Baillie Gifford Funds NPORT-P Baillie Gifford Multi Asset Fund (Jan 2021 report)

Portfolio of Investments

January 31, 2021 (unaudited)

Baillie Gifford Multi Asset Fund

	Shares/Principal		Value
POOLED INVESTMENT VEHICLES – 31.9%
GUERNSEY — 4.4%
International Public Partnerships Ltd.		100,208	$	235,607
NextEnergy Solar Fund Ltd.		140,895		201,605
Pershing Square Holdings Ltd.		1,180		38,786
Renewables Infrastructure Group Ltd. (The)		138,784		241,108
Sequoia Economic Infrastructure Income Fund Ltd.		50,100		74,273
TwentyFour Income Fund Ltd.		186,024		270,228
				1,061,607
IRELAND — 1.3%
Aspect Core Trend Fund		3,174		306,864
LUXEMBOURG — 0.4%
BBGI Global Infrastructure SA		36,537		86,499
SINGAPORE — 0.3%
Keppel Infrastructure Trust		151,600		63,217
UNITED KINGDOM — 3.7%
3i Infrastructure PLC		15,679		64,025
Foresight Solar Fund Ltd.		105,097		146,607
Greencoat UK Wind PLC		108,807		203,749
HICL Infrastructure PLC		161,862		386,920
JLEN Environmental Assets Group Ltd.		57,030		90,251
				891,552
UNITED STATES — 21.8%
Baillie Gifford Emerging Markets Equities Fund, Class K(1)		30,265		874,356
Baillie Gifford International Alpha Fund, Class K(1)		116,775		1,957,156
Baillie Gifford U.S. Equity Growth Fund, Class K(1)		40,794		1,751,707
Credit Suisse Managed Futures Strategy Fund, Class		22,200		218,004
iShares MSCI Global Gold Miners ETF		15,200		434,720
				5,235,943
Total Pooled Investment Vehicles
(cost $5,617,464)				7,645,682
COMMON STOCKS — 26.5%
AUSTRALIA — 3.0%
BHP Group PLC		1,570		43,026
Newcrest Mining Ltd.		4,529		86,080
Nickel Mines Ltd.		371,996		357,158
Rio Tinto PLC		550		41,727
Western Areas Ltd.		113,252		201,646
				729,637
BELGIUM — 0.4%
Elia Group SA		782		94,111
CANADA — 0.9%
Barrick Gold Corp.		3,922		87,595
Hydro One Ltd.		5,530		128,136
				215,731
DENMARK — 0.5%
Orsted AS		582		110,537
FRANCE — 0.1%
JCDecaux SA*		1,510		29,338
GERMANY — 5.4%
ADLER Group SA*		738		22,265
Deutsche Wohnen SE		8,080		399,851
E.ON Se		8,394		88,796
Fraport AG Frankfurt Airport Services Worldwide*		670		36,298
LEG Immobilien AG		1,892		271,221

See previously submitted notes to the financial statements for the annual period ended April 30, 2020.

Portfolio of Investments

January 31, 2021 (unaudited)

