Portfolio of Investments
September 30, 2022 (unaudited)
Baillie Gifford International Smaller Companies Fund
| Shares | Value | |||||||
| COMMON STOCKS — 98.1% | ||||||||
| AUSTRALIA — 1.8% | ||||||||
| Cleanspace Holdings Ltd.* | 186,083 | $ | 76,178 | |||||
| Netwealth Group Ltd. | 51,187 | 396,275 | ||||||
| Vulcan Energy Resources Ltd.* | 18,420 | 86,651 | ||||||
| 559,104 | ||||||||
| BELGIUM — 1.0% | ||||||||
| Biocartis Group NV* | 21,494 | 18,211 | ||||||
| Melexis NV | 4,337 | 293,409 | ||||||
| 311,620 | ||||||||
| CANADA — 4.2% | ||||||||
| Docebo, Inc.* | 11,764 | 317,658 | ||||||
| Kinaxis, Inc.* | 10,400 | 1,031,982 | ||||||
| 1,349,640 | ||||||||
| CHINA — 4.3% | ||||||||
| Airtac International Group | 59,229 | 1,355,116 | ||||||
| DENMARK — 1.5% | ||||||||
| ALK-Abello A/S* | 29,967 | 472,273 | ||||||
| FINLAND — 0.4% | ||||||||
| Nanoform Finland PLC* | 43,862 | 135,194 | ||||||
| FRANCE — 1.0% | ||||||||
| Cellectis SA ADR* | 22,950 | 52,556 | ||||||
| Cellectis SA* | 506 | 1,186 | ||||||
| ESI Group* | 3,740 | 260,242 | ||||||
| 313,984 | ||||||||
| GERMANY — 3.8% | ||||||||
| Aumann AG | 9,501 | 101,613 | ||||||
| Auto1 Group SE* | 27,875 | 174,274 | ||||||
| Hypoport SE* | 4,571 | 403,475 | ||||||
| New Work SE | 2,601 | 311,118 | ||||||
| Tonies SE, Class A * | 37,076 | 170,781 | ||||||
| Veganz Group AG* | 2,160 | 34,929 | ||||||
| 1,196,190 | ||||||||
| HONG KONG — 1.1% | ||||||||
| Hypebeast Ltd.* | 1,405,000 | 105,075 | ||||||
| Johnson Electric Holdings Ltd. | 253,000 | 252,559 | ||||||
| 357,634 | ||||||||
| INDIA — 1.3% | ||||||||
| CreditAccess Grameen Ltd.* | 34,432 | 417,657 | ||||||
| IRELAND — 1.4% | ||||||||
| Keywords Studios PLC | 18,044 | 460,298 | ||||||
| ISRAEL — 3.1% | ||||||||
| Maytronics Ltd. | 59,605 | 734,962 | ||||||
| Nayax Ltd.* | 10,998 | 260,959 | ||||||
| 995,921 | ||||||||
| ITALY — 8.3% | ||||||||
| Brunello Cucinelli SpA | 28,334 | 1,370,264 | ||||||
| Reply SpA | 8,317 | 866,290 | ||||||
| Technogym SpA | 65,281 | 406,720 | ||||||
| 2,643,274 | ||||||||
| JAPAN — 28.3% | ||||||||
| Anicom Holdings, Inc. | 32,700 | 128,254 | ||||||
| Bengo4.com, Inc.* | 16,500 | 407,666 | ||||||
| COLOPL, Inc. | 58,600 | 275,374 | ||||||
| Demae-Can Co., Ltd.* | 24,000 | 91,335 | ||||||
See previously submitted notes to the financial statements for the semi-annual period ended June 30, 2022.
