NPORT-P
    false
    
      
      
        
          0001120543
          XXXXXXXX
        
      
      
      
      
        S000006833
        C000157005
        C000018471
        C000186026
        C000018472
        C000157006
        C000186027
      
      
    
  
  
    
      Baillie Gifford Funds
      811-10145
      0001120543
      213800T287IYS8QHPC42
      CALTON SQUARE, ONE GREENSIDE ROW
      EDINBURGH
      GB
      EH1 3AN
      011-44-131-275-2000
      Baillie Gifford Emerging Markets Equities Fund
      S000006833
      213800AYGKM1ZPTRBP96
      2022-12-31
      2022-03-31
      N
    
    
      5449084850.43
      29754032.11
      5419330818.32
      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
      66929685.08000000
      N
      
        
          
          
          
          
          
          
        
        
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
        
        
        
        
      
      
      
      
      
      
    
    
      
        Li Ning Co Ltd
        529900T77L2FV3FZ3U81
        Li Ning Co Ltd
        000000000
        
          
          
          
        
        4364500.00000000
        NS
        
        37060529.97000000
        0.683858048390
        Long
        EC
        CORP
        CN
        N
        
        2
        
          N
          N
          N
        
      
      
        MMC Norilsk Nickel PJSC
        253400JPTEEW143W3E47
        MMC Norilsk Nickel PJSC
        55315J102
        
          
          
          
        
        5481272.00000000
        NS
        USD
        0.00000000
        0.000000
        Long
        EC
        CORP
        RU
        N
        
        3
        
          N
          N
          N
        
      
      
        First Quantum Minerals Ltd
        549300I7UVBGWRYMYZ18
        First Quantum Minerals Ltd
        335934105
        
          
          
          
        
        5856637.00000000
        NS
        
        202755868.78000000
        3.741345113949
        Long
        EC
        CORP
        CA
        
        N
        
        1
        
          N
          N
          N
        
      
      
        B3 SA - Brasil Bolsa Balcao
        4GTK5S46E6H318LMDS44
        B3 SA - Brasil Bolsa Balcao
        000000000
        
          
          
          
        
        34027600.00000000
        NS
        
        112137667.95000000
        2.069216139581
        Long
        EC
        CORP
        BR
        N
        
        1
        
          N
          N
          N
        
      
      
        CATL
        300300KINDY1K0E9I032
        Contemporary Amperex Technology Co Ltd
        000000000
        
          
          
          
        
        1168745.00000000
        NS
        
        93523095.77000000
        1.725731440011
        Long
        EC
        CORP
        CN
        N
        
        2
        
          N
          N
          N
        
      
      
        Housing Development Finance Co
        335800OX2H9AP7NHLT64
        Housing Development Finance Corp Ltd
        000000000
        
          
          
          
        
        4361012.00000000
        NS
        
        136360493.97000000
        2.516186934169
        Long
        EC
        CORP
        IN
        N
        
        2
        
          N
          N
          N
        
      
      
        Zijin Mining Group Co Ltd
        529900ABI5CBFXD01Q05
        Zijin Mining Group Co Ltd
        000000000
        
          
          
          
        
        23218000.00000000
        NS
        
        35209253.89000000
        0.649697445503
        Long
        EC
        CORP
        CN
        N
        
        2
        
          N
          N
          N
        
      
      
        Midea Group Co Ltd
        3003003TRPHLHZD2IF61
        Midea Group Co Ltd
        000000000
        
          
          
          
        
        4463270.00000000
        NS
        
        39809099.28000000
        0.734575921171
        Long
        EC
        CORP
        CN
        N
        
        2
        
          N
          N
          N
        
      
      
        Banco Bradesco SA
        549300CTUU1RFXHQJE44
        Banco Bradesco SA
        059460303
        
          
          
        
        18136916.00000000
        NS
        USD
        84155290.24000000
        1.552872357515
        Long
        EC
        CORP
        BR
        N
        
        1
        
          N
          N
          N
        
      
      
        ICICI Lombard General Insuranc
        335800ZZITZ7ZZZ2ZX87
        ICICI Lombard General Insurance Co Ltd
        000000000
        
          
          
          
        
        1460056.00000000
        NS
        
        25469278.12000000
        0.469970905520
        Long
        EC
        CORP
        IN
        N
        
