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Index

Page Number
	01	Shareholder Letter
	02	Management Discussion
	37	Fund Expenses
		Baillie Gifford China A Shares Fund
	44	Industry Diversification Table
	45	Portfolio of Investments
	47	Statement of Assets and Liabilities
	48	Statement of Operations
	49	Statements of Changes in Net Assets
		Financial Highlights
	50	Selected Data for Class K
	51	Selected Data for Institutional Class
		Baillie Gifford Developed EAFE All Cap Fund
	52	Industry Diversification Table
	53	Portfolio of Investments
	57	Statement of Assets and Liabilities
	58	Statement of Operations
	59	Statements of Changes in Net Assets
		Financial Highlights
	60	Selected Data for Class 2
	61	Selected Data for Class 3
	62	Selected Data for Class K
	63	Selected Data for Institutional Class
		Baillie Gifford EAFE Plus All Cap Fund
	64	Industry Diversification Table
	65	Portfolio of Investments
	69	Statement of Assets and Liabilities
	70	Statement of Operations
	71	Statements of Changes in Net Assets
		Financial Highlights
	72	Selected Data for Class 2
	73	Selected Data for Class 3
	74	Selected Data for Class K
	75	Selected Data for Institutional Class
		Baillie Gifford Emerging Markets Equities Fund
	76	Industry Diversification Table
	77	Portfolio of Investments
	81	Statement of Assets and Liabilities
	82	Statement of Operations
	83	Statements of Changes in Net Assets
		Financial Highlights
	84	Selected Data for Class 2
	85	Selected Data for Class 3
	86	Selected Data for Class 4
	87	Selected Data for Class 5
	88	Selected Data for Class K
	89	Selected Data for Institutional Class
		Baillie Gifford Global Alpha Equities Fund
	90	Industry Diversification Table
	91	Portfolio of Investments
	96	Statement of Assets and Liabilities
	97	Statement of Operations
	98	Statements of Changes in Net Assets
		Financial Highlights
	99	Selected Data for Class 2
	100	Selected Data for Class 3
	101	Selected Data for Class 4
	102	Selected Data for Class K
	103	Selected Data for Institutional Class
		Baillie Gifford Global Stewardship Equities Fund
	104	Industry Diversification Table
	105	Portfolio of Investments
	109	Statement of Assets and Liabilities
	110	Statement of Operations
	111	Statements of Changes in Net Assets
		Financial Highlights
	112	Selected Data for Class K
	113	Selected Data for Institutional Class
		Baillie Gifford International Alpha Fund
	114	Industry Diversification Table
	115	Portfolio of Investments
	120	Statement of Assets and Liabilities
	121	Statement of Operations
	122	Statements of Changes in Net Assets
		Financial Highlights
	123	Selected Data for Class 2

Page Number
	124	Selected Data for Class 3
	125	Selected Data for Class 4
	126	Selected Data for Class 5
	127	Selected Data for Class K
	128	Selected Data for Institutional Class
		Baillie Gifford International Concentrated Growth Equities Fund
	129	Industry Diversification Table
	130	Portfolio of Investments
	132	Statement of Assets and Liabilities
	133	Statement of Operations
	134	Statements of Changes in Net Assets
		Financial Highlights
	135	Selected Data for Class K
	136	Selected Data for Institutional Class
		Baillie Gifford International Growth Fund
	137	Industry Diversification Table
	138	Portfolio of Investments
	142	Statement of Assets and Liabilities
	143	Statement of Operations
	144	Statements of Changes in Net Assets
		Financial Highlights
	145	Selected Data for Class 2
	146	Selected Data for Class 3
	147	Selected Data for Class 4
	148	Selected Data for Class 5
	149	Selected Data for Class K
	150	Selected Data for Institutional Class
		Baillie Gifford International Smaller Companies Fund
	151	Industry Diversification Table
	152	Portfolio of Investments
	156	Statement of Assets and Liabilities
	157	Statement of Operations
	158	Statements of Changes in Net Assets
		Financial Highlights
	159	Selected Data for Class K
	160	Selected Data for Institutional Class
		Baillie Gifford Long Term Global Growth Fund
	161	Industry Diversification Table
	162	Portfolio of Investments
	164	Statement of Assets and Liabilities
	165	Statement of Operations
	166	Statements of Changes in Net Assets
		Financial Highlights
	167	Selected Data for Class 2
	168	Selected Data for Class 5
	169	Selected Data for Class K
	170	Selected Data for Institutional Class
		Baillie Gifford Positive Change Equities Fund
	171	Industry Diversification Table
	172	Portfolio of Investments
	175	Statement of Assets and Liabilities
	176	Statement of Operations
	177	Statements of Changes in Net Assets
		Financial Highlights
	178	Selected Data for Class K
	179	Selected Data for Institutional Class
		Baillie Gifford U.S. Equity Growth Fund
	180	Industry Diversification Table
	181	Portfolio of Investments
	183	Statement of Assets and Liabilities
	184	Statement of Operations
	185	Statements of Changes in Net Assets
		Financial Highlights
	186	Selected Data for Class K
	187	Selected Data for Institutional Class
	188	Notes to Financial Statements
	214	Report of Independent Registered Public Accounting Firm
		Supplemental Information
	216	Federal Income Tax Information
	217	Management of the Trust

Dear Shareholder,

2020 kicked off a new decade for us all, bringing optimism and excitement about the next 10 years of innovation. However, by the end of the first quarter, a global pandemic was quickly becoming the reality for us all. We all continue to feel the impacts of COVID-19 on our daily lives, and I would therefore like to open this letter by saying that all of us at Baillie Gifford hope that you are all keeping safe, and as well as possible, in what has been a tough period for so many.

At Baillie Gifford we take great pride in providing the best possible service to our clients, and looking after our staff, and we are thankful for the teamwork and friendship we have seen across all of our relationships. The majority of our staff continue to work from home. I would like to take this opportunity to thank you all for the relationships we have and continue to build with you, and for your support as shareholders.

When reflecting on the market, 2020 has also been an interesting year, with concerns and uncertainty initially creating a sell-off in Q2, and then a K-shaped recovery. This demonstrates the polarisation between those companies that have thrived, for example as the shift to online has been accelerated, and those that for a variety of reasons have struggled. At Baillie Gifford we have long believed that technology shifts consumer behaviour, and that investing in high-quality growth businesses that reinvest in and deepen their competitive positions, is the way to deliver long-term outperformance for shareholders. Stock selection generated strong investment performance across the Funds in 2020. We are delighted to have achieved this for you, however, as always would ask that all performance be considered on a long-term basis (five-year periods or longer).

We are "Actual" Investors. Our purpose is to deploy clients' capital into what we believe to be the most promising and high quality growth businesses with durable competitive advantages, where management are investing for the long-term benefit of shareholders. We remain focused on fundamental investment research, and during the year we have continued to engage with company management and a range of academic institutes. We continue to think in decades not quarters, and we hope you as our shareholders can see the benefit of our long-term approach.

I would like to end on a positive note for our future. Last year I noted that Greta Thunberg led the biggest climate protest to date. We are taking a number of steps to significantly reduce our carbon footprint. I also noted last year that we continue to see technology driving medical advancements, delivering better treatments and offering potential new cures. With several companies now moving into production of a COVID-19 vaccine, this will be the fastest vaccine in medical history thanks to mRNA technology. This news is hugely encouraging for us all from a health perspective. It also highlights the rapid pace of technological development, and as growth investors we're incredibly excited about the investment opportunities we continue to find.

Sincerely,

David Salter

President

Baillie Gifford Funds

Baillie Gifford China A Shares Fund

Market Conditions and Review of Performance during 2020

It has been a very positive year for the Fund in terms of both absolute and relative performance. China's rapid recovery from the novel coronavirus ("COVID-19") pandemic has allowed for a return to broad-based economic growth and an acceleration in many of the thematic trends to which the Fund has exposure. Fund returns have generally been driven by stock-specific factors deriving primarily from continued operational strength. We aim to hold a small number of exceptional growth companies whose culture, competitive advantages and structural opportunities position them to be long-term winners.

Asymchem Laboratories and Glodon were among the positive contributors to performance over the 12-month period.

Asymchem Laboratories is a contract development and manufacturing organization offering comprehensive services to pharmaceutical companies ranging from research and development to manufacturing. It has a blue-chip client list of the world's leading pharmaceutical companies. We believe Asymchem's core advantages come from patents in flow chemistry relating to continuous manufacturing. This can dramatically shorten the time required for production and speed up the commercialization of relevant drugs, whilst lowering waste, reducing environmental impact and improving safety. We believe Asymchem is benefiting from the shift in demand for contract operations to lower cost markets, as well as China's attempt to reduce generic drug pricing and nurture more innovative drug discovery companies.

Glodon is a proprietary software company with a leading market share in construction engineering, procurement and costing software. The company has been steadily shifting their business model from a license-fee based model to a cloud-based subscription service model. Renewal rates have been very positive, and we expect the incentives for companies to invest in software technology will continue to rise in this environment. Given the low starting point, we believe the addressable market for Glodon is likely to be significantly larger than today, and we believe the longevity of growth is being underestimated

by a market fixated on the short term and on the risks of this being a cyclical sector.

Among the key detractors from performance over the 12-month period were Nanji E-commerce and Ping An Insurance.

We only purchased the shares of Nanji E-commerce in June of this year. As such, we believe it is far too early to derive any value from assessing the company's performance. We have an investment horizon of 5 to 10 years. Nanji E-commerce is a branded e-commerce platform in China. It offers branding, e-commerce, and other services to suppliers and merchants to help them do business on large e-commerce platforms like Alibaba, JD and Pinduoduo. It has particular strength in lower tier cities. We expect growth on the Nanji E-commerce platform to be very strong driven by an increase in Chinese consumption and by the addition of more categories of products to the platform over time.

Ping An Insurance is one of China's largest insurance companies. It has suffered from COVID-19-related challenges which we expect to be short-term, specifically: unfavorable market conditions such as rising credit risk, falling interest rates and equity volatility, alongside disruption to offline agents' sales activities. However, we expect that demand for life insurance has likely risen as a result of the pandemic, and we currently don't see any change in the long-term investment case. We believe Ping An is a best-in-class insurer with a technology advantage and valuable ecosystem in a structurally attractive and growing market.

Investment strategies used to manage the Fund

The Fund is a purely stock-driven, unconstrained equity strategy focused on investing in exceptional growth companies listed on the domestic stock markets in China (known as 'A' shares). The portfolio is benchmark agnostic. Our research framework is at the heart of our process. Every new idea in the portfolio must be passed through our research format to ensure we focus our investment analysis on the long-term fundamentals. The research framework comprises two separate approaches. A 10 question stock research framework considers both the scale and sustainability of the opportunity on a 5 to 10 year view. This framework encourages us to consider the scale of the opportunity for the company over the next decade along

Baillie Gifford Developed EAFE All Cap Fund

Market Conditions and Review of Performance during 2020

What a year 2020 has been. The COVID-19 pandemic has swept across the globe. It continues to impact people's health and well-being, but also their habits and lives more generally. The observation often attributed to Lenin that, "there are decades where nothing happens and there are weeks where decades happen," has rarely seemed so apt. In many cases, the measures to combat the COVID-19 pandemic included lockdowns of public life to varying, often extreme, degrees. Unsurprisingly, this has had an immense impact on some of the businesses held in the Fund.

As long-term fundamental stock pickers, we cannot and do not attempt to predict the events of the future, but we can take steps to try to ensure that the Fund's holdings are prepared for any eventuality they might face. We do this by investing in what we perceive to be good quality growth companies with characteristics that make them "anti-fragile." That is, businesses that we believe will not only survive and endure through thick and thin, but those that we think will disrupt incumbents and create profits over the long term, as well as emerge stronger than their peers over time. For some of the Fund's holdings, it has been a time of tremendous progress and opportunity. The large-scale social experiment of confining a significant portion of the world's population to their homes over the past year in many ways reinforced and accelerated existing trends. Nowhere has this been more obvious and pronounced than in retail, which witnessed a dramatic increase in e-commerce penetration.

In terms of stock attribution, three of the top performers for the past year have been Zalando, Avanza and Spotify.

Zalando was a notable contributor to 2020 performance. The e-commerce company specializes in fashion retail and is the European leader in this space. We believe it has an enormous potential market with the shift of fashion to online, and the company has made long-term investments in its logistics infrastructure. Over the last year it had strong operating results, a significant uptick in user numbers as people migrated online for apparel spend, and also increased spend per user. Even more encouragingly, it has partnered with a number of brick and mortar retailers and is also exploring opportunities to enter new markets.

Avanza was a notable strong performer in 2020. As Sweden's leading online savings platform, it saw strong

growth during the 12-month period with an increase in new customers and asset levels, brokerage volumes and significant operating margin expansion.

Spotify, the Swedish music streaming platform, performed well in 2020. Over the past 12-months, its user base has continued to grow globally, they have made a number of acquisitions to further expand into podcasts, and they continue to capture market share.

Amongst the negative contributors to performance during the 12-month period were Treasury Wine Estates, Hargreaves Lansdown and Johnson Matthey.

Treasury Wine Estates, the Australian listed global wine business, had a marked period of underperformance in 2020. The company has faced some considerable headwinds with China having announced large tariffs on wine imports following an anti-dumping investigation plus fractious Chinese-Australian relations. It has also had a change in management and had weaker operational results over the past year.

A further notable detractor to performance for 2020 was Hargreaves Lansdown, a leading U.K. investment savings platform. Over the long-term, it has been a beneficiary of the shift from defined benefit to defined contribution pensions in the U.K. market and more generally from making investment easy for their customers. Its performance has been somewhat lackluster. In particular its growth in assets under management subdued in 2020 and one of its founders has continued to sell his holding. The U.K. stock market has also lagged many other international stock markets over 2020 and that has further weighted on the share price.

Johnson Matthey also underperformed in 2020. The multinational specialty chemicals company based in the U.K. that makes catalytic convertors (majority of sales) suffered from lower orders on the back of weak global demand for automobiles. Its move to develop its low cobalt battery material business for electric vehicles continues to be slow.

As investors it's natural for us to be asked for predictions about the future. In those moments it's worth recalling a quote attributed to U.S. baseball player Yogi Berra: "It's tough to make predictions, especially about the future." We must remain humble about what we (can) know and be willing and ready to change our minds as new facts emerge. We do, however, strongly believe that a careful selection of great growth businesses which are run by aligned management teams should thrive over the long term. Our task then is to focus on finding these exceptional companies and develop the fortitude to own them for, not just the year ahead, but long periods of time.

Fund Performance for periods ended 12/31/20 (Average Annual Total Returns)

	One Year			% p.a. Five Year			% p.a. Since Inception			Inception Date
Baillie Gifford Developed EAFE All Cap Fund Class 2		27.95	%		12.78	%		9.14	%	04/15/14
Baillie Gifford Developed EAFE All Cap Fund Class 3		28.04	%		12.82	%		9.17	%	03/24/17
Baillie Gifford Developed EAFE All Cap Fund Class K		27.98	%		12.78	%		9.14	%	04/28/17
Baillie Gifford Developed EAFE All Cap Fund Institutional Class		27.77	%		12.68	%		9.03	%	04/28/17
MSCI EAFE Index		8.28	%		7.96	%		5.21	%	04/15/14

The returns are provided for all shares classes that had shares outstanding as of December 31, 2020. Additional year-over-year returns for each class are available in the Financial Highlights section.

Returns for the K and Institutional share class are based on actual performance from April 28, 2017. Prior to that date returns are calculated based on the oldest share class of the Fund adjusted to reflect the Institutional share class fees where these fees are higher.

Comparison of the change in value of $10,000 investment in the Fund's Class 2 share and the index.

Past performance does not predict future performance. The graph and the table above do not reflect the deduction of taxes that a shareholder would pay on the Fund distributions or redemption of Fund shares.

Baillie Gifford EAFE Plus All Cap Fund

Market Conditions and Review of Performance during 2020

In terms of stock attribution, three of the top performers for the past year have been Zalando, Taiwan Semiconductor Manufacturing Company and Sartorius.

Zalando was a contributor to 2020 performance. The e-commerce company specializes in fashion retail and is the European leader in this space. We believe it has an enormous potential market with the shift of fashion to online, and the company has made long-term investments in its logistics infrastructure. Over the last year, it had strong operating results, a significant uptick in user numbers as people migrated online for apparel spend, and also increased spend per user. Even more encouragingly, it has partnered with a number of brick and mortar retailers and is also exploring opportunities to enter new markets.

Taiwan Semiconductor Manufacturing Company, the world's largest dedicated semiconductor foundry, had a good 2020 and was a contributor to the Fund's 2020

performance. It had strong operating results and strong order volumes during the 12-month period, and it continues to invest significantly in, expand and improve its production facilities. We perceive that its competition continues to struggle to keep up in terms of investment levels and technology. The outlook for the business looks promising, in our view, with strong demand from high performance computing and 5G telecoms.

Sartorius had, perhaps somewhat unsurprisingly, a good 2020. It provides single-use equipment and products that are used in the manufacturing of biological products, for example antibodies and vaccines. In addition to being exposed to what we perceive as an attractive area of biological drugs, we believe the company is well-positioned to benefit from the structural shift from reusable to single-use bio-manufacturing technology. Over the prior 12-month period, operating results have been strong, order growth promising, and the business saw a notable uptick in growth across both bioprocess solutions and its laboratory equipment business.

Amongst the negative contributors to performance during the 12-month period were Hargreaves Lansdown, Treasury Wine Estates, and Inditex.

A notable detractor to performance for 2020 was Hargreaves Lansdown, a leading U.K. investment savings platform. Over the long-term, it has been a beneficiary of the shift from defined benefit to defined contribution pensions in the U.K. market and more generally from making investment easy for their customers. Its performance has been somewhat lackluster. In particular its growth in assets under management subdued in 2020 and one of its founders has continued to sell his holding. The U.K. stock market has also lagged many other international stock markets over 2020 and that has further weighted on the share price.

Treasury Wine Estates, the Australian listed global wine business, also had a marked period of underperformance in 2020. The company has faced some considerable headwinds with China having announced large tariffs on wine imports following an anti-dumping investigation plus fractious Chinese-Australian relations. It has also had a change in management and had weaker operational results over the past year.

Inditex was a further detractor from performance. The apparel retailer, with Zara as its main brand, saw a marked fall in revenues for much of 2020 with a large proportion of its stores closed globally for large parts of the year under the COVID-19 lockdowns across countries. A pick-up in its online sales and its strong, net cash balance sheet was a partial offset to its underperformance over the 12-month period.

Fund Performance for periods ended 12/31/20 (Average Annual Total Returns)

	One Year			% p.a. Five Year			% p.a. Ten Year			% p.a. Since Inception			Inception Date
Baillie Gifford EAFE Plus All Cap Fund Class 2		28.77	%		13.37	%		8.99	%		9.86	%	12/17/09
Baillie Gifford EAFE Plus All Cap Fund Class 3*		28.80	%		13.38	%		8.99	%		9.86	%	08/03/20
Baillie Gifford EAFE Plus All Cap Fund Class K		28.78	%		13.38	%		8.99	%		9.86	%	04/28/17
Baillie Gifford EAFE Plus All Cap Fund Institutional Class		28.68	%		13.27	%		8.86	%		9.72	%	04/28/17
MSCI EAFE Index		8.28	%		7.96	%		6.00	%		6.37	%	12/17/09

* Returns for Class 3 shares are based on actual performance from August 3, 2020. Prior to that date returns are calculated based on Class 2 shares.

Comparison of the change in value of $10,000 investment in the Fund's Class 2 share and the index.

Baillie Gifford Emerging Markets Equities Fund

Market conditions and review of performance during 2020

We hope that our long-standing shareholders will forgive the broken record, but before commenting on more recent performance, it is worth re-stating our long-standing view on performance measurement. We are resolutely long term in our investment approach and as such we don't believe genuine conclusions about a fund manager's skill can be drawn by looking at a single year of portfolio performance. It may be that this is especially true this year.

That said, it has been pleasing to see that operational results at companies at very different ends of the portfolio have been strong over the last year. This does give us confidence that the 'barbell' strategy is working well. On the one hand, several structural growth stocks with improving competitive positions are amongst those that have contributed most to more recent performance. Equally, we have seen companies in more cyclical areas, such as the materials sector, also amongst the strong performers.

In e-commerce, MercadoLibre in Latin America was particularly strong during the 12-month period. MercadoLibre recently passed the milestone of 300 million live listings on the site and has responded admirably to a material uptick in demand, despite physical retail starting to reopen in many of its key markets. Over many years of investing in emerging market ("EM") companies, one important feature we've seen in many of the longest duration growth businesses in the portfolio is a willingness to continually reinvest in themselves, to remain ahead of competition and to stay relevant for customers. Taiwan Semiconductor Manufacturing Company and Ping An Insurance are great examples of this in the Fund, both spending multiple billions per year on research and development and/or capital projects. Interestingly, though at a different stage of evolution, we are now seeing comparable behavior from MercadoLibre. For this business, we believe the more they can invest in building out their own logistics network (Mercado Envios), the less they have to rely on third party logistics services where the quality is variable, and so the better the service they can provide to their customers. We've been very encouraged by the focus of the management team on building out their logistics capabilities. In our meeting with MercadoLibre's Chief Financial Officer earlier in the year, it was clear that logistics is MercadoLibre's number one priority when it

comes to improving the competitive advantage of the business.

Another lesson we've learnt over many years investing in EM is that it can be very rewarding to invest in cyclical growth companies, particularly where we're able to express a view different to many other market participants. A good example here comes in the case of mining companies exposed to copper. Rather than anchoring on the direction of near term Purchasing Managers' Indexes, or short-term production estimates, we're much more interested in the long-term potential for the electric vehicle supply chain, which we expect to become the key customer of this metal. It has been a good year for First Quantum Minerals (copper miner in Panama and Zambia).

More broadly, the sentiment towards many materials businesses has changed considerably since the depths of March 2020. This may be as simple as a combination of rebounding industrial activity and free flowing cash, however we're also seeing a broader recognition of the importance of sustainable growth for many companies in this sector which we believe bodes well for the longer term. In December 2020, Norilsk Nickel's Capital Markets Day was entitled 'Enabling the transition to a greener economy'. There was an unsurprising emphasis on environmental, social, and corporate governance ("ESG") and industrial safety issues. Importantly, Norilsk Nickel re-confirmed its capital expenditure to 2030 at $27bn, with $5.5bn on emissions control and environmental improvement. Their 2030 production targets were raised for copper, nickel and palladium. Whilst it's clear that the rhetoric and ambition around ESG is improving, we are keenly watching for delivery on their ambition.

Amongst the performance detractors during the 12-month period were a number of oil exploration and production companies, including Petrobras (Brazil), Premier Oil (various EMs; now exited the portfolio) and CNOOC (China). Despite a decent recovery in the price of oil, to which CNOOC is very operationally geared, during November 2020 the parent company of CNOOC was included in the U.S. executive order addressing the threat from securities investments that finance "Communist Chinese Military Companies." We are conscious that often important details change between the issuance of these orders and their implementation dates, but in this case we have come to the view that the risks of continuing to own the position outweigh the possible upside, and we have therefore sold the Fund's holding in CNOOC.

Elsewhere, banks such as Sberbank (Russia) and Banco Bradesco (Brazil) also detracted from performance during

Fund Performance for periods ended 12/31/20 (Average Annual Total Returns)

	One Year			% p.a. Five Year			% p.a. Ten Year			% p.a. Since Inception			Inception Date
Baillie Gifford Emerging Markets Equities Fund Class 2		29.06	%		17.26	%		6.75	%		14.57	%	03/02/15
Baillie Gifford Emerging Markets Equities Fund Class 3		29.15	%		17.34	%		6.81	%		14.64	%	03/31/16
Baillie Gifford Emerging Markets Equities Fund Class 4*		29.19	%		17.38	%		6.84	%		14.65	%	01/10/20
Baillie Gifford Emerging Markets Equities Fund Class 5**		29.25	%		17.44	%		6.87	%		14.67	%	04/04/03
Baillie Gifford Emerging Markets Equities Fund Class K		29.04	%		17.26	%		6.74	%		14.56	%	04/28/17
Baillie Gifford Emerging Markets Equities Fund Institutional Class		28.91	%		17.16	%		6.62	%		14.41	%	04/28/17
MSCI Emerging Markets Index		18.69	%		13.20	%		3.99	%		11.98	%	04/04/03

* Returns for Class 4 shares are based on actual performance from January 10, 2020. Prior to that date, returns are calculated based on Class 5 shares from January 1, 2015, adjusted to reflect the differences in share class fees. Prior to January 1, 2015, returns are calculated based on the shares previously designated as Class 3 shares, prior to conversion to Class 5 shares.

** Effective January 1, 2015, the share class structure of Baillie Gifford Emerging Markets Equities Fund was changed, and shares previously designated as Class 3 shares were converted to Class 5 shares. The performance information provided for Class 5 reflects the performance for Class 3 for periods prior to January 1, 2015. Class 3 shares were subject to a higher shareholder service fee than Class 5 shares, and no adjustment has been made to the performance information shown for Class 5 to reflect its different expense structure.

Comparison of the change in value of $10,000 investment in the Fund's Class 5 share and the index.

Baillie Gifford Global Alpha Equities Fund

Market Conditions and Review of Performance during 2020

"We view our role as supporting ambition and helping special businesses to meet their full potential."

The above quote from our Global Alpha Stewardship Report may never be more relevant than it is at present. The past year has been hugely challenging; 'normal' life has been redefined by the global COVID-19 pandemic. We believe that patient and supportive stewardship is of paramount importance during challenging times. In contrast to many market participants, we have encouraged companies to forego near-term profitability in favor of the best long-term interests of their stakeholders. In some cases, we have supported holdings with further capital earmarked to underpin future growth. Following the onset of the pandemic in March 2020, we undertook resiliency analysis of the Fund's portfolio. With the vast majority of the holdings on a firm financial footing, we then switched focus to the future in an effort to move on and identify exciting long-term growth opportunities. While the pandemic has riddled many aspects of our lives with uncertainty, this has not extended to the approach we take to managing the Fund's assets. We continue to seek further opportunities and are wary of complacency.

We remain focused and open-minded to seek what we perceive to be the best growth companies globally, spread across our four growth categories — Stalwart, Rapid, Cyclical and Latent — a framework that is intended to encapsulate how the companies generate growth. The objective is to build a diversified portfolio that remain resilient through both secular and cyclical changes.

Over the past five years, there has been a deliberate reduction in the Fund's exposure to cyclical growth companies from a peak of ~30% of the Fund in 2014 to ~15% as of the end of 2020. The result is that exposure to economically sensitive companies was limited as the pandemic hit and economies around the world stalled. It is perhaps unsurprising that several of the main detractors from performance during 2020 came from the Fund's limited exposure to such areas. In particular Kirby (U.S. barge operator) and EOG Resources (oil and gas producer) have both had weak performance during the 12-month period as a result of economic uncertainty. In addition, capital allocation has proven a headache at Kirby, and this

has prompted our decision to sell the holding. Despite a successful inland marine services operation which transports oil and petrochemicals along the canals and waterways of the southeastern U.S., management has consistently allocated capital to its less profitable engine services business. Insurance companies, such as Prudential and Fairfax Financial, have also been weak during the 12-month period as the market worried about what impact the pandemic might have on insurance sales and claims and investment returns.

More positively though, the vast majority of the strong investment performance has been underpinned by fundamental progress at many of the technology and healthcare companies held in the portfolio, despite the difficult backdrop. Stocks such as Tesla (electric vehicles and battery production), Shopify (platform which enables businesses to move online), and SEA (gaming) have seen very significant share price appreciation over the past 12 months. Tesla's production grew in 2020, despite the factory shutdown in California. It is scaling up in Shanghai and will open its Berlin plant in 2021, at which point we'd expect the company to be selling over 1 million cars per annum. Shopify has seen a huge increase in its merchant userbase over the last year as previously offline-only businesses moved to get online as lockdowns were imposed around the world. SEA, an Asian e-commerce and gaming company, also saw significant growth over the last year, resulting in revenues more than doubling in the first six months of 2020. Similarly, the U.S. telemedicine company, Teladoc, has seen a huge increase in demand for its services over the last year as patients recognized the benefits of virtual medical consultations.

One of our barometers of efficacy is the intensity of competition for inclusion in the portfolio. To continue to merit a place in the portfolio, holdings must proffer sufficiently attractive growth prospects relative to new opportunities. Upside testing is ongoing for several of the portfolio's strongest performers. Indeed, we undertook reductions to Amazon and Tesla in the first half of 2020 and broadened our field of focus to consider probable beneficiaries of an economic recovery by purchasing Estee Lauder (cosmetics) and Lyft (ride hailing) and adding to Booking.com (online travel) and Ryanair (air travel). This work has continued in recent months and led to a reduction of the Fund's position in Zillow, the U.S. real estate portal, and a complete sale of SAP, the German enterprise software business. In both cases, valuation was a growing concern — the likelihood of a doubling in share price over the next five years looked, to us, increasingly remote. This comes against what we perceive as an increasingly competitive landscape for both businesses — in SAP's

Fund Performance for periods ended 12/31/20 (Average Annual Total Returns)

	One Year			% p.a. Five Year			% p.a. Since Inception			Inception Date
Baillie Gifford Global Alpha Equities Fund Class 2		36.31	%		18.24	%		15.41	%	01/06/13
Baillie Gifford Global Alpha Equities Fund Class 3		36.40	%		18.32	%		15.49	%	11/15/11
Baillie Gifford Global Alpha Equities Fund Class 4		36.45	%		18.35	%		15.50	%	07/10/17
Baillie Gifford Global Alpha Equities Fund Class K		36.35	%		18.24	%		15.41	%	04/28/17
Baillie Gifford Global Alpha Equities Fund Institutional Class		36.22	%		18.19	%		15.31	%	04/28/17
MSCI ACWI Index		16.82	%		12.85	%		11.42	%	11/15/11

Returns for the K and Institutional share class are based on actual performance from April 28, 2017. Prior to that date returns are calculated based on the oldest share class of the Fund adjusted to reflect the K and Institutional share class fees where these fees are higher.

Comparison of the change in value of $10,000 investment in the Fund's Class 3 share and the index.

Baillie Gifford Global Stewardship Equities Fund

Market Conditions and Review of Performance during 2020

In a year dominated by the COVID-19 pandemic, equity markets were volatile but ultimately produced a positive return. The first few months of 2020 witnessed the outbreak and spread of the COVID-19 pandemic, along with the impact on economic activity of the increasingly stringent lockdown measures which were put into place. Global equities fell significantly in response; for example, the MSCI All Country World Index (ACWI), the Fund's benchmark, was down 21% in dollar terms during the first quarter of the year. However, share prices subsequently recovered, partially as a result of the huge interventions by central banks and governments around the world to prop up markets and pump-prime economies. More recently the final three months of 2020 saw equities continue to rise following the release of the hugely encouraging results of the trials of the first COVID-19 vaccines. Remarkably, therefore, the MSCI ACWI ended the year up 16.82%.

Against this backdrop, the Fund performed very well. Having held up better than the wider market during the downturn in February and March, the portfolio then rose considerably as markets recovered, with Class K shares delivering a return over the 12 months of 75.39%. In addition, the Fund's more important and more meaningful longer-term performance figures were also strong, both in absolute terms and when compared to the Fund's benchmark. A healthy dose of humility is required in recognizing that the outlook for the global economy and equity markets is highly uncertain. Investors should not be surprised if we continue to experience short-term volatility as the world recovers from the COVID-19 pandemic. That said, we are delighted to have been able to protect and grow clients' capital in a difficult period.

Positive performance over the past year was driven by the Fund's exposure to technology companies which we believed would gradually alter and improve the way in which we work, shop, learn and communicate. 2020 witnessed a dramatic step-change in the uptake of these disruptive services and, in many cases, this has resulted in remarkable growth for the companies concerned.

One of the clearest examples of this was the Fund's holding in Canadian e-commerce platform Shopify. The company was quick to introduce and widen access to new features to help its merchants during the pandemic, including extended free trials, gift card capabilities and adapted pickup and delivery options. These measures

contributed to a 62% increase in new store creation on the Shopify platform between mid-March and mid-April when compared to the previous six weeks, leading to a 47% year-on-year increase in revenue for the company in the first quarter of 2020 at a time when many other companies were struggling.

But the single biggest contributor to performance for the period was the holding in electric car maker Tesla, the share price of which rose more than eight-fold over the year. The company is rarely far from the headlines, but what can sometimes be missed is its highly impressive operational performance. In 2015, Tesla delivered just over 50,000 cars. In 2020, and despite coronavirus-related shutdowns, the business delivered almost 500,000. Moreover, we believe Tesla has the ambition and planning in place to go significantly higher in the next five years and beyond, with an established lead in battery technology which underpins not just its car business, but also its energy generation and storage divisions.

Meanwhile the holding in LendingTree, an online marketplace for U.S. consumer credit products, detracted from performance during 2020 as the stock fell by around 10% during the 12-month period. The shares weakened in November 2020 following news that one of the company's large shareholders, Liberty Inc., would be selling its stake. Liberty was undertaking unrelated corporate actions, and, per Liberty, the holding in LendingTree no longer aligned with its other objectives. Although this marks the end of a relationship with a strategic investment partner, it will increase LendingTree's free float and offers the opportunity for the company to widen its investor base.

In addition, analysis shows that over the year the two largest detractors from the Fund's performance relative to the Fund's benchmark were Apple and Microsoft. Neither were held in the Fund during the period, but their stock prices have been strong and so this has therefore detracted from performance relative to the benchmark as the Fund 'missed out' on their rise.

Investment strategies used to manage the Fund

Baillie Gifford is a growth manager with a bottom-up approach to stock picking. Bottom-up investing is an investment approach that focuses on the analysis of individual stocks and deemphasizes the significance of economic cycles and market cycles. We aim to invest in companies that will generate sustainable long-term earnings growth. In determining the potential of a company, we analyze industry background, competitive

Baillie Gifford International Alpha Fund

Market Conditions and Review of Performance during 2020

The quote "there are decades where nothing happens and there are weeks where decades happen" feels a particularly apt way to describe the year. Through this volatile period, the Fund has enjoyed both relative and absolute outperformance. After the initial slump in international equity markets, we have seen a resurgence in the second half of the year with the MSCI ACWI (ex U.S.) Index, the Fund's benchmark, providing an 11.13% return for the 2020 calendar year. The Fund comfortably outperformed its benchmark over the period. Relative outperformance was driven overwhelmingly by stock selection over the period, which is what we would expect from a bottom-up strategy. Stock selection was a positive contributor to performance across all major regions on a relative basis. From a sector standpoint, communication services and consumer discretion were the top two contributors to performance during the 12-month period, while an underweight position in the healthcare industry relative to the Fund's benchmark contributed negatively during the period.

As long-term fundamental stock pickers, we cannot and do not attempt to predict the future, but we can take steps necessary to try to prepare your portfolio for any eventuality it might face. We prepare by investing in what we perceive to be quality growth companies with characteristics that make them "anti-fragile." That is, we seek to invest in businesses that we expect will be bastions of stability through thick and thin, that we believe will disrupt incumbents and create new profit pools, that we perceive as being able to emerge stronger than their peers, and that we anticipate are able to take advantage of a crisis. We believe these businesses likely have a natural immunity, which makes them durable investments.

In terms of stock attribution, two of the top performers for the period have been MercadoLibre and Spotify.

MercadoLibre, the Latin American e-commerce business, was the standout contributor to performance over the year. The company's heavy investment in its logistics network in 2019 has seemingly provided solid foundations for growth in an environment where the ongoing uncertainty of COVID-19 seems to have fast-tracked the adoption of online retail and e-commerce, both of which remain in Latin America at levels far below other major global regions. We are confident that in the long-term this is a business which will continue to grow its e-commerce platform and its payment platform Mercado Pago.

Elsewhere, we see the continuation of trends towards online audio and music streaming with Spotify, the Swedish music streaming platform, performing well this year. Spotify is the leader in this market with over 300 million users. The business has invested heavily in its podcast portfolio over the last year, purchasing exclusive rights to the Joe Rogan Experience Podcast (9 million YouTube subscribers), entered a licensing agreement with Warner Music Company to exclusively produce content on the platform and signed a deal for exclusivity with Kim Kardashian-West. Spotify is also developing expansions into new markets (such as India) and continues to develop its direct-to-artist offering.

Amongst the negative contributors to performance during the 12-month period were Copa Holdings, a Panamanian airline, and Fairfax Financial Holdings, a Canadian insurance and investment business.

Copa has had a difficult year, as one might expect for an airline in a period where flights have been restricted for large parts of the year. We believe Copa is a quality business and well capitalized within an industry that has a number of laggards. In the long term, we believe this is a company which should emerge strongly from this pandemic. In April 2020 Copa issued a $350m convertible bond to bolster an already strong balance sheet. We anticipate that the business is well placed to thrive as we emerge from the panic.

Fairfax Financial was also among the negative contributors for the period. The Canadian financial services company has struggled to achieve expected returns. In a period where we might expect its business to thrive, it has underperformed. Blackberry, Seaspan and Eurobank were among Fairfax Financial's key investments to underperform expectations. Whilst the company continues to hold a number of interesting investments that might yield value over the long term, our confidence in the overall stewardship of its investment portfolio has waned. With additional concerns mounting over governance structures at the company, we felt there are more attractive growth investments to be found elsewhere in the international universe and made the decision to sell the holding.

Unlike some, we do not believe the acid test is the historic return on equity ratio or the stability of historic margins, when considering the growth opportunity for a company. We believe that it is the interaction of numerous factors that create the conditions for a company to grow and thrive over many years. It is a company's ability to take advantage of the opportunities ahead of it, to be resilient to the inevitable challenges it will face, and to adapt and evolve as the world changes. These are the attributes that enable companies to

Fund Performance for periods ended 12/31/20 (Average Annual Total Returns)

	One Year			% p.a. Five Year			% p.a. Ten Year			% p.a. Since Inception			Inception Date
Baillie Gifford International Alpha Fund Class 2		26.45	%		14.64	%		8.89	%		7.16	%	02/07/08
Baillie Gifford International Alpha Fund Class 3		26.54	%		14.72	%		8.97	%		7.45	%	09/01/10
Baillie Gifford International Alpha Fund Class 4		26.57	%		14.72	%		8.93	%		7.19	%	07/10/17
Baillie Gifford International Alpha Fund Class 5		26.64	%		14.81	%		8.99	%		7.24	%	04/07/14
Baillie Gifford International Alpha Fund Class K		26.40	%		14.63	%		8.89	%		7.16	%	04/28/17
Baillie Gifford International Alpha Fund Institutional Class		26.29	%		14.53	%		8.76	%		7.02	%	04/28/17
MSCI ACWI (ex U.S.) Index		11.13	%		9.43	%		5.40	%		4.09	%	02/07/08

Comparison of the change in value of $10,000 investment in the Fund's Class 2 share and the index.

Baillie Gifford International Concentrated Growth Equities Fund

Market conditions and Review of Performance during 2020

It has been an extraordinary year for both absolute and relative performance. Fund returns have generally been driven by stock specific factors deriving primarily from continued operational strength. Operational progress for certain portfolio holdings has been accelerated by some changes in how we live our lives, brought about by lockdown measures. However, while lots has changed in the production, distribution and consumption of goods and services, change is by no means temporary. We recognize that societies and economies are in a deep, structural period of transformation, which is driven by exponential advances in technology combined with innovative business models. Exceptional businesses are by their very nature rare, which is why we invest in a small number (20 to 35) of what we believe to be the most exceptional international growth companies.

Top contributors to performance during 2020 included Tesla and MercadoLibre.

Tesla, the U.S. electric vehicles, solar cell and energy storage company, has enjoyed a considerable increase in share price over the last 12 months as the market is finally recognizing years of excellent operational progress. Demand for the Model 3 has been high, and news of further significant battery life improvement has added to growing awareness of the long-term potential of the auto segment. When viewing the tremendous upside potential for Tesla, we contend that the view must consider not just the potential of incredible electric vehicles, as we're witnessing, but also autonomous vehicles and world leading battery technology transforming our entire energy infrastructure.

MercadoLibre, the Latin American e-commerce company, has also been a strong contributor to performance over the last year, as lockdown measures across a broad range of Latin American countries helped to catalyze uptake. Business segments (including e-commerce, advertising and financial services) are starting from a very low penetration in Latin America, and MercadoLibre is investing heavily over the long-term to grow market share.

Among the key detractors from performance over the 12-month period were Trip.com and Inditex.

Trip.com (formerly Ctrip.com), the Chinese based international online travel agency, provides accommodation, ticketing, package tours and corporate travel management. It is easy to recognize how operations in travel have suffered under lockdown measures. However, 2020 is a very short-term lens through which to view the world. Trip.com dominates the Chinese travel market with regards to high-end and outbound travel, despite facing increasing competition from Meituan in the very low-end domestic market. It is strong in both online and traditional booking services and is particularly formidable in the major cities. We think the company faces a huge long-term opportunity to become a global travel platform utilizing the bargaining power that Chinese tourists provide. To this end, Trip.com has expanded through acquiring Skyscanner and buying stakes in other national travel champions, such as MakeMyTrip in India.

Inditex, the European fast fashion retailer and owner of brands including Zara, Pull&Bear and Bershka, has secured an impressive share of its market and executed its strategy well over the last year. Its distinctive business model and culture have interacted to create what we believe to be a durable competitive advantage, and we remain impressed by the company's growth opportunity. However, the structure of the fast fashion supply chain raises worries that the industry may see its growth shrink in the coming decade as consumers seek out more sustainable alternatives. Additionally, while Inditex has adapted to online shopping, we worry that its e-commerce offering is less differentiated relative to competitors and that its ambition to invest in the growth opportunity may be waning. Given increasing competition for capital in the portfolio, we have therefore sold the holding to invest in companies where we have higher conviction.

More broadly on transactions, where strength in conviction in holdings has shifted over time, we have redeployed capital to where we believe long-term growth potential is highest. As mentioned, capital was recently made available from the sale of Inditex, as well as AIA (Asian holding company focused on life insurance) and Softbank (the Japanese holding company). Higher levels of conviction exist elsewhere, such as in new holdings Shopify (the Canadian e-commerce company that makes it easy for businesses to sell products and services online) and Moderna (a leading player in the field of mRNA therapeutics, a new class of medicines that leverage the body's natural protein-production apparatus in order to treat diseases).

2020 has been an extraordinary year in many ways and lots of growth has been accelerated, but we are clear in our

Baillie Gifford International Growth Fund

Market conditions and review of performance during 2020

Despite the tumultuous events of 2020, international equity markets delivered surprisingly good returns. The MSCI ACWI (ex U.S.) Index, the Fund's benchmark, rose by 11.13% over the 12-month period. Many listed companies adapted quickly and effectively to the pandemic, and some had their future prospects improved by it. A rise in savings rates and substantial liquidity provision by authorities around the world may also have boosted equities when the returns available in other asset classes appeared unappealing.

The Fund significantly outperformed its benchmark with a return of 62.96% for Class 2 shares over the 12-month period. During the period positive contributors included M3, MercadoLibre and Meituan while negative contributors included Rolls-Royce, Alibaba and Inditex.

M3's share price rose by more than 200% during the 12-month period. The Japanese company's position as a leading international provider of digital medical services was certainly propitious in 2020. M3 engaged quickly with efforts to boost COVID-19 diagnosis through digital imaging. Demand for its online healthcare service, offered in place of face-to-face doctor visits, understandably soared in the last 12 months. M3's core business of replacing pharmaceutical sales rep visits to doctors by digital means also more than doubled during the period. In our view the healthcare industry has undoubtedly had its practices changed for good by the pandemic, and we believe M3 has attractive opportunities ahead.

MercadoLibre's share price rose by 193% during the 12-month period. Before the pandemic it had been enjoying rapid growth as Latin American customers increasingly shopped online, using its platform more than any other. This growth accelerated as COVID-19 restrictions kicked in, with users and volumes of goods sold almost doubling by the end of 2020. The group's payments business also developed rapidly. Our main question mark around the company had been its competitive position, however we believe its competitive position has been strengthened substantially by the growth in its business in 2020.

Meituan is the leading player in China's offline-to-online market, providing customers with a digital platform to purchase meals, travel, cinema tickets, etc. Its share price rose by 191% during the 12-month period. Food delivery,

the company's largest business, was boosted by China's lockdowns early in 2020 and ultimately grew by a third during the year. In an industry with natural winner-takes-all dynamics, we believe Meituan is establishing a decisive advantage over competitors in several market categories. Given the breadth of its offering and the size of the markets in which it operates, we believe its future growth potential is substantial.

Enjoying very strong overall performance during the period, the Fund was fortunate to avoid many areas of the market that suffered sharp drops in performance in 2020. One stock in the Fund's portfolio that did struggle was Rolls Royce. The British jet engine manufacturer was in the middle of a prolonged and difficult restructuring when the pandemic brought air traffic and new engine purchases to a shuddering halt. The group made significant cuts to its workforce and investment plans in the spring and issued debt and equity in the autumn as part of a £5bn recapitalization plan. The share price fell by 48% over the year. We stuck with the company through this painful period and saw the share price recover towards year end.

Alibaba features amongst the detractors from relative performance compared to the Fund's benchmark over the period. It is a large holding of the Fund, whose share price rose during the year, but by less than the market. Operationally, Alibaba has benefitted from the general uptick in online activity during the year, but its share price suffered a setback at the end of the year as the hotly anticipated initial public offering of its subsidiary, Ant Financial, was suspended at the last minute following a disagreement with the Chinese government. We have always considered alignment with the economic goals of the state to be an important part of the Alibaba investment case, and we are considering how deep the current problems may run before taking any action.

Inditex's shares fell by 8.3% in 2020. The company has been combatting competitive pressure from online clothing retailers with a hybrid store-and-online model for several years but was hampered by the enforced closure of much of its store portfolio during the pandemic. We believe the group is in a strong financial position and is well managed, so we expect it to adapt successfully to the changes in its business environment.

The COVID-19 pandemic had a significant effect on many growth stocks. It brought demand for online goods and services forward. Bottlenecks to progress were shattered as the pandemic created shocks to which companies, governments and citizens simply had to adjust. Habits have changed. Evolution that was likely to take place over a decade was compressed into a year. We do not

Fund Performance for periods ended 12/31/20 (Average Annual Total Returns)

	One Year			% p.a. Five Year			% p.a. Ten Year			% p.a. Since Inception			Inception Date
Baillie Gifford International Growth Fund Class 2		62.95	%		22.33	%		12.79	%		9.90	%	03/06/08
Baillie Gifford International Growth Fund Class 3		63.07	%		22.41	%		12.87	%		9.97	%	04/19/10
Baillie Gifford International Growth Fund Class 4		63.12	%		22.43	%		12.84	%		9.94	%	10/10/16
Baillie Gifford International Growth Fund Class 5		63.20	%		22.51	%		13.15	%		10.17	%	07/19/12
Baillie Gifford International Growth Fund Class K		62.95	%		22.34	%		12.80	%		9.90	%	04/28/17
Baillie Gifford International Growth Fund Institutional Class		62.84	%		22.24	%		12.67	%		9.77	%	04/28/17
MSCI ACWI (ex U.S.) Index		11.13	%		8.68	%		6.35	%		3.77	%	03/06/08
MSCI EAFE Index		8.28	%		7.96	%		6.00	%		3.78	%	03/06/08

Comparison of the change in value of $10,000 investment in the Fund's Class 2 share and the index.

