Consolidated ssr-output-EDGAR XBRL File

TABLE OF CONTENTS

Baillie Gifford China Equities Fund Class K - BGCDX

Baillie Gifford China Equities Fund Institutional Class - BGCBX

Baillie Gifford Developed EAFE All Cap Fund Class 3 - BGPFX

Baillie Gifford Developed EAFE All Cap Fund Class K - BGPKX

Baillie Gifford Developed EAFE All Cap Fund Institutional Class - BSGPX

Baillie Gifford EAFE Plus All Cap Fund Class 2 - BGCWX

Baillie Gifford EAFE Plus All Cap Fund Class 3 - BGCJX

Baillie Gifford EAFE Plus All Cap Fund Class K - BKGCX

Baillie Gifford EAFE Plus All Cap Fund Institutional Class - BGCSX

Baillie Gifford Emerging Markets Equities Fund Class 2 - BGEHX

Baillie Gifford Emerging Markets Equities Fund Class 3 - BGELX

Baillie Gifford Emerging Markets Equities Fund Class 4 - BGEPX

Baillie Gifford Emerging Markets Equities Fund Class 5 - BGEDX

Baillie Gifford Emerging Markets Equities Fund Class K - BGKEX

Baillie Gifford Emerging Markets Equities Fund Institutional Class - BGEGX

Baillie Gifford Emerging Markets ex China Fund Class K - BGEZX

Baillie Gifford Emerging Markets ex China Fund Institutional Class - BGEWX

Baillie Gifford Global Alpha Equities Fund Class 2 - BGATX

Baillie Gifford Global Alpha Equities Fund Class K - BGAKX

Baillie Gifford Global Alpha Equities Fund Institutional Class - BGASX

Baillie Gifford International Alpha Fund Class 2 - BGITX

Baillie Gifford International Alpha Fund Class 3 - BGIFX

Baillie Gifford International Alpha Fund Class 4 - BGIUX

Baillie Gifford International Alpha Fund Class 5 - BGIVX

Baillie Gifford International Alpha Fund Class K - BGIKX

Baillie Gifford International Alpha Fund Institutional Class - BINSX

Baillie Gifford International Concentrated Growth Equities Fund Class K - BTLKX

Baillie Gifford International Concentrated Growth Equities Fund Institutional Class - BTLSX

Baillie Gifford International Growth Fund Class 2 - BGETX

Baillie Gifford International Growth Fund Class 4 - BGEFX

Baillie Gifford International Growth Fund Class 5 - BGEVX

Baillie Gifford International Growth Fund Class K - BGEKX

Baillie Gifford International Growth Fund Institutional Class - BGESX

Baillie Gifford International Smaller Companies Fund Class K - BICKX

Baillie Gifford International Smaller Companies Fund Institutional Class - BICIX

Baillie Gifford Long Term Global Growth Fund Class 2 - BGLTX

Baillie Gifford Long Term Global Growth Fund Class K - BGLKX

Baillie Gifford Long Term Global Growth Fund Institutional Class - BSGLX

Baillie Gifford U.S. Equity Growth Fund Class K - BGGKX

Baillie Gifford U.S. Equity Growth Fund Institutional Class - BGGSX

Baillie Gifford International All Cap Fund Class 2 - BGICF2

Baillie Gifford International All Cap Fund Class 3 - BGICF3

Baillie Gifford China Equities Fund

Class K | BGCDX

SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025

The semi-annual shareholder report contains important information about Baillie Gifford China Equities Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.bailliegifford.com/china-equities-fund/TSR. You can also request this information by contacting us at +1-844-394-6127 or via email at [email protected].

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class K	$47	0.87%

Key Fund Statistics as of June 30, 2025

The following table outlines key Fund statistics that you should pay attention to:

Fund net assets$2,709,424
Total number of portfolio holdings59
Total advisory fees paid, net of waiver$0
Portfolio turnover rate6%

Tabular Representation of Holdings as of June 30, 2025

The following table shows the industry sector allocation of the Fund.

Sectors	% of Net Assets
Internet	27.5%
Auto Parts & Equipment	7.2%
Retail	6.1%
Home Furnishings	6.0%
Software	4.6%
Banks	4.3%
Beverages	4.2%
Distribution/Wholesale	3.5%
Insurance	3.5%
Electronics	3.3%
Semiconductors	3.1%
Mining	2.7%
Auto Manufacturers	2.6%
Other sectors	19.4%
Other assets less liabilities	2.0%
Total	100.0%

Availability of Additional Information

If you wish to find additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please refer to the website address and contact information included at the beginning of this shareholder report.

Baillie Gifford China Equities Fund

Institutional Class | BGCBX

SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Class	$51	0.96%

Key Fund Statistics as of June 30, 2025

The following table outlines key Fund statistics that you should pay attention to:

Fund net assets$2,709,424
Total number of portfolio holdings59
Total advisory fees paid, net of waiver$0
Portfolio turnover rate6%

Tabular Representation of Holdings as of June 30, 2025

The following table shows the industry sector allocation of the Fund.

Sectors	% of Net Assets
Internet	27.5%
Auto Parts & Equipment	7.2%
Retail	6.1%
Home Furnishings	6.0%
Software	4.6%
Banks	4.3%
Beverages	4.2%
Distribution/Wholesale	3.5%
Insurance	3.5%
Electronics	3.3%
Semiconductors	3.1%
Mining	2.7%
Auto Manufacturers	2.6%
Other sectors	19.4%
Other assets less liabilities	2.0%
Total	100.0%

Availability of Additional Information

Baillie Gifford Developed EAFE All Cap Fund

Class 3 | BGPFX

SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025

The semi-annual shareholder report contains important information about Baillie Gifford Developed EAFE All Cap Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.bailliegifford.com/developed-eafe-all-cap-fund/TSR-2-5. You can also request this information by contacting us at +1-844-394-6127 or via email at [email protected].

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class 3	$33	0.62%

Key Fund Statistics as of June 30, 2025

The following table outlines key Fund statistics that you should pay attention to:

Fund net assets$183,851,875
Total number of portfolio holdings60
Total advisory fees paid, net of waiver$372,604
Portfolio turnover rate10%

Tabular Representation of Holdings as of June 30, 2025

The following table shows the industry sector allocation of the Fund.

Sectors	% of Net Assets
Commercial Services	9.3%
Banks	8.5%
Internet	7.7%
Machinery - Diversified	6.1%
Semiconductors	5.8%
Cosmetics/Personal Care	4.6%
Investment Companies	4.4%
Pharmaceuticals	3.7%
Chemicals	3.3%
Food	3.0%
Machinery - Construction & Mining	3.0%
Distribution/Wholesale	2.9%
Beverages	2.7%
Other sectors	33.9%
Other assets less liabilities	1.1%
Total	100.0%

Availability of Additional Information

Baillie Gifford Developed EAFE All Cap Fund

Class K | BGPKX

SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025

The semi-annual shareholder report contains important information about Baillie Gifford Developed EAFE All Cap Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.bailliegifford.com/developed-eafe-all-cap-fund/TSR-I-K. You can also request this information by contacting us at +1-844-394-6127 or via email at [email protected].

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class K	$36	0.69%

Key Fund Statistics as of June 30, 2025

The following table outlines key Fund statistics that you should pay attention to:

Fund net assets$183,851,875
Total number of portfolio holdings60
Total advisory fees paid, net of waiver$372,604
Portfolio turnover rate10%

Tabular Representation of Holdings as of June 30, 2025

The following table shows the industry sector allocation of the Fund.

Sectors	% of Net Assets
Commercial Services	9.3%
Banks	8.5%
Internet	7.7%
Machinery - Diversified	6.1%
Semiconductors	5.8%
Cosmetics/Personal Care	4.6%
Investment Companies	4.4%
Pharmaceuticals	3.7%
Chemicals	3.3%
Food	3.0%
Machinery - Construction & Mining	3.0%
Distribution/Wholesale	2.9%
Beverages	2.7%
Other sectors	33.9%
Other assets less liabilities	1.1%
Total	100.0%

Availability of Additional Information

Baillie Gifford Developed EAFE All Cap Fund

Institutional Class | BSGPX

SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025

The semi-annual shareholder report contains important information about Baillie Gifford Developed EAFE All Cap Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.bailliegifford.com/developed-eafe-all-cap-fund/TSR-I-K. You can also request this information by contacting us at +1-844-394-6127 or via email at [email protected].

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Class	$41	0.79%

Key Fund Statistics as of June 30, 2025

The following table outlines key Fund statistics that you should pay attention to:

Fund net assets$183,851,875
Total number of portfolio holdings60
Total advisory fees paid, net of waiver$372,604
Portfolio turnover rate10%

Tabular Representation of Holdings as of June 30, 2025

The following table shows the industry sector allocation of the Fund.

Sectors	% of Net Assets
Commercial Services	9.3%
Banks	8.5%
Internet	7.7%
Machinery - Diversified	6.1%
Semiconductors	5.8%
Cosmetics/Personal Care	4.6%
Investment Companies	4.4%
Pharmaceuticals	3.7%
Chemicals	3.3%
Food	3.0%
Machinery - Construction & Mining	3.0%
Distribution/Wholesale	2.9%
Beverages	2.7%
Other sectors	33.9%
Other assets less liabilities	1.1%
Total	100.0%

Availability of Additional Information

Baillie Gifford EAFE Plus All Cap Fund

Class 2 | BGCWX

SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025

The semi-annual shareholder report contains important information about Baillie Gifford EAFE Plus All Cap Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.bailliegifford.com/eafe-plus-all-cap-fund/TSR-2-5. You can also request this information by contacting us at +1-844-394-6127 or via email at [email protected].

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class 2	$36	0.68%

Key Fund Statistics as of June 30, 2025

The following table outlines key Fund statistics that you should pay attention to:

Fund net assets$254,102,415
Total number of portfolio holdings69
Total advisory fees paid, net of waiver$451,066
Portfolio turnover rate13%

Tabular Representation of Holdings as of June 30, 2025

The following table shows the industry sector allocation of the Fund.

Sectors	% of Net Assets
Internet	10.6%
Banks	8.5%
Semiconductors	8.4%
Commercial Services	8.1%
Machinery - Diversified	5.5%
Investment Companies	4.3%
Cosmetics/Personal Care	4.2%
Retail	3.7%
Pharmaceuticals	3.2%
Beverages	3.1%
Machinery - Construction & Mining	2.9%
Food	2.9%
Chemicals	2.6%
Other sectors	30.4%
Other assets less liabilities	1.6%
Total	100.0%

Availability of Additional Information

Baillie Gifford EAFE Plus All Cap Fund

Class 3 | BGCJX

SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class 3	$32	0.61%

Key Fund Statistics as of June 30, 2025

The following table outlines key Fund statistics that you should pay attention to:

Fund net assets$254,102,415
Total number of portfolio holdings69
Total advisory fees paid, net of waiver$451,066
Portfolio turnover rate13%

Tabular Representation of Holdings as of June 30, 2025

The following table shows the industry sector allocation of the Fund.

Sectors	% of Net Assets
Internet	10.6%
Banks	8.5%
Semiconductors	8.4%
Commercial Services	8.1%
Machinery - Diversified	5.5%
Investment Companies	4.3%
Cosmetics/Personal Care	4.2%
Retail	3.7%
Pharmaceuticals	3.2%
Beverages	3.1%
Machinery - Construction & Mining	2.9%
Food	2.9%
Chemicals	2.6%
Other sectors	30.4%
Other assets less liabilities	1.6%
Total	100.0%

Availability of Additional Information

Baillie Gifford EAFE Plus All Cap Fund

Class K | BKGCX

SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025

The semi-annual shareholder report contains important information about Baillie Gifford EAFE Plus All Cap Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.bailliegifford.com/eafe-plus-all-cap-fund/TSR-I-K. You can also request this information by contacting us at +1-844-394-6127 or via email at [email protected].

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class K	$36	0.68%

Key Fund Statistics as of June 30, 2025

The following table outlines key Fund statistics that you should pay attention to:

Fund net assets$254,102,415
Total number of portfolio holdings69
Total advisory fees paid, net of waiver$451,066
Portfolio turnover rate13%

Tabular Representation of Holdings as of June 30, 2025

The following table shows the industry sector allocation of the Fund.

Sectors	% of Net Assets
Internet	10.6%
Banks	8.5%
Semiconductors	8.4%
Commercial Services	8.1%
Machinery - Diversified	5.5%
Investment Companies	4.3%
Cosmetics/Personal Care	4.2%
Retail	3.7%
Pharmaceuticals	3.2%
Beverages	3.1%
Machinery - Construction & Mining	2.9%
Food	2.9%
Chemicals	2.6%
Other sectors	30.4%
Other assets less liabilities	1.6%
Total	100.0%

Availability of Additional Information

Baillie Gifford EAFE Plus All Cap Fund

Institutional Class | BGCSX

SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025

The semi-annual shareholder report contains important information about Baillie Gifford EAFE Plus All Cap Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.bailliegifford.com/eafe-plus-all-cap-fund/TSR-I-K. You can also request this information by contacting us at +1-844-394-6127 or via email at [email protected].

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Class	$37	0.71%

Key Fund Statistics as of June 30, 2025

The following table outlines key Fund statistics that you should pay attention to:

Fund net assets$254,102,415
Total number of portfolio holdings69
Total advisory fees paid, net of waiver$451,066
Portfolio turnover rate13%

Tabular Representation of Holdings as of June 30, 2025

The following table shows the industry sector allocation of the Fund.

Sectors	% of Net Assets
Internet	10.6%
Banks	8.5%
Semiconductors	8.4%
Commercial Services	8.1%
Machinery - Diversified	5.5%
Investment Companies	4.3%
Cosmetics/Personal Care	4.2%
Retail	3.7%
Pharmaceuticals	3.2%
Beverages	3.1%
Machinery - Construction & Mining	2.9%
Food	2.9%
Chemicals	2.6%
Other sectors	30.4%
Other assets less liabilities	1.6%
Total	100.0%

Availability of Additional Information

Baillie Gifford Emerging Markets Equities Fund

Class 2 | BGEHX

SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025

The semi-annual shareholder report contains important information about Baillie Gifford Emerging Markets Equities Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.bailliegifford.com/emerging-markets-equities-fund/TSR-2-5. You can also request this information by contacting us at +1-844-394-6127 or via email at [email protected].

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class 2	$42	0.78%

Key Fund Statistics as of June 30, 2025

The following table outlines key Fund statistics that you should pay attention to:

Fund net assets$5,914,001,241
Total number of portfolio holdings81
Total advisory fees paid$13,970,339
Portfolio turnover rate10%

Tabular Representation of Holdings as of June 30, 2025

The following table shows the industry sector allocation of the Fund.

Sectors	% of Net Assets
Internet	23.5%
Semiconductors	22.4%
Banks	11.3%
Oil & Gas	6.7%
Mining	5.0%
Retail	3.9%
Home Furnishings	3.4%
Insurance	2.2%
Computers	2.2%
Diversified Financial Services	2.1%
Electronics	2.0%
Auto Manufacturers	1.9%
Beverages	1.9%
Other sectors	11.3%
Other assets less liabilities	0.2%
Total	100.0%

Availability of Additional Information

Baillie Gifford Emerging Markets Equities Fund

Class 3 | BGELX

SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class 3	$39	0.71%

Key Fund Statistics as of June 30, 2025

The following table outlines key Fund statistics that you should pay attention to:

Fund net assets$5,914,001,241
Total number of portfolio holdings81
Total advisory fees paid$13,970,339
Portfolio turnover rate10%

Tabular Representation of Holdings as of June 30, 2025

The following table shows the industry sector allocation of the Fund.

Sectors	% of Net Assets
Internet	23.5%
Semiconductors	22.4%
Banks	11.3%
Oil & Gas	6.7%
Mining	5.0%
Retail	3.9%
Home Furnishings	3.4%
Insurance	2.2%
Computers	2.2%
Diversified Financial Services	2.1%
Electronics	2.0%
Auto Manufacturers	1.9%
Beverages	1.9%
Other sectors	11.3%
Other assets less liabilities	0.2%
Total	100.0%

Availability of Additional Information

Baillie Gifford Emerging Markets Equities Fund

Class 4 | BGEPX

SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class 4	$37	0.68%

Key Fund Statistics as of June 30, 2025

The following table outlines key Fund statistics that you should pay attention to:

Fund net assets$5,914,001,241
Total number of portfolio holdings81
Total advisory fees paid$13,970,339
Portfolio turnover rate10%

Tabular Representation of Holdings as of June 30, 2025

The following table shows the industry sector allocation of the Fund.

Sectors	% of Net Assets
Internet	23.5%
Semiconductors	22.4%
Banks	11.3%
Oil & Gas	6.7%
Mining	5.0%
Retail	3.9%
Home Furnishings	3.4%
Insurance	2.2%
Computers	2.2%
Diversified Financial Services	2.1%
Electronics	2.0%
Auto Manufacturers	1.9%
Beverages	1.9%
Other sectors	11.3%
Other assets less liabilities	0.2%
Total	100.0%

Availability of Additional Information

Baillie Gifford Emerging Markets Equities Fund

Class 5 | BGEDX

SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class 5	$34	0.63%

Key Fund Statistics as of June 30, 2025

The following table outlines key Fund statistics that you should pay attention to:

Fund net assets$5,914,001,241
Total number of portfolio holdings81
Total advisory fees paid$13,970,339
Portfolio turnover rate10%

Tabular Representation of Holdings as of June 30, 2025

The following table shows the industry sector allocation of the Fund.

Sectors	% of Net Assets
Internet	23.5%
Semiconductors	22.4%
Banks	11.3%
Oil & Gas	6.7%
Mining	5.0%
Retail	3.9%
Home Furnishings	3.4%
Insurance	2.2%
Computers	2.2%
Diversified Financial Services	2.1%
Electronics	2.0%
Auto Manufacturers	1.9%
Beverages	1.9%
Other sectors	11.3%
Other assets less liabilities	0.2%
Total	100.0%

Availability of Additional Information

Baillie Gifford Emerging Markets Equities Fund

Class K | BGKEX

SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025

The semi-annual shareholder report contains important information about Baillie Gifford Emerging Markets Equities Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.bailliegifford.com/emerging-markets-equities-fund/TSR-I-K. You can also request this information by contacting us at +1-844-394-6127 or via email at [email protected].

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class K	$42	0.78%

Key Fund Statistics as of June 30, 2025

The following table outlines key Fund statistics that you should pay attention to:

Fund net assets$5,914,001,241
Total number of portfolio holdings81
Total advisory fees paid$13,970,339
Portfolio turnover rate10%

Tabular Representation of Holdings as of June 30, 2025

The following table shows the industry sector allocation of the Fund.

Sectors	% of Net Assets
Internet	23.5%
Semiconductors	22.4%
Banks	11.3%
Oil & Gas	6.7%
Mining	5.0%
Retail	3.9%
Home Furnishings	3.4%
Insurance	2.2%
Computers	2.2%
Diversified Financial Services	2.1%
Electronics	2.0%
Auto Manufacturers	1.9%
Beverages	1.9%
Other sectors	11.3%
Other assets less liabilities	0.2%
Total	100.0%

Availability of Additional Information

Baillie Gifford Emerging Markets Equities Fund

Institutional Class | BGEGX

SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025

The semi-annual shareholder report contains important information about Baillie Gifford Emerging Markets Equities Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.bailliegifford.com/emerging-markets-equities-fund/TSR-I-K. You can also request this information by contacting us at +1-844-394-6127 or via email at [email protected].

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Class	$47	0.87%

Key Fund Statistics as of June 30, 2025

The following table outlines key Fund statistics that you should pay attention to:

Fund net assets$5,914,001,241
Total number of portfolio holdings81
Total advisory fees paid$13,970,339
Portfolio turnover rate10%

Tabular Representation of Holdings as of June 30, 2025

The following table shows the industry sector allocation of the Fund.

Sectors	% of Net Assets
Internet	23.5%
Semiconductors	22.4%
Banks	11.3%
Oil & Gas	6.7%
Mining	5.0%
Retail	3.9%
Home Furnishings	3.4%
Insurance	2.2%
Computers	2.2%
Diversified Financial Services	2.1%
Electronics	2.0%
Auto Manufacturers	1.9%
Beverages	1.9%
Other sectors	11.3%
Other assets less liabilities	0.2%
Total	100.0%

Availability of Additional Information

Baillie Gifford Emerging Markets ex China Fund

Class K | BGEZX

SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025

The semi-annual shareholder report contains important information about Baillie Gifford Emerging Markets ex China Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.bailliegifford.com/emerging-markets-ex-china-fund/TSR. You can also request this information by contacting us at +1-844-394-6127 or via email at [email protected].

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class K	$47	0.87%

Key Fund Statistics as of June 30, 2025

The following table outlines key Fund statistics that you should pay attention to:

Fund net assets$1,164,339
Total number of portfolio holdings67
Total advisory fees paid, net of waiver$0
Portfolio turnover rate9%

Tabular Representation of Holdings as of June 30, 2025

The following table shows the industry sector allocation of the Fund.

Sectors	% of Net Assets
Semiconductors	32.3%
Internet	14.7%
Banks	12.3%
Oil & Gas	7.3%
Mining	6.3%
Retail	3.5%
Diversified Financial Services	2.8%
Computers	2.5%
Telecommunications	2.1%
Miscellaneous Manufacturing	1.8%
Insurance	1.7%
Auto Manufacturers	1.6%
Beverages	1.3%
Other sectors	8.0%
Other assets less liabilities	1.8%
Total	100.0%

Availability of Additional Information

Baillie Gifford Emerging Markets ex China Fund

Institutional Class | BGEWX

SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Class	$47	0.87%

Key Fund Statistics as of June 30, 2025

The following table outlines key Fund statistics that you should pay attention to:

Fund net assets$1,164,339
Total number of portfolio holdings67
Total advisory fees paid, net of waiver$0
Portfolio turnover rate9%

Tabular Representation of Holdings as of June 30, 2025

The following table shows the industry sector allocation of the Fund.

Sectors	% of Net Assets
Semiconductors	32.3%
Internet	14.7%
Banks	12.3%
Oil & Gas	7.3%
Mining	6.3%
Retail	3.5%
Diversified Financial Services	2.8%
Computers	2.5%
Telecommunications	2.1%
Miscellaneous Manufacturing	1.8%
Insurance	1.7%
Auto Manufacturers	1.6%
Beverages	1.3%
Other sectors	8.0%
Other assets less liabilities	1.8%
Total	100.0%

Availability of Additional Information

Baillie Gifford Global Alpha Equities Fund

Class 2 | BGATX

SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025

The semi-annual shareholder report contains important information about Baillie Gifford Global Alpha Equities Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.bailliegifford.com/global-alpha-equities-fund/TSR-2-5. You can also request this information by contacting us at +1-844-394-6127 or via email at [email protected].

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class 2	$35	0.66%

Key Fund Statistics as of June 30, 2025

The following table outlines key Fund statistics that you should pay attention to:

Fund net assets$564,386,804
Total number of portfolio holdings94
Total advisory fees paid$1,335,674
Portfolio turnover rate18%

Tabular Representation of Holdings as of June 30, 2025

The following table shows the industry sector allocation of the Fund.

Sectors	% of Net Assets
Internet	24.7%
Semiconductors	14.5%
Software	9.4%
Commercial Services	8.0%
Retail	4.8%
Building Materials	4.4%
Diversified Financial Services	3.1%
Healthcare - Services	3.1%
Insurance	2.8%
Biotechnology	2.3%
Aerospace/Defense	2.1%
Real Estate	1.7%
Healthcare - Products	1.6%
Other sectors	16.5%
Other assets less liabilities	1.0%
Total	100.0%

Availability of Additional Information

Baillie Gifford Global Alpha Equities Fund

Class K | BGAKX

SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025

The semi-annual shareholder report contains important information about Baillie Gifford Global Alpha Equities Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.bailliegifford.com/global-alpha-equities-fund/TSR-I-K. You can also request this information by contacting us at +1-844-394-6127 or via email at [email protected].

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class K	$35	0.66%

Key Fund Statistics as of June 30, 2025

The following table outlines key Fund statistics that you should pay attention to:

Fund net assets$564,386,804
Total number of portfolio holdings94
Total advisory fees paid$1,335,674
Portfolio turnover rate18%

Tabular Representation of Holdings as of June 30, 2025

The following table shows the industry sector allocation of the Fund.

Sectors	% of Net Assets
Internet	24.7%
Semiconductors	14.5%
Software	9.4%
Commercial Services	8.0%
Retail	4.8%
Building Materials	4.4%
Diversified Financial Services	3.1%
Healthcare - Services	3.1%
Insurance	2.8%
Biotechnology	2.3%
Aerospace/Defense	2.1%
Real Estate	1.7%
Healthcare - Products	1.6%
Other sectors	16.5%
Other assets less liabilities	1.0%
Total	100.0%

Availability of Additional Information

Baillie Gifford Global Alpha Equities Fund

Institutional Class | BGASX

SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025

The semi-annual shareholder report contains important information about Baillie Gifford Global Alpha Equities Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.bailliegifford.com/global-alpha-equities-fund/TSR-I-K. You can also request this information by contacting us at +1-844-394-6127 or via email at [email protected].

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Class	$40	0.76%

Key Fund Statistics as of June 30, 2025

The following table outlines key Fund statistics that you should pay attention to:

Fund net assets$564,386,804
Total number of portfolio holdings94
Total advisory fees paid$1,335,674
Portfolio turnover rate18%

Tabular Representation of Holdings as of June 30, 2025

The following table shows the industry sector allocation of the Fund.

Sectors	% of Net Assets
Internet	24.7%
Semiconductors	14.5%
Software	9.4%
Commercial Services	8.0%
Retail	4.8%
Building Materials	4.4%
Diversified Financial Services	3.1%
Healthcare - Services	3.1%
Insurance	2.8%
Biotechnology	2.3%
Aerospace/Defense	2.1%
Real Estate	1.7%
Healthcare - Products	1.6%
Other sectors	16.5%
Other assets less liabilities	1.0%
Total	100.0%

Availability of Additional Information

Baillie Gifford International Alpha Fund

Class 2 | BGITX

SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025

The semi-annual shareholder report contains important information about Baillie Gifford International Alpha Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.bailliegifford.com/international-alpha-fund/TSR-2-5. You can also request this information by contacting us at +1-844-394-6127 or via email at [email protected].

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class 2	$32	0.59%

Key Fund Statistics as of June 30, 2025

The following table outlines key Fund statistics that you should pay attention to:

Fund net assets$2,292,508,350
Total number of portfolio holdings79
Total advisory fees paid$3,754,383
Portfolio turnover rate8%

Tabular Representation of Holdings as of June 30, 2025

The following table shows the industry sector allocation of the Fund.

Sectors	% of Net Assets
Internet	19.2%
Software	8.9%
Semiconductors	8.4%
Commercial Services	7.2%
Building Materials	4.5%
Insurance	4.4%
Machinery - Diversified	4.4%
Home Furnishings	4.3%
Banks	3.7%
Leisure Time	3.3%
Airlines	3.2%
Pharmaceuticals	3.0%
Transportation	2.9%
Other sectors	21.3%
Other assets less liabilities	1.3%
Total	100.0%

Availability of Additional Information

Baillie Gifford International Alpha Fund

Class 3 | BGIFX

SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class 3	$28	0.52%

Key Fund Statistics as of June 30, 2025

The following table outlines key Fund statistics that you should pay attention to:

Fund net assets$2,292,508,350
Total number of portfolio holdings79
Total advisory fees paid$3,754,383
Portfolio turnover rate8%

Tabular Representation of Holdings as of June 30, 2025

The following table shows the industry sector allocation of the Fund.

Sectors	% of Net Assets
Internet	19.2%
Software	8.9%
Semiconductors	8.4%
Commercial Services	7.2%
Building Materials	4.5%
Insurance	4.4%
Machinery - Diversified	4.4%
Home Furnishings	4.3%
Banks	3.7%
Leisure Time	3.3%
Airlines	3.2%
Pharmaceuticals	3.0%
Transportation	2.9%
Other sectors	21.3%
Other assets less liabilities	1.3%
Total	100.0%

Availability of Additional Information

Baillie Gifford International Alpha Fund

Class 4 | BGIUX

SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class 4	$26	0.49%

Key Fund Statistics as of June 30, 2025

The following table outlines key Fund statistics that you should pay attention to:

Fund net assets$2,292,508,350
Total number of portfolio holdings79
Total advisory fees paid$3,754,383
Portfolio turnover rate8%

Tabular Representation of Holdings as of June 30, 2025

The following table shows the industry sector allocation of the Fund.

Sectors	% of Net Assets
Internet	19.2%
Software	8.9%
Semiconductors	8.4%
Commercial Services	7.2%
Building Materials	4.5%
Insurance	4.4%
Machinery - Diversified	4.4%
Home Furnishings	4.3%
Banks	3.7%
Leisure Time	3.3%
Airlines	3.2%
Pharmaceuticals	3.0%
Transportation	2.9%
Other sectors	21.3%
Other assets less liabilities	1.3%
Total	100.0%

Availability of Additional Information

Baillie Gifford International Alpha Fund

Class 5 | BGIVX

SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class 5	$24	0.44%

Key Fund Statistics as of June 30, 2025

The following table outlines key Fund statistics that you should pay attention to:

Fund net assets$2,292,508,350
Total number of portfolio holdings79
Total advisory fees paid$3,754,383
Portfolio turnover rate8%

Tabular Representation of Holdings as of June 30, 2025

The following table shows the industry sector allocation of the Fund.

Sectors	% of Net Assets
Internet	19.2%
Software	8.9%
Semiconductors	8.4%
Commercial Services	7.2%
Building Materials	4.5%
Insurance	4.4%
Machinery - Diversified	4.4%
Home Furnishings	4.3%
Banks	3.7%
Leisure Time	3.3%
Airlines	3.2%
Pharmaceuticals	3.0%
Transportation	2.9%
Other sectors	21.3%
Other assets less liabilities	1.3%
Total	100.0%

Availability of Additional Information

Baillie Gifford International Alpha Fund

Class K | BGIKX

SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025

The semi-annual shareholder report contains important information about Baillie Gifford International Alpha Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.bailliegifford.com/international-alpha-fund/TSR-I-K. You can also request this information by contacting us at +1-844-394-6127 or via email at [email protected].

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class K	$32	0.59%

Key Fund Statistics as of June 30, 2025

The following table outlines key Fund statistics that you should pay attention to:

Fund net assets$2,292,508,350
Total number of portfolio holdings79
Total advisory fees paid$3,754,383
Portfolio turnover rate8%

Tabular Representation of Holdings as of June 30, 2025

The following table shows the industry sector allocation of the Fund.

Sectors	% of Net Assets
Internet	19.2%
Software	8.9%
Semiconductors	8.4%
Commercial Services	7.2%
Building Materials	4.5%
Insurance	4.4%
Machinery - Diversified	4.4%
Home Furnishings	4.3%
Banks	3.7%
Leisure Time	3.3%
Airlines	3.2%
Pharmaceuticals	3.0%
Transportation	2.9%
Other sectors	21.3%
Other assets less liabilities	1.3%
Total	100.0%

Availability of Additional Information

Baillie Gifford International Alpha Fund

Institutional Class | BINSX

SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025

The semi-annual shareholder report contains important information about Baillie Gifford International Alpha Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.bailliegifford.com/international-alpha-fund/TSR-I-K. You can also request this information by contacting us at +1-844-394-6127 or via email at [email protected].

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Class	$37	0.69%

Key Fund Statistics as of June 30, 2025

The following table outlines key Fund statistics that you should pay attention to:

Fund net assets$2,292,508,350
Total number of portfolio holdings79
Total advisory fees paid$3,754,383
Portfolio turnover rate8%

Tabular Representation of Holdings as of June 30, 2025

The following table shows the industry sector allocation of the Fund.

Sectors	% of Net Assets
Internet	19.2%
Software	8.9%
Semiconductors	8.4%
Commercial Services	7.2%
Building Materials	4.5%
Insurance	4.4%
Machinery - Diversified	4.4%
Home Furnishings	4.3%
Banks	3.7%
Leisure Time	3.3%
Airlines	3.2%
Pharmaceuticals	3.0%
Transportation	2.9%
Other sectors	21.3%
Other assets less liabilities	1.3%
Total	100.0%

Availability of Additional Information

Baillie Gifford International Concentrated Growth Equities Fund

Class K | BTLKX

SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025

The semi-annual shareholder report contains important information about Baillie Gifford International Concentrated Growth Equities Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.bailliegifford.com/international-concentrated-growth-equities-fund/TSR. You can also request this information by contacting us at +1-844-394-6127 or via email at [email protected].

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class K	$40	0.72%

Key Fund Statistics as of June 30, 2025

The following table outlines key Fund statistics that you should pay attention to:

Fund net assets$106,255,960
Total number of portfolio holdings27
Total advisory fees paid, net of waiver$124,524
Portfolio turnover rate7%

Tabular Representation of Holdings as of June 30, 2025

The following table shows the industry sector allocation of the Fund.

Sectors	% of Net Assets
Internet	51.5%
Semiconductors	15.9%
Commercial Services	9.5%
Auto Manufacturers	7.0%
Apparel	5.2%
Biotechnology	2.0%
Cosmetics/Personal Care	1.8%
Banks	1.6%
Machinery - Diversified	1.6%
Food	1.1%
Investment Companies	0.9%
Pharmaceuticals	0.8%
Other assets less liabilities	1.1%
Total	100.0%

Availability of Additional Information

Baillie Gifford International Concentrated Growth Equities Fund

Institutional Class | BTLSX

SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Class	$45	0.81%

Key Fund Statistics as of June 30, 2025

The following table outlines key Fund statistics that you should pay attention to:

Fund net assets$106,255,960
Total number of portfolio holdings27
Total advisory fees paid, net of waiver$124,524
Portfolio turnover rate7%

Tabular Representation of Holdings as of June 30, 2025

The following table shows the industry sector allocation of the Fund.

Sectors	% of Net Assets
Internet	51.5%
Semiconductors	15.9%
Commercial Services	9.5%
Auto Manufacturers	7.0%
Apparel	5.2%
Biotechnology	2.0%
Cosmetics/Personal Care	1.8%
Banks	1.6%
Machinery - Diversified	1.6%
Food	1.1%
Investment Companies	0.9%
Pharmaceuticals	0.8%
Other assets less liabilities	1.1%
Total	100.0%

Availability of Additional Information

Baillie Gifford International Growth Fund

Class 2 | BGETX

SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025

The semi-annual shareholder report contains important information about Baillie Gifford International Growth Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.bailliegifford.com/international-growth-fund/TSR-2-5. You can also request this information by contacting us at +1-844-394-6127 or via email at [email protected].

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class 2	$30	0.57%

Key Fund Statistics as of June 30, 2025

The following table outlines key Fund statistics that you should pay attention to:

Fund net assets$3,428,796,169
Total number of portfolio holdings57
Total advisory fees paid$5,241,523
Portfolio turnover rate15%

Tabular Representation of Holdings as of June 30, 2025

The following table shows the industry sector allocation of the Fund.

Sectors	% of Net Assets
Internet	28.5%
Semiconductors	15.5%
Commercial Services	8.0%
Software	7.0%
Auto Manufacturers	6.5%
Machinery - Diversified	4.4%
Pharmaceuticals	3.1%
Insurance	3.0%
Transportation	2.8%
Cosmetics/Personal Care	2.7%
Biotechnology	2.6%
Apparel	2.6%
Banks	2.4%
Other sectors	9.9%
Other assets less liabilities	1.0%
Total	100.0%

Availability of Additional Information

Baillie Gifford International Growth Fund

Class 4 | BGEFX

SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class 4	$25	0.47%

Key Fund Statistics as of June 30, 2025

The following table outlines key Fund statistics that you should pay attention to:

Fund net assets$3,428,796,169
Total number of portfolio holdings57
Total advisory fees paid$5,241,523
Portfolio turnover rate15%

Tabular Representation of Holdings as of June 30, 2025

The following table shows the industry sector allocation of the Fund.

Sectors	% of Net Assets
Internet	28.5%
Semiconductors	15.5%
Commercial Services	8.0%
Software	7.0%
Auto Manufacturers	6.5%
Machinery - Diversified	4.4%
Pharmaceuticals	3.1%
Insurance	3.0%
Transportation	2.8%
Cosmetics/Personal Care	2.7%
Biotechnology	2.6%
Apparel	2.6%
Banks	2.4%
Other sectors	9.9%
Other assets less liabilities	1.0%
Total	100.0%

Availability of Additional Information

Baillie Gifford International Growth Fund

Class 5 | BGEVX

SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class 5	$22	0.42%

Key Fund Statistics as of June 30, 2025

The following table outlines key Fund statistics that you should pay attention to:

Fund net assets$3,428,796,169
Total number of portfolio holdings57
Total advisory fees paid$5,241,523
Portfolio turnover rate15%

Tabular Representation of Holdings as of June 30, 2025

The following table shows the industry sector allocation of the Fund.

Sectors	% of Net Assets
Internet	28.5%
Semiconductors	15.5%
Commercial Services	8.0%
Software	7.0%
Auto Manufacturers	6.5%
Machinery - Diversified	4.4%
Pharmaceuticals	3.1%
Insurance	3.0%
Transportation	2.8%
Cosmetics/Personal Care	2.7%
Biotechnology	2.6%
Apparel	2.6%
Banks	2.4%
Other sectors	9.9%
Other assets less liabilities	1.0%
Total	100.0%

Availability of Additional Information

Baillie Gifford International Growth Fund

Class K | BGEKX

SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025

The semi-annual shareholder report contains important information about Baillie Gifford International Growth Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.bailliegifford.com/international-growth-fund/TSR-I-K. You can also request this information by contacting us at +1-844-394-6127 or via email at [email protected].

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class K	$30	0.57%

Key Fund Statistics as of June 30, 2025

The following table outlines key Fund statistics that you should pay attention to:

Fund net assets$3,428,796,169
Total number of portfolio holdings57
Total advisory fees paid$5,241,523
Portfolio turnover rate15%

Tabular Representation of Holdings as of June 30, 2025

The following table shows the industry sector allocation of the Fund.

Sectors	% of Net Assets
Internet	28.5%
Semiconductors	15.5%
Commercial Services	8.0%
Software	7.0%
Auto Manufacturers	6.5%
Machinery - Diversified	4.4%
Pharmaceuticals	3.1%
Insurance	3.0%
Transportation	2.8%
Cosmetics/Personal Care	2.7%
Biotechnology	2.6%
Apparel	2.6%
Banks	2.4%
Other sectors	9.9%
Other assets less liabilities	1.0%
Total	100.0%

Availability of Additional Information

Baillie Gifford International Growth Fund

Institutional Class | BGESX

SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025

The semi-annual shareholder report contains important information about Baillie Gifford International Growth Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.bailliegifford.com/international-growth-fund/TSR-I-K. You can also request this information by contacting us at +1-844-394-6127 or via email at [email protected].

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Class	$34	0.64%

Key Fund Statistics as of June 30, 2025

The following table outlines key Fund statistics that you should pay attention to:

Fund net assets$3,428,796,169
Total number of portfolio holdings57
Total advisory fees paid$5,241,523
Portfolio turnover rate15%

Tabular Representation of Holdings as of June 30, 2025

The following table shows the industry sector allocation of the Fund.

Sectors	% of Net Assets
Internet	28.5%
Semiconductors	15.5%
Commercial Services	8.0%
Software	7.0%
Auto Manufacturers	6.5%
Machinery - Diversified	4.4%
Pharmaceuticals	3.1%
Insurance	3.0%
Transportation	2.8%
Cosmetics/Personal Care	2.7%
Biotechnology	2.6%
Apparel	2.6%
Banks	2.4%
Other sectors	9.9%
Other assets less liabilities	1.0%
Total	100.0%

Availability of Additional Information

Baillie Gifford International Smaller Companies Fund

Class K | BICKX

SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025

The semi-annual shareholder report contains important information about Baillie Gifford International Smaller Companies Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. Please note the Fund Liquidated on July 21,2025. Additional information about the Fund is available upon request by contacting us at +1-844-394-6127 or via email at [email protected].

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class K	$46	0.88%

Key Fund Statistics as of June 30, 2025

The following table outlines key Fund statistics that you should pay attention to:

Fund net assets$290,841
Total number of portfolio holdings0
Total advisory fees paid, net of waiver$0
Portfolio turnover rate5%

Tabular Representation of Holdings as of June 30, 2025

There were no investment securities held by the Fund as of June 30, 2025.

Availability of Additional Information

To request additional information about the Fund, including but not limited to the Fund's financial information, holdings, and proxy voting information as of the Liquidation Date, please refer to the contact information included at the beginning of this shareholder report.

Baillie Gifford International Smaller Companies Fund

Institutional Class | BICIX

SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Class	$52	1.00%

Key Fund Statistics as of June 30, 2025

The following table outlines key Fund statistics that you should pay attention to:

Fund net assets$290,841
Total number of portfolio holdings0
Total advisory fees paid, net of waiver$0
Portfolio turnover rate5%

Tabular Representation of Holdings as of June 30, 2025

There were no investment securities held by the Fund as of June 30, 2025.

Availability of Additional Information

Baillie Gifford Long Term Global Growth Fund

Class 2 | BGLTX

SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025

The semi-annual shareholder report contains important information about Baillie Gifford Long Term Global Growth Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.bailliegifford.com/long-term-global-growth-fund/TSR-2-5. You can also request this information by contacting us at +1-844-394-6127 or via email at [email protected].

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class 2	$37	0.69%

Key Fund Statistics as of June 30, 2025

The following table outlines key Fund statistics that you should pay attention to:

Fund net assets$996,675,308
Total number of portfolio holdings39
Total advisory fees paid$2,053,648
Portfolio turnover rate15%

Tabular Representation of Holdings as of June 30, 2025

The following table shows the industry sector allocation of the Fund.

Sectors	% of Net Assets
Internet	39.7%
Software	17.3%
Semiconductors	11.1%
Commercial Services	3.2%
Healthcare - Products	3.0%
Retail	2.9%
Biotechnology	2.9%
Banks	2.8%
Advertising	2.5%
Pharmaceuticals	2.2%
Apparel	1.8%
Cosmetics/Personal Care	1.7%
Beverages	1.6%
Other sectors	5.3%
Other assets less liabilities	2.0%
Total	100.0%

Availability of Additional Information

Baillie Gifford Long Term Global Growth Fund

Class K | BGLKX

SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025

The semi-annual shareholder report contains important information about Baillie Gifford Long Term Global Growth Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.bailliegifford.com/long-term-global-growth-fund/TSR-I-K. You can also request this information by contacting us at +1-844-394-6127 or via email at [email protected].

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class K	$37	0.69%

Key Fund Statistics as of June 30, 2025

The following table outlines key Fund statistics that you should pay attention to:

Fund net assets$996,675,308
Total number of portfolio holdings39
Total advisory fees paid$2,053,648
Portfolio turnover rate15%

Tabular Representation of Holdings as of June 30, 2025

The following table shows the industry sector allocation of the Fund.

Sectors	% of Net Assets
Internet	39.7%
Software	17.3%
Semiconductors	11.1%
Commercial Services	3.2%
Healthcare - Products	3.0%
Retail	2.9%
Biotechnology	2.9%
Banks	2.8%
Advertising	2.5%
Pharmaceuticals	2.2%
Apparel	1.8%
Cosmetics/Personal Care	1.7%
Beverages	1.6%
Other sectors	5.3%
Other assets less liabilities	2.0%
Total	100.0%

Availability of Additional Information

Baillie Gifford Long Term Global Growth Fund

Institutional Class | BSGLX

SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025

The semi-annual shareholder report contains important information about Baillie Gifford Long Term Global Growth Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.bailliegifford.com/long-term-global-growth-fund/TSR-I-K. You can also request this information by contacting us at +1-844-394-6127 or via email at [email protected].

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Class	$41	0.78%

Key Fund Statistics as of June 30, 2025

The following table outlines key Fund statistics that you should pay attention to:

Fund net assets$996,675,308
Total number of portfolio holdings39
Total advisory fees paid$2,053,648
Portfolio turnover rate15%

Tabular Representation of Holdings as of June 30, 2025

The following table shows the industry sector allocation of the Fund.

Sectors	% of Net Assets
Internet	39.7%
Software	17.3%
Semiconductors	11.1%
Commercial Services	3.2%
Healthcare - Products	3.0%
Retail	2.9%
Biotechnology	2.9%
Banks	2.8%
Advertising	2.5%
Pharmaceuticals	2.2%
Apparel	1.8%
Cosmetics/Personal Care	1.7%
Beverages	1.6%
Other sectors	5.3%
Other assets less liabilities	2.0%
Total	100.0%

Availability of Additional Information

Baillie Gifford U.S. Equity Growth Fund

Class K | BGGKX

SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025

The semi-annual shareholder report contains important information about Baillie Gifford U.S. Equity Growth Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.bailliegifford.com/u-s-equity-growth-fund/TSR. You can also request this information by contacting us at +1-844-394-6127 or via email at [email protected].

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class K	$34	0.65%

Key Fund Statistics as of June 30, 2025

The following table outlines key Fund statistics that you should pay attention to:

Fund net assets$20,715,325
Total number of portfolio holdings47
Total advisory fees paid, net of waiver$0
Portfolio turnover rate7%

Tabular Representation of Holdings as of June 30, 2025

The following table shows the industry sector allocation of the Fund.