        2
        
          N
          N
          N
        
      
      
        Vale SA
        254900SMTWBX7RU2SR20
        Vale SA
        91912E105
        
          
          
        
        5023721.00000000
        NS
        USD
        100424182.79000000
        1.853073491112
        Long
        EC
        CORP
        BR
        N
        
        1
        
          N
          N
          N
        
      
      
        Tencent Holdings Ltd
        254900N4SLUMW4XUYY11
        Tencent Holdings Ltd
        000000000
        
          
          
          
        
        4410500.00000000
        NS
        
        203299100.92000000
        3.751369084772
        Long
        EC
        CORP
        CN
        N
        
        2
        
          N
          N
          N
        
      
      
        Samsung SDI Co Ltd
        9884002AESDO4YW87G32
        Samsung SDI Co Ltd
        000000000
        
          
          
          
        
        175879.00000000
        NS
        
        85598506.50000000
        1.579503251778
        Long
        EC
        CORP
        KR
        N
        
        2
        
          N
          N
          N
        
      
      
        Raizen SA
        N/A
        Raizen SA
        000000000
        
          
          
          
        
        38778110.00000000
        NS
        
        57095504.37000000
        1.053552667000
        Long
        EP
        CORP
        BR
        N
        
        1
        
          N
          N
          N
        
      
      
        SK Hynix Inc
        988400XAIK6XISWQV045
        SK Hynix Inc
        000000000
        
          
          
          
        
        788003.00000000
        NS
        
        75805267.33000000
        1.398793870891
        Long
        EC
        CORP
        KR
        N
        
        2
        
          N
          N
          N
        
      
      
        China Merchants Bank Co Ltd
        549300MKO5B60FFIHF58
        China Merchants Bank Co Ltd
        000000000
        
          
          
          
        
        19989500.00000000
        NS
        
        155606800.92000000
        2.871328696044
        Long
        EC
        CORP
        CN
        N
        
        2
        
          N
          N
          N
        
      
      
        Hyundai Motor Co
        9884004RQX8PRBXQ8S60
        Hyundai Motor Co
        000000000
        
          
          
          
        
        614444.00000000
        NS
        
        90655665.32000000
        1.672820286474
        Long
        EC
        CORP
        KR
        N
        
        2
        
          N
          N
          N
        
      
      
        Ping An Bank Co Ltd
        549300W9MKNIVWXFM679
        Ping An Bank Co Ltd
        000000000
        
          
          
          
        
        20000009.00000000
        NS
        
        48254257.03000000
        0.890409879885
        Long
        EC
        CORP
        CN
        N
        
        2
        
          N
          N
          N
        
      
      
        Dada Nexus Ltd
        655600D3KK4AC093RT71
        Dada Nexus Ltd
        23344D108
        
          
          
        
        1087973.00000000
        NS
        USD
        9933193.49000000
        0.183291882761
        Long
        EC
        CORP
        CN
        N
        
        1
        
          N
          N
          N
        
      
      
        Minth Group Ltd
        254900B2AH0G13K9G204
        Minth Group Ltd
        000000000
        
          
          
          
        
        11848000.00000000
        NS
        
        28869569.19000000
        0.532714649794
        Long
        EC
        CORP
        CN
        N
        
        2
        
          N
          N
          N
        
      
      
        FirstRand Ltd
        529900XYOP8CUZU7R671
        FirstRand Ltd
        000000000
        
          
          
          
        
        6078214.00000000
        NS
        
        32081817.20000000
        0.591988536509
        Long
        EC
        CORP
        ZA
        N
        
        2
        
          N
          N
          N
        
      
      
        JD.com Inc
        549300HVTWB0GJZ16V92
        JD.com Inc
        000000000
        
          
          
          
        
        2222585.00000000
        NS
        
        63154517.70000000
        1.165356384712
        Long
        EC
        CORP
        CN
        N
        
        2
        
          N
          N
          N
        
      
      
        LG Chem Ltd
        988400IES4EIG7O06940
        LG Chem Ltd
        000000000
        
          
          
          
        
        152509.00000000
        NS
        
        66641338.86000000
        1.229696822248
        Long
        EC
        CORP
        KR
        N
        
        2
        
          N
          N
          N
        
      
      
