Baillie Gifford

Q4 2017 13F

As of: Dec 31, 2017
Filed: Feb 13, 2018
US stock: $80.4B · prev $79.0B
Positions: 201 · prev 198
Options notional: $0
Documents: 1· no amendments

Picture100.0% US stock

Full picture · of what this 13F reports is US stock

US stock listed on a US exchange 100.0%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves189 since the prior filing

+3.4 pp in · −3.4 pp out

New 12 +1.46 pp
Added 75 +1.92 pp
Trimmed 93 −2.60 pp
Exited 9 −0.79 pp

The book

Focused · behaves like 28 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 13% a year, about 7.6 years per position

Low
Moderate
High

Top 5 positions35% of US stock

BABA Alibaba Group Holding Limited trimmed−0.37 pp trimmed−0.379.6%
AMZN Amazon.Com Inc trimmed+1.24 pp trimmed+1.249.1%
BIDU Baidu, Inc. trimmed−0.75 pp trimmed−0.756.7%
TSLA Tesla, Inc. trimmed−0.67 pp trimmed−0.675.0%
ILMN Illumina Inc trimmed+0.21 pp trimmed+0.214.8%

Positions201 in this filing · 9 exited


BABAAlibaba Group Holding Limited	9.59%	44,716,351	$7.7B	trimmed−2%	−0.37 pp	14 q
AMZNAmazon.Com Inc	9.12%	6,271,350	$7.3B	trimmed−3%	+1.24 pp	19 q
BIDUBaidu, Inc.	6.65%	22,819,720	$5.3B	trimmed−3%	−0.75 pp	19 q
TSLATesla, Inc.	4.99%	12,902,408	$4.0B	trimmed−1%	−0.67 pp	19 q
ILMNIllumina Inc	4.82%	17,756,134	$3.9B	trimmed−3%	+0.21 pp	19 q
METAMeta Platforms, Inc. Class A	4.59%	20,919,778	$3.7B	trimmed−7%	−0.26 pp	19 q
GOOGAlphabet Inc. Class C	3.50%	2,690,209	$2.8B	trimmed−5%	+0.06 pp	15 q
CTRPTrip.com Group Limited	2.69%	49,115,174	$2.2B	trimmed−5%	−0.75 pp	19 q
NVDANvidia Corp	2.69%	11,168,755	$2.2B	trimmed−0%	+0.15 pp	8 q
MELIMercado Libre, Inc	2.22%	5,681,830	$1.8B	trimmed−2%	+0.32 pp	19 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	2.21%	44,811,070	$1.8B	trimmed−0%	+0.07 pp	8 q
RACEFerrari N.V.	1.94%	14,824,792	$1.6B	trimmed−3%	−0.20 pp	8 q
unresolvedFiat Chrysler Automobiles NV s	1.74%	78,283,320	$1.4B	trimmed−2%	−0.07 pp	13 q
NFLXNetFlix Inc	1.66%	6,957,475	$1.3B	trimmed−3%	+0.01 pp	12 q
RCLRoyal Caribbean Group	1.45%	9,774,760	$1.2B	trimmed−16%	−0.29 pp	19 q
ISRGIntuitive Surgical Inc.	1.43%	3,156,841	$1.2B	trimmed−7%	−0.06 pp	19 q
ELVElevance Health, Inc.	1.36%	4,879,122	$1.1B	trimmed−1%	+0.17 pp	13 q
MCOMoody's Corporation	1.22%	6,664,967	$984M	trimmed−1%	+0.03 pp	19 q
unresolvedBluebird Bio Inc	1.15%	5,188,435	$924M	trimmed−2%	+0.22 pp	12 q
NTESNetEase, inc.	1.15%	2,670,439	$921M	added×432.5	+1.15 pp	6 q
MAMastercard Incorporated	1.05%	5,571,123	$843M	trimmed−2%	+0.04 pp	19 q
