UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number			811-10145

Baillie Gifford Funds
(Exact name of registrant as specified in charter)

1 Greenside Row Edinburgh, Scotland, UK					EH1 3AN
(Address of principal executive offices)					(Zip code)

Gareth Griffiths 1 Greenside Row Edinburgh, Scotland, UK, EH1 3AN
(Name and address of agent for service)

Registrant’s telephone number, including area code:				011-44-131-275-2000

Date of fiscal year end:	December 31

Date of reporting period:		June 30, 2018

Due to the unexpected absence of the PEO, for personal reasons, Graham Laybourn, Vice President, has reviewed and signed the N-CSR. The decision for Graham Laybourn to replace the PEO in this instance was taken based on the below:

1. Sarbanes Oxley requires the principal executive and financial officers “or person performing similar functions” to certify the information in the N-CSR. It has been determined that Graham Laybourn is a person performing similar functions to the PEO.

2. The Trust’s By-Law give any officer the power to sign these certificates.

3. We will ratify the signing at the next board meeting.

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Index

Page Number
	01	Fund Expenses
		EAFE Fund
	08	Industry Diversification Table
	09	Portfolio of Investments
	14	Statement of Assets and Liabilities
	15	Statement of Operations
	16	Statements of Changes in Net Assets
		Financial Highlights
	18	Selected Data for Class 2
	19	Selected Data for Class 3
	20	Selected Data for Class 4
	21	Selected Data for Class 5
	22	Selected Data for Class K
	23	Selected Data for Institutional Class
		EAFE Choice Fund
	24	Industry Diversification Table
	25	Portfolio of Investments
	30	Statement of Assets and Liabilities
	31	Statement of Operations
	32	Statements of Changes in Net Assets
		Financial Highlights
	33	Selected Data for Class 2
	34	Selected Data for Class K
	35	Selected Data for Institutional Class
		EAFE Pure Fund
	36	Industry Diversification Table
	37	Portfolio of Investments
	41	Statement of Assets and Liabilities
	42	Statement of Operations
	43	Statements of Changes in Net Assets
		Financial Highlights
	44	Selected Data for Class 2
	45	Selected Data for Class 3
	46	Selected Data for Class K
	47	Selected Data for Institutional Class
		Emerging Markets Fund
	48	Industry Diversification Table
	49	Portfolio of Investments
	54	Statement of Assets and Liabilities
	55	Statement of Operations
	56	Statements of Changes in Net Assets
		Financial Highlights
	58	Selected Data for Class 2
	60	Selected Data for Class 3
	61	Selected Data for Class 5
	62	Selected Data for Class K
	63	Selected Data for Institutional Class
		Global Alpha Equity Fund
	64	Industry Diversification Table
	65	Portfolio of Investments
	72	Statement of Assets and Liabilities
	73	Statement of Operations
	74	Statements of Changes in Net Assets
		Financial Highlights
	76	Selected Data for Class 2
	77	Selected Data for Class 3
	78	Selected Data for Class 4
	79	Selected Data for Class K
	80	Selected Data for Institutional Class
		Global Select Equity Fund
	81	Industry Diversification Table
	82	Portfolio of Investments
	87	Statement of Assets and Liabilities
	88	Statement of Operations
	89	Statements of Changes in Net Assets
		Financial Highlights
	90	Selected Data for Class K
	91	Selected Data for Institutional Class
		International Concentrated Growth Fund
	92	Industry Diversification Table
	93	Portfolio of Investments
	96	Statement of Assets and Liabilities
	97	Statement of Operations
	98	Statements of Changes in Net Assets

Page Number
		Financial Highlights
	99	Selected Data for Class K
	100	Selected Data for Institutional Class
		International Equity Fund
	101	Industry Diversification Table
	102	Portfolio of Investments
	109	Statement of Assets and Liabilities
	110	Statement of Operations
	111	Statements of Changes in Net Assets
		Financial Highlights
	113	Selected Data for Class 2
	114	Selected Data for Class 3
	115	Selected Data for Class 4
	116	Selected Data for Class 5
	117	Selected Data for Class K
	118	Selected Data for Institutional Class
		Long Term Global Growth Equity Fund
	119	Industry Diversification Table
	120	Portfolio of Investments
	123	Statement of Assets and Liabilities
	124	Statement of Operations
	125	Statements of Changes in Net Assets
		Financial Highlights
	126	Selected Data for Class 2
	127	Selected Data for Class 5
	128	Selected Data for Class K
	129	Selected Data for Institutional Class
		Positive Change Equity Fund
	130	Industry Diversification Table
	131	Portfolio of Investments
	134	Statement of Assets and Liabilities
	135	Statement of Operations
	136	Statements of Changes in Net Assets
		Financial Highlights
	137	Selected Data for Class K
	138	Selected Data for Institutional Class
		U.S. Equity Growth Fund
	139	Industry Diversification Table
	140	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 K
	146	Selected Data for Institutional Class
		International Choice Fund
	147	Industry Diversification Table
	148	Portfolio of Investments
	154	Statement of Assets and Liabilities
	155	Statement of Operations
	156	Statements of Changes in Net Assets
		Financial Highlights
	157	Selected Data for Class 2
	158	Selected Data for Class 3
	159	Selected Data for Class 5
	160	Notes to Financial Statements
	190	Supplemental Information
	190	Management of the Trust
	192	Board Considerations Regarding 2018 Contract Renewal

	Beginning Account Value 1/01/18		Ending Account Value 6/30/18		Annualized Expense Ratios Based on the Period 1/01/18 to 6/30/18			Expenses Paid⁽¹⁾During Period
Baillie Gifford EAFE Fund — Class 2
Actual	$	1,000	$	1,057.00		0.60	%	$	3.06
Hypothetical (5% return before expenses)	$	1,000	$	1,021.82		0.60	%	$	3.01
Baillie Gifford EAFE Fund — Class 3
Actual	$	1,000	$	1,057.40		0.53	%	$	2.70
Hypothetical (5% return before expenses)	$	1,000	$	1,022.17		0.53	%	$	2.66
Baillie Gifford EAFE Fund — Class 4
Actual	$	1,000	$	1,057.50		0.50	%	$	2.55
Hypothetical (5% return before expenses)	$	1,000	$	1,022.32		0.50	%	$	2.51
Baillie Gifford EAFE Fund — Class 5
Actual	$	1,000	$	1,057.80		0.45	%	$	2.30
Hypothetical (5% return before expenses)	$	1,000	$	1,022.56		0.45	%	$	2.26
Baillie Gifford EAFE Fund — Class K
Actual	$	1,000	$	1,057.00		0.60	%	$	3.06
Hypothetical (5% return before expenses)	$	1,000	$	1,021.82		0.60	%	$	3.01
Baillie Gifford EAFE Fund — Institutional Class
Actual	$	1,000	$	1,057.00		0.66	%	$	3.37
Hypothetical (5% return before expenses)	$	1,000	$	1,021.52		0.66	%	$	3.31
Baillie Gifford EAFE Choice Fund — Class 2
Actual	$	1,000	$	999.80		0.69	%	$	3.42
Hypothetical (5% return before expenses)	$	1,000	$	1,021.37		0.69	%	$	3.46
Baillie Gifford EAFE Choice Fund — Class K
Actual	$	1,000	$	1,000.00		0.69	%	$	3.42
Hypothetical (5% return before expenses)	$	1,000	$	1,021.37		0.69	%	$	3.46

	Beginning Account Value 1/01/18		Ending Account Value 6/30/18		Annualized Expense Ratios Based on the Period 1/01/18 to 6/30/18			Expenses Paid⁽¹⁾During Period
Baillie Gifford EAFE Choice Fund — Institutional Class
Actual	$	1,000	$	999.40		0.79	%	$	3.92
Hypothetical (5% return before expenses)	$	1,000	$	1,020.88		0.79	%	$	3.96
Baillie Gifford EAFE Pure Fund — Class 2
Actual	$	1,000	$	1,000.60		0.65	%	$	3.22
Hypothetical (5% return before expenses)	$	1,000	$	1,021.57		0.65	%	$	3.26
Baillie Gifford EAFE Pure Fund — Class 3
Actual	$	1,000	$	1,001.00		0.58	%	$	2.88
Hypothetical (5% return before expenses)	$	1,000	$	1,021.92		0.58	%	$	2.91
Baillie Gifford EAFE Pure Fund — Class K
Actual	$	1,000	$	1,000.00		0.65	%	$	3.22
Hypothetical (5% return before expenses)	$	1,000	$	1,021.57		0.65	%	$	3.26
Baillie Gifford EAFE Pure Fund — Institutional Class
Actual	$	1,000	$	1,000.80		0.65	%	$	3.22
Hypothetical (5% return before expenses)	$	1,000	$	1,021.57		0.65	%	$	3.26
Baillie Gifford Emerging Markets Fund — Class 2
Actual	$	1,000	$	920.90		0.84	%	$	4.00
Hypothetical (5% return before expenses)	$	1,000	$	1,020.63		0.84	%	$	4.21
Baillie Gifford Emerging Markets Fund — Class 3
Actual	$	1,000	$	921.30		0.77	%	$	3.67
Hypothetical (5% return before expenses)	$	1,000	$	1,020.98		0.77	%	$	3.86
Baillie Gifford Emerging Markets Fund — Class 5
Actual	$	1,000	$	921.60		0.69	%	$	3.29
Hypothetical (5% return before expenses)	$	1,000	$	1,021.37		0.69	%	$	3.46
Baillie Gifford Emerging Markets Fund — Class K
Actual	$	1,000	$	921.00		0.84	%	$	4.00
Hypothetical (5% return before expenses)	$	1,000	$	1,020.63		0.84	%	$	4.21

	Beginning Account Value 1/01/18		Ending Account Value 6/30/18		Annualized Expense Ratios Based on the Period 1/01/18 to 6/30/18			Expenses Paid⁽¹⁾During Period
Baillie Gifford Emerging Markets Fund — Institutional Class
Actual	$	1,000	$	921.10		0.91	%	$	4.33
Hypothetical (5% return before expenses)	$	1,000	$	1,020.28		0.91	%	$	4.56
Baillie Gifford Global Alpha Equity Fund — Class 2
Actual	$	1,000	$	1,039.70		0.68	%	$	3.44
Hypothetical (5% return before expenses)	$	1,000	$	1,021.42		0.68	%	$	3.41
Baillie Gifford Global Alpha Equity Fund — Class 3
Actual	$	1,000	$	1,040.10		0.61	%	$	3.09
Hypothetical (5% return before expenses)	$	1,000	$	1,021.77		0.61	%	$	3.06
Baillie Gifford Global Alpha Equity Fund — Class 4
Actual	$	1,000	$	1,040.20		0.58	%	$	2.93
Hypothetical (5% return before expenses)	$	1,000	$	1,021.92		0.58	%	$	2.91
Baillie Gifford Global Alpha Equity Fund — Class K
Actual	$	1,000	$	1,039.90		0.68	%	$	3.44
Hypothetical (5% return before expenses)	$	1,000	$	1,021.42		0.68	%	$	3.41
Baillie Gifford Global Alpha Equity Fund — Institutional Class
Actual	$	1,000	$	1,039.80		0.68	%	$	3.44
Hypothetical (5% return before expenses)	$	1,000	$	1,021.42		0.68	%	$	3.41
Baillie Gifford Global Select Equity Fund — Class K
Actual	$	1,000	$	1,070.90		0.65	%	$	3.34
Hypothetical (5% return before expenses)	$	1,000	$	1,021.57		0.65	%	$	3.26
Baillie Gifford Global Select Equity Fund — Institutional Class
Actual	$	1,000	$	1,070.90		0.65	%	$	3.34
Hypothetical (5% return before expenses)	$	1,000	$	1,021.57		0.65	%	$	3.26
Baillie Gifford International Concentrated Growth Fund — Class K
Actual	$	1,000	$	1,102.50		0.72	%	$	3.75
Hypothetical (5% return before expenses)	$	1,000	$	1,021.22		0.72	%	$	3.61

	Beginning Account Value 1/01/18		Ending Account Value 6/30/18		Annualized Expense Ratios Based on the Period 1/01/18 to 6/30/18			Expenses Paid⁽¹⁾During Period
Baillie Gifford Concentrated Growth Fund — Institutional Class
Actual	$	1,000	$	1,102.50		0.72	%	$	3.75
Hypothetical (5% return before expenses)	$	1,000	$	1,021.22		0.72	%	$	3.61
Baillie Gifford International Equity Fund — Class 2
Actual	$	1,000	$	970.10		0.61	%	$	2.98
Hypothetical (5% return before expenses)	$	1,000	$	1,021.77		0.61	%	$	3.06
Baillie Gifford International Equity Fund — Class 3
Actual	$	1,000	$	970.50		0.54	%	$	2.64
Hypothetical (5% return before expenses)	$	1,000	$	1,022.12		0.54	%	$	2.71
Baillie Gifford International Equity Fund — Class 4
Actual	$	1,000	$	970.60		0.51	%	$	2.49
Hypothetical (5% return before expenses)	$	1,000	$	1,022.27		0.51	%	$	2.56
Baillie Gifford International Equity Fund — Class 5
Actual	$	1,000	$	970.90		0.46	%	$	2.25
Hypothetical (5% return before expenses)	$	1,000	$	1,022.51		0.46	%	$	2.31
Baillie Gifford International Equity Fund — Class K
Actual	$	1,000	$	970.40		0.61	%	$	2.98
Hypothetical (5% return before expenses)	$	1,000	$	1,021.77		0.61	%	$	3.06
Baillie Gifford International Equity Fund — Institutional Class
Actual	$	1,000	$	969.70		0.71	%	$	3.47
Hypothetical (5% return before expenses)	$	1,000	$	1,021.27		0.71	%	$	3.56
Baillie Gifford Long Term Global Growth Equity Fund — Class 2
Actual	$	1,000	$	1,175.30		0.77	%	$	4.15
Hypothetical (5% return before expenses)	$	1,000	$	1,020.98		0.77	%	$	3.86
Baillie Gifford Long Term Global Growth Equity Fund — Class 5
Actual*	$	1,000	$	1,115.60		0.62	%	$	1.46
Hypothetical (5% return before expenses)	$	1,000	$	1,021.72		0.62	%	$	3.11

	Beginning Account Value 1/01/18		Ending Account Value 6/30/18		Annualized Expense Ratios Based on the Period 1/01/18 to 6/30/18			Expenses Paid⁽¹⁾During Period
Baillie Gifford Long Term Global Growth Equity Fund — Class K
Actual	$	1,000	$	1,175.30		0.77	%	$	4.15
Hypothetical (5% return before expenses)	$	1,000	$	1,020.98		0.77	%	$	3.86
Baillie Gifford Long Term Global Growth Equity Fund — Institutional Class
Actual	$	1,000	$	1,174.70		0.81	%	$	4.37
Hypothetical (5% return before expenses)	$	1,000	$	1,020.78		0.81	%	$	4.06
Baillie Gifford Positive Change Equity Fund — Class K
Actual	$	1,000	$	1,100.40		0.65	%	$	3.39
Hypothetical (5% return before expenses)	$	1,000	$	1,021.57		0.65	%	$	3.26
Baillie Gifford Positive Change Equity Fund — Institutional Class
Actual	$	1,000	$	1,100.40		0.65	%	$	3.39
Hypothetical (5% return before expenses)	$	1,000	$	1,021.57		0.65	%	$	3.26
Baillie Gifford U.S. Equity Growth Fund — Class K
Actual	$	1,000	$	1,267.40		0.60	%	$	3.37
Hypothetical (5% return before expenses)	$	1,000	$	1,021.82		0.60	%	$	3.01
Baillie Gifford U.S. Equity Growth Fund — Institutional Class
Actual	$	1,000	$	1,267.40		0.70	%	$	3.94
Hypothetical (5% return before expenses)	$	1,000	$	1,021.32		0.70	%	$	3.51
Baillie Gifford International Choice Fund — Class 2
Actual	$	1,000	$	995.40		0.63	%	$	3.12
Hypothetical (5% return before expenses)	$	1,000	$	1,021.67		0.63	%	$	3.16
Baillie Gifford International Choice Fund — Class 3
Actual	$	1,000	$	995.80		0.56	%	$	2.77
Hypothetical (5% return before expenses)	$	1,000	$	1,022.02		0.56	%	$	2.81

June 30, 2018 (unaudited)
Baillie Gifford EAFE Fund

	Value		% of Total Net Assets
Aerospace/Defense	$	77,946,756		2.7	%
Apparel		125,413,711		4.4
Auto Manufacturers		253,721,349		8.9
Banks		113,408,640		4.0
Biotechnology		66,693,855		2.3
Chemicals		106,722,122		3.7
Commercial Services		101,636,135		3.5
Cosmetics/Personal Care		111,457,134		3.9
Diversified Financial Services		41,618,541		1.4
Electronics		65,473,933		2.3
Food		77,036,116		2.7
Healthcare — Products		82,578,507		2.9
Insurance		120,250,580		4.2
Internet		704,795,837		24.6
Investment Companies		48,828,755		1.7
Machinery — Construction & Mining		63,627,658		2.2
Machinery — Diversified		51,435,759		1.8
Media		18,110,877		0.6
Miscellaneous Manufacturing		24,278,856		0.8
Retail		276,009,291		9.6
Semiconductors		215,693,464		7.5
Telecommunications		96,779,467		3.4
Total Value of Investments		2,843,517,343		99.1
Other assets less liabilities		25,666,222		0.9
Net Assets	$	2,869,183,565		100.0	%

*_{The table above is based on Bloomberg Industry Group classifications. This is a change to the previous period and as a result this table may not be comparable to previous financial statements. For compliance monitoring purposes, sub-industry classifications are used which results in less concentration across industry sectors.}

June 30, 2018 (unaudited)
Baillie Gifford EAFE Fund

	Shares		Value
COMMON STOCKS — 98.4%
ARGENTINA — 1.2%
MercadoLibre, Inc.		119,410	$	35,695,231
AUSTRIA — 1.4%
ams AG *		524,481		38,895,582
BELGIUM — 1.6%
Umicore SA		800,977		45,725,768
CHINA — 17.4%
Alibaba Group Holding Ltd. ADR *		683,570		126,822,742
Baidu, Inc. ADR *		497,507		120,894,201
Ctrip.com International Ltd. ADR *		378,340		18,020,334
New Oriental Education & Technology Group, Inc. ADR		489,191		46,306,820
TAL Education Group ADR *		1,503,514		55,329,315
Tencent Holdings Ltd.		2,612,400		131,182,719
				498,556,131
DENMARK — 3.2%
Chr. Hansen Holding A/S		277,034		25,503,997
Genmab A/S *		291,822		44,902,115
Novozymes A/S, B Shares		408,202		20,646,140
				91,052,252
FRANCE — 7.7%
Essilor International SA		166,723		23,507,341
Kering		204,930		115,437,184
L'Oreal SA		333,281		82,162,776
				221,107,301
GERMANY — 8.2%
Aixtron SE *		1,098,288		14,134,052
BASF SE		422,654		40,350,214
Delivery Hero AG 144A *^†		459,628		24,362,616
MorphoSys AG *		178,517		21,791,740
Puma SE		17,077		9,976,527
Rocket Internet SE 144A *^†		662,564		21,200,196
Zalando SE 144A *^†		1,878,721		104,705,022
				236,520,367

June 30, 2018 (unaudited)
Baillie Gifford EAFE Fund

	Shares		Value
HONG KONG — 5.2%
AIA Group Ltd.		13,803,800	$	120,250,580
Hong Kong Exchanges & Clearing Ltd.		966,201		28,916,026
				149,166,606
INDIA — 0.4%
Housing Development Finance Corp., Ltd.		455,866		12,702,515
ISRAEL — 1.5%
Wix.com Ltd. *		440,142		44,146,243
ITALY — 5.2%
Ferrari NV		1,097,769		148,384,732
JAPAN — 14.7%
Don Quijote Holdings Co., Ltd.		577,500		27,719,261
M3, Inc.		2,316,300		92,115,197
Nidec Corp.		311,300		46,567,268
Pigeon Corp.		602,800		29,294,358
Rakuten, Inc.		2,057,100		13,884,736
SBI Holdings, Inc.		969,500		24,858,282
SMC Corp.		140,500		51,435,759
SoftBank Group Corp.		1,355,300		96,779,467
Sysmex Corp.		432,600		40,307,365
				422,961,693
NETHERLANDS — 5.5%
ASML Holding NV		798,895		158,089,378
NORWAY — 0.6%
Schibsted ASA, Class A		322,112		9,767,759
Schibsted ASA, Class B		295,741		8,343,118
				18,110,877
PORTUGAL — 0.4%
Jeronimo Martins SGPS SA		759,326		10,937,715
SPAIN — 5.0%
Banco Bilbao Vizcaya Argentaria SA		5,021,521		35,414,662
Distribuidora Internacional de Alimentacion SA		1,714,028		4,979,150

June 30, 2018 (unaudited)
Baillie Gifford EAFE Fund

	Shares		Value
Inditex SA		2,989,161	$	101,793,365
				142,187,177
SWEDEN — 7.3%
Alfa Laval AB		1,028,422		24,278,856
Atlas Copco AB, A Shares		1,612,692		46,704,453
Elekta AB, B Shares		1,427,595		18,763,801
Epiroc AB, Class A *		1,612,692		16,923,205
Kinnevik AB, B Shares		1,432,888		48,828,755
Svenska Handelsbanken AB, A Shares		4,803,747		53,203,657
				208,702,727
SWITZERLAND — 1.5%
Compagnie Financiere Richemont SA		494,374		41,791,643
UNITED KINGDOM — 8.6%
Dialog Semiconductor PLC *		301,806		4,574,452
Fiat Chrysler Automobiles NV *		5,583,924		105,336,617
Ocado Group PLC *		2,635,358		35,615,254
Rolls-Royce Holdings PLC *		5,941,621		77,390,013
Rolls-Royce Holdings PLC Entitlement *		421,855,091		556,743
Standard Chartered PLC		2,729,188		24,790,321
				248,263,400
UNITED STATES — 1.8%
Spotify Technology SA *		306,784		51,613,340
Total Common Stocks
(cost $1,442,879,593)				2,824,610,678
PREFERRED STOCKS — 0.7%
GERMANY — 0.7%
Sartorius AG (cost $13,120,094)		127,000		18,906,665
TOTAL INVESTMENTS — 99.1%
(cost $1,455,999,687)			$	2,843,517,343
Other assets less liabilities — 0.9%				25,666,222
NET ASSETS — 100.0%			$	2,869,183,565

* Non-income producing security.

^† 144A — Securities are exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2018, the value of these securities was $150,267,834 representing 5.2% of net assets.

^‡ During the period the country classifications were updated to be sourced from Bloomberg and based upon Country of Risk. This has resulted in a change to some country classifications and thus this table may not be comparable to previous financial statements.

ADR — American Depositary Receipt.

Fair Value Measurement

The following is a summary of the inputs used as of June 30, 2018 in valuing the Fund's investments carried at fair value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks
Argentina	$	35,695,231	$	—	$	—	$	35,695,231
Austria		—		38,895,582		—		38,895,582
Belgium		—		45,725,768		—		45,725,768
China		367,373,412		131,182,719		—		498,556,131
Denmark		—		91,052,252		—		91,052,252
France		—		221,107,301		—		221,107,301
Germany		—		236,520,367		—		236,520,367
Hong Kong		—		149,166,606		—		149,166,606
India		—		12,702,515		—		12,702,515
Israel		44,146,243		—		—		44,146,243
Italy		—		148,384,732		—		148,384,732
Japan		—		422,961,693		—		422,961,693
Netherlands		—		158,089,378		—		158,089,378
Norway		—		18,110,877		—		18,110,877
Portugal		—		10,937,715		—		10,937,715
Spain		—		142,187,177		—		142,187,177
Sweden		16,923,205		191,779,522		—		208,702,727
Switzerland		—		41,791,643		—		41,791,643
United Kingdom		—		248,263,400		—		248,263,400
United States		51,613,340		—		—		51,613,340
Total Common Stocks		515,751,431		2,308,859,247		—		2,824,610,678
Preferred Stocks
Germany		—		18,906,665		—		18,906,665
Total	$	515,751,431	$	2,327,765,912	$	—	$	2,843,517,343

For the EAFE Fund, fair value of Level 3, Level 2 and Level 1 investments at December 31, 2017 was $403,017, $2,239,988,013 and $521,802,774, respectively. $111,220,554 was transferred out of Level 1 into Level 2 during the period ended June 30, 2018. Transfers into Level 2 and out of Level 1 resulted from foreign securities which were priced using inputs from a third-party vendor modeling tool to reflect any significant market movements between the time at which the Fund valued its securities and the earlier closing of foreign markets.

June 30, 2018 (unaudited)
Baillie Gifford EAFE Fund

ASSETS
Investments, at value (cost $1,455,999,687)	$	2,843,517,343
Cash		25,338,830
Dividends receivable		213,170
Tax reclaims receivable		3,832,032
Prepaid assets		33,779
Total Assets		2,872,935,154
LIABILITIES
Advisory fee payable		2,461,390
Servicing fee payable		611,224
Trustee payable		26,742
Accrued expenses		652,233
Total Liabilities		3,751,589
NET ASSETS	$	2,869,183,565
COMPOSITION OF NET ASSETS
Paid-in capital	$	1,403,810,190
Undistributed net investment income		3,425,057
Accumulated net realized gain on investments and foreign currency transactions		74,501,636
Net unrealized appreciation in value of investments and foreign currencies		1,387,446,682
	$	2,869,183,565
NET ASSET VALUE, PER SHARE
Class 2 ($843,781,638 / 55,465,886 shares outstanding), unlimited authorized, no par value	$	15.21
Class 3 ($499,834,308 / 32,780,310 shares outstanding), unlimited authorized, no par value	$	15.25
Class 4 ($319,875,777 / 20,961,363 shares outstanding), unlimited authorized, no par value	$	15.26
Class 5 ($1,205,413,586 / 78,817,054 shares outstanding), unlimited authorized, no par value	$	15.29
Class K ($6,482 / 426 shares outstanding), unlimited authorized, no par value	$	15.20	*
Institutional Class ($271,774 / 17,877 shares outstanding), unlimited authorized, no par value	$	15.20

*_{Net assets divided by shares does not recalculate using values rounded to the dollar.}

For the Six Months Ended June 30, 2018 (unaudited)
Baillie Gifford EAFE Fund

INVESTMENT INCOME
Dividends (net of foreign withholding taxes of $7,287,179)	$	28,516,077
Interest		32,213
Total Investment Income		28,548,290
EXPENSES
Advisory fee (Note B)		4,928,860
Shareholder Servicing fees — Class 2 Shares (Note B)		695,438
Shareholder Servicing fees — Class 3 Shares (Note B)		286,713
Shareholder Servicing fees — Class 4 Shares (Note B)		112,484
Shareholder Servicing fees — Class 5 Shares (Note B)		121,094
Administration & Supervisory Fee — Class K Shares (Note B)		6
Administration & Supervisory Fee — Institutional Class Shares (Note B)		39
Fund accounting		674,233
Legal		242,316
Custody		230,598
Transfer agency		58,402
Trustees' fees		54,530
Professional fees		14,340
Insurance		10,598
Miscellaneous		39,511
Total Expenses		7,469,162
Net Investment Income		21,079,128
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) from:
Investments		33,273,742
Foreign currency transactions		(328,333	)
		32,945,409
Net change in unrealized appreciation (depreciation) on:
Investments		108,002,845
Translation of assets and liabilities denominated in foreign currencies		(145,359	)
		107,857,486
Net realized and unrealized gain on investments and foreign currency transactions		140,802,895
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	161,882,023

Baillie Gifford EAFE Fund

	For the Six Months Ended June 30, 2018 (unaudited)		For the Year Ended December 31, 2017
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	21,079,128	$	12,068,180
Net realized gain from investments and foreign currency transactions		32,945,409		98,888,166
Net change in unrealized appreciation on investments and translation of assets and liabilities in foreign currencies		107,857,486		870,264,542
Net increase in net assets from operations		161,882,023		981,220,888
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Class 2		—		(2,877,997	)
Class 3		—		(3,036,187	)
Class 4		—		(1,594,302	)
Class 5		—		(6,491,622	)
Class K		—		(30	)
Institutional Class		—		(30	)
Capital gains:
Class 2		—		(14,593,795	)
Class 3		—		(11,762,424	)
Class 4		—		(5,909,324	)
Class 5		—		(22,211,065	)
Class K		—		(120	)
Institutional Class		—		(120	)
Total Dividends and Distributions		—		(68,477,016	)
TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
Net proceeds from shares subscribed:
Class 1		—		1,508
Class 2		98,457,216		109,733,985	*
Class 3		—		110,142,876
Class 4		—		25,000,000
Class K		—		5,000
Institutional Class		272,273		5,000
Purchase fees:
Class 1		—		279
Class 2		—		11,880
Class 3		—		6,994
Class 4		—		3,256
Class 5		—		12,563
Redemption fees:
Class 1		—		100
Class 2		—		16,484
Class 3		—		8,105
Class 4		—		4,201
Class 5		—		16,205
Dividends reinvested:
Class 2		—		17,464,610
Class 3		—		14,798,611
Class 4		—		7,503,626
Class 5		—		28,702,684
Class K		—		150
Institutional Class		—		150

Baillie Gifford EAFE Fund
Selected data for a Class 2 Share outstanding throughout each period:

	For the Six Months Ended June 30, 2018 (unaudited)			For the Year Ended December 31, 2017			For the Year Ended December 31, 2016			For the Year Ended December 31, 2015			For the Year Ended December 31, 2014			For the Year Ended December 31, 2013
Net asset value, beginning of period	$	14.39		$	10.09		$	10.52		$	11.11		$	12.58		$	9.88
From Investment Operations
Net investment income^(a)		0.11			0.05			0.08			0.09			0.14			0.13
Net realized and unrealized gain (loss) on investments and foreign currency transactions		0.71			4.60			0.06			(0.42	)		(1.01	)		2.70
Net increase (decrease) in net asset value from investment operations		0.82			4.65			0.14			(0.33	)		(0.87	)		2.83
Dividends and Distributions to Shareholders
Dividends from net investment income		—			(0.06	)		(0.07	)		(0.09	)		(0.14	)		(0.13	)
Distributions from net realized gain on investments		—			(0.29	)		(0.50	)		(0.17	)		(0.46	)		—
Total Dividends and Distributions		—			(0.35	)		(0.57	)		(0.26	)		(0.60	)		(0.13	)
Proceeds from Purchase Fees and Redemption Fees^(a)		—			0.00	^(b)		0.00	^(b)		0.00	^(b)		0.00	^(b)		0.00	^(b)
Net asset value, end of period	$	15.21		$	14.39		$	10.09		$	10.52		$	11.11		$	12.58
Total Return
Total return based on net asset value^(c)		5.70	%		46.09	%		1.34	%		(3.07	)%		(6.98	)%		28.69	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	843,782		$	746,817		$	732,160		$	732,135		$	754,210		$	828,208
Ratio of net expenses to average net assets		0.60	%*		0.61	%		0.61	%		0.62	%		0.61	%		0.61	%
Ratio of net investment income to average net assets		1.42	%*		0.42	%		0.81	%		0.78	%		1.18	%		1.21	%
Portfolio turnover rate^(d)		3	%		9	%		18	%		17	%		18	%		15	%

* Annualized.

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

^(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 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 EAFE Fund
Selected data for a Class 3 Share outstanding throughout each period:

	For the Six Months Ended June 30, 2018 (unaudited)			For the Year Ended December 31, 2017			For the Year Ended December 31, 2016			For the Year Ended December 31, 2015			For the Year Ended December 31, 2014			For the Year Ended December 31, 2013
Net asset value, beginning of period	$	14.42		$	10.11		$	10.54		$	11.13		$	12.61		$	9.90
From Investment Operations
Net investment income^(a)		0.10			0.05			0.11			0.10			0.15			0.14
Net realized and unrealized gain (loss) on investments and foreign currency transactions		0.73			4.62			0.03			(0.43	)		(1.02	)		2.71
Net increase (decrease) in net asset value from investment operations		0.83			4.67			0.14			(0.33	)		(0.87	)		2.85
Dividends and Distributions to Shareholders
Dividends from net investment income		—			(0.07	)		(0.07	)		(0.09	)		(0.15	)		(0.14	)
Distributions from net realized gain on investments		—			(0.29	)		(0.50	)		(0.17	)		(0.46	)		—
Total Dividends and Distributions		—			(0.36	)		(0.57	)		(0.26	)		(0.61	)		(0.14	)
Proceeds from Purchase Fees and Redemption Fees^(a)		—			0.00	^(b)		0.00	^(b)		0.00	^(b)		0.00	^(b)		0.00	^(b)
Net asset value, end of period	$	15.25		$	14.42		$	10.11		$	10.54		$	11.13		$	12.61
Total Return
Total return based on net asset value^(c)		5.74	%		46.20	%		1.41	%		(3.02	)%		(6.91	)%		28.83	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	499,834		$	601,549		$	433,860		$	490,218		$	487,943		$	530,001
Ratio of net expenses to average net assets		0.53	%*		0.54	%		0.54	%		0.55	%		0.54	%		0.54	%
Ratio of net investment income to average net assets		1.30	%*		0.41	%		1.04	%		0.85	%		1.23	%		1.30	%
Portfolio turnover rate^(d)		3	%		9	%		18	%		17	%		18	%		15	%

* Annualized.

