Credit Suisse Managed Futures Strategy Fund, Class I    51,304    512,018 
KraneShares Asia Pacific High Income Bond ETF    32,500    1,027,153 
          5,113,399 
Total Pooled Investment Vehicles           
(cost $7,207,607)         7,996,716 
COMMON STOCKS — 27.5%           
AUSTRALIA — 0.9%           
BHP Group Ltd.*    1,009    31,849 
Lynas Rare Earths Ltd.*    26,800    173,104 
Rio Tinto PLC    448    31,577 
          236,530 
CANADA — 1.3%           
First Majestic Silver Corp.    8,100    82,265 
Hydro One Ltd.    5,790    149,584 
Pan American Silver Corp.    4,500    97,515 
          329,364 
CHINA — 1.5%           
China Longyuan Power Group Corp., Ltd., Class H    91,000    185,666 
China Yangtze Power Co., Ltd., Class A    40,500    139,813 
Xinyi Energy Holdings Ltd.    110,000    55,191 
          380,670 
DENMARK — 1.1%           
NKT A/S*    1,683    70,853 
Orsted AS    2,086    222,253 
          293,106 
FRANCE — 0.7%           
JCDecaux SA*    1,199    32,821 
Nexans SA    1,650    149,101 
          181,922 

 

See previously submitted notes to the financial statements for the annual period ended April 30, 2021.

 

 

 

 

Portfolio of Investments

 

January 31, 2022 (unaudited)

 

Baillie Gifford Multi Asset Fund

 

     Shares/Principal   Value 
GERMANY — 2.2%           
Fraport AG Frankfurt Airport Services Worldwide*    747   $51,025 
LEG Immobilien SE    2,140    283,890 
TAG Immobilien AG    4,520    119,366 
Vonovia SE    1,942    110,608 
          564,889 
INDONESIA — 1.4%           
Nickel Mines Ltd.    178,996    183,847 
Vale Indonesia TBK PT    531,700    175,885 
          359,732 
IRELAND — 0.2%           
CRH PLC    707    35,690 
Ryanair Holdings PLC ADR*    269    30,026 
          65,716 
ITALY — 2.5%           
Italgas SpA    27,070    179,594 
Prysmian SpA    4,993    168,371 
Terna - Rete Elettrica Nazionale    38,112    299,462 
          647,427 
MACAU — 0.1%           
Galaxy Entertainment Group Ltd.*    4,000    23,165 
Sands China Ltd.*    6,400    17,846 
          41,011 
NETHERLANDS — 0.4%           
CTP NV    4,932    100,329 
RUSSIA — 0.9%           
MMC Norilsk Nickel PJSC ADR    8,410    237,736 
SPAIN — 4.0%           
EDP Renovaveis SA    10,379    218,182 
Iberdrola SA    33,430    383,277 
Iberdrola SA*    557    6,386 
Red Electrica Corp. SA    15,078    303,946 
Siemens Gamesa Renewable Energy SA*    6,287    136,037 
          1,047,828 
SWITZERLAND — 0.2%           
Dufry AG*    514    26,636 
Wizz Air Holdings PLC*    485    26,584 
          53,220 
UNITED KINGDOM — 1.2%           
Ashtead Group PLC    239    17,095 
Greggs PLC    622    22,558 
Hays PLC    16,054    31,284 
Octopus Renewables Infrastructure Trust PLC    100,849    144,929 
SSP Group PLC*    14,805    54,931 
Whitbread PLC*    765    31,478 
          302,275 
UNITED STATES — 8.9%           
Ares Capital Corp.    10,700    236,470 
Avangrid, Inc.    6,328    295,644 
Booking Holdings, Inc.*    17    41,754 
Brookfield Renewable Corp., Class A    4,252    145,503 
CBRE Group, Inc., Class A *    577    58,473 
Consolidated Edison, Inc.    4,135    357,471 

 

See previously submitted notes to the financial statements for the annual period ended April 30, 2021.