Baillie Gifford Multi Asset Fund

	Shares/Principal		Value
RWE AG		2,098	$	90,127
TAG Immobilien AG*		3,994		122,643
Vonovia SE		3,892		259,869
				1,291,070
INDONESIA — 1.5%
Vale Indonesia TBK PT*		921,700		358,994
IRELAND — 1.0%
CRH PLC		860		35,495
Greencoat Renewables PLC		118,583		172,336
Ryanair Holdings PLC ADR*		320		30,422
				238,253
ITALY — 1.8%
Enel SpA		12,514		124,114
Italgas SpA		28,149		168,828
Terna Rete Elettrica Nazionale SpA		18,064		131,003
				423,945
MACAU — 0.3%
Galaxy Entertainment Group Ltd.*		5,000		37,724
Sands China Ltd.		8,000		31,771
				69,495
RUSSIA — 1.1%
MMC Norilsk Nickel PJSC ADR		8,410		270,014
SOUTH KOREA — 0.3%
Korea Electric Power Corp.		2,541		51,849
Korea Electric Power Corp. ADR		1,900		19,532
				71,381
SPAIN — 1.6%
EDP Renovaveis SA		5,970		163,495
Iberdrola SA		6,368		86,218
Iberdrola SA*		90		1,284
Red Electrica Corp. SA		6,761		128,377
				379,374
SWITZERLAND — 0.4%
Dufry AG*		650		34,948
Kuehne + Nagel International AG		170		38,684
Wizz Air Holdings PLC*		590		35,205
				108,837
UNITED KINGDOM — 2.1%
Ashtead Group PLC		820		41,153
Greggs PLC*		1,560		44,202
Hays PLC*		19,880		38,046
John Laing Group PLC		70,770		305,791
SSP Group PLC		8,600		34,017
Whitbread PLC*		960		36,483
				499,692
UNITED STATES — 6.1%
Ameren Corp.		1,150		83,628
American Electric Power Co., Inc.		1,148		92,885
Ares Capital Corp.		10,700		185,110
Avangrid, Inc.		2,701		124,975
Booking Holdings, Inc.*		17		33,054
Brookfield Renewable Corp., Class A		3,106		173,781
CBRE Group, Inc., Class A *		610		37,198
Consolidated Edison, Inc.		1,275		90,244
DTE Energy Co.		838		99,487
Eversource Energy		1,077		94,238

See previously submitted notes to the financial statements for the annual period ended April 30, 2020.

Portfolio of Investments

January 31, 2021 (unaudited)

Baillie Gifford Multi Asset Fund

	Shares/Principal		Value
FirstCash, Inc.		600	$	35,328
Howard Hughes Corp. (The)*		500		43,085
Lyft, Inc., Class A *		940		41,792
Martin Marietta Materials, Inc.		130		37,363
Newmont Corp.		1,490		88,804
NextEra Energy, Inc.		1,500		121,305
Royal Caribbean Cruises Ltd.		500		32,500
Six Flags Entertainment Corp.		1,200		41,040
				1,455,817
Total Common Stocks
(cost $5,414,332)				6,346,226
STRUCTURED NOTES – 10.4%
SWITZERLAND — 4.8%
Credit Suisse AG , Zero cpn., 10/25/21(2)		1,142		1,142,000
UNITED STATES — 5.6%
Citigroup Global Markets Holdings, Inc., Series MTN6 , Zero cpn., 01/15/26(3)		100,000		1,003,450
GS Finance Corp. , Zero cpn., 05/24/21(4)
		300,000		348,750
				1,352,200
Total Structured Notes
(cost $2,422,683)				2,494,200
CORPORATE BONDS – 7.1%
AUSTRALIA — 0.1%
FMG Resources August 2006 Pty Ltd., 4.50%, 09/15/27		16,000		17,576
CANADA — 0.3%
Bell Canada, Series MTN, 4.75%, 09/29/44		32,000		30,471
Stars Group Holdings BV / Stars Group US Co.-Borrower LLC, 7.00%, 07/15/26		19,000		19,926
Vermilion Energy, Inc., 5.63%, 03/15/25		15,000		13,514
				63,911
CHILE — 0.1%
Liberty Latin America Ltd., 2.00%, 07/15/24		17,000		16,001
FRANCE — 0.3%
Electricite de France SA, 6.95%, 01/26/39		22,000		32,897
Orange SA, 9.00%, 03/01/31		20,000		32,723
				65,620
ITALY — 0.0%(5)
Telecom Italia Capital SA, 7.20%, 07/18/36		7,000		9,247
MEXICO — 0.2%
Petroleos Mexicanos, 6.50%, 03/13/27		50,000		51,750
NETHERLANDS — 1.1%
Stichting AK Rabobank Certificaten, 6.50%(6)		168,550		268,464
PUERTO RICO — 0.1%
Popular, Inc., 6.13%, 09/14/23		14,000		15,092
UNITED KINGDOM — 0.1%
Tesco PLC, 5.50%, 01/13/33		21,000		38,790
UNITED STATES — 4.8%
ACI Worldwide, Inc., 5.75%, 08/15/26		6,000		6,322
Adient US LLC, 7.00%, 05/15/26		10,000		10,883
Antero Resources Corp., 5.63%, 06/01/23		12,000		11,865
Aptiv PLC, 4.35%, 03/15/29		29,000		33,824
Arrow Bidco LLC, 9.50%, 03/15/24		16,000		14,080
At Home Holding III, Inc., 8.75%, 09/01/25		10,000		10,950
AT&T, Inc., 3.50%, 09/15/53		27,000		25,934

