Portfolio of Investments
September 30, 2022 (unaudited)
Baillie Gifford Global Alpha Equities Fund
| | | Shares | | | Value | |
| COMMON STOCKS — 98.3% | | | | | | | | |
| AUSTRALIA — 3.9% | | | | | | | | |
| BHP Group Ltd. | | | 697,879 | | | $ | 17,378,081 | |
| Rio Tinto PLC | | | 260,458 | | | | 14,092,310 | |
| Woodside Energy Group Ltd. | | | 133,521 | | | | 2,719,947 | |
| | | | | | | | 34,190,338 | |
| BRAZIL — 1.6% | | | | | | | | |
| B3 SA - Brasil Bolsa Balcao | | | 3,928,600 | | | | 9,576,889 | |
| MercadoLibre, Inc.* | | | 5,537 | | | | 4,583,418 | |
| | | | | | | | 14,160,307 | |
| CANADA — 0.6% | | | | | | | | |
| Shopify, Inc., Class A * | | | 187,230 | | | | 5,043,976 | |
| CHINA — 6.1% | | | | | | | | |
| Alibaba Group Holding Ltd.* | | | 814,108 | | | | 8,124,260 | |
| Li Auto, Inc. ADR* | | | 135,947 | | | | 3,128,140 | |
| LI Auto, Inc., Class A * | | | 271,894 | | | | 3,131,749 | |
| Meituan, Class B * | | | 364,900 | | | | 7,668,906 | |
| Ping An Insurance Group Co. of China Ltd., Class H | | | 1,373,500 | | | | 6,852,110 | |
| Prosus NV* | | | 489,382 | | | | 25,460,892 | |
| | | | | | | | 54,366,057 | |
| DENMARK — 0.8% | | | | | | | | |
| Genmab A/S* | | | 20,686 | | | | 6,654,763 | |
| FRANCE — 2.6% | | | | | | | | |
| Adevinta ASA* | | | 522,996 | | | | 3,115,855 | |
| Pernod Ricard SA | | | 102,123 | | | | 18,734,885 | |
| Ubisoft Entertainment SA* | | | 55,236 | | | | 1,518,025 | |
| | | | | | | | 23,368,765 | |
| GERMANY — 1.4% | | | | | | | | |
| adidas AG | | | 37,631 | | | | 4,326,107 | |
| Deutsche Boerse AG | | | 48,207 | | | | 7,902,417 | |
| | | | | | | | 12,228,524 | |
| HONG KONG — 3.3% | | | | | | | | |
| AIA Group Ltd. | | | 1,826,000 | | | | 15,203,107 | |
| Prudential PLC | | | 1,388,014 | | | | 13,585,374 | |
| | | | | | | | 28,788,481 | |
| INDIA — 4.0% | | | | | | | | |
| Housing Development Finance Corp., Ltd. | | | 386,683 | | | | 10,788,274 | |
| Reliance Industries Ltd. GDR | | | 430,981 | | | | 25,006,446 | |
| | | | | | | | 35,794,720 | |
| IRELAND — 3.3% | | | | | | | | |
| CRH PLC | | | 469,986 | | | | 15,075,597 | |
| Ryanair Holdings PLC ADR* | | | 242,252 | | | | 14,152,362 | |
| | | | | | | | 29,227,959 | |
| JAPAN — 5.6% | | | | | | | | |
| CyberAgent, Inc. | | | 586,400 | | | | 4,937,551 | |
| Denso Corp. | | | 113,300 | | | | 5,180,435 | |
| Hoshizaki Corp. | | | 91,000 | | | | 2,538,028 | |
| Olympus Corp. | | | 951,500 | | | | 18,304,705 | |
| Shiseido Co., Ltd. | | | 120,900 | | | | 4,237,210 | |
| SMC Corp. | | | 19,400 | | | | 7,895,226 | |
| Sysmex Corp. | | | 126,700 | | | | 6,770,372 | |
| | | | | | | | 49,863,527 | |
| MACAU — 0.4% | | | | | | | | |
| Sands China Ltd.* | | | 1,450,000 | | | | 3,610,829 | |
| NETHERLANDS — 0.6% | | | | | | | | |
| Adyen NV* | | | 4,402 | | | | 5,490,007 | |
See previously submitted notes to the financial statements for the semi-annual period ended June 30, 2022.