Baillie Gifford International Smaller Companies Fund

Market Conditions and Review of Performance during 2020

The Fund performed strongly in absolute and relative terms in 2020, returning 48.61% compared to a benchmark return of 14.67%.

2020 has witnessed a truly staggering turn of events with enforced adaption by individuals, institutions, business and society. While costs to the healthcare system are still widespread and ongoing, there does at least appear to be a path to progress based on a deeper understanding of COVID-19 as a disease and therapeutic agents that can either mitigate its impact or severely blunt its spread. In under a year since an unknown, insidious pathogen emerged, it has been extensively characterized, a range of diagnostic tests developed, therapies fast-tracked and vaccines developed and extensively tested. The speed at which this insight has been gleaned and then harnessed is breath-taking and speaks to much of the accelerated entrepreneurial spirit that necessity can bring about.

During this extraordinary year, we've observed the acceleration of many of the trends to which the portfolio already had exposure. Importantly, we believe that this will not be limited to a short-term effect and that we will continue to feel its impact over the years ahead. From here we still view further societal change as more likely than a reversion to pre-pandemic lives. In light of this, we'd reiterate our conviction that our growth investing style, focused on owning the long-term beneficiaries of change, remains fully appropriate for this rapidly evolving world.

Avanza Bank, a Swedish online-only bank providing deposit and investment accounts, stock brokerage, and occupational pension services, was the top contributor to Fund performance in the last 12 months. Avanza's proposition is based on offering services which are simpler and cheaper than its competitors, with a strong focus on customer service. They have performed well through the pandemic, with their online-only model allowing customers to open account and transact at a time when more traditional banking channels (bricks & mortar, call centers) were closed. Results released during the fourth quarter of 2020 demonstrate this, with Avanza increasing customer numbers by 31% and savings capital by 40%. Their improved market position is emphasized by the fact they are now receiving roughly 20% of all inflows into the Swedish savings market. What's particularly encouraging,

however, is that in the midst of all this growth, they have received the award for Sweden's most satisfied savers for a remarkable 11th year in a row! We're delighted by the progress of the company over the last 12 months, and we're excited to see how it progresses from here.

Bengo4.com, which has been among the Fund's top contributors to performance in the year, is an example of a company benefitting from the changes brought about by COVID-19. The Japanese company has two aspects to its business — an online platform connecting lawyers with potential clients and a digital signature business (CloudSign). Its digital signature business has been a clear beneficiary of the lockdown measures required to combat the pandemic. By replacing the traditional Japanese physical stamp system (Hanko stamps), it became the market leader in the small but quickly growing Japanese digital contract market. As such a clear beneficiary of lockdown, it is likely that the news of an effective COVID-19 vaccine has caused some investors to pause and realize some of their gains over the year. Taking a longer-term perspective, we do not share these concerns. During 2020 users of the digital signature business have increased more than three-fold and the number of contracts signed have doubled. We believe this type of dramatic progress, where potentially years of forecast growth have been achieved in a number of months, leaves the business in a much better place than it was 12 months ago and increases the probability of its continued long-term success.

iStyle, the Japanese online site for the review and sale of cosmetics, was one of the weaker performers in the Fund in 2020. The company has suffered as trading conditions have worsened, not only due to COVID-19, but also due to the Hong Kong riots and a change in Chinese regulations on cosmetics. This has led to sales and profits collapsing. We recently engaged with senior management to better understand the situation, who confirmed changes to their strategy in response to today's challenging marketplace. Although early-stage, it is also encouraging is that their SaaS business is beginning to gain traction, with two recent high profile customer wins. Further, we can take comfort from the health of the balance sheet, with the business being well-funded following a debt raise earlier in the year. Overall, we remain enthusiastic about business and believe the long-term investment hypothesis remains intact.

The Fund's holding in U-Blox also detracted from performance over the year. U-Blox is a specialist in GPS and wireless chips and modules. It serves a broad range of markets through largely standardized products (e.g., automotive and industrial markets). The importance of the automotive and industrial industries, and the widespread

Baillie Gifford Long Term Global Growth Fund

Market Conditions and Review of Performance during 2020

Amidst the tumult and severe challenges facing the global economy and stock markets in 2020, Class 2 shares of the Fund delivered a return of 101.77% during the period (84.95% ahead of the Fund's benchmark). This was a period in which deep multi-decade transitions — such as the rise of e-commerce, cloud-based enterprise software, home entertainment and fitness, and revolutionary advances in healthcare — accelerated in the pandemic environment. Many companies in the Fund's portfolio are spearheading, enabling or benefiting from such transitions and have demonstrated robust growth in their businesses during the year. Other holdings, mainly those whose businesses still depend on bricks and mortar retail or travel, have been affected by lockdowns and travel restrictions.

Looking back on 2020, Tesla, Pinduoduo and Meituan were among the top positive contributors to the Fund's relative performance during the year.

Tesla's share price grew more than sevenfold during the year — a period during which the company delivered remarkable operational progress. Despite its main factory in Fremont, California experiencing a temporary closure due to pandemic restrictions, Tesla produced and delivered close to half a million vehicles in 2020 (its 5-year compound annual growth rate now stands at over 45%). The company has continued to invest in production capacity, battery technology, software, manufacturing, charging infrastructure, and its rapidly-scaling energy business — and all whilst generating profits.

Meanwhile, Pinduoduo's share price more than tripled during 2020 as the company continued to transform China's e-commerce market. With nearly 650 million monthly active users and growing at around 50% year-on-year, it has surpassed JD.com in scale and is gaining on Alibaba. Strikingly, it has achieved this scale in only five years. Whilst the company is best known for its group-buy e-commerce deals, it is also seemingly revolutionizing Chinese agriculture and manufacturing to benefit both suppliers and consumers.

Also in China, Meituan's on-demand food service grew to nearly 35 million meal deliveries per day on average, with a rising average value per order. Whilst travel restrictions due to the pandemic temporarily impinged on Meituan's in-store, hotel and travel business, the company

has continued to expand its logistics network to cater to the emerging opportunity in on-demand grocery shopping.

Among the top detractors from performance relative to the Fund's benchmark over the period were Apple, Inditex and Beyond Meat.

Apple is not held in the Fund and thus the company's strong share price appreciation during the year and its significant index weighting served to detract from the Fund's performance relative to its benchmark.

Temporary store closures due to the COVID-19 pandemic materially impacted Inditex's operations, despite the company's commendable efforts to scale-up its online business. While we remain impressed by Inditex's growth opportunity and its robust financial characteristics, we sold the holding from the Fund because of what we perceive to be a waning longer-term ambition to invest in the growth opportunity and deepen its competitive advantage. We also believe that the inherent environmental unsustainability of the fast fashion business model is likely to become more of a headwind in future.

Beyond Meat witnessed robust share price appreciation in 2020, though it experienced temporary weakness since being purchased for the Fund in the third quarter and it, therefore, features among the detractors from the Fund's relative performance compared to its benchmark. Whilst revenues were impacted by temporary closures of food retailers due to pandemic restrictions, the company continues to expand into new geographies (mainly Europe and China) to execute on its long-term opportunity.

Though this commentary pertains to the year 2020, as ever our focus is on the much longer-term prospects for companies in the portfolio over 5 to 10 years and beyond. Our role as stock pickers remains as relevant as ever. We are forever seeking to identify the small number of exceptional companies with the most compelling operational performance and opportunities for long-term growth. The trading undertaken for the portfolio in 2020 (as detailed below) reflects our excitement in what we believe will be transformative growth companies over our investment horizon. We believe the potential for upside from here remains vast.

Investment strategies used to manage the Fund

Baillie Gifford is a growth manager with a bottom-up approach to stock picking. We aim to invest in companies that will generate sustainable earnings growth over the long term. In determining the potential of a company, we

Fund Performance for periods ended 12/31/20 (Average Annual Total Returns)

	One Year			% p.a. Five Year			% p.a. Since Inception			Inception Date
Baillie Gifford Long Term Global Growth Fund Class 2		101.77	%		31.52	%		26.54	%	06/10/14
Baillie Gifford Long Term Global Growth Fund Class 5*		101.99	%		31.55	%		26.56	%	07/14/20
Baillie Gifford Long Term Global Growth Fund Class K		101.76	%		31.53	%		26.54	%	04/28/17
Baillie Gifford Long Term Global Growth Fund Institutional Class		101.61	%		31.42	%		26.42	%	04/28/17
MSCI ACWI Index		16.82	%		12.85	%		9.14	%	06/10/14

* Returns for Class 5 shares are based on actual performance from July 14, 2020. Prior to that date returns are calculated based on Class 2 shares.

Comparison of the change in value of $10,000 investment in the Fund's Class 2 share and the index.

Baillie Gifford Positive Change Equities Fund

Market Conditions and Review of Performance during 2020

Global equities ended the year well into positive territory despite the COVID-19 pandemic and against this backdrop, the Fund significantly outperformed its benchmark. The Fund aims to deliver attractive investment returns and to contribute towards a more sustainable world, and 2020 saw a number of companies in the portfolio providing a solution to the pandemic and accordingly performing very well. 2020 was, therefore, a year of very strong operational performance for the majority of holdings in the Fund, providing good progress towards delivering on both our financial and positive change objectives over our 5-year time horizon.

The largest contributors to financial performance over the year were Tesla and M3.

While the COVID-19 pandemic was the topic of most new headlines over the last year, Tesla is certainly helping to contribute to a solution to climate change, another important global challenge, through provision of its electric vehicles and energy storage products. The company was once again the top contributor to Fund performance in 2020. Tesla demonstrated very strong progress towards meeting its 2020 target of delivering around 500,000 electric vehicles, an increase of more than 30% on last year. This is an impressive feat given its California gigafactory had to close for almost two months earlier this year due to the pandemic outbreak. We attended Tesla's 'Battery Day' in September 2020 where Tesla's Chief Executive Officer Elon Musk outlined plans for the company to reduce battery cell cost, which has been a bottleneck in the ongoing transition to electric vehicles. We believe Tesla's lead in battery technology looks set to become further entrenched which could have profound implications — not only for the car business, but also for the energy generation and storage business.

M3 helps pharmaceutical companies and doctors access information online. Its platform uses technology and data to take costs out of healthcare systems and drive efficiencies for both doctors and pharmaceutical companies in its home country of Japan. Over the year M3's drug marketing platform has seen a rapid increase in activity from both companies and doctors as social distancing rules have severely curtailed physical drug sales activities. M3 has an early stage partnership with dominant Japanese social media platform LINE and is providing free online doctor consultations in collaboration with the

government. M3 has also partnered with Alibaba on an artificial intelligence diagnostic tool for COVID-19 using CT scans to improve patient diagnosis. We are encouraged by these many ways M3 is using its data and digital platform to provide a solution to the pandemic, and we believe these initiatives will be enduring.

Detractors to performance over the period included Bank Rakyat and Discovery.

Bank Rakyat is Indonesia's largest bank. It provides financial services and micro loans to millions of low-income individuals. Lower central bank interest rates and the need to restructure loans as a result of the COVID-19 pandemic have weighed on Bank Rakyat's share price in 2020. We think the company's strong underwriting track record puts it in a good position going forward. Looking forward, Bank Rakyat is continuing to invest in branchless banking, and the COVID-19 pandemic is providing a greater emphasis on digital banking with the number of internet banking transactions up by 124% in the first half of the year. Loan growth also continues, and micro loans now account for 36% of the bank's overall loan book with a 40% target in place over the medium term. We believe the investment and impact cases, therefore, remain intact.

Discovery is a South African life and health insurer that offers its Vitality wellness products around the world. Over the year profitability was lower due to its life insurance business grappling with lower interest rates in the U.K. and due to increased investment in new strategic initiatives, including an online bank offering in South Africa and an online investment offering in the U.K. We remain focused on the long-term growth of its Vitality health insurance business which rewards long-term healthy behavior (e.g., exercising) with short-term incentives (e.g., coffee shop vouchers). This positive impact leads to lower lapse and claims ratios and higher underwriting profitability. With its Vitality Health product, Discovery partners with leading insurers internationally, including Ping An Insurance which provides access to the huge and growing China market. New business in China was up 42% in 2020, and we believe that this strong growth will continue and that Discovery's fee generating partnerships will increase profitability longer term.

We believe that every company within the portfolio has the potential to deliver positive impact as well as strong financial returns. As our key contributors to performance demonstrate, impact and investment progress often go hand in hand, but for more information on our impact objective please see our Impact Report which provides a comprehensive analysis of the impact of the holdings within the portfolio. The report combined bespoke metrics

Baillie Gifford U.S. Equity Growth Fund

Market Conditions and Review of Performance during 2020

In this most unusual of years, COVID-19 dominated the global landscape. Health agencies and governments came to recognize the expansion of the virus as a pandemic, and governments around the world locked down their societies and economies, bolstered their healthcare systems and embarked on wartime-like stimulus packages to prop up mothballed industries. Perhaps amplified by the stress of the situation and by the political rhetoric of a divisive U.S. Presidential election, issues of social, racial and wealth inequality came to the fore in the summer of 2020. Politics dominated the headlines as the U.S. election approached and continued after we might have expected a confirmed result, as signs of second and third waves of the COVID-19 virus emerged.

But there are causes for optimism. The pandemic has accelerated shifts in business and society that were underway already but have taken on new importance in a socially distanced and restricted world. Climate change and our impact on the planet remained on the agenda even amidst the crisis. We may eventually look back and associate 2020 not just with the COVID-19 pandemic, but also with the beginning of the end of the carbon era. We believe a revolution in energy is underway. We should also not forget that, despite the tragic toll of the COVID-19 virus, extraordinary developments in technology have enabled the development of several vaccines which are already being distributed at scale. Technology has helped many of us to live in relative comfort under what might have seemed like impossible restrictions.

Against this backdrop, the Fund delivered a return that was ahead of the Russell 1000 Growth and the S&P 500 indices, the Fund's benchmarks. The Fund's investment strategy is based on holding companies which are capable of transformational growth in the belief that the successes will generate significant share price returns for patient investors. This approach has produced positions in companies which are redefining commerce, leisure, enterprise and finance online. In a world of accelerated change, several holdings have seen their opportunities for growth expand significantly.

The e-commerce platform Shopify was a significant contributor to returns. Shopify offers scale as a service to entrepreneurs by giving them access to world-class online tools and back office functions for a monthly subscription. It allows small retailers to compete on a level playing field

with large incumbents, and it does this while preserving the independence of each retailer's brand. Demand for its services accelerated in 2020 as retailers of all sizes reimagined their businesses online. We believe that Shopify's competitive position has improved and, as it continues to expand the scope of services it offers, that the prospects of continued growth from this point are far from captured in the share price.

Despite the tailwinds behind the Fund's e-commerce holdings, it was a manufacturer which produced the largest contribution to returns during the period; the electric vehicle and energy business Tesla. With car production rising and its manufacturing footprint growing, Tesla is answering important questions about its ability to manufacture at scale, and operational leverage is turning in its favor. It remains far ahead of traditional car manufacturers in terms of performance and desirability, and it seems increasingly likely to capture a significant proportion of the global car market. At the same time its static energy storage and generation business is starting to ramp up and that could be a significant contributor to Tesla's performance within our investment time horizon.

The Trade Desk, a programmatic advertising buying platform, also enjoyed a strong 2020. Their platform allows advertisers to buy digital advertising space through real-time auctions based on data. The shift of TV viewing online greatly increases the number of data points available, and we expect programmatic ad buying to become the norm. Instead of simply buying airtime on TV channels, advertisers can now purchase defined numbers of impressions at increasingly specific target audiences. As this happens, buyers are likely to congregate around a small number of platforms. We believe the Trade Desk has an opportunity to become one of those dominant platforms.

Not all holdings in the Fund fared so well in share price terms during the period. Illumina, the gene sequencing machine maker, had a weak year despite its machines helping to provide the genetic sequence for COVID-19 in just two days. Illumina's business has been interrupted in 2020 with restrictions placed on research laboratories and medical facilities over the course of the year. In addition, the stock market did not react favorably to Illumina's announcement that it would acquire the cancer blood test maker GRAIL, a company which Illumina spun out from its own operations only five years ago. We have a more positive interpretation of the move which could drive down the cost of liquid cancer biopsies with positive implications for their adoption and for the early detection of cancer.

The two other largest detractors from performance relative to the Russell 1000 Growth Index were PayPal and

Fund Performance for periods ended 12/31/20 (Average Annual Total Returns)

	One Year			% p.a. Since Inception			Inception Date
Baillie Gifford U.S. Equity Growth Fund Class K*		125.57	%		42.87	%	12/05/16
Baillie Gifford U.S. Equity Growth Fund Institutional Class		125.43	%		42.80	%	04/28/17
Russell 1000 Growth Index		38.49	%		24.67	%	12/05/16
S&P 500 Index		18.40	%		16.21	%	12/05/16

* The inception date for Baillie Gifford U.S. Equity Growth Fund is December 5, 2016, when Baillie Gifford International, LLC purchased Class 1 shares. Classes 1-5 of Baillie Gifford U.S. Equity Growth Fund were terminated effective May 1, 2017, and Class 1 was converted to Class K. For the purposes of the total return data and other data reflected in the Fund's management discussion, the Fund has used December 5, 2016 as its inception date for Class K.

Returns for the Institutional share class are based on actual performance from April 28, 2017. Prior to that date, returns are calculated based on Class 1 and are adjusted to reflect the Institutional share class fees where these fees are higher.

Comparison of the change in value of $10,000 investment in the Fund's Class K share and the index.

	Beginning Account Value 7/01/20		Ending Account Value 12/31/20		Annualized Expense Ratios Based on the Period 7/01/20 to 12/31/20			Expenses Paid During Period*
Baillie Gifford China A Shares Fund — Class K
Actual	$	1,000	$	1,435.90		0.87	%	$	5.33
Hypothetical (5% return before expenses)	$	1,000	$	1,020.76		0.87	%	$	4.42
Baillie Gifford China A Shares Fund — Institutional Class
Actual	$	1,000	$	1,435.90		0.87	%	$	5.33
Hypothetical (5% return before expenses)	$	1,000	$	1,020.76		0.87	%	$	4.42
Baillie Gifford Developed EAFE All Cap Fund — Class 2
Actual	$	1,000	$	1,289.70		0.64	%	$	3.68
Hypothetical (5% return before expenses)	$	1,000	$	1,021.92		0.64	%	$	3.25
Baillie Gifford Developed EAFE All Cap Fund — Class 3
Actual	$	1,000	$	1,290.10		0.57	%	$	3.28
Hypothetical (5% return before expenses)	$	1,000	$	1,022.27		0.57	%	$	2.90
Baillie Gifford Developed EAFE All Cap Fund — Class K
Actual	$	1,000	$	1,289.60		0.64	%	$	3.68
Hypothetical (5% return before expenses)	$	1,000	$	1,021.92		0.64	%	$	3.25
Baillie Gifford Developed EAFE All Cap Fund — Institutional Class
Actual	$	1,000	$	1,288.50		0.76	%	$	4.37
Hypothetical (5% return before expenses)	$	1,000	$	1,021.32		0.76	%	$	3.86
Baillie Gifford EAFE Plus All Cap Fund — Class 2
Actual	$	1,000	$	1,301.70		0.61	%	$	3.53
Hypothetical (5% return before expenses)	$	1,000	$	1,022.07		0.61	%	$	3.10
Baillie Gifford EAFE Plus All Cap Fund — Class 3⁽¹⁾
Actual	$	1,000	$	1,098.60		0.54	%	$	2.34
Hypothetical (5% return before expenses)	$	1,000	$	1,022.42		0.54	%	$	2.25
Baillie Gifford EAFE Plus All Cap Fund — Class K
Actual	$	1,000	$	1,301.80		0.61	%	$	3.53
Hypothetical (5% return before expenses)	$	1,000	$	1,022.07		0.61	%	$	3.10

	Beginning Account Value 7/01/20		Ending Account Value 12/31/20		Annualized Expense Ratios Based on the Period 7/01/20 to 12/31/20			Expenses Paid During Period*
Baillie Gifford EAFE Plus All Cap Fund — Institutional Class
Actual	$	1,000	$	1,301.70		0.70	%	$	4.05
Hypothetical (5% return before expenses)	$	1,000	$	1,021.62		0.70	%	$	3.56
Baillie Gifford Emerging Markets Equities Fund — Class 2
Actual	$	1,000	$	1,411.30		0.79	%	$	4.79
Hypothetical (5% return before expenses)	$	1,000	$	1,021.17		0.79	%	$	4.01
Baillie Gifford Emerging Markets Equities Fund — Class 3
Actual	$	1,000	$	1,411.80		0.72	%	$	4.36
Hypothetical (5% return before expenses)	$	1,000	$	1,021.52		0.72	%	$	3.66
Baillie Gifford Emerging Markets Equities Fund — Class 4
Actual	$	1,000	$	1,412.00		0.69	%	$	4.18
Hypothetical (5% return before expenses)	$	1,000	$	1,021.67		0.69	%	$	3.51
Baillie Gifford Emerging Markets Equities Fund — Class 5
Actual	$	1,000	$	1,412.40		0.64	%	$	3.88
Hypothetical (5% return before expenses)	$	1,000	$	1,021.92		0.64	%	$	3.25
Baillie Gifford Emerging Markets Equities Fund — Class K
Actual	$	1,000	$	1,411.00		0.79	%	$	4.79
Hypothetical (5% return before expenses)	$	1,000	$	1,021.17		0.79	%	$	4.01
Baillie Gifford Emerging Markets Equities Fund — Institutional Class
Actual	$	1,000	$	1,410.30		0.88	%	$	5.33
Hypothetical (5% return before expenses)	$	1,000	$	1,020.71		0.88	%	$	4.47
Baillie Gifford Global Alpha Equities Fund — Class 2
Actual	$	1,000	$	1,312.50		0.64	%	$	3.72
Hypothetical (5% return before expenses)	$	1,000	$	1,021.92		0.64	%	$	3.25
Baillie Gifford Global Alpha Equities Fund — Class 3
Actual	$	1,000	$	1,312.90		0.57	%	$	3.31
Hypothetical (5% return before expenses)	$	1,000	$	1,022.27		0.57	%	$	2.90

	Beginning Account Value 7/01/20		Ending Account Value 12/31/20		Annualized Expense Ratios Based on the Period 7/01/20 to 12/31/20			Expenses Paid During Period*
Baillie Gifford Global Alpha Equities Fund — Class 4
Actual	$	1,000	$	1,313.10		0.54	%	$	3.14
Hypothetical (5% return before expenses)	$	1,000	$	1,022.42		0.54	%	$	2.75
Baillie Gifford Global Alpha Equities Fund — Class K
Actual	$	1,000	$	1,312.30		0.64	%	$	3.72
Hypothetical (5% return before expenses)	$	1,000	$	1,021.92		0.64	%	$	3.25
Baillie Gifford Global Alpha Equities Fund — Institutional Class
Actual	$	1,000	$	1,311.90		0.75	%	$	4.36
Hypothetical (5% return before expenses)	$	1,000	$	1,021.37		0.75	%	$	3.81
Baillie Gifford Global Stewardship Equities Fund — Class K
Actual	$	1,000	$	1,398.80		0.65	%	$	3.92
Hypothetical (5% return before expenses)	$	1,000	$	1,021.87		0.65	%	$	3.30
Baillie Gifford Global Stewardship Equities Fund — Institutional Class
Actual	$	1,000	$	1,398.80		0.65	%	$	3.92
Hypothetical (5% return before expenses)	$	1,000	$	1,021.87		0.65	%	$	3.30
Baillie Gifford International Alpha Fund — Class 2
Actual	$	1,000	$	1,271.30		0.58	%	$	3.31
Hypothetical (5% return before expenses)	$	1,000	$	1,022.22		0.58	%	$	2.95
Baillie Gifford International Alpha Fund — Class 3
Actual	$	1,000	$	1,271.70		0.51	%	$	2.91
Hypothetical (5% return before expenses)	$	1,000	$	1,022.57		0.51	%	$	2.59
Baillie Gifford International Alpha Fund — Class 4
Actual	$	1,000	$	1,271.90		0.48	%	$	2.74
Hypothetical (5% return before expenses)	$	1,000	$	1,022.72		0.48	%	$	2.44
Baillie Gifford International Alpha Fund — Class 5
Actual	$	1,000	$	1,272.20		0.43	%	$	2.46
Hypothetical (5% return before expenses)	$	1,000	$	1,022.97		0.43	%	$	2.19

	Beginning Account Value 7/01/20		Ending Account Value 12/31/20		Annualized Expense Ratios Based on the Period 7/01/20 to 12/31/20			Expenses Paid During Period*
Baillie Gifford International Alpha Fund — Class K
Actual	$	1,000	$	1,270.60		0.58	%	$	3.31
Hypothetical (5% return before expenses)	$	1,000	$	1,022.22		0.58	%	$	2.95
Baillie Gifford International Alpha Fund — Institutional Class
Actual	$	1,000	$	1,270.30		0.67	%	$	3.82
Hypothetical (5% return before expenses)	$	1,000	$	1,021.77		0.67	%	$	3.40
Baillie Gifford International Concentrated Growth Equities Fund — Class K
Actual	$	1,000	$	1,524.30		0.72	%	$	4.57
Hypothetical (5% return before expenses)	$	1,000	$	1,021.52		0.72	%	$	3.66
Baillie Gifford International Concentrated Growth Equities Fund — Institutional Class
Actual	$	1,000	$	1,523.60		0.82	%	$	5.20
Hypothetical (5% return before expenses)	$	1,000	$	1,021.01		0.82	%	$	4.17
Baillie Gifford International Growth Fund — Class 2
Actual	$	1,000	$	1,386.40		0.57	%	$	3.42
Hypothetical (5% return before expenses)	$	1,000	$	1,022.27		0.57	%	$	2.90
Baillie Gifford International Growth Fund — Class 3
Actual	$	1,000	$	1,386.90		0.50	%	$	3.00
Hypothetical (5% return before expenses)	$	1,000	$	1,022.62		0.50	%	$	2.54
Baillie Gifford International Growth Fund — Class 4
Actual	$	1,000	$	1,387.10		0.47	%	$	2.82
Hypothetical (5% return before expenses)	$	1,000	$	1,022.77		0.47	%	$	2.39
Baillie Gifford International Growth Fund — Class 5
Actual	$	1,000	$	1,387.40		0.42	%	$	2.52
Hypothetical (5% return before expenses)	$	1,000	$	1,023.03		0.42	%	$	2.14
Baillie Gifford International Growth Fund — Class K
Actual	$	1,000	$	1,386.10		0.57	%	$	3.42
Hypothetical (5% return before expenses)	$	1,000	$	1,022.27		0.57	%	$	2.90

	Beginning Account Value 7/01/20		Ending Account Value 12/31/20		Annualized Expense Ratios Based on the Period 7/01/20 to 12/31/20			Expenses Paid During Period*
Baillie Gifford International Growth Fund — Institutional Class
Actual	$	1,000	$	1,385.60		0.64	%	$	3.84
Hypothetical (5% return before expenses)	$	1,000	$	1,021.92		0.64	%	$	3.25
Baillie Gifford International Smaller Companies Fund — Class K
Actual	$	1,000	$	1,402.90		0.90	%	$	5.44
Hypothetical (5% return before expenses)	$	1,000	$	1,020.61		0.90	%	$	4.57
Baillie Gifford International Smaller Companies Fund — Institutional Class
Actual	$	1,000	$	1,402.90		0.90	%	$	5.44
Hypothetical (5% return before expenses)	$	1,000	$	1,020.61		0.90	%	$	4.57
Baillie Gifford Long Term Global Growth Fund — Class 2
Actual	$	1,000	$	1,443.60		0.71	%	$	4.36
Hypothetical (5% return before expenses)	$	1,000	$	1,021.57		0.71	%	$	3.61
Baillie Gifford Long Term Global Growth Fund — Class 5⁽²⁾
Actual	$	1,000	$	1,265.20		0.56	%	$	2.96
Hypothetical (5% return before expenses)	$	1,000	$	1,022.32		0.56	%	$	2.65
Baillie Gifford Long Term Global Growth Fund — Class K
Actual	$	1,000	$	1,443.90		0.71	%	$	4.36
Hypothetical (5% return before expenses)	$	1,000	$	1,021.57		0.71	%	$	3.61
Baillie Gifford Long Term Global Growth Fund — Institutional Class
Actual	$	1,000	$	1,442.70		0.79	%	$	4.85
Hypothetical (5% return before expenses)	$	1,000	$	1,021.17		0.79	%	$	4.01
Baillie Gifford Positive Change Equities Fund — Class K
Actual	$	1,000	$	1,466.60		0.65	%	$	4.03
Hypothetical (5% return before expenses)	$	1,000	$	1,021.87		0.65	%	$	3.30
Baillie Gifford Positive Change Equities Fund — Institutional Class
Actual	$	1,000	$	1,466.30		0.69	%	$	4.28
Hypothetical (5% return before expenses)	$	1,000	$	1,021.67		0.69	%	$	3.51

	Beginning Account Value 7/01/20		Ending Account Value 12/31/20		Annualized Expense Ratios Based on the Period 7/01/20 to 12/31/20			Expenses Paid During Period*
Baillie Gifford U.S. Equity Growth Fund — Class K
Actual	$	1,000	$	1,562.90		0.65	%	$	4.19
Hypothetical (5% return before expenses)	$	1,000	$	1,021.87		0.65	%	$	3.30
Baillie Gifford U.S. Equity Growth Fund — Institutional Class
Actual	$	1,000	$	1,562.00		0.74	%	$	4.77
Hypothetical (5% return before expenses)	$	1,000	$	1,021.42		0.74	%	$	3.76

* Unless otherwise indicated, expenses are calculated using the Fund's annualized expense ratio, multiplied by the average account value for the period, multiplied by 184/366 (to reflect the six-month period).

⁽¹⁾ Recommencement of operations on August 3, 2020. Expenses are calculated using the Fund's annualized expense ratio, multiplied by the ending value for the period, multiplied by 151/366 (to reflect recommencement of operations).

⁽²⁾ Recommencement of operations on July 14, 2020. Expenses are calculated using the Fund's annualized expense ratio, multiplied by the ending value for the period, multiplied by 171/366 (to reflect recommencement of operations).

December 31, 2020
Baillie Gifford China A Shares Fund

	Value		% of Total Net Assets
Beverages	$	167,794		8.5	%
Chemicals		40,766		2.1
Commercial Services		158,694		8.0
Cosmetics/Personal Care		35,436		1.8
Electrical Components & Equipment		102,268		5.2
Electronics		142,032		7.2
Food		153,291		7.7
Healthcare — Products		88,349		4.5
Healthcare — Services		261,966		13.2
Home Furnishings		97,893		4.9
Insurance		106,449		5.4
Internet		27,435		1.4
Machinery — Diversified		26,427		1.3
Metal Fabricate/Hardware		95,107		4.8
Pharmaceuticals		215,356		10.9
Semiconductors		32,291		1.6
Software		150,971		7.6
Transportation		68,814		3.5
Total Value of Investments		1,971,339		99.6
Other assets less liabilities		6,935		0.4
Net Assets	$	1,978,274		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.

December 31, 2020
Baillie Gifford China A Shares Fund

	Shares		Value
COMMON STOCKS — 99.6%
CHINA — 99.6%
Asymchem Laboratories Tianjin Co., Ltd., Class A		2,100	$	96,125
Berry Genomics Co., Ltd., Class A *		5,800		33,741
BGI Genomics Co., Ltd., Class A		2,700		53,025
Centre Testing International Group Co., Ltd., Class A		9,600		40,172
Contemporary Amperex Technology Co., Ltd., Class A		1,900		102,268
Foshan Haitian Flavouring & Food Co., Ltd., Class A		3,600		110,539
Glodon Co., Ltd., Class A		8,100		97,648
Guangzhou Kingmed Diagnostics Group Co., Ltd., Class A		4,000		78,420
Hangzhou Hikvision Digital Technology Co., Ltd., Class A		7,400		54,917
Hangzhou Tigermed Consulting Co., Ltd., Class A		4,800		118,522
Hefei Meiya Optoelectronic Technology, Inc., Class A		3,900		26,427
Iflytek Co., Ltd., Class A		3,500		21,897
Inner Mongolia Yili Industrial Group Co., Ltd., Class A		6,300		42,752
Jafron Biomedical Co., Ltd., Class A		3,400		35,324
Jiangsu Hengrui Medicine Co., Ltd., Class A		5,060		86,209
Kweichow Moutai Co., Ltd., Class A		300		91,680
Luzhou Laojiao Co., Ltd., Class A		2,200		76,114
Midea Group Co., Ltd., Class A		6,500		97,893
NanJi E-Commerce Co., Ltd., Class A		13,100		27,435
Ping An Insurance Group Co. of China Ltd., Class A		8,000		106,449
Proya Cosmetics Co., Ltd., Class A		1,300		35,436
SF Holding Co., Ltd., Class A		5,100		68,814
SG Micro Corp., Class A		800		32,291
Shandong Sinocera Functional Material Co., Ltd., Class A		5,900		40,766
Shenzhen Inovance Technology Co., Ltd., Class A		6,100		87,115
Topchoice Medical Corp., Class A *		1,700		71,970
WuXi AppTec Co., Ltd., Class A		3,780		77,835
Yonyou Network Technology Co., Ltd., Class A		4,680		31,426
Yunnan Baiyao Group Co., Ltd., Class A		1,900		33,022
Zhejiang Sanhua Intelligent Controls Co., Ltd., Class A		25,220		95,107
				1,971,339
TOTAL INVESTMENTS — 99.6%
(cost $1,059,629)			$	1,971,339
Other assets less liabilities — 0.4%				6,935
NET ASSETS — 100.0%			$	1,978,274

* Non-income producing security.

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.

December 31, 2020
Baillie Gifford China A Shares Fund

ASSETS
Investments, at value (cost $1,059,629)	$	1,971,339
Cash		59,814
Due from Investment Advisor		12,867
Total Assets		2,044,020
LIABILITIES
Advisory fee payable		2,420
Administration & Supervisory fee payable		748
Trustee fee payable		14
Commitment fee payable		3
Accrued expenses		62,561
Total Liabilities		65,746
NET ASSETS	$	1,978,274
COMPOSITION OF NET ASSETS
Paid-in capital	$	1,013,851
Total distributable earnings		964,423
	$	1,978,274
NET ASSET VALUE, PER SHARE
Class K ($989,137 / 50,373 shares outstanding), unlimited authorized, no par value	$	19.64
Institutional Class ($989,137 / 50,373 shares outstanding), unlimited authorized, no par value	$	19.64

For the Year Ended December 31, 2020
Baillie Gifford China A Shares Fund

INVESTMENT INCOME
Dividends (net of foreign withholding taxes of $1,115)	$	9,905
Interest		18
Total Investment Income		9,923
EXPENSES
Advisory fee (Note B)		7,577
Administration & Supervisory fee — Class K shares (Note B)		1,171
Administration & Supervisory fee — Institutional Class shares (Note B)		1,171
Transfer agency		32,024
Fund accounting		71,956
Professional fees		26,885
Legal		180
Trustees' fees		54
Commitment fees		15
Miscellaneous		3,925
Total Expenses		144,958
Fees waived		(132,973	)
Total Expenses after waiver		11,985
Net Investment Loss		(2,062	)
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain from:
Investments		70,207
Foreign currency transactions		119
		70,326
Net change in unrealized appreciation on:
Investments		881,406
		881,406
Net realized and unrealized gain		951,732
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	949,670

Baillie Gifford China A Shares Fund

	For the Year Ended December 31, 2020			For the Period December 19, 2019^(a)through December 31, 2019
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment loss	$	(2,062	)	$	(264	)
Net realized gain (loss)		70,326			(1,436	)
Net change in unrealized appreciation		881,406			30,304
Net increase in net assets from operations		949,670			28,604
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings
Class K		(7,058	)		—
Institutional Class		(7,057	)		—
Total Distributions to Shareholders		(14,115	)		—
TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
Net proceeds from shares subscribed:
Class K		—			500,000
Institutional Class		—			500,000
Dividends reinvested:
Class K		7,058			—
Institutional Class		7,057			—
Increase in Net Assets from Transactions in Shares of Beneficial Interest		14,115			1,000,000
Total Increase in Net Assets		949,670			1,028,604
NET ASSETS
Beginning of year		1,028,604			—
End of year	$	1,978,274		$	1,028,604

^(a) Commencement of investment operations.

Baillie Gifford China A Shares Fund
Selected data for a Class K share outstanding throughout each year:

	For the Year Ended December 31, 2020			For the Period December 19, 2019^(a)through December 31, 2019
Net asset value, beginning of period	$	10.29		$	10.00
From Investment Operations
Net investment loss^(b)		(0.02	)		(0.00	)^(c)
Net realized and unrealized gain on investments and foreign currency		9.51			0.29
Net increase in net asset value from investment operations		9.49			0.29
Dividends and Distributions to Shareholders
From net realized gain on investments		(0.14	)		—
Total Dividends and Distributions		(0.14	)		—
Net asset value, end of period	$	19.64		$	10.29
Total Return
Total return based on net asset value^(d)		92.29	%		2.90	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	989		$	514
Ratio of net expenses to average net assets, before waiver		10.52	%		90.51	%*
Ratio of net expenses to average net assets, after waiver		0.87	%		0.87	%*
Ratio of net investment loss to average net assets		(0.15	)%		(0.80	)%*
Portfolio turnover rate^(e)		20	%		0	%

* Annualized.

^(a) Commencement of investment operations.

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

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

^(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.

Baillie Gifford China A Shares Fund
Selected data for an Institutional Class share outstanding throughout each year:

	For the Year Ended December 31, 2020			For the Period December 19, 2019^(a)through December 31, 2019
Net asset value, beginning of period	$	10.29		$	10.00
From Investment Operations
Net investment loss^(b)		(0.02	)		(0.00	)^(c)
Net realized and unrealized gain on investments and foreign currency		9.51			0.29
Net increase in net asset value from investment operations		9.49			0.29
Dividends and Distributions to Shareholders
From net realized gain on investments		(0.14	)		—
Total Dividends and Distributions		(0.14	)		—
Net asset value, end of period	$	19.64		$	10.29
Total Return
Total return based on net asset value^(d)		92.29	%		2.90	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	989		$	514
Ratio of net expenses to average net assets, before waiver		10.52	%		90.51	%*
Ratio of net expenses to average net assets, after waiver		0.87	%		0.87	%*
Ratio of net investment loss to average net assets		(0.15	)%		(0.80	)%*
Portfolio turnover rate^(e)		20	%		0	%

* Annualized.

^(a) Commencement of investment operations.

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

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

^(e) Portfolio turnover rate calculated at Fund level.

December 31, 2020
Baillie Gifford Developed EAFE All Cap Fund

	Value		% of Total Net Assets
Apparel	$	32,244,295		5.5	%
Auto Manufacturers		7,250,005		1.2
Auto Parts & Equipment		7,713,893		1.3
Banks		8,770,869		1.5
Beverages		14,194,554		2.4
Building Materials		22,724,112		3.8
Chemicals		6,635,074		1.1
Commercial Services		6,391,168		1.1
Computers		13,249,370		2.3
Cosmetics/Personal Care		22,528,385		3.8
Diversified Financial Services		26,996,767		4.6
Electronics		53,939,841		9.2
Engineering & Construction		5,500,906		0.9
Food		11,814,221		2.0
Hand/Machine Tools		10,741,509		1.8
Healthcare — Products		36,443,109		6.2
Healthcare — Services		5,887,661		1.0
Holding Companies — Diversified		2,791,313		0.5
Home Furnishings		5,768,706		1.0
Insurance		17,167,809		2.9
Internet		75,338,603		12.8
Investment Companies		9,070,333		1.5
Leisure Time		14,770,376		2.5
Machinery — Construction & Mining		10,454,791		1.8
Machinery — Diversified		49,217,499		8.4
Oil & Gas Services		2,848,222		0.5
Retail		46,225,913		8.0
Semiconductors		20,617,234		3.5
Software		24,817,305		4.2
Telecommunications		10,791,276		1.8
Total Value of Investments		582,905,119		99.1
Other assets less liabilities		5,424,976		0.9
Net Assets	$	588,330,095		100.0	%

December 31, 2020
Baillie Gifford Developed EAFE All Cap Fund

	Shares		Value
COMMON STOCKS — 97.1%
AUSTRALIA — 4.0%
Cochlear Ltd.		71,023	$	10,363,349
SEEK Ltd.		403,772		8,852,647
Treasury Wine Estates Ltd.		573,749		4,150,411
				23,366,407
CHINA — 1.1%
Prosus NV *		61,648		6,656,671
FINLAND — 1.7%
Kone Oyj, B Shares		120,120		9,787,395
FRANCE — 6.5%
Kering		11,725		8,509,230
LVMH Moet Hennessy Louis Vuitton SE		15,559		9,739,956
Remy Cointreau SA		53,811		10,044,143
Ubisoft Entertainment SA *		101,634		9,794,325
				38,087,654
GERMANY — 9.1%
adidas AG *		23,046		8,384,249
Bechtle AG		60,793		13,249,370
Nemetschek SE		60,859		4,522,942
Rational AG		6,201		5,768,706
Zalando SE *		194,814		21,669,447
				53,594,714
HONG KONG — 5.8%
AIA Group Ltd.		1,408,800		17,167,809
Jardine Matheson Holdings Ltd.		49,900		2,791,313
Jardine Strategic Holdings Ltd.		143,300		3,565,304
Techtronic Industries Co., Ltd.		751,500		10,741,509
				34,265,935
IRELAND — 1.6%
Kingspan Group PLC *		136,525		9,573,503

December 31, 2020
Baillie Gifford Developed EAFE All Cap Fund

	Shares		Value
JAPAN — 24.8%
Denso Corp.		129,600	$	7,713,893
Kakaku.com, Inc.		266,000		7,281,312
Kao Corp.		103,300		7,980,567
Keyence Corp.		15,400		8,662,762
Murata Manufacturing Co., Ltd.		110,700		10,021,621
Nidec Corp.		98,300		12,435,733
Olympus Corp.		707,000		15,478,984
Pigeon Corp.		107,100		4,420,310
Shimano, Inc.		63,100		14,770,376
Shiseido Co., Ltd.		146,300		10,127,509
SMC Corp.		24,700		15,085,219
SoftBank Group Corp.		139,000		10,791,276
Sugi Holdings Co., Ltd.		47,700		3,186,311
Suzuki Motor Corp.		156,400		7,250,005
Sysmex Corp.		88,100		10,600,775
				145,806,653
NETHERLANDS — 3.5%
ASML Holding NV		42,582		20,617,235
NEW ZEALAND — 2.8%
Ryman Healthcare Ltd.		536,654		5,887,661
Xero Ltd. *		92,512		10,500,038
				16,387,699
PORTUGAL — 1.4%
Jeronimo Martins SGPS SA		490,723		8,248,917
SINGAPORE — 1.5%
United Overseas Bank Ltd.		514,589		8,770,869
SPAIN — 1.8%
Industria de Diseno Textil SA		331,783		10,530,738

December 31, 2020
Baillie Gifford Developed EAFE All Cap Fund

	Shares		Value
SWEDEN — 10.2%
Atlas Copco AB, A Shares		305,121	$	15,682,123
Avanza Bank Holding AB		556,719		15,765,901
Epiroc AB, A Shares		21,605		392,665
Epiroc AB, B Shares		334,569		5,648,097
Investor AB, B Shares		124,621		9,070,333
Nibe Industrier AB, B Shares		401,009		13,150,609
				59,709,728
SWITZERLAND — 1.8%
Compagnie Financiere Richemont SA		119,982		10,839,417
UNITED KINGDOM — 13.8%
ASOS PLC *		133,822		8,721,067
Auto Trader Group PLC		1,443,151		11,746,870
Burberry Group PLC *		229,764		5,610,860
Hargreaves Lansdown PLC		539,373		11,230,866
HomeServe PLC		392,867		5,500,906
Intertek Group PLC		82,744		6,391,168
John Wood Group PLC *		675,200		2,848,222
Johnson Matthey PLC		200,270		6,635,074
Rightmove PLC *		1,301,156		11,560,481
Trainline PLC *		997,624		6,342,862
Weir Group PLC (The) *		162,343		4,414,030
				81,002,406
UNITED STATES — 5.7%
Mettler-Toledo International, Inc. *		17,195		19,596,797
Spotify Technology SA *		45,054		14,176,692
				33,773,489
Total Common Stocks
(cost $353,542,235)				571,019,430

December 31, 2020
Baillie Gifford Developed EAFE All Cap Fund

	Shares		Value
PREFERRED STOCKS — 2.0%
GERMANY — 2.0%
Sartorius AG 0.10% (cost $3,828,004)		28,220	$	11,885,689
TOTAL INVESTMENTS — 99.1%
(cost $357,370,239)			$	582,905,119
Other assets less liabilities — 0.9%				5,424,976
NET ASSETS — 100.0%			$	588,330,095

* Non-income producing security.

This report classifies issuers geographically by their country of risk. For compliance monitoring purposes, the Manager retains discretion to consider a number of factors in determining where a particular issuer is located, as described in further detail in each Fund's prospectus.

