Portfolio of Investments
September 30, 2024 (unaudited)
Baillie Gifford International Alpha Fund
| Shares | Value | |||||||
| COMMON STOCKS — 99.0% | ||||||||
| AUSTRALIA — 2.0% | ||||||||
| Rio Tinto PLC | 678,624 | $ | 48,173,907 | |||||
| BRAZIL — 4.7% | ||||||||
| MercadoLibre, Inc. * | 55,161 | 113,188,166 | ||||||
| CANADA — 4.4% | ||||||||
| Constellation Software, Inc. | 14,397 | 46,683,240 | ||||||
| Lumine Group, Inc. * | 795,605 | 18,589,314 | ||||||
| Shopify, Inc., Class A * | 308,235 | 24,701,953 | ||||||
| Stella-Jones, Inc. | 240,711 | 15,802,972 | ||||||
| 105,777,479 | ||||||||
| CHINA — 7.1% | ||||||||
| Kweichow Moutai Co., Ltd., Class A | 78,600 | 19,286,363 | ||||||
| Meituan, Class B * | 819,800 | 17,408,772 | ||||||
| Ping An Insurance Group Co. of China Ltd., Class H | 2,593,500 | 16,285,961 | ||||||
| Silergy Corp. | 1,032,000 | 15,198,279 | ||||||
| Tencent Holdings Ltd. | 1,341,500 | 74,593,962 | ||||||
| Tencent Music Entertainment Group ADR | 2,486,247 | 29,959,276 | ||||||
| 172,732,613 | ||||||||
| DENMARK — 5.0% | ||||||||
| Ambu A/S, B Shares * | 609,186 | 11,937,836 | ||||||
| Demant A/S * | 472,487 | 18,394,506 | ||||||
| DSV A/S | 228,066 | 46,938,280 | ||||||
| Novonesis (Novozymes) B, B Shares | 586,493 | 42,224,817 | ||||||
| 119,495,439 | ||||||||
| FINLAND — 0.9% | ||||||||
| Kone Oyj, Class B | 360,841 | 21,586,070 | ||||||
| FRANCE — 6.4% | ||||||||
| Danone SA | 621,889 | 45,298,083 | ||||||
| Dassault Systemes SE | 758,813 | 30,140,654 | ||||||
| Edenred | 744,472 | 28,197,338 | ||||||
| LVMH Moet Hennessy Louis Vuitton SE | 24,840 | 19,049,203 | ||||||
| Nexans SA | 124,490 | 18,273,172 | ||||||
| Sartorius Stedim Biotech | 61,651 | 12,908,413 | ||||||
| 153,866,863 | ||||||||
| GERMANY — 8.8% | ||||||||
| BioNTech SE ADR * | 113,750 | 13,510,088 | ||||||
| Deutsche Boerse AG | 212,342 | 49,851,261 | ||||||
| Rational AG | 30,778 | 31,422,769 | ||||||
| SAP SE | 268,480 | 61,410,134 | ||||||
| Scout24 SE | 634,778 | 54,653,023 | ||||||
| 210,847,275 | ||||||||
| HONG KONG — 1.5% | ||||||||
| AIA Group Ltd. | 4,044,400 | 35,319,169 | ||||||
| INDIA — 4.7% | ||||||||
| HDFC Bank Ltd. | 2,035,308 | 41,915,795 | ||||||
| ICICI Lombard General Insurance Co., Ltd. | 1,107,286 | 28,772,715 | ||||||
| Reliance Industries Ltd. | 1,211,285 | 42,616,599 | ||||||
| 113,305,109 | ||||||||
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 Alpha Fund
| Shares | Value | |||||||
| IRELAND — 2.1% | ||||||||
| Kingspan Group PLC | 525,641 | $ | 49,299,449 | |||||
| ITALY — 4.7% | ||||||||
| FinecoBank Banca Fineco SpA | 2,178,986 | 37,395,680 | ||||||
| Ryanair Holdings PLC ADR | 1,170,213 | 52,870,201 | ||||||
| Technoprobe SpA * | 1,441,463 | 10,153,924 | ||||||
| Wizz Air Holdings PLC * | 592,294 | 11,489,927 | ||||||
| 111,909,732 | ||||||||
| JAPAN — 12.3% | ||||||||
| FANUC Corp. | 497,100 | 14,600,032 | ||||||
| Keyence Corp. | 49,000 | 23,483,846 | ||||||
| Money Forward, Inc. * | 266,400 | 10,854,551 | ||||||
| MonotaRO Co., Ltd. | 1,479,300 | 24,667,312 | ||||||
| NIDEC Corp. | 599,200 | 12,615,015 | ||||||
| Nihon M&A Center Holdings, Inc. | 4,640,600 | 21,196,110 | ||||||
| Nintendo Co., Ltd. | 449,100 | 24,005,026 | ||||||
| Olympus Corp. | 1,384,800 | 26,324,085 | ||||||
| Recruit Holdings Co., Ltd. | 447,300 | 27,174,552 | ||||||
