NPORT-P
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      Baillie Gifford Funds
      811-10145
      0001120543
      213800T287IYS8QHPC42
      CALTON SQUARE, ONE GREENSIDE ROW
      EDINBURGH
      GB
      EH1 3AN
      011-44-131-275-2000
      Baillie Gifford U.S. Discovery Fund
      S000071647
      213800TLFDWNN6U3B728
      2022-12-31
      2022-03-31
      N
    
    
      4114187.77
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      4094263.20
      0.00000000
      0.00000000
      0.00000000
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      0.00000000
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      0.00000000
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      N
      
        
          
          
        
        
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
        
        
        
        
      
      
      
      
      
      
    
    
      
        IPG Photonics Corp
        5493002KZ51CADQ94G15
        IPG Photonics Corp
        44980X109
        
          
          
        
        557.00000000
        NS
        USD
        61136.32000000
        1.493219097394
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Denali Therapeutics Inc
        549300ZTQ2HO18L3Q830
        Denali Therapeutics Inc
        24823R105
        
          
          
        
        1038.00000000
        NS
        USD
        33392.46000000
        0.815591435352
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        AeroVironment Inc
        529900PGHVI29YLZ6221
        AeroVironment Inc
        008073108
        
          
          
        
        1077.00000000
        NS
        USD
        101388.78000000
        2.476362047266
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Blackline Inc
        529900P9N7PK9LV5EK56
        Blackline Inc
        09239B109
        
          
          
        
        1309.00000000
        NS
        USD
        95844.98000000
        2.340957953069
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Shockwave Medical Inc
        549300LDXO56IC5Y1538
        Shockwave Medical Inc
        82489T104
        
          
          
        
        783.00000000
        NS
        USD
        162362.88000000
        3.965619015406
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Redfin Corp
        549300HXWD3JEMZU3O57
        Redfin Corp
        75737F108
        
          
          
        
        1693.00000000
        NS
        USD
        30541.72000000
        0.745963767058
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Adaptimmune Therapeutics Plc
        549300UUNWK8TRT5EW12
        Adaptimmune Therapeutics Plc
        00653A107
        
          
          
        
        10581.00000000
        NS
        USD
        21796.86000000
        0.532375642093
        Long
        EC
        CORP
        GB
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Veeco Instruments Inc
        5493004201F72ADDZW04
        Veeco Instruments Inc
        922417100
        
          
          
        
        2342.00000000
        NS
        USD
        63678.98000000
        1.555322090675
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        HashiCorp Inc
        N/A
        HashiCorp Inc
        418100103
        
          
          
        
        794.00000000
        NS
        USD
        42876.00000000
        1.047221390163
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Everbridge Inc
        549300WCY0UMR64ATW81
        Everbridge Inc
        29978A104
        
          
          
        
        1162.00000000
        NS
        USD
        50709.68000000
        1.238554473000
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Berkeley Lights Inc
        549300LTLRE4N65CD358
        Berkeley Lights Inc
        084310101
        
          
          
        
        2423.00000000
        NS
        USD
        17227.53000000
        0.420772411504
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Cargurus Inc
        54930027BKQN6B7X7G78
        Cargurus Inc
        141788109
        
          
          
        
        2460.00000000
        NS
        USD
        104451.60000000
        2.551169646348
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Novocure Ltd
        213800YPP55UMHWA4826
        Novocure Ltd
        000000000
        
          
          
          
        
        1234.00000000
        NS
        USD
        102236.90000000
        2.497076885530
        Long
        EC
        CORP
        JE
        
        N
        
        1
        
          N
          N
          N
        
      
      
        LendingTree Inc
        549300ISY5YHUJZTON08
        LendingTree Inc
        52603B107
        
          
          
        
        562.00000000
        NS
        USD
        67254.54000000
        1.642653066368
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Bandwidth Inc
        549300QC70JB7MUGXM66
        Bandwidth Inc
        05988J103
        
          
          
        
        971.00000000
        NS
        USD
        31450.69000000
        0.768164831220
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Sutro Biopharma Inc
        5493005U6P15VD25P851
        Sutro Biopharma Inc
        869367102
        
          
          
        
        5815.00000000
        NS
        USD
        47799.30000000
        1.167470132354
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Precision BioSciences Inc
        549300I5QGRS3BLHZH41
        Precision BioSciences Inc
        74019P108
        
          
          