Fair Value Measurement

The following is a summary of the inputs used as of December 31, 2020 in valuing the Fund's investments carried at fair value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks **	$	81,696,274	$	489,323,156	$	—	$	571,019,430
Preferred Stocks **		—		11,885,689		—		11,885,689
Total	$	81,696,274	$	501,208,845	$	—	$	582,905,119

** Refer to Portfolio of Investments for further detail.

December 31, 2020
Baillie Gifford Developed EAFE All Cap Fund

ASSETS
Investments, at value (cost $357,370,239)	$	582,905,119
Cash		5,435,254
Tax reclaims receivable		723,117
Dividends receivable		290,318
Capital shares sold receivable		2,002
Prepaid assets		22,652
Total Assets		589,378,462
LIABILITIES
Advisory fee payable		499,436
Servicing fee payable		119,914
Capital shares purchased payable		119,818
Administration & Supervisory fee payable		105,535
Due to foreign custodian (cost $40,819)		40,482
Trustee fee payable		4,701
Commitment fee payable		860
Accrued expenses		157,621
Total Liabilities		1,048,367
NET ASSETS	$	588,330,095
COMPOSITION OF NET ASSETS
Paid-in capital	$	365,512,732
Total distributable earnings		222,817,363
	$	588,330,095
NET ASSET VALUE, PER SHARE
Class 2 ($221,181,297 / 13,294,274 shares outstanding), unlimited authorized, no par value	$	16.64
Class 3 ($108,722,252 / 6,470,875 shares outstanding), unlimited authorized, no par value	$	16.80
Class K ($246,283,423 / 14,827,745 shares outstanding), unlimited authorized, no par value	$	16.61
Institutional Class ($12,143,123 / 731,908 shares outstanding), unlimited authorized, no par value	$	16.59

For the Year Ended December 31, 2020
Baillie Gifford Developed EAFE All Cap Fund

INVESTMENT INCOME
Dividends (net of foreign withholding taxes of $587,886)	$	6,118,948
Interest		6,337
Total Investment Income		6,125,285
EXPENSES
Advisory fee (Note B)		1,894,638
Shareholder Servicing fees — Class 2 shares (Note B)		376,651
Shareholder Servicing fees — Class 3 shares (Note B)		86,775
Administration & Supervisory fee — Class K shares (Note B)		375,562
Administration & Supervisory fee — Institutional Class shares (Note B)		20,522
Transfer agency		75,507
Sub-transfer agency — Institutional Class shares		13,853
Fund accounting		214,860
Registration fees		96,413
Custody		88,932
Legal		71,746
Professional fees		49,621
Trustees' fees		18,885
Commitment fees		4,483
Line of Credit		1,740
Miscellaneous		29,435
Total Expenses		3,419,623
Net Investment Income		2,705,662
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain from:
Investments		11,623,576
Foreign currency transactions		120,962
		11,744,538
Net change in unrealized appreciation on:
Investments		121,487,473
Translation of net assets and liabilities denominated in foreign currencies		38,817
		121,526,290
Net realized and unrealized gain		133,270,828
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	135,976,490

Baillie Gifford Developed EAFE All Cap Fund

	For the Year Ended December 31, 2020			For the Year Ended December 31, 2019
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	2,705,662		$	4,989,369
Net realized gain (loss)		11,744,538			(2,107,688	)
Net change in unrealized appreciation		121,526,290			127,381,767
Net increase in net assets from operations		135,976,490			130,263,448
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings
Class 2		(2,184,122	)		(2,596,461	)
Class 3		(1,158,667	)		(1,002,546	)
Class K		(2,481,439	)		(2,874,994	)
Institutional Class		(109,348	)		(107,514	)
Total Distributions to Shareholders		(5,933,576	)		(6,581,515	)
TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
Net proceeds from shares subscribed:
Class 2		6,000			6,000
Class K		9,101,965			73,243,343
Institutional Class		17,007,484			7,084,206
Dividends reinvested:
Class 2		2,184,122			2,596,461
Class 3		1,158,667			1,002,546
Class K		2,359,735			2,624,780
Institutional Class		109,348			107,514
Cost of shares redeemed:
Class 2		(65,191,959	)		(9,000,000	)
Class K		(62,538,353	)		(29,311,402	)
Institutional Class		(17,016,373	)		(990,117	)
Increase (Decrease) in Net Assets from Transactions in Shares of Beneficial Interest		(112,819,364	)		47,363,331
Total Increase in Net Assets		17,223,550			171,045,264
NET ASSETS
Beginning of year		571,106,545			400,061,281
End of year	$	588,330,095		$	571,106,545

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

	For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			For the Year Ended December 31, 2017			For the Year Ended December 31, 2016
Net asset value, beginning of year	$	13.13		$	10.04		$	12.06		$	9.55		$	9.70
From Investment Operations
Net investment income^(a)		0.07			0.13			0.15			0.14			0.17
Net realized and unrealized gain (loss) on investments and foreign currency		3.61			3.11			(2.08	)		2.58			(0.18	)
Net increase (decrease) in net asset value from investment operations		3.68			3.24			(1.93	)		2.72			(0.01	)
Dividends and Distributions to Shareholders
From net investment income		(0.17	)		(0.15	)		(0.03	)		(0.22	)		(0.14	)
From net realized gain on investments		—			—			(0.06	)		—			—
Total Dividends and Distributions		(0.17	)		(0.15	)		(0.09	)		(0.22	)		(0.14	)
Proceeds from Purchase Fees and Redemption Fees^(a)		—			—			—			0.01			(0.00	)^(b)
Net asset value, end of year	$	16.64		$	13.13		$	10.04		$	12.06		$	9.55
Total Return
Total return based on net asset value^(c)		27.95	%		32.33	%		(16.05	)%		28.59	%		(0.20	)%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	221,181		$	229,861		$	181,679		$	221,316		$	172,316
Ratio of net expenses to average net assets		0.64	%		0.66	%		0.67	%		0.66	%		0.66	%
Ratio of net investment income to average net assets		0.50	%		1.08	%		1.23	%		1.22	%		1.73	%
Portfolio turnover rate^(d)		12	%		19	%		14	%		21	%		13	%

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

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

^(c) Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the year, 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.

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

	For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			For the Period March 24, 2017^(a)through December 31, 2017
Net asset value, beginning of period	$	13.26		$	10.13		$	12.17		$	10.49
From Investment Operations
Net investment income^(b)		0.07			0.14			0.16			0.12
Net realized and unrealized gain (loss) on investments and foreign currency		3.65			3.15			(2.11	)		1.79
Net increase (decrease) in net asset value from investment operations		3.72			3.29			(1.95	)		1.91
Dividends and Distributions to Shareholders
From net investment income		(0.18	)		(0.16	)		(0.03	)		(0.23	)
From net realized gain on investments		—			—			(0.06	)		—
Total Dividends and Distributions		(0.18	)		(0.16	)		(0.09	)		(0.23	)
Proceeds from Purchase Fees and Redemption Fees^(b)		—			—			—			0.00	^(c)
Net asset value, end of period	$	16.80		$	13.26		$	10.13		$	12.17
Total Return
Total return based on net asset value^(d)		28.04	%		32.42	%		(15.99	)%		18.25	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	108,722		$	84,911		$	64,123		$	82,523
Ratio of net expenses to average net assets		0.57	%		0.59	%		0.60	%		0.58	%*
Ratio of net investment income to average net assets		0.55	%		1.16	%		1.31	%		1.32	%*
Portfolio turnover rate^(e)		12	%		19	%		14	%		21	%

* Annualized.

^(a) Commencement of investment operations.

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

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

^(e) Portfolio turnover rate calculated at Fund level.

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

	For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			For the Period April 28, 2017^(a)through December 31, 2017
Net asset value, beginning of period	$	13.11		$	10.03		$	12.06		$	10.74
From Investment Operations
Net investment income^(b)		0.06			0.12			0.11			0.07
Net realized and unrealized gain (loss) on investments and foreign currency		3.61			3.11			(2.04	)		1.47
Net increase (decrease) in net asset value from investment operations		3.67			3.23			(1.93	)		1.54
Dividends and Distributions to Shareholders
From net investment income		(0.17	)		(0.15	)		(0.04	)		(0.22	)
From net realized gain on investments		—			—			(0.06	)		—
Total Dividends and Distributions		(0.17	)		(0.15	)		(0.10	)		(0.22	)
Net asset value, end of period	$	16.61		$	13.11		$	10.03		$	12.06
Total Return
Total return based on net asset value^(c)		27.98	%		32.24	%		(16.05	)%		14.39	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	246,283		$	247,155		$	152,397		$	6
Ratio of net expenses to average net assets		0.64	%		0.66	%		0.67	%		0.66	%*
Ratio of net investment income to average net assets		0.49	%		1.04	%		0.99	%		0.87	%*
Portfolio turnover rate^(d)		12	%		19	%		14	%		21	%

* 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.

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

	For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			For the Period April 28, 2017^(a)through December 31, 2017
Net asset value, beginning of period	$	13.10		$	10.02		$	12.06		$	10.74
From Investment Operations
Net investment income^(b)		0.06			0.11			0.06			0.07
Net realized and unrealized gain (loss) on investments and foreign currency		3.58			3.13			(2.00	)		1.47
Net increase (decrease) in net asset value from investment operations		3.64			3.24			(1.94	)		1.54
Dividends and Distributions to Shareholders
From net investment income		(0.15	)		(0.16	)		(0.04	)		(0.22	)
From net realized gain on investments		—			—			(0.06	)		—
Total Dividends and Distributions		(0.15	)		(0.16	)		(0.10	)		(0.22	)
Net asset value, end of period	$	16.59		$	13.10		$	10.02		$	12.06
Total Return
Total return based on net asset value^(c)		27.77	%		32.28	%		(16.13	)%		14.39	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	12,143		$	9,179		$	1,862		$	6
Ratio of net expenses to average net assets		0.76	%		0.73	%		0.77	%		0.66	%*
Ratio of net investment income to average net assets		0.43	%		0.89	%		0.59	%		0.87	%*
Portfolio turnover rate^(d)		12	%		19	%		14	%		21	%

* Annualized.

^(a) Commencement of investment operations.

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

^(d) Portfolio turnover rate calculated at Fund level.

December 31, 2020
Baillie Gifford EAFE Plus All Cap Fund

	Value		% of Total Net Assets
Apparel	$	33,435,273		4.6	%
Auto Manufacturers		7,449,333		1.0
Auto Parts & Equipment		8,362,670		1.1
Banks		9,241,022		1.3
Beverages		24,563,829		3.3
Building Materials		23,894,772		3.3
Chemicals		6,274,646		0.9
Commercial Services		8,978,562		1.2
Computers		16,589,555		2.3
Cosmetics/Personal Care		26,953,718		3.7
Diversified Financial Services		10,710,543		1.5
Electronics		69,728,972		9.5
Engineering & Construction		6,135,951		0.8
Food		14,243,887		1.9
Hand/Machine Tools		10,641,455		1.5
Healthcare — Products		40,744,465		5.5
Holding Companies — Diversified		2,002,585		0.3
Home Furnishings		7,258,095		1.0
Insurance		28,384,372		3.8
Internet		136,209,202		18.5
Investment Companies		10,986,718		1.5
Leisure Time		11,797,575		1.6
Machinery — Construction & Mining		12,381,106		1.7
Machinery — Diversified		56,244,305		7.8
Oil & Gas Services		3,349,415		0.5
Retail		54,858,292		7.5
Semiconductors		39,433,943		5.3
Software		27,851,228		3.8
Telecommunications		11,319,195		1.5
Total Value of Investments		720,024,684		98.2
Other assets less liabilities		12,837,201		1.8
Net Assets	$	732,861,885		100.0	%

December 31, 2020
Baillie Gifford EAFE Plus All Cap Fund

	Shares		Value
COMMON STOCKS — 95.9%
ARGENTINA — 1.7%
MercadoLibre, Inc. *		7,621	$	12,766,852
AUSTRALIA — 3.3%
Cochlear Ltd.		77,138		11,255,622
SEEK Ltd.		423,321		9,281,256
Treasury Wine Estates Ltd.		539,896		3,905,524
				24,442,402
BRAZIL — 0.6%
Raia Drogasil SA		964,500		4,636,426
CHINA — 7.5%
Alibaba Group Holding Ltd. ADR *		49,921		11,618,114
Baidu, Inc. ADR *		22,601		4,887,240
Meituan, Class B *		361,200		13,596,817
Ping An Insurance Group Co. of China Ltd., Class H		563,000		6,851,494
Prosus NV *		43,576		4,705,280
Trip.com Group Ltd. ADR *		114,113		3,849,032
Tsingtao Brewery Co., Ltd., Class H		903,943		9,470,522
				54,978,499
FINLAND — 1.6%
Kone Oyj, B Shares		139,854		11,395,324
FRANCE — 5.0%
Kering		10,181		7,388,697
LVMH Moet Hennessy Louis Vuitton SE		12,491		7,819,384
Remy Cointreau SA		59,938		11,187,783
Ubisoft Entertainment SA *		102,374		9,865,638
				36,261,502
GERMANY — 9.0%
adidas AG *		35,339		12,856,504
Bechtle AG		76,119		16,589,554
Nemetschek SE		72,300		5,373,218
Rational AG		7,802		7,258,095

December 31, 2020
Baillie Gifford EAFE Plus All Cap Fund

	Shares		Value
Zalando SE *		212,418	$	23,627,566
				65,704,937
HONG KONG — 5.3%
AIA Group Ltd.		1,767,000		21,532,878
Jardine Matheson Holdings Ltd.		35,800		2,002,585
Jardine Strategic Holdings Ltd.		199,100		4,953,608
Techtronic Industries Co., Ltd.		744,500		10,641,456
				39,130,527
INDIA — 0.4%
MakeMyTrip Ltd. *		97,790		2,887,739
IRELAND — 1.4%
Kingspan Group PLC *		145,467		10,200,540
JAPAN — 22.0%
Denso Corp.		140,500		8,362,670
Kakaku.com, Inc.		217,500		5,953,704
Kao Corp.		98,800		7,632,914
Keyence Corp.		18,300		10,294,062
Murata Manufacturing Co., Ltd.		146,000		13,217,314
Nidec Corp.		114,600		14,497,813
Olympus Corp.		674,200		14,760,865
Pigeon Corp.		131,000		5,406,728
Shimano, Inc.		50,400		11,797,575
Shiseido Co., Ltd.		201,000		13,914,076
SMC Corp.		29,400		17,955,685
SoftBank Group Corp.		145,800		11,319,195
Sugi Holdings Co., Ltd.		60,700		4,054,697
Suzuki Motor Corp.		160,700		7,449,333
Sysmex Corp.		122,400		14,727,978
				161,344,609
NETHERLANDS — 2.4%
ASML Holding NV		36,805		17,820,143
NEW ZEALAND — 1.7%
Xero Ltd. *		111,123		12,612,372

December 31, 2020
Baillie Gifford EAFE Plus All Cap Fund

	Shares		Value
PORTUGAL — 1.3%
Jeronimo Martins SGPS SA		552,673	$	9,290,279
SINGAPORE — 1.3%
United Overseas Bank Ltd.		542,173		9,241,022
SOUTH AFRICA — 1.1%
Naspers Ltd., N Shares		40,961		8,387,776
SPAIN — 1.5%
Industria de Diseno Textil SA		346,731		11,005,185
SWEDEN — 6.6%
Atlas Copco AB, A Shares		183,169		9,414,229
Atlas Copco AB, B Shares		160,067		7,185,005
Epiroc AB, B Shares		416,850		7,037,140
Investor AB, B Shares		150,951		10,986,718
Nibe Industrier AB, B Shares		417,586		13,694,232
				48,317,324
SWITZERLAND — 1.6%
Compagnie Financiere Richemont SA		127,675		11,534,418
TAIWAN — 3.0%
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		198,219		21,613,800
UNITED KINGDOM — 12.1%
ASOS PLC *		130,054		8,475,510
Auto Trader Group PLC		1,627,338		13,246,104
Burberry Group PLC *		219,929		5,370,688
Hargreaves Lansdown PLC		514,384		10,710,543
HomeServe PLC		438,221		6,135,951
Intertek Group PLC		116,242		8,978,562
John Wood Group PLC *		794,013		3,349,415
Johnson Matthey PLC		189,391		6,274,646
Rightmove PLC *		1,446,718		12,853,767
Trainline PLC *		1,292,222		8,215,907
Weir Group PLC (The) *		196,545		5,343,966
				88,955,059

December 31, 2020
Baillie Gifford EAFE Plus All Cap Fund

	Shares		Value
UNITED STATES — 5.5%
Mettler-Toledo International, Inc. *		22,046	$	25,125,385
Spotify Technology SA *		49,209		15,484,104
				40,609,489
Total Common Stocks
(cost $445,914,508)				703,136,224
PREFERRED STOCKS — 2.3%
GERMANY — 2.3%
Sartorius AG 0.10% (cost $8,041,249)		40,098		16,888,460
TOTAL INVESTMENTS — 98.2%
(cost $453,955,757)			$	720,024,684
Other assets less liabilities — 1.8%				12,837,201
NET ASSETS — 100.0%			$	732,861,885

* Non-income producing security.

ADR — American Depositary Receipt

Fair Value Measurement

The following is a summary of the inputs used as of December 31, 2020 in valuing the Fund's investments carried at fair value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks **	$	137,234,063	$	565,902,161	$	—	$	703,136,224
Preferred Stocks **		—		16,888,460		—		16,888,460
Total	$	137,234,063	$	582,790,621	$	—	$	720,024,684

** Refer to Portfolio of Investments for further detail.

December 31, 2020
Baillie Gifford EAFE Plus All Cap Fund

ASSETS
Investments, at value (cost $453,955,757)	$	720,024,684
Cash		12,683,072
Tax reclaims receivable		404,112
Dividends receivable		365,155
Receivable for investments sold		273,539
Capital shares sold receivable		113,015
Prepaid assets		25,238
Total Assets		733,888,815
LIABILITIES
Advisory fee payable		618,666
Servicing fee payable		175,328
Administration & Supervisory fee payable		101,069
Due to foreign custodian		6,229
Trustee fee payable		5,538
Commitment fee payable		1,014
Accrued expenses		119,086
Total Liabilities		1,026,930
NET ASSETS	$	732,861,885
COMPOSITION OF NET ASSETS
Paid-in capital	$	467,989,876
Total distributable earnings		264,872,009
	$	732,861,885
NET ASSET VALUE, PER SHARE
Class 2 ($343,888,379 / 16,256,604 shares outstanding), unlimited authorized, no par value	$	21.15
Class 3 ($146,565,390 / 6,934,219 shares outstanding), unlimited authorized, no par value	$	21.14
Class K ($202,514,139 / 9,602,360 shares outstanding), unlimited authorized, no par value	$	21.09
Institutional Class ($39,893,977 / 1,895,639 shares outstanding), unlimited authorized, no par value	$	21.05

For the Year Ended December 31, 2020
Baillie Gifford EAFE Plus All Cap Fund

INVESTMENT INCOME
Dividends (net of foreign withholding taxes of $558,813)	$	5,313,550
Interest		12,882
Total Investment Income		5,326,432
EXPENSES
Advisory fee (Note B)		1,835,403
Shareholder Servicing fees — Class 2 shares (Note B)		507,085
Shareholder Servicing fees — Class 3 shares (Note B)		53,824
Administration & Supervisory fee — Class K shares (Note B)		245,067
Administration & Supervisory fee — Institutional Class shares (Note B)		47,829
Transfer agency		73,429
Sub-transfer agency — Institutional Class shares		27,031
Fund accounting		178,317
Custody		76,913
Legal		63,770
Registration fees		47,531
Professional fees		32,947
Trustees' fees		18,453
Commitment fees		3,717
Line of Credit		190
Miscellaneous		24,301
Total Expenses		3,235,807
Net Investment Income		2,090,625
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain from:
Investments		11,208,362
Foreign currency transactions		491,755
		11,700,117
Net change in unrealized appreciation on:
Investments		147,101,137
Translation of net assets and liabilities denominated in foreign currencies		37,887
		147,139,024
Net realized and unrealized gain		158,839,141
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	160,929,766

Baillie Gifford EAFE Plus All Cap Fund

	For the Year Ended December 31, 2020			For the Year Ended December 31, 2019
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	2,090,625		$	6,597,705
Net realized gain		11,700,117			8,530,839
Net change in unrealized appreciation		147,139,024			87,029,751
Net increase in net assets from operations		160,929,766			102,158,295
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings
Class 2		(5,732,100	)		(11,089,493	)
Class 3		(2,604,537	)		—
Class K		(3,457,873	)		(4,158,396	)
Institutional Class		(652,549	)		(833,239	)
Total Distributions to Shareholders		(12,447,059	)		(16,081,128	)
TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
Net proceeds from shares subscribed:
Class 2		786,000			2,723,300
Class 3		118,434,820			—
Class K		70,360,885			27,900,000
Institutional Class		11,245,159			9,046,949
Dividends reinvested:
Class 2		5,732,100			11,089,493
Class 3		2,604,536			—
Class K		3,452,561			4,146,582
Institutional Class		650,466			828,614
Cost of shares redeemed:
Class 2		(45,075,399	)		(528,300	)
Class K		(28,250,000	)		(1,375,000	)
Institutional Class		(3,196,880	)		(805,468	)
Increase in Net Assets from Transactions in Shares of Beneficial Interest		136,744,248			53,026,170
Total Increase in Net Assets		285,226,955			139,103,337
NET ASSETS
Beginning of year		447,634,930			308,531,593
End of year	$	732,861,885		$	447,634,930

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

	For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			For the Year Ended December 31, 2017			For the Year Ended December 31, 2016
Net asset value, beginning of year	$	16.71		$	13.15		$	16.11		$	12.46		$	12.55
From Investment Operations
Net investment income^(a)		0.07			0.27			0.17			0.16			0.19
Net realized and unrealized gain (loss) on investments and foreign currency		4.73			3.91			(2.81	)		3.74			(0.13	)
Net increase (decrease) in net asset value from investment operations		4.80			4.18			(2.64	)		3.90			0.06
Dividends and Distributions to Shareholders
From net investment income		(0.14	)		(0.33	)		(0.09	)		(0.25	)		(0.16	)
From net realized gain on investments		(0.22	)		(0.29	)		(0.23	)		—			—
Total Dividends and Distributions		(0.36	)		(0.62	)		(0.32	)		(0.25	)		(0.16	)
Proceeds from Purchase Fees and Redemption Fees^(a)		—			—			—			0.00	^(b)		0.01
Net asset value, end of year	$	21.15		$	16.71		$	13.15		$	16.11		$	12.46
Total Return
Total return based on net asset value^(c)		28.77	%		31.73	%		(16.39	)%		31.28	%		0.59	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	343,888		$	309,335		$	232,937		$	280,488		$	272,338
Ratio of net expenses to average net assets		0.62	%		0.65	%		0.68	%		0.67	%		0.65	%
Ratio of net investment income to average net assets		0.42	%		1.76	%		1.06	%		1.06	%		1.46	%
Portfolio turnover rate^(d)		20	%		11	%		26	%		12	%		23	%

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

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

^(d) Portfolio turnover rate calculated at Fund level.

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

	For the Period August 3, 2020^(a) through December 31, 2020			For the Year Ended December 31, 2017			For the Year Ended December 31, 2016
Net asset value, beginning of period	$	17.57		$	12.58		$	12.67
From Investment Operations
Net investment income^(b)		0.03			0.16			0.2
Net realized and unrealized gain on investments and foreign currency		3.93			3.79			(0.13	)
Net increase in net asset value from investment operations		3.96			3.95			0.07
Dividends and Distributions to Shareholders
From net investment income		(0.17	)		(0.27	)		(0.17	)
From net realized gain on investments		(0.22	)		—			—
Return of capital		—			—			—
Total Dividends and Distributions		(0.39	)		(0.27	)		(0.17	)
Proceeds from Purchase Fees and Redemption Fees^(a)		—			0.00	^(c)		0.01
Net asset value, end of period	$	21.14		$	16.26		$	12.58
Total Return
Total return based on net asset value^(d)		22.49	%		31.37	%		0.66	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	146,565		$	26,932		$	19,890
Ratio of net expenses to average net assets		0.54	%*		0.60	%		0.58	%
Ratio of net investment income to average net assets		0.35	%*		1.06	%		1.59	%
Portfolio turnover rate^(e)		20	%		12	%		23	%

* 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) Amount is less than $0.005 per share.

^(e) Portfolio turnover rate calculated at Fund level.

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

	For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			For the Period April 28, 2017^(a)through December 31, 2017
Net asset value, beginning of period	$	16.66		$	13.12		$	16.10		$	14.15
From Investment Operations
Net investment income^(b)		0.07			0.26			0.04			0.08
Net realized and unrealized gain (loss) on investments and foreign currency		4.73			3.91			(2.68	)		2.13
Net increase (decrease) in net asset value from investment operations		4.80			4.17			(2.64	)		2.21
Dividends and Distributions to Shareholders
From net investment income		(0.15	)		(0.34	)		(0.11	)		(0.26	)
From net realized gain on investments		(0.22	)		(0.29	)		(0.23	)		—
Total Dividends and Distributions		(0.37	)		(0.63	)		(0.34	)		(0.26	)
Net asset value, end of period	$	21.09		$	16.66		$	13.12		$	16.10
Total Return
Total return based on net asset value^(c)		28.78	%		31.72	%		(16.36	)%		15.63	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	202,514		$	114,922		$	64,827		$	6
Ratio of net expenses to average net assets		0.62	%		0.65	%		0.68	%		0.68	%*
Ratio of net investment income to average net assets		0.40	%		1.73	%		0.42	%		0.73	%*
Portfolio turnover rate^(d)		20	%		11	%		26	%		12	%

* Annualized.

^(a) Commencement of investment operations.

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

^(d) Portfolio turnover rate calculated at Fund level.

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

	For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			For the Period April 28, 2017^(a)through December 31, 2017
Net asset value, beginning of period	$	16.63		$	13.10		$	16.09		$	14.15
From Investment Operations
Net investment income^(b)		0.05			0.26			0.07			0.01
Net realized and unrealized gain (loss) on investments and foreign currency		4.72			3.88			(2.73	)		2.21
Net increase (decrease) in net asset value from investment operations		4.77			4.14			(2.66	)		2.22
Dividends and Distributions to Shareholders
From net investment income		(0.13	)		(0.32	)		(0.10	)		(0.28	)
From net realized gain on investments		(0.22	)		(0.29	)		(0.23	)		—
Total Dividends and Distributions		(0.35	)		(0.61	)		(0.33	)		(0.28	)
Net asset value, end of period	$	21.05		$	16.63		$	13.10		$	16.09
Total Return
Total return based on net asset value^(c)		28.68	%		31.60	%		(16.50	)%		15.68	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	39,894		$	23,378		$	10,768		$	201
Ratio of net expenses to average net assets		0.72	%		0.75	%		0.78	%		0.68	%*
Ratio of net investment income to average net assets		0.30	%		1.72	%		0.47	%		0.14	%*
Portfolio turnover rate^(d)		20	%		11	%		26	%		12	%

^(a) Commencement of investment operations.

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

^(d) Portfolio turnover rate calculated at Fund level.

December 31, 2020
Baillie Gifford Emerging Markets Equities Fund

	Value		% of Total Net Assets
Airlines	$	43,468,983		0.7	%
Apparel		46,379,260		0.8
Auto Manufacturers		176,931,341		2.9
Auto Parts & Equipment		32,304,881		0.5
Banks		555,112,526		8.9
Biotechnology		104,931,622		1.7
Building Materials		66,065,253		1.1
Chemicals		151,085,989		2.4
Computers		64,498,360		1.0
Diversified Financial Services		268,862,484		4.3
Electrical Components & Equipment		88,256,017		1.4
Food		37,067,930		0.6
Gas		20,361,131		0.3
Home Furnishings		95,022,740		1.5
Insurance		278,701,929		4.5
Internet		1,598,049,833		25.8
Iron/Steel		134,792,669		2.2
Machinery — Construction & Mining		22,106,277		0.4
Mining		373,921,001		5.9
Oil & Gas		376,368,654		6.1
Pharmaceuticals		33,608,304		0.5
Retail		67,070,917		1.1
Semiconductors		1,134,007,918		18.2
Software		234,992,021		3.9
Telecommunications		113,000,810		1.8
Total Value of Investments		6,116,968,850		98.5
Other assets less liabilities		94,216,432		1.5
Net Assets	$	6,211,185,282		100.0	%

December 31, 2020
Baillie Gifford Emerging Markets Equities Fund

	Shares		Value
COMMON STOCKS — 95.7%
ARGENTINA — 2.7%
MercadoLibre, Inc. *		98,930	$	165,729,515
BRAZIL — 6.6%
B3 SA — Brasil Bolsa Balcao		7,389,400		88,471,689
Banco Bradesco SA ADR		11,516,704		60,577,863
Petroleo Brasileiro SA ADR		11,304,950		126,954,588
Vale SA ADR		8,042,522		134,792,669
				410,796,809
CANADA — 0.0% ⁽¹⁾
Valeura Energy, Inc. *		4,672,400		2,092,284
CHILE — 1.1%
Lundin Mining Corp.		7,936,729		70,457,253
CHINA — 35.0%
Alibaba Group Holding Ltd. *		13,938,120		405,383,677
BeiGene Ltd. ADR *		119,817		30,959,515
Brilliance China Automotive Holdings Ltd.		33,792,000		30,847,585
China Merchants Bank Co., Ltd., Class H		18,101,000		114,507,737
CNOOC Ltd.		40,016,000		36,711,568
Contemporary Amperex Technology Co., Ltd., Class A		1,639,675		88,256,017
Dada Nexus Ltd. ADR *		1,008,466		36,809,009
Geely Automobile Holdings Ltd.		22,698,000		77,720,315
Haier Smart Home Co., Ltd., Class H *		15,112,480		54,777,611
JD.com, Inc., Class A *		1,494,252		65,810,480
Jiangsu Hengrui Medicine Co., Ltd., Class A		1,972,623		33,608,304
KE Holdings, Inc. ADR *		652,043		40,126,726
Kingdee International Software Group Co., Ltd. *		9,151,000		37,359,496
Kingsoft Cloud Holdings Ltd. ADR *		1,814,707		79,030,490
Li Ning Co., Ltd.		6,059,000		41,692,915
Lufax Holding Ltd. ADR *		3,678,524		52,235,041
Meituan, Class B *		5,818,300		219,020,929
Midea Group Co., Ltd., Class A		2,672,247		40,245,129
Minth Group Ltd.		6,106,000		32,304,881
Ping An Bank Co., Ltd., Class A		18,241,308		53,978,320
Ping An Insurance Group Co. of China Ltd., Class H		15,827,000		192,608,530

December 31, 2020
Baillie Gifford Emerging Markets Equities Fund

	Shares		Value
Shenzhou International Group Holdings Ltd.		2,366,500	$	46,379,260
Tencent Holdings Ltd.		3,123,800		224,769,274
Tencent Music Entertainment Group ADR *		2,275,441		43,779,485
Yatsen Holding Ltd. ADR *		1,337,823		22,742,991
Zai Lab Ltd. ADR *		546,565		73,972,107
				2,175,637,392
INDIA — 10.6%
Asian Paints Ltd.		707,921		26,814,856
HDFC Life Insurance Co., Ltd. *		3,822,263		35,482,033
Housing Development Finance Corp., Ltd.		4,311,725		151,065,392
ICICI Lombard General Insurance Co., Ltd. *		1,251,948		26,098,654
ICICI Prudential Life Insurance Co., Ltd. *		3,587,228		24,512,712
Indraprastha Gas Ltd.		2,962,144		20,361,131
Mahindra & Mahindra Ltd.		3,195,699		31,602,929
Maruti Suzuki India Ltd.		350,372		36,760,511
Reliance Industries Ltd.		5,586,668		152,007,278
Tata Consultancy Services Ltd.		1,642,637		64,498,361
Tech Mahindra Ltd.		4,263,318		56,981,368
UltraTech Cement Ltd.		398,087		28,862,445
				655,047,670
INDONESIA — 0.9%
Bank Rakyat Indonesia Persero Tbk PT		182,430,000		54,237,070
KAZAKHSTAN — 0.3%
Kaspi.KZ JSC GDR Reg S *		319,758		21,455,762
MEXICO — 1.7%
Cemex SAB de CV, Participating Certificates ADR *		7,195,901		37,202,808
Grupo Financiero Banorte SAB de CV, Class O *		7,241,393		39,901,442
Wal-Mart de Mexico SAB de CV		9,034,160		25,378,002
				102,482,252
PANAMA — 0.7%
Copa Holdings SA, Class A		562,851		43,468,983
PERU — 0.4%
Credicorp Ltd.		143,401		23,520,632

December 31, 2020
Baillie Gifford Emerging Markets Equities Fund

	Shares		Value
POLAND — 1.9%
Allegro.eu SA *		3,547,562	$	80,434,323
KGHM Polska Miedz SA *		785,769		38,707,449
				119,141,772
RUSSIA — 7.2%
Magnit PJSC GDR Reg S		2,109,338		37,067,930
MMC Norilsk Nickel PJSC ADR		5,456,054		170,057,581
Moscow Exchange MICEX-RTS PJSC		13,569,500		29,325,403
Ozon Holdings PLC ADR *		675,409		27,968,687
Sberbank of Russia PJSC ADR		12,510,672		180,882,148
				445,301,749
SOUTH AFRICA — 2.7%
Naspers Ltd., N Shares		821,637		168,250,470
SOUTH KOREA — 11.1%
Doosan Bobcat, Inc. *		807,374		22,106,277
LG Chem Ltd. *		163,425		124,271,133
NAVER Corp. *		166,893		44,989,224
Samsung Electronics Co., Ltd.		3,966,017		296,164,383
Samsung SDI Co., Ltd.		194,981		113,000,810
SK Hynix, Inc.		820,501		89,622,099
				690,153,926
TAIWAN — 10.9%
MediaTek, Inc.		5,378,000		143,416,635
Sea Ltd. ADR *		201,783		40,164,906
Taiwan Semiconductor Manufacturing Co., Ltd.		26,041,310		492,635,771
				676,217,312
THAILAND — 0.4%
Siam Commercial Bank PCL (The) NVDR		9,425,900		27,507,314
ZAMBIA — 1.5%
First Quantum Minerals Ltd.		5,275,361		94,698,719
Total Common Stocks
(cost $3,627,775,868)				5,946,196,884

December 31, 2020
Baillie Gifford Emerging Markets Equities Fund

	Shares		Value
PREFERRED STOCKS — 2.8%
BRAZIL — 1.0%
Petroleo Brasileiro SA ADR 0.00%		5,298,638	$	58,602,936
SOUTH KOREA — 1.8%
Samsung Electronics Co., Ltd. 1.43%		1,653,509		112,169,030
Total Preferred Stocks
(cost $95,072,995)				170,771,966
TOTAL INVESTMENTS — 98.5%
(cost $3,722,848,863)			$	6,116,968,850
Other assets less liabilities — 1.5%				94,216,432
NET ASSETS — 100.0%			$	6,211,185,282

⁽¹⁾ Amount rounds to less than 0.1%.

* Non-income producing security.

ADR — American Depositary Receipt

GDR — Global Depositary Receipt

NVDR — Non-Voting Depositary Receipt

Reg S — Regulation S ("Reg S") under the Securities Act of 1933, as amended ("1933 Act") is a safe harbor that defines when an offering of securities will be deemed to come to rest abroad and therefore is not subject to the registration obligations imposed under Section 5 of the 1933 Act. The regulation includes two safe harbor provisions: an issuer safe harbor and a resale safe harbor. In each case, the regulation demands that offers and sales of the securities be made outside the United States and that no offering participant (which includes the issuer, the banks assisting with the offer and their respective affiliates) engage in "directed" selling efforts. In the case of issuers for whose securities there is substantial U.S. market interest, the regulation also requires that no offers and sales be made to U.S. persons (including U.S. persons physically located outside the United States). These securities have been deemed liquid under procedures approved by the Fund's Board of Trustees. At December 31, 2020, the net value of these securities was $58,523,692 representing 0.9% of net assets.

Fair Value Measurement

The following is a summary of the inputs used as of December 31, 2020 in valuing the Fund's investments carried at fair value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks **	$	1,429,231,411	$	4,516,965,473	$	—	$	5,946,196,884
Preferred Stocks **		58,602,936		112,169,030		—		170,771,966
Total	$	1,487,834,347	$	4,629,134,503	$	—	$	6,116,968,850

** Refer to Portfolio of Investments for further detail.

December 31, 2020
Baillie Gifford Emerging Markets Equities Fund

ASSETS
Investments, at value (cost $3,722,848,863)	$	6,116,968,850
Cash		105,927,641
Foreign cash, at value (cost $3,502,405)		3,538,284
Receivable for investments sold		41,953,942
Capital shares sold receivable		10,331,259
Dividends receivable		9,500,888
Receivable for India capital gains tax refunds (Note A)		1,347,063
Tax reclaims receivable		206,928
Prepaid assets		47,579
Total Assets		6,289,822,434
LIABILITIES
Advisory fee payable		7,167,822
Payable for investment purchased		43,256,854
Deferred India capital gains tax liability (Note A)		23,867,546
Capital shares purchased payable		1,989,641
Administration & Supervisory fee payable		1,321,776
Servicing fee payable		230,280
Trustee fee payable		40,666
Commitment fee payable		7,443
Accrued expenses		755,124
Total Liabilities		78,637,152
NET ASSETS	$	6,211,185,282
COMPOSITION OF NET ASSETS
Paid-in capital	$	4,051,340,892
Total distributable earnings		2,159,844,390
	$	6,211,185,282
NET ASSET VALUE, PER SHARE
Class 2 ($144,905,561 / 5,238,352 shares outstanding), unlimited authorized, no par value	$	27.66
Class 3 ($168,459,849 / 6,033,960 shares outstanding), unlimited authorized, no par value	$	27.92
Class 4 ($276,790,840 / 9,779,002 shares outstanding), unlimited authorized, no par value	$	28.30
Class 5 ($1,953,356,335 / 68,076,340 shares outstanding), unlimited authorized, no par value	$	28.69
Class K ($2,441,337,543 / 88,573,658 shares outstanding), unlimited authorized, no par value	$	27.56
Institutional Class ($1,226,335,154 / 44,510,401 shares outstanding), unlimited authorized, no par value	$	27.55

For the Year Ended December 31, 2020
Baillie Gifford Emerging Markets Equities Fund

INVESTMENT INCOME
Dividends (net of foreign withholding taxes of $10,333,287)	$	75,130,857
Interest		36,401
Total Investment Income		75,167,258
EXPENSES
Advisory fee (Note B)		22,832,300
Shareholder Servicing fees — Class 2 shares (Note B)		187,657
Shareholder Servicing fees — Class 3 shares (Note B)		134,377
Shareholder Servicing fees — Class 4 shares (Note B)		143,598
Shareholder Servicing fees — Class 5 shares (Note B)		296,859
Administration & Supervisory fee — Class K shares (Note B)		2,693,878
Administration & Supervisory fee — Institutional Class shares (Note B)		1,370,172
Transfer agency		178,350
Sub-transfer agency — Institutional Class shares		771,242
Fund accounting		1,428,575
Custody		1,394,550
Legal		545,616
Trustees' fees		146,873
Registration fees		120,330
Professional fees		50,199
Commitment fees		36,433
Miscellaneous		307,026
Total Expenses		32,638,035
Net Investment Income		42,529,223
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 $727,715)		(142,953,304	)
Foreign currency transactions		530,203
		(142,423,101	)
Net change in unrealized appreciation on:
Investments (net of deferred India capital gains tax expense of $12,458,774) (Note A)		1,560,003,152
Translation of net assets and liabilities denominated in foreign currencies		63,873
		1,560,067,025
Net realized and unrealized gain		1,417,643,924
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	1,460,173,147

Baillie Gifford Emerging Markets Equities Fund

	For the Year Ended December 31, 2020			For the Year Ended December 31, 2019
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	42,529,223		$	103,248,934
Net realized gain (loss)		(142,423,101	)		13,920,823
Net change in unrealized appreciation		1,560,067,025			603,118,873
Net increase in net assets from operations		1,460,173,147			720,288,630
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings
Class 2		(1,826,111	)		(4,430,516	)
Class 3		(2,184,364	)		(12,961,322	)
Class 4		(3,613,950	)		—
Class 5		(25,856,284	)		(49,677,405	)
Class K		(31,409,509	)		(50,357,207	)
Institutional Class		(14,749,236	)		(24,586,085	)
Total Distributions to Shareholders		(79,639,454	)		(142,012,535	)
TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
Net proceeds from shares subscribed:
Class 2		10,006,000			7,306,000
Class 3		—			106,960,476	*
Class 4		218,894,438	*		—
Class 5		232,200,000			7,000,000
Class K		851,114,264			797,388,161	*
Institutional Class		497,607,207			498,938,452
Dividends reinvested:
Class 2		1,826,111			4,430,516
Class 3		2,184,364			12,961,322
Class 4		3,613,950			—
Class 5		25,856,285			49,677,405
Class K		24,127,144			40,228,644
Institutional Class		14,702,902			24,574,424
Cost of shares redeemed:
Class 2		(13,000,000	)		(109,960,476	)*
Class 3		(218,894,438	)*		—
Class 5		(112,120,000	)		(34,320,000	)
Class K		(280,870,445	)		(158,716,823	)
Institutional Class		(214,228,570	)		(213,958,164	)*
Increase in Net Assets from Transactions in Shares of Beneficial Interest		1,043,019,212			1,032,509,937
Total Increase in Net Assets		2,423,552,905			1,610,786,032
NET ASSETS
Beginning of year		3,787,632,377			2,176,846,345
End of year	$	6,211,185,282		$	3,787,632,377

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

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

	For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			For the Year Ended December 31, 2017			For the Year Ended December 31, 2016
Net asset value, beginning of period	$	21.71		$	17.62		$	22.82		$	15.20		$	14.88
From Investment Operations
Net investment income^(a)		0.19			0.63			0.28			0.16			0.07
Net realized and unrealized gain (loss) on investments and foreign currency		6.11			4.30			(3.70	)		7.89			0.38
Net increase (decrease) in net asset value from investment operations		6.30			4.93			(3.42	)		8.05			0.45
Dividends and Distributions to Shareholders
From net investment income		(0.35	)		(0.65	)		(0.23	)		(0.25	)		(0.14	)
From net realized gain on investments		—			(0.19	)		(1.55	)		(0.18	)		—
Total Dividends and Distributions		(0.35	)		(0.84	)		(1.78	)		(0.43	)		(0.14	)
Proceeds from Purchase Fees and Redemption Fees^(a)		—			—			—			(0.00	)^(b)		0.01
Net asset value, end of period	$	27.66		$	21.71		$	17.62		$	22.82		$	15.20
Total Return
Total return based on net asset value^(c)		29.06	%		28.00	%		(14.92	)%		53.02	%		3.10	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	144,906		$	118,856		$	191,177		$	203,830		$	121,739
Ratio of net expenses to average net assets		0.80	%		0.83	%		0.84	%		0.85	%		0.87	%
Ratio of net investment income to average net assets		0.90	%		3.29	%^(d)		1.31	%		0.82	%		0.52	%
Portfolio turnover rate^(e)		24	%		15	%		22	%		33	%		24	%

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

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

^(d) Large increase due to one-off taxable stock dividends that were treated as income.

^(e) Portfolio turnover rate calculated at Fund level.

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

	For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			For the Year Ended December 31, 2017			For the Period April 01, 2016^(a)through December 31, 2016			For the Year Ended December 31, 2014
Net asset value, beginning of period	$	21.91		$	17.77		$	23.00		$	15.32		$	14.72		$	16.74
From Investment Operations
Net investment income^(b)		0.20			0.71			0.29			0.17			0.12			0.17
Net realized and unrealized gain (loss) on investments and foreign currency		6.18			4.29			(3.72	)		7.96			0.62			(0.15	)
Net increase (decrease) in net asset value from investment operations		6.38			5.00			(3.43	)		8.13			0.74			0.02
Dividends and Distributions to Shareholders
From net investment income		(0.37	)		(0.67	)		(0.25	)		(0.27	)		(0.14	)		(0.02	)
From net realized gain on investments		—			(0.19	)		(1.55	)		(0.18	)		—			—
Total Dividends and Distributions		(0.37	)		(0.86	)		(1.80	)		(0.45	)		(0.14	)		(0.02	)
Proceeds from Purchase Fees and Redemption Fees^(b)		—			—			—			0.00	^(c)		0.00	^(c)		0.02
Net asset value, end of period	$	27.92		$	21.91		$	17.77		$	23.00		$	15.32		$	16.76
Total Return
Total return based on net asset value^(d)		29.15	%		28.09	%		(14.86	)%		53.13	%		5.05	%		0.26	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	168,460		$	344,702		$	167,268		$	196,468		$	128,303		$	485,066
Ratio of net expenses to average net assets		0.73	%		0.76	%		0.77	%		0.78	%		0.80	%*		0.75	%
Ratio of net investment income to average net assets		0.95	%		3.45	%^(e)		1.33	%		0.84	%		1.09	%*		1.00	%
Portfolio turnover rate^(f)		24	%		15	%		22	%		33	%		24	%		26	%

* Annualized.

^(a) Recommencement of investment operations. Class had no shareholders from December 31, 2014 to March 31, 2016. All shares of this class were redeemed on December 31, 2014 at $16.76. New shares were issued at $14.72 on April 01, 2016.

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

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

^(e) Large increase due to one-off taxable stock dividends that were treated as income.

^(f) Portfolio turnover rate calculated at Fund level.

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

	For the Period January 10, 2020^(a)through December 31, 2020			For the Period January 1, 2016 through October 10, 2016^(a)			For the Period November 2, 2015^(b)through December 31, 2015
Net asset value, beginning of period	$	22.69		$	15.12		$	15.40
From Investment Operations
Net investment income^(c)		0.22			0.11			0.02
Net realized and unrealized gain on investments and foreign currency		5.76			1.69			(0.28	)
Net increase in net asset value from investment operations		5.98			1.80			(0.26	)
Dividends and Distributions to Shareholders
From net investment income		(0.37	)		—			(0.06	)
From net realized gain on investments		—			—			(0.00	)^(d)
Total Dividends and Distributions		(0.37	)		—			(0.06	)
Proceeds from Purchase Fees and Redemption Fees^(c)		—			0.01			0.04
Net asset value, end of period	$	28.30		$	16.93		$	15.12
Total Return
Total return based on net asset value^(e)		26.45	%		12.04	%		(1.40	)%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	276,791		$	110,086		$	98,273
Ratio of net expenses to average net assets		0.70	%		0.73	%*		0.76	%*
Ratio of net investment income to average net assets		1.05	%		1.29	%*		0.88	%*
Portfolio turnover rate^(f)		24	%		24	%		46	%

* Annualized.

^(a) 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

^(b) Commencement of investment operations.

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

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

^(e) 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.

^(f) Portfolio turnover rate calculated at Fund level.

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

	For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			For the Year Ended December 31, 2017			For the Year Ended December 31, 2016
Net asset value, beginning of year	$	22.50		$	18.23		$	23.55		$	15.67		$	15.33
From Investment Operations
Net investment income^(a)		0.24			0.72			0.31			0.19			0.13
Net realized and unrealized gain (loss) on investments and foreign currency		6.33			4.42			(3.81	)		8.15			0.35
Net increase (decrease) in net asset value from investment operations		6.57			5.14			(3.50	)		8.34			0.48
Dividends and Distributions to Shareholders
From net investment income		(0.38	)		(0.68	)		(0.27	)		(0.28	)		(0.15	)
From net realized gain on investments		—			(0.19	)		(1.55	)		(0.18	)		—
Total Dividends and Distributions		(0.38	)		(0.87	)		(1.82	)		(0.46	)		(0.15	)
Proceeds from Purchase Fees and Redemption Fees^(a)		—			—			—			0.00	^(b)		0.01
Net asset value, end of year	$	28.69		$	22.50		$	18.23		$	23.55		$	15.67
Total Return
Total return based on net asset value^(c)		29.25	%		28.19	%		(14.80	)%		53.25	%		3.24	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	1,953,356		$	1,331,946		$	1,063,434		$	1,232,137		$	1,075,176
Ratio of net expenses to average net assets		0.65	%		0.68	%		0.69	%		0.70	%		0.71	%
Ratio of net investment income to average net assets		1.08	%		3.47	%^(d)		1.41	%		0.91	%		0.83	%
Portfolio turnover rate^(e)		24	%		15	%		22	%		33	%		24	%

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

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

^(d) Large increase due to one-off taxable stock dividends that were treated as income.

^(e) Portfolio turnover rate calculated at Fund level.