| Shimano, Inc. | 128,600 | 24,481,301 | ||||||
| Shiseido Co., Ltd. | 595,000 | 16,182,042 | ||||||
| SMC Corp. | 48,600 | 21,734,921 | ||||||
| Sony Group Corp. | 2,514,000 | 48,840,973 | ||||||
| 296,159,766 | ||||||||
| KAZAKHSTAN — 0.8% | ||||||||
| Kaspi.KZ JSC ADR | 184,273 | 19,531,095 | ||||||
| NETHERLANDS — 6.8% | ||||||||
| Adyen NV * | 25,011 | 39,157,724 | ||||||
| ASML Holding NV | 43,213 | 35,947,193 | ||||||
| EXOR NV | 233,008 | 24,979,387 | ||||||
| IMCD NV | 201,958 | 35,083,130 | ||||||
| Topicus.com, Inc. | 299,569 | 28,267,955 | ||||||
| 163,435,389 | ||||||||
| NORWAY — 0.2% | ||||||||
| Aker Carbon Capture ASA * | 8,729,807 | 5,238,876 | ||||||
| PANAMA — 0.7% | ||||||||
| Copa Holdings SA, Class A | 168,888 | 15,848,450 | ||||||
| RUSSIA — 0.0% (a) | ||||||||
| MMC Norilsk Nickel PJSC *(b) | 7,738,600 | 0 | ||||||
| MMC Norilsk Nickel PJSC ADR *(b) | 1 | 0 | ||||||
| 0 | ||||||||
| SINGAPORE — 1.0% | ||||||||
| Sea Ltd. ADR * | 247,407 | 23,325,532 | ||||||
| SOUTH AFRICA — 1.3% | ||||||||
| Discovery Ltd. | 3,059,625 | 30,467,354 | ||||||
| SOUTH KOREA — 3.4% | ||||||||
| Coupang, Inc. * | 1,044,039 | 25,631,157 | ||||||
| Samsung Electronics Co., Ltd. | 1,168,312 | 54,605,518 | ||||||
| 80,236,675 | ||||||||
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 Alpha Fund
| Shares | Value | |||||||
| SPAIN — 1.5% | ||||||||
| Amadeus IT Group SA | 493,456 | $ | 35,737,335 | |||||
| SWEDEN — 2.6% | ||||||||
| Atlas Copco AB, B Shares | 2,915,382 | 50,021,704 | ||||||
| MIPS AB | 220,095 | 11,726,178 | ||||||
| 61,747,882 | ||||||||
| SWITZERLAND — 1.2% | ||||||||
| Cie Financiere Richemont SA | 179,677 | 28,533,479 | ||||||
| TAIWAN — 4.5% | ||||||||
| Taiwan Semiconductor Manufacturing Co., Ltd. | 3,560,000 | 107,348,786 | ||||||
| UNITED KINGDOM — 2.1% | ||||||||
| B&M European Value Retail SA | 3,216,027 | 17,911,300 | ||||||
| Oxford Nanopore Technologies PLC * | 2,636,165 | 5,607,354 | ||||||
| Unilever PLC | 432,048 | 28,011,096 | ||||||
| 51,529,750 | ||||||||
| UNITED STATES — 8.3% | ||||||||
| CRH PLC | 690,879 | 63,230,321 | ||||||
| Experian PLC | 817,309 | 43,047,378 | ||||||
| Monday.com Ltd. * | 47,812 | 13,280,739 | ||||||
| Nestle SA | 264,935 | 26,623,964 | ||||||
| Roche Holding AG | 67,543 | 21,614,925 | ||||||
| Spotify Technology SA * | 87,921 | 32,401,526 | ||||||
| 200,198,853 | ||||||||
| Total Common Stocks (cost $1,543,801,524) | 2,374,840,493 | |||||||
| WARRANT — 0.0%(a) | ||||||||
| CANADA — 0.0% (a) | ||||||||
| Constellation Software, Inc., expires 3/31/40 * | 16,097 | 0 | ||||||
| Total Warrant (cost $0) | 0 | |||||||
| TOTAL INVESTMENTS — 99.0% (cost $1,543,801,524) | $ | 2,374,840,493 | ||||||
| Other assets less liabilities — 1.0% | 24,568,878 | |||||||
| NET ASSETS — 100.0% | $ | 2,399,409,371 | ||||||
| (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 International Alpha 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** | $ | 479,199,018 | $ | 1,895,641,475 | $ | 0 | $ | 2,374,840,493 | ||||||||
| Warrant** | — | 0 | — | 0 | ||||||||||||
| Total | $ | 479,199,018 | $ | 1,895,641,475 | $ | 0 | $ | 2,374,840,493 | ||||||||
| ** | 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 period ended 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.
