Baillie Gifford Funds NPORT-P Baillie Gifford Emerging Markets Equities Fund (Sep 2024 report)

Portfolio of Investments

September 30, 2024 (unaudited)

Baillie Gifford Emerging Markets Equities Fund

	Shares		Value
COMMON STOCKS — 95.6%
BRAZIL — 10.5%
B3 SA — Brasil Bolsa Balcao		24,767,000	$	48,827,501
Banco Bradesco SA ADR		12,759,463		33,940,171
MercadoLibre, Inc. *		114,359		234,660,094
Natura & Co. Holding SA		13,105,200		33,799,229
NU Holdings Ltd., Class A *		4,519,361		61,689,278
Petroleo Brasileiro SA ADR		12,156,592		175,176,491
				588,092,764
CHILE — 0.6%
Lundin Mining Corp.		3,307,174		34,650,195
CHINA — 25.7%
Alibaba Group Holding Ltd.		15,837,920		210,466,701
Anker Innovations Technology Co., Ltd., Class A		4,846,300		57,817,070
Baidu, Inc., Class A *		4,302,350		56,565,637
BeiGene Ltd. *		1,580,495		27,777,601
Brilliance China Automotive Holdings Ltd.		47,202,000		18,100,823
China Merchants Bank Co., Ltd., Class H		13,065,500		63,313,690
Haidilao International Holding Ltd.		6,913,000		16,544,534
Haier Smart Home Co., Ltd., Class H		13,861,880		54,297,857
JD.com, Inc., Class A		2,672,485		53,604,352
KE Holdings, Inc. ADR		359,307		7,153,802
KE Holdings, Inc., Class A		6,021,824		41,787,791
Kuaishou Technology *		4,056,200		27,871,245
Kweichow Moutai Co., Ltd., Class A		426,500		104,625,047
Li Ning Co., Ltd.		9,095,000		22,360,461
Luckin Coffee, Inc. ADR *		1,873,915		49,640,008
Lufax Holding Ltd. ADR		1,585,838		5,534,575
Meituan, Class B *		1,726,600		36,665,023
Midea Group Co., Ltd., Class A		7,694,070		83,017,271
Ping An Insurance Group Co. of China Ltd., Class H		12,254,500		76,952,501
Shenzhou International Group Holdings Ltd.		4,880,600		43,207,720
Silergy Corp.		4,049,000		59,629,681
Tencent Holdings Ltd.		4,388,200		244,005,384
Tencent Music Entertainment Group ADR		3,146,710		37,917,856
Zai Lab Ltd. *		2,632,530		6,350,851
Zijin Mining Group Co., Ltd., Class H		16,772,000		37,445,969
				1,442,653,450
INDIA — 15.1%
Axis Bank Ltd.		7,813,218		114,869,563
Delhivery Ltd. *		9,025,618		45,757,131
HDFC Life Insurance Co., Ltd.		6,391,269		54,767,731
Jio Financial Services Ltd. *		19,806,195		82,712,626
Kotak Mahindra Bank Ltd.		2,505,864		55,391,147
PB Fintech Ltd. *		1,782,814		34,364,131
Reliance Industries Ltd.		5,978,721		210,349,138
Tata Consultancy Services Ltd.		2,098,662		106,860,706
Tech Mahindra Ltd.		3,553,139		66,905,448
UltraTech Cement Ltd.		417,292		58,756,329
WNS Holdings Ltd. *		352,945		18,603,731
				849,337,681
INDONESIA — 1.8%
Bank Rakyat Indonesia Persero Tbk PT		300,682,063		98,341,794

See previously submitted notes to the financial statements for the semi-annual period ended June 30, 2024.