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

	For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			For the Period April 28, 2017^(a)through December 31, 2017
Net asset value, beginning of period	$	21.64		$	17.57		$	22.79		$	18.22
From Investment Operations
Net investment income^(b)		0.20			0.71			0.34			0.02
Net realized and unrealized gain (loss) on investments and foreign currency		6.08			4.21			(3.75	)		5.00
Net increase (decrease) in net asset value from investment operations		6.28			4.92			(3.41	)		5.02
Dividends and Distributions to Shareholders
From net investment income		(0.36	)		(0.66	)		(0.26	)		(0.27	)
From net realized gain on investments		—			(0.19	)		(1.55	)		(0.18	)
Total Dividends and Distributions		(0.36	)		(0.85	)		(1.81	)		(0.45	)
Net asset value, end of period	$	27.56		$	21.64		$	17.57		$	22.79
Total Return
Total return based on net asset value^(c)		29.04	%		28.00	%		(14.91	)%		27.57	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	2,441,338		$	1,328,535		$	499,172		$	73,349
Ratio of net expenses to average net assets		0.80	%		0.83	%		0.84	%		0.85	%*
Ratio of net investment income to average net assets		0.95	%		3.55	%^(d)		1.65	%		0.18	%*
Portfolio turnover rate^(e)		24	%		15	%		22	%		33	%

* Annualized.

^(a) Commencement of investment operations.

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

^(d) Large increase due to non-cash income

^(e) Portfolio turnover rate calculated at Fund level.

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

	For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			For the Period April 28, 2017^(a)through December 31, 2017
Net asset value, beginning of period	$	21.64		$	17.56		$	22.80		$	18.22
From Investment Operations
Net investment income^(b)		0.18			0.79			0.11			0.16
Net realized and unrealized gain (loss) on investments and foreign currency		6.07			4.12			(3.54	)		4.86
Net increase (decrease) in net asset value from investment operations		6.25			4.91			(3.43	)		5.02
Dividends and Distributions to Shareholders
From net investment income		(0.34	)		(0.64	)		(0.26	)		(0.26	)
From net realized gain on investments		—			(0.19	)		(1.55	)		(0.18	)
Total Dividends and Distributions		(0.34	)		(0.83	)		(1.81	)		(0.44	)
Net asset value, end of period	$	27.55		$	21.64		$	17.56		$	22.80
Total Return
Total return based on net asset value^(c)		28.91	%		27.94	%		(14.98	)%		27.61	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	1,226,335		$	663,593		$	255,795		$	6
Ratio of net expenses to average net assets		0.89	%		0.92	%		0.95	%		0.85	%*
Ratio of net investment income to average net assets		0.86	%		3.81	%^(d)		0.68	%		1.13	%*
Portfolio turnover rate^(e)		24	%		15	%		22	%		33	%

* Annualized.

^(a) Commencement of investment operations.

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

^(d) Large increase due to non-cash income

^(e) Portfolio turnover rate calculated at Fund level.

December 31, 2020
Baillie Gifford Global Alpha Equities Fund

	Value			% of Total Net Assets
Advertising	$	19,752,660			1.3	%
Airlines		32,058,290			2.1
Apparel		15,565,032			1.0
Auto Manufacturers		45,609,685			3.0
Banks		16,770,704			1.1
Beverages		23,922,277			1.6
Biotechnology		55,959,784			3.7
Building Materials		34,695,157			2.3
Chemicals		12,526,956			0.8
Commercial Services		81,317,251			5.4
Cosmetics/Personal Care		17,636,685			1.2
Distribution/Wholesale		13,610,454			0.9
Diversified Financial Services		93,989,672			6.2
Environmental Control		7,019,108			0.5
Food		6,416,759			0.4
Healthcare — Products		103,026,774			6.8
Healthcare — Services		43,882,600			2.9
Home Furnishings		4,765,686			0.3
Insurance		130,242,625			8.6
Internet		377,504,188			25.0
Lodging		3,387,355			0.2
Machinery — Construction & Mining		9,428,519			0.6
Machinery — Diversified		34,325,608			2.3
Media		11,409,346			0.8
Mining		31,277,079			2.1
Miscellaneous Manufacturing		13,823,403			0.9
Oil & Gas		23,187,074			1.5
Real Estate		20,611,015			1.4
Retail		16,214,632			1.1
Semiconductors		64,615,392			4.3
Software		119,214,419			7.9
Telecommunications		32,288,431			2.1
Total Value of Investments		1,516,054,620			100.3
Other assets less liabilities		(4,580,212	)		(0.3	)
Net Assets	$	1,511,474,408			100.0	%

December 31, 2020
Baillie Gifford Global Alpha Equities Fund

	Shares		Value
COMMON STOCKS — 100.3%
AUSTRALIA — 2.3%
BHP Group PLC		586,291	$	15,480,648
Orica Ltd.		318,624		3,726,563
Rio Tinto PLC		209,855		15,796,432
				35,003,643
BRAZIL — 0.6%
B3 SA — Brasil Bolsa Balcao		799,700		9,574,635
CANADA — 2.9%
Fairfax Financial Holdings Ltd.		20,416		6,958,505
Ritchie Bros. Auctioneers, Inc.		82,238		5,719,653
Shopify, Inc., Class A *		27,798		31,465,946
				44,144,104
CHINA — 8.3%
Alibaba Group Holding Ltd. ADR *		126,731		29,494,106
Autohome, Inc. ADR		67,590		6,733,316
Brilliance China Automotive Holdings Ltd.		6,366,000		5,811,308
KE Holdings, Inc. ADR *		48,799		3,003,090
Meituan, Class B *		747,600		28,142,249
Ping An Healthcare and Technology Co., Ltd. *		506,200		6,147,910
Ping An Insurance Group Co. of China Ltd., Class H		1,659,000		20,189,395
Prosus NV *		152,796		16,498,712
Tencent Music Entertainment Group ADR *		450,929		8,675,874
				124,695,960
DENMARK — 0.6%
Genmab A/S *		23,363		9,473,554
FRANCE — 2.3%
Adevinta ASA *		277,389		4,662,924
Pernod Ricard SA		124,565		23,922,277
Ubisoft Entertainment SA *		69,550		6,702,436
				35,287,637
GERMANY — 2.1%
adidas AG *		42,784		15,565,032

December 31, 2020
Baillie Gifford Global Alpha Equities Fund

	Shares		Value
Deutsche Boerse AG		56,852	$	9,680,322
Just Eat Takeaway *		51,588		5,816,700
Just Eat Takeaway *		5,334		600,059
				31,662,113
HONG KONG — 1.8%
AIA Group Ltd.		2,263,800		27,586,944
INDIA — 2.7%
Housing Development Finance Corp., Ltd.		471,092		16,505,157
ICICI Bank Ltd. ADR *		581,746		8,644,745
Reliance Industries Ltd. GDR		272,377		14,850,107
				40,000,009
IRELAND — 3.3%
CRH PLC		428,448		18,103,642
Ryanair Holdings PLC ADR *		291,492		32,058,290
				50,161,932
JAPAN — 9.1%
Advantest Corp.		223,000		16,703,110
CyberAgent, Inc.		184,900		12,755,260
Hoshizaki Corp.		51,900		4,765,686
MS&AD Insurance Group Holdings, Inc.		429,200		13,058,429
Olympus Corp.		1,155,200		25,291,829
SMC Corp.		24,000		14,657,702
SoftBank Group Corp.		415,900		32,288,431
Sysmex Corp.		150,900		18,157,287
				137,677,734
MACAU — 0.2%
Sands China Ltd.		775,600		3,387,355
NETHERLANDS — 0.6%
Adyen NV *		3,839		8,920,077

December 31, 2020
Baillie Gifford Global Alpha Equities Fund

	Shares		Value
NORWAY — 0.8%
Schibsted ASA, Class A *		239,866	$	10,223,046
Schibsted ASA, Class B *		31,958		1,186,300
				11,409,346
RUSSIA — 0.8%
Mail.Ru Group Ltd. GDR Reg S *		152,544		3,997,806
Sberbank of Russia PJSC ADR		562,030		8,125,958
				12,123,764
SOUTH AFRICA — 3.2%
Naspers Ltd., N Shares		234,581		48,036,254
SWEDEN — 1.5%
Atlas Copco AB, B Shares		302,037		13,557,682
Epiroc AB, B Shares		558,505		9,428,518
				22,986,200
SWITZERLAND — 0.7%
Compagnie Financiere Richemont SA		111,429		10,066,722
TAIWAN — 3.9%
Sea Ltd. ADR *		144,619		28,786,412
Taiwan Semiconductor Manufacturing Co., Ltd.		1,605,000		30,362,544
				59,148,956
UNITED KINGDOM — 3.5%
Farfetch Ltd., Class A *		277,694		17,719,654
Hays PLC *		1,947,643		3,820,719
Prudential PLC		1,707,698		31,401,099
				52,941,472
UNITED STATES — 49.1%
ABIOMED, Inc. *		26,909		8,723,898
Albemarle Corp.		84,917		12,526,956
Alnylam Pharmaceuticals, Inc. *		99,863		12,979,194
Alphabet, Inc., Class C *		23,466		41,109,616
Amazon.com, Inc. *		13,674		44,535,261
Anthem, Inc.		88,837		28,524,672
Arthur J Gallagher & Co.		173,038		21,406,531

December 31, 2020
Baillie Gifford Global Alpha Equities Fund

	Shares		Value
Axon Enterprise, Inc. *		82,403	$	10,096,840
Booking Holdings, Inc. *		7,618		16,967,343
Broadridge Financial Solutions, Inc.		89,162		13,659,618
CBRE Group, Inc., Class A *		237,217		14,878,250
Charles Schwab Corp. (The)		167,501		8,884,253
Chegg, Inc. *		111,595		10,080,376
Cloudflare, Inc., Class A *		188,988		14,361,198
Datadog, Inc., Class A *		74,521		7,335,847
DoorDash, Inc., Class A *		11,785		1,682,309
EOG Resources, Inc.		167,174		8,336,967
Estee Lauder Cos., Inc. (The), Class A		66,256		17,636,685
Facebook, Inc., Class A *		62,727		17,134,507
Howard Hughes Corp. (The) *		72,631		5,732,765
Illumina, Inc. *		30,519		11,292,030
Interactive Brokers Group, Inc., Class A		79,044		4,815,361
Jefferies Financial Group, Inc.		278,327		6,846,844
LendingTree, Inc. *		16,829		4,607,612
Lyft, Inc., Class A *		156,302		7,679,117
Markel Corp. *		9,331		9,641,722
Martin Marietta Materials, Inc.		58,427		16,591,515
Mastercard, Inc., Class A		92,664		33,075,488
Microsoft Corp.		145,212		32,298,053
Moderna, Inc. *		98,176		10,256,447
Moody's Corp.		123,611		35,876,857
Netflix, Inc. *		18,607		10,061,363
Novocure Ltd. *		79,302		13,722,418
ResMed, Inc.		68,203		14,497,230
S&P Global, Inc.		15,623		5,135,749
Seagen, Inc. *		68,280		11,958,559
Service Corp. International		239,589		11,763,820
SiteOne Landscape Supply, Inc. *		85,800		13,610,454
Snowflake, Inc., Class A *		10,823		3,045,592
Spotify Technology SA *		27,828		8,756,358
Stericycle, Inc. *		101,242		7,019,108
Teladoc Health, Inc. *		76,805		15,357,928
Teradyne, Inc.		146,382		17,549,738
Tesla, Inc. *		56,398		39,798,377
Thermo Fisher Scientific, Inc.		48,594		22,634,113
Trade Desk, Inc. (The), Class A *		24,660		19,752,660
Twilio, Inc., Class A *		26,669		9,027,457

December 31, 2020
Baillie Gifford Global Alpha Equities Fund

	Shares		Value
Wayfair, Inc., Class A *		27,311	$	6,167,097
Westinghouse Air Brake Technologies Corp.		83,473		6,110,224
Zillow Group, Inc., Class C *		124,991		16,223,832
				741,766,209
Total Common Stocks
(cost $862,648,738)				1,516,054,620
TOTAL INVESTMENTS — 100.3% **
(cost $862,648,738)			$	1,516,054,620
Liabilities in excess of assets — (0.3)%				(4,580,212	)
NET ASSETS — 100.0%			$	1,511,474,408

* Non-income producing security.

** The Total Investments percentage exceeds 100% due to the timing of settling transactions and not as a result of borrowings for investment purposes.

ADR — American Depositary Receipt

GDR — Global Depositary Receipt

Fair Value Measurement

The following is a summary of the inputs used as of December 31, 2020 in valuing the Fund's investments carried at fair value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks ***	$	921,025,801	$	595,028,819	$	—	$	1,516,054,620
Total	$	921,025,801	$	595,028,819	$	—	$	1,516,054,620

*** Refer to Portfolio of Investments for further detail.

December 31, 2020
Baillie Gifford Global Alpha Equities Fund

ASSETS
Investments, at value (cost $862,648,738)	$	1,516,054,620
Cash		11,201,568
Tax reclaims receivable		398,057
Dividends receivable		315,766
Receivable for India capital gains tax refunds (Note A)		76,898
Capital shares sold receivable		6,202
Prepaid assets		22,149
Total Assets		1,528,075,260
LIABILITIES
Advisory fee payable		1,389,657
Capital shares purchased payable		14,212,690
Deferred India capital gains tax liability (Note A)		403,692
Servicing fee payable		282,619
Administration & Supervisory fee payable		106,553
Trustee fee payable		10,750
Commitment fee payable		1,967
Due to foreign custodian (cost $12)		12
Accrued expenses		192,912
Total Liabilities		16,600,852
NET ASSETS	$	1,511,474,408
COMPOSITION OF NET ASSETS
Paid-in capital	$	864,276,014
Total distributable earnings		647,198,394
	$	1,511,474,408
NET ASSET VALUE, PER SHARE
Class 2 ($250,775,965 / 11,838,110 shares outstanding), unlimited authorized, no par value	$	21.18
Class 3 ($282,858,905 / 12,972,542 shares outstanding), unlimited authorized, no par value	$	21.80
Class 4 ($682,238,606 / 30,481,724 shares outstanding), unlimited authorized, no par value	$	22.38
Class K ($267,923,312 / 12,685,373 shares outstanding), unlimited authorized, no par value	$	21.12
Institutional Class ($27,677,620 / 1,308,655 shares outstanding), unlimited authorized, no par value	$	21.15

For the Year Ended December 31, 2020
Baillie Gifford Global Alpha Equities Fund

INVESTMENT INCOME
Dividends (net of foreign withholding taxes of $682,202)	$	9,898,347
Interest		9,345
Total Investment Income		9,907,692
EXPENSES
Advisory fee (Note B)		4,471,121
Shareholder Servicing fees — Class 2 shares (Note B)		338,006
Shareholder Servicing fees — Class 3 shares (Note B)		510,229
Shareholder Servicing fees — Class 4 shares (Note B)		173,932
Administration & Supervisory fee — Class K shares (Note B)		246,599
Administration & Supervisory fee — Institutional Class shares (Note B)		25,827
Transfer agency		93,029
Sub-transfer agency — Institutional Class shares		13,287
Fund accounting		381,525
Legal		140,950
Custody		108,544
Registration fees		39,856
Trustees' fees		38,102
Professional fees		34,403
Commitment fees		6,458
Miscellaneous		45,055
Total Expenses		6,666,923
Net Investment Income		3,240,769
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 $14,735)		76,204,691
Foreign currency transactions		(202,273	)
		76,002,418
Net change in unrealized appreciation on:
Investments (net of deferred India capital gains tax expense of $69,904) (Note A)		317,930,347
Translation of net assets and liabilities denominated in foreign currencies		29,679
		317,960,026
Net realized and unrealized gain		393,962,444
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	397,203,213

Baillie Gifford Global Alpha Equities Fund

	For the Year Ended December 31, 2020			For the Year Ended December 31, 2019
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	3,240,769		$	22,201,828
Net realized gain		76,002,418			29,442,328
Net change in unrealized appreciation		317,960,026			188,564,183
Net increase in net assets from operations		397,203,213			240,208,339
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings
Class 2		(13,975,367	)		(9,449,544	)
Class 3		(15,207,662	)		(30,477,830	)
Class 4		(36,754,305	)		(7,732,134	)
Class K		(15,897,931	)		(4,458,584	)
Institutional Class		(1,590,334	)		(386	)
Total Distributions to Shareholders		(83,425,599	)		(52,118,478	)
TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
Net proceeds from shares subscribed:
Class 2		21,406,000			5,506,000
Class 3		—			8,000,000
Class 4		453,824,236	*		—
Class K		162,657,595			34,752,614
Institutional Class		22,514,998			—
Dividends reinvested:
Class 2		13,975,368			9,449,544
Class 3		15,207,661			30,477,830
Class 4		36,754,305			7,732,135
Class K		15,897,930			4,458,584
Institutional Class		1,590,334			386
Cost of shares redeemed:
Class 2		(12,867,763	)		(4,000,000	)
Class 3		(440,824,236	)*		(33,788,000	)
Class 4		(25,000,000	)		—
Class K		(36,392,473	)		(11,265,988	)
Institutional Class		(1,613,033	)		—
Increase in Net Assets from Transactions in Shares of Beneficial Interest		227,130,922			51,323,105
Total Increase in Net Assets		540,908,536			239,412,966
NET ASSETS
Beginning of year		970,565,872			731,152,906
End of year	$	1,511,474,408		$	970,565,872

* See Note D for details of share class conversions.

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

	For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			For the Year Ended December 31, 2017			For the Year Ended December 31, 2016
Net asset value, beginning of year	$	16.46		$	13.13		$	18.85		$	14.52		$	13.96
From Investment Operations
Net investment income^(a)		0.04			0.39			0.11			0.10			0.10
Net realized and unrealized gain (loss) on investments and foreign currency		5.93			3.89			(1.93	)		4.91			0.59
Net increase (decrease) in net asset value from investment operations		5.97			4.28			(1.82	)		5.01			0.69
Dividends and Distributions to Shareholders
From net investment income		(0.13	)		(0.57	)		(0.13	)		(0.11	)		(0.08	)
From net realized gain on investments		(1.12	)		(0.38	)		(3.77	)		(0.57	)		(0.05	)
Total Dividends and Distributions		(1.25	)		(0.95	)		(3.90	)		(0.68	)		(0.13	)
Proceeds from Purchase Fees and Redemption Fees^(a)		—			—			—			0.00	^(b)		0.00	^(b)
Net asset value, end of year	$	21.18		$	16.46		$	13.13		$	18.85		$	14.52
Total Return
Total return based on net asset value^(c)		36.31	%		32.56	%		(9.44	)%		34.56	%		4.95	%
Ratios/Supplemental Data
Net assets, end of year (000's omitted)	$	250,776		$	173,625		$	129,690		$	154,523		$	225,095
Ratio of net expenses to average net assets		0.65	%		0.67	%		0.68	%		0.67	%		0.67	%
Ratio of net investment income to average net assets		0.25	%		2.52	%^(d)		0.59	%		0.59	%		0.69	%
Portfolio turnover rate^(e)		23	%		17	%		18	%		27	%		20	%

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

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

^(c) Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the year, reinvestment of all dividends and distributions , if any, at net asset value during the period, and redemption on the last day of the year.

^(d) Large increase due to one-off taxable stock dividends that were treated as income.

^(e) Portfolio turnover rate calculated at Fund level and excludes the value of portfolio securities received in-kind in connection with Fund capital shares sold.

Baillie Gifford Global Alpha Equities Fund
Selected data for a Class 3 share outstanding throughout each year:

	For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			For the Year Ended December 31, 2017			For the Year Ended December 31, 2016
Net asset value, beginning of year	$	16.90		$	13.46		$	19.22		$	14.79		$	14.23
From Investment Operations
Net investment income^(a)		0.07			0.41			0.13			0.10			0.10
Net realized and unrealized gain (loss) on investments and foreign currency		6.07			3.99			(1.97	)		5.04			0.61
Net increase (decrease) in net asset value from investment operations		6.14			4.40			(1.84	)		5.14			0.71
Dividends and Distributions to Shareholders
From net investment income		(0.12	)		(0.58	)		(0.15	)		(0.14	)		(0.10	)
From net realized gain on investments		(1.12	)		(0.38	)		(3.77	)		(0.57	)		(0.05	)
Total Dividends and Distributions		(1.24	)		(0.96	)		(3.92	)		(0.71	)		(0.15	)
Proceeds from Purchase Fees and Redemption Fees^(a)		—			—			—			0.00	^(b)		0.00	^(b)
Net asset value, end of year	$	21.80		$	16.90		$	13.46		$	19.22		$	14.79
Total Return
Total return based on net asset value^(c)		36.40	%		32.65	%		(9.37	)%		34.65	%		5.02	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	282,859		$	568,608		$	449,177		$	564,714		$	593,513
Ratio of net expenses to average net assets		0.58	%		0.60	%		0.61	%		0.60	%		0.60	%
Ratio of net investment income to average net assets		0.41	%		2.61	%^(d)		0.67	%		0.60	%		0.75	%
Portfolio turnover rate^(e)		23	%		17	%		18	%		27	%		20	%

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

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

^(d) Large increase due to one-off taxable stock dividends that were treated as income.

^(e) Portfolio turnover rate calculated at Fund level and excludes the value of portfolio securities received in-kind in connection with Fund capital shares sold.

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

	For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			For the Period July 10, 2017^(a)through December 31, 2017
Net asset value, beginning of period	$	17.34		$	13.79		$	19.58		$	17.99
From Investment Operations
Net investment income^(b)		0.03			0.42			0.11			0.01
Net realized and unrealized gain (loss) on investments and foreign currency		6.28			4.10			(1.98	)		2.31
Net increase (decrease) in net asset value from investment operations		6.31			4.52			(1.87	)		2.32
Dividends and Distributions to Shareholders
From net investment income		(0.15	)		(0.59	)		(0.15	)		(0.16	)
From net realized gain on investments		(1.12	)		(0.38	)		(3.77	)		(0.57	)
Total Dividends and Distributions		(1.27	)		(0.97	)		(3.92	)		(0.73	)
Net asset value, end of period	$	22.38		$	17.34		$	13.79		$	19.58
Total Return
Total return based on net asset value^(c)		36.45	%		32.69	%		(9.35	)%		12.87	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	682,239		$	147,092		$	110,854		$	367,908
Ratio of net expenses to average net assets		0.55	%		0.57	%		0.58	%		0.58	%*
Ratio of net investment income to average net assets		0.16	%		2.62	%^(d)		0.57	%		0.15	%*
Portfolio turnover rate^(e)		23	%		17	%		18	%		27	%

* Annualized.

^(a) Commencement of investment operations.

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

^(d) Large increase due to one-off taxable stock dividends that were treated as income.

^(e) Portfolio turnover rate calculated at Fund level and excludes the value of portfolio securities received in-kind in connection with Fund capital shares sold.

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

	For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			For the Period April 28, 2017^(a)through December 31, 2017
Net asset value, beginning of period	$	16.42		$	13.11		$	18.82		$	16.56
From Investment Operations
Net investment income^(b)		0.03			0.35			0.11			0.02
Net realized and unrealized gain (loss) on investments and foreign currency		5.93			3.92			(1.92	)		2.96
Net increase (decrease) in net asset value from investment operations		5.96			4.27			(1.81	)		2.98
Dividends and Distributions to Shareholders
From net investment income		(0.14	)		(0.58	)		(0.13	)		(0.15	)
From net realized gain on investments		(1.12	)		(0.38	)		(3.77	)		(0.57	)
Total Dividends and Distributions		(1.26	)		(0.96	)		(3.90	)		(0.72	)
Net asset value, end of period	$	21.12		$	16.42		$	13.11		$	18.82
Total Return
Total return based on net asset value^(c)		36.35	%		32.48	%		(9.38	)%		17.97	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	267,923		$	81,234		$	41,427		$	56,163
Ratio of net expenses to average net assets		0.65	%		0.67	%		0.68	%		0.68	%*
Ratio of net investment income to average net assets		0.18	%		2.22	%^(d)		0.56	%		0.17	%*
Portfolio turnover rate^(e)		23	%		17	%		18	%		27	%

* Annualized.

^(a) Commencement of investment operations.

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

^(d) Large increase due to one-off taxable stock dividends that were treated as income.

^(e) Portfolio turnover rate calculated at Fund level and excludes the value of portfolio securities received in-kind in connection with Fund capital shares sold.

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

	For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			For the Period April 28, 2017^(a)through December 31, 2017
Net asset value, beginning of period	$	16.45		$	13.12		$	18.84		$	16.56
From Investment Operations
Net investment income^(b)		0.02			0.39			0.12			0.04
Net realized and unrealized gain (loss) on investments and foreign currency		5.93			3.89			(1.94	)		2.95
Net increase (decrease) in net asset value from investment operations		5.95			4.28			(1.82	)		2.99
Dividends and Distributions to Shareholders
From net investment income		(0.13	)		(0.57	)		(0.13	)		(0.14	)
From net realized gain on investments		(1.12	)		(0.38	)		(3.77	)		(0.57	)
Total Dividends and Distributions		(1.25	)		(0.95	)		(3.90	)		(0.71	)
Net asset value, end of period	$	21.15		$	16.45		$	13.12		$	18.84
Total Return
Total return based on net asset value^(c)		36.22	%		32.56	%		(9.42	)%		18.03	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	27,677		$	7		$	5		$	6
Ratio of net expenses to average net assets		0.74	%		0.67	%		0.68	%		0.67	%*
Ratio of net investment income to average net assets		0.09	%		2.56	%^(d)		0.62	%		0.35	%*
Portfolio turnover rate^(e)		23	%		17	%		18	%		27	%

* Annualized.

^(a) Commencement of investment operations.

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

^(d) Large increase due to one-off taxable stock dividends that were treated as income.

^(e) Portfolio turnover rate calculated at Fund level and excludes the value of portfolio securities received in-kind in connection with Fund capital shares sold.

December 31, 2020
Baillie Gifford Global Stewardship Equities Fund

	Value		% of Total Net Assets
Advertising	$	122,553		2.0	%
Apparel		81,128		1.3
Auto Manufacturers		375,416		6.0
Auto Parts & Equipment		108,107		1.7
Banks		184,984		2.9
Biotechnology		234,023		3.7
Building Materials		49,191		0.8
Chemicals		108,338		1.7
Commercial Services		419,067		6.7
Distribution/Wholesale		116,478		1.9
Diversified Financial Services		303,129		4.8
Electronics		35,134		0.6
Food		34,428		0.6
Hand/Machine Tools		25,930		0.4
Healthcare — Products		286,683		4.6
Home Furnishings		37,736		0.6
Insurance		264,932		4.2
Internet		1,688,366		27.0
Machinery — Diversified		315,039		5.0
Metal Fabricate/Hardware		42,676		0.7
Pharmaceuticals		118,419		1.9
Real Estate		123,877		2.0
Retail		83,376		1.3
Semiconductors		246,380		3.9
Software		371,421		5.9
Telecommunications		337,924		5.4
Toys/Games/Hobbies		72,065		1.2
Total Value of Investments		6,186,800		98.8
Other assets less liabilities		72,141		1.2
Net Assets	$	6,258,941		100.0	%

December 31, 2020
Baillie Gifford Global Stewardship Equities Fund

	Shares		Value
COMMON STOCKS — 98.8%
ARGENTINA — 1.2%
MercadoLibre, Inc. *		43	$	72,034
CANADA — 4.8%
Shopify, Inc., Class A *		266		301,099
CHINA — 6.7%
Alibaba Group Holding Ltd. *		2,832		82,368
Baidu, Inc. ADR *		125		27,030
JD.com, Inc., Class A *		2,502		110,194
Meituan, Class B *		2,300		86,580
Tencent Holdings Ltd.		1,600		115,126
				421,298
DENMARK — 0.3%
Novozymes A/S, B Shares		311		17,715
FRANCE — 2.2%
Adevinta ASA *		2,615		43,958
Sartorius Stedim Biotech		267		94,984
				138,942
GERMANY — 2.3%
adidas AG *		223		81,128
Zalando SE *		566		62,957
				144,085
HONG KONG — 2.6%
AIA Group Ltd.		9,400		114,549
Hong Kong Exchanges & Clearing Ltd.		900		49,367
				163,916
IRELAND — 0.6%
COSMO Pharmaceuticals NV *		400		38,413
JAPAN — 12.6%
Bridgestone Corp.		1,300		42,635
CyberAgent, Inc.		400		27,594

December 31, 2020
Baillie Gifford Global Stewardship Equities Fund

	Shares		Value
Denso Corp.		1,100	$	65,473
DMG Mori Seiki Co., Ltd.		1,700		25,930
FANUC Corp. ADR		3,312		81,773
FANUC Corp.		200		49,370
Kubota Corp.		4,100		89,575
MISUMI Group, Inc.		1,300		42,676
Nintendo Co., Ltd. ADR		895		72,065
SoftBank Group Corp.		2,800		217,378
Sumitomo Mitsui Trust Holdings, Inc.		2,300		70,966
				785,435
NETHERLANDS — 1.4%
IMCD NV		712		90,623
SOUTH KOREA — 1.9%
Samsung SDI Co., Ltd.		208		120,546
SWEDEN — 2.3%
Atlas Copco AB, B Shares		1,085		48,703
Beijer Ref AB		997		45,618
Nibe Industrier AB, B Shares		1,500		49,191
				143,512
TAIWAN — 2.4%
Taiwan Semiconductor Manufacturing Co., Ltd.		8,000		151,340
UNITED KINGDOM — 4.1%
Hargreaves Lansdown PLC		1,800		37,480
Just Group PLC *		36,025		34,695
Ocado Group PLC *		1,101		34,428
Prudential PLC		4,999		91,921
St James's Place PLC		3,811		58,972
				257,496
UNITED STATES — 53.4%
ABIOMED, Inc. *		240		77,808
Alphabet, Inc., Class A *		64		112,169
Amazon.com, Inc. *		73		237,756
Chegg, Inc. *		2,138		193,126
Denali Therapeutics, Inc. *		1,217		101,936

December 31, 2020
Baillie Gifford Global Stewardship Equities Fund

	Shares		Value
Exact Sciences Corp. *		296	$	39,217
Fastenal Co.		1,193		58,254
First Republic Bank		776		114,018
Glaukos Corp. *		387		29,126
Illumina, Inc. *		251		92,870
Interactive Brokers Group, Inc., Class A		381		23,211
iRobot Corp. *		470		37,736
LendingTree, Inc. *		246		67,352
Lyft, Inc., Class A *		509		25,007
Markel Corp. *		23		23,766
MarketAxess Holdings, Inc.		396		225,942
Mastercard, Inc., Class A		187		66,748
Netflix, Inc. *		292		157,893
NVIDIA Corp.		182		95,040
Pacira BioSciences, Inc. *		1,337		80,006
Redfin Corp. *		1,805		123,877
Slack Technologies, Inc., Class A *		1,253		52,927
Spotify Technology SA *		312		98,174
STAAR Surgical Co. *		1,070		84,765
Tesla, Inc. *		532		375,416
TJX Cos., Inc. (The)		299		20,419
Trade Desk, Inc. (The), Class A *		153		122,553
Twilio, Inc., Class A *		220		74,470
Upwork, Inc. *		2,522		87,059
Waters Corp. *		142		35,134
Watsco, Inc.		257		58,223
Wayfair, Inc., Class A *		462		104,324
Workday, Inc., Class A *		490		117,409
Yext, Inc. *		1,102		17,323
Zoom Video Communications, Inc., Class A *		324		109,292
				3,340,346
TOTAL INVESTMENTS — 98.8%
(cost $3,234,178)			$	6,186,800
Other assets less liabilities — 1.2%				72,141
NET ASSETS — 100.0%			$	6,258,941

* Non-income producing security.

ADR — American Depositary Receipt

December 31, 2020
Baillie Gifford Global Stewardship Equities Fund

ASSETS
Investments, at value (cost $3,234,178)	$	6,186,800
Cash		78,932
Due from Investment Advisor		38,586
Receivable for investments sold		4,349
Dividends receivable		2,133
Tax reclaims receivable		434
Prepaid assets		23,465
Total Assets		6,334,699
LIABILITIES
Advisory fee payable		4,767
Administration & Supervisory fee payable		2,456
Trustee fee payable		45
Commitment fee payable		8
Accrued expenses		68,482
Total Liabilities		75,758
NET ASSETS	$	6,258,941
COMPOSITION OF NET ASSETS
Paid-in capital	$	3,296,639
Total distributable earnings		2,962,302
	$	6,258,941
NET ASSET VALUE, PER SHARE
Class K ($3,129,471 / 159,245 shares outstanding), unlimited authorized, no par value	$	19.65
Institutional Class ($3,129,470 / 159,244 shares outstanding), unlimited authorized, no par value	$	19.65

For the Year Ended December 31, 2020
Baillie Gifford Global Stewardship Equities Fund

INVESTMENT INCOME
Dividends (net of foreign withholding taxes of $2,025)	$	25,165
Total Investment Income		25,165
EXPENSES
Advisory fee (Note B)		14,969
Administration & Supervisory fee — Class K shares (Note B)		3,856
Administration & Supervisory fee — Institutional Class shares (Note B)		3,856
Transfer agency		33,398
Fund accounting		96,563
Registration fees		39,409
Professional fees		35,385
Custody		2,714
Legal		569
Trustees' fees		156
Commitment fees		50
Miscellaneous		5,886
Total Expenses		236,811
Fees waived		(207,326	)
Total Expenses after waiver		29,485
Net Investment Loss		(4,320	)
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain from:
Investments		239,569
Foreign currency transactions		476
		240,045
Net change in unrealized appreciation on:
Investments		2,456,102
Translation of net assets and liabilities denominated in foreign currencies		78
		2,456,180
Net realized and unrealized gain		2,696,225
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	2,691,905

Baillie Gifford Global Stewardship Equities Fund

	For the Year Ended December 31, 2020			For the Year Ended December 31, 2019
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income (loss)	$	(4,320	)	$	7,931
Net realized gain		240,045			61,120
Net change in unrealized appreciation		2,456,180			741,025
Net increase in net assets from operations		2,691,905			810,076
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings
Class K		(111,795	)		(21,386	)
Institutional Class		(111,795	)		(21,386	)
Total Distributions to Shareholders		(223,590	)		(42,772	)
TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
Dividends reinvested:
Class K		111,795			21,386
Institutional Class		111,795			21,386
Increase in Net Assets from Transactions in Shares of Beneficial Interest		223,590			42,772
Total Increase in Net Assets		2,691,905			810,076
NET ASSETS
Beginning of year		3,567,036			2,756,960
End of year	$	6,258,941		$	3,567,036

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

	For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			For the Period December 14, 2017^(a)through December 31, 2017
Net asset value, beginning of period	$	11.62		$	9.09		$	10.15		$	10.00
From Investment Operations
Net investment income (loss)^(b)		(0.01	)		0.03			0.03			(0.00	)^(c)
Net realized and unrealized gain (loss) on investments and foreign currency		8.77			2.64			(0.99	)		0.15
Net increase (decrease) in net asset value from investment operations		8.76			2.67			(0.96	)		0.15
Dividends and Distributions to Shareholders
From net investment income		—			(0.03	)		(0.02	)		—
From net realized gain on investments		(0.73	)		(0.11	)		(0.08	)		—
Total Dividends and Distributions		(0.73	)		(0.14	)		(0.10	)		—
Net asset value, end of period	$	19.65		$	11.62		$	9.09		$	10.15
Total Return
Total return based on net asset value^(d)		75.39	%		29.37	%		(9.43	)%		1.50	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	3,129		$	1,784		$	1,378		$	1,523
Ratio of net expenses to average net assets, before waiver		5.22	%		6.60	%		5.53	%		18.55	%*
Ratio of net expenses to average net assets, after waiver		0.65	%		0.65	%		0.65	%		0.65	%*
Ratio of net investment income (loss) to average net assets		(0.10	)%		0.24	%		0.25	%		(0.31	)%*
Portfolio turnover rate^(e)		17	%		21	%		14	%		0	%

* Annualized.

^(a) Commencement of investment operations.

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

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

^(e) Portfolio turnover rate calculated at Fund level.

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

	For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			For the Period December 14, 2017^(a)through December 31, 2017
Net asset value, beginning of period	$	11.62		$	9.09		$	10.15		$	10.00
From Investment Operations
Net investment income (loss)^(b)		(0.01	)		0.03			0.03			(0.00	)^(c)
Net realized and unrealized gain (loss) on investments and foreign currency		8.77			2.64			(0.99	)		0.15
Net increase (decrease) in net asset value from investment operations		8.76			2.67			(0.96	)		0.15
Dividends and Distributions to Shareholders
From net investment income		—			(0.03	)		(0.02	)		—
From net realized gain on investments		(0.73	)		(0.11	)		(0.08	)		—
Total Dividends and Distributions		(0.73	)		(0.14	)		(0.10	)		—
Net asset value, end of period	$	19.65		$	11.62		$	9.09		$	10.15
Total Return
Total return based on net asset value^(d)		75.39	%		29.37	%		(9.43	)%		1.50	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	3,129		$	1,784		$	1,379		$	1,523
Ratio of net expenses to average net assets, before waiver		5.22	%		6.60	%		5.53	%		18.55	%*
Ratio of net expenses to average net assets, after waiver		0.65	%		0.65	%		0.65	%		0.80	%*
Ratio of net investment income (loss) to average net assets		(0.10	)%		0.24	%		0.25	%		(0.31	)%*
Portfolio turnover rate^(e)		17	%		21	%		14	%		0	%

* Annualized.

^(a) Commencement of investment operations.

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

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

^(e) Portfolio turnover rate calculated at Fund level.

December 31, 2020
Baillie Gifford International Alpha Fund

	Value		% of Total Net Assets
Airlines	$	113,697,332		2.7	%
Apparel		33,097,955		0.8
Auto Parts & Equipment		50,027,218		1.2
Banks		106,995,557		2.6
Beverages		39,899,221		1.0
Biotechnology		50,924,061		1.2
Building Materials		99,062,425		2.4
Chemicals		154,626,208		3.7
Commercial Services		243,914,662		5.8
Cosmetics/Personal Care		39,423,215		0.9
Distribution/Wholesale		43,052,352		1.0
Diversified Financial Services		320,663,311		7.7
Electronics		81,724,146		2.0
Food		170,460,942		4.1
Healthcare — Products		32,310,192		0.8
Home Furnishings		114,738,542		2.8
Insurance		295,725,884		7.1
Internet		805,818,989		19.3
Leisure Time		59,947,597		1.4
Machinery — Construction & Mining		51,465,543		1.2
Machinery — Diversified		258,103,895		6.2
Mining		97,400,004		2.3
Pharmaceuticals		38,179,966		0.9
Retail		117,178,239		2.8
Semiconductors		336,628,922		8.1
Software		201,111,633		4.8
Toys/Games/Hobbies		49,108,518		1.2
Transportation		106,658,231		2.6
Total Value of Investments		4,111,944,760		98.6
Other assets less liabilities		58,375,669		1.4
Net Assets	$	4,170,320,429		100.0	%

December 31, 2020
Baillie Gifford International Alpha Fund

	Shares		Value
COMMON STOCKS — 98.0%
ARGENTINA — 5.3%
MercadoLibre, Inc. *		132,467	$	221,911,368
AUSTRALIA — 3.7%
Cochlear Ltd.		221,431		32,310,191
CSL Ltd.		233,070		50,924,061
Rio Tinto PLC		935,375		70,408,555
				153,642,807
BELGIUM — 0.7%
Umicore SA		615,970		29,606,652
CANADA — 1.8%
Constellation Software, Inc.		30,667		39,822,529
Ritchie Bros. Auctioneers, Inc.		525,565		36,553,046
Topicus.com, Inc. *		57,035		215,625
				76,591,200
CHINA — 11.3%
Alibaba Group Holding Ltd. *		3,554,288		103,374,798
KE Holdings, Inc. ADR *		307,286		18,910,380
Meituan, Class B *		1,647,300		62,010,068
Ping An Healthcare and Technology Co., Ltd. *		3,137,100		38,100,766
Ping An Insurance Group Co. of China Ltd., Class H		5,181,500		63,056,871
Prosus NV *		350,181		37,812,087
Tencent Holdings Ltd.		1,388,000		99,871,872
Tencent Music Entertainment Group ADR *		2,507,204		48,238,605
				471,375,447
DENMARK — 3.3%
Chr. Hansen Holding A/S *		294,908		30,470,396
DSV Panalpina A/S		362,663		60,949,794
Novozymes A/S, B Shares		779,597		44,405,799
				135,825,989

December 31, 2020
Baillie Gifford International Alpha Fund

	Shares		Value
FINLAND — 1.6%
Kone Oyj, B Shares		826,734	$	67,362,404
FRANCE — 3.2%
Danone SA		490,645		32,287,463
Dassault Systemes SE		206,804		41,943,908
Edenred		1,014,862		57,635,282
				131,866,653
GERMANY — 8.6%
Deutsche Boerse AG		488,210		83,128,651
Just Eat Takeaway *		235,378		26,539,569
Just Eat Takeaway *		146,091		16,434,796
Rational AG		58,096		54,045,923
SAP SE		608,784		78,848,966
Scout24 AG		1,201,774		98,201,579
				357,199,484
HONG KONG — 3.5%
AIA Group Ltd.		7,578,800		92,356,184
Hong Kong Exchanges & Clearing Ltd.		999,900		54,846,243
				147,202,427
INDIA — 2.6%
Housing Development Finance Corp., Ltd.		2,435,113		85,316,503
ICICI Lombard General Insurance Co., Ltd. *		1,062,013		22,139,186
				107,455,689
IRELAND — 4.4%
CRH PLC		1,098,192		46,403,004
Kingspan Group PLC *		750,961		52,659,421
Ryanair Holdings PLC ADR *		780,625		85,853,137
				184,915,562
ITALY — 0.9%
FinecoBank Banca Fineco SpA *		2,336,344		38,531,031

December 31, 2020
Baillie Gifford International Alpha Fund

	Shares		Value
JAPAN — 13.4%
Denso Corp.		840,500	$	50,027,218
FANUC Corp.		205,000		50,604,068
Japan Exchange Group, Inc.		2,108,700		53,881,092
Nidec Corp.		646,000		81,724,146
Nintendo Co., Ltd.		76,500		49,108,518
Shimano, Inc.		256,100		59,947,597
Shiseido Co., Ltd.		569,500		39,423,215
SMC Corp.		116,300		71,028,783
Sony Corp.		602,300		60,692,619
Toyota Tsusho Corp.		1,063,900		43,052,352
				559,489,608
NETHERLANDS — 4.1%
Adyen NV *		11,899		27,647,824
ASML Holding NV		112,562		54,499,956
Heineken Holding NV		423,882		39,899,221
IMCD NV		393,961		50,143,361
				172,190,362
PANAMA — 0.7%
Copa Holdings SA, Class A		360,536		27,844,195
PERU — 0.6%
Credicorp Ltd.		150,072		24,614,810
RUSSIA — 1.2%
Magnit PJSC GDR Reg S		1,387,646		24,385,454
MMC Norilsk Nickel PJSC ADR		865,982		26,991,449
				51,376,903
SINGAPORE — 0.6%
United Overseas Bank Ltd.		1,560,172		26,592,222
SOUTH AFRICA — 1.3%
Discovery Ltd.		5,150,683		53,846,585

December 31, 2020
Baillie Gifford International Alpha Fund

	Shares		Value
SOUTH KOREA — 3.9%
NAVER Corp. *		191,281	$	51,563,480
Samsung Electronics Co., Ltd.		1,490,251		111,285,269
				162,848,749
SPAIN — 3.1%
Amadeus IT Group SA		799,711		59,032,478
Grifols SA		704,819		20,578,220
Grifols SA ADR		550,878		10,158,190
Industria de Diseno Textil SA		1,178,802		37,414,983
				127,183,871
SWEDEN — 2.9%
Atlas Copco AB, B Shares		1,539,597		69,108,640
Epiroc AB, B Shares		3,048,598		51,465,543
				120,574,183
SWITZERLAND — 4.8%
Compagnie Financiere Richemont SA		461,164		41,662,490
Kuehne + Nagel International AG		201,431		45,708,438
Nestle SA		599,043		70,813,660
Temenos AG		289,103		40,280,604
				198,465,192
TAIWAN — 4.1%
Taiwan Semiconductor Manufacturing Co., Ltd.		9,031,000		170,843,696
UNITED KINGDOM — 4.9%
Burberry Group PLC *		1,355,357		33,097,955
Experian PLC		1,659,602		63,046,032
Hargreaves Lansdown PLC		2,088,688		43,490,823
Prudential PLC		3,498,323		64,327,058
				203,961,868
UNITED STATES — 1.5%
Spotify Technology SA *		203,155		63,924,752
Total Common Stocks
(cost $2,446,858,952)				4,087,243,709

December 31, 2020
Baillie Gifford International Alpha Fund

	Shares		Value
PREFERRED STOCKS — 0.6%
BRAZIL — 0.4%
Itau Unibanco Holding SA ADR 4.65%		2,833,743	$	17,257,495
SPAIN — 0.2%
Grifols SA, B Shares 2.11%		397,170		7,443,556
Total Preferred Stocks
(cost $29,462,745)				24,701,051
TOTAL INVESTMENTS — 98.6%
(cost $2,476,321,697)			$	4,111,944,760
Other assets less liabilities — 1.4%				58,375,669
NET ASSETS — 100.0%			$	4,170,320,429

* Non-income producing security.