        MediaTek Inc
        254900UEGBK1I4DM4E14
        MediaTek Inc
        000000000
        
          
          
          
        
        4158000.00000000
        NS
        
        129399194.03000000
        2.387733806405
        Long
        EC
        CORP
        TW
        N
        
        2
        
          N
          N
          N
        
      
      
        SHENZHOU INTL
        529900B4W41TCUKJFM73
        Shenzhou International Group Holdings Ltd
        000000000
        
          
          
          
        
        2522200.00000000
        NS
        
        33298137.98000000
        0.614432650382
        Long
        EC
        CORP
        CN
        N
        
        2
        
          N
          N
          N
        
      
      
        Sea Ltd
        529900OM6JLLW44YKI15
        Sea Ltd
        81141R100
        
          
          
        
        322740.00000000
        NS
        USD
        38661024.60000000
        0.713391115916
        Long
        EC
        CORP
        SG
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Doosan Bobcat Inc
        N/A
        Doosan Bobcat Inc
        000000000
        
          
          
          
        
        919829.00000000
        NS
        
        29232391.50000000
        0.539409614950
        Long
        EC
        CORP
        KR
        N
        
        2
        
          N
          N
          N
        
      
      
        Cemex SAB de CV
        549300RIG2CXWN6IV731
        Cemex SAB de CV
        151290889
        
          
          
        
        8072057.00000000
        NS
        USD
        42701181.53000000
        0.787941961130
        Long
        EC
        CORP
        MX
        N
        
        1
        
          N
          N
          N
        
      
      
        Piramal Enterprises Ltd
        335800XG9I3HZ2F1KQ73
        Piramal Enterprises Ltd
        000000000
        
          
          
          
        
        1696175.00000000
        NS
        
        48634507.81000000
        0.897426443235
        Long
        EC
        CORP
        IN
        N
        
        2
        
          N
          N
          N
        
      
      
        Tech Mahindra Ltd
        3358005FZUZ1I25XQH69
        Tech Mahindra Ltd
        000000000
        
          
          
          
        
        5223659.00000000
        NS
        
        102775450.91000000
        1.896460178488
        Long
        EC
        CORP
        IN
        N
        
        2
        
          N
          N
          N
        
      
      
        Reliance Industries Ltd
        5493003UOETFYRONLG31
        Reliance Industries Ltd
        000000000
        
          
          
          
        
        6270878.00000000
        NS
        
        216894468.63000000
        4.002237100875
        Long
        EC
        CORP
        IN
        N
        
        2
        
          N
          N
          N
        
      
      
        Naspers Ltd
        21380044BQ8812EEKT59
        Naspers Ltd
        000000000
        
          
          
          
        
        784472.00000000
        NS
        
        88600072.89000000
        1.634889543751
        Long
        EC
        CORP
        ZA
        N
        
        2
        
          N
          N
          N
        
      
      
        Coupang Inc
        549300XR4L1D80AK4W76
        Coupang Inc
        22266T109
        
          
          
        
        3224441.00000000
        NS
        USD
        57008116.88000000
        1.051940152597
        Long
        EC
        CORP
        KR
        N
        
        1
        
          N
          N
          N
        
      
      
        Kuaishou Technology
        300300FCDZBE6UP9ED24
        Kuaishou Technology
        000000000
        
          
          
          
        
        2462900.00000000
        NS
        
        22566839.95000000
        0.416413773333
        Long
        EC
        CORP
        CN
        N
        
        2
        
          N
          N
          N
        
      
      
        Burning Rock Biotech Ltd
        N/A
        Burning Rock Biotech Ltd
        12233L107
        
          
          
        
        1232049.00000000
        NS
        USD
        11445735.21000000
        0.211202002492
        Long
        EC
        CORP
        CN
        N
        
        1
        
          N
          N
          N
        
      
      
        PING AN
        529900M9MC28JLN35U89
        Ping An Insurance Group Co of China Ltd
        000000000
        
          
          
          
        
        19682500.00000000
        NS
        
        137601628.16000000
        2.539088916565
        Long
        EC
        CORP
        CN
        N
        
        2
        
          N
          N
          N
        
      
      
        Allegro.eu SA
        222100VRLXV3FPMG4982
        Allegro.eu SA
        000000000
        