 

 

 

 

Portfolio of Investments

 

January 31, 2022 (unaudited)

 

Baillie Gifford Multi Asset Fund

 

       Shares/Principal   Value 
UNITED STATES (continued)             
Eversource Energy      3,428   $306,772 
FirstCash Holdings, Inc.      455    31,713 
Golub Capital BDC, Inc.      8,560    134,221 
Hecla Mining Co.      16,700    82,832 
Howard Hughes Corp. (The)*      406    39,102 
Lyft, Inc., Class A *      282    10,863 
Martin Marietta Materials, Inc.      90    35,021 
MP Materials Corp.*      4,300    171,742 
NextEra Energy, Inc.      2,170    169,520 
Royal Caribbean Cruises Ltd.*      396    30,813 
Six Flags Entertainment Corp.*      816    32,224 
Sixth Street Specialty Lending, Inc.      6,000    143,160 
            2,323,298 
Total Common Stocks             
(cost $6,698,057)           7,165,053 
STRUCTURED NOTES – 12.4%             
SWITZERLAND — 4.6%             
Credit Suisse AG, Zero cpn., 10/31/22(2)      1,225    1,192,952 
UNITED STATES — 7.8%             
Citigroup Global Markets Holdings, Inc., Zero cpn., 01/15/26(3)      1,000    823,570 
Goldman Sachs International, Zero cpn., 07/13/51(4)      690    710,279 
Goldman Sachs International, Zero cpn., 08/12/51(5)      523    507,504 
            2,041,353 
Total Structured Notes             
(cost $3,444,020)           3,234,305 
FOREIGN GOVERNMENT BONDS – 9.9%             
BRAZIL — 0.4%             
Brazil Letras do Tesouro Nacional, Series LTN, Zero cpn., 01/01/24  BRL   504,000    76,690 
Brazilian Government International Bond, 7.13%, 01/20/37      30,000    34,973 
            111,663 
CHILE — 0.2%             
Bonos de la Tesoreria de la Republica en pesos, 5.00%, 03/01/35  CLP   35,000,000    40,076 
CHINA — 1.1%             
China Government Bond, Series INBK, 3.39%, 03/16/50  CNY   1,740,000    274,336 
DOMINICAN REPUBLIC — 0.4%             
Dominican Republic International Bond, 6.88%, 01/29/26      100,000    112,501 
EGYPT — 0.4%             
Egypt Government Bond, Series 7YR, 14.41%, 07/07/27  EGP   1,639,000    103,522 
EL SALVADOR — 0.1%             
El Salvador Government International Bond, 6.38%, 01/18/27      35,000    19,775 
HUNGARY — 0.3%             
Hungary Government International Bond, 7.63%, 03/29/41      46,000    72,187 
INDONESIA — 1.9%             
Indonesia Treasury Bond, Series FR58, 8.25%, 06/15/32  IDR   1,599,000,000    122,953 
Indonesia Treasury Bond, Series FR80, 7.50%, 06/15/35  IDR   2,471,000,000    180,574 
Indonesia Treasury Bond, Series FR83, 7.50%, 04/15/40  IDR   2,530,000,000    184,886 
            488,413 
IVORY COAST (COTE D'IVOIRE) — 0.4%             
Ivory Coast Government International Bond, 5.25%, 03/22/30  EUR   100,000    112,249 
MEXICO — 0.6%             
Mexican Bonos, Series M, 8.00%, 12/07/23  MXN   670,000    32,730 

 

See previously submitted notes to the financial statements for the annual period ended April 30, 2021.