SGENSeagen Inc.	1.00%	14,964,511	$801M	trimmed−3%	−0.06 pp	19 q
TALTAL Education Group	0.95%	25,822,738	$767M	added+9%	−0.06 pp	8 q
unresolvedNew Oriental Ed & Tech Grp I	0.90%	7,718,376	$726M	trimmed−4%	+0.01 pp	19 q
WDAYWorkday, Inc. Class A	0.90%	7,089,012	$721M	trimmed−4%	−0.09 pp	19 q
VVISA Inc.	0.88%	6,175,680	$704M	trimmed−2%	+0.04 pp	19 q
RYAAYRyanair Holdings plc	0.82%	6,324,722	$659M	trimmed−4%	−0.06 pp	9 q
MKTXMarketAxess Holdings Inc.	0.81%	3,236,958	$653M	added+19%	+0.18 pp	19 q
MKLMarkel Group Inc.	0.76%	539,761	$615M	trimmed−2%	+0.02 pp	19 q
unresolvedGrubhub Inc	0.75%	8,347,721	$599M	trimmed−1%	+0.19 pp	11 q
CRMSalesforce, Inc.	0.73%	5,766,237	$589M	trimmed−10%	−0.03 pp	19 q
WATWaters Corp	0.70%	2,923,273	$565M	trimmed−1%	+0.03 pp	19 q
EOGEOG Resources, Inc.	0.68%	5,032,488	$543M	trimmed−0%	+0.06 pp	19 q
9990302DApache Corp	0.64%	12,164,940	$514M	trimmed−1%	−0.07 pp	19 q
FRCBFirst Republic Bk CA	0.63%	5,830,446	$505M	trimmed−0%	−0.14 pp	19 q
JDJD.com, Inc.	0.62%	12,024,652	$498M	trimmed−2%	+0.02 pp	15 q
MLMMartin Marietta Materials	0.61%	2,202,962	$487M	added0%	+0.04 pp	19 q
unresolvedJuno Therapeutics Inc	0.60%	10,547,788	$482M	trimmed−3%	−0.02 pp	9 q
VRSKVerisk Analytics, Inc.	0.58%	4,887,309	$469M	added0%	+0.07 pp	7 q
ALNYAlnylam Pharmaceuticals, Inc.	0.57%	3,611,014	$459M	added+6%	+0.06 pp	19 q
CHRWC.H. Robinson Worldwide, Inc.	0.57%	5,145,010	$458M	trimmed−1%	+0.07 pp	18 q
AJGArthur J. Gallagher & Co.	0.57%	7,252,665	$459M	new	+0.57 pp	new
AMTTd Ameritrade Holding Corp	0.57%	8,990,725	$460M	trimmed−37%	−0.31 pp	19 q
TMOThermo Fisher Scientific, Inc.	0.57%	2,423,018	$460M	new	+0.57 pp	new
RMDResMed Inc.	0.52%	4,915,855	$416M	added0%	+0.04 pp	6 q
unresolvedAtlassian Corp Plc	0.50%	8,896,841	$405M	trimmed−5%	+0.09 pp	7 q
MTDMettler-Toledo International	0.48%	617,100	$382M	trimmed−3%	−0.02 pp	19 q
WABWabtec Inc.	0.47%	4,644,181	$378M	trimmed−0%	+0.02 pp	8 q
unresolvedLeucadia National	0.46%	13,933,127	$369M	trimmed−1%	+0.01 pp	13 q
TERTeradyne, Inc.	0.46%	8,824,176	$369M	trimmed−3%	+0.03 pp	19 q
ABMDAbiomed Inc	0.45%	1,949,694	$365M	trimmed−1%	+0.03 pp	9 q
IBKRInteractive Brokers Group, Inc. Class A	0.44%	6,017,670	$356M	added+2%	+0.10 pp	8 q
ITUBItau Unibanco Holding S.A.	0.44%	27,233,165	$354M	trimmed−3%	−0.05 pp	19 q
WUBA58.COM Inc	0.43%	4,794,007	$343M	trimmed−1%	+0.04 pp	3 q
RBARB Global, Inc.	0.42%	11,185,179	$335M	trimmed−1%	−0.03 pp	19 q
IONSIonis Pharmaceuticals, Inc.	0.41%	6,612,301	$333M	trimmed−5%	−0.04 pp	9 q
MYGNMyriad Genetics Inc	0.41%	9,625,846	$331M	added0%	−0.03 pp	18 q