Sectors	% of Net Assets
Internet	37.7%
Software	26.5%
Biotechnology	4.8%
Semiconductors	3.9%
Healthcare - Products	3.7%
Commercial Services	3.4%
Advertising	2.6%
Auto Manufacturers	2.5%
Real Estate	2.3%
Entertainment	1.9%
Distribution/Wholesale	1.8%
Healthcare - Services	1.3%
Home Furnishings	1.2%
Other sectors	5.6%
Other assets less liabilities	0.8%
Total	100.0%

Availability of Additional Information

Baillie Gifford U.S. Equity Growth Fund

Institutional Class | BGGSX

SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Class	$41	0.78%

Key Fund Statistics as of June 30, 2025

The following table outlines key Fund statistics that you should pay attention to:

Fund net assets$20,715,325
Total number of portfolio holdings47
Total advisory fees paid, net of waiver$0
Portfolio turnover rate7%

Tabular Representation of Holdings as of June 30, 2025

The following table shows the industry sector allocation of the Fund.

Sectors	% of Net Assets
Internet	37.7%
Software	26.5%
Biotechnology	4.8%
Semiconductors	3.9%
Healthcare - Products	3.7%
Commercial Services	3.4%
Advertising	2.6%
Auto Manufacturers	2.5%
Real Estate	2.3%
Entertainment	1.9%
Distribution/Wholesale	1.8%
Healthcare - Services	1.3%
Home Furnishings	1.2%
Other sectors	5.6%
Other assets less liabilities	0.8%
Total	100.0%

Availability of Additional Information

Baillie Gifford International All Cap Fund

Class 2 | BGICF2

SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025

The semi-annual shareholder report contains important information about Baillie Gifford International All Cap Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.bailliegifford.com/international-all-cap-fund/TSR. You can also request this information by contacting us at +1-844-394-6127 or via email at [email protected].

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class 2	$34	0.64%

Key Fund Statistics as of June 30, 2025

The following table outlines key Fund statistics that you should pay attention to:

Fund net assets$305,799,352
Total number of portfolio holdings83
Total advisory fees paid$514,390
Portfolio turnover rate12%

Tabular Representation of Holdings as of June 30, 2025

The following table shows the industry sector allocation of the Fund.

Sectors	% of Net Assets
Internet	12.5%
Semiconductors	11.2%
Banks	9.1%
Commercial Services	7.3%
Retail	5.4%
Machinery - Diversified	4.1%
Beverages	3.2%
Cosmetics/Personal Care	3.0%
Investment Companies	3.0%
Electronics	2.8%
Software	2.7%
Chemicals	2.6%
Pharmaceuticals	2.5%
Other sectors	29.2%
Other assets less liabilities	1.4%
Total	100.0%

Availability of Additional Information

Baillie Gifford International All Cap Fund

Class 3 | BGICF3

SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class 3	$30	0.57%

Key Fund Statistics as of June 30, 2025

The following table outlines key Fund statistics that you should pay attention to:

Fund net assets$305,799,352
Total number of portfolio holdings83
Total advisory fees paid$514,390
Portfolio turnover rate12%

Tabular Representation of Holdings as of June 30, 2025

The following table shows the industry sector allocation of the Fund.

Sectors	% of Net Assets
Internet	12.5%
Semiconductors	11.2%
Banks	9.1%
Commercial Services	7.3%
Retail	5.4%
Machinery - Diversified	4.1%
Beverages	3.2%
Cosmetics/Personal Care	3.0%
Investment Companies	3.0%
Electronics	2.8%
Software	2.7%
Chemicals	2.6%
Pharmaceuticals	2.5%
Other sectors	29.2%
Other assets less liabilities	1.4%
Total	100.0%

Availability of Additional Information

Consolidated ssr-output-EDGAR XBRL File

Baillie Gifford Funds

Semi-Annual Financial Statements and Other
Information, June 30, 2025 (Unaudited)

Baillie Gifford China Equities Fund

Baillie Gifford Developed EAFE All Cap Fund

Baillie Gifford EAFE Plus All Cap Fund

Baillie Gifford Emerging Markets Equities Fund

Baillie Gifford Emerging Markets ex China Fund

Baillie Gifford Global Alpha Equities Fund

Baillie Gifford International Alpha Fund

Baillie Gifford International Concentrated Growth
Equities Fund

Baillie Gifford International Growth Fund

Baillie Gifford International Smaller Companies Fund

Baillie Gifford Long Term Global Growth Fund

Baillie Gifford U.S. Equity Growth Fund

Index

Page Number
		Baillie Gifford China Equities Fund
	01	Industry Diversification Table
	02	Portfolio of Investments
	04	Financial Statements
	07	Financial Highlights
		Baillie Gifford Developed EAFE All Cap Fund
	09	Industry Diversification Table
	10	Portfolio of Investments
	13	Financial Statements
	16	Financial Highlights
		Baillie Gifford EAFE Plus All Cap Fund
	19	Industry Diversification Table
	20	Portfolio of Investments
	24	Financial Statements
	27	Financial Highlights
		Baillie Gifford Emerging Markets Equities Fund
	31	Industry Diversification Table
	32	Portfolio of Investments
	37	Financial Statements
	40	Financial Highlights
		Baillie Gifford Emerging Markets ex China Fund
	46	Industry Diversification Table
	47	Portfolio of Investments
	52	Financial Statements
	55	Financial Highlights
		Baillie Gifford Global Alpha Equities Fund
	57	Industry Diversification Table
	58	Portfolio of Investments
	63	Financial Statements
	66	Financial Highlights
		Baillie Gifford International Alpha Fund
	69	Industry Diversification Table
	70	Portfolio of Investments
	75	Financial Statements
	78	Financial Highlights
		Baillie Gifford International Concentrated Growth Equities Fund
	84	Industry Diversification Table
	85	Portfolio of Investments
	88	Financial Statements
	91	Financial Highlights
		Baillie Gifford International Growth Fund
	93	Industry Diversification Table
	94	Portfolio of Investments
	98	Financial Statements
	101	Financial Highlights
		Baillie Gifford International Smaller Companies Fund
	106	Industry Diversification Table
	107	Portfolio of Investments
	108	Financial Statements
	111	Financial Highlights

Page Number
		Baillie Gifford Long Term Global Growth Fund
	113	Industry Diversification Table
	114	Portfolio of Investments
	117	Financial Statements
	120	Financial Highlights
		Baillie Gifford U.S. Equity Growth Fund
	123	Industry Diversification Table
	124	Portfolio of Investments
	126	Financial Statements
	129	Financial Highlights
	131	Notes to Financial Statements

This report is intended for shareholders of the funds listed on the front of this report (each, a "Fund", and collectively the "Funds") and may not be used as sales literature unless preceded or accompanied by a current prospectus for each Fund.

The statements and views expressed in this report are as of this report's period end and are subject to change at any time based on a variety of factors. The respective parties disclaim any responsibility to update such views. Actual outcomes may differ significantly from the views expressed.

These views may not be relied on as investment advice or as an indication of trading intent on behalf of any of the Funds.

All investments entail risk, including the possible loss of principal.

Industry Diversification Table

Semi-Annual Financial Statements and Other Information June 30, 2025

June 30, 2025 (unaudited)
Baillie Gifford China Equities Fund

	Value		% of Total Net Assets
Apparel	$	32,167		1.2	%
Auto Manufacturers		70,065		2.6
Auto Parts & Equipment		194,947		7.2
Banks		115,747		4.3
Beverages		113,205		4.2
Biotechnology		54,592		2.0
Chemicals		47,762		1.8
Commercial Services		29,880		1.1
Computers		24,931		0.9
Cosmetics/Personal Care		24,231		0.9
Distribution/Wholesale		95,394		3.5
Electric		40,383		1.5
Electronics		88,637		3.3
Energy — Alternate Sources		18,548		0.7
Gas		28,098		1.0
Healthcare — Products		16,081		0.6
Healthcare — Services		9,568		0.3
Home Furnishings		161,791		6.0
Insurance		95,750		3.5
Internet		745,895		27.5
Machinery — Diversified		38,070		1.4
Metal Fabricate/Hardware		57,267		2.1
Mining		72,011		2.7
Miscellaneous Manufacturing		33,750		1.2
Oil & Gas Services		13,144		0.5
Real Estate		34,417		1.3
Retail		166,242		6.1
Semiconductors		84,306		3.1
Software		123,937		4.6
Telecommunications		24,579		0.9
Total Value of Investments		2,655,395		98.0
Other assets less liabilities		54,029		2.0
Net Assets	$	2,709,424		100.0	%

The table above is based on Bloomberg Industry Group classifications. For compliance monitoring purposes, sub-industry classifications are used which results in less concentration across industry sectors.

Portfolio of Investments

Semi-Annual Financial Statements and Other Information June 30, 2025

June 30, 2025 (unaudited)
Baillie Gifford China Equities Fund

	Shares		Value
COMMON STOCKS — 98.0%
CHINA — 98.0%
Advanced Micro-Fabrication Equipment, Inc. China, Class A *		1,071	$	27,275
Alibaba Group Holding Ltd.		11,900		168,456
Anker Innovations Technology Co., Ltd., Class A		2,410		38,246
ANTA Sports Products Ltd.		3,400		41,139
BeOne Medicines Ltd. *		2,091		39,556
BYD Co., Ltd., Class H		4,500		70,065
Centre Testing International Group Co., Ltd., Class A		18,300		29,880
China Merchants Bank Co., Ltd., Class H		16,500		115,747
China Oilfield Services Ltd., Class H		16,000		13,144
China Yangtze Power Co., Ltd., Class A		9,600		40,383
Contemporary Amperex Technology Co., Ltd., Class A		2,400		84,606
DiDi Global, Inc. ADR *		3,600		17,640
Dongguan Yiheda Automation Co., Ltd., Class A		2,360		7,534
DPC Dash Ltd. *		1,400		18,345
ENN Energy Holdings Ltd.		3,500		28,098
Estun Automation Co., Ltd., Class A *		10,800		30,535
Fuyao Glass Industry Group Co., Ltd., Class H		4,800		34,298
Guangzhou Kingmed Diagnostics Group Co., Ltd., Class A		2,400		9,568
Haidilao International Holding Ltd.		17,000		32,412
Haier Smart Home Co., Ltd., Class H		11,400		32,759
Hangzhou Robam Appliances Co., Ltd., Class A		9,900		26,274
Horizon Robotics *		30,000		24,931
Huayu Automotive Systems Co., Ltd., Class A		6,700		16,498
Innovent Biologics, Inc. *		1,500		15,037
Jiangsu Azure Corp., Class A		15,900		28,518
KE Holdings, Inc., Class A		5,767		34,417
Kingdee International Software Group Co., Ltd. *		11,000		21,741
Kingsoft Corp., Ltd.		4,600		24,042
Kuaishou Technology *		4,100		33,282
Kweichow Moutai Co., Ltd., Class A		500		98,424
Li Ning Co., Ltd.		9,500		20,588
Luckin Coffee, Inc. ADR *		894		33,319
Medlive Technology Co., Ltd.		11,000		20,613
Meituan, Class B *		4,090		65,792
Midea Group Co., Ltd., Class A		6,400		64,512
Minth Group Ltd.		8,000		22,897
NAURA Technology Group Co., Ltd., Class A		500		30,881

The accompanying notes are an integral part of the financial statements.
2

Portfolio of Investments

Semi-Annual Financial Statements and Other Information June 30, 2025

June 30, 2025 (unaudited)
Baillie Gifford China Equities Fund

	Shares		Value
NetEase, Inc.		2,900	$	78,153
PDD Holdings, Inc. ADR *		819		85,717
Ping An Insurance Group Co. of China Ltd., Class H		15,000		95,750
Pop Mart International Group Ltd.		2,800		95,394
Proya Cosmetics Co., Ltd., Class A		2,096		24,231
SG Micro Corp., Class A		2,570		26,150
Shandong Sinocera Functional Material Co., Ltd., Class A		13,000		31,492
Shanxi Xinghuacun Fen Wine Factory Co., Ltd., Class A		600		14,781
Shenzhen Inovance Technology Co., Ltd., Class A		4,700		42,376
Shenzhen Megmeet Electrical Co., Ltd., Class A		3,125		21,899
Shenzhou International Group Holdings Ltd.		4,500		32,167
Silergy Corp.		2,000		24,362
Sinocare, Inc., Class A		5,100		16,081
Sungrow Power Supply Co., Ltd., Class A		1,960		18,548
Sunny Optical Technology Group Co., Ltd.		3,800		33,750
Tencent Holdings Ltd.		5,500		354,396
Tianqi Lithium Corp., Class H *		4,400		16,270
Weichai Power Co., Ltd., Class H		18,000		36,648
Yifeng Pharmacy Chain Co., Ltd., Class A		5,980		20,438
Zhejiang Sanhua Intelligent Controls Co., Ltd., Class A		7,800		28,750
Zhongji Innolight Co., Ltd., Class A		1,200		24,579
Zijin Mining Group Co., Ltd., Class H		28,000		72,011
				2,655,395
TOTAL INVESTMENTS — 98.0%
(cost $2,551,571)			$	2,655,395
Other assets less liabilities — 2.0%				54,029
NET ASSETS — 100.0%			$	2,709,424

* Non-income producing security.

ADR — American Depositary Receipt

This report classifies issuers geographically by their country of risk. For compliance monitoring purposes, Baillie Gifford Overseas Limited (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

The following is a summary of the inputs used as of June 30, 2025 in valuing the Fund's investments carried at fair value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks **	$	136,676	$	2,518,719	$	—	$	2,655,395
Total	$	136,676	$	2,518,719	$	—	$	2,655,395

** Refer to Portfolio of Investments for further detail.

The accompanying notes are an integral part of the financial statements.
3

Statement of Assets and Liabilities

Semi-Annual Financial Statements and Other Information June 30, 2025

June 30, 2025 (unaudited)
Baillie Gifford China Equities Fund

ASSETS
Investments, at value (cost $2,551,571)	$	2,655,395
Cash		21,943
Foreign cash, at value (cost $16,267)		16,276
Due from Manager		62,199
Receivable for investments sold		55,278
Dividends receivable		7,274
Prepaid assets		25,748
Total Assets		2,844,113
LIABILITIES
Advisory fee payable		3,760
Payable for investment purchased		42,512
Administration & Supervisory fee payable		1,162
Trustee fee payable		34
Commitment fee payable		9
Accrued expenses		87,212
Total Liabilities		134,689
NET ASSETS	$	2,709,424
COMPOSITION OF NET ASSETS
Paid-in capital	$	3,702,965
Total accumulated (loss)		(993,541	)
	$	2,709,424
NET ASSET VALUE, PER SHARE
Class K ($311,184 / 52,120 shares outstanding), unlimited authorized, no par value	$	5.97
Institutional Class ($2,398,240 / 403,043 shares outstanding), unlimited authorized, no par value	$	5.95

The accompanying notes are an integral part of the financial statements.
4

Statement of Operations

Semi-Annual Financial Statements and Other Information June 30, 2025

For the Six Months Ended June 30, 2025 (unaudited)
Baillie Gifford China Equities Fund

INVESTMENT INCOME
Dividends (net of foreign withholding taxes of $2,148)	$	32,748
Interest		219
Total Investment Income		32,967
EXPENSES
Advisory fee (Note B)		7,598
Administration & Supervisory fee — Class K shares (Note B)		249
Administration & Supervisory fee — Institutional Class shares (Note B)		2,100
Transfer agency		11,868
Sub-transfer agency — Institutional Class shares		1,057
Fund accounting		51,474
Registration fees		19,035
Professional fees		17,778
Custody		5,918
Legal		251
Line of Credit Interest		141
Trustees' fees		73
Commitment fees		20
Miscellaneous		2,697
Total Expenses		120,259
Fees waived/expenses reimbursed		(107,183	)
Total Expenses after waiver		13,076
Net Investment Income		19,891
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized (loss) from:
Investments		(192,138	)
Foreign currency transactions		(114	)
		(192,252	)
Net change in unrealized appreciation on:
Investments		598,128
Translation of net assets and liabilities denominated in foreign currencies		19
		598,147
Net realized and unrealized gain		405,895
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	425,786

The accompanying notes are an integral part of the financial statements.
5

Statements of Changes in Net Assets

Semi-Annual Financial Statements and Other Information June 30, 2025

Baillie Gifford China Equities Fund

	For the Six Months Ended June 30, 2025 (unaudited)			For the Year Ended December 31, 2024
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	19,891		$	48,323
Net realized (loss)		(192,252	)		(320,159	)
Net change in unrealized appreciation		598,147			527,794
Net Increase in Net Assets from Operations		425,786			255,958
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings
Class K		—			(5,449	)
Institutional Class		—			(46,349	)
Total Distributions to Shareholders		—			(51,798	)
TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
Net proceeds from shares subscribed:
Institutional Class		10,000			447,600
Dividends reinvested:
Class K		—			5,449
Institutional Class		—			46,349
Cost of shares redeemed:
Institutional Class		(322,868	)		(152,779	)
Increase (Decrease) in Net Assets from Transactions in Shares of Beneficial Interest		(312,868	)		346,619
Total Increase in Net Assets		112,918			550,779
NET ASSETS
Beginning of Period		2,596,506			2,045,727
End of Period	$	2,709,424		$	2,596,506

The accompanying notes are an integral part of the financial statements.
6

Financial Highlights

Semi-Annual Financial Statements and Other Information June 30, 2025

Baillie Gifford China Equities Fund
Selected data for a Class K share outstanding throughout each period:

	For the Six Months Ended June 30, 2025 (unaudited)			For the Year Ended December 31, 2024			For the Year Ended December 31, 2023			For the Year Ended December 31, 2022			For the Period July 7, 2021^(a)through December 31, 2021
Net asset value, beginning of period	$	5.11		$	4.75		$	5.89		$	8.27		$	10.00
From Investment Operations
Net investment income (loss)^(b)		0.05			0.11			0.08			0.05			(0.02	)
Net realized and unrealized gain loss on investments and foreign currency		0.81			0.36			(1.15	)		(2.40	)		(1.71	)
Net increase (decrease) in net asset value from investment operations		0.86			0.47			(1.07	)		(2.35	)		(1.73	)
Dividends and Distributions to Shareholders
From net investment income		—			(0.11	)		(0.07	)		(0.03	)		—
Total dividends and distributions		—			(0.11	)		(0.07	)		(0.03	)		—
Net asset value, end of period	$	5.97		$	5.11		$	4.75		$	5.89		$	8.27
Total Return
Total return based on net asset value^(c)		16.83	%		9.81	%		(18.08	)%		(28.40	)%		(17.30	)%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	311		$	267		$	243		$	296		$	872
Ratio of net expenses to average net assets, before waiver		8.63	%*		10.75	%		11.17	%		9.21	%		11.32	%*
Ratio of net expenses to average net assets, after waiver		0.87	%*		0.87	%		0.87	%		0.87	%		0.87	%*
Ratio of net investment income (loss) to average net assets		1.64	%*		2.26	%		1.48	%		0.73	%		(0.56	)%*
Portfolio turnover rate^(d)		6	%		25	%		14	%		31	%		6	%

* Annualized.

^(a) Commencement of investment operations.

^(b) Calculated based upon average shares outstanding during the period.

^(c) Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, if any, at net asset value during the period, and redemption on the last day of the period. Total return is not annualized for periods less than one year.

^(d) Portfolio turnover rate calculated at Fund level. Portfolio turnover is not annualized for periods less than one year.

The accompanying notes are an integral part of the financial statements.
7

Financial Highlights

Semi-Annual Financial Statements and Other Information June 30, 2025

Baillie Gifford China Equities Fund
Selected data for an Institutional Class share outstanding throughout each period:

	For the Six Months Ended June 30, 2025 (unaudited)			For the Year Ended December 31, 2024			For the Year Ended December 31, 2023			For the Year Ended December 31, 2022			For the Period July 7, 2021^(a)through December 31, 2021
Net asset value, beginning of period	$	5.10		$	4.74		$	5.88		$	8.27		$	10.00
From Investment Operations
Net investment income (loss)^(b)		0.04			0.10			0.07			0.03			(0.03	)
Net realized and unrealized gain loss on investments and foreign currency		0.81			0.36			(1.14	)		(2.38	)		(1.70	)
Net increase (decrease) in net asset value from investment operations		0.85			0.46			(1.07	)		(2.35	)		(1.73	)
Dividends and Distributions to Shareholders
From net investment income		—			(0.10	)		(0.07	)		(0.04	)		—
Total dividends and distributions		—			(0.10	)		(0.07	)		(0.04	)		—
Net asset value, end of period	$	5.95		$	5.10		$	4.74		$	5.88		$	8.27
Total Return
Total return based on net asset value^(c)		16.67	%		9.76	%		(18.03	)%		(28.43	)%		(17.30	)%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	2,398		$	2,330		$	1,803		$	1,785		$	1,801
Ratio of net expenses to average net assets, before waiver		8.71	%*		10.84	%		11.25	%		9.30	%		11.32	%*
Ratio of net expenses to average net assets, after waiver		0.96	%*		0.96	%		0.95	%		0.96	%		0.87	%*
Ratio of net investment income (loss) to average net assets		1.42	%*		2.11	%		1.34	%		0.55	%		(0.60	)%*
Portfolio turnover rate^(d)		6	%		25	%		14	%		31	%		6	%

* Annualized.

^(a) Commencement of investment operations.

^(b) Calculated based upon average shares outstanding during the period.

^(d) Portfolio turnover rate calculated at Fund level. Portfolio turnover is not annualized for periods less than one year.

The accompanying notes are an integral part of the financial statements.
8

Industry Diversification Table

Semi-Annual Financial Statements and Other Information June 30, 2025

June 30, 2025 (unaudited)
Baillie Gifford Developed EAFE All Cap Fund

	Value		% of Total Net Assets
Airlines	$	3,592,553		2.0	%
Apparel		3,710,241		2.0
Banks		15,642,387		8.5
Beverages		5,009,516		2.7
Building Materials		1,935,333		1.1
Chemicals		6,070,651		3.3
Commercial Services		17,012,481		9.3
Computers		2,446,331		1.3
Cosmetics/Personal Care		8,487,550		4.6
Distribution/Wholesale		5,317,126		2.9
Diversified Financial Services		4,486,473		2.4
Electronics		3,512,189		1.9
Food		5,434,415		3.0
Hand/Machine Tools		3,006,759		1.6
Healthcare — Products		4,486,119		2.4
Healthcare — Services		3,483,561		1.9
Home Furnishings		1,164,682		0.6
Insurance		4,335,371		2.4
Internet		14,214,189		7.7
Investment Companies		8,138,542		4.4
Leisure Time		3,320,052		1.8
Machinery — Construction & Mining		5,425,860		3.0
Machinery — Diversified		11,224,006		6.1
Mining		2,300,796		1.3
Oil & Gas		3,832,024		2.1
Pharmaceuticals		6,770,873		3.7
Private Equity		2,559,086		1.4
Retail		4,446,315		2.4
Semiconductors		10,708,671		5.8
Software		2,843,454		1.5
Toys/Games/Hobbies		3,088,782		1.7
Transportation		3,866,692		2.1
Total Value of Investments		181,873,080		98.9
Other assets less liabilities		1,978,795		1.1
Net Assets	$	183,851,875		100.0	%

Portfolio of Investments

Semi-Annual Financial Statements and Other Information June 30, 2025

June 30, 2025 (unaudited)
Baillie Gifford Developed EAFE All Cap Fund

	Shares		Value
COMMON STOCKS — 98.9%
AUSTRALIA — 1.3%
BHP Group Ltd.		95,637	$	2,300,796
BELGIUM — 2.2%
Anheuser-Busch InBev SA/NV		57,869		3,981,409
CHINA — 1.3%
Prosus NV		43,480		2,439,511
DENMARK — 2.1%
DSV A/S		16,121		3,866,692
FRANCE — 7.1%
Air Liquide SA		19,257		3,970,815
LVMH Moet Hennessy Louis Vuitton SE		7,089		3,710,241
Remy Cointreau SA		20,114		1,028,106
SOITEC *		10,757		593,161
TotalEnergies SE		62,694		3,832,024
				13,134,347
GERMANY — 1.5%
Nemetschek SE		19,611		2,843,454
HONG KONG — 5.5%
AIA Group Ltd.		478,600		4,335,371
Hong Kong Exchanges & Clearing Ltd.		51,300		2,759,251
Techtronic Industries Co., Ltd.		272,500		3,006,759
				10,101,381
ITALY — 2.0%
Ryanair Holdings PLC ADR		62,295		3,592,552
JAPAN — 16.2%
Chugai Pharmaceutical Co., Ltd.		40,700		2,125,266
Cosmos Pharmaceutical Corp.		37,100		2,354,535
Hoshizaki Corp.		33,800		1,164,682
Keyence Corp.		5,800		2,319,004
Nippon Paint Holdings Co., Ltd.		261,100		2,099,835

The accompanying notes are an integral part of the financial statements.
10

Portfolio of Investments

Semi-Annual Financial Statements and Other Information June 30, 2025

June 30, 2025 (unaudited)
Baillie Gifford Developed EAFE All Cap Fund

	Shares		Value
Olympus Corp.		206,800	$	2,456,437
Recruit Holdings Co., Ltd.		44,000		2,587,492
Shimano, Inc.		22,900		3,320,052
Shiseido Co., Ltd.		97,700		1,744,986
SMC Corp.		6,500		2,329,356
Sysmex Corp.		116,600		2,029,682
Tokyo Electron Ltd.		16,500		3,159,906
Unicharm Corp.		286,000		2,065,146
				29,756,379
NETHERLANDS — 9.0%
Adyen NV *		2,088		3,834,690
ASML Holding NV		8,680		6,955,604
EXOR NV		37,078		3,742,932
IMCD NV		15,578		2,095,169
				16,628,395
PORTUGAL — 2.2%
Jeronimo Martins SGPS SA		162,714		4,119,574
SINGAPORE — 4.9%
United Overseas Bank Ltd.		316,789		8,966,306
SWEDEN — 11.2%
Assa Abloy AB, B Shares		112,341		3,512,189
Atlas Copco AB, A Shares		316,624		5,118,547
Avanza Bank Holding AB		50,903		1,727,222
Epiroc AB, B Shares		109,375		2,096,997
Investor AB, B Shares		148,333		4,395,609
Skandinaviska Enskilda Banken AB, A Shares		212,474		3,703,536
				20,554,100
SWITZERLAND — 7.1%
Cie Financiere Richemont SA		11,054		2,091,780
Lonza Group AG		4,871		3,483,561
Partners Group Holding AG		1,956		2,559,086
Sika AG		7,113		1,935,333
UBS Group AG		87,552		2,972,546
				13,042,306

The accompanying notes are an integral part of the financial statements.
11

Portfolio of Investments

Semi-Annual Financial Statements and Other Information June 30, 2025

June 30, 2025 (unaudited)
Baillie Gifford Developed EAFE All Cap Fund

	Shares		Value
UNITED KINGDOM — 18.8%
Ashtead Group PLC		38,678	$	2,480,268
Auto Trader Group PLC		352,731		3,995,312
Bunzl PLC		101,108		3,221,957
Games Workshop Group PLC		13,877		3,088,782
Greggs PLC		49,863		1,314,841
Intertek Group PLC		31,515		2,052,842
Rightmove PLC		358,021		3,875,012
Softcat PLC		103,804		2,446,331
Spirax Group PLC		17,819		1,457,100
Trainline PLC *		244,553		939,352
Unilever PLC		76,646		4,677,419
Weir Group PLC (The)		97,336		3,328,863
Wise PLC, Class A *		120,883		1,726,861
				34,604,940
UNITED STATES — 6.5%
Experian PLC		83,976		4,330,328
Roche Holding AG		14,232		4,645,608
Spotify Technology SA *		3,864		2,965,002
				11,940,938
TOTAL INVESTMENTS — 98.9%
(cost $127,228,559)			$	181,873,080
Other assets less liabilities — 1.1%				1,978,795
NET ASSETS — 100.0%			$	183,851,875

* 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

The following is a summary of the inputs used as of June 30, 2025 in valuing the Fund's investments carried at fair value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks **	$	6,557,554	$	175,315,526	$	—	$	181,873,080
Total	$	6,557,554	$	175,315,526	$	—	$	181,873,080

** Refer to Portfolio of Investments for further detail.

The accompanying notes are an integral part of the financial statements.
12

Statement of Assets and Liabilities

Semi-Annual Financial Statements and Other Information June 30, 2025

June 30, 2025 (unaudited)
Baillie Gifford Developed EAFE All Cap Fund

ASSETS
Investments, at value (cost $127,228,559)	$	181,873,080
Cash		92,557
Foreign cash, at value (cost $55,425)		55,896
Receivable for investments sold		1,982,545
Tax reclaims receivable		594,941
Dividends receivable		313,393
Due from Manager		15,624
Capital shares sold receivable		7,695
Prepaid assets		10,553
Total Assets		184,946,284
LIABILITIES
Advisory fee payable		160,066
Line of credit payable		700,000
Administration and Supervisory fee payable		37,425
Shareholder Servicing fee payable		24,246
Capital shares purchased payable		33,507
Trustee fee payable		4,049
Commitment fee payable		1,049
Accrued expenses		134,067
Total Liabilities		1,094,409
NET ASSETS	$	183,851,875
COMPOSITION OF NET ASSETS
Paid-in capital	$	112,120,853
Total distributable earnings		71,731,022
	$	183,851,875
NET ASSET VALUE, PER SHARE
Class 3 ($96,637,521 / 7,027,633 shares outstanding), unlimited authorized, no par value	$	13.75
Class K ($36,943,331 / 2,682,086 shares outstanding), unlimited authorized, no par value	$	13.77
Institutional Class ($50,271,023 / 3,693,391 shares outstanding), unlimited authorized, no par value	$	13.61

The accompanying notes are an integral part of the financial statements.
13

Statement of Operations

Semi-Annual Financial Statements and Other Information June 30, 2025

For the Six Months Ended June 30, 2025 (unaudited)
Baillie Gifford Developed EAFE All Cap Fund

INVESTMENT INCOME
Dividends (net of foreign withholding taxes of $292,490)	$	2,651,965
Windfall tax recovery (Note A)		602,139
Interest		24,350
Total Investment Income		3,278,454
EXPENSES
Advisory fee (Note B)		388,229
Shareholder Servicing fees — Class 2 shares (Note B)		35,921
Shareholder Servicing fees — Class 3 shares (Note B)		45,307
Administration & Supervisory fee — Class K shares (Note B)		31,872
Administration & Supervisory fee — Institutional Class shares (Note B)		43,754
Transfer agency		28,796
Sub-transfer agency — Institutional Class shares		24,025
Fund accounting		51,392
Custody		31,243
Professional fees		25,301
Legal		21,860
Registration fees		21,458
Trustees' fees		5,982
Commitment fees		1,659
Miscellaneous		20,380
Total Expenses		777,179
Fees waived/expenses reimbursed		(15,624	)
Total Expenses after waiver		761,555
Net Investment Income		2,516,899
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) from:
Investments		31,796,327
Foreign currency transactions		(14,054	)
		31,782,273
Net change in unrealized appreciation (depreciation) on:
Investments		(10,511,606	)
Translation of net assets and liabilities denominated in foreign currencies		89,229
		(10,422,377	)
Net realized and unrealized gain		21,359,896
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	23,876,795

The accompanying notes are an integral part of the financial statements.
14

Statements of Changes in Net Assets

Semi-Annual Financial Statements and Other Information June 30, 2025

Baillie Gifford Developed EAFE All Cap Fund

	For the Six Months Ended June 30, 2025 (unaudited)			For the Year Ended December 31, 2024
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	2,516,899		$	4,621,074
Net realized gain		31,782,273			53,355,779
Net change in unrealized (depreciation)		(10,422,377	)		(54,591,210	)
Net Increase in Net Assets from Operations		23,876,795			3,385,643
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings
Class 2		—			(3,679,755	)
Class 3		—			(2,909,079	)
Class K		—			(669,657	)
Institutional Class		—			(1,388,208	)
Total Distributions to Shareholders		—			(8,646,699	)
TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
Net proceeds from shares subscribed:
Class 2		1,500			6,000
Class K		1,439			2,304,008
Institutional Class		2,029,006			4,447,538
Dividends reinvested:
Class 2		—			3,679,755
Class 3		—			2,909,079
Class K		—			667,758
Institutional Class		—			1,371,266
Cost of shares redeemed:
Class 2		(118,810,551	)		(34,592,927	)
Class K		(3,560,698	)		(195,506,276	)
Institutional Class		(8,693,098	)		(26,224,994	)
(Decrease) in Net Assets from Transactions in Shares of Beneficial Interest		(129,032,402	)		(240,938,793	)
Total (Decrease) in Net Assets		(105,155,607	)		(246,199,849	)
NET ASSETS
Beginning of Period		289,007,482			535,207,331
End of Period	$	183,851,875		$	289,007,482

The accompanying notes are an integral part of the financial statements.
15

Financial Highlights

Semi-Annual Financial Statements and Other Information June 30, 2025

Baillie Gifford Developed EAFE All Cap Fund
Selected data for a Class 3 share outstanding throughout each period:

	For the Six Months Ended June 30, 2025 (unaudited)			For the Year Ended December 31, 2024			For the Year Ended December 31, 2023			For the Year Ended December 31, 2022			For the Year Ended December 31, 2021			For the Year Ended December 31, 2020
Net asset value, beginning of period	$	12.30		$	12.86		$	11.75		$	17.52		$	16.80		$	13.26
From Investment Operations
Net investment income^(a)		0.17			0.14			0.12			0.12			0.08			0.07
Net realized and unrealized gain (loss) on investments and foreign currency		1.28			(0.27	)		1.09			(5.78	)		1.19			3.65
Net increase (decrease) in net asset value from investment operations		1.45			(0.13	)		1.21			(5.66	)		1.27			3.72
Dividends and Distributions to Shareholders
From net investment income		—			(0.43	)		(0.10	)		—			(0.22	)		(0.18	)
From net realized gain on investments		—			—			—			(0.11	)		(0.33	)		—
Total dividends and distributions		—			(0.43	)		(0.10	)		(0.11	)		(0.55	)		(0.18	)
Net asset value, end of period	$	13.75		$	12.30		$	12.86		$	11.75		$	17.52		$	16.80
Total Return
Total return based on net asset value^(b)		11.85	%		(1.07	)%		10.27	%		(32.27	)%		7.51	%		28.04	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	96,638		$	86,405		$	87,334		$	79,201		$	108,808		$	108,722
Ratio of net expenses to average net assets, before waiver		0.64	%*		0.58	%		0.56	%		0.57	%		0.54	%		0.57	%
Ratio of net expenses to average net assets, after waiver		0.62	%*		0.58	%		0.56	%		0.57	%		0.54	%		0.57	%
Ratio of net investment income to average net assets		2.61	%*		1.08	%		0.93	%		0.97	%		0.46	%		0.55	%
Portfolio turnover rate^(c)		10	%		17	%		15	%		25	%		14	%		12	%

* Annualized.

^(a) Calculated based upon average shares outstanding during the period.

^(b) Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, if any, at net asset value during the period, and redemption on the last day of the period. Total return is not annualized for periods less than one year.

^(c) Portfolio turnover rate calculated at Fund level. Portfolio turnover is not annualized for periods less than one year.

The accompanying notes are an integral part of the financial statements.
16

Financial Highlights

Semi-Annual Financial Statements and Other Information June 30, 2025

Baillie Gifford Developed EAFE All Cap Fund
Selected data for a Class K share outstanding throughout each period:

	For the Six Months Ended June 30, 2025 (unaudited)			For the Year Ended December 31, 2024			For the Year Ended December 31, 2023			For the Year Ended December 31, 2022			For the Year Ended December 31, 2021			For the Year Ended December 31, 2020
Net asset value, beginning of period	$	12.32		$	12.70		$	11.60		$	17.31		$	16.61		$	13.11
From Investment Operations
Net investment income^(a)		0.16			0.14			0.11			0.11			0.07			0.06
Net realized and unrealized gain (loss) on investments and foreign currency		1.29			(0.29	)		1.07			(5.71	)		1.17			3.61
Net increase (decrease) in net asset value from investment operations		1.45			(0.15	)		1.18			(5.60	)		1.24			3.67
Dividends and Distributions to Shareholders
From net investment income		—			(0.23	)		(0.08	)		—			(0.21	)		(0.17	)
From net realized gain on investments		—			—			—			(0.11	)		(0.33	)		—
Total dividends and distributions		—			(0.23	)		(0.08	)		(0.11	)		(0.54	)		(0.17	)
Net asset value, end of period	$	13.77		$	12.32		$	12.70		$	11.60		$	17.31		$	16.61
Total Return
Total return based on net asset value^(b)		11.77	%		(1.17	)%		10.21	%		(32.33	)%		7.47	%		27.98	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	36,943		$	36,321		$	224,553		$	214,016		$	345,052		$	246,283
Ratio of net expenses to average net assets, before waiver		0.71	%*		0.65	%		0.63	%		0.64	%		0.61	%		0.64	%
Ratio of net expenses to average net assets, after waiver		0.69	%*		0.65	%		0.63	%		0.64	%		0.61	%		0.64	%
Ratio of net investment income to average net assets		2.53	%*		1.07	%		0.87	%		0.91	%		0.38	%		0.49	%
Portfolio turnover rate^(c)		10	%		17	%		15	%		25	%		14	%		12	%

* Annualized.

^(a) Calculated based upon average shares outstanding during the period.

^(c) Portfolio turnover rate calculated at Fund level. Portfolio turnover is not annualized for periods less than one year.

The accompanying notes are an integral part of the financial statements.
17

Financial Highlights

Semi-Annual Financial Statements and Other Information June 30, 2025

Baillie Gifford Developed EAFE All Cap Fund
Selected data for an Institutional Class share outstanding throughout each period:

	For the Six Months Ended June 30, 2025 (unaudited)			For the Year Ended December 31, 2024			For the Year Ended December 31, 2023			For the Year Ended December 31, 2022			For the Year Ended December 31, 2021			For the Year Ended December 31, 2020
Net asset value, beginning of period	$	12.18		$	12.67		$	11.57		$	17.27		$	16.59		$	13.10
From Investment Operations
Net investment income^(a)		0.15			0.12			0.10			0.09			0.05			0.06
Net realized and unrealized gain (loss) on investments and foreign currency		1.28			(0.28	)		1.07			(5.68	)		1.17			3.58
Net increase (decrease) in net asset value from investment operations		1.43			(0.16	)		1.17			(5.59	)		1.22			3.64
Dividends and Distributions to Shareholders
From net investment income		—			(0.33	)		(0.07	)		—			(0.21	)		(0.15	)
From net realized gain on investments		—			—			—			(0.11	)		(0.33	)		—
Total dividends and distributions		—			(0.33	)		(0.07	)		(0.11	)		(0.54	)		(0.15	)
Net asset value, end of period	$	13.61		$	12.18		$	12.67		$	11.57		$	17.27		$	16.59
Total Return
Total return based on net asset value^(b)		11.74	%		(1.24	)%		10.11	%		(32.34	)%		7.36	%		27.77	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	50,271		$	51,133		$	73,054		$	135,136		$	43,030		$	12,143
Ratio of net expenses to average net assets, before waiver		0.80	%*		0.72	%		0.73	%		0.71	%		0.67	%		0.76	%
Ratio of net expenses to average net assets, after waiver		0.79	%*		0.72	%		0.73	%		0.71	%		0.67	%		0.76	%
Ratio of net investment income to average net assets		2.43	%*		0.95	%		0.79	%		0.80	%		0.29	%		0.43	%
Portfolio turnover rate^(c)		10	%		17	%		15	%		25	%		14	%		12	%

* Annualized.

^(a) Calculated based upon average shares outstanding during the period.

^(c) Portfolio turnover rate calculated at Fund level. Portfolio turnover is not annualized for periods less than one year.

The accompanying notes are an integral part of the financial statements.
18

Industry Diversification Table

Semi-Annual Financial Statements and Other Information June 30, 2025

June 30, 2025 (unaudited)
Baillie Gifford EAFE Plus All Cap Fund

	Value		% of Total Net Assets
Airlines	$	4,056,969		1.6	%
Apparel		4,287,529		1.7
Auto Parts & Equipment		1,517,527		0.6
Banks		21,700,500		8.5
Beverages		7,741,799		3.1
Building Materials		2,254,216		0.9
Chemicals		6,687,901		2.6
Commercial Services		20,700,662		8.1
Computers		2,918,680		1.2
Cosmetics/Personal Care		10,692,868		4.2
Distribution/Wholesale		6,404,747		2.5
Diversified Financial Services		5,511,443		2.2
Electronics		4,577,873		1.8
Food		7,257,177		2.9
Hand/Machine Tools		3,459,152		1.4
Healthcare — Products		4,858,725		1.9
Healthcare — Services		4,675,739		1.8
Home Furnishings		1,356,120		0.5
Insurance		6,045,605		2.4
Internet		26,894,013		10.6
Investment Companies		11,044,094		4.3
Leisure Time		3,117,080		1.2
Machinery — Construction & Mining		7,267,710		2.9
Machinery — Diversified		13,911,740		5.5
Mining		2,646,937		1.0
Oil & Gas		5,122,140		2.0
Pharmaceuticals		8,165,302		3.2
Private Equity		3,244,649		1.3
Retail		9,440,120		3.7
Semiconductors		21,285,173		8.4
Software		3,820,416		1.5
Toys/Games/Hobbies		3,140,644		1.2
Transportation		4,241,104		1.7
Total Value of Investments		250,046,354		98.4
Other assets less liabilities		4,056,061		1.6
Net Assets	$	254,102,415		100.0	%

Portfolio of Investments

Semi-Annual Financial Statements and Other Information June 30, 2025

June 30, 2025 (unaudited)
Baillie Gifford EAFE Plus All Cap Fund

	Shares		Value
COMMON STOCKS — 98.4%
AUSTRALIA — 1.0%
BHP Group Ltd.		110,025	$	2,646,937
BELGIUM — 1.9%
Anheuser-Busch InBev SA/NV		71,577		4,924,525
BRAZIL — 3.2%
B3 SA — Brasil Bolsa Balcao		803,300		2,149,783
MercadoLibre, Inc. *		1,881		4,916,238
Raia Drogasil SA		401,136		1,118,553
				8,184,574
CHINA — 4.1%
Contemporary Amperex Technology Co., Ltd., Class A		43,004		1,517,528
Midea Group Co., Ltd., Class A		134,400		1,356,120
Prosus NV		60,627		3,401,569
Tencent Holdings Ltd.		64,700		4,168,984
				10,444,201
DENMARK — 1.7%
DSV A/S		17,682		4,241,105
FRANCE — 6.1%
Air Liquide SA		19,571		4,035,562
LVMH Moet Hennessy Louis Vuitton SE		8,192		4,287,529
Remy Cointreau SA		21,913		1,120,061
SOITEC *		15,899		876,700
TotalEnergies SE		83,801		5,122,140
				15,441,992
GERMANY — 1.5%
Nemetschek SE		26,349		3,820,416
HONG KONG — 5.1%
AIA Group Ltd.		667,400		6,045,605
Hong Kong Exchanges & Clearing Ltd.		62,500		3,361,661
Techtronic Industries Co., Ltd.		313,500		3,459,152
				12,866,418

The accompanying notes are an integral part of the financial statements.
20

Portfolio of Investments

Semi-Annual Financial Statements and Other Information June 30, 2025

June 30, 2025 (unaudited)
Baillie Gifford EAFE Plus All Cap Fund

	Shares		Value
INDIA — 1.3%
HDFC Bank Ltd.		137,538	$	3,210,888
ITALY — 1.6%
Ryanair Holdings PLC ADR		70,348		4,056,969
JAPAN — 13.1%
Chugai Pharmaceutical Co., Ltd.		44,700		2,334,137
Cosmos Pharmaceutical Corp.		47,800		3,033,606
Keyence Corp.		7,500		2,998,712
Nippon Paint Holdings Co., Ltd.		329,800		2,652,339
Olympus Corp.		183,800		2,183,236
Recruit Holdings Co., Ltd.		53,200		3,128,513
Shimano, Inc.		21,500		3,117,079
Shiseido Co., Ltd.		118,900		2,123,631
SMC Corp.		7,800		2,795,227
Sysmex Corp.		153,700		2,675,489
Tokyo Electron Ltd.		17,300		3,313,114
Unicharm Corp.		390,000		2,816,108
				33,171,191
MEXICO — 1.5%
Fomento Economico Mexicano SAB de CV ADR		16,481		1,697,213
Wal-Mart de Mexico SAB de CV		619,696		2,050,187
				3,747,400
NETHERLANDS — 7.6%
Adyen NV *		2,706		4,969,670
ASML Holding NV		9,362		7,502,116
EXOR NV		41,348		4,173,978
IMCD NV		19,520		2,625,350
				19,271,114
PORTUGAL — 2.2%
Jeronimo Martins SGPS SA		216,848		5,490,133
SINGAPORE — 3.7%
United Overseas Bank Ltd.		334,673		9,472,489

The accompanying notes are an integral part of the financial statements.
21

Portfolio of Investments

Semi-Annual Financial Statements and Other Information June 30, 2025

June 30, 2025 (unaudited)
Baillie Gifford EAFE Plus All Cap Fund

	Shares		Value
SOUTH KOREA — 1.0%
Samsung Electronics Co., Ltd.		57,333	$	2,535,358
SWEDEN — 10.0%
Assa Abloy AB, B Shares		146,428		4,577,873
Atlas Copco AB, A Shares		355,700		5,750,249
Epiroc AB, B Shares		163,029		3,125,681
Investor AB, B Shares		231,837		6,870,116
Skandinaviska Enskilda Banken AB, A Shares		291,106		5,074,133
				25,398,052
SWITZERLAND — 6.8%
Cie Financiere Richemont SA		17,110		3,237,774
Lonza Group AG		6,538		4,675,739
Partners Group Holding AG		2,480		3,244,649
Sika AG		8,285		2,254,216
UBS Group AG		116,135		3,942,989
				17,355,367
TAIWAN — 2.8%
Taiwan Semiconductor Manufacturing Co., Ltd.		193,000		7,057,885
UNITED KINGDOM — 16.5%
Ashtead Group PLC		48,685		3,121,978
Auto Trader Group PLC		391,452		4,433,897
Bunzl PLC		118,601		3,779,397
Games Workshop Group PLC		14,110		3,140,644
Greggs PLC		67,012		1,767,044
Intertek Group PLC		46,410		3,023,081
Rightmove PLC		407,230		4,407,622
Softcat PLC		123,847		2,918,680
Spirax Group PLC		28,953		2,367,552
Trainline PLC *		353,643		1,358,377
Unilever PLC		94,273		5,753,129
Weir Group PLC (The)		121,113		4,142,029
Wise PLC, Class A *		127,671		1,823,831
				42,037,261

The accompanying notes are an integral part of the financial statements.
22

Portfolio of Investments

Semi-Annual Financial Statements and Other Information June 30, 2025

June 30, 2025 (unaudited)
Baillie Gifford EAFE Plus All Cap Fund

	Shares		Value
UNITED STATES — 5.7%
Experian PLC		89,857	$	4,633,589
Roche Holding AG		17,864		5,831,165
Spotify Technology SA *		5,483		4,207,325
				14,672,079
TOTAL INVESTMENTS — 98.4%
(cost $180,134,902)			$	250,046,354
Other assets less liabilities — 1.6%				4,056,061
NET ASSETS — 100.0%			$	254,102,415

* Non-income producing security.

