Portfolio of Investments
March 31, 2023 (unaudited)
Baillie Gifford Emerging Markets Equities Fund
| | | Shares | | | Value | |
| COMMON STOCKS — 96.2% | | | | | | |
| |
| BRAZIL — 9.8% |
| B3 SA — Brasil Bolsa Balcao | | | 27,730,700 | | | $ | 56,517,896 | |
| Banco Bradesco SA ADR | | | 19,500,925 | | | | 51,092,424 | |
| MercadoLibre, Inc. * | | | 143,190 | | | | 188,733,011 | |
| Petroleo Brasileiro SA ADR | | | 15,174,265 | | | | 158,267,584 | |
| | | | | | | | 454,610,915 | |
| CANADA — 0.2% | | | | | | | | |
| Valeura Energy, Inc. * | | | 3,982,783 | | | | 8,663,990 | |
| | | | | | | | | |
| CHILE — 1.0% | | | | | | | | |
| Lundin Mining Corp. | | | 7,099,070 | | | | 48,220,098 | |
| | | | | | | | | |
| CHINA — 30.1% | | | | | | | | |
| Alibaba Group Holding Ltd. * | | | 14,555,020 | | | | 184,346,547 | |
| Anker Innovations Technology Co., Ltd., Class A | | | 2,075,600 | | | | 20,087,648 | |
| Baidu, Inc., Class A * | | | 3,242,750 | | | | 61,097,555 | |
| BeiGene Ltd. * | | | 1,718,795 | | | | 28,608,867 | |
| Brilliance China Automotive Holdings Ltd. | | | 50,358,000 | | | | 22,132,142 | |
| China Merchants Bank Co., Ltd., Class H | | | 18,981,000 | | | | 96,385,900 | |
| Contemporary Amperex Technology Co., Ltd., Class A | | | 754,945 | | | | 44,686,376 | |
| Geely Automobile Holdings Ltd. | | | 24,748,000 | | | | 31,890,833 | |
| Haier Smart Home Co., Ltd., Class H | | | 15,752,880 | | | | 49,326,614 | |
| JD.com, Inc., Class A | | | 2,965,285 | | | | 64,750,549 | |
| KE Holdings, Inc. ADR * | | | 359,307 | | | | 6,769,344 | |
| KE Holdings, Inc., Class A * | | | 4,146,424 | | | | 25,869,224 | |
| Kuaishou Technology * | | | 2,462,900 | | | | 18,938,021 | |
| Li Ning Co., Ltd. | | | 4,444,500 | | | | 34,951,169 | |
| Lufax Holding Ltd. ADR | | | 6,343,355 | | | | 12,940,444 | |
| Meituan, Class B * | | | 5,963,590 | | | | 108,192,737 | |
| Midea Group Co., Ltd., Class A | | | 4,463,270 | | | | 34,924,014 | |
| Minth Group Ltd. | | | 12,518,000 | | | | 37,994,242 | |
| Ping An Bank Co., Ltd., Class A | | | 18,637,809 | | | | 33,962,710 | |
| Ping An Insurance Group Co. of China Ltd., Class H | | | 17,113,000 | | | | 110,707,650 | |
| Shenzhou International Group Holdings Ltd. | | | 2,744,100 | | | | 28,786,059 | |
| Silergy Corp. | | | 2,761,000 | | | | 43,835,259 | |
| Tencent Holdings Ltd. | | | 4,240,900 | | | | 207,249,915 | |
| Tencent Music Entertainment Group ADR * | | | 3,258,592 | | | | 26,981,142 | |
| Zai Lab Ltd. * | | | 4,446,930 | | | | 14,819,767 | |
| Zijin Mining Group Co., Ltd., Class H | | | 23,218,000 | | | | 38,735,982 | |
| | | | | | | | 1,388,970,710 | |
| INDIA — 13.1% | | | | | | | | |
| Delhivery Ltd. * | | | 5,907,980 | | | | 23,855,777 | |
| HDFC Life Insurance Co., Ltd. | | | 8,278,362 | | | | 50,342,251 | |
| Housing Development Finance Corp., Ltd. | | | 4,669,834 | | | | 149,752,560 | |
| Piramal Pharma Ltd. * | | | 3,582,826 | | | | 2,992,609 | |
| Reliance Industries Ltd. | | | 6,558,150 | | | | 186,478,303 | |
| Tata Consultancy Services Ltd. | | | 2,177,170 | | | | 85,340,378 | |
| Tech Mahindra Ltd. | | | 5,178,765 | | | | 69,813,193 | |
| UltraTech Cement Ltd. | | | 420,763 | | | | 39,098,805 | |
| | | | | | | | 607,673,876 | |
| INDONESIA — 2.2% | | | | | | | | |
| Bank Rakyat Indonesia Persero Tbk PT | | | 314,391,663 | | | | 99,615,882 | |
| | | | | | | | | |
| MEXICO — 3.9% | | | | | | | | |
| Cemex SAB de CV, Participating Certificate, ADR * | | | 7,708,115 | | | | 42,625,876 | |
| Grupo Financiero Banorte SAB de CV, Class O | | | 9,777,055 | | | | 82,318,246 | |
See previously submitted notes to the financial statements for the year ended December 31, 2022.