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

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

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

Baillie Gifford EAFE Fund
Selected data for a Class 4 Share outstanding throughout each period:

	For the Six Months Ended June 30, 2018 (unaudited)			For the Year Ended December 31, 2017			For the Period October 10, 2016^(b)through December 31, 2016			For the Period January 1, 2016^(b)through April 11, 2016			For the Year Ended December 31, 2015			For the Year Ended December 31, 2014			For the Period October 10, 2013^(a)through December 31, 2013
Net asset value, beginning of period	$	14.43		$	10.12		$	11.49		$	10.55		$	11.15		$	12.62		$	11.68
From Investment Operations
Net investment income^(c)		0.11			0.06			0.00	^(d)		0.02			0.10			0.16			0.00	^(d)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		0.72			4.62			(0.81	)		(0.41	)		(0.43	)		(1.01	)		1.08
Net increase (decrease) in net asset value from investment operations		0.83			4.68			(0.81	)		(0.39	)		(0.33	)		(0.85	)		1.08
Dividends and Distributions to Shareholders
Dividends from net investment income		—			(0.08	)		(0.08	)		—			(0.10	)		(0.16	)		(0.14	)
Distributions from net realized gain on investments		—			(0.29	)		(0.48	)		—			(0.17	)		(0.46	)		—
Total Dividends and Distributions		—			(0.37	)		(0.56	)		—			(0.27	)		(0.62	)		(0.14	)
Proceeds from Purchase Fees and Redemption Fees^(c)		—			0.00	^(d)		0.00	^(d)		—			0.00	^(d)		0.00	^(d)		0.00	^(d)
Net asset value, end of period	$	15.26		$	14.43		$	10.12		$	10.16		$	10.55		$	11.15		$	12.62
Total Return
Total return based on net asset value^(e)		5.75	%		46.24	%		(6.97	)%		(3.71	)%		(2.99	)%		(6.88	)%		9.29	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	319,876		$	302,474		$	201,923		$	191,724		$	199,086		$	205,228		$	220,388
Ratio of net expenses to average net assets		0.50	%*		0.51	%		0.52	%*		0.51	%*		0.52	%		0.51	%		0.52	%*
Ratio of net investment income to average net assets		1.47	%*		0.45	%		0.05	%*		0.65	%*		0.89	%		1.26	%		0.03	%*
Portfolio turnover rate^(f)		3	%		9	%		18	%		18	%		17	%		18	%		15	%

* Annualized.

^(a) Commencement of investment operations.

^(b) 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.

^(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 EAFE Fund
Selected data for a Class 5 Share outstanding throughout each period:

	For the Six Months Ended June 30, 2018 (unaudited)			For the Year Ended December 31, 2017			For the Year Ended December 31, 2016			For the Year Ended December 31, 2015			For the Year Ended December 31, 2014			For the Year Ended December 31, 2013
Net asset value, beginning of period	$	14.46		$	10.14		$	10.56		$	11.16		$	12.64		$	9.92
From Investment Operations
Net investment income^(a)		0.12			0.07			0.10			0.11			0.16			0.14
Net realized and unrealized gain (loss) on investments and foreign currency transactions		0.71			4.62			0.06			(0.44	)		(1.02	)		2.73
Net increase (decrease) in net asset value from investment operations		0.83			4.69			0.16			(0.33	)		(0.86	)		2.87
Dividends and Distributions to Shareholders
Dividends from net investment income		—			(0.08	)		(0.08	)		(0.10	)		(0.16	)		(0.15	)
Distributions from net realized gain on investments		—			(0.29	)		(0.50	)		(0.17	)		(0.46	)		—
Total Dividends and Distributions		—			(0.37	)		(0.58	)		(0.27	)		(0.62	)		(0.15	)
Proceeds from Purchase Fees and Redemption Fees^(a)		—			0.00	^(b)		0.00	^(b)		0.00	^(b)		0.00	^(b)		0.00	^(b)
Net asset value, end of period	$	15.29		$	14.46		$	10.14		$	10.56		$	11.16		$	12.64
Total Return
Total return based on net asset value^(c)		5.78	%		46.31	%		1.49	%		(2.94	)%		(6.83	)%		28.97	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	1,205,414		$	1,139,553		$	778,857		$	767,415		$	790,695		$	848,681
Ratio of net expenses to average net assets		0.45	%*		0.46	%		0.46	%		0.47	%		0.46	%		0.46	%
Ratio of net investment income to average net assets		1.52	%*		0.51	%		0.98	%		0.94	%		1.30	%		1.28	%
Portfolio turnover rate^(d)		3	%		9	%		18	%		17	%		18	%		15	%

* Annualized.

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

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

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

Baillie Gifford EAFE Fund
Selected data for a Class K Share outstanding throughout each period:

	For the Six Months Ended June 30, 2018 (unaudited)			For the Period April 28, 2017^(a)through December 31, 2017
Net asset value, beginning of period	$	14.38		$	12.02
From Investment Operations
Net investment income^(b)		0.11			0.01
Net realized and unrealized gain on investments and foreign currency transactions		0.71			2.71
Net increase in net asset value from investment operations		0.82			2.72
Dividends and Distributions to Shareholders
Dividends from net investment income		—			(0.07	)
Distributions from net realized gain on investments		—			(0.29	)
Total Dividends and Distributions		—			(0.36	)
Net asset value, end of period	$	15.20		$	14.38
Total Return
Total return based on net asset value^(c)		5.70	%		22.62	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	6		$	6
Ratio of net expenses to average net assets		0.60	%*		0.60	%*
Ratio of net investment income to average net assets		1.39	%*		0.14	%*
Portfolio turnover rate^(d)		3	%		9	%

* 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 Fund
Selected data for an Institutional Class Share outstanding throughout each period:

	For the Six Months Ended June 30, 2018 (unaudited)			For the Period April 28, 2017^(a)through December 31, 2017
Net asset value, beginning of period	$	14.38		$	12.02
From Investment Operations
Net investment income (loss)^(b)		(0.05	)		0.01
Net realized and unrealized gain on investments and foreign currency transactions		0.87			2.71
Net increase in net asset value from investment operations		0.82			2.72
Dividends and Distributions to Shareholders
Dividends from net investment income		—			(0.07	)
Distributions from net realized gain on investments		—			(0.29	)
Total Dividends and Distributions		—			(0.36	)
Net asset value, end of period	$	15.20		$	14.38
Total Return
Total return based on net asset value^(c)		5.70	%		22.62	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	272		$	6
Ratio of net expenses to average net assets		0.66	%*		0.60	%*
Ratio of net investment income to average net assets		(0.65	)%*		0.14	%*
Portfolio turnover rate^(d)		3	%		9	%

* Annualized.

^(a) Commencement of investment operations.

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

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

June 30, 2018 (unaudited)
Baillie Gifford EAFE Choice Fund

	Value		% of Total Net Assets
Apparel	$	8,834,097		3.2	%
Auto Manufacturers		3,238,123		1.2
Auto Parts & Equipment		3,654,688		1.3
Banks		12,294,343		4.4
Beverages		6,313,876		2.2
Building Materials		2,266,359		0.8
Chemicals		11,437,467		4.1
Commercial Services		4,648,126		1.7
Cosmetics/Personal Care		20,907,383		7.5
Diversified Financial Services		9,784,083		3.6
Electrical Components & Equipment		6,391,623		2.3
Electronics		13,858,470		5.0
Engineering & Construction		2,711,502		1.0
Food		5,480,582		1.9
Hand/Machine Tools		5,482,868		2.0
Healthcare — Products		10,570,795		3.8
Holding Companies — Diversified		4,253,640		1.6
Insurance		13,658,900		4.9
Internet		41,003,034		14.7
Investment Companies		5,227,582		1.9
Leisure Time		4,050,152		1.5
Machinery — Construction & Mining		6,920,574		2.5
Machinery — Diversified		11,205,730		4.0
Media		5,769,051		2.1
Oil & Gas Services		3,421,657		1.2
Pharmaceuticals		2,844,692		1.0
Retail		24,943,955		8.8
Semiconductors		17,009,794		6.2
Telecommunications		4,276,006		1.5
Total Value of Investments		272,459,152		97.9
Other assets less liabilities		5,798,779		2.1
Net Assets	$	278,257,931		100.0	%

June 30, 2018 (unaudited)
Baillie Gifford EAFE Choice Fund

	Shares		Value
COMMON STOCKS — 96.5%
AUSTRALIA — 5.3%
Cochlear Ltd.		48,053	$	7,114,329
SEEK Ltd.		236,897		3,817,620
Treasury Wine Estates Ltd.		292,725		3,760,940
				14,692,889
BRAZIL — 0.6%
Raia Drogasil SA		103,000		1,740,961
CHINA — 5.5%
Alibaba Group Holding Ltd. ADR *		26,456		4,908,382
Baidu, Inc. ADR *		11,292		2,743,956
Ctrip.com International Ltd. ADR *		59,621		2,839,748
JD.com, Inc. ADR *		60,931		2,373,262
Tsingtao Brewery Co., Ltd., Class H		465,943		2,552,936
				15,418,284
DENMARK — 3.4%
Novo Nordisk A/S, B Shares		61,586		2,844,692
Novozymes A/S, B Shares		131,941		6,673,344
				9,518,036
FINLAND — 1.3%
Kone Oyj, B Shares		72,568		3,689,763
FRANCE — 2.3%
Legrand SA		87,261		6,391,623
GERMANY — 6.0%
adidas AG		25,164		5,478,657
Infineon Technologies AG		193,082		4,904,540
Zalando SE 144A *^†		112,826		6,288,027
				16,671,224
HONG KONG — 4.6%
AIA Group Ltd.		965,400		8,409,997
Jardine Matheson Holdings Ltd.		41,200		2,596,145
Jardine Strategic Holdings Ltd.		45,500		1,657,495
				12,663,637

June 30, 2018 (unaudited)
Baillie Gifford EAFE Choice Fund

	Shares		Value
INDIA — 1.6%
Mahindra & Mahindra Ltd. GDR		248,132	$	3,238,123
MakeMytrip Ltd. *		33,141		1,198,047
				4,436,170
IRELAND — 0.8%
Kingspan Group PLC		45,259		2,266,359
JAPAN — 20.9%
Advantest Corp.		154,100		3,196,479
DENSO Corp.		74,900		3,654,688
Kakaku.com, Inc.		140,500		3,163,776
Kao Corp.		53,900		4,108,343
MS&AD Insurance Group Holdings, Inc.		169,000		5,248,903
Nidec Corp.		19,900		2,976,835
Olympus Corp.		92,400		3,456,466
Pigeon Corp.		97,800		4,752,801
Shimano, Inc.		27,600		4,050,152
Shiseido Co., Ltd.		151,800		12,046,239
SMC Corp.		15,700		5,747,626
SoftBank Group Corp.		39,300		2,806,340
Sugi Holdings Co., Ltd.		31,100		1,799,285
Suruga Bank Ltd.		117,900		1,050,180
				58,058,113
NETHERLANDS — 1.4%
ASML Holding NV		19,385		3,836,002
PORTUGAL — 1.5%
Jeronimo Martins SGPS SA		298,986		4,306,745
SINGAPORE — 2.0%
United Overseas Bank Ltd.		287,973		5,643,906
SOUTH AFRICA — 3.1%
Clicks Group Ltd.		203,212		2,901,545
Naspers Ltd., N Shares		22,880		5,769,051
				8,670,596

June 30, 2018 (unaudited)
Baillie Gifford EAFE Choice Fund

	Shares		Value
SPAIN — 2.7%
Distribuidora Internacional de Alimentacion SA		404,083	$	1,173,837
Inditex SA		187,609		6,388,867
				7,562,704
SWEDEN — 6.4%
Atlas Copco AB, A Shares		21,971		636,292
Atlas Copco AB, B Shares		171,947		4,479,531
Epiroc AB, Class A *		21,971		230,558
Epiroc AB, Class B *		171,947		1,574,193
Investor AB, B Shares		129,055		5,227,582
Svenska Handelsbanken AB, A Shares		505,646		5,600,257
				17,748,413
SWITZERLAND — 4.6%
Compagnie Financiere Richemont SA		68,910		5,825,270
Schindler Holding AG, Participating Certificates		25,537		5,482,868
u-blox Holding AG *		7,417		1,469,666
				12,777,804
TAIWAN — 1.8%
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		138,752		5,072,773
UNITED KINGDOM — 16.6%
ASOS PLC *		56,719		4,549,590
Auto Trader Group PLC 144A ^†		862,820		4,835,579
Burberry Group PLC		118,064		3,355,440
Hargreaves Lansdown PLC		284,398		7,372,076
HomeServe PLC		229,247		2,711,502
Intertek Group PLC		61,818		4,648,126
John Wood Group PLC		414,345		3,421,657
Johnson Matthey PLC		100,052		4,764,123
Jupiter Fund Management PLC		411,401		2,412,007
Rightmove PLC		88,948		6,217,677
Weir Group PLC (The)		67,334		1,768,341
				46,056,118

June 30, 2018 (unaudited)
Baillie Gifford EAFE Choice Fund

	Shares		Value
UNITED STATES — 4.1%
Mettler-Toledo International, Inc. *		12,116	$	7,010,681
Spotify Technology SA *		25,888		4,355,397
				11,366,078
Total Common Stocks
(cost $190,687,208)				268,588,198
PREFERRED STOCKS — 1.4%
GERMANY — 1.4%
Sartorius AG (cost $3,200,421)		26,002		3,870,954
TOTAL INVESTMENTS — 97.9%
(cost $193,887,629)			$	272,459,152
Other assets less liabilities — 2.1%				5,798,779
NET ASSETS — 100.0%			$	278,257,931

*_{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 June 30, 2018 in valuing the Fund's investments carried at fair value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks
Australia	$	—	$	14,692,889	$	—	$	14,692,889
Brazil		1,740,961		—		—		1,740,961
China		12,865,348		2,552,936		—		15,418,284
Denmark		—		9,518,036		—		9,518,036
Finland		—		3,689,763		—		3,689,763
France		—		6,391,623		—		6,391,623
Germany		—		16,671,224		—		16,671,224
Hong Kong		—		12,663,637		—		12,663,637
India		4,436,170		—		—		4,436,170
Ireland		2,266,359		—		—		2,266,359
Japan		—		58,058,113		—		58,058,113
Netherlands		—		3,836,002		—		3,836,002

June 30, 2018 (unaudited)
Baillie Gifford EAFE Choice Fund

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks
Portugal	$	—	$	4,306,745	$	—	$	4,306,745
Singapore		—		5,643,906		—		5,643,906
South Africa		—		8,670,596		—		8,670,596
Spain		—		7,562,704		—		7,562,704
Sweden		1,804,751		15,943,662		—		17,748,413
Switzerland		—		12,777,804		—		12,777,804
Taiwan		5,072,773		—		—		5,072,773
United Kingdom		—		46,056,118		—		46,056,118
United States		11,366,078		—		—		11,366,078
Total Common Stocks		39,552,440		229,035,758		—		268,588,198
Preferred Stocks
Germany		—		3,870,954		—		3,870,954
Total	$	39,552,440	$	232,906,712	$	—	$	272,459,152

For the EAFE Choice Fund, fair value of Level 2 and Level 1 investments at December 31, 2017 was $249,462,930 and $55,303,104, respectively. $3,173,077 was transferred out of Level 2 into Level 1 and $22,209,622 was transferred out of Level 1 into Level 2 during the period ended June 30, 2018.Transfers into Level 2 and out of Level 1 resulted from foreign securities which were priced using inputs from a third-party vendor modeling tool to reflect any significant market movements between the time at which the Fund valued its securities and the earlier closing of foreign markets. Transfers into Level 1 and out of Level 2 resulted when pricing was based on quoted market prices.

June 30, 2018 (unaudited)
Baillie Gifford EAFE Choice Fund

ASSETS
Investments, at value (cost $193,887,629)	$	272,459,152
Cash		6,243,839
Dividends receivable		338,843
Tax reclaims receivable		689,135
Prepaid assets		18,484
Total Assets		279,749,453
LIABILITIES
Payable for investments purchased		1,028,415
Advisory fee payable		241,212
Servicing fee payable		116,662
Trustee fee payable		3,071
Accrued expenses		102,162
Total Liabilities		1,491,522
NET ASSETS	$	278,257,931
COMPOSITION OF NET ASSETS
Paid-in capital	$	191,864,201
Undistributed net investment income		490,585
Accumulated net realized gain on investments and foreign currency transactions		7,344,863
Net unrealized appreciation in value of investments and foreign currencies		78,558,282
	$	278,257,931
NET ASSET VALUE, PER SHARE
Class 2 ($272,154,790 / 16,894,519 shares outstanding), unlimited authorized, no par value	$	16.11
Class K ($5,939,470 / 368,803 shares outstanding), unlimited authorized, no par value	$	16.10
Institutional Class ($163,671 / 10,181 shares outstanding), unlimited authorized, no par value	$	16.08

For the Six Months Ended June 30, 2018 (unaudited)
Baillie Gifford EAFE Choice Fund

INVESTMENT INCOME
Dividends (net of foreign withholding taxes of $499,814)	$	3,266,336
Interest		4,739
Total Investment Income		3,271,075
EXPENSES
Advisory fee (Note B)		499,772
Shareholder Servicing fees — Class 2 Shares (Note B)		229,161
Shareholder Servicing fees — Class 3 Shares (Note B)		7,398
Administration & Supervisory Fee — Class K Shares (Note B)		851
Administration & Supervisory Fee — Institutional Class Shares (Note B)		158
Fund accounting		100,622
Custody		38,642
Transfer agency		33,147
Legal		24,964
Professional fees		14,339
Trustees' fees		5,477
Insurance		1,104
Miscellaneous		26,388
Total Expenses		982,023
Net Investment Income		2,289,052
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain from:
Investments		7,167,513
Foreign currency transactions		8,425
		7,175,938
Net change in unrealized depreciation on:
Investments		(8,666,624	)
Translation of assets and liabilities denominated in foreign currencies		(29,627	)
		(8,696,251	)
Net realized and unrealized loss on investments and foreign currency transactions		(1,520,313	)
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	768,739

Baillie Gifford EAFE Choice Fund

	For the Six Months Ended June 30, 2018 (unaudited)			For the Year Ended December 31, 2017
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	2,289,052		$	3,519,654
Net realized gain from investments and foreign currency transactions		7,175,938			10,725,747
Net change in unrealized appreciation (depreciation) on investments and translation of assets and liabilities in foreign currencies		(8,696,251	)		74,262,909
Net increase in net assets from operations		768,739			88,508,310
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Class 2		—			(4,282,724	)
Class 3		—			(432,754	)
Class K		—			(92	)
Institutional Class		—			(3,468	)
Total Dividends and Distributions		—			(4,719,038	)
TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
Net proceeds from shares subscribed:
Class 1		—			1,497
Class 2		27,012,849			2,010,737	*
Class 3		405,000			2,591,699
Class K		5,965,100			5,000
Institutional Class		—			199,000
Purchase fees:
Class 2		—			1,361
Class 3		—			100
Redemption fees:
Class 2		—			4,257
Class 3		—			317
Dividends reinvested:
Class 2		—			4,282,725
Class 3		—			432,754
Class K		—			92
Institutional Class		—			98
Cost of shares redeemed:
Class 1		—			(4,741	)*
Class 2		(36,200,000	)		(76,008,120	)
Class 3		(27,282,249	)		(1,910,571	)
Institutional Class		(37,968	)		—
Decrease in Net Assets from Transactions in Shares of Beneficial Interest		(30,137,268	)		(68,393,795	)
Total Increase (Decrease) in Net Assets		(29,368,529	)		15,395,477
NET ASSETS
Beginning of period		307,626,460			292,230,983
End of period (including undistributed (distributions in excess of) net investment income of
$490,585 and $(1,798,467), respectively)	$	278,257,931		$	307,626,460

* All Class 1 shareholders were converted to Class 2 during the period.

Baillie Gifford EAFE Choice Fund
Selected data for a Class 2 Share outstanding throughout each period:

	For the Six Months Ended June 30, 2018 (unaudited)			For the Year Ended December 31, 2017			For the Year Ended December 31, 2016			For the Year Ended December 31, 2015			For the Year Ended December 31, 2014			For the Year Ended December 31, 2013
Net asset value, beginning of period	$	16.11		$	12.46		$	12.55		$	12.43		$	13.13		$	11.19
From Investment Operations
Net investment income^(a)		0.13			0.16			0.19			0.17			0.16			0.17
Net realized and unrealized gain (loss) on investments and foreign currency transactions		(0.13	)		3.74			(0.13	)		0.09	^(e)		(0.75	)		2.19
Net increase (decrease) in net asset value from investment operations		—			3.90			0.06			0.26			(0.59	)		2.36
Dividends and Distributions to Shareholders
Dividends from net investment income		—			(0.25	)		(0.16	)		(0.15	)		(0.14	)		(0.43	)
Total Dividends and Distributions		—			(0.25	)		(0.16	)		(0.15	)		(0.14	)		(0.43	)
Proceeds from Purchase Fees and Redemption Fees^(a)		—			0.00	^(b)		0.01			0.01			0.03			0.01
Net asset value, end of period	$	16.11		$	16.11		$	12.46		$	12.55		$	12.43		$	13.13
Total Return
Total return based on net asset value^(c)		(0.02	)%		31.28	%		0.59	%		2.16	%		(4.25	)%		21.20	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	272,155		$	280,488		$	272,338		$	229,032		$	110,234		$	94,942
Ratio of net expenses to average net assets		0.69	%*		0.67	%		0.65	%		0.65	%		0.66	%		0.67	%
Ratio of net investment income to average net assets		1.61	%*		1.06	%		1.46	%		1.29	%		1.23	%		1.41	%
Portfolio turnover rate^(d)		13	%		12	%		23	%		16	%		23	%		25	%

* Annualized.

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

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

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

^(e) Calculation of the net gain per share (both realized and unrealized) does 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.

Baillie Gifford EAFE Choice Fund
Selected data for a Class K Share outstanding throughout each period:

	For the Six Months Ended June 30, 2018 (unaudited)			For the Period April 28, 2017^(a)through December 31, 2017
Net asset value, beginning of period	$	16.10		$	14.15
From Investment Operations
Net investment income^(b)		0.07			0.08
Net realized and unrealized gain (loss) on investments and foreign currency transactions		(0.07	)		2.13
Net increase (decrease) in net asset value from investment operations		—			2.21
Dividends and Distributions to Shareholders
Dividends from net investment income		—			(0.26	)
Total Dividends and Distributions		—			(0.26	)
Net asset value, end of period	$	16.10		$	16.10
Total Return
Total return based on net asset value^(c)		0.00	%^(d)		15.63	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	5,939		$	6
Ratio of net expenses to average net assets		0.69	%*		0.68	%*
Ratio of net investment income to average net assets		1.40	%*		0.73	%*
Portfolio turnover rate^(e)		13	%		12	%

* Annualized.

^(a) Commencement of operations.

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

^(d) Amount is less than 0.005%

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

Baillie Gifford EAFE Choice Fund
Selected data for an Institutional Class Share outstanding throughout each period:

	For the Six Months Ended June 30, 2018 (unaudited)			For the Period April 28, 2017^(a)through June 30, 2017
Net asset value, beginning of period	$	16.09		$	14.15
From Investment Operations
Net investment income^(b)		0.13			0.01
Net realized and unrealized gain (loss) on investments and foreign currency transactions		(0.14	)		2.21
Net increase (decrease) in net asset value from investment operations		(0.01	)		2.22
Dividends and Distributions to Shareholders
Dividends from net investment income		—			(0.28	)
Total Dividends and Distributions		—			(0.28	)
Net asset value, end of period	$	16.08		$	16.09
Total Return
Total return based on net asset value^(c)		(0.06	)%		15.68	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	164		$	201
Ratio of net expenses to average net assets		0.79	%*		0.68	%*
Ratio of net investment income to average net assets		1.56	%*		0.14	%*
Portfolio turnover rate		13	%		12	%

* Annualized.

^(a) Commencement of operations.

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

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

June 30, 2018 (unaudited)
Baillie Gifford EAFE Pure Fund

	Value		% of Total Net Assets
Apparel	$	15,524,208		3.7	%
Auto Parts & Equipment		6,196,868		1.5
Banks		21,422,025		5.2
Beverages		7,083,351		1.7
Building Materials		3,898,214		0.9
Chemicals		19,873,161		4.8
Commercial Services		9,113,464		2.2
Cosmetics/Personal Care		30,653,886		7.4
Diversified Financial Services		18,054,861		4.4
Electrical Components & Equipment		9,902,068		2.4
Electronics		25,539,487		6.1
Engineering & Construction		4,547,044		1.1
Food		9,264,445		2.2
Hand/Machine Tools		9,216,337		2.2
Healthcare — Products		18,419,631		4.4
Holding Companies — Diversified		7,230,517		1.7
Insurance		22,360,467		5.4
Internet		48,846,543		11.8
Investment Companies		9,589,699		2.3
Leisure Time		9,288,936		2.2
Machinery — Construction & Mining		12,236,691		2.9
Machinery — Diversified		17,674,441		4.2
Oil & Gas Services		5,605,392		1.4
Pharmaceuticals		4,786,820		1.2
Retail		34,659,079		8.3
Semiconductors		24,237,276		5.9
Telecommunications		7,244,409		1.8
Total Value of Investments		412,469,320		99.3
Other assets less liabilities		2,861,339		0.7
Net Assets	$	415,330,659		100.0	%

* The table above is based on Bloomberg Industry Group classifications. This is a change to the previous period and as a result this table may not be comparable to previous financial statements. For compliance monitoring purposes, sub-industry classifications are used which results in less concentration across industry sectors.

June 30, 2018 (unaudited)
Baillie Gifford EAFE Pure Fund

	Shares		Value
COMMON STOCKS — 97.8%
AUSTRALIA — 6.2%
Cochlear Ltd.		81,435	$	12,056,592
SEEK Ltd.		400,132		6,448,169
Treasury Wine Estates Ltd.		551,318		7,083,351
				25,588,112
DENMARK — 3.7%
Novo Nordisk A/S, B Shares		103,632		4,786,820
Novozymes A/S, B Shares		205,946		10,416,387
				15,203,207
FINLAND — 1.5%
Kone Oyj, B Shares		118,997		6,050,472
FRANCE — 2.4%
Legrand SA		135,187		9,902,068
GERMANY — 7.2%
adidas AG		41,928		9,128,483
Infineon Technologies AG		393,043		9,983,814
Zalando SE 144A *^†		192,653		10,736,952
				29,849,249
HONG KONG — 4.7%
AIA Group Ltd.		1,425,200		12,415,503
Jardine Matheson Holdings Ltd.		84,800		5,343,522
Jardine Strategic Holdings Ltd.		51,800		1,886,995
				19,646,020
IRELAND — 0.9%
Kingspan Group PLC		77,847		3,898,214

June 30, 2018 (unaudited)
Baillie Gifford EAFE Pure Fund

	Shares		Value
JAPAN — 24.6%
Advantest Corp.		251,300	$	5,212,688
DENSO Corp.		127,000		6,196,868
Kakaku.com, Inc.		309,900		6,978,321
Kao Corp.		103,900		7,919,422
MS&AD Insurance Group Holdings, Inc.		320,200		9,944,964
Murata Manufacturing Co. Ltd.		28,400		4,767,690
Nidec Corp.		32,700		4,891,583
Olympus Corp.		170,100		6,363,039
Pigeon Corp.		145,800		7,085,463
Shimano, Inc.		63,300		9,288,936
Shiseido Co., Ltd.		197,200		15,649,001
SMC Corp.		24,400		8,932,616
SoftBank Group Corp.		67,700		4,834,332
Sugi Holdings Co., Ltd.		45,400		2,626,610
Suruga Bank Ltd.		182,600		1,626,487
				102,318,020
NETHERLANDS — 2.2%
ASML Holding NV		45,687		9,040,774
PORTUGAL — 1.7%
Jeronimo Martins SGPS SA		488,368		7,034,699
SINGAPORE — 2.4%
United Overseas Bank Ltd.		503,089		9,859,907
SPAIN — 3.2%
Distribuidora Internacional de Alimentacion SA		767,570		2,229,746
Inditex SA		328,329		11,180,968
				13,410,714
SWEDEN — 7.6%
Atlas Copco AB, A Shares		278,827		8,074,984
Atlas Copco AB, B Shares		35,100		914,419
Epiroc AB, A Shares *		278,827		2,925,944
Epiroc AB, B Shares *		35,100		321,344
Investor AB, B Shares		236,744		9,589,699
Svenska Handelsbanken AB, A Shares		897,086		9,935,631
				31,762,021

June 30, 2018 (unaudited)
Baillie Gifford EAFE Pure Fund

	Shares		Value
SWITZERLAND — 5.2%
Compagnie Financiere Richemont SA		119,650	$	10,114,549
Schindler Holding AG		42,926		9,216,337
u-blox Holding AG *		12,163		2,410,077
				21,740,963
UNITED KINGDOM — 20.2%
ASOS PLC *		109,417		8,776,645
Auto Trader Group PLC 144A ^†		1,341,665		7,519,213
Burberry Group PLC		225,039		6,395,725
Hargreaves Lansdown PLC		542,739		14,068,710
HomeServe PLC		384,435		4,547,044
Intertek Group PLC		121,205		9,113,464
John Wood Group PLC		678,784		5,605,392
Johnson Matthey PLC		198,603		9,456,774
Jupiter Fund Management PLC		679,893		3,986,151
Rightmove PLC		166,841		11,662,583
Weir Group PLC (The)		102,480		2,691,353
				83,823,054
UNITED STATES — 4.1%
Mettler-Toledo International, Inc. *		16,722		9,675,851
Spotify Technology SA *		44,351		7,461,612
				17,137,463
Total Common Stocks
(cost $356,369,947)				406,264,957
PREFERRED STOCKS — 1.5%
GERMANY — 1.5%
Sartorius AG (cost $5,462,191)		41,676		6,204,363
TOTAL INVESTMENTS — 99.3%
(cost $361,832,138)			$	412,469,320
Other assets less liabilities — 0.7%				2,861,339
NET ASSETS — 100.0%			$	415,330,659

* Non-income producing security.

June 30, 2018 (unaudited)
Baillie Gifford EAFE Pure Fund

Fair Value Measurement

The following is a summary of the inputs used as of June 30, 2018 in valuing the Fund's investments carried at fair value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks
Australia	$	—	$	25,588,112	$	—	$	25,588,112
Denmark		—		15,203,207		—		15,203,207
Finland		—		6,050,472		—		6,050,472
France		—		9,902,068		—		9,902,068
Germany		—		29,849,249		—		29,849,249
Hong Kong		—		19,646,020		—		19,646,020
Ireland		3,898,214		—		—		3,898,214
Japan		—		102,318,020		—		102,318,020
Netherlands		—		9,040,774		—		9,040,774
Portugal		—		7,034,699		—		7,034,699
Singapore		—		9,859,907		—		9,859,907
Spain		—		13,410,714		—		13,410,714
Sweden		3,247,288		28,514,733		—		31,762,021
Switzerland		—		21,740,963		—		21,740,963
United Kingdom		—		83,823,054		—		83,823,054
United States		17,137,463		—		—		17,137,463
Total Common Stocks		24,282,965		381,981,992		—		406,264,957
Preferred Stocks
Germany		—		6,204,363		—		6,204,363
Total	$	24,282,965	$	388,186,355	$	—	$	412,469,320

For the EAFE Pure Fund, fair value of Level 2 and Level 1 investments at December 31, 2017 was $277,314,529 and $23,498,798, respectively. $14,670,104 was transferred out of Level 1 into Level 2 during the period ended June 30, 2018. Transfers into Level 2 and out of Level 1 resulted from foreign securities which were priced using inputs from a third-party vendor modeling tool to reflect any significant market movements between the time at which the Fund valued its securities and the earlier closing of foreign markets.