ADR — American Depositary Receipt

Fair Value Measurement

The following is a summary of the inputs used as of June 30, 2025 in valuing the Fund's investments carried at fair value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks **	$	20,196,268	$	229,850,086	$	—	$	250,046,354
Total	$	20,196,268	$	229,850,086	$	—	$	250,046,354

** Refer to Portfolio of Investments for further detail.

The accompanying notes are an integral part of the financial statements.
23

Statement of Assets and Liabilities

Semi-Annual Financial Statements and Other Information June 30, 2025

June 30, 2025 (unaudited)
Baillie Gifford EAFE Plus All Cap Fund

ASSETS
Investments, at value (cost $180,134,902)	$	250,046,354
Cash		3,375,566
Foreign cash, at value (cost $62,682)		63,193
Tax reclaims receivable		649,478
Dividends receivable		430,810
Due from Manager		6,484
Prepaid assets		11,718
Total Assets		254,583,603
LIABILITIES
Advisory fee payable		217,333
Shareholder Servicing fee payable		64,768
Administration and Supervisory fee payable		16,611
Deferred India capital gains tax liability (Note A)		44,723
Trustee fee payable		3,616
Commitment fee payable		971
Accrued expenses		133,166
Total Liabilities		481,188
NET ASSETS	$	254,102,415
COMPOSITION OF NET ASSETS
Paid-in capital	$	166,253,942
Total distributable earnings		87,848,473
	$	254,102,415
NET ASSET VALUE, PER SHARE
Class 2 ($75,203,773 / 4,752,876 shares outstanding), unlimited authorized, no par value	$	15.82
Class 3 ($146,163,061 / 9,270,863 shares outstanding), unlimited authorized, no par value	$	15.77
Class K ($31,062,191 / 1,973,200 shares outstanding), unlimited authorized, no par value	$	15.74
Institutional Class ($1,673,390 / 105,817 shares outstanding), unlimited authorized, no par value	$	15.81

The accompanying notes are an integral part of the financial statements.
24

Statement of Operations

Semi-Annual Financial Statements and Other Information June 30, 2025

For the Six Months Ended June 30, 2025 (unaudited)
Baillie Gifford EAFE Plus All Cap Fund

INVESTMENT INCOME
Dividends (net of foreign withholding taxes of $356,537)	$	3,228,348
Windfall tax recovery (Note A)		163,706
Interest		25,356
Total Investment Income		3,417,410
EXPENSES
Advisory fee (Note B)		457,550
Shareholder Servicing fees — Class 2 shares (Note B)		66,065
Shareholder Servicing fees — Class 3 shares (Note B)		67,959
Administration & Supervisory fee — Class K shares (Note B)		37,446
Administration & Supervisory fee — Institutional Class shares (Note B)		3,198
Transfer agency		26,951
Sub-transfer agency — Institutional Class shares		543
Fund accounting		54,536
Professional fees		39,185
Custody		27,884
Legal		24,201
Registration fees		19,624
Line of Credit Interest		8,755
Trustees' fees		6,921
Commitment fees		1,905
Miscellaneous		9,349
Total Expenses		852,072
Fees waived/expenses reimbursed		(6,484	)
Total Expenses after waiver		845,588
Net Investment Income		2,571,822
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain from:
Investments (net of India capital gains tax expense of $601)		18,554,615
Foreign currency transactions		38,468
		18,593,083
Net change in unrealized appreciation on:
Investments (net of change in deferred India capital gains tax expense of $39,462) (Note A)		12,388,026
Translation of net assets and liabilities denominated in foreign currencies		79,933
		12,467,959
Net realized and unrealized gain		31,061,042
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	33,632,864

The accompanying notes are an integral part of the financial statements.
25

Statements of Changes in Net Assets

Semi-Annual Financial Statements and Other Information June 30, 2025

Baillie Gifford EAFE Plus All Cap Fund

	For the Six Months Ended June 30, 2025 (unaudited)			For the Year Ended December 31, 2024
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	2,571,822		$	3,313,603
Net realized gain		18,593,083			42,468,282
Net change in unrealized appreciation (depreciation)		12,467,959			(39,533,355	)
Net Increase in Net Assets from Operations		33,632,864			6,248,530
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings
Class 2		—			(5,068,956	)
Class 3		—			(7,484,805	)
Class K		—			(3,911,099	)
Institutional Class		—			(184,717	)
Total Distributions to Shareholders		—			(16,649,577	)
TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
Net proceeds from shares subscribed:
Class 2		1,500			4,006,000
Class K		200,000			679,419
Institutional Class		17,972			79,577
Dividends reinvested:
Class 2		—			5,068,956
Class 3		—			7,484,804
Class K		—			3,902,405
Institutional Class		—			175,489
Cost of shares redeemed:
Class 2		(29,635,470	)		(113,074,888	)
Class K		(46,490,422	)		(49,972,066	)
Institutional Class		(2,623,176	)		(1,257,965	)
(Decrease) in Net Assets from Transactions in Shares of Beneficial Interest		(78,529,596	)		(142,908,269	)
Total (Decrease) in Net Assets		(44,896,732	)		(153,309,316	)
NET ASSETS
Beginning of Period		298,999,147			452,308,463
End of Period	$	254,102,415		$	298,999,147

The accompanying notes are an integral part of the financial statements.
26

Financial Highlights

Semi-Annual Financial Statements and Other Information June 30, 2025

Baillie Gifford EAFE Plus All Cap Fund
Selected data for a Class 2 share outstanding throughout each period:

	For the Six Months Ended June 30, 2025 (unaudited)			For the Year Ended December 31, 2024			For the Year Ended December 31, 2023			For the Year Ended December 31, 2022			For the Year Ended December 31, 2021			For the Year Ended December 31, 2020
Net asset value, beginning of period	$	14.04		$	14.72		$	13.37		$	19.93		$	21.15		$	16.71
From Investment Operations
Net investment income^(a)		0.14			0.13			0.11			0.11			0.07			0.07
Net realized and unrealized gain (loss) on investments and foreign currency		1.64			(0.02	)^(b)		1.24			(6.32	)		0.63			4.73
Net increase (decrease) in net asset value from investment operations		1.78			0.11			1.35			(6.21	)		0.70			4.80
Dividends and Distributions to Shareholders
From net investment income		—			(0.58	)		—			(0.01	)		(0.28	)		(0.14	)
From net realized gain on investments		—			(0.21	)		—			(0.34	)		(1.64	)		(0.22	)
Total dividends and distributions		—			(0.79	)		—			(0.35	)		(1.92	)		(0.36	)
Net asset value, end of period	$	15.82		$	14.04		$	14.72		$	13.37		$	19.93		$	21.15
Total Return
Total return based on net asset value^(c)		12.70	%		0.77	%		10.09	%		(31.17	)%		3.31	%		28.77	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	75,204		$	94,280		$	199,195		$	176,604		$	179,913		$	343,888
Ratio of net expenses to average net assets, before waiver		0.69	%*		0.66	%		0.63	%		0.64	%		0.61	%		0.62	%
Ratio of net expenses to average net assets, after waiver		0.68	%*		0.66	%		0.63	%		0.64	%		0.61	%		0.62	%
Ratio of net investment income to average net assets		1.84	%*		0.88	%		0.80	%		0.80	%		0.32	%		0.42	%
Portfolio turnover rate^(d)		13	%		23	%		16	%		17	%		10	%		20	%

* Annualized.

^(a) Calculated based upon average shares outstanding during the period.

^(b) Calculation of the net gain or loss per share (both realized and unrealized) may not correlate to the aggregate realized and unrealized gains or losses presented in the Statement of Operations due to the timing of sales and repurchases of Class shares in relation to fluctuating market values of the investments of the Fund.

^(d) Portfolio turnover rate calculated at Fund level. Portfolio turnover is not annualized for periods less than one year.

The accompanying notes are an integral part of the financial statements.
27

Financial Highlights

Semi-Annual Financial Statements and Other Information June 30, 2025

Baillie Gifford EAFE Plus All Cap Fund
Selected data for a Class 3 share outstanding throughout each period:

	For the Six Months Ended June 30, 2025 (unaudited)			For the Year Ended December 31, 2024			For the Year Ended December 31, 2023			For the Year Ended December 31, 2022			For the Year Ended December 31, 2021			For the Period August 3, 2020 through^(a)December 31, 2020
Net asset value, beginning of period	$	13.99		$	14.72		$	13.36		$	19.90		$	21.14		$	17.57
From Investment Operations
Net investment income^(b)		0.15			0.15			0.12			0.10			0.08			0.03
Net realized and unrealized gain (loss) on investments and foreign currency		1.63			(0.03	)^(c)		1.24			(6.29	)		0.63			3.93
Net increase (decrease) in net asset value from investment operations		1.78			0.12			1.36			(6.19	)		0.71			3.96
Dividends and Distributions to Shareholders
From net investment income		—			(0.64	)		—			(0.01	)		(0.31	)		(0.17	)
From net realized gain on investments		—			(0.21	)		—			(0.34	)		(1.64	)		(0.22	)
Total dividends and distributions		—			(0.85	)		—			(0.35	)		(1.95	)		(0.39	)
Net asset value, end of period	$	15.77		$	13.99		$	14.72		$	13.36		$	19.90		$	21.14
Total Return
Total return based on net asset value^(d)		12.74	%		0.84	%		10.17	%		(31.12	)%		3.38	%		22.49	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	146,163		$	129,653		$	128,570		$	122,784		$	211,865		$	146,565
Ratio of net expenses to average net assets, before waiver		0.62	%*		0.59	%		0.56	%		0.57	%		0.54	%		0.54	%
Ratio of net expenses to average net assets, after waiver		0.61	%*		0.59	%		0.56	%		0.57	%		0.54	%		0.54	%
Ratio of net investment income to average net assets		2.10	%*		0.97	%		0.87	%		0.69	%		0.36	%		0.35	%
Portfolio turnover rate^(e)		13	%		23	%		16	%		17	%		10	%		20	%

* Annualized.

^(a) Recommencement of investment operations. Class had no shareholders from April 9, 2018 to August 2, 2020. All shares of this class were redeemed at $16.18 on April 9, 2018. New Shares were issued at $17.57 on August 3, 2020.

^(b) Calculated based upon average shares outstanding during the period.

^(c) Calculation of the net gain or loss per share (both realized and unrealized) may not correlate to the aggregate realized and unrealized gains or losses presented in the Statement of Operations due to the timing of sales and repurchases of Class shares in relation to fluctuating market values of the investments of the Fund.

^(d) Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, if any, at net asset value during the period, and redemption on the last day of the period. Total return is not annualized for periods less than one year.

^(e) Portfolio turnover rate calculated at Fund level. Portfolio turnover is not annualized for periods less than one year.

The accompanying notes are an integral part of the financial statements.
28

Financial Highlights

Semi-Annual Financial Statements and Other Information June 30, 2025

Baillie Gifford EAFE Plus All Cap Fund
Selected data for a Class K share outstanding throughout each period:

	For the Six Months Ended June 30, 2025 (unaudited)			For the Year Ended December 31, 2024			For the Year Ended December 31, 2023			For the Year Ended December 31, 2022			For the Year Ended December 31, 2021			For the Year Ended December 31, 2020
Net asset value, beginning of period	$	13.97		$	14.67		$	13.32		$	19.86		$	21.09		$	16.66
From Investment Operations
Net investment income^(a)		0.13			0.13			0.11			0.10			0.07			0.07
Net realized and unrealized gain (loss) on investments and foreign currency		1.64			(0.02	)^(b)		1.24			(6.29	)		0.63			4.73
Net increase (decrease) in net asset value from investment operations		1.77			0.11			1.35			(6.19	)		0.70			4.80
Dividends and Distributions to Shareholders
From net investment income		—			(0.60	)		—			(0.01	)		(0.29	)		(0.15	)
From net realized gain on investments		—			(0.21	)		—			(0.34	)		(1.64	)		(0.22	)
Total dividends and distributions		—			(0.81	)		—			(0.35	)		(1.93	)		(0.37	)
Net asset value, end of period	$	15.74		$	13.97		$	14.67		$	13.32		$	19.86		$	21.09
Total Return
Total return based on net asset value^(c)		12.67	%		0.75	%		10.14	%		(31.19	)%		3.33	%		28.78	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	31,062		$	71,222		$	119,604		$	124,889		$	166,910		$	202,514
Ratio of net expenses to average net assets, before waiver		0.69	%*		0.66	%		0.63	%		0.64	%		0.61	%		0.62	%
Ratio of net expenses to average net assets, after waiver		0.68	%*		0.66	%		0.63	%		0.64	%		0.61	%		0.62	%
Ratio of net investment income to average net assets		1.78	%*		0.87	%		0.80	%		0.70	%		0.31	%		0.40	%
Portfolio turnover rate^(d)		13	%		23	%		16	%		17	%		10	%		20	%

* Annualized.

^(a) Calculated based upon average shares outstanding during the period.

^(d) Portfolio turnover rate calculated at Fund level. Portfolio turnover is not annualized for periods less than one year.

The accompanying notes are an integral part of the financial statements.
29

Financial Highlights

Semi-Annual Financial Statements and Other Information June 30, 2025

Baillie Gifford EAFE Plus All Cap Fund
Selected data for an Institutional Class share outstanding throughout each period:

	For the Six Months Ended June 30, 2025 (unaudited)			For the Year Ended December 31, 2024			For the Year Ended December 31, 2023			For the Year Ended December 31, 2022			For the Year Ended December 31, 2021			For the Year Ended December 31, 2020
Net asset value, beginning of period	$	14.03		$	14.60		$	13.28		$	19.81		$	21.05		$	16.63
From Investment Operations
Net investment income^(a)		0.15			0.14			0.11			0.10			0.05			0.05
Net realized and unrealized gain (loss) on investments and foreign currency		1.63			(0.04	)^(b)		1.21			(6.28	)		0.62			4.72
Net increase (decrease) in net asset value from investment operations		1.78			0.10			1.32			(6.18	)		0.67			4.77
Dividends and Distributions to Shareholders
From net investment income		—			(0.46	)		—			(0.01	)		(0.27	)		(0.13	)
From net realized gain on investments		—			(0.21	)		—			(0.34	)		(1.64	)		(0.22	)
Total dividends and distributions		—			(0.67	)		—			(0.35	)		(1.91	)		(0.35	)
Net asset value, end of period	$	15.81		$	14.03		$	14.60		$	13.28		$	19.81		$	21.05
Total Return
Total return based on net asset value^(c)		12.69	%		0.72	%		9.94	%		(31.22	)%		3.20	%		28.68	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	1,673		$	3,844		$	4,940		$	17,625		$	42,442		$	39,894
Ratio of net expenses to average net assets, before waiver		0.72	%*		0.67	%		0.72	%		0.73	%		0.72	%		0.72	%
Ratio of net expenses to average net assets, after waiver		0.71	%*		0.67	%		0.72	%		0.73	%		0.72	%		0.72	%
Ratio of net investment income to average net assets		1.98	%*		0.92	%		0.74	%		0.65	%		0.21	%		0.30	%
Portfolio turnover rate^(d)		13	%		23	%		16	%		17	%		10	%		20	%

* Annualized.

^(a) Calculated based upon average shares outstanding during the period.

^(d)Portfolio turnover rate calculated at Fund level. Portfolio turnover is not annualized for periods less than one year.

The accompanying notes are an integral part of the financial statements.
30

Industry Diversification Table

Semi-Annual Financial Statements and Other Information June 30, 2025

June 30, 2025 (unaudited)
Baillie Gifford Emerging Markets Equities Fund

	Value		% of Total Net Assets
Airlines	$	43,979,422		0.7	%
Apparel		32,057,200		0.5
Auto Manufacturers		112,151,211		1.9
Auto Parts & Equipment		62,112,326		1.1
Banks		669,142,806		11.3
Beverages		113,180,265		1.9
Biotechnology		26,754,284		0.5
Building Materials		55,394,214		0.9
Chemicals		65,344,941		1.1
Commercial Services		32,350,306		0.5
Computers		130,439,139		2.2
Diversified Financial Services		124,836,846		2.1
Electronics		116,369,826		2.0
Gas		13,991,247		0.2
Home Furnishings		201,509,024		3.4
Insurance		132,148,363		2.2
Internet		1,387,961,627		23.5
Metal Fabricate/Hardware		57,114,892		1.0
Mining		294,865,774		5.0
Miscellaneous Manufacturing		53,517,424		0.9
Oil & Gas		394,747,519		6.7
Real Estate		39,380,179		0.7
Retail		227,897,579		3.9
Semiconductors		1,327,056,984		22.4
Software		36,285,764		0.6
Telecommunications		98,525,406		1.7
Transportation		54,162,937		0.9
Total Value of Investments		5,903,277,505		99.8
Other assets less liabilities		10,723,736		0.2
Net Assets	$	5,914,001,241		100.0	%

Portfolio of Investments

Semi-Annual Financial Statements and Other Information June 30, 2025

June 30, 2025 (unaudited)
Baillie Gifford Emerging Markets Equities Fund

	Shares		Value
COMMON STOCKS — 97.6%
BRAZIL — 10.3%
B3 SA — Brasil Bolsa Balcao		35,538,500	$	95,107,727
Banco Bradesco SA ADR		11,986,464		37,038,174
MercadoLibre, Inc. *		108,324		283,118,856
Natura & Co. Holding SA *		12,123,000		24,656,117
NU Holdings Ltd., Class A *		4,186,863		57,443,760
Petroleo Brasileiro SA — Petrobras ADR		9,158,144		114,568,381
				611,933,015
CHILE — 1.7%
Lundin Mining Corp.		3,102,467		32,625,171
Sociedad Quimica y Minera de Chile SA ADR *		1,852,706		65,344,941
				97,970,112
CHINA — 27.4%
Alibaba Group Holding Ltd.		13,830,420		195,782,727
Anker Innovations Technology Co., Ltd., Class A		4,521,700		71,830,178
Baidu, Inc., Class A *		3,937,750		42,200,603
BeOne Medicines Ltd. *		1,414,295		26,754,284
Brilliance China Automotive Holdings Ltd.		47,202,000		19,158,752
China Merchants Bank Co., Ltd., Class H		12,385,500		86,883,814
Contemporary Amperex Technology Co., Ltd., Class H *		837,900		35,138,654
Goneo Group Co., Ltd., Class A		5,817,451		39,219,198
Haidilao International Holding Ltd.		22,530,000		42,954,950
Haier Smart Home Co., Ltd., Class H		12,676,680		36,427,727
JD.com, Inc., Class A		2,419,785		39,520,687
KE Holdings, Inc., Class A		6,598,645		39,380,179
Kuaishou Technology *		3,486,500		28,301,976
Kweichow Moutai Co., Ltd., Class A		296,300		58,385,122
Li Ning Co., Ltd.		8,232,500		17,841,192
Luckin Coffee, Inc. ADR *		1,771,584		66,026,936
Meituan, Class B *		5,342,900		85,946,111
Midea Group Co., Ltd., Class A		9,241,770		93,251,119
Ping An Insurance Group Co. of China Ltd., Class H		11,624,500		74,202,893
Pony AI, Inc. ADR *		2,043,460		26,973,672
Shenzhou International Group Holdings Ltd.		4,484,700		32,057,200
Silergy Corp.		3,768,000		45,898,892
Tencent Holdings Ltd.		4,077,800		262,755,546

The accompanying notes are an integral part of the financial statements.
32

Portfolio of Investments

Semi-Annual Financial Statements and Other Information June 30, 2025

June 30, 2025 (unaudited)
Baillie Gifford Emerging Markets Equities Fund

	Shares		Value
Tencent Music Entertainment Group ADR		1,402,150	$	27,327,904
Tencent Music Entertainment Group, Class A, Entitlement		3,049,882		29,656,958
Zhejiang Sanhua Intelligent Controls Co., Ltd. *		17,827,000		57,114,892
Zijin Mining Group Co., Ltd., Class H		15,052,000		38,710,911
				1,619,703,077
INDIA — 12.4%
Axis Bank Ltd.		9,363,979		130,965,173
Delhivery Ltd. *		12,128,314		54,162,937
HDFC Life Insurance Co., Ltd.		6,105,700		57,945,470
Hyundai Motor India Ltd. *		625,796		16,197,288
Kotak Mahindra Bank Ltd.		3,912,749		98,714,965
PB Fintech Ltd. *		1,707,033		36,285,764
Reliance Industries Ltd.		11,456,702		200,529,175
Tata Consultancy Services Ltd.		1,979,435		79,930,543
UltraTech Cement Ltd.		392,727		55,394,214
				730,125,529
INDONESIA — 1.1%
Bank Rakyat Indonesia Persero Tbk PT		288,493,563		66,515,182
KAZAKHSTAN — 0.5%
Kaspi.KZ JSC ADR		381,085		32,350,306
MEXICO — 2.9%
Fomento Economico Mexicano SAB de CV ADR		532,095		54,795,143
Grupo Financiero Banorte SAB de CV, Class O		8,508,965		78,081,414
Wal-Mart de Mexico SAB de CV		11,592,944		38,353,804
				171,230,361
PANAMA — 0.7%
Copa Holdings SA, Class A		399,922		43,979,422
PERU — 1.0%
Credicorp Ltd.		251,771		56,275,854
POLAND — 1.4%
Allegro.eu SA *		5,387,698		51,870,660
KGHM Polska Miedz SA *		770,503		27,577,615
				79,448,275

The accompanying notes are an integral part of the financial statements.
33

Portfolio of Investments

Semi-Annual Financial Statements and Other Information June 30, 2025

June 30, 2025 (unaudited)
Baillie Gifford Emerging Markets Equities Fund

	Shares		Value
RUSSIA — 0.0% ^(a)
GMK Norilskiy Nickel PAO *^(b)		54,812,700	$	0
GMK Norilskiy Nickel PAO ADR *^(b)		2		0
Moscow Exchange MICEX-RTS PJSC *^(b)		14,557,370		0
Sberbank of Russia PJSC ^(b)		31,444,360		0
				0
SAUDI ARABIA — 0.5%
Saudi Tadawul Group Holding Co.		631,840		29,729,120
SINGAPORE — 1.9%
Sea Ltd. ADR *		699,036		111,803,818
SOUTH AFRICA — 4.1%
FirstRand Ltd.		7,456,055		31,873,439
Impala Platinum Holdings Ltd. *		9,390,771		84,378,452
Naspers Ltd., N Shares		407,838		127,251,003
				243,502,894
SOUTH KOREA — 9.3%
Coupang, Inc. *		2,665,084		79,845,917
Hyundai Motor Co.		511,431		76,795,171
NAVER Corp.		116,275		22,578,861
Samsung Electronics Co., Ltd.		4,162,495		184,072,278
SK Hynix, Inc.		890,014		191,781,651
				555,073,878
TAIWAN — 16.9%
Accton Technology Corp.		3,942,000		98,525,406
E Ink Holdings, Inc.		4,129,000		31,251,737
MediaTek, Inc.		2,278,000		97,609,253
Taiwan Semiconductor Manufacturing Co., Ltd.		21,168,310		774,111,424
				1,001,497,820
THAILAND — 2.0%
Fabrinet *		181,612		53,517,424
SCB X PCL		7,083,900		25,351,032
Valeura Energy, Inc. *		7,855,988		41,364,005
				120,232,461

The accompanying notes are an integral part of the financial statements.
34

Portfolio of Investments

Semi-Annual Financial Statements and Other Information June 30, 2025

June 30, 2025 (unaudited)
Baillie Gifford Emerging Markets Equities Fund

	Shares		Value
UNITED KINGDOM — 0.5%
WNS Holdings Ltd. *		447,459	$	28,297,307
UNITED STATES — 0.4%
Globant SA *		244,510		22,211,288
VIETNAM — 0.7%
Mobile World Investment Corp. *		15,165,600		38,064,579
ZAMBIA — 1.9%
First Quantum Minerals Ltd. *		6,280,917		111,573,624
Total Common Stocks
(cost $4,223,547,079)				5,771,517,922
PREFERRED STOCKS — 2.2%
BRAZIL — 0.9%
Petroleo Brasileiro SA — Petrobras ADR 10.47%		3,317,674		38,285,958
Raizen SA 0.61%		46,070,210		13,991,247
				52,277,205
SOUTH KOREA — 1.3%
Samsung Electronics Co., Ltd. 2.93%		2,166,623		79,482,378
Total Preferred Stocks
(cost $140,804,804)				131,759,583
TOTAL INVESTMENTS — 99.8%
(cost $4,364,351,883)			$	5,903,277,505
Other assets less liabilities — 0.2%				10,723,736
NET ASSETS — 100.0%			$	5,914,001,241

^(a) Amount rounds to less than 0.1%.

^(b) Investment was valued using significant unobservable inputs.

* Non-income producing security.

ADR — American Depositary Receipt

The accompanying notes are an integral part of the financial statements.
35

Portfolio of Investments

Semi-Annual Financial Statements and Other Information June 30, 2025

June 30, 2025 (unaudited)
Baillie Gifford Emerging Markets Equities Fund

Fair Value Measurement

The following is a summary of the inputs used as of June 30, 2025 in valuing the Fund's investments carried at fair value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks **	$	1,691,131,799	$	4,080,386,123	$	0	$	5,771,517,922
Preferred Stocks **		52,277,205		79,482,378		—		131,759,583
Total	$	1,743,409,004	$	4,159,868,501	$	0	$	5,903,277,505

** Refer to Portfolio of Investments for further detail.

There were no transfers into or out of Level 3 during the period ended June 30, 2025.

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 to June 30, 2025 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.

The accompanying notes are an integral part of the financial statements.
36

Statement of Assets and Liabilities

Semi-Annual Financial Statements and Other Information June 30, 2025

June 30, 2025 (unaudited)
Baillie Gifford Emerging Markets Equities Fund

ASSETS
Investments, at value (cost $4,364,351,883)	$	5,903,277,505
Cash		79,919,386
Foreign cash, at value (cost $9,064,925)		9,007,260
Dividends receivable		14,465,125
Capital shares sold receivable		3,239,351
Tax reclaims receivable		107,881
Receivable for India capital gains tax refunds (Note A)		241,433
Prepaid assets		42,017
Total Assets		6,010,299,958
LIABILITIES
Advisory fee payable		7,054,813
Deferred India capital gains tax liability (Note A)		36,331,500
Payable for investment purchased		26,431,163
Capital shares purchased payable		22,992,756
Administration and Supervisory fee payable		1,581,874
Shareholder Servicing fee payable		197,287
Trustee fee payable		67,026
Commitment fee payable		18,222
Accrued expenses		1,624,076
Total Liabilities		96,298,717
NET ASSETS	$	5,914,001,241
COMPOSITION OF NET ASSETS
Paid-in capital	$	5,033,119,820
Total distributable earnings		880,881,421
	$	5,914,001,241
NET ASSET VALUE, PER SHARE
Class 2 ($141,963,980 / 6,272,843 shares outstanding), unlimited authorized, no par value	$	22.63
Class 3 ($161,437,108 / 7,056,443 shares outstanding), unlimited authorized, no par value	$	22.88
Class 4 ($265,588,638 / 11,615,014 shares outstanding), unlimited authorized, no par value	$	22.87
Class 5 ($1,220,831,842 / 51,678,848 shares outstanding), unlimited authorized, no par value	$	23.62
Class K ($2,673,486,148 / 118,714,109 shares outstanding), unlimited authorized, no par value	$	22.52
Institutional Class ($1,450,693,525 / 64,470,078 shares outstanding), unlimited authorized, no par value	$	22.50

The accompanying notes are an integral part of the financial statements.
37

Statement of Operations

Semi-Annual Financial Statements and Other Information June 30, 2025

For the Six Months Ended June 30, 2025 (unaudited)
Baillie Gifford Emerging Markets Equities Fund

INVESTMENT INCOME
Dividends (net of foreign withholding taxes of $7,468,016)	$	69,185,255
Interest		414,471
Total Investment Income		69,599,726
EXPENSES
Advisory fee (Note B)		13,970,339
Shareholder Servicing fees — Class 2 shares (Note B)		97,438
Shareholder Servicing fees — Class 3 shares (Note B)		87,426
Shareholder Servicing fees — Class 4 shares (Note B)		83,184
Shareholder Servicing fees — Class 5 shares (Note B)		111,324
Administration & Supervisory fee — Class K shares (Note B)		2,069,361
Administration & Supervisory fee — Institutional Class shares (Note B)		1,073,482
Transfer agency		91,578
Sub-transfer agency — Institutional Class shares		543,335
Custody		1,071,227
Legal		475,262
Fund accounting		440,026
Trustees' fees		136,694
Registration fees		40,077
Commitment fees		37,832
Professional fees		19,451
Line of Credit Interest		4,311
Miscellaneous		114,046
Total Expenses		20,466,393
Net Investment Income		49,133,333
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized (loss) from:
Investments (net of India capital gains tax expense of $2,934,420)		(69,062,977	)
Foreign currency transactions		(307,693	)
		(69,370,670	)
Net change in unrealized appreciation on:
Investments (net of change in deferred India capital gains tax expense of $7,883,865) (Note A)		900,590,669
Translation of net assets and liabilities denominated in foreign currencies		120,077
		900,710,746
Net realized and unrealized gain		831,340,076
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	880,473,409

The accompanying notes are an integral part of the financial statements.
38

Statements of Changes in Net Assets

Semi-Annual Financial Statements and Other Information June 30, 2025

Baillie Gifford Emerging Markets Equities Fund

	For the Six Months Ended June 30, 2025 (unaudited)			For the Year Ended December 31, 2024
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	49,133,333		$	133,089,664
Net realized (loss)		(69,370,670	)		(58,354,562	)
Net change in unrealized appreciation		900,710,746			191,780,108
Net Increase in Net Assets from Operations		880,473,409			266,515,210
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings
Class 2		—			(2,970,188	)
Class 3		—			(6,404,724	)
Class 4		—			(7,787,109	)
Class 5		—			(35,912,627	)
Class K		—			(81,659,764	)
Institutional Class		—			(40,323,189	)
Total Distributions to Shareholders		—			(175,057,601	)
TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
Net proceeds from shares subscribed:
Class 2		50,414,743			25,006,000
Class 5		—			16,800,000
Class K		150,360,514			365,179,690	*
Institutional Class		221,105,346			434,342,491	*
Dividends reinvested:
Class 2		—			2,970,188
Class 3		—			6,404,724
Class 4		—			7,787,109
Class 5		—			35,912,627
Class K		—			69,935,064
Institutional Class		—			39,196,634
Cost of shares redeemed:
Class 2		(20,126,799	)		(120,000	)
Class 3		(50,413,243	)		(53,000,000	)
Class 5		(24,900,000	)		(127,000,000	)
Class K		(252,486,032	)		(344,833,406	)*
Institutional Class		(165,094,730	)		(225,034,398	)*
Increase (Decrease) in Net Assets from Transactions in Shares of Beneficial Interest		(91,140,201	)		253,546,723
Total Increase in Net Assets		789,333,208			345,004,332
NET ASSETS
Beginning of Period		5,124,668,033			4,779,663,701
End of Period	$	5,914,001,241		$	5,124,668,033

*_{See Note
D for class conversions.}

The accompanying notes are an integral part of the financial statements.
39

Financial Highlights

Semi-Annual Financial Statements and Other Information June 30, 2025

Baillie Gifford Emerging Markets Equities Fund
Selected data for a Class 2 share outstanding throughout each period:

	For the Six Months Ended June 30, 2025 (unaudited)			For the Year Ended December 31, 2024			For the Year Ended December 31, 2023			For the Year Ended December 31, 2022			For the Year Ended December 31, 2021			For the Year Ended December 31, 2020
Net asset value, beginning of period	$	19.26		$	18.82		$	17.13		$	24.55		$	27.66		$	21.71
From Investment Operations
Net investment income^(a)		0.21			0.49			0.46			0.77			0.34			0.19
Net realized and unrealized gain (loss) on investments and foreign currency		3.16			0.63			1.99			(7.26	)		(2.76	)		6.11
Net increase (decrease) in net asset value from investment operations		3.37			1.12			2.45			(6.49	)		(2.42	)		6.30
Dividends and Distributions to Shareholders
From net investment income		—			(0.68	)		(0.76	)		(0.93	)		(0.33	)		(0.35	)
From net realized gain on investments		—			—			—			—			(0.36	)		—
Total dividends and distributions		—			(0.68	)		(0.76	)		(0.93	)		(0.69	)		(0.35	)
Net asset value, end of period	$	22.63		$	19.26		$	18.82		$	17.13		$	24.55		$	27.66
Total Return
Total return based on net asset value^(b)		17.49	%		5.97	%		14.32	%		(26.44	)%		(8.75	)%		29.06	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	141,964		$	87,006		$	59,144		$	51,848		$	66,301		$	144,906
Ratio of net expenses to average net assets		0.78	%*		0.79	%		0.81	%		0.83	%		0.78	%		0.80	%
Ratio of net investment income to average net assets		2.06	%*		2.42	%		2.47	%		3.96	%		1.20	%		0.90	%
Portfolio turnover rate^(c)		10	%		21	%		23	%		15	%		19	%		24	%

* Annualized.

^(a) Calculated based upon average shares outstanding during the period.

^(c) Portfolio turnover rate calculated at Fund level. Portfolio turnover is not annualized for periods less than one year.

The accompanying notes are an integral part of the financial statements.
40

Financial Highlights

Semi-Annual Financial Statements and Other Information June 30, 2025

Baillie Gifford Emerging Markets Equities Fund
Selected data for a Class 3 share outstanding throughout each period:

	For the Six Months Ended June 30, 2025 (unaudited)			For the Year Ended December 31, 2024			For the Year Ended December 31, 2023			For the Year Ended December 31, 2022			For the Year Ended December 31, 2021			For the Year Ended December 31, 2020
Net asset value, beginning of period	$	19.46		$	19.00		$	17.28		$	24.76		$	27.92		$	21.91
From Investment Operations
Net investment income^(a)		0.18			0.56			0.55			0.78			0.50			0.20
Net realized and unrealized gain (loss) on investments and foreign currency		3.24			0.59			1.93			(7.32	)		(2.93	)		6.18
Net increase (decrease) in net asset value from investment operations		3.42			1.15			2.48			(6.54	)		(2.43	)		6.38
Dividends and Distributions to Shareholders
From net investment income		—			(0.69	)		(0.76	)		(0.94	)		(0.37	)		(0.37	)
From net realized gain on investments		—			—			—			—			(0.36	)		—
Total dividends and distributions		—			(0.69	)		(0.76	)		(0.94	)		(0.73	)		(0.37	)
Net asset value, end of period	$	22.88		$	19.46		$	19.00		$	17.28		$	24.76		$	27.92
Total Return
Total return based on net asset value^(b)		17.53	%		6.04	%		14.40	%		(26.39	)%		(8.68	)%		29.15	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	161,437		$	188,292		$	226,753		$	214,704		$	291,674		$	168,460
Ratio of net expenses to average net assets		0.71	%*		0.72	%		0.74	%		0.76	%		0.71	%		0.73	%
Ratio of net investment income to average net assets		1.76	%*		2.73	%		2.94	%		3.97	%		1.79	%		0.95	%
Portfolio turnover rate^(c)		10	%		21	%		23	%		15	%		19	%		24	%

* Annualized.

^(a) Calculated based upon average shares outstanding during the period.

^(c) Portfolio turnover rate calculated at Fund level. Portfolio turnover is not annualized for periods less than one year.

The accompanying notes are an integral part of the financial statements.
41

Financial Highlights

Semi-Annual Financial Statements and Other Information June 30, 2025

Baillie Gifford Emerging Markets Equities Fund
Selected data for a Class 4 share outstanding throughout each period:

	For the Six Months Ended June 30, 2025 (unaudited)			For the Year Ended December 31, 2024			For the Period July 14, 2023^(a)through December 31, 2023			For the Period January 1, 2023 through April 13, 2023^(a)			For the Year Ended December 31, 2022			For the Year Ended December 31, 2021			For the Period January 1, 2020^(b)through April 13, 2020
Net asset value, beginning of period	$	19.45		$	18.99		$	19.96		$	17.54		$	25.11		$	28.30		$	22.69
From Investment Operations
Net investment income^(c)		0.20			0.55			0.19			0.07			0.80			0.47			0.22
Net realized and unrealized gain (loss) on investments and foreign currency		3.22			0.60			(0.38	)		1.42			(7.42	)		(2.93	)		5.76
Net increase (decrease) in net asset value from investment operations		3.42			1.15			(0.19	)		1.49			(6.62	)		(2.46	)		5.98
Dividends and Distributions to Shareholders
From net investment income		—			(0.69	)		(0.78	)		—			(0.95	)		(0.37	)		(0.37	)
From net realized gain on investments		—			—			—			—			—			(0.36	)		—
Total dividends and distributions		—			(0.69	)		(0.78	)		—			(0.95	)		(0.73	)		(0.37	)
Net asset value, end of period	$	22.87		$	19.45		$	18.99		$	19.03		$	17.54		$	25.11		$	28.30
Total Return
Total return based on net asset value^(d)		17.55	%		6.07	%		(0.94	)%		8.48	%		(26.37	)%		(8.66	)%		26.45	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	265,589		$	225,922		$	212,997		$	201,945		$	186,171		$	252,837		$	276,791
Ratio of net expenses to average net assets		0.68	%*		0.69	%		0.71	%*		0.71	%*		0.73	%		0.68	%		0.70	%
Ratio of net investment income to average net assets		1.93	%*		2.69	%		2.10	%*		1.36	%*		4.00	%		1.64	%		1.05	%
Portfolio turnover rate^(e)		10	%		21	%		23	%		23	%		15	%		19	%		24	%

* Annualized.

^(a) Recommencement of investment operations. Class had no shareholders from April 13, 2023 to July 13, 2023. All shares of this class were redeemed on April 13, 2023 at $19.03. New shares were issued at $19.96 on July 14, 2023.

^(b) Recommencement of investment operations. Class had no shareholders from October 10, 2016 to January 09, 2020. All shares of this class were redeemed on October 10, 2016 at $16.93. New shares were issued at $22.69 on January 10, 2020.

^(c) Calculated based upon average shares outstanding during the period.

^(e) Portfolio turnover rate calculated at Fund level. Portfolio turnover is not annualized for periods less than one year.

The accompanying notes are an integral part of the financial statements.
42

Financial Highlights

Semi-Annual Financial Statements and Other Information June 30, 2025

Baillie Gifford Emerging Markets Equities Fund
Selected data for a Class 5 share outstanding throughout each period:

	For the Six Months Ended June 30, 2025 (unaudited)			For the Year Ended December 31, 2024			For the Year Ended December 31, 2023			For the Year Ended December 31, 2022			For the Year Ended December 31, 2021			For the Year Ended December 31, 2020
Net asset value, beginning of period	$	20.09		$	19.59		$	17.80		$	25.47		$	28.69		$	22.50
From Investment Operations
Net investment income^(a)		0.21			0.58			0.52			0.82			0.49			0.24
Net realized and unrealized gain (loss) on investments and foreign currency		3.32			0.62			2.05			(7.53	)		(2.96	)		6.33
Net increase (decrease) in net asset value from investment operations		3.53			1.20			2.57			(6.71	)		(2.47	)		6.57
Dividends and Distributions to Shareholders
From net investment income		—			(0.70	)		(0.78	)		(0.96	)		(0.39	)		(0.38	)
From net realized gain on investments		—			—			—			—			(0.36	)		—
Total dividends and distributions		—			(0.70	)		(0.78	)		(0.96	)		(0.75	)		(0.38	)
Net asset value, end of period	$	23.62		$	20.09		$	19.59		$	17.80		$	25.47		$	28.69
Total Return
Total return based on net asset value^(b)		17.58	%		6.12	%		14.48	%		(26.33	)%		(8.61	)%		29.25	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	1,220,832		$	1,060,159		$	1,115,352		$	1,162,457		$	1,746,589		$	1,953,356
Ratio of net expenses to average net assets		0.63	%*		0.64	%		0.66	%		0.68	%		0.63	%		0.65	%
Ratio of net investment income to average net assets		1.98	%*		2.73	%		2.68	%		4.01	%		1.68	%		1.08	%
Portfolio turnover rate^(c)		10	%		21	%		23	%		15	%		19	%		24	%

* Annualized.

^(a) Calculated based upon average shares outstanding during the period.

^(c) Portfolio turnover rate calculated at Fund level. Portfolio turnover is not annualized for periods less than one year.

The accompanying notes are an integral part of the financial statements.
43

Financial Highlights

Semi-Annual Financial Statements and Other Information June 30, 2025

Baillie Gifford Emerging Markets Equities Fund
Selected data for a Class K share outstanding throughout each period:

	For the Six Months Ended June 30, 2025 (unaudited)			For the Year Ended December 31, 2024			For the Year Ended December 31, 2023			For the Year Ended December 31, 2022			For the Year Ended December 31, 2021			For the Year Ended December 31, 2020
Net asset value, beginning of period	$	19.17		$	18.72		$	17.04		$	24.44		$	27.56		$	21.64
From Investment Operations
Net investment income^(a)		0.18			0.52			0.45			0.76			0.44			0.20
Net realized and unrealized gain (loss) on investments and foreign currency		3.17			0.60			1.99			(7.23	)		(2.85	)		6.08
Net increase (decrease) in net asset value from investment operations		3.35			1.12			2.44			(6.47	)		(2.41	)		6.28
Dividends and Distributions to Shareholders
From net investment income		—			(0.67	)		(0.76	)		(0.93	)		(0.35	)		(0.36	)
From net realized gain on investments		—			—			—			—			(0.36	)		—
Total dividends and distributions		—			(0.67	)		(0.76	)		(0.93	)		(0.71	)		(0.36	)
Net asset value, end of period	$	22.52		$	19.17		$	18.72		$	17.04		$	24.44		$	27.56
Total Return
Total return based on net asset value^(b)		17.48	%		6.00	%		14.30	%		(26.47	)%		(8.72	)%		29.04	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	2,673,486		$	2,374,315		$	2,233,351		$	1,949,586		$	2,654,520		$	2,441,338
Ratio of net expenses to average net assets		0.78	%*		0.79	%		0.81	%		0.83	%		0.78	%		0.80	%
Ratio of net investment income to average net assets		1.81	%*		2.59	%		2.45	%		3.94	%		1.58	%		0.95	%
Portfolio turnover rate^(c)		10	%		21	%		23	%		15	%		19	%		24	%

* Annualized.

^(a) Calculated based upon average shares outstanding during the period.

^(c) Portfolio turnover rate calculated at Fund level. Portfolio turnover is not annualized for periods less than one year.

