Form NPORT-P BAILLIE GIFFORD FUNDS For: Mar 31

  
    NPORT-P
    false
    
      
      
        
          0001120543
          XXXXXXXX
        
      
      
      
      
        S000026148
        C000078427
        C000078429
        C000186032
        C000078428
        C000186033
      
      
    
  
  
    
      Baillie Gifford Funds
      811-10145
      0001120543
      213800T287IYS8QHPC42
      CALTON SQUARE, ONE GREENSIDE ROW
      EDINBURGH
      GB
      EH1 3AN
      011-44-131-275-2000
      Baillie Gifford EAFE Plus All Cap Fund
      S000026148
      2138003OSI99395EPG60
      2022-12-31
      2022-03-31
      N
    
    
      533880614.15
      2212751.46
      531667862.69
      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
      8921605.64000000
      N
      
        
          
          
          
          
          
        
        
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
        
        
        
        
      
      
      
      
      
      
    
    
      
        Zalando SE
        529900YRFFGH5AXU4S86
        
        000000000
        
          
          
          
        
        185951.00000000
        NS
        
        9415478.63000000
        1.770932435592
        Long
        EC
        CORP
        DE
        N
        
        2
        
          N
          N
          N
        
      
      
        Trip.com Group Ltd
        2549004RMYDSRQL4KW41
        
        89677Q107
        
          
          
        
        92874.00000000
        NS
        USD
        2147246.88000000
        0.403869977985
        Long
        EC
        CORP
        CN
        N
        
        1
        
          N
          N
          N
        
      
      
        Naspers Ltd
        21380044BQ8812EEKT59
        
        000000000
        
          
          
          
        
        35333.00000000
        NS
        
        3990590.33000000
        0.750579564807
        Long
        EC
        CORP
        ZA
        N
        
        2
        
          N
          N
          N
        
      
      
        Ubisoft Entertainment SA
        969500I7C8V1LBIMSM05
        
        000000000
        
          
          
          
        
        87907.00000000
        NS
        
        3862882.43000000
        0.726559324171
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        Denso Corp
        549300RYPA10CQM3QK38
        
        000000000
        
          
          
          
        
        123000.00000000
        NS
        
        7847414.57000000
        1.475999420069
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Suzuki Motor Corp
        353800D83H0V3ZV1SV24
        
        000000000
        
          
          
          
        
        136200.00000000
        NS
        
        4667601.85000000
        0.877916868321
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Games Workshop Group PLC
        213800RP9QJQYGWHNT41
        
        000000000
        
          
          
          
        
        51916.00000000
        NS
        
        4936775.11000000
        0.928544953802
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Nemetschek SE
        529900R0S2IX1S358J38
        
        000000000
        
          
          
          
        
        65086.00000000
        NS
        
        6250459.60000000
        1.175632389811
        Long
        EC
        CORP
        DE
        N
        
        2
        
          N
          N
          N
        
      
      
        Sugi Holdings Co Ltd
        529900N86BFWB1FADG87
        
        000000000
        
          
          
          
        
        52700.00000000
        NS
        
        2608462.62000000
        0.490618824843
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Atlas Copco AB
        213800T8PC8Q4FYJZR07
        
        000000000
        
          
          
          
        
        105348.00000000
        NS
        
        4777483.17000000
        0.898584154744
        Long
        EC
        CORP
        SE
        N
        
        2
        
          N
          N
          N
        
      
      
        Housing Development Finance Co
        335800OX2H9AP7NHLT64
        
        000000000
        
          
          
          
        
        90923.00000000
        NS
        
        2842988.09000000
        0.534730099279
        Long
        EC
        CORP
        IN
        N
        
        2
        
          N
          N
          N
        
      
      
        Mettler-Toledo International I
        5493000BD5GJNUDIUG10
        
        592688105
        
          
          
        
        17177.00000000
        NS
        USD
        23587284.63000000
        4.436469887545
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        IMCD NV
        724500NSJPNFJPDAUP02
        
        000000000
        
          
          
          
        
        43058.00000000
        NS
        
        7345369.93000000
        1.381571173558
        Long
        EC
        CORP
        NL
        N
        