          
          
          
        
        3717023.00000000
        NS
        
        31133772.26000000
        0.574494772578
        Long
        EC
        CORP
        PL
        N
        
        2
        
          N
          N
          N
        
      
      
        BeiGene Ltd
        549300JFUK6FRD5MH739
        BeiGene Ltd
        07725L102
        
          
          
        
        132215.00000000
        NS
        USD
        24935749.00000000
        0.460125979312
        Long
        EC
        CORP
        CN
        N
        
        1
        
          N
          N
          N
        
      
      
        Sberbank of Russia PJSC
        549300WE6TAF5EEWQS81
        Sberbank of Russia PJSC
        80585Y308
        
          
          
          
        
        7861090.00000000
        NS
        USD
        0.00000000
        0.000000
        Long
        EC
        CORP
        RU
        N
        
        3
        
          N
          N
          N
        
      
      
        TSMC
        549300KB6NK5SBD14S87
        Taiwan Semiconductor Manufacturing Co Ltd
        000000000
        
          
          
          
        
        26535310.00000000
        NS
        
        544332648.25000000
        10.04427790991
        Long
        EC
        CORP
        TW
        N
        
        2
        
          N
          N
          N
        
      
      
        Bank Rakyat Indonesia Persero
        254900HB6S4B12GBNP64
        Bank Rakyat Indonesia Persero Tbk PT
        000000000
        
          
          
          
        
        314718263.00000000
        NS
        
        101649195.69000000
        1.875677996005
        Long
        EC
        CORP
        ID
        N
        
        2
        
          N
          N
          N
        
      
      
        Tata Consultancy Services Ltd
        335800ZJKU9GPQRE2U66
        Tata Consultancy Services Ltd
        000000000
        
          
          
          
        
        2212674.00000000
        NS
        
        108742739.92000000
        2.006571356603
        Long
        EC
        CORP
        IN
        N
        
        2
        
          N
          N
          N
        
      
      
        Copa Holdings SA
        529900BB9UQJV6QQHA59
        Copa Holdings SA
        000000000
        
          
          
          
        
        645174.00000000
        NS
        USD
        53962353.36000000
        0.995738314730
        Long
        EC
        CORP
        PA
        N
        
        1
        
          N
          N
          N
        
      
      
        BRILLIANCE CHI
        5299005WPCSQN14NBM26
        Brilliance China Automotive Holdings Ltd
        000000000
        
          
          
          
        
        35694000.00000000
        NS
        
        16631955.88000000
        0.306900546166
        Long
        EC
        CORP
        HK
        
        N
        
        3
        
          N
          N
          N
        
      
      
        StoneCo Ltd
        549300O1A9LEF0XZCR35
        StoneCo Ltd
        000000000
        
          
          
          
        
        504105.00000000
        NS
        USD
        5898028.50000000
        0.108833151134
        Long
        EC
        CORP
        BR
        N
        
        1
        
          N
          N
          N
        
      
      
        KE Holdings Inc
        254900RHVY072XPAZE03
        KE Holdings Inc
        482497104
        
          
          
        
        718615.00000000
        NS
        USD
        8889267.55000000
        0.164028878250
        Long
        EC
        CORP
        CN
        N
        
        1
        
          N
          N
          N
        
      
      
        Valeura Energy Inc
        2549003ZBCOPPO06GY48
        Valeura Energy Inc
        919144402
        
          
          
          
        
        4672400.00000000
        NS
        
        1719236.89000000
        0.031724154653
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        Samsung Electronics Co Ltd
        9884007ER46L6N7EI764
        Samsung Electronics Co Ltd
        000000000
        
          
          
          
        
        4902382.00000000
        NS
        
        280528923.20000000
        5.176449502799
        Long
        EC
        CORP
        KR
        N
        
        2
        
          N
          N
          N
        
      
      
        Meituan
        21380033K525E5JLIA77
        Meituan
        000000000
        
          
          
          
        
        5201000.00000000
        NS
        
        98527437.12000000
        1.818073862310
        Long
        EC
        CORP
        CN
        N
        
        2
        
          N
          N
          N
        
      
      
        Tencent Music Entertainment Gr
        213800XTZK2GOHQTYK41
        Tencent Music Entertainment Group
        88034P109
        