The accompanying notes are an integral part of the financial statements.
44

Financial Highlights

Semi-Annual Financial Statements and Other Information June 30, 2025

Baillie Gifford Emerging Markets Equities Fund
Selected data for an Institutional Class share outstanding throughout each period:

	For the Six Months Ended June 30, 2025 (unaudited)			For the Year Ended December 31, 2024			For the Year Ended December 31, 2023			For the Year Ended December 31, 2022			For the Year Ended December 31, 2021			For the Year Ended December 31, 2020
Net asset value, beginning of period	$	19.16		$	18.72		$	17.04		$	24.43		$	27.55		$	21.64
From Investment Operations
Net investment income^(a)		0.18			0.49			0.44			0.74			0.41			0.18
Net realized and unrealized gain (loss) on investments and foreign currency		3.16			0.61			1.98			(7.22	)		(2.85	)		6.07
Net increase (decrease) in net asset value from investment operations		3.34			1.10			2.42			(6.48	)		(2.44	)		6.25
Dividends and Distributions to Shareholders
From net investment income		—			(0.66	)		(0.74	)		(0.91	)		(0.32	)		(0.34	)
From net realized gain on investments		—			—			—			—			(0.36	)		—
Total dividends and distributions		—			(0.66	)		(0.74	)		(0.91	)		(0.68	)		(0.34	)
Net asset value, end of period	$	22.50		$	19.16		$	18.72		$	17.04		$	24.43		$	27.55
Total Return
Total return based on net asset value^(b)		17.43	%		5.89	%		14.21	%		(26.52	)%		(8.82	)%		28.91	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	1,450,694		$	1,188,974		$	932,066		$	838,274		$	1,203,032		$	1,226,335
Ratio of net expenses to average net assets		0.87	%*		0.87	%		0.89	%		0.91	%		0.87	%		0.89	%
Ratio of net investment income to average net assets		1.75	%*		2.44	%		2.40	%		3.81	%		1.46	%		0.86	%
Portfolio turnover rate^(c)		10	%		21	%		23	%		15	%		19	%		24	%

* Annualized.

^(a) Calculated based upon average shares outstanding during the period.

^(c) Portfolio turnover rate calculated at Fund level. Portfolio turnover is not annualized for periods less than one year.

The accompanying notes are an integral part of the financial statements.
45

Industry Diversification Table

Semi-Annual Financial Statements and Other Information June 30, 2025

June 30, 2025 (unaudited)
Baillie Gifford Emerging Markets ex China Fund

	Value		% of Total Net Assets
Airlines	$	7,918		0.7	%
Auto Manufacturers		18,158		1.6
Auto Parts & Equipment		10,220		0.9
Banks		142,997		12.3
Beverages		15,344		1.3
Building Materials		11,143		0.9
Chemicals		13,508		1.2
Commercial Services		6,621		0.6
Computers		28,868		2.5
Diversified Financial Services		32,536		2.8
Electronics		7,569		0.6
Gas		2,946		0.2
Insurance		20,215		1.7
Internet		170,742		14.7
Investment Companies		5,602		0.5
Leisure Time		6,333		0.5
Machinery — Diversified		5,507		0.5
Mining		73,209		6.3
Miscellaneous Manufacturing		21,067		1.8
Oil & Gas		84,611		7.3
Retail		41,174		3.5
Semiconductors		376,022		32.3
Software		6,717		0.6
Telecommunications		24,994		2.1
Transportation		9,651		0.8
Total Value of Investments		1,143,672		98.2
Other assets less liabilities		20,667		1.8
Net Assets	$	1,164,339		100.0	%

Portfolio of Investments

Semi-Annual Financial Statements and Other Information June 30, 2025

June 30, 2025 (unaudited)
Baillie Gifford Emerging Markets ex China Fund

	Shares		Value
COMMON STOCKS — 95.5%
BRAZIL — 12.0%
B3 SA — Brasil Bolsa Balcao		7,300	$	19,536
Banco Bradesco SA ADR		2,757		8,519
Lojas Renner SA		2,500		9,033
MercadoLibre, Inc. *		18		47,045
Natura & Co. Holding SA *		2,800		5,695
NU Holdings Ltd., Class A *		1,333		18,289
Petroleo Brasileiro SA — Petrobras ADR		1,958		24,494
Raia Drogasil SA		700		1,952
WEG SA		700		5,507
				140,070
CHILE — 1.8%
Lundin Mining Corp.		715		7,519
Sociedad Quimica y Minera de Chile SA ADR *		383		13,508
				21,027
CONGO (DEMOCRATIC REPUBLIC) — 0.6%
Ivanhoe Mines Ltd., Class A *		892		6,701
INDIA — 17.1%
Axis Bank Ltd.		1,897		26,532
Cholamandalam Investment and Finance Co., Ltd.		392		7,447
Delhivery Ltd. *		2,161		9,651
Eicher Motors Ltd.		96		6,333
Escorts Kubota Ltd.		178		6,922
HDFC Life Insurance Co., Ltd.		2,130		20,215
Hyundai Motor India Ltd. *		104		2,692
ICICI Bank Ltd.		963		16,274
Kotak Mahindra Bank Ltd.		598		15,087
PB Fintech Ltd. *		316		6,717
Reliance Industries Ltd.		2,439		42,690
Samvardhana Motherson International Ltd.		5,661		10,220
Tata Consultancy Services Ltd.		423		17,081
UltraTech Cement Ltd.		79		11,143
				199,004

The accompanying notes are an integral part of the financial statements.
47

Portfolio of Investments

Semi-Annual Financial Statements and Other Information June 30, 2025

June 30, 2025 (unaudited)
Baillie Gifford Emerging Markets ex China Fund

	Shares		Value
INDONESIA — 1.5%
Bank Mandiri Persero Tbk PT		17,800	$	5,347
Bank Rakyat Indonesia Persero Tbk PT		49,200		11,344
				16,691
KAZAKHSTAN — 0.6%
Kaspi.KZ JSC ADR		78		6,621
MEXICO — 4.2%
BBB Foods, Inc., Class A *		315		8,744
Fomento Economico Mexicano SAB de CV ADR		149		15,344
Grupo Financiero Banorte SAB de CV, Class O		1,643		15,077
Wal-Mart de Mexico SAB de CV		2,940		9,727
				48,892
PANAMA — 0.7%
Copa Holdings SA, Class A		72		7,918
PERU — 1.2%
Credicorp Ltd.		61		13,635
POLAND — 1.6%
Allegro.eu SA *		1,190		11,457
KGHM Polska Miedz SA *		210		7,516
				18,973
RUSSIA — 0.0% ^(a)
GMK Norilskiy Nickel PAO *^(b)		9,400		0
GMK Norilskiy Nickel PAO ADR *^(b)		6		0
Moscow Exchange MICEX-RTS PJSC *^(b)		2,760		0
Sberbank of Russia PJSC ^(b)		5,512		0
				0
SAUDI ARABIA — 0.5%
Saudi Tadawul Group Holding Co.		118		5,552
SINGAPORE — 4.2%
Grab Holdings Ltd., Class A *		2,480		12,474
Sea Ltd. ADR *		224		35,827
				48,301

The accompanying notes are an integral part of the financial statements.
48

Portfolio of Investments

Semi-Annual Financial Statements and Other Information June 30, 2025

June 30, 2025 (unaudited)
Baillie Gifford Emerging Markets ex China Fund

	Shares		Value
SOUTH AFRICA — 6.6%
FirstRand Ltd.		1,342	$	5,737
Impala Platinum Holdings Ltd. *		2,429		21,825
Naspers Ltd., N Shares		139		43,370
Remgro Ltd.		626		5,602
				76,534
SOUTH KOREA — 11.1%
Coupang, Inc. *		554		16,598
Hyundai Motor Co.		103		15,466
NCSoft Corp.		26		3,972
Samsung Electronics Co., Ltd.		1,093		48,334
SK Hynix, Inc.		211		45,467
				129,837
TAIWAN — 25.3%
Accton Technology Corp.		1,000		24,994
E Ink Holdings, Inc.		1,000		7,569
MediaTek, Inc.		1,000		42,848
Taiwan Semiconductor Manufacturing Co., Ltd.		6,000		219,416
				294,827
THAILAND — 2.5%
Fabrinet *		48		14,145
SCB X PCL		2,000		7,157
Valeura Energy, Inc. *		1,554		8,182
				29,484
UNITED KINGDOM — 0.6%
WNS Holdings Ltd. *		116		7,336
UNITED STATES — 0.4%
Globant SA *		49		4,451
VIETNAM — 0.5%
Mobile World Investment Corp. *		2,400		6,024

The accompanying notes are an integral part of the financial statements.
49

Portfolio of Investments

Semi-Annual Financial Statements and Other Information June 30, 2025

June 30, 2025 (unaudited)
Baillie Gifford Emerging Markets ex China Fund

	Shares		Value
ZAMBIA — 2.5%
First Quantum Minerals Ltd. *		1,669	$	29,648
Total Common Stocks
(cost $950,040)				1,111,526
PREFERRED STOCKS — 2.7%
BRAZIL — 1.0%
Petroleo Brasileiro SA — Petrobras ADR 10.47%		801		9,243
Raizen SA 0.61%		9,700		2,946
				12,189
SOUTH KOREA — 1.7%
Samsung Electronics Co., Ltd. 2.93%		544		19,957
Total Preferred Stocks
(cost $44,927)				32,146
TOTAL INVESTMENTS — 98.2%
(cost $994,967)			$	1,143,672
Other assets less liabilities — 1.8%				20,667
NET ASSETS — 100.0%			$	1,164,339

^(a) Amount rounds to less than 0.1%.

^(b) Investment was valued using significant unobservable inputs.

* Non-income producing security.

ADR — American Depositary Receipt

Fair Value Measurement

The following is a summary of the inputs used as of June 30, 2025 in valuing the Fund's investments carried at fair value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks **	$	376,217	$	735,309	$	0	$	1,111,526
Preferred Stocks **		12,189		19,957		—		32,146
Total	$	388,406	$	755,266	$	0	$	1,143,672

** Refer to Portfolio of Investments for further detail.

There were no transfers into or out of Level 3 during the period ended June 30, 2025.

The accompanying notes are an integral part of the financial statements.
50

Portfolio of Investments

Semi-Annual Financial Statements and Other Information June 30, 2025

June 30, 2025 (unaudited)
Baillie Gifford Emerging Markets ex China Fund

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 June 30, 2025 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.

The accompanying notes are an integral part of the financial statements.
51

Statement of Assets and Liabilities

Semi-Annual Financial Statements and Other Information June 30, 2025

June 30, 2025 (unaudited)
Baillie Gifford Emerging Markets ex China Fund

ASSETS
Investments, at value (cost $994,967)	$	1,143,672
Cash		9,550
Foreign cash, at value (cost $158)		157
Due from Manager		109,557
Receivable for investments sold		15,338
Dividends receivable		2,308
Prepaid assets		14,799
Total Assets		1,295,381
LIABILITIES
Advisory fee payable		1,432
Payable for investment purchased		20,296
Deferred India capital gains tax liability (Note A)		6,066
Administration & Supervisory fee payable		442
Trustee fee payable		13
Commitment fee payable		4
Accrued expenses		102,789
Total Liabilities		131,042
NET ASSETS	$	1,164,339
COMPOSITION OF NET ASSETS
Paid-in capital	$	1,086,367
Total distributable earnings		77,972
	$	1,164,339
NET ASSET VALUE, PER SHARE
Class K ($582,169 / 55,420 shares outstanding), unlimited authorized, no par value	$	10.50
Institutional Class ($582,170 / 55,420 shares outstanding), unlimited authorized, no par value	$	10.50

The accompanying notes are an integral part of the financial statements.
52

Statement of Operations

Semi-Annual Financial Statements and Other Information June 30, 2025

For the Six Months Ended June 30, 2025 (unaudited)
Baillie Gifford Emerging Markets ex China Fund

INVESTMENT INCOME
Dividends (net of foreign withholding taxes of $1,603)	$	9,916
Interest		63
Total Investment Income		9,979
EXPENSES
Advisory fee (Note B)		2,805
Administration & Supervisory fee — Class K shares (Note B)		433
Administration & Supervisory fee — Institutional Class shares (Note B)		433
Transfer agency		11,716
Fund accounting		53,414
Professional fees		20,426
Registration fees		19,531
Custody		6,306
Legal		91
Trustees' fees		26
Commitment fees		7
Miscellaneous		2,418
Total Expenses		117,606
Fees waived/expenses reimbursed		(113,169	)
Total Expenses after waiver		4,437
Net Investment Income		5,542
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized (loss) from:
Investments (net of India capital gains tax expense of $350)		(6,086	)
Foreign currency transactions		(71	)
		(6,157	)
Net change in unrealized appreciation on:
Investments (net of change in deferred India capital gains tax expense of $738) (Note A)		178,154
Translation of net assets and liabilities denominated in foreign currencies		19
		178,173
Net realized and unrealized gain		172,016
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	177,558

The accompanying notes are an integral part of the financial statements.
53

Statements of Changes in Net Assets

Semi-Annual Financial Statements and Other Information June 30, 2025

Baillie Gifford Emerging Markets ex China Fund

	For the Six Months Ended June 30, 2025 (unaudited)			For the Year Ended December 31, 2024
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	5,542		$	14,403
Net realized (loss)		(6,157	)		(3,916	)
Net change in unrealized appreciation		178,173			46,555
Net Increase in Net Assets from Operations		177,558			57,042
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings
Class K		—			(13,180	)
Institutional Class		—			(13,180	)
Total Distributions to Shareholders		—			(26,360	)
TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
Dividends reinvested:
Class K		—			13,180
Institutional Class		—			13,180
Increase in Net Assets from Transactions in Shares of Beneficial Interest		—			26,360
Total Increase in Net Assets		177,558			57,042
NET ASSETS
Beginning of Period		986,781			929,739
End of Period	$	1,164,339		$	986,781

The accompanying notes are an integral part of the financial statements.
54

Financial Highlights

Semi-Annual Financial Statements and Other Information June 30, 2025

Baillie Gifford Emerging Markets ex China Fund
Selected data for a Class K share outstanding throughout each period:

	For the Six Months Ended June 30, 2025 (unaudited)			For the Year Ended December 31, 2024			For the Year Ended December 31, 2023			For the Year Ended December 31, 2022			For the Period December 28, 2021^(a)through December 31, 2021
Net asset value, beginning of period	$	8.90		$	8.62		$	7.15		$	10.02		$	10.00
From Investment Operations
Net investment income^(b)		0.05			0.13			0.21			0.34			0.01
Net realized and unrealized gain (loss) on investments and foreign currency		1.55			0.39			1.50			(2.85	)		0.01
Net increase (decrease) in net asset value from investment operations		1.60			0.52			1.71			(2.51	)		0.02
Dividends and Distributions to Shareholders
From net investment income		—			(0.24	)		(0.24	)		(0.36	)		—
Total dividends and distributions		—			(0.24	)		(0.24	)		(0.36	)		—
Net asset value, end of period	$	10.50		$	8.90		$	8.62		$	7.15		$	10.02
Total Return
Total return based on net asset value^(c)		18.09	%		6.07	%		23.87	%		(25.07	)%		0.20	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	582		$	493		$	465		$	375		$	501
Ratio of net expenses to average net assets, before waiver		23.06	%*		24.18	%		27.12	%		19.57	%		328.89	%*
Ratio of net expenses to average net assets, after waiver		0.87	%*		0.87	%		0.87	%		0.87	%		0.87	%*
Ratio of net investment income to average net assets		1.09	%*		1.42	%		2.66	%		4.24	%		17.62	%*
Portfolio turnover rate^(d)		9	%		15	%		36	%		13	%		—	%

* Annualized.

^(a) Commencement of investment operations.

^(b) Calculated based upon average shares outstanding during the period.

^(d) Portfolio turnover rate calculated at Fund level. Portfolio turnover is not annualized for periods less than one year.

The accompanying notes are an integral part of the financial statements.
55

Financial Highlights

Semi-Annual Financial Statements and Other Information June 30, 2025

Baillie Gifford Emerging Markets ex China Fund
Selected data for an Institutional Class share outstanding throughout each period:

	For the Six Months Ended June 30, 2025 (unaudited)			For the Year Ended December 31, 2024			For the Year Ended December 31, 2023			For the Year Ended December 31, 2022			For the Period December 28, 2021^(a)through December 31, 2021
Net asset value, beginning of period	$	8.90		$	8.62		$	7.15		$	10.02		$	10.00
From Investment Operations
Net investment income^(b)		0.05			0.13			0.21			0.34			0.01
Net realized and unrealized gain (loss) on investments and foreign currency		1.55			0.39			1.50			(2.85	)		0.01
Net increase (decrease) in net asset value from investment operations		1.60			0.52			1.71			(2.51	)		0.02
Dividends and Distributions to Shareholders
From net investment income		—			(0.24	)		(0.24	)		(0.36	)		—
Total dividends and distributions		—			(0.24	)		(0.24	)		(0.36	)		—
Net asset value, end of period	$	10.50		$	8.90		$	8.62		$	7.15		$	10.02
Total Return
Total return based on net asset value^(c)		18.09	%		6.07	%		23.87	%		(25.07	)%		0.20	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	582		$	493		$	465		$	375		$	501
Ratio of net expenses to average net assets, before waiver		23.06	%*		24.18	%		27.12	%		19.57	%		328.89	%*
Ratio of net expenses to average net assets, after waiver		0.87	%*		0.87	%		0.87	%		0.87	%		0.87	%*
Ratio of net investment income to average net assets		1.09	%*		1.42	%		2.66	%		4.24	%		17.62	%*
Portfolio turnover rate^(d)		9	%		15	%		36	%		13	%		—	%

* Annualized.

^(a) Commencement of investment operations.

^(b) Calculated based upon average shares outstanding during the period.

^(d) Portfolio turnover rate calculated at Fund level. Portfolio turnover is not annualized for periods less than one year.

The accompanying notes are an integral part of the financial statements.
56

Industry Diversification Table

Semi-Annual Financial Statements and Other Information June 30, 2025

June 30, 2025 (unaudited)
Baillie Gifford Global Alpha Equities Fund

	Value		% of Total Net Assets
Advertising	$	4,867,244		0.9	%
Aerospace/Defense		11,795,124		2.1
Airlines		8,544,503		1.5
Apparel		1,507,858		0.3
Auto Manufacturers		4,253,521		0.8
Auto Parts & Equipment		7,080,632		1.3
Banks		3,225,791		0.6
Beverages		3,113,348		0.5
Biotechnology		13,027,582		2.3
Building Materials		24,992,014		4.4
Chemicals		3,421,179		0.6
Commercial Services		45,056,467		8.0
Computers		3,128,123		0.6
Diversified Financial Services		17,333,742		3.1
Electrical Components & Equipment		6,382,043		1.1
Energy — Alternate Sources		1,697,575		0.3
Engineering & Construction		3,250,505		0.6
Healthcare — Products		8,878,398		1.6
Healthcare — Services		17,794,753		3.1
Home Builders		2,500,931		0.4
Insurance		15,734,960		2.8
Internet		139,588,143		24.7
Leisure Time		1,589,365		0.3
Machinery — Construction & Mining		3,242,653		0.6
Machinery — Diversified		5,888,170		1.0
Media		4,180,625		0.7
Metal Fabricate/Hardware		3,711,241		0.7
Mining		2,002,294		0.4
Oil & Gas		9,075,007		1.6
Pharmaceuticals		5,945,568		1.0
Private Equity		4,067,751		0.7
Real Estate		9,381,378		1.7
Retail		27,230,620		4.8
Semiconductors		82,075,586		14.5
Software		53,309,671		9.4
Total Value of Investments		558,874,365		99.0
Other assets less liabilities		5,512,439		1.0
Net Assets	$	564,386,804		100.0	%

Portfolio of Investments

Semi-Annual Financial Statements and Other Information June 30, 2025

June 30, 2025 (unaudited)
Baillie Gifford Global Alpha Equities Fund

	Shares		Value
COMMON STOCKS — 99.0%
AUSTRALIA — 0.4%
BHP Group Ltd.		83,628	$	2,002,294
BRAZIL — 2.8%
B3 SA — Brasil Bolsa Balcao		1,911,900		5,116,605
MercadoLibre, Inc. *		1,563		4,085,104
NU Holdings Ltd., Class A *		235,116		3,225,791
Petroleo Brasileiro SA — Petrobras ADR		256,555		3,209,503
				15,637,003
CANADA — 2.7%
Brookfield Corp.		65,768		4,067,751
Shopify, Inc., Class A *		68,416		7,891,786
Stella-Jones, Inc.		61,750		3,559,212
				15,518,749
CHINA — 6.3%
Contemporary Amperex Technology Co., Ltd., Class A		154,100		5,437,889
Kweichow Moutai Co., Ltd., Class A		15,800		3,113,348
Li Auto, Inc., Class A *		311,636		4,253,521
PDD Holdings, Inc. ADR *		38,505		4,029,933
Prosus NV		334,648		18,775,930
				35,610,621
DENMARK — 1.1%
Genmab A/S *		1,553		322,509
Novo Nordisk A/S, B Shares		85,802		5,945,568
				6,268,077
FRANCE — 2.1%
Edenred		145,233		4,511,012
LVMH Moet Hennessy Louis Vuitton SE		2,881		1,507,858
Nexans SA		20,726		2,712,185
Sartorius Stedim Biotech		8,845		2,116,276
SOITEC *		22,217		1,225,086
				12,072,417

The accompanying notes are an integral part of the financial statements.
58

Portfolio of Investments

Semi-Annual Financial Statements and Other Information June 30, 2025

June 30, 2025 (unaudited)
Baillie Gifford Global Alpha Equities Fund

	Shares		Value
HONG KONG — 1.1%
AIA Group Ltd.		698,200	$	6,324,605
INDIA — 1.0%
Reliance Industries Ltd. GDR		84,115		5,865,504
ISRAEL — 0.3%
Mobileye Global, Inc., Class A *		91,365		1,642,743
ITALY — 1.5%
Ryanair Holdings PLC ADR		148,162		8,544,503
JAPAN — 4.8%
Cosmos Pharmaceutical Corp.		51,600		3,274,771
CyberAgent, Inc.		231,400		2,643,863
Disco Corp.		13,700		4,058,535
Kokusai Electric Corp.		180,400		4,316,526
Nippon Paint Holdings Co., Ltd.		425,400		3,421,180
Olympus Corp.		344,200		4,088,519
Rakuten Group, Inc. *		446,000		2,457,541
SMC Corp.		7,600		2,723,555
				26,984,490
NETHERLANDS — 2.1%
Adyen NV *		4,756		8,734,571
ASM International NV		5,144		3,299,761
				12,034,332
RUSSIA — 0.0% ^(a)
Sberbank of Russia PJSC ^(b)		1,284,860		0
SINGAPORE — 1.2%
Sea Ltd. ADR *		44,296		7,084,702
SOUTH KOREA — 1.8%
Coupang, Inc. *		199,517		5,977,529
Samsung Electronics Co., Ltd.		82,098		3,630,507
				9,608,036

The accompanying notes are an integral part of the financial statements.
59

Portfolio of Investments

Semi-Annual Financial Statements and Other Information June 30, 2025

June 30, 2025 (unaudited)
Baillie Gifford Global Alpha Equities Fund

	Shares		Value
SWEDEN — 1.1%
Atlas Copco AB, B Shares		222,350	$	3,164,616
Epiroc AB, B Shares		169,130		3,242,652
				6,407,268
SWITZERLAND — 1.0%
Cie Financiere Richemont SA		28,109		5,319,147
TAIWAN — 3.4%
Taiwan Semiconductor Manufacturing Co., Ltd.		528,000		19,308,619
UNITED KINGDOM — 0.5%
Bellway PLC		63,131		2,500,931
UNITED STATES — 63.8%
Advanced Drainage Systems, Inc.		32,311		3,711,241
AeroVironment, Inc. *		27,148		7,735,823
Alnylam Pharmaceuticals, Inc. *		11,558		3,768,948
Alphabet, Inc., Class C		44,970		7,977,228
Amazon.com, Inc. *		102,956		22,587,517
AppLovin Corp., Class A *		15,680		5,489,254
Arthur J Gallagher & Co.		12,213		3,909,626
AutoZone, Inc. *		2,069		7,680,604
Block, Inc. *		99,564		6,763,383
Brunswick Corp.		28,772		1,589,365
Builders FirstSource, Inc. *		22,627		2,640,345
CBRE Group, Inc., Class A *		41,752		5,850,290
Cloudflare, Inc., Class A *		28,254		5,532,981
Comfort Systems USA, Inc.		6,062		3,250,505
CoStar Group, Inc. *		43,919		3,531,088
CRH PLC		82,037		7,572,812
Datadog, Inc., Class A *		25,503		3,425,818
Dollar General Corp.		47,167		5,394,961
DoorDash, Inc., Class A *		50,306		12,400,932
Dutch Bros, Inc., Class A *		52,908		3,617,320
Eaton Corp. PLC		10,280		3,669,857
Elevance Health, Inc.		31,987		12,441,664
Enphase Energy, Inc. *		42,814		1,697,575
Entegris, Inc.		31,278		2,522,571
EPAM Systems, Inc. *		17,691		3,128,123

The accompanying notes are an integral part of the financial statements.
60

Portfolio of Investments

Semi-Annual Financial Statements and Other Information June 30, 2025

June 30, 2025 (unaudited)
Baillie Gifford Global Alpha Equities Fund

	Shares		Value
Floor & Decor Holdings, Inc., Class A *		25,590	$	1,943,816
FTAI Aviation Ltd.		35,286		4,059,301
Markel Group, Inc. *		2,754		5,500,729
Martin Marietta Materials, Inc.		20,438		11,219,645
Mastercard, Inc., Class A		21,741		12,217,138
Medpace Holdings, Inc. *		7,756		2,434,298
Meta Platforms, Inc., Class A		36,004		26,574,192
Microsoft Corp.		50,799		25,267,931
Moody's Corp.		11,224		5,629,846
MSCI, Inc.		5,410		3,120,163
Netflix, Inc. *		4,965		6,648,780
NVIDIA Corp.		215,475		34,042,895
ON Semiconductor Corp. *		80,357		4,211,510
Paycom Software, Inc.		25,280		5,849,792
Royalty Pharma PLC, Class A		248,019		8,936,125
S&P Global, Inc.		10,556		5,566,073
Salesforce, Inc.		16,956		4,623,732
Service Corp. International		144,425		11,756,195
Spotify Technology SA *		6,022		4,620,922
Texas Instruments, Inc.		26,296		5,459,576
Thermo Fisher Scientific, Inc.		6,594		2,673,603
Trade Desk, Inc. (The), Class A *		67,610		4,867,244
Uber Technologies, Inc. *		62,510		5,832,183
UnitedHealth Group, Inc.		9,356		2,918,791
Walt Disney Co. (The)		33,712		4,180,625
WillScot Holdings Corp.		76,474		2,095,388
				360,140,324
TOTAL INVESTMENTS — 99.0%
(cost $313,125,526)			$	558,874,365
Other assets less liabilities — 1.0%				5,512,439
NET ASSETS — 100.0%			$	564,386,804

^(a) Amount rounds to less than 0.1%.

^(b) Investment was valued using significant unobservable inputs.

* Non-income producing security.

ADR — American Depositary Receipt

GDR — Global Depositary Receipt

The accompanying notes are an integral part of the financial statements.
61

Portfolio of Investments

Semi-Annual Financial Statements and Other Information June 30, 2025

June 30, 2025 (unaudited)
Baillie Gifford Global Alpha Equities Fund

Fair Value Measurement

The following is a summary of the inputs used as of June 30, 2025 in valuing the Fund's investments carried at fair value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks **	$	411,002,674	$	147,871,691	$	0	$	558,874,365
Total	$	411,002,674	$	147,871,691	$	0	$	558,874,365

** Refer to Portfolio of Investments for further detail.

There were no transfers into or out of Level 3 during the period ended June 30, 2025.

Summary of Unobservable Inputs for Level 3 Investments

The accompanying notes are an integral part of the financial statements.
62

Statement of Assets and Liabilities

Semi-Annual Financial Statements and Other Information June 30, 2025

June 30, 2025 (unaudited)
Baillie Gifford Global Alpha Equities Fund

ASSETS
Investments, at value (cost $313,125,526)	$	558,874,365
Cash		5,325,052
Foreign cash, at value (cost $1,074,999)		1,077,922
Receivable for investments sold		1,447,961
Tax reclaims receivable		401,744
Dividends receivable		279,260
Prepaid assets		13,051
Total Assets		567,419,355
LIABILITIES
Advisory fee payable		574,591
Payable for investment purchased		2,038,016
Administration and Supervisory fee payable		158,376
Shareholder Servicing fee payable		72,277
Trustee fee payable		8,733
Commitment fee payable		2,310
Accrued expenses		178,248
Total Liabilities		3,032,551
NET ASSETS	$	564,386,804
COMPOSITION OF NET ASSETS
Paid-in capital	$	209,685,820
Total distributable earnings		354,700,984
	$	564,386,804
NET ASSET VALUE, PER SHARE
Class 2 ($150,548,919 / 8,318,677 shares outstanding), unlimited authorized, no par value	$	18.10
Class K ($367,000,816 / 20,415,460 shares outstanding), unlimited authorized, no par value	$	17.98
Institutional Class ($46,837,069 / 2,601,700 shares outstanding), unlimited authorized, no par value	$	18.00

The accompanying notes are an integral part of the financial statements.
63

Statement of Operations

Semi-Annual Financial Statements and Other Information June 30, 2025

For the Six Months Ended June 30, 2025 (unaudited)
Baillie Gifford Global Alpha Equities Fund

INVESTMENT INCOME
Dividends (net of foreign withholding taxes of $229,167)	$	2,908,408
Windfall tax recovery (Note A)		143,717
Interest		110,952
Total Investment Income		3,163,077
EXPENSES
Advisory fee (Note B)		1,335,674
Shareholder Servicing fees — Class 2 shares (Note B)		128,040
Shareholder Servicing fees — Class 4 shares (Note B)		49,359
Administration & Supervisory fee — Class K shares (Note B)		283,690
Administration & Supervisory fee — Institutional Class shares (Note B)		36,061
Transfer agency		27,056
Sub-transfer agency — Institutional Class shares		20,331
Fund accounting		85,162
Legal		62,757
Custody		39,075
Professional fees		29,173
Registration fees		21,393
Trustees' fees		18,327
Commitment fees		5,083
Miscellaneous		16,956
Total Expenses		2,158,137
Net Investment Income		1,004,940
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain from:
Investments		86,240,448
Foreign currency transactions		82,889
		86,323,337
Net change in unrealized appreciation (depreciation) on:
Investments (net of change in deferred India capital gains tax benefit of $64,848) (Note A)		(37,185,236	)
Translation of net assets and liabilities denominated in foreign currencies		48,363
		(37,136,873	)
Net realized and unrealized gain		49,186,464
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	50,191,404

The accompanying notes are an integral part of the financial statements.
64

Statements of Changes in Net Assets

Semi-Annual Financial Statements and Other Information June 30, 2025

Baillie Gifford Global Alpha Equities Fund

	For the Six Months Ended June 30, 2025 (unaudited)			For the Year Ended December 31, 2024
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	1,004,940		$	4,085,123
Net realized gain		86,323,337			160,339,023
Net change in unrealized (depreciation)		(37,136,873	)		(63,088,745	)
Net Increase in Net Assets from Operations		50,191,404			101,335,401
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings
Class 2		—			(14,023,740	)
Class 4		—			(19,938,354	)
Class K		—			(30,578,776	)
Institutional Class		—			(3,365,544	)
Total Distributions to Shareholders		—			(67,906,414	)
TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
Net proceeds from shares subscribed:
Class 2		1,500			87,503,121	*
Class 4		—			197,603,009	*
Class K		15,005,259			48,860,829
Institutional Class		9,600,000			1,572,850
Dividends reinvested:
Class 2		—			14,023,739
Class 4		—			19,938,354
Class K		—			30,578,776
Institutional Class		—			3,365,544
Cost of shares redeemed:
Class 2		(18,083,644	)		(97,507,998	)
Class 3 (Liquidated)		—			(305,100,130	)*
Class 4 (Liquidated)		(215,447,262	)		(114,002,041	)
Class K		(13,627,501	)		(127,256,803	)
Institutional Class		(2,491,844	)		(15,385,633	)
(Decrease) in Net Assets from Transactions in Shares of Beneficial Interest		(225,043,492	)		(255,806,383	)
Total (Decrease) in Net Assets		(174,852,088	)		(222,377,396	)
NET ASSETS
Beginning of Period		739,238,892			961,616,288
End of Period	$	564,386,804		$	739,238,892

* See Note D for class conversions.

The accompanying notes are an integral part of the financial statements.
65

Financial Highlights

Semi-Annual Financial Statements and Other Information June 30, 2025

Baillie Gifford Global Alpha Equities Fund
Selected data for a Class 2 share outstanding throughout each period:

	For the Six Months Ended June 30, 2025 (unaudited)			For the Year Ended December 31, 2024			For the Year Ended December 31, 2023			For the Year Ended December 31, 2022			For the Year Ended December 31, 2021			For the Year Ended December 31, 2020
Net asset value, beginning of period	$	16.17		$	16.05		$	13.57		$	19.72		$	21.18		$	16.46
From Investment Operations
Net investment income^(a)		0.03			0.08			0.09			0.11			0.08			0.04
Net realized and unrealized gain (loss) on investments and foreign currency		1.90			1.69			2.57			(5.85	)		1.54			5.93
Net increase (decrease) in net asset value from investment operations		1.93			1.77			2.66			(5.74	)		1.62			5.97
Dividends and Distributions to Shareholders
From net investment income		—			(0.25	)		(0.18	)		(0.01	)		(0.30	)		(0.13	)
From net realized gain on investments		—			(1.40	)		—			(0.40	)		(2.78	)		(1.12	)
Total dividends and distributions		—			(1.65	)		(0.18	)		(0.41	)		(3.08	)		(1.25	)
Net asset value, end of period	$	18.10		$	16.17		$	16.05		$	13.57		$	19.72		$	21.18
Total Return
Total return based on net asset value^(b)		11.91	%		10.92	%		19.61	%		(29.08	)%		7.65	%		36.31	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	150,549		$	151,740		$	138,907		$	167,683		$	187,473		$	250,776
Ratio of net expenses to average net assets		0.66	%*		0.65	%		0.65	%		0.67	%		0.64	%		0.65	%
Ratio of net investment income to average net assets		0.32	%*		0.47	%		0.58	%		0.77	%		0.33	%		0.25	%
Portfolio turnover rate^(c)		18	%		28	%		19	%		9	%		40	%		23	%

* Annualized.

^(a) Calculated based upon average shares outstanding during the period.

^(c) Portfolio turnover rate calculated at Fund level. and excludes the value of portfolio securities sold or received in-kind in connection with Fund capital shares sold or redemptions in-kind. Portfolio turnover is not annualized for periods less than one year.

The accompanying notes are an integral part of the financial statements.
66

Financial Highlights

Semi-Annual Financial Statements and Other Information June 30, 2025

Baillie Gifford Global Alpha Equities Fund
Selected data for a Class K share outstanding throughout each period:

	For the Six Months Ended June 30, 2025 (unaudited)			For the Year Ended December 31, 2024			For the Year Ended December 31, 2023			For the Year Ended December 31, 2022			For the Year Ended December 31, 2021			For the Year Ended December 31, 2020
Net asset value, beginning of period	$	16.06		$	15.96		$	13.50		$	19.62		$	21.12		$	16.42
From Investment Operations
Net investment income^(a)		0.03			0.07			0.08			0.11			0.05			0.03
Net realized and unrealized gain (loss) on investments and foreign currency		1.89			1.69			2.56			(5.82	)		1.56			5.93
Net increase (decrease) in net asset value from investment operations		1.92			1.76			2.64			(5.71	)		1.61			5.96
Dividends and Distributions to Shareholders
From net investment income		—			(0.26	)		(0.18	)		(0.01	)		(0.33	)		(0.14	)
From net realized gain on investments		—			(1.40	)		—			(0.40	)		(2.78	)		(1.12	)
Total dividends and distributions		—			(1.66	)		(0.18	)		(0.41	)		(3.11	)		(1.26	)
Net asset value, end of period	$	17.98		$	16.06		$	15.96		$	13.50		$	19.62		$	21.12
Total Return
Total return based on net asset value^(b)		11.96	%		10.87	%		19.65	%		(29.08	)%		7.64	%		36.35	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	367,001		$	327,190		$	368,280		$	398,663		$	513,807		$	267,923
Ratio of net expenses to average net assets		0.66	%*		0.65	%		0.65	%		0.67	%		0.64	%		0.65	%
Ratio of net investment income to average net assets		0.32	%*		0.43	%		0.55	%		0.74	%		0.23	%		0.18	%
Portfolio turnover rate^(c)		18	%		28	%		19	%		9	%		40	%		23	%

* Annualized.

^(a) Calculated based upon average shares outstanding during the period.

The accompanying notes are an integral part of the financial statements.
67

Financial Highlights

Semi-Annual Financial Statements and Other Information June 30, 2025

Baillie Gifford Global Alpha Equities Fund
Selected data for an Institutional Class share outstanding throughout each period:

	For the Six Months Ended June 30, 2025 (unaudited)			For the Year Ended December 31, 2024			For the Year Ended December 31, 2023			For the Year Ended December 31, 2022			For the Year Ended December 31, 2021			For the Year Ended December 31, 2020
Net asset value, beginning of period	$	16.10		$	15.97		$	13.51		$	19.65		$	21.15		$	16.45
From Investment Operations
Net investment income^(a)		0.02			0.06			0.07			0.09			0.05			0.02
Net realized and unrealized gain (loss) on investments and foreign currency		1.88			1.68			2.56			(5.82	)		1.54			5.93
Net increase (decrease) in net asset value from investment operations		1.90			1.74			2.63			(5.73	)		1.59			5.95
Dividends and Distributions to Shareholders
From net investment income		—			(0.21	)		(0.17	)		(0.01	)		(0.31	)		(0.13	)
From net realized gain on investments		—			(1.40	)		—			(0.40	)		(2.78	)		(1.12	)
Total dividends and distributions		—			(1.61	)		(0.17	)		(0.41	)		(3.09	)		(1.25	)
Net asset value, end of period	$	18.00		$	16.10		$	15.97		$	13.51		$	19.65		$	21.15
Total Return
Total return based on net asset value^(b)		11.87	%		10.76	%		19.50	%		(29.14	)%		7.53	%		36.22	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	46,837		$	35,191		$	44,289		$	38,317		$	51,045		$	27,677
Ratio of net expenses to average net assets		0.76	%*		0.75	%		0.75	%		0.76	%		0.74	%		0.74	%
Ratio of net investment income to average net assets		0.23	%*		0.33	%		0.48	%		0.58	%		0.21	%		0.09	%
Portfolio turnover rate^(c)		18	%		28	%		19	%		9	%		40	%		23	%

* Annualized.

^(a) Calculated based upon average shares outstanding during the period.

The accompanying notes are an integral part of the financial statements.
68

Industry Diversification Table

Semi-Annual Financial Statements and Other Information June 30, 2025

June 30, 2025 (unaudited)
Baillie Gifford International Alpha Fund

	Value		% of Total Net Assets
Airlines	$	74,555,621		3.2	%
Apparel		18,077,021		0.8
Banks		84,721,898		3.7
Beverages		13,537,151		0.6
Biotechnology		10,893,159		0.5
Building Materials		102,193,755		4.5
Chemicals		37,155,102		1.6
Commercial Services		165,392,708		7.2
Cosmetics/Personal Care		51,516,502		2.2
Distribution/Wholesale		24,842,236		1.1
Diversified Financial Services		66,288,865		2.9
Electrical Components & Equipment		13,898,151		0.6
Electronics		11,535,629		0.5
Food		45,150,362		2.0
Healthcare — Products		51,872,376		2.3
Home Furnishings		97,847,092		4.3
Insurance		101,702,059		4.4
Internet		441,386,620		19.2
Investment Companies		21,077,945		0.9
Leisure Time		74,835,739		3.3
Machinery — Diversified		102,062,617		4.4
Mining		33,750,297		1.5
Oil & Gas		25,111,677		1.1
Pharmaceuticals		68,321,005		3.0
Retail		35,528,888		1.5
Semiconductors		192,185,321		8.4
Software		203,894,788		8.9
Toys/Games/Hobbies		27,109,224		1.2
Transportation		66,630,914		2.9
Total Value of Investments		2,263,074,722		98.7
Other assets less liabilities		29,433,628		1.3
Net Assets	$	2,292,508,350		100.0	%

Portfolio of Investments

Semi-Annual Financial Statements and Other Information June 30, 2025

June 30, 2025 (unaudited)
Baillie Gifford International Alpha Fund

	Shares		Value
COMMON STOCKS — 98.7%
AUSTRALIA — 1.5%
Rio Tinto PLC		579,861	$	33,750,297
BRAZIL — 4.5%
B3 SA — Brasil Bolsa Balcao		2,002,100		5,357,997
MercadoLibre, Inc. *		37,119		97,015,332
				102,373,329
CANADA — 4.8%
Constellation Software, Inc.		9,216		33,792,789
Lumine Group, Inc. *		716,008		25,149,009
Shopify, Inc., Class A *		215,401		24,846,505
Stella-Jones, Inc.		224,732		12,953,343
TFI International, Inc.		135,820		12,192,133
				108,933,779
CHINA — 9.4%
Kweichow Moutai Co., Ltd., Class A		68,700		13,537,151
Meituan, Class B *		1,131,100		18,194,921
Midea Group Co., Ltd., Class A		3,164,600		31,931,382
PDD Holdings, Inc. ADR *		95,323		9,976,505
Ping An Insurance Group Co. of China Ltd., Class H		2,164,000		13,813,503
Silergy Corp.		947,000		11,535,629
Tencent Holdings Ltd.		1,153,500		74,326,481
Tencent Music Entertainment Group ADR		2,181,368		42,514,863
				215,830,435
DENMARK — 5.7%
Demant A/S *		573,940		23,980,108
DSV A/S		226,966		54,438,781
Novo Nordisk A/S, B Shares		226,208		15,674,869
Novonesis Novozymes B, B Shares		517,503		37,155,102
				131,248,860
FINLAND — 0.9%
Kone Oyj, Class B		320,642		21,124,127

The accompanying notes are an integral part of the financial statements.
70

Portfolio of Investments

Semi-Annual Financial Statements and Other Information June 30, 2025

June 30, 2025 (unaudited)
Baillie Gifford International Alpha Fund

	Shares		Value
FRANCE — 6.2%
Danone SA		551,803	$	45,150,362
Dassault Systemes SE		666,779		24,165,157
Edenred		917,229		28,489,603
LVMH Moet Hennessy Louis Vuitton SE		34,539		18,077,021
Nexans SA		106,207		13,898,151
Sartorius Stedim Biotech		55,929		13,381,708
				143,162,002
GERMANY — 9.0%
BioNTech SE ADR *		102,312		10,893,159
Deutsche Boerse AG		186,510		60,930,868
Rational AG		23,503		19,749,531
SAP SE		185,622		56,759,395
Scout24 SE		409,325		56,506,839
				204,839,792
HONG KONG — 1.4%
AIA Group Ltd.		3,548,800		32,146,605
INDIA — 4.0%
HDFC Bank Ltd.		1,810,031		42,256,011
ICICI Lombard General Insurance Co., Ltd.		983,952		23,409,627
Reliance Industries Ltd.		1,434,689		25,111,677
				90,777,315
IRELAND — 1.7%
Kingspan Group PLC		456,354		38,885,648
ITALY — 4.8%
FinecoBank Banca Fineco SpA		1,914,297		42,465,888
Ryanair Holdings PLC ADR		1,012,329		58,381,013
Technoprobe SpA *		1,263,048		11,043,844
				111,890,745
JAPAN — 11.6%
FANUC Corp.		445,800		12,102,261
Keyence Corp.		43,000		17,192,617
Money Forward, Inc. *		522,900		17,747,168
MonotaRO Co., Ltd.		1,286,600		25,327,821

The accompanying notes are an integral part of the financial statements.
71

Portfolio of Investments

Semi-Annual Financial Statements and Other Information June 30, 2025

June 30, 2025 (unaudited)
Baillie Gifford International Alpha Fund

	Shares		Value
Nihon M&A Center Holdings, Inc.		4,180,300	$	21,189,463
Nintendo Co., Ltd.		282,300		27,109,224
Olympus Corp.		1,221,600		14,510,559
Recruit Holdings Co., Ltd.		332,600		19,559,088
Shimano, Inc.		195,300		28,314,681
SMC Corp.		44,400		15,911,292
Sony Group Corp.		1,775,600		46,166,179
Unicharm Corp.		2,769,000		19,994,365
				265,124,718
KAZAKHSTAN — 0.8%
Kaspi.KZ JSC ADR		221,507		18,803,729
NETHERLANDS — 6.5%
Adyen NV *		22,063		40,519,522
ASML Holding NV		37,693		30,204,790
EXOR NV		208,801		21,077,945
IMCD NV		184,707		24,842,236
Topicus.com, Inc. *		261,207		32,725,923
				149,370,416
PANAMA — 0.7%
Copa Holdings SA, Class A		147,082		16,174,608
RUSSIA — 0.0% ^(a)
GMK Norilskiy Nickel PAO *^(b)		7,738,600		0
GMK Norilskiy Nickel PAO ADR *^(b)		1		0
				0
SINGAPORE — 1.5%
Sea Ltd. ADR *		218,375		34,926,898
SOUTH AFRICA — 1.4%
Discovery Ltd.		2,659,687		32,332,324
SOUTH KOREA — 3.2%
Coupang, Inc. *		944,130		28,286,135
Samsung Electronics Co., Ltd.		1,013,360		44,812,422
				73,098,557

The accompanying notes are an integral part of the financial statements.
72

Portfolio of Investments

Semi-Annual Financial Statements and Other Information June 30, 2025

June 30, 2025 (unaudited)
Baillie Gifford International Alpha Fund

	Shares		Value
SPAIN — 1.6%
Amadeus IT Group SA		436,303	$	36,860,203
SWEDEN — 2.0%
Atlas Copco AB, B Shares		2,510,599		35,732,320
MIPS AB		206,167		9,660,854
				45,393,174
SWITZERLAND — 2.2%
Cie Financiere Richemont SA		129,761		24,555,047
Sandoz Group AG		454,860		24,927,865
				49,482,912
TAIWAN — 4.6%
Taiwan Semiconductor Manufacturing Co., Ltd.		2,902,000		106,124,266
UNITED KINGDOM — 1.8%
B&M European Value Retail SA		2,946,461		10,973,840
Unilever PLC		516,534		31,522,138
				42,495,978
UNITED STATES — 6.9%
CRH PLC		545,498		50,354,765
Experian PLC		714,252		36,831,302
Monday.com Ltd. *		43,104		13,555,346
Roche Holding AG		84,916		27,718,271
Spotify Technology SA *		38,398		29,464,321
				157,924,005
Total Common Stocks
(cost $1,345,027,931)				2,263,074,722
WARRANT — 0.0% ^(a)
CANADA — 0.0% ^(a)
Constellation Software, Inc., expires 3/31/40 *		16,097		0
Total Warrant
(cost $0)				0

The accompanying notes are an integral part of the financial statements.
73

Portfolio of Investments

Semi-Annual Financial Statements and Other Information June 30, 2025

June 30, 2025 (unaudited)
Baillie Gifford International Alpha Fund

	Shares	Value
TOTAL INVESTMENTS — 98.7%
(cost $1,345,027,931)		$	2,263,074,722
Other assets less liabilities — 1.3%			29,433,628
NET ASSETS — 100.0%		$	2,292,508,350

^(a) Amount rounds to less than 0.1%.