Portfolio of Investments
September 30, 2022 (unaudited)
Baillie Gifford Global Alpha Equities Fund
| | | Shares | | | Value | |
| NORWAY — 0.5% | | | |
| Schibsted ASA, Class A | | | 300,371 | | | $ | 4,053,225 | |
| RUSSIA — 0.0% | | | | | | | | |
| Sberbank of Russia PJSC ADR*(a) | | | 1,284,860 | | | | 0 | |
| VK Co., Ltd. GDR Reg S*(a) | | | 46,619 | | | | 0 | |
| | | | | | | | 0 | |
| SINGAPORE — 0.7% | | | | | | | | |
| Sea Ltd. ADR* | | | 114,772 | | | | 6,432,971 | |
| SOUTH KOREA — 0.5% | | | | | | | | |
| Coupang, Inc.* | | | 254,456 | | | | 4,241,781 | |
| SWEDEN — 1.6% | | | | | | | | |
| Atlas Copco AB, B Shares | | | 1,020,808 | | | | 8,461,490 | |
| Epiroc AB, B Shares | | | 468,368 | | | | 5,905,962 | |
| | | | | | | | 14,367,452 | |
| SWITZERLAND — 1.2% | | | | | | | | |
| Cie Financiere Richemont SA | | | 91,572 | | | | 8,643,978 | |
| Wizz Air Holdings PLC* | | | 121,820 | | | | 2,119,036 | |
| | | | | | | | 10,763,014 | |
| TAIWAN — 1.4% | | | | | | | | |
| Taiwan Semiconductor Manufacturing Co., Ltd. | | | 932,000 | | | | 12,354,026 | |
| UNITED KINGDOM — 0.5% | | | | | | | | |
| Farfetch Ltd., Class A * | | | 618,940 | | | | 4,611,103 | |
| UNITED STATES — 57.7% | | | | | | | | |
| ABIOMED, Inc.* | | | 22,302 | | | | 5,478,709 | |
| Adobe, Inc.* | | | 18,640 | | | | 5,129,728 | |
| Albemarle Corp. | | | 61,509 | | | | 16,265,440 | |
| Alnylam Pharmaceuticals, Inc.* | | | 82,686 | | | | 16,550,430 | |
| Alphabet, Inc., Class C * | | | 254,720 | | | | 24,491,328 | |
| Amazon.com, Inc.* | | | 164,480 | | | | 18,586,240 | |
| Analog Devices, Inc. | | | 56,850 | | | | 7,921,479 | |
| Arthur J Gallagher & Co. | | | 141,798 | | | | 24,278,654 | |
| Axon Enterprise, Inc.* | | | 43,247 | | | | 5,005,840 | |
| Booking Holdings, Inc.* | | | 6,224 | | | | 10,227,339 | |
| Broadridge Financial Solutions, Inc. | | | 75,142 | | | | 10,844,493 | |
| CBRE Group, Inc., Class A * | | | 127,793 | | | | 8,627,305 | |
| Certara, Inc.* | | | 229,205 | | | | 3,043,842 | |
| Charles Schwab Corp. (The) | | | 185,645 | | | | 13,342,306 | |
| Chegg, Inc.* | | | 112,388 | | | | 2,368,015 | |
| Chewy, Inc., Class A * | | | 192,912 | | | | 5,926,257 | |
| Cloudflare, Inc., Class A * | | | 92,770 | | | | 5,131,109 | |
| CoStar Group, Inc.* | | | 118,998 | | | | 8,288,211 | |
| Datadog, Inc., Class A * | | | 61,782 | | | | 5,485,006 | |
| DoorDash, Inc., Class A * | | | 80,739 | | | | 3,992,544 | |
| Elevance Health, Inc. | | | 82,826 | | | | 37,622,882 | |
| Estee Lauder Cos., Inc. (The), Class A | | | 54,406 | | | | 11,746,255 | |
| Exact Sciences Corp.* | | | 47,734 | | | | 1,550,878 | |
| Howard Hughes Corp. (The)* | | | 64,678 | | | | 3,582,514 | |
| IAC, Inc.* | | | 34,816 | | | | 1,928,110 | |
| Illumina, Inc.* | | | 36,444 | | | | 6,953,151 | |
| Markel Corp.* | | | 7,387 | | | | 8,009,133 | |
| Martin Marietta Materials, Inc. | | | 82,398 | | | | 26,539,572 | |
| Mastercard, Inc., Class A | | | 55,491 | | | | 15,778,311 | |
| Meta Platforms, Inc., Class A * | | | 50,857 | | | | 6,900,278 | |
| Microsoft Corp. | | | 114,753 | | | | 26,725,974 | |
| Moderna, Inc.* | | | 80,650 | | | | 9,536,863 | |
| Moody’s Corp. | | | 97,795 | | | | 23,774,943 | |
| Netflix, Inc.* | | | 16,385 | | | | 3,857,684 | |
| Novocure Ltd.* | | | 72,182 | | | | 5,484,388 | |
See previously submitted notes to the financial statements for the semi-annual period ended June 30, 2022.