Portfolio of Investments
March 31, 2023 (unaudited)
Baillie Gifford Emerging Markets Equities Fund
| | | Shares | | | Value | |
| Wal-Mart de Mexico SAB de CV | | | 13,369,650 | | | $ | 53,419,245 | |
| | | | | | | | 178,363,367 | |
| PANAMA — 0.9% | | | | | | | | |
| Copa Holdings SA, Class A * | | | 460,065 | | | | 42,487,003 | |
| | | | | | | | | |
| PERU — 0.8% | | | | | | | | |
| Credicorp Ltd. | | | 287,175 | | | | 38,019,098 | |
| | | | | | | | | |
| POLAND — 1.1% | | | | | | | | |
| Allegro.eu SA * | | | 3,717,023 | | | | 25,379,471 | |
| KGHM Polska Miedz SA | | | 897,734 | | | | 25,498,320 | |
| | | | | | | | 50,877,791 | |
| RUSSIA — 0.0% (a) | | | | | | | | |
| Magnit PJSC *(b) | | | 362,537 | | | | 0 | |
| Magnit PJSC GDR Reg S *(b) | | | 2 | | | | 0 | |
| MMC Norilsk Nickel PJSC *(b) | | | 548,127 | | | | 0 | |
| MMC Norilsk Nickel PJSC ADR *(b) | | | 2 | | | | 0 | |
| Moscow Exchange MICEX-RTS PJSC *(b) | | | 14,557,370 | | | | 0 | |
| Ozon Holdings PLC ADR *(b) | | | 1,051,835 | | | | 0 | |
| Sberbank of Russia PJSC *(b) | | | 31,444,360 | | | | 0 | |
| | | | | | | | 0 | |
| SINGAPORE — 1.6% | | | | | | | | |
| Sea Ltd. ADR * | | | 838,919 | | | | 72,608,439 | |
| | | | | | | | | |
| SOUTH AFRICA — 2.6% | | | | | | | | |
| FirstRand Ltd. | | | 8,227,356 | | | | 27,885,793 | |
| Naspers Ltd., N Shares | | | 505,416 | | | | 93,650,739 | |
| | | | | | | | 121,536,532 | |
| SOUTH KOREA — 13.7% | | | | | | | | |
| Coupang, Inc. * | | | 3,234,012 | | | | 51,744,192 | |
| Doosan Bobcat, Inc. | | | 919,829 | | | | 30,936,956 | |
| Hyundai Motor Co. | | | 597,409 | | | | 84,994,928 | |
| LG Chem Ltd. | | | 141,859 | | | | 77,908,117 | |
| NAVER Corp. | | | 116,275 | | | | 18,219,248 | |
| Samsung Electronics Co., Ltd. | | | 4,869,522 | | | | 240,802,546 | |
| Samsung SDI Co., Ltd. | | | 134,480 | | | | 76,389,870 | |
| SK Hynix, Inc. | | | 785,428 | | | | 53,750,732 | |
| | | | | | | | 634,746,589 | |
| TAIWAN — 11.6% | | | | | | | | |
| MediaTek, Inc. | | | 2,852,000 | | | | 73,941,310 | |
| Taiwan Semiconductor Manufacturing Co., Ltd. | | | 26,328,310 | | | | 461,393,671 | |
| | | | | | | | 535,334,981 | |
| THAILAND — 1.4% | | | | | | | | |
| PTT Exploration & Production PCL | | | 14,683,500 | | | | 64,523,993 | |
| | | | | | | | | |
| ZAMBIA — 2.2% | | | | | | | | |
| First Quantum Minerals Ltd. | | | 4,421,882 | | | | 101,655,844 | |
| | | | | | | | | |
| Total Common Stocks | | | | | | | | |
| (cost $4,242,989,749) | | | | | | | 4,447,909,108 | |
| | | | | | | | | |
| PREFERRED STOCKS — 3.0% | | | | | | | | |
| | | | | | | | | |
| BRAZIL — 1.4% | | | | | | | | |
| Petroleo Brasileiro SA ADR 41.71% | | | 4,500,264 | | | | 41,762,450 | |
See previously submitted notes to the financial statements for the year ended December 31, 2022.