DXCMDexCom, Inc.	0.40%	5,550,584	$319M	trimmed−4%	+0.04 pp	19 q
UAAUnder Armour, Inc.	0.40%	22,434,793	$324M	trimmed−4%	−0.09 pp	10 q
SITESiteOne Landscape Supply, Inc.	0.38%	3,993,011	$306M	trimmed−0%	+0.09 pp	3 q
CPACopa Holdings, S.A.	0.37%	2,247,908	$301M	trimmed−3%	+0.01 pp	19 q
IBNICICI Bank Limited	0.34%	27,779,049	$270M	trimmed−2%	+0.03 pp	19 q
NBISNebius Group N.V. Class A	0.32%	7,945,726	$260M	trimmed−0%	−0.01 pp	16 q
TREELendingTree, Inc.	0.30%	699,522	$238M	added×2.0	+0.19 pp	8 q
BAPCredicorp LTD	0.30%	1,160,275	$241M	trimmed−0%	0.00 pp	19 q
CXCemex S.A.B. de C.V.	0.28%	30,135,985	$226M	trimmed−6%	−0.09 pp	19 q
HHCThe Howard Hughes Corporation	0.28%	1,700,058	$223M	trimmed−1%	+0.02 pp	16 q
ATHMAutohome Inc.	0.27%	3,337,337	$216M	trimmed−1%	+0.01 pp	11 q
KEXKirby Corporation	0.26%	3,131,270	$209M	trimmed−2%	−0.01 pp	8 q
QSRRestaurant Brands International Inc.	0.26%	3,411,554	$210M	trimmed−0%	−0.02 pp	13 q
LECOLincoln Electric Holdings Inc	0.25%	2,238,260	$205M	trimmed−3%	−0.02 pp	19 q
SRCLStericycle Inc	0.22%	2,591,720	$176M	trimmed−2%	−0.02 pp	8 q
unresolvedFinancial Engines	0.21%	5,660,847	$172M	added+1%	−0.04 pp	16 q
ZZillow Group, Inc. Class C	0.21%	4,130,567	$169M	added+4%	+0.01 pp	10 q
WWayfair Inc.	0.20%	2,038,437	$164M	added+5%	+0.03 pp	10 q
AMDAdvanced Micro Devices	0.19%	14,674,851	$151M	trimmed−0%	−0.05 pp	3 q
BBDBanco Bradesco S.A.	0.18%	14,243,564	$146M	trimmed−10%	−0.04 pp	5 q
KMXCarMax Inc.	0.17%	2,070,105	$133M	trimmed−71%	−0.51 pp	19 q
HDBHDFC Bank Limited	0.17%	1,364,201	$139M	trimmed−7%	−0.01 pp	12 q
DNOWDNOW Inc.	0.17%	12,686,073	$140M	trimmed−3%	−0.06 pp	15 q
PBRPetroleo Brasileiro S.a.-petrobras	0.17%	13,109,791	$135M	trimmed−10%	−0.02 pp	5 q
WIXWIX.com Ltd.	0.17%	2,414,882	$139M	added×2.1	+0.06 pp	9 q
GOOGLAlphabet Inc. Class A	0.16%	121,272	$128M	trimmed−15%	−0.02 pp	10 q
WSOWatsco, Inc.	0.16%	733,513	$125M	added+5%	+0.02 pp	19 q
PSMTPricesmart Inc	0.13%	1,254,189	$108M	trimmed−1%	−0.01 pp	19 q
SHOPShopify Inc. Class A subordinate voting shares	0.13%	1,007,485	$102M	added+7%	−0.01 pp	2 q
CBPOChina Biologic Products Hold	0.13%	1,347,795	$106M	added+1%	−0.03 pp	2 q
DATATableau Software, Inc.	0.12%	1,421,927	$98M	added+1%	−0.01 pp	8 q
AXPAmerican Express Company	0.10%	770,323	$77M	trimmed−15%	0.00 pp	18 q
DNLIDenali Therapeutics Inc.	0.10%	4,921,783	$77M	new	+0.10 pp	new
EMBJEmbraer S.A.	0.10%	3,255,835	$78M	trimmed−45%	−0.07 pp	19 q
CELGCelgene Corp	0.09%	717,494	$75M	added+7%	−0.03 pp	6 q
unresolvedEllie Mae	0.09%	839,372	$75M	added+3%	0.00 pp	18 q