          
          
        
        3258592.00000000
        NS
        USD
        15869343.04000000
        0.292828461151
        Long
        EC
        CORP
        CN
        N
        
        1
        
          N
          N
          N
        
      
      
        UltraTech Cement Ltd
        335800PC9O9B4BQHG814
        UltraTech Cement Ltd
        000000000
        
          
          
          
        
        420763.00000000
        NS
        
        36467255.02000000
        0.672910664481
        Long
        EC
        CORP
        IN
        N
        
        2
        
          N
          N
          N
        
      
      
        Petroleo Brasileiro SA
        5493000J801JZRCMFE49
        Petroleo Brasileiro SA
        71654V408
        
          
          
        
        18682106.00000000
        NS
        USD
        276495168.80000000
        5.102016800032
        Long
        EC
        CORP
        BR
        N
        
        1
        
          N
          N
          N
        
      
      
        Grupo Financiero Banorte SAB d
        N/A
        Grupo Financiero Banorte SAB de CV
        000000000
        
          
          
          
        
        9741266.00000000
        NS
        
        73375388.24000000
        1.353956617521
        Long
        EC
        CORP
        MX
        N
        
        1
        
          N
          N
          N
        
      
      
        Petroleo Brasileiro SA
        5493000J801JZRCMFE49
        Petroleo Brasileiro SA
        71654V101
        
          
          
        
        5251372.00000000
        NS
        USD
        73414180.56000000
        1.354672431360
        Long
        EC
        CORP
        BR
        N
        
        1
        
          N
          N
          N
        
      
      
        Anker Innovations Technology C
        N/A
        Anker Innovations Technology Co Ltd
        000000000
        
          
          
          
        
        2075600.00000000
        NS
        
        22063913.99000000
        0.407133550795
        Long
        EC
        CORP
        CN
        N
        
        2
        
          N
          N
          N
        
      
      
        Moscow Exchange MICEX-RTS PJSC
        253400M5M1222KPNWE87
        Moscow Exchange MICEX-RTS PJSC
        000000000
        
          
          
          
        
        14557370.00000000
        NS
        
        0.00000000
        0.000000
        Long
        EC
        CORP
        RU
        N
        
        3
        
          N
          N
          N
        
      
      
        Magnit PJSC
        2534009KKPTVL99W2Y12
        Magnit PJSC
        55953Q202
        
          
          
          
        
        1812687.00000000
        NS
        USD
        0.00000000
        0.000000
        Long
        EC
        CORP
        RU
        N
        
        3
        
          N
          N
          N
        
      
      
        Alibaba Group Holding Ltd
        5493001NTNQJDH60PM02
        Alibaba Group Holding Ltd
        000000000
        
          
          
          
        
        14401820.00000000
        NS
        
        196537500.65000000
        3.626600907728
        Long
        EC
        CORP
        CN
        N
        
        2
        
          N
          N
          N
        
      
      
        Credicorp Ltd
        529900UYAEYQCQ2BKB17
        Credicorp Ltd
        000000000
        
          
          
          
        
        235376.00000000
        NS
        USD
        40454073.12000000
        0.746477276922
        Long
        EC
        CORP
        PE
        N
        
        1
        
          N
          N
          N
        
      
      
        Haier Smart Home Co Ltd
        3003002BYTNGNJTWSH07
        Haier Smart Home Co Ltd
        000000000
        
          
          
          
        
        14896280.00000000
        NS
        
        47630587.64000000
        0.878901643704
        Long
        EC
        CORP
        CN
        N
        
        2
        
          N
          N
          N
        
      
      
        Lundin Mining Corp
        549300FQDIM6C8HTN269
        Lundin Mining Corp
        550372106
        
          
          
          
        
        9496282.00000000
        NS
        
        96242765.22000000
        1.775916039202
        Long
        EC
        CORP
        CA
        
        N
        
        1
        
          N
          N
          N
        
      
      
        KGHM Polska Miedz SA
        G30CO71KTT9JDYJESN22
        KGHM Polska Miedz SA
        000000000
        
          
          
          
        
        897734.00000000
        NS
        
        36458652.49000000
        0.672751926617
        Long
        EC
        CORP
        PL
        N
        
        2
        
          N
          N
          N
        
      
      