June 30, 2018 (unaudited)
Baillie Gifford EAFE Pure Fund

ASSETS
Investments, at value (cost $361,832,138)	$	412,469,320
Cash		3,092,460
Receivable for investments sold		1,003,263
Tax reclaims receivable		766,413
Dividends receivable		339,347
Prepaid assets		19,116
Total Assets		417,689,919
LIABILITIES
Advisory fee payable		348,256
Payable for investment purchased		1,769,020
Servicing fee payable		154,645
Trustee fee payable		3,038
Accrued expenses		84,301
Total Liabilities		2,359,260
NET ASSETS	$	415,330,659
COMPOSITION OF NET ASSETS
Paid-in capital	$	365,355,507
Undistributed net investment income		1,401,430
Accumulated net realized loss on investments and foreign currency transactions		(2,049,834	)
Net unrealized appreciation in value of investments and foreign currencies		50,623,556
	$	415,330,659
NET ASSET VALUE, PER SHARE
Class 2 ($216,531,097 / 17,949,352 shares outstanding), unlimited authorized, no par value	$	12.06
Class 3 ($82,601,401 / 6,778,981 shares outstanding), unlimited authorized, no par value	$	12.18
Class K ($116,192,439 / 9,632,962 shares outstanding), unlimited authorized, no par value	$	12.06
Institutional Class ($5,722 / 474 shares outstanding), unlimited authorized, no par value	$	12.06	*

* Net assets divided by shares does not recalculate using values rounded to the dollar.

For the Six Months Ended June 30, 2018 (unaudited)
Baillie Gifford EAFE Pure Fund

INVESTMENT INCOME
Dividends (net of foreign withholding taxes of $674,190)	$	4,499,544
Interest		10,026
Total Investment Income		4,509,570
EXPENSES
Advisory fee (Note B)		615,468
Shareholder Servicing fees — Class 2 Shares (Note B)		186,796
Shareholder Servicing fees — Class 3 Shares (Note B)		41,524
Administration & Supervisory Fee — Class K Shares (Note B)		41,550
Administration & Supervisory Fee — Institutional Class Shares (Note B)		5
Fund accounting		94,718
Transfer agency		32,236
Legal		27,039
Custody		26,943
Professional fees		13,517
Trustees' fees		5,986
Insurance		1,164
Miscellaneous		26,500
Total Expenses		1,113,446
Net Investment Income		3,396,124
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized loss from:
Investments		(3,809,169	)
Foreign currency transactions		(2,109	)
		(3,811,278	)
Net change in unrealized appreciation (depreciation) on:
Investments		512,600
Translation of assets and liabilities denominated in foreign currencies		(28,268	)
		484,332
Net realized and unrealized loss on investments and foreign currency transactions		(3,326,946	)
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	69,178

Baillie Gifford EAFE Pure Fund

	For the Six Months Ended June 30, 2018 (unaudited)			For the Year Ended December 31, 2017
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	3,396,124		$	3,433,271
Net realized gain (loss) from investments and foreign currency transactions		(3,811,278	)		5,751,979
Net change in unrealized appreciation on investments and translation of assets and liabilities in foreign currencies		484,332			56,347,390
Net increase in net assets from operations		69,178			65,532,640
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Class 2		—			(3,944,235	)
Class 3		—			(1,529,526	)
Class K		—			(105	)
Institutional Class		—			(105	)
Total Dividends and Distributions		—			(5,473,971	)
TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
Net proceeds from shares subscribed:
Class 1		—			1,497
Class 2		4,000			19,968,711	*
Class 3		—			74,325,352
Class K		116,407,000			5,000
Institutional Class		—			5,000
Purchase fees:
Class 1		—			5
Class 2		—			198,413
Class 3		—			1
Redemption fees:
Class 2		—			3,003
Dividends reinvested:
Class 2		—			3,944,235
Class 3		—			1,529,525
Class K		—			105
Institutional Class		—			105
Cost of shares redeemed:
Class 1		—			(4,715	)*
Class 2		(5,000,000	)		(23,503,003	)
Class 3		—			(5,000,000	)
Increase in Net Assets from Transactions in Shares of Beneficial Interest		111,411,000			71,473,234
Total Increase in Net Assets		111,480,178			131,531,903
NET ASSETS
Beginning of period		303,850,481			172,318,578
End of period (including undistributed (distributions in excess of) net investment income of $1,401,430 and $(1,994,694), respectively)		$415,330,659			$303,850,481

* All Class 1 shareholders were converted to Class 2 during the period.

Baillie Gifford EAFE Pure Fund
Selected data for a Class 2 Share outstanding throughout each period:

	For the Six Months Ended June 30, 2018 (unaudited)			For the Year Ended December 31, 2017			For the Year Ended December 31, 2016			For the Year Ended December 31, 2015			For the Period April 15, 2014^(a) through December 31, 2014
Net asset value, beginning of period	$	12.06		$	9.55		$	9.70		$	9.36		$	10.00
From Investment Operations
Net investment income^(b)		0.11			0.14			0.17			0.13			0.08
Net realized and unrealized gain (loss) on investments and foreign currency transactions		(0.11	)		2.58			(0.18	)		0.27	^(f)		(0.69	)
Net increase (decrease) in net asset value from investment operations		—			2.72			(0.01	)		0.40			(0.61	)
Dividends and Distributions to Shareholders
Dividends from net investment income		—			(0.22	)		(0.14	)		(0.09	)		(0.06	)
Distributions from net realized gain on investments		—			—			—			—			(0.00	)^(c)
Total Dividends and Distributions		—			(0.22	)		(0.14	)		(0.09	)		(0.06	)
Proceeds from Purchase Fees and Redemption Fees^(b)		—			0.01			(0.00	)^(c)		0.03			0.03
Net asset value, end of period	$	12.06		$	12.06		$	9.55		$	9.70		$	9.36
Total Return
Total return based on net asset value^(d)		0.06	%		28.59	%		(0.20	)%		4.61	%		(5.79	)%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	216,531		$	221,316		$	172,316		$	172,659		$	43,223
Ratio of expenses to average net assets		0.65	%*		0.66	%		0.66	%		0.66	%		0.70	%*
Ratio of net investment income to average net assets		1.86	%*		1.22	%		1.73	%		1.36	%		1.17	%*
Portfolio turnover rate^(e)		13	%		21	%		13	%		18	%		5	%

* 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.

^(f) Calculation of the net gain per share (both realized and unrealized) does 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.

Baillie Gifford EAFE Pure Fund
Selected data for a Class 3 Share outstanding throughout each period:

	For the Six Months Ended June 30, 2018 (unaudited)			For the Period March 24, 2017^(a) through December 31, 2017
Net asset value, beginning of period	$	12.17		$	10.49
From Investment Operations
Net investment income^(b)		0.12			0.12
Net realized and unrealized gain (loss) on investments and foreign currency transactions		(0.11	)		1.79
Net increase in net asset value from investment operations		0.01			1.91
Dividends and Distributions to Shareholders
Dividends from net investment income		—			(0.23	)
Total Dividends and Distributions		—			(0.23	)
Proceeds from Purchase Fees and Redemption Fees^(b)		—			0.00	^(c)
Net asset value, end of period	$	12.18		$	12.17
Total Return
Total return based on net asset value^(d)		0.10	%		18.25	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	82,601		$	82,523
Ratio of net expenses to average net assets		0.58	%*		0.58	%*
Ratio of net investment income to average net assets		1.94	%		1.32	%*
Portfolio turnover rate^(e)		13	%		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 EAFE Pure Fund
Selected data for a Class K Share outstanding throughout each period:

	For the Six Months Ended June 30, 2018 (unaudited)			For the Period April 28, 2017^(a) through December 31, 2017
Net asset value, beginning of period	$	12.06		$	10.74
From Investment Operations
Net investment income^(b)		0.13			0.07
Net realized and unrealized gain (loss) on investments and foreign currency transactions		(0.13	)		1.47
Net increase (decrease) in net asset value from investment operations		—			1.54
Dividends and Distributions to Shareholders
Dividends from net investment income		—			(0.22	)
Total Dividends and Distributions		—			(0.22	)
Net asset value, end of period	$	12.06		$	12.06
Total Return
Total return based on net asset value^(c)		0.00	%		14.39	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	116,192		$	6
Ratio of net expenses to average net assets		0.65	%*		0.66	%*
Ratio of net investment income to average net assets		2.25	%*		0.87	%*
Portfolio turnover rate^(d)		13	%		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.

Baillie Gifford EAFE Pure Fund
Selected data for an Institutional Class Share outstanding throughout each period:

	For the Six Months Ended June 30, 2018 (unaudited)			For the Period April 28, 2017^(a) through December 31, 2017
Net asset value, beginning of period	$	12.06		$	10.74
From Investment Operations
Net investment income^(b)		0.12			0.07
Net realized and unrealized gain (loss) on investments and foreign currency transactions		(0.12	)		1.47
Net increase (decrease) in net asset value from investment operations		—			1.54
Dividends and Distributions to Shareholders
Dividends from net investment income		—			(0.22	)
Total Dividends and Distributions		—			(0.22	)
Net asset value, end of period	$	12.06		$	12.06
Total Return
Total return based on net asset value^(c)		0.08	%		14.39	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	6		$	6
Ratio of net expenses to average net assets		0.65	%*		0.66	%*
Ratio of net investment income to average net assets		1.90	%*		0.87	%*
Portfolio turnover rate^(d)		13	%		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.

June 30, 2018 (unaudited)
Baillie Gifford Emerging Markets Fund

	Value		% of Total Net Assets
Apparel	$	18,646,882		1.0	%
Auto Manufacturers		78,258,760		4.3
Auto Parts & Equipment		11,005,709		0.6
Banks		310,456,174		17.3
Building Materials		36,674,370		2.1
Chemicals		30,510,757		1.7
Commercial Services		6,926,104		0.4
Computers		28,183,918		1.6
Diversified Financial Services		60,769,655		3.3
Electronics		34,738,919		2.0
Food		34,255,137		2.0
Holding Companies — Diversified		11,774,269		0.7
Home Furnishings		17,769,247		1.0
Insurance		109,735,965		6.2
Internet		323,982,608		18.0
Machinery — Construction & Mining		10,631,595		0.6
Media		37,105,487		2.1
Mining		68,719,707		3.8
Miscellaneous Manufacturing		29,795,130		1.6
Oil & Gas		222,419,348		12.4
Real Estate		30,331,562		1.7
Retail		16,384,238		0.9
Semiconductors		196,115,759		10.8
Software		21,585,411		1.2
Telecommunications		12,238,401		0.7
Total Value of Investments		1,759,015,112		98.0
Other assets less liabilities		36,002,593		2.0
Net Assets	$	1,795,017,705		100.0	%

June 30, 2018 (unaudited)
Baillie Gifford Emerging Markets Fund

	Shares		Value
COMMON STOCKS — 94.6%
ARGENTINA — 1.1%
MercadoLibre, Inc.		67,159	$	20,075,840
BRAZIL — 4.5%
B3 SA — Brasil Bolsa Balcao		1,471,200		7,796,800
Banco Bradesco SA ADR		3,804,894		26,101,573
BRF SA ADR *		689,791		3,228,222
Kroton Educacional SA		2,871,000		6,926,104
Petroleo Brasileiro SA ADR		2,962,488		29,713,755
Petroleo Brasileiro SA ADR		701,902		6,204,814
				79,971,268
CANADA — 0.7%
Valeura Energy, Inc. *		3,429,200		12,468,395
CHINA — 32.8%
Alibaba Group Holding Ltd. ADR *		564,759		104,779,737
Brilliance China Automotive Holdings Ltd.		8,020,000		14,389,553
China Merchants Bank Co., Ltd., Class H *		12,666,500		46,592,596
China Vanke Co., Ltd., Class H		4,959,700		17,296,865
CNOOC Ltd.		51,427,000		88,122,501
Geely Automobile Holdings Ltd.		4,970,000		12,787,274
JD.com, Inc. ADR *		596,784		23,244,737
Kingsoft Corp. Ltd.		3,717,000		11,218,362
Minth Group Ltd.		2,602,000		11,005,709
Ping An Insurance Group Co. of China Ltd., Class H		7,596,000		69,561,691
Shenzhou International Group Holdings Ltd.		1,016,000		12,502,270
SINA Corp. *		109,662		9,287,275
Sohu.com Ltd. *		174,298		6,187,579
Sunny Optical Technology Group Co., Ltd.		711,400		13,194,593
Tencent Holdings Ltd.		2,726,500		136,912,296
ZTE Corp., Class H *		8,094,200		12,238,401
				589,321,439
HONG KONG — 1.0%
Haier Electronics Group Co., Ltd.		5,208,300		17,769,247

June 30, 2018 (unaudited)
Baillie Gifford Emerging Markets Fund

	Shares		Value
INDIA — 14.1%
Ambuja Cements Ltd.		2,154,586	$	6,524,910
Asian Paints Ltd.		755,499		13,945,228
Housing Development Finance Corp., Ltd.		1,901,082		52,972,855
ICICI Bank Ltd. *		959,720		3,860,123
ICICI Bank Ltd. ADR *		2,108,391		16,930,380
ICICI Prudential Life Insurance Co. Ltd. 144A ^†		1,487,894		8,205,495
Mahindra & Mahindra Ltd.		2,349,388		30,789,400
Maruti Suzuki India Ltd.		157,450		20,292,533
Reliance Industries Ltd.		4,418,296		62,774,857
Tata Consultancy Services Ltd.		1,045,003		28,183,918
UltraTech Cement Ltd.		166,482		9,283,917
				253,763,616
INDONESIA — 1.7%
Bank Mandiri Persero Tbk PT		23,702,900		11,340,136
Bank Rakyat Indonesia Persero Tbk PT		98,105,900		19,404,458
				30,744,594
MEXICO — 4.1%
Alfa SAB de CV, Class A		10,140,500		11,774,269
Cemex SAB de CV ADR *		3,180,723		20,865,543
Grupo Financiero Banorte SAB de CV, Class O		3,989,500		23,458,607
Wal-Mart de Mexico SAB de CV		6,207,460		16,384,238
				72,482,657
PERU — 0.8%
Credicorp Ltd.		64,512		14,522,941
PHILIPPINES — 0.7%
Ayala Land, Inc.		7,480,700		5,311,326
SM Prime Holdings, Inc.		11,465,400		7,723,371
				13,034,697
POLAND — 0.8%
KGHM Polska Miedz SA		600,234		14,070,031
RUSSIA — 7.9%
Magnit PJSC GDR Reg S		960,459		17,212,031
MMC Norilsk Nickel PJSC ADR		3,057,623		54,649,676

June 30, 2018 (unaudited)
Baillie Gifford Emerging Markets Fund

	Shares		Value
Sberbank of Russia PJSC ADR		4,903,362	$	70,140,235
				142,001,942
SOUTH AFRICA — 2.1%
Naspers Ltd., N Shares		147,160		37,105,487
SOUTH KOREA — 9.4%
DB Insurance Co., Ltd.		179,456		9,503,658
Doosan Bobcat, Inc.		370,248		10,631,595
Hyundai Marine & Fire Insurance Co., Ltd.		281,576		8,526,379
LG Chem Ltd.		55,346		16,565,529
NAVER Corp.		13,652		9,342,128
NCSoft Corp.		42,529		14,153,016
Netmarble Corp. 144A ^†		75,776		10,367,049
Orion Corp.		103,471		13,814,884
Samsung Electronics Co., Ltd.		1,479,002		61,954,776
Samsung Fire & Marine Insurance Co., Ltd.		58,828		13,938,742
				168,797,756
TAIWAN — 8.5%
ASE Industrial Holding Co. Ltd.		2,898,666		6,807,304
Eclat Textile Co., Ltd.		517,360		6,144,612
Hon Hai Precision Industry Co., Ltd.		9,544,848		26,010,355
Largan Precision Co., Ltd.		113,000		16,600,537
MediaTek, Inc.		818,000		8,029,563
Pegatron Corp.		4,251,000		8,728,564
Taiwan Semiconductor Manufacturing Co., Ltd.		11,365,310		80,705,967
				153,026,902
THAILAND — 2.4%
Kasikornbank PCL NVDR		3,236,100		18,933,652
Siam Commercial Bank PCL NVDR		6,810,100		24,313,897
				43,247,549
TURKEY — 0.7%
Turkiye Garanti Bankasi AS		6,782,615		12,372,526

June 30, 2018 (unaudited)
Baillie Gifford Emerging Markets Fund

	Shares		Value
UNITED KINGDOM — 1.3%
Premier Oil PLC *		13,681,734	$	23,135,026
Total Common Stocks
(cost $1,307,316,515)				1,697,911,913
PREFERRED STOCKS — 3.4%
BRAZIL — 1.3%
Banco Bradesco SA		3,254,161		22,485,050
SOUTH KOREA — 2.1%
Samsung Electronics Co., Ltd.		1,143,601		38,618,149
Total Preferred Stocks
(cost $41,017,526)				61,103,199
TOTAL INVESTMENTS — 98.0%
(cost $1,348,334,041)			$	1,759,015,112
Other assets less liabilities — 2.0%				36,002,593
NET ASSETS — 100.0%			$	1,795,017,705

* 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). At June 30, 2018, the net value of these securities was $17,212,031 representing 1.0% of net assets.

June 30, 2018 (unaudited)
Baillie Gifford Emerging Markets Fund

Fair Value Measurement

The following is a summary of the inputs used as of June 30, 2018 in valuing the Fund's investments carried at fair value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks
Argentina	$	20,075,840	$	—	$	—	$	20,075,840
Brazil		79,971,268		—		—		79,971,268
Canada		12,468,395		—		—		12,468,395
China		143,499,328		445,822,111		—		589,321,439
Hong Kong		—		17,769,247		—		17,769,247
India		16,930,380		236,833,236		—		253,763,616
Indonesia		—		30,744,594		—		30,744,594
Mexico		72,482,657		—		—		72,482,657
Peru		14,522,941		—		—		14,522,941
Philippines		—		13,034,697		—		13,034,697
Poland		—		14,070,031		—		14,070,031
Russia		—		142,001,942		—		142,001,942
South Africa		—		37,105,487		—		37,105,487
South Korea		—		168,797,756		—		168,797,756
Taiwan		6,807,304		146,219,598		—		153,026,902
Thailand		—		43,247,549		—		43,247,549
Turkey		—		12,372,526		—		12,372,526
United Kingdom		—		23,135,026		—		23,135,026
Total Common Stocks		366,758,113		1,331,153,800		—		1,697,911,913
Preferred Stocks
Brazil		22,485,050		—		—		22,485,050
South Korea		—		38,618,149		—		38,618,149
Total Preferred Stocks		22,485,050		38,618,149		—		61,103,199
Total	$	389,243,163	$	1,369,771,949	$	—	$	1,759,015,112

For the Emerging Markets Fund, fair value of Level 2 and Level 1 investments at December 31, 2017 was $1,326,258,652 and $370,623,002, respectively. $48,689,851 was transferred out of Level 2 into Level 1 and $94,063,515 was transferred out of Level 1 into Level 2 during the period ended June 30, 2018. Transfers into Level 2 and out of Level 1 resulted from foreign securities which were priced using inputs from a third-party vendor modeling tool to reflect any significant market movements between the time at which the Fund valued its securities and the earlier closing of foreign markets. Transfers into Level 1 and out of Level 2 resulted when pricing was based on quoted market prices.

June 30, 2018 (unaudited)
Baillie Gifford Emerging Markets Fund

ASSETS
Investments, at value (cost $ 1,348,334,041)	$	1,759,015,112
Cash		29,334,122
Capital shares sold receivable		12,607,917
Dividends receivable		10,033,105
Tax reclaims receivable		20,561
Prepaid assets		27,163
Total Assets		1,811,037,980
LIABILITIES
Advisory fee payable		2,456,646
Payable for investments purchased		3,144,261
Servicing fee payable		288,435
Trustee fee payable		18,020
Payable for deferred Indian capital gains tax		9,584,027
Accrued expenses		528,886
Total Liabilities		16,020,275
NET ASSETS	$	1,795,017,705
COMPOSITION OF NET ASSETS
Paid-in capital	$	1,253,793,477
Undistributed net investment income		4,779,018
Accumulated net realized gain on investments and foreign currency transactions		135,658,567
Net unrealized appreciation in value of investments and foreign currencies (net of deferred Indian capital gain tax)		400,786,643
	$	1,795,017,705
NET ASSET VALUE, PER SHARE
Class 2 ($209,963,885 / 9,990,526 shares outstanding), unlimited authorized, no par value	$	21.02
Class 3 ($180,998,558 / 8,541,401 shares outstanding), unlimited authorized, no par value	$	21.19
Class 5 ($1,111,665,245 / 51,223,161 shares outstanding), unlimited authorized, no par value	$	21.70
Class K ($291,466,008 / 13,886,655 shares outstanding), unlimited authorized, no par value	$	20.99
Institutional Class ($924,009 / 43,998 shares outstanding), unlimited authorized, no par value	$	21.00

For the Six Months Ended June 30, 2018 (unaudited)
Baillie Gifford Emerging Markets Fund

INVESTMENT INCOME
Dividends (net of foreign withholding taxes of $ 2,705,610)	$	17,133,102
Interest		75,111
Total Investment Income		17,208,213
EXPENSES
Advisory fee (Note B)		4,961,299
Shareholder Servicing fees — Class 2 Shares (Note B)		184,299
Shareholder Servicing fees — Class 3 Shares (Note B)		98,092
Shareholder Servicing fees — Class 5 Shares (Note B)		122,079
Administration & Supervisory Fee — Class K Shares (Note B)		144,663
Administration & Supervisory Fee — Institutional Class Shares (Note B)		102
Fund accounting		449,282
Custody		376,795
Legal		154,222
Transfer agency		46,619
Trustees' fees		34,200
Professional fees		21,321
Insurance		6,792
Miscellaneous		33,940
Total Expenses		6,633,705
Net Investment Income		10,574,508
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain from:
Investments		55,481,192
Foreign currency transactions		37,558
		55,518,750
Net change in unrealized depreciation on:
Investments (net of deferred Indian capital gains tax $9,880,375) (Note A)		(216,537,085	)
Translation of assets and liabilities denominated in foreign currencies		(29,209	)
		(216,566,294	)
Net realized and unrealized loss on investments and foreign currency transactions		(161,047,544	)
NET DECREASE IN NET ASSETS FROM OPERATIONS	$	(150,473,036	)

Baillie Gifford Emerging Markets Fund

	For the Six Months Ended June 30, 2018 (unaudited)			For the Year Ended December 31, 2017
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	10,574,508		$	15,348,183
Net realized gain from investments and foreign currency transactions		55,518,750			156,392,889
Net change in unrealized appreciation (depreciation) on investments and translation of assets and liabilities in foreign currencies		(216,566,294	)		537,941,090
Net increase (decrease) in net asset from operations		(150,473,036	)		709,682,162
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Class 2		—			(2,175,573	)
Class 3		—			(2,236,030	)
Class 5		—			(14,640,063	)
Class K		—			(811,639	)
Institutional Class		—			(72	)
Capital gains:
Class 2		—			(1,598,271	)
Class 3		—			(1,527,382	)
Class 5		—			(9,476,620	)
Class K		—			(555,567	)
Institutional Class		—			(50	)
Total Dividends and Distributions		—			(33,021,267	)
TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
Net proceeds from shares subscribed:
Class 1		—			5,696
Class 2		24,252,631			49,650,731	*
Class K		241,425,616			98,891,235
Institutional Class		946,747			5,000
Purchase fees:
Class 1		—			281
Class 2		—			4,567
Class 3		—			4,814
Class 5		—			40,345
Redemption fees:
Class 2		—			4,199
Class 3		—			3,560
Class 5		—			29,835
Dividends reinvested:
Class 2		—			3,767,062
Class 3		—			3,756,892
Class 5		—			24,075,158
Class K		—			1,339,105
Institutional Class		—			121

Baillie Gifford Emerging Markets Fund
Selected data for a Class 2 Share outstanding throughout each period.

	For the Six Months Ended June 30, 2018 (unaudited)			For the Year Ended December 31, 2017			For the Year Ended December 31, 2016			For the Period March 3, 2015^(a)through December 31, 2015			For the Period April 8, 2014^(a)through June 9, 2014			For the Period January 1, 2014^(a)through January 12, 2014			For the Period April 9, 2013^(b)through December 31, 2013
Net asset value, beginning of period	$	22.82		$	15.20		$	14.88		$	17.24		$	16.64		$	16.52		$	15.60
From Investment Operations
Net investment income (loss)^(c)		0.12			0.16			0.07			0.13			0.01			(0.00	)^(d)		0.10
Net realized and unrealized gain (loss) on investments and foreign currency transactions		(1.92	)		7.89			0.38			(2.38	)		1.18			(0.41	)		1.10
Net increase (decrease) in net asset value from investment operations		(1.80	)		8.05			0.45			(2.25	)		1.19			(0.41	)		1.20
Dividends and Distributions to Shareholders
Dividends from net investment income		—			(0.25	)		(0.14	)		(0.17	)		—			—			(0.29	)
Distributions from net realized gain on investments		—			(0.18	)		—			(0.00	)^(d)		—			—			—
Total Dividends and Distributions		—			(0.43	)		(0.14	)		(0.17	)		—			—			(0.29	)
Proceeds from Purchase Fees and Redemption Fees^(c)		—			(0.00	)^(d)		0.01			0.06			0.02			—			0.01
Net asset value, end of period	$	21.02		$	22.82		$	15.20		$	14.88		$	17.85		$	16.11		$	16.52
Total Return
Total return based on net asset value^(e)		(7.91	)%		53.02	%		3.10	%		(12.68	)%		7.27	%		(2.48	)%		7.90	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	209,964		$	203,830		$	121,739		$	69,091		$	9,994		$	49,767		$	51,029

	For the Six Months Ended June 30, 2018 (unaudited)			For the Year Ended December 31, 2017			For the Year Ended December 31, 2016			For the Period March 3, 2015^(a)through December 31, 2015			For the Period April 8, 2014^(a)through June 9, 2014			For the Period January 1, 2014^(a)through January 12, 2014			For the Period April 9, 2013^(b)through December 31, 2013
Ratio of net expenses to average net assets		0.84	%*		0.85	%		0.87	%		0.87	%*		0.90	%*		0.92	%*		0.89	%*
Ratio of net investment income (loss) to average net assets		1.06	%*		0.82	%		0.52	%		0.95	%*		0.46	%*		(0.90	)%*		0.90	%*
Portfolio turnover rate^(f)		10	%		33	%		24	%		46	%		26	%		26	%		33	%

* Annualized.

^(a) Recommencement of investment operations. Class had no shareholders from January 13, 2014 to April 7, 2014 and from June 10, 2014 to March 2, 2015. All shares of this class were redeemed at $16.11 on January 12, 2014. New shares were issued at $16.64 on April 8, 2014. All shares of this class were redeemed at $17.85 on June 9, 2014. New shares were issued at $17.24 on March 3, 2015.

^(b) Commencement of investment operations.

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

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

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

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

	For the Six Months Ended June 30, 2018 (unaudited)			For the Year Ended December 31, 2017			For the Period April 01, 2016^(b)through December 31, 2016			For the Year Ended December 31, 2014			For the Year Ended December 31, 2013			For the Year Ended December 31, 2012
Net asset value, beginning of period	$	23.00		$	15.32		$	14.72		$	16.74		$	16.40		$	14.60
From Investment Operations
Net investment income^(a)		0.12			0.17			0.12			0.17			0.14			0.19
Net realized and unrealized gain (loss) on investments and foreign currency transactions		(1.93	)		7.96			0.62			(0.15	)		0.48			1.82
Net increase (decrease) in net asset value from investment operations		(1.81	)		8.13			0.74			0.02			0.62			2.01
Dividends and Distributions to Shareholders
Dividends from net investment income		—			(0.27	)		(0.14	)		(0.02	)		(0.29	)		(0.23	)
Distributions from net realized gain on investments		—			(0.18	)		—			—			—			—
Total Dividends and Distributions		—			(0.45	)		(0.14	)		(0.02	)		(0.29	)		(0.23	)
Proceeds from Purchase Fees and Redemption Fees^(a)		—			0.00	^(c)		0.00	^(c)		0.02			0.01			0.02
Net asset value, end of period	$	21.19		$	23.00		$	15.32		$	16.76		$	16.74		$	16.40
Total Return
Total return based on net asset value^(d)		(7.87	)%		53.13	%		5.05	%		0.26	%		3.98	%		13.94	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	180,999		$	196,468		$	128,303		$	485,066		$	317,406		$	490,246
Ratio of net expenses to average net assets		0.77	%*		0.78	%		0.80	%*		0.75	%		0.74	%		0.75	%
Ratio of net investment income to average net assets		1.07	%*		0.84	%		1.09	%*		1.00	%		0.88	%		1.18	%
Portfolio turnover rate^(e)		10	%		33	%		24	%		26	%		33	%		51	%

* Annualized.

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

^(b) 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.

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

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

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

	For the Six Months Ended June 30, 2018 (unaudited)			For the Year Ended December 31, 2017			For the Year Ended December 31, 2016			For the Year Ended December 31, 2015
Net asset value, beginning of period	$	23.55		$	15.67		$	15.33		$	16.93
From Investment Operations
Net investment income^(a)		0.13			0.19			0.13			0.14
Net realized and unrealized gain (loss) on investments and foreign currency transactions		(1.98	)		8.15			0.35			(1.60	)
Net increase (decrease) in net asset value from investment operations		(1.85	)		8.34			0.48			(1.46	)
Dividends and Distributions to Shareholders
Dividends from net investment income		—			(0.28	)		(0.15	)		(0.19	)
Distributions from net realized gain on investments		—			(0.18	)		—			(0.00	)^(b)
Total Dividends and Distributions		—			(0.46	)		(0.15	)		(0.19	)
Proceeds from Purchase Fees and Redemption Fees^(a)		—			0.00	^(b)		0.01			0.05
Net asset value, end of period	$	21.70		$	23.55		$	15.67		$	15.33
Total Return
Total return based on net asset value^(c)		(7.84	)%		53.25	%		3.24	%		(8.24	)%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	1,111,665		$	1,232,137		$	1,075,176		$	935,177
Ratio of net expenses to average net assets		0.69	%*		0.70	%		0.71	%		0.71	%
Ratio of net investment income to average net assets		1.14	%*		0.91	%		0.83	%		0.89	%
Portfolio turnover rate^(d)		10	%		33	%		24	%		46	%

* Annualized.

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

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

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

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

	For the Six Months Ended June 30, 2018 (unaudited)			For the Period April 28, 2017^(a) through December 31, 2017
Net asset value, beginning of period	$	22.79		$	18.22
From Investment Operations
Net investment income^(b)		0.19			0.02
Net realized and unrealized gain (loss) on investments and foreign currency transactions		(1.99	)		5.00
Net increase (decrease) in net asset value from investment operations		(1.80	)		5.02
Dividends and Distributions to Shareholders
Dividends from net investment income		—			(0.27	)
Distributions from net realized gain on investments		—			(0.18	)
Total Dividends and Distributions		—			(0.45	)
Net asset value, end of period	$	20.99		$	22.79
Total Return
Total return based on net asset value^(c)		(7.90	)%		27.57	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	291,466		$	73,349
Ratio of net expenses to average net assets		0.84	%*		0.85	%*
Ratio of net investment income to average net assets		1.69	%*		0.18	%*
Portfolio turnover rate^(d)		10	%		33	%

* 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 Emerging Markets Fund
Selected data for an Institutional Class Share outstanding throughout each period:

	For the Six Months Ended June 30, 2018 (unaudited)			For the Period April 28, 2017^(a) through December 31, 2017
Net asset value, beginning of period	$	22.80		$	18.22
From Investment Operations
Net investment income^(b)		0.43			0.16
Net realized and unrealized gain (loss) on investments and foreign currency transactions		(2.23	)		4.86
Net increase (decrease) in net asset value from investment operations		(1.80	)		5.02
Dividends and Distributions to Shareholders
Dividends from net investment income		—			(0.26	)
Distributions from net realized gain on investments		—			(0.18	)
Total Dividends and Distributions		—			(0.44	)
Net asset value, end of period	$	21.00		$	22.80
Total Return
Total return based on net asset value^(c)		(7.89	)%		27.61	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	924		$	6
Ratio of net expenses to average net assets		0.91	%*		0.85	%*
Ratio of net investment income to average net assets		6.22	%*		1.13	%*
Portfolio turnover rate^(d)		10	%		33	%

* Annualized.

^(a) Commencement of investment operations.

