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          0001120543
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      Baillie Gifford Funds
      811-10145
      0001120543
      213800T287IYS8QHPC42
      CALTON SQUARE, ONE GREENSIDE ROW
      EDINBURGH
      GB
      EH1 3AN
      011-44-131-275-2000
      Baillie Gifford Health Innovation Equities Fund
      S000074799
      213800AZZVV15BK1K538
      2022-12-31
      2022-03-31
      N
    
    
      7853604.96
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        ALK-Abello A/S
        529900SGCREUZCZ7P020
        ALK-Abello A/S
        000000000
        
          
          
          
        
        12540.00000000
        NS
        
        276443.76000000
        3.529269031721
        Long
        EC
        CORP
        DK
        N
        
        2
        
          N
          N
          N
        
      
      
        Lyell Immunopharma Inc
        N/A
        Lyell Immunopharma Inc
        55083R104
        
          
          
        
        8285.00000000
        NS
        USD
        41839.25000000
        0.534148317673
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Recursion Pharmaceuticals Inc
        N/A
        Recursion Pharmaceuticals Inc
        75629V104
        
          
          
        
        9653.00000000
        NS
        USD
        69115.48000000
        0.882375218657
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Oscar Health Inc
        N/A
        Oscar Health Inc
        687793109
        
          
          
        
        3073.00000000
        NS
        USD
        30637.81000000
        0.391143117257
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ascendis Pharma A/S
        549300B66JN3W3J8GH73
        Ascendis Pharma A/S
        04351P101
        
          
          
        
        1047.00000000
        NS
        USD
        122875.92000000
        1.568717554703
        Long
        EC
        CORP
        DK
        N
        
        1
        
          N
          N
          N
        
      
      
        Ambu A/S
        5299008W2A69WX355710
        Ambu A/S
        000000000
        
          
          
          
        
        19021.00000000
        NS
        
        280011.07000000
        3.574811737078
        Long
        EC
        CORP
        DK
        N
        
        2
        
          N
          N
          N
        
      
      
        Zai Lab Ltd
        549300P2UYQ9U5LY1T58
        Zai Lab Ltd
        000000000
        
          
          
          
        
        17190.00000000
        NS
        
        78891.46000000
        1.007182027350
        Long
        EC
        CORP
        CN
        N
        
        1
        
          N
          N
          N
        
      
      
        Argenx SE
        7245009C5FZE6G9ODQ71
        Argenx SE
        000000000
        
          
          
          
        
        1469.00000000
        NS
        
        459607.94000000
        5.867667511739
        Long
        EC
        CORP
        NL
        N
        
        2
        
          N
          N
          N
        
      
      
        Vir Biotechnology Inc
        N/A
        Vir Biotechnology Inc
        92764N102
        
          
          
        
        2065.00000000
        NS
        USD
        53111.80000000
        0.678061356707
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Illumina Inc
        SQ95QG8SR5Q56LSNF682
        Illumina Inc
        452327109
        
          
          
        
        1328.00000000
        NS
        USD
        464003.20000000
        5.923780389832
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Sage Therapeutics Inc
        5493000JX4BJS9W6CN35
        Sage Therapeutics Inc
        78667J108
        
          
          
        
        1030.00000000
        NS
        USD
        34093.00000000
        0.435254422449
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Novocure Ltd
        213800YPP55UMHWA4826
        Novocure Ltd
        000000000
        
          
          
          
        
        2151.00000000
        NS
        USD
        178210.35000000
        2.275154517458
        Long
        EC
        CORP
        JE
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Health Catalyst Inc
        549300223PL6GWKVJG92
        Health Catalyst Inc
        42225T107
        
          
          
        
        4800.00000000
        NS
        USD
        125424.00000000
        1.601248076768
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Bridgebio Pharma Inc
        54930028YG89VTY2J114
        Bridgebio Pharma Inc
        10806X102
        
          
          
        
        5833.00000000
        NS
        USD
        59204.95000000
        0.755850653165
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Denali Therapeutics Inc
        549300ZTQ2HO18L3Q830
        Denali Therapeutics Inc
        24823R105
        
          
          
        
        3834.00000000
        NS
        USD
        123339.78000000
        1.574639506904
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Relay Therapeutics Inc
        N/A
        Relay Therapeutics Inc
        75943R102
        
          
          
        
        2728.00000000
        NS
        USD
        81649.04000000
        1.042387168882
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ionis Pharmaceuticals Inc
        549300SI4ZGLG0BLUZ92
        Ionis Pharmaceuticals Inc
        462222100
        