ADR — American Depositary Receipt

GDR — Global Depositary Receipt

Fair Value Measurement

The following is a summary of the inputs used as of December 31, 2020 in valuing the Fund's investments carried at fair value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks **	$	724,435,577	$	3,362,808,132	$	—	$	4,087,243,709
Preferred Stocks **		17,257,495		7,443,556		—		24,701,051
Total	$	741,693,072	$	3,370,251,688	$	—	$	4,111,944,760

** Refer to Portfolio of Investments for further detail.

December 31, 2020
Baillie Gifford International Alpha Fund

ASSETS
Investments, at value (cost $2,476,321,697)	$	4,111,944,760
Cash		57,799,556
Tax reclaims receivable		3,510,143
Capital shares sold receivable		3,340,744
Dividends receivable		2,093,137
Prepaid assets		50,217
Total Assets		4,178,738,557
LIABILITIES
Advisory fee payable		3,261,811
Deferred India capital gains tax liability (Note A)		2,755,446
Administration & Supervisory fee payable		718,274
Capital shares purchased payable		534,040
Servicing fee payable		524,812
Trustee fee payable		31,013
Commitment fee payable		5,676
Accrued expenses		587,056
Total Liabilities		8,418,128
NET ASSETS	$	4,170,320,429
COMPOSITION OF NET ASSETS
Paid-in capital	$	2,495,156,386
Total distributable earnings		1,675,164,043
	$	4,170,320,429
NET ASSET VALUE, PER SHARE
Class 2 ($367,841,161 / 21,926,112 shares outstanding), unlimited authorized, no par value	$	16.78
Class 3 ($757,194,482 / 44,476,525 shares outstanding), unlimited authorized, no par value	$	17.02
Class 4 ($1,082,123,327 / 62,488,125 shares outstanding), unlimited authorized, no par value	$	17.32
Class 5 ($149,744,659 / 8,486,076 shares outstanding), unlimited authorized, no par value	$	17.65
Class K ($1,083,711,368 / 64,837,366 shares outstanding), unlimited authorized, no par value	$	16.71
Institutional Class ($729,705,432 / 43,528,754 shares outstanding), unlimited authorized, no par value	$	16.76

For the Year Ended December 31, 2020
Baillie Gifford International Alpha Fund

INVESTMENT INCOME
Dividends (net of foreign withholding taxes of $4,654,158)	$	41,929,063
Interest		20,363
Total Investment Income		41,949,426
EXPENSES
Advisory fee (Note B)		10,409,554
Shareholder Servicing fees — Class 2 shares (Note B)		595,886
Shareholder Servicing fees — Class 3 shares (Note B)		855,328
Shareholder Servicing fees — Class 4 shares (Note B)		467,432
Shareholder Servicing fees — Class 5 shares (Note B)		23,486
Administration & Supervisory fee — Class K shares (Note B)		1,258,273
Administration & Supervisory fee — Institutional Class shares (Note B)		627,020
Transfer agency		143,079
Sub-transfer agency — Institutional Class shares		310,442
Fund accounting		993,103
Custody		503,708
Legal		389,957
Professional fees		120,459
Trustees' fees		107,677
Registration fees		65,075
Commitment fees		21,278
Miscellaneous		190,171
Total Expenses		17,081,928
Net Investment Income		24,867,498
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 $54,942)		132,819,175
Foreign currency transactions		(53,353	)
		132,765,822
Net change in unrealized appreciation on:
Investments (net of deferred India capital gains tax expense of $1,386,080) (Note A)		752,865,086
Translation of net assets and liabilities denominated in foreign currencies		62,629
		752,927,715
Net realized and unrealized gain		885,693,537
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	910,561,035

Baillie Gifford International Alpha Fund

	For the Year Ended December 31, 2020			For the Year Ended December 31, 2019
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	24,867,498		$	47,079,488
Net realized gain		132,765,822			44,312,454
Net change in unrealized appreciation		752,927,715			513,538,512
Net increase in net assets from operations		910,561,035			604,930,454
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings
Class 2		(8,221,408	)		(24,482,634	)
Class 3		(17,027,749	)		(31,689,022	)
Class 4		(24,650,239	)		(27,316,172	)
Class 5		(3,388,104	)		(4,893,497	)
Class K		(24,860,209	)		(27,292,246	)
Institutional Class		(16,563,536	)		(6,083,997	)
Total Distributions to Shareholders		(94,711,245	)		(121,757,568	)
TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
Net proceeds from shares subscribed:
Class 2		72,006,000			107,216,862	*
Class 3		295,090,505	*		202,113,924	*
Class 4		397,280,701			204,511,879	*
Class 5		11,000,000			—
Class K		488,403,549			197,754,517
Institutional Class		572,999,510			100,370,867	*
Dividends reinvested:
Class 2		8,221,408			24,482,634
Class 3		17,027,749			31,689,022
Class 4		24,650,239			27,316,172
Class 5		3,388,104			4,893,497
Class K		21,998,469			24,093,941
Institutional Class		16,542,889			6,083,367
Cost of shares redeemed:
Class 2		(294,390,504	)*		(44,700,000	)
Class 3		(453,876,207	)		(335,095,740	)*
Class 4		(84,000,000	)		(198,213,924	)*
Class K		(180,996,529	)		(36,825,366	)*
Institutional Class		(120,707,617	)		(33,820,482	)
Increase in Net Assets from Transactions in Shares of Beneficial Interest		794,638,266			281,871,170
Total Increase in Net Assets		1,610,488,056			765,044,056
NET ASSETS
Beginning of year		2,559,832,373			1,794,788,317
End of year	$	4,170,320,429		$	2,559,832,373

* See Note D for details of share class conversions.

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

	For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			For the Year Ended December 31, 2017			For the Year Ended December 31, 2016
Net asset value, beginning of year	$	13.57		$	10.78		$	14.20		$	10.90		$	10.65
From Investment Operations
Net investment income^(a)		0.12			0.27			0.22			0.18			0.17
Net realized and unrealized gain (loss) on investments and foreign currency		3.47			3.20			(2.59	)		3.62			0.39
Net increase (decrease) in net asset value from investment operations		3.59			3.47			(2.37	)		3.80			0.56
Dividends and Distributions to Shareholders
From net investment income		(0.10	)		(0.34	)		(0.17	)		(0.14	)		(0.15	)
From net realized gain on investments		(0.28	)		(0.34	)		(0.88	)		(0.36	)		(0.16	)
Total Dividends and Distributions		(0.38	)		(0.68	)		(1.05	)		(0.50	)		(0.31	)
Proceeds from Purchase Fees and Redemption Fees^(a)		—			—			—			0.00	^(b)		0.00	^(b)
Net asset value, end of year	$	16.78		$	13.57		$	10.78		$	14.20		$	10.90
Total Return
Total return based on net asset value^(c)		26.45	%		32.14	%		(16.57	)%		34.96	%		5.24	%
Ratios/Supplemental Data
Net assets, end of year (000's omitted)	$	367,841		$	513,803		$	335,450		$	478,079		$	578,606
Ratio of net expenses to average net assets		0.59	%		0.61	%		0.62	%		0.61	%		0.61	%
Ratio of net investment income to average net assets		0.85	%		2.11	%^(d)		1.57	%		1.41	%		1.53	%
Portfolio turnover rate^(e)		24	%		13	%		33	%		12	%		12	%

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

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

^(d) Large increase due to one-off taxable stock dividends that were treated as income.

^(e) Portfolio turnover rate calculated at Fund level.

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

	For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			For the Year Ended December 31, 2017			For the Year Ended December 31, 2016
Net asset value, beginning of year	$	13.76		$	10.92		$	14.37		$	11.03		$	10.79
From Investment Operations
Net investment income^(a)		0.13			0.28			0.22			0.18			0.17
Net realized and unrealized gain (loss) on investments and foreign currency		3.52			3.24			(2.60	)		3.68			0.40
Net increase (decrease) in net asset value from investment operations		3.65			3.52			(2.38	)		3.86			0.57
Dividends and Distributions to Shareholders
From net investment income		(0.11	)		(0.34	)		(0.19	)		(0.16	)		(0.17	)
From net realized gain on investments		(0.28	)		(0.34	)		(0.88	)		(0.36	)		(0.16	)
Total Dividends and Distributions		(0.39	)		(0.68	)		(1.07	)		(0.52	)		(0.33	)
Proceeds from Purchase Fees and Redemption Fees^(a)		—			—			—			0.00	^(b)		0.00	^(b)
Net asset value, end of year	$	17.02		$	13.76		$	10.92		$	14.37		$	11.03
Total Return
Total return based on net asset value^(c)		26.54	%		32.23	%		(16.51	)%		35.05	%		5.31	%
Ratios/Supplemental Data
Net assets, end of year (000's omitted)	$	757,194		$	668,206		$	613,224		$	1,119,162		$	915,782
Ratio of net expenses to average net assets		0.52	%		0.54	%		0.55	%		0.55	%		0.54	%
Ratio of net investment income to average net assets		0.92	%		2.18	%^(d)		1.58	%		1.35	%		1.54	%
Portfolio turnover rate^(e)		24	%		13	%		33	%		12	%		12	%

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

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

^(d) Large increase due to one-off taxable stock dividends that were treated as income.

^(e) Portfolio turnover rate calculated at Fund level.

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

	For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			For the Period July 10, 2017^(a)through December 31, 2017			For the Period January 1, 2015 through December 10, 2015^(a)			For the Year Ended December 31, 2014
Net asset value, beginning of period	$	14.00		$	11.10		$	14.59		$	13.43		$	11.60		$	12.20
From Investment Operations
Net investment income^(b)		0.12			0.28			0.23			0.05			0.19			0.22
Net realized and unrealized gain (loss) on investments and foreign currency		3.60			3.31			(2.65	)		1.64			(0.33	)		(0.57	)
Net increase (decrease) in net asset value from investment operations		3.72			3.59			(2.42	)		1.69			(0.14	)		(0.35	)
Dividends and Distributions to Shareholders
From net investment income		(0.12	)		(0.35	)		(0.19	)		(0.17	)		(0.01	)		(0.21	)
From net realized gain on investments		(0.28	)		(0.34	)		(0.88	)		(0.36	)		—			(0.05	)
Total Dividends and Distributions		(0.40	)		(0.69	)		(1.07	)		(0.53	)		(0.01	)		(0.26	)
Proceeds from Purchase Fees and Redemption Fees^(b)		—			—			—			—			0.01			0.01
Net asset value, end of period	$	17.32		$	14.00		$	11.10		$	14.59		$	11.46		$	11.60
Total Return
Total return based on net asset value^(c)		26.57	%		32.27	%		(16.49	)%		12.60	%		(1.04	)%		(2.82	)%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	1,082,123		$	580,146		$	438,616		$	232,741		$	59		$	352,890
Ratio of net expenses to average net assets		0.49	%		0.51	%		0.52	%		0.53	%		0.52	%		0.51	%
Ratio of net investment income to average net assets		0.82	%		2.20	%^(d)		1.61	%		0.77	%		1.72	%		1.82	%
Portfolio turnover rate^(e)		24	%		13	%		33	%		12	%		15	%		11	%

^(a) Recommencement of investment operations.

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

^(d) Large increase due to one-off taxable stock dividends that were treated as income.

^(e) Portfolio turnover rate calculated at Fund level.

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

	For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			For the Year Ended December 31, 2017			For the Year Ended December 31, 2016
Net asset value, beginning of year	$	14.26		$	11.30		$	14.82		$	11.36		$	11.11
From Investment Operations
Net investment income^(a)		0.14			0.30			0.21			0.20			0.19
Net realized and unrealized gain (loss) on investments and foreign currency		3.66			3.35			(2.65	)		3.79			0.41
Net increase (decrease) in net asset value from investment operations		3.80			3.65			(2.44	)		3.99			0.60
Dividends and Distributions to Shareholders
From net investment income		(0.13	)		(0.35	)		(0.20	)		(0.17	)		(0.19	)
From net realized gain on investments		(0.28	)		(0.34	)		(0.88	)		(0.36	)		(0.16	)
Total Dividends and Distributions		(0.41	)		(0.69	)		(1.08	)		(0.53	)		(0.35	)
Proceeds from Purchase Fees and Redemption Fees^(a)		—			—			—			0.00	^(b)		0.00	^(b)
Net asset value, end of year	$	17.65		$	14.26		$	11.30		$	14.82		$	11.36
Total Return
Total return based on net asset value^(c)		26.64	%		32.34	%		(16.44	)%		35.16	%		5.40	%
Ratios/Supplemental Data
Net assets, end of year (000's omitted)	$	149,745		$	104,935		$	79,293		$	183,384		$	167,297
Ratio of net expenses to average net assets		0.44	%		0.46	%		0.47	%		0.47	%		0.46	%
Ratio of net investment income to average net assets		0.94	%		2.25	%^(d)		1.55	%		1.45	%		1.66	%
Portfolio turnover rate^(e)		24	%		13	%		33	%		12	%		12	%

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

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

^(d) Large increase due to one-off taxable stock dividends that were treated as income.

^(e) Portfolio turnover rate calculated at Fund level.

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

	For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			For the Period April 28, 2017^(a)through December 31, 2017
Net asset value, beginning of period	$	13.53		$	10.75		$	14.17		$	12.44
From Investment Operations
Net investment income^(b)		0.10			0.26			0.17			0.01
Net realized and unrealized gain (loss) on investments and foreign currency		3.47			3.20			(2.52	)		2.25
Net increase (decrease) in net asset value from investment operations		3.57			3.46			(2.35	)		2.26
Dividends and Distributions to Shareholders
From net investment income		(0.11	)		(0.34	)		(0.19	)		(0.17	)
From net realized gain on investments		(0.28	)		(0.34	)		(0.88	)		(0.36	)
Total Dividends and Distributions		(0.39	)		(0.68	)		(1.07	)		(0.53	)
Net asset value, end of period	$	16.71		$	13.53		$	10.75		$	14.17
Total Return
Total return based on net asset value^(c)		26.40	%		32.16	%		(16.54	)%		18.19	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	1,083,711		$	566,554		$	290,186		$	108,728
Ratio of net expenses to average net assets		0.59	%		0.61	%		0.62	%		0.63	%*
Ratio of net investment income to average net assets		0.74	%		2.09	%^(d)		1.26	%		0.12	%*
Portfolio turnover rate^(e)		24	%		13	%		33	%		12	%

* Annualized.

^(a) Commencement of investment operations.

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

^(d) Large increase due to one-off taxable stock dividends that were treated as income.

^(e) Portfolio turnover rate calculated at Fund level.

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

	For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			For the Period April 28, 2017^(a)through December 31, 2017
Net asset value, beginning of period	$	13.58		$	10.79		$	14.19		$	12.44
From Investment Operations
Net investment income^(b)		0.08			0.25			0.22			0.09
Net realized and unrealized gain (loss) on investments and foreign currency		3.49			3.22			(2.59	)		2.17
Net increase (decrease) in net asset value from investment operations		3.57			3.47			(2.37	)		2.26
Dividends and Distributions to Shareholders
From net investment income		(0.11	)		(0.34	)		(0.15	)		(0.15	)
From net realized gain on investments		(0.28	)		(0.34	)		(0.88	)		(0.36	)
Total Dividends and Distributions		(0.39	)		(0.68	)		(1.03	)		(0.51	)
Net asset value, end of period	$	16.76		$	13.58		$	10.79		$	14.19
Total Return
Total return based on net asset value^(c)		26.29	%		32.11	%		(16.68	)%		18.25	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	729,705		$	126,189		$	38,019		$	6
Ratio of net expenses to average net assets		0.67	%		0.67	%		0.72	%		0.62	%*
Ratio of net investment income to average net assets		0.52	%		1.93	%^(d)		1.58	%		1.01	%*
Portfolio turnover rate^(e)		24	%		13	%		33	%		12	%

* Annualized.

^(a) Commencement of investment operations.

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

^(d) Large increase due to one-off taxable stock dividends that were treated as income.

^(e) Portfolio turnover rate calculated at Fund level.

December 31, 2020
Baillie Gifford International Concentrated Growth Equities Fund

	Value			% of Total Net Assets
Apparel	$	4,100,233			6.8	%
Auto Manufacturers		8,694,007			14.4
Biotechnology		4,184,512			6.9
Commercial Services		2,723,191			4.5
Cosmetics/Personal Care		704,345			1.2
Food		1,776,986			2.9
Insurance		1,466,439			2.4
Internet		30,111,207			49.9
Investment Companies		1,057,381			1.7
Machinery — Diversified		520,470			0.9
Retail		2,995,686			5.0
Semiconductors		6,281,371			10.4
Total Value of Investments		64,615,828			107.0
Other assets less liabilities		(4,246,585	)		(7.0	)
Net Assets	$	60,369,243			100.0	%

December 31, 2020
Baillie Gifford International Concentrated Growth Equities Fund

	Shares		Value
COMMON STOCKS — 107.0%
ARGENTINA — 11.0%
MercadoLibre, Inc. *		3,977	$	6,662,350
CANADA — 0.7%
Shopify, Inc., Class A *		391		442,592
CHINA — 24.8%
Alibaba Group Holding Ltd. ADR *		13,690		3,186,074
Meituan, Class B *		117,700		4,430,635
NIO, Inc. ADR *		32,902		1,603,643
Ping An Insurance Group Co. of China Ltd., Class H		120,500		1,466,439
Tencent Holdings Ltd.		48,700		3,504,150
Trip.com Group Ltd. ADR *		22,247		750,391
				14,941,332
DENMARK — 2.3%
Genmab A/S *		3,449		1,398,549
FRANCE — 8.0%
Hermes International		1,592		1,711,843
Kering		3,291		2,388,390
L'Oreal SA		1,846		704,346
				4,804,579
GERMANY — 10.0%
Delivery Hero SE *		19,614		3,067,414
Zalando SE *		26,932		2,995,686
				6,063,100
ITALY — 3.2%
Ferrari NV		8,235		1,910,039
JAPAN — 7.9%
M3, Inc.		50,600		4,780,047
NETHERLANDS — 13.9%
Adyen NV *		1,172		2,723,191
ASML Holding NV		11,747		5,687,630
				8,410,821

December 31, 2020
Baillie Gifford International Concentrated Growth Equities Fund

	Shares		Value
SWEDEN — 2.6%
Atlas Copco AB, B Shares		11,595	$	520,470
Kinnevik AB, B Shares *		21,048		1,057,381
				1,577,851
UNITED KINGDOM — 3.0%
Ocado Group PLC *		56,827		1,776,986
UNITED STATES — 19.6%
Amazon.com, Inc. *		248		807,719
Illumina, Inc. *		6,719		2,486,030
Moderna, Inc. *		2,871		299,933
NVIDIA Corp.		1,137		593,741
Spotify Technology SA *		7,881		2,479,835
Tesla, Inc. *		7,341		5,180,324
				11,847,582
TOTAL INVESTMENTS — 107.0% **
(cost $32,786,776)			$	64,615,828
Other liabilities less assets — (7.0)%				(4,246,585	)
NET ASSETS — 100.0%			$	60,369,243

* Non-income producing security.

** The Total Investments percentage exceeds 100% due to the timing of settling transactions and not as a result of borrowings for investment purposes.

ADR — American Depositary Receipt

Fair Value Measurement

The following is a summary of the inputs used as of December 31, 2020 in valuing the Fund's investments carried at fair value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks ***	$	24,492,633	$	40,123,195	$	—	$	64,615,828
Total	$	24,492,633	$	40,123,195	$	—	$	64,615,828

*** Refer to Portfolio of Investments for further detail.

December 31, 2020
Baillie Gifford International Concentrated Growth Equities Fund

ASSETS
Investments, at value (cost $32,786,776)	$	64,615,828
Cash		1,520,338
Receivable for investments sold		38,366,507
Capital shares sold receivable		1,167,824
Due from Investment Advisor		25,632
Tax reclaims receivable		1,503
Prepaid assets		24,788
Total Assets		105,722,420
LIABILITIES
Advisory fee payable		92,803
Capital shares purchased payable		44,845,579
Payable for investment purchased		303,896
Administration & Supervisory fee payable		39,441
Due to foreign custodian (cost $776)		776
Trustee fee payable		717
Commitment fee payable		131
Accrued expenses		69,834
Total Liabilities		45,353,177
NET ASSETS	$	60,369,243
COMPOSITION OF NET ASSETS
Paid-in capital	$	9,856,810
Total distributable earnings		50,512,433
	$	60,369,243
NET ASSET VALUE, PER SHARE
Class K ($42,357,253 / 3,441,800 shares outstanding), unlimited authorized, no par value	$	12.31
Institutional Class ($18,011,990 / 1,477,385 shares outstanding), unlimited authorized, no par value	$	12.19

For the Year Ended December 31, 2020
Baillie Gifford International Concentrated Growth Equities Fund

INVESTMENT INCOME
Dividends (net of foreign withholding taxes of $26,499)	$	569,981
Interest		886
Total Investment Income		570,867
EXPENSES
Advisory fee (Note B)		508,776
Administration & Supervisory fee — Class K shares (Note B)		198,643
Administration & Supervisory fee — Institutional Class shares (Note B)		17,587
Transfer agency		39,746
Sub-transfer agency — Institutional Class shares		8,312
Fund accounting		95,141
Registration fees		41,988
Professional fees		31,185
Custody		25,427
Legal		21,338
Trustees' fees		4,237
Line of Credit		3,570
Commitment fees		1,484
Miscellaneous		11,090
Total Expenses		1,008,524
Fees waived		(84,415	)
Total Expenses after waiver		924,109
Net Investment Loss		(353,242	)
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain from:
Investments		77,893,095
Foreign currency transactions		126,762
		78,019,857
Net change in unrealized appreciation (depreciation) on:
Investments		18,773,922
Translation of net assets and liabilities denominated in foreign currencies		(84,733	)
		18,689,189
Net realized and unrealized gain		96,709,046
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	96,355,804

Baillie Gifford International Concentrated Growth Equities Fund

	For the Year Ended December 31, 2020			For the Year Ended December 31, 2019
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income (loss)	$	(353,242	)	$	182,073
Net realized gain (loss)		78,019,857			(1,827,800	)
Net change in unrealized appreciation		18,689,189			27,145,465
Net increase in net assets from operations		96,355,804			25,499,738
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings
Class K		(40,877,596	)		(175,602	)
Institutional Class		(13,601,434	)		(1,520	)
Total Distributions to Shareholders		(54,479,030	)		(177,122	)
TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
Net proceeds from shares subscribed:
Class K		33,989,078			20,684,000
Institutional Class		21,921,486			176,417
Dividends reinvested:
Class K		38,023,629			175,602
Institutional Class		13,601,434			1,431
Cost of shares redeemed:
Class K		(178,597,888	)		—
Institutional Class		(13,118,779	)		(14,572	)
Increase (Decrease) in Net Assets from Transactions in Shares of Beneficial Interest		(84,181,040	)		21,022,878
Total Increase (Decrease) in Net Assets		(42,304,266	)		46,345,494
NET ASSETS
Beginning of year		102,673,509			56,328,015
End of year	$	60,369,243		$	102,673,509

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

	For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			For the Period December 14, 2017^(a)through December 31, 2017
Net asset value, beginning of period	$	12.70		$	8.75		$	10.05		$	10.00
From Investment Operations
Net investment income (loss)^(b)		(0.04	)		0.03			(0.03	)		(0.00	)^(c)
Net realized and unrealized gain (loss) on investments and foreign currency		12.16			3.94			(1.27	)		0.05
Net increase (decrease) in net asset value from investment operations		12.12			3.97			(1.30	)		0.05
Dividends and Distributions to Shareholders
From net investment income		—			(0.02	)		—			—
From net realized gain on investments		(12.51	)		—			—			—
Total Dividends and Distributions		(12.51	)		(0.02	)		—			—
Net asset value, end of period	$	12.31		$	12.70		$	8.75		$	10.05
Total Return
Total return based on net asset value^(d)		97.24	%		45.26	%		(12.84	)%		0.50	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	42,357		$	101,797		$	55,852		$	502
Ratio of net expenses to average net assets, before waiver		0.79	%		0.90	%		1.07	%		53.29	%*
Ratio of net expenses to average net assets, after waiver		0.72	%		0.72	%		0.72	%		0.72	%*
Ratio of net investment income (loss) to average net assets		(0.26	)%		0.26	%^(e)		(0.26	)%		(0.68	)%*
Portfolio turnover rate^(f)		59	%		4	%		32	%		0	%

* Annualized.

^(a) Commencement of investment operations.

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

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

^(e) Large increase due to one-off taxable stock dividends that were treated as income.

^(f) Portfolio turnover rate calculated at Fund level.

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

	For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			For the Period December 14, 2017^(a)through December 31, 2017
Net asset value, beginning of period	$	12.65		$	8.72		$	10.05		$	10.00
From Investment Operations
Net investment income (loss)^(b)		(0.09	)		0.03			(0.06	)		(0.00	)^(c)
Net realized and unrealized gain (loss) on investments and foreign currency		12.14			3.92			(1.27	)		0.05
Net increase (decrease) in net asset value from investment operations		12.05			3.95			(1.33	)		0.05
Dividends and Distributions to Shareholders
From net investment income		—			(0.02	)		—			—
From net realized gain on investments		(12.51	)		—			—			—
Total Dividends and Distributions		(12.51	)		(0.02	)		—			—
Net asset value, end of period	$	12.19		$	12.65		$	8.72		$	10.05
Total Return
Total return based on net asset value^(d)		97.09	%		45.32	%		(13.23	)%		0.50	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	18,012		$	876		$	476		$	502
Ratio of net expenses to average net assets, before waiver		0.87	%		0.91	%		1.16	%		53.29	%*
Ratio of net expenses to average net assets, after waiver		0.80	%		0.73	%		0.81	%		0.87	%*
Ratio of net investment income (loss) to average net assets		(0.47	)%		0.30	%^(e)		(0.53	)%		(0.68	)%*
Portfolio turnover rate^(f)		59	%		4	%		32	%		0	%

* Annualized.

^(a) Commencement of investment operations.

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

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

^(e) Large increase due to one-off taxable stock dividends that were treated as income.

^(f) Portfolio turnover rate calculated at Fund level.

December 31, 2020
Baillie Gifford International Growth Fund

	Value		% of Total Net Assets
Aerospace/Defense	$	35,869,074		0.8	%
Apparel		178,182,190		3.9
Auto Manufacturers		336,207,271		7.4
Biotechnology		191,460,809		4.2
Chemicals		153,962,801		3.4
Commercial Services		229,987,835		5.1
Cosmetics/Personal Care		109,011,934		2.4
Diversified Financial Services		129,222,256		2.8
Electronics		146,015,050		3.2
Food		169,652,037		3.7
Healthcare — Products		79,581,546		1.7
Insurance		161,793,395		3.6
Internet		1,519,934,847		33.5
Investment Companies		122,908,600		2.7
Machinery — Diversified		162,261,691		3.6
Media		21,520,645		0.5
Retail		275,973,991		6.1
Semiconductors		339,892,790		7.5
Software		100,968,915		2.2
Telecommunications		57,853,663		1.3
Total Value of Investments		4,522,261,340		99.6
Other assets less liabilities		20,427,909		0.4
Net Assets	$	4,542,689,249		100.0	%

December 31, 2020
Baillie Gifford International Growth Fund

	Shares		Value
COMMON STOCKS — 98.5%
ARGENTINA — 5.6%
MercadoLibre, Inc. *		151,624	$	254,003,557
AUSTRALIA — 1.8%
Afterpay Ltd. *		538,030		48,909,998
WiseTech Global Ltd.		1,343,606		31,931,030
				80,841,028
BELGIUM — 1.6%
Umicore SA		1,491,781		71,702,584
CHINA — 18.8%
Alibaba Group Holding Ltd. *		5,846,108		170,031,307
Meituan, Class B *		5,677,400		213,716,965
NIO, Inc. ADR *		2,000,355		97,497,303
Ping An Insurance Group Co. of China Ltd., Class H		5,422,000		65,983,664
TAL Education Group ADR *		1,221,576		87,354,900
Tencent Holdings Ltd.		3,058,100		220,041,910
				854,626,049
DENMARK — 5.4%
Ambu A/S, B Shares		1,531,360		65,786,305
Chr. Hansen Holding A/S *		288,713		29,830,318
Genmab A/S *		311,486		126,305,677
Novozymes A/S, B Shares		394,648		22,479,127
				244,401,427
FRANCE — 6.4%
Adevinta ASA *		642,991		10,808,714
EssilorLuxottica SA		88,525		13,795,241
Kering		245,520		178,182,190
L'Oreal SA		231,632		88,379,695
				291,165,840

December 31, 2020
Baillie Gifford International Growth Fund

	Shares		Value
GERMANY — 9.1%
Aixtron SE *		1,176,041	$	20,451,057
BASF SE		378,919		29,950,772
Delivery Hero SE *		651,856		101,943,124
HelloFresh SE *		1,042,680		80,653,564
MorphoSys AG *		167,184		19,547,061
Zalando SE *		1,466,213		163,089,025
				415,634,603
HONG KONG — 3.0%
AIA Group Ltd.		7,862,200		95,809,731
Hong Kong Exchanges & Clearing Ltd.		714,801		39,208,070
				135,017,801
INDIA — 0.4%
Housing Development Finance Corp., Ltd.		564,415		19,774,817
ISRAEL — 1.4%
Wix.com Ltd. *		263,451		65,852,212
ITALY — 4.4%
Ferrari NV		852,737		197,785,121
JAPAN — 13.8%
M3, Inc.		3,490,000		329,690,974
Nidec Corp.		765,900		96,892,451
Pan Pacific International Holdings Corp.		998,800		23,075,988
Pigeon Corp.		499,900		20,632,240
SBI Holdings, Inc.		896,600		21,329,370
SMC Corp.		129,600		79,151,593
SoftBank Group Corp.		745,200		57,853,663
				628,626,279
NETHERLANDS — 12.4%
Adyen NV *		61,386		142,632,935
Argenx SE *		154,771		45,608,071
ASML Holding NV		659,762		319,441,733
EXOR NV		676,357		54,938,541
				562,621,280

December 31, 2020
Baillie Gifford International Growth Fund

	Shares		Value
NEW ZEALAND — 0.7%
Xero Ltd. *		279,046	$	31,671,498
NORWAY — 0.5%
Schibsted ASA, Class A *		247,363		10,542,567
Schibsted ASA, B Shares *		295,741		10,978,078
				21,520,645
SPAIN — 2.0%
Industria de Diseno Textil SA		2,829,535		89,808,978
SWEDEN — 3.3%
Atlas Copco AB, A Shares		1,617,041		83,110,099
Kinnevik AB, B Shares *		1,352,998		67,970,059
				151,080,158
SWITZERLAND — 0.8%
Temenos AG		268,187		37,366,386
UNITED KINGDOM — 3.7%
Fiat Chrysler Automobiles NV *		2,265,288		40,924,847
Ocado Group PLC *		2,846,120		88,998,473
Rolls-Royce Holdings PLC *		23,700,581		35,869,074
				165,792,394
UNITED STATES — 3.4%
Spotify Technology SA *		488,928		153,846,084
Total Common Stocks
(cost $1,691,372,715)				4,473,138,741
PREFERRED STOCKS — 1.1%
GERMANY — 1.1%
Sartorius AG 0.10% (cost $13,252,501)		116,631		49,122,599
TOTAL INVESTMENTS — 99.6%
(cost $1,704,625,216)			$	4,522,261,340
Other assets less liabilities — 0.4%				20,427,909
NET ASSETS — 100.0%			$	4,542,689,249

December 31, 2020
Baillie Gifford International Growth Fund

* Non-income producing security.

ADR — American Depositary Receipt

Fair Value Measurement

The following is a summary of the inputs used as of December 31, 2020 in valuing the Fund's investments carried at fair value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks **	$	658,554,056	$	3,814,584,685	$	—	$	4,473,138,741
Preferred Stocks **		—		49,122,599		—		49,122,599
Total	$	658,554,056	$	3,863,707,284	$	—	$	4,522,261,340

** Refer to Portfolio of Investments for further detail.

December 31, 2020
Baillie Gifford International Growth Fund

ASSETS
Investments, at value (cost $1,704,625,216)	$	4,522,261,340
Cash		78,802,230
Receivable for investments sold		13,693,460
Capital shares sold receivable		3,173,510
Tax reclaims receivable		696,382
Dividends receivable		247,146
Prepaid assets		53,309
Total Assets		4,618,927,377
LIABILITIES
Advisory fee payable		3,400,705
Payable for investment purchased		51,965,027
Capital shares purchased payable		19,106,019
Servicing fee payable		643,435
Deferred India capital gains tax liability (Note A)		348,434
Administration & Supervisory fee payable		139,942
Due to foreign custodian (cost $47,362)		47,289
Trustee fee payable		31,576
Commitment fee payable		5,780
Accrued expenses		549,921
Total Liabilities		76,238,128
NET ASSETS	$	4,542,689,249
COMPOSITION OF NET ASSETS
Paid-in capital	$	1,655,281,766
Total distributable earnings		2,887,407,483
	$	4,542,689,249
NET ASSET VALUE, PER SHARE
Class 2 ($599,275,347 / 27,799,301 shares outstanding), unlimited authorized, no par value	$	21.56
Class 3 ($693,179,053 / 32,054,227 shares outstanding), unlimited authorized, no par value	$	21.63
Class 4 ($969,426,695 / 44,779,278 shares outstanding), unlimited authorized, no par value	$	21.65
Class 5 ($1,842,230,722 / 84,891,349 shares outstanding), unlimited authorized, no par value	$	21.70
Class K ($130,401,391 / 6,054,437 shares outstanding), unlimited authorized, no par value	$	21.54
Institutional Class ($308,176,041 / 14,345,107 shares outstanding), unlimited authorized, no par value	$	21.48

For the Year Ended December 31, 2020
Baillie Gifford International Growth Fund

INVESTMENT INCOME
Dividends (net of foreign withholding taxes of $1,091,352)	$	19,174,733
Interest		60,724
Total Investment Income		19,235,457
EXPENSES
Advisory fee (Note B)		11,625,310
Shareholder Servicing fees — Class 2 shares (Note B)		1,084,743
Shareholder Servicing fees — Class 3 shares (Note B)		620,546
Shareholder Servicing fees — Class 4 shares (Note B)		431,751
Shareholder Servicing fees — Class 5 shares (Note B)		293,753
Administration & Supervisory fee — Class K shares (Note B)		36,002
Administration & Supervisory fee — Institutional Class shares (Note B)		215,346
Transfer agency		121,212
Sub-transfer agency — Institutional Class shares		76,416
Fund accounting		1,166,483
Legal		450,016
Custody		432,107
Trustees' fees		118,580
Professional fees		90,212
Registration fees		52,457
Commitment fees		18,520
Miscellaneous		122,992
Total Expenses		16,956,446
Net Investment Income		2,279,011
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain from:
Investments (net of India capital gains tax expense of $4,558)		470,319,612
Foreign currency transactions		99,385
		470,418,997
Net change in unrealized appreciation on:
Investments (net of deferred India capital gains tax expense of $18,096) (Note A)		1,383,678,788
Translation of net assets and liabilities denominated in foreign currencies		156,001
		1,383,834,789
Net realized and unrealized gain		1,854,253,786
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	1,856,532,797

Baillie Gifford International Growth Fund

	For the Year Ended December 31, 2020			For the Year Ended December 31, 2019
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	2,279,011		$	33,185,824
Net realized gain		470,418,997			25,083,150
Net change in unrealized appreciation		1,383,834,789			767,763,729
Net increase in net assets from operations		1,856,532,797			826,032,703
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings
Class 2		(55,541,011	)		(9,711,659	)
Class 3		(64,060,790	)		(6,398,737	)
Class 4		(91,315,840	)		(3,385,754	)
Class 5		(170,297,829	)		(16,066,961	)
Class K		(8,879,140	)		(77	)
Institutional Class		(29,144,231	)		(285,728	)
Total Distributions to Shareholders		(419,238,841	)		(35,848,916	)
TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
Net proceeds from shares subscribed:
Class 2		81,506,000			64,526,000
Class 3		592,448,173	*		9,300,000
Class 4		434,310,417	*		—
Class K		115,840,279			—
Institutional Class		230,631,609			21,930,555
Dividends reinvested:
Class 2		55,541,011			9,691,346
Class 3		64,060,790			6,398,737
Class 4		91,315,840			3,385,754
Class 5		170,297,829			16,066,961
Class K		6,873,455			77
Institutional Class		28,803,483			285,728
Cost of shares redeemed:
Class 2		(695,348,173	)*		(63,189,038	)
Class 3		(764,520,237	)*		(5,000,000	)
Class 4		(78,000,000	)		—
Class 5		(225,000,000	)		—
Class K		(229,035	)		—
Institutional Class		(32,662,300	)		(2,123,738	)
Increase in Net Assets from Transactions in Shares of Beneficial Interest		75,869,141			61,272,382
Total Increase in Net Assets		1,513,163,097			851,456,169
NET ASSETS
Beginning of year		3,029,526,152			2,178,069,983
End of year	$	4,542,689,249		$	3,029,526,152

* See Note D for details of share class conversions.

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

	For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			For the Year Ended December 31, 2017			For the Year Ended December 31, 2016
Net asset value, beginning of year	$	14.59		$	10.74		$	14.39		$	10.09		$	10.52
From Investment Operations
Net investment income^(a)		0.00	^(b)		0.15			0.11			0.05			0.08
Net realized and unrealized gain (loss) on investments and foreign currency		9.17			3.87			(2.61	)		4.60			0.06
Net increase (decrease) in net asset value from investment operations		9.17			4.02			(2.50	)		4.65			0.14
Dividends and Distributions to Shareholders
From net investment income		—			(0.15	)		(0.10	)		(0.06	)		(0.07	)
From net realized gain on investments		(2.20	)		(0.02	)		(1.03	)		(0.29	)		(0.50	)
Return of capital		—			—			(0.02	)		—			—
Total Dividends and Distributions		(2.20	)		(0.17	)		(1.15	)		(0.35	)		(0.57	)
Proceeds from Purchase Fees and Redemption Fees^(a)		—			—			—			0.00	^(b)		0.00	^(b)
Net asset value, end of year	$	21.56		$	14.59		$	10.74		$	14.39		$	10.09
Total Return
Total return based on net asset value^(c)		62.95	%		37.34	%		(17.33	)%		46.09	%		1.34	%
Ratios/Supplemental Data
Net assets, end of year (000's omitted)	$	599,275		$	874,230		$	632,645		$	746,817		$	732,160
Ratio of net expenses to average net assets		0.58	%		0.60	%		0.60	%		0.61	%		0.61	%
Ratio of net investment income to average net assets		0.02	%		1.16	%^(d)		0.72	%		0.42	%		0.81	%
Portfolio turnover rate^(e)		26	%		6	%		14	%		9	%		18	%

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

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

^(d) Large increase due to one-off taxable stock dividends that were treated as income.

^(e) Portfolio turnover rate calculated at Fund level.

Baillie Gifford International Growth Fund
Selected data for a Class 3 share outstanding throughout each year:

	For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			For the Year Ended December 31, 2017			For the Year Ended December 31, 2016
Net asset value, beginning of year	$	14.62		$	10.76		$	14.42		$	10.11		$	10.54
From Investment Operations
Net investment income^(a)		0.01			0.16			0.11			0.05			0.11
Net realized and unrealized gain (loss) on investments and foreign currency		9.20			3.88			(2.61	)		4.62			0.03
Net increase (decrease) in net asset value from investment operations		9.21			4.04			(2.50	)		4.67			0.14
Dividends and Distributions to Shareholders
From net investment income		—			(0.16	)		(0.11	)		(0.07	)		(0.07	)
From net realized gain on investments		(2.20	)		(0.02	)		(1.03	)		(0.29	)		(0.50	)
Return of capital		—			—			(0.02	)		—			—
Total Dividends and Distributions		(2.20	)		(0.18	)		(1.16	)		(0.36	)		(0.57	)
Proceeds from Purchase Fees and Redemption Fees^(a)		—			—			—			0.00	^(b)		0.00	^(b)
Net asset value, end of year	$	21.63		$	14.62		$	10.76		$	14.42		$	10.11
Total Return
Total return based on net asset value^(c)		63.07	%		37.44	%		(17.27	)%		46.20	%		1.41	%
Ratios/Supplemental Data
Net assets, end of year (000's omitted)	$	693,179		$	546,477		$	393,050		$	601,549		$	433,860
Ratio of net expenses to average net assets		0.51	%		0.53	%		0.53	%		0.54	%		0.54	%
Ratio of net investment income to average net assets		0.03	%		1.22	%^(d)		0.74	%		0.41	%		1.04	%
Portfolio turnover rate^(e)		26	%		6	%		14	%		9	%		18	%

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

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

^(d) Large increase due to one-off taxable stock dividends that were treated as income.

^(e) Portfolio turnover rate calculated at Fund level.

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

	For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			For the Year Ended December 31, 2017			For the Period October 10, 2016^(a)through December 31, 2016
Net asset value, beginning of period	$	14.63		$	10.77		$	14.43		$	10.12		$	11.49
From Investment Operations
Net investment income^(b)		0.01			0.16			0.12			0.06			0.00	^(c)
Net realized and unrealized gain (loss) on investments and foreign currency		9.21			3.88			(2.61	)		4.62			(0.81	)
Net increase (decrease) in net asset value from investment operations		9.22			4.04			(2.49	)		4.68			(0.81	)
Dividends and Distributions to Shareholders
From net investment income		0.00	^(c)		(0.16	)		(0.12	)		(0.08	)		(0.08	)
From net realized gain on investments		(2.20	)		(0.02	)		(1.03	)		(0.29	)		(0.48	)
Return of capital		—			—			(0.02	)		—			—
Total Dividends and Distributions		(2.20	)		(0.18	)		(1.17	)		(0.37	)		(0.56	)
Proceeds from Purchase Fees and Redemption Fees^(b)		—			—			—			0.00	^(c)		0.00	^(c)
Net asset value, end of period	$	21.65		$	14.63		$	10.77		$	14.43		$	10.12
Total Return
Total return based on net asset value^(d)		63.12	%		37.48	%		(17.24	)%		46.24	%		(6.97	)%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	969,427		$	283,094		$	205,923		$	302,474		$	201,923
Ratio of net expenses to average net assets		0.48	%		0.50	%		0.50	%		0.51	%		0.52	%*
Ratio of net investment income to average net assets		0.06	%		1.26	%^(e)		0.83	%		0.45	%		0.05	%*
Portfolio turnover rate^(f)		26	%		6	%		14	%		9	%		18	%

* Annualized.

^(a) Recommencement of investment operations. Class had no shareholders from April 11, 2016 to October 9, 2016. All shares of this class were redeemed on April 11, 2016 at $10.16. New shares were issued at $11.49 on October 10, 2016.

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

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

^(e) Large increase due to one-off taxable stock dividends that were treated as income.

^(f) Portfolio turnover rate calculated at Fund level.

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

	For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			For the Year Ended December 31, 2017			For the Year Ended December 31, 2016
Net asset value, beginning of year	$	14.66		$	10.79		$	14.46		$	10.14		$	10.56
From Investment Operations
Net investment income^(a)		0.02			0.17			0.12			0.07			0.10
Net realized and unrealized gain (loss) on investments and foreign currency		9.23			3.89			(2.61	)		4.62			0.06
Net increase (decrease) in net asset value from investment operations		9.25			4.06			(2.49	)		4.69			0.16
Dividends and Distributions to Shareholders
From net investment income		(0.01	)		(0.17	)		(0.13	)		(0.08	)		(0.08	)
From net realized gain on investments		(2.20	)		(0.02	)		(1.03	)		(0.29	)		(0.50	)
Return of capital		—			—			(0.02	)		—			—
Total Dividends and Distributions		(2.21	)		(0.19	)		(1.18	)		(0.37	)		(0.58	)
Proceeds from Purchase Fees and Redemption Fees^(a)		—			—			—			0.00	^(b)		0.00	^(b)
Net asset value, end of year	$	21.70		$	14.66		$	10.79		$	14.46		$	10.14
Total Return
Total return based on net asset value^(c)		63.20	%		37.55	%		(17.20	)%		46.31	%		1.49	%
Ratios/Supplemental Data
Net assets, end of year (000's omitted)	$	1,842,231		$	1,298,918		$	944,366		$	1,139,553		$	778,857
Ratio of net expenses to average net assets		0.43	%		0.45	%		0.45	%		0.46	%		0.46	%
Ratio of net investment income to average net assets		0.13	%		1.31	%^(d)		0.84	%		0.51	%		0.98	%
Portfolio turnover rate^(e)		26	%		6	%		14	%		9	%		18	%

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

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

^(d) Large increase due to one-off taxable stock dividends that were treated as income.

^(e) Portfolio turnover rate calculated at Fund level.

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

	For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			For the Period April 28, 2017^(a)through December 31, 2017
Net asset value, beginning of period	$	14.58		$	10.73		$	14.38		$	12.02
From Investment Operations
Net investment income (loss)^(b)		(0.05	)^(c)		0.15			0.10			0.01
Net realized and unrealized gain (loss) on investments and foreign currency		9.21			3.87			(2.60	)		2.71
Net increase (decrease) in net asset value from investment operations		9.16			4.02			(2.50	)		2.72
Dividends and Distributions to Shareholders
From net investment income		0.00	^(d)		(0.15	)		(0.10	)		(0.07	)
From net realized gain on investments		(2.20	)		(0.02	)		(1.03	)		(0.29	)
Return of capital		—			—			(0.02	)		—
Total Dividends and Distributions		(2.20	)		(0.17	)		(1.15	)		(0.36	)
Net asset value, end of period	$	21.54		$	14.58		$	10.73		$	14.38
Total Return
Total return based on net asset value^(e)		62.95	%		37.40	%		(17.32	)%		22.62	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	130,401		$	7		$	5		$	6
Ratio of net expenses to average net assets		0.58	%		0.60	%		0.60	%		0.60	%*
Ratio of net investment income (loss) to average net assets		(0.26	)%		1.17	%^(f)		0.72	%		0.14	%*
Portfolio turnover rate^(g)		26	%		6	%		14	%		9	%

* Annualized.

^(a) Commencement of investment operations.

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

^(c) 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.

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

^(f) Large increase due to one-off taxable stock dividends that were treated as income.

^(g) Portfolio turnover rate calculated at Fund level.

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

	For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			For the Period April 28, 2017^(a)through December 31, 2017
Net asset value, beginning of period	$	14.55		$	10.72		$	14.38		$	12.02
From Investment Operations
Net investment income (loss)^(b)		(0.03	)^(c)		0.15			(0.01	)		0.01
Net realized and unrealized gain (loss) on investments and foreign currency		9.16			3.85			(2.49	)^(d)		2.71
Net increase (decrease) in net asset value from investment operations		9.13			4.00			(2.50	)		2.72
Dividends and Distributions to Shareholders
From net investment income		—			(0.15	)		(0.11	)		(0.07	)
From net realized gain on investments		(2.20	)		(0.02	)		(1.03	)		(0.29	)
Return of capital		—			—			(0.02	)		—
Total Dividends and Distributions		(2.20	)		(0.17	)		(1.16	)		(0.36	)
Net asset value, end of period	$	21.48		$	14.55		$	10.72		$	14.38
Total Return
Total return based on net asset value^(e)		62.84	%		37.25	%		(17.34	)%		22.62	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	308,176		$	26,800		$	2,081		$	6
Ratio of net expenses to average net assets		0.64	%		0.65	%		0.69	%		0.60	%*
Ratio of net investment income (loss) to average net assets		(0.16	)%		1.09	%^(f)		(0.23	)%		0.14	%*
Portfolio turnover rate^(g)		26	%		6	%		14	%		9	%

* Annualized.

^(a) Commencement of investment operations.

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

^(d) Calculation of the net gain or loss per share (both realized and unrealized) may not correlate to the aggregate realized and unrealized 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.

^(f) Large increase due to one-off taxable stock dividends that were treated as income.

^(g) Portfolio turnover rate calculated at Fund level.