See previously submitted notes to the financial statements for the annual period ended April 30, 2020.

Portfolio of Investments

January 31, 2021 (unaudited)

Baillie Gifford Multi Asset Fund

	Shares/Principal		Value
Avantor Funding, Inc., 4.63%, 07/15/28		15,000	$	15,758
Cable One, Inc., 4.00%, 11/15/30		16,000		16,416
Carnival Corp., 11.50%, 04/01/23		9,000		10,211
Catalent Pharma Solutions, Inc., 4.88%, 01/15/26		19,000		19,404
CCO Holdings LLC / CCO Holdings Capital Corp., 5.50%, 05/01/26		10,000		10,357
CCO Holdings LLC / CCO Holdings Capital Corp., 4.50%, 08/15/30		19,000		20,009
ChampionX Corp., 6.38%, 05/01/26		13,000		13,637
Cheniere Energy, Inc., 4.63%, 10/15/28		21,000		21,971
Cincinnati Bell, Inc., 7.00%, 07/15/24		7,000		7,262
Cincinnati Bell, Inc., 8.00%, 10/15/25		12,000		12,840
Citigroup, Inc., 8.13%, 07/15/39		20,000		34,696
Cogent Communications Group, Inc., 5.38%, 03/01/22		10,000		10,242
Colfax Corp., 6.00%, 02/15/24		12,000		12,390
Compass Minerals International, Inc., 6.75%, 12/01/27		15,000		16,087
Corning, Inc., 5.45%, 11/15/79		25,000		33,134
Crowdstrike Holdings, Inc., 3.00%, 02/15/29		7,000		7,083
Darling Ingredients, Inc., 5.25%, 04/15/27		19,000		20,093
Dell International LLC / EMC Corp., 5.30%, 10/01/29		28,000		33,714
Dell, Inc., 7.10%, 04/15/28		18,000		23,040
Enviva Partners LP / Enviva Partners Finance Corp., 6.50%, 01/15/26		10,000		10,536
FirstCash, Inc., 4.63%, 09/01/28		26,000		26,950
Freeport-McMoRan, Inc., 4.55%, 11/14/24		10,000		10,965
frontdoor, Inc., 6.75%, 08/15/26		14,000		14,945
Graham Holdings Co., 5.75%, 06/01/26		20,000		20,975
Hanesbrands, Inc., 4.63%, 05/15/24		11,000		11,609
Hasbro, Inc., 6.35%, 03/15/40		25,000		32,911
HCA, Inc., 5.88%, 02/15/26		18,000		20,588
HCA, Inc., 5.50%, 06/15/47		7,000		9,072
Hilcorp Energy I LP / Hilcorp Finance Co., 6.25%, 11/01/28		8,000		8,440
HLF Financing Sarl LLC / Herbalife International, Inc., 7.25%, 08/15/26		15,000		15,839
LABL Escrow Issuer LLC, 6.75%, 07/15/26		10,000		10,706
Land O' Lakes, Inc., 7.25% (6)		15,000		15,338
Land O'Lakes Capital Trust I, 7.45%, 03/15/28		4,000		4,736
Laredo Petroleum, Inc., 10.13%, 01/15/28		17,000		14,790
Liberty Interactive LLC, 8.25%, 02/01/30		7,000		8,024
Lumen Technologies Inc., Series P, 7.60%, 09/15/39		18,000		22,250
Masonite International Corp., 5.38%, 02/01/28		11,000		11,777
Matador Resources Co., 5.88%, 09/15/26		11,000		10,505
Match Group Holdings II LLC, 5.00%, 12/15/27		12,000		12,663
Match Group Holdings II LLC, 5.63%, 02/15/29		11,000		11,935
Meritor, Inc., 6.25%, 02/15/24		5,000		5,072
Meritor, Inc., 4.50%, 12/15/28		13,000		13,260
Mueller Water Products, Inc., 5.50%, 06/15/26		10,000		10,350
Netflix, Inc., 4.38%, 11/15/26		11,000		12,578
Netflix, Inc., 4.88%, 04/15/28		14,000		16,388
Penske Automotive Group, Inc., 5.50%, 05/15/26		20,000		20,741
PTC, Inc., 3.63%, 02/15/25		10,000		10,250
PVH Corp., 4.63%, 07/10/25		10,000		11,241
QVC, Inc., 4.38%, 03/15/23		10,000		10,563
Range Resources Corp., 4.88%, 05/15/25		13,000		12,723
Sally Holdings LLC / Sally Capital, Inc., 8.75%, 04/30/25		14,000		15,387
Schweitzer-Mauduit International, Inc., 6.88%, 10/01/26		12,000		12,725
Sealed Air Corp., 6.88%, 07/15/33		17,000		22,460
Sensata Technologies BV, 5.00%, 10/01/25		23,000		25,358
Service Corp. International, 5.13%, 06/01/29		14,000		15,302
Sirius XM Radio, Inc., 4.13%, 07/01/30		27,000		27,821
Six Flags Theme Parks, Inc., 7.00%, 07/01/25		12,000		12,930
Sprint Corp., 7.25%, 09/15/21		2,000		2,066
Sprint Corp., 7.63%, 03/01/26		6,000		7,395