        Lufax Holding Ltd
        N/A
        Lufax Holding Ltd
        54975P102
        
          
          
        
        6343355.00000000
        NS
        USD
        35332487.35000000
        0.651971406332
        Long
        EC
        CORP
        CN
        N
        
        1
        
          N
          N
          N
        
      
      
        Zai Lab Ltd
        549300P2UYQ9U5LY1T58
        Zai Lab Ltd
        98887Q104
        
          
          
        
        444693.00000000
        NS
        USD
        19557598.14000000
        0.360885850959
        Long
        EC
        CORP
        CN
        N
        
        1
        
          N
          N
          N
        
      
      
        NAVER Corp
        988400ULUQYDB2HQYJ61
        NAVER Corp
        000000000
        
          
          
          
        
        116275.00000000
        NS
        
        32316200.06000000
        0.596313477500
        Long
        EC
        CORP
        KR
        N
        
        2
        
          N
          N
          N
        
      
      
        MercadoLibre Inc
        549300DKPDN9M5S8GB14
        MercadoLibre Inc
        58733R102
        
          
          
        
        89863.00000000
        NS
        USD
        106890241.24000000
        1.972388193735
        Long
        EC
        CORP
        AR
        
        N
        
        1
        
          N
          N
          N
        
      
      
        HDFC Life Insurance Co Ltd
        335800RQI8GAFHIRGZ37
        HDFC Life Insurance Co Ltd
        000000000
        
          
          
          
        
        8501790.00000000
        NS
        
        60151027.72000000
        1.109934597767
        Long
        EC
        CORP
        IN
        N
        
        2
        
          N
          N
          N
        
      
      
        Wal-Mart de Mexico SAB de CV
        N/A
        Wal-Mart de Mexico SAB de CV
        000000000
        
          
          
          
        
        13245594.00000000
        NS
        
        54280963.65000000
        1.001617459235
        Long
        EC
        CORP
        MX
        N
        
        1
        
          N
          N
          N
        
      
      
        Geely Automobile Holdings Ltd
        549300YS3T1KVQ2SNI84
        Geely Automobile Holdings Ltd
        000000000
        
          
          
          
        
        24594000.00000000
        NS
        
        38096549.64000000
        0.702975162749
        Long
        EC
        CORP
        HK
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Ozon Holdings PLC
        213800GXSI7E5V776B13
        Ozon Holdings PLC
        69269L104
        
          
          
        
        1051835.00000000
        NS
        USD
        0.00000000
        0.000000
        Long
        EC
        CORP
        RU
        N
        
        3
        
          N
          N
          N
        
      
      
        Samsung Electronics Co Ltd
        9884007ER46L6N7EI764
        Samsung Electronics Co Ltd
        000000000
        
          
          
          
        
        1800657.00000000
        NS
        
        93301854.13000000
        1.721648986893
        Long
        EP
        CORP
        KR
        N
        
        2
        
          N
          N
          N
        
      
    
    
      
    
    
      2022-05-20
      Baillie Gifford Funds
      Lindsay Cockburn
      Lindsay Cockburn
      Treasurer
    
  
  XXXX




 

Portfolio of Investments

 

March 31, 2022 (unaudited)

 

Baillie Gifford Emerging Markets Equities Fund

 

   Shares   Value 
COMMON STOCKS — 94.8%        
BRAZIL — 12.6%          
B3 SA - Brasil Bolsa Balcao   34,027,600   $112,137,668 
Banco Bradesco SA ADR   18,136,916    84,155,290 
MercadoLibre, Inc.*   89,863    106,890,241 
Petroleo Brasileiro SA ADR   18,682,106    276,495,169 
StoneCo Ltd., Class A *   504,105    5,898,029 
Vale SA ADR   5,023,721    100,424,183 
         686,000,580 
CANADA — 0.0%(1)          
Valeura Energy, Inc.*   4,672,400    1,719,237 
           
