Baillie Gifford Funds NPORT-P Baillie Gifford International Smaller Companies Fund (Mar 2022 report)

Portfolio of Investments

March 31, 2022 (unaudited)

Baillie Gifford International Smaller Companies Fund

	Shares		Value
COMMON STOCKS — 98.4%
AUSTRALIA — 1.6%
Cleanspace Holdings Ltd.*		187,020	$	143,460
Netwealth Group Ltd.		50,569		561,552
				705,012
BELGIUM — 1.0%
Biocartis Group NV*		26,628		64,290
Melexis NV		4,123		379,574
				443,864
CANADA — 4.3%
Docebo, Inc.*		11,667		603,065
Kinaxis, Inc.*		10,254		1,342,046
				1,945,111
CHINA — 4.1%
Airtac International Group		58,229		1,872,113
DENMARK — 1.4%
ALK-Abello A/S*		28,670		632,029
FRANCE — 0.8%
Cellectis SA ADR*		21,808		99,008
Cellectis SA*		506		2,343
ESI Group*		3,680		278,511
				379,862
GERMANY — 4.4%
Aumann AG*		9,655		166,731
Hypoport SE*		3,164		1,194,365
New Work SE		2,593		531,821
Veganz Group AG*		1,973		110,092
				2,003,009
HONG KONG — 1.1%
Hypebeast Ltd.*		1,335,000		133,715
Johnson Electric Holdings Ltd.		252,000		346,825
				480,540
INDIA — 0.8%
CreditAccess Grameen Ltd.*		33,790		376,882
IRELAND — 1.3%
Keywords Studios PLC		17,605		605,922
ISRAEL — 2.5%
Maytronics Ltd.		59,190		1,154,882
ITALY — 8.4%
Brunello Cucinelli SpA*		27,934		1,625,090
Reply SpA		10,325		1,696,352
Technogym SpA		65,246		514,397
				3,835,839
JAPAN — 24.9%
Anicom Holdings, Inc.		31,500		166,885
Bengo4.com, Inc.*		16,400		522,144
COLOPL, Inc.		57,300		297,657
Daikyonishikawa Corp.		30,600		134,909
Demae-Can Co., Ltd.*		24,500		156,230
DMG Mori Seiki Co., Ltd.		35,100		475,465
eGuarantee, Inc.		31,700		528,210
GA Technologies Co. Ltd.*		32,300		353,081
Healios K.K.*		29,700		280,050
Ichiyoshi Securities Co., Ltd.		50,700		256,181

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

Portfolio of Investments

March 31, 2022 (unaudited)

Baillie Gifford International Smaller Companies Fund

	Shares		Value
JAPAN (continued)
Infomart Corp.	70,100	$	374,289
Inter Action Corp.	11,500		201,918
Iriso Electronics Co., Ltd.	9,200		249,682
Istyle, Inc.*	74,600		111,134
JMDC, Inc.*	10,800		588,718
Kamakura Shinsho Ltd.	63,400		324,731
Katitas Co., Ltd.	33,200		912,028
KH Neochem Co., Ltd.	15,000		336,525
Kitanotatsujin Corp.	113,900		208,292
Locondo, Inc.*	22,800		206,881
Megachips Corp.	35,500		1,087,510
Optex Group Co., Ltd.	21,600		303,847
Outsourcing, Inc.	42,800		441,001
Raksul, Inc.*	37,500		912,877
Sansan, Inc.*	27,800		311,872
Shima Seiki Manufacturing Ltd.	18,100		275,223
Tsugami Corp.	69,100		743,773
Uzabase, Inc.*	12,300		106,989
WealthNavi, Inc.*	25,500		423,497
			11,291,599
NEW ZEALAND — 0.0%(1)
Volpara Health Technologies Ltd.*	24,788		16,264
SOUTH KOREA — 4.4%
Cafe24 Corp.*	12,154		210,452
Douzone Bizon Co., Ltd.	18,498		704,104
Genexine, Inc.*	2,957		111,484
Koh Young Technology, Inc.	61,665		957,240
			1,983,280
SWEDEN — 13.0%
AddTech AB, B Shares	86,025		1,651,536
Avanza Bank Holding AB	78,206		2,000,653
Bactiguard Holding AB*	10,575		116,655
Cellavision AB	5,083		168,379
HMS Networks AB	19,704		921,267
Paradox Interactive AB	22,169		421,315
Storytel AB*	13,080		123,578
VNV Global AB*	48,204		256,278
Xvivo Perfusion AB*	8,992		256,361
			5,916,022
SWITZERLAND — 4.6%
Bossard Holding AG	2,583		605,452
Sensirion Holding AG*	9,779		1,203,104
u-blox Holding AG*	2,838		275,705
			2,084,261
TAIWAN — 9.1%
ASPEED Technology, Inc.	18,000		2,026,241
Chroma ATE, Inc.	136,000		848,098
Global Unichip Corp.	59,000		1,025,947
TCI Co., Ltd.	35,148		231,778
			4,132,064
UNITED KINGDOM — 9.9%
Alpha FX Group PLC	22,254		605,143
dotdigital group PLC	190,402		206,851
FD Technologies PLC*	21,728		548,732
Games Workshop Group PLC	6,844		650,807
Hotel Chocolat Group PLC*	54,018		319,323

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

Portfolio of Investments

March 31, 2022 (unaudited)

Baillie Gifford International Smaller Companies Fund

	Shares		Value
UNITED KINGDOM (continued)
Molten Ventures PLC*	45,854	$	463,168
Naked Wines PLC*	78,193		368,355
Team17 Group PLC*	65,033		456,200
Victoria PLC*	71,838		854,992
			4,473,571
UNITED STATES — 0.8%
Burford Capital Ltd.	42,192		384,446
TOTAL INVESTMENTS — 98.4%
(cost $55,401,985)		$	44,716,572
Other assets less liabilities — 1.6%			716,344
NET ASSETS — 100.0%		$	45,432,916

(1)	Amount rounds to less than 0.1%.
*	Non-income producing security.

ADR - American Depositary Receipt

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.

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

Portfolio of Investments

March 31, 2022 (unaudited)

Baillie Gifford International Smaller Companies Fund

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**	$	5,734,463	$	38,982,109	$	—	$	44,716,572
Total	$	5,734,463	$	38,982,109	$	—	$	44,716,572

** Refer to Portfolio of Investments for further detail.

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