See previously submitted notes to the financial statements for the annual period ended April 30, 2020.

Portfolio of Investments

January 31, 2021 (unaudited)

Baillie Gifford Multi Asset Fund

		Shares/Principal		Value
Tenet Healthcare Corp., 4.63%, 07/15/24		$	15,000	$	15,267
TransDigm, Inc., 6.25%, 03/15/26			10,000		10,577
TTM Technologies, Inc., 5.63%, 10/01/25			13,000		13,260
VeriSign, Inc., 5.25%, 04/01/25			22,000		24,833
Walt Disney Co. (The), 6.15%, 02/15/41			18,000		27,587
Wolverine World Wide, Inc., 5.00%, 09/01/26			18,000		18,405
WW International, Inc., 8.63%, 12/01/25			12,000		12,494
XPO Logistics, Inc., 6.25%, 05/01/25			7,000		7,516
					1,152,305
Total Corporate Bonds
(cost $1,511,144)					1,698,756
FOREIGN GOVERNMENT BONDS – 8.7%
BRAZIL — 2.3%
Brazil Letras do Tesouro Nacional, Series LTN , Zero cpn., 01/01/24	BRL		3,289,000		506,672
Brazilian Government International Bond, 7.13%, 01/20/37			40,000		51,200
					557,872
COLOMBIA — 0.3%
Colombian TES, Series B, 7.75%, 09/18/30	COP		231,200,000		75,272
DOMINICAN REPUBLIC — 0.5%
Dominican Republic International Bond, 6.88%, 01/29/26			100,000		118,200
EGYPT — 0.4%
Egypt Government Bond, Series 7YR, 14.41%, 07/07/27	EGP		1,639,000		104,545
HUNGARY — 0.3%
Hungary Government International Bond, 7.63%, 03/29/41			36,000		62,640
INDONESIA — 1.4%
Indonesia Treasury Bond, Series FR58, 8.25%, 06/15/32	IDR		1,385,000,000		110,254
Indonesia Treasury Bond, Series FR80, 7.50%, 06/15/35	IDR		1,500,000,000		113,900
Indonesia Treasury Bond, Series FR83, 7.50%, 04/15/40	IDR		1,540,000,000		117,229
					341,383
IVORY COAST (COTE D'IVOIRE) — 0.5%
Ivory Coast Government International Bond, 5.25%, 03/22/30	EUR		100,000		129,216
MEXICO — 0.5%
Mexican Bonos, Series M, 7.75%, 05/29/31	MXN		1,906,800		108,802
PERU — 0.4%
Peru Government Bond, 6.90%, 08/12/37	PEN		245,000		81,796
ROMANIA — 0.3%
Romanian Government International Bond, 2.00%, 01/28/32	EUR		60,000		75,745
RUSSIA — 0.5%
Russian Federal Bond - OFZ, Series 6229, 7.15%, 11/12/25	RUB		5,195,000		73,233
Russian Foreign Bond - Eurobond, 7.50%, 03/31/30			44,370		51,297
					124,530
SOUTH AFRICA — 0.2%