        
        4887.00000000
        NS
        USD
        15051.96000000
        0.367635378204
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Stratasys Ltd
        529900MU215GIP9SZ741
        Stratasys Ltd
        000000000
        
          
          
          
        
        2068.00000000
        NS
        USD
        52506.52000000
        1.282441246083
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Progyny Inc
        N/A
        Progyny Inc
        74340E103
        
          
          
        
        1054.00000000
        NS
        USD
        54175.60000000
        1.323207555391
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Stitch Fix Inc
        549300TNHOVBOJZIYE72
        Stitch Fix Inc
        860897107
        
          
          
        
        2668.00000000
        NS
        USD
        26866.76000000
        0.656205004114
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Pacira BioSciences Inc
        N/A
        Pacira BioSciences Inc
        695127100
        
          
          
        
        1691.00000000
        NS
        USD
        129057.12000000
        3.152145177183
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Upwork Inc
        5493004QJ6WWBXVE2S70
        Upwork Inc
        91688F104
        
          
          
        
        4683.00000000
        NS
        USD
        108832.92000000
        2.658180841915
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Rubius Therapeutics Inc
        549300ER84PB0QV6HZ76
        Rubius Therapeutics Inc
        78116T103
        
          
          
        
        2425.00000000
        NS
        USD
        13361.75000000
        0.326352980922
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Kaleido Biosciences Inc
        N/A
        Kaleido Biosciences Inc
        483347100
        
          
          
        
        6004.00000000
        NS
        USD
        9906.60000000
        0.241962949524
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Tandem Diabetes Care Inc
        549300JEPFOD0K4D3I05
        Tandem Diabetes Care Inc
        875372203
        
          
          
        
        882.00000000
        NS
        USD
        102567.78000000
        2.505158437298
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Freshpet Inc
        549300S4ZK8ZQ6HNPN59
        Freshpet Inc
        358039105
        
          
          
        
        641.00000000
        NS
        USD
        65792.24000000
        1.606937238426
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Digimarc Corp
        N/A
        Digimarc Corp
        25381B101
        
          
          
        
        1598.00000000
        NS
        USD
        42139.26000000
        1.029226943690
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Cardlytics Inc
        549300JETJBH94EIPC66
        Cardlytics Inc
        14161W105
        
          
          
        
        1486.00000000
        NS
        USD
        81700.28000000
        1.995481873270
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        EverQuote Inc
        N/A
        EverQuote Inc
        30041R108
        
          
          
        
        4751.00000000
        NS
        USD
        76871.18000000
        1.877533911351
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        JFrog Ltd
        N/A
        JFrog Ltd
        000000000
        
          
          
          
        
        2777.00000000
        NS
        USD
        74840.15000000
        1.827927183577
        Long
        EC
        CORP
        IL
        N
        
        1
        
          N
          N
          N
        
      
      
        American Well Corp
        N/A
        American Well Corp
        03044L105
        
          
          
        
        8001.00000000
        NS
        USD
        33684.21000000
        0.822717259603
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CyberArk Software Ltd
        529900YEXNDM894PWS93
        CyberArk Software Ltd
        000000000
        
          
          
          
        
        890.00000000
        NS
        USD
        150187.50000000
        3.668242432484
        Long
        EC
        CORP
        IL
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Quanterix Corp
        N/A
        Quanterix Corp
        74766Q101
        
          
          
        
        2423.00000000
        NS
        USD
        70727.37000000
        1.727474921495
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Trupanion Inc
        549300J86GFKIDGMQP18
        Trupanion Inc
        898202106
        
          
          
        
        1439.00000000
        NS
        USD
        128243.68000000
        3.132277377770
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        STAAR Surgical Co
        5299006LRHI7OJ8BY308
        STAAR Surgical Co
        852312305
        
          
          
        
        1265.00000000
        NS
        USD
        101086.15000000
        2.468970485336
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Teladoc Health Inc
        549300I2PVFBC9MFAC61
        Teladoc Health Inc
        87918A105
        
          
          
        
        703.00000000
        NS
        USD
        50707.39000000
        1.238498541080
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Avalara Inc
        549300Q16CMW239SS315
        Avalara Inc
        05338G106
        
          
          
        
        381.00000000
        NS
        USD
        37913.31000000
        0.926010570106
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CEVA Inc
        529900G9T7CVU2J2VU73
        CEVA Inc
        157210105
        