Portfolio of Investments
March 31, 2023 (unaudited)
Baillie Gifford Emerging Markets Equities Fund
| | | Shares | | | Value | |
| Raizen SA 8.48% | | | 38,778,110 | | | $ | 21,805,012 | |
| | | | | | | | 63,567,462 | |
| SOUTH KOREA — 1.6% | | | | | | | | |
| Samsung Electronics Co., Ltd. 2.02% | | | 1,751,618 | | | | 72,892,891 | |
| | | | | | | | | |
| Total Preferred Stocks | | | | | | | | |
| (cost $142,933,058) | | | | | | | 136,460,353 | |
| | | | | | | | | |
| TOTAL INVESTMENTS — 99.2% | | | | | | | | |
| (cost $4,385,922,807) | | | | | | $ | 4,584,369,461 | |
| Other assets less liabilities — 0.8% | | | | | | | 38,035,820 | |
| NET ASSETS — 100.0% | | | | | | $ | 4,622,405,281 | |
| (a) | Amount rounds to less than 0.1%. |
| (b) | Investment was valued using significant unobservable inputs. |
| * | Non-income producing security. |
| ADR | — | American Depositary Receipt |
| GDR | — | Global Depositary Receipt |
| 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, 2023, 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.
See previously submitted notes to the financial statements for the year ended December 31, 2022.
Portfolio of Investments
March 31, 2023 (unaudited)
Baillie Gifford Emerging Markets Equities 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 that the Fund has the ability to access
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, 2023 in valuing the Fund’s investments carried at fair value:
| Investments in Securities | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Common Stocks** | | $ | 1,065,196,018 | | | $ | 3,382,713,090 | | | $ | 0 | | | $ | 4,447,909,108 | |
| Preferred Stocks** | | | 63,567,462 | | | | 72,892,891 | | | | — | | | | 136,460,353 | |
| Total | | $ | 1,128,763,480 | | | $ | 3,455,605,981 | | | $ | 0 | | | $ | 4,584,369,461 | |
| ** | Refer to Portfolio of Investments for further detail. |
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, 2022 | | $ | 0 | |
| Purchases | | | — | |
| Sales | | | — | |
| Realized gain (loss) | | | — | |
| Change in unrealized gain (loss) | | | — | |
| Transfers into Level 3 | | | — | |
| Transfers out of Level 3 | | | — | |
| Balance at March 31, 2023 | | $ | 0 | |
| Change in unrealized gain (loss) related to Investments still held at March 31, 2023. | | $ | — | |
There were no transfers into or out of Level 3 during the period ended March 31, 2023.
See previously submitted notes to the financial statements for the year ended December 31, 2022.
Portfolio of Investments
March 31, 2023 (unaudited)
Baillie Gifford Emerging Markets Equities Fund
Summary of Unobservable Inputs for Level 3 Investments
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, management made the decision to value several securities at nil and transfer them into Level 3. The impacted securities are as follows:
Magnit PJSC
Magnit PJSC GDR Reg
MMC Norilsk Nickel PJSC
MMC Norilsk Nickel PJSC ADR
Moscow Exchange MICEX-RTS PJSC
Ozon Holdings PLC ADR
Sberbank of Russia PJSC
See previously submitted notes to the financial statements for the year ended December 31, 2022.