Republic of South Africa Government Bond, Series R209, 6.25%, 03/31/36	ZAR		1,153,000		52,563
TURKEY — 0.4%
Turkey Government Bond, 8.00%, 03/12/25	TRY		395,000		45,480
Turkish Government International Bond, 7.38%, 02/05/25			20,000		22,322
Turkish Government International Bond, 6.88%, 03/17/36			30,000		32,017
					99,819
UKRAINE — 0.2%
Ukraine Government International Bond, 15.84%, 02/26/25	UAH		1,082,000		42,334
URUGUAY — 0.5%
Uruguay Government International Bond, 4.38%, 12/15/28	UYU		2,773,792		77,014

See previously submitted notes to the financial statements for the annual period ended April 30, 2020.

Portfolio of Investments

January 31, 2021 (unaudited)

Baillie Gifford Multi Asset Fund

		Shares/Principal		Value
Uruguay Government International Bond, 4.98%, 04/20/55			32,000	$	42,680
					119,694
Total Foreign Government Bonds
(cost $1,988,618)					2,094,411
REAL ESTATE INVESTMENT TRUSTS — 3.3%
FRANCE — 0.0%(5)
Covivio			46		3,777
IRELAND — 0.3%
Hibernia REIT PLC			54,923		73,051
UNITED KINGDOM — 3.0%
Land Securities Group PLC			4,187		35,057
LondonMetric Property PLC			22,100		68,786
LXI REIT PLC			19,680		33,577
Segro PLC			12,374		161,041
Tritax Big Box REIT PLC			126,553		318,713
UK Commercial Property REIT Ltd.			121,233		108,127
					725,301
Total Real Estate Investment Trusts
(cost $632,742)					802,129
COLLATERALIZED LOAN OBLIGATIONS – 3.1%
IRELAND — 2.5%
Aurium CLO I DAC, 2.30%, FRN, (3 Month EURIBOR + 2.30%), 03/23/32(7)			250,000		304,018
Carlyle Euro CLO, Class B, Series 2017-1X, 2.15%, FRN, (3 Month EURIBOR + 2.15%), 07/15/30(7)			150,000		180,692
Harvest CLO XVII DAC, 3.95%, FRN, (3 Month EURIBOR + 3.95%), 05/11/32(7)			100,000		121,566
					606,276
NETHERLANDS — 0.6%
Barings Euro CLO, Class B1A, Series 2018-2X, 1.70%, FRN, (3 Month EURIBOR + 1.70%), 10/15/31(6)			110,000		133,323
Total Collateralized Loan Obligations
(cost $656,636)					739,599
INFLATION INDEXED BOND – 0.1%
THAILAND — 0.1%
Thailand Government Bond, 1.25%, 03/12/28
(Cost $31,074)	THB		1,078,683		36,235
TOTAL INVESTMENTS — 91.1%
(cost $18,274,693)				$	21,857,238
Other assets less liabilities — 8.9%					2,134,097
NET ASSETS — 100.0%				$	23,991,335