^(b) Investment was valued using significant unobservable inputs.

* Non-income producing security.

ADR — American Depositary Receipt

Fair Value Measurement

The following is a summary of the inputs used as of June 30, 2025 in valuing the Fund's investments carried at fair value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks **	$	507,009,608	$	1,756,065,114	$	0	$	2,263,074,722
Warrant **		—		0		—		0
Total	$	507,009,608	$	1,756,065,114	$	0	$	2,263,074,722

** Refer to Portfolio of Investments for further detail.

There were no transfers into or out of Level 3 during the period ended June 30, 2025.

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 June 30, 2025 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.

The accompanying notes are an integral part of the financial statements.
74

Statement of Assets and Liabilities

Semi-Annual Financial Statements and Other Information June 30, 2025

June 30, 2025 (unaudited)
Baillie Gifford International Alpha Fund

ASSETS
Investments, at value (cost $1,345,027,931)	$	2,263,074,722
Cash		29,823,181
Foreign cash, at value (cost $3,364,474)		3,380,773
Tax reclaims receivable		5,721,029
Dividends receivable		2,476,880
Receivable for investments sold		2,124,883
Capital shares sold receivable		51,377
Prepaid assets		18,591
Total Assets		2,306,671,436
LIABILITIES
Advisory fee payable		1,903,032
Deferred India capital gains tax liability (Note A)		7,592,503
Payable for investment purchased		3,213,597
Shareholder Servicing fee payable		400,936
Administration and Supervisory fee payable		376,070
Capital shares purchased payable		165,836
Trustee fee payable		27,824
Commitment fee payable		7,512
Accrued expenses		475,776
Total Liabilities		14,163,086
NET ASSETS	$	2,292,508,350
COMPOSITION OF NET ASSETS
Paid-in capital	$	1,274,092,060
Total distributable earnings		1,018,416,290
	$	2,292,508,350
NET ASSET VALUE, PER SHARE
Class 2 ($539,946,728 / 35,620,254 shares outstanding), unlimited authorized, no par value	$	15.16
Class 3 ($524,581,020 / 34,009,196 shares outstanding), unlimited authorized, no par value	$	15.42
Class 4 ($204,770,365 / 13,012,202 shares outstanding), unlimited authorized, no par value	$	15.74
Class 5 ($38,972,711 / 2,422,884 shares outstanding), unlimited authorized, no par value	$	16.09
Class K ($876,396,004 / 58,078,527 shares outstanding), unlimited authorized, no par value	$	15.09
Institutional Class ($107,841,522 / 7,076,276 shares outstanding), unlimited authorized, no par value	$	15.24

The accompanying notes are an integral part of the financial statements.
75

Statement of Operations

Semi-Annual Financial Statements and Other Information June 30, 2025

For the Six Months Ended June 30, 2025 (unaudited)
Baillie Gifford International Alpha Fund

INVESTMENT INCOME
Dividends (net of foreign withholding taxes of $3,391,749)	$	22,969,883
Windfall tax recovery (Note A)		2,622,267
Interest		178,333
Total Investment Income		25,770,483
EXPENSES
Advisory fee (Note B)		3,754,383
Shareholder Servicing fees — Class 2 shares (Note B)		386,619
Shareholder Servicing fees — Class 3 shares (Note B)		213,313
Shareholder Servicing fees — Class 4 shares (Note B)		110,527
Shareholder Servicing fees — Class 5 shares (Note B)		4,268
Administration & Supervisory fee — Class K shares (Note B)		703,563
Administration & Supervisory fee — Institutional Class shares (Note B)		83,793
Transfer agency		52,864
Sub-transfer agency — Institutional Class shares		49,714
Fund accounting		205,288
Legal		194,748
Custody		157,550
Trustees' fees		55,672
Professional fees		23,187
Registration fees		21,352
Commitment fees		15,369
Miscellaneous		50,521
Total Expenses		6,082,731
Net Investment Income		19,687,752
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) from:
Investments		81,127,423
Foreign currency transactions		(5,131	)
		81,122,292
Net change in unrealized appreciation on:
Investments (net of change in deferred India capital gains tax expense of $3,662,811) (Note A)		275,304,085
Translation of net assets and liabilities denominated in foreign currencies		630,634
		275,934,719
Net realized and unrealized gain		357,057,011
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	376,744,763

The accompanying notes are an integral part of the financial statements.
76

Statements of Changes in Net Assets

Semi-Annual Financial Statements and Other Information June 30, 2025

Baillie Gifford International Alpha Fund

	For the Six Months Ended June 30, 2025 (unaudited)			For the Year Ended December 31, 2024
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	19,687,752		$	21,987,938
Net realized gain		81,122,292			125,846,254
Net change in unrealized appreciation (depreciation)		275,934,719			(19,885,331	)
Net Increase in Net Assets from Operations		376,744,763			127,948,861
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings
Class 2		—			(15,896,364	)
Class 3		—			(15,070,893	)
Class 4		—			(15,638,532	)
Class 5		—			(1,853,518	)
Class K		—			(32,134,484	)
Institutional Class		—			(3,914,428	)
Total Distributions to Shareholders		—			(84,508,219	)
TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
Net proceeds from shares subscribed:
Class 2		84,787,883			69,408,011
Class 3		168,473,870			1,475,000
Class 5		—			2,000,000
Class K		23,714,682			137,886,083
Institutional Class		10,792,467			21,978,549
Dividends reinvested:
Class 2		—			15,896,364
Class 3		—			15,070,893
Class 4		—			15,638,532
Class 5		—			1,853,518
Class K		—			31,247,329
Institutional Class		—			3,848,106
Cost of shares redeemed:
Class 2		(19,321,487	)		(71,108,095	)
Class 3		(93,088,383	)		(128,330,477	)
Class 4		(227,548,870	)		(250,000,000	)
Class 5		(14,978,546	)		(10,790,367	)
Class K		(72,437,014	)		(155,778,856	)
Institutional Class		(17,624,747	)		(33,406,456	)
(Decrease) in Net Assets from Transactions in Shares of Beneficial Interest		(157,230,145	)		(333,111,866	)
Total Increase (Decrease) in Net Assets		219,514,618			(289,671,224	)
NET ASSETS
Beginning of Period		2,072,993,732			2,362,664,956
End of Period	$	2,292,508,350		$	2,072,993,732

The accompanying notes are an integral part of the financial statements.
77

Financial Highlights

Semi-Annual Financial Statements and Other Information June 30, 2025

Baillie Gifford International Alpha Fund
Selected data for a Class 2 share outstanding throughout each period:

	For the Six Months Ended June 30, 2025 (unaudited)			For the Year Ended December 31, 2024			For the Year Ended December 31, 2023			For the Year Ended December 31, 2022			For the Year Ended December 31, 2021			For the Year Ended December 31, 2020
Net asset value, beginning of period	$	12.78		$	12.68		$	10.81		$	15.43		$	16.78		$	13.57
From Investment Operations
Net investment income^(a)		0.13			0.12			0.12			0.13			0.16			0.12
Net realized and unrealized gain (loss) on investments and foreign currency		2.25			0.53			1.91			(4.56	)		(0.28	)		3.47
Net increase (decrease) in net asset value from investment operations		2.38			0.65			2.03			(4.43	)		(0.12	)		3.59
Dividends and Distributions to Shareholders
From net investment income		—			(0.10	)		(0.16	)		(0.19	)		(0.16	)		(0.10	)
From net realized gain on investments		—			(0.45	)		—			—			(1.07	)		(0.28	)
Total dividends and distributions		—			(0.55	)		(0.16	)		(0.19	)		(1.23	)		(0.38	)
Net asset value, end of period	$	15.16		$	12.78		$	12.68		$	10.81		$	15.43		$	16.78
Total Return
Total return based on net asset value^(b)		18.64	%		5.05	%		18.72	%		(28.64	)%		(0.65	)%		26.45	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	539,947		$	389,290		$	372,487		$	324,525		$	334,569		$	367,841
Ratio of net expenses to average net assets		0.59	%*		0.59	%		0.60	%		0.61	%		0.58	%		0.59	%
Ratio of net investment income to average net assets		1.88	%*		0.87	%		1.02	%		1.17	%		0.94	%		0.85	%
Portfolio turnover rate^(c)		8	%		20	%		16	%		19	%		16	%		24	%

* Annualized.

^(a) Calculated based upon average shares outstanding during the period.

^(c) Portfolio turnover rate calculated at Fund level. Portfolio turnover is not annualized for periods less than one year.

The accompanying notes are an integral part of the financial statements.
78

Financial Highlights

Semi-Annual Financial Statements and Other Information June 30, 2025

Baillie Gifford International Alpha Fund
Selected data for a Class 3 share outstanding throughout each period:

	For the Six Months Ended June 30, 2025 (unaudited)			For the Year Ended December 31, 2024			For the Year Ended December 31, 2023			For the Year Ended December 31, 2022			For the Year Ended December 31, 2021			For the Year Ended December 31, 2020
Net asset value, beginning of period	$	13.00		$	12.89		$	10.99		$	15.67		$	17.02		$	13.76
From Investment Operations
Net investment income^(a)		0.14			0.14			0.11			0.15			0.18			0.13
Net realized and unrealized gain (loss) on investments and foreign currency		2.28			0.53			1.96			(4.63	)		(0.28	)		3.52
Net increase (decrease) in net asset value from investment operations		2.42			0.67			2.07			(4.48	)		(0.10	)		3.65
Dividends and Distributions to Shareholders
From net investment income		—			(0.11	)		(0.17	)		(0.20	)		(0.18	)		(0.11	)
From net realized gain on investments		—			(0.45	)		—			—			(1.07	)		(0.28	)
Total dividends and distributions		—			(0.56	)		(0.17	)		(0.20	)		(1.25	)		(0.39	)
Net asset value, end of period	$	15.42		$	13.00		$	12.89		$	10.99		$	15.67		$	17.02
Total Return
Total return based on net asset value^(b)		18.68	%		5.12	%		18.80	%		(28.59	)%		(0.58	)%		26.54	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	524,581		$	369,654		$	466,685		$	388,155		$	524,717		$	757,194
Ratio of net expenses to average net assets		0.52	%*		0.52	%		0.53	%		0.54	%		0.51	%		0.52	%
Ratio of net investment income to average net assets		1.96	%*		1.00	%		0.93	%		1.22	%		1.01	%		0.92	%
Portfolio turnover rate^(c)		8	%		20	%		16	%		19	%		16	%		24	%

* Annualized.

^(a) Calculated based upon average shares outstanding during the period.

^(c) Portfolio turnover rate calculated at Fund level. Portfolio turnover is not annualized for periods less than one year.

The accompanying notes are an integral part of the financial statements.
79

Financial Highlights

Semi-Annual Financial Statements and Other Information June 30, 2025

Baillie Gifford International Alpha Fund
Selected data for a Class 4 share outstanding throughout each period:

	For the Six Months Ended June 30, 2025 (unaudited)			For the Year Ended December 31, 2024			For the Year Ended December 31, 2023			For the Year Ended December 31, 2022			For the Year Ended December 31, 2021			For the Year Ended December 31, 2020
Net asset value, beginning of period	$	13.26		$	13.14		$	11.20		$	15.96		$	17.32		$	14.00
From Investment Operations
Net investment income^(a)		0.12			0.15			0.13			0.16			0.19			0.12
Net realized and unrealized gain (loss) on investments and foreign currency		2.36			0.53			1.98			(4.72	)		(0.30	)		3.60
Net increase (decrease) in net asset value from investment operations		2.48			0.68			2.11			(4.56	)		(0.11	)		3.72
Dividends and Distributions to Shareholders
From net investment income		—			(0.11	)		(0.17	)		(0.20	)		(0.18	)		(0.12	)
From net realized gain on investments		—			(0.45	)		—			—			(1.07	)		(0.28	)
Total dividends and distributions		—			(0.56	)		(0.17	)		(0.20	)		(1.25	)		(0.40	)
Net asset value, end of period	$	15.74		$	13.26		$	13.14		$	11.20		$	15.96		$	17.32
Total Return
Total return based on net asset value^(b)		18.70	%		5.15	%		18.83	%		(28.57	)%		(0.55	)%		26.57	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	204,770		$	388,834		$	607,974		$	511,620		$	912,395		$	1,082,123
Ratio of net expenses to average net assets		0.49	%*		0.49	%		0.50	%		0.51	%		0.48	%		0.49	%
Ratio of net investment income to average net assets		1.64	%*		1.07	%		1.05	%		1.26	%		1.03	%		0.82	%
Portfolio turnover rate^(c)		8	%		20	%		16	%		19	%		16	%		24	%

* Annualized.

^(a) Calculated based upon average shares outstanding during the period.

^(c) Portfolio turnover rate calculated at Fund level. Portfolio turnover is not annualized for periods less than one year.

The accompanying notes are an integral part of the financial statements.
80

Financial Highlights

Semi-Annual Financial Statements and Other Information June 30, 2025

Baillie Gifford International Alpha Fund
Selected data for a Class 5 share outstanding throughout each period:

	For the Six Months Ended June 30, 2025 (unaudited)			For the Year Ended December 31, 2024			For the Year Ended December 31, 2023			For the Year Ended December 31, 2022			For the Year Ended December 31, 2021			For the Year Ended December 31, 2020
Net asset value, beginning of period	$	13.55		$	13.41		$	11.43		$	16.29		$	17.65		$	14.26
From Investment Operations
Net investment income^(a)		0.14			0.15			0.14			0.17			0.20			0.14
Net realized and unrealized gain (loss) on investments and foreign currency		2.40			0.56			2.02			(4.82	)		(0.30	)		3.66
Net increase (decrease) in net asset value from investment operations		2.54			0.71			2.16			(4.65	)		(0.10	)		3.80
Dividends and Distributions to Shareholders
From net investment income		—			(0.12	)		(0.18	)		(0.21	)		(0.19	)		(0.13	)
From net realized gain on investments		—			(0.45	)		—			—			(1.07	)		(0.28	)
Total dividends and distributions		—			(0.57	)		(0.18	)		(0.21	)		(1.26	)		(0.41	)
Net asset value, end of period	$	16.09		$	13.55		$	13.41		$	11.43		$	16.29		$	17.65
Total Return
Total return based on net asset value^(b)		18.73	%		5.20	%		18.89	%		(28.53	)%		(0.50	)%		26.64	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	38,973		$	46,307		$	52,590		$	51,400		$	125,578		$	149,745
Ratio of net expenses to average net assets		0.44	%*		0.44	%		0.45	%		0.46	%		0.43	%		0.44	%
Ratio of net investment income to average net assets		1.87	%*		1.05	%		1.11	%		1.39	%		1.09	%		0.94	%
Portfolio turnover rate^(c)		8	%		20	%		16	%		19	%		16	%		24	%

* Annualized.

^(a) Calculated based upon average shares outstanding during the period.

^(c) Portfolio turnover rate calculated at Fund level. Portfolio turnover is not annualized for periods less than one year.

The accompanying notes are an integral part of the financial statements.
81

Financial Highlights

Semi-Annual Financial Statements and Other Information June 30, 2025

Baillie Gifford International Alpha Fund
Selected data for a Class K share outstanding throughout each period:

	For the Six Months Ended June 30, 2025 (unaudited)			For the Year Ended December 31, 2024			For the Year Ended December 31, 2023			For the Year Ended December 31, 2022			For the Year Ended December 31, 2021			For the Year Ended December 31, 2020
Net asset value, beginning of period	$	12.72		$	12.63		$	10.77		$	15.36		$	16.71		$	13.53
From Investment Operations
Net investment income^(a)		0.12			0.12			0.11			0.14			0.16			0.10
Net realized and unrealized gain (loss) on investments and foreign currency		2.25			0.52			1.91			(4.54	)		(0.27	)		3.47
Net increase (decrease) in net asset value from investment operations		2.37			0.64			2.02			(4.40	)		(0.11	)		3.57
Dividends and Distributions to Shareholders
From net investment income		—			(0.10	)		(0.16	)		(0.19	)		(0.17	)		(0.11	)
From net realized gain on investments		—			(0.45	)		—			—			(1.07	)		(0.28	)
Total dividends and distributions		—			(0.55	)		(0.16	)		(0.19	)		(1.24	)		(0.39	)
Net asset value, end of period	$	15.09		$	12.72		$	12.63		$	10.77		$	15.36		$	16.71
Total Return
Total return based on net asset value^(b)		18.63	%		5.02	%		18.76	%		(28.65	)%		(0.62	)%		26.40	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	876,396		$	781,330		$	759,520		$	700,531		$	1,222,693		$	1,083,711
Ratio of net expenses to average net assets		0.59	%*		0.59	%		0.60	%		0.61	%		0.58	%		0.59	%
Ratio of net investment income to average net assets		1.79	%*		0.88	%		0.97	%		1.20	%		0.92	%		0.74	%
Portfolio turnover rate^(c)		8	%		20	%		16	%		19	%		16	%		24	%

* Annualized.

^(a) Calculated based upon average shares outstanding during the period.

^(c) Portfolio turnover rate calculated at Fund level. Portfolio turnover is not annualized for periods less than one year.

The accompanying notes are an integral part of the financial statements.
82

Financial Highlights

Semi-Annual Financial Statements and Other Information June 30, 2025

Baillie Gifford International Alpha Fund
Selected data for an Institutional Class share outstanding throughout each period:

	For the Six Months Ended June 30, 2025 (unaudited)			For the Year Ended December 31, 2024			For the Year Ended December 31, 2023			For the Year Ended December 31, 2022			For the Year Ended December 31, 2021			For the Year Ended December 31, 2020
Net asset value, beginning of period	$	12.85		$	12.75		$	10.87		$	15.41		$	16.76		$	13.58
From Investment Operations
Net investment income^(a)		0.11			0.11			0.11			0.14			0.14			0.08
Net realized and unrealized gain (loss) on investments and foreign currency		2.28			0.52			1.91			(4.56	)		(0.27	)		3.49
Net increase (decrease) in net asset value from investment operations		2.39			0.63			2.02			(4.42	)		(0.13	)		3.57
Dividends and Distributions to Shareholders
From net investment income		—			(0.08	)		(0.14	)		(0.12	)		(0.15	)		(0.11	)
From net realized gain on investments		—			(0.45	)		—			—			(1.07	)		(0.28	)
Total dividends and distributions		—			(0.53	)		(0.14	)		(0.12	)		(1.22	)		(0.39	)
Net asset value, end of period	$	15.24		$	12.85		$	12.75		$	10.87		$	15.41		$	16.76
Total Return
Total return based on net asset value^(b)		18.60	%		4.93	%		18.60	%		(28.67	)%		(0.74	)%		26.29	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	107,842		$	97,579		$	103,409		$	136,987		$	758,401		$	729,705
Ratio of net expenses to average net assets		0.69	%*		0.68	%		0.68	%		0.71	%		0.68	%		0.67	%
Ratio of net investment income to average net assets		1.66	%*		0.79	%		0.92	%		1.20	%		0.82	%		0.52	%
Portfolio turnover rate^(c)		8	%		20	%		16	%		19	%		16	%		24	%

* Annualized.

^(a) Calculated based upon average shares outstanding during the period.

^(c) Portfolio turnover rate calculated at Fund level. Portfolio turnover is not annualized for periods less than one year.

The accompanying notes are an integral part of the financial statements.
83

Industry Diversification Table

Semi-Annual Financial Statements and Other Information June 30, 2025

June 30, 2025 (unaudited)
Baillie Gifford International Concentrated Growth Equities Fund

	Value		% of Total Net Assets
Apparel	$	5,553,745		5.2	%
Auto Manufacturers		7,478,002		7.0
Banks		1,675,747		1.6
Biotechnology		2,112,881		2.0
Commercial Services		10,059,110		9.5
Cosmetics/Personal Care		1,943,440		1.8
Food		1,145,811		1.1
Internet		54,704,112		51.5
Investment Companies		986,884		0.9
Machinery — Diversified		1,673,567		1.6
Pharmaceuticals		873,036		0.8
Semiconductors		16,890,612		15.9
Total Value of Investments		105,096,947		98.9
Other assets less liabilities		1,159,013		1.1
Net Assets	$	106,255,960		100.0	%

Portfolio of Investments

Semi-Annual Financial Statements and Other Information June 30, 2025

June 30, 2025 (unaudited)
Baillie Gifford International Concentrated Growth Equities Fund

	Shares		Value
COMMON STOCKS — 98.9%
BRAZIL — 15.7%
MercadoLibre, Inc. *		5,752	$	15,033,600
NU Holdings Ltd., Class A *		122,139		1,675,747
				16,709,347
CANADA — 2.6%
Shopify, Inc., Class A *		23,415		2,700,920
CHINA — 11.7%
BYD Co., Ltd., Class H		187,500		2,919,381
Meituan, Class B *		207,830		3,343,162
PDD Holdings, Inc. ADR *		22,639		2,369,398
Tencent Holdings Ltd.		59,700		3,846,806
				12,478,747
DENMARK — 0.8%
Novo Nordisk A/S, B Shares		12,599		873,036
FRANCE — 7.1%
Hermes International		1,497		4,058,166
Kering		6,865		1,495,579
L'Oreal SA		4,537		1,943,440
				7,497,185
GERMANY — 1.3%
BioNTech SE ADR *		12,558		1,337,050
ITALY — 4.3%
Ferrari NV		9,305		4,558,621
JAPAN — 0.8%
M3, Inc.		63,500		872,281
NETHERLANDS — 11.0%
Adyen NV *		3,933		7,223,102
ASML Holding NV		5,523		4,425,783
				11,648,885

The accompanying notes are an integral part of the financial statements.
85

Portfolio of Investments

Semi-Annual Financial Statements and Other Information June 30, 2025

June 30, 2025 (unaudited)
Baillie Gifford International Concentrated Growth Equities Fund

	Shares		Value
SINGAPORE — 5.7%
Sea Ltd. ADR *		38,068	$	6,088,596
SOUTH KOREA — 6.3%
Coupang, Inc. *		141,852		4,249,886
Delivery Hero SE *		89,229		2,421,874
				6,671,760
SWEDEN — 2.5%
Atlas Copco AB, B Shares		117,587		1,673,567
Kinnevik AB, B Shares *		111,377		986,883
				2,660,450
TAIWAN — 7.3%
Taiwan Semiconductor Manufacturing Co., Ltd.		213,000		7,789,273
UNITED KINGDOM — 3.7%
Ocado Group PLC *		367,358		1,145,811
Wise PLC, Class A *		198,525		2,836,008
				3,981,819
UNITED STATES — 18.1%
Moderna, Inc. *		28,120		775,831
NVIDIA Corp.		29,594		4,675,556
Spotify Technology SA *		17,955		13,777,590
				19,228,977
TOTAL INVESTMENTS — 98.9%
(cost $74,393,355)			$	105,096,947
Other assets less liabilities — 1.1%				1,159,013
NET ASSETS — 100.0%			$	106,255,960

* Non-income producing security.

ADR — American Depositary Receipt

The accompanying notes are an integral part of the financial statements.
86

Portfolio of Investments

Semi-Annual Financial Statements and Other Information June 30, 2025

June 30, 2025 (unaudited)
Baillie Gifford International Concentrated Growth Equities Fund

Fair Value Measurement

The following is a summary of the inputs used as of June 30, 2025 in valuing the Fund's investments carried at fair value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks **	$	52,684,174	$	52,412,773	$	—	$	105,096,947
Total	$	52,684,174	$	52,412,773	$	—	$	105,096,947

** Refer to Portfolio of Investments for further detail.

The accompanying notes are an integral part of the financial statements.
87

Statement of Assets and Liabilities

Semi-Annual Financial Statements and Other Information June 30, 2025

June 30, 2025 (unaudited)
Baillie Gifford International Concentrated Growth Equities Fund

ASSETS
Investments, at value (cost $74,393,355)	$	105,096,947
Cash		988,052
Foreign cash, at value (cost $12)		12
Capital shares sold receivable		288,317
Dividends receivable		59,335
Tax reclaims receivable		29,496
Due from Manager		22,163
Prepaid assets		16,968
Total Assets		106,501,290
LIABILITIES
Advisory fee payable		94,655
Administration and Supervisory fee payable		40,228
Capital shares purchased payable		11,544
Trustee fee payable		1,088
Commitment fee payable		297
Accrued expenses		97,518
Total Liabilities		245,330
NET ASSETS	$	106,255,960
COMPOSITION OF NET ASSETS
Paid-in capital	$	105,242,105
Total distributable earnings		1,013,855
	$	106,255,960
NET ASSET VALUE, PER SHARE
Class K ($43,021,601 / 4,607,222 shares outstanding), unlimited authorized, no par value	$	9.34
Institutional Class ($63,234,359 / 6,877,896 shares outstanding), unlimited authorized, no par value	$	9.19

The accompanying notes are an integral part of the financial statements.
88

Statement of Operations

Semi-Annual Financial Statements and Other Information June 30, 2025

For the Six Months Ended June 30, 2025 (unaudited)
Baillie Gifford International Concentrated Growth Equities Fund

INVESTMENT INCOME
Dividends (net of foreign withholding taxes of $60,526)	$	278,511
Interest		16,496
Total Investment Income		295,007
EXPENSES
Advisory fee (Note B)		180,426
Administration & Supervisory fee — Class K shares (Note B)		32,262
Administration & Supervisory fee — Institutional Class shares (Note B)		44,419
Transfer agency		16,210
Sub-transfer agency — Institutional Class shares		23,864
Fund accounting		48,232
Registration fees		20,873
Professional fees		17,475
Legal		7,737
Custody		5,583
Trustees' fees		2,234
Commitment fees		618
Miscellaneous		4,599
Total Expenses		404,532
Fees waived/expenses reimbursed		(55,901	)
Total Expenses after Waiver		348,631
Net Investment (Loss)		(53,624	)
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) from:
Investments		538,715
Foreign currency transactions		(3,874	)
		534,841
Net change in unrealized appreciation on:
Investments		17,571,983
Translation of net assets and liabilities denominated in foreign currencies		3,520
		17,575,503
Net realized and unrealized gain		18,110,344
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	18,056,720

The accompanying notes are an integral part of the financial statements.
89

Statements of Changes in Net Assets

Semi-Annual Financial Statements and Other Information June 30, 2025

Baillie Gifford International Concentrated Growth Equities Fund

	For the Six Months Ended June 30, 2025 (unaudited)			For the Year Ended December 31, 2024
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment (loss)	$	(53,624	)	$	(65,848	)
Net realized gain		534,841			1,784,184
Net change in unrealized appreciation		17,575,503			11,503,447
Net Increase in Net Assets from Operations		18,056,720			13,221,783
TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
Net proceeds from shares subscribed:
Class K		2,906,431			5,567,673
Institutional Class		15,344,633			13,328,570
Cost of shares redeemed:
Class K		(1,550,225	)		(10,142,436	)
Institutional Class		(7,975,650	)		(18,078,364	)
Increase (Decrease) in Net Assets from Transactions in Shares of Beneficial Interest		8,725,189			(9,324,557	)
Total Increase in Net Assets		26,781,909			3,897,226
NET ASSETS
Beginning of Period		79,474,051			75,576,825
End of Period	$	106,255,960		$	79,474,051

The accompanying notes are an integral part of the financial statements.
90

Financial Highlights

Semi-Annual Financial Statements and Other Information June 30, 2025

Baillie Gifford International Concentrated Growth Equities Fund
Selected data for a Class K share outstanding throughout each period:

	For the Six Months Ended June 30, 2025 (unaudited)			For the Year Ended December 31, 2024			For the Year Ended December 31, 2023			For the Year Ended December 31, 2022			For the Year Ended December 31, 2021			For the Year Ended December 31, 2020
Net asset value, beginning of period	$	7.67		$	6.47		$	5.63		$	9.89		$	12.31		$	12.70
From Investment Operations
Net investment income (loss)^(a)		0.00	^(b)		(0.00	)^(b)		(0.01	)		(0.01	)		0.04			(0.04	)
Net realized and unrealized gain (loss) on investments and foreign currency		1.67			1.20			0.85			(3.91	)		0.03			12.16
Net increase (decrease) in net asset value from investment operations		1.67			1.20			0.84			(3.92	)		0.07			12.12
Dividends and Distributions to Shareholders
From net investment income		—			—			—			(0.00	)^(b)		(0.03	)		—
From net realized gain on investments		—			—			—			(0.34	)		(2.46	)		(12.51	)
Total dividends and distributions		—			—			—			(0.34	)		(2.49	)		(12.51	)
Net asset value, end of period	$	9.34		$	7.67		$	6.47		$	5.63		$	9.89		$	12.31
Total Return
Total return based on net asset value^(c)		21.77	%		18.55	%		14.92	%		(39.55	)%		0.74	%		97.24	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	43,022		$	34,058		$	32,839		$	29,867		$	56,513		$	42,357
Ratio of net expenses to average net assets, before waiver		0.84	%*		0.90	%		0.89	%		0.91	%		0.79	%		0.79	%
Ratio of net expenses to average net assets, after waiver		0.72	%*		0.72	%		0.72	%		0.72	%		0.72	%		0.72	%
Ratio of net investment income (loss) to average net assets		(0.07	)%*		(0.02	)%		(0.09	)%		(0.10	)%		0.27	%		(0.26	)%
Portfolio turnover rate^(d)		7	%		26	%		28	%		65	%		54	%		59	%

* Annualized.

^(a) Calculated based upon average shares outstanding during the period.

^(b) Amount is less than $0.005 per share.

^(d) Portfolio turnover rate calculated at Fund level. Portfolio turnover is not annualized for periods less than one year.

The accompanying notes are an integral part of the financial statements.
91

Financial Highlights

Semi-Annual Financial Statements and Other Information June 30, 2025

Baillie Gifford International Concentrated Growth Equities Fund
Selected data for an Institutional Class share outstanding throughout each period:

	For the Six Months Ended June 30, 2025 (unaudited)			For the Year Ended December 31, 2024			For the Year Ended December 31, 2023			For the Year Ended December 31, 2022			For the Year Ended December 31, 2021			For the Year Ended December 31, 2020
Net asset value, beginning of period	$	7.55		$	6.38		$	5.56		$	9.78		$	12.19		$	12.65
From Investment Operations
Net investment income (loss)^(a)		(0.01	)		(0.01	)		(0.01	)		(0.01	)		0.01			(0.09	)
Net realized and unrealized gain (loss) on investments and foreign currency		1.65			1.18			0.83			(3.87	)		0.05			12.14
Net increase (decrease) in net asset value from investment operations		1.64			1.17			0.82			(3.88	)		0.06			12.05
Dividends and Distributions to Shareholders
From net investment income		—			—			—			(0.00	)^(b)		(0.01	)		—
From net realized gain on investments		—			—			—			(0.34	)		(2.46	)		(12.51	)
Total dividends and distributions		—			—			—			(0.34	)		(2.47	)		(12.51	)
Net asset value, end of period	$	9.19		$	7.55		$	6.38		$	5.56		$	9.78		$	12.19
Total Return
Total return based on net asset value^(c)		21.72	%		18.34	%		14.75	%		(39.58	)%		0.69	%		97.09	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	63,234		$	45,416		$	42,738		$	37,633		$	57,278		$	18,012
Ratio of net expenses to average net assets, before waiver		0.94	%*		0.99	%		0.99	%		1.00	%		0.90	%		0.87	%
Ratio of net expenses to average net assets, after waiver		0.81	%*		0.81	%		0.82	%		0.81	%		0.83	%		0.80	%
Ratio of net investment income (loss) to average net assets		(0.16	)%*		(0.13	)%		(0.22	)%		(0.22	)%		0.11	%		(0.47	)%
Portfolio turnover rate^(d)		7	%		26	%		28	%		65	%		54	%		59	%

* Annualized.

^(a) Calculated based upon average shares outstanding during the period.

^(b) Amount is less than $0.005 per share.

^(d) Portfolio turnover rate calculated at Fund level. Portfolio turnover is not annualized for periods less than one year.

The accompanying notes are an integral part of the financial statements.
92

Industry Diversification Table

Semi-Annual Financial Statements and Other Information June 30, 2025

June 30, 2025 (unaudited)
Baillie Gifford International Growth Fund

	Value		% of Total Net Assets
Airlines	$	15,465,042		0.4	%
Apparel		90,765,209		2.6
Auto Manufacturers		221,817,232		6.5
Auto Parts & Equipment		7,800,713		0.2
Banks		82,249,942		2.4
Biotechnology		89,720,631		2.6
Building Materials		18,842,821		0.5
Chemicals		7,076,681		0.2
Commercial Services		274,198,824		8.0
Cosmetics/Personal Care		92,415,984		2.7
Diversified Financial Services		26,931,810		0.8
Electrical Components & Equipment		25,872,513		0.8
Electronics		40,801,827		1.2
Food		15,480,744		0.5
Healthcare — Products		19,342,922		0.6
Healthcare — Services		17,477,726		0.5
Insurance		102,050,615		3.0
Internet		978,145,002		28.5
Investment Companies		71,406,630		2.1
Machinery — Diversified		152,071,571		4.4
Metal Fabricate/Hardware		23,248,490		0.7
Pharmaceuticals		107,471,049		3.1
Retail		20,511,624		0.6
Semiconductors		530,230,201		15.5
Software		239,760,708		7.0
Toys/Games/Hobbies		29,151,233		0.8
Transportation		94,622,779		2.8
Total Value of Investments		3,394,930,523		99.0
Other assets less liabilities		33,865,646		1.0
Net Assets	$	3,428,796,169		100.0	%

Portfolio of Investments

Semi-Annual Financial Statements and Other Information June 30, 2025

June 30, 2025 (unaudited)
Baillie Gifford International Growth Fund

	Shares		Value
COMMON STOCKS — 97.8%
AUSTRALIA — 3.2%
WiseTech Global Ltd.		1,525,657	$	109,413,800
BRAZIL — 6.8%
MercadoLibre, Inc. *		64,478		168,521,635
NU Holdings Ltd., Class A *		4,681,298		64,227,409
				232,749,044
CANADA — 3.3%
Kinaxis, Inc. *		350,955		52,194,167
Shopify, Inc., Class A *		537,220		61,968,327
				114,162,494
CHINA — 7.7%
BYD Co., Ltd., Class H		5,929,500		92,322,513
Ganfeng Lithium Group Co., Ltd., Class H		2,428,600		7,076,681
Meituan, Class B *		3,039,150		48,887,893
PDD Holdings, Inc. ADR *		449,061		46,998,724
Tencent Holdings Ltd.		806,300		51,954,435
Wuxi Biologics Cayman, Inc. *		5,319,000		17,477,726
				264,717,972
DENMARK — 5.7%
Ambu A/S, B Shares		1,229,837		19,342,922
DSV A/S		394,501		94,622,779
Genmab A/S *		152,480		31,665,283
Novo Nordisk A/S, B Shares		623,681		43,217,382
Zealand Pharma A/S *		126,594		7,099,662
				195,948,028
FRANCE — 5.5%
Hermes International		33,482		90,765,209
L'Oreal SA		215,747		92,415,983
SOITEC *		83,549		4,607,046
				187,788,238
GERMANY — 0.6%
AIXTRON SE		1,067,641		19,638,371

The accompanying notes are an integral part of the financial statements.
94

Portfolio of Investments

Semi-Annual Financial Statements and Other Information June 30, 2025

June 30, 2025 (unaudited)
Baillie Gifford International Growth Fund

	Shares		Value
HONG KONG — 3.0%
AIA Group Ltd.		11,265,800	$	102,050,615
INDIA — 1.5%
HDFC Bank Ltd.		771,993		18,022,534
MakeMyTrip Ltd. *		353,755		34,675,065
				52,697,599
ISRAEL — 1.8%
Mobileye Global, Inc., Class A *		433,855		7,800,713
Wix.com Ltd. *		341,155		54,059,421
				61,860,134
ITALY — 5.6%
Brunello Cucinelli SpA		168,955		20,511,624
Ferrari NV		264,323		129,494,719
Prysmian SpA		365,435		25,872,513
Wizz Air Holdings PLC *		1,029,988		15,465,042
				191,343,898
JAPAN — 7.0%
Advantest Corp.		1,281,500		94,998,936
Disco Corp.		210,700		62,418,492
GMO Payment Gateway, Inc.		195,000		12,612,332
Keyence Corp.		106,500		42,581,713
SBI Holdings, Inc.		772,900		26,931,810
				239,543,283
NETHERLANDS — 12.7%
Adyen NV *		91,134		167,370,990
Argenx SE *		104,872		58,055,348
ASML Holding NV		191,928		153,798,976
EXOR NV		552,362		55,759,579
				434,984,893
NEW ZEALAND — 0.8%
Xero Ltd. *		206,433		24,427,065
Xero Ltd. *		20,101		2,378,659
				26,805,724

The accompanying notes are an integral part of the financial statements.
95

Portfolio of Investments

Semi-Annual Financial Statements and Other Information June 30, 2025

June 30, 2025 (unaudited)
Baillie Gifford International Growth Fund

	Shares		Value
SINGAPORE — 3.9%
Sea Ltd. ADR *		841,448	$	134,581,193
SOUTH KOREA — 3.5%
Coupang, Inc. *		3,048,292		91,326,828
Delivery Hero SE *		1,099,191		29,834,491
				121,161,319
SWEDEN — 3.6%
Atlas Copco AB, A Shares		6,772,844		109,489,858
Kinnevik AB, B Shares *		1,765,884		15,647,052
				125,136,910
SWITZERLAND — 3.5%
Belimo Holding AG		18,486		18,842,820
Galderma Group AG		393,201		57,154,005
Temenos AG		274,775		19,738,496
VAT Group AG		54,866		23,248,490
				118,983,811
TAIWAN — 5.7%
Taiwan Semiconductor Manufacturing Co., Ltd.		5,326,000		194,768,380
UNITED KINGDOM — 4.0%
Games Workshop Group PLC		130,968		29,151,233
Ocado Group PLC *		4,963,274		15,480,744
RELX PLC		852,723		46,215,608
Wise PLC, Class A *		3,360,068		47,999,894
				138,847,479
UNITED STATES — 8.4%
Atlassian Corp., Class A *		155,638		31,608,522
Spotify Technology SA *		332,756		255,336,989
				286,945,511
Total Common Stocks
(cost $1,993,544,962)				3,354,128,696

The accompanying notes are an integral part of the financial statements.
96

Portfolio of Investments

Semi-Annual Financial Statements and Other Information June 30, 2025

June 30, 2025 (unaudited)
Baillie Gifford International Growth Fund

	Shares		Value
PREFERRED STOCKS — 1.2%
GERMANY — 1.2%
Sartorius AG 0.34%		160,197	$	40,801,827
Total Preferred Stocks
(cost $33,381,497)				40,801,827
TOTAL INVESTMENTS — 99.0%
(cost $2,026,926,459)			$	3,394,930,523
Other assets less liabilities — 1.0%				33,865,646
NET ASSETS — 100.0%			$	3,428,796,169

* Non-income producing security.

ADR — American Depositary Receipt

Fair Value Measurement

The following is a summary of the inputs used as of June 30, 2025 in valuing the Fund's investments carried at fair value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks **	$	1,003,298,993	$	2,350,829,703	$	—	$	3,354,128,696
Preferred Stocks **		—		40,801,827		—		40,801,827
Total	$	1,003,298,993	$	2,391,631,530	$	—	$	3,394,930,523

** Refer to Portfolio of Investments for further detail.

The accompanying notes are an integral part of the financial statements.
97

Statement of Assets and Liabilities

Semi-Annual Financial Statements and Other Information June 30, 2025

June 30, 2025 (unaudited)
Baillie Gifford International Growth Fund

ASSETS
Investments, at value (cost $2,026,926,459)	$	3,394,930,523
Cash		24,680,118
Foreign cash, at value (cost $6)		6
Capital shares sold receivable		10,179,060
Dividends receivable		1,945,685
Tax reclaims receivable		1,923,807
Prepaid assets		28,740
Total Assets		3,433,687,939
LIABILITIES
Advisory fee payable		2,630,903
Deferred India capital gains tax liability (Note A)		761,986
Shareholder Servicing fee payable		505,853
Administration and Supervisory fee payable		148,815
Capital shares purchased payable		298,496
Trustee fee payable		39,222
Commitment fee payable		10,662
Accrued expenses		495,833
Total Liabilities		4,891,770
NET ASSETS	$	3,428,796,169
COMPOSITION OF NET ASSETS
Paid-in capital	$	1,977,848,335
Total distributable earnings		1,450,947,834
	$	3,428,796,169
NET ASSET VALUE, PER SHARE
Class 2 ($845,783,047 / 58,007,996 shares outstanding), unlimited authorized, no par value	$	14.58
Class 4 ($714,956,020 / 48,911,197 shares outstanding), unlimited authorized, no par value	$	14.62
Class 5 ($1,476,319,597 / 100,674,318 shares outstanding), unlimited authorized, no par value	$	14.66
Class K ($75,008,553 / 5,163,273 shares outstanding), unlimited authorized, no par value	$	14.53
Institutional Class ($316,728,952 / 21,875,868 shares outstanding), unlimited authorized, no par value	$	14.48

The accompanying notes are an integral part of the financial statements.
98

Statement of Operations

Semi-Annual Financial Statements and Other Information June 30, 2025

For the Six Months Ended June 30, 2025 (unaudited)
Baillie Gifford International Growth Fund

INVESTMENT INCOME
Dividends (net of foreign withholding taxes of $1,997,822)	$	14,065,643
Windfall tax recovery (Note A)		654,554
Interest		293,562
Total Investment Income		15,013,759
EXPENSES
Advisory fee (Note B)		5,241,523
Shareholder Servicing fees — Class 2 shares (Note B)		482,524
Shareholder Servicing fees — Class 3 shares (Note B)		112,406
Shareholder Servicing fees — Class 4 shares (Note B)		227,187
Shareholder Servicing fees — Class 5 shares (Note B)		133,903
Administration & Supervisory fee — Class K shares (Note B)		55,618
Administration & Supervisory fee — Institutional Class shares (Note B)		237,686
Transfer agency		48,085
Sub-transfer agency — Institutional Class shares		105,361
Legal		277,944
Fund accounting		266,296
Custody		141,345
Trustees' fees		79,947
Professional fees		39,900
Registration fees		23,339
Commitment fees		22,099
Miscellaneous		53,995
Total Expenses		7,549,158
Net Investment Income		7,464,601
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain from:
Investments (net of India capital gains tax expense of $688,320)		59,256,352
Foreign currency transactions		16,683
		59,273,035
Net change in unrealized appreciation on:
Investments (net of change in deferred India capital gains tax benefit of $230,431) (Note A)		412,010,631
Translation of net assets and liabilities denominated in foreign currencies		266,035
		412,276,666
Net realized and unrealized gain		471,549,701
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	479,014,302

The accompanying notes are an integral part of the financial statements.
99

Statements of Changes in Net Assets

Semi-Annual Financial Statements and Other Information June 30, 2025

Baillie Gifford International Growth Fund

	For the Six Months Ended June 30, 2025 (unaudited)			For the Year Ended December 31, 2024
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	7,464,601		$	12,213,097
Net realized gain		59,273,035			191,838,219
Net change in unrealized appreciation		412,276,666			33,922,260
Net Increase in Net Assets from Operations		479,014,302			237,973,576
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings
Class 2		—			(27,322,725	)
Class 3		—			(26,841,401	)
Class 4		—			(43,091,869	)
Class 5		—			(89,157,706	)
Class K		—			(4,496,563	)
Institutional Class		—			(17,234,657	)
Total Distributions to Shareholders		—			(208,144,921	)
TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
Net proceeds from shares subscribed:
Class 2		360,439,800			185,508,507	*
Class 3		—			404,465,779	*
Class K		11,301,530			9,891,649
Institutional Class		80,862,457			80,697,667
Dividends reinvested:
Class 2		—			27,319,490
Class 3		—			26,841,401
Class 4		—			43,091,869
Class 5		—			89,157,707
Class K		—			4,496,563
Institutional Class		—			16,233,212
Cost of shares redeemed:
Class 2		(47,356,880	)		(561,073,272	)*
Class 3		(373,534,884	)		(265,852,507	)*
Class 4		(903,416	)		—
Class K		(10,759,340	)		(18,033,260	)
Institutional Class		(53,253,301	)		(89,422,431	)
(Decrease) in Net Assets from Transactions in Shares of Beneficial Interest		(33,204,034	)		(46,677,626	)
Total Increase (Decrease) in Net Assets		445,810,268			(16,848,971	)
NET ASSETS
Beginning of Period		2,982,985,901			2,999,834,872
End of Period	$	3,428,796,169		$	2,982,985,901

*_{See Note
D for details of share class conversions.}

The accompanying notes are an integral part of the financial statements.
100

Financial Highlights

Semi-Annual Financial Statements and Other Information June 30, 2025

Baillie Gifford International Growth Fund
Selected data for a Class 2 share outstanding throughout each period:

	For the Six Months Ended June 30, 2025 (unaudited)			For the Year Ended December 31, 2024			For the Year Ended December 31, 2023			For the Year Ended December 31, 2022			For the Year Ended December 31, 2021			For the Year Ended December 31, 2020
Net asset value, beginning of period	$	12.54		$	12.47		$	10.96		$	16.81		$	21.56		$	14.59
From Investment Operations
Net investment income^(a)		0.04			0.05			0.04			0.08			0.15			0.00	^(b)
Net realized and unrealized gain (loss) on investments and foreign currency		2.00			0.94			1.52			(5.87	)		(2.20	)		9.17
Net increase (decrease) in net asset value from investment operations		2.04			0.99			1.56			(5.79	)		(2.05	)		9.17
Dividends and Distributions to Shareholders
From net investment income		—			(0.03	)		(0.04	)		(0.01	)		(0.41	)		—
From net realized gain on investments		—			(0.89	)		(0.01	)		(0.05	)		(2.29	)		(2.20	)
Total dividends and distributions		—			(0.92	)		(0.05	)		(0.06	)		(2.70	)		(2.20	)
Net asset value, end of period	$	14.58		$	12.54		$	12.47		$	10.96		$	16.81		$	21.56
Total Return
Total return based on net asset value^(c)		16.23	%		7.86	%		14.31	%		(34.43	)%		(9.40	)%		62.95	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	845,783		$	401,977		$	702,932		$	598,426		$	455,384		$	599,275
Ratio of net expenses to average net assets		0.57	%*		0.57	%		0.58	%		0.60	%		0.57	%		0.58	%
Ratio of net investment income to average net assets		0.58	%*		0.40	%		0.30	%		0.68	%		0.68	%		0.02	%
Portfolio turnover rate^(d)		15	%		22	%		12	%		12	%		13	%		26	%

* Annualized.