CHILE — 1.8%          
Lundin Mining Corp.   9,496,282    96,242,765 
           
CHINA — 26.5%          
Alibaba Group Holding Ltd.*   14,401,820    196,537,501 
Anker Innovations Technology Co., Ltd., Class A   2,075,600    22,063,914 
BeiGene Ltd. ADR*   132,215    24,935,749 
Brilliance China Automotive Holdings Ltd.*(a)   35,694,000    16,631,956 
Burning Rock Biotech Ltd. ADR*   1,232,049    11,445,735 
China Merchants Bank Co., Ltd., Class H   19,989,500    155,606,801 
Contemporary Amperex Technology Co., Ltd., Class A   1,168,745    93,523,096 
Dada Nexus Ltd. ADR*   1,087,973    9,933,193 
Geely Automobile Holdings Ltd.   24,594,000    38,096,550 
Haier Smart Home Co., Ltd., Class H   14,896,280    47,630,588 
JD.com, Inc., Class A *   2,222,585    63,154,518 
KE Holdings, Inc. ADR*   718,615    8,889,267 
Kuaishou Technology*   2,462,900    22,566,840 
Li Ning Co., Ltd.   4,364,500    37,060,530 
Lufax Holding Ltd. ADR*   6,343,355    35,332,487 
Meituan, Class B *   5,201,000    98,527,437 
Midea Group Co., Ltd., Class A   4,463,270    39,809,099 
Minth Group Ltd.   11,848,000    28,869,569 
Ping An Bank Co., Ltd., Class A   20,000,009    48,254,257 
Ping An Insurance Group Co. of China Ltd., Class H   19,682,500    137,601,628 
Shenzhou International Group Holdings Ltd.   2,522,200    33,298,138 
Tencent Holdings Ltd.   4,410,500    203,299,101 
Tencent Music Entertainment Group ADR*   3,258,592    15,869,343 
Zai Lab Ltd. ADR*   444,693    19,557,598 
Zijin Mining Group Co., Ltd., Class H   23,218,000    35,209,254 
         1,443,704,149 
INDIA — 13.5%          
HDFC Life Insurance Co., Ltd.   8,501,790    60,151,028 
Housing Development Finance Corp., Ltd.   4,361,012    136,360,494 
ICICI Lombard General Insurance Co., Ltd.   1,460,056    25,469,278 
Piramal Enterprises Ltd.   1,696,175    48,634,508 
Reliance Industries Ltd.   6,270,878    216,894,468 
Tata Consultancy Services Ltd.   2,212,674    108,742,740 
Tech Mahindra Ltd.   5,223,659    102,775,451 
UltraTech Cement Ltd.   420,763    36,467,255 
         735,495,222 
INDONESIA — 1.9%          
Bank Rakyat Indonesia Persero Tbk PT   319,277,563    103,121,780 
           
MEXICO — 3.2%          
Cemex SAB de CV, Participating Certificates ADR*   8,072,057    42,701,182 
Grupo Financiero Banorte SAB de CV, Class O   9,741,266    73,375,388 
Wal-Mart de Mexico SAB de CV   13,732,540    56,276,487 
         172,353,057 

 

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 Emerging Markets Equities Fund

 

    Shares   Value 
PANAMA — 1.0%          
Copa Holdings SA, Class A *   645,174   $53,962,353 
           