*	Non-income producing security.
(1)	Affiliated Fund.
(2)	ETF-linked certificate which tracks the CSI 500 China A Shares Small Cap ETF as the reference price. Value correlates to changes in this reference price.
(3)	Index-linked note which tracks the Citi Equity Intraday Momentum Basket Index as the reference price. Value correlates to changes in this reference price.
(4)	Commodity-linked note which uses LME Primary Nickel as the reference price. Value correlates to changes in this reference price.
(5)	Amount rounds to less than 0.1%.
(6)	Perpetual, callable security with no stated maturity date.
(7)	Variable rate security.

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 annual period ended April 30, 2020.

Portfolio of Investments

January 31, 2021 (unaudited)

Baillie Gifford Multi Asset Fund

A summary of the Fund’s transactions with affiliated funds during the period ended January 31, 2021 is as follows:

Affiliated Fund Holdings

	Shares at April 30, 2020		Value at April 30, 2020		Purchases Cost		Sales Proceeds			Net Realized Gain/(Loss)		Net Change in Unrealized Appreciation/ (Depreciation)		Shares at January  31, 2021		Value  at January  31, 2021		Income Distributions		Capital Gain Distributions
Baillie Gifford Emerging Markets Equities Fund, Class K		8,691	$	151,837	$	576,505	$	(224,865	)	$	40,011	$	330,869		30,265	$	874,356	$	10,713	$	–
Baillie Gifford International Alpha Fund, Class K		100,493		1,177,782		858,286		(913,745	)		206,343		628,490		116,775		1,957,156		12,804		31,869
Baillie Gifford U.S. Equity Growth Fund, Class K		20,877		446,766		830,757		(572,122	)		313,395		732,910		40,794		1,751,707		–		51,762
		130,061	$	1,776,385	$	2,265,548	$	(1,710,732	)	$	559,749	$	1,692,269		187,834	$	4,583,219	$	23,517	$	83,631

Open futures contracts outstanding at January 31, 2021:

Description	Counterparty	Expiration Date	Number of Contracts Purchased (Sold)			Notional Value at January 31, 2021			Unrealized Appreciation
Euro-Buxl Futures	HSBC Securities (USA) Inc.	March 2021		(1	)	$	(268,559	)	$	4,389

Open forward foreign currency contracts outstanding at January 31, 2021:

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
HSBC Securities (USA) Inc.	2/10/2021	AUD	819,000	USD	634,682	$	8,722	$	–
HSBC Securities (USA) Inc.	2/10/2021	CAD	3,179,100	USD	2,500,828		14,651		–
HSBC Securities (USA) Inc.	2/10/2021	CHF	1,458,700	USD	1,649,428		11,319		–
HSBC Securities (USA) Inc.	2/10/2021	EUR	4,739,100	USD	5,806,763		54,226		–
HSBC Securities (USA) Inc.	2/10/2021	GBP	4,086,690	USD	5,557,755		–		(41,934	)
HSBC Securities (USA) Inc.	2/10/2021	NOK	5,230,000	USD	611,396		807		–
HSBC Securities (USA) Inc.	2/10/2021	NZD	833,000	USD	604,741		6,143		–
HSBC Securities (USA) Inc.	2/10/2021	USD	2,295,489	JPY	238,411,200		–		(19,152	)
HSBC Securities (USA) Inc.	2/10/2021	USD	329,100	GBP	240,000		–		(246	)
HSBC Securities (USA) Inc.	2/10/2021	USD	129,213	EUR	107,000		669		–
HSBC Securities (USA) Inc.	2/17/2021	BRL	2,500,000	USD	465,177		8,485		–
HSBC Securities (USA) Inc.	2/18/2021	HUF	65,000,000	USD	215,212		–		(5,678	)
HSBC Securities (USA) Inc.	2/18/2021	RON	1,345,000	USD	326,514		–		(8,149	)
HSBC Securities (USA) Inc.	2/18/2021	USD	333,954	RON	1,345,000		709		–
HSBC Securities (USA) Inc.	2/25/2021	EUR	1,238,000	USD	1,472,350		–		(30,850	)
HSBC Securities (USA) Inc.	2/25/2021	JPY	27,200,000	USD	260,544		807		–
HSBC Securities (USA) Inc.	2/25/2021	USD	220,885	PLN	820,000		–		(688	)
HSBC Securities (USA) Inc.	2/25/2021	USD	610,588	JPY	64,930,000		9,437		–
HSBC Securities (USA) Inc.	2/25/2021	USD	675,082	EUR	558,000		2,450		–

See previously submitted notes to the financial statements for the annual period ended April 30, 2020.

Portfolio of Investments

January 31, 2021 (unaudited)

Baillie Gifford Multi Asset Fund

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
HSBC Securities (USA) Inc.	3/11/2021	BRL	1,110,000	USD	208,337	$	5,694	$	–
HSBC Securities (USA) Inc.	3/11/2021	RUB	8,806,000	USD	115,921		–		(43	)
HSBC Securities (USA) Inc.	3/11/2021	USD	197,149	RUB	15,160,000		2,490		–
HSBC Securities (USA) Inc.	3/25/2021	CAD	303,000	USD	233,705		–		(3,277	)
HSBC Securities (USA) Inc.	3/25/2021	CAD	152,200	USD	114,193		–		(4,845	)
HSBC Securities (USA) Inc.	3/25/2021	ILS	382,400	USD	117,521		938		–
HSBC Securities (USA) Inc.	3/25/2021	NZD	180,000	USD	118,541		–		(10,807	)
HSBC Securities (USA) Inc.	3/25/2021	THB	2,900,000	USD	96,544		–		(334	)
HSBC Securities (USA) Inc.	3/25/2021	TRY	960,000	USD	115,809		–		(12,463	)
HSBC Securities (USA) Inc.	3/25/2021	USD	123,285	NZD	180,000		6,063		–
HSBC Securities (USA) Inc.	3/25/2021	USD	10,474	RUB	800,000		43		–
HSBC Securities (USA) Inc.	3/25/2021	USD	130,076	RUB	10,300,000		5,330		–
HSBC Securities (USA) Inc.	3/25/2021	USD	325,877	CHF	300,000		11,483		–
HSBC Securities (USA) Inc.	3/25/2021	USD	317,042	THB	9,900,000		13,677		–
HSBC Securities (USA) Inc.	3/25/2021	USD	332,008	ILS	1,135,000		14,022		–
HSBC Securities (USA) Inc.	3/25/2021	USD	115,386	TRY	960,000		12,886		–
HSBC Securities (USA) Inc.	3/25/2021	USD	357,698	CAD	455,200		–		(1,678	)
HSBC Securities (USA) Inc.	4/8/2021	AUD	942,000	USD	717,685		–		(2,533	)
HSBC Securities (USA) Inc.	4/8/2021	NZD	656,000	USD	434,719		–		(36,684	)
HSBC Securities (USA) Inc.	4/8/2021	USD	462,376	NZD	656,000		9,027		–
HSBC Securities (USA) Inc.	4/8/2021	USD	673,806	AUD	942,000		46,412		–
HSBC Securities (USA) Inc.	4/22/2021	EUR	173,760	USD	211,229		–		(30	)
HSBC Securities (USA) Inc.	4/22/2021	USD	234,475	MXN	4,700,000		–		(7,232	)
HSBC Securities (USA) Inc.	4/22/2021	ZAR	5,719,000	USD	337,505		–		(36,225	)
HSBC Securities (USA) Inc.	5/20/2021	IDR	1,620,000,000	USD	112,375		–		(1,618	)
HSBC Securities (USA) Inc.	5/20/2021	USD	343,222	IDR	4,940,000,000		4,386		–
HSBC Securities (USA) Inc.	7/15/2021	USD	359,063	KRW	394,000,000		–		(6,595	)
Total unrealized appreciation (depreciation)						$	250,876	$	(231,061	)
Net unrealized appreciation (depreciation)								$	19,815