          
          
        
        1105.00000000
        NS
        USD
        44918.25000000
        1.097102159919
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        LiveRamp Holdings Inc
        254900GXS75LG1X7RF88
        LiveRamp Holdings Inc
        53815P108
        
          
          
        
        3018.00000000
        NS
        USD
        112843.02000000
        2.756125204652
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Q2 Holdings Inc
        549300M9RKR9DZXWS696
        Q2 Holdings Inc
        74736L109
        
          
          
        
        1431.00000000
        NS
        USD
        88221.15000000
        2.154750334565
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Schrodinger Inc/United States
        N/A
        Schrodinger Inc/United States
        80810D103
        
          
          
        
        1542.00000000
        NS
        USD
        52613.04000000
        1.285042935197
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Benefitfocus Inc
        254900W89KP1OS3RXO89
        Benefitfocus Inc
        08180D106
        
          
          
        
        4376.00000000
        NS
        USD
        55225.12000000
        1.348841471647
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Varonis Systems Inc
        549300SHIVNRRH7STS26
        Varonis Systems Inc
        922280102
        
          
          
        
        1708.00000000
        NS
        USD
        81198.32000000
        1.983221791896
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Sprout Social Inc
        N/A
        Sprout Social Inc
        85209W109
        
          
          
        
        1847.00000000
        NS
        USD
        147981.64000000
        3.614365583531
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ambarella Inc
        254900XN7F4DG0CEKC02
        Ambarella Inc
        000000000
        
          
          
          
        
        1057.00000000
        NS
        USD
        110900.44000000
        2.708678816740
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Novanta Inc
        N/A
        Novanta Inc
        67000B104
        
          
          
        
        614.00000000
        NS
        USD
        87366.06000000
        2.133865258100
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Expensify Inc
        N/A
        Expensify Inc
        30219Q106
        
          
          
        
        2371.00000000
        NS
        USD
        41634.76000000
        1.016904824291
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        TransMedics Group Inc
        N/A
        TransMedics Group Inc
        89377M109
        
          
          
        
        2677.00000000
        NS
        USD
        72118.38000000
        1.761449532604
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Zuora Inc
        549300ISVGC1YZWQJ420
        Zuora Inc
        98983V106
        
          
          
        
        8772.00000000
        NS
        USD
        131404.56000000
        3.209480035382
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Axon Enterprise Inc
        549300QP2IEEGFE16681
        Axon Enterprise Inc
        05464C101
        
          
          
        
        996.00000000
        NS
        USD
        137179.08000000
        3.350519331536
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Calix Inc
        5299002RQRZ4SXSCSJ58
        Calix Inc
        13100M509
        
          
          
        
        836.00000000
        NS
        USD
        35872.76000000
        0.876171321863
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Codexis Inc
        N/A
        Codexis Inc
        192005106
        
          
          
        
        6587.00000000
        NS
        USD
        135823.94000000
        3.317420824337
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Xencor Inc
        549300V5IF65437JKG30
        Xencor Inc
        98401F105
        
          
          
        
        2434.00000000
        NS
        USD
        64939.12000000
        1.586100278067
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        iRobot Corp
        5493009PRNKOUKBAT390
        iRobot Corp
        462726100
        
          
          
        
        1130.00000000
        NS
        USD
        71642.00000000
        1.749814227868
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Tabula Rasa HealthCare Inc
        549300K6KY242XRMEF28
        Tabula Rasa HealthCare Inc
        873379101
        
          
          
        
        2492.00000000
        NS
        USD
        14353.92000000
        0.350586156747
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Chegg Inc
        549300AKX7O8JG0O3G77
        Chegg Inc
        163092109
        
          
          
        
        1787.00000000
        NS
        USD
        64832.36000000
        1.583492727091
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CS Disco Inc
        N/A
        CS Disco Inc
        126327105
        
          
          
        
        1628.00000000
        NS
        USD
        55303.16000000
        1.350747553308
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
    
    
      
    
    
      2022-05-20
      Baillie Gifford Funds
      Lindsay Cockburn
      Lindsay Cockburn
      Treasurer
    
  
  XXXX




 

Portfolio of Investments

 

March 31, 2022 (unaudited)

 

Baillie Gifford U.S. Discovery Fund

 

   Shares   Value 
COMMON STOCKS — 99.3%          
ISRAEL — 1.8%          
JFrog Ltd.*   2,777   $74,840 
           
UNITED STATES — 97.5%          
Adaptimmune Therapeutics PLC ADR*   10,581    21,797 
AeroVironment, Inc.*   1,077    101,389 
Ambarella, Inc.*   1,057    110,900 
American Well Corp., Class A *   8,001    33,684 
Avalara, Inc.*   381    37,913 
Axon Enterprise, Inc.*   996    137,179 
Bandwidth, Inc., Class A *   971    31,451 
Benefitfocus, Inc.*   4,376    55,225 
Berkeley Lights, Inc.*   2,423    17,228 
Blackline, Inc.*   1,309    95,845 
Calix, Inc.*   836    35,873 
Cardlytics, Inc.*   1,486    81,700 
Cargurus, Inc.*   2,460    104,452 
CEVA, Inc.*   1,105    44,918 
Chegg, Inc.*   1,787    64,832 
Codexis, Inc.*   6,587    135,824 
CS Disco, Inc.*   1,628    55,303 
CyberArk Software Ltd.*   890    150,187 
Denali Therapeutics, Inc.*   1,038    33,392 
Digimarc Corp.*   1,598    42,139 
Everbridge, Inc.*   1,162    50,710 
EverQuote, Inc., Class A *   4,751    76,871 
Expensify, Inc., Class A *   2,371    41,635 
Freshpet, Inc.*   641    65,792 
HashiCorp, Inc., Class A *   794    42,876 
IPG Photonics Corp.*   557    61,136 
iRobot Corp.*   1,130    71,642 
Kaleido Biosciences, Inc.*   6,004    9,907 
LendingTree, Inc.*   562    67,255 
LiveRamp Holdings, Inc.*   3,018    112,843 
Novanta, Inc.*   614    87,366 
Novocure Ltd.*   1,234    102,237 
Pacira BioSciences, Inc.*   1,691    129,057 
Precision BioSciences, Inc.*   4,887    15,052 
Progyny, Inc.*   1,054    54,176 
Q2 Holdings, Inc.*   1,431    88,221 
Quanterix Corp.*   2,423    70,727 
Redfin Corp.*   1,693    30,542 
Rubius Therapeutics, Inc.*   2,425    13,362 
Schrodinger, Inc.*   1,542    52,613 
Shockwave Medical, Inc.*   783    162,363 
Sprout Social, Inc., Class A *   1,847    147,982 
STAAR Surgical Co.*   1,265    101,086 
Stitch Fix, Inc., Class A *   2,668    26,867 
Stratasys Ltd.*   2,068    52,507 
Sutro Biopharma, Inc.*   5,815    47,799 
Tabula Rasa HealthCare, Inc.*   2,492    14,354 
Tandem Diabetes Care, Inc.*   882    102,568 
Teladoc Health, Inc.*   703    50,707 
TransMedics Group, Inc.*   2,677    72,118 
Trupanion, Inc.*   1,439    128,244 
Upwork, Inc.*   4,683    108,833 
Varonis Systems, Inc.*   1,708    81,198 
Veeco Instruments, Inc.*   2,342    63,679 
Xencor, Inc.*   2,434    64,939 

 

See previously submitted notes to the financial statements for the annual period ended December 31, 2021.

 

 

 

Portfolio of Investments

 

March 31, 2022 (unaudited)

 

Baillie Gifford U.S. Discovery Fund

 

   Shares   Value 
UNITED STATES (continued)          
Zuora, Inc., Class A *   8,772   $131,405 
         3,991,900 
TOTAL INVESTMENTS — 99.3%
(cost $4,327,520)
       $4,066,740 
Other assets less liabilities — 0.7%        27,523 
NET ASSETS — 100.0%       $4,094,263 

 

* Non-income producing security.

 

ADR - American Depositary Receipt

 

This report classifies issuers geographically by their country of risk. For compliance monitoring purposes, the Manager retains discretion to consider a number of factors in determining where a particular issuer is located, as described in further detail in each Fund’s prospectus.

 

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 March 31, 2022 in valuing the Fund’s investments carried at fair value:

 

Investments in Securities  Level 1   Level 2   Level 3   Total 
Common Stocks**  $4,066,740   $   $   $4,066,740 
Total  $4,066,740   $   $   $4,066,740 

 

** Refer to Portfolio of Investments for further detail.

 

See previously submitted notes to the financial statements for the annual period ended December 31, 2021.