^(a) Calculated based upon average shares outstanding during the period.

^(b) Amount is less than $0.005 per share.

^(d) Portfolio turnover rate calculated at Fund level. and excludes the value of portfolio securities sold or received in-kind in connection with Fund capital shares sold or redemptions in-kind. Portfolio turnover is not annualized for periods less than one year.

The accompanying notes are an integral part of the financial statements.
101

Financial Highlights

Semi-Annual Financial Statements and Other Information June 30, 2025

Baillie Gifford International Growth Fund
Selected data for a Class 4 share outstanding throughout each period

	For the Six Months Ended June 30, 2025 (unaudited)			For the Year Ended December 31, 2024			For the Year Ended December 31, 2023			For the Year Ended December 31, 2022			For the Year Ended December 31, 2021			For the Year Ended December 31, 2020
Net asset value, beginning of period	$	12.57		$	12.51		$	10.99		$	16.86		$	21.65		$	14.63
From Investment Operations
Net investment income^(a)		0.03			0.05			0.05			0.09			0.17			0.01
Net realized and unrealized gain (loss) on investments and foreign currency		2.02			0.96			1.54			(5.89	)		(2.21	)		9.21
Net increase (decrease) in net asset value from investment operations		2.05			1.01			1.59			(5.80	)		(2.04	)		9.22
Dividends and Distributions to Shareholders
From net investment income		—			(0.06	)		(0.06	)		(0.02	)		(0.46	)		0.00	^(b)
From net realized gain on investments		—			(0.89	)		(0.01	)		(0.05	)		(2.29	)		(2.20	)
Total dividends and distributions		—			(0.95	)		(0.07	)		(0.07	)		(2.75	)		(2.20	)
Net asset value, end of period	$	14.62		$	12.57		$	12.51		$	10.99		$	16.86		$	21.65
Total Return
Total return based on net asset value^(c)		16.29	%		7.97	%		14.42	%		(34.36	)%		(9.31	)%		63.12	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	714,956		$	615,754		$	570,283		$	491,265		$	860,635		$	969,427
Ratio of net expenses to average net assets		0.47	%*		0.47	%		0.48	%		0.50	%		0.47	%		0.48	%
Ratio of net investment income to average net assets		0.50	%*		0.41	%		0.41	%		0.72	%		0.78	%		0.06	%
Portfolio turnover rate^(d)		15	%		22	%		12	%		12	%		13	%		26	%

* Annualized.

^(a) Calculated based upon average shares outstanding during the period.

^(b) Amount is less than $0.005 per share.

The accompanying notes are an integral part of the financial statements.
102

Financial Highlights

Semi-Annual Financial Statements and Other Information June 30, 2025

Baillie Gifford International Growth Fund
Selected data for a Class 5 share outstanding throughout each period:

	For the Six Months Ended June 30, 2025 (unaudited)			For the Year Ended December 31, 2024			For the Year Ended December 31, 2023			For the Year Ended December 31, 2022			For the Year Ended December 31, 2021			For the Year Ended December 31, 2020
Net asset value, beginning of period	$	12.61		$	12.55		$	11.02		$	16.91		$	21.70		$	14.66
From Investment Operations
Net investment income^(a)		0.04			0.06			0.06			0.09			0.18			0.02
Net realized and unrealized gain (loss) on investments and foreign currency		2.01			0.95			1.54			(5.90	)		(2.21	)		9.23
Net increase (decrease) in net asset value from investment operations		2.05			1.01			1.60			(5.81	)		(2.03	)		9.25
Dividends and Distributions to Shareholders
From net investment income		—			(0.06	)		(0.06	)		(0.03	)		(0.47	)		(0.01	)
From net realized gain on investments		—			(0.89	)		(0.01	)		(0.05	)		(2.29	)		(2.20	)
Total dividends and distributions		—			(0.95	)		(0.07	)		(0.08	)		(2.76	)		(2.21	)
Net asset value, end of period	$	14.66		$	12.61		$	12.55		$	11.02		$	16.91		$	21.70
Total Return
Total return based on net asset value^(b)		16.32	%		8.03	%		14.48	%		(34.33	)%		(9.27	)%		63.20	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	1,476,319		$	1,269,244		$	1,174,929		$	1,026,319		$	1,562,791		$	1,842,231
Ratio of net expenses to average net assets		0.42	%*		0.42	%		0.43	%		0.45	%		0.42	%		0.43	%
Ratio of net investment income to average net assets		0.55	%*		0.46	%		0.46	%		0.79	%		0.82	%		0.13	%
Portfolio turnover rate^(c)		15	%		22	%		12	%		12	%		13	%		26	%

* Annualized.

^(a) Calculated based upon average shares outstanding during the period.

The accompanying notes are an integral part of the financial statements.
103

Financial Highlights

Semi-Annual Financial Statements and Other Information June 30, 2025

Baillie Gifford International Growth Fund
Selected data for a Class K share outstanding throughout each period:

	For the Six Months Ended June 30, 2025 (unaudited)			For the Year Ended December 31, 2024			For the Year Ended December 31, 2023			For the Year Ended December 31, 2022			For the Year Ended December 31, 2021			For the Year Ended December 31, 2020
Net asset value, beginning of period	$	12.50		$	12.45		$	10.93		$	16.77		$	21.54		$	14.58
From Investment Operations
Net investment income (loss)^(a)		0.03			0.04			0.04			0.08			0.15			(0.05	)^(b)
Net realized and unrealized gain (loss) on investments and foreign currency		2.00			0.94			1.53			(5.86	)		(2.20	)		9.21
Net increase (decrease) in net asset value from investment operations		2.03			0.98			1.57			(5.78	)		(2.05	)		9.16
Dividends and Distributions to Shareholders
From net investment income		—			(0.04	)		(0.04	)		(0.01	)		(0.43	)		0.00	^(c)
From net realized gain on investments		—			(0.89	)		(0.01	)		(0.05	)		(2.29	)		(2.20	)
Total dividends and distributions		—			(0.93	)		(0.05	)		(0.06	)		(2.72	)		(2.20	)
Net asset value, end of period	$	14.53		$	12.50		$	12.45		$	10.93		$	16.77		$	21.54
Total Return
Total return based on net asset value^(d)		16.24	%		7.84	%		14.36	%		(34.43	)%		(9.43	)%		62.95	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	75,009		$	64,776		$	67,516		$	57,075		$	82,820		$	130,401
Ratio of net expenses to average net assets		0.57	%*		0.57	%		0.58	%		0.60	%		0.57	%		0.58	%
Ratio of net investment income (loss) to average net assets		0.39	%*		0.33	%		0.31	%		0.66	%		0.69	%		(0.26	)%
Portfolio turnover rate^(e)		15	%		22	%		12	%		12	%		13	%		26	%

* Annualized.

^(a) Calculated based upon average shares outstanding during the period.

^(b) Calculation of the net gain or (loss) per share may not correlate to the aggregate investment income presented in the Statement of Operations due to the allocation of expenses across the share classes.

^(c) Amount is less than $0.005 per share.

^(e) Portfolio turnover rate calculated at Fund level. and excludes the value of portfolio securities sold or received in-kind in connection with Fund capital shares sold or redemptions in-kind. Portfolio turnover is not annualized for periods less than one year.

The accompanying notes are an integral part of the financial statements.
104

Financial Highlights

Semi-Annual Financial Statements and Other Information June 30, 2025

Baillie Gifford International Growth Fund
Selected data for an Institutional Class share outstanding throughout each period:

	For the Six Months Ended June 30, 2025 (unaudited)			For the Year Ended December 31, 2024			For the Year Ended December 31, 2023			For the Year Ended December 31, 2022			For the Year Ended December 31, 2021			For the Year Ended December 31, 2020
Net asset value, beginning of period	$	12.46		$	12.41		$	10.90		$	16.72		$	21.48		$	14.55
From Investment Operations
Net investment income (loss)^(a)		0.02			0.03			0.02			0.07			0.12			(0.03	)
Net realized and unrealized gain (loss) on investments and foreign currency		2.00			0.94			1.53			(5.84	)		(2.18	)		9.16
Net increase (decrease) in net asset value from investment operations		2.02			0.97			1.55			(5.77	)		(2.06	)		9.13
Dividends and Distributions to Shareholders
From net investment income		—			(0.03	)		(0.03	)		—			(0.41	)		—
From net realized gain on investments		—			(0.89	)		(0.01	)		(0.05	)		(2.29	)		(2.20	)
Total dividends and distributions		—			(0.92	)		(0.04	)		(0.05	)		(2.70	)		(2.20	)
Net asset value, end of period	$	14.48		$	12.46		$	12.41		$	10.90		$	16.72		$	21.48
Total Return
Total return based on net asset value^(b)		16.21	%		7.80	%		14.20	%		(34.49	)%		(9.49	)%		62.84	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	316,729		$	248,954		$	241,906		$	196,648		$	321,882		$	308,176
Ratio of net expenses to average net assets		0.64	%*		0.65	%		0.66	%		0.68	%		0.65	%		0.64	%
Ratio of net investment income (loss) to average net assets		0.33	%*		0.24	%		0.19	%		0.60	%		0.55	%		(0.16	)%
Portfolio turnover rate^(c)		15	%		22	%		12	%		12	%		13	%		26	%

* Annualized.

^(a) Calculated based upon average shares outstanding during the period.

The accompanying notes are an integral part of the financial statements.
105

Industry Diversification Table

Semi-Annual Financial Statements and Other Information June 30, 2025

June 30, 2025 (unaudited)
Baillie Gifford International Smaller Companies Fund

There were no investment securities held by the Fund as of June 30, 2025.

106

Portfolio of Investments

Semi-Annual Financial Statements and Other Information June 30, 2025

June 30, 2025 (unaudited)
Baillie Gifford International Smaller Companies Fund

There were no investment securities held by the Fund as of June 30, 2025.

The accompanying notes are an integral part of the financial statements.
107

Statement of Assets and Liabilities

Semi-Annual Financial Statements and Other Information June 30, 2025

June 30, 2025 (unaudited)
Baillie Gifford International Smaller Companies Fund

ASSETS
Cash	$	288,382
Foreign cash, at value (cost $5,135)		5,130
Due from Manager		76,184
Tax reclaims receivable		31,855
Dividends receivable		1,082
Prepaid assets		15,050
Total Assets		417,683
LIABILITIES
Advisory fee payable		11,547
Administration & Supervisory fee payable		3,385
Trustee fee payable		182
Deferred India capital gains tax liability (Note A)		106
Commitment fee payable		50
Accrued expenses		111,572
Total Liabilities		126,842
NET ASSETS	$	290,841
COMPOSITION OF NET ASSETS
Paid-in capital	$	17,280,714
Total accumulated (loss)		(16,989,873	)
	$	290,841
NET ASSET VALUE, PER SHARE
Class K ($6,735 / 485 shares outstanding), unlimited authorized, no par value	$	13.88
Institutional Class ($284,106 / 21,207 shares outstanding), unlimited authorized, no par value	$	13.40

The accompanying notes are an integral part of the financial statements.
108

Statement of Operations

Semi-Annual Financial Statements and Other Information June 30, 2025

For the Six Months Ended June 30, 2025 (unaudited)
Baillie Gifford International Smaller Companies Fund

INVESTMENT INCOME
Dividends (net of foreign withholding taxes of $12,052)	$	109,445
Interest		5,457
Total Investment Income		114,902
EXPENSES
Advisory fee (Note B)		31,985
Administration & Supervisory fee — Class K shares (Note B)		8
Administration & Supervisory fee — Institutional Class shares (Note B)		9,367
Transfer agency		12,653
Sub-transfer agency — Institutional Class shares		6,980
Fund accounting		59,182
Registration fees		19,491
Professional fees		18,715
Custody		6,817
Legal		1,289
Trustees' fees		370
Commitment fees		102
Miscellaneous		3,035
Total Expenses		169,994
Fees waived/expenses reimbursed		(108,597	)
Total Expenses after Waiver		61,397
Net Investment Income		53,505
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) from:
Investments		2,015,023
Foreign currency transactions		(18,564	)
		1,996,459
Net change in unrealized appreciation (depreciation) on:
Investments (net of change in deferred India capital gains tax benefit of $2) (Note A)		(269,149	)
Translation of net assets and liabilities denominated in foreign currencies		4,158
		(264,991	)
Net realized and unrealized gain		1,731,468
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	1,784,973

The accompanying notes are an integral part of the financial statements.
109

Statements of Changes in Net Assets

Semi-Annual Financial Statements and Other Information June 30, 2025

Baillie Gifford International Smaller Companies Fund

	For the Six Months Ended June 30, 2025 (unaudited)			For the Year Ended December 31, 2024
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	53,505		$	19,431
Net realized gain (loss)		1,996,459			(431,407	)
Net change in unrealized (depreciation)		(264,991	)		(65,061	)
Net Increase (Decrease) in Net Assets from Operations		1,784,973			(477,037	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings
Class K		—			(67	)
Institutional Class		—			(76,368	)
Total Distributions to Shareholders		—			(76,435	)
TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
Net proceeds from shares subscribed:
Class K		1,500			123,590
Institutional Class		—			150,414
Dividends reinvested:
Class K		—			67
Institutional Class		—			76,368
Cost of shares redeemed:
Class K		(23,062	)		(118,914	)
Institutional Class		(15,312,716	)		(623,153	)
(Decrease) in Net Assets from Transactions in Shares of Beneficial Interest		(15,334,278	)		(391,628	)
Total (Decrease) in Net Assets		(13,549,305	)		(945,100	)
NET ASSETS
Beginning of Period		13,840,146			14,785,246
End of Period	$	290,841		$	13,840,146

The accompanying notes are an integral part of the financial statements.
110

Financial Highlights

Semi-Annual Financial Statements and Other Information June 30, 2025

Baillie Gifford International Smaller Companies Fund
Selected data for a Class K share outstanding throughout each period:

	For the Six Months Ended June 30, 2025 (unaudited)			For the Year Ended December 31, 2024			For the Year Ended December 31, 2023			For the Year Ended December 31, 2022			For the Year Ended December 31, 2021			For the Year Ended December 31, 2020
Net asset value, beginning of period	$	12.34		$	12.77		$	11.26		$	18.55		$	17.49		$	12.30
From Investment Operations
Net investment income (loss)^(a)		0.12			0.05			0.05			0.03			(0.06	)		(0.03	)
Net realized and unrealized gain (loss) on investments and foreign currency		1.42			(0.45	)		1.46			(7.30	)		1.20			6.00
Net increase (decrease) in net asset value from investment operations		1.54			(0.40	)		1.51			(7.27	)		1.14			5.97
Dividends and Distributions to Shareholders
From net investment income		—			(0.03	)		—			(0.02	)		(0.01	)		—
From net realized gain on investments		—			—			—			—			(0.07	)		(0.78	)
Total dividends and distributions		—			(0.03	)		—			(0.02	)		(0.08	)		(0.78	)
Net asset value, end of period	$	13.88		$	12.34		$	12.77		$	11.26		$	18.55		$	17.49
Total Return
Total return based on net asset value^(b)		11.10	%		(3.12	)%		13.41	%		(39.20	)%		6.49	%		48.61	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	7		$	26		$	21		$	22,910		$	41,517		$	936
Ratio of net expenses to average net assets, before waiver		2.64	%*		2.56	%		1.88	%		1.55	%		1.84	%		17.20	%
Ratio of net expenses to average net assets, after waiver		0.88	%*⁽^c)		0.90	%		0.90	%		0.90	%		0.90	%		0.90	%
Ratio of net investment income (loss) to average net assets		1.94	%*		0.43	%		0.43	%		0.23	%		(0.31	)%		(0.23	)%
Portfolio turnover rate^(d)		5	%		18	%		19	%		44	%		16	%		16	%

* Annualized.

^(a) Calculated based upon average shares outstanding during the period.

^(c) Prior to the liquidation of the Fund (Note A), the Advisory and Administration & Supervisory fees of the Fund were waived by the Manager from May 22, 2025, resulting in a reduction to the net expense ratio.

^(d) Portfolio turnover rate calculated at Fund level. Portfolio turnover is not annualized for periods less than one year.

The accompanying notes are an integral part of the financial statements.
111

Financial Highlights

Semi-Annual Financial Statements and Other Information June 30, 2025

Baillie Gifford International Smaller Companies Fund
Selected data for an Institutional Class share outstanding throughout each period:

	For the Six Months Ended June 30, 2025 (unaudited)			For the Year Ended December 31, 2024			For the Year Ended December 31, 2023			For the Year Ended December 31, 2022			For the Year Ended December 31, 2021			For the Year Ended December 31, 2020
Net asset value, beginning of period	$	11.95		$	12.41		$	11.25		$	18.55		$	17.49		$	12.30
From Investment Operations
Net investment income (loss)^(a)		0.05			0.02			0.02			0.02			(0.06	)		(0.03	)
Net realized and unrealized gain (loss) on investments and foreign currency		1.40			(0.41	)		1.47			(7.31	)		1.20			6.00
Net increase (decrease) in net asset value from investment operations		1.45			(0.39	)		1.49			(7.29	)		1.14			5.97
Dividends and Distributions to Shareholders
From net investment income		—			(0.07	)		(0.33	)		(0.01	)		(0.01	)		—
From net realized gain on investments		—			—			—			—			(0.07	)		(0.78	)
Total dividends and distributions		—			(0.07	)		(0.33	)		(0.01	)		(0.08	)		(0.78	)
Net asset value, end of period	$	13.40		$	11.95		$	12.41		$	11.25		$	18.55		$	17.49
Total Return
Total return based on net asset value^(b)		10.71	%		(3.17	)%		13.25	%		(39.28	)%		6.48	%		48.61	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	284		$	13,814		$	14,764		$	12,586		$	15,370		$	936
Ratio of net expenses to average net assets, before waiver		2.76	%*		2.66	%		1.98	%		1.65	%		1.91	%		17.20	%
Ratio of net expenses to average net assets, after waiver		1.00	%*^(c)		1.00	%		1.01	%		0.99	%		0.97	%		0.90	%
Ratio of net investment income (loss) to average net assets		0.87	%*		0.14	%		0.20	%		0.17	%		(0.30	)%		(0.23	)%
Portfolio turnover rate^(d)		5	%		18	%		19	%		44	%		16	%		16	%

* Annualized.

^(a) Calculated based upon average shares outstanding during the period.

^(d) Portfolio turnover rate calculated at Fund level. Portfolio turnover is not annualized for periods less than one year.

The accompanying notes are an integral part of the financial statements.
112

Industry Diversification Table

Semi-Annual Financial Statements and Other Information June 30, 2025

June 30, 2025 (unaudited)
Baillie Gifford Long Term Global Growth Fund

	Value		% of Total Net Assets
Advertising	$	24,642,465		2.5	%
Aerospace/Defense		10,254,552		1.0
Apparel		17,997,438		1.8
Auto Manufacturers		9,839,393		1.0
Auto Parts & Equipment		13,191,474		1.3
Banks		28,319,918		2.8
Beverages		15,861,552		1.6
Biotechnology		28,612,107		2.9
Commercial Services		32,203,681		3.2
Computers		6,473,484		0.7
Cosmetics/Personal Care		17,138,997		1.7
Energy — Alternate Sources		4,332,040		0.4
Healthcare — Products		29,500,099		3.0
Internet		395,294,516		39.7
Machinery — Diversified		9,387,092		0.9
Pharmaceuticals		22,320,140		2.2
Retail		28,589,703		2.9
Semiconductors		110,412,143		11.1
Software		171,900,391		17.3
Total Value of Investments		976,271,185		98.0
Other assets less liabilities		20,404,123		2.0
Net Assets	$	996,675,308		100.0	%

113

Portfolio of Investments

Semi-Annual Financial Statements and Other Information June 30, 2025

June 30, 2025 (unaudited)
Baillie Gifford Long Term Global Growth Fund

	Shares		Value
COMMON STOCKS — 98.0%
BRAZIL — 6.3%
MercadoLibre, Inc. *		13,167	$	34,413,666
NU Holdings Ltd., Class A *		2,064,134		28,319,919
				62,733,585
CANADA — 2.0%
Shopify, Inc., Class A *		174,832		20,166,871
CHINA — 14.0%
BeOne Medicines Ltd. *		812,118		15,362,874
Contemporary Amperex Technology Co., Ltd., Class A		373,860		13,191,474
Horizon Robotics *		7,789,800		6,473,484
Kweichow Moutai Co., Ltd., Class A		80,500		15,861,552
Meituan, Class B *		1,716,690		27,614,746
PDD Holdings, Inc. ADR *		267,787		28,026,587
Tencent Holdings Ltd.		511,900		32,984,591
				139,515,308
FRANCE — 1.8%
Hermes International		6,639		17,997,438
GERMANY — 1.4%
BioNTech SE ADR *		124,441		13,249,233
INDIA — 1.5%
Titan Co., Ltd. *		346,991		14,933,792
ITALY — 1.4%
Moncler SpA		239,403		13,655,910
NETHERLANDS — 6.4%
Adyen NV *		17,535		32,203,682
ASML Holding NV		39,476		31,633,573
				63,837,255
SINGAPORE — 3.9%
Sea Ltd. ADR *		241,821		38,676,851

The accompanying notes are an integral part of the financial statements.
114

Portfolio of Investments

Semi-Annual Financial Statements and Other Information June 30, 2025

June 30, 2025 (unaudited)
Baillie Gifford Long Term Global Growth Fund

	Shares		Value
SOUTH KOREA — 3.6%
Coupang, Inc. *		1,201,902	$	36,008,984
TAIWAN — 2.6%
Taiwan Semiconductor Manufacturing Co., Ltd.		723,000		26,439,643
UNITED STATES — 53.1%
Amazon.com, Inc. *		277,269		60,830,046
AppLovin Corp., Class A *		80,317		28,117,375
Atlassian Corp., Class A *		115,076		23,370,785
Cloudflare, Inc., Class A *		246,304		48,233,712
Datadog, Inc., Class A *		134,445		18,059,997
Dexcom, Inc. *		255,701		22,320,140
elf Beauty, Inc. *		137,729		17,138,997
Enphase Energy, Inc. *		109,257		4,332,040
Intuitive Surgical, Inc. *		54,287		29,500,099
Joby Aviation, Inc. *		722,826		7,625,814
Netflix, Inc. *		39,581		53,004,105
NVIDIA Corp.		331,280		52,338,927
Reddit, Inc., Class A *		112,714		16,971,347
Rivian Automotive, Inc., Class A *		716,113		9,839,393
ROBLOX Corp., Class A *		275,755		29,009,426
Rocket Lab Corp. *		73,490		2,628,737
Samsara, Inc., Class A *		631,199		25,109,096
Spotify Technology SA *		60,725		46,596,722
Symbotic, Inc. *		241,624		9,387,092
Trade Desk, Inc. (The), Class A *		342,304		24,642,465
				529,056,315
TOTAL INVESTMENTS — 98.0%
(cost $534,303,988)			$	976,271,185
Other assets less liabilities — 2.0%				20,404,123
NET ASSETS — 100.0%			$	996,675,308

* Non-income producing security.

ADR — American Depositary Receipt

The accompanying notes are an integral part of the financial statements.
115

Portfolio of Investments

Semi-Annual Financial Statements and Other Information June 30, 2025

June 30, 2025 (unaudited)
Baillie Gifford Long Term Global Growth Fund

Fair Value Measurement

The following is a summary of the inputs used as of June 30, 2025 in valuing the Fund's investments carried at fair value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks **	$	727,918,426	$	248,352,759	$	—	$	976,271,185
Total	$	727,918,426	$	248,352,759	$	—	$	976,271,185

** Refer to Portfolio of Investments for further detail.

The accompanying notes are an integral part of the financial statements.
116

Statement of Assets and Liabilities

Semi-Annual Financial Statements and Other Information June 30, 2025

June 30, 2025 (unaudited)
Baillie Gifford Long Term Global Growth Fund

ASSETS
Investments, at value (cost $534,303,988)	$	976,271,185
Cash		21,986,808
Dividends receivable		91,370
Capital shares sold receivable		80,902
Tax reclaims receivable		28,780
Prepaid assets		16,989
Total Assets		998,476,034
LIABILITIES
Advisory fee payable		1,005,420
Administration and Supervisory fee payable		330,007
Shareholder Servicing fee payable		49,818
Capital shares purchased payable		131,630
Deferred India capital gains tax liability (Note A)		103,939
Trustee fee payable		11,753
Commitment fee payable		3,234
Accrued expenses		164,925
Total Liabilities		1,800,726
NET ASSETS	$	996,675,308
COMPOSITION OF NET ASSETS
Paid-in capital	$	691,063,502
Total distributable earnings		305,611,806
	$	996,675,308
NET ASSET VALUE, PER SHARE
Class 2 ($131,239,359 / 3,457,495 shares outstanding), unlimited authorized, no par value	$	37.96
Class K ($449,976,230 / 11,849,145 shares outstanding), unlimited authorized, no par value	$	37.98
Institutional Class ($415,459,719 / 11,014,131 shares outstanding), unlimited authorized, no par value	$	37.72

The accompanying notes are an integral part of the financial statements.
117

Statement of Operations

Semi-Annual Financial Statements and Other Information June 30, 2025

For the Six Months Ended June 30, 2025 (unaudited)
Baillie Gifford Long Term Global Growth Fund

INVESTMENT INCOME
Dividends (net of foreign withholding taxes of $221,520)	$	1,571,681
Windfall tax recovery (Note A)		16,562
Interest		149,041
Total Investment Income		1,737,284
EXPENSES
Advisory fee (Note B)		2,053,648
Shareholder Servicing fees — Class 2 shares (Note B)		100,242
Administration & Supervisory fee — Class K shares (Note B)		378,061
Administration & Supervisory fee — Institutional Class shares (Note B)		297,520
Transfer agency		34,250
Sub-transfer agency — Institutional Class shares		157,933
Legal		80,532
Fund accounting		74,926
Professional fees		32,237
Custody		23,701
Trustees' fees		23,678
Registration fees		21,903
Commitment fees		6,555
Miscellaneous		16,147
Total Expenses		3,301,333
Net Investment (Loss)		(1,564,049	)
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) from:
Investments (net of India capital gains tax expense of $980)		37,872,555
Foreign currency transactions		(45,848	)
		37,826,707
Net change in unrealized appreciation on:
Investments (net of change in deferred India capital gains tax expense of $103,939) (Note A)		97,100,454
Translation of net assets and liabilities denominated in foreign currencies		10,367
		97,110,821
Net realized and unrealized gain		134,937,528
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	133,373,479

The accompanying notes are an integral part of the financial statements.
118

Statements of Changes in Net Assets

Semi-Annual Financial Statements and Other Information June 30, 2025

Baillie Gifford Long Term Global Growth Fund

	For the Six Months Ended June 30, 2025 (unaudited)			For the Year Ended December 31, 2024
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment (loss)	$	(1,564,049	)	$	(3,209,234	)
Net realized gain		37,826,707			51,972,650
Net change in unrealized appreciation		97,110,821			120,547,464
Net Increase in Net Assets from Operations		133,373,479			169,310,880
TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
Net proceeds from shares subscribed:
Class 2		1,500			17,006,000
Class K		37,625,468			143,818,003
Institutional Class		62,431,789			92,212,800
Cost of shares redeemed:
Class 2		(648,808	)		(5,400,000	)
Class K		(178,163,551	)		(26,437,983	)
Institutional Class		(28,009,971	)		(72,030,902	)
Increase (Decrease) in Net Assets from Transactions in Shares of Beneficial Interest		(106,763,573	)		149,167,918
Total Increase in Net Assets		26,609,906			318,478,798
NET ASSETS
Beginning of Period		970,065,402			651,586,604
End of Period	$	996,675,308		$	970,065,402

The accompanying notes are an integral part of the financial statements.
119

Financial Highlights

Semi-Annual Financial Statements and Other Information June 30, 2025

Baillie Gifford Long Term Global Growth Fund
Selected data for a Class 2 share outstanding throughout each period:

	For the Six Months Ended June 30, 2025 (unaudited)			For the Year Ended December 31, 2024			For the Year Ended December 31, 2023			For the Year Ended December 31, 2022			For the Year Ended December 31, 2021			For the Year Ended December 31, 2020
Net asset value, beginning of period	$	33.22		$	26.57		$	19.45		$	37.47		$	38.45		$	20.68
From Investment Operations
Net investment (loss)^(a)		(0.05	)		(0.11	)		(0.07	)		(0.08	)		(0.25	)		(0.17	)
Net realized and unrealized gain (loss) on investments and foreign currency		4.79			6.76			7.19			(17.19	)		1.20			21.17
Net increase (decrease) in net asset value from investment operations		4.74			6.65			7.12			(17.27	)		0.95			21.00
Dividends and Distributions to Shareholders
From net realized gain on investments		—			—			—			(0.75	)		(1.93	)		(3.23	)
Total dividends and distributions		—			—			—			(0.75	)		(1.93	)		(3.23	)
Net asset value, end of period	$	37.96		$	33.22		$	26.57		$	19.45		$	37.47		$	38.45
Total Return
Total return based on net asset value^(b)		14.26	%		25.01	%		36.60	%		(46.04	)%		2.50	%		101.77	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	131,239		$	115,559		$	81,054		$	60,624		$	121,252		$	131,695
Ratio of net expenses to average net assets		0.69	%*		0.70	%		0.71	%		0.73	%		0.70	%		0.71	%
Ratio of net investment loss to average net assets		(0.30	)%*		(0.38	)%		(0.29	)%		(0.33	)%		(0.60	)%		(0.58	)%
Portfolio turnover rate^(c)		15	%		27	%		17	%		28	%		16	%		40	%

* Annualized.

^(a) Calculated based upon average shares outstanding during the period.

^(c) Portfolio turnover rate calculated at Fund level. Portfolio turnover is not annualized for periods less than one year.

The accompanying notes are an integral part of the financial statements.
120

Financial Highlights

Semi-Annual Financial Statements and Other Information June 30, 2025

Baillie Gifford Long Term Global Growth Fund
Selected data for a Class K share outstanding throughout each period:

	For the Six Months Ended June 30, 2025 (unaudited)			For the Year Ended December 31, 2024			For the Year Ended December 31, 2023			For the Year Ended December 31, 2022			For the Year Ended December 31, 2021			For the Year Ended December 31, 2020
Net asset value, beginning of period	$	33.24		$	26.59		$	19.46		$	37.48		$	38.47		$	20.69
From Investment Operations
Net investment (loss)^(a)		(0.05	)		(0.12	)		(0.07	)		(0.08	)		(0.25	)		(0.17	)
Net realized and unrealized gain (loss) on investments and foreign currency		4.79			6.77			7.20			(17.19	)		1.19			21.18
Net increase (decrease) in net asset value from investment operations		4.74			6.65			7.13			(17.27	)		0.94			21.01
Dividends and Distributions to Shareholders
From net realized gain on investments		—			—			—			(0.75	)		(1.93	)		(3.23	)
Total dividends and distributions		—			—			—			(0.75	)		(1.93	)		(3.23	)
Net asset value, end of period	$	37.98		$	33.24		$	26.59		$	19.46		$	37.48		$	38.47
Total Return
Total return based on net asset value^(b)		14.26	%		24.97	%		36.64	%		(46.04	)%		2.48	%		101.76	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	449,976		$	524,413		$	320,106		$	240,856		$	432,975		$	221,188
Ratio of net expenses to average net assets		0.69	%*		0.70	%		0.71	%		0.73	%		0.70	%		0.71	%
Ratio of net investment loss to average net assets		(0.32	)%*		(0.38	)%		(0.29	)%		(0.34	)%		(0.61	)%		(0.57	)%
Portfolio turnover rate^(c)		15	%		27	%		17	%		28	%		16	%		40	%

* Annualized.

^(a) Calculated based upon average shares outstanding during the period.

^(c) Portfolio turnover rate calculated at Fund level. Portfolio turnover is not annualized for periods less than one year.

The accompanying notes are an integral part of the financial statements.
121

Financial Highlights

Semi-Annual Financial Statements and Other Information June 30, 2025

Baillie Gifford Long Term Global Growth Fund
Selected data for an Institutional Class share outstanding throughout each period:

	For the Six Months Ended June 30, 2025 (unaudited)			For the Year Ended December 31, 2024			For the Year Ended December 31, 2023			For the Year Ended December 31, 2022			For the Year Ended December 31, 2021			For the Year Ended December 31, 2020
Net asset value, beginning of period	$	33.03		$	26.44		$	19.38		$	37.36		$	38.38		$	20.66
From Investment Operations
Net investment (loss)^(a)		(0.07	)		(0.14	)		(0.09	)		(0.10	)		(0.29	)		(0.22	)
Net realized and unrealized gain (loss) on investments and foreign currency		4.76			6.73			7.15			(17.13	)		1.20			21.17
Net increase (decrease) in net asset value from investment operations		4.69			6.59			7.06			(17.23	)		0.91			20.95
Dividends and Distributions to Shareholders
From net realized gain on investments		—			—			—			(0.75	)		(1.93	)		(3.23	)
Total dividends and distributions		—			—			—			(0.75	)		(1.93	)		(3.23	)
Net asset value, end of period	$	37.72		$	33.03		$	26.44		$	19.38		$	37.36		$	38.38
Total Return
Total return based on net asset value^(b)		14.20	%		24.92	%		36.43	%		(46.08	)%		2.40	%		101.61	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	415,460		$	330,093		$	250,427		$	176,109		$	525,321		$	350,860
Ratio of net expenses to average net assets		0.78	%*		0.80	%		0.81	%		0.84	%		0.80	%		0.79	%
Ratio of net investment loss to average net assets		(0.39	)%*		(0.48	)%		(0.39	)%		(0.42	)%		(0.71	)%		(0.68	)%
Portfolio turnover rate^(c)		15	%		27	%		17	%		28	%		16	%		40	%

* Annualized.

^(a) Calculated based upon average shares outstanding during the period.

^(c) Portfolio turnover rate calculated at Fund level. Portfolio turnover is not annualized for periods less than one year.

The accompanying notes are an integral part of the financial statements.
122

Industry Diversification Table

Semi-Annual Financial Statements and Other Information June 30, 2025

June 30, 2025 (unaudited)
Baillie Gifford U.S. Equity Growth Fund

	Value		% of Total Net Assets
Advertising	$	533,662		2.6	%
Auto Manufacturers		521,724		2.5
Auto Parts & Equipment		225,241		1.1
Biotechnology		985,512		4.8
Commercial Services		711,185		3.4
Computers		89,114		0.4
Cosmetics/Personal Care		185,958		0.9
Distribution/Wholesale		368,311		1.8
Diversified Financial Services		40,790		0.2
Entertainment		403,080		1.9
Healthcare — Products		771,098		3.7
Healthcare — Services		274,205		1.3
Home Furnishings		246,980		1.2
Insurance		167,267		0.8
Internet		7,801,076		37.7
Leisure Time		93,930		0.5
Real Estate		486,420		2.3
REITS		137,132		0.7
Retail		201,237		1.0
Semiconductors		807,803		3.9
Software		5,489,698		26.5
Total Value of Investments		20,541,423		99.2
Other assets less liabilities		173,902		0.8
Net Assets	$	20,715,325		100.0	%

123

Portfolio of Investments

Semi-Annual Financial Statements and Other Information June 30, 2025

June 30, 2025 (unaudited)
Baillie Gifford U.S. Equity Growth Fund

	Shares		Value
COMMON STOCKS — 99.2%
CANADA — 5.5%
Shopify, Inc., Class A *		9,854	$	1,136,659
ISRAEL — 0.9%
Oddity Tech Ltd., Class A *		2,464		185,958
UNITED STATES — 92.8%
Affirm Holdings, Inc. *		6,702		463,376
Alnylam Pharmaceuticals, Inc. *		1,216		396,525
Amazon.com, Inc. *		6,736		1,477,811
AppLovin Corp., Class A *		501		175,390
Aurora Innovation, Inc. *		42,985		225,241
Block, Inc. *		3,648		247,809
Chewy, Inc., Class A *		6,678		284,616
Circle Internet Group, Inc. *		225		40,790
Cloudflare, Inc., Class A *		8,308		1,626,956
CoStar Group, Inc. *		6,050		486,420
Datadog, Inc., Class A *		2,865		384,855
Denali Therapeutics, Inc. *		6,249		87,424
DoorDash, Inc., Class A *		5,191		1,279,633
Doximity, Inc., Class A *		4,076		250,022
DraftKings, Inc., Class A *		9,398		403,080
Duolingo, Inc. *		1,872		767,557
Ensign Group, Inc. (The)		1,709		263,630
Ginkgo Bioworks Holdings, Inc. *		940		10,575
Globant SA *		981		89,114
Guardant Health, Inc. *		5,615		292,205
Inspire Medical Systems, Inc. *		1,284		166,625
Insulet Corp. *		1,032		324,234
Lemonade, Inc. *		3,818		167,267
Lineage, Inc.		3,151		137,132
Meta Platforms, Inc., Class A		2,050		1,513,085
Moderna, Inc. *		5,775		159,332
Netflix, Inc. *		1,127		1,509,200
NVIDIA Corp.		5,113		807,803
Penumbra, Inc. *		1,092		280,240
Pinterest, Inc., Class A *		9,328		334,502
Recursion Pharmaceuticals, Inc., Class A *		6,841		34,615

The accompanying notes are an integral part of the financial statements.
124

Portfolio of Investments

Semi-Annual Financial Statements and Other Information June 30, 2025

June 30, 2025 (unaudited)
Baillie Gifford U.S. Equity Growth Fund

	Shares		Value
Rivian Automotive, Inc., Class A *		5,974	$	82,083
ROBLOX Corp., Class A *		7,496		788,579
Samsara, Inc., Class A *		8,398		334,072
Sana Biotechnology, Inc. *		5,645		15,411
SharkNinja, Inc. *		2,495		246,980
Snowflake, Inc., Class A *		1,841		411,961
Sweetgreen, Inc., Class A *		13,524		201,237
Tempus AI, Inc. *		4,798		304,865
Tesla, Inc. *		1,384		439,641
Trade Desk, Inc. (The), Class A *		7,413		533,662
Watsco, Inc.		834		368,311
Wayfair, Inc., Class A *		5,193		265,570
Workday, Inc., Class A *		1,856		445,440
YETI Holdings, Inc. *		2,980		93,930
				19,218,806
TOTAL INVESTMENTS — 99.2%
(cost $10,129,397)			$	20,541,423
Other assets less liabilities — 0.8%				173,902
NET ASSETS — 100.0%			$	20,715,325

* Non-income producing security.

Fair Value Measurement

The following is a summary of the inputs used as of June 30, 2025 in valuing the Fund's investments carried at fair value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks **	$	20,541,423	$	—	$	—	$	20,541,423
Total	$	20,541,423	$	—	$	—	$	20,541,423

** Refer to Portfolio of Investments for further detail.

The accompanying notes are an integral part of the financial statements.
125

Statement of Assets and Liabilities

Semi-Annual Financial Statements and Other Information June 30, 2025

June 30, 2025 (unaudited)
Baillie Gifford U.S. Equity Growth Fund

ASSETS
Investments, at value (cost $10,129,397)	$	20,541,423
Cash		221,540
Due from Manager		55,750
Dividends receivable		1,820
Prepaid assets		11,555
Total Assets		20,832,088
LIABILITIES
Advisory fee payable		15,187
Capital shares purchased payable		13,340
Administration & Supervisory fee payable		7,824
Trustee fee payable		273
Commitment fee payable		74
Accrued expenses		80,065
Total Liabilities		116,763
NET ASSETS	$	20,715,325
COMPOSITION OF NET ASSETS
Paid-in capital	$	27,669,359
Total accumulated (loss)		(6,954,034	)
	$	20,715,325
NET ASSET VALUE, PER SHARE
Class K ($8,724,959 / 290,463 shares outstanding), unlimited authorized, no par value	$	30.04
Institutional Class ($11,990,366 / 401,850 shares outstanding), unlimited authorized, no par value	$	29.84

The accompanying notes are an integral part of the financial statements.
126

Statement of Operations

Semi-Annual Financial Statements and Other Information June 30, 2025

For the Six Months Ended June 30, 2025 (unaudited)
Baillie Gifford U.S. Equity Growth Fund

INVESTMENT INCOME
Dividends	$	11,122
Interest		2,362
Total Investment Income		13,484
EXPENSES
Advisory fee (Note B)		32,571
Administration & Supervisory fee — Class K shares (Note B)		7,027
Administration & Supervisory fee — Institutional Class shares (Note B)		9,752
Transfer agency		15,840
Sub-transfer agency — Institutional Class shares		7,200
Fund accounting		42,818
Registration fees		19,624
Professional fees		13,944
Custody		3,399
Legal		1,810
Trustees' fees		528
Line of Credit Interest		182
Commitment fees		145
Miscellaneous		3,167
Total Expenses		158,007
Fees waived/expenses reimbursed		(86,652	)
Total Expenses after Waiver		71,355
Net Investment (Loss)		(57,871	)
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain from:
Investments		2,531,117
		2,531,117
Net change in unrealized (depreciation) on:
Investments		(159,446	)
		(159,446	)
Net realized and unrealized gain		2,371,671
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	2,313,800

The accompanying notes are an integral part of the financial statements.
127

Statements of Changes in Net Assets

Semi-Annual Financial Statements and Other Information June 30, 2025

Baillie Gifford U.S. Equity Growth Fund

	For the Six Months Ended June 30, 2025 (unaudited)			For the Year Ended December 31, 2024
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment (loss)	$	(57,871	)	$	(169,541	)
Net realized gain		2,531,117			3,974,914
Net change in unrealized appreciation (depreciation)		(159,446	)		3,593,074
Net Increase in Net Assets from Operations		2,313,800			7,398,447
TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
Net proceeds from shares subscribed:
Class K		172,298			313,958
Institutional Class		52,333			902,616
Cost of shares redeemed:
Class K		(954,815	)		(16,249,105	)
Institutional Class		(3,378,410	)		(15,365,424	)
(Decrease) in Net Assets from Transactions in Shares of Beneficial Interest		(4,108,594	)		(30,397,955	)
Total (Decrease) in Net Assets		(1,794,794	)		(22,999,508	)
NET ASSETS
Beginning of Period		22,510,119			45,509,627
End of Period	$	20,715,325		$	22,510,119

The accompanying notes are an integral part of the financial statements.
128

Financial Highlights

Semi-Annual Financial Statements and Other Information June 30, 2025

Baillie Gifford U.S. Equity Growth Fund
Selected data for a Class K share outstanding throughout each period:

	For the Six Months Ended June 30, 2025 (unaudited)			For the Year Ended December 31, 2024			For the Year Ended December 31, 2023			For the Year Ended December 31, 2022			For the Year Ended December 31, 2021			For the Year Ended December 31, 2020
Net asset value, beginning of period	$	26.60		$	20.37		$	13.95		$	34.63		$	39.85		$	18.25
From Investment Operations
Net investment (loss)^(a)		(0.07	)		(0.11	)		(0.09	)		(0.10	)		(0.25	)		(0.16	)
Net realized and unrealized gain (loss) on investments and foreign currency		3.51			6.34			6.51			(19.21	)		(1.40	)		23.07
Net increase (decrease) in net asset value from investment operations		3.44			6.23			6.42			(19.31	)		(1.65	)		22.91
Dividends and Distributions to Shareholders
From net realized gain on investments		—			—			—			(1.37	)		(3.57	)		(1.31	)
Total dividends and distributions		—			—			—			(1.37	)		(3.57	)		(1.31	)
Net asset value, end of period	$	30.04		$	26.60		$	20.37		$	13.95		$	34.63		$	39.85
Total Return
Total return based on net asset value^(b)		12.93	%		30.59	%		46.02	%		(55.58	)%		(4.17	)%		125.57	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	8,725		$	8,615		$	21,710		$	16,273		$	38,673		$	58,076
Ratio of net expenses to average net assets, before waiver		1.53	%*		1.25	%		1.00	%		0.97	%		0.68	%		0.97	%
Ratio of net expenses to average net assets, after waiver		0.65	%*		0.65	%		0.65	%		0.65	%		0.65	%		0.65	%
Ratio of net investment loss to average net assets		(0.51	)%*		(0.51	)%		(0.50	)%		(0.53	)%		(0.58	)%		(0.55	)%
Portfolio turnover rate^(c)		7	%		19	%		22	%		14	%		70	%		33	%

* Annualized.