        2
        
          N
          N
          N
        
      
      
        HomeServe PLC
        213800EKBJTGNMXEDF11
        
        000000000
        
          
          
          
        
        378238.00000000
        NS
        
        4188633.90000000
        0.787829055306
        Long
        EC
        CORP
        GB
        N
        
        1
        
          N
          N
          N
        
      
      
        ASOS PLC
        213800H8DBB8JSKDW630
        
        000000000
        
          
          
          
        
        112328.00000000
        NS
        
        2363227.40000000
        0.444493181898
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Bechtle AG
        529900HA2QT774RUXW59
        
        000000000
        
          
          
          
        
        197479.00000000
        NS
        
        11118111.53000000
        2.091176147782
        Long
        EC
        CORP
        DE
        N
        
        2
        
          N
          N
          N
        
      
      
        Atlas Copco AB
        213800T8PC8Q4FYJZR07
        
        000000000
        
          
          
          
        
        186367.00000000
        NS
        
        9673560.44000000
        1.819474359622
        Long
        EC
        CORP
        SE
        N
        
        2
        
          N
          N
          N
        
      
      
        Sartorius AG
        529900EQV2DY4FOAMU38
        
        000000000
        
          
          
          
        
        34068.00000000
        NS
        
        15035707.19000000
        2.828026338459
        Long
        EP
        CORP
        DE
        N
        
        2
        
          N
          N
          N
        
      
      
        Alibaba Group Holding Ltd
        5493001NTNQJDH60PM02
        
        01609W102
        
          
          
        
        52761.00000000
        NS
        USD
        5740396.80000000
        1.079696028824
        Long
        EC
        CORP
        CN
        N
        
        1
        
          N
          N
          N
        
      
      
        Meituan
        21380033K525E5JLIA77
        
        000000000
        
          
          
          
        
        308500.00000000
        NS
        
        5844205.80000000
        1.099221188662
        Long
        EC
        CORP
        CN
        N
        
        2
        
          N
          N
          N
        
      
      
        Burberry Group PLC
        213800PE1KEFCNFR1R50
        
        000000000
        
          
          
          
        
        192436.00000000
        NS
        
        4200817.57000000
        0.790120649524
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Sysmex Corp
        5299001ZO4CKWACMZI55
        
        000000000
        
          
          
          
        
        103500.00000000
        NS
        
        7496247.15000000
        1.409949270221
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Shimano Inc
        529900L32YT3P9DECR10
        
        000000000
        
          
          
          
        
        43300.00000000
        NS
        
        9916062.07000000
        1.865085848866
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Farfetch Ltd
        549300QFQ74Z0F96NS78
        
        30744W107
        
          
          
        
        205557.00000000
        NS
        USD
        3108021.84000000
        0.584579595289
        Long
        EC
        CORP
        GB
        N
        
        1
        
          N
          N
          N
        
      
      
        Trainline PLC
        213800HO26VXTFJ4MO71
        
        000000000
        
          
          
          
        
        1121941.00000000
        NS
        
        3684594.49000000
        0.693025617790
        Long
        EC
        CORP
        GB
        N
        
        1
        
          N
          N
          N
        
      
      
        Kao Corp
        353800HM38HFCB8RGL63
        
        000000000
        
          
          
          
        
        87900.00000000
        NS
        
        3589014.96000000
        0.675048317165
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Nibe Industrier AB
        549300ZQH0FIF1P0MX67
        
        000000000
        
          
          
          
        
        1430513.00000000
        NS
        
        15856602.93000000
        2.982426443790
        Long
        EC
        CORP
        SE
        N
        
        2
        
          N
          N
          N
        
      
      
        AIA Group Ltd
        ZP5ILWVSYE4LJGMMVD57
        
        000000000
        
          
          
          
        
        1566600.00000000
        NS
        
        16358258.29000000
        3.076781471656
        Long
        EC
        CORP
        HK
        N
        
        2
        
          N
          N
          N
        
      
      
        Wise PLC
        213800LD9XCHIC1C4V71
        
        000000000
        
          
          