 

 

 

 

Portfolio of Investments

 

January 31, 2022 (unaudited)

 

Baillie Gifford Multi Asset Fund

 

       Shares/Principal   Value 
MEXICO (continued)             
Mexican Bonos, Series M, 7.75%, 05/29/31  MXN   1,906,800   $92,778 
Mexico Government International Bond, 5.75%, 10/12/10      26,000    28,114 
            153,622 
PANAMA — 0.1%             
Panama Government International Bond, 3.36%, 06/30/31      30,000    29,520 
PERU — 1.5%             
Peru Government Bond, 6.35%, 08/12/28  PEN   390,000    105,214 
Peru Government Bond, 5.40%, 08/12/34  PEN   460,000    108,025 
Peru Government Bond, 6.90%, 08/12/37  PEN   245,000    64,105 
Peruvian Government International Bond, 8.75%, 11/21/33      82,000    123,205 
            400,549 
ROMANIA — 0.5%             
Romania Government Bond, Series 15Y, 3.65%, 09/24/31  RON   135,000    26,340 
Romanian Government International Bond, 1.75%, 07/13/30  EUR   20,000    20,428 
Romanian Government International Bond, 2.00%, 01/28/32  EUR   80,000    79,567 
            126,335 
RUSSIA — 0.2%             
Russian Federal Bond - OFZ, Series 6229, 7.15%, 11/12/25  RUB   5,195,000    62,441 
SOUTH AFRICA — 0.2%             
Republic of South Africa Government Bond, Series R209, 6.25%, 03/31/36  ZAR   1,153,000    52,684 
THAILAND — 0.1%             
Thailand Government Bond, 1.59%, 12/17/35  THB   1,167,000    31,189 
TURKEY — 0.1%             
Turkish Government International Bond, 7.38%, 02/05/25      15,000    15,308 
Turkish Government International Bond, 6.88%, 03/17/36      16,000    14,472 
            29,780 
UKRAINE — 0.9%             
Ukraine Government Bond, 15.84%, 02/26/25  UAH   1,498,000    51,674 
Ukraine Government International Bond, Series GDP, 1.26%, 05/31/40(6)      252,000    189,000 
            240,674 
URUGUAY — 0.5%             
Uruguay Government International Bond, 4.38%, 12/15/28  UYU   2,994,062    80,972 
Uruguay Government International Bond, 4.98%, 04/20/55      32,000    39,539 
            120,511 
              
Total Foreign Government Bonds             
(cost $2,706,355)           2,582,027 
REAL ESTATE INVESTMENT TRUSTS — 6.9%             
UNITED KINGDOM — 3.8%             
LondonMetric Property PLC      34,487    124,259 
LXI REIT PLC      63,058    125,106 
Segro PLC      13,989    246,623 
Target Healthcare REIT PLC      72,951    112,823 
Tritax Big Box REIT PLC      81,903    262,716 
UK Commercial Property REIT Ltd.      121,233    134,071 
            1,005,598 
UNITED STATES — 3.1%             
Duke Realty Corp.      3,392    195,990 
First Industrial Realty Trust, Inc.      3,053    185,561 
Prologis, Inc.      1,357    212,805 

 

See previously submitted notes to the financial statements for the annual period ended April 30, 2021.

 

 

 

 

Portfolio of Investments

 

January 31, 2022 (unaudited)

 

Baillie Gifford Multi Asset Fund

 

     Shares/Principal   Value 
UNITED STATES (continued)           
Rexford Industrial Realty, Inc.    2,826   $206,778 
          801,134 
Total Real Estate Investment Trusts           
(cost $1,301,066)         1,806,732 
COLLATERALIZED LOAN OBLIGATIONS – 2.9%           
IRELAND — 2.9%           
Fair Oaks Senior CLO DAC, Zero cpn., 11/30/26           
(cost $775,208)    6,847    770,238 
TREASURY BILLS – 1.9%           
UNITED STATES — 1.9%           
U.S. Treasury Bill, 05/19/22(7)    490,000    489,610 
Total Treasury Bills           
(cost $489,934)         489,610 
CORPORATE BONDS – 1.8%           
CANADA — 0.1%           
Bell Canada, Series MTN, 4.75%, 09/29/44    21,000    17,803 
FRANCE — 0.2%           
Electricite de France SA, 6.95%, 01/26/39    15,000    20,161 
Orange SA, 9.00%, 03/01/31    13,000    19,221 
          39,382 
NETHERLANDS — 0.9%           
Stichting AK Rabobank Certificaten, 6.50%(8)    168,550    244,748 
UNITED KINGDOM — 0.1%           
Tesco PLC, 5.50%, 01/13/33    14,000    22,915 
UNITED STATES — 0.5%           
Aptiv PLC, 4.35%, 03/15/29    19,000    21,021 
AT&T, Inc., 3.50%, 09/15/53    18,000    17,104 
Citigroup, Inc., 8.13%, 07/15/39    13,000    20,888 
Corning, Inc., 5.45%, 11/15/79    17,000    21,294 
Dell International LLC / EMC Corp., 5.30%, 10/01/29    19,000    21,784 
Hasbro, Inc., 6.35%, 03/15/40    17,000    22,574 
Walt Disney Co. (The), 6.15%, 02/15/41    12,000    16,567 
          141,232 
            