December 31, 2020
Baillie Gifford International Smaller Companies Fund

	Value		% of Total Net Assets
Auto Parts & Equipment	$	8,087		0.4	%
Banks		7,692		0.4
Biotechnology		28,881		1.6
Building Materials		54,705		2.9
Chemicals		13,261		0.7
Commercial Services		173,224		9.3
Computers		54,556		2.9
Distribution/Wholesale		73,998		4.0
Diversified Financial Services		154,027		8.2
Electrical Components & Equipment		7,429		0.4
Electronics		79,971		4.3
Food		9,787		0.5
Hand/Machine Tools		13,728		0.7
Healthcare — Products		30,291		1.6
Insurance		12,540		0.7
Internet		310,928		16.6
Investment Companies		17,853		1.0
Leisure Time		52,695		2.8
Machinery — Diversified		38,659		2.1
Media		12,737		0.7
Miscellaneous Manufacturing		64,281		3.4
Office/Business Equipment		10,806		0.6
Pharmaceuticals		51,221		2.7
Private Equity		15,632		0.8
Retail		61,314		3.3
Semiconductors		195,690		10.5
Software		225,332		12.0
Telecommunications		28,446		1.5
Toys/Games/Hobbies		36,749		2.0
Total Value of Investments		1,844,520		98.6
Other assets less liabilities		27,107		1.4
Net Assets	$	1,871,627		100.0	%

December 31, 2020
Baillie Gifford International Smaller Companies Fund

	Shares		Value
COMMON STOCKS — 98.6%
AUSTRALIA — 1.1%
Mesoblast Ltd. *		1,699	$	2,933
Netwealth Group Ltd.		1,510		18,629
				21,562
BELGIUM — 1.0%
Biocartis Group NV *		862		4,910
Melexis NV		147		14,328
				19,238
CANADA — 2.3%
Kinaxis, Inc. *		300		42,503
CHINA — 3.4%
Airtac International Group		2,000		64,281
DENMARK — 1.6%
ALK-Abello A/S *		72		29,657
FRANCE — 1.2%
Cellectis SA *		506		14,469
ESI Group *		135		7,553
				22,022
GERMANY — 6.2%
Aumann AG *		165		2,305
Hypoport SE *		107		67,996
New Work SE		80		27,365
zooplus AG *		84		17,590
				115,256
HONG KONG — 0.7%
Hypebeast Ltd. *		47,500		4,793
Johnson Electric Holdings Ltd.		3,000		7,429
				12,222
IRELAND — 1.2%
Keywords Studios PLC *		586		22,883

December 31, 2020
Baillie Gifford International Smaller Companies Fund

	Shares		Value
ISRAEL — 1.6%
Maytronics Ltd.		2,033	$	30,610
ITALY — 5.7%
Brunello Cucinelli SpA *		991		43,273
Reply SpA		353		41,328
Technogym SpA *		1,951		22,086
				106,687
JAPAN — 32.9%
Anicom Holdings, Inc.		1,200		12,540
Bengo4.com, Inc. *		600		59,366
COLOPL, Inc.		1,900		18,813
Daikyonishikawa Corp.		1,000		8,087
Demae-Can Co., Ltd. *		1,400		42,716
DMG Mori Seiki Co., Ltd.		900		13,728
eGuarantee, Inc.		1,000		21,797
GA Technologies Co. Ltd. *		600		18,213
Healios K.K. *		700		13,372
Ichiyoshi Securities Co., Ltd.		1,700		7,692
Infomart Corp.		3,300		31,516
Inter Action Corp.		400		7,497
Iriso Electronics Co., Ltd.		300		12,985
Istyle, Inc. *		2,600		10,300
JMDC, Inc. *		400		22,711
Katitas Co., Ltd.		1,000		32,267
KH Neochem Co., Ltd.		500		13,261
Kitanotatsujin Corp.		3,600		16,183
Link and Motivation, Inc.		2,300		13,071
Locondo, Inc. *		700		14,954
Megachips Corp.		1,200		32,766
Optex Group Co., Ltd.		700		12,817
Outsourcing, Inc.		3,000		40,331
Raksul, Inc. *		1,200		51,826
Sansan, Inc. *		100		6,598
Sato Holdings Corp.		500		10,806
Tsugami Corp.		2,400		36,354
Uzabase, Inc. *		400		13,895
WealthNavi, Inc. *		800		19,602
				616,064

December 31, 2020
Baillie Gifford International Smaller Companies Fund

	Shares		Value
SOUTH KOREA — 6.4%
Cafe24 Corp. *		217	$	12,709
Douzone Bizon Co., Ltd. *		622		59,594
Genexine, Inc. *		100		11,479
Koh Young Technology, Inc. *		374		36,186
				119,968
SWEDEN — 11.7%
AddTech AB, B Shares		3,092		41,091
Avanza Bank Holding AB		2,893		81,928
Bactiguard Holding AB *		403		7,004
Cellavision AB *		182		6,791
HMS Networks AB *		902		28,446
Paradox Interactive AB		343		10,657
Storytel AB *		386		12,736
VNV Global AB *		1,254		17,853
Xvivo Perfusion AB *		305		11,586
				218,092
SWITZERLAND — 3.3%
Bossard Holding AG		163		32,906
Sensirion Holding AG *		326		21,261
u-blox Holding AG *		102		6,785
				60,952
TAIWAN — 6.0%
ASPEED Technology, Inc.		1,000		61,164
Chroma ATE, Inc.		3,000		17,984
Global Unichip Corp.		2,000		24,207
TCI Co., Ltd.		1,148		8,192
				111,547
UNITED KINGDOM — 12.3%
Alpha FX Group PLC *		679		12,071
Dialog Semiconductor PLC *		508		27,683
dotdigital group PLC		2,785		6,106
Draper Esprit PLC *		1,732		15,632
FDM Group Holdings PLC		2,049		31,673
First Derivatives PLC *		720		31,507
Games Workshop Group PLC		240		36,749

December 31, 2020
Baillie Gifford International Smaller Companies Fund

	Shares		Value
Hotel Chocolat Group PLC *		1,694	$	9,787
Naked Wines PLC *		1,972		18,041
Team17 Group PLC *		1,781		19,289
Victoria PLC *		2,505		22,438
				230,976
TOTAL INVESTMENTS — 98.6%
(cost $1,084,946)			$	1,844,520
Other assets less liabilities — 1.4%				27,107
NET ASSETS — 100.0%			$	1,871,627

* Non-income producing security.

Fair Value Measurement

The following is a summary of the inputs used as of December 31, 2020 in valuing the Fund's investments carried at fair value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks **	$	321,512	$	1,523,008	$	—	$	1,844,520
Total	$	321,512	$	1,523,008	$	—	$	1,844,520

** Refer to Portfolio of Investments for further detail.

December 31, 2020
Baillie Gifford International Smaller Companies Fund

ASSETS
Investments, at value (cost $1,084,946)	$	1,844,520
Cash		36,400
Due from Investment Advisor		42,326
Dividends receivable		1,275
Tax reclaims receivable		70
Prepaid assets		25,956
Total Assets		1,950,547
LIABILITIES
Advisory fee payable		2,510
Administration & Supervisory fee payable		736
Trustee fee payable		14
Commitment fee payable		2
Accrued expenses		75,658
Total Liabilities		78,920
NET ASSETS	$	1,871,627
COMPOSITION OF NET ASSETS
Paid-in capital	$	1,109,570
Total distributable earnings		762,057
	$	1,871,627
NET ASSET VALUE, PER SHARE
Class K ($935,814 / 53,508 shares outstanding), unlimited authorized, no par value	$	17.49
Institutional Class ($935,813 / 53,509 shares outstanding), unlimited authorized, no par value	$	17.49

For the Year Ended December 31, 2020
Baillie Gifford International Smaller Companies Fund

INVESTMENT INCOME
Dividends (net of foreign withholding taxes of $1,311)	$	9,244
Total Investment Income		9,244
EXPENSES
Advisory fee (Note B)		8,040
Administration & Supervisory fee — Class K shares (Note B)		1,178
Administration & Supervisory fee — Institutional Class shares (Note B)		1,178
Transfer agency		33,232
Fund accounting		108,153
Registration fees		41,558
Professional fees		33,865
Custody		5,357
Legal		121
Commitment fees		16
Trustees' fees		11
Miscellaneous		5,764
Total Expenses		238,473
Fees waived		(225,996	)
Total Expenses after waiver		12,477
Net Investment Loss		(3,233	)
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) from:
Investments		99,190
Foreign currency transactions		(86	)
		99,104
Net change in unrealized appreciation (depreciation) on:
Investments		516,347
Translation of net assets and liabilities denominated in foreign currencies		(55	)
		516,292
Net realized and unrealized gain		615,396
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	612,163

Baillie Gifford International Smaller Companies Fund

	For the Year Ended December 31, 2020			For the Year Ended December 31, 2019
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income (loss)	$	(3,233	)	$	1,453
Net realized gain		99,104			20,675
Net change in unrealized appreciation		516,292			242,653
Net increase in net assets from operations		612,163			264,781
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings
Class K		(40,101	)		(14,729	)
Institutional Class		(40,101	)		(14,729	)
Total Distributions to Shareholders		(80,202	)		(29,458	)
TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
Dividends reinvested:
Class K		40,101			14,729
Institutional Class		40,101			14,729
Increase in Net Assets from Transactions in Shares of Beneficial Interest		80,202			29,458
Total Increase in Net Assets		612,163			264,781
NET ASSETS
Beginning of year		1,259,464			994,683
End of year	$	1,871,627		$	1,259,464

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

	For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Period December 19, 2018^(a)through December 31, 2018
Net asset value, beginning of period	$	12.30		$	9.95		$	10.00
From Investment Operations
Net investment income (loss)^(b)		(0.03	)		0.01			0.01
Net realized and unrealized gain (loss) on investments and foreign currency		6.00			2.64			(0.06	)
Net increase (decrease) in net asset value from investment operations		5.97			2.65			(0.05	)
Dividends and Distributions to Shareholders
From net investment income		—			(0.11	)		—
From net realized gain on investments		(0.78	)		(0.19	)		—
Total Dividends and Distributions		(0.78	)		(0.30	)		—
Net asset value, end of period	$	17.49		$	12.30		$	9.95
Total Return
Total return based on net asset value^(c)		48.61	%		26.58	%		(0.50	)%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	936		$	630		$	497
Ratio of net expenses to average net assets, before waiver		17.20	%		15.15	%		95.80	%*
Ratio of net expenses to average net assets, after waiver		0.90	%		0.90	%		0.90	%*
Ratio of net investment income (loss) to average net assets		(0.23	)%		0.13	%		1.85	%*
Portfolio turnover rate^(d)		16	%		11	%		0	%

* Annualized.

^(a) Commencement of investment operations.

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

^(d) Portfolio turnover rate calculated at Fund level.

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

	For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Period December 19, 2018^(a)through December 31, 2018
Net asset value, beginning of period	$	12.30		$	9.95		$	10.00
From Investment Operations
Net investment income (loss)^(b)		(0.03	)		0.01			0.01
Net realized and unrealized gain (loss) on investments and foreign currency		6.00			2.64			(0.06	)
Net increase (decrease) in net asset value from investment operations		5.97			2.65			(0.05	)
Dividends and Distributions to Shareholders
From net investment income		—			(0.11	)		—
From net realized gain on investments		(0.78	)		(0.19	)		—
Total Dividends and Distributions		(0.78	)		(0.30	)		—
Net asset value, end of period	$	17.49		$	12.30		$	9.95
Total Return
Total return based on net asset value^(c)		48.61	%		26.58	%		(0.50	)%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	936		$	630		$	498
Ratio of net expenses to average net assets, before waiver		17.20	%		15.15	%		95.80	%*
Ratio of net expenses to average net assets, after waiver		0.90	%		0.90	%		0.90	%*
Ratio of net investment income (loss) to average net assets		(0.23	)%		0.13	%		1.85	%*
Portfolio turnover rate^(d)		16	%		11	%		0	%

* Annualized.

^(a) Commencement of investment operations.

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

^(d) Portfolio turnover rate calculated at Fund level.

December 31, 2020
Baillie Gifford Long Term Global Growth Fund

	Value		% of Total Net Assets
Apparel	$	41,128,792		5.1	%
Auto Manufacturers		104,306,395		12.9
Biotechnology		53,096,707		6.5
Commercial Services		34,887,662		4.3
Food		6,907,625		0.9
Healthcare — Products		16,029,033		2.0
Internet		347,401,895		42.8
Leisure Time		28,372,550		3.5
Pharmaceuticals		21,469,641		2.6
Retail		9,270,677		1.1
Semiconductors		42,194,619		5.2
Software		87,269,396		10.7
Total Value of Investments		792,334,992		97.6
Other assets less liabilities		19,579,178		2.4
Net Assets	$	811,914,170		100.0	%

December 31, 2020
Baillie Gifford Long Term Global Growth Fund

	Shares		Value
COMMON STOCKS — 97.6%
CANADA — 2.9%
Shopify, Inc., Class A *		20,698	$	23,429,101
CHINA — 28.6%
Alibaba Group Holding Ltd. ADR *		150,923		35,124,310
BeiGene Ltd. ADR *		45,956		11,874,571
KE Holdings, Inc. ADR *		102,740		6,322,619
Meituan, Class B *		1,087,200		40,925,967
NetEase, Inc. ADR		109,317		10,469,289
NIO, Inc. ADR *		497,601		24,253,073
Pinduoduo, Inc. ADR *		269,910		47,954,910
TAL Education Group ADR *		202,879		14,507,877
Tencent Holdings Ltd.		566,900		40,790,608
				232,223,224
FRANCE — 5.1%
Hermes International		10,105		10,865,688
Kering		41,700		30,263,104
				41,128,792
GERMANY — 2.3%
Delivery Hero SE *		119,343		18,663,935
NETHERLANDS — 5.4%
Adyen NV *		8,771		20,379,785
ASML Holding NV		48,870		23,661,741
				44,041,526
UNITED STATES — 53.3%
Alphabet, Inc., Class C *		7,869		13,785,544
Amazon.com, Inc. *		14,033		45,704,499
Atlassian Corp. PLC, Class A *		77,132		18,038,861
Beyond Meat, Inc. *		55,261		6,907,625
Carvana Co. *		38,702		9,270,677
Cloudflare, Inc., Class A *		189,933		14,433,009
DexCom, Inc. *		58,070		21,469,640
Facebook, Inc., Class A *		97,460		26,622,174
Illumina, Inc. *		88,445		32,724,650

December 31, 2020
Baillie Gifford Long Term Global Growth Fund

	Shares		Value
Intuitive Surgical, Inc. *		19,593	$	16,029,033
Moderna, Inc. *		81,339		8,497,485
Netflix, Inc. *		53,192		28,762,510
NVIDIA Corp.		35,490		18,532,878
Peloton Interactive, Inc., Class A *		187,006		28,372,550
salesforce.com, Inc. *		65,374		14,547,676
Spotify Technology SA *		61,386		19,315,719
Tesla, Inc. *		113,443		80,053,322
Workday, Inc., Class A *		62,131		14,887,209
Zoom Video Communications, Inc., Class A *		44,152		14,893,353
				432,848,414
TOTAL INVESTMENTS — 97.6%
(cost $382,212,606)			$	792,334,992
Other assets less liabilities — 2.4%				19,579,178
NET ASSETS — 100.0%			$	811,914,170

* Non-income producing security.

ADR — American Depositary Receipt

Fair Value Measurement

The following is a summary of the inputs used as of December 31, 2020 in valuing the Fund's investments carried at fair value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks **	$	606,784,164	$	185,550,828	$	—	$	792,334,992
Total	$	606,784,164	$	185,550,828	$	—	$	792,334,992

** Refer to Portfolio of Investments for further detail.

December 31, 2020
Baillie Gifford Long Term Global Growth Fund

ASSETS
Investments, at value (cost $382,212,606)	$	792,334,992
Cash		29,979,683
Capital shares sold receivable		7,282,884
Tax reclaims receivable		2,294
Prepaid assets		31,014
Total Assets		829,630,867
LIABILITIES
Advisory fee payable		779,177
Payable for investment purchased		16,164,282
Capital shares purchased payable		412,199
Administration & Supervisory fee payable		199,275
Servicing fee payable		57,592
Trustee fee payable		5,078
Commitment fee payable		929
Accrued expenses		98,165
Total Liabilities		17,716,697
NET ASSETS	$	811,914,170
COMPOSITION OF NET ASSETS
Paid-in capital	$	393,453,443
Total distributable earnings		418,460,727
	$	811,914,170
NET ASSET VALUE, PER SHARE
Class 2 ($131,695,379 / 3,425,280 shares outstanding), unlimited authorized, no par value	$	38.45
Class 5 ($108,170,795 / 2,198,304 shares outstanding), unlimited authorized, no par value	$	49.21
Class K ($221,188,137 / 5,750,370 shares outstanding), unlimited authorized, no par value	$	38.47
Institutional Class ($350,859,859 / 9,140,866 shares outstanding), unlimited authorized, no par value	$	38.38

For the Year Ended December 31, 2020
Baillie Gifford Long Term Global Growth Fund

INVESTMENT INCOME
Dividends (net of foreign withholding taxes of $69,028)	$	664,714
Interest		4,546
Total Investment Income		669,260
EXPENSES
Advisory fee (Note B)		2,233,290
Shareholder Servicing fees — Class 2 shares (Note B)		168,923
Shareholder Servicing fees — Class 4 shares (Note B)		31,006
Shareholder Servicing fees — Class 5 shares (Note B)		9,514
Administration & Supervisory fee — Class K shares (Note B)		266,202
Administration & Supervisory fee — Institutional Class shares (Note B)		252,391
Transfer agency		84,222
Sub-transfer agency — Institutional Class shares		124,123
Fund accounting		159,375
Legal		61,010
Registration fees		44,236
Custody		39,910
Professional fees		30,535
Trustees' fees		17,011
Commitment fees		3,951
Line of Credit		1,613
Miscellaneous		33,402
Total Expenses		3,560,714
Net Investment Loss		(2,891,454	)
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain from:
Investments		72,759,160
Foreign currency transactions		8,352
		72,767,512
Net change in unrealized appreciation on:
Investments		296,094,334
Translation of net assets and liabilities denominated in foreign currencies		7,678
		296,102,012
Net realized and unrealized gain		368,869,524
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	365,978,070

Baillie Gifford Long Term Global Growth Fund

	For the Year Ended December 31, 2020			For the Year Ended December 31, 2019
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment loss	$	(2,891,454	)	$	(1,011,594	)
Net realized gain (loss)		72,767,512			(4,177,007	)
Net change in unrealized appreciation		296,102,012			79,757,070
Net increase in net assets from operations		365,978,070			74,568,469
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings
Class 2		(10,181,428	)		(102,829	)
Class 4		—			(91,124	)
Class 5		(6,648,326	)		—
Class K		(17,015,889	)		(194,232	)
Institutional Class		(25,886,267	)		(80,814	)
Total Distributions to Shareholders		(59,731,910	)		(468,999	)
TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
Net proceeds from shares subscribed:
Class 2		164,000			155,750
Class 4		—			67,193,017	*
Class 5		109,513,867	*		—
Class K		52,083,127			34,246,083
Institutional Class		223,565,185			50,656,366
Dividends reinvested:
Class 2		10,181,428			102,829
Class 4		—			91,124
Class 5		6,648,326			—
Class K		17,015,889			194,231
Institutional Class		25,886,267			80,814
Cost of shares redeemed:
Class 2		(12,000,000	)		(1,000,000	)
Class 4		(113,363,867	)*		—
Class 5		(32,000,000	)		(69,693,017	)*
Class K		(83,087,481	)		(1,500,000	)
Institutional Class		(38,874,654	)		(3,117,562	)
Increase in Net Assets from Transactions in Shares of Beneficial Interest		165,732,087			77,409,635
Total Increase in Net Assets		471,978,247			151,509,105
NET ASSETS
Beginning of year		339,935,923			188,426,818
End of year	$	811,914,170		$	339,935,923

* See Note D for details of share class conversions.

Baillie Gifford Long Term Global Growth Fund
Selected data for a Class 2 share outstanding throughout each year:

	For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			For the Year Ended December 31, 2017			For the Year Ended December 31, 2016
Net asset value, beginning of year	$	20.68		$	15.51		$	17.33		$	11.25		$	11.76
From Investment Operations
Net investment loss^(a)		(0.17	)		(0.07	)		(0.04	)		(0.08	)		(0.05	)
Net realized and unrealized gain (loss) on investments and foreign currency		21.17			5.27			(0.22	)		6.16			(0.39	)
Net increase (decrease) in net asset value from investment operations		21.00			5.20			(0.26	)		6.08			(0.44	)
Dividends and Distributions to Shareholders
From net realized gain on investments		(3.23	)		(0.03	)		(1.56	)		—			(0.07	)
Total Dividends and Distributions		(3.23	)		(0.03	)		(1.56	)		—			(0.07	)
Proceeds from Purchase Fees and Redemption Fees^(a)		—			—			—			0.00	^(b)		0.00	^(b)
Net asset value, end of year	$	38.45		$	20.68		$	15.51		$	17.33		$	11.25
Total Return
Total return based on net asset value^(c)		101.77	%		33.49	%		(1.42	)%		54.07	%		(3.80	)%
Ratios/Supplemental Data
Net assets, end of year (000's omitted)	$	131,695		$	72,023		$	54,661		$	59,870		$	32,434
Ratio of net expenses to average net assets, before waiver		0.71	%		0.76	%		0.79	%		0.82	%		0.87	%
Ratio of net expenses to average net assets, after waiver		0.71	%		0.76	%		0.77	%		0.77	%		0.77	%
Ratio of net investment loss to average net assets		(0.58	)%		(0.40	)%		(0.22	)%		(0.50	)%		(0.43	)%
Portfolio turnover rate^(d)		40	%		5	%		16	%		13	%		15	%

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

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

^(d) Portfolio turnover rate calculated at Fund level.

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

	For the Period July 14, 2020^(a)through December 31, 2020			For the Period January 1, 2019 through April 10, 2019^(a)			For the Period April 9, 2018^(b)through December 31, 2018
Net asset value, beginning of period	$	39.89		$	19.46		$	22.47
From Investment Operations
Net investment income (loss)^(c)		(0.11	)		(0.02	)		0.02
Net realized and unrealized gain (loss) on investments and foreign currency		12.66			4.17			(1.47	)^(d)
Net increase (decrease) in net asset value from investment operations		12.55			4.15			(1.45	)
Dividends and Distributions to Shareholders
From net realized gain on investments		(3.23	)		—			(1.56	)
Total Dividends and Distributions		(3.23	)		—			(1.56	)
Net asset value, end of period	$	49.21		$	23.61		$	19.46
Total Return
Total return based on net asset value^(e)		31.57	%^(f)		21.27	%		(6.41	)%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	108,171		$	67,815		$	58,008
Ratio of net expenses to average net assets, before waiver		0.55	%*		0.61	%*		0.64	%*
Ratio of net expenses to average net assets, after waiver		0.55	%*		0.61	%*		0.62	%*
Ratio of net investment income (loss) to average net assets		(0.54	)%*		(0.37	)%*		0.09	%*
Portfolio turnover rate^(g)		40	%		5	%		16	%

* Annualized.

^(a) Recommencement of investment operations. Class had no shareholders from April 10, 2019 to July 13, 2020. All shares of this class were redeemed at $23.61 on April 10, 2019. New shares were issued at $39.89 on July 14, 2020.

^(b) Commencement of investment operations.

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

^(f) Represents total return for the period July 14, 2020 (recommencement of investment operations) through December 31, 2020.

^(g) Portfolio turnover rate calculated at Fund level.

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

	For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			For the Period April 28, 2017^(a)through December 31, 2017
Net asset value, beginning of period	$	20.69		$	15.52		$	17.34		$	13.96
From Investment Operations
Net investment loss^(b)		(0.17	)		(0.07	)		(0.04	)		(0.07	)
Net realized and unrealized gain (loss) on investments and foreign currency		21.18			5.27			(0.22	)		3.45
Net increase (decrease) in net asset value from investment operations		21.01			5.20			(0.26	)		3.38
Dividends and Distributions to Shareholders
From net realized gain on investments		(3.23	)		(0.03	)		(1.56	)		—
Total Dividends and Distributions		(3.23	)		(0.03	)		(1.56	)		—
Net asset value, end of period	$	38.47		$	20.69		$	15.52		$	17.34
Total Return
Total return based on net asset value^(c)		101.76	%		33.50	%		(1.41	)%		24.21	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	221,188		$	136,096		$	75,402		$	70,639
Ratio of net expenses to average net assets, before waiver		0.71	%		0.76	%		0.79	%		0.80	%*
Ratio of net expenses to average net assets, after waiver		0.71	%		0.76	%		0.77	%		0.77	%*
Ratio of net investment loss to average net assets		(0.57	)%		(0.41	)%		(0.23	)%		(0.61	)%*
Portfolio turnover rate^(d)		40	%		5	%		16	%		13	%

^(a) Commencement of investment operations.

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

^(d) Portfolio turnover rate calculated at Fund level.

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

	For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			For the Period April 28, 2017^(a)through December 31, 2017
Net asset value, beginning of period	$	20.66		$	15.51		$	17.34		$	13.96
From Investment Operations
Net investment loss^(b)		(0.22	)		(0.10	)		(0.19	)		(0.06	)
Net realized and unrealized gain (loss) on investments and foreign currency		21.17			5.28			(0.08	)^(c)		3.44
Net increase (decrease) in net asset value from investment operations		20.95			5.18			(0.27	)		3.38
Dividends and Distributions to Shareholders
From net realized gain on investments		(3.23	)		(0.03	)		(1.56	)		—
Total Dividends and Distributions		(3.23	)		(0.03	)		(1.56	)		—
Net asset value, end of period	$	38.38		$	20.66		$	15.51		$	17.34
Total Return
Total return based on net asset value^(d)		101.61	%		33.40	%		(1.47	)%		24.21	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	350,860		$	57,009		$	356		$	6
Ratio of net expenses to average net assets, before waiver		0.79	%		0.86	%		0.88	%		0.80	%*
Ratio of net expenses to average net assets, after waiver		0.79	%		0.86	%		0.87	%		0.80	%*
Ratio of net investment loss to average net assets		(0.68	)%		(0.53	)%		(0.91	)%		(0.56	)%*
Portfolio turnover rate^(e)		40	%		5	%		16	%		13	%

* Annualized.

^(a) Commencement of investment operations.

^(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 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.

^(e) Portfolio turnover rate calculated at Fund level.

December 31, 2020
Baillie Gifford Positive Change Equities Fund

	Value		% of Total Net Assets
Auto Manufacturers	$	9,662,739		10.0	%
Banks		2,102,560		2.2
Biotechnology		10,919,169		11.4
Building Materials		6,027,917		6.3
Chemicals		8,723,632		9.1
Computers		760,909		0.8
Electric		2,632,247		2.7
Electronics		1,640,073		1.7
Food		1,425,750		1.5
Healthcare — Products		6,124,604		6.4
Healthcare — Services		2,953,409		3.1
Insurance		2,109,315		2.2
Internet		19,702,830		20.5
Machinery — Diversified		4,480,841		4.7
Pharmaceuticals		3,529,347		3.7
Semiconductors		11,419,693		11.9
Telecommunications		606,457		0.6
Total Value of Investments		94,821,492		98.8
Other assets less liabilities		1,172,885		1.2
Net Assets	$	95,994,377		100.0	%

December 31, 2020
Baillie Gifford Positive Change Equities Fund

	Shares		Value
COMMON STOCKS — 97.1%
ARGENTINA — 5.4%
MercadoLibre, Inc. *		3,087	$	5,171,404
BELGIUM — 3.1%
Umicore SA		62,230		2,991,090
CANADA — 2.5%
Shopify, Inc., Class A *		2,106		2,383,887
CHINA — 1.6%
Alibaba Group Holding Ltd. *		52,100		1,515,304
DENMARK — 7.2%
Chr. Hansen Holding A/S *		25,222		2,605,980
Novozymes A/S, B Shares		29,608		1,686,470
Orsted AS		12,865		2,632,247
				6,924,697
INDONESIA — 2.2%
Bank Rakyat Indonesia Persero Tbk PT		7,072,100		2,102,560
IRELAND — 3.1%
Kingspan Group PLC *		42,184		2,958,056
JAPAN — 8.1%
M3, Inc.		81,900		7,736,874
KENYA — 0.6%
Safaricom PLC		1,933,700		606,457
NETHERLANDS — 5.6%
ASML Holding NV		11,122		5,385,019
SOUTH AFRICA — 2.2%
Discovery Ltd.		201,766		2,109,315
SWEDEN — 3.2%
Nibe Industrier AB, B Shares		93,611		3,069,860

December 31, 2020
Baillie Gifford Positive Change Equities Fund

	Shares		Value
TAIWAN — 6.3%
Taiwan Semiconductor Manufacturing Co., Ltd.		319,000	$	6,034,674
UNITED KINGDOM — 0.8%
FDM Group Holdings PLC		49,225		760,909
UNITED STATES — 45.2%
10X Genomics, Inc., Class A *		14,158		2,004,773
ABIOMED, Inc. *		7,488		2,427,610
Alnylam Pharmaceuticals, Inc. *		14,655		1,904,710
Alphabet, Inc., Class A *		1,652		2,895,361
Berkeley Lights, Inc. *		7,929		708,932
Beyond Meat, Inc. *		11,406		1,425,750
Deere & Co.		7,633		2,053,659
DexCom, Inc. *		9,546		3,529,347
Ecolab, Inc.		6,656		1,440,092
Glaukos Corp. *		22,485		1,692,221
Illumina, Inc. *		10,928		4,043,360
Moderna, Inc. *		40,798		4,262,167
Teladoc Health, Inc. *		14,770		2,953,409
Tesla, Inc. *		13,693		9,662,739
Xylem, Inc.		23,845		2,427,183
				43,431,313
Total Common Stocks
(cost $62,198,497)				93,181,419
PREFERRED STOCKS — 1.7%
GERMANY — 1.7%
Sartorius AG 0.10% (cost $1,144,767)		3,894		1,640,073
TOTAL INVESTMENTS — 98.8%
(cost $63,343,264)			$	94,821,492
Other assets less liabilities — 1.2%				1,172,885
NET ASSETS — 100.0%			$	95,994,377

* Non-income producing security.

December 31, 2020
Baillie Gifford Positive Change Equities Fund

ASSETS
Investments, at value (cost $63,343,264)	$	94,821,492
Cash		1,164,659
Capital shares sold receivable		146,367
Due from Investment Advisor		36,241
Dividends receivable		31,833
Tax reclaims receivable		13,238
Prepaid assets		23,981
Total Assets		96,237,811
LIABILITIES
Advisory fee payable		66,167
Payable for investment purchased		67,666
Administration & Supervisory fee payable		34,086
Trustee fee payable		561
Commitment fee payable		103
Accrued expenses		74,851
Total Liabilities		243,434
NET ASSETS	$	95,994,377
COMPOSITION OF NET ASSETS
Paid-in capital	$	61,694,113
Total distributable earnings		34,300,264
	$	95,994,377
NET ASSET VALUE, PER SHARE
Class K ($59,594,240 / 2,502,922 shares outstanding), unlimited authorized, no par value	$	23.81
Institutional Class ($36,400,137 / 1,530,031 shares outstanding), unlimited authorized, no par value	$	23.79

For the Year Ended December 31, 2020
Baillie Gifford Positive Change Equities Fund

INVESTMENT INCOME
Dividends (net of foreign withholding taxes of $38,504)	$	228,424
Interest		264
Total Investment Income		228,688
EXPENSES
Advisory fee (Note B)		163,890
Administration & Supervisory fee — Class K shares (Note B)		51,187
Administration & Supervisory fee — Institutional Class shares (Note B)		33,241
Transfer agency		45,707
Sub-transfer agency — Institutional Class shares		5,656
Fund accounting		95,285
Registration fees		41,194
Professional fees		31,185
Custody		21,801
Legal		5,595
Trustees' fees		1,679
Commitment fees		467
Line of Credit		354
Miscellaneous		13,141
Total Expenses		510,382
Fees waived		(181,907	)
Total Expenses after waiver		328,475
Net Investment Loss		(99,787	)
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) from:
Investments		6,622,196
Foreign currency transactions		(18,744	)
		6,603,452
Net change in unrealized appreciation on:
Investments		27,866,288
Translation of net assets and liabilities denominated in foreign currencies		1,063
		27,867,351
Net realized and unrealized gain		34,470,803
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	34,371,016

Baillie Gifford Positive Change Equities Fund

	For the Year Ended December 31, 2020			For the Year Ended December 31, 2019
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income (loss)	$	(99,787	)	$	80,352
Net realized gain		6,603,452			39,972
Net change in unrealized appreciation		27,867,351			5,080,153
Net increase in net assets from operations		34,371,016			5,200,477
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings
Class K		(2,264,794	)		(65,275	)
Institutional Class		(1,368,157	)		(40,744	)
Total Distributions to Shareholders		(3,632,951	)		(106,019	)
TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
Net proceeds from shares subscribed:
Class K		29,045,519			8,086,054
Institutional Class		15,232,525			884,224
Dividends reinvested:
Class K		1,516,124			18,677
Institutional Class		1,350,344			40,744
Cost of shares redeemed:
Class K		(5,528,256	)		—
Institutional Class		(3,001,141	)		(10,610	)
Increase in Net Assets from Transactions in Shares of Beneficial Interest		38,615,115			9,019,089
Total Increase in Net Assets		69,353,180			14,113,547
NET ASSETS
Beginning of year		26,641,197			12,527,650
End of year	$	95,994,377		$	26,641,197

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

	For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			For the Period December 14, 2017^(a)through December 31, 2017
Net asset value, beginning of period	$	13.13		$	10.10		$	10.16		$	10.00
From Investment Operations
Net investment income (loss)^(b)		(0.04	)		0.05			(0.02	)		(0.00	)^(c)
Net realized and unrealized gain (loss) on investments and foreign currency		11.65			3.04			(0.04	)^(d)		0.16
Net increase (decrease) in net asset value from investment operations		11.61			3.09			(0.06	)		0.16
Dividends and Distributions to Shareholders
From net investment income		—			(0.04	)		—			—
From net realized gain on investments		(0.93	)		(0.02	)		—			—
Total Dividends and Distributions		(0.93	)		(0.06	)		—			—
Net asset value, end of period	$	23.81		$	13.13		$	10.10		$	10.16
Total Return
Total return based on net asset value^(e)		88.43	%		30.53	%		(0.59	)%		1.60	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	59,594		$	15,923		$	5,036		$	508
Ratio of net expenses to average net assets, before waiver		1.02	%		1.63	%		3.21	%		53.13	%*
Ratio of net expenses to average net assets, after waiver		0.65	%		0.65	%		0.65	%		0.65	%*
Ratio of net investment income (loss) to average net assets		(0.19	)%		0.44	%		(0.14	)%		(0.47	)%*
Portfolio turnover rate^(f)		40	%		7	%		7	%		0	%

* Annualized.

^(a) Commencement of investment operations.

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

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

^(f) Portfolio turnover rate calculated at Fund level.

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

	For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			For the Period December 14, 2017^(a)through December 31, 2017
Net asset value, beginning of period	$	13.13		$	10.10		$	10.16		$	10.00
From Investment Operations
Net investment income (loss)^(b)		(0.04	)		0.05			(0.02	)		(0.00	)^(c)
Net realized and unrealized gain (loss) on investments and foreign currency		11.63			3.03			(0.04	)^(d)		0.16
Net increase (decrease) in net asset value from investment operations		11.59			3.08			(0.06	)		0.16
Dividends and Distributions to Shareholders
From net investment income		—			(0.03	)		—			—
From net realized gain on investments		(0.93	)		(0.02	)		—			—
Total Dividends and Distributions		(0.93	)		(0.05	)		—			—
Net asset value, end of period	$	23.79		$	13.13		$	10.10		$	10.16
Total Return
Total return based on net asset value^(e)		88.28	%		30.49	%		(0.59	)%		1.60	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	36,400		$	10,718		$	7,492		$	508
Ratio of net expenses to average net assets, before waiver		1.05	%		1.63	%		3.21	%		53.13	%*
Ratio of net expenses to average net assets, after waiver		0.68	%		0.65	%		0.65	%		0.80	%*
Ratio of net investment income (loss) to average net assets		(0.21	)%		0.41	%		(0.14	)%		(0.47	)%*
Portfolio turnover rate^(f)		40	%		7	%		7	%		0	%

* Annualized.

^(a) Commencement of investment operations.

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

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

^(f) Portfolio turnover rate calculated at Fund level.

December 31, 2020
Baillie Gifford U.S. Equity Growth Fund

	Value		% of Total Net Assets
Advertising	$	5,335,461		5.3	%
Aerospace/Defense		618,662		0.6
Auto Manufacturers		10,496,841		10.4
Banks		2,182,939		2.2
Biotechnology		5,920,330		5.9
Commercial Services		6,559,640		6.5
Distribution/Wholesale		1,159,483		1.2
Diversified Financial Services		2,200,178		2.2
Healthcare — Products		5,751,796		5.7
Healthcare — Services		1,550,290		1.5
Insurance		1,384,250		1.4
Internet		35,409,241		35.1
Real Estate		2,161,296		2.1
Retail		3,605,924		3.6
Semiconductors		1,158,240		1.1
Software		13,712,924		13.6
Total Value of Investments		99,207,495		98.4
Other assets less liabilities		1,600,848		1.6
Net Assets	$	100,808,343		100.0	%

December 31, 2020
Baillie Gifford U.S. Equity Growth Fund

	Shares		Value
COMMON STOCKS — 98.4%
CANADA — 7.7%
Shopify, Inc., Class A *		6,829	$	7,730,087
UNITED STATES — 90.7%
ABIOMED, Inc. *		4,997		1,620,027
Alnylam Pharmaceuticals, Inc. *		6,998		909,530
Alphabet, Inc., Class C *		1,474		2,582,271
Amazon.com, Inc. *		2,429		7,911,083
Appian Corp. *		17,243		2,794,918
Carvana Co. *		7,791		1,866,256
Chegg, Inc. *		29,415		2,657,057
Chewy, Inc., Class A *		26,674		2,397,726
Cloudflare, Inc., Class A *		18,932		1,438,643
CoStar Group, Inc. *		1,750		1,617,490
Datadog, Inc., Class A *		10,427		1,026,434
Denali Therapeutics, Inc. *		20,215		1,693,208
DoorDash, Inc., Class A *		2,102		300,061
Eventbrite, Inc., Class A *		13,039		236,006
First Republic Bank		14,857		2,182,939
Glaukos Corp. *		13,927		1,048,146
HEICO Corp., Class A		5,285		618,662
Illumina, Inc. *		5,467		2,022,790
Lemonade, Inc. *		11,300		1,384,250
Lyft, Inc., Class A *		6,089		299,153
MarketAxess Holdings, Inc.		4,005		2,285,093
Mastercard, Inc., Class A		6,164		2,200,178
Moderna, Inc. *		12,394		1,294,801
Netflix, Inc. *		6,420		3,471,487
Novocure Ltd. *		13,509		2,337,597
NVIDIA Corp.		2,218		1,158,240
Penumbra, Inc. *		4,263		746,025
Redfin Corp. *		31,492		2,161,296
Roku, Inc. *		11,931		3,961,331
Slack Technologies, Inc., Class A *		28,068		1,185,592
Snowflake, Inc., Class A *		1,343		377,920
Stitch Fix, Inc., Class A *		19,349		1,136,173
Teladoc Health, Inc. *		7,753		1,550,290
Tesla, Inc. *		14,875		10,496,841

December 31, 2020
Baillie Gifford U.S. Equity Growth Fund

	Shares		Value
Trade Desk, Inc. (The), Class A *		6,661	$	5,335,461
Twilio, Inc., Class A *		7,075		2,394,888
Vroom, Inc. *		42,462		1,739,668
Watsco, Inc.		5,118		1,159,483
Wayfair, Inc., Class A *		17,956		4,054,644
Workday, Inc., Class A *		7,425		1,779,104
Yext, Inc. *		25,020		393,314
Zillow Group, Inc., Class A *		9,778		1,329,221
Zoom Video Communications, Inc., Class A *		6,884		2,322,111
				91,477,408
TOTAL INVESTMENTS — 98.4%
(cost $63,503,166)			$	99,207,495
Other assets less liabilities — 1.6%				1,600,848
NET ASSETS — 100.0%			$	100,808,343

* Non-income producing security.

Fair Value Measurement

The following is a summary of the inputs used as of December 31, 2020 in valuing the Fund's investments carried at fair value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks **	$	99,207,495	$	—	$	—	$	99,207,495
Total	$	99,207,495	$	—	$	—	$	99,207,495

** Refer to Portfolio of Investments for further detail.

December 31, 2020
Baillie Gifford U.S. Equity Growth Fund

ASSETS
Investments, at value (cost $63,503,166)	$	99,207,495
Cash		2,625,602
Capital shares sold receivable		1,216,660
Due from Investment Advisor		22,073
Prepaid assets		24,953
Total Assets		103,096,783
LIABILITIES
Advisory fee payable		72,778
Payable for investment purchased		2,097,686
Administration & Supervisory fee payable		37,492
Capital shares purchased payable		17,276
Trustee fee payable		685
Commitment fee payable		125
Accrued expenses		62,398
Total Liabilities		2,288,440
NET ASSETS	$	100,808,343
COMPOSITION OF NET ASSETS
Paid-in capital	$	61,934,018
Total distributable earnings		38,874,325
	$	100,808,343
NET ASSET VALUE, PER SHARE
Class K ($58,076,386 / 1,457,518 shares outstanding), unlimited authorized, no par value	$	39.85
Institutional Class ($42,731,957 / 1,074,170 shares outstanding), unlimited authorized, no par value	$	39.78

For the Year Ended December 31, 2020
Baillie Gifford U.S. Equity Growth Fund

INVESTMENT INCOME
Dividends	$	43,550
Interest		207
Total Investment Income		43,757
EXPENSES
Advisory fee (Note B)		150,240
Administration & Supervisory fee — Class K shares (Note B)		48,302
Administration & Supervisory fee — Institutional Class shares (Note B)		29,094
Transfer agency		38,294
Sub-transfer agency — Institutional Class shares		15,282
Fund accounting		82,940
Registration fees		41,190
Professional fees		24,465
Custody		11,252
Legal		5,168
Trustees' fees		1,673
Commitment fees		386
Line of Credit		337
Miscellaneous		7,949
Total Expenses		456,572
Fees waived		(145,360	)
Total Expenses after waiver		311,212
Net Investment Loss		(267,455	)
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain from:
Investments		6,406,378
		6,406,378
Net change in unrealized appreciation on:
Investments		33,266,753
		33,266,753
Net realized and unrealized gain		39,673,131
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	39,405,676

Baillie Gifford U.S. Equity Growth Fund

	For the Year Ended December 31, 2020			For the Year Ended December 31, 2019
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment loss	$	(267,455	)	$	(73,863	)
Net realized gain		6,406,378			378,374
Net change in unrealized appreciation		33,266,753			3,471,672
Net increase in net assets from operations		39,405,676			3,776,183
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings
Class K		(1,796,813	)		(185,245	)
Institutional Class		(1,331,225	)		(46,343	)
Total Distributions to Shareholders		(3,128,038	)		(231,588	)
TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
Net proceeds from shares subscribed:
Class K		26,113,885			117,664
Institutional Class		29,537,484			3,569,371
Dividends reinvested:
Class K		1,747,331			185,245
Institutional Class		1,331,225			46,343
Cost of shares redeemed:
Class K		(7,048,968	)		—
Institutional Class		(4,481,602	)		(732,087	)
Increase in Net Assets from Transactions in Shares of Beneficial Interest		47,199,355			3,186,536
Total Increase in Net Assets		83,476,993			6,731,131
NET ASSETS
Beginning of year		17,331,350			10,600,219
End of year	$	100,808,343		$	17,331,350

Baillie Gifford U.S. Equity Growth Fund
Selected data for a Class K share outstanding throughout each period:

	For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			For the Period April 28, 2017^(a)through December 31, 2017
Net asset value, beginning of period	$	18.25		$	14.25		$	13.39		$	11.49
From Investment Operations
Net investment loss^(b)		(0.16	)		(0.08	)		(0.07	)		(0.03	)
Net realized and unrealized gain on investments and foreign currency		23.07			4.33			1.22	^(c)		1.98
Net increase in net asset value from investment operations		22.91			4.25			1.15			1.95
Dividends and Distributions to Shareholders
From net realized gain on investments		(1.31	)		(0.25	)		(0.29	)		(0.05	)
Total Dividends and Distributions		(1.31	)		(0.25	)		(0.29	)		(0.05	)
Net asset value, end of period	$	39.85		$	18.25		$	14.25		$	13.39
Total Return
Total return based on net asset value^(d)		125.57	%		29.78	%		8.60	%		17.01	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	58,076		$	13,867		$	10,594		$	1,344
Ratio of net expenses to average net assets, before waiver		0.97	%		1.72	%		7.75	%		13.11	%*
Ratio of net expenses to average net assets, after waiver		0.65	%		0.65	%		0.63	%		0.57	%*
Ratio of net investment loss to average net assets		(0.55	)%		(0.45	)%		(0.46	)%		(0.31	)%*
Portfolio turnover rate^(e)		33	%		18	%		107	%		15	%

* Annualized.

^(a) Commencement of investment operations.

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

^(e) Portfolio turnover rate calculated at Fund level.

Baillie Gifford U.S. Equity Growth Fund
Selected data for an Institutional Class share outstanding throughout each period:

	For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			For the Period April 28, 2017^(a)through December 31, 2017
Net asset value, beginning of period	$	18.23		$	14.21		$	13.39		$	11.49
From Investment Operations
Net investment loss^(b)		(0.20	)		(0.10	)		(0.10	)		(0.03	)
Net realized and unrealized gain on investments and foreign currency		23.06			4.37			1.21	^(c)		1.98
Net increase in net asset value from investment operations		22.86			4.27			1.11			1.95
Dividends and Distributions to Shareholders
From net realized gain on investments		(1.31	)		(0.25	)		(0.29	)		(0.05	)
Total Dividends and Distributions		(1.31	)		(0.25	)		(0.29	)		(0.05	)
Net asset value, end of period	$	39.78		$	18.23		$	14.21		$	13.39
Total Return
Total return based on net asset value^(d)		125.43	%		30.01	%^(e)		8.30	%		17.01	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	42,732		$	3,464		$	6		$	6
Ratio of net expenses to average net assets, before waiver		1.06	%		1.82	%		6.69	%		13.11	%*
Ratio of net expenses to average net assets, after waiver		0.74	%		0.75	%		0.78	%		0.72	%*
Ratio of net investment loss to average net assets		(0.65	)%		(0.56	)%		(0.53	)%		(0.31	)%*
Portfolio turnover rate^(f)		33	%		18	%		107	%		15	%

* Annualized.

^(a) Commencement of investment operations.

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

^(e) Excluding reimbursement received from the Manager, total return for the period is 29.72%. See Note D.

^(f) Portfolio turnover rate calculated at Fund level.

The following table is a summary of classes of the Funds with shares outstanding as of December 31, 2020:

Baillie
Gifford
China A
Shares
Fund

Baillie
Gifford
Developed
EAFE
All Cap
Fund

Baillie
Gifford
EAFE
Plus
All Cap
Fund

Baillie
Gifford
Emerging
Markets
Equities
Fund

Baillie
Gifford
Global
Alpha
Equities
Fund

Baillie
Gifford
Global
Stewardship
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
Positive
Change
Equities
Fund

Baillie
Gifford
U.S.
Equity
Growth
Fund

Class 2

N/A

Class 3

N/A

Class 4

N/A

Class 5

N/A

Class K

Institutional
Class

If events materially affecting the value of the Funds' portfolio securities occur during such period, then these securities will be valued at their fair value as determined in good faith by the Manager, pursuant to procedures approved by the Board. The Funds utilize a third party pricing service which for all equity securities, except those traded on Canadian, Latin American or U.S. exchanges, subject to certain minimum confidence levels, applies a fair value adjustment that seeks to reflect changes in such securities' market prices since the close of the market on which they are traded. To the extent that securities are valued using this service, they 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

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 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 December 31, 2020 is disclosed at the end of each Fund's Portfolio of Investments.

