Baillie Gifford Funds NPORT-P Baillie Gifford Developed EAFE All Cap Fund (Sep 2023 report)

Portfolio of Investments

September 30, 2023 (unaudited)

Baillie Gifford Developed EAFE All Cap Fund

	Shares		Value
COMMON STOCKS — 97.8%
AUSTRALIA — 1.1%
Cochlear Ltd.		36,090	$	5,910,938
BELGIUM — 1.9%
Anheuser-Busch InBev SA/NV		178,893		9,917,143
CHINA — 1.3%
Prosus NV *		239,653		7,061,623
DENMARK — 1.6%
DSV A/S		44,474		8,287,318
FRANCE — 9.0%
Air Liquide SA		50,800		8,556,324
Kering		15,340		6,969,930
LVMH Moet Hennessy Louis Vuitton SE		21,130		15,949,572
Remy Cointreau SA		71,062		8,663,618
SOITEC *		23,093		3,832,430
Ubisoft Entertainment SA *		130,126		4,216,971
				48,188,845
GERMANY — 2.1%
adidas AG		25,261		4,430,999
Auto1 Group SE *		313,692		1,999,473
Nemetschek SE		80,214		4,881,709
				11,312,181
HONG KONG — 5.5%
AIA Group Ltd.		1,604,800		12,978,254
Hong Kong Exchanges & Clearing Ltd.		182,300		6,765,658
Techtronic Industries Co., Ltd.		999,500		9,648,760
				29,392,672
JAPAN — 25.5%
Cosmos Pharmaceutical Corp.		67,900		6,941,972
Denso Corp.		538,800		8,645,520
Hoshizaki Corp.		117,800		4,089,343
Kao Corp.		132,800		4,922,235
Keyence Corp.		20,600		7,618,414
Murata Manufacturing Co., Ltd.		448,200		8,176,138
NIDEC CORP		91,100		4,206,401
Nippon Paint Holdings Co., Ltd.		931,000		6,252,715
Olympus Corp.		887,600		11,524,144
Recruit Holdings Co., Ltd.		209,800		6,418,838
Shimano, Inc.		68,900		9,221,891
Shiseido Co., Ltd.		358,500		12,563,334
SMC Corp.		32,500		14,568,526
Sugi Holdings Co., Ltd.		63,100		2,506,433
Sysmex Corp.		136,400		6,481,343
Tokyo Electron Ltd.		53,200		7,266,709
Unicharm Corp.		274,000		9,688,021
Z Holdings Corp.		1,877,200		5,207,560
				136,299,537
NETHERLANDS — 7.4%
Adyen NV *		7,190		5,330,911
ASML Holding NV		31,188		18,361,947
EXOR NV		99,369		8,789,052

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 Developed EAFE All Cap Fund

	Shares		Value
NETHERLANDS (continued)
IMCD NV		54,892	$	6,940,258
				39,422,168
NEW ZEALAND — 2.1%
Ryman Healthcare Ltd.		652,628		2,464,626
Xero Ltd. *		124,508		8,954,348
				11,418,974
PORTUGAL — 2.5%
Jeronimo Martins SGPS SA		597,036		13,408,359
SINGAPORE — 3.9%
United Overseas Bank Ltd.		1,004,289		20,917,442
SWEDEN — 8.9%
Atlas Copco AB, A Shares		1,500,223		20,149,014
Avanza Bank Holding AB		598,651		10,323,904
Epiroc AB, B Shares		394,796		6,315,670
Investor AB, B Shares		547,904		10,489,355
				47,277,943
SWITZERLAND — 3.5%
Cie Financiere Richemont SA		93,948		11,441,293
Lonza Group AG		15,441		7,142,190
				18,583,483
UNITED KINGDOM — 15.8%
Ashtead Group PLC		139,903		8,484,085
Auto Trader Group PLC		2,039,596		15,325,471
Burberry Group PLC		297,646		6,897,924
Farfetch Ltd., Class A *		440,059		919,723
Games Workshop Group PLC		72,639		9,353,014
Hargreaves Lansdown PLC		566,932		5,331,980
Intertek Group PLC		111,586		5,580,310
Rightmove PLC		1,763,651		12,035,681
Trainline PLC *		1,319,723		4,495,662
Weir Group PLC (The)		407,289		9,410,413
Wise PLC, Class A *		779,766		6,502,750
				84,337,013
UNITED STATES — 5.7%
Experian PLC		277,252		9,068,239
Mettler-Toledo International, Inc. *		10,754		11,916,185
Spotify Technology SA *		61,121		9,451,751
				30,436,175
Total Common Stocks (cost $510,791,695)				522,171,814
PREFERRED STOCKS — 2.4%
GERMANY — 2.4%
Sartorius AG 0.45% (cost $7,435,305)		36,900		12,497,807
TOTAL INVESTMENTS — 100.2%d* (cost $518,227,000)			$	534,669,621
Other assets less liabilities — (0.2)%				(884,109	)
NET ASSETS — 100.0%			$	533,785,512

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 Developed EAFE All Cap Fund

*	Non-income producing security.
**	The Total Investments percentage exceeds 100% due to the timing of settling transactions and not as a result of borrowings for investment purposes.

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 Developed EAFE All Cap 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***	$	26,783,321	$	495,388,493	$	—	$	522,171,814
Preferred Stocks***		—		12,497,807		—		12,497,807
Total	$	26,783,321	$	507,886,300	$	—	$	534,669,621

*** 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.