          
          
        
        3825.00000000
        NS
        USD
        141678.00000000
        1.808757694064
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        American Well Corp
        N/A
        American Well Corp
        03044L105
        
          
          
        
        6439.00000000
        NS
        USD
        27108.19000000
        0.346081588070
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Berkeley Lights Inc
        549300LTLRE4N65CD358
        Berkeley Lights Inc
        084310101
        
          
          
        
        8267.00000000
        NS
        USD
        58778.37000000
        0.750404642796
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Alnylam Pharmaceuticals Inc
        529900S3ZI14OWRJII50
        Alnylam Pharmaceuticals Inc
        02043Q107
        
          
          
        
        2152.00000000
        NS
        USD
        351400.08000000
        4.486212385797
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Butterfly Network Inc
        N/A
        Butterfly Network Inc
        124155102
        
          
          
        
        16985.00000000
        NS
        USD
        80848.60000000
        1.032168207515
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ResMed Inc
        529900T3QE5253CCXF22
        ResMed Inc
        761152107
        
          
          
        
        872.00000000
        NS
        USD
        211468.72000000
        2.699753485749
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Shockwave Medical Inc
        549300LDXO56IC5Y1538
        Shockwave Medical Inc
        82489T104
        
          
          
        
        2648.00000000
        NS
        USD
        549089.28000000
        7.010047148664
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        M3 Inc
        3538001UOKRWIODYM055
        M3 Inc
        000000000
        
          
          
          
        
        9200.00000000
        NS
        
        332267.13000000
        4.241948135012
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Exact Sciences Corp
        549300VM3X1FYD4N9Z14
        Exact Sciences Corp
        30063P105
        
          
          
        
        1807.00000000
        NS
        USD
        126345.44000000
        1.613011806420
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Alector Inc
        549300Z8RQOIY1JMHC25
        Alector Inc
        014442107
        
          
          
        
        4239.00000000
        NS
        USD
        60405.75000000
        0.771180882552
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Sana Biotechnology Inc
        N/A
        Sana Biotechnology Inc
        799566104
        
          
          
        
        1926.00000000
        NS
        USD
        15908.76000000
        0.203102048681
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Moderna Inc
        549300EI6OKH5K5Q2G38
        Moderna Inc
        60770K107
        
          
          
        
        2769.00000000
        NS
        USD
        476987.94000000
        6.089552410756
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Veeva Systems Inc
        549300YZEXPDB92M2F02
        Veeva Systems Inc
        922475108
        
          
          
        
        480.00000000
        NS
        USD
        101980.80000000
        1.301956243360
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Exscientia Plc
        213800XOQHH5CV85AD30
        Exscientia Plc
        30223G102
        
          
          
        
        4893.00000000
        NS
        USD
        70459.20000000
        0.899530061954
        Long
        EC
        CORP
        GB
        N
        
        1
        
          N
          N
          N
        
      
      
        Edwards Lifesciences Corp
        YA13X31F3V31L8TMPR58
        Edwards Lifesciences Corp
        28176E108
        
          
          
        
        3165.00000000
        NS
        USD
        372583.80000000
        4.756658160998
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Sartorius AG
        529900EQV2DY4FOAMU38
        Sartorius AG
        000000000
        
          
          
          
        
        872.00000000
        NS
        
        384851.96000000
        4.913281834341
        Long
        EP
        CORP
        DE
        N
        
        2
        
          N
          N
          N
        
      
      
        Teladoc Health Inc
        549300I2PVFBC9MFAC61
        Teladoc Health Inc
        87918A105
        
          
          
        
        3189.00000000
        NS
        USD
        230022.57000000
        2.936624552125
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Genmab A/S
        529900MTJPDPE4MHJ122
        Genmab A/S
        000000000
        
          
          
          
        
        1210.00000000
        NS
        
        436995.33000000
        5.578979555102
        Long
        EC
        CORP
        DK
        N
        
        2
        
          N
          N
          N
        
      
      
        ABIOMED Inc
        5493001EZN4ZTB4Z5887
        ABIOMED Inc
        003654100
        
          
          
        
        656.00000000
        NS
        USD
        217293.44000000
        2.774115822285
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Dexcom Inc
        549300YSK3QDSFR5EU59
        Dexcom Inc
        252131107
        
          
          
        
        568.00000000
        NS
        USD
        290588.80000000
        3.709854231489
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        10X Genomics Inc
        5493003Z6741WNLG7H43
        10X Genomics Inc
        88025U109
        