          
        
        320043.00000000
        NS
        
        2069267.52000000
        0.389203046716
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Murata Manufacturing Co Ltd
        529900QZG6DL8ZRI7140
        
        000000000
        
          
          
          
        
        125200.00000000
        NS
        
        8247274.82000000
        1.551208075333
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Z Holdings Corp
        52990078MD2OL792YM35
        
        000000000
        
          
          
          
        
        1097600.00000000
        NS
        
        4745026.12000000
        0.892479394182
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        SMC Corp
        353800O40V08DOZ70X62
        
        000000000
        
          
          
          
        
        25300.00000000
        NS
        
        14142550.44000000
        2.660034851165
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        TSMC
        549300KB6NK5SBD14S87
        
        874039100
        
          
          
        
        141800.00000000
        NS
        USD
        14784068.00000000
        2.780696189760
        Long
        EC
        CORP
        TW
        N
        
        1
        
          N
          N
          N
        
      
      
        Rightmove PLC
        2138001JXGCFKBXYB828
        
        000000000
        
          
          
          
        
        1248573.00000000
        NS
        
        10319009.40000000
        1.940875144830
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Recruit Holdings Co Ltd
        353800R2LRSMVVC4I806
        
        000000000
        
          
          
          
        
        145900.00000000
        NS
        
        6338924.24000000
        1.192271469621
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Epiroc AB
        5493004Q73OEYW1SPE91
        
        000000000
        
          
          
          
        
        360463.00000000
        NS
        
        6507952.37000000
        1.224063522867
        Long
        EC
        CORP
        SE
        N
        
        2
        
          N
          N
          N
        
      
      
        Jeronimo Martins SGPS SA
        259400A8SZP10GB5IB19
        
        000000000
        
          
          
          
        
        475437.00000000
        NS
        
        11405706.96000000
        2.145269210422
        Long
        EC
        CORP
        PT
        N
        
        2
        
          N
          N
          N
        
      
      
        Keyence Corp
        529900M7PQBS7A89DZ11
        
        000000000
        
          
          
          
        
        16400.00000000
        NS
        
        7604722.89000000
        1.430352184825
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Investor AB
        549300VEBQPHRZBKUX38
        
        000000000
        
          
          
          
        
        513124.00000000
        NS
        
        11149281.11000000
        2.097038751522
        Long
        EC
        CORP
        SE
        N
        
        2
        
          N
          N
          N
        
      
      
        Weir Group PLC/The
        549300KDR56WHY9I3D10
        
        000000000
        
          
          
          
        
        170962.00000000
        NS
        
        3648310.87000000
        0.686201127813
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Nidec Corp
        353800IF171MZTNL6Y31
        
        000000000
        
          
          
          
        
        100500.00000000
        NS
        
        7937799.33000000
        1.492999650164
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Xero Ltd
        254900UG5D8YST164N14
        
        000000000
        
          
          
          
        
        95563.00000000
        NS
        
        7242497.67000000
        1.362222202665
        Long
        EC
        CORP
        NZ
        N
        
        2
        
          N
          N
          N
        
      
      
        Remy Cointreau SA
        5493004V6A3Z027YT216
        
        000000000
        
          
          
          
        
        50671.00000000
        NS
        
        10449732.58000000
        1.965462521493
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        Olympus Corp
        5299000Y52IFDI1I2A21
        
        000000000
        
          
          
          
        
        568200.00000000
        NS
        
        10768862.73000000
        2.025486866088
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Pigeon Corp
        N/A
        
        000000000
        
          
          
          
        
        114900.00000000
        NS
        
        2020683.71000000
        0.380065046583
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Prosus NV
        635400Z5LQ5F9OLVT688
        
        000000000
        
          
          
          
        
        37713.00000000
        NS
        
        2033780.84000000
        0.382528451072
        Long
        EC
        CORP
        NL
        
        N
        
        2
        
          N
          N
          N
        
      
      
        ASML Holding NV
        724500Y6DUVHQD6OXN27
        
        000000000
        
          
          
          
        
