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.