Total Corporate Bonds           
(cost $394,330)         466,080 
RIGHTS — 0.0%(9)           
UNITED KINGDOM — 0.0%(9)           
LXI REIT PLC, expiring on 2/8/2022*    7,566    562 
Total Rights           
(cost $0)         562 
TOTAL INVESTMENTS — 94.0%           
(cost $23,016,577)        $24,511,323 
Other assets less liabilities — 6.0%         1,559,617 
NET ASSETS — 100.0%        $26,070,940 

 

* Non-income producing security.
(1) Affiliated Fund.
(2) ETF-linked certificate which tracks the CSI 500 China A Shares Small Cap ETF as the reference price. Value correlates to changes in this reference price.
(3) Index-linked note which tracks the Citi Equity Intraday Momentum Basket Index as the reference price. Value correlates to changes in this reference price.
(4) 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.
(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) 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.
(7) Security issued on a discount basis with no stated coupon rate. Income is recognized through the accretion of discount.
(8) Perpetual, callable security with no stated maturity date.
(9) Amount rounds to less than 0.1%.

 

This report classifies issuers geographically by their country of risk. For compliance monitoring purposes, Baillie Gifford Overseas Limited 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 annual period ended April 30, 2021.

 

 

 

 

Portfolio of Investments

 

January 31, 2022 (unaudited)

 

Baillie Gifford Multi Asset Fund

 

A summary of the Fund’s transactions with affiliated funds during the period ended January 31, 2022 is as follows:
Affiliated Fund Holdings

 

   Shares at
April 30,
2021		  Value
at
April 30,
2021		  Purchases
Cost		  Sales
Proceeds		  Net
Realized
Gain/(Loss)		  Net
Change in
Unrealized
Appreciation/
(Depreciation)		  Shares at
January
31, 2022		  Value
 at
January
31, 2022		  Income
Distributions		  Capital
Gain
Distributions		 
Baillie Gifford Emerging Markets Equities Fund, Class K   30,265  $864,974  $21,435  $–  $–  $(126,909)  31,153  $759,501  $10,525  $10,910 
Baillie Gifford International Alpha Fund, Class K   109,775   1,913,385   136,089   –   –   (368,941)  118,682   1,680,534   18,596   117,494 
Baillie Gifford U.S. Equity Growth Fund, Class K   37,844   1,591,352   135,174   –   –   (592,334)  41,744   1,134,193   –   135,174 
    177,884  $4,369,711  $292,698  $–  $–  $(1,088,184)  191,579  $3,574,228  $29,121  $263,578 

 

Open futures contracts outstanding at January 31, 2022:    

 

Description  Counterparty  Expiration Date  Number of
Contracts
Purchased
(Sold)		   Notional Value at
January 31, 2022		   Unrealized
Appreciation		 
E-Mini Futures  HSBC Securities (USA) Inc.  March 2022   (2)   $(596,200)  $49,837 
Euro — BOBL Futures  HSBC Securities (USA) Inc.  March 2022   (2)    (297,130)   4,036 
Euro — Buxl Futures  HSBC Securities (USA) Inc.  March 2022   (1)    (228,397)   14,039 
U.S. 10 Year Note Future  HSBC Securities (USA) Inc.  March 2022   (6)    (767,813)   5,256 
                   $73,168 