FTVFortive Corporation	0.09%	1,020,579	$74M	added+10%	+0.01 pp	6 q
VRTXVertex Pharmaceuticals Inc	0.09%	498,378	$75M	added+1%	0.00 pp	5 q
MMYTMakeMyTrip Limited	0.09%	2,532,150	$76M	trimmed−0%	0.00 pp	4 q
AIYActivision Blizzard Inc	0.08%	971,299	$62M	added+6%	0.00 pp	5 q
CSGPCoStar Group Inc	0.07%	176,287	$52M	added+1%	+0.01 pp	6 q
MSFTMicrosoft Corp	0.07%	645,365	$55M	added+39%	+0.03 pp	19 q
ZGZillow Group Inc Class A	0.07%	1,345,619	$55M	trimmed−5%	0.00 pp	12 q
FASTFastenal Co	0.06%	912,395	$50M	added0%	+0.01 pp	18 q
VVRInvesco Senior Income Trust	0.06%	10,470,618	$46M	added+1%	0.00 pp	13 q
IRBTiRobot Corporation	0.06%	681,155	$52M	added+4%	0.00 pp	19 q
SESea Limited	0.06%	3,798,629	$51M	new	+0.06 pp	new
unresolvedVoya Prime Rate Trust	0.06%	8,835,126	$45M	added+4%	0.00 pp	13 q
KOCoca-Cola Company	0.05%	832,207	$38M	added0%	0.00 pp	16 q
IPGPIPG Photonics Corporation	0.05%	198,829	$43M	trimmed−2%	0.00 pp	19 q
JNJJohnson & Johnson	0.05%	270,401	$38M	trimmed−0%	+0.01 pp	19 q
UAUnder Armour, Inc. Class C, $0.0003 1/3 par value	0.05%	2,899,564	$39M	added+5%	0.00 pp	5 q
SINASina Corp	0.05%	433,584	$43M	trimmed−10%	−0.02 pp	8 q
HEI.AHeico Corp Cl A	0.04%	414,049	$33M	added+25%	+0.01 pp	3 q
unresolvedNational Instrs Corp	0.04%	814,584	$34M	added+2%	0.00 pp	11 q
NEWRNew Relic, Inc.	0.04%	502,353	$29M	new	+0.04 pp	new
PGProcter & Gamble Company	0.04%	361,038	$33M	added0%	0.00 pp	11 q
RDFNRedfin Corporation	0.04%	998,660	$31M	added+62%	+0.02 pp	2 q
SOHUNSohu.com Inc	0.04%	682,158	$30M	trimmed−9%	−0.01 pp	8 q
SFIXStitch Fix, Inc. Class A	0.04%	1,245,096	$32M	new	+0.04 pp	new
TRUPTrupanion, Inc.	0.04%	1,064,871	$31M	added+6%	+0.01 pp	6 q
AVAVAeroVironment, Inc.	0.03%	389,955	$22M	added+9%	+0.01 pp	19 q
ALBAlbemarle Corporation	0.03%	192,411	$25M	added+1%	0.00 pp	4 q
ADIAnalog Devices, Inc.	0.03%	314,259	$28M	added+3%	0.00 pp	19 q
AAPLApple Inc.	0.03%	123,051	$21M	added+4%	+0.01 pp	19 q
unresolvedFoundation Medicine	0.03%	307,158	$21M	added+20%	+0.02 pp	14 q
GKOSGlaukos Corporation	0.03%	970,279	$25M	new	+0.03 pp	new
ELThe Estee Lauder Companies Inc. Class A	0.03%	192,461	$24M	held	—	9 q
2051428DOmr Art Smgarp Eu Eq PEN-2	0.03%	527,838	$22M	added+1%	+0.01 pp	5 q
MCDMcDonald's Corporation	0.03%	151,072	$26M	added+2%	0.00 pp	19 q
PEPPepsiCo, Inc.	0.03%	224,150	$27M	added+2%	0.00 pp	19 q
TJXTJX Companies, Inc. (The)	0.03%	359,488	$27M	added+1%	0.00 pp	19 q
TIFTiffany & Co.	0.03%	222,154	$23M	added0%	0.00 pp	18 q
UPSUnited Parcel Service, Inc. Class B	0.03%	207,310	$25M	trimmed−12%	−0.01 pp	19 q