PERU — 0.8%          
Credicorp Ltd.   235,376    40,454,073 
           
POLAND — 1.2%          
Allegro.eu SA*   3,717,023    31,133,772 
KGHM Polska Miedz SA   897,734    36,458,653 
         67,592,425 
RUSSIA — 0.0%          
Magnit PJSC GDR Reg S(a)   1,812,687    0 
MMC Norilsk Nickel PJSC ADR(a)   5,481,272    0 
Moscow Exchange MICEX-RTS PJSC(a)   14,557,370    0 
Ozon Holdings PLC ADR*(a)   1,051,835    0 
Sberbank of Russia PJSC ADR(a)   7,861,090    0 
         0 
SOUTH AFRICA — 2.3%          
FirstRand Ltd.   6,625,549    34,970,742 
Naspers Ltd., N Shares   784,472    88,600,073 
         123,570,815 
SOUTH KOREA — 13.2%          
Coupang, Inc.*   3,224,441    57,008,117 
Doosan Bobcat, Inc.   919,829    29,232,392 
Hyundai Motor Co.   614,444    90,655,665 
LG Chem Ltd.   152,509    66,641,339 
NAVER Corp.   116,275    32,316,200 
Samsung Electronics Co., Ltd.   4,902,382    280,528,923 
Samsung SDI Co., Ltd.   175,879    85,598,507 
SK Hynix, Inc.   788,003    75,805,267 
         717,786,410 
TAIWAN — 13.1%          
MediaTek, Inc.   4,158,000    129,399,194 
Sea Ltd. ADR*   322,740    38,661,025 
Taiwan Semiconductor Manufacturing Co., Ltd.   26,535,310    544,332,648 
         712,392,867 
ZAMBIA — 3.7%          
First Quantum Minerals Ltd.   5,856,637    202,755,869 
Total Common Stocks
(cost $4,436,209,537)
        5,157,151,602 
PREFERRED STOCKS — 4.1%          
BRAZIL — 2.4%          
Petroleo Brasileiro SA ADR 14.91%   5,251,372    73,414,181 
Raizen SA 0.92%   38,778,110    57,095,504 
         130,509,685 
SOUTH KOREA — 1.7%          
Samsung Electronics Co., Ltd. 1.74%   1,800,657    93,301,854 
Total Preferred Stocks
(cost $155,284,088)
        223,811,539 
TOTAL INVESTMENTS — 98.9%
(cost $4,591,493,625)
       $5,380,963,141 
Other assets less liabilities — 1.1%        62,179,092 
NET ASSETS — 100.0%       $5,443,142,233 

 

(1) Amount rounds to less than 0.1%.
(a) Investment was valued using significant unobservable inputs.
* Non-income producing security.

 

ADR - American Depositary Receipt

GDR - Global Depositary Receipt

 

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 Emerging Markets Equities Fund

 

Reg S — Regulation S (“Reg S”) under the Securities Act of 1933, as amended (“1933 Act”) is a safe harbor that defines when an offering of securities will be deemed to come to rest abroad and therefore is not subject to the registration obligations imposed under Section 5 of the 1933 Act. The regulation includes two safe harbor provisions: an issuer safe harbor and a resale safe harbor. In each case, the regulation demands that offers and sales of the securities be made outside the United States and that no offering participant (which includes the issuer, the banks assisting with the offer and their respective affiliates) engage in “directed” selling efforts. In the case of issuers for whose securities there is substantial U.S. market interest, the regulation also requires that no offers and sales be made to U.S. persons (including U.S. persons physically located outside the United States). These securities have been deemed liquid under procedures approved by the Fund's Board of Trustees. At March 31, 2022, the net value of these securities was $0 representing 0.0% of net assets.

 

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**  $1,475,120,448   $3,665,399,198   $16,631,956   $5,157,151,602 
Preferred Stocks**   130,509,685    93,301,854        223,811,539 
Total  $1,605,630,133   $3,758,701,052   $16,631,956   $5,380,963,141 

 

** Refer to Portfolio of Investments for further detail.

 

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 Emerging Markets Equities Fund

 

The following is a reconciliation of the Fund’s Level 3 investments for which significant unobservable inputs were used in determining value:

 

Balance at December 31, 2021  $16,708,210 
Purchases    
Sales    
Realized gain (loss)    
Change in unrealized gain (loss)   (460,656,209)
Transfers into Level 3   460,579,955 
Transfers out of Level 3    
Balance at March 31, 2022  $16,631,956 
Change in unrealized gain (loss) related to Investments still held at March 31, 2022  $(460,656,209)

 

$31,144,834 was transferred out of Level 1 into Level 3 for the period from December 31, 2021 to March 31, 2022, $429,435,121 was transferred out of Level 2 into Level 3 during the period from December 31, 2021 to March 31, 2022.

 

Level 3  

 

The ongoing conflict in Russia and Ukraine has led to significant disruption and volatility in the global stock market. This impacted the Fund in terms of suspensions of trading activities on the Russian Stock Exchange as well as suspensions of depositary receipts traded on exchanges outside of Russia. As a result of this management made the decision to value several securities at nil. The impacted securities are as follows:  

 

Magnit PJSC

MMC Norilsk Nickel PJSC

Moscow Exchange MICEX-RTS PJSC

Ozon Holdings PLC

Sberbank of Russia PJS  

 

Trading in Brilliance China has been suspended since March 31, 2021. There have been ongoing issues with the company and as of April 15, 2021 management decided to hold this with a 50% haircut to last traded price. 

 

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