^(a) Calculated based upon average shares outstanding during the period.

^(c) Portfolio turnover rate calculated at Fund level. Portfolio turnover is not annualized for periods less than one year.

The accompanying notes are an integral part of the financial statements.
129

Financial Highlights

Semi-Annual Financial Statements and Other Information June 30, 2025

Baillie Gifford U.S. Equity Growth Fund
Selected data for an Institutional Class share outstanding throughout each period:

	For the Six Months Ended June 30, 2025 (unaudited)			For the Year Ended December 31, 2024			For the Year Ended December 31, 2023			For the Year Ended December 31, 2022			For the Year Ended December 31, 2021			For the Year Ended December 31, 2020
Net asset value, beginning of period	$	26.44		$	20.27		$	13.90		$	34.53		$	39.78		$	18.23
From Investment Operations
Net investment (loss)^(a)		(0.08	)		(0.14	)		(0.10	)		(0.13	)		(0.29	)		(0.20	)
Net realized and unrealized gain (loss) on investments and foreign currency		3.48			6.31			6.47			(19.13	)		(1.39	)		23.06
Net increase (decrease) in net asset value from investment operations		3.40			6.17			6.37			(19.26	)		(1.68	)		22.86
Dividends and Distributions to Shareholders
From net realized gain on investments		—			—			—			(1.37	)		(3.57	)		(1.31	)
Total dividends and distributions		—			—			—			(1.37	)		(3.57	)		(1.31	)
Net asset value, end of period	$	29.84		$	26.44		$	20.27		$	13.90		$	34.53		$	39.78
Total Return
Total return based on net asset value^(b)		12.86	%		30.44	%		45.93	%		(55.63	)%		(4.25	)%		125.43	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	11,990		$	13,895		$	23,799		$	18,714		$	58,804		$	42,732
Ratio of net expenses to average net assets, before waiver		1.65	%*		1.34	%		1.10	%		1.08	%		0.77	%		1.06	%
Ratio of net expenses to average net assets, after waiver		0.78	%*		0.75	%		0.75	%		0.76	%		0.75	%		0.74	%
Ratio of net investment loss to average net assets		(0.64	)%*		(0.61	)%		(0.59	)%		(0.64	)%		(0.68	)%		(0.65	)%
Portfolio turnover rate^(c)		7	%		19	%		22	%		14	%		70	%		33	%

* Annualized.

^(a) Calculated based upon average shares outstanding during the period.

^(c) Portfolio turnover rate calculated at Fund level. Portfolio turnover is not annualized for periods less than one year.

The accompanying notes are an integral part of the financial statements.
130

Notes to Financial Statements (unaudited)

Semi-Annual Financial Statements and
Other Information June 30, 2025

Note A — Organization and Accounting Policies

As of June 30, 2025, each fund identified in the table below (each, a "Fund", and collectively, the "Funds") was a series of Baillie Gifford Funds (the "Trust"). The Trust includes one series, Baillie Gifford International All Cap Fund, that is not included in this report. The investment objective of each Fund includes achieving capital appreciation.

For more detail on specific objectives of each Fund and a description of each share class, please refer to the relevant prospectus. The Trust is an open-end management

investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The Trust was organized as a Massachusetts business trust on June 21, 2000, under the laws of Massachusetts. The Trust operates pursuant to the Third Amended and Restated Agreement and Declaration of Trust dated September 20, 2023, as amended from time to time.

At a meeting held on May 19, 2025, the Board of Trustees of the Trust (the "Board") approved and adopted Plans of Liquidation and Termination of Baillie Gifford International Smaller Companies Fund. As further described in Note J, Baillie Gifford International Smaller Companies Fund was liquidated on July 21, 2025.

The following table is a summary of classes of the Funds with shares outstanding as of June 30, 2025:

Class 2

Class 3

Class 4

Class 5

Class K

Institutional
Class

Baillie Gifford China Equities Fund

N/A

Baillie Gifford Developed EAFE All Cap Fund

N/A

Baillie Gifford EAFE Plus All Cap Fund

N/A

Baillie Gifford Emerging Markets Equities Fund

Baillie Gifford Emerging Markets ex China Fund

N/A

Baillie Gifford Global Alpha Equities Fund

N/A

Baillie Gifford International Alpha Fund

Baillie Gifford International Concentrated Growth
Equities Fund

N/A

Baillie Gifford International Growth Fund

N/A

Baillie Gifford International Smaller Companies Fund

N/A

Baillie Gifford Long Term Global Growth Fund

N/A

Baillie Gifford U.S. Equity Growth Fund

N/A

Accounting Policies

The Funds are investment companies that apply the accounting and reporting guidance issued in Topic 946 by the U.S. Financial Accounting Standards Board ("FASB"). The financial statements of the Funds have been prepared in conformity with generally accepted accounting principles in the United States of America ("GAAP"). Management is required to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

The following is a summary of significant accounting policies followed by the Funds:

Segment Reporting

In November 2023, the FASB issued Accounting Standards Update ("ASU"), ASU 2023-07, Segment Reporting (Topic 280) — Improvements to Reportable Segment Disclosures, which aimed to improve reportable segment disclosure requirements, primarily through enhanced disclosures about segment expenses. The amendments under this ASU were effective for fiscal years beginning after December 15, 2023 and hence the Funds adopted this ASU for the year ending December 31, 2024.

131

Notes to Financial Statements (unaudited)

Semi-Annual Financial Statements and
Other Information June 30, 2025

Each Fund included herein is subject to Topic 946: Investment Companies and is structured as having a limited purpose by design. Each Fund's sole purpose is to invest to obtain returns from investment income and/or capital appreciation in accordance with their established investment objective. As such, each Fund is deemed to be an individual reporting segment under Topic 280 and is not part of a consolidated reporting entity. The results of the operations, as shown in the Statements of Operations and the financial highlights for each Fund is the information utilized for the day-to-day oversight of the Funds. Due to the significance of oversight and their role, the President / Principal Executive Officer is deemed to be the Chief Operating Decision Maker.

Valuation of Investments

Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated the Funds' investment adviser, Baillie Gifford Overseas Limited (the "Manager") as the valuation designee (the "Valuation Designee") to determine the fair value, in good faith, of securities and other instruments for which no readily available market quotation exists, subject to the Board's oversight.

Investments for which there are readily available market quotations are valued at market value. Equity securities listed on a securities exchange, market or automated quotation system (including equity securities traded over the counter) for which quotations are readily available, are valued at the last quoted trade price on the primary exchange or market (foreign or domestic) on which they are most actively traded on the date of valuation (or at approximately 4:00 p.m. Eastern Time if a security's primary exchange is normally open at that time), or, if there is no such reported sale on the date of valuation at the most recent quoted bid price.

Other securities for which current market quotations are not readily available (or for which quotations are not believed to be reliable due to market changes that occur after the most recent available quotations are obtained, or for any other reason), and all other assets, are valued at their fair value as determined in good faith by the Valuation Designee.

Generally, trading in foreign securities markets is substantially completed each day at various times prior to close of regular trading on the New York Stock Exchange. Occasionally, events affecting the value of equity securities of non-U.S. issuers not traded on a U.S. exchange may occur between the completion of substantial trading of

such securities for the day and the close of regular trading on the New York Stock Exchange, and such events may not be reflected in the computation of a Fund's net asset value.

The Valuation Designee utilizes a third-party pricing service for all equity securities, except those traded on Canadian, Latin American or U.S. exchanges, subject to certain minimum confidence levels, which applies a fair value adjustment that seeks to reflect changes in such securities' market prices since the close of the market on which the securities are traded. To the extent that securities are valued using this service, the securities will be classified as Level 2 securities in the fair value measurement framework described below.

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 Funds have 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 Funds use 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 Funds' 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

132

Notes to Financial Statements (unaudited)

Semi-Annual Financial Statements and
Other Information June 30, 2025

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 Funds use 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 hierarchy classification of inputs used to value each Fund's investments at June 30, 2025 is disclosed at the end of each Fund's Portfolio of Investments.

Foreign Currency Translation

The accounting records of the Funds are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the applicable rate of exchange to determine the value of investments, assets and liabilities. Purchases and sales of securities and income and expenses are translated at the prevailing rate of exchange on the respective dates of such transactions. The Funds do not isolate that portion of net realized and unrealized gains and losses on investments resulting from changes in foreign exchange rates from the impact arising from changes in market prices. Such fluctuations are included with net realized and unrealized gain or loss from investments.

Net realized foreign exchange gains and losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the differences between the amounts of dividends, interest, and foreign withholding taxes recorded on the Funds' books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investments in securities, resulting from changes in the exchange rates.

Securities Transactions and Investment Income

The Funds' securities transactions are recorded on the trade date. Realized gains or losses on sales of investments are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date. Non-cash income, if any, is included in investment income, with any non-cash income exceeding 5% of a Fund's total income stated separately on the Statements of Operations, and is recorded at the fair value of securities received.

Investment income, expenses (other than those specific to a particular class of shares), and realized and unrealized gains and losses on investments are allocated to the separate classes of shares based upon their relative net asset value on the date income is earned or expensed and realized and unrealized gains and losses are incurred.

U.S. Federal and Other Taxes

Each Fund intends to continue to qualify to be taxed as a "regulated investment company" under the provisions of the U.S. Internal Revenue Code of 1986, as amended (the "Code"), and as such will not be subject to U.S. federal income tax on income (including any net realized capital gains) which is distributed in accordance with the provisions of the Code to the Funds' shareholders. Therefore, no U.S. federal income tax provision is required.

Investment income received from investments in foreign jurisdictions may be subject to foreign withholding tax. Investment income is recorded net of any foreign withholding taxes, less any amounts reclaimable. The Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Whenever possible, the Funds will attempt to operate so as to qualify for reduced tax rates or tax exemptions in those countries with which the United States has a tax treaty. Foreign taxes, if any, net of any reclaims, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Funds invest.

As a result of several court cases in certain countries across the European Union ("EU"), some Funds may file European tax reclaims for previously withheld taxes on dividends earned in those countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. If a positive decision is reached and as such, reclaims become payable to the Funds, they are reflected as Windfall Tax

133

Notes to Financial Statements (unaudited)

Semi-Annual Financial Statements and
Other Information June 30, 2025

Recovery within investment income in the Statements of Operations and related receivables, if any, will be reflected within tax reclaims receivable in the Statements of Assets and Liabilities. If the associated cash is received, the Funds will generally follow, for tax purposes, IRS guidance in Notice 2016-10 and reduce the current year foreign taxes paid by the amount of the refund. When uncertainty exists as to the ultimate resolution of these proceedings and the likelihood of receipt of these EU reclaims, no amounts are reflected in the financial statements.

In the event that EU reclaims received by a Fund during a fiscal year exceed foreign withholding taxes paid by the Fund, and the Fund previously passed through to its shareholders foreign taxes incurred by the Fund to be used as a credit or deduction on a shareholder's income tax return, the Fund will enter into a closing agreement with the IRS in order to pay the associated tax liability on behalf of the Fund's shareholders.

In addition to the requirements of the Code, the Funds may also be subject to capital gains tax in India and potentially other foreign jurisdictions, on gains realized upon the sale of securities in India or other such foreign jurisdictions, payable upon repatriation of sales proceeds.

Any realized losses in excess of gains in India may be carried forward to offset future gains. Funds with exposure to Indian securities and potentially other foreign jurisdictions accrue a deferred tax liability for unrealized gains in excess of available loss carryforwards based on existing tax rates and holding periods of the securities.

The Funds are subject to tax accounting standards that provide guidance for how certain and uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. These standards require the evaluation of tax positions taken, or expected to be taken, in the course of preparing the Funds' tax returns to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Tax positions not deemed to meet the "more-likely-than-not" threshold would be recorded as a reduction in a tax benefit or expense in the current year. Management has evaluated the application of these standards and has determined no liabilities for income tax related expenses are required in the financial statements of the Funds. The previous three tax year ends and the interim tax period since then, as applicable, remain subject to examination.

At December 31, 2024 for federal income tax purposes, the following Funds had capital loss carryforwards available to offset future capital gains. To the extent that these loss carryforwards are utilized, capital gains so offset will not be distributed to shareholders.

Fund	Short Term Capital Losses No Expiration			Long Term Capital Losses No Expiration			Capital Loss Available Total
Baillie Gifford China Equities Fund	$	(387,122	)	$	(487,685	)	$	(874,807	)
Baillie Gifford Developed EAFE All Cap Fund		(12,997,734	)		—			(12,997,734	)
Baillie Gifford EAFE Plus All Cap Fund		—			—			—
Baillie Gifford Emerging Markets Equities Fund		(176,746,124	)		(250,622,902	)		(427,369,026	)
Baillie Gifford Emerging Markets ex China Fund		(21,049	)		(28,832	)		(49,881	)
Baillie Gifford Global Alpha Equities Fund		—			—			—
Baillie Gifford International Alpha Fund		—			—			—
Baillie Gifford International Concentrated Growth Equities Fund		(6,567,400	)		(16,038,188	)		(22,605,588	)
Baillie Gifford International Growth Fund		—			—			—
Baillie Gifford International Smaller Companies Fund		(7,885,952	)		(10,217,482	)		(18,103,434	)
Baillie Gifford Long Term Global Growth Fund		(75,540,866	)		(79,024,827	)		(154,565,693	)
Baillie Gifford U.S. Equity Growth Fund		(3,750,763	)		(15,588,832	)		(19,339,595	)

Realized capital losses, currency losses and passive foreign investment company ("PFIC") losses incurred after October 31 ("post-October capital/late year ordinary losses") within the taxable year are deemed to arise on the first business day of each Fund's next taxable year. During the year or period ended December 31, 2024, the Funds shown below incurred and will elect to defer net post-October or late year losses as indicated.

134

Notes to Financial Statements (unaudited)

Semi-Annual Financial Statements and
Other Information June 30, 2025

At December 31, 2024, the components of accumulated earnings on a tax basis were as follows:

Fund	Capital Loss Carryforwards			Post October Capital/Late Year Ordinary Losses
Baillie Gifford China Equities Fund	$	(874,807	)	$	—
Baillie Gifford Developed EAFE All Cap Fund		(12,997,734	)		—
Baillie Gifford EAFE Plus All Cap Fund		—			(725,090	)
Baillie Gifford Emerging Markets Equities Fund		(427,369,026	)		(15,556,862	)
Baillie Gifford Emerging Markets ex China Fund		(49,881	)		(3,276	)
Baillie Gifford Global Alpha Equities Fund		—			(6,600	)
Baillie Gifford International Alpha Fund		—			—
Baillie Gifford International Concentrated Growth Equities Fund		(22,605,588	)		—
Baillie Gifford International Growth Fund		—			—
Baillie Gifford International Smaller Companies Fund		(18,103,434	)		—
Baillie Gifford Long Term Global Growth Fund		(154,565,693	)		—
Baillie Gifford U.S. Equity Growth Fund		(19,339,595	)		—

Dividends and Distributions to Shareholders

The Funds intend to distribute each year, as dividends, substantially all net investment income and net capital gains realized. All such dividends or distributions are credited in the form of additional shares of the Funds at net asset value on the ex-dividend date unless the shareholder elects to receive dividends and distributions in cash. Currently, the Funds' policies are to distribute net investment income and net capital gains on an annual basis. Such distributions are determined in conformity with U.S. federal income tax regulations, which may differ from GAAP.

The Funds' cost of investments and gross unrealized appreciation (depreciation) at June 30, 2025 for U.S. federal income tax purposes were as follows:

Fund	Cost of Investments		Gross Appreciation		Gross (Depreciation)			Net Appreciation (Depreciation)
Baillie Gifford China Equities Fund	$	2,605,648	$	407,719	$	(357,972	)	$	49,747
Baillie Gifford Developed EAFE All Cap Fund		136,625,723		60,259,433		(15,012,076	)		45,247,357
Baillie Gifford EAFE Plus All Cap Fund		187,090,218		78,556,279		(15,600,143	)		62,956,136
Baillie Gifford Emerging Markets Equities Fund		4,523,590,651		2,199,280,671		(819,593,817	)		1,379,686,854
Baillie Gifford Emerging Markets ex China Fund		1,005,872		278,666		(140,866	)		137,800
Baillie Gifford Global Alpha Equities Fund		317,914,454		263,981,569		(23,021,658	)		240,959,911
Baillie Gifford International Alpha Fund		1,356,209,040		1,018,642,984		(111,777,302	)		906,865,682
Baillie Gifford International Concentrated Growth Equities Fund		81,961,300		42,419,494		(19,283,847	)		23,135,647
Baillie Gifford International Growth Fund		2,040,488,799		1,582,065,220		(227,623,496	)		1,354,441,724
Baillie Gifford International Smaller Companies Fund		—		—		—			—
Baillie Gifford Long Term Global Growth Fund		552,254,464		452,024,220		(28,007,499	)		424,016,721
Baillie Gifford U.S. Equity Growth Fund		10,629,108		11,810,886		(1,898,571	)		9,912,315

135

Notes to Financial Statements (unaudited)

Semi-Annual Financial Statements and
Other Information June 30, 2025

Note B — Investment Management and Other Services

The Funds are advised and managed by the Manager. The Manager, an investment adviser registered with the SEC, is a wholly owned subsidiary of Baillie Gifford & Co.

Under an investment advisory agreement between the Manager and the Trust on behalf of the Funds (the "Advisory Agreement"), each Fund pays the Manager an investment advisory fee, in arrears.

The advisory fee paid by each Fund under the Advisory Agreement is calculated and accrued daily on the basis of the annual rate noted below and expressed as a percentage of that Fund's average daily net assets.

Fund	Average Daily Net Assets of the Fund (billions)	Annual Rate at Each Asset Level
Baillie Gifford China Equities Fund	$0 - $2 >$2 - $5 Above $5		0.55% 0.51% 0.49%
Baillie Gifford Developed EAFE All Cap Fund	$0 - $2 >$2 - $5 Above $5		0.35% 0.31% 0.29%
Baillie Gifford EAFE Plus All Cap Fund	$0 - $2 >$2 - $5 Above $5		0.35% 0.31% 0.29%
Baillie Gifford Emerging Markets Equities Fund	$0 - $2 >$2 - $5 Above $5		0.55% 0.51% 0.49%
Baillie Gifford Emerging Markets ex China Fund	$0 - $2 >$2 - $5 Above $5		0.55% 0.51% 0.49%
Baillie Gifford Global Alpha Equities Fund	$0 - $2 >$2 - $5 Above $5		0.40% 0.36% 0.34%
Baillie Gifford International Alpha Fund	$0 - $2 >$2 - $5 Above $5		0.35% 0.31% 0.29%
Baillie Gifford International Concentrated Growth Equities Fund	$0 - $2 >$2 - $5 Above $5		0.40% 0.36% 0.34%
Baillie Gifford International Growth Fund	$0 - $2 >$2 - $5 Above $5		0.35% 0.31% 0.29%
Baillie Gifford International Smaller Companies Fund	All assets		0.58%
Baillie Gifford Long Term Global Growth Fund	$0 - $2 >$2 - $5 Above $5		0.45% 0.41% 0.39%
Baillie Gifford U.S. Equity Growth Fund	$0 - $2 >$2 - $5 Above $5		0.33% 0.29% 0.27%

136

Notes to Financial Statements (unaudited)

Semi-Annual Financial Statements and
Other Information June 30, 2025

The Manager has contractually agreed to waive its fees and/or bear expenses of the following Funds to the extent that such Fund's total annual operating expenses (excluding taxes, sub-accounting expenses and extraordinary expenses) exceed the amounts listed below. This contractual waiver will expire on April 30, 2026.

Fund	Class	Expense Limitation
Baillie Gifford China Equities Fund	Class K and Institutional Class	0.87%
Baillie Gifford Developed EAFE All Cap Fund*	Class 2 Class 3 Class 4 Class 5 Class K and Institutional Class	0.67% 0.60% 0.57% 0.52% 0.67%
Baillie Gifford EAFE Plus All Cap Fund*	Class 2 Class 3 Class 4 Class 5 Class K and Institutional Class	0.67% 0.60% 0.57% 0.52% 0.67%
Baillie Gifford Emerging Markets ex China Fund	Class K and Institutional Class	0.87%
Baillie Gifford International Concentrated Growth Equities Fund	Class K and Institutional Class	0.72%
Baillie Gifford International Smaller Companies Fund	Class K and Institutional Class	0.90%
Baillie Gifford U.S. Equity Growth Fund	Class K and Institutional Class	0.65%

* The waiver of this Fund was introduced by the Manager on April 30, 2025. No waiver was in place prior to this date.

Fees waived or expenses reimbursed for all Funds are not subject to recoupment. These contractual agreements may only be terminated by the Board.

Baillie Gifford Funds Services LLC, a wholly-owned subsidiary of the Manager, serves as the sole distributor and principal underwriter of the shares of the Funds.

The Funds have adopted a Shareholder Servicing Plan providing that the Fund may pay the Manager, or any other entity that acts from time to time as the shareholder servicing agent with respect to a class of Fund shares, for services rendered and expenses borne in connection with the provision of services provided to Fund investors and/or the maintenance of shareholder accounts. For these services, the Funds pay the Manager a fee at the annualized rate of the Funds' average daily net assets attributed to each class of shares. The fee paid by Class 2 shares is 0.17%, Class 3 shares is 0.10%, Class 4 shares is 0.07%, and Class 5 shares is 0.02%. Class K and Institutional Class shares do not pay this fee.

With respect to Class K and Institutional Class shares, the Manager is responsible for providing certain administrative services to Fund shareholders as well as coordinating, overseeing and supporting services provided to Fund shareholders by third parties, including financial intermediaries that hold accounts with the Funds, pursuant to an Administration and Supervisory Agreement between the Manager and the Trust on behalf of each Fund.

Each Fund has adopted an Administration, Supervisory and Sub-Accounting Services Plan with respect to Class K and Institutional Class shares of each Fund, which authorizes each Fund to pay the Manager an Administration and Supervisory Fee quarterly, in arrears, with respect to Class K and Institutional Class shares at an annual rate of 0.17% of such Fund's average net assets.

Institutional Class shares bear expenses in connection with compensating financial intermediaries for sub-transfer agency and other services. Class K shares do not bear such expenses.

The Funds may enter into certain agreements with Financial Intermediaries that require payments for sub- transfer agency services in excess of the Board approved cap on payments and/or reimbursements to Financial Intermediaries. In such instances the Manager will pay, out of its own profits, the difference between the amount due under the agreement with the Financial Intermediary and the cap on such payments and/or reimbursements approved by the Board.

The Bank of New York Mellon ("BNY") serves as the Funds' administrator and custodian. BNY Mellon Investment Servicing (US) Inc serves as the Trust's transfer agent, registrar and dividend disbursing agent.

137

Notes to Financial Statements (unaudited)

Semi-Annual Financial Statements and
Other Information June 30, 2025

Note C — Investment Transactions

Purchases and proceeds from sales of securities (excluding short term securities) for the six months ended June 30, 2025 were as follows:

Fund	Purchases		Sales
Baillie Gifford China Equities Fund	$	170,398	$	490,874
Baillie Gifford Developed EAFE All Cap Fund		22,248,657		148,946,084
Baillie Gifford EAFE Plus All Cap Fund		33,757,381		109,454,639
Baillie Gifford Emerging Markets Equities Fund		542,679,759		612,258,200
Baillie Gifford Emerging Markets ex China Fund		105,000		90,068
Baillie Gifford Global Alpha Equities Fund		118,805,177		344,250,121
Baillie Gifford International Alpha Fund		166,833,078		313,263,206
Baillie Gifford International Concentrated Growth Equities Fund		15,557,117		5,874,134
Baillie Gifford International Growth Fund		475,980,724		505,838,911
Baillie Gifford International Smaller Companies Fund		541,302		15,924,304
Baillie Gifford Long Term Global Growth Fund		139,984,001		152,908,713
Baillie Gifford U.S. Equity Growth Fund		1,422,624		5,467,665

Note D — Transactions in Shares of Beneficial Interest

	Baillie Gifford China Equities Fund
	For the Period Ended June 30, 2025						For the Year Ended December 31, 2024
	Shares			Amount			Shares			Amount
Class K Shares
Shares sold		—		$	—			—		$	—
Shares issued in reinvestment of dividends and distributions		—			—			1,058			5,449
Shares redeemed		—			—			—			—
Net Increase (Decrease)		—		$	—			1,058		$	5,449
Institutional Class Shares
Shares sold		1,972		$	10,000			100,332		$	447,600
Shares issued in reinvestment of dividends and distributions		—			—			9,035			46,349
Shares redeemed		(55,943	)		(322,868	)		(32,853	)		(152,779	)
Net Increase (Decrease)		(53,971	)	$	(312,868	)		76,514		$	341,170
Total Net Increase (Decrease)		(53,971	)	$	(312,868	)		77,572		$	346,619

138

Notes to Financial Statements (unaudited)

Semi-Annual Financial Statements and
Other Information June 30, 2025

	Baillie Gifford Developed EAFE All Cap Fund
	For the Period Ended June 30, 2025						For the Year Ended December 31, 2024
	Shares			Amount			Shares			Amount
Class 2 Shares
Shares sold		124		$	1,500			467		$	6,000
Shares issued in reinvestment of dividends and distributions								302,050			3,679,755
Shares redeemed		(9,458,413	)		(118,810,551	)		(2,657,621	)		(34,592,927	)
Net Increase (Decrease)		(9,458,289	)	$	(118,809,051	)		(2,355,104	)	$	(30,907,172	)
Class 3 Shares
Shares sold		—		$	—			—		$	—
Shares issued in reinvestment of dividends and distributions		—			—			236,447			2,909,079
Shares redeemed		—			—			—			—
Net Increase (Decrease)		—		$	—			236,447		$	2,909,079
Class K Shares
Shares sold		111		$	1,439			178,958		$	2,304,008
Shares issued in reinvestment of dividends and distributions		—			—			54,157			667,758
Shares redeemed		(266,121	)		(3,560,698	)		(14,971,850	)		(195,506,276	)
Net Increase (Decrease)		(266,010	)	$	(3,559,259	)		(14,738,735	)	$	(192,534,510	)
Institutional Class Shares
Shares sold		162,947		$	2,029,006			349,597		$	4,447,538
Shares issued in reinvestment of dividends and distributions		—			—			112,491			1,371,266
Shares redeemed		(667,813	)		(8,693,098	)		(2,031,994	)		(26,224,994	)
Net Increase (Decrease)		(504,866	)	$	(6,664,092	)		(1,569,906	)	$	(20,406,190	)
Total Net Increase (Decrease)		(10,229,165	)	$	(129,032,402	)		(18,427,298	)	$	(240,938,793	)
	Baillie Gifford EAFE Plus All Cap Fund
	For the Period Ended June 30, 2025						For the Year Ended December 31, 2024
	Shares			Amount			Shares			Amount
Class 2 Shares
Shares sold		107		$	1,500			263,824		$	4,006,000
Shares issued in reinvestment of dividends and distributions								360,487			5,068,956
Shares redeemed		(1,962,119	)		(29,635,470	)		(7,438,624	)		(113,074,888	)
Net Increase (Decrease)		(1,962,012	)	$	(29,633,970	)		(6,814,313	)	$	(103,999,932	)

139

Notes to Financial Statements (unaudited)

Semi-Annual Financial Statements and
Other Information June 30, 2025

	Baillie Gifford EAFE Plus All Cap Fund
	For the Period Ended June 30, 2025						For the Year Ended December 31, 2024
	Shares			Amount			Shares			Amount
Class 3 Shares
Shares sold		—		$	—			—		$	—
Shares issued in reinvestment of dividends and distributions		—			—			534,403			7,484,804
Shares redeemed		—			—			—			—
Net Increase (Decrease)		—		$	—			534,403		$	7,484,804
Class K Shares
Shares sold		13,643		$	200,000			31,425		$	679,419
Shares issued in reinvestment of dividends and distributions		—			—			278,942			3,902,405
Shares redeemed		(3,138,931	)		(46,490,422	)		(3,367,102	)		(49,972,066	)
Net Increase (Decrease)		(3,125,288	)	$	(46,290,422	)		(3,056,735	)	$	(45,390,242	)
Institutional Class Shares
Shares sold		1,216		$	17,972			5,306		$	79,577
Shares issued in reinvestment of dividends and distributions		—			—			12,481			175,489
Shares redeemed		(169,305	)		(2,623,176	)		(82,299	)		(1,257,965	)
Net Increase (Decrease)		(168,089	)	$	(2,605,204	)		(64,512	)	$	(1,002,899	)
Total Net Increase (Decrease)		(5,255,389	)	$	(78,529,596	)		(9,401,157	)	$	(142,908,269	)
	Baillie Gifford Emerging Markets Equities Fund
	For the Period Ended June 30, 2025						For the Year Ended December 31, 2024
	Shares			Amount			Shares			Amount
Class 2 Shares
Shares sold		2,645,622		$	50,414,743	^(c)		1,226,471		$	25,006,000
Shares issued in reinvestment of dividends and distributions		—			—			153,919			2,970,188
Shares redeemed		(890,034	)		(20,126,799	)		(6,009	)		(120,000	)
Net Increase (Decrease)		1,755,588		$	30,287,944			1,374,381		$	27,856,188
Class 3 Shares
Shares sold		—		$	—			—		$	—
Shares issued in reinvestment of dividends and distributions		—			—			328,439			6,404,724
Shares redeemed		(2,617,429	)		(50,413,243	)^(d)		(2,588,276	)		(53,000,000	)
Net Increase (Decrease)		(2,617,429	)	$	(50,413,243	)		(2,259,837	)	$	(46,595,276	)

140

Notes to Financial Statements (unaudited)

Semi-Annual Financial Statements and
Other Information June 30, 2025

	Baillie Gifford Emerging Markets Equities Fund
	For the Period Ended June 30, 2025						For the Year Ended December 31, 2024
	Shares			Amount			Shares			Amount
Class 4 Shares
Shares sold		—		$	—			—		$	—
Shares issued in reinvestment of dividends and distributions		—			—			399,599			7,787,109
Shares redeemed		—			—			—			—
Net Increase (Decrease)		—		$	—			399,599		$	7,787,109
Class 5 Shares
Shares sold		—		$	—			828,136		$	16,800,000
Shares issued in reinvestment of dividends and distributions		—			—			1,784,221			35,912,627
Shares redeemed		(1,091,192	)		(24,900,000	)		(6,765,735	)		(127,000,000	)
Net Increase (Decrease)		(1,091,192	)	$	(24,900,000	)		(4,153,378	)	$	(74,287,373	)
Class K Shares
Shares sold		7,387,637		$	150,360,514	^(e)		18,289,747		$	365,179,690	^(a)
Shares issued in reinvestment of dividends and distributions		—			—			3,642,451			69,935,064
Shares redeemed		(12,552,365	)		(252,486,032	)		(17,334,531	)		(344,833,406	)^(b)
Net Increase (Decrease)		(5,164,728	)	$	(102,125,518	)		4,597,667		$	90,281,348
Institutional Class Shares
Shares sold		10,752,094		$	221,105,346			21,511,570		$	434,342,491	^(b)
Shares issued in reinvestment of dividends and distributions		—			—			2,042,555			39,196,634
Shares redeemed		(8,341,100	)		(165,094,730	)^(f)		(11,281,657	)		(225,034,398	)^(a)
Net Increase (Decrease)		2,410,994		$	56,010,616			12,272,468		$	248,504,727
Total Net Increase (Decrease)		(4,706,767	)	$	(91,140,201	)		12,230,900		$	253,546,723

^(a) $109,580 converted into Class K from Institutional Class.

^(b) $76,433 converted from Class K into Institutional Class.

^(c) $50,413,243 converted into Class 2 from from Class 3.

^(d) $50,413,243 converted from Class 3 into Class 2.

^(e) $81,337 converted into Class K from Institutional Class.

^(f) $81,337 converted from Institutional Class into Class K.

	Baillie Gifford Emerging Markets ex China Fund
	For the Period Ended June 30, 2025				For the Year Ended December 31, 2024
	Shares		Amount		Shares		Amount
Class K Shares
Shares sold		—	$	—		—	$	—
Shares issued in reinvestment of dividends and distributions		—		—		1,476		13,180
Shares redeemed		—		—		—		—
Net Increase (Decrease)		—	$	—		1,476	$	13,180

141

Notes to Financial Statements (unaudited)

Semi-Annual Financial Statements and
Other Information June 30, 2025

	Baillie Gifford Emerging Markets ex China Fund
	For the Period Ended June 30, 2025						For the Year Ended December 31, 2024
	Shares			Amount			Shares			Amount
Institutional Class Shares
Shares sold		—		$	—			—		$	—
Shares issued in reinvestment of dividends and distributions		—			—			1,476			13,180
Shares redeemed		—			—			—			—
Net Increase (Decrease)		—		$	—			1,476		$	13,180
Total Net Increase (Decrease)		—		$	—			2,952		$	26,360
	Baillie Gifford Global Alpha Equities Fund
	For the Period Ended June 30, 2025						For the Year Ended December 31, 2024
	Shares			Amount			Shares			Amount
Class 2 Shares
Shares sold		91		$	1,500			5,225,183		$	87,503,121	^(a)
Shares issued in reinvestment of dividends and distributions		—			—			862,681			14,023,739
Shares redeemed		(1,064,389	)		(18,083,644	)		(5,357,554	)		(97,507,999	)
Net Increase (Decrease)		(1,064,298	)	$	(18,082,144	)		730,310		$	4,018,861
Class 3 Shares
Shares sold		—		$	—			—		$	—
Shares issued in reinvestment of dividends and distributions		—			—			—			—
Shares redeemed		—			—			(18,369,648	)		(305,100,129	)^(b)
Net Increase (Decrease)		—		$	—			(18,369,648	)	$	(305,100,129	)
Class 4 Shares
Shares sold		—		$	—			11,800,999		$	197,603,009	^(c)
Shares issued in reinvestment of dividends and distributions		—			—			1,140,253			19,938,354
Shares redeemed		(12,941,252	)		(215,447,262	)		(6,110,613	)		(114,002,041	)
Net Increase (Decrease)		(12,941,252	)	$	(215,447,262	)		6,830,639		$	103,539,322
Class K Shares
Shares sold		890,521		$	15,005,259			2,728,231		$	48,860,829
Shares issued in reinvestment of dividends and distributions		—			—			1,893,423			30,578,776
Shares redeemed		(843,456	)		(13,627,501	)		(7,322,089	)		(127,256,803	)
Net Increase (Decrease)		47,065		$	1,377,758			(2,700,435	)	$	(47,817,198	)

142

Notes to Financial Statements (unaudited)

Semi-Annual Financial Statements and
Other Information June 30, 2025

	Baillie Gifford Global Alpha Equities Fund
	For the Period Ended June 30, 2025						For the Year Ended December 31, 2024
	Shares			Amount			Shares			Amount
Institutional Class Shares
Shares sold		568,720		$	9,600,000			90,898		$	1,572,850
Shares issued in reinvestment of dividends and distributions		—			—			208,006			3,365,544
Shares redeemed		(153,419	)		(2,491,844	)		(886,402	)		(15,385,633	)
Net Increase (Decrease)		415,301		$	7,108,156			(587,498	)	$	(10,447,239	)
Total Net Increase (Decrease)		(13,543,184	)	$	(225,043,492	)		(14,096,632	)	$	(255,806,383	)

^(a) $87,497,120 converted into Class 2 from Class 3.

^(b) $87,497,120 converted from Class 3 into Class 2. $197,603,009 converted from Class 3 into Class 4.

^(c) $197,603,009 converted into Class 4 from Class 3.

	Baillie Gifford International Alpha Fund
	For the Period Ended June 30, 2025						For the Year Ended December 31, 2024
	Shares			Amount			Shares			Amount
Class 2 Shares
Shares sold		6,442,509		$	84,787,883	^(a)		5,054,613		$	69,408,011
Shares issued in reinvestment of dividends and distributions		—			—			1,241,128			15,896,364
Shares redeemed		(1,291,194	)		(19,321,487	)		(5,203,667	)		(71,108,095	)
Net Increase (Decrease)		5,151,315		$	65,466,396			1,092,074		$	14,196,280
Class 3 Shares
Shares sold		12,491,464		$	168,473,870			107,844		$	1,475,000
Shares issued in reinvestment of dividends and distributions		—			—			1,156,772			15,070,893
Shares redeemed		(6,924,772	)		(93,088,383	)^(b)		(9,034,719	)		(128,330,477	)
Net Increase (Decrease)		5,566,692		$	75,385,487			(7,770,103	)	$	(111,784,584	)
Class 4 Shares
Shares sold		—		$	—			—		$	—
Shares issued in reinvestment of dividends and distributions		—			—			1,176,705			15,638,532
Shares redeemed		(16,316,980	)		(227,548,870	)^(c)		(18,132,889	)		(250,000,000	)
Net Increase (Decrease)		(16,316,980	)	$	(227,548,870	)		(16,956,184	)	$	(234,361,468	)
Class 5 Shares
Shares sold		—		$	—			139,442		$	2,000,000
Shares issued in reinvestment of dividends and distributions		—			—			136,479			1,853,518
Shares redeemed		(995,180	)		(14,978,546	)		(778,573	)		(10,790,367	)
Net Increase (Decrease)		(995,180	)	$	(14,978,546	)		(502,652	)	$	(6,936,849	)

143

Notes to Financial Statements (unaudited)

Semi-Annual Financial Statements and
Other Information June 30, 2025

	Baillie Gifford International Alpha Fund
	For the Period Ended June 30, 2025						For the Year Ended December 31, 2024
	Shares			Amount			Shares			Amount
Class K Shares
Shares sold		1,653,000		$	23,714,682	^(d)		10,689,041		$	137,886,083
Shares issued in reinvestment of dividends and distributions		—			—			2,450,771			31,247,329
Shares redeemed		(5,005,263	)		(72,437,014	)		(11,866,029	)		(155,778,856	)
Net Increase (Decrease)		(3,352,263	)	$	(48,722,332	)		1,273,783		$	13,354,556
Institutional Class Shares
Shares sold		759,900		$	10,792,467			1,684,385		$	21,978,549
Shares issued in reinvestment of dividends and distributions		—			—			298,766			3,848,106
Shares redeemed		(1,276,209	)		(17,624,747	)^(e)		(2,500,980	)		(33,406,456	)
Net Increase (Decrease)		(516,309	)	$	(6,832,280	)		(517,829	)	$	(7,579,801	)
Total Net Increase (Decrease)		(10,462,725	)	$	(157,230,145	)		(23,380,911	)	$	(333,111,866	)

^(a) $84,786,383 converted into Class 2 from Class 3.

^(b) $84,786,383 converted from Class 3 into Class 2. $157,548,870 converted into Class 3 from Class 4.

^(c) $157,548,870 coverted from Class 4 into Class 3.

^(d) $53,859 converted into Class K from Institutional Class.

^(e) $53,859 converted from Class I into Class K.

	Baillie Gifford International Concentrated Growth Equities Fund
	For the Period Ended June 30, 2025						For the Year Ended December 31, 2024
	Shares			Amount			Shares			Amount
Class K Shares
Shares sold		350,607		$	2,906,431			755,675		$	5,567,673
Shares issued in reinvestment of dividends and distributions		—			—			—			—
Shares redeemed		(186,126	)		(1,550,225	)		(1,384,868	)		(10,142,436	)
Net Increase (Decrease)		164,481		$	1,356,206			(629,193	)	$	(4,574,763	)
Institutional Class Shares
Shares sold		1,820,801		$	15,344,633			1,836,878		$	13,328,570
Shares issued in reinvestment of dividends and distributions		—			—			—			—
Shares redeemed		(957,032	)		(7,975,650	)		(2,517,803	)		(18,078,364	)
Net Increase (Decrease)		863,769		$	7,368,983			(680,925	)	$	(4,749,794	)
Total Net Increase (Decrease)		1,028,250		$	8,725,189			(1,310,118	)	$	(9,324,557	)

144

Notes to Financial Statements (unaudited)

Semi-Annual Financial Statements and
Other Information June 30, 2025

	Baillie Gifford International Growth Fund
	For the Period Ended June 30, 2025						For the Year Ended December 31, 2024
	Shares			Amount			Shares			Amount
Class 2 Shares
Shares sold		29,459,023		$	360,439,800	^(a)		14,663,364		$	185,508,507	^(b)
Shares issued in reinvestment of dividends and distributions		—			—			2,169,350			27,319,490
Shares redeemed		(3,494,762	)		(47,356,880	)		(41,138,212	)		(561,073,272	)^(c)
Net Increase (Decrease)		25,964,261		$	313,082,920			(24,305,498	)	$	(348,245,275	)
Class 3 Shares
Shares sold		—		$	—			29,755,384		$	404,465,779	^(c)
Shares issued in reinvestment of dividends and distributions		—			—			2,129,036			26,841,401
Shares redeemed		(30,439,794	)		(373,534,884	)^(d)		(20,811,136	)		(265,852,507	)^(b)
Net Increase (Decrease)		(30,439,794	)	$	(373,534,884	)		11,073,284		$	165,454,673
Class 4 Shares
Shares sold		—		$	—			—		$	—
Shares issued in reinvestment of dividends and distributions		—			—			3,414,840			43,091,869
Shares redeemed		(73,897	)		(903,416	)^(e)		—			—
Net Increase (Decrease)		(73,897	)	$	(903,416	)		3,414,840		$	43,091,869
Class 5 Shares
Shares sold		—		$	—			—		$	—
Shares issued in reinvestment of dividends and distributions		—			—			7,044,476			89,157,707
Shares redeemed		—			—			—			—
Net Increase (Decrease)		—		$	—			7,044,476		$	89,157,707
Class K Shares
Shares sold		789,235		$	11,301,530			719,879		$	9,891,649
Shares issued in reinvestment of dividends and distributions		—			—			358,292			4,496,563
Shares redeemed		(808,779	)		(10,759,340	)		(1,319,811	)		(18,033,260	)
Net Increase (Decrease)		(19,544	)	$	542,190			(241,640	)	$	(3,645,048	)
Institutional Class Shares
Shares sold		6,048,881		$	80,862,457			6,228,233		$	80,697,667
Shares issued in reinvestment of dividends and distributions		—			—			1,297,619			16,233,212
Shares redeemed		(4,150,246	)		(53,253,301	)		(7,033,959	)		(89,422,431	)
Net Increase (Decrease)		1,898,635		$	27,609,156			491,893		$	7,508,448
Total Net Increase (Decrease)		(2,670,339	)	$	(33,204,034	)		(2,522,645	)	$	(46,677,626	)

^(a) $343,534,884 converted into Class 2 from Class 3. $903,416 converted into Class 2 from Class 4.

^(b) $169,902,507 converted into Class 2 from Class 3.

^(c) $404,465,779 converted from Class 2 to Class 3.

^(d) $343,534,884 converted from Class 3 into Class 2.

^(e) $903,416 converted from Class 4 into Class 2.