ADAPYAdaptimmune Theraptcs	0.02%	1,920,593	$13M	added+39%	+0.01 pp	8 q
AEEAmeren Corporation	0.02%	262,190	$15M	trimmed−1%	0.00 pp	8 q
AGRAvangrid, Inc.	0.02%	349,000	$18M	trimmed−28%	−0.01 pp	8 q
BZUNBaozun Inc.	0.02%	536,629	$17M	added+11%	0.00 pp	4 q
BGTBlackRock Floating Rate Income Trust	0.02%	1,150,000	$16M	held	—	17 q
CHGGChegg, Inc.	0.02%	1,084,701	$18M	new	+0.02 pp	new
CDXSCodexis, Inc.	0.02%	1,842,401	$15M	added+25%	+0.01 pp	12 q
EDConsolidated Edison, Inc.	0.02%	185,972	$16M	trimmed−1%	0.00 pp	7 q
DLBDolby Laboratories, Inc.Class A	0.02%	282,879	$18M	trimmed−0%	0.00 pp	19 q
EVFEaton Vance Senior Income Trust	0.02%	1,885,000	$12M	held	—	17 q
EIXEdison International	0.02%	196,460	$12M	trimmed−25%	−0.01 pp	7 q
ESEversource Energy	0.02%	254,233	$16M	added+3%	0.00 pp	8 q
EXKExact Sciences Corp	0.02%	285,951	$15M	added+10%	0.00 pp	2 q
EXCExelon Corporation	0.02%	404,145	$16M	trimmed−1%	0.00 pp	7 q
GSGoldman Sachs Group Inc.	0.02%	74,687	$19M	held	—	14 q
HEIHEICO Corporation	0.02%	200,555	$19M	trimmed−0%	0.00 pp	18 q
MTBM&T Bank Corp.	0.02%	93,950	$16M	trimmed−24%	−0.01 pp	19 q
MULEMuleSoft, Inc.	0.02%	787,555	$18M	added+30%	0.00 pp	2 q
unresolvedNuveen Senior Income Fund	0.02%	1,915,000	$12M	held	—	17 q
PCRXPacira BioSciences, Inc.	0.02%	370,162	$17M	added+15%	0.00 pp	10 q
XPHDXPioneer Floating Rate Fund	0.02%	1,236,803	$14M	held	—	17 q
SHWThe Sherwin-Williams Company	0.02%	38,445	$16M	added+1%	0.00 pp	18 q
SPLKSplunk Inc	0.02%	159,481	$13M	trimmed−97%	−0.49 pp	17 q
STAAStaar Surgical Co	0.02%	792,407	$12M	added+13%	+0.01 pp	5 q
TDOCTeladoc Health, Inc.	0.02%	347,925	$12M	added+14%	+0.01 pp	4 q
unresolvedTerraform Pwr Inc	0.02%	1,590,928	$19M	trimmed−34%	−0.02 pp	9 q
VARVarian Medical Systems, Inc.	0.02%	117,375	$13M	held	—	18 q
VECOVeeco Instruments Inc	0.02%	1,023,222	$15M	added+10%	−0.01 pp	9 q
WECWEC Energy Group, Inc.	0.02%	204,107	$14M	trimmed−1%	0.00 pp	7 q
NVCRNovoCure Limited	0.02%	604,117	$12M	new	+0.02 pp	new
ADROChinook Therapeutics Inc	0.01%	1,042,613	$8M	added+89%	0.00 pp	8 q
unresolvedApollo Senior Floating Rate Fund Inc	0.01%	617,746	$10M	held	—	17 q
ONCBeOne Medicines Ltd.	0.01%	87,251	$9M	added+9%	0.00 pp	8 q
BNFTBenefitfocus, Inc.	0.01%	265,930	$7M	added+11%	0.00 pp	2 q
BGBBlackstone Strategic Credit 2027 Term Fund	0.01%	387,730	$6M	added+4%	0.00 pp	4 q
BTIBritish American Tobacco p.l.c.	0.01%	123,795	$8M	trimmed−34%	0.00 pp	2 q
CEVACEVA Inc.	0.01%	215,389	$10M	added+11%	0.00 pp	4 q
96669EURDmrc LLC	0.01%	319,873	$12M	added+22%	0.00 pp	10 q