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

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

June 30, 2018 (unaudited)

Baillie Gifford Global Alpha Equity Fund

	Value		% of Total Net Assets
Airlines	$	11,082,595		1.3	%
Auto Manufacturers		19,022,156		2.1
Banks		53,859,246		6.2
Beverages		11,496,415		1.3
Biotechnology		21,766,297		2.5
Building Materials		21,125,541		2.3
Chemicals		7,363,380		0.9
Commercial Services		56,485,041		6.3
Distribution/Wholesale		6,065,825		0.7
Diversified Financial Services		75,005,659		8.6
Electrical Components & Equipment		6,274,273		0.7
Electronics		8,561,324		1.0
Environmental Control		3,026,714		0.3
Food		1,659,140		0.2
Hand/Machine Tools		13,229,371		1.5
Healthcare — Products		37,287,034		4.1
Healthcare — Services		21,322,013		2.4
Holding Companies — Diversified		4,776,403		0.5
Insurance		90,208,124		10.2
Internet		167,995,513		19.0
Leisure Time		10,917,575		1.2
Lodging		3,881,251		0.4
Machinery — Construction & Mining		9,155,947		1.1
Machinery — Diversified		19,286,918		2.2
Media		38,550,625		4.3
Mining		8,991,014		1.0
Miscellaneous Manufacturing		4,114,807		0.5
Oil & Gas		31,604,439		3.6
Oil & Gas Services		2,432,405		0.3
Pharmaceuticals		2,486,230		0.3
Real Estate		4,032,372		0.5
Retail		7,907,523		0.9
Semiconductors		46,940,953		5.2
Software		20,988,481		2.4
Telecommunications		3,357,190		0.4
Transportation		16,613,221		1.8
Total Value of Investments		868,873,015		98.2
Other assets less liabilities		15,783,188		1.8
Net Assets	$	884,656,203		100.0	%

June 30, 2018 (unaudited)
Baillie Gifford Global Alpha Equity Fund

	Shares		Value
COMMON STOCKS — 97.5%
AUSTRALIA — 1.5%
BHP Billiton PLC		400,626	$	8,991,014
Orica Ltd.		313,427		4,114,807
				13,105,821
BRAZIL — 0.4%
B3 SA — Brasil Bolsa Balcao		738,300		3,912,709
CANADA — 1.6%
Fairfax Financial Holdings Ltd.		17,664		9,897,967
Ritchie Bros. Auctioneers, Inc.		136,625		4,661,645
				14,559,612
CHINA — 7.7%
58.com, Inc. ADR *		88,719		6,151,776
Alibaba Group Holding Ltd. ADR *		111,600		20,705,148
Autohome, Inc. ADR		61,933		6,255,233
Baidu, Inc. ADR *		43,770		10,636,110
China Biologic Products Holdings, Inc. *		25,030		2,486,230
Ctrip.com International Ltd. ADR *		153,305		7,301,917
NetEase, Inc.		13,721		3,466,885
Ping An Insurance Group Co. of China Ltd., Class H		905,500		8,292,274
Tsingtao Brewery Co., Ltd., Class H		440,000		2,410,792
				67,706,365
DENMARK — 0.9%
A P Moller — Maersk A/S, B Shares		3,807		4,709,639
Genmab A/S *		22,461		3,456,033
				8,165,672
FRANCE — 1.9%
Bureau Veritas SA		298,984		7,970,101
Pernod Ricard SA		55,670		9,085,623
				17,055,724

June 30, 2018 (unaudited)
Baillie Gifford Global Alpha Equity Fund

	Shares		Value
GERMANY — 3.3%
Deutsche Boerse AG		52,109	$	6,928,116
Infineon Technologies AG		185,686		4,716,671
SAP SE		151,810		17,521,596
				29,166,383
HONG KONG — 2.6%
AIA Group Ltd.		2,091,000		18,215,561
Jardine Matheson Holdings Ltd.		75,800		4,776,403
				22,991,964
INDIA — 2.6%
Housing Development Finance Corp., Ltd.		407,401		11,352,058
ICICI Bank Ltd. *		1,600,615		6,437,890
ICICI Bank Ltd. ADR *		650,260		5,221,588
				23,011,536
IRELAND — 3.7%
Bank of Ireland Group PLC		1,005,066		7,799,545
CRH PLC		390,167		13,685,972
Ryanair Holdings PLC ADR *		97,020		11,082,595
				32,568,112
JAPAN — 7.6%
Advantest Corp.		308,000		6,388,810
CyberAgent, Inc.		162,700		9,757,661
Kansai Paint Co., Ltd.		159,900		3,318,321
LINE Corp. *		73,000		3,013,952
MS&AD Insurance Group Holdings, Inc.		368,600		11,448,200
Olympus Corp.		211,000		7,893,011
Persol Holdings Co., Ltd.		181,300		4,037,623
Rohm Co., Ltd.		64,900		5,423,336
SMC Corp.		21,000		7,687,907
Sumitomo Mitsui Trust Holdings, Inc.		219,300		8,652,180
				67,621,001
MACAU — 0.4%
Sands China Ltd.		728,000		3,881,251

June 30, 2018 (unaudited)
Baillie Gifford Global Alpha Equity Fund

	Shares		Value
NETHERLANDS — 0.7%
Signify NV 144A ^†		242,516	$	6,274,273
NORWAY — 0.8%
Schibsted ASA, Class A		224,374		6,803,941
Schibsted ASA, Class B		23,337		658,358
				7,462,299
RUSSIA — 1.3%
Mail.Ru Group Ltd. GDR Reg S *		127,433		3,680,697
Sberbank of Russia PJSC ADR		523,022		7,481,578
				11,162,275
SOUTH AFRICA — 3.7%
MTN Group Ltd.		187,495		1,474,810
Naspers Ltd., N Shares		123,296		31,088,326
				32,563,136
SPAIN — 0.2%
Distribuidora Internacional de Alimentacion SA		571,144		1,659,140
SWEDEN — 1.7%
Atlas Copco AB, B Shares		260,061		6,775,061
Epiroc AB, B Shares *		260,061		2,380,886
Svenska Handelsbanken AB, A Shares		493,245		5,462,910
				14,618,857
SWITZERLAND — 2.5%
Compagnie Financiere Richemont SA		93,542		7,907,523
OC Oerlikon Corp. AG *		277,264		4,224,044
Schindler Holding AG, Participating Certificates		45,348		9,736,347
				21,867,914
TAIWAN — 2.6%
HTC Corp. *		1,010,000		1,882,380
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		580,314		21,216,280
				23,098,660

June 30, 2018 (unaudited)
Baillie Gifford Global Alpha Equity Fund

	Shares		Value
UNITED KINGDOM — 4.5%
Fiat Chrysler Automobiles NV *		595,414	$	11,232,047
Hays PLC.		1,693,836		4,159,544
Prudential PLC		1,087,789		24,797,565
				40,189,156
UNITED STATES — 45.3%
ABIOMED, Inc. *		26,938		11,018,989
Advanced Micro Devices, Inc. *		259,989		3,897,235
Albemarle Corp.		42,882		4,045,059
Alnylam Pharmaceuticals, Inc. *		35,515		3,497,872
Alphabet, Inc., Class C *		15,663		17,474,426
Amazon.com, Inc. *		25,323		43,044,035
Anthem, Inc.		89,577		21,322,013
Apache Corp.		446,518		20,874,716
Arthur J Gallagher & Co.		130,309		8,506,572
C.H. Robinson Worldwide, Inc.		84,072		7,033,464
EOG Resources, Inc.		86,231		10,729,723
Facebook, Inc., Class A *		66,122		12,848,827
First Republic Bank		70,809		6,853,603
GrubHub, Inc. *		98,341		10,316,954
Howard Hughes Corp. (The) *		30,433		4,032,372
Interactive Brokers Group, Inc., Class A		79,044		5,091,224
Jefferies Financial Group, Inc.		257,421		5,853,754
Kirby Corp. *		58,255		4,870,118
LendingTree, Inc. *		16,189		3,461,208
Lincoln Electric Holdings, Inc.		39,802		3,493,024
Markel Corp. *		8,346		9,049,985
MarketAxess Holdings, Inc.		34,643		6,854,464
Martin Marietta Materials, Inc.		33,312		7,439,569
Mastercard, Inc., Class A		83,759		16,460,319
Moody's Corp.		119,427		20,369,469
Myriad Genetics, Inc. *		180,816		6,757,094
Netflix, Inc. *		17,425		6,820,668
NOW, Inc. *		182,476		2,432,405
ResMed, Inc.		88,726		9,190,239
Royal Caribbean Cruises Ltd.		105,382		10,917,575
Seattle Genetics, Inc. *		121,333		8,055,298
SiteOne Landscape Supply, Inc. *		72,238		6,065,825
Stericycle, Inc. *		46,358		3,026,714

June 30, 2018 (unaudited)
Baillie Gifford Global Alpha Equity Fund

	Shares		Value
TD Ameritrade Holding Corp.		130,967	$	7,173,063
Teradyne, Inc.		139,181		5,298,621
Tesla, Inc. *		22,715		7,790,109
Thermo Fisher Scientific, Inc.		44,341		9,184,795
Verisk Analytics, Inc. *		78,337		8,432,195
Visa, Inc., Class A		111,538		14,773,208
Wabtec Corp.		74,812		7,374,967
Waters Corp. *		44,224		8,561,324
Zillow Group, Inc., Class C *		169,118		9,988,109
				400,281,203
Total Common Stocks
(cost $573,987,374)				862,923,063
PREFERRED STOCKS — 0.7%
BRAZIL — 0.7%
Banco Bradesco SA (cost $7,318,152)		861,110		5,949,952
TOTAL INVESTMENTS — 98.2%
(cost $581,305,526)			$	868,873,015
Other assets less liabilities — 1.8%				15,783,188
NET ASSETS — 100.0%			$	884,656,203

* Non-income producing security.

ADR — American Depositary Receipt.

GDR — Global Depositary Receipt.

June 30, 2018 (unaudited)
Baillie Gifford Global Alpha Equity Fund

Fair Value Measurement

The following is a summary of the inputs used as of June 30, 2018 in valuing the Fund's investments carried at fair value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks
Australia	$	—	$	13,105,821	$	—	$	13,105,821
Brazil		3,912,709		—		—		3,912,709
Canada		14,559,612		—		—		14,559,612
China		57,003,299		10,703,066		—		67,706,365
Denmark		—		8,165,672		—		8,165,672
France		—		17,055,724		—		17,055,724
Germany		—		29,166,383		—		29,166,383
Hong Kong		—		22,991,964		—		22,991,964
India		5,221,588		17,789,948		—		23,011,536
Ireland		11,082,595		21,485,517		—		32,568,112
Japan		—		67,621,001		—		67,621,001
Macau		—		3,881,251		—		3,881,251
Netherlands		—		6,274,273		—		6,274,273
Norway		—		7,462,299		—		7,462,299
Russia		—		11,162,275		—		11,162,275
South Africa		1,474,810		31,088,326		—		32,563,136
Spain		—		1,659,140		—		1,659,140
Sweden		2,380,886		12,237,971		—		14,618,857
Switzerland		—		21,867,914		—		21,867,914
Taiwan		21,216,280		1,882,380		—		23,098,660
United Kingdom		—		40,189,156		—		40,189,156
United States		400,281,203		—		—		400,281,203
Total Common Stocks		517,132,982		345,790,081		—		862,923,063
Preferred Stocks
Brazil		5,949,952		—		—		5,949,952
Total	$	523,082,934	$	345,790,081	$	—	$	868,873,015

For the Global Alpha Equity Fund, fair value of Level 3, Level 2 and Level 1 investments at December 31, 2017 was $38,281, $496,350,853 and $638,764,232, respectively. $14,428,809 was transferred out of Level 2 into Level 1 and $17,546,169 was transferred out of Level 1 into Level 2 during the period ended June 30, 2018. Transfers into Level 2 and out of Level 1 resulted from foreign securities which were priced using inputs from a third-party vendor modeling tool to reflect any significant market movements between the time at which the Fund valued its securities and the earlier closing of foreign markets. Transfers into Level 1 and out of Level 2 resulted when pricing was based on quoted market prices.

June 30, 2018 (unaudited)
Baillie Gifford Global Alpha Equity Fund

ASSETS
Investments, at value (cost $581,305,526)	$	868,873,015
Cash		14,902,073
Dividends receivable		1,440,642
Tax reclaims receivable		834,210
Receivable for deferred Indian capital gains tax refund		22,376
Prepaid assets		22,379
Total Assets		886,094,695
LIABILITIES
Advisory fee payable		917,921
Servicing fee payable		253,967
Capital shares purchased payable		10,172
Trustee fee payable		10,086
Accrued expenses		246,346
Total Liabilities		1,438,492
NET ASSETS	$	884,656,203
COMPOSITION OF NET ASSETS
Paid-in capital	$	464,725,828
Undistributed net investment income		961,838
Accumulated net realized gain on investments and foreign currency transactions		131,385,407
Net unrealized appreciation in value of investments and foreign currencies (net of deferred Indian capital gains tax)		287,583,130
	$	884,656,203
NET ASSET VALUE, PER SHARE
Class 2 ($158,209,481 / 8,070,880 shares outstanding), unlimited authorized, no par value	$	19.60
Class 3 ($535,011,624 / 26,769,552 shares outstanding), unlimited authorized, no par value	$	19.99
Class 4 ($144,010,734 / 7,071,203 shares outstanding), unlimited authorized, no par value	$	20.37
Class K ($47,418,228 / 2,422,683 shares outstanding), unlimited authorized, no par value	$	19.57
Institutional Class ($6,136 / 313 shares outstanding), unlimited authorized, no par value	$	19.59	*

* Net assets divided by shares does not recalculate using values rounded to the dollar.

For the Six Months Ended June 30, 2018 (unaudited)
Baillie Gifford Global Alpha Equity Fund

INVESTMENT INCOME
Dividends (net of foreign withholding taxes of $967,532)	$	7,655,528
Interest		17,493
Total Investment Income		7,673,021
EXPENSES
Advisory fee (Note B)		2,069,562
Shareholder Servicing fees — Class 2 Shares (Note B)		136,065
Shareholder Servicing fees — Class 3 Shares (Note B)		284,993
Shareholder Servicing fees — Class 4 Shares (Note B)		88,524
Administration & Supervisory Fee — Class K Shares (Note B)		44,018
Administration & Supervisory Fee — Institutional Class Shares (Note B)		5
Fund accounting		278,369
Custody		94,007
Legal		91,023
Transfer agency		42,508
Trustees' fees		20,633
Professional fees		15,103
Insurance		3,947
Miscellaneous		30,654
Total Expenses		3,199,411
Net Investment Income		4,473,610
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) from:
Investments (net of Indian capital gains tax $78,669) (Note A)		118,904,650
Foreign currency transactions		(201,578	)
		118,703,072
Net change in unrealized depreciation on:
Investments (net of deferred Indian capital gains tax $270,033) (Note A)		(69,251,467	)
Translation of assets and liabilities denominated in foreign currencies		(21,146	)
		(69,272,613	)
Net realized and unrealized gain on investments and foreign currency transactions		49,430,459
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	53,904,069

Baillie Gifford Global Alpha Equity Fund

	For the Six Months Ended June 30, 2018 (unaudited)			For the Year Ended December 31, 2017
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	4,473,610		$	5,319,973
Net realized gain from investments and foreign currency transactions		118,703,072			65,005,092
Net change in unrealized appreciation (depreciation) on investments and translation of assets and liabilities in foreign currencies		(69,272,613	)		216,662,173
Net increase in net assets from operations		53,904,069			286,987,238
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Class 2		—			(901,464	)
Class 3		—			(3,868,548	)
Class 4		—			(2,809,108	)
Class K		—			(424,261	)
Institutional Class		—			(41	)
Capital gains:
Class 2		—			(4,497,059	)
Class 3		—			(16,117,596	)
Class 4		—			(10,303,488	)
Class K		—			(1,634,655	)
Institutional Class		—			(172	)
Total Dividends and Distributions		—			(40,556,392	)
TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
Net proceeds from shares subscribed:
Class 1		—			1,498
Class 2		4,000			20,191,462	*
Class 3		7,500,000			167,078,422
Class 4		—			352,706,903
Class K		2,050,478			75,400,530
Institutional Class		—			5,000
Purchase fees:
Class 2		—			5,472
Class 3		—			14,033
Redemption fees:
Class 2		—			6,754
Class 3		—			17,770
Dividends reinvested:
Class 2		—			5,398,523
Class 3		—			19,986,144
Class 4		—			13,112,596
Class K		—			2,058,917
Institutional Class		—			213
Cost of shares redeemed:
Class 1		—			(4,965	)*
Class 2		(2,500,000	)		(154,903,521	)
Class 3		(59,500,000	)		(388,729,425	)
Class 4		(246,700,383	)		(10,500,000	)
Class K		(13,414,793	)		(23,575,015	)
Increase (decrease) in Net Assets from Transactions in Shares of Beneficial Interest		(312,560,698	)		78,271,311
Total Increase (decrease) in Net Assets		(258,656,629	)		324,702,157

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

	For the Six Months Ended June 30, 2018 (unaudited)			For the Year Ended December 31, 2017			For the Year Ended December 31, 2016			For the Year Ended December 31, 2015			For the Year Ended December 31, 2014			For the Period January 6, 2013^(a)through December 31, 2013
Net asset value, beginning of period	$	18.85		$	14.52		$	13.96		$	14.00		$	14.10		$	11.55
From Investment Operations
Net investment income^(b)		0.09			0.10			0.10			0.12			0.11			0.12
Net realized and unrealized gain on investments and foreign currency transactions		0.66			4.91			0.59			0.11	^(f)		0.53			2.94
Net increase in net asset value from investment operations		0.75			5.01			0.69			0.23			0.64			3.06
Dividends and Distributions to Shareholders
Dividends from net investment income		—			(0.11	)		(0.08	)		(0.11	)		(0.14	)		(0.17	)
Distributions from net realized gain on investments		—			(0.57	)		(0.05	)		(0.17	)		(0.61	)		(0.34	)
Total Dividends and Distributions		—			(0.68	)		(0.13	)		(0.28	)		(0.75	)		(0.51	)
Proceeds from Purchase Fees and Redemption Fees^(b)		—			0.00	^(c)		0.00	^(c)		0.01			0.01			0.00	^(c)
Net asset value, end of period	$	19.60		$	18.85		$	14.52		$	13.96		$	14.00		$	14.10
Total Return
Total return based on net asset value^(d)		3.97	%		34.56	%		4.95	%		1.75	%		4.49	%		26.48	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	158,209		$	154,523		$	225,095		$	210,890		$	213,426		$	119,535
Ratio of net expenses to average net assets		0.68	%*		0.67	%		0.67	%		0.66	%		0.67	%		0.68	%*
Ratio of net investment income to average net assets		0.89	%*		0.59	%		0.69	%		0.83	%		0.74	%		1.00	%*
Portfolio turnover rate^(e)		9	%		27	%		20	%		16	%		26	%		20	%

* 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 and excludes the value of portfolio securities received in-kind in connection with Fund capital shares sold.

Baillie Gifford Global Alpha Equity Fund
Selected data for a Class 3 Share outstanding throughout each period:

	For the Six Months Ended June 30, 2018 (unaudited)			For the Year Ended December 31, 2017			For the Year Ended December 31, 2016			For the Year Ended December 31, 2015			For the Year Ended December 31, 2014			For the Year Ended December 31, 2013
Net asset value, beginning of period	$	19.22		$	14.79		$	14.23		$	14.26		$	14.36		$	11.56
From Investment Operations
Net investment income^(a)		0.09			0.10			0.10			0.13			0.13			0.14
Net realized and unrealized gain on investments and foreign currency transactions		0.68			5.04			0.61			0.12	^(b)		0.52			3.17
Net increase in net asset value from investment operations		0.77			5.14			0.71			0.25			0.65			3.31
Dividends and Distributions to Shareholders
Dividends from net investment income		—			(0.14	)		(0.10	)		(0.12	)		(0.15	)		(0.18	)
Distributions from net realized gain on investments		—			(0.57	)		(0.05	)		(0.17	)		(0.61	)		(0.34	)
Total Dividends and Distributions		—			(0.71	)		(0.15	)		(0.29	)		(0.76	)		(0.52	)
Proceeds from Purchase Fees and Redemption Fees^(a)		—			0.00	^(c)		0.00	^(c)		0.01			0.01			0.01
Net asset value, end of period	$	19.99		$	19.22		$	14.79		$	14.23		$	14.26		$	14.36
Total Return
Total return based on net asset value^(d)		4.01	%		34.65	%		5.02	%		1.84	%		4.48	%		28.71	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	535,012		$	564,714		$	593,513		$	500,983		$	410,993		$	299,182
Ratio of net expenses to average net assets		0.61	%*		0.60	%		0.60	%		0.59	%		0.59	%		0.61	%
Ratio of net investment income to average net assets		0.95	%*		0.60	%		0.75	%		0.85	%		0.91	%		1.05	%
Portfolio turnover rate^(e)		9	%		27	%		20	%		16	%		26	%		20	%

* Annualized.

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

^(b) Calculation of the net gain per share (both realized and unrealized) does 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.

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

^(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 Equity Fund
Selected data for a Class 4 Share outstanding throughout each period:

	For the Six Months Ended June 30, 2018 (unaudited)			For the Period July 10, 2017^(a)through December 31, 2017
Net asset value, beginning of period	$	19.58		$	17.99
From Investment Operations
Net investment income^(b)		0.07			0.01
Net realized and unrealized gain on investments and foreign currency transactions		0.72			2.31
Net increase in net asset value from investment operations		0.79			2.32
Dividends and Distributions to Shareholders
Dividends from net investment income		—			(0.16	)
Distributions from net realized gain on investments		—			(0.57	)
Total Dividends and Distributions		—			(0.73	)
Net asset value, end of period	$	20.37		$	19.58
Total Return
Total return based on net asset value^(c)		4.02	%		12.87	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	144,011		$	367,908
Ratio of net expenses to average net assets		0.58	%*		0.58	%*
Ratio of net investment income to average net assets		0.66	%*		0.15	%*
Portfolio turnover rate^(d)		9	%		27	%

* Annualized.

^(a) Commencement of operations.

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

^(d) 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 Equity Fund
Selected data for a Class K Share outstanding throughout each period:

	For the Six Months Ended June 30, 2018 (unaudited)			For the Period April 28, 2017^(a)through December 31, 2017
Net asset value, beginning of period	$	18.82		$	16.56
From Investment Operations
Net investment income^(b)		0.08			0.02
Net realized and unrealized gain on investments and foreign currency transactions		0.67			2.96
Net increase in net asset value from investment operations		0.75			2.98
Dividends and Distributions to Shareholders
Dividends from net investment income		—			(0.15	)
Distributions from net realized gain on investments		—			(0.57	)
Total Dividends and Distributions		—			(0.72	)
Net asset value, end of period	$	19.57		$	18.82
Total Return
Total return based on net asset value^(c)		3.99	%		17.97	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	47,418		$	56,163
Ratio of net expenses to average net assets		0.68	%*		0.68	%*
Ratio of net investment income to average net assets		0.82	%*		0.17	%*
Portfolio turnover rate^(d)		9	%		27	%

* Annualized.

^(a) Commencement of operations.

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

^(d) 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 Equity Fund
Selected data for an Institutional Class Share outstanding throughout each period:

	For the Six Months Ended June 30, 2018 (unaudited)			For the Period April 28, 2017^(a)through December 31, 2017
Net asset value, beginning of period	$	18.84		$	16.56
From Investment Operations
Net investment income^(b)		0.09			0.04
Net realized and unrealized gain on investments and foreign currency transactions		0.66			2.95
Net increase in net asset value from investment operations		0.75			2.99
Dividends and Distributions to Shareholders
Dividends from net investment income		—			(0.14	)
Distributions from net realized gain on investments		—			(0.57	)
Total Dividends and Distributions		—			(0.71	)
Net asset value, end of period	$	19.59		$	18.84
Total Return
Total return based on net asset value^(c)		3.98	%		18.03	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	6		$	6
Ratio of net expenses to average net assets		0.68	%*		0.67	%*
Ratio of net investment income to average net assets		0.93	%*		0.35	%*
Portfolio turnover rate^(d)		9	%		27	%

* Annualized.

^(a) Commencement of operations.

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

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

June 30, 2018 (unaudited)
Baillie Gifford Global Select Equity Fund

	Value		% of Total Net Assets
Airlines	$	54,831		1.7	%
Apparel		85,099		2.7
Auto Manufacturers		32,237		1.0
Banks		136,341		4.3
Biotechnology		119,208		3.6
Building Materials		43,996		1.3
Chemicals		59,977		1.8
Commercial Services		86,069		2.6
Distribution/Wholesale		102,094		3.1
Diversified Financial Services		316,033		9.6
Electronics		98,457		3.0
Food		20,845		0.6
Hand/Machine Tools		35,855		1.1
Healthcare — Products		131,473		4.1
Home Furnishings		24,625		0.8
Insurance		183,611		5.7
Internet		906,320		27.8
Machinery — Construction & Mining		36,545		1.1
Machinery — Diversified		109,635		3.4
Metal Fabricate / Hardware		37,823		1.1
Oil & Gas		90,000		2.8
Pharmaceuticals		23,343		0.7
Real Estate		33,203		1.0
Retail		155,262		4.7
Semiconductors		87,079		2.7
Software		61,901		1.9
Telecommunications		92,830		2.8
Toys/Games/Hobbies		32,643		1.0
Transportation		37,206		1.2
Total Value of Investments		3,234,541		99.2
Other assets less liabilities		26,816		0.8
Net Assets	$	3,261,357		100.0	%

June 30, 2018 (unaudited)
Baillie Gifford Global Select Equity Fund

	Shares		Value
COMMON STOCKS — 99.2%
CANADA — 0.8%
Shopify, Inc., Class A *		184	$	26,844
CHINA — 7.6%
Alibaba Group Holding Ltd. ADR *		406		75,325
Baidu, Inc. ADR *		129		31,347
Ctrip.com International Ltd. ADR *		504		24,005
JD.com, Inc. ADR *		1,159		45,143
Tencent Holdings Ltd.		1,400		70,302
				246,122
DENMARK — 0.8%
Novozymes A/S, B Shares		517		26,149
FRANCE — 1.4%
Sartorius Stedim Biotech		429		44,754
GERMANY — 2.4%
adidas AG		223		48,551
Zalando SE 144A *^†		551		30,709
				79,260
HONG KONG — 2.2%
AIA Group Ltd.		5,000		43,557
Hong Kong Exchanges & Clearing Ltd.		900		26,935
				70,492
IRELAND — 2.4%
COSMO Pharmaceuticals NV *		207		23,343
Ryanair Holdings PLC ADR *		480		54,831
				78,174
ISRAEL — 0.3%
Frutarom Industries Ltd.		114		11,212

June 30, 2018 (unaudited)
Baillie Gifford Global Select Equity Fund

	Shares		Value
JAPAN — 11.8%
CyberAgent, Inc.		800	$	47,979
FANUC Corp.		200		39,642
Gree, Inc.		2,600		13,906
Inpex Corp.		4,700		48,814
Kubota Corp.		1,600		25,112
MISUMI Group, Inc.		1,300		37,823
Mitsui O.S.K. Lines Ltd.		500		12,024
Nintendo Co., Ltd.		100		32,643
SoftBank Group Corp.		1,300		92,830
Sumitomo Mitsui Trust Holdings, Inc.		900		35,508
				386,281
NETHERLANDS — 0.9%
IMCD NV		445		29,758
SOUTH KOREA — 0.4%
NAVER Corp.		20		13,686
SPAIN — 0.5%
Industria de Diseno Textil SA		482		16,414
SWEDEN — 2.0%
Atlas Copco AB, B Shares		1,038		27,042
Epiroc AB, Class B *		1,038		9,503
Svenska Handelsbanken AB, A Shares		2,445		27,079
				63,624
SWITZERLAND — 3.7%
Aryzta AG *		644		9,633
Compagnie Financiere Richemont SA		364		30,771
OC Oerlikon Corp. AG *		2,946		44,881
Schindler Holding AG, Participating Certificates		167		35,855
				121,140
TAIWAN — 2.9%
Hon Hai Precision Industry Co., Ltd. GDR Reg S		6,977		37,733
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		1,520		55,571
				93,304

June 30, 2018 (unaudited)
Baillie Gifford Global Select Equity Fund

	Shares		Value
UNITED KINGDOM — 5.6%
Hargreaves Lansdown PLC		1,800	$	46,659
Just Group PLC		20,532		36,581
Prudential PLC		1,893		43,154
St James's Place PLC		2,273		34,295
Ted Baker PLC		751		21,349
				182,038
UNITED STATES — 53.5%
ABIOMED, Inc. *		212		86,719
Alphabet, Inc., Class A *		66		74,527
Amazon.com, Inc. *		98		166,580
American Express Co.		368		36,064
C.H. Robinson Worldwide, Inc.		301		25,182
CarMax, Inc. *		568		41,390
Celgene Corp. *		305		24,223
Chegg, Inc. *		1,385		38,489
Ellie Mae, Inc. *		248		25,752
EOG Resources, Inc.		331		41,186
Facebook, Inc., Class A *		514		99,881
Fastenal Co.		588		28,301
First Republic Bank		762		73,754
Fortive Corp.		431		33,234
GrubHub, Inc. *		591		62,002
Illumina, Inc. *		250		69,823
Interactive Brokers Group, Inc., Class A		854		55,006
iRobot Corp. *		325		24,625
LendingTree, Inc. *		212		45,326
Markel Corp. *		24		26,024
MarketAxess Holdings, Inc.		435		86,069
Martin Marietta Materials, Inc.		197		43,996
Mastercard, Inc., Class A		187		36,749
Netflix, Inc. *		221		86,506
NVIDIA Corp.		133		31,508
Redfin Corp. *		1,438		33,203
Seattle Genetics, Inc. *		379		25,162
Sherwin-Williams Co. (The)		83		33,828
Tableau Software, Inc., Class A *		491		47,995
TD Ameritrade Holding Corp.		795		43,542
Tesla, Inc. *		94		32,237

June 30, 2018 (unaudited)
Baillie Gifford Global Select Equity Fund

	Shares		Value
TJX Cos., Inc. (The)		378	$	35,978
Under Armour, Inc., Class C *		721		15,199
Waters Corp. *		142		27,490
Watsco, Inc.		247		44,035
Wayfair, Inc., Class A *		368		43,704
				1,745,289
TOTAL INVESTMENTS — 99.2%
(cost $3,000,159)			$	3,234,541
Other assets less liabilities — 0.8%				26,816
NET ASSETS — 100.0%			$	3,261,357

* Non-income producing security.

ADR — American Depositary Receipt.

GDR — Global Depositary Receipt.

June 30, 2018 (unaudited)
Baillie Gifford Global Select Equity Fund

Fair Value Measurement

The following is a summary of the inputs used as of June 30, 2018 in valuing the Fund's investments carried at fair value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks
Canada	$	26,844	$	—	$	—	$	26,844
China		175,820		70,302		—		246,122
Denmark		—		26,149		—		26,149
France		—		44,754		—		44,754
Germany		—		79,260		—		79,260
Hong Kong		—		70,492		—		70,492
Ireland		54,831		23,343		—		78,174
Israel		—		11,212		—		11,212
Japan		—		386,281		—		386,281
Netherlands		—		29,758		—		29,758
South Korea		—		13,686		—		13,686
Spain		—		16,414		—		16,414
Sweden		9,503		54,121		—		63,624
Switzerland		—		121,140		—		121,140
Taiwan		55,571		37,733		—		93,304
United Kingdom		57,930		124,108		—		182,038
United States		1,745,289		—		—		1,745,289
Total	$	2,125,788	$	1,108,753	$	—	$	3,234,541

For the Global Select Equity Fund, fair value of Level 2 and Level 1 investments at December 31, 2017 was $1,126,394 and $1,878,982, respectively. $29,038 was transferred out of Level 2 into Level 1 and $86,458 was transferred out of Level 1 into Level 2 during the period ended June 30, 2018. Transfers into Level 2 and out of Level 1 resulted from foreign securities which were priced using inputs from a third-party vendor modeling tool to reflect any significant market movements between the time at which the Fund valued its securities and the earlier closing of foreign markets. Transfers into Level 1 and out of Level 2 resulted when pricing was based on quoted market prices.