ADR	-	American Depositary Receipt
CLO	-	Collateralized Loan Obligation
ETF	-	Exchange Traded Fund
EURIBOR	-	Euro Inter Bank Offer Rate
FRN	-	Floating Rate Note
MTN	-	Medium Term Note
REIT	-	Real Estate Investment Trust

See previously submitted notes to the financial statements for the annual period ended April 30, 2020.

Portfolio of Investments

January 31, 2021 (unaudited)

Baillie Gifford Multi Asset Fund

Currency Abbreviations:
AUD	-	Australian Dollar
BRL	-	Brazilian Real
CAD	-	Canadian Dollar
CHF	-	Swiss Franc
COP	-	Colombian Peso
EGP	-	Egyptian Pound
EUR	-	Euro
GBP	-	Great Britain Pound
HUF	-	Hungarian Forint
IDR	-	Indonesian Rupiah
ILS	-	Israeli Shekel
JPY	-	Japanese Yen
KRW	-	South Korean Won
MXN	-	Mexican Peso
NOK	-	Norwegian Krone
NZD	-	New Zealand Dollar
PEN	-	Peruvian Nuevo Sol
PLN	-	Polish Zloty
RON	-	Romanian New Leu
RUB	-	Russian Ruble
THB	-	Thai Baht
TRY	-	Turkish Lira
ZAR	-	South African Rand

See previously submitted notes to the financial statements for the annual period ended April 30, 2020.

Portfolio of Investments

January 31, 2021 (unaudited)

Baillie Gifford Multi Asset 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 January 31, 2021 in valuing the Fund’s investments carried at fair value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Assets:(1)
Pooled Investment Vehicles	$	5,942,938	$	1,702,744	$	–	$	7,645,682
Common Stocks		1,743,767		4,602,459		–		6,346,226
Structured Notes		–		2,494,200		–		2,494,200
Foreign Government Bonds		–		2,094,411		–		2,094,411
Corporate Bonds		–		1,698,756		–		1,698,756
Real Estate Investment Trusts		73,051		729,078		–		802,129
Collateralized Loan Obligations		–		739,599		–		739,599
Inflation Indexed Bonds		–		36,235		–		36,235
Total Investments in Securities	$	7,759,756	$	14,097,482	$	–	$	21,857,238
Other Financial Instruments(2)
Forward Foreign Currency Contracts		–		250,876		–		250,876
Futures Contracts		4,389		–		–		4,389
Total Investments in Securities and Other Financial Instruments	$	7,764,145	$	14,348,358	$	–	$	22,112,503
Liabilities:
Other Financial Instruments(2)
Forward Foreign Currency Contracts	$	–	$	231,061	$	–	$	231,061
Total Other Financial Instruments	$	–	$	231,061	$	–	$	231,061

(1)	A complete listing of investments and additional information regarding the industry classification and geographical location of these investments is disclosed in the Portfolio of Investments.
(2)	Reflects the unrealized appreciation (depreciation) of the instruments.

See previously submitted notes to the financial statements for the annual period ended April 30, 2020.