FAROFaro Technologies Inc	0.01%	253,020	$12M	added+11%	0.00 pp	19 q
HIMXHimax Technologies, Inc.	0.01%	675,800	$7M	held	—	11 q
HCMHUTCHMED (China) Limited	0.01%	206,454	$8M	added+11%	0.00 pp	7 q
Liberty Interactive LLCconvertible	0.01%	15,193,000	$10M	added0%	0.00 pp	3 q
LINDLindblad Expeditions Holdings Inc.	0.01%	1,072,701	$11M	new	+0.01 pp	new
MCHPMicrochip Technology Inc	0.01%	82,660	$7M	held	—	18 q
unresolvedMindbody Cl A	0.01%	300,131	$9M	added+13%	0.00 pp	4 q
unresolvedNucana Plc ADR	0.01%	550,000	$6M	added+22%	0.00 pp	2 q
XJQCXNuveen Credit Strategies Inc	0.01%	927,600	$8M	added+44%	0.00 pp	4 q
PCGPG&E Corporation	0.01%	241,899	$11M	trimmed−22%	−0.02 pp	8 q
PENPenumbra, Inc.	0.01%	80,227	$8M	added+17%	0.00 pp	2 q
SLBSLB Limited	0.01%	119,127	$8M	held	—	18 q
Tesla Energy Operationsconvertible	0.01%	12,046,000	$11M	held	—	3 q
Sunpower Corpconvertible	0.01%	7,158,000	$6M	held	—	3 q
WBWeibo Corporation	0.01%	98,133	$10M	trimmed−4%	0.00 pp	6 q
AMBAAmbarella, Inc.	0.01%	196,537	$12M	added+11%	0.00 pp	4 q
BCRHBlue Capital Reinsurance Hol	0.01%	629,438	$8M	held	—	17 q
unresolvedLuxoft Holding	0.01%	96,930	$5M	held	—	7 q
SSYSStratasys Inc (ISRAEL)	0.01%	460,537	$9M	added+14%	0.00 pp	19 q
ACTGAcacia Research Corporation	0.00%	365,820	$1M	held	—	19 q
ALGNAlign Technology Inc	0.00%	12,232	$3M	new	0.00 pp	new
unresolvedChina Rapid Finance ADR	0.00%	300,000	$2M	held	—	3 q
ECLEcolab, Inc.	0.00%	4,028	$540,000	added+64%	0.00 pp	4 q
XFCTXFirst Trust Snr FL Rt Inc II	0.00%	183,676	$2M	held	—	13 q
INFYInfosys Limited	0.00%	9,141	$148,000	trimmed−96%	0.00 pp	16 q
KEPKorea Electric Power Corp	0.00%	48,900	$866,000	added+10%	0.00 pp	6 q
REGNRegeneron Pharmaceuticals Inc	0.00%	5,500	$2M	held	—	19 q
RIORio Tinto plc	0.00%	70,626	$4M	held	—	14 q
VALEVale S.a.	0.00%	167,621	$2M	new	0.00 pp	new
WITWipro Limited	0.00%	23,868	$131,000	trimmed−96%	0.00 pp	11 q
XYLXylem Inc	0.00%	11,933	$814,000	added+65%	0.00 pp	4 q
FOMXFoamix Pharmaceuticals Ltd	0.00%	219,400	$1M	held	—	11 q
CLColgate-Palmolive Company	—	−4,761,112	—	exited	−0.44 pp	—
TRIPTripAdvisor, Inc.	—	−4,190,667	—	exited	−0.22 pp	—
CMGChipotle Mexican Grill, Inc.	—	−148,103	—	exited	−0.06 pp	—
BF.BBrown-Forman Corporation Class B	—	−438,032	—	exited	−0.03 pp	—
unresolvedExa Corp	—	−514,571	—	exited	−0.02 pp	—
LTRPALiberty TripAdvisor Holdings, Inc. Series A	—	−543,314	—	exited	−0.01 pp	—
STMPStamps.com, Inc.	—	−58,048	—	exited	−0.01 pp	—
unresolvedKite Pharma Inc	—	−2,754	—	exited	0.00 pp	—
unresolvedMobileye Nv	—	−40,437	—	exited	0.00 pp	—