For the year ended December 31, 2020, 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 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 and is recorded at the fair market 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.

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.

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. 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 liability for unrealized gains in excess of available loss carryforwards based on existing tax rates and holding periods of the securities. As of December 31, 2020, Baillie Gifford Emerging Markets Equities Fund and Baillie Gifford Global Alpha Equities Fund recorded a receivable for India capital gains tax refunds of $1,347,063 and $76,898 respectively. As of December 31, 2020, Baillie Gifford Emerging Markets Equities Fund, Baillie Gifford Global Alpha Equities Fund, Baillie Gifford International Alpha Fund and Baillie Gifford International Growth Fund recorded a deferred liability for potential future India capital gains taxes of $23,867,546, $403,692, $2,755,446 and $348,434, respectively.

With respect to Baillie Gifford China A Shares Fund, while overseas investors currently are exempt from paying capital gains or value added taxes on income and gains from investments in China A shares purchased through the Stock Connect programs, these Chinese tax rules could be changed, which could result in unexpected tax liabilities for the Fund.

The Funds are subject to tax accounting standards that provide guidance for how 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.

During the year ended December 31, 2020, the following Fund utilized capital loss carryforwards:

Fund	Utilized
Baillie Gifford Developed EAFE All Cap Fund	$	10,152,588
Baillie Gifford International Concentrated Growth Equities Fund	$	4,230,287
Baillie Gifford Long Term Global Growth Fund	$	4,237,000

Realized capital losses, currency losses and passive foreign investment company ("PFIC") losses incurred after October 31 ("post-October losses/Late-Year Specified") within the taxable year are deemed to arise on the first business day of each Fund's next taxable year. During the year ended December 31, 2020, the Funds shown below incurred and will elect to defer net post-October or late-year losses as indicated.

At December 31, 2020, the components of accumulated earnings on a tax basis were as follows:

Fund	Undistributed Net Ordinary Income		Long Term Capital Gains		Capital Loss Carryforwards			Post October Capital/Late Year Ordinary Losses, or other Timing Differences		Net Unrealized Appreciation/ Depreciation on Investments and Foreign Currency, Net of Foreign Taxes		Distributable Earnings/ Accumulated Deficit
Baillie Gifford China A Shares Fund	$	52,713	$	—	$	—		$	—	$	911,710	$	964,423
Baillie Gifford Developed EAFE All Cap Fund		2,173,465		1,695,898		—			110,984		218,837,016		222,817,363
Baillie Gifford EAFE Plus All Cap Fund		2,373,562		5,548,817		—			—		256,949,630		264,872,009
Baillie Gifford Emerging Markets Equities Fund		10,841,434		—		(120,206,899	)		—		2,269,209,855		2,159,844,390
Baillie Gifford Global Alpha Equities Fund		2,255,863		9,480,319		—			—		635,462,212		647,198,394
Baillie Gifford Global Stewardship Equities Fund		—		10,854		—			—		2,951,448		2,962,302
Baillie Gifford International Alpha Fund		4,115,537		49,545,865		—			1,572,738		1,619,929,903		1,675,164,043
Baillie Gifford International Concentrated Growth Equities Fund		8,624,237		10,502,356		—			—		31,385,840		50,512,433
Baillie Gifford International Growth Fund		589,105		72,613,489		—			—		2,814,204,889		2,887,407,483
Baillie Gifford International Smaller Companies Fund		5,187		19,401		—			—		737,469		762,057
Baillie Gifford Long Term Global Growth Fund		—		9,537,814		—			—		408,922,913		418,460,727
Baillie Gifford Positive Change Equities Fund		359,178		2,865,619		—			—		31,075,467		34,300,264
Baillie Gifford U.S. Equity Growth Fund		—		3,457,171		—			—		35,417,154		38,874,325

For the years or periods ended December 31, 2020 and December 31, 2019, the tax characters of the dividends paid were:

Fund	Ordinary Income 2020		Long Term Capital Gains 2020		Return of Capital 2020		Ordinary Income 2019		Long Term Capital Gains 2019		Return of Capital 2019
Baillie Gifford China A Shares Fund	$	14,115	$	—	$	—	$	—	$	—	$	—
Baillie Gifford Developed EAFE All Cap Fund		5,933,576		—		—		6,581,515		—		—
Baillie Gifford EAFE Plus All Cap Fund		5,070,822		7,376,237		—		8,616,780		7,464,348		—
Baillie Gifford Emerging Markets Equities Fund		79,639,454		—		—		116,158,167		25,854,368		—
Baillie Gifford Global Alpha Equities Fund		9,585,960		73,839,639		—		31,925,808		20,192,670		—
Baillie Gifford Global Stewardship Equities Fund		2,763		220,827		—		8,996		33,776		—
Baillie Gifford International Alpha Fund		27,591,429		67,119,816		—		61,639,182		60,118,386		—
Baillie Gifford International Concentrated Growth Equities Fund		5,409,561		49,069,469		—		177,122		—		—
Baillie Gifford International Growth Fund		733,011		418,505,830		—		32,396,205		3,452,711		—
Baillie Gifford International Smaller Companies Fund		1,323		78,879		—		29,458		—		—
Baillie Gifford Long Term Global Growth Fund		—		59,731,910		—		—		468,999		—
Baillie Gifford Positive Change Equities Fund		—		3,632,951		—		71,477		34,542		—
Baillie Gifford U.S. Equity Growth Fund		—		3,128,038		—		40,789		190,799		—

For tax purposes, short-term capital gain distributions, if any, are considered ordinary income distributions.

The Funds' cost of investments and gross unrealized appreciation (depreciation) at December 31, 2020 for U.S. federal income tax purposes were as follows:

Fund	Cost of Investments		Gross Appreciation		Gross Depreciation			Net Appreciation (Depreciation)
Baillie Gifford China A Shares Fund	$	1,059,629	$	935,102	$	(23,392	)	$	911,710
Baillie Gifford Developed EAFE All Cap Fund		364,118,051		234,725,036		(15,937,968	)		218,787,068
Baillie Gifford EAFE Plus All Cap Fund		463,108,612		271,535,485		(14,619,413	)		256,916,072
Baillie Gifford Emerging Markets Equities Fund		3,823,682,586		2,499,601,587		(206,315,323	)		2,293,286,264
Baillie Gifford Global Alpha Equities Fund		880,211,702		669,963,235		(34,120,317	)		635,842,918
Baillie Gifford Global Stewardship Equities Fund		3,235,408		3,046,849		(95,457	)		2,951,392
Baillie Gifford International Alpha Fund		2,489,338,038		1,668,610,259		(46,003,537	)		1,622,606,722
Baillie Gifford International Concentrated Growth Equities Fund		33,140,227		31,954,395		(478,794	)		31,475,601
Baillie Gifford International Growth Fund		1,707,783,976		2,874,042,477		(59,565,113	)		2,814,477,364
Baillie Gifford International Smaller Companies Fund		1,107,077		824,160		(86,717	)		737,443
Baillie Gifford Long Term Global Growth Fund		383,425,030		411,653,261		(2,743,299	)		408,909,962
Baillie Gifford Positive Change Equities Fund		63,747,102		31,624,889		(550,499	)		31,074,390
Baillie Gifford U.S. Equity Growth Fund		63,790,341		35,951,715		(534,561	)		35,417,154

Fund	Average Daily Net Assets of the Fund (billions)	Annual Rate at Each Asset Level
Baillie Gifford Global Stewardship Equities Fund	$0 - $2 >$2 - $5 Above $5	0.33 0.29% 0.27%%
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 Positive Change Equities Fund	$0 - $2 >$2 - $5 Above $5	0.33 0.29% 0.27%%
Baillie Gifford U.S. Equity Growth Fund	$0 - $2 >$2 - $5 Above $5	0.33 0.29% 0.27%%

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 following amounts:

Fund	Class	Expense Limitation			Expiration Date
Baillie Gifford China A Shares Fund	Class K		0.87	%	April 30, 2021
	Institutional Class		0.87	%	April 30, 2021
Baillie Gifford Global Stewardship Equities Fund	Class K		0.65	%	April 30, 2021
	Institutional Class		0.65	%	April 30, 2021
Baillie Gifford International Concentrated Growth Equities Fund	Class K		0.72	%	April 30, 2021
	Institutional Class		0.72	%	April 30, 2021
Baillie Gifford International Smaller Companies Fund	Class K		0.90	%	April 30, 2021
	Institutional Class		0.90	%	April 30, 2021
Baillie Gifford Long Term Global Growth Fund	Class 2		0.77	%	April 30, 2021
	Class 3		0.70	%	April 30, 2021
	Class 4		0.67	%	April 30, 2021
	Class 5		0.62	%	April 30, 2021
	Class K		0.77	%	April 30, 2021
	Institutional Class		0.77	%	April 30, 2021
Baillie Gifford Positive Change Equities Fund	Class K		0.65	%	April 30, 2021
	Institutional Class		0.65	%	April 30, 2021
Baillie Gifford U.S. Equity Growth Fund	Class K		0.65	%	April 30, 2021
	Institutional Class		0.65	%	April 30, 2021

Waived fees 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 mentioned in the following table 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 as follows:

	Baillie Gifford Developed EAFE All Cap Fund			Baillie Gifford EAFE Plus All Cap Fund			Baillie Gifford Emerging Markets Equities Fund			Baillie Gifford Global Alpha Equities Fund			Baillie Gifford International Alpha Fund			Baillie Gifford International Growth Fund			Baillie Gifford Long Term Global Growth Fund
Class 2		0.17	%		0.17	%		0.17	%		0.17	%		0.17	%		0.17	%		0.17	%
Class 3		0.10	%		0.10	%		0.10	%		0.10	%		0.10	%		0.10	%		0.10	%
Class 4		0.07	%		0.07	%		0.07	%		0.07	%		0.07	%		0.07	%		0.07	%
Class 5		0.02	%		0.02	%		0.02	%		0.02	%		0.02	%		0.02	%		0.02	%

Fund	Purchases		Sales
Baillie Gifford International Alpha Fund	$	1,412,620,262	$	725,844,360
Baillie Gifford International Concentrated Growth Equities Fund		70,052,892		193,086,777
Baillie Gifford International Growth Fund		858,330,496		1,172,522,931
Baillie Gifford International Smaller Companies Fund		226,164		266,463
Baillie Gifford Long Term Global Growth Fund		286,247,369		194,561,908
Baillie Gifford Positive Change Equities Fund		53,719,518		19,759,742
Baillie Gifford U.S. Equity Growth Fund		57,523,596		15,067,612

Note D — Transactions in Shares of Beneficial Interest

	Baillie Gifford China A Shares Fund
	Class K Shares For the Year Ended December 31, 2020						Institutional Class Shares For the Year Ended December 31, 2020
	Shares			Amount			Shares		Amount
Shares sold		—		$	—			—	$	—
Shares issued in reinvestment of dividends and distributions		373			7,058			373		7,057
Shares redeemed		—			—			—		—
Net increase (decrease)	$	373		$	7,058		$	373	$	7,057
	Baillie Gifford China A Shares Fund
	Class K Shares For the Period Ended December 31, 2019						Institutional Class Shares For the Period Ended December 31, 2019
	Shares			Amount			Shares		Amount
Shares sold		50,000		$	500,000			50,000	$	500,000
Shares issued in reinvestment of dividends and distributions		—			—			—		—
Shares redeemed		—			—			—		—
Net increase (decrease)	$	50,000		$	500,000		$	50,000	$	500,000
	Baillie Gifford Developed EAFE All Cap Fund
	Class 2 Shares For the Year Ended December 31, 2020						Class 3 Shares For the Year Ended December 31, 2020
	Shares			Amount			Shares		Amount
Shares sold		459		$	6,000			—	$	—
Shares issued in reinvestment of dividends and distributions		130,567			2,184,122			68,588		1,158,667
Shares redeemed		(4,340,986	)		(65,191,959	)		—		—
Net increase (decrease)		(4,209,960	)	$	(63,001,837	)		68,588	$	1,158,667

	Baillie Gifford Developed EAFE All Cap Fund
	Class K Shares For the Year Ended December 31, 2020						Institutional Class Shares For the Year Ended December 31, 2020
	Shares			Amount			Shares			Amount
Shares sold		781,546		$	9,101,965			1,343,178		$	17,007,484
Shares issued in reinvestment of dividends and distributions		141,302			2,359,735			6,555			109,348
Shares redeemed		(4,944,572	)		(62,538,353	)		(1,318,718	)		(17,016,373	)
Net increase (decrease)		(4,021,724	)	$	(51,076,653	)		31,015		$	100,459
	Baillie Gifford Developed EAFE All Cap Fund
	Class 2 Shares For the Year Ended December 31, 2019						Class 3 Shares For the Year Ended December 31, 2019
	Shares			Amount			Shares			Amount
Shares sold		519		$	6,000			—		$	—
Shares issued in reinvestment of dividends and distributions		196,688			2,596,461			75,196			1,002,546
Shares redeemed		(794,863	)		(9,000,000	)		—			—
Net increase (decrease)		(597,656	)	$	(6,397,539	)		75,196		$	1,002,546
	Baillie Gifford Developed EAFE All Cap Fund
	Class K Shares For the Year Ended December 31, 2019						Institutional Class Shares For the Year Ended December 31, 2019
	Shares			Amount			Shares			Amount
Shares sold		5,978,804		$	73,243,343			587,848		$	7,084,206
Shares issued in reinvestment of dividends and distributions		199,149			2,624,780			8,164			107,514
Shares redeemed		(2,529,710	)		(29,311,401	)		(80,919	)		(990,117	)
Net increase (decrease)		3,648,243		$	46,556,722			515,093		$	6,201,603
	Baillie Gifford EAFE Plus All Cap Fund
	Class 2 Shares For the Year Ended December 31, 2020						Class 3 Shares For the Year Ended December 31, 2020
	Shares			Amount			Shares			Amount
Shares sold		51,681		$	786,000			6,811,061		$	118,434,820
Shares issued in reinvestment of dividends and distributions		270,825			5,732,100			123,158			2,604,536
Shares redeemed		(2,582,085	)		(45,075,399	)		—			—
Net increase (decrease)		(2,259,579	)	$	(38,557,299	)		6,934,219		$	121,039,356

	Baillie Gifford EAFE Plus All Cap Fund
	Class K Shares For the Year Ended December 31, 2020						Institutional Class Shares For the Year Ended December 31, 2020
	Shares			Amount			Shares			Amount
Shares sold		4,055,108		$	70,360,885			631,289		$	11,245,159
Shares issued in reinvestment of dividends and distributions		163,628			3,452,561			30,886			650,466
Shares redeemed		(1,513,484	)		(28,250,000	)		(172,195	)		(3,196,880	)
Net increase (decrease)		2,705,252		$	45,563,446			489,980		$	8,698,745
	Baillie Gifford EAFE Plus All Cap Fund
	Class 2 Shares For the Year Ended December 31, 2019						Class 3 Shares For the Year Ended December 31, 2019
	Shares			Amount			Shares			Amount
Shares sold		178,140		$	2,723,300			—		$	—
Shares issued in reinvestment of dividends and distributions		660,317			11,089,493			—			—
Shares redeemed		(35,301	)		(528,300	)		—			—
Net increase (decrease)		803,156		$	13,284,493			—		$	—
	Baillie Gifford EAFE Plus All Cap Fund
	Class K Shares For the Year Ended December 31, 2019						Institutional Class Shares For the Year Ended December 31, 2019
	Shares			Amount			Shares			Amount
Shares sold		1,798,306		$	27,900,000			585,572		$	9,046,949
Shares issued in reinvestment of dividends and distributions		247,557			4,146,582			49,558			828,614
Shares redeemed		(90,034	)		(1,375,000	)		(51,426	)		(805,468	)
Net increase (decrease)		1,955,829		$	30,671,582			583,704		$	9,070,095
	Baillie Gifford Emerging Markets Equities Fund
	Class 2 Shares For the Year Ended December 31, 2020						Class 3 Shares For the Year Ended December 31, 2020
	Shares			Amount			Shares			Amount
Shares sold		433,207		$	10,006,000			—		$	—
Shares issued in reinvestment of dividends and distributions		67,036			1,826,111			79,451			2,184,364
Shares redeemed		(736,002	)		(13,000,000	)		(9,780,806	)^(a)		(218,894,438	)^(a)
Net increase (decrease)		(235,759	)	$	(1,167,889	)		(9,701,355	)	$	(216,710,074	)

^(a) 9,780,806 shares and $218,894,438 converted from Class 3 into Class 4.

	Baillie Gifford Emerging Markets Equities Fund
	Class 4 Shares For the Year Ended December 31, 2020						Class 5 Shares For the Year Ended December 31, 2020
	Shares			Amount			Shares			Amount
Shares sold		9,649,345	^(b)	$	218,894,438	^(b)		12,179,541		$	232,200,000
Shares issued in reinvestment of dividends and distributions		129,657			3,613,950			915,065			25,856,285
Shares redeemed		—			—			(4,209,013	)		(112,120,000	)
Net increase (decrease)		9,779,002		$	222,508,388			8,885,593		$	145,936,285

^(b) 9,649,345 shares and $218,894,438 converted into Class 4 from Class 3.

	Baillie Gifford Emerging Markets Equities Fund
	Class K Shares For the Year Ended December 31, 2020						Institutional Class Shares For the Year Ended December 31, 2020
	Shares			Amount			Shares			Amount
Shares sold		40,913,876		$	851,114,264			23,699,958		$	497,607,207
Shares issued in reinvestment of dividends and distributions		888,988			24,127,144			541,663			14,702,902
Shares redeemed		(14,622,141	)		(280,870,445	)		(10,401,670	)		(214,228,570	)
Net increase (decrease)		27,180,723		$	594,370,963			13,839,951		$	298,081,539
	Baillie Gifford Emerging Markets Equities Fund
	Class 2 Shares For the Year Ended December 31, 2019						Class 3 Shares For the Year Ended December 31, 2019
	Shares			Amount			Shares			Amount
Shares sold		345,334		$	7,306,000			5,731,888	^(c)	$	106,960,476	^(c)
Shares issued in reinvestment of dividends and distributions		202,888			4,430,516			588,293			12,961,322
Shares redeemed		(5,927,081	)^(d)		(109,960,476	)^(d)		—			—
Net increase (decrease)		(5,378,859	)	$	(98,223,960	)		6,320,181		$	119,921,798

^(c) 5,731,888 shares and $106,960,476 converted into Class 3 from Class 2.

^(d) 5,781,084 shares and $106,960,476 converted from Class 2 into Class 3.

	Baillie Gifford Emerging Markets Equities Fund
	Class 5 Shares For the Year Ended December 31, 2019						Class K Shares For the Year Ended December 31, 2019
	Shares			Amount			Shares			Amount
Shares sold		339,491		$	7,000,000			39,089,342	^(e)	$	797,388,161	^(e)
Shares issued in reinvestment of dividends and distributions		2,195,036			49,677,405			1,848,743			40,228,644
Shares redeemed		(1,680,402	)		(34,320,000	)		(7,957,791	)		(158,716,823	)
Net increase (decrease)		854,125		$	22,357,405			32,980,294		$	678,899,982

^(e) 6,907,896 shares and $144,490,534 converted into Class K from Institutional Class.

	Baillie Gifford Emerging Markets Equities Fund
	Institutional Class Shares For the Year Ended December 31, 2019
	Shares			Amount
Shares sold		25,316,056		$	498,938,452
Shares issued in reinvestment of dividends and distributions		1,129,370			24,574,424
Shares redeemed		(10,339,139	)^(f)		(213,958,164	)^(f)
Net increase (decrease)		16,106,287		$	309,554,712

^(f) 6,914,479 shares and $144,490,534 converted from Institutional Class into Class K.

	Baillie Gifford Global Alpha Equities Fund
	Class 2 Shares For the Year Ended December 31, 2020						Class 3 Shares For the Year Ended December 31, 2020
	Shares			Amount			Shares			Amount
Shares sold		1,395,617		$	21,406,000			—		$	—
Shares issued in reinvestment of dividends and distributions		663,645			13,975,368			701,609			15,207,661
Shares redeemed		(767,153	)		(12,867,763	)		(21,376,629	)^(a)		(440,824,236	)^(a)
Net increase (decrease)		1,292,109		$	22,513,605			(20,675,020	)	$	(425,616,575	)

^(a) 21,047,679 shares and $433,824,236 converted from Class 3 into Class 4.

	Baillie Gifford Global Alpha Equities Fund
	Class 4 Shares For the Year Ended December 31, 2020						Class K Shares For the Year Ended December 31, 2020
	Shares			Amount			Shares			Amount
Shares sold		21,747,419	^(b)	$	453,824,236	^(b)		8,761,839		$	162,657,595
Shares issued in reinvestment of dividends and distributions		1,651,924			36,754,305			757,044			15,897,930
Shares redeemed		(1,398,930	)		(25,000,000	)		(1,779,493	)		(36,392,473	)
Net increase (decrease)		22,000,413		$	465,578,541			7,739,390		$	142,163,052

^(b) 20,503,932 shares and $433,824,236 converted into Class 4 from Class 3.

	Baillie Gifford Global Alpha Equities Fund
	Institutional Class Shares For the Year Ended December 31, 2020
	Shares			Amount
Shares sold		1,312,156		$	22,514,998
Shares issued in reinvestment of dividends and distributions		75,658			1,590,334
Shares redeemed		(79,590	)		(1,613,033	)
Net increase (decrease)		1,308,224		$	22,492,299

	Baillie Gifford Global Alpha Equities Fund
	Class 2 Shares For the Year Ended December 31, 2019						Class 3 Shares For the Year Ended December 31, 2019
	Shares			Amount			Shares			Amount
Shares sold		352,252		$	5,506,000			536,067		$	8,000,000
Shares issued in reinvestment of dividends and distributions		570,983			9,449,544			1,794,175			30,477,830
Shares redeemed		(253,860	)		(4,000,000	)		(2,060,990	)		(33,788,000	)
Net increase (decrease)		669,375		$	10,955,544			269,252		$	4,689,830
	Baillie Gifford Global Alpha Equities Fund
	Class 4 Shares For the Year Ended December 31, 2019						Class K Shares For the Year Ended December 31, 2019
	Shares			Amount			Shares			Amount
Shares sold		—		$	—			2,248,756		$	34,752,614
Shares issued in reinvestment of dividends and distributions		443,524			7,732,135			270,053			4,458,584
Shares redeemed		—			—			(733,836	)		(11,265,988	)
Net increase (decrease)		443,524		$	7,732,135			1,784,973		$	27,945,210

	Baillie Gifford Global Alpha Equities Fund
	Institutional Class Shares For the Year Ended December 31, 2019
	Shares		Amount
Shares sold		—	$	—
Shares issued in reinvestment of dividends and distributions		24		386
Shares redeemed		—		—
Net increase (decrease)		24	$	386

	Baillie Gifford Global Stewardship Equities Fund
	Class K Shares For the Year Ended December 31, 2020						Institutional Class Shares For the Year Ended December 31, 2020
	Shares			Amount			Shares			Amount
Shares sold		—		$	—			—		$	—
Shares issued in reinvestment of dividends and distributions		5,710			111,795			5,709			111,795
Shares redeemed		—			—			—			—
Net increase (decrease)		5,710		$	111,795			5,709		$	111,795
	Baillie Gifford Global Stewardship Equities Fund
	Class K Shares For the Year Ended December 31, 2019						Institutional Class Shares For the Year Ended December 31, 2019
	Shares			Amount			Shares			Amount
Shares sold		—		$	—			—		$	—
Shares issued in reinvestment of dividends and distributions		1,828			21,386			1,828			21,386
Shares redeemed		—			—			—			—
Net increase (decrease)		1,828		$	21,386			1,828		$	21,386
	Baillie Gifford International Alpha Fund
	Class 2 Shares For the Year Ended December 31, 2020						Class 3 Shares For the Year Ended December 31, 2020
	Shares			Amount			Shares			Amount
Shares sold		7,362,309		$	72,006,000			23,777,552	^(b)	$	295,090,505	^(b)
Shares issued in reinvestment of dividends and distributions		490,406			8,221,408			1,000,902			17,027,749
Shares redeemed		(23,786,305	)^(a)		(294,390,504	)^(a)		(28,848,451	)^(c)		(453,876,207	)^(c)
Net increase (decrease)		(15,933,590	)	$	(214,163,096	)		(4,069,997	)	$	(141,757,953	)

^(a) 21,633,450 shares and $262,890,504 converted from Class 2 into Class 3.

^(b) 21,327,203 shares and $262,890,504 converted into Class 3 from Class 2.

^(c) 25,129,907 shares and $394,280,702 converted from Class 3 into Class 4.

	Baillie Gifford International Alpha Fund
	Class 4 Shares For the Year Ended December 31, 2020						Class 5 Shares For the Year Ended December 31, 2020
	Shares			Amount			Shares		Amount
Shares sold		24,894,421	^(d)	$	397,280,701	^(d)		933,778	$	11,000,000
Shares issued in reinvestment of dividends and distributions		1,424,466			24,650,239			192,144		3,388,104
Shares redeemed		(5,267,481	)		(84,000,000	)		—		—
Net increase (decrease)		21,051,406		$	337,930,940			1,125,922	$	14,388,104

^(d) 24,699,662 shares and $394,280,702 converted into Class 4 from Class 3.

	Baillie Gifford International Alpha Fund
	Class K Shares For the Year Ended December 31, 2020						Institutional Class Shares For the Year Ended December 31, 2020
	Shares			Amount			Shares			Amount
Shares sold		33,933,960	^(e)	$	488,403,549	^(e)		41,667,953	^(g)	$	572,999,510	^(g)
Shares issued in reinvestment of dividends and distributions		1,317,169			21,998,469			987,601			16,542,889
Shares redeemed		(12,293,910	)^(f)		(180,996,529	)^(f)		(8,421,705	)^(h)		(120,707,617	)^(h)
Net increase (decrease)		22,957,219		$	329,405,489			34,233,849		$	468,834,782

^(e) 3,152,072 shares and $43,253,757 converted into Class K from Institutional Class.

^(f) 29,884 shares and $442,302 converted from Class K into Institutional Class.

^(g) 29,783 shares and $442,302 converted into Institutional Class from Class K.

^(h) 3,142,905 shares and $43,253,757 converted from Institutional Class into Class K.

	Baillie Gifford International Alpha Fund
	Class 2 Shares For the Year Ended December 31, 2019						Class 3 Shares For the Year Ended December 31, 2019
	Shares			Amount			Shares			Amount
Shares sold		8,507,431	⁽ⁱ⁾	$	107,216,862	⁽ⁱ⁾		15,916,592	^(j)	$	202,113,924	^(j)
Shares issued in reinvestment of dividends and distributions		1,793,560			24,482,634			2,288,958			31,689,022
Shares redeemed		(3,555,835	)		(44,700,000	)		(25,793,251	)^(k)		(335,095,740	)^(k)
Net increase (decrease)		6,745,156		$	86,999,496			(7,587,701	)	$	(101,292,794	)

⁽ⁱ⁾ 7,357,093 shares and $92,210,862 converted into Class 2 from Class 3.

^(j) 15,604,447 shares and $198,213,924 converted into Class 3 from Class 4.

^(k) 7,259,326 shares and $92,210,862 converted from Class 3 into Class 2 and 15,604,447 shares and $204,511,879 converted from Class 3 into Class 4.

	Baillie Gifford International Alpha Fund
	Class 4 Shares For the Year Ended December 31, 2019						Class 5 Shares For the Year Ended December 31, 2019
	Shares			Amount			Shares		Amount
Shares sold		15,348,444	^(l)	$	204,511,879	^(l)		—	$	—
Shares issued in reinvestment of dividends and distributions		1,939,766			27,316,172			341,248		4,893,497
Shares redeemed		(15,349,714	)^(m)		(198,213,924	)^(m)		—		—
Net increase (decrease)		1,938,496		$	33,614,127			341,248	$	4,893,497

^(l) 15,348,444 shares and $204,511,879 converted into Class 4 from Class 3.

^(m) 15,349,714 shares and $198,213,924 converted from Class 4 into Class 3.

	Baillie Gifford International Alpha Fund
	Class K Shares For the Year Ended December 31, 2019						Institutional Class Shares For the Year Ended December 31, 2019
	Shares			Amount			Shares			Amount
Shares sold		15,999,769		$	197,754,519			8,054,702	^(o)	$	100,370,867	^(o)
Shares issued in reinvestment of dividends and distributions		1,769,959			24,087,396			445,383			6,083,368
Shares redeemed		(2,884,462	)⁽ⁿ⁾		(36,825,366	)⁽ⁿ⁾		(2,727,853	)		(33,820,482	)
Net increase (decrease)		14,885,266		$	185,016,549			5,772,232		$	72,633,753

⁽ⁿ⁾ 10,676 shares and $141,572 converted from Class K into Institutional Class.

^(o) 10,644 shares and $141,572 converted into Institutional Class from Class K.

	Baillie Gifford International Concentrated Growth Equities Fund
	Class K Shares For the Year Ended December 31, 2020						Institutional Class Shares For the Year Ended December 31, 2020
	Shares			Amount			Shares			Amount
Shares sold		2,646,999		$	33,989,078			1,288,248		$	21,921,486
Shares issued in reinvestment of dividends and distributions		3,145,048			38,023,629			1,136,294			13,601,434
Shares redeemed		(10,365,471	)		(178,597,888	)		(1,016,427	)		(13,118,779	)
Net increase (decrease)		(4,573,424	)	$	(106,585,181	)		1,408,115		$	22,404,141

	Baillie Gifford International Concentrated Growth Equities Fund
	Class K Shares For the Year Ended December 31, 2019						Institutional Class Shares For the Year Ended December 31, 2019
	Shares			Amount			Shares			Amount
Shares sold		1,622,013		$	20,684,000			16,086		$	176,417
Shares issued in reinvestment of dividends and distributions		13,687			175,602			111			1,431
Shares redeemed		—			—			(1,567	)		(14,572	)
Net increase (decrease)		1,635,700		$	20,859,602			14,630		$	163,276
	Baillie Gifford International Growth Fund
	Class 2 Shares For the Year Ended December 31, 2020						Class 3 Shares For the Year Ended December 31, 2020
	Shares			Amount			Shares			Amount
Shares sold		5,590,575		$	81,506,000			34,452,980	^(b)	$	592,448,173	^(b)
Shares issued in reinvestment of dividends and distributions		2,589,071			55,541,011			2,976,844	^(c)		64,060,790	^(c)
Shares redeemed		(40,310,173	)^(a)		(695,348,173	)^(a)		(42,757,002	)		(764,520,237	)
Net increase (decrease)		(32,130,527	)	$	(558,301,162	)		(5,327,178	)	$	(108,011,274	)

^(a) 34,160,773 shares and $585,048,173 converted from Class 2 into Class 3.

^(b) 34,079,090 shares and $585,048,173 converted from Class 2 into Class 3.

^(c) 25,065,507 shares and $434,310,417 converted from Class 3 into Class 4.

	Baillie Gifford International Growth Fund
	Class 4 Shares For the Year Ended December 31, 2020						Class 5 Shares For the Year Ended December 31, 2020
	Shares			Amount			Shares			Amount
Shares sold		25,043,754	^(d)	$	434,310,417	^(d)		—		$	—
Shares issued in reinvestment of dividends and distributions		4,238,692			91,315,840			7,885,948			170,297,829
Shares redeemed		(3,853,216	)		(78,000,000	)		(11,604,279	)		(225,000,000	)
Net increase (decrease)		25,429,230		$	447,626,257			(3,718,331	)	$	(54,702,171	)

^(d) 25,043,754 shares and $434,310,417 converted from Class 3 into Class 4.

	Baillie Gifford International Growth Fund
	Class K Shares For the Year Ended December 31, 2020						Institutional Class Shares For the Year Ended December 31, 2020
	Shares			Amount			Shares			Amount
Shares sold		5,745,433		$	115,840,279			12,952,871		$	230,631,609
Shares issued in reinvestment of dividends and distributions		320,740			6,873,455			1,347,216			28,803,483
Shares redeemed		(12,214	)		(229,035	)		(1,797,254	)		(32,662,300	)
Net increase (decrease)		6,053,959		$	122,484,699			12,502,833		$	226,772,792
	Baillie Gifford International Growth Fund
	Class 2 Shares For the Year Ended December 31, 2019						Class 3 Shares For the Year Ended December 31, 2019
	Shares			Amount			Shares			Amount
Shares sold		5,107,421		$	64,526,000			819,205		$	9,300,000
Shares issued in reinvestment of dividends and distributions		660,349			9,691,346			435,063			6,398,737
Shares redeemed		(4,742,078	)		(63,189,038	)		(393,803	)		(5,000,000	)
Net increase (decrease)		1,025,692		$	11,028,308			860,465		$	10,698,737
	Baillie Gifford International Growth Fund
	Class 4 Shares For the Year Ended December 31, 2019						Class 5 Shares For the Year Ended December 31, 2019
	Shares			Amount			Shares			Amount
Shares sold		—		$	—			—		$	—
Shares issued in reinvestment of dividends and distributions		230,029			3,385,754			1,089,463			16,066,961
Shares redeemed		—			—			—			—
Net increase (decrease)		230,029		$	3,385,754			1,089,463		$	16,066,961
	Baillie Gifford International Growth Fund
	Class K Shares For the Year Ended December 31, 2019						Institutional Class Shares For the Year Ended December 31, 2019
	Shares			Amount			Shares			Amount
Shares sold		—		$	—			1,790,773		$	21,930,555
Shares issued in reinvestment of dividends and distributions		5			77			19,517			285,728
Shares redeemed		—			—			(162,113	)		(2,123,738	)
Net increase (decrease)		5		$	77			1,648,177		$	20,092,545

	Baillie Gifford International Smaller Companies Fund
	Class K Shares For the Year Ended December 31, 2020						Institutional Class Shares For the Year Ended December 31, 2020
	Shares			Amount			Shares			Amount
Shares sold		—		$	—			—		$	—
Shares issued in reinvestment of dividends and distributions		2,310			40,101			2,311			40,101
Shares redeemed		—			—			—			—
Net increase (decrease)		2,310		$	40,101			2,311		$	40,101
	Baillie Gifford International Smaller Companies Fund
	Class K Shares For the Year Ended December 31, 2019						Institutional Class Shares For the Year Ended December 31, 2019
	Shares			Amount			Shares			Amount
Shares sold		—		$	—			—		$	—
Shares issued in reinvestment of dividends and distributions		1,198			14,729			1,198			14,729
Shares redeemed		—			—			—			—
Net increase (decrease)		1,198		$	14,729			1,198		$	14,729
	Baillie Gifford Long Term Global Growth Fund
	Class 2 Shares For the Year Ended December 31, 2020						Class 4 Shares For the Year Ended December 31, 2020
	Shares			Amount			Shares			Amount
Shares sold		6,508		$	164,000			—		$	—
Shares issued in reinvestment of dividends and distributions		268,661			10,181,428			—			—
Shares redeemed		(333,008	)		(12,000,000	)		(3,085,974	)^(a)		(113,363,867	)^(a)
Net increase (decrease)		(57,839	)	$	(1,654,572	)		(3,085,974	)	$	(113,363,867	)

^(a) 2,948,106 shares and $109,513,867 converted from Class 4 into Class 5.

	Baillie Gifford Long Term Global Growth Fund
	Class 5 Shares For the Year Ended December 31, 2020						Class K Shares For the Year Ended December 31, 2020
	Shares			Amount			Shares			Amount
Shares sold		2,745,672	^(b)	$	109,513,867	^(b)		1,689,135		$	52,083,127
Shares issued in reinvestment of dividends and distributions		137,077			6,648,326			448,850			17,015,889
Shares redeemed		(684,445	)		(32,000,000	)		(2,966,787	)		(83,087,481	)
Net increase (decrease)		2,198,304		$	84,162,193			(828,802	)	$	(13,988,465	)

^(b) 2,745,672 shares and $109,513,867 converted into Class 5 from Class 4.

	Baillie Gifford Long Term Global Growth Fund
	Institutional Class Shares For the Year Ended December 31, 2020
	Shares			Amount
Shares sold		6,896,944		$	223,565,185
Shares issued in reinvestment of dividends and distributions		684,278			25,886,267
Shares redeemed		(1,199,421	)		(38,874,654	)
Net increase (decrease)		6,381,801		$	210,576,798

	Baillie Gifford Long Term Global Growth Fund
	Class 2 Shares For the Year Ended December 31, 2019						Class 4 Shares For the Year Ended December 31, 2019
	Shares			Amount			Shares			Amount
Shares sold		8,620		$	155,750			3,082,248	^(c)	$	67,193,017	^(c)
Shares issued in reinvestment of dividends and distributions		4,929			102,829			3,726			91,124
Shares redeemed		(54,170	)		(1,000,000	)		—			—
Net increase (decrease)		(40,621	)	$	(741,421	)		3,085,974		$	67,284,141

^(c) 3,082,248 shares and $67,193,017 converted into Class 4 from Class 5.

	Baillie Gifford Long Term Global Growth Fund
	Class 5 Shares For the Year Ended December 31, 2019						Class K Shares For the Year Ended December 31, 2019
	Shares			Amount			Shares			Amount
Shares sold		—		$	—			1,791,287		$	34,246,083
Shares issued in reinvestment of dividends and distributions		—			—			9,307			194,231
Shares redeemed		(2,981,486	)^(d)		(69,693,017	)^(d)		(80,257	)		(1,500,000	)
Net increase (decrease)		(2,981,486	)	$	(69,693,017	)		1,720,337		$	32,940,314

^(d) 2,872,319 shares and $67,193,017 converted from Class 5 into Class 4.

	Baillie Gifford Long Term Global Growth Fund
	Institutional Class Shares For the Year Ended December 31, 2019
	Shares			Amount
Shares sold		2,904,872		$	50,656,366
Shares issued in reinvestment of dividends and distributions		3,876			80,814
Shares redeemed		(172,633	)		(3,117,562	)
Net increase (decrease)		2,736,115		$	47,619,618

	Baillie Gifford Positive Change Equities Fund
	Class K Shares For the Year Ended December 31, 2020						Institutional Class Shares For the Year Ended December 31, 2020
	Shares			Amount			Shares			Amount
Shares sold		1,527,722		$	29,045,519			807,287		$	15,232,525
Shares issued in reinvestment of dividends and distributions		63,836			1,516,124			56,904			1,350,344
Shares redeemed		(301,001	)		(5,528,256	)		(150,680	)		(3,001,141	)
Net increase (decrease)		1,290,557		$	25,033,387			713,511		$	13,581,728
	Baillie Gifford Positive Change Equities Fund
	Class K Shares For the Year Ended December 31, 2019						Institutional Class Shares For the Year Ended December 31, 2019
	Shares			Amount			Shares			Amount
Shares sold		712,396		$	8,086,054			72,635		$	884,224
Shares issued in reinvestment of dividends and distributions		1,416			18,677			3,087			40,744
Shares redeemed		—			—			(861	)		(10,610	)
Net increase (decrease)		713,812		$	8,104,731			74,861		$	914,358
	Baillie Gifford U.S. Equity Growth Fund
	Class K Shares For the Year Ended December 31, 2020						Institutional Class Shares For the Year Ended December 31, 2020
	Shares			Amount			Shares			Amount
Shares sold		862,472		$	26,113,885			991,300		$	29,537,484
Shares issued in reinvestment of dividends and distributions		43,694			1,747,331			33,339			1,331,225
Shares redeemed		(208,574	)		(7,048,968	)		(140,455	)		(4,481,602	)
Net increase (decrease)		697,592		$	20,812,248			884,184		$	26,387,107
	Baillie Gifford U.S. Equity Growth Fund
	Class K Shares For the Year Ended December 31, 2019						Institutional Class Shares For the Year Ended December 31, 2019*
	Shares			Amount			Shares			Amount
Shares sold		6,450		$	117,664			228,252		$	3,569,371
Shares issued in reinvestment of dividends and distributions		10,024			185,245			2,510			46,343
Shares redeemed		—			—			(41,228	)		(732,087	)
Net increase (decrease)		16,474		$	302,909			189,534		$	2,883,627

* Includes a reimbursement from the Manager of $8,698 plus interest as a result of errors in the application of contractual expense waivers and subsequent purchase and redemption activity in the period.

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 December 31, 2020, the following shareholders beneficially owned 25% or more of a Fund's voting securities:

Fund	Investor	Percentage
Baillie Gifford China A Shares Fund	Baillie Gifford International LLC		100.00	%
Baillie Gifford Global Stewardship Equities Fund	Baillie Gifford International LLC		100.00	%
Baillie Gifford International Concentrated Growth Equities Fund	Crestone Securities LLC		65.37	%
Baillie Gifford International Growth Fund	Teachers' Retirement System of The State of Kentucky		40.39	%
Baillie Gifford International Smaller Companies Fund	Baillie Gifford International LLC		100.00	%
Baillie Gifford U.S. Equity Growth Fund	President and Fellows of Harvard College		31.27	%

Purchase and redemption activity of these accounts may have a significant effect on the operation of each Fund.

At December 31, 2020, Baillie Gifford International LLC, a wholly owned subsidiary of the Manager, owned 100% of Baillie Gifford China A Shares Fund, Baillie Gifford Global Stewardship Equities Fund and Baillie Gifford International Smaller Companies Fund and as a result may be deemed to control such Funds.

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 A Shares Fund, Baillie Gifford International Concentrated Growth Equities Fund, Baillie Gifford Long Term Global Growth Fund, Baillie Gifford Positive Change Equities Fund, and Baillie Gifford U.S. Equity Growth Fund are all non-diversified Funds.

Market Disruption and Geopolitical Risk

and asset classes. Significant public health crises, including those triggered by the transmission of a communicable disease and efforts to contain it may result in, among other things, border closings and other significant travel restrictions and disruptions, significant disruptions to business operations, supply chains and customer activity, lower consumer demand for goods and services, event cancellations and restrictions, service cancellations, reductions and other changes, significant challenges in healthcare service preparation and delivery, and prolonged quarantines, as well as general concern and uncertainty. All of these disruptive effects were present, for example, in the global pandemic linked to the outbreak of respiratory disease caused by a novel coronavirus designated as COVID-19 that was first reported in China in December 2019.

For further information on the risks of investing in each Fund, please refer to each Fund's prospectus.

Note I — Legal Notice (unaudited)

MSCI

The MSCI information may only be used for your internal use, may not be reproduced or re-disseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information 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. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information.

Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)

FTSE Russell (U.S. Equity Growth)

FTSE Russell is a trading name of certain of the LSE Group companies. Russell^® is a trade mark of the relevant LSE Group companies and is used by any other LSE Group company under license. "TMX^® " is a trade mark of TSX, Inc. and used by the LSE Group 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 and S&P Global Small Cap ("Index") is a product of S&P Dow Jones Indices LLC, a division of S&P Global, or its affiliates ("SPDJI"). Standard & Poor's^® and S&P^® are registered trademarks of Standard & Poor's Financial Services LLC, a division of S&P Global ("S&P"); Dow Jones^® is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"). Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.

Note J — Liquidity Risk Management Program (unaudited)

In accordance with Rule 22e-4 (the "Liquidity Rule") under the 1940 Act, the Funds have adopted and implemented a liquidity risk management program (the "Program"). The purpose of the Program is to outline the techniques, tools and arrangements employed for the

management of liquidity risk within the Funds, and the terms, contents and frequency of reporting and escalation of any issues to the Board. Liquidity is managed taking into account of the investment strategy, liquidity profile, and redemption policy and history of each Fund, with the objective of maintaining a level of liquidity that is appropriate in light of each Fund's obligations to its shareholders. The Program assesses liquidity risk under both normal and stressed market conditions.

During the reporting period, the Funds maintained a high level of liquidity and primarily held assets that are defined under the Liquidity Rule as "Highly Liquid Investments." As a result, the Funds, other than Baillie Gifford International Smaller Companies Fund, have not adopted a Highly Liquid Investment minimum. Baillie Gifford International Smaller Companies Fund has adopted a Highly Liquid Investment minimum of 30% and complied with the Highly Liquid Investment minimum throughout the period. A Highly Liquid Investment is defined as cash and any investment reasonably expected to be convertible to cash in current market conditions in three business days or less without the conversion to cash significantly changing the market value of the investment.

During the reporting period, there were no liquidity events that materially affected the performance of the Funds or their ability to timely meet redemptions without dilution to existing shareholders. The Manager, which has been designated by the Board to administer the Program, determined that, during the reporting period, the Program operated adequately and effectively to manage the Funds' liquidity risk. There can be no assurance that the Program will achieve its objectives in the future. Further information on liquidity risks applicable to the Funds can be found in the Funds' prospectuses.

Note K — 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.

As of April 30, 2021, Baillie Gifford China A Shares Fund will be renamed Baillie Gifford China A Shares Growth Fund.

There were no subsequent events identified between December 31, 2020 and the issuance of the Financial Statements.

To the Shareholders and Board of Trustees of
Baillie Gifford Funds

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Baillie Gifford Funds comprising the funds listed below (the "Funds") as of December 31, 2020, the related statements of operations, the statements of changes in net assets, the related notes, and the financial highlights for each of the periods indicated below (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2020, the results of their operations, the changes in net assets, and the financial highlights for each of the periods indicated below in conformity with accounting principles generally accepted in the United States of America.

Fund Name

Statements of Operations

Statements of Changes
in Net Assets

Financial Highlights

Baillie Gifford Developed EAFE All Cap Fund, Baillie Gifford EAFE Plus All Cap Fund, Baillie Gifford Emerging Markets Equities Fund, Baillie Gifford Global Alpha Equities Fund, Baillie Gifford International Alpha Fund, Baillie Gifford International Growth Fund, and Baillie Gifford Long Term Global Growth Fund

For the year ended December 31, 2020

For the years ended December 31, 2020 and 2019

For the years ended December 31, 2020, 2019, 2018, and 2017

Baillie Gifford Global Stewardship Equities Fund, Baillie Gifford International Concentrated Growth Equities Fund, and Baillie Gifford Positive Change Equities Fund

For the year ended December 31, 2020

For the years ended December 31, 2020 and 2019

For the years ended December 31, 2020, 2019, 2018 and for the period from December 14, 2017 (commencement of operations) through December 31, 2017

Baillie Gifford U.S. Equity Growth Fund

For the year ended December 31, 2020

For the years ended December 31, 2020 and 2019

For the years ended December 31, 2020, 2019, 2018 and for the period from April 28, 2017 (commencement of operations) through December 31, 2017

Baillie Gifford International Smaller Companies Fund

For the year ended December 31, 2020

For the years ended December 31, 2020 and 2019

For the years ended December 31, 2020, 2019 and for the period from December 19, 2018 (commencement of operations) through December 31, 2018

Baillie Gifford China A Shares Fund

For the year ended December 31, 2020

For the year ended December 31, 2020 and for the period December 19, 2019 (commencement of operations) through December 31, 2019

The Funds' financial highlights for the year or period ended December 31, 2016, were audited by other auditors whose report dated February 28, 2017, expressed an unqualified opinion on those financial highlights.

Federal Income Tax Information

The Funds intend to designate the maximum amount of dividends that qualify for the reduced tax rate pursuant to the Jobs and Growth Tax Relief Reconciliation Act of 2003 for the year ended December 31, 2020.