June 30, 2018 (unaudited)
Baillie Gifford Global Select Equity Fund

ASSETS
Investments, at value (cost $3,000,159)	$	3,234,541
Cash		42,148
Due from Investment Advisor		29,271
Receivable for investments sold		21,070
Dividends receivable		2,293
Tax reclaims receivable		435
Prepaid assets		3,385
Total Assets		3,333,143
LIABILITIES
Administration & Supervisory fee payable		2,684
Payable for investments purchased		29,185
Servicing fee payable		1,383
Trustee fee payable		38
Accrued expenses		38,496
Total Liabilities		71,786
NET ASSETS	$	3,261,357
COMPOSITION OF NET ASSETS
Paid-in capital	$	3,000,000
Undistributed net investment income		4,919
Accumulated net realized gain on investment and foreign currency transactions		22,135
Net unrealized appreciation in value of investments and foreign currencies		234,303
	$	3,261,357
NET ASSET VALUE, PER SHARE
Class K ($1,630,678 / 150,000 shares outstanding), unlimited authorized, no par value	$	10.87
Institutional Class ($1,630,679 / 150,000 shares outstanding), unlimited authorized, no par value	$	10.87

For the Six Months Ended June 30, 2018 (unaudited)
Baillie Gifford Global Select Equity Fund

INVESTMENT INCOME
Dividends (net of foreign withholding taxes of $1,908)	$	18,079
Interest		47
Total Investment Income		18,126
EXPENSES
Advisory fee (Note B)		5,322
Administration & Supervisory Fee — Class K Shares (Note B)		1,371
Administration & Supervisory Fee — Institutional Class Shares (Note B)		1,371
Fund accounting		24,362
Transfer agency		15,465
Professional fees		13,392
Custody		4,515
Legal		319
Trustees' fees		52
Insurance		10
Miscellaneous		2,520
Total Expenses		68,699
Fees waived		(58,211	)
Net Expenses		10,488
Net Investment Income		7,638
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) from:
Investments		22,242
Foreign currency transactions		(107	)
		22,135
Net change in unrealized appreciation (depreciation) on:
Investments		186,461
Translation of assets and liabilities denominated in foreign currencies		(80	)
		186,381
Net realized and unrealized gain on investments and foreign currency transactions		208,516
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	216,154

Baillie Gifford Global Select Equity Fund
Selected data for a Class K Share outstanding throughout each period:

	For the Six Months Ended June 30, 2018 (unaudited)			For the Period December 14, 2017^(a)through December 31, 2017
Net asset value, beginning of period	$	10.15		$	10.00
From Investment Operations
Net investment income (loss)^(b)		0.03			(0.00	)^(c)
Net realized and unrealized gain on investments and foreign currency transactions		0.69			0.15
Net increase in net asset value from investment operations		0.72			0.15
Net asset value, end of period	$	10.87		$	10.15
Total Return
Total return based on net asset value^(d)		7.09	%		1.50	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	1,630		$	1,523
Ratio of net expenses to average net assets, before waiver		4.26	%*		18.55	%*
Ratio of net expenses to average net assets, after waiver		0.65	%*		0.65	%*
Ratio of net investment income (loss) to average net assets		0.47	%*		(0.31	)%*
Portfolio turnover rate^(e)		6	%		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 Select Equity Fund
Selected data for an Institutional Class Share outstanding throughout each period:

	For the Six Months Ended June 30, 2018 (unaudited)			For the Period December 14, 2017^(a)through December 31, 2017
Net asset value, beginning of period	$	10.15		$	10.00
From Investment Operations
Net investment income (loss)^(b)		0.03			(0.00	)^(c)
Net realized and unrealized gain on investments and foreign currency transactions		0.69			0.15
Net increase in net asset value from investment operations		0.72			0.15
Net asset value, end of period	$	10.87		$	10.15
Total Return
Total return based on net asset value^(d)		7.09	%		1.50	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	1,631		$	1,523
Ratio of net expenses to average net assets, before waiver		4.26	%*		18.55	%*
Ratio of net expenses to average net assets, after waiver		0.65	%*		0.80	%*
Ratio of net investment income (loss) to average net assets		0.47	%*		(0.31	)%*
Portfolio turnover rate^(e)		6	%		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.

June 30, 2018 (unaudited)
Baillie Gifford International Concentrated Growth Fund

	Value		% of Total Net Assets
Apparel	$	104,525		9.4	%
Auto Manufacturers		93,620		8.4
Biotechnology		69,122		6.3
Cosmetics/Personal Care		30,570		2.8
Insurance		40,317		3.7
Internet		480,513		43.2
Investment Companies		25,183		2.3
Machinery — Construction & Mining		14,188		1.2
Retail		104,807		9.5
Semiconductors		113,965		10.3
Telecommunications		28,563		2.6
Total Value of Investments		1,105,373		99.7
Other assets less liabilities		3,054		0.3
Net Assets	$	1,108,427		100.0	%

June 30, 2018 (unaudited)
Baillie Gifford International Concentrated Growth Fund

	Shares		Value
COMMON STOCKS — 99.7%
ARGENTINA — 2.8%
MercadoLibre, Inc.		106	$	31,687
CHINA — 25.1%
Alibaba Group Holding Ltd. ADR *		463		85,901
Baidu, Inc. ADR *		189		45,927
Ctrip.com International Ltd. ADR *		799		38,056
Ping An Insurance Group Co. of China Ltd., Class H		2,500		22,894
Tencent Holdings Ltd.		1,700		85,366
				278,144
DENMARK — 2.2%
Genmab A/S *		157		24,157
FRANCE — 12.2%
Hermes International		54		32,986
Kering		127		71,539
L'Oreal SA		124		30,570
				135,095
GERMANY — 10.8%
Delivery Hero AG 144A *^†		862		45,690
Rocket Internet SE 144A *^†		584		18,686
Zalando SE 144A *^†		986		54,952
				119,328
HONG KONG — 1.6%
AIA Group Ltd.		2,000		17,423
ITALY — 4.6%
Ferrari NV		378		51,094
JAPAN — 5.8%
M3, Inc.		900		35,792
SoftBank Group Corp.		400		28,563
				64,355

June 30, 2018 (unaudited)
Baillie Gifford International Concentrated Growth Fund

	Shares		Value
NETHERLANDS — 8.1%
ASML Holding NV		455	$	90,038
SPAIN — 4.5%
Inditex SA		1,464		49,855
SWEDEN — 3.5%
Atlas Copco AB, B Shares		403		10,499
Epiroc AB, B Shares *		403		3,689
Kinnevik AB, B Shares		739		25,183
				39,371
UNITED STATES — 18.5%
Amazon.com, Inc. *		31		52,694
Illumina, Inc. *		161		44,965
NVIDIA Corp.		101		23,927
Spotify Technology SA *		242		40,714
Tesla, Inc. *		124		42,526
				204,826
TOTAL INVESTMENTS — 99.7%
(cost $1,006,774)			$	1,105,373
Other assets less liabilities — 0.3%				3,054
NET ASSETS — 100.0%			$	1,108,427

* Non-income producing security.

ADR — American Depositary Receipt.

June 30, 2018 (unaudited)
Baillie Gifford International Concentrated Growth Fund

Fair Value Measurement

The following is a summary of the inputs used as of June 30, 2018 in valuing the Fund's investments carried at fair value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks
Argentina	$	31,687	$	—	$	—	$	31,687
China		169,884		108,260		—		278,144
Denmark		—		24,157		—		24,157
France		—		135,095		—		135,095
Germany		—		119,328		—		119,328
Hong Kong		—		17,423		—		17,423
Italy		—		51,094		—		51,094
Japan		—		64,355		—		64,355
Netherlands		—		90,038		—		90,038
Spain		—		49,855		—		49,855
Sweden		3,689		35,682		—		39,371
United States		204,826		—		—		204,826
Total	$	410,086	$	695,287	$	—	$	1,105,373

For the International Concentrated Growth Fund, fair value of Level 2 and Level 1 investments at December 31, 2017 was $605,429 and $380,578, respectively. $50,665 was transferred out of Level 1 into Level 2 during the period ended June 30, 2018. Transfers into Level 2 and out of Level 1 resulted from foreign securities which were priced using inputs from a third-party vendor modeling tool to reflect any significant market movements between the time at which the Fund valued its securities and the earlier closing of foreign markets.

June 30, 2018 (unaudited)
Baillie Gifford International Concentrated Growth Fund

ASSETS
Investments, at value (cost $1,006,774)	$	1,105,373
Cash		10,647
Due from Investment Advisor		28,614
Dividends receivable		405
Tax reclaims receivable		143
Prepaid assets		3,374
Total Assets		1,148,556
LIABILITIES
Administration & Supervisory fee payable		1,099
Servicing fee payable		467
Trustee fee payable		13
Accrued expenses		38,550
Total Liabilities		40,129
NET ASSETS	$	1,108,427
COMPOSITION OF NET ASSETS
Paid-in capital	$	998,090
Undistributed net investment income		4,857
Accumulated net realized gain on investments and foreign currency transactions		6,899
Net unrealized appreciation in value of investments and foreign currencies		98,581
	$	1,108,427
NET ASSET VALUE, PER SHARE
Class K ($554,214 / 50,000 shares outstanding), unlimited authorized, no par value	$	11.08
Institutional Class ($554,213 / 50,000 shares outstanding), unlimited authorized, no par value	$	11.08

For the Six Months Ended June 30, 2018 (unaudited)
Baillie Gifford International Concentrated Growth Fund

INVESTMENT INCOME
Dividends (net of foreign withholding taxes of $2,832)	$	8,745
Interest		15
Total Investment Income		8,760
EXPENSES
Advisory fee (Note B)		2,167
Administration & Supervisory Fee — Class K Shares (Note B)		461
Administration & Supervisory Fee — Institutional Class Shares (Note B)		460
Fund accounting		24,324
Transfer agency		15,462
Professional fees		13,392
Custody		1,574
Legal		149
Trustees' fees		18
Insurance		4
Miscellaneous		2,105
Total Expenses		60,116
Fees waived		(56,213	)
Net Expenses		3,903
Net Investment Income		4,857
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) from:
Investments		6,955
Foreign currency transactions		(56	)
		6,899
Net change in unrealized appreciation (depreciation) on:
Investments		91,979
Translation of assets and liabilities in foreign currencies		(18	)
		91,961
Net realized and unrealized gain on investments and foreign currency transactions		98,860
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	103,717

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

	For the Six Months Ended June 30, 2018 (unaudited)			For the Period December 14, 2017^(a)through December 31, 2017
Net asset value, beginning of period	$	10.05		$	10.00
From Investment Operations
Net investment income (loss)^(b)		0.05			(0.00	)^(c)
Net realized and unrealized gain on investments and foreign currency transactions		0.98			0.05
Net increase in net asset value from investment operations		1.03			0.05
Net asset value, end of period	$	11.08		$	10.05
Total Return
Total return based on net asset value^(d)		10.25	%		0.50	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	554		$	502
Ratio of net expenses to average net assets, before waiver		11.10	%*		53.29	%*
Ratio of net expenses to average net assets, after waiver		0.72	%*		0.72	%*
Ratio of net investment income (loss) to average net assets		0.90	%*		(0.68	)%*
Portfolio turnover rate^(e)		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.

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

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

	For the Six Months Ended June 30, 2018 (unaudited)			For the Period December 14, 2017^(a)through December 31, 2017
Net asset value, beginning of period	$	10.05		$	10.00
From Investment Operations
Net investment income (loss)^(b)		0.05			(0.00	)^(c)
Net realized and unrealized gain on investments and foreign currency transactions		0.98			0.05
Net increase in net asset value from investment operations		1.03			0.05
Net asset value, end of period	$	11.08		$	10.05
Total Return
Total return based on net asset value^(d)		10.25	%		0.50	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	554		$	502
Ratio of net expenses to average net assets, before waiver		11.10	%*		53.29	%*
Ratio of net expenses to average net assets, after waiver		0.72	%*		0.87	%*
Ratio of net investment income (loss) to average net assets		0.90	%*		(0.68	)%*
Portfolio turnover rate^(e)		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.

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

June 30, 2018 (unaudited)
Baillie Gifford International Equity Fund

	Value		% of Total Net Assets
Aerospace/Defense	$	30,568,823		1.5	%
Airlines		64,075,173		3.2
Apparel		34,048,249		1.7
Auto Parts & Equipment		36,416,586		1.8
Banks		184,288,525		9.2
Beverages		29,399,590		1.5
Building Materials		75,306,078		3.7
Chemicals		32,877,414		1.7
Commercial Services		101,124,237		5.0
Cosmetics/Personal Care		27,577,767		1.4
Distribution/Wholesale		25,229,632		1.2
Diversified Financial Services		140,768,288		7.0
Electrical Components & Equipment		24,898,771		1.2
Electronics		48,794,391		2.4
Food		61,065,661		3.0
Healthcare — Products		39,060,722		2.0
Home Furnishings		35,578,614		1.8
Insurance		156,927,693		7.8
Internet		206,564,387		10.2
Leisure Time		26,208,595		1.3
Machinery — Construction & Mining		43,907,218		2.2
Machinery — Diversified		77,526,502		3.9
Media		66,960,325		3.3
Mining		49,388,509		2.4
Pharmaceuticals		20,227,988		1.0
Retail		95,098,866		4.8
Semiconductors		117,068,338		5.9
Software		88,951,753		4.4
Transportation		34,797,175		1.7
Total Value of Investments		1,974,705,870		98.2
Other assets less liabilities		35,502,214		1.8
Net Assets	$	2,010,208,084		100.0	%

June 30, 2018 (unaudited)
Baillie Gifford International Equity Fund

	Shares		Value
COMMON STOCKS — 97.3%
ARGENTINA — 2.4%
MercadoLibre, Inc.		162,498	$	48,575,527
AUSTRALIA — 3.9%
Cochlear Ltd.		144,337		21,369,341
Rio Tinto PLC		896,043		49,388,509
SEEK Ltd.		510,837		8,232,192
				78,990,042
BRAZIL — 0.5%
Kroton Educacional SA		4,012,100		9,678,936
CANADA — 5.5%
Constellation Software, Inc.		45,287		35,121,409
Fairfax Financial Holdings Ltd.		77,034		43,165,760
Restaurant Brands International, Inc.		319,363		19,264,052
Ritchie Bros. Auctioneers, Inc.		365,837		12,482,359
				110,033,580
CHINA — 2.3%
Alibaba Group Holding Ltd. ADR *		157,223		29,169,583
Ctrip.com International Ltd. ADR *		371,617		17,700,118
				46,869,701
DENMARK — 3.4%
DSV A/S		394,360		31,746,658
Novozymes A/S, B Shares		383,713		19,407,529
Pandora A/S		234,694		16,357,568
				67,511,755
FINLAND — 2.3%
Kone Oyj, B Shares		589,972		29,997,474
Sampo Oyj, A Shares		322,659		15,713,735
				45,711,209

June 30, 2018 (unaudited)
Baillie Gifford International Equity Fund

	Shares		Value
FRANCE — 3.5%
Edenred		906,016	$	28,618,092
Essilor International SA		125,474		17,691,381
Legrand SA		339,928		24,898,771
				71,208,244
GERMANY — 8.5%
Brenntag AG		242,431		13,469,885
Continental AG		70,589		16,064,511
Deutsche Boerse AG		369,244		49,092,581
MTU Aero Engines AG		104,861		20,085,255
SAP SE		466,395		53,830,344
Scout24 AG ^†		334,988		17,730,631
				170,273,207
HONG KONG — 4.4%
AIA Group Ltd.		4,253,400		37,053,117
Hang Seng Bank Ltd.		919,700		22,965,237
Hong Kong Exchanges & Clearing Ltd.		981,200		29,364,909
				89,383,263
IRELAND — 5.7%
CRH PLC		784,032		27,501,661
James Hardie Industries PLC SE CDI		866,511		14,528,013
Kingspan Group PLC		664,527		33,276,404
Ryanair Holdings PLC ADR *		348,802		39,843,653
				115,149,731
JAPAN — 11.7%
DENSO Corp.		417,100		20,352,075
FANUC Corp.		90,000		17,839,063
Japan Exchange Group, Inc.		2,206,600		40,928,336
Nidec Corp.		198,100		29,633,716
Shimano, Inc.		178,600		26,208,595
SMC Corp.		81,100		29,689,965
Sony Corp.		427,600		21,899,259
Sumitomo Mitsui Trust Holdings, Inc.		590,300		23,289,474
Toyota Tsusho Corp.		755,000		25,229,632
				235,070,115

June 30, 2018 (unaudited)
Baillie Gifford International Equity Fund

	Shares		Value
NETHERLANDS — 1.5%
Heineken Holding NV		307,411	$	29,399,590
PANAMA — 1.2%
Copa Holdings SA, Class A		256,093		24,231,520
PERU — 1.2%
Credicorp Ltd.		107,504		24,201,300
RUSSIA — 0.8%
Magnit PJSC GDR Reg S		929,499		16,657,209
SINGAPORE — 1.5%
United Overseas Bank Ltd.		1,582,372		31,012,487
SOUTH AFRICA — 4.3%
Discovery Ltd.		1,761,556		18,906,025
Naspers Ltd., N Shares		265,564		66,960,325
				85,866,350
SOUTH KOREA — 3.8%
NAVER Corp.		26,263		17,971,895
Samsung Electronics Co., Ltd.		1,369,373		57,362,463
				75,334,358
SPAIN — 3.2%
Bankinter SA		2,188,187		21,232,007
Grifols SA		479,413		14,369,388
Inditex SA		813,609		27,706,770
				63,308,165
SWEDEN — 3.5%
Atlas Copco AB, B Shares		1,247,119		32,489,711
Epiroc AB, B Shares *		1,247,119		11,417,507
Svenska Handelsbanken AB, A Shares		2,321,464		25,711,257
				69,618,475

June 30, 2018 (unaudited)
Baillie Gifford International Equity Fund

	Shares		Value
SWITZERLAND — 5.6%
Compagnie Financiere Richemont SA		232,761	$	19,676,327
Credit Suisse Group AG *		1,569,427		23,467,764
Nestle SA		573,006		44,408,452
Panalpina Welttransport Holding AG		22,409		3,050,517
SGS SA		8,289		22,025,491
				112,628,551
TAIWAN — 3.9%
Hon Hai Precision Industry Co., Ltd.		2,423,000		6,602,838
Hon Hai Precision Industry Co., Ltd. GDR Reg S		2,322,029		12,557,837
Taiwan Semiconductor Manufacturing Co., Ltd.		8,408,000		59,705,875
				78,866,550
UNITED KINGDOM — 11.1%
ASOS PLC *		181,520		14,560,229
boohoo.com PLC *		6,980,379		17,857,562
Burberry Group PLC		569,683		16,190,687
Experian PLC		1,147,992		28,319,359
Hargreaves Lansdown PLC		824,887		21,382,462
Howden Joinery Group PLC		1,939,806		13,679,355
Just Eat PLC *		3,104,233		31,832,272
Prudential PLC		1,097,510		25,019,168
Rolls-Royce Holdings PLC *		799,120		10,408,592
Rolls-Royce Holdings Entitlement *		56,811,218		74,976
St James's Place PLC		1,131,348		17,069,888
Unilever NV CVA		494,961		27,577,767
				223,972,317
UNITED STATES — 1.6%
PriceSmart, Inc.		133,637		12,094,149
Spotify Technology SA *		123,585		20,791,940
				32,886,089
Total Common Stocks
(cost $1,261,701,104)				1,956,438,271

June 30, 2018 (unaudited)
Baillie Gifford International Equity Fund

	Shares		Value
PREFERRED STOCKS — 0.9%
BRAZIL — 0.6%
Itau Unibanco Holding SA ADR		1,195,472	$	12,408,999
SPAIN — 0.3%
Grifols SA, B Shares		271,674		5,858,600
Total Preferred Stocks
(cost $20,367,601)				18,267,599
TOTAL INVESTMENTS — 98.2%
(cost $1,282,068,705)			$	1,974,705,870
Other assets less liabilities — 1.8%				35,502,214
NET ASSETS — 100.0%			$	2,010,208,084

* Non-income producing security.

ADR — American Depositary Receipt.

CDI — CHESS Depositary Interest.

CVA — Certificate Van Aandelen (Bearer).

GDR — Global Depositary Receipt.

June 30, 2018 (unaudited)
Baillie Gifford International Equity Fund

Fair Value Measurement

The following is a summary of the inputs used as of June 30, 2018 in valuing the Fund's investments carried at fair value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks
Argentina	$	48,575,527	$	—	$	—	$	48,575,527
Australia		—		78,990,042		—		78,990,042
Brazil		9,678,936		—		—		9,678,936
Canada		110,033,580		—		—		110,033,580
China		46,869,701		—		—		46,869,701
Denmark		—		67,511,755		—		67,511,755
Finland		—		45,711,209		—		45,711,209
France		—		71,208,244		—		71,208,244
Germany		—		170,273,207		—		170,273,207
Hong Kong		—		89,383,263		—		89,383,263
Ireland		73,120,057		42,029,674		—		115,149,731
Japan		—		235,070,115		—		235,070,115
Netherlands		—		29,399,590		—		29,399,590
Panama		24,231,520		—		—		24,231,520
Peru		24,201,300		—		—		24,201,300
Russia		—		16,657,209		—		16,657,209
Singapore		—		31,012,487		—		31,012,487
South Africa		—		85,866,350		—		85,866,350
South Korea		—		75,334,358		—		75,334,358
Spain		—		63,308,165		—		63,308,165
Sweden		11,417,507		58,200,968		—		69,618,475
Switzerland		—		112,628,551		—		112,628,551
Taiwan		—		78,866,550		—		78,866,550
United Kingdom		—		223,972,317		—		223,972,317
United States		32,886,089		—		—		32,886,089
Total Common Stocks		381,014,217		1,575,424,054		—		1,956,438,271
Preferred Stocks
Brazil		12,408,999		—		—		12,408,999
Spain		—		5,858,600		—		5,858,600
Total Preferred Stocks		12,408,999		5,858,600		—		18,267,599
Total	$	393,423,216	$	1,581,282,654	$	—	$	1,974,705,870

June 30, 2018 (unaudited)
Baillie Gifford International Equity Fund

ASSETS
Investments, at value (cost $1,282,068,705)	$	1,974,705,870
Cash		33,063,467
Dividends receivable		3,369,925
Tax reclaims receivable		3,187,610
Capital shares sold receivable		125,550
Prepaid assets		32,622
Total Assets		2,014,485,044
LIABILITIES
Advisory fee payable		1,802,963
Payable for investments purchased		314,702
Capital shares purchased payable		1,109,301
Servicing fee payable		605,502
Trustee fee payable		19,097
Accrued expenses		425,395
Total Liabilities		4,276,960
NET ASSETS	$	2,010,208,084
COMPOSITION OF NET ASSETS
Paid-in capital	$	1,178,659,211
Undistributed net investment income		24,035,853
Accumulated net realized gain on investments and foreign currency transactions		114,942,755
Net unrealized appreciation in value of investments and foreign currencies		692,570,265
	$	2,010,208,084
NET ASSET VALUE, PER SHARE
Class 2 ($480,249,541 / 34,868,746 shares outstanding), unlimited authorized, no par value	$	13.77
Class 3 ($755,106,425 / 54,134,566 shares outstanding), unlimited authorized, no par value	$	13.95
Class 4 ($424,008,798 / 29,934,110 shares outstanding), unlimited authorized, no par value	$	14.16
Class 5 ($57,494,654 / 3,995,216 shares outstanding), unlimited authorized, no par value	$	14.39
Class K ($226,057,961 / 16,438,584 shares outstanding), unlimited authorized, no par value	$	13.75
Institutional Class ($67,290,705 / 4,890,907 shares outstanding), unlimited authorized, no par value	$	13.76

For the Six Months Ended June 30, 2018 (unaudited)
Baillie Gifford International Equity Fund

INVESTMENT INCOME
Dividends (net of foreign withholding taxes of $4,374,152)	$	31,220,195
Interest		58,242
Total Investment Income		31,278,437
EXPENSES
Advisory fee (Note B)		3,660,512
Shareholder Servicing fees — Class 2 Shares (Note B)		427,943
Shareholder Servicing fees — Class 3 Shares (Note B)		434,934
Shareholder Servicing fees — Class 4 Shares (Note B)		148,609
Shareholder Servicing fees — Class 5 Shares (Note B)		11,680
Administration & Supervisory Fee — Class K Shares (Note B)		131,928
Administration & Supervisory Fee — Institutional Class Shares (Note B)		30,401
Fund accounting		486,562
Custody		177,780
Legal		176,225
Transfer agency		75,069
Trustees' fees		40,008
Professional fees		15,895
Insurance		7,638
Miscellaneous		37,721
Total Expenses		5,862,905
Net Investment Income		25,415,532
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) from:
Investments		106,600,185
Foreign currency transactions		(159,995	)
		106,440,190
Net change in unrealized depreciation on:
Investments		(195,818,803	)
Translation of assets and liabilities denominated in foreign currencies		(109,257	)
		(195,928,060	)
Net realized and unrealized loss on investments and foreign currency transactions		(89,487,870	)
NET DECREASE IN NET ASSETS FROM OPERATIONS	$	(64,072,338	)

Baillie Gifford International Equity Fund

	For the Six Months Ended June 30, 2018 (unaudited)			For the Year Ended December 31, 2017
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	25,415,532		$	25,804,496
Net realized gain from investments and foreign currency transactions		106,440,190			62,837,450
Net change in unrealized appreciation (depreciation) on investments and translation of assets and liabilities in foreign currencies		(195,928,060	)		482,937,749
Net increase (decrease) in net assets from operations		(64,072,338	)		571,579,695
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Class 2		—			(4,574,939	)
Class 3		—			(11,739,881	)
Class 4		—			(2,546,213	)
Class 5		—			(1,995,692	)
Class K		—			(1,231,283	)
Institutional Class		—			(62	)
Capital gains:
Class 2		—			(11,835,400	)
Class 3		—			(27,349,629	)
Class 4		—			(5,601,265	)
Class 5		—			(4,347,019	)
Class K		—			(2,691,370	)
Institutional Class		—			(146	)
Total Dividends and Distributions		—			(73,912,899	)
TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
Net proceeds from shares subscribed:
Class 1		—			1,497
Class 2		71,122,676			21,820,826	*
Class 3		7,500,000			215,980,083
Class 4		210,058,382			206,702,541
Class 5		—			2,000,007
Class K		125,993,548			105,992,735
Institutional Class		76,881,607			5,000
Purchase fees:
Class 1		—			129
Class 2		—			3,746
Class 3		—			5,862
Class 5		—			1,085
Redemption fees:
Class 1		—			206
Class 2		—			5,976
Class 3		—			9,457
Class 5		—			1,728
Dividends reinvested:
Class 2		—			16,410,339
Class 3		—			39,089,511
Class 4		—			8,147,477
Class 5		—			6,342,711
Class K		—			3,922,653
Institutional Class		—			208

	For the Six Months Ended June 30, 2018 (unaudited)			For the Year Ended December 31, 2017
Cost of shares redeemed:
Class 1	$	—		$	(21,814,876	)*
Class 2		(53,900,000	)		(295,922,268	)
Class 3		(354,752,825	)		(324,073,123	)
Class 5		(124,055,870	)		(41,800,000	)
Class K		(89,917	)		—
Institutional Class		(6,577,933	)		—
Decrease in Net Assets from Transactions in Shares of Beneficial Interest		(47,820,332	)		(57,166,490	)
Total Increase (decrease) in Net Assets		(111,892,670	)		440,500,306
NET ASSETS
Beginning of period		2,122,100,754			1,681,600,448
End of period (including undistributed (distributions in excess of) net investment income of $24,035,853 and ($1,379,679), respectively)	$	2,010,208,084		$	2,122,100,754

* All _{Class 1 shareholders were converted to Class 2 during the period.}

Baillie Gifford International Equity Fund
Selected data for a Class 2 Share outstanding throughout each period:

	For the Six Months Ended June 30, 2018 (unaudited)			For the Year Ended December 31, 2017			For the Year Ended December 31, 2016			For the Year Ended December 31, 2015			For the Year Ended December 31, 2014			For the Year Ended December 31, 2013
Net asset value, beginning of period	$	14.20		$	10.90		$	10.65		$	11.20		$	11.79		$	10.39
From Investment Operations
Net investment income^(a)		0.17			0.18			0.17			0.19			0.18			0.19
Net realized and unrealized gain (loss) on investments and foreign currency transactions		(0.60	)		3.62			0.39			(0.40	)		(0.52	)		1.40
Net increase (decrease) in net asset value from investment operations		(0.43	)		3.80			0.56			(0.21	)		(0.34	)		1.59
Dividends and Distributions to Shareholders
Dividends from net investment income		—			(0.14	)		(0.15	)		(0.24	)		(0.20	)		(0.19	)
Distributions from net realized gain on investments		—			(0.36	)		(0.16	)		(0.11	)		(0.05	)		—
Total Dividends and Distributions		—			(0.50	)		(0.31	)		(0.35	)		(0.25	)		(0.19	)
Proceeds from Purchase Fees and Redemption Fees^(a)		—			0.00	^(b)		0.00	^(b)		0.01			0.00	^(b)		0.00	^(b)
Net asset value, end of period	$	13.77		$	14.20		$	10.90		$	10.65		$	11.20		$	11.79
Total Return
Total return based on net asset value^(c)		(2.99	)%		34.96	%		5.24	%		(1.89	)%		(2.93	)%		15.35	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	480,250		$	478,079		$	578,606		$	708,666		$	542,943		$	637,144
Ratio of net expenses to average net assets		0.61	%*		0.61	%		0.61	%		0.62	%		0.61	%		0.61	%
Ratio of net investment income to average net assets		2.40	%*		1.41	%		1.53	%		1.61	%		1.57	%		1.72	%
Portfolio turnover rate^(d)		17	%		12	%		12	%		15	%		11	%		16	%

* Annualized.

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

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

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

Baillie Gifford International Equity Fund
Selected data for a Class 3 Share outstanding throughout each period:

	For the Six Months Ended June 30, 2018 (unaudited)			For the Year Ended December 31, 2017			For the Year Ended December 31, 2016			For the Year Ended December 31, 2015			For the Year Ended December 31, 2014			For the Year Ended December 31, 2013
Net asset value, beginning of period	$	14.37		$	11.03		$	10.79		$	11.34		$	11.93		$	10.52
From Investment Operations
Net investment income^(a)		0.17			0.18			0.17			0.20			0.21			0.19
Net realized and unrealized gain (loss) on investments and foreign currency transactions		(0.59	)		3.68			0.40			(0.41	)		(0.54	)		1.42
Net increase (decrease) in net asset value from investment operations		(0.42	)		3.86			0.57			(0.21	)		(0.33	)		1.61
Dividends and Distributions to Shareholders
Dividends from net investment income		—			(0.16	)		(0.17	)		(0.24	)		(0.21	)		(0.20	)
Distributions from net realized gain on investments		—			(0.36	)		(0.16	)		(0.11	)		(0.05	)		—
Total Dividends and Distributions		—			(0.52	)		(0.33	)		(0.35	)		(0.26	)		(0.20	)
Proceeds from Purchase Fees and Redemption Fees^(a)		—			0.00	^(b)		0.00	^(b)		0.01			0.00	^(b)		0.00	^(b)
Net asset value, end of period	$	13.95		$	14.37		$	11.03		$	10.79		$	11.34		$	11.93
Total Return
Total return based on net asset value^(c)		(2.95	)%		35.05	%		5.31	%		(1.82	)%		(2.83	)%		15.34	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	755,106		$	1,119,162		$	915,782		$	776,265		$	1,078,665		$	1,268,490
Ratio of net expenses to average net assets		0.54	%*		0.55	%		0.54	%		0.54	%		0.54	%		0.54	%
Ratio of net investment income to average net assets		2.35	%*		1.35	%		1.54	%		1.69	%		1.76	%		1.75	%
Portfolio turnover rate^(d)		17	%		12	%		12	%		15	%		11	%		16	%

* Annualized.

