Baillie Gifford Funds NPORT-P Baillie Gifford International Smaller Companies Fund (Sep 2023 report)

Portfolio of Investments

September 30, 2023 (unaudited)

Baillie Gifford International Smaller Companies Fund

	Shares		Value
COMMON STOCKS — 98.6%
AUSTRALIA — 1.6%
Netwealth Group Ltd.		18,610	$	179,466
Vulcan Energy Resources Ltd. *		14,023		25,848
				205,314
BELGIUM — 1.0%
Melexis NV		1,496		128,753
CANADA — 4.8%
Docebo, Inc. *		5,550		225,065
Kinaxis, Inc. *		3,561		401,600
				626,665
CHINA — 3.5%
Airtac International Group		15,229		462,698
CZECH REPUBLIC — 0.2%
WAG Payment Solutions PLC *		25,199		28,286
DENMARK — 0.9%
ALK-Abello A/S *		10,346		116,030
FINLAND — 0.2%
Nanoform Finland PLC *		17,143		32,262
FRANCE — 0.6%
Cellectis SA ADR *		10,403		16,437
ESI Group *		384		61,506
				77,943
GERMANY — 5.1%
Aumann AG		3,322		52,653
Auto1 Group SE *		9,585		61,095
Hypoport SE *		2,470		332,981
New Work SE		916		95,574
Tonies SE, Class A *		21,879		106,405
Veganz Group AG *		716		18,395
				667,103
HONG KONG — 1.1%
Hypebeast Ltd. *		481,000		25,491
Johnson Electric Holdings Ltd.		91,500		112,175
				137,666
INDIA — 3.4%
CreditAccess Grameen Ltd. *		16,321		258,468
IndiaMart InterMesh Ltd.		2,991		103,373
PVR Inox Ltd. *		3,700		76,376
				438,217
IRELAND — 0.9%
Keywords Studios PLC		6,180		116,194
ISRAEL — 2.9%
Maytronics Ltd.		21,392		225,560
Nayax Ltd. *		6,508		150,731
				376,291

See previously submitted notes to the financial statements for the semi-annual period ended June 30, 2023.

Portfolio of Investments

September 30, 2023 (unaudited)

Baillie Gifford International Smaller Companies Fund

	Shares		Value
ITALY — 6.1%
Brunello Cucinelli SpA		4,267	$	323,647
Reply SpA		2,828		265,357
Technogym SpA		27,317		210,755
				799,759
JAPAN — 25.4%
Anicom Holdings, Inc.		11,300		46,423
Appier Group, Inc. *		7,100		75,531
Bengo4.com, Inc. *		7,000		225,945
CellSource Co., Ltd. *		3,700		62,121
Demae-Can Co., Ltd. *		8,500		20,923
DMG Mori Co., Ltd.		12,800		217,229
eGuarantee, Inc.		10,800		140,616
Freee K.K. *		2,700		53,334
GA Technologies Co., Ltd. *		11,300		91,449
GMO Financial Gate, Inc.		400		28,465
Infomart Corp.		65,500		175,643
Inter Action Corp.		4,000		27,524
Iriso Electronics Co., Ltd.		5,200		145,831
Istyle, Inc. *		15,000		50,903
Jade Group, Inc. *		7,900		84,612
JMDC, Inc.		3,700		134,216
Kamakura Shinsho Ltd.		21,300		88,822
Katitas Co., Ltd.		11,900		173,227
KH Neochem Co., Ltd.		11,500		176,326
Kitanotatsujin Corp.		40,400		64,613
Megachips Corp.		9,000		251,406
Optex Group Co., Ltd.		10,000		108,161
Outsourcing, Inc.		14,700		113,448
Raksul, Inc. *		28,100		249,575
Sansan, Inc. *		9,700		81,205
Shima Seiki Manufacturing Ltd.		6,500		77,663
Snow Peak, Inc.		7,400		58,625
Tsugami Corp.		25,200		195,107
WealthNavi, Inc. *		11,200		94,931
				3,313,874
NEW ZEALAND — 0.5%
Volpara Health Technologies Ltd. *		144,415		67,317
SOUTH KOREA — 4.4%
Douzone Bizon Co., Ltd.		4,964		106,550
Hana Tour Service, Inc. *		2,627		90,413
Koh Young Technology, Inc.		22,896		210,664
Park Systems Corp.		1,053		127,131
Wantedlab, Inc. *		4,359		35,761
				570,519
SWEDEN — 9.9%
AddTech AB, B Shares		24,057		383,932
Avanza Bank Holding AB		21,614		372,739
Cellavision AB		1,790		25,165
HMS Networks AB		5,987		218,122
Paradox Interactive AB		7,484		157,276
Storytel AB *		5,732		15,730
VNV Global AB *		25,658		38,979

See previously submitted notes to the financial statements for the semi-annual period ended June 30, 2023.

Portfolio of Investments

September 30, 2023 (unaudited)

Baillie Gifford International Smaller Companies Fund

	Shares		Value
Xvivo Perfusion AB *		3,136	$	78,602
				1,290,545
SWITZERLAND — 4.5%
Bossard Holding AG		942		206,483
Sensirion Holding AG *		3,415		273,312
u-blox Holding AG *		1,299		110,109
				589,904
TAIWAN — 10.0%
ASPEED Technology, Inc.		3,100		267,042
Chroma ATE, Inc.		48,000		411,637
Global Unichip Corp.		13,000		553,565
TCI Co., Ltd.		13,148		73,600
				1,305,844
UNITED KINGDOM — 10.0%
Alpha Group International PLC		11,785		268,885
Angle PLC *		72,211		13,436
dotdigital group PLC		73,839		69,911
FD Technologies PLC *		6,731		119,872
Games Workshop Group PLC		2,487		320,227
Molten Ventures PLC *		15,369		42,754
Oxford Nanopore Technologies PLC *		42,249		105,983
Team17 Group PLC *		22,496		72,735
Trustpilot Group PLC *		61,941		77,615
Victoria PLC *		34,103		216,367
				1,307,785
UNITED STATES — 1.6%
Burford Capital Ltd.		15,439		211,194
TOTAL INVESTMENTS — 98.6%
(cost $14,405,607)			$	12,870,163
Other assets less liabilities — 1.4%				178,314
NET ASSETS — 100.0%			$	13,048,477

* 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, 2023.

Portfolio of Investments

September 30, 2023 (unaudited)

Baillie Gifford International Smaller Companies 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 that the Fund has the ability to access.

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, 2023 in valuing the Fund’s investments carried at fair value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks**	$	2,183,622	$	10,686,541	$	—	$	12,870,163
Total	$	2,183,622	$	10,686,541	$	—	$	12,870,163

** Refer to Portfolio of Investments for further detail.

See previously submitted notes to the financial statements for the semi-annual period ended June 30, 2023.