        27228.00000000
        NS
        
        18194345.25000000
        3.422126204496
        Long
        EC
        CORP
        NL
        N
        
        2
        
          N
          N
          N
        
      
      
        Kering SA
        549300VGEJKB7SVUZR78
        
        000000000
        
          
          
          
        
        9003.00000000
        NS
        
        5683840.91000000
        1.069058581280
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        Shiseido Co Ltd
        5299008QCD0YDT5OF506
        
        000000000
        
          
          
          
        
        217100.00000000
        NS
        
        10965390.11000000
        2.062451180426
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Experian PLC
        635400RXXHHYT1JTSZ26
        
        000000000
        
          
          
          
        
        180768.00000000
        NS
        
        6964200.43000000
        1.309878011953
        Long
        EC
        CORP
        IE
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Auto Trader Group PLC
        213800QLK9BZILB1DI86
        
        000000000
        
          
          
          
        
        1434658.00000000
        NS
        
        11843509.22000000
        2.227614277845
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Intertek Group PLC
        2138003GAT25WW1RN369
        
        000000000
        
          
          
          
        
        101349.00000000
        NS
        
        6913803.00000000
        1.300398892838
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        PING AN
        529900M9MC28JLN35U89
        
        000000000
        
          
          
          
        
        867500.00000000
        NS
        
        6064748.50000000
        1.140702480927
        Long
        EC
        CORP
        CN
        N
        
        2
        
          N
          N
          N
        
      
      
        Hargreaves Lansdown PLC
        2138008ZCE93ZDSESG90
        
        000000000
        
          
          
          
        
        436925.00000000
        NS
        
        5759030.89000000
        1.083200865454
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        MakeMyTrip Ltd
        529900DNT8HNJ7RYUO60
        
        000000000
        
          
          
          
        
        81188.00000000
        NS
        USD
        2178274.04000000
        0.409705794324
        Long
        EC
        CORP
        IN
        N
        
        1
        
          N
          N
          N
        
      
      
        United Overseas Bank Ltd
        IO66REGK3RCBAMA8HR66
        
        000000000
        
          
          
          
        
        535173.00000000
        NS
        
        12521978.13000000
        2.355225697984
        Long
        EC
        CORP
        SG
        N
        
        2
        
          N
          N
          N
        
      
      
        Cie Financiere Richemont SA
        549300YIPGJ6UX2QPS51
        
        000000000
        
          
          
          
        
        111383.00000000
        NS
        
        14118339.18000000
        2.655481019403
        Long
        EC
        CORP
        CH
        N
        
        2
        
          N
          N
          N
        
      
      
        Rational AG
        529900K139N6UFJ1A758
        
        000000000
        
          
          
          
        
        6748.00000000
        NS
        
        4647499.40000000
        0.874135851748
        Long
        EC
        CORP
        DE
        N
        
        2
        
          N
          N
          N
        
      
      
        Spotify Technology SA
        549300B4X0JHWV0DTD60
        
        000000000
        
          
          
          
        
        41526.00000000
        NS
        USD
        6271256.52000000
        1.179544027406
        Long
        EC
        CORP
        SE
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Coupang Inc
        549300XR4L1D80AK4W76
        
        22266T109
        
          
          
        
        172695.00000000
        NS
        USD
        3053247.60000000
        0.574277253575
        Long
        EC
        CORP
        KR
        N
        
        1
        
          N
          N
          N
        
      
      
        Auto1 Group SE
        391200S2LPXG5ZD5G304
        
        000000000
        
          
          
          
        
        147582.00000000
        NS
        
        1676748.57000000
        0.315375197123
        Long
        EC
        CORP
        DE
        N
        
        2
        
          N
          N
          N
        
      
      
        adidas AG
        549300JSX0Z4CW0V5023
        
        000000000
        
          
          
          
        
        30315.00000000
        NS
        
        7064184.88000000
        1.328683822313
        Long
        EC
        CORP
        DE
        N
        
        2
        
          N
          N
          N
        
      
      
        Baidu Inc
        254900AL64IANZYI1E02
        
        056752108
        
          
          