 

Open forward foreign currency contracts outstanding at January 31, 2022:

 

Counterparty  Settlement
Date		  Currency To
Deliver		  Currency To
Receive		  Unrealized
Appreciation		   Unrealized
Depreciation		 
HSBC Securities (USA) Inc.  2/9/2022  AUD 909,000  USD 649,875  $7,147   $– 
HSBC Securities (USA) Inc.  2/9/2022  CAD 2,100,700  USD 1,651,894   –    (698)
HSBC Securities (USA) Inc.  2/9/2022  CHF 1,382,700  USD 1,501,179   8,685    – 
HSBC Securities (USA) Inc.  2/9/2022  EUR 5,096,370  USD 5,761,818   35,273    – 
HSBC Securities (USA) Inc.  2/9/2022  GBP 3,863,090  USD 5,230,064   34,900    – 
HSBC Securities (USA) Inc.  2/9/2022  NOK 6,680,000  USD 753,880   2,934    – 
HSBC Securities (USA) Inc.  2/9/2022  NZD 923,000  USD 622,564   15,313    – 
HSBC Securities (USA) Inc.  2/9/2022  USD 219,092  GBP 163,000   114    – 
HSBC Securities (USA) Inc.  2/9/2022  USD 222,109  EUR 197,000   –    (749)
HSBC Securities (USA) Inc.  2/9/2022  USD 1,978,360  JPY 229,141,200   12,923    – 
HSBC Securities (USA) Inc.  2/9/2022  ZAR 8,565,000  USD 546,788   –    (9,767)
HSBC Securities (USA) Inc.  2/10/2022  CHF 111,000  USD 119,862   45    – 
HSBC Securities (USA) Inc.  2/10/2022  USD 120,617  CHF 111,000   –    (800)
HSBC Securities (USA) Inc.  2/10/2022  USD 130,947  CNY 840,000   863    – 
Barclays Bank PLC  2/17/2022  TRY 2,420,000  USD 266,317   86,176    – 

 

See previously submitted notes to the financial statements for the annual period ended April 30, 2021.

 

 

 

 

Portfolio of Investments

 

January 31, 2022 (unaudited)

 

Baillie Gifford Multi Asset Fund

 