          
          
        
        4815.00000000
        NS
        USD
        366277.05000000
        4.676141901684
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Masimo Corp
        549300Q4A8JK0PIYCU29
        Masimo Corp
        574795100
        
          
          
        
        1092.00000000
        NS
        USD
        158929.68000000
        2.029004372698
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Wuxi Biologics Cayman Inc
        5493001TD2TH6VDTJU11
        Wuxi Biologics Cayman Inc
        000000000
        
          
          
          
        
        25500.00000000
        NS
        
        202485.37000000
        2.585065930652
        Long
        EC
        CORP
        CN
        N
        
        2
        
          N
          N
          N
        
      
    
    
      
    
    
      2022-05-20
      Baillie Gifford Funds
      Lindsay Cockburn
      Lindsay Cockburn
      Treasurer
    
  
  XXXX

Portfolio of Investments

March 31, 2022 (unaudited)

Baillie Gifford Health Innovation Equities Fund

	Shares		Value
COMMON STOCKS — 94.0%
CHINA — 3.6%
Wuxi Biologics Cayman, Inc.^*		25,500	$	202,485
Zai Lab Ltd.^*		17,190		78,892
				281,377
DENMARK — 14.3%
ALK-Abello A/S^*		12,540		276,444
Ambu A/S, B Shares		19,021		280,011
Ascendis Pharma A/S ADR^*		1,047		122,876
Genmab A/S^*		1,210		436,995
				1,116,326
JAPAN — 4.2%
M3, Inc.		9,200		332,267

NETHERLANDS — 5.9%
Argenx SE^*		1,469		459,608

UNITED KINGDOM — 0.9%
Exscientia PLC ADR^*		4,893		70,459

UNITED STATES — 65.1%
10X Genomics, Inc., Class A ^*		4,815		366,277
ABIOMED, Inc.^*		656		217,293
Alector, Inc.^*		4,239		60,406
Alnylam Pharmaceuticals, Inc.^*		2,152		351,400
American Well Corp., Class A ^*		6,439		27,108
Berkeley Lights, Inc.^*		8,267		58,778
Bridgebio Pharma, Inc.^*		5,833		59,205
Butterfly Network, Inc.^*		16,985		80,849
Denali Therapeutics, Inc.^*		3,834		123,340
Dexcom, Inc.^*		568		290,589
Edwards Lifesciences Corp.^*		3,165		372,584
Exact Sciences Corp.^*		1,807		126,345
Health Catalyst, Inc.^*		4,800		125,424
Illumina, Inc.^*		1,328		464,003
Ionis Pharmaceuticals, Inc.^*		3,825		141,678
Lyell Immunopharma, Inc.^*		8,285		41,839
Masimo Corp.^*		1,092		158,930
Moderna, Inc.^*		2,769		476,988
Novocure Ltd.^*		2,151		178,210
Oscar Health, Inc., Class A ^*		3,073		30,638
Recursion Pharmaceuticals, Inc., Class A ^*		9,653		69,115
Relay Therapeutics, Inc.^*		2,728		81,649
ResMed, Inc.		872		211,469
Sage Therapeutics, Inc.^*		1,030		34,093
Sana Biotechnology, Inc.^*		1,926		15,909
Shockwave Medical, Inc.^*		2,648		549,089
Teladoc Health, Inc.^*		3,189		230,023
Veeva Systems, Inc., Class A ^*		480		101,981
Vir Biotechnology, Inc.^*		2,065		53,112
				5,098,324
Total Common Stocks (cost $9,271,371)				7,358,361
PREFERRED STOCKS — 4.9%
GERMANY — 4.9%
Sartorius AG 0.31% (cost $580,154)		872		384,852
TOTAL INVESTMENTS — 98.9% (cost $9,851,525)			$	7,743,213
Other assets less liabilities — 1.1%				89,677
NET ASSETS — 100.0%			$	7,832,890

See previously submitted notes to the financial statements for the annual period ended December 31, 2021.

Portfolio of Investments

March 31, 2022 (unaudited)

Baillie Gifford Health Innovation Equities Fund

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.

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 March 31, 2022 in valuing the Fund’s investments carried at fair value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks^**	$	5,370,551	$	1,987,810	$	—	$	7,358,361
Preferred Stocks^**		—		384,852		—		384,852
Total	$	5,370,551	$	2,372,662	$	—	$	7,743,213

Refer to Portfolio of Investments for further detail.

See previously submitted notes to the financial statements for the annual period ended December 31, 2021.