        
        19852.00000000
        NS
        USD
        2626419.60000000
        0.493996305646
        Long
        EC
        CORP
        CN
        N
        
        1
        
          N
          N
          N
        
      
      
        LVMH Moet Hennessy Louis Vuitt
        IOG4E947OATN0KJYSD45
        
        000000000
        
          
          
          
        
        10887.00000000
        NS
        
        7771132.69000000
        1.461651763317
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        Cochlear Ltd
        5493001OLLWY8KV5UC08
        
        000000000
        
          
          
          
        
        66619.00000000
        NS
        
        11122778.64000000
        2.092053972140
        Long
        EC
        CORP
        AU
        N
        
        2
        
          N
          N
          N
        
      
      
        Raia Drogasil SA
        N/A
        
        000000000
        
          
          
          
        
        813100.00000000
        NS
        
        4088512.83000000
        0.768997548453
        Long
        EC
        CORP
        BR
        N
        
        1
        
          N
          N
          N
        
      
      
        Techtronic Industries Co Ltd
        549300HZW2SBE758OK89
        
        000000000
        
          
          
          
        
        631000.00000000
        NS
        
        10109549.43000000
        1.901478373894
        Long
        EC
        CORP
        HK
        N
        
        2
        
          N
          N
          N
        
      
      
        MercadoLibre Inc
        549300DKPDN9M5S8GB14
        
        58733R102
        
          
          
        
        8043.00000000
        NS
        USD
        9566987.64000000
        1.799429363963
        Long
        EC
        CORP
        AR
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Kakaku.com Inc
        353800KA15Y0DCPWYY65
        
        000000000
        
          
          
          
        
        182700.00000000
        NS
        
        4080195.64000000
        0.767433190216
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        SoftBank Group Corp
        5493003BZYYYCDIO0R13
        
        000000000
        
          
          
          
        
        121900.00000000
        NS
        
        5450106.64000000
        1.025096121556
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
    
    
      
    
    
      2022-05-20
      Baillie Gifford Funds
      Lindsay Cockburn
      Lindsay Cockburn
      Treasurer
    
  
  XXXX

  

Portfolio of Investment

 

March 31, 2022 (unaudited)

 

Baillie Gifford EAFE Plus All Cap Fund

 

		Shares				Value
COMMON STOCKS — 95.6%
AUSTRALIA — 2.1%
Cochlear Ltd.			66,619			$	11,122,779
BRAZIL — 2.6%
MercadoLibre, Inc.*			8,043				9,566,987
Raia Drogasil SA			813,100				4,088,513
							13,655,500
CHINA — 4.6%
Alibaba Group Holding Ltd. ADR*			52,761				5,740,397
Baidu, Inc. ADR*			19,852				2,626,419
Meituan, Class B *			308,500				5,844,206
Ping An Insurance Group Co. of China Ltd., Class H			867,500				6,064,748
Prosus NV *			37,713				2,033,781
Trip.com Group Ltd. ADR*			92,874				2,147,247
							24,456,798
FRANCE — 5.2%
Kering			9,003				5,683,841
LVMH Moet Hennessy Louis Vuitton SE			10,887				7,771,133
Remy Cointreau SA			50,671				10,449,733
Ubisoft Entertainment SA*			87,907				3,862,882
							27,767,589
GERMANY — 7.6%
adidas AG			30,315				7,064,185
Auto1 Group SE*			147,582				1,676,749
Bechtle AG			197,479				11,118,111
Nemetschek SE			65,086				6,250,460
Rational AG			6,748				4,647,499
Zalando SE*			185,951				9,415,479
							40,172,483
HONG KONG — 5.0%
AIA Group Ltd.			1,566,600				16,358,258
Techtronic Industries Co., Ltd.			631,000				10,109,550
							26,467,808
INDIA — 0.9%
Housing Development Finance Corp., Ltd.			90,923				2,842,988
MakeMyTrip Ltd.*			81,188				2,178,274
							5,021,262
JAPAN — 22.3%
Denso Corp.			123,000				7,847,414
Kakaku.com, Inc.			182,700				4,080,196
Kao Corp.			87,900				3,589,015
Keyence Corp.			16,400				7,604,723
Murata Manufacturing Co., Ltd.			125,200				8,247,275
Nidec Corp.			100,500				7,937,799
Olympus Corp.			568,200				10,768,863
Pigeon Corp.			114,900				2,020,684
Recruit Holdings Co., Ltd.			145,900				6,338,924
Shimano, Inc.			43,300				9,916,062
Shiseido Co., Ltd.			217,100				10,965,390
SMC Corp.			25,300				14,142,550
SoftBank Group Corp.			121,900				5,450,107
Sugi Holdings Co., Ltd.			52,700				2,608,463
Suzuki Motor Corp.			136,200				4,667,602
Sysmex Corp.			103,500				7,496,247
Z Holdings Corp.			1,097,600				4,745,026
							118,426,340