For corporate shareholders, the percentage of ordinary income distributions for the year/period ended December 31, 2020 for the corporate dividends-received deduction for each Fund is as follows.

Fund	Qualified Dividend Income			Dividends-received Deductions
Baillie Gifford China A Shares Fund		61.13	%		0.00	%
Baillie Gifford Developed EAFE All Cap Fund		88.87	%		0.00	%
Baillie Gifford EAFE Plus All Cap Fund		89.08	%		0.00	%
Baillie Gifford Emerging Markets Equities Fund		61.04	%		0.00	%
Baillie Gifford Global Alpha Equities Fund		85.48	%		29.64	%
Baillie Gifford Global Stewardship Equities Fund		100.00	%		100.00	%
Baillie Gifford International Alpha Fund		100.00	%		0.00	%
Baillie Gifford International Concentrated Growth Equities Fund		6.81	%		0.06	%
Baillie Gifford International Growth Fund		100.00	%		0.00	%
Baillie Gifford International Smaller Companies Fund		100.00	%		0.00	%
Baillie Gifford Long Term Global Growth Fund		0.00	%		0.00	%
Baillie Gifford Positive Change Equities Fund		0.00	%		0.00	%
Baillie Gifford U.S. Equity Growth Fund		0.00	%		0.00	%

In February 2021, certain U.S. shareholders will be advised on IRS Form 1099 DIV or substitute 1099 DIV as to the U.S. federal tax status of the distributions received in the calendar year 2020.

Foreign Taxes Paid — The following Funds elect under the Code Section 853 to pass through foreign taxes paid to its shareholders. The total amounts of foreign taxes passed through to shareholders on a per share basis for the year ended December 31, 2020, are as follows:

Fund	Foreign Taxes Per Share		Foreign Income Per Share
Baillie Gifford China A Shares Fund		—		—
Baillie Gifford Developed EAFE All Cap Fund		0.0149		0.1904
Baillie Gifford EAFE Plus All Cap Fund		0.0148		0.1693
Baillie Gifford Emerging Markets Equities Fund		0.0485		0.3892
Baillie Gifford Global Alpha Equities Fund		0.0094		0.1106
Baillie Gifford Global Stewardship Equities Fund		—		—
Baillie Gifford International Alpha Fund		0.0180		0.1901
Baillie Gifford International Concentrated Growth Equities Fund		—		—
Baillie Gifford International Growth Fund		0.0035		0.0965
Baillie Gifford International Smaller Companies Fund		—		—
Baillie Gifford Long Term Global Growth Fund		—		—
Baillie Gifford Positive Change Equities Fund		—		—
Baillie Gifford U.S. Equity Growth Fund		—		—

Management of The Trust

The following tables set forth the Trustees and officers of the Trust, their principal occupations during the past five years, and certain other information as of December 31, 2020.

Name and Year of Birth

Position(s)
Held with
Trust

Length of
Time
Served⁽¹⁾

Principal Occupation and Other
Directorships Held During Past 5 Years⁽²⁾

Number of Funds in
Fund complex
overseen by
Trustee⁽³⁾

Indepedent Trustees

Howard W. Chin
1952

Trustee, Chair of the Nominating and Governance Committee⁽⁴⁾

Since 2015

Retired. Formerly: Managing Director, Investments, Guardian Life Insurance (financial services).

Pamela M. J. Cox
1952

Trustee

Since 2017

Retired. Formerly: Senior Associate (non-resident), CSIS (think tank); Senior Vice President; Vice President East Asia, World Bank Group (international bank & financial services).

Bruce C. Long
1945

Trustee, Chair of the Nominating and Governance Committee⁽⁴⁾

Since 2009

Global Financial Consultant.

Robert E. Rigsby
1949

Trustee, Chair of the Audit Oversight Committee

Since 2014

Retired. Formerly: President & COO, Delivery Business at Dominion Energy, Inc. (electric and gas energy company).

Donald P. Sullivan Jr.⁽⁵⁾1954

Trustee

Since 2020

Retired. Formerly: Senior Vice President, Agency Distribution, Guardian Life Insurance (financial services).

Interested Trustee

David Salter⁽⁶⁾1975

Trustee, Chair of the Board, and President

Since 2016 (Previously Vice President since 2014)

Partner, Baillie Gifford & Co. (investment adviser); CEO & Chair, Baillie Gifford Funds Services LLC (broker-dealer).

Name and Year of Birth

Position(s)
Held with
Trust

Length of
Time
Served⁽¹⁾

Principal Occupation During Past 5 Years⁽²⁾

Officers (other than officers who are also Trustees)

Andrew Telfer
1967

Vice President

Since 2008

Managing Partner, Baillie Gifford & Co. (investment adviser).

Michael Stirling-Aird
1977

Vice President

Since 2012

Client Service Director, Baillie Gifford Overseas Limited (investment adviser).

Julie Paul
1975

Vice President

Since 2012

Manager, North American Funds Operations Department, Baillie Gifford & Co. (investment adviser).

Tim Campbell
1975

Vice President

Since 2014

Partner, Baillie Gifford & Co. (investment adviser); Manager, Baillie Gifford International LLC with oversight of marketing performed in North America.

Name and Year of Birth

Position(s)
Held with
Trust

Length of
Time
Served⁽¹⁾

Principal Occupation During Past 5 Years⁽²⁾

Officers (other than officers who are also Trustees)

Lindsay Cockburn
1978

Treasurer

Since 2015

Manager, North American Funds Operations Department, Baillie Gifford & Co. (investment adviser).

Gareth Griffiths
1973

Secretary and Chief Legal Officer

Secretary since 2015; Chief Legal Officer since 2017

Senior Legal Counsel for Baillie Gifford & Co. (investment adviser).

Graham Laybourn
1966

Vice President

Since 2018

Partner, Baillie Gifford & Co. (investment adviser).

Suzanne Quinn
1979

Chief Compliance Officer and AML Compliance Officer

Since 2018

Manager, Compliance Department, Baillie Gifford & Co. (investment adviser).

Evan Delaney
1969

Chief Risk Officer

Since 2013

Partner, Baillie Gifford & Co. (investment adviser); Group Chief Risk Officer, Director of Business Risk and Internal Audit, Baillie Gifford Group (investment adviser).

Lesley-Anne Archibald
1988

Vice President

Since 2017

Assistant Manager, North American Funds Operations Department, Baillie Gifford & Co. (investment adviser).

Kelly Cameron
1989

Vice President

Since 2020

Client Service Manager, Baillie Gifford Overseas Limited (investment adviser).

The address of each Trustee and officer of the Trust is c/o Baillie Gifford Funds, Calton Square, 1 Greenside Row, Edinburgh, Scotland EH1 3AN.

(1) Length of time served relates to the relevant Trustee's or officer's service at the position listed under position(s) held with Trust. There is no stated term of office for the Trustees and a Trustee may serve until such Trustee reaches the age of 75 years. The Chair of the Board and President of the Trust are elected annually by the Board of Trustees. Other officers may be elected or appointed by the Trustees at any time.

(2) Previous positions during the past five years with Baillie Gifford & Co., the Manager, and Baillie Gifford Group are omitted if not materially different from the positions listed.

(3) The number of Funds in the Fund complex overseen by the Trustee includes Baillie Gifford International All Cap Fund and Baillie Gifford Multi Asset Fund, whose reports are prepared separately, and Baillie Gifford Asia Ex Japan Fund and Baillie Gifford Japan Growth Fund; series of the Trust which have not yet commenced operations.

(4) On October 1, 2020 Howard W. Chin took over as Chair of the Nominating and Governance Committee in anticipation of Bruce C. Long's retirement on December 31, 2020.

(5) Donald P. Sullivan Jr. joined the Board as a new trustee on July 1, 2020.

(6) David Salter is an "interested person" (as defined in the 1940 Act) of the Trust or the Manager due to his positions with the Manager and his role as an officer of the Trust.

Baillie Gifford International All Cap Fund

Market Conditions and Review of Performance during 2020

What a year 2020 has been. The novel coronavirus ("COVID-19") pandemic has swept across the globe. It continues to impact people's health and well-being, but also their habits and lives more generally. The observation often attributed to Lenin that, "there are decades where nothing happens and there are weeks where decades happen," has rarely seemed so apt. In many cases, the measures to combat the COVID-19 pandemic included lockdowns of public life to varying, often extreme, degrees. Unsurprisingly, this has had an immense impact on some of the businesses held in the Fund.

In terms of stock attribution, three of the top performers for the past year have been Shopify, Taiwan Semiconductor Manufacturing Company and Zalando.

Shopify, the Canadian listed 'all-in-one' e-commerce solutions provider delivered exceptionally strong operational performance throughout the past year. It has also expanded its services and seen strong growth in its payments and supply chain businesses, as well as the core subscription and merchandise solutions business lines. In many respects, the lockdown environment has been a perfect storm for the business and its customers, which are anyone wanting to sell online.

Taiwan Semiconductor Manufacturing Company, the world's largest dedicated semiconductor foundry, had a good 2020. Over the last year, it had strong operating results and strong order volumes and continues to invest significantly in, expand and improve its production

facilities. Its competition continues to struggle to keep up in terms of investment levels and technology. We believe the outlook for the business is promising with strong demand from high performance computing and 5G telecoms.

Zalando was a further contributor to 2020 performance. The e-commerce company specializes in fashion retail and is the European leader in this space. We believe it has an enormous potential market with the shift of fashion to online, and the company has made long-term investments in its logistics infrastructure. Over the last year it had strong operating results, a significant uptick in user numbers as people migrated online for apparel spend, and also increased spend per user. Even more encouragingly, it has partnered with a number of brick and mortar retailers and is also exploring opportunities to enter new markets.

Amongst the negative contributors to performance during the 12-month period were Hargreaves Lansdown, Raia Drogasil and Treasury Wine Estates.

Raia Drogasil, the Brazilian pharmacy chain, was also a notable detractor. Though it is a business that should benefit at these times, growth has been disappointing, and Brazil, like many other emerging economies, has been hit hard by the COVID-19 pandemic.

Fund Performance for periods ended 12/31/20 (Average Annual Total Returns)

	One Year			% p.a. Five Year			% p.a. Since Inception			Inception Date
Baillie Gifford International All Cap Fund Class 2*		33.31	%		14.27	%		10.88	%	04/09/13
Baillie Gifford International All Cap Fund Class 3		33.40	%		14.35	%		10.94	%	05/01/13
Baillie Gifford International All Cap Fund Class 5**		33.51	%		14.32	%		10.91	%	07/10/19
MSCI ACWI (ex U.S.) Index		11.13	%		9.43	%		6.90	%	09/24/12

* Performance for Class 2 shares prior to their date of inception is derived from the historical performance of Class 1 shares (inception date Septepmber 24, 2012), and has not been adjusted for the lower shareholder servicing fees applicable to Class 2 shares.

** Performance for Class 5 shares prior to their date of inception (July 10, 2019) is derived from the historical performance of Class 2 shares and has not been adjusted for the lower shareholder servicing fees applicable to Class 5 shares. Prior to the inception of Class 2 (April 9, 2013), Class 5 shares historical performance is derived from Class 1 shares and has not been adjusted for the lower shareholder servicing fees applicable to Class 5 shares.

Comparison of the change in value of $10,000 Investment in the Fund's Class 2 share and the index.

	Account Value 7/01/20		Ending Beginning Value 12/31/20		Annualized Account Based on the Period 7/01/20 to 12/31/20			Expense Ratios Expenses Paid During Period*
Baillie Gifford International All Cap Fund — Class 2
Actual	$	1,000	$	1,315.90		0.61	%	$	3.55
Hypothetical (5% return before expenses)	$	1,000	$	1,022.07		0.61	%	$	3.10
Baillie Gifford International All Cap Fund — Class 3
Actual	$	1,000	$	1,316.40		0.54	%	$	3.14
Hypothetical (5% return before expenses)	$	1,000	$	1,022.42		0.54	%	$	2.75
Baillie Gifford International All Cap Fund — Class 5
Actual	$	1,000	$	1,316.90		0.46	%	$	2.68
Hypothetical (5% return before expenses)	$	1,000	$	1,022.82		0.46	%	$	2.34

December 31, 2020
Baillie Gifford International All Cap Fund

	Value		% of Total Net Assets
Apparel	$	23,740,235		4.1	%
Auto Manufacturers		5,460,681		1.0
Auto Parts & Equipment		3,981,940		0.7
Banks		6,265,510		1.1
Beverages		24,791,226		4.3
Building Materials		16,361,655		2.8
Chemicals		14,916,749		2.6
Commercial Services		5,454,938		0.9
Computers		12,224,387		2.1
Cosmetics/Personal Care		15,762,998		2.7
Diversified Financial Services		16,405,834		2.9
Electrical Components & Equipment		3,932,208		0.7
Electronics		40,685,128		7.1
Engineering & Construction		3,498,655		0.6
Food		7,169,101		1.3
Hand/Machine Tools		8,290,187		1.4
Healthcare — Products		28,218,298		4.9
Holding Companies — Diversified		2,606,717		0.5
Home Furnishings		5,561,253		1.0
Insurance		20,706,069		3.6
Internet		132,645,442		23.1
Investment Companies		5,535,319		1.0
Leisure Time		7,396,892		1.3
Machinery — Construction & Mining		9,322,605		1.6
Machinery — Diversified		34,008,244		5.9
Oil & Gas Services		1,996,059		0.3
Retail		48,979,382		8.5
Semiconductors		38,485,433		6.7
Software		19,256,248		3.4
Telecommunications		6,366,077		1.1
Total Value of Investments		570,025,470		99.2
Other assets less liabilities		4,471,149		0.8
Net Assets	$	574,496,619		100.0	%

December 31, 2020
Baillie Gifford International All Cap Fund

	Shares		Value
COMMON STOCKS — 97.5%
ARGENTINA — 1.6%
MercadoLibre, Inc. *		5,642	$	9,451,591
AUSTRALIA — 2.9%
Cochlear Ltd.		51,613		7,531,131
SEEK Ltd.		281,000		6,160,887
Treasury Wine Estates Ltd.		405,952		2,936,594
				16,628,612
BRAZIL — 1.0%
Raia Drogasil SA		1,184,500		5,693,983
CANADA — 4.3%
Fairfax Financial Holdings Ltd.		8,057		2,746,115
Shopify, Inc., Class A *		19,649		22,241,685
				24,987,800
CHINA — 11.0%
Alibaba Group Holding Ltd. ADR *		56,431		13,133,187
Baidu, Inc. ADR *		26,504		5,731,225
Contemporary Amperex Technology Co., Ltd., Class A		73,055		3,932,208
Li Ning Co., Ltd.		1,070,500		7,366,276
Meituan, Class B *		281,400		10,592,869
Ping An Insurance Group Co. of China Ltd., Class H		438,500		5,336,377
Prosus NV *		42,577		4,597,409
Trip.com Group Ltd. ADR *		94,741		3,195,614
Tsingtao Brewery Co., Ltd., Class H		884,057		9,262,178
				63,147,343
FINLAND — 1.2%
Kone Oyj, B Shares		83,560		6,808,481
FRANCE — 4.5%
Kering		7,826		5,679,594
LVMH Moet Hennessy Louis Vuitton SE		9,998		6,258,762
Remy Cointreau SA		41,953		7,830,776
Ubisoft Entertainment SA *		61,674		5,943,437
				25,712,569

December 31, 2020
Baillie Gifford International All Cap Fund

	Shares		Value
GERMANY — 7.9%
adidas AG *		22,092	$	8,037,179
Bechtle AG		56,090		12,224,387
Nemetschek SE		52,072		3,869,906
Rational AG		5,978		5,561,253
Zalando SE *		142,809		15,884,855
				45,577,580
HONG KONG — 3.9%
AIA Group Ltd.		770,400		9,388,188
Jardine Matheson Holdings Ltd.		46,600		2,606,717
Jardine Strategic Holdings Ltd.		87,400		2,174,512
Techtronic Industries Co., Ltd.		580,000		8,290,187
				22,459,604
INDIA — 4.9%
Asian Paints Ltd.		297,856		11,282,284
Housing Development Finance Corp., Ltd.		246,140		8,623,749
ICICI Lombard General Insurance Co., Ltd.^*		155,201		3,235,388
MakeMyTrip Ltd. *		75,532		2,230,460
United Spirits Ltd. *		325,990		2,583,507
				27,955,388
IRELAND — 1.3%
Kingspan Group PLC *		103,175		7,234,911
JAPAN — 18.3%
Denso Corp.		66,900		3,981,940
Kakaku.com, Inc.		168,600		4,615,148
Kao Corp.		52,900		4,086,854
Keyence Corp.		13,700		7,706,483
Murata Manufacturing Co., Ltd.		108,300		9,804,350
Nidec Corp.		85,900		10,867,034
Olympus Corp.		453,000		9,917,935
Pigeon Corp.		92,200		3,805,346
Shimano, Inc.		31,600		7,396,892
Shiseido Co., Ltd.		113,700		7,870,798
SMC Corp.		15,300		9,344,285
SoftBank Group Corp.		82,000		6,366,077
Sugi Holdings Co., Ltd.		42,700		2,852,316

December 31, 2020
Baillie Gifford International All Cap Fund

	Shares		Value
Suzuki Motor Corp.		117,800	$	5,460,681
Sysmex Corp.		89,500		10,769,233
				104,845,372
MEXICO — 0.4%
Wal-Mart de Mexico SAB de CV		883,900		2,482,977
NETHERLANDS — 2.5%
ASML Holding NV		29,196		14,136,038
NEW ZEALAND — 1.6%
Xero Ltd. *		83,198		9,442,906
PORTUGAL — 0.9%
Jeronimo Martins SGPS SA		297,125		4,994,589
SINGAPORE — 1.1%
United Overseas Bank Ltd.		367,599		6,265,510
SOUTH AFRICA — 1.5%
Naspers Ltd., N Shares		42,607		8,724,836
SOUTH KOREA — 0.8%
NAVER Corp. *		17,356		4,678,644
SPAIN — 1.3%
Industria de Diseno Textil SA		232,248		7,371,514
SWEDEN — 5.3%
Atlas Copco AB, A Shares		4,093		210,366
Atlas Copco AB, B Shares		221,412		9,938,628
Epiroc AB, B Shares		335,837		5,669,502
Investor AB, B Shares		76,052		5,535,319
Nibe Industrier AB, B Shares		278,307		9,126,744
				30,480,559
SWITZERLAND — 1.3%
Compagnie Financiere Richemont SA		81,108		7,327,461

December 31, 2020
Baillie Gifford International All Cap Fund

		Shares		Value
TAIWAN — 4.2%
Taiwan Semiconductor Manufacturing Co., Ltd. ADR			223,307	$	24,349,395
THAILAND — 0.4%
Thai Beverage PCL			3,912,700		2,178,171
UNITED KINGDOM — 10.0%
ASOS PLC	*		63,108		4,112,695
Auto Trader Group PLC			988,551		8,046,546
Burberry Group PLC *			154,164		3,764,700
Hargreaves Lansdown PLC			373,742		7,782,085
HomeServe PLC			249,869		3,498,655
Intertek Group PLC			70,623		5,454,938
John Wood Group PLC *			473,186		1,996,059
Johnson Matthey PLC			109,701		3,634,465
Rightmove PLC *			1,081,046		9,604,853
Trainline PLC *			952,836		6,058,101
Weir Group PLC (The) *			134,357		3,653,103
					57,606,200
UNITED STATES — 3.4%
Mettler-Toledo International, Inc. *			8,864		10,102,123
Spotify Technology SA *			30,095		9,469,693
					19,571,816
Total Common Stocks
(cost $302,377,083)					560,113,850
PREFERRED STOCKS — 1.7%
GERMANY — 1.7%
Sartorius AG 0.10% (cost $2,494,583)			23,533		9,911,620
TOTAL INVESTMENTS — 99.2%
(cost $304,871,666)				$	570,025,470
Other assets less liabilities — 0.8%					4,471,149
NET ASSETS — 100.0%				$	574,496,619

* 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.

December 31, 2020
Baillie Gifford International All Cap Fund

ASSETS
Investments, at value (cost $304,871,666)	$	570,025,470
Cash		5,670,198
Tax reclaims receivable		271,278
Dividends receivable		268,880
Total Assets		576,235,826
LIABILITIES
Deferred India capital gains tax liability (Note A)		974,343
Advisory fee payable		483,171
Servicing fee payable		159,335
Trustee fee payable		4,333
Commitment fee payable		793
Accrued expenses		117,232
Total Liabilities		1,739,207
NET ASSETS	$	574,496,619
COMPOSITION OF NET ASSETS
Paid-in capital	$	312,271,663
Total distributable earnings		262,224,956
	$	574,496,619
NET ASSET VALUE, PER SHARE
Class 2 ($183,036,972 / 9,029,508 shares outstanding), unlimited authorized, no par value	$	20.27
Class 3 ($331,138,339 / 16,151,342 shares outstanding), unlimited authorized, no par value	$	20.50
Class 5 ($60,321,308 / 2,878,422 shares outstanding), unlimited authorized, no par value	$	20.96

For the Year Ended December 31, 2020
Baillie Gifford International All Cap Fund

INVESTMENT INCOME
Dividends (net of foreign withholding taxes of $523,765)	$	4,658,820
Interest		14,264
Total Investment Income		4,673,084
EXPENSES
Advisory fee (Note B)		1,673,825
Shareholder Servicing fees — Class 2 shares (Note B)		280,618
Shareholder Servicing fees — Class 3 shares (Note B)		265,852
Shareholder Servicing fees — Class 5 shares (Note B)		9,463
Transfer agency		51,645
Fund accounting		186,602
Custody		83,221
Legal		59,535
Professional fees		31,703
Trustees' fees		16,324
Commitment fees		2,465
Miscellaneous		28,713
Total Expenses		2,689,966
Net Investment Income		1,983,118
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain from:
Investments (net of India capital gains tax expense of $32,267)		25,913,013
Foreign currency transactions		58,743
		25,971,756
Net change in unrealized appreciation on:
Investments (net of deferred India capital gains tax expense of $382,687) (Note A)		123,283,098
Translation of net assets and liabilities denominated in foreign currencies		17,804
		123,300,902
Net realized and unrealized gain		149,272,659
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	151,255,776

Baillie Gifford International All Cap Fund

	For the Year Ended December 31, 2020			For the Year Ended December 31, 2019
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	1,983,118		$	8,320,719
Net realized gain		25,971,756			12,212,397
Net change in unrealized appreciation		123,300,902			99,030,743
Net increase in net assets from operations		151,255,776			119,563,859
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings
Class 2		(7,087,594	)		(7,024,708	)
Class 3		(12,911,540	)		(4,352,607	)
Class 5		(2,339,465	)		(1,252,272	)
Total Distributions to Shareholders		(22,338,599	)		(12,629,587	)
TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
Net proceeds from shares subscribed:
Class 2		7,000,000			—
Class 3		103,690,220			—
Class 4		—			39,464,199	*
Class 5		—			40,720,857	*
Dividends reinvested:
Class 2		7,087,595			7,024,708
Class 3		12,911,540			4,352,607
Class 5		2,339,464			1,252,272
Cost of shares redeemed:
Class 2		(134,690,220	)		(52,832,371	)
Class 3		(15,000,000	)		—
Class 4		—			(40,720,857	)*
Class 5		—			(39,464,199	)*
Decrease in Net Assets from Transactions in Shares of Beneficial Interest		(16,661,401	)		(40,202,784	)
Total Increase in Net Assets		112,255,776			66,731,488
NET ASSETS
Beginning of year		462,240,843			395,509,355
End of year	$	574,496,619		$	462,240,843

* See Note D for details of share class conversions.

Baillie Gifford International All Cap Fund
Selected data for a Class 2 share outstanding throughout each year:

	For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			For the Year Ended December 31, 2017			For the Year Ended December 31, 2016
Net asset value, beginning of year	$	15.82		$	12.26		$	14.85		$	11.44		$	11.53
From Investment Operations
Net investment income^(a)		0.06			0.27			0.15			0.14			0.17
Net realized and unrealized gain (loss) on investments and foreign currency		5.20			3.73			(2.61	)		3.46			(0.11	)
Net increase (decrease) in net asset value from investment operations		5.26			4.00			(2.46	)		3.60			0.06
Dividends and Distributions to Shareholders
From net investment income		(0.18	)		(0.44	)		(0.13	)		(0.19	)		(0.15	)
From net realized gain on investments		(0.63	)		—			—			—			—
Total Dividends and Distributions		(0.81	)		(0.44	)		(0.13	)		(0.19	)		(0.15	)
Proceeds from Purchase Fees and Redemption Fees^(a)		—			—			—			0.00	^(b)		0.00	^(b)
Net asset value, end of year	$	20.27		$	15.82		$	12.26		$	14.85		$	11.44
Total Return
Total return based on net asset value^(c)		33.31	%		32.65	%		(16.63	)%		31.45	%		0.54	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	183,037		$	258,860		$	242,317		$	324,764		$	219,300
Ratio of net expenses to average net assets		0.62	%		0.65	%		0.64	%		0.65	%		0.65	%
Ratio of net investment income to average net assets		0.34	%		1.92	%^(d)		1.02	%		1.03	%		1.48	%
Portfolio turnover rate^(e)		12	%		13	%		15	%		12	%		14	%

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

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

^(d) Large increase due to one-off taxable stock dividends that were treated as income.

^(e) Portfolio turnover rate calculated at Fund level.

Baillie Gifford International All Cap Fund
Selected data for a Class 3 share outstanding throughout each year:

	For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			For the Year Ended December 31, 2017			For the Year Ended December 31, 2016
Net asset value, beginning of year	$	15.99		$	12.39		$	15.01		$	11.56		$	11.65
From Investment Operations
Net investment income^(a)		0.07			0.30			0.16			0.15			0.18
Net realized and unrealized gain (loss) on investments and foreign currency		5.27			3.75			(2.64	)		3.50			(0.12	)
Net increase (decrease) in net asset value from investment operations		5.34			4.05			(2.48	)		3.65			0.06
Dividends and Distributions to Shareholders
From net investment income		(0.20	)		(0.45	)		(0.14	)		(0.20	)		(0.15	)
From net realized gain on investments		(0.63	)		—			—			—			—
Total Dividends and Distributions		(0.83	)		(0.45	)		(0.14	)		(0.20	)		(0.15	)
Proceeds from Purchase Fees and Redemption Fees^(a)		—			—			—			0.00	^(b)		0.00	^(b)
Net asset value, end of year	$	20.50		$	15.99		$	12.39		$	15.01		$	11.56
Total Return
Total return based on net asset value^(c)		33.40	%		32.74	%		(16.57	)%		31.54	%		0.61	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	331,138		$	158,198		$	119,176		$	142,844		$	108,594
Ratio of net expenses to average net assets		0.55	%		0.58	%		0.57	%		0.58	%		0.58	%
Ratio of net investment income to average net assets		0.44	%		2.04	%^(d)		1.09	%		1.13	%		1.55	%
Portfolio turnover rate^(e)		12	%		13	%		15	%		12	%		14	%

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

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

^(d) Large increase due to one-off taxable stock dividends that were treated as income.

^(e) Portfolio turnover rate calculated at Fund level.

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

	For the Year Ended December 31, 2020			For the Period July 10, 2019^(b)through December 31, 2019			For the Period January 1, 2019 through April 10, 2019^(b)			For the Period January 10, 2018^(a)through December 31, 2018
Net asset value, beginning of period	$	16.33		$	15.14		$	12.64		$	15.72
From Investment Operations
Net investment income^(c)		0.09			0.20			0.06			0.18
Net realized and unrealized gain (loss) on investments and foreign currency		5.38			1.46			1.97			(3.11	)
Net increase (decrease) in net asset value from investment operations		5.47			1.66			2.03			(2.93	)
Dividends and Distributions to Shareholders
From net investment income		(0.21	)		(0.47	)		—			(0.15	)
From net realized gain on investments		(0.63	)		—			—			—
Total Dividends and Distributions		(0.84	)		(0.47	)		—			(0.15	)
Net asset value, end of period	$	20.96		$	16.33		$	14.67		$	12.64
Total Return
Total return based on net asset value^(d)		33.51	%		10.95	%		16.02	%		(18.61	)%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	60,321		$	45,183		$	39,464		$	34,016
Ratio of net expenses to average net assets		0.47	%		0.50	%*		0.49	%*		0.49	%*
Ratio of net investment income to average net assets		0.51	%		2.66	%^(e)		1.59	%*		1.21	%*
Portfolio turnover rate^(f)		12	%		13	%		13	%		15	%

* Annualized

^(a) Commencement of investment operations.

^(b) Recommencement of investment operations. Class had no shareholders from April 11, 2019 to July 10, 2019. All shares of this class were redeemed on April 10, 2019 at $14.67. New shares were issued at $15.14 on July 10, 2019.

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

^(e) Large increase due to one-off taxable stock dividends that were treated as income.

^(f) Portfolio turnover rate calculated at Fund level.

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 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 Second Amended and Restated Agreement and Declaration of Trust dated February 27, 2017, as amended from time to time.

The Fund's Class 2, Class 3 and Class 5 share classes had shares outstanding as of December 31, 2020.

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. The financial statements of the Fund have been prepared in conformity with accounting principles generally accepted 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:

Valuation of Investments

Equity securities listed on an established securities exchange are normally valued at their last sale price on the exchange where primarily traded. Equity securities listed on the NASDAQ National Market System are valued at the NASDAQ Official Closing Price. Equity Securities listed on an established securities exchange for which there is no reported sale during the day (and in the case of over-the-counter securities not so listed) are valued at the mean between the last available bid and ask prices.

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 Baillie Gifford Overseas Limited (the "Manager"), pursuant to procedures approved by the Board of Trustees of the Trust (the "Board"). The actual calculations may be made by persons acting pursuant to the direction of the Board or by pricing services.

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 the Fund's net asset value.

If events materially affecting the value of the Fund's portfolio securities occur during such period, then these securities will be valued at their fair value as determined in good faith by the Manager, pursuant to procedures approved by the Board. The Fund utilizes a third party pricing service which for all equity securities, except those traded on Canadian, Latin American or U.S. exchanges, subject to certain minimum confidence levels, applies a fair value adjustment that seeks to reflect changes in such securities' market prices since the close of the market on which they are traded. To the extent that securities are valued using this service, they 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

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 December 31, 2020 is disclosed at the end of the Fund's Portfolio of Investments.

For the year ended December 31, 2020, 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.

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 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.

For the years ended December 31, 2020 and December 31, 2019, the tax characters of the dividends paid were:

Fund				Ordinary Income 2020				Long Term Capital Gains 2020				Return of Capital 2020				Ordinary Income 2019				Long Term Capital Gains 2019				Return of Capital 2019
Baillie Gifford International All Cap Fund				$	5,244,726			$	17,093,873			$	—			$	12,629,587			$	—			$	—

For tax purposes, short-term capital gain distributions, if any, are considered ordinary income distributions.

The Fund's cost of investments and gross unrealized appreciation (depreciation) at December 31, 2020 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				$	314,057,279			$	283,152,846			$	(27,184,655	)		$	255,968,191

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 as follows:

	Baillie Gifford International All Cap Fund
Class 2		0.17	%
Class 3		0.10	%
Class 5		0.02	%

The Bank of New York Mellon serves as the Fund's administrator and custodian. BNY Mellon Investment Servicing (U.S.) 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 year ended December 31, 2020 were as follows:

Fund				Purchases				Sales
Baillie Gifford International All Cap Fund				$	58,191,650			$	95,650,676

Note D — Transactions in Shares of Beneficial Interest

	Baillie Gifford International All Cap Fund
	Class 2 Shares For the Year Ended December 31, 2020						Class 3 Shares For the Year Ended December 31, 2020
	Shares			Amount			Shares			Amount
Shares sold		440,817		$	7,000,000			6,425,102		$	103,690,220	^(b)
Shares issued in reinvestment of dividends and distributions		350,101			7,087,594			630,594			12,911,540
Shares redeemed		(8,124,339	)		(134,690,220	)^(a)		(795,798	)		(15,000,000	)
Net increase (decrease)		(7,333,421	)	$	(120,602,626	)		6,259,898		$	101,601,760

^(a) 6,495,741 shares and $103,690,220 converted from Class 2 into Class 3.

^(b) 6,425,102 shares and $103,690,220 converted into Class 3 from Class 2.

	Class 5 Shares For the Year Ended December 31, 2020
	Shares		Amount
Shares sold		—	$	—
Shares issued in reinvestment of dividends and distributions		111,783		2,339,465
Shares redeemed		—		—
Net increase (decrease)		111,783	$	2,339,465

	Class 2 Shares For the Year Ended December 31, 2019						Class 3 Shares For the Year Ended December 31, 2019
	Shares			Amount			Shares			Amount
Shares sold		—		$	—			—		$	—
Shares issued in reinvestment of dividends and distributions		441,467			7,024,708			270,573			4,352,607
Shares redeemed		(3,848,699	)		(52,832,371	)		—			—
Net increase (decrease)		(3,407,232	)	$	(45,807,663	)		270,573		$	4,352,607
	Class 4 Shares For the Year Ended December 31, 2019						Class 5 Shares For the Year Ended December 31, 2019
	Shares			Amount			Shares			Amount
Shares sold		2,718,276	^(a)	$	39,464,199	^(a)		2,690,403	^(c)	$	40,720,857	^(c)
Shares issued in reinvestment of dividends and distributions		—			—			76,236			1,252,272
Shares redeemed		(2,718,276	)^(b)		(40,720,857	)^(b)		(2,690,460	)^(d)		(39,464,199	)^(d)
Net increase (decrease)		—		$	(1,256,658	)		76,179		$	2,508,930

^(a) 2,718,276 shares and $39,464,199 converted into Class 4 from Class 5.

^(b) 2,718,276 shares and $40,720,857 converted from Class 4 into Class 5.

^(c) 2,690,403 shares and $40,720,857 converted into Class 5 from Class 4.

^(d) 2,690,460 shares and $39,464,199 converted from Class 5 into Class 4.

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 December 31, 2020, the following shareholder beneficially owned 25% or more of the Fund's voting securities:

Fund				Investor				Percentage
Baillie Gifford International All Cap Fund				The Municipal Fire & Police Retirement System of Iowa					33.78	%

Purchase and redemption activity of these accounts may have a significant effect on the operation of the Fund.

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 at an interest rate of 1.25% per annum plus the greater of the Federal Funds Effective Rate or the one-month USD LIBOR Rate. Prior to April 1, 2020, pursuant to the Committed Revolving Credit Facility Procedures adopted by the Board, any expenses including the commitment fee associated with the credit facility or borrowings thereunder were borne by the classes borrowing pursuant to the Credit Agreement. Effective April 1, 2020, any expenses associated with the credit facility or borrowings thereunder are payable at a fund level.

The rate payable at December 31, 2020 was 1.39% on any amounts drawn down. The were no borrowings made against the credit facility during the period.

Note H — Principal Risks (unaudited)

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.

Cash

Cash held by the Fund may be in excess of Federal Deposit Insurance Corporation (FDIC) limitations. The Manager does not expect any losses as a result of cash being in excess of FDIC limits.

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

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 investors generally, sometimes rapidly, depending on changes in market, economic, and other factors.

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.

Emerging Markets Risk

To the extent the Fund invests in emerging market securities, the Fund 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

The Fund expects 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 the Fund 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.

Market Disruption and Geopolitical Risk

Communicable diseases, including those that result in pandemics or epidemics, may pose significant threats to human health, and such diseases, along with any efforts to contain their spread, may be highly disruptive to both global and local economies and markets, with significant negative impact on individual issuers, sectors, industries, and asset classes. Significant public health crises, including those triggered by the transmission of a communicable disease and efforts to contain it may result in, among other things, border closings and other significant travel restrictions and disruptions, significant disruptions to business operations, supply chains and customer activity, lower consumer demand for goods and services, event cancellations and restrictions, service cancellations, reductions and other changes, significant challenges in healthcare service preparation and delivery, and prolonged quarantines, as well as general concern and uncertainty. All of these disruptive effects were present, for example, in the global pandemic linked to the outbreak of respiratory disease caused by a novel coronavirus designated as COVID-19 that was first reported in China in December 2019.

For further information on the risks of investing in the Fund, please refer to the Prospectus.

Note I — Legal Notice (unaudited)

MSCI

completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information.

Note J — Liquidity Risk Management Program (unaudited)

In accordance with Rule 22e-4 (the "Liquidity Rule") under the 1940 Act, the Fund has adopted and implemented a liquidity risk management program (the "Program"). The purpose of the Program is to outline the techniques, tools and arrangements employed for the management of liquidity risk within the Fund, and the terms, contents and frequency of reporting and escalation of any issues to the Board. Liquidity is managed taking into account the investment strategy, liquidity profile, and redemption policy and history of the Fund, with the objective of maintaining a level of liquidity that is appropriate in light of the Fund's obligations to its shareholders. The Program assesses liquidity risk under both normal and stressed market conditions.

During the reporting period, the Fund maintained a high level of liquidity and primarily held assets that are defined under the Liquidity Rule as "Highly Liquid Investments." As a result, the Fund has not adopted a "Highly Liquid Investment Minimum," as defined under the Liquidity Rule. A Highly Liquid Investment is defined as cash and any investment reasonably expected to be convertible to cash in current market conditions in three business days or less without the conversion to cash significantly changing the market value of the investment.

During the reporting period, there were no liquidity events that materially affected the performance of the Fund or its ability to timely meet redemptions without dilution to existing shareholders. The Manager, which has been designated by the Board to administer the Program, determined that, during the reporting period, the Program operated adequately and effectively to manage the Fund's liquidity risk. There can be no assurance that the Program will achieve its objectives in the future. Further information on liquidity risks applicable to the Fund can be found in the Fund's Prospectus.

To the Shareholders of Baillie Gifford International All Cap Fund and
Board of Trustees of Baillie Gifford Funds

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Baillie Gifford International All Cap Fund (the "Fund"), a series of Baillie Gifford Funds, as of December 31, 2020, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the related notes, and the financial highlights for each of the four years in the period then ended (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2020, the results of its operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the four years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

The Fund's financial highlights for the year ended December 31, 2016 were audited by other auditors, whose report dated February 28, 2017, expressed an unqualified opinion on those financial highlights.

Basis for Opinion

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2020, by correspondence with the custodian and brokers. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Fund's auditor since 2017.

COHEN & COMPANY, LTD.

Cleveland, Ohio
February 25, 2021

Management of The Trust

The following tables set forth the Trustees and officers of the Trust, their principal occupations during the past five years, and certain other information as of December 31, 2020.

Name and Year of Birth

Position(s)
Held with
Trust

Length of
Time
Served⁽¹⁾

Principal Occupation and Other
Directorships Held During Past 5 Years⁽²⁾

Number of Funds in
Fund complex
overseen by
Trustee⁽³⁾

Indepedent Trustees

Howard W. Chin
1952

Trustee, Chair of the Nominating and Governance Committee⁽⁴⁾

Since 2015

Retired. Formerly: Managing Director, Investments, Guardian Life Insurance (financial services).

Pamela M. J. Cox
1952

Trustee

Since 2017

Retired. Formerly: Senior Associate (non-resident), CSIS (think tank); Senior Vice President; Vice President East Asia, World Bank Group (international bank & financial services).

Bruce C. Long
1945

Trustee, Chair of the Nominating and Governance Committee⁽⁴⁾

Since 2009

Global Financial Consultant.

Robert E. Rigsby
1949

Trustee, Chair of the Audit Oversight Committee

Since 2014

Retired. Formerly: President & COO, Delivery Business at Dominion Energy, Inc. (electric and gas energy company).

Donald P. Sullivan Jr.⁽⁵⁾1954

Trustee

Since 2020

Retired. Formerly: Senior Vice President, Agency Distribution, Guardian Life Insurance (financial services).

Interested Trustee

David Salter⁽⁶⁾1975

Trustee, Chair of the Board, and President

Since 2016 (Previously Vice President since 2014)

Partner, Baillie Gifford & Co. (investment adviser); CEO & Chair, Baillie Gifford Funds Services LLC (broker-dealer).

Name and Year of Birth

Position(s)
Held with
Trust

Length of
Time
Served⁽¹⁾

Principal Occupation During Past 5 Years⁽²⁾

Officers (other than officers who are also Trustees)

Andrew Telfer
1967

Vice President

Since 2008

Managing Partner, Baillie Gifford & Co. (investment adviser).

Michael Stirling-Aird
1977

Vice President

Since 2012

Client Service Director, Baillie Gifford Overseas Limited (investment adviser).

Julie Paul
1975

Vice President

Since 2012

Manager, North American Funds Operations Department, Baillie Gifford & Co. (investment adviser).

Tim Campbell
1975

Vice President

Since 2014

Partner, Baillie Gifford & Co. (investment adviser); Manager, Baillie Gifford International LLC with oversight of marketing performed in North America.

Name and Year of Birth

Position(s)
Held with
Trust

Length of
Time
Served⁽¹⁾

Principal Occupation During Past 5 Years⁽²⁾

Officers (other than officers who are also Trustees)

Lindsay Cockburn
1978

Treasurer

Since 2015

Manager, North American Funds Operations Department, Baillie Gifford & Co. (investment adviser).

Gareth Griffiths
1973

Secretary and Chief Legal Officer

Secretary since 2015; Chief Legal Officer since 2017

Senior Legal Counsel for Baillie Gifford & Co. (investment adviser).

Graham Laybourn
1966

Vice President

Since 2018

Partner, Baillie Gifford & Co. (investment adviser).

Suzanne Quinn
1979

Chief Compliance Officer and AML Compliance Officer

Since 2018

Manager, Compliance Department, Baillie Gifford & Co. (investment adviser).

Evan Delaney
1969

Chief Risk Officer

Since 2013

Partner, Baillie Gifford & Co. (investment adviser); Group Chief Risk Officer, Director of Business Risk and Internal Audit, Baillie Gifford Group (investment adviser).

Lesley-Anne Archibald
1988

Vice President

Since 2017

Assistant Manager, North American Funds Operations Department, Baillie Gifford & Co. (investment adviser).

Kelly Cameron
1989

Vice President

Since 2020

Client Service Manager, Baillie Gifford Overseas Limited (investment adviser).

The address of each Trustee and officer of the Trust is c/o Baillie Gifford Funds, Calton Square, 1 Greenside Row, Edinburgh, Scotland EH1 3AN.

(2) Previous positions during the past five years with Baillie Gifford & Co., the Manager, and Baillie Gifford Group are omitted if not materially different from the positions listed.

(3) The number of Funds in the Fund complex overseen by the Trustee includes series of the Trust not included in this shareholder report or which have not yet commenced investment operations as of the date hereof.

(4) On October 1, 2020 Howard W. Chin took over as Chair of the Nominating and Governance Committee in anticipation of Bruce C. Long's retirement on December 31, 2020.

(5) Donald P. Sullivan Jr. joined the Board as a new trustee on July 1, 2020.

(6) David Salter is an "interested person" (as defined in the 1940 Act) of the Trust or the Manager due to his positions with the Manager and his role as an officer of the Trust.

As of the end of the period covered by the report, the registrant’s Board of Trustees has determined that Mr. Robert E. Rigsby, is qualified to serve as an audit committee financial expert serving on its audit oversight committee and that he is “independent,” as defined by Item 3 of Form N-CSR.

An additional payment of $6,838 was made for year 2019. This was an out of pocket expense in relation to the audit services provided.

(e)(1) In order for the Trust’s accountant to remain independent, the following engagements must be approved in advance by the Trust’s Audit Oversight Committee or pursuant to the Pre-Approval Policies and Procedures for Audit and Non-Audit Services, as adopted by the Trust’s Audit Oversight Committee:

(e)(2) The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X are as follows:

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

	One Year			% p.a. Since Inception			Inception Date
Baillie Gifford China A Shares Fund Class K		92.29	%		93.62	%	12/19/19
Baillie Gifford China A Shares Fund Fund Institutional Class		92.29	%		93.62	%	12/19/19
MSCI China A Onshore Index		40.29	%		41.56	%	12/19/19

	One Year			% p.a. Since Inception			Inception Date
Baillie Gifford International Smaller Companies Fund Class K		48.61	%		36.12	%	12/19/18
Baillie Gifford International Smaller Companies Fund Institutional Class		48.61	%		36.12	%	12/19/18
MSCI ACWI ex-USA Small Cap Index		14.67	%		18.11	%	12/19/18

Fund				Short Term Capital Losses No Expiration				Long Term Capital Losses No Expiration				Capital Loss Available Total
Baillie Gifford Emerging Markets Equities Fund				$	(52,717,239	)		$	(67,489,660	)		$	(120,206,899	)

Fund	Total Distributable Earnings		Paid-in Capital
Baillie Gifford Long Term Global Growth Fund	$	2,614,082	$	(2,614,082	)
Baillie Gifford International Smaller Companies Fund		64		(64	)
Baillie Gifford U.S. Equity Growth Fund		120,393		(120,393	)

Fund	Date of Borrowing	Full Repayment Date	Maximum Amount Borrowed	Average Amount Borrowed*	Average Interest Rate
Baillie Gifford Developed EAFE All Cap Fund	4/02/2020 6/01/2020 9/01/2020	4/06/2020 6/02/2020 9/02/2020	$10,750,000 $5,700,000 $3,100,000	$5,208,333	2.23 1.43% 1.41%%
Baillie Gifford EAFE Plus All Cap Fund	6/30/2020 12/15/2020	7/02/2020 12/16/2020	$1,350,000 $2,150,000	$1,616,667	1.41 1.40%%
Baillie Gifford International Concentrated Growth Equities Fund	7/01/2020 7/22/2020 9/01/2020 9/04/2020 10/01/2020 11/17/2020	7/06/2020 7/23/2020 9/02/2020 9/10/2020 10/02/2020 11/18/2020	$12,350,000 $300,000 $18,650,000 $1,850,000 $550,000 $1,050,000	$6,073,333	1.41 1.43% 1.41% 1.40% 1.39% 1.40%%
Baillie Gifford Positive Change Equities Fund	2/21/2020 9/10/2020	2/25/2020 9/11/2020	$900,000 $1,700,000	$1,060,000	2.87 1.40%%
Baillie Gifford Long Term Global Growth Fund	7/28/2020	7/30/2020	$20,850,000	$20,525,000	1.41%
Baillie Gifford U.S. Equity Growth Fund	8/14/2020 12/01/2020	8/17/2020 12/03/2020	$2,250,000 $1,200,000	$1,730,000	1.40 1.40%%

	01			Management Discussion
	04			Fund Expenses
	06			Industry Diversification Table
	07			Portfolio of Investments
	12			Statement of Assets and Liabilities
	13			Statement of Operations
	14			Statements of Changes in Net Assets
				Financial Highlights
	15			Selected Data for Class 2
	16			Selected Data for Class 3
	17			Selected Data for Class 5
	18			Notes to Financial Statements
	27			Report of Independent Registered Public Accounting Firm
				Supplemental Information
	28			Federal Income Tax Information
	29			Management of the Trust

By (Signature and Title)*	/s/ David Salter, President
	David Salter, President
	(principal executive officer)

By (Signature and Title)*	/s/ Lindsay Cockburn, Treasurer
	Lindsay Cockburn, Treasurer
	(principal financial officer)