Portfolio of Investments

September 30, 2024 (unaudited)

Baillie Gifford Emerging Markets Equities Fund

	Shares		Value
KAZAKHSTAN — 0.8%
Kaspi.KZ JSC ADR		398,128	$	42,197,587
MEXICO — 3.3%
Cemex SAB de CV, Participating Certificate, ADR		3,853,440		23,505,984
Fomento Economico Mexicano SAB de CV ADR		573,872		56,646,905
Grupo Financiero Banorte SAB de CV, Class O		8,980,514		63,917,178
Wal-Mart de Mexico SAB de CV		12,717,983		38,373,559
				182,443,626
PANAMA — 0.7%
Copa Holdings SA, Class A		417,542		39,182,141
PERU — 0.8%
Credicorp Ltd.		262,196		47,449,610
POLAND — 1.5%
Allegro.eu SA *		5,779,028		52,251,030
KGHM Polska Miedz SA		821,627		33,975,919
				86,226,949
RUSSIA — 0.0% (a)
MMC Norilsk Nickel PJSC *(b)		54,812,700		0
MMC Norilsk Nickel PJSC ADR *(b)		2		0
Moscow Exchange MICEX-RTS PJSC *(b)		14,557,370		0
Sberbank of Russia PJSC *(b)		31,444,360		0
				0
SAUDI ARABIA — 0.8%
Saudi Tadawul Group Holding Co.		710,509		43,031,639
SINGAPORE — 1.3%
Sea Ltd. ADR *		760,414		71,691,832
SOUTH AFRICA — 3.5%
FirstRand Ltd.		7,732,346		37,094,413
Impala Platinum Holdings Ltd. *		8,473,578		47,492,142
Naspers Ltd., N Shares		468,973		113,731,936
				198,318,491
SOUTH KOREA — 9.3%
Coupang, Inc. *		2,825,310		69,361,360
Hyundai Motor Co.		537,664		100,135,964
NAVER Corp.		116,275		14,976,821
Samsung Electronics Co., Ltd.		4,013,613		187,591,515
SK Hynix, Inc.		1,140,524		152,644,061
				524,709,721
TAIWAN — 15.1%
Accton Technology Corp.		4,212,000		70,473,724
E Ink Holdings, Inc.		788,000		7,304,626
MediaTek, Inc.		2,465,000		90,848,923
Taiwan Semiconductor Manufacturing Co., Ltd.		22,499,310		678,447,642
				847,074,915
THAILAND — 2.4%
Fabrinet *		202,906		47,975,094
PTT Exploration & Production PCL		11,481,600		46,831,276
SCB X PCL		8,120,800		27,508,887

See previously submitted notes to the financial statements for the semi-annual period ended June 30, 2024.

Portfolio of Investments

September 30, 2024 (unaudited)

Baillie Gifford Emerging Markets Equities Fund

	Shares		Value
Valeura Energy, Inc. *		5,638,864	$	17,011,028
				139,326,285
VIETNAM — 0.8%
Mobile World Investment Corp.		16,366,200		45,291,871
ZAMBIA — 1.6%
First Quantum Minerals Ltd. *		6,718,523		91,603,804
Total Common Stocks
(cost $4,280,407,631)				5,371,624,355
PREFERRED STOCKS — 2.4%
BRAZIL — 1.4%
Petroleo Brasileiro SA ADR 9.77%		3,439,834		45,371,410
Raizen SA 5.79%		50,954,810		28,902,172
				74,273,582
SOUTH KOREA — 1.0%
Samsung Electronics Co., Ltd. 2.12%		1,464,549		56,878,558
Total Preferred Stocks
(cost $125,907,058)				131,152,140
TOTAL INVESTMENTS — 98.0%
(cost $4,406,314,689)			$	5,502,776,495
Other assets less liabilities — 2.0%				115,065,603
NET ASSETS — 100.0%			$	5,617,842,098

(a)	Amount rounds to less than 0.1%.
(b)	Investment was valued using significant unobservable inputs.
*	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, 2024.

Portfolio of Investments

September 30, 2024 (unaudited)

Baillie Gifford Emerging Markets 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 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, 2024 in valuing the Fund’s investments carried at fair value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks**	$	1,378,017,900	$	3,993,606,455	$	0	$	5,371,624,355
Preferred Stocks**		74,273,582		56,878,558		—		131,152,140
Total	$	1,452,291,482	$	4,050,485,013	$	0	$	5,502,776,495

** Refer to Portfolio of Investments for further detail.

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 2022 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. These market conditions have not changed during the year to September 30, 2024 and as a result, management continue to value all the Russian securities listed in the Portfolio of Investments at $0 and include them within Level 3.

There were no transfers into or out of Level 3 during the period ended September 30, 2024.

See previously submitted notes to the financial statements for the semi-annual period ended June 30, 2024.