 

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

 

   

Portfolio of Investment

 

March 31, 2022 (unaudited)

 

Baillie Gifford EAFE Plus All Cap Fund

 

			Shares				Value
NETHERLANDS — 4.8%
ASML Holding NV			27,228			$	18,194,345
IMCD NV			43,058				7,345,370
							25,539,715
NEW ZEALAND — 1.4%
Xero Ltd.*			95,563				7,242,498
PORTUGAL — 2.1%
Jeronimo Martins SGPS SA			475,437				11,405,707
SINGAPORE — 2.4%
United Overseas Bank Ltd.			554,073				12,964,200
SOUTH AFRICA — 0.7%
Naspers Ltd., N Shares			35,333				3,990,590
SOUTH KOREA — 0.6%
Coupang, Inc.*			172,695				3,053,248
SWEDEN — 9.0%
Atlas Copco AB, A Shares			186,367				9,673,561
Atlas Copco AB, B Shares			105,348				4,777,483
Epiroc AB, B Shares			360,463				6,507,952
Investor AB, B Shares			513,124				11,149,281
Nibe Industrier AB, B Shares			1,430,513				15,856,603
							47,964,880
SWITZERLAND — 2.7%
Cie Financiere Richemont SA			111,383				14,118,339
TAIWAN — 2.8%
Taiwan Semiconductor Manufacturing Co., Ltd. ADR			141,800				14,784,068
UNITED KINGDOM — 13.2%
ASOS PLC*			112,328				2,363,227
Auto Trader Group PLC			1,434,658				11,843,509
Burberry Group PLC			192,436				4,200,818
Experian PLC			180,768				6,964,200
Farfetch Ltd., Class A *			205,557				3,108,022
Games Workshop Group PLC			51,916				4,936,775
Hargreaves Lansdown PLC			436,925				5,759,031
HomeServe PLC			378,238				4,188,634
Intertek Group PLC			101,349				6,913,803
Rightmove PLC			1,248,573				10,319,009
Trainline PLC*			1,121,941				3,684,595
Weir Group PLC (The)			170,962				3,648,311
Wise PLC, Class A *			320,043				2,069,268
							69,999,202
UNITED STATES — 5.6%
Mettler-Toledo International, Inc.*			17,177				23,587,285
Spotify Technology SA*			41,526				6,271,256
							29,858,541
Total Common Stocks (cost $404,711,293)							508,011,547
PREFERRED STOCKS — 2.8%
GERMANY — 2.8%
Sartorius AG 0.31% (cost $7,224,113)			34,068				15,035,707
TOTAL INVESTMENTS — 98.4% (cost $411,935,406)						$	523,047,254
Other assets less liabilities — 1.6%							8,660,596
NET ASSETS — 100.0%						$	531,707,850

   

*	Non-income producing security.

 

ADR

-

American Depositary Receipt

 

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

 

 

Portfolio of Investment

 

March 31, 2022 (unaudited)

 

Baillie Gifford EAFE Plus All Cap Fund

 

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**		$	85,024,945			$	422,986,602			$	—			$	508,011,547
Preferred Stocks**			—				15,035,707				—				15,035,707
Total		$	85,024,945			$	438,022,309			$	—			$	523,047,254

 

**      Refer to Portfolio of Investments for further detail.

  

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

 

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