145

Notes to Financial Statements (unaudited)

Semi-Annual Financial Statements and
Other Information June 30, 2025

	Baillie Gifford International Smaller Companies Fund
	For the Period Ended June 30, 2025						For the Year Ended December 31, 2024
	Shares			Amount			Shares			Amount
Class K Shares
Shares sold		123		$	1,500			10,019		$	123,590
Shares issued in reinvestment of dividends and distributions		—			—			5			67
Shares redeemed		(1,773	)		(23,062	)		(9,536	)		(118,914	)
Net Increase (Decrease)		(1,650	)	$	(21,562	)		488		$	4,743
Institutional Class Shares
Shares sold		—		$	—			12,448		$	150,414
Shares issued in reinvestment of dividends and distributions		—			—			6,396			76,368
Shares redeemed		(1,134,354	)		(15,312,716	)		(52,697	)		(623,153	)
Net Increase (Decrease)		(1,134,354	)	$	(15,312,716	)		(33,853	)	$	(396,371	)
Total Net Increase (Decrease)		(1,136,004	)	$	(15,334,278	)		(33,365	)	$	(391,628	)
	Baillie Gifford Long Term Global Growth Fund
	For the Period Ended June 30, 2025						For the Year Ended December 31, 2024
	Shares			Amount			Shares			Amount
Class 2 Shares
Shares sold		44		$	1,500			600,409		$	17,006,000
Shares issued in reinvestment of dividends and distributions		—						—			—
Shares redeemed		(21,094	)		(648,808	)^(a)		(171,971	)		(5,400,000	)
Net Increase (Decrease)		(21,050	)	$	(647,308	)		428,438		$	11,606,000
Class K Shares
Shares sold		1,174,254		$	37,625,468	^(b)		4,586,528		$	143,818,003
Shares issued in reinvestment of dividends and distributions		—						—			—
Shares redeemed		(5,103,603	)		(178,163,551	)		(847,998	)		(26,437,983	)
Net Increase (Decrease)		(3,929,349	)	$	(140,538,083	)		3,738,530		$	117,380,020
Institutional Class Shares
Shares sold		1,847,578		$	62,431,789			3,131,364		$	92,212,800
Shares issued in reinvestment of dividends and distributions		—						—			—
Shares redeemed		(827,903	)		(28,009,971	)		(2,606,843	)		(72,030,902	)
Net Increase (Decrease)		1,019,675		$	34,421,818			524,521		$	20,181,898
Total Net Increase (Decrease)		(2,930,724	)	$	(106,763,573	)		4,691,489		$	149,167,918

^(a) $648,808 converted from Class 2 into Class K.

^(b) $648,808 converted into Class K from Class 2.

146

Notes to Financial Statements (unaudited)

Semi-Annual Financial Statements and
Other Information June 30, 2025

	Baillie Gifford U.S. Equity Growth Fund
	For the Period Ended June 30, 2025						For the Year Ended December 31, 2024
	Shares			Amount			Shares			Amount
Class K Shares
Shares sold		6,280		$	172,298			13,793		$	313,958
Shares issued in reinvestment of dividends and distributions		—			—			—			—
Shares redeemed		(39,643	)		(954,815	)		(755,544	)		(16,249,105	)
Net Increase (Decrease)		(33,363	)	$	(782,517	)		(741,751	)	$	(15,935,147	)
Institutional Class Shares
Shares sold		2,006		$	52,333			42,065		$	902,616
Shares issued in reinvestment of dividends and distributions								—			—
Shares redeemed		(125,600	)		(3,378,410	)		(690,704	)		(15,365,424	)
Net Increase (Decrease)		(123,594	)	$	(3,326,077	)		(648,639	)	$	(14,462,808	)
Total Net Increase (Decrease)		(156,957	)	$	(4,108,594	)		(1,390,390	)	$	(30,397,955	)

Note E — Beneficial Ownership

Beneficial ownership, either direct or indirect, of more than 25% of the voting securities of a Fund creates a presumption of control under Section 2(a)(9) of the 1940 Act. As of June 30, 2025, the following Funds had one or more shareholders which beneficially owned 25% or more of the Fund's voting securities:

Baillie Gifford China Equities Fund
Baillie Gifford Developed EAFE Fund⁽¹⁾
Baillie Gifford EAFE Plus All Cap Fund
Baillie Gifford Emerging Markets ex China Fund⁽²⁾
Baillie Gifford Global Alpha Equities Fund
Baillie Gifford International Concentrated Growth Equities Fund⁽²⁾
Baillie Gifford International Growth Fund
Baillie Gifford International Smaller Companies Fund
Baillie Gifford Long Term Growth Fund
Baillie Gifford U.S. Equity Growth Fund⁽¹⁾

⁽¹⁾ The Fund has two shareholders which each beneficially own 25% or more of the Fund's voting securities.

⁽²⁾ At June 30, 2025, Baillie Gifford International, LLC, a wholly owned subsidiary of the Manager, beneficially owned 25% or more of the Fund's voting securities and as a result may be deemed to control such Funds.

Purchase and redemption activity of these accounts may have a significant effect on the operation of each Fund.

147

Notes to Financial Statements (unaudited)

Semi-Annual Financial Statements and
Other Information June 30, 2025

Note F — Commitments and Contingencies

Each of the Funds indemnifies the Trust's officers and each member of the Board for certain liabilities that might arise from the performance of their duties to the Fund. Additionally, in the normal course of business, each Fund enters into contracts that contain a variety of representations and warranties and which provide general indemnifications.

The Funds' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.

Note G — Line of Credit

The Trust entered into a committed facility with BNY On May1, 2017, renewed April 15, 2025, and expiring

April 14, 2026 (unless renewed), which allows the series of the Trust to borrow up to $75 million in total subject to minimum asset coverage requirements set out in the Credit Agreement. Each such series may borrow money under this credit facility for the temporary funding of shareholder redemptions or for other temporary or emergency purposes.

In normal market conditions, borrowings are charged an interest rate of 1.25% per annum plus the greater of the Federal Funds Effective Rate or the Secured Overnight Financing Rate + 0.10%.

The Funds pay a share of a commitment fee on the portion of the facility which is undrawn. The commitment fee is 0.25% on undrawn amounts.

The rate payable at June 30, 2025 was 5.80% on any amounts drawn down. As at June 30, 2025, the Baillie Gifford Developed EAFE All Cap Fund had a loan balance of $700,000 outstanding.

The following borrowings were made against the credit facility during the period:

Fund	Maximum Amount Borrowed		Average Amount Borrowed⁽¹⁾		Average Interest Rate
Baillie Gifford China Equities Fund		100,000		100,000		5.64	%
Baillie Gifford Developed EAFE All Cap Fund		700,000		700,000		5.58	%
Baillie Gifford EAFE Plus All Cap Fund		28,850,000		7,942,857		5.64	%
Baillie Gifford Emerging Markets Equities Fund		18,350,000		13,775,000		5.63	%
Baillie Gifford U.S. Equity Growth Fund		700,000		250,000		5.67	%

⁽¹⁾ Average amount borrowed is calculated using days with outstanding borrowings.

Note H — Principal Risks

The below is a selection of the Funds' principal risks. The Funds' full list of principal risks, including more commonly known risks, are further described within their respective prospectuses.

Investment Style Risk

The Manager actively makes investment decisions for the Funds through bottom-up stock selection. Accordingly, the Funds will have risk characteristics that differ from their benchmark indices. The Manager's judgments about the attractiveness, relative value, or potential appreciation of

a particular stock may prove to be incorrect and cause a Fund to lose money or underperform compared to its benchmark index. There can be no assurance that the Manager's investment decisions will produce the desired results.

Growth Stock Risk

The prices of growth stocks may be based largely on expectations of future earnings, and their prices can decline rapidly and significantly in reaction to negative news. Growth stocks may underperform stocks in other broad style categories (and the stock market as a whole) over any period of time and may shift in and out of favor with

148

Notes to Financial Statements (unaudited)

Semi-Annual Financial Statements and
Other Information June 30, 2025

investors generally, sometimes rapidly, depending on changes in market, economic, and other factors.

Long-Term Investment Strategy Risk

The Funds pursue a long-term investment approach, typically seeking returns over a period of several years. This investment style may cause a Fund to lose money or underperform compared to its benchmark index or other mutual funds over extended periods of time, and a Fund may not perform as expected in the long term. An investment in a Fund may be more suitable for long-term investors who can bear the risk of short- or medium-term fluctuations in the value of the Fund's portfolio.

Emerging Markets Risk

To the extent the Funds invest in emerging market securities, the Funds may be exposed to greater market, credit, currency, liquidity, legal, political, technical and other risks different from, or greater than the risks of investing in developed markets.

Geographic Focus Risk

Certain Funds expect to focus investments in a limited number of countries or geographic regions, and as a result may not offer the same level of diversification of risks as a more broadly global fund because these Funds will be exposed to a smaller geographic area. The performance of a fund that is less diversified across countries or geographic regions will be closely tied to market, currency, economic, political, environmental, or regulatory conditions and developments in the countries or regions in which the fund invests, and may be more volatile than the performance of a more geographically-diversified portfolio.

Non-Diversification Risk

A non-diversified fund may hold a smaller number of portfolio securities, with larger positions in each security it holds, than many other mutual funds. To the extent a Fund invests in a relatively small number of issuers, a decline in the market value of a particular security held by

the Fund may affect its value more than if it invested in a larger number of issuers. The value of the Fund's shares may be more volatile than the values of shares of more diversified funds. Baillie Gifford China Equities Fund, Baillie Gifford Emerging Markets ex China Fund, Baillie Gifford International Concentrated Growth Equities Fund, Baillie Gifford Long Term Global Growth Fund and Baillie Gifford U.S. Equity Growth Fund are all non-diversified Funds.

Market Disruption and Geopolitical Risk

Geopolitical, environmental and other events may disrupt securities markets and adversely affect global economies and markets. These disruptions could prevent the Funds from implementing their investment strategies and achieving their investment objectives, and increase the Funds' exposure to the other risks detailed in this Prospectus. Given the increasing interdependence among global economies and markets, conditions in one country, market, or region might adversely affect markets, issuers, and/or foreign exchange rates in other countries, including the U.S.

War, terrorism, public health crises, and other geopolitical events, such as sanctions, tariffs, trade disputes, the imposition of exchange controls or other cross-border trade barriers, have led, and in the future may lead, to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets generally. For instance, the 2022 Russian invasion of Ukraine and the sanctions that followed had immediate negative effects on global financial markets, sovereign debt and the markets for certain securities and commodities, such as oil and natural gas, and reduced the liquidity and value of Russian securities to zero or near zero. Similarly, terrorism in the U.S. and around the world has resulted in increased geopolitical risk.

Natural and environmental disasters, such as earthquakes and tsunamis, can be highly disruptive to economies and markets, adversely impacting individual companies and industries, securities markets, interest rates, credit ratings, inflation, investor sentiment, and other factors affecting the value of the Funds' investments. Similarly, dramatic disruptions can be caused by communicable diseases, epidemics, pandemics, plagues and other public health crises.

For further information on the risks of investing in each Fund, please refer to each Fund's prospectus.

149

Notes to Financial Statements (unaudited)

Semi-Annual Financial Statements and
Other Information June 30, 2025

Note I — Legal Notice

MSCI

MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, endorsed, reviewed or produced by MSCI. None of the MSCI data is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such.

FTSE Russell (U.S. Equity Growth)

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group"). © LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE^®" "Russell^®", is/are a trademark of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

S&P (U.S. Equity Growth)

The S&P 500 index is a product of S&P Dow Jones Indices LLC or its affiliates ("SPDJI"), and has been licensed for

use by Baillie Gifford & Co. S&P^®, S&P 500^®, US 500, The 500, iBoxx^®, iTraxx^® and CDX^® are trademarks of S&P Global, Inc. or its affiliates ("S&P"); Dow Jones^® is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by Baillie Gifford & Co. Baillie Gifford & Co Product(s) are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the S&P 500 Index.

Note J — Subsequent Events

Events or transactions that occur after the financial statement date but before the financial statements are issued are categorized as recognized or non-recognized for financial statement purposes.

At a meeting held on May 19, 2025, the Board of Trustees of the Trust (the "Board") approved and adopted Plans of Liquidation and Termination of Baillie Gifford International Smaller Companies Fund, determining to close the Fund and redeem all outstanding shares on the liquidation date of July 21, 2025.

On the Liquidation Date, pursuant to the Fund's Plan of Liquidation, the Fund redeemed all of its outstanding shares by distribution of its net assets to shareholders in amounts equal to the value of each shareholder's Fund investment. The Fund subsequently ceased operations.

There were no other subsequent events identified between June 30, 2025 and the issuance of the Financial Statements.

150

Baillie Gifford Funds

Semi-Annual Financial Statements and
Other Information, June 30, 2025 (Unaudited)

Baillie Gifford International All Cap Fund

Index

Page Number
	01	Industry Diversification Table
	02	Portfolio of Investments
	07	Financial Statements
	10	Financial Highlights
	12	Notes to Financial Statements

This report is intended for shareholders of Baillie Gifford International All Cap Fund (the "Fund") and may not be used as sales literature unless preceded or accompanied by a current prospectus for the Fund.

Actual outcomes may differ significantly from the views expressed. These views may not be relied on as investment advice or as an indication of trading intent on behalf of the Fund.

All investments entail risk, including the possible loss of principal.

Industry Diversification Table

Semi-Annual Financial Statements and
Other Information June 30, 2025

June 30, 2025 (unaudited)
Baillie Gifford International All Cap Fund

	Value		% of Total Net Assets
Airlines	$	4,505,123		1.5	%
Apparel		3,891,853		1.3
Auto Parts & Equipment		2,785,604		0.9
Banks		27,873,132		9.1
Beverages		9,677,170		3.2
Building Materials		2,087,428		0.7
Chemicals		7,968,900		2.6
Commercial Services		22,370,215		7.3
Computers		3,196,392		1.0
Cosmetics/Personal Care		9,308,867		3.0
Distribution/Wholesale		7,194,965		2.3
Diversified Financial Services		6,958,988		2.3
Electronics		8,435,418		2.8
Food		6,297,665		2.1
Hand/Machine Tools		3,790,171		1.2
Healthcare — Products		5,179,322		1.7
Healthcare — Services		4,719,364		1.5
Home Furnishings		1,710,285		0.6
Insurance		3,848,027		1.3
Internet		38,365,157		12.5
Investment Companies		9,174,805		3.0
Leisure Time		3,160,574		1.0
Machinery — Construction & Mining		7,385,512		2.4
Machinery — Diversified		12,577,350		4.1
Mining		2,534,781		0.8
Oil & Gas		5,244,630		1.7
Pharmaceuticals		7,512,456		2.5
Private Equity		3,567,806		1.2
Retail		16,397,840		5.4
Semiconductors		34,253,314		11.2
Software		8,405,715		2.7
Toys/Games/Hobbies		3,618,975		1.2
Transportation		7,553,198		2.5
Total Value of Investments		301,551,002		98.6
Other assets less liabilities		4,248,350		1.4
Net Assets	$	305,799,352		100.0	%

Portfolio of Investments

Semi-Annual Financial Statements and
Other Information June 30, 2025

June 30, 2025 (unaudited)
Baillie Gifford International All Cap Fund

	Shares		Value
COMMON STOCKS — 98.6%
AUSTRALIA — 0.8%
BHP Group Ltd.		105,363	$	2,534,781
BELGIUM — 1.6%
Anheuser-Busch InBev SA/NV		69,382		4,773,508
BRAZIL — 3.2%
B3 SA — Brasil Bolsa Balcao		1,099,000		2,941,131
MercadoLibre, Inc. *		1,711		4,471,921
Raia Drogasil SA		839,580		2,341,138
				9,754,190
CANADA — 3.0%
Alimentation Couche-Tard, Inc.		39,629		1,969,882
Canadian Pacific Kansas City Ltd.		38,863		3,087,350
Shopify, Inc., Class A *		36,014		4,154,215
				9,211,447
CHILE — 1.3%
Banco de Chile ADR		133,224		4,052,674
CHINA — 8.0%
Alibaba Group Holding Ltd.		234,356		3,317,532
Centre Testing International Group Co., Ltd., Class A		790,100		1,291,361
Contemporary Amperex Technology Co., Ltd., Class A		78,939		2,785,604
Kweichow Moutai Co., Ltd., Class A		5,500		1,083,760
Li Ning Co., Ltd.		559,000		1,211,446
Midea Group Co., Ltd., Class A		169,500		1,710,285
Prosus NV		54,246		3,043,553
Silergy Corp.		137,000		1,668,829
Tencent Holdings Ltd.		111,100		7,158,797
Yifeng Pharmacy Chain Co., Ltd., Class A		398,300		1,362,663
				24,633,830
DENMARK — 1.5%
DSV A/S		18,619		4,465,848

The accompanying notes are an integral part of the financial statements.
2

Portfolio of Investments

Semi-Annual Financial Statements and
Other Information June 30, 2025

June 30, 2025 (unaudited)
Baillie Gifford International All Cap Fund

	Shares		Value
FRANCE — 5.2%
Air Liquide SA		22,437	$	4,626,535
LVMH Moet Hennessy Louis Vuitton SE		7,436		3,891,853
Remy Cointreau SA		25,298		1,293,081
SOITEC *		15,953		879,678
TotalEnergies SE		85,805		5,244,630
				15,935,777
GERMANY — 1.2%
Nemetschek SE		24,615		3,568,998
HONG KONG — 3.8%
AIA Group Ltd.		424,800		3,848,027
Hong Kong Exchanges & Clearing Ltd.		74,700		4,017,857
Techtronic Industries Co., Ltd.		343,500		3,790,171
				11,656,055
INDIA — 2.9%
HDFC Bank Ltd.		232,905		5,437,275
MakeMyTrip Ltd. *		33,349		3,268,869
				8,706,144
ITALY — 1.5%
Ryanair Holdings PLC ADR		78,119		4,505,123
JAPAN — 11.1%
Chugai Pharmaceutical Co., Ltd.		45,300		2,365,467
Cosmos Pharmaceutical Corp.		55,700		3,534,976
Keyence Corp.		7,500		2,998,712
Nippon Paint Holdings Co., Ltd.		415,600		3,342,365
Olympus Corp.		223,100		2,650,054
Recruit Holdings Co., Ltd.		60,300		3,546,040
Shimano, Inc.		21,800		3,160,574
Shiseido Co., Ltd.		122,700		2,191,502
SMC Corp.		5,000		1,791,812
Sysmex Corp.		145,300		2,529,269
Tokyo Electron Ltd.		19,300		3,696,133
Unicharm Corp.		289,200		2,088,252
				33,895,156

The accompanying notes are an integral part of the financial statements.
3

Portfolio of Investments

Semi-Annual Financial Statements and
Other Information June 30, 2025

June 30, 2025 (unaudited)
Baillie Gifford International All Cap Fund

	Shares		Value
MEXICO — 1.7%
Fomento Economico Mexicano SAB de CV ADR		24,537	$	2,526,820
Wal-Mart de Mexico SAB de CV		846,264		2,799,759
				5,326,579
NETHERLANDS — 7.8%
Adyen NV *		2,460		4,517,882
ASML Holding NV		9,650		7,732,900
EXOR NV		37,512		3,786,744
IMCD NV		22,724		3,056,273
Topicus.com, Inc. *		38,605		4,836,717
				23,930,516
PORTUGAL — 1.4%
Jeronimo Martins SGPS SA		165,142		4,181,046
SINGAPORE — 3.2%
United Overseas Bank Ltd.		347,999		9,849,665
SOUTH KOREA — 1.3%
Samsung Electronics Co., Ltd.		87,725		3,879,342
SWEDEN — 7.8%
Assa Abloy AB, B Shares		147,182		4,601,446
Atlas Copco AB, A Shares		64,753		1,046,797
Atlas Copco AB, B Shares		323,619		4,605,936
Epiroc AB, B Shares		185,511		3,556,718
Investor AB, B Shares		181,824		5,388,061
Skandinaviska Enskilda Banken AB, A Shares		271,365		4,730,037
				23,928,995
SWITZERLAND — 5.7%
Cie Financiere Richemont SA		16,794		3,177,977
Lonza Group AG		6,599		4,719,364
Partners Group Holding AG		2,727		3,567,806
Sika AG		7,672		2,087,428
UBS Group AG		112,026		3,803,481
				17,356,056

The accompanying notes are an integral part of the financial statements.
4

Portfolio of Investments

Semi-Annual Financial Statements and
Other Information June 30, 2025

June 30, 2025 (unaudited)
Baillie Gifford International All Cap Fund

	Shares		Value
TAIWAN — 6.6%
Chroma ATE, Inc.		143,000	$	2,165,143
Taiwan Semiconductor Manufacturing Co., Ltd.		494,000		18,065,261
				20,230,404
UNITED KINGDOM — 13.5%
Ashtead Group PLC		47,333		3,035,279
Auto Trader Group PLC		341,579		3,868,996
Bunzl PLC		129,876		4,138,692
Games Workshop Group PLC		16,259		3,618,975
Greggs PLC		80,269		2,116,619
Intertek Group PLC		38,303		2,495,003
Rightmove PLC		368,907		3,992,836
Softcat PLC		135,631		3,196,392
Spirax Group PLC		26,098		2,134,092
Trainline PLC *		353,449		1,357,631
Unilever PLC		82,409		5,029,113
Weir Group PLC (The)		111,954		3,828,794
Wise PLC, Class A *		176,195		2,517,015
				41,329,437
UNITED STATES — 4.5%
Experian PLC		96,335		4,967,635
Roche Holding AG		15,768		5,146,989
Spotify Technology SA *		4,862		3,730,807
				13,845,431
TOTAL INVESTMENTS — 98.6%
(cost $228,364,368)			$	301,551,002
Other assets less liabilities — 1.4%				4,248,350
NET ASSETS — 100.0%			$	305,799,352

* Non-income producing security.

ADR — American Depositary Receipt

This report classifies issuers geographically by their country of risk. For compliance monitoring purposes, Baillie Gifford Overseas Limited retains discretion to consider a number of factors in determining where a particular issuer is located, as described in further detail in the Fund's Prospectus for Private Placement.

The accompanying notes are an integral part of the financial statements.
5

Portfolio of Investments

Semi-Annual Financial Statements and
Other Information June 30, 2025

June 30, 2025 (unaudited)
Baillie Gifford International All Cap Fund

Fair Value Measurement

The following is a summary of the inputs used as of June 30, 2025 in valuing the Fund's investments carried at fair value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks **	$	44,686,406	$	256,864,596	$	—	$	301,551,002
Total	$	44,686,406	$	256,864,596	$	—	$	301,551,002

** Refer to Portfolio of Investments for further detail.

The accompanying notes are an integral part of the financial statements.
6

Statement of Assets and Liabilities

Semi-Annual Financial Statements and Other Information June 30, 2025

June 30, 2025 (unaudited)
Baillie Gifford International All Cap Fund

ASSETS
Investments, at value (cost $228,364,368)	$	301,551,002
Cash		3,726,653
Foreign cash, at value (cost $52,977)		53,375
Dividends receivable		592,592
Tax reclaims receivable		474,534
Prepaid assets		926
Total Assets		306,399,082
LIABILITIES
Advisory fee payable		256,587
Deferred India capital gains tax liability (Note A)		105,604
Shareholder Servicing fee payable		99,623
Trustee fee payable		3,882
Commitment fee payable		1,051
Accrued expenses		132,983
Total Liabilities		599,730
NET ASSETS	$	305,799,352
COMPOSITION OF NET ASSETS
Paid-in capital	$	219,857,476
Total distributable earnings		85,941,876
	$	305,799,352
NET ASSET VALUE, PER SHARE
Class 2 ($168,065,637 / 13,307,809 shares outstanding), unlimited authorized, no par value	$	12.63
Class 3 ($137,733,715 / 10,702,893 shares outstanding), unlimited authorized, no par value	$	12.87

The accompanying notes are an integral part of the financial statements.
7

Statement of Operations

Semi-Annual Financial Statements and Other Information June 30, 2025

For the Six Months Ended June 30, 2025 (unaudited)
Baillie Gifford International All Cap Fund

INVESTMENT INCOME
Dividends (net of foreign withholding taxes of $456,010)	$	3,646,575
Windfall tax recovery (Note A)		226,297
Interest		32,930
Total Investment Income		3,905,802
EXPENSES
Advisory fee (Note B)		514,390
Shareholder Servicing fees — Class 2 shares (Note B)		98,216
Shareholder Servicing fees — Class 3 shares (Note B)		89,194
Transfer agency		13,491
Fund accounting		53,696
Custody		32,440
Professional fees		30,282
Legal		27,313
Trustees' fees		7,745
Commitment fees		2,136
Miscellaneous		7,861
Total Expenses		876,764
Net Investment Income		3,029,038
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain from:
Investments (net of India capital gains tax expense of $10,441)		9,417,250
Foreign currency transactions		5,414
		9,422,664
Net change in unrealized appreciation on:
Investments (net of change in deferred India capital gains tax expense of $64,441) (Note A)		23,437,738
Translation of net assets and liabilities denominated in foreign currencies		62,314
		23,500,052
Net realized and unrealized gain		32,922,716
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	35,951,754

The accompanying notes are an integral part of the financial statements.
8

Statements of Changes in Net Assets

Semi-Annual Financial Statements and Other Information June 30, 2025

Baillie Gifford International All Cap Fund

	For the Six Months Ended June 30, 2025 (unaudited)			For the Year Ended December 31, 2024
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	3,029,038		$	2,840,498
Net realized gain		9,422,664			44,269,781
Net change in unrealized appreciation (depreciation)		23,500,052			(36,240,913	)
Net Increase in Net Assets from Operations		35,951,754			10,869,366
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings
Class 2		—			(8,488,123	)
Class 3		—			(23,666,138	)
Total Distributions to Shareholders		—			(32,154,261	)
TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
Net proceeds from shares subscribed:
Class 2		79,859,578	*		21,000,000
Dividends reinvested:
Class 2		—			8,488,123
Class 3		—			23,666,138
Cost of shares redeemed:
Class 2		(10,000,000	)		(9,903,678	)
Class 3		(99,859,580	)*		(10,000,000	)
Class 5		—			(37,438,425	)
(Decrease) in Net Assets from Transactions in Shares of Beneficial Interest		(30,000,002	)		(4,187,842	)
Total Increase (Decrease) in Net Assets		5,951,752			(25,472,737	)
NET ASSETS
Beginning of Period		299,847,600			325,320,337
End of Period	$	305,799,352		$	299,847,600

* See Note D for details of share class conversions.

The accompanying notes are an integral part of the financial statements.
9

Financial Highlights

Semi-Annual Financial Statements and Other Information June 30, 2025

Baillie Gifford International All Cap Fund
Selected data for a Class 2 share outstanding throughout each period:

	For the Six Months Ended June 30, 2025 (unaudited)			For the Year Ended December 31, 2024			For the Year Ended December 31, 2023			For the Year Ended December 31, 2022			For the Year Ended December 31, 2021			For the Year Ended December 31, 2020
Net asset value, beginning of period	$	11.22		$	12.22		$	11.24		$	16.83		$	20.27		$	15.82
From Investment Operations
Net investment income^(a)		0.14			0.10			0.10			0.09			0.05			0.06
Net realized and unrealized gain (loss) on investments and foreign currency		1.27			0.26			1.04			(5.41	)		0.60			5.20
Net increase (decrease) in net asset value from investment operations		1.41			0.36			1.14			(5.32	)		0.65			5.26
Dividends and Distributions to Shareholders
From net investment income		—			(0.37	)		—			—			(0.19	)		(0.18	)
From net realized gain on investments		—			(0.99	)		(0.16	)		(0.27	)		(3.90	)		(0.63	)
Total dividends and distributions		—			(1.36	)		(0.16	)		(0.27	)		(4.09	)		(0.81	)
Net asset value, end of period	$	12.63		$	11.22		$	12.22		$	11.24		$	16.83		$	20.27
Total Return
Total return based on net asset value^(b)		12.58	%		2.88	%		10.23	%		(31.67	)%		3.34	%		33.31	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	168,066		$	78,599		$	66,048		$	61,057		$	112,388		$	183,037
Ratio of net expenses to average net assets		0.64	%*		0.65	%		0.63	%		0.64	%		0.61	%		0.62	%
Ratio of net investment income to average net assets		2.39	%*		0.77	%		0.80	%		0.71	%		0.26	%		0.34	%
Portfolio turnover rate^(c)		12	%		37	%		16	%		19	%		14	%		12	%

* Annualized.

^(a) Calculated based upon average shares outstanding during the period.

^(c) Portfolio turnover rate calculated at Fund level. Portfolio turnover is not annualized for periods less than one year.

The accompanying notes are an integral part of the financial statements.
10

Financial Highlights

Semi-Annual Financial Statements and Other Information June 30, 2025

Baillie Gifford International All Cap Fund
Selected data for a Class 3 share outstanding throughout each period:

	For the Six Months Ended June 30, 2025 (unaudited)			For the Year Ended December 31, 2024			For the Year Ended December 31, 2023			For the Year Ended December 31, 2022			For the Year Ended December 31, 2021			For the Year Ended December 31, 2020
Net asset value, beginning of period	$	11.43		$	12.42		$	11.41		$	17.08		$	20.50		$	15.99
From Investment Operations
Net investment income^(a)		0.11			0.11			0.10			0.12			0.09			0.07
Net realized and unrealized gain (loss) on investments and foreign currency		1.33			0.27			1.07			(5.52	)		0.59			5.27
Net increase (decrease) in net asset value from investment operations		1.44			0.38			1.17			(5.40	)		0.68			5.34
Dividends and Distributions to Shareholders
From net investment income		—			(0.38	)		—			—			(0.20	)		(0.20	)
From net realized gain on investments		—			(0.99	)		(0.16	)		(0.27	)		(3.90	)		(0.63	)
Total dividends and distributions		—			(1.37	)		(0.16	)		(0.27	)		(4.10	)		(0.83	)
Net asset value, end of period	$	12.87		$	11.43		$	12.42		$	11.41		$	17.08		$	20.50
Total Return
Total return based on net asset value^(b)		12.61	%		2.96	%		10.31	%		(31.62	)%		3.41	%		33.40	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	137,734		$	221,249		$	224,428		$	221,064		$	133,796		$	331,138
Ratio of net expenses to average net assets		0.57	%*		0.57	%		0.56	%		0.58	%		0.54	%		0.55	%
Ratio of net investment income to average net assets		1.85	%*		0.87	%		0.86	%		1.03	%		0.41	%		0.44	%
Portfolio turnover rate^(c)		12	%		37	%		16	%		19	%		14	%		12	%

* Annualized.

^(a) Calculated based upon average shares outstanding during the period.

^(c) Portfolio turnover rate calculated at Fund level. Portfolio turnover is not annualized for periods less than one year.

The accompanying notes are an integral part of the financial statements.
11

Notes to Financial Statements (unaudited)

Semi-Annual Financial Statements and
Other Information June 30, 2025

Note A — Organization and Accounting Policies

The Fund is a series of Baillie Gifford Funds (the "Trust"). The investment objective of the Fund is to achieve capital appreciation. For information on the specific investment strategies of the Fund and a description of each share class, please refer to the Fund's Prospectus for Private Placement ("Prospectus"). The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The Trust was organized as a Massachusetts business trust on June 21, 2000, under the laws of Massachusetts. The Trust operates pursuant to the Third Amended and Restated Agreement and Declaration of Trust dated September 20, 2023, as amended from time to time.

The Fund's Class 2 and Class 3 share classes had shares outstanding as of June 30, 2025.

Accounting Policies

The Fund is an investment company that applies the accounting and reporting guidance issued in Topic 946 by the U.S. Financial Accounting Standards Board ("FASB"). The financial statements of the Fund have been prepared in conformity with generally accepted accounting principles in the United States of America ("GAAP"). Management is required to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

The following is a summary of significant accounting policies followed by the Fund:

Segment Reporting

after December 15, 2023 and hence the Fund adopted this ASU for the year ending December 31, 2024.

The Fund is subject to Topic 946: Investment Companies and is structured as having a limited purpose by design. The Fund's sole purpose is to invest to obtain returns from investment income and/or capital appreciation in accordance with its established investment objective. As such, the Fund is deemed to be an individual reporting segment under Topic 280 and is not part of a consolidated reporting entity. The results of the operations, as shown in the Statement of Operations and the financial highlights for the Fund is the information utilized for the day-to-day oversight of the Fund. Due to the significance of oversight and their role, the President / Principal Executive Officer is deemed to be the Chief Operating Decision Maker.

Valuation of Investments

Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees of the Trust (the "Board") has designated the Fund's investment adviser, Baillie Gifford Overseas Limited (the "Manager") as the valuation designee (the "Valuation Designee") to determine the fair value, in good faith, of securities and other instruments for which no readily available market quotation exists, subject to the Board's oversight.

Generally, trading in foreign securities markets is substantially completed each day at various times prior to close of regular trading on the New York Stock Exchange.

Notes to Financial Statements (unaudited)

Semi-Annual Financial Statements and
Other Information June 30, 2025

Occasionally, events affecting the value of equity securities of non-U.S. issuers not traded on a U.S. exchange may occur between the completion of substantial trading of such securities for the day and the close of regular trading on the New York Stock Exchange, and such events may not be reflected in the computation of the Fund's net asset value.

The Valuation Designee utilizes a third-party pricing service for all equity securities, except those traded on Canadian, Latin American, or U.S. exchanges, subject to certain minimum confidence levels, which applies a fair value adjustment that seeks to reflect changes in such securities' market prices since the close of the market on which the securities are traded. To the extent that securities are valued using this service, the securities will be classified as Level 2 securities in the fair value measurement framework described below.

Fair Value Measurement

GAAP provides guidance on fair value measurements and defines fair value as the price that the 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 which 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 hierarchy classification of inputs used to value the Fund's investments at June 30, 2025 is disclosed at the end of the Fund's Portfolio of Investments.

For the six months ended June 30, 2025, there were no Level 3 investments for which significant unobservable inputs were used to determine the fair value.

Foreign Currency Translation

The accounting records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the applicable rate of exchange to determine the value of investments, assets and liabilities. Purchases and sales of securities and income and expenses are translated at the prevailing rate of exchange on the respective dates of such transactions. The Fund does not isolate that portion of net realized and unrealized gains and losses on investments resulting from changes in foreign exchange rates from the impact arising from changes in market prices. Such fluctuations are included with net realized and unrealized gain or loss from investments.

Notes to Financial Statements (unaudited)

Semi-Annual Financial Statements and
Other Information June 30, 2025

amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investments in securities, resulting from changes in the exchange rates.

Securities Transactions and Investment Income

The Fund's securities transactions are recorded on the trade date. Realized gains or losses on sales of investments are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date. Non-cash income, if any, is included in investment income, with any non-cash income exceeding 5% of the Fund's total income stated separately on the Statement of Operations, and is recorded at the fair market value of securities received.

U.S. Federal and Other Taxes

The Fund intends to continue to qualify to be taxed as a "regulated investment company" under the provisions of the U.S. Internal Revenue Code of 1986, as amended (the "Code"), and as such will not be subject to U.S. federal income tax on income (including any net realized capital gains) which is distributed in accordance with the provisions of the Code to the Fund's shareholders. Therefore, no U.S. federal income tax provision is required.

Investment income received from investments in foreign jurisdictions may be subject to foreign withholding tax. Investment income is recorded net of any foreign withholding taxes, less any amounts reclaimable. The Fund may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Whenever possible, the Fund will attempt to operate so as to qualify for reduced tax rates or tax exemptions in those countries with which the United States has a tax treaty. Foreign taxes, if any, net of any reclaims, are recorded

based on the tax regulations and rates that exist in the foreign markets in which the Fund invests.

As a result of several court cases in certain countries across the European Union ("EU"), the Fund may file European tax reclaims for previously withheld taxes on dividends earned in those countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. If a positive decision is reached and as such, reclaims becomes payable to the Fund, they will be reflected as windfall tax recovery within investment income in the Statement of Operations and related receivables, if any, will be reflected within tax reclaims receivable in the Statements of Assets and Liabilities. If the associated cash is received, the Fund will generally follow, for tax purposes, IRS guidance in Notice 2016-10 and reduce the current year foreign taxes paid by the amount of the refund. When uncertainty exists as to the ultimate resolution of these proceedings and the likelihood of receipt of these EU reclaims, no amounts are reflected in the financial statements.

In addition to the requirements of the Code, the Fund may also be subject to capital gains tax in India and potentially other foreign jurisdictions, on gains realized upon the sale of securities in India or other such jurisdictions, payable upon repatriation of sales proceeds. Any realized losses in excess of gains in India may be carried forward to offset future gains. Funds with exposure to Indian securities and potentially other foreign jurisdictions accrue a deferred tax liability for unrealized gains in excess of available loss carryforwards based on existing tax rates and holding periods of the securities.

The Fund is subject to tax accounting standards that provide guidance for how certain and uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. These standards require the evaluation of tax positions taken, or expected to be taken, in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Tax positions not deemed to meet the "more-likely-than-not" threshold would be recorded as a reduction in a tax benefit or expense in the current year. Management has evaluated the application of these standards and has determined no liabilities for income tax related expenses are required in the financial statements of the Fund. The previous three tax year ends remain subject to examination.

Notes to Financial Statements (unaudited)

Semi-Annual Financial Statements and
Other Information June 30, 2025

During the year ended December 31, 2024, the Fund utilized $14,141,707 in capital loss carryforwards. To the extent that the loss carryforwards are utilized, capital gains so offset will not be distributed to shareholders.

At December 31, 2024, the components of accumulated earnings on a tax basis were as follows:

Fund				Capital Loss Carryforwards				Post October Capital/Late Year Ordinary Losses
Baillie Gifford International All Cap Fund				$	—			$	(621,891	)

Dividends and Distributions to Shareholders

The Fund intends to distribute each year, as dividends, substantially all net investment income and net capital gains realized. All such dividends or distributions are credited in the form of additional shares of the Fund at net asset value on the ex-dividend date unless the shareholder elects to receive dividends and distributions in cash. Currently, the Fund's policy is to distribute net investment income and net capital gains on an annual basis. Such distributions are determined in conformity with U.S. federal income tax regulations, which may differ from GAAP.

The Fund's cost of investments and gross unrealized appreciation (depreciation) at June 30, 2025 for U.S. federal income tax purposes were as follows:

Fund				Cost of Investments				Gross Appreciation				Gross (Depreciation)				Net Appreciation
Baillie Gifford International All Cap Fund				$	232,340,099			$	85,570,484			$	(16,359,581	)		$	69,210,903

Note B — Investment Management and Other Services

The Fund is advised and managed by the Manager. The Manager, an investment adviser registered with the SEC, is a wholly owned subsidiary of Baillie Gifford & Co.

Under an investment advisory agreement between the Manager and the Trust on behalf of the Fund (the "Advisory Agreement"), the Fund pays the Manager an investment advisory fee, in arrears.

The advisory fee paid by the Fund under the Advisory Agreement is calculated and accrued daily on the basis of the annual rate noted below and expressed as a percentage of the Fund's average daily net assets.

Fund				Average Daily Net Assets of the Fund (billions)				Annual Rate at Each Asset Level
Baillie Gifford International All Cap Fund				$0 - $2 >$2 - $5 Above $5					0.35% 0.31% 0.29%

Baillie Gifford Funds Services LLC, a wholly-owned subsidiary of the Manager, serves as the sole distributor and principal underwriter of the shares of the Fund.

The Fund has adopted a Shareholder Servicing Plan providing that the Fund may pay the Manager, or any other entity that acts from time to time as the shareholder servicing agent with respect to a class of Fund shares, for services rendered and expenses borne in connection with the provision of services provided to Fund investors and/or the maintenance of shareholder accounts. For these services, the Fund pays the Manager a fee at the annualized rate of the Fund's average daily net assets attributed to each class of shares. The fee paid by Class 2 shares is 0.17% and Class 3 shares is 0.10%.

Notes to Financial Statements (unaudited)

Semi-Annual Financial Statements and
Other Information June 30, 2025

The Bank of New York Mellon ("BNY") serves as the Fund's administrator and custodian. BNY Mellon Investment Servicing (US) Inc serves as the Trust's transfer agent, registrar and dividend disbursing agent.

Note C — Investment Transactions

Purchases and proceeds from sales of securities (excluding short-term securities) for the six months ended June 30, 2025 were as follows:

Fund				Purchases				Sales
Baillie Gifford International All Cap Fund				$	34,172,085			$	61,744,317

Note D — Transactions in Shares of Beneficial Interest

	Baillie Gifford International All Cap Fund
	For the Period Ended June 30, 2025						For the Year Ended December 31, 2024
	Shares			Amount			Shares			Amount
Class 2 Shares
Shares sold		7,111,018		$	79,859,578	^(a)		1,643,320		$	21,000,000
Shares issued in reinvestment of dividends and distributions		—						755,285			8,488,123
Shares redeemed		(809,487	)		(10,000,000	)		(797,269	)		(9,903,678	)
Net Increase (Decrease)		6,301,531		$	69,859,578			1,601,336		$	19,584,445
Class 3 Shares
Shares sold		—		$	—			—		$	—
Shares issued in reinvestment of dividends and distributions		—			—			2,067,327			23,666,138
Shares redeemed		(8,658,440	)		(99,859,580	)^(b)		(769,013	)		(10,000,000	)
Net Increase (Decrease)		(8,658,440	)	$	(99,859,580	)		1,298,314		$	13,666,138
Class 5 Shares
Shares sold		—		$	—			—		$	—
Shares issued in reinvestment of dividends and distributions		—			—			—			—
Shares redeemed		—			—			(2,724,980	)		(37,438,425	)
Net Increase (Decrease)		—		$	—			(2,724,980	)	$	(37,438,425	)
Total Net Increase (Decrease)		(2,356,909	)	$	(30,000,002	)		174,670		$	(4,187,842	)

^(a) $79,859,578 converted into Class 2 from Class 3.

^(b) $79,859,578 converted from Class 3 into Class 2.

Notes to Financial Statements (unaudited)

Semi-Annual Financial Statements and
Other Information June 30, 2025

Note E — Beneficial Ownership

Beneficial ownership, either direct or indirect, of more than 25% of the voting securities of the Fund creates a presumption of control under Section 2(a)(9) of the 1940 Act.

As of June 30, 2025, the Fund had two shareholders which beneficially owned 25% or more of the Fund's voting securities. Purchase and redemption activity of these accounts may have a significant effect on the operation of the Fund.

Note F — Commitments and Contingencies

The Fund indemnifies the Trust's officers and Trustees for certain liabilities that might arise from the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties and which provide general indemnifications.

The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

Note G — Line of Credit

The Trust entered into a committed facility with BNY on May 1, 2017, most recently renewed April 15, 2025 and expiring April 14, 2026 (unless renewed), which allows the series of the Trust to borrow up to $75 million in total subject to minimum asset coverage requirements set out in the Credit Agreement. Each such series may borrow money under this credit facility for the temporary funding of shareholder redemptions or for other temporary or emergency purposes.

In normal market conditions, borrowings are charged an interest rate of 1.25% per annum plus the greater of the Federal Funds Effective Rate or the Secured Overnight Financing Rate + 0.10%.

The Fund pays a share of a commitment fee on the portion of the facility which is undrawn. The commitment fee is 0.25% on undrawn amounts.

The rate payable at June 30, 2025 was 5.80% on any amount drawn down. There were no borrowings made against the credit facility during the period.

Note H — Principal Risks

The below is a selection of the Fund's principal risks. Additional risks of investing in the Fund are included in the Fund's Prospectus.

Investment Style Risk

The Manager actively makes investment decisions for the Fund through bottom-up stock selection. Accordingly, the Fund will have risk characteristics that differ from its benchmark index. The Manager's judgments about the attractiveness, relative value, or potential appreciation of a particular stock may prove to be incorrect and cause the Fund to lose money or underperform compared to its benchmark index. There can be no assurance that the Manager's investment decisions will produce the desired results.

Growth Stock Risk

Long-Term Investment Strategy Risk

The Fund pursues a long-term investment approach, typically seeking returns over a period of several years. This investment style may cause the Fund to lose money or underperform compared to its benchmark index or other mutual funds over extended periods of time, and the Fund may not perform as expected in the long term. An investment in the Fund may be more suitable for long-term investors who can bear the risk of short-or medium-term fluctuations in the value of the Fund's portfolio.

Notes to Financial Statements (unaudited)

Semi-Annual Financial Statements and
Other Information June 30, 2025

Asia Risk

Investing in securities of companies located in or with exposure to Asian countries involves certain risks and considerations not typically associated with investing in securities of U.S. issuers, including different financial reporting standards, currency exchange rate fluctuations, and highly regulated markets with the potential for government interference. The economies of many Asian countries are heavily dependent on international trade and on only a few industries or commodities and, as a result, can be adversely affected by trade barriers, exchange controls and other measures imposed or negotiated by the countries with which they trade. Some Asian securities may be less liquid than U.S. or other foreign securities.

Market Disruption and Geopolitical Risk

Geopolitical, environmental and other events may disrupt securities markets and adversely affect global economies and markets. These disruptions could prevent the Fund from implementing its investment strategies and achieving its investment objectives, and increase the Fund's exposure to the other risks detailed in the Prospectus. Given the increasing interdependence among global economies and markets, conditions in one country, market, or region might adversely affect markets, issuers, and/or foreign exchange rates in other countries, including the U.S.

Similarly, dramatic disruptions can be caused by communicable diseases, epidemics, pandemics, plagues and other public health crises.

Non-U.S. Investment Risk

Non-U.S. securities are subject to additional risks, including less liquidity, increased volatility, less transparency, withholding or other taxes, increased vulnerability to adverse changes in local and global economic conditions, less regulation, and possible fluctuation in value due to adverse political conditions. Foreign portfolio transactions generally involve higher commission rates, transfer taxes, and custodial costs than similar transactions in the U.S.

For further information on the risks of investing in the Fund, please refer to the Prospectus.

Note I — Legal Notice

MSCI

Note J — Subsequent Events

Events or transactions that occur after the financial statement date but before the financial statements are issued are categorized as recognized or non-recognized for financial statement purposes.

There were no subsequent events identified between June 30, 2025 and the issuance of the Financial Statements.