Portfolio of Investments
September 30, 2022 (unaudited)
Baillie Gifford Global Alpha Equities Fund
| | | Shares | | | Value | |
| UNITED STATES (continued) | | | | | | | | |
| Oscar Health, Inc., Class A * | | | 413,577 | | | $ | 2,063,749 | |
| Royalty Pharma PLC, Class A | | | 372,684 | | | | 14,974,443 | |
| S&P Global, Inc. | | | 33,465 | | | | 10,218,538 | |
| Service Corp. International | | | 365,021 | | | | 21,076,313 | |
| SiteOne Landscape Supply, Inc.* | | | 54,942 | | | | 5,721,660 | |
| Snowflake, Inc., Class A * | | | 30,866 | | | | 5,245,985 | |
| Spotify Technology SA* | | | 21,691 | | | | 1,871,933 | |
| STAAR Surgical Co.* | | | 53,463 | | | | 3,771,815 | |
| Teradyne, Inc. | | | 120,446 | | | | 9,051,517 | |
| Tesla, Inc.* | | | 56,196 | | | | 14,905,989 | |
| Thermo Fisher Scientific, Inc. | | | 27,475 | | | | 13,935,045 | |
| Trade Desk, Inc. (The), Class A * | | | 195,480 | | | | 11,679,930 | |
| Twilio, Inc., Class A * | | | 52,045 | | | | 3,598,391 | |
| Wayfair, Inc., Class A * | | | 44,513 | | | | 1,448,898 | |
| | | | | | | | 510,539,417 | |
TOTAL INVESTMENTS — 98.3%
(cost $805,107,906) | | | | | | $ | 870,151,242 | |
| Other assets less liabilities — 1.7% | | | | | | | 14,833,455 | |
| NET ASSETS — 100.0% | | | | | | $ | 884,984,697 | |
| (a) | Investment was valued using significant unobservable inputs. |
| * | 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, 2022, the net value of these securities was $0 representing 0.0% 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, 2022.
Portfolio of Investments
September 30, 2022 (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 September 30, 2022 in valuing the Fund’s investments carried at fair value:
| Investments in Securities | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Common Stocks** | | $ | 562,310,057 | | | $ | 307,841,185 | | | $ | 0 | | | $ | 870,151,242 | |
| Total | | $ | 562,310,057 | | | $ | 307,841,185 | | | $ | 0 | | | $ | 870,151,242 | |
| ** | Refer to Portfolio of Investments for further detail. |
See previously submitted notes to the financial statements for the semi-annual period ended June 30, 2022.
Portfolio of Investments
September 30, 2022 (unaudited)
Baillie Gifford Global Alpha Equities Fund
The following is a reconciliation of the Fund’s Level 3 investments for which significant unobservable inputs were used in determining value:
| Balance at December 31, 2021 | | $ | 2,979,897 | |
| Purchases | | | — | |
| Sales | | | (1,542,042 | ) |
| Realized gain (loss) | | | (5,176,244 | ) |
| Change in unrealized gain (loss) | | | (6,315,645 | ) |
| Transfers into Level 3 | | | 10,054,034 | |
| Transfers out of Level 3 | | | — | |
| Balance at September 30, 2022 | | $ | 0 | |
| Change in unrealized gain (loss) related to Investments still held at September 30, 2022 | | $ | (3,669,249 | ) |
$10,054,034 was transferred out of Level 2 into Level 3 during the period from December 31, 2021 to September 30, 2022.
Summary of Unobservable Inputs for Level 3 Investments The ongoing conflict in Russia and Ukraine has led to significant disruption and volatility in the global stock market. This impacted the Fund in terms of suspensions of trading activities on the Russian Stock Exchange as well as suspensions of depositary receipts traded on exchanges outside of Russia. As a result, management made the decision to value several securities at nil and transfer them into Level 3. The impacted securities are as follows: Sberbank of Russia PJSC VK Co., Ltd. |
See previously submitted notes to the financial statements for the semi-annual period ended June 30, 2022.