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

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

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

Baillie Gifford International Equity Fund
Selected data for a Class 4 Share outstanding throughout each period:

	For the Six Months Ended June 30, 2018 (unaudited)			For the Period July 10, 2017^(a)through December 31, 2017			For the Period January 1, 2015^(a)through December 10, 2015			For the Year Ended December 31, 2014			For the Year Ended December 31, 2013
Net asset value, beginning of period	$	14.59		$	13.43		$	11.60		$	12.20		$	10.75
From Investment Operations
Net investment income^(b)		0.19			0.05			0.19			0.22			0.20
Net realized and unrealized gain (loss) on investments and foreign currency transactions		(0.62	)		1.64			(0.33	)		(0.57	)		1.45
Net increase (decrease) in net asset value from investment operations		(0.43	)		1.69			(0.14	)		(0.35	)		1.65
Dividends and Distributions to Shareholders
Dividends from net investment income		—			(0.17	)		(0.01	)		(0.21	)		(0.20	)
Distributions from net realized gain on investments		—			(0.36	)		—			(0.05	)		—
Total Dividends and Distributions		—			(0.53	)		(0.01	)		(0.26	)		(0.20	)
Proceeds from Purchase Fees and Redemption Fees^(a)		—			—			0.01			0.01			0.00	^(c)
Net asset value, end of period	$	14.16		$	14.59		$	11.46		$	11.60		$	12.20
Total Return
Total return based on net asset value^(d)		(2.94	)%		12.60	%		(1.04	)%		(2.82	)%		15.42	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	424,009		$	232,741		$	59		$	352,890		$	611,786
Ratio of net expenses to average net assets		0.51	%*		0.53	%*		0.52	%*		0.51	%		0.51	%
Ratio of net investment income to average net assets		2.56	%*		0.77	%*		1.72	%*		1.82	%		1.77	%
Portfolio turnover rate^(e)		17	%		12	%		15	%		11	%		16	%

* 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 International Equity Fund
Selected data for a Class 5 Share outstanding throughout each period:

	For the Six Months Ended June 30, 2018 (unaudited)			For the Year Ended December 31, 2017			For the Year Ended December 31, 2016			For the Year Ended December 31, 2015			For the Period April 7, 2014^(a)through December 31, 2014
Net asset value, beginning of period	$	14.82		$	11.36		$	11.11		$	11.67		$	12.25
From Investment Operations
Net investment income^(b)		0.15			0.20			0.19			0.22			0.15
Net realized and unrealized gain (loss) on investments and foreign currency transactions		(0.58	)		3.79			0.41			(0.42	)		(0.46	)
Net increase (decrease) in net asset value from investment operations		(0.43	)		3.99			0.60			(0.20	)		(0.31	)
Dividends and Distributions to Shareholders
Dividends from net investment income		—			(0.17	)		(0.19	)		(0.25	)		(0.22	)
Distributions from net realized gain on investments		—			(0.36	)		(0.16	)		(0.11	)		(0.05	)
Total Dividends and Distributions		—			(0.53	)		(0.35	)		(0.36	)		(0.27	)
Proceeds from Purchase Fees and Redemption Fees^(b)		—			0.00	^(c)		0.00	^(c)		0.00	^(c)		0.00	^(c)
Net asset value, end of period	$	14.39		$	14.82		$	11.36		$	11.11		$	11.67
Total Return
Total return based on net asset value^(d)		(2.91	)%		35.16	%		5.40	%		(1.75	)%		(2.60	)%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	57,495		$	183,384		$	167,297		$	174,577		$	296,649
Ratio of net expenses to average net assets		0.46	%*		0.47	%		0.46	%		0.47	%		0.47	%*
Ratio of net investment income to average net assets		2.08	%*		1.45	%		1.66	%		1.83	%		1.61	%*
Portfolio turnover rate^(e)		17	%		12	%		12	%		15	%		11	%

* 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 International Equity Fund
Selected data for a Class K Share outstanding throughout each period:

	For the Six Months Ended June 30, 2018 (unaudited)			For the Period April 28, 2017^(a)through December 31, 2017
Net asset value, beginning of period	$	14.17		$	12.44
From Investment Operations
Net investment income^(b)		0.18			0.01
Net realized and unrealized gain (loss) on investments and foreign currency transactions		(0.60	)		2.25
Net increase (decrease) in net asset value from investment operations		(0.42	)		2.26
Dividends and Distributions to Shareholders
Dividends from net investment income		—			(0.17	)
Distributions from net realized gain on investments		—			(0.36	)
Total Dividends and Distributions		—			(0.53	)
Net asset value, end of period	$	13.75		$	14.17
Total Return
Total return based on net asset value^(c)		(2.96	)%		18.19	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	226,058		$	108,728
Ratio of net expenses to average net assets		0.61	%*		0.63	%*
Ratio of net investment income to average net assets		2.49	%*		0.12	%*
Portfolio turnover rate^(d)		17	%		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 International Equity Fund
Selected data for an Institutional Class Share outstanding throughout each period:

	For the Six Months Ended June 30, 2018 (unaudited)			For the Period April 28, 2017^(a)through December 31, 2017
Net asset value, beginning of period	$	14.19		$	12.44
From Investment Operations
Net investment income^(b)		0.23			0.09
Net realized and unrealized gain (loss) on investments and foreign currency transactions		(0.66	)		2.17
Net increase (decrease) in net asset value from investment operations		(0.43	)		2.26
Dividends and Distributions to Shareholders
Dividends from net investment income		—			(0.15	)
Distributions from net realized gain on investments		—			(0.36	)
Total Dividends and Distributions		—			(0.51	)
Net asset value, end of period	$	13.76		$	14.19
Total Return
Total return based on net asset value^(c)		(3.03	)%		18.25	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	67,291		$	6
Ratio of net expenses to average net assets		0.71	%*		0.62	%*
Ratio of net investment income to average net assets		3.29	%*		1.01	%*
Portfolio turnover rate^(d)		17	%		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.

June 30, 2018 (unaudited)
Baillie Gifford Long Term Global Growth Equity Fund

	Value		% of Total Net Assets
Apparel	$	16,549,908		7.6	%
Auto Manufacturers		12,195,645		5.6
Biotechnology		23,332,485		10.6
Commercial Services		4,544,542		2.1
Cosmetics/Personal Care		2,372,576		1.1
Healthcare — Products		5,736,975		2.6
Insurance		3,310,336		1.5
Internet		105,373,583		48.3
Machinery — Construction & Mining		1,753,272		0.8
Pharmaceuticals		2,752,615		1.3
Retail		5,877,748		2.7
Semiconductors		15,115,520		7.0
Software		15,201,093		6.9
Total Value of Investments		214,116,298		98.1
Other assets less liabilities		4,061,051		1.9
Net Assets	$	218,177,349		100.0	%

June 30, 2018 (unaudited)
Baillie Gifford Long Term Global Growth Equity Fund

	Shares		Value
COMMON STOCKS — 98.1%
CHINA — 24.0%
Alibaba Group Holding Ltd. ADR *		73,006	$	13,544,803
Baidu, Inc. ADR *		38,516		9,359,388
Ctrip.com International Ltd. ADR *		114,189		5,438,822
NetEase, Inc.		13,832		3,494,932
TAL Education Group ADR *		123,493		4,544,542
Tencent Holdings Ltd.		320,600		16,099,058
				52,481,545
FRANCE — 7.5%
Hermes International		6,099		3,725,605
Kering		18,168		10,234,045
L'Oreal SA		9,624		2,372,576
				16,332,226
GERMANY — 1.5%
Delivery Hero AG 144A *^†		24,550		1,301,275
Rocket Internet SE 144A *^†		61,819		1,978,035
				3,279,310
HONG KONG — 1.5%
AIA Group Ltd.		380,000		3,310,336
NETHERLANDS — 2.8%
ASML Holding NV		30,509		6,037,275
SPAIN — 2.7%
Inditex SA		172,600		5,877,748
SWEDEN — 0.8%
Atlas Copco AB, A Shares		60,540		1,753,272
UNITED STATES — 57.3%
Alphabet, Inc., Class C *		6,997		7,806,203
Amazon.com, Inc. *		12,222		20,774,956
Atlassian Corp. PLC, Class A *		48,222		3,014,839
Bluebird Bio, Inc. *		22,333		3,505,164
DexCom, Inc. *		28,981		2,752,615

June 30, 2018 (unaudited)
Baillie Gifford Long Term Global Growth Equity Fund

	Shares		Value
Facebook, Inc., Class A *		75,306	$	14,633,462
Illumina, Inc. *		53,382		14,909,059
Intuitive Surgical, Inc. *		11,990		5,736,975
Ionis Pharmaceuticals, Inc. *		49,668		2,069,666
Netflix, Inc. *		28,181		11,030,889
NVIDIA Corp.		38,321		9,078,245
salesforce.com, Inc. *		34,124		4,654,514
Seattle Genetics, Inc. *		42,907		2,848,596
Spotify Technology SA *		20,249		3,406,692
Tesla, Inc. *		35,561		12,195,645
Under Armour, Inc., Class A *		115,225		2,590,258
Workday, Inc., Class A *		33,329		4,036,808
				125,044,586
TOTAL INVESTMENTS — 98.1%
(cost $140,221,745)			$	214,116,298
Other assets less liabilities — 1.9%				4,061,051
NET ASSETS — 100.0%			$	218,177,349

* Non-income producing security.

ADR — American Depositary Receipt.

June 30, 2018 (unaudited)
Baillie Gifford Long Term Global Growth Equity Fund

Fair Value Measurement

The following is a summary of the inputs used as of June 30, 2018 in valuing the Fund's investments carried at fair value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks
China	$	36,382,487	$	16,099,058	$	—	$	52,481,545
France		—		16,332,226		—		16,332,226
Germany		—		3,279,310		—		3,279,310
Hong Kong		—		3,310,336		—		3,310,336
Netherlands		—		6,037,275		—		6,037,275
Spain		—		5,877,748		—		5,877,748
Sweden		—		1,753,272		—		1,753,272
United States		125,044,586		—		—		125,044,586
Total	$	161,427,073	$	52,689,225	$	—	$	214,116,298

For the Long Term Global Growth Equity Fund fair value of Level 2 and Level 1 investments at December 31, 2017 was $50,913,100 and $134,825,676, respectively. There were no transfers between levels for the period ending June 30, 2018.

June 30, 2018 (unaudited)
Baillie Gifford Long Term Global Growth Equity Fund

ASSETS
Investments, at value (cost $140,221,745)	$	214,116,298
Cash		4,475,281
Tax reclaims receivable		52,592
Receivable for investments sold		45,279
Prepaid assets		18,106
Total Assets		218,707,556
LIABILITIES
Advisory fee payable		228,002
Payable for investments purchased		173,403
Servicing fee payable		65,132
Trustee fee payable		1,812
Accrued expenses		61,858
Total Liabilities		530,207
NET ASSETS	$	218,177,349
COMPOSITION OF NET ASSETS
Paid-in capital	$	131,292,017
Undistributed net investment income		138,861
Accumulated net realized gain on investments and foreign currency transactions		12,852,741
Net unrealized appreciation in value of investments and foreign currencies		73,893,730
	$	218,177,349
NET ASSET VALUE, PER SHARE
Class 2 ($65,189,108 / 3,199,935 shares outstanding), unlimited authorized, no par value	$	20.37
Class 5 ($69,149,466 / 2,758,291 shares outstanding), unlimited authorized, no par value	$	25.07
Class K ($83,023,808 / 4,073,886 shares outstanding), unlimited authorized, no par value	$	20.38
Institutional Class ($814,967 / 39,999 shares outstanding), unlimited authorized, no par value	$	20.37

For the Six Months Ended June 30, 2018 (unaudited)
Baillie Gifford Long Term Global Growth Equity Fund

INVESTMENT INCOME
Dividends (net of foreign withholding taxes of $324,450)	$	1,014,022
Interest		5,447
Total Investment Income		1,019,469
EXPENSES
Advisory fee (Note B)		464,838
Shareholder Servicing fees — Class 2 Shares (Note B)		53,546
Shareholder Servicing fees — Class 4 Shares (Note B)		12,316
Shareholder Servicing fees — Class 5 Shares (Note B)		3,003
Administration & Supervisory Fee — Class K Shares (Note B)		66,581
Administration & Supervisory Fee — Institutional Class Shares (Note B)		41
Fund accounting		57,330
Transfer agency		33,605
Legal		17,232
Professional fees		13,833
Custody		11,037
Trustees' fees		3,753
Insurance		719
Miscellaneous		25,964
Total Expenses		763,798
Fees waived		(8,517	)
Net Expenses		755,281
Net Investment Income		264,188
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain from:
Investments		9,108,267
Foreign currency transactions		802
		9,109,069
Net change in unrealized appreciation (depreciation) on:
Investments		23,606,381
Translation of assets and liabilities denominated in foreign currencies		(2,187	)
		23,604,194
Net realized and unrealized gain on investments and foreign currency transactions		32,713,263
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	32,977,451

Baillie Gifford Long Term Global Growth Equity Fund

	For the Six Months Ended June 30, 2018 (unaudited)			For the Year Ended December 31, 2017
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income (loss)	$	264,188		$	(628,481	)
Net realized gain on investments and foreign currency transactions		9,109,069			4,792,109
Net change in unrealized appreciation on investments and translation of assets and liabilities in foreign currencies		23,604,194			42,973,057
Net increase in net assets from operations		32,977,451			47,136,685
TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
Net proceeds from shares subscribed:
Class 1		—			19,028
Class 2		47,375			12,925,524	*
Class 4		—			10,989,000
Class 5		61,984,598			—
Class K		5,000			66,005,000
Institutional Class		831,170			5,000
Purchase fees:
Class 1		—			1,663
Class 2		—			4,974
Class 4		—			4,405
Cost of shares redeemed:
Class 1		—			(12,790,797	)*
Class 2		(5,000,000	)		(7,000,025	)
Class 4		(61,984,598	)		(22	)
Increase (Decrease) in Net Assets from Transactions in Shares of Beneficial Interest		(4,116,455	)		70,163,750
Total Increase in Net Assets		28,860,996			117,300,435
NET ASSETS
Beginning of period		189,316,353			72,015,918
End of period (including undistributed (accumulated) net investment income (loss) of $138,861 and $(125,327), respectively)		$218,177,349			$189,316,353

* All Class 1 shareholders were converted to Class 2 during the period.

Baillie Gifford Long Term Global Growth Equity Fund
Selected data for a Class 2 Share outstanding throughout each period:

	For the Six Months Ended June 30, 2018 (unaudited)			For the Year Ended December 31, 2017			For the Year Ended December 31, 2016			For the Year Ended December 31, 2015			For the Period June 10, 2014^(a)through December 31, 2014
Net asset value, beginning of period	$	17.33		$	11.25		$	11.76		$	10.43		$	10.00
From Investment Operations
Net investment income (loss)^(b)		0.02			(0.08	)		(0.05	)		(0.04	)		(0.03	)
Net realized gain (loss) on investments and foreign currency transactions		3.02			6.16			(0.39	)		1.47			0.47
Net increase (decrease) in net asset value from investment operations		3.04			6.08			(0.44)			1.43			0.44
Dividends and Distributions to Shareholders
Distributions from net realized gain on investments		—			—			(0.07	)		(0.12	)		(0.01	)
Total Dividends and Distributions		—			—			(0.07	)		(0.12	)		(0.01	)
Proceeds from Purchase Fees and Redemption Fees^(b)		—			0.00	^(c)		0.00	^(c)		0.02			—
Net asset value, end of period	$	20.37		$	17.33		$	11.25		$	11.76		$	10.43
Total Return
Total return based on net asset value^(d)		17.53	%		54.07	%		(3.80	)%		13.99	%		4.39	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	65,189		$	59,870		$	32,434		$	36,177		$	26,095
Ratio of net expenses to average net assets, before waiver		0.78	%*		0.82	%		0.87	%		0.91	%		0.88	%*
Ratio of net expenses to average net assets, after waiver		0.77	%*		0.77	%		0.77	%		0.77	%		0.80	%*
Ratio of net investment income(loss) to average net assets		0.20	%*		(0.50	)%		(0.43	)%		(0.34	)%		(0.57	)%*
Portfolio turnover rate^(e)		8	%		13	%		15	%		10	%		8	%

* 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 Long Term Global Growth Equity Fund
Selected data for a Class 5 Share outstanding throughout the period:

	For the Period April 11, 2018^(a)through June 30, 2018
Net asset value, beginning of period	$	22.47
From Investment Operations
Net investment income^(b)		0.08
Net realized and unrealized gain on investments and foreign currency transactions		2.52
Net increase in net asset value from investment operations		2.60
Net asset value, end of period	$	25.07
Total Return
Total return based on net asset value^(c)		11.56	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	69,149
Ratio of net expenses to average net assets, before waiver		0.63	%*
Ratio of net expenses to average net assets, after waiver		0.62	%*
Ratio of net investment income to average net assets		1.40	*
Portfolio turnover rate^(d)		8	%

* 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 Long Term Global Growth Equity Fund
Selected data for a Class K Share outstanding throughout each period:

	For the Six Months Ended June 30, 2018 (unaudited)			For the Period April 28, 2017^(a)through December 31, 2017
Net asset value, beginning of period	$	17.34		$	13.96
From Investment Operations
Net investment income (loss)^(b)		0.02			(0.07	)
Net realized and unrealized gain on investments and foreign currency transactions		3.02			3.45
Net increase in net asset value from investment operations		3.04			3.38
Net asset value, end of period	$	20.38		$	17.34
Total Return
Total return based on net asset value^(c)		17.53	%		24.21	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	83,024		$	70,639
Ratio of net expenses to average net assets, before waiver		0.78	%*		0.80	%*
Ratio of net expenses to average net assets, after waiver		0.77	%*		0.77	%*
Ratio of net investment income (loss) to average net assets		0.22	%*		(0.61	)%*
Portfolio turnover rate^(d)		8	%		13	%

* Annualized.

^(a) Commencement of investment operations.

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

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

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

	For the Six Months Ended June 30, 2018 (unaudited)			For the Period April 28, 2017^(a)through December 31, 2017
Net asset value, beginning of period	$	17.34		$	13.96
From Investment Operations
Net investment loss^(b)		(0.07	)		(0.06	)
Net realized and unrealized gain on investments and foreign currency transactions		3.10			3.44
Net increase in net asset value from investment operations		3.03			3.38
Net asset value, end of period	$	20.37		$	17.34
Total Return
Total return based on net asset value^(c)		17.47	%		24.21	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	815		$	6
Ratio of net expenses to average net assets, before waiver		0.82	%*		0.80	%*
Ratio of net expenses to average net assets, after waiver		0.81	%*		0.80	%*
Ratio of net investment loss to average net assets		(3.54	)%*		(0.56	)%*
Portfolio turnover rate^(d)		8	%		13	%

* Annualized.

^(a) Commencement of investment operations.

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

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

June 30, 2018 (unaudited)
Baillie Gifford Positive Change Equity Fund

	Value		% of Total Net Assets
Auto Manufacturers	$	72,019		1.2	%
Banks		34,297		0.6
Biotechnology		107,185		1.8
Building Materials		83,054		1.3
Chemicals		108,677		1.8
Commercial Services		43,729		0.7
Computers		5,284		0.1
Cosmetics/Personal Care		29,158		0.5
Electric		22,174		0.4
Electrical Components & Equipment		14,229		0.3
Food		55,789		0.9
Healthcare — Products		156,645		2.6
Insurance		26,059		0.4
Internet		138,084		2.2
Machinery — Diversified		39,148		0.6
Pharmaceuticals		51,764		0.8
Semiconductors		111,685		1.8
Telecommunications		6,901		0.1
Total Value of Investments		1,105,881		18.1
Other assets less liabilities		5,012,195		81.9
Net Assets	$	6,118,076		100.0	%

June 30, 2018 (unaudited)
Baillie Gifford Positive Change Equity Fund

	Shares		Value
COMMON STOCKS — 18.1%
BELGIUM — 1.0%
Umicore SA		1,031	$	58,857
BRAZIL — 0.1%
Kroton Educacional SA		3,000		7,237
CHINA — 0.7%
Tencent Holdings Ltd.		900		45,194
DENMARK — 2.1%
Chr. Hansen Holding A/S		606		55,789
Novozymes A/S, B Shares		985		49,820
Orsted A/S 144A ^†		367		22,174
				127,783
INDONESIA — 0.6%
Bank Rakyat Indonesia Persero Tbk PT		173,400		34,297
IRELAND — 0.8%
Kingspan Group PLC		1,014		50,776
JAPAN — 2.2%
euglena Co., Ltd. *		1,200		8,987
M3, Inc.		1,200		47,722
Pigeon Corp.		600		29,158
Sysmex Corp.		500		46,588
				132,455
KENYA — 0.1%
Safaricom PLC		23,600		6,901
NETHERLANDS — 1.2%
ASML Holding NV		288		56,991
Signify NV 144A ^†		550		14,229
				71,220

June 30, 2018 (unaudited)
Baillie Gifford Positive Change Equity Fund

	Shares		Value
SOUTH AFRICA — 0.4%
Discovery Ltd.		2,428	$	26,059
SWEDEN — 0.5%
Nibe Industrier AB B Shares		3,018		32,278
TAIWAN — 0.9%
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		1,496		54,694
UNITED KINGDOM — 0.1%
FDM Group Holdings PLC		409		5,284
UNITED STATES — 7.4%
ABIOMED, Inc. *		216		88,355
Alnylam Pharmaceuticals, Inc. *		351		34,570
Alphabet, Inc., Class A *		40		45,168
DexCom, Inc. *		545		51,764
Ecolab, Inc.		196		27,505
Glaukos Corp. *		534		21,702
Illumina, Inc. *		260		72,615
Tesla, Inc. *		210		72,019
Xylem, Inc.		581		39,148
				452,846
TOTAL INVESTMENTS — 18.1%
(cost $1,001,867)			$	1,105,881
Other assets less liabilities — 81.9%				5,012,195
NET ASSETS — 100.0%			$	6,118,076

* Non-income producing security.

ADR — American Depositary Receipt.

June 30, 2018 (unaudited)
Baillie Gifford Positive Change Equity Fund

Fair Value Measurement

The following is a summary of the inputs used as of June 30, 2018 in valuing the Fund's investments carried at fair value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks
Belgium	$	—	$	58,857	$	—	$	58,857
Brazil		7,237		—		—		7,237
China		—		45,194		—		45,194
Denmark		—		127,783		—		127,783
Indonesia		—		34,297		—		34,297
Ireland		50,776		—		—		50,776
Japan		—		132,455		—		132,455
Kenya		—		6,901		—		6,901
Netherlands		—		71,220		—		71,220
South Africa		—		26,059		—		26,059
Sweden		—		32,278		—		32,278
Taiwan		54,694		—		—		54,694
United Kingdom		5,284		—		—		5,284
United States		452,846		—		—		452,846
Total	$	570,837	$	535,044	$	—	$	1,105,881

For the Positive Change Equity Fund, fair value of Level 2 and Level 1 investments at December 31, 2017 was $447,059 and $544,184, respectively. $44,431 was transferred out of Level 2 into Level 1 and $129,518 was transferred out of Level 1 into Level 2 during the period ended June 30, 2018. Transfers into Level 2 and out of Level 1 resulted from foreign securities which were priced using inputs from a third-party vendor modeling tool to reflect any significant market movements between the time at which the Fund valued its securities and the earlier closing of foreign markets. Transfers into Level 1 and out of Level 2 resulted when pricing was based on quoted market prices.

June 30, 2018 (unaudited)
Baillie Gifford Positive Change Equity Fund

ASSETS
Investments, at value (cost $1,001,867)	$	1,105,881
Cash		15,786
Capital shares sold receivable		5,000,000
Due from Investment Advisor		28,887
Dividends receivable		2,066
Tax reclaims receivable		121
Prepaid assets		3,374
Total Assets		6,156,115
LIABILITIES
Administration & Supervisory fee payable		910
Servicing fee payable		469
Trustee fee payable		13
Accrued expenses		36,647
Total Liabilities		38,039
NET ASSETS	$	6,118,076
COMPOSITION OF NET ASSETS
Paid-in capital	$	5,999,793
Undistributed net investment income		3,738
Accumulated net realized gain on investments and foreign currency transactions		10,543
Net unrealized appreciation in value of investments and foreign currencies		104,002
	$	6,118,076
NET ASSET VALUE, PER SHARE
Class K ($5,559,038 / 497,227 shares outstanding), unlimited authorized, no par value	$	11.18
Institutional Class ($559,038 / 50,000 shares outstanding), unlimited authorized, no par value	$	11.18

For the Six Months Ended June 30, 2018 (unaudited)
Baillie Gifford Positive Change Equity Fund

INVESTMENT INCOME
Dividends (net of foreign withholding taxes of $1,485)	$	7,378
Interest		17
Total Investment Income		7,395
EXPENSES
Advisory fee (Note B)		1,786
Administration & Supervisory Fee — Class K Shares (Note B)		460
Administration & Supervisory Fee — Institutional Class Shares (Note B)		460
Fund accounting		24,327
Transfer agency		15,601
Professional fees		13,392
Custody		1,706
Legal		149
Trustees' fees		17
Insurance		4
Miscellaneous		2,105
Total Expenses		60,007
Fees waived		(56,488	)
Net Expenses		3,519
Net Investment Income		3,876
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) from:
Investments		10,756
Foreign currency transactions		(213	)
		10,543
Net change in unrealized appreciation (depreciation) on:
Investments		87,304
Translation of assets and liabilities denominated in foreign currencies		(12	)
		87,292
Net realized and unrealized gain on investments and foreign currency transactions		97,835
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	101,711

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

	For the Six Months Ended June 30, 2018 (unaudited)			For the Period December 14, 2017^(a)through December 31, 2017
Net asset value, beginning of period	$	10.16		$	10.00
From Investment Operations
Net investment income (loss)^(b)		0.02			(0.00	)^(c)
Net realized and unrealized gain on investments and foreign currency transactions		1.00			0.16
Net increase in net asset value from investment operations		1.02			0.16
Net asset value, end of period	$	11.18		$	10.16
Total Return
Total return based on net asset value^(d)		10.04	%		1.60	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	5,559		$	508
Ratio of expenses to average net assets, before waiver		11.09	%*		53.13	%*
Ratio of net expenses to average net assets, after waiver		0.65	%*		0.65	%*
Ratio of net investment income (loss) to average net assets		0.72	%*		(0.47	)%*
Portfolio turnover rate^(e)		2	%		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 Positive Change Equity Fund
Selected data for an Institutional Class Share outstanding throughout each period:

	For the Six Months Ended June 30, 2018 (unaudited)			For the Period December 14, 2017^(a)through December 31, 2017
Net asset value, beginning of period	$	10.16		$	10.00
From Investment Operations
Net investment income (loss)^(b)		0.04			(0.00	)^(c)
Net realized and unrealized gain on investments and foreign currency transactions		0.98			0.16
Net increase in net asset value from investment operations		1.02			0.16
Net asset value, end of period	$	11.18		$	10.16
Total Return
Total return based on net asset value^(d)		10.04	%		1.60	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	559		$	508
Ratio of expenses to average net assets, before waiver		11.09	%*		53.13	%*
Ratio of net expenses to average net assets, after waiver		0.65	%*		0.80	%*
Ratio of net investment income (loss) to average net assets		0.72	%*		(0.47	)%*
Portfolio turnover rate^(e)		2	%		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 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.

June 30, 2018 (unaudited)
Baillie Gifford U.S. Equity Growth Fund

	Value		% of Total Net Assets
Aerospace/Defense	$	27,732		0.8	%
Apparel		42,076		1.1
Auto Manufacturers		223,946		6.0
Banks		113,728		3.0
Biotechnology		338,554		9.0
Building Materials		49,133		1.3
Commercial Services		211,397		5.6
Distribution/Wholesale		88,427		2.4
Diversified Financial Services		323,736		8.6
Electronics		52,049		1.4
Healthcare — Products		324,050		8.7
Insurance		49,880		1.3
Internet		1,464,151		38.9
Machinery — Diversified		53,529		1.4
Oil & Gas Services		31,739		0.9
Pharmaceuticals		38,409		1.0
Real Estate		50,798		1.4
Semiconductors		50,223		1.4
Software		152,419		4.0
Total Value of Investments		3,685,976		98.2
Other assets less liabilities		68,978		1.8
Net Assets	$	3,754,954		100.0	%

June 30, 2018 (unaudited)
Baillie Gifford U.S. Equity Growth Fund

	Shares		Value
COMMON STOCKS — 98.2%
CANADA — 1.6%
Shopify, Inc., Class A *		409	$	59,669
UNITED STATES — 96.6%
ABIOMED, Inc. *		478		195,526
Activision Blizzard, Inc.		452		34,497
Agios Pharmaceuticals, Inc. *		456		38,409
Alnylam Pharmaceuticals, Inc. *		597		58,799
Alphabet, Inc., Class C *		143		159,538
Amazon.com, Inc. *		239		406,252
American Express Co.		346		33,908
Celgene Corp. *		411		32,642
Chegg, Inc. *		1,534		42,630
CoStar Group, Inc. *		157		64,783
Denali Therapeutics, Inc. *		1,754		26,748
Ellie Mae, Inc. *		588		61,058
Facebook, Inc., Class A *		855		166,144
First Republic Bank		1,175		113,728
Fortive Corp.		675		52,049
Glaukos Corp. *		836		33,975
GrubHub, Inc. *		1,942		203,735
HEICO Corp., Class A		455		27,732
Illumina, Inc. *		528		147,465
Interactive Brokers Group, Inc., Class A		1,009		64,990
Markel Corp. *		46		49,880
MarketAxess Holdings, Inc.		741		146,614
Martin Marietta Materials, Inc.		220		49,133
Mastercard, Inc., Class A		594		116,733
Netflix, Inc. *		586		229,378
New Relic, Inc. *		529		53,212
Novocure Ltd. *		1,498		46,887
NOW, Inc. *		2,381		31,739
NVIDIA Corp.		212		50,223
Penumbra, Inc. *		345		47,662
Redfin Corp. *		2,200		50,798
Seattle Genetics, Inc. *		243		16,133
Stitch Fix, Inc., Class A *		1,680		46,099
Tableau Software, Inc., Class A *		662		64,710

June 30, 2018 (unaudited)
Baillie Gifford U.S. Equity Growth Fund

	Shares		Value
TD Ameritrade Holding Corp.		859	$	47,047
Tesla, Inc. *		653		223,946
Under Armour, Inc., Class C *		1,996		42,076
Vertex Pharmaceuticals, Inc. *		334		56,767
Wabtec Corp.		543		53,529
Watsco, Inc.		496		88,427
Wayfair, Inc., Class A *		1,269		150,706
				3,626,307
TOTAL INVESTMENTS — 98.2%
(cost $3,084,790)			$	3,685,976
Other assets less liabilities — 1.8%				68,978
NET ASSETS — 100.0%			$	3,754,954

* Non-income producing security.

Fair Value Measurement

The following is a summary of the inputs used as of June 30, 2018 in valuing the Fund's investments carried at fair value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks
Canada	$	59,669	$	—	$	—	$	59,669
United States		3,626,307		—		—		3,626,307
Total	$	3,685,976	$	—	$	—	$	3,685,976

For the U.S. Equity Growth Fund, fair value of Level 1 investments at December 31, 2017 was $ 1,253,577. There were no transfers between levels for the period ending June 30, 2018.

For the Six Months Ended June 30, 2018 (unaudited)
Baillie Gifford U.S. Equity Growth Fund

INVESTMENT INCOME
Dividends	$	1,908
Interest		25
Total Investment Income		1,933
EXPENSES
Advisory fee (Note B)		2,684
Administration & Supervisory Fee — Class K Shares (Note B)		1,303
Administration & Supervisory Fee — Institutional Class Shares (Note B)		80
Fund accounting		32,825
Transfer agency		15,084
Professional fees		13,129
Custody		2,665
Legal		827
Trustees' fees		27
Insurance		5
Miscellaneous		23,966
Total Expenses		92,595
Fees waived		(87,664	)
Net Expenses		4,931
Net Investment Loss		(2,998	)
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain from:
Investments		43,427
		43,427
Net change in unrealized appreciation on:
Investments		271,417
		271,417
Net realized and unrealized gain on investments		314,844
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	311,846

Baillie Gifford U.S. Equity Growth Fund

	For the Period Six Months Ended June 30, 2018 (unaudited)			For the Year Ended December 31, 2017
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment loss	$	(2,998	)	$	(3,236	)
Net realized gain from investments		43,427			17,349
Net change in unrealized appreciation on investments		271,417			333,045
Net increase in net assets from operations		311,846			347,158
DIVIIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Capital gains:
Class K		—			(5,489	)
Institutional Class		—			(24	)
Total Dividends and Distributions		—			(5,513	)
TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
Net proceeds from shares subscribed:
Class K		—			1,148,640	*
Institutional Class		2,093,575			5,000
Dividend reinvested:
Class K		—			5,489
Institutional Class		—			24
Cost of shares redeemed:
Class 1		—			(1,148,640	)*
Increase in Net Assets from Transactions in Shares of Beneficial Interest		2,093,575			10,513
Total Increase in Net Assets		2,405,421			352,158
NET ASSETS
Beginning of period		1,349,533			997,375
End of period (including accumulated net investment loss of
$2,998 and $—, respectively)	$	3,754,954		$	1,349,533

* All Class 1 shareholders were converted to Class K during the period.

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

	For the Six Months Ended June 30, 2018 (unaudited)			For the Period April 28, 2017^(a)through December 31, 2017
Net asset value, beginning of period	$	13.39		$	11.49
From Investment Operations
Net investment loss^(b)		(0.03	)		(0.03	)
Net realized and unrealized gain on investments		3.61			1.98
Net increase in net asset value from investment operations		3.58			1.95
Dividends and Distributions to Shareholders
Distributions from net realized gain on investments		—			(0.05	)
Total Dividends and Distributions		—			(0.05	)
Net asset value, end of period	$	16.97		$	13.39
Total Return
Total return based on net asset value^(c)		26.74	%		17.01	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	1,703		$	1,344
Ratio of net expenses to average net assets, before waiver		11.45	%*		13.11	%*
Ratio of net expenses to average net assets, after waiver		0.60	%*		0.57	%*
Ratio of net investment loss to average net assets		(0.35	)%*		(0.31	)%*
Portfolio turnover rate^(d)		6	%		15	%

* 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 U.S. Equity Growth Fund
Selected data for an Institutional Class Share outstanding throughout each period:

	For the Six Months Ended June 30, 2018 (unaudited)			For the Period April 28, 2017^(a)through December 31, 2017
Net asset value, beginning of period	$	13.39		$	11.49
From Investment Operations
Net investment loss^(b)		(0.02	)		(0.03	)
Net realized and unrealized gain on investments		3.60			1.98
Net increase in net asset value from investment operations		3.58			1.95
Dividends and Distributions to Shareholders
Distributions from net realized gain on investments		—			(0.05	)
Total Dividends and Distributions		—			(0.05	)
Net asset value, end of period	$	16.97		$	13.39
Total Return
Total return based on net asset value^(c)		26.74	%		17.01	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	2,052		$	6
Ratio of net expenses to average net assets, before waiver		10.25	%*		13.11	%*
Ratio of net expenses to average net assets, after waiver		0.70	%*		0.72	%*
Ratio of net investment loss to average net assets		(0.72	)%*		(0.31	)%*
Portfolio turnover rate^(d)		6	%		15	%

* Annualized.