Portfolio of Investments
September 30, 2022 (unaudited)
Baillie Gifford International Smaller Companies Fund
| Shares | Value | |||||||
| JAPAN (continued) | ||||||||
| DMG Mori Co., Ltd. | 35,400 | $ | 404,307 | |||||
| eGuarantee, Inc. | 31,200 | 538,977 | ||||||
| GA Technologies Co., Ltd.* | 32,300 | 375,514 | ||||||
| Infomart Corp. | 72,100 | 217,729 | ||||||
| Inter Action Corp. | 11,600 | 122,044 | ||||||
| Iriso Electronics Co., Ltd. | 14,900 | 407,453 | ||||||
| Istyle, Inc.* | 77,700 | 263,206 | ||||||
| JMDC, Inc. | 10,900 | 356,904 | ||||||
| Kamakura Shinsho Ltd. | 61,700 | 359,683 | ||||||
| Katitas Co., Ltd. | 34,100 | 759,211 | ||||||
| KH Neochem Co., Ltd. | 15,200 | 278,067 | ||||||
| Kitanotatsujin Corp. | 112,500 | 200,348 | ||||||
| Locondo, Inc.* | 22,300 | 174,789 | ||||||
| Megachips Corp. | 36,300 | 632,745 | ||||||
| Optex Group Co., Ltd. | 22,200 | 325,709 | ||||||
| Outsourcing, Inc. | 43,100 | 325,804 | ||||||
| Raksul, Inc.* | 39,200 | 671,864 | ||||||
| Sansan, Inc.* | 27,900 | 243,595 | ||||||
| Shima Seiki Manufacturing Ltd. | 18,800 | 261,695 | ||||||
| Snow Peak, Inc. | 15,500 | 234,086 | ||||||
| Tsugami Corp. | 72,000 | 581,329 | ||||||
| Uzabase, Inc.* | 12,100 | 54,438 | ||||||
| WealthNavi, Inc.* | 32,000 | 348,975 | ||||||
| 9,041,101 | ||||||||
| NEW ZEALAND — 0.5% | ||||||||
| Volpara Health Technologies Ltd.* | 431,821 | 153,004 | ||||||
| SOUTH KOREA — 3.3% | ||||||||
| Cafe24 Corp.* | 12,492 | 92,842 | ||||||
| Douzone Bizon Co., Ltd. | 19,000 | 409,298 | ||||||
| Koh Young Technology, Inc. | 62,882 | 550,738 | ||||||
| 1,052,878 | ||||||||
| SWEDEN — 10.6% | ||||||||
| AddTech AB, B Shares | 71,154 | 934,726 | ||||||
| Avanza Bank Holding AB | 76,002 | 1,158,095 | ||||||
| Bactiguard Holding AB* | 10,704 | 91,368 | ||||||
| Cellavision AB | 5,038 | 114,635 | ||||||
| HMS Networks AB | 17,292 | 468,141 | ||||||
| Paradox Interactive AB | 21,485 | 342,734 | ||||||
| Storytel AB* | 14,833 | 43,964 | ||||||
| VNV Global AB* | 57,420 | 115,862 | ||||||
| Xvivo Perfusion AB* | 9,427 | 113,631 | ||||||
| 3,383,156 | ||||||||
| SWITZERLAND — 5.0% | ||||||||
| Bossard Holding AG | 2,597 | 442,081 | ||||||
| Sensirion Holding AG* | 10,021 | 815,803 | ||||||
| u-blox Holding AG* | 2,849 | 345,018 | ||||||
| 1,602,902 | ||||||||
| TAIWAN — 8.0% | ||||||||
| ASPEED Technology, Inc. | 10,100 | 555,880 | ||||||
| Chroma ATE, Inc. | 140,000 | 787,688 | ||||||
| Global Unichip Corp. | 59,000 | 1,085,023 | ||||||
| TCI Co., Ltd. | 35,148 | 137,567 | ||||||
| 2,566,158 | ||||||||
| UNITED KINGDOM — 8.1% | ||||||||
| Alpha FX Group PLC | 22,681 | 430,516 | ||||||
| Angle PLC* | 182,946 | 136,860 | ||||||
| dotdigital group PLC | 209,497 | 198,827 | ||||||
See previously submitted notes to the financial statements for the semi-annual period ended June 30, 2022.
Portfolio of Investments
September 30, 2022 (unaudited)
Baillie Gifford International Smaller Companies Fund
| Shares | Value | |||||||
| UNITED KINGDOM (continued) | ||||||||
| FD Technologies PLC* | 21,590 | $ | 343,274 | |||||
| Games Workshop Group PLC | 6,972 | 445,815 | ||||||
| Hotel Chocolat Group PLC* | 54,935 | 73,912 | ||||||
| Molten Ventures PLC* | 46,308 | 155,240 | ||||||
| Naked Wines PLC* | 78,682 | 73,016 | ||||||
| Team17 Group PLC* | 66,494 | 276,187 | ||||||
| Victoria PLC* | 93,939 | 464,652 | ||||||
| 2,598,299 | ||||||||
| UNITED STATES — 1.1% | ||||||||
| Burford Capital Ltd. | 45,466 | 335,767 | ||||||
| TOTAL INVESTMENTS — 98.1% | ||||||||
| (cost $49,840,329) | $ | 31,301,170 | ||||||
| Other assets less liabilities — 1.9% | 596,370 | |||||||
| NET ASSETS — 100.0% | $ | 31,897,540 | ||||||
| * | 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, 2022.
Portfolio of Investments
September 30, 2022 (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
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, 2022 in valuing the Fund’s investments carried at fair value:
| Investments in Securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stocks** | $ | 4,003,748 | $ | 27,297,422 | $ | – | $ | 31,301,170 | ||||||||
| Total | $ | 4,003,748 | $ | 27,297,422 | $ | – | $ | 31,301,170 | ||||||||
| ** | Refer to Portfolio of Investments for further detail. |
See previously submitted notes to the financial statements for the semi-annual period ended June 30, 2022.