Baillie Gifford Funds NPORT-P Baillie Gifford International Concentrated Growth Equities Fund (Sep 2024 report)

Portfolio of Investments

September 30, 2024 (unaudited)

Baillie Gifford International Concentrated Growth Equities Fund

	Shares		Value
COMMON STOCKS — 97.3%
BRAZIL — 14.7%
MercadoLibre, Inc. *		5,263	$	10,799,466
NU Holdings Ltd., Class A *		101,743		1,388,792
				12,188,258
CANADA — 3.0%
Shopify, Inc., Class A *		31,443		2,519,842
CHINA — 12.9%
BYD Co., Ltd., Class H		31,000		1,106,017
Meituan, Class B *		225,830		4,795,588
PDD Holdings, Inc. ADR *		15,535		2,094,273
Tencent Holdings Ltd.		50,100		2,785,805
				10,781,683
DENMARK — 0.4%
Novo Nordisk A/S, B Shares		2,854		338,517
FRANCE — 8.3%
Hermes International		1,445		3,558,106
Kering		5,799		1,669,256
L'Oreal SA		3,830		1,717,896
				6,945,258
GERMANY — 1.5%
BioNTech SE ADR *		10,520		1,249,460
ITALY — 4.3%
Ferrari NV		7,594		3,558,558
JAPAN — 0.7%
M3, Inc.		54,400		544,761
NETHERLANDS — 12.8%
Adyen NV *		3,301		5,168,112
ASML Holding NV		6,648		5,530,209
				10,698,321
SINGAPORE — 2.0%
Sea Ltd. ADR *		17,858		1,683,652
SOUTH KOREA — 7.1%
Coupang, Inc. *		118,681		2,913,619
Delivery Hero SE *		73,531		2,975,765
				5,889,384
SWEDEN — 2.9%
Atlas Copco AB, B Shares		98,811		1,695,385
Kinnevik AB, B Shares *		93,620		761,836
				2,457,221
TAIWAN — 4.2%
Taiwan Semiconductor Manufacturing Co., Ltd.		116,000		3,497,882
UNITED KINGDOM — 3.6%
Ocado Group PLC *		298,761		1,540,710
Wise PLC, Class A *		164,980		1,483,441
				3,024,151

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 International Concentrated Growth Equities Fund

	Shares		Value
UNITED STATES — 18.9%
Ginkgo Bioworks Holdings, Inc. *		4,287	$	34,939
Moderna, Inc. *		24,897		1,663,866
NVIDIA Corp.		41,980		5,098,051
SolarEdge Technologies, Inc. *		7,338		168,114
Spotify Technology SA *		20,384		7,512,116
Tesla, Inc. *		4,864		1,272,568
				15,749,654
TOTAL INVESTMENTS — 97.3%
(cost $62,663,817)			$	81,126,602
Other assets less liabilities — 2.7%				2,217,719
NET ASSETS — 100.0%			$	83,344,321

* 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 International Concentrated Growth 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**	$	38,398,758	$	42,727,844	$	—	$	81,126,602
Total	$	38,398,758	$	42,727,844	$	—	$	81,126,602

** Refer to Portfolio of Investments for further detail.

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