^(a) Commencement of investment operations.

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

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

June 30, 2018 (unaudited)
Baillie Gifford International Choice Fund

	Value		% of Total Net Assets
Apparel	$	14,394,276		2.9	%
Auto Manufacturers		6,113,625		1.2
Auto Parts & Equipment		4,030,404		0.8
Banks		22,489,649		4.5
Beverages		16,422,294		3.3
Building Materials		3,154,445		0.6
Chemicals		22,853,703		4.7
Commercial Services		7,092,569		1.4
Cosmetics/Personal Care		26,130,794		5.3
Diversified Financial Services		22,702,435		4.5
Electrical Components & Equipment		7,355,336		1.5
Electronics		22,386,731		4.4
Engineering & Construction		4,021,390		0.8
Food		7,527,893		1.5
Hand/Machine Tools		7,255,455		1.5
Healthcare — Products		17,152,448		3.4
Holding Companies — Diversified		7,114,313		1.4
Insurance		30,104,295		6.1
Internet		89,310,684		18.0
Investment Companies		6,128,652		1.2
Leisure Time		5,913,810		1.2
Machinery — Construction & Mining		10,114,817		2.1
Machinery — Diversified		16,356,407		3.3
Media		13,722,172		2.8
Oil & Gas Services		4,547,106		0.9
Pharmaceuticals		4,577,531		0.9
Retail		49,229,292		9.8
Semiconductors		36,141,398		7.4
Telecommunications		6,441,048		1.3
Total Value of Investments		490,784,972		98.7
Other assets less liabilities		6,327,849		1.3
Net Assets	$	497,112,821		100.0	%

June 30, 2018 (unaudited)
Baillie Gifford International Choice Fund

	Shares		Value
COMMON STOCKS — 97.5%
AUSTRALIA — 4.9%
Cochlear Ltd.		78,662	$	11,646,044
SEEK Ltd.		386,628		6,230,551
Treasury Wine Estates Ltd.		492,348		6,325,703
				24,202,298
BRAZIL — 1.1%
Raia Drogasil SA		321,000		5,425,714
CANADA — 2.3%
Fairfax Financial Holdings Ltd.		10,022		5,615,796
Shopify, Inc., Class A *		40,198		5,864,486
				11,480,282
CHINA — 8.6%
Alibaba Group Holding Ltd. ADR *		72,952		13,534,785
Baidu, Inc. ADR *		34,523		8,389,089
Ctrip.com International Ltd. ADR *		125,726		5,988,329
JD.com, Inc. ADR *		191,878		7,473,648
Tsingtao Brewery Co., Ltd., Class H		1,380,057		7,561,434
				42,947,285
DENMARK — 2.7%
Novo Nordisk A/S, B Shares		99,101		4,577,531
Novozymes A/S, B Shares		169,920		8,594,255
				13,171,786
FINLAND — 1.1%
Kone Oyj, B Shares		111,378		5,663,080
FRANCE — 1.5%
Legrand SA		100,418		7,355,336
GERMANY — 5.4%
adidas AG		39,667		8,636,222
Infineon Technologies AG		305,954		7,771,638
Zalando SE 144A *^†		189,112		10,539,605
				26,947,465

June 30, 2018 (unaudited)
Baillie Gifford International Choice Fund

	Shares		Value
HONG KONG — 3.3%
AIA Group Ltd.		1,064,200	$	9,270,684
Jardine Matheson Holdings Ltd.		70,700		4,455,035
Jardine Strategic Holdings Ltd.		73,000		2,659,278
				16,384,997
INDIA — 4.4%
Asian Paints Ltd.		393,890		7,270,540
Housing Development Finance Corp., Ltd.		217,987		6,074,117
Mahindra & Mahindra Ltd. GDR		468,477		6,113,625
MakeMytrip Ltd. *		70,432		2,546,117
				22,004,399
IRELAND — 0.6%
Kingspan Group PLC		62,994		3,154,445
JAPAN — 16.8%
Advantest Corp.		209,800		4,351,858
DENSO Corp.		82,600		4,030,404
Kakaku.com, Inc.		296,900		6,685,587
Kao Corp.		68,700		5,236,423
MS&AD Insurance Group Holdings, Inc.		289,600		8,994,570
Nidec Corp.		33,900		5,071,090
Olympus Corp.		147,200		5,506,404
Pigeon Corp.		172,600		8,387,867
Shimano, Inc.		40,300		5,913,810
Shiseido Co., Ltd.		157,600		12,506,504
SMC Corp.		21,400		7,834,343
SoftBank Group Corp.		56,200		4,013,138
Sugi Holdings Co., Ltd.		51,000		2,950,597
Suruga Bank Ltd.		203,500		1,812,651
				83,295,246
MALAYSIA — 1.0%
Public Bank Bhd		901,900		5,217,414
MEXICO — 0.6%
Wal-Mart de Mexico SAB de CV		1,169,300		3,086,301

June 30, 2018 (unaudited)
Baillie Gifford International Choice Fund

	Shares		Value
NETHERLANDS — 1.6%
ASML Holding NV		39,548	$	7,825,958
PHILIPPINES — 0.4%
Puregold Price Club, Inc.		2,299,400		2,007,421
PORTUGAL — 1.1%
Jeronimo Martins SGPS SA		396,006		5,704,270
SINGAPORE — 1.9%
United Overseas Bank Ltd.		473,299		9,276,061
SOUTH AFRICA — 4.2%
Clicks Group Ltd.		502,597		7,176,288
Naspers Ltd., N Shares		54,422		13,722,172
				20,898,460
SOUTH KOREA — 2.7%
NAVER Corp.		4,378		2,995,886
Samsung Electronics Co., Ltd. GDR		3,912		4,057,387
Samsung Fire & Marine Insurance Co., Ltd.		26,265		6,223,245
				13,276,518
SPAIN — 2.5%
Distribuidora Internacional de Alimentacion SA		627,766		1,823,623
Industria de Diseno Textil SA		308,668		10,511,429
				12,335,052
SWEDEN — 4.5%
Atlas Copco AB, A Shares		23,278		674,144
Atlas Copco AB, B Shares		261,210		6,804,994
Epiroc AB, A Shares *		23,278		244,274
Epiroc AB, B Shares *		261,210		2,391,405
Investor AB, B Shares		151,300		6,128,652
Svenska Handelsbanken AB, A Shares		558,309		6,183,523
				22,426,992

June 30, 2018 (unaudited)
Baillie Gifford International Choice Fund

	Shares		Value
SWITZERLAND — 3.5%
Compagnie Financiere Richemont SA		89,099	$	7,531,937
Schindler Holding AG, Participating Certificates		33,793		7,255,455
u-blox Holding AG *		12,253		2,427,910
				17,215,302
TAIWAN — 3.3%
Hon Hai Precision Industry Co., Ltd. GDR Reg S		753,994		4,077,698
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		331,908		12,134,557
				16,212,255
THAILAND — 0.5%
Thai Beverage PCL		4,800,000		2,535,157
UNITED KINGDOM — 14.2%
ASOS PLC *		68,403		5,486,797
Auto Trader Group PLC 144A ^†		1,227,756		6,880,823
Burberry Group PLC		202,602		5,758,054
Hargreaves Lansdown PLC		483,766		12,540,030
HomeServe PLC		339,993		4,021,390
Intertek Group PLC		94,328		7,092,569
John Wood Group PLC		550,631		4,547,106
Johnson Matthey PLC		146,775		6,988,908
Jupiter Fund Management PLC		697,314		4,088,288
Rightmove PLC		146,519		10,242,027
Weir Group PLC (The)		108,863		2,858,984
				70,504,976
UNITED STATES — 2.8%
Mettler-Toledo International, Inc. *		12,153		7,032,091
Spotify Technology SA *		41,563		6,992,559
				14,024,650
Total Common Stocks
(cost $367,872,835)				484,579,120

June 30, 2018 (unaudited)
Baillie Gifford International Choice Fund

	Shares		Value
PREFERRED STOCKS — 1.2%
GERMANY — 1.2%
Sartorius AG (cost $5,106,173)		41,686	$	6,205,852
TOTAL INVESTMENTS — 98.7%
(cost $372,979,008)			$	490,784,972
Other assets less liabilities — 1.3%				6,327,849
NET ASSETS — 100.0%			$	497,112,821

* 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 June 30, 2018 in valuing the Fund's investments carried at fair value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks
Australia	$	—	$	24,202,298	$	—	$	24,202,298
Brazil		5,425,714		—		—		5,425,714
Canada		11,480,282		—		—		11,480,282
China		35,385,851		7,561,434		—		42,947,285
Denmark		—		13,171,786		—		13,171,786
Finland		—		5,663,080		—		5,663,080
France		—		7,355,336		—		7,355,336
Germany		—		26,947,465		—		26,947,465
Hong Kong		—		16,384,997		—		16,384,997
India		8,659,742		13,344,657		—		22,004,399
Ireland		3,154,445		—		—		3,154,445
Japan		—		83,295,246		—		83,295,246
Malaysia		—		5,217,414		—		5,217,414
Mexico		3,086,301		—		—		3,086,301
Netherlands		—		7,825,958		—		7,825,958
Philippines		—		2,007,421		—		2,007,421
Portugal		—		5,704,270		—		5,704,270

Investments in Securities	Level 1		Level 2		Level 3		Total
Singapore	$	—	$	9,276,061	$	—	$	9,276,061
South Africa		—		20,898,460		—		20,898,460
South Korea		—		13,276,518		—		13,276,518
Spain		—		12,335,052		—		12,335,052
Sweden		2,635,679		19,791,313		—		22,426,992
Switzerland		—		17,215,302		—		17,215,302
Taiwan		12,134,557		4,077,698		—		16,212,255
Thailand		—		2,535,157		—		2,535,157
United Kingdom		—		70,504,976		—		70,504,976
United States		14,024,650		—		—		14,024,650
Total Common Stocks		95,987,221		388,591,899		—		484,579,120
Preferred Stocks
Germany		—		6,205,852		—		6,205,852
Total	$	95,987,221	$	394,797,751	$	—	$	490,784,972

For the International Choice Fund, fair value of Level 2 and Level 1 investments at December 31, 2017 was $390,479,313 and $112,180,765, respectively. $5,994,820 was transferred out of Level 2 into Level 1 and $41,904,361 was transferred out of Level 1 into Level 2 during the period ended June 30, 2018. Transfers into Level 2 and out of Level 1 resulted from foreign securities which were priced using inputs from a third-party vendor modeling tool to reflect any significant market movements between the time at which the Fund valued its securities and the earlier closing of foreign markets. Transfers into Level 1 and out of Level 2 resulted when pricing was based on quoted market prices.

June 30, 2018 (unaudited)
Baillie Gifford International Choice Fund

ASSETS
Investments, at value (cost $372,979,008)	$	490,784,972
Cash		2,680,585
Receivable for investments sold		4,337,270
Dividends receivable		667,810
Tax reclaims receivable		923,262
Prepaid assets		2,825
Total Assets		499,396,724
LIABILITIES
Advisory fee payable		442,133
Payable for investments purchased		1,431,561
Servicing fee payable		174,279
Payable for deferred Indian capital gains tax		112,388
Trustee fee payable		4,523
Accrued expenses		119,019
Total Liabilities		2,283,903
NET ASSETS	$	497,112,821
COMPOSITION OF NET ASSETS
Paid-in capital	$	386,970,062
Undistributed net investment income		1,246,752
Accumulated net realized loss on investments and foreign currency transactions		(8,787,412	)
Net unrealized appreciation in value of investments and foreign currencies (net of deferred Indian capital gains tax)		117,683,419
	$	497,112,821
NET ASSET VALUE, PER SHARE
Class 2 ($314,294,208 / 21,258,047 shares outstanding), unlimited authorized, no par value	$	14.78
Class 3 ($142,236,533 / 9,514,232 shares outstanding), unlimited authorized, no par value	$	14.95
Class 5 ($40,582,080 / 2,658,774 shares outstanding), unlimited authorized, no par value	$	15.26

For the Six Months Ended June 30, 2018 (unaudited)
Baillie Gifford International Choice Fund

INVESTMENT INCOME
Dividends (net of foreign withholding taxes of $664,159)	$	5,304,401
Interest		9,325
Total Investment Income		5,313,726
EXPENSES
Advisory fee (Note B)		890,002
Shareholder Servicing fees — Class 2 Shares (Note B)		275,285
Shareholder Servicing fees — Class 3 Shares (Note B)		71,945
Shareholder Servicing fees — Class 4 Shares (Note B)		798
Shareholder Servicing fees — Class 5 Shares (Note B)		3,854
Fund accounting		129,584
Custody		53,508
Legal		42,168
Transfer agency		25,887
Professional fees		14,969
Trustees' fees		9,581
Insurance		1,832
Miscellaneous		3,165
Total Expenses		1,522,578
Net Investment Income		3,791,148
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized loss from:
Investments		(2,025,807	)
Foreign currency transactions		(54,334	)
		(2,080,141	)
Net change in unrealized depreciation on:
Investments (net of deferred Indian capital gains tax $36,017) (Note A)		(3,675,204	)
Translation of assets and liabilities denominated in foreign currencies		(30,046	)
		(3,705,250	)
Net realized and unrealized loss on investments and foreign currency transactions		(5,785,391	)
NET DECREASE IN NET ASSETS FROM OPERATIONS	$	(1,994,243	)

Baillie Gifford International Choice Fund

	For the Six Months Ended June 30, 2018 (unaudited)			For the Year Ended December 31, 2017
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	3,791,148		$	4,721,219
Net realized gain (loss) from investments and foreign currency transactions		(2,080,141	)		9,757,850
Net change in unrealized appreciation (depreciation) on investments and translation of assets and liabilities in foreign currencies		(3,705,250	)		101,683,420
Net increase (decrease) in net assets from operations		(1,994,243	)		116,162,489
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Class 2		—			(4,034,314	)
Class 3		—			(1,833,941	)
Class 4		—			(534,209	)
Total Dividends and Distributions		—			(6,402,464	)
TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
Net proceeds from shares subscribed:
Class 2		—			33,249,954	*
Class 4		—			34,081,343
Class 5		41,793,273			—
Purchase fees:
Class 1		—			3,420
Class 2		—			46,266
Class 3		—			22,875
Dividends reinvested:
Class 2		—			4,034,314
Class 3		—			1,833,960
Class 4		—			534,209
Cost of shares redeemed:
Class 1		—			(17,850,819	)*
Class 2		(9,246,783	)		(1,500,000	)
Class 4		(41,793,273	)		—
Increase (Decrease) in Net Assets from Transactions in Shares of Beneficial Interest		(9,246,783	)		54,455,522
Total Increase (Decrease) in Net Assets		(11,241,026	)		164,215,547
NET ASSETS
Beginning of period		508,353,847			344,138,300
End of period (including undistributed (distributions in excess of) net investment income of $1,246,752 and $(2,544,396), respectively)	$	497,112,821		$	508,353,847

* All Class 1 shareholders were converted to Class 2 during the period.

Baillie Gifford International Choice Fund
Selected data for a Class 2 Share outstanding throughout each period:

	For the Six Months Ended June 30, 2018 (unaudited)			For the Year Ended December 31, 2017			For the Year Ended December 31, 2016			For the Year Ended December 31, 2015			For the Year Ended December 31, 2014			For the Period April 9, 2013^(a)through December 31, 2013
Net asset value, beginning of period	$	14.85		$	11.44		$	11.53		$	11.51		$	12.20		$	11.00
From Investment Operations
Net investment income^(b)		0.11			0.14			0.17			0.16			0.17			0.08
Net realized and unrealized gain (loss) on investments and foreign currency transactions		(0.18	)		3.46			(0.11	)		0.03			(0.58	)		1.19
Net increase (decrease) in net asset value from investment operations		(0.07	)		3.60			0.06			0.19			(0.41	)		1.27
Dividends and Distributions to Shareholders
Dividends from net investment income		—			(0.19	)		(0.15	)		(0.17	)		(0.17	)		(0.09	)
Distributions from net realized gain on investments		—			—			—			—			(0.12	)		—
Total Dividends and Distributions		—			(0.19	)		(0.15	)		(0.17	)		(0.29	)		(0.09	)
Proceeds from Purchase Fees and Redemption Fees^(b)		—			0.00	^(c)		0.00	^(c)		0.00	^(c)		0.01			0.02
Net asset value, end of period	$	14.78		$	14.85		$	11.44		$	11.53		$	11.51		$	12.20
Total Return
Total return based on net asset value^(d)		(0.46	)%		31.45	%		0.54	%		1.56	%		(3.29	)%		11.76	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	314,294		$	324,764		$	219,300		$	217,720		$	245,206		$	169,778
Ratio of net expenses to average net assets, before waiver		0.63	%*		0.65	%		0.65	%		0.63	%		0.63	%		0.67	%*
Ratio of net expenses to average net assets, after waiver		0.63	%*		0.65	%		0.65	%		0.63	%		0.63	%		0.66	%*
Ratio of net investment income to average net assets		1.46	%*		1.03	%		1.48	%		1.38	%		1.35	%		0.98	%*
Portfolio turnover rate^(e)		10	%		12	%		14	%		15	%		9	%		11	%

* 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 International Choice Fund
Selected data for a Class 3 Share outstanding throughout each period:

	For the Six Months Ended June 30, 2018 (unaudited)			For the Year Ended December 31, 2017			For the Year Ended December 31, 2016			For the Year Ended December 31, 2015			For the Year Ended December 31, 2014			For the Period April 30, 2013^(a)through December 31, 2013
Net asset value, beginning of period	$	15.01		$	11.56		$	11.65		$	11.63		$	12.33		$	11.50
From Investment Operations
Net investment income^(b)		0.12			0.15			0.18			0.18			0.17			0.09
Net realized and unrealized gain (loss) on investments and foreign currency transactions		(0.18	)		3.50			(0.12	)		0.02			(0.58	)		0.82
Net increase (decrease) in net asset value from investment operations		(0.06	)		3.65			0.06			0.20			(0.41	)		0.91
Dividends and Distributions to Shareholders
Dividends from net investment income		—			(0.20	)		(0.15	)		(0.18	)		(0.18	)		(0.10	)
Distributions from net realized gain on investments		—			—			—			—			(0.12	)		—
Total Dividends and Distributions		—			(0.20	)		(0.15	)		(0.18	)		(0.30	)		(0.10	)
Proceeds from Purchase Fees and Redemption Fees^(b)		—			0.00	^(c)		0.00	^(c)		0.00	^(c)		0.01			0.02
Net asset value, end of period	$	14.95		$	15.01		$	11.56		$	11.65		$	11.63		$	12.33
Total Return
Total return based on net asset value^(d)		(0.42	)%		31.54	%		0.61	%		1.63	%		(3.26	)%		8.11	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	142,237		$	142,844		$	108,594		$	107,936		$	106,203		$	109,740
Ratio of net expenses to average net assets		0.56	%*		0.58	%		0.58	%		0.56	%		0.56	%		0.58	%*
Ratio of net investment income to average net assets		1.53	%*		1.13	%		1.55	%		1.45	%		1.38	%		1.10	%*
Portfolio turnover rate^(e)		10	%		12	%		14	%		15	%		9	%		11	%

* 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.

The following table is a summary of classes with shares outstanding as of June 30, 2018:

EAFE

EAFE
Choice

EAFE
Pure

Emerging
Markets

Global
Alpha
Equity

Global
Select
Equity

International
Concentrated
Growth

International
Equity

Long
Term
Global
Growth
Equity

Positive
Change
Equity

U.S.
Equity
Growth

International
Choice

Class 2

N/A

Class 3

N/A

Class 4

N/A

Class 5

N/A

Class K

N/A

Institutional
Class

N/A

At December 31, 2017, the components of accumulated earnings on tax a basis were as follows:

Fund	Undistributed Net Ordinary Income		Long Term Capital Gains		Capital Loss Carryforwards			Post October Capital/Currency Losses/Late year ordinary losses			Net Unrealized Appreciation/ Depreciation on Investments and Foreign Currencies		Total Accumulated Earnings/ Deficit
EAFE	$	44,387	$	42,600,167	$	—		$	—		$	1,260,846,798	$	1,303,491,352
EAFE Choice		—		1,902,080		—			(469,763	)		84,192,674		85,624,991
EAFE Pure		—		2,237,108		—			(731,523	)		48,400,389		49,905,974
Emerging Markets		—		93,545,579		—			(479,011	)		598,630,696		691,697,264
Global Alpha Equity		1,559,743		14,653,534		—			—			349,813,029		366,026,306
Global Select Equity		766		—		—			—			44,437		45,203
International Concentrated Growth		—		—		—			—			6,620		6,620
International Equity		3,304,560		14,328,681		—			—			877,987,970		895,621,211
Long Term Global Growth Equity		—		3,906,506		—			(22,229	)		50,023,604		53,907,881
Positive Change Equity		—		—		—			(138	)		16,710		16,572
U.S. Equity Growth		9,266		—		—			—			329,754		339,020
International Choice		—		—		(6,374,949	)		(532,464	)		119,044,415		112,137,002

Fund	Undistributed (Distributions in Excess of) Net Investment Income			Accumulated Net Realized Gains (Losses) on Investments and Foreign Currency Transactions			Paid-in Capital
EAFE	$	1,784,910		$	(1,784,910	)	$	—
EAFE Choice		(7,649	)		7,649			—
EAFE Pure		74,108			(74,108	)		—
Emerging Markets		2,270,133			(2,270,133	)		—
Global Alpha Equity		139,122			(139,122	)		—
Global Select Equity		(2,309	)		2,309			—
International Concentrated Growth		302			1,608			(1,910	)
International Equity		(278,517	)		278,517			—
Long Term Global Growth Equity		503,154			41,518			(544,672	)
Positive Change Equity		69			138			(207	)
U.S. Equity Growth		3,236			(3,236	)		—
International Choice		(43,089	)		43,090			(1	)

For the years or periods ended December 31, 2017 and December 31, 2016, the tax characters of the dividends paid were:

Fund	Ordinary Income 2017		Long Term Capital Gains 2017		Return of Capital 2017		Ordinary Income 2016		Long Term Capital Gains 2016		Return of Capital 2016
EAFE	$	19,751,226	$	48,725,790	$	—	$	15,659,306	$	101,073,397	$	—
EAFE Choice		4,719,038		—		—		3,673,930		—		—
EAFE Pure		5,473,971		—		—		2,430,664		—		—
Emerging Markets		19,863,377		13,157,890		—		12,494,261		—		207,935
Global Alpha Equity		8,003,422		32,552,970		—		5,050,014		2,554,846		—
Global Select Equity		—		—		—		—		—		—
International Concentrated Growth		—		—		—		—		—		—
International Equity		22,247,527		51,665,372		—		24,716,327		23,695,901		—
Long Term Global Growth Equity		—		—		—		—		478,647		—
Positive Change Equity		—		—		—		—		—		—
U.S. Equity Growth		5,513		—		—		—		—		—
International Choice		6,402,464		—		—		4,399,276		—		—

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

Fund	Average Daily Net Assets of the Fund (millions)	Annual Rate at Each Asset Level
EAFE Pure	$0 - $2,000 > $2,000 - $5,000 Above $5,000		0.35% 0.31% 0.29%
Emerging Markets	$0 - $2,000 > $2,000 - $5,000 Above $5,000		0.55% 0.51% 0.49%
Global Alpha Equity	$0 - $2,000 > $2,000 - $5,000 Above $5,000		0.40% 0.36% 0.34%
Global Select Equity	$0 - $2,000 > $2,000 - $5,000 Above $5,000		0.33% 0.29% 0.27%
International Concentrated Growth	$0 - $2,000 > $2,000 - $5,000 Above $5,000		0.40% 0.36% 0.34%
International Equity	$0 - $2,000 > $2,000 - $5,000 Above $5,000		0.35% 0.31% 0.29%
Long Term Global Growth Equity	$0 - $2,000 > $2,000 - $5,000 Above $5,000		0.45% 0.41% 0.39%
Positive Change Equity	$0 - $2,000 > $2,000 - $5,000 Above $5,000		0.33% 0.29% 0.27%
U.S. Equity Growth	$0 - $2,000 > $2,000 - $5,000 Above $5,000		0.33% 0.29% 0.27%
International Choice	$0 - $2,000 > $2,000 - $5,000 Above $5,000		0.35% 0.31% 0.29%

The Manager has contractually agreed, through April 30, 2019, to waive its fees and/or bear expenses 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
Global Select Equity Fund	Class K		0.65	%
	Institutional Class		0.65	%
International Concentrated Growth Fund	Class K		0.72	%
	Institutional Class		0.72	%
Long Term Global Growth Equity Fund	Class 2		0.77	%
	Class 5		0.62	%
	Class K		0.77	%
	Institutional Class		0.77	%
Positive Change Equity Fund	Class K		0.65	%
	Institutional Class		0.65	%
U.S. Equity Growth Fund	Class K		0.65	%
	Institutional Class		0.65	%

	EAFE			EAFE Choice			EAFE Pure			Emerging Markets			Global Alpha Equity			International Equity			Long Term Global Growth Equity			International Choice
Class 2		0.17	%		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	%		0.10	%
Class 4		0.07	%		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	%		0.02	%

With respect to Class K and Institutional Class shares, the Manager is responsible for providing certain administrative services to Fund shareholders as well as coordinating, overseeing and supporting services provided to Fund shareholders by third parties, including financial intermediaries that hold accounts with the Funds, pursuant to an Administration and Supervisory Agreement between the Manager and the Trust on behalf of each Fund. Each Fund other than the International Choice Fund has adopted an Administration, Supervisory and Sub-Accounting Services Plan with respect to Class K and Institutional Class shares of each Fund, which authorizes each Fund to pay the Manager an Administration and Supervisory Fee quarterly, in arrears, with respect to Class K and Institutional Class shares at an annual rate of 0.17% of such Fund's average net assets.

The Bank of New York Mellon serves as the Funds' 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 in-kind purchases and redemptions and short-term securities) for the six months ended June 30, 2018 were as follows:

Fund	Purchases		Sales
EAFE	$	79,652,909	$	139,605,655
EAFE Choice		36,451,831		67,259,601
EAFE Pure		158,882,905		43,930,342
Emerging Markets		394,218,321		172,277,303
Global Alpha Equity		94,688,100		410,430,270
Global Select Equity		211,615		191,125
International Concentrated Growth		91,468		70,682
International Equity		353,881,574		379,413,275
Long Term Global Growth Equity		15,811,795		20,148,920
Positive Change Equity		36,985		20,407
U.S. Equity Growth		2,222,304		104,697
International Choice		50,823,765		56,986,780

The Funds' cost of investments and gross unrealized appreciation (depreciation) at June 30, 2018 for U.S. federal income tax purposes were as follows:

Fund	Cost of Investments		Gross Appreciation		Gross Depreciation			Net Appreciation
EAFE	$	1,474,742,085	$	1,424,948,731	$	(56,173,473	)	$	1,368,775,258
EAFE Choice		196,949,488		84,077,197		(8,567,533	)		75,509,664
EAFE Pure		363,570,973		60,777,916		(11,879,569	)		48,898,347
Emerging Markets		1,367,056,282		463,859,825		(71,900,995	)		391,958,830
Global Alpha Equity		588,348,240		313,503,467		(32,978,692	)		280,524,775
Global Select Equity		3,003,644		375,421		(144,524	)		230,897
International Concentrated Growth		1,006,774		112,381		(13,782	)		98,599
International Equity		1,292,579,644		734,428,953		(52,302,727	)		682,126,226
Long Term Global Growth Equity		140,487,677		74,920,158		(1,291,537	)		73,628,621
Positive Change Equity		1,001,867		149,738		(45,724	)		104,014
U.S. Equity Growth		3,084,805		622,564		(21,393	)		601,171
International Choice		375,323,262		130,910,253		(15,448,543	)		115,461,710

Note D — Transactions in Shares of Beneficial Interest

	EAFE Fund
	Class 2 Shares For the Period Ended June 30, 2018						Class 3 Shares For the Period Ended June 30, 2018
	Shares			Amount			Shares			Amount
Shares sold		6,497,594		$	98,457,216			—		$	—
Purchase fees		—			—			—			—
Redemption fees		—			—			—			—
Shares issued in reinvestment of dividends and distributions		—			—			—			—
Shares redeemed		(2,922,312	)		(45,380,000	)		(8,934,156	)		(136,453,216	)
Net increase (decrease)		3,575,282		$	53,077,216			(8,934,156	)	$	(136,453,216	)
	EAFE Fund
	Class 4 Shares For the Period Ended June 30, 2018						Class 5 Shares For the Period Ended June 30, 2018
	Shares			Amount			Shares			Amount
Shares sold		—		$	—			—		$	—
Purchase fees		—			—			—			—
Redemption fees		—			—			—			—
Shares issued in reinvestment of dividends and distributions		—			—			—			—
Shares redeemed		—			—			—			—
Net increase (decrease)		—		$	—			—		$	—

	EAFE Fund
	Class K Shares For the Period Ended June 30, 2018						Institutional Class Shares For the Period Ended June 30, 2018
	Shares			Amount			Shares			Amount
Shares sold		—		$	—			17,451		$	272,273
Purchase fees		—			—			—			—
Redemption fees		—			—			—			—
Shares issued in reinvestment of dividends and distributions		—			—			—			—
Shares redeemed		—			—			—			—
Net increase		—		$	—			17,451		$	272,273
	EAFE Fund
	Class 1 Shares For the Period Ended December 31, 2017						Class 2 Shares For the Year Ended December 31, 2017
	Shares			Amount			Shares			Amount
Shares sold		142		$	1,508			9,465,027	**	$	109,733,985	**
Purchase fees		—			279			—			11,880
Redemption fees		—			100			—			16,484
Shares issued in reinvestment of dividends and distributions		—			—			1,211,109			17,464,610
Shares redeemed		(1,838,303	)*		(20,817,261	)*		(31,363,941	)		(437,863,539	)
Net increase (decrease)		(1,838,161	)	$	(20,815,374	)		(20,687,805	)	$	(310,636,580	)

* 1,580,441 shares and $17,964,404 converted from Class 1 into Class 2.

** 1,573,520 shares and $17,964,404 converted into Class 2 from Class 1.

	EAFE Fund
	Class 3 Shares For the Year Ended December 31, 2017						Class 4 Shares For the Year Ended December 31, 2017
	Shares			Amount			Shares			Amount
Shares sold		7,588,420		$	110,142,876			1,895,088		$	25,000,000
Purchase fees		—			6,994			—			3,256
Redemption fees		—			8,105			—			4,201
Shares issued in reinvestment of dividends and distributions		1,024,175			14,798,611			518,970			7,503,626
Shares redeemed		(9,802,341	)		(122,361,558	)		(1,409,453	)		(20,000,000	)
Net increase (decrease)		(1,189,746	)	$	2,595,028			1,004,605		$	12,511,083

	EAFE Fund
	Class 5 Shares For the Year Ended December 31, 2017				Class K Shares For the Period Ended December 31, 2017
	Shares		Amount		Shares		Amount
Shares sold		—	$	—		416	$	5,000
Purchase fees		—		12,563		—		—
Redemption fees		—		16,205		—		—
Shares issued in reinvestment of dividends and distributions		1,981,299		28,702,684		10		150
Shares redeemed		—		—		—		—
Net increase		1,981,299	$	28,731,452		426	$	5,150

	EAFE Fund
	Institutional Class Shares For the Period Ended December 31, 2017
	Shares		Amount
Shares sold		416	$	5,000
Purchase fees		—		—
Redemption fees		—		—
Shares issued in reinvestment of dividends and distributions		10		150
Shares redeemed		—		—
Net increase		426	$	5,150

	EAFE Choice Fund
	Class 2 Shares For the Period Ended June 30, 2018						Class 3 Shares For the Period Ended June 30, 2018
	Shares			Amount			Shares			Amount
Shares sold		1,681,603		$	27,012,849			24,775		$	405,000
Purchase fees		—			—			—			—
Redemption fees		—			—			—			—
Shares issued in reinvestment of dividends and distributions		—			—			—			—
Shares redeemed		(2,194,579	)		(36,200,000	)		(1,680,816	)		(27,282,249	)
Net decrease		(512,976	)	$	(9,187,151	)		(1,656,041	)	$	(26,877,249	)

	EAFE Choice Fund
	Class K Shares For the Period Ended June 30, 2018						Institutional Class Shares For the Period Ended June 30, 2018
	Shares			Amount			Shares			Amount
Shares sold		368,444		$	5,965,100			—		$	—
Purchase fees		—			—			—			—
Redemption fees		—			—			—			—
Shares issued in reinvestment of dividends and distributions		—			—			—			—
Shares redeemed		—			—			(2,296	)		(37,968	)
Net increase (decrease)		368,444		$	5,965,100			(2,296	)	$	(37,968	)
	EAFE Choice Fund
	Class 1 Shares For the Period Ended December 31, 2017						Class 2 Shares For the Year Ended December 31, 2017
	Shares			Amount			Shares			Amount
Shares sold		117		$	1,497	**		139,266		$	2,010,737	**
Purchase fees		—			—			—			1,361
Redemption fees		—			—			—			4,257
Shares issued in reinvestment of dividends and distributions		—			—			265,970			4,282,725
Shares redeemed		(352	)*		(4,741	)		(4,847,568	)		(76,008,120	)
Net decrease		(235	)	$	(3,244	)		(4,442,332	)	$	(69,709,040	)
	EAFE Choice Fund
	Class 3 Shares For the Year Ended December 31, 2017						Class K Shares For the Period Ended December 31, 2017
	Shares			Amount			Shares			Amount
Shares sold		176,660		$	2,591,699			353		$	5,000
Purchase fees		—			100			—			—
Redemption fees		—			317			—			—
Shares issued in reinvestment of dividends and distributions		26,628			432,754			6			92
Shares redeemed		(128,175	)		(1,910,571	)		—			—
Net increase (decrease)		75,113		$	1,114,299			359		$	5,092

	EAFE Choice Fund
	Institutional Class Shares For the Period Ended December 31, 2017
	Shares		Amount
Shares sold		12,471	$	199,000
Purchase fees		—		—
Redemption fees		—		—
Shares issued in reinvestment of dividends and distributions		6		98
Shares redeemed		—		—
Net increase (decrease)		12,477	$	199,098

* 352 shares and $4,741 converted from Class 1 into Class 2.