Counterparty  Settlement Date  Currency To
Deliver		  Currency To
Receive		  Unrealized Appreciation   Unrealized Depreciation 
Barclays Bank PLC  2/17/2022  USD 107,486  TRY 1,340,000  $–   $(7,739)
Barclays Bank PLC  2/17/2022  USD 68,998  TRY 1,080,000   11,395    – 
HSBC Securities (USA) Inc.  2/17/2022  USD 66,118  ZAR 1,020,000   88    – 
HSBC Securities (USA) Inc.  2/17/2022  ZAR 1,020,000  USD 68,415   2,209    – 
HSBC Securities (USA) Inc.  3/10/2022  EGP 1,930,000  USD 118,916   –    (2,667)
HSBC Securities (USA) Inc.  3/10/2022  USD 119,283  EGP 1,930,000   2,300    – 
HSBC Securities (USA) Inc.  3/10/2022  USD 502,823  ILS 1,607,600   5,431    – 
HSBC Securities (USA) Inc.  3/10/2022  USD 184,535  ZAR 2,910,000   3,769    – 
HSBC Securities (USA) Inc.  3/10/2022  ZAR 7,119,000  USD 469,981   9,315    – 
Barclays Bank PLC  4/14/2022  RUB 3,240,000  USD 41,649   603    – 
Barclays Bank PLC  4/14/2022  TRY 820,000  USD 80,287   21,144    – 
HSBC Securities (USA) Inc.  4/20/2022  RUB 6,100,000  USD 78,064   922    – 
HSBC Securities (USA) Inc.  4/21/2022  AUD 352,000  USD 253,154   4,157    – 
HSBC Securities (USA) Inc.  4/21/2022  EUR 1,297,000  USD 1,470,907   10,903    – 
HSBC Securities (USA) Inc.  4/21/2022  USD 303,024  EUR 267,000   –    (2,468)
HSBC Securities (USA) Inc.  4/21/2022  USD 262,742  NOK 2,300,000   –    (4,519)
HSBC Securities (USA) Inc.  4/21/2022  USD 251,269  JPY 29,080,000   1,675    – 
HSBC Securities (USA) Inc.  4/28/2022  COP 1,530,000,000  USD 377,889   –    (5,427)
Barclays Bank PLC  4/28/2022  USD 141,212  KRW 168,000,000   –    (2,086)
HSBC Securities (USA) Inc.  4/28/2022  USD 256,111  KRW 305,000,000   –    (3,531)
HSBC Securities (USA) Inc.  4/28/2022  USD 522,695  CZK 11,320,000   –    (5,022)
HSBC Securities (USA) Inc.  6/16/2022  EUR 110,000  USD 125,292   1,223    – 
HSBC Securities (USA) Inc.  7/21/2022  USD 261,518  THB 8,600,000   –    (2,970)
HSBC Securities (USA) Inc.  7/28/2022  EUR 173,760  USD 197,986   1,697    – 
HSBC Securities (USA) Inc.  7/28/2022  USD 797,522  CAD 1,000,000   –    (11,314)
Total unrealized appreciation (depreciation)            $281,204   $(59,757)
Net unrealized appreciation (depreciation)                 $221,447 

 

ADR - American Depositary Receipt
CLO - Collateralized Loan Obligation
MTN - Medium Term Note
REIT - Real Estate Investment Trust

 

See previously submitted notes to the financial statements for the annual period ended April 30, 2021.

 

 

 

 

Portfolio of Investments

 

January 31, 2022 (unaudited)

 

Baillie Gifford Multi Asset Fund

 

Currency Abbreviations:
AUD - Australian Dollar
BRL - Brazilian Real
CAD - Canadian Dollar
CHF - Swiss Franc
CLP - Chilean Peso
CNY - Chinese Yuan
COP - Colombian Peso
CZK - Czech Koruna
EGP - Egyptian Pound
EUR - Euro
GBP - Great Britain Pound
IDR - Indonesian Rupiah
ILS - Israeli Shekel
JPY - Japanese Yen
KRW - South Korean Won
MXN - Mexican Peso
NOK - Norwegian Krone
NZD - New Zealand Dollar
PEN - Peruvian Nuevo Sol
RON - Romanian New Leu
RUB - Russian Ruble
THB - Thai Baht
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, 2021.

 

 

 

 

Portfolio of Investments

 

January 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 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

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 January 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  $6,049,038   $1,947,678   $–   $7,996,716 
Common Stocks   2,860,736    4,304,317    –    7,165,053 
Structured Notes   –    3,234,305    –    3,234,305 
Foreign Government Bonds   –    2,582,027    –    2,582,027 
Real Estate Investment Trusts   801,134    1,005,598    –    1,806,732 
Collateralized Loan Obligations   –    770,238    –    770,238 
Treasury Bills   489,610    –    –    489,610 
Corporate Bonds   –    466,080    –    466,080 
Rights   562    –    –    562 
Total Investments in Securities  $10,201,080   $14,310,243   $–   $24,511,323 
Other Financial Instruments(2)                    
Forward Foreign Currency Contracts   –    281,204    –    281,204 
Futures Contracts   73,168    –    –    73,168 
Total Investments in Securities and Other Financial Instruments  $10,274,248   $14,591,447   $–   $24,865,695 
Liabilities:                    
Other Financial Instruments(2)                    
Forward Foreign Currency Contracts  $–   $59,757   $–   $59,757 
Total Other Financial Instruments  $–   $59,757   $–   $59,757 

 

(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, 2021.

 

 

 


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