Baillie Gifford Funds NPORT-P Baillie Gifford Global Stewardship Equities Fund (Sep 2022 report)

Portfolio of Investments

September 30, 2022 (unaudited)

Baillie Gifford Global Stewardship Equities Fund

	Shares		Value
COMMON STOCKS — 99.0%
BRAZIL — 1.7%
MercadoLibre, Inc.*		69	$	57,117
CANADA — 1.8%
Shopify, Inc., Class A *		2,260		60,884
CHINA — 7.1%
Alibaba Group Holding Ltd.*		4,832		48,220
Baidu, Inc., Class A *		1,000		14,721
JD.com, Inc., Class A		2,923		73,742
Meituan, Class B *		2,700		56,744
Tencent Holdings Ltd.		1,500		50,665
				244,092
FRANCE — 3.4%
Adevinta ASA*		4,033		24,027
Dassault Systemes SE		1,137		39,255
Sartorius Stedim Biotech		175		53,679
				116,961
GERMANY — 1.2%
adidas AG		223		25,637
Zalando SE*		702		13,712
				39,349
HONG KONG — 4.5%
AIA Group Ltd.		9,000		74,933
Hong Kong Exchanges & Clearing Ltd.		900		30,765
Prudential PLC		4,873		47,695
				153,393
INDIA — 2.0%
HDFC Life Insurance Co., Ltd.		7,346		47,646
Metropolis Healthcare Ltd.		1,054		20,019
				67,665
IRELAND — 0.5%
COSMO Pharmaceuticals NV		400		18,631
JAPAN — 13.9%
Bridgestone Corp.		1,300		42,043
DMG Mori Co., Ltd.		4,200		47,969
FANUC Corp. ADR		4,081		57,134
FANUC Corp.		200		28,083
Kubota Corp.		4,600		63,926
MISUMI Group, Inc.		2,000		43,065
Nintendo Co., Ltd. ADR		895		45,618
Rakuten Group, Inc.		5,300		22,681
SoftBank Group Corp.		1,900		64,393
Sumitomo Mitsui Trust Holdings, Inc.		2,100		59,723
				474,635
NETHERLANDS — 2.4%
IMCD NV		700		82,993
SOUTH KOREA — 1.6%
Samsung SDI Co., Ltd.		145		54,541
SWEDEN — 4.0%
Atlas Copco AB, B Shares		5,632		46,684
Beijer Ref AB		2,991		36,778
Nibe Industrier AB, B Shares		5,869		52,353
				135,815
TAIWAN — 3.1%
Taiwan Semiconductor Manufacturing Co., Ltd.		8,000		106,043

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 Stewardship Equities Fund

	Shares		Value
UNITED KINGDOM — 2.4%
ITM Power PLC*		15,279	$	17,604
Just Group PLC		36,025		22,368
Ocado Group PLC*		2,116		10,981
St James’s Place PLC		2,887		32,877
				83,830
UNITED STATES — 49.4%
10X Genomics, Inc., Class A *		766		21,816
ABIOMED, Inc.*		240		58,958
Affirm Holdings, Inc.*		742		13,920
Alphabet, Inc., Class A *		260		24,869
Amazon.com, Inc.*		600		67,800
Chegg, Inc.*		2,801		59,017
Codexis, Inc.*		3,275		19,846
Denali Therapeutics, Inc.*		1,622		49,779
Exact Sciences Corp.*		775		25,180
Fastenal Co.		1,163		53,545
First Republic Bank		585		76,372
Illumina, Inc.*		291		55,520
iRobot Corp.*		470		26,475
LendingTree, Inc.*		246		5,870
MarketAxess Holdings, Inc.		382		84,991
Mastercard, Inc., Class A		88		25,022
Moderna, Inc.*		210		24,832
Netflix, Inc.*		282		66,394
NVIDIA Corp.		711		86,308
Pacira BioSciences, Inc.*		1,857		98,774
Peloton Interactive, Inc., Class A *		349		2,419
Progyny, Inc.*		1,245		46,140
Redfin Corp.*		1,717		10,027
Spotify Technology SA*		302		26,063
STAAR Surgical Co.*		1,070		75,488
Starbucks Corp.		172		14,493
Tesla, Inc.*		633		167,903
Trade Desk, Inc. (The), Class A *		1,530		91,417
Twilio, Inc., Class A *		498		34,432
Upwork, Inc.*		3,579		48,746
Warby Parker, Inc., Class A *		991		13,220
Waters Corp.*		142		38,273
Watsco, Inc.		257		66,167
Wayfair, Inc., Class A *		462		15,038
Workday, Inc., Class A *		482		73,370
Zoom Video Communications, Inc., Class A *		308		22,666
				1,691,150
TOTAL INVESTMENTS — 99.0%
(cost $3,946,267)			$	3,387,099
Other assets less liabilities — 1.0%				35,787
NET ASSETS — 100.0%			$	3,422,886

* 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.

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 Stewardship 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**	$	1,911,903	$	1,475,196	$	–	$	3,387,099
Total	$	1,911,903	$	1,475,196	$	–	$	3,387,099

** 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.