** 348 shares and $4,741 converted into Class 2 from Class 1.

	EAFE PURE Fund
	Class 2 Shares For the Period Ended June 30, 2018						Class 3 Shares For the Period Ended June 30, 2018
	Shares			Amount			Shares		Amount
Shares sold		325		$	4,000			—	$	—
Purchase fees		—			—			—		—
Redemption fees		—			—			—		—
Shares issued in reinvestment of dividends and distributions		—			—			—		—
Shares redeemed		(408,017	)		(5,000,000	)		—		—
Net increase (decrease)		(407,692	)	$	(4,996,000	)		—	$	—
	EAFE PURE Fund
	Class K Shares For the Period Ended June 30, 2018						Institutional Class Shares For the Period Ended June 30, 2018
	Shares			Amount			Shares		Amount
Shares sold		9,632,488		$	116,407,000			—	$	—
Purchase fees		—			—			—		—
Redemption fees		—			—			—		—
Shares issued in reinvestment of dividends and distributions		—			—			—		—
Shares redeemed		—			—			—		—
Net increase		9,632,488		$	116,407,000			—	$	—

	EAFE PURE Fund
	Class 1 Shares For the Period Ended December 31, 2017						Class 2 Shares For the Year Ended December 31, 2017
	Shares			Amount			Shares			Amount
Shares sold		154		$	1,497			1,993,899	**	$	19,968,711	**
Purchase fees		—			5			—			198,413
Redemption fees		—			—			—			3,003
Shares issued in reinvestment of dividends and distributions		—			—			327,488			3,944,235
Shares redeemed		(461	)*		(4,715	)*		(2,015,092	)		(23,503,003	)
Net increase (decrease)		(307	)	$	(3,213	)		306,295		$	611,359
	EAFE PURE Fund
	Class 3 Shares For the Year Ended December 31, 2017						Class K Shares For the Period Ended December 31, 2017
	Shares			Amount			Shares			Amount
Shares sold		7,086,028		$	74,325,352			466		$	5,000
Purchase fees		—			1			—			—
Redemption fees		—			—			—			—
Shares issued in reinvestment of dividends and distributions		125,774			1,529,525			9			105
Shares redeemed		(432,822	)		(5,000,000	)		—			—
Net increase		6,778,980		$	70,854,878			475		$	5,105

	EAFE PURE Fund
	Institutional Class Shares For the Period Ended December 31, 2017
	Shares		Amount
Shares sold		466	$	5,000
Purchase fees		—		—
Redemption fees		—		—
Shares issued in reinvestment of dividends and distributions		9		105
Shares redeemed		—		—
Net increase		475	$	5,105

* 461 shares and $4,715 converted from Class 1 into Class 2.

** 457 shares and $4,715 converted into Class 2 from Class 1.

	Emerging Markets Fund
	Class 2 Shares For the Period Ended June 30, 2018						Class 3 Shares For the Period Ended June 30, 2018
	Shares			Amount			Shares			Amount
Shares sold		1,058,604		$	24,252,631			—		$	—
Purchase fees		—			—			—			—
Redemption fees		—			—			—			—
Shares issued in reinvestment of dividends and distributions		—			—			—			—
Shares redeemed		—			—			—			—
Net increase (decrease)		1,058,604		$	24,252,631			—		$	—
	Emerging Markets Fund
	Class 5 Shares For the Period Ended June 30, 2018						Class K Shares For the Period Ended June 30, 2018
	Shares			Amount			Shares			Amount
Shares sold		—		$	—			10,742,459		$	241,425,616
Purchase fees		—			—			—			—
Redemption fees		—			—			—			—
Shares issued in reinvestment of dividends and distributions		—			—			—			—
Shares redeemed		(1,101,483	)		(25,308,631	)		(74,142	)		(1,615,857	)
Net increase (decrease)		(1,101,483	)	$	(25,308,631	)		10,668,317		$	239,809,759

	Emerging Markets Fund
	Institutional Class Shares For the Period Ended June 30, 2018
	Shares		Amount
Shares sold		43,718	$	946,747
Purchase fees		—		—
Redemption fees		—		—
Shares issued in reinvestment of dividends and distributions		—		—
Shares redeemed		—		—
Net increase		43,718	$	946,747

	Emerging Markets Fund
	Class 1 Shares For the Period Ended December 31, 2017						Class 2 Shares For the Year Ended December 31, 2017
	Shares			Amount			Shares			Amount
Shares sold		96		$	1,497			2,787,599	**	$	49,650,731	**
Purchase fees		—			281			—			4,567
Redemption fees		—			—			—			4,199
Shares issued in reinvestment of dividends and distributions		—			—			167,120			3,767,062
Shares redeemed		(500,747	)*		(8,699,086	)*		(2,033,116	)		(45,405,788	)
Net increase (decrease)		(500,651	)	$	(8,697,308	)		921,603		$	8,020,771
	Emerging Markets Fund
	Class 3 Shares For the Year Ended December 31, 2017						Class 5 Shares For the Year Ended December 31, 2017
	Shares			Amount			Shares			Amount
Shares sold		—		$	—			—		$	—
Purchase fees		—			4,814			—			40,345
Redemption fees		—			3,560			—			29,835
Shares issued in reinvestment of dividends and distributions		165,344			3,756,892			1,034,998			24,116,683
Shares redeemed		—			—			(17,316,669	)		(396,049,578	)
Net increase (decrease)		165,344		$	3,765,266			(16,281,671	)	$	(371,862,715	)
	Emerging Markets Fund
	Class K Shares For the Period Ended December 31, 2017						Institutional Class Shares For the Period Ended December 31, 2017
	Shares			Amount			Shares			Amount
Shares sold		4,741,936		$	98,891,235			274		$	5,000
Purchase fees		—			—			—			—
Redemption fees		—			—			—			—
Shares issued in reinvestment of dividends and distributions		59,488			1,339,105			5			121
Shares redeemed		(1,583,086	)		(35,000,000	)		—			—
Net increase		3,218,338		$	65,230,340			279		$	5,121

* 500,747 shares and $8,699,086 converted from Class 1 into Class 2.

** 492,613 shares and $8,699,086 converted into Class 2 from Class 1.

	Global Alpha Equity Fund
	Class 2 Shares For the Period Ended June 30, 2018						Class 3 Shares For the Period Ended June 30, 2018
	Shares			Amount			Shares			Amount
Shares sold		203		$	4,000			365,651		$	7,500,000
Purchase fees		—			—			—			—
Redemption fees		—			—			—			—
Shares issued in reinvestment of dividends and distributions		—			—			—			—
Shares redeemed		(125,172	)		(2,500,000	)		(2,984,118	)		(59,500,000	)
Net increase (decrease)		(124,969	)	$	(2,496,000	)		(2,618,467	)	$	(52,000,000	)
	Global Alpha Equity Fund
	Class 4 Shares For the Period Ended June 30, 2018						Class K Shares For the Period Ended June 30, 2018
	Shares			Amount			Shares			Amount
Shares sold		—		$	—			102,885		$	2,050,478
Purchase fees		—			—			—			—
Redemption fees		—			—			—			—
Shares issued in reinvestment of dividends and distributions		—			—			—			—
Shares redeemed		(11,720,518	)		(246,700,383	)		(663,642	)		(13,414,793	)
Net increase (decrease)		(11,720,518	)	$	(246,700,383	)		(560,757	)	$	(11,364,315	)

	Global Alpha Equity Fund
	Institutional Class Shares For the Period Ended June 30, 2018
	Shares		Amount
Shares sold		—	$	—
Purchase fees		—		—
Redemption fees		—		—
Shares issued in reinvestment of dividends and distributions		—		—
Shares redeemed		—		—
Net increase		—	$	—

	Global Alpha Equity Fund
	Class 1 Shares For the Period Ended December 31, 2017						Class 2 Shares For the Year Ended December 31, 2017
	Shares			Amount			Shares			Amount
Shares sold		102		$	1,498			1,214,499	**	$	20,191,462	**
Purchase fees		—			—			—			5,472
Redemption fees		—			—			—			6,754
Shares issued in reinvestment of dividends and distributions		—			—			286,122			5,398,523
Shares redeemed		(319	)*		(4,965	)*		(8,809,058	)		(154,903,521	)
Net increase (decrease)		(217	)	$	(3,467	)		(7,308,437	)	$	(129,301,310	)
	Global Alpha Equity Fund
	Class 3 Shares For the Year Ended December 31, 2017						Class 4 Shares For the Period Ended December 31, 2017
	Shares			Amount			Shares			Amount
Shares sold		9,384,358		$	167,078,422			18,644,881		$	352,706,903
Purchase fees		—			14,033			—			—
Redemption fees		—			17,770			—			—
Shares issued in reinvestment of dividends and distributions		1,039,321			19,986,144			669,263			13,112,596
Shares redeemed		(21,154,751	)		(388,729,425	)		(522,422	)		(10,500,000	)
Net increase (decrease)		(10,731,072	)	$	(201,633,056	)		18,791,722		$	355,319,499
	Global Alpha Equity Fund
	Class K Shares For the Period Ended December 31, 2017						Institutional Class Shares For the Period Ended December 31, 2017
	Shares			Amount			Shares			Amount
Shares sold		4,132,888	***	$	75,400,530	***		302		$	5,000
Purchase fees		—			—			—			—
Redemption fees		—			—			—			—
Shares issued in reinvestment of dividends and distributions		109,284			2,058,917			11			213
Shares redeemed		(1,258,732	)		(23,575,015	)		—			—
Net increase		2,983,440		$	53,884,432			313		$	5,213

* 319 shares and $4,965 converted from Class 1 into Class 2.

** 312 shares and $4,965 converted into Class 2 from Class 1.

*** Includes in-kind subscription for 1,607,239 shares and $28,817,791.

	Global Select Equity Fund
	Class K Shares For the Period Ended June 30, 2018				Institutional Class Shares For the Period Ended June 30, 2018
	Shares		Amount		Shares		Amount
Shares sold		—	$	—		—	$	—
Purchase fees		—		—		—		—
Redemption fees		—		—		—		—
Shares issued in reinvestment of dividends and distributions		—		—		—		—
Shares redeemed		—		—		—		—
Net increase		—	$	—		—	$	—
	Global Select Equity Fund
	Class K Shares For the Period Ended December 31, 2017				Institutional Class Shares For the Period Ended December 31, 2017
	Shares		Amount		Shares		Amount
Shares sold		150,000	$	1,500,000		150,000	$	1,500,000
Purchase fees		—		—		—		—
Redemption fees		—		—		—		—
Shares issued in reinvestment of dividends and distributions		—		—		—		—
Shares redeemed		—		—		—		—
Net increase		150,000	$	1,500,000		150,000	$	1,500,000
	International Concentrated Growth Fund
	Class K Shares For the Period Ended June 30, 2018				Institutional Class Shares For the Period Ended June 30, 2018
	Shares		Amount		Shares		Amount
Shares sold		—	$	—		—	$	—
Purchase fees		—		—		—		—
Redemption fees		—		—		—		—
Shares issued in reinvestment of dividends and distributions		—		—		—		—
Shares redeemed		—		—		—		—
Net increase		—	$	—		—	$	—

	International Concentrated Growth Fund
	Class K Shares For the Period Ended December 31, 2017						Institutional Class Shares For the Period Ended December 31, 2017
	Shares			Amount			Shares			Amount
Shares sold		50,000		$	500,000			50,000		$	500,000
Purchase fees		—			—			—			—
Redemption fees		—			—			—			—
Shares issued in reinvestment of dividends and distributions		—			—			—			—
Shares redeemed		—			—			—			—
Net increase		50,000		$	500,000			50,000		$	500,000
	International Equity Fund
	Class 2 Shares For the Period Ended June 30, 2018						Class 3 Shares For the Period Ended June 30, 2018
	Shares			Amount			Shares			Amount
Shares sold		5,055,092		$	71,122,676			524,967		$	7,500,000
Purchase fees		—			—			—			—
Redemption fees		—			—			—			—
Shares issued in reinvestment of dividends and distributions		—			—			—			—
Shares redeemed		(3,861,218	)		(53,900,000	)		(24,256,169	)		(354,752,825	)
Net increase (decrease)		1,193,874		$	17,222,676			(23,731,202	)	$	(347,252,825	)
	International Equity Fund
	Class 4 Shares For the Period Ended June 30, 2018						Class 5 Shares For the Period Ended June 30, 2018
	Shares			Amount			Shares			Amount
Shares sold		13,985,711		$	210,058,382			—		$	—
Purchase fees		—			—			—			—
Redemption fees		—			—			—			—
Shares issued in reinvestment of dividends and distributions		—			—			—			—
Shares redeemed		—			—			(8,376,584	)		(124,055,870	)
Net increase (decrease)		13,985,711		$	210,058,382			(8,376,584	)	$	(124,055,870	)

	International Equity Fund
	Class K Shares For the Period Ended June 30, 2018						Institutional Class Shares For the Period Ended June 30, 2018
	Shares			Amount			Shares			Amount
Shares sold		8,773,258		$	125,993,548			5,367,526		$	76,881,607
Purchase fees		—			—			—			—
Redemption fees		—			—			—			—
Shares issued in reinvestment of dividends and distributions		—			—			—			—
Shares redeemed		(6,350	)		(89,917	)		(477,036	)		(6,577,933	)
Net increase		8,766,908		$	125,903,631			4,890,490		$	70,303,674
	International Equity Fund
	Class 1 Shares For the Period Ended December 31, 2017						Class 2 Shares For the Year Ended December 31, 2017
	Shares			Amount			Shares			Amount
Shares sold		135		$	1,497			1,828,103	**	$	21,820,826	**
Purchase fees		—			129			—			3,746
Redemption fees		—			206			—			5,976
Shares issued in reinvestment of dividends and distributions		—			—			1,160,931			16,410,339
Shares redeemed		(1,855,127	)*		(21,814,876	)*		(22,421,627	)		(295,922,268	)
Net increase (decrease)		(1,854,992	)	$	(21,813,044	)		(19,432,593	)	$	(257,681,381	)
	International Equity Fund
	Class 3 Shares For the Year Ended December 31, 2017						Class 4 Shares For the Period Ended December 31, 2017
	Shares			Amount			Shares			Amount
Shares sold		16,354,903		$	215,980,083			15,387,668		$	206,702,541
Purchase fees		—			5,862			—			—
Redemption fees		—			9,457			—			—
Shares issued in reinvestment of dividends and distributions		2,731,488			39,089,511			560,731			8,147,477
Shares redeemed		(24,252,519	)		(324,073,123	)		—			—
Net increase (decrease)		(5,166,128	)	$	(68,988,210	)		15,948,399		$	214,850,018

	International Equity Fund
	Class 5 Shares For the Year Ended December 31, 2017						Class K Shares For the Period Ended December 31, 2017
	Shares			Amount			Shares		Amount
Shares sold		147,805		$	2,000,007			7,393,671	$	105,992,735
Purchase fees		—			1,085			—		—
Redemption fees		—			1,728			—		—
Shares issued in reinvestment of dividends and distributions		429,770			6,342,711			278,005		3,922,653
Shares redeemed		(2,930,950	)		(41,800,000	)		—		—
Net increase		(2,353,375	)	$	(33,454,469	)		7,671,676	$	109,915,388

	International Equity Fund
	Institutional Class Shares For the Period Ended December 31, 2017
	Shares		Amount
Shares sold		402	$	5,000
Purchase fees		—		—
Redemption fees		—		—
Shares issued in reinvestment of dividends and distributions		15		208
Shares redeemed		—		—
Net increase		417	$	5,208

* 1,855,127 shares and $21,814,876 converted from Class 1 into Class 2.

** 1,827,648 shares and $21,814,876 converted into Class 2 from Class 1.

	Long Term Global Growth Equity Fund
	Class 2 Shares For the Period Ended June 30, 2018						Class 4 Shares For the Period Ended June 30, 2018
	Shares			Amount			Shares			Amount
Shares sold		2,549		$	47,375			—		$	—
Purchase fees		—			—			—			—
Redemption fees		—			—			—			—
Shares issued in reinvestment of dividends and distributions		—			—			—			—
Shares redeemed		(256,469	)		(5,000,000	)		(2,941,772	)		(61,984,598	)
Net decrease		(253,920	)	$	(4,952,625	)		(2,941,772	)	$	(61,984,598	)

	Long Term Global Growth Equity Fund
	Class 5 Shares For the Period Ended June 30, 2018				Class K Shares For the Period Ended June 30, 2018
	Shares		Amount		Shares		Amount
Shares sold		2,758,291	$	61,984,598		268	$	5,000
Purchase fees		—		—		—		—
Redemption fees		—		—		—		—
Shares issued in reinvestment of dividends and distributions		—		—		—		—
Shares redeemed		—		—		—		—
Net increase		2,758,291	$	61,984,598		268	$	5,000

	Long Term Global Growth Equity Fund
	Institutional Class Shares For the Period Ended June 30, 2018
	Shares		Amount
Shares sold		39,641	$	831,170
Purchase fees		—		—
Redemption fees		—		—
Shares issued in reinvestment of dividends and distributions		—		—
Shares redeemed		—		—
Net increase		39,641	$	831,170

	Long Term Global Growth Equity Fund
	Class 1 Shares For the Year Ended December 31, 2017						Class 2 Shares For the Year Ended December 31, 2017
	Shares			Amount			Shares			Amount
Shares sold		1,805		$	19,028			975,426	**	$	12,925,524	**
Purchase fees		—			1,663			—			4,974
Redemption fees		—			—			—			—
Shares issued in reinvestment of dividends and distributions		—			—			—			—
Shares redeemed		(1,118,879	)*		(12,790,798	)*		(404,454	)		(7,000,025	)
Net increase (decrease)		(1,117,074	)	$	(12,770,107	)		570,972		$	5,930,473

* 1,118,879 shares and $12,790,798 converted from Class 1 into Class 2.

** 966,613 shares and $12,790,798 converted into Class 2 from Class 1.

	Long Term Global Growth Equity Fund
	Class 4 Shares For the Year Ended December 31, 2017					Class K Shares For the Period Ended December 31, 2017
	Shares		Amount			Shares		Amount
Shares sold		725,715	$	10,989,000			4,073,618	$	66,005,000
Purchase fees		—		4,405			—		—
Redemption fees		—		—			—		—
Shares issued in reinvestment of dividends and distributions		—		—			—		—
Shares redeemed		—		(22	)		—		—
Net increase		725,715	$	10,993,383			4,073,618	$	66,005,000

	Long Term Global Growth Equity Fund
	Institutional Class Shares For the Period Ended December 31, 2017
	Shares		Amount
Shares sold		358	$	5,000
Purchase fees		—		—
Redemption fees		—		—
Shares issued in reinvestment of dividends and distributions		—		—
Shares redeemed		—		—
Net increase		358	$	5,000

	Positive Change Equity Fund
	Class K Shares For the Period Ended June 30, 2018				Institutional Class Shares For the Period Ended June 30, 2018
	Shares		Amount		Shares		Amount
Shares sold		447,227	$	5,000,000		—	$	—
Purchase fees		—		—		—		—
Redemption fees		—		—		—		—
Shares issued in reinvestment of dividends and distributions		—		—		—		—
Shares redeemed		—		—		—		—
Net increase		447,227	$	5,000,000		—	$	—

	Positive Change Equity Fund
	Class K Shares For the Period Ended December 31, 2017						Institutional Class Shares For the Period Ended December 31, 2017
	Shares			Amount			Shares			Amount
Shares sold		50,000		$	500,000			50,000		$	500,000
Purchase fees		—			—			—			—
Redemption fees		—			—			—			—
Shares issued in reinvestment of dividends and distributions		—			—			—			—
Shares redeemed		—			—			—			—
Net increase		50,000		$	500,000			50,000		$	500,000
	U.S. Equity Growth Fund
	Class K Shares For the Period Ended June 30, 2018						Institutional Class Shares For the Period Ended June 30, 2018
	Shares			Amount			Shares			Amount
Shares sold		—		$	—			120,498		$	2,093,575
Purchase fees		—			—			—			—
Redemption fees		—			—			—			—
Shares issued in reinvestment of dividends and distributions		—			—			—			—
Shares redeemed		—			—			—			—
Net increase		—		$	—			120,498		$	2,093,575
	U.S. Equity Growth Fund
	Class 1 Shares For the Year Ended December 31, 2017						Class K Shares For the Period Ended December 31, 2017
	Shares			Amount			Shares			Amount
Shares sold		—		$	—			99,970	**	$	1,148,640	**
Purchase fees		—			—			—			—
Redemption fees		—			—			—			—
Shares issued in reinvestment of dividends and distributions		—			—			409			5,489
Shares redeemed		(100,000	)*		(1,148,640	)*		—			—
Net increase (decrease)		(100,000	)	$	(1,148,640	)		100,379		$	1,154,129

* 100,000 shares and $1,148,640 converted from Class 1 into Class K.

** 99,970 shares and $1,148,640 converted into Class K from Class 1.

	U.S. Equity Growth Fund
	Institutional Class Shares For the Period Ended December 31, 2017
	Shares		Amount
Shares sold		435	$	5,000
Purchase fees		—		—
Redemption fees		—		—
Shares issued in reinvestment of dividends and distributions		2		24
Shares redeemed		—		—
Net increase		437	$	5,024

	International Choice Fund
	Class 2 Shares For the Period Ended June 30, 2018						Class 3 Shares For the Period Ended June 30, 2018
	Shares			Amount			Shares		Amount
Shares sold		—		$	—			—	$	—
Purchase fees		—			—			—		—
Redemption fees		—			—			—		—
Shares issued in reinvestment of dividends and distributions		—			—			—		—
Shares redeemed		(607,194	)		(9,246,783	)		—		—
Net increase (decrease)		(607,194	)	$	(9,246,783	)		—	$	—
	International Choice Fund
	Class 4 Shares For the Period Ended June 30, 2018						Class 5 Shares For the Period Ended June 30, 2018
	Shares			Amount			Shares		Amount
Shares sold		—		$	—			2,658,774	$	41,793,273
Purchase fees		—			—			—		—
Redemption fees		—			—			—		—
Shares issued in reinvestment of dividends and distributions		—			—			—		—
Shares redeemed		(2,686,098	)		(41,793,273	)		—		—
Net increase		(2,686,098	)	$	(41,793,273	)		2,658,774	$	41,793,273

	International Choice Fund
	Class 1 Shares For the Year Ended December 31, 2017						Class 2 Shares For the Year Ended December 31, 2017
	Shares			Amount			Shares			Amount
Shares sold		—		$	—			2,534,688	**	$	33,249,954	**
Purchase fees		—			3,420			—			46,266
Redemption fees		—			—			—			—
Shares issued in reinvestment of dividends and distributions		—			—			272,087			4,034,314
Shares redeemed		(1,434,417	)*		(17,850,819	)*		(107,813	)		(1,500,000	)
Net increase (decrease)		(1,434,417	)	$	(17,847,399	)		2,698,962		$	35,830,534

* 1,434,417 shares and $17,850,819 converted from Class 1 into Class 2.

** 1,419,374 shares and $17,850,819 converted into Class 2 from Class 1.

	International Choice Fund
	Class 3 Shares For the Year Ended December 31, 2017				Class 4 Shares For the Year Ended December 31, 2017
	Shares		Amount		Shares		Amount
Shares sold		—	$	—		2,650,821	$	34,081,343
Purchase fees		—		22,875		—		—
Redemption fees		—		—		—		—
Shares issued in reinvestment of dividends and distributions		122,364		1,833,960		35,278		534,209
Shares redeemed		—		—		—		—
Net increase		122,364	$	1,856,835		2,686,099	$	34,615,552

Note E — Beneficial Ownership

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a Fund creates a presumption of control under Section 2(a)(9) of the 1940 Act. As of June 30, 2018, the following shareholders beneficially owned 25% or more of a Fund's voting securities:

Fund	Investor	Percentage
EAFE Fund	Kentucky Teachers Retirement System		42.01	%
Emerging Markets Fund	Board of Trustees for the Maryland State Retirement and Pension System		39.81	%
Global Select Equity Fund	Baillie Gifford Overseas Limited		100.00	%
International Concentrated Growth Fund	Baillie Gifford Overseas Limited		100.00	%
Long Term Global Growth Equity Fund	Nissan Employee Retirement Plan		31.69	%
Long Term Global Growth Equity Fund	The Salvation Army A Georgia Corporation		32.25	%
Positive Change Equity Fund	Naidot & Co		82.00	%
U.S. Equity Growth Fund	Charles Shwab & Co		54.00	%
U.S. Equity Growth Fund	Baillie Gifford International LLC		45.00	%
International Choice Fund	The Municipal Fire & Police Retirement System of Iowa		28.61	%

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 June 30, 2018.

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⁾

Disinterested Trustees

Howard W. Chin
1952

Trustee

Since 2015

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

Pamela M.J. Cox
1952

Trustee

Since 2017

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

Bruce C. Long
1945

Trustee

Since 2009

Global Financial Consultant.

Robert E. Rigsby
1949

Trustee

Since 2014

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

Interested Trustee

David Salter⁽⁴⁾1975

Trustee, Chairman of the Board, and President

Since 2016

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

Name and Age

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.

Lindsay Cockburn
1978

Treasurer

Since 2015

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

Gareth Griffiths
1973

Secretary
Chief Legal Officer

Since 2015
Since 2017

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

On June 22, 2018, the Board of Trustees (the "Board") of the Baillie Gifford Funds (the "Trust"), including those trustees who are not "interested persons" as defined by the Investment Company Act of 1940, as amended (the "Independent Trustees"), approved the renewal of the investment advisory agreement (the "Advisory Agreement") between the Trust, on behalf of The International Equity Fund, The International Choice Fund, The EAFE Fund, The EAFE Choice Fund, The EAFE Pure Fund, The Emerging Markets Fund, The Global Alpha Equity Fund, The Long Term Global Growth Equity Fund, The U.S. Equity Growth Fund and The Asia Ex Japan Fund, respectively, (each a "Fund" and collectively, the "Funds") and Baillie Gifford Overseas Limited (the "Manager"). As part of the review process, the Independent Trustees met independently of Trust management and of the interested trustee of the Board to consider the renewal of the Advisory Agreement. During the review process, the Independent Trustees were represented by independent legal counsel. The Independent Trustees reviewed materials received from the Manager, Broadridge (an independent provider of mutual fund data, "Broadridge") and independent legal counsel. After reviewing the information received, the Independent Trustees requested supplemental information and the Manager provided materials in response. The Board determined that, given the totality of the information provided with respect to the Advisory Agreement, the Board had received sufficient information to approve the Advisory Agreement. The Independent Trustees then presented their findings to the Board.

The Board concluded that it was in the best interests of each Fund to renew the Advisory Agreement. In reaching this conclusion for the Funds, the Board did not identify any single factor as determinative in its analysis, but rather the Board considered a variety of factors, including those discussed below. The Board did not allot a particular weight to any one factor or group of factors.

The International Equity Fund, The International Choice Fund, The EAFE Fund, The EAFE Choice Fund, The EAFE Pure Fund, The Emerging Markets Fund, The Global Alpha Equity Fund, The Long Term Global Growth Equity Fund and The U.S. Equity Growth Fund

The Board considered the nature, extent and quality of the services provided by the Manager to The International Equity Fund, The International Choice Fund, The EAFE Fund, The EAFE Choice Fund, The EAFE Pure Fund, The Emerging Markets Fund, The Global Alpha Equity Fund, The Long Term Global Growth Equity Fund and The U.S. Equity Growth Fund. The Board noted that: (1) pursuant to the Funds' Advisory Agreement, the Manager provides portfolio management services to the Funds and receives a management fee; (2) pursuant to a separate Shareholder Service Plan and Shareholder Servicing Agreement for Class 2, Class 3, Class 4 and Class 5 shares for each Fund that offers such classes, the Manager receives a "shareholder service fee," the amount of which varies among the share classes; and (3) pursuant to a separate Administration, Supervisory and Sub-Accounting Services Plan and Administration and Supervisory Agreement for Institutional Class and Class K shares for each Fund that offers such classes, the Manager receives an "administration and supervisory fee" (the "shareholder service fee" and "administration and supervisory fee" together are referred to as "Class specific fees"). The Board considered the background and qualifications of the investment, compliance and administrative personnel involved in the management and oversight of the Trust, reviewed information regarding each Fund's performance, management fee, applicable Class specific fees and expense ratio compared to similar funds and considered the experience of the Manager in providing services to each Fund. In evaluating the management fee paid by each Fund, and in particular when assessing comparative data, the Board considered not only the management fee, but also the combination of the Fund's management fee and Class specific fees. The Board also considered that the management fee schedule includes breakpoints. The Board considered other benefits derived by the Manager from its relationship to the Funds, including receipt of the Class specific fees. The Board concluded that the nature, extent and quality of the services provided by the Manager to the Funds, pursuant to the Advisory Agreement, were satisfactory.

The Board reviewed the Manager's revenues received with respect to the Funds and the nature of the Manager's resources expended in providing solely advisory services as well as shareholder services to the Funds. The Board considered the Manager's estimated profitability with respect to the Funds and concluded that it was not unreasonable.

The Board noted the following items specific to the referenced Funds.

The International Equity Fund

The Board reviewed total return information for the one-, three-, five-, ten-year and since inception (February 29, 2008) periods ended March 31, 2018 for the Fund compared to a benchmark index (MSCI ACWI (ex U.S.) Index) and an average of the total return of a performance universe of funds provided by Broadridge and calendar year returns for 2008 through 2017. The Board noted that the Fund's total return was above the benchmark index and the average of the performance universe for the one-, three-, five-, ten-year and since inception periods. The Board concluded that the Fund's performance was satisfactory.

The Board reviewed the Fund's management fee (plus the Class 2 shareholder service fee) and total expense ratio and compared them to the average management fees and expense ratios of an expense peer group and expense universe of funds based on data provided by Broadridge. The comparable fund information showed that the Fund's management fee (plus the Class 2 shareholder service fee) was below the average management fee of both the expense peer group and the expense universe. The Board also reviewed the fee schedules for separately managed accounts of the Manager with a similar investment mandate. The Board considered whether there were economies of scale with respect to management of the Fund and whether the Fund benefits from economies of scale. The Board considered that the management fee was on the low end of the spectrum of the expense peer group. On the basis of the information provided, the Board concluded that the management fee was reasonable.

The International Choice Fund

The Board reviewed total return information for the one-, three-, five-year and since inception (September 24, 2012) periods ended March 31, 2018 for the Fund compared to a benchmark index (MSCI ACWI (ex U.S.) Index) and an average of the total return of a performance universe of funds provided by Broadridge and calendar year returns for 2012 through 2017. The Board noted that the Fund's total return was above the benchmark index and the average of the performance universe for the one-, three-, five-year and since inception periods. The Board concluded that the Fund's performance was satisfactory.

The EAFE Fund

The Board reviewed total return information for the one-, three-, five-year and since inception (March 31, 2008) periods ended March 31, 2018 for the Fund compared to a benchmark index (MSCI EAFE Index) and an average of the total return of a performance universe of funds provided by Broadridge and calendar year returns for 2008 through 2017. The Board noted that the Fund's total return was above the benchmark index and the average of the performance universe for the one-, three-, five-year and since inception periods. The Board concluded that the Fund's performance was satisfactory.

management fee (plus the Class 2 shareholder service fee) was below the average management fee of both the expense peer group and the expense universe. The Board also reviewed the fee schedules for separately managed accounts of the Manager with a similar investment mandate. The Board considered whether there were economies of scale with respect to management of the Fund and whether the Fund benefits from economies of scale. The Board considