|The objective is to produce attractive returns over the long term, while achieving a higher level of income than would be available from investment only in comparable UK Gilts, by investing primarily in a diversified portfolio of investment grade fixed interest securities denominated in sterling. Currency forwards and derivatives may be used from time to time in keeping with the Fund’s objective with the intention of either protecting or enhancing the return on the Fund.
No more than 10% in value of the property of the Fund will be invested in units of other collective investment schemes.
More than 35% in value of the property of Baillie Gifford Investment Grade Bond Fund may be invested in Government and public securities (“GAPS”):-
(a) issued by, or on behalf of, the same person provided that person is among the Government of the United Kingdom, of Northern Ireland, or of Eire, France, Germany, Luxembourg, Netherlands, Belgium, Denmark, Italy, Spain, Portugal, Greece, Austria, Finland, Sweden, Iceland, Norway, Liechtenstein, Australia, Canada, Japan, New Zealand, Switzerland or the United States of America; the International Bank for Reconstruction and Development (“the World Bank”), the European Investment Bank, the European Bank for Reconstruction and Development, the International Finance Corporation, or the Inter-American Development Bank;
(b) guaranteed by the same person, provided that that person is among the Governments referred to in paragraph (a) above.
As at the date of this Prospectus more than 35% in value of the property of Baillie Gifford Investment Grade Bond Fund has been invested in such Government and public securities issued by the European Investment Bank.