Portfolio of Investments
March 31, 2022 (unaudited)
Baillie Gifford China Equities Fund
| | | Shares | | | Value | |
| COMMON STOCKS — 95.5% | | | | | | | | |
| CHINA — 95.5% | | | | | | | | |
| Alibaba Group Holding Ltd.* | | | 10,400 | | | $ | 141,926 | |
| Asymchem Laboratories Tianjin Co., Ltd., Class A | | | 900 | | | | 51,868 | |
| BeiGene Ltd. ADR* | | | 207 | | | | 39,040 | |
| Beijing United Information Technology Co., Ltd., Class A | | | 1,400 | | | | 24,590 | |
| BGI Genomics Co., Ltd., Class A | | | 1,100 | | | | 13,963 | |
| Bilibili, Inc., Class Z * | | | 664 | | | | 16,903 | |
| Burning Rock Biotech Ltd. ADR* | | | 1,192 | | | | 11,074 | |
| China Merchants Bank Co., Ltd., Class H | | | 12,500 | | | | 97,305 | |
| Contemporary Amperex Technology Co., Ltd., Class A | | | 1,300 | | | | 104,026 | |
| ENN Energy Holdings Ltd. | | | 2,000 | | | | 29,872 | |
| Estun Automation Co., Ltd., Class A | | | 11,200 | | | | 35,245 | |
| Fuyao Glass Industry Group Co., Ltd., Class H | | | 5,600 | | | | 22,737 | |
| Geely Automobile Holdings Ltd. | | | 18,000 | | | | 27,882 | |
| Glodon Co., Ltd., Class A | | | 800 | | | | 6,234 | |
| Guangzhou Kingmed Diagnostics Group Co., Ltd., Class A | | | 3,400 | | | | 39,370 | |
| Haier Smart Home Co., Ltd., Class H | | | 8,800 | | | | 28,138 | |
| Hangzhou Robam Appliances Co., Ltd., Class A | | | 4,400 | | | | 20,143 | |
| Hangzhou Tigermed Consulting Co., Ltd., Class A | | | 1,500 | | | | 25,296 | |
| Huayu Automotive Systems Co., Ltd., Class A | | | 10,000 | | | | 31,273 | |
| HUTCHMED China Ltd. ADR* | | | 291 | | | | 5,506 | |
| JD.com, Inc., Class A * | | | 3,419 | | | | 97,151 | |
| KE Holdings, Inc. ADR* | | | 578 | | | | 7,150 | |
| Kingdee International Software Group Co., Ltd.* | | | 14,000 | | | | 30,673 | |
| Kingsoft Corp., Ltd. | | | 5,600 | | | | 17,840 | |
| Kuaishou Technology* | | | 1,500 | | | | 13,744 | |
| Kweichow Moutai Co., Ltd., Class A | | | 400 | | | | 107,761 | |
| Li Ning Co., Ltd. | | | 7,500 | | | | 63,685 | |
| LONGi Green Energy Technology Co., Ltd., Class A | | | 2,500 | | | | 28,186 | |
| Lufax Holding Ltd. ADR* | | | 2,643 | | | | 14,722 | |
| Medlive Technology Co., Ltd.* | | | 8,000 | | | | 7,984 | |
| Meituan, Class B * | | | 4,300 | | | | 81,459 | |
| Midea Group Co., Ltd., Class A | | | 4,700 | | | | 41,921 | |
| Minth Group Ltd. | | | 6,000 | | | | 14,620 | |
| NetEase, Inc. ADR | | | 500 | | | | 44,845 | |
| Pinduoduo, Inc. ADR* | | | 384 | | | | 15,402 | |
| Ping An Bank Co., Ltd., Class A | | | 19,600 | | | | 47,289 | |
| Ping An Insurance Group Co. of China Ltd., Class H | | | 13,000 | | | | 90,884 | |
| Pop Mart International Group Ltd.* | | | 4,000 | | | | 17,261 | |
| Proya Cosmetics Co., Ltd., Class A | | | 1,100 | | | | 32,580 | |
| SG Micro Corp., Class A | | | 1,027 | | | | 52,477 | |
| Shandong Sinocera Functional Material Co., Ltd., Class A | | | 900 | | | | 4,883 | |
| Shenzhen Inovance Technology Co., Ltd., Class A | | | 5,800 | | | | 51,787 | |
| Shenzhen Megmeet Electrical Co., Ltd., Class A | | | 7,425 | | | | 26,967 | |
| Shenzhou International Group Holdings Ltd. | | | 2,900 | | | | 38,286 | |
| Sinocare, Inc., Class A | | | 4,200 | | | | 12,316 | |
| Sungrow Power Supply Co., Ltd., Class A | | | 1,000 | | | | 16,772 | |
| Sunny Optical Technology Group Co., Ltd. | | | 1,600 | | | | 25,410 | |
| Tencent Holdings Ltd. | | | 4,900 | | | | 225,862 | |
| Tencent Music Entertainment Group ADR* | | | 1,720 | | | | 8,376 | |
| Topchoice Medical Corp., Class A * | | | 1,000 | | | | 22,436 | |
| Weichai Power Co., Ltd., Class H | | | 14,000 | | | | 21,944 | |
| WuXi AppTec Co., Ltd., Class H | | | 2,600 | | | | 40,622 | |
| Yatsen Holding Ltd. ADR* | | | 2,224 | | | | 1,527 | |
| Yifeng Pharmacy Chain Co., Ltd., Class A | | | 1,700 | | | | 10,681 | |
| Yonyou Network Technology Co., Ltd., Class A | | | 6,800 | | | | 24,447 | |
| Yunnan Energy New Material Co., Ltd., Class A | | | 800 | | | | 27,595 | |
| Zai Lab Ltd.* | | | 3,480 | | | | 15,971 | |
| Zhejiang Sanhua Intelligent Controls Co., Ltd., Class A | | | 13,600 | | | | 35,418 | |
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 China Equities Fund
| | | Shares | | | Value | |
| CHINA (continued) | | | | | | | | |
| Zijin Mining Group Co., Ltd., Class H | | | 28,000 | | | $ | 42,461 | |
| | | | | | | | 2,253,786 | |
Total Common Stocks
(cost $3,030,383) | | | | | | | 2,253,786 | |
| PARTICIPATORY NOTES — 2.2% | | | | | | | | |
| CHINA — 2.2% | | | | | | | | |
| Glodon Co., Ltd., expiring on 1/29/2026* | | | 2,100 | | | | 16,298 | |
| Shandong Sinocera Functional Material Co., Ltd., expiring on 11/11/2026* | | | 6,700 | | | | 36,515 | |
| | | | | | | | 52,813 | |
Total Participatory Notes
(cost $64,393) | | | | | | | 52,813 | |
TOTAL INVESTMENTS — 97.7%
(cost $3,094,776) | | | | | | $ | 2,306,599 | |
| Other assets less liabilities — 2.3% | | | | | | | 53,176 | |
| NET ASSETS — 100.0% | | | | | | $ | 2,359,775 | |
| * | 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.
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 China Equities Fund
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** | | $ | 215,299 | | | $ | 2,038,487 | | | $ | — | | | $ | 2,253,786 | |
| Participatory Notes** | | | — | | | | 52,813 | | | | — | | | | 52,813 | |
| Total | | $ | 215,299 | | | $ | 2,091,300 | | | $ | — | | | $ | 2,306,599 | |
| ** | Refer to Portfolio of Investments for further detail. |
See previously submitted notes to the financial statements for the annual period ended December 31, 2021.
