Baillie Gifford Funds NPORT-P Baillie Gifford International Alpha Fund (Sep 2021 report)

Portfolio of Investments

September 30, 2021 (unaudited)

Baillie Gifford International Alpha Fund

	Shares		Value
COMMON STOCKS — 99.3%
ARGENTINA — 4.4%
MercadoLibre, Inc.*		101,943	$	171,203,074
AUSTRALIA — 3.8%
Cochlear Ltd.		211,820		33,141,912
CSL Ltd.		268,547		56,107,867
Rio Tinto PLC		866,259		56,785,126
				146,034,905
BELGIUM — 0.9%
Umicore SA		583,233		34,503,842
BRAZIL — 0.8%
Itau Unibanco Holding SA ADR		5,710,647		30,095,110
CANADA — 1.7%
Constellation Software, Inc.		22,294		36,523,366
Ritchie Bros. Auctioneers, Inc.		493,754		30,444,872
				66,968,238
CHINA — 11.2%
Alibaba Group Holding Ltd.*		4,046,788		74,921,993
Futu Holdings Ltd. ADR*		188,600		17,166,372
Hangzhou Tigermed Consulting Co., Ltd., Class H		1,127,900		23,850,524
KE Holdings, Inc. ADR*		466,833		8,524,371
Meituan, Class B *		1,902,200		60,720,982
Ping An Healthcare and Technology Co., Ltd.*		4,050,300		26,400,319
Ping An Insurance Group Co. of China Ltd., Class H		6,095,500		41,689,427
Prosus NV*		334,801		26,797,828
Tencent Holdings Ltd.		1,458,000		87,040,789
Tencent Music Entertainment Group ADR*		3,795,378		27,516,491
Wuxi Biologics Cayman, Inc.*		1,391,500		22,570,542
Zai Lab Ltd. ADR*		153,830		16,212,144
				433,411,782
DENMARK — 4.3%
Ambu A/S, B Shares		642,909		19,011,881
Chr. Hansen Holding A/S		381,410		31,154,424
DSV A/S		276,639		66,217,396
Novozymes A/S, B Shares		709,013		48,603,763
				164,987,464
FINLAND — 1.4%
Kone Oyj, B Shares		754,974		53,035,698
FRANCE — 3.8%
Danone SA		654,563		44,626,764
Dassault Systemes SE		953,830		50,195,801
Edenred		939,369		50,568,539
				145,391,104
GERMANY — 7.3%
Deutsche Boerse AG		440,702		71,511,224
Just Eat Takeaway*		235,166		17,060,337
Rational AG		52,927		49,718,266
SAP SE		557,700		75,417,336
Scout24 AG		993,097		68,975,220
				282,682,383
HONG KONG — 3.6%
AIA Group Ltd.		7,157,800		82,346,244
Hong Kong Exchanges & Clearing Ltd.		924,300		56,798,708
				139,144,952
INDIA — 3.2%
Housing Development Finance Corp., Ltd.		2,326,462		85,981,147

See previously submitted notes to the financial statements for the semi-annual period ended June 30, 2021.

Portfolio of Investments

September 30, 2021 (unaudited)

Baillie Gifford International Alpha Fund

	Shares		Value
INDIA (continued)
ICICI Lombard General Insurance Co., Ltd.		1,735,141	$	37,059,379
				123,040,526
IRELAND — 5.5%
CRH PLC		1,442,075		67,670,735
Kingspan Group PLC		651,458		64,982,485
Ryanair Holdings PLC ADR*		719,188		79,153,831
				211,807,051
ITALY — 1.0%
FinecoBank Banca Fineco SpA*		2,241,338		40,482,779
JAPAN — 12.2%
Denso Corp.		791,200		51,663,269
FANUC Corp.		191,300		41,944,806
Japan Exchange Group, Inc.		1,984,200		49,208,170
Nidec Corp.		608,200		67,047,972
Nintendo Co., Ltd.		70,300		33,595,165
Shimano, Inc.		203,400		59,430,878
Shiseido Co., Ltd.		677,700		45,547,860
SMC Corp.		95,800		59,770,624
Sony Corp.		561,600		62,348,131
				470,556,875
NETHERLANDS — 6.9%
Adyen NV*		11,243		31,428,276
ASML Holding NV		96,369		71,993,277
Heineken Holding NV		406,080		35,359,781
IMCD NV		418,713		80,133,323
Topicus.com, Inc.*		455,385		47,814,347
				266,729,004
NORWAY — 0.5%
Aker Carbon Capture ASA*		6,779,979		21,130,282
PANAMA — 0.7%
Copa Holdings SA, Class A *		329,350		26,802,503
PERU — 0.6%
Credicorp Ltd.		204,719		22,711,526
RUSSIA — 1.2%
Magnit PJSC GDR Reg S		1,297,573		21,878,146
MMC Norilsk Nickel PJSC ADR		779,915		23,167,294
				45,045,440
SOUTH AFRICA — 1.1%
Discovery Ltd.*		4,809,879		43,949,108
SOUTH KOREA — 3.2%
NAVER Corp.		114,313		37,090,792
Samsung Electronics Co., Ltd.		1,409,672		87,392,053
				124,482,845
SPAIN — 1.3%
Amadeus IT Group SA*		758,174		49,866,497
SWEDEN — 3.1%
Atlas Copco AB, B Shares		1,388,845		70,590,278
Epiroc AB, B Shares		2,861,801		50,687,590
				121,277,868
SWITZERLAND — 6.0%
Cie Financiere Richemont SA		434,075		45,005,817
Kuehne + Nagel International AG		163,704		55,888,752
Nestle SA		700,300		84,379,194
Temenos AG		350,417		47,546,886
				232,820,649

See previously submitted notes to the financial statements for the semi-annual period ended June 30, 2021.

Portfolio of Investments

September 30, 2021 (unaudited)

Baillie Gifford International Alpha Fund

	Shares		Value
TAIWAN — 4.6%
Sea Ltd. ADR*		96,072	$	30,621,028
Taiwan Semiconductor Manufacturing Co., Ltd.		7,159,000		148,063,064
				178,684,092
UNITED KINGDOM — 3.9%
Experian PLC		1,243,706		52,099,016
Hargreaves Lansdown PLC		1,953,925		37,516,582
Prudential PLC		3,138,236		60,898,806
				150,514,404
UNITED STATES — 1.1%
Spotify Technology SA*		186,911		42,118,525
TOTAL INVESTMENTS — 99.3%
(cost $2,450,184,091)			$	3,839,478,526
Other assets less liabilities — 0.7%				26,464,279
NET ASSETS — 100.0%			$	3,865,942,805

* 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 September 30, 2021, the net value of these securities was $21,878,146 representing 0.6% 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 semi-annual period ended June 30, 2021.

Portfolio of Investments

September 30, 2021 (unaudited)

Baillie Gifford International Alpha 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 September 30, 2021 in valuing the Fund’s investments carried at fair value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks**	$	706,049,085	$	3,133,429,441	$	–	$	3,839,478,526
Total	$	706,049,085	$	3,133,429,441	$	–	$	3,839,478,526

** Refer to Portfolio of Investments for further detail.

See previously submitted notes to the financial statements for the semi-annual period ended June 30, 2021.