Baillie Gifford Funds NPORT-P Baillie Gifford Global Alpha Equities Fund (Mar 2021 report)

Portfolio of Investments

March 31, 2021 (unaudited)

Baillie Gifford Global Alpha Equities Fund

	Shares		Value
COMMON STOCKS — 98.4%
AUSTRALIA — 3.3%
BHP Group PLC		813,021	$	23,408,528
Orica Ltd.		318,624		3,387,174
Rio Tinto PLC		293,344		22,378,680
				49,174,382
BRAZIL — 0.5%
B3 SA - Brasil Bolsa Balcao		799,700		7,767,333
CANADA — 2.5%
Fairfax Financial Holdings Ltd.		20,416		8,911,591
Shopify, Inc., Class A *		25,317		28,013,261
				36,924,852
CHINA — 8.2%
Alibaba Group Holding Ltd. ADR*		119,010		26,983,137
Autohome, Inc. ADR		62,057		5,788,056
Brilliance China Automotive Holdings Ltd.		6,366,000		6,023,512
KE Holdings, Inc. ADR*		48,799		2,780,567
Li Auto, Inc. ADR*		201,969		5,049,225
Meituan, Class B *		690,800		26,957,915
Ping An Healthcare and Technology Co., Ltd.*		458,500		5,787,038
Ping An Insurance Group Co. of China Ltd., Class H		1,557,000		18,623,832
Prosus NV*		138,326		15,392,745
Tencent Music Entertainment Group ADR*		422,191		8,650,694
				122,036,721
DENMARK — 0.5%
Genmab A/S*		21,732		7,147,518
FRANCE — 2.1%
Adevinta ASA*		277,389		4,087,164
Pernod Ricard SA		113,209		21,190,374
Ubisoft Entertainment SA*		69,550		5,286,197
				30,563,735
GERMANY — 1.5%
adidas AG*		40,523		12,659,017
Deutsche Boerse AG		53,364		8,867,438
				21,526,455
HONG KONG — 1.7%
AIA Group Ltd.		2,064,200		25,259,142
INDIA — 2.6%
Housing Development Finance Corp., Ltd.		452,297		15,540,634
ICICI Bank Ltd. ADR*		550,237		8,820,299
Reliance Industries Ltd. GDR		257,233		14,222,356
				38,583,289
IRELAND — 3.3%
CRH PLC		385,641		18,079,002
Ryanair Holdings PLC ADR*		266,335		30,628,525
				48,707,527
JAPAN — 6.7%
Advantest Corp.		213,300		18,734,610
CyberAgent, Inc.		689,600		12,447,649
Hoshizaki Corp.		46,100		4,122,242
Olympus Corp.		1,090,600		22,623,294
SMC Corp.		22,700		13,220,032
SoftBank Group Corp.		157,500		13,409,178
Sysmex Corp.		143,800		15,522,299
				100,079,304

See previously submitted notes to the financial statements for the annual period ended December 31, 2020.

Portfolio of Investments

March 31, 2021 (unaudited)

Baillie Gifford Global Alpha Equities Fund

	Shares		Value
MACAU — 0.5%
Sands China Ltd.*		1,401,600	$	7,024,990
NETHERLANDS — 0.5%
Adyen NV*		3,571		7,968,349
NORWAY — 0.7%
Schibsted ASA, Class A *		239,866		10,081,775
Schibsted ASA, Class B  *		18,228		653,340
				10,735,115
RUSSIA — 0.8%
Mail.Ru Group Ltd. GDR Reg S*		152,544		3,485,233
Sberbank of Russia PJSC ADR		526,856		8,100,664
				11,585,897
SOUTH AFRICA — 3.6%
Naspers Ltd., N Shares		220,492		52,810,133
SWEDEN — 1.7%
Atlas Copco AB, B Shares		284,692		14,837,417
Epiroc AB, B Shares		523,665		10,908,774
				25,746,191
SWITZERLAND — 1.2%
Compagnie Financiere Richemont SA		104,457		10,030,308
Wizz Air Holdings PLC*		113,652		7,553,351
				17,583,659
TAIWAN — 4.1%
Sea Ltd. ADR*		131,460		29,345,816
Taiwan Semiconductor Manufacturing Co., Ltd.		1,506,000		31,715,173
				61,060,989
UNITED KINGDOM — 3.5%
Farfetch Ltd., Class A *		266,216		14,114,772
Hays PLC*		1,773,175		3,653,431
Prudential PLC		1,609,041		34,276,675
				52,044,878
UNITED STATES — 48.9%
ABIOMED, Inc.*		24,816		7,909,604
Albemarle Corp.		94,418		13,795,414
Alnylam Pharmaceuticals, Inc.*		94,459		13,336,666
Alphabet, Inc., Class C *		14,406		29,800,684
Amazon.com, Inc.*		12,794		39,585,660
Anthem, Inc.		81,971		29,423,490
Arthur J Gallagher & Co.		163,457		20,394,530
Axon Enterprise, Inc.*		77,106		10,981,437
Booking Holdings, Inc.*		6,939		16,166,760
Broadridge Financial Solutions, Inc.		84,117		12,878,313
CBRE Group, Inc., Class A *		222,186		17,577,134
Charles Schwab Corp. (The)		154,958		10,100,162
Chegg, Inc.*		111,341		9,537,470
Cloudflare, Inc., Class A *		179,049		12,579,983
CoStar Group, Inc.*		8,603		7,070,720
Datadog, Inc., Class A *		74,521		6,210,580
DoorDash, Inc., Class A *		60,753		7,966,541
EOG Resources, Inc.		159,616		11,576,949
Estee Lauder Cos., Inc. (The), Class A		60,245		17,522,258
Exact Sciences Corp.*		58,636		7,727,052
Facebook, Inc., Class A *		59,279		17,459,444
Howard Hughes Corp. (The)*		66,687		6,343,934
IAC/InterActiveCorp.*		37,809		8,178,465
Illumina, Inc.*		28,508		10,948,782
Interactive Brokers Group, Inc., Class A		79,044		5,773,374

See previously submitted notes to the financial statements for the annual period ended December 31, 2020.

Portfolio of Investments

March 31, 2021 (unaudited)

Baillie Gifford Global Alpha Equities Fund

	Shares		Value
UNITED STATES (continued)
LendingTree, Inc.*		15,124	$	3,221,412
Lyft, Inc., Class A *		148,021		9,351,967
Markel Corp.*		8,695		9,908,996
Martin Marietta Materials, Inc.		77,181		25,918,923
Mastercard, Inc., Class A		86,478		30,790,492
Microsoft Corp.		133,750		31,534,238
Moderna, Inc.*		92,553		12,119,815
Moody’s Corp.		115,884		34,604,121
Netflix, Inc.*		18,607		9,706,528
Novocure Ltd.*		75,108		9,927,775
Oscar Health, Inc., Class A *		210,085		5,647,085
ResMed, Inc.		64,323		12,479,948
S&P Global, Inc.		37,633		13,279,557
Service Corp. International		228,353		11,657,421
SiteOne Landscape Supply, Inc.*		80,502		13,744,911
Snowflake, Inc., Class A *		10,823		2,481,497
Spotify Technology SA*		25,391		6,803,518
STAAR Surgical Co.*		35,716		3,764,824
Stericycle, Inc.*		101,242		6,834,847
Teladoc Health, Inc.*		71,680		13,027,840
Teradyne, Inc.		137,404		16,719,319
Tesla, Inc.*		34,019		22,722,311
Thermo Fisher Scientific, Inc.		30,688		14,005,389
Trade Desk, Inc. (The), Class A *		23,184		15,108,085
Twilio, Inc., Class A *		25,177		8,579,315
Wayfair, Inc., Class A *		27,311		8,596,137
Westinghouse Air Brake Technologies Corp.		76,517		6,057,086
Zillow Group, Inc., Class C *		117,569		15,241,645
				724,680,408
TOTAL INVESTMENTS — 98.4% (cost $832,368,418)			$	1,459,010,867
Other assets less liabilities — 1.6%				23,762,384
NET ASSETS — 100.0%			$	1,482,773,251

* 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). At March 31, 2021, the net value of these securities was $3,485,233 representing 0.2% 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 annual period ended December 31, 2020.

Portfolio of Investments

March 31, 2021 (unaudited)

Baillie Gifford Global Alpha 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
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, 2021 in valuing the Fund’s investments carried at fair value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks**	$	901,533,684	$	557,477,183	$	—	$	1,459,010,867
Total	$	901,533,684	$	557,477,183	$	—	$	1,459,010,867

** Refer to Portfolio of Investments for further detail.

See previously submitted notes to the financial statements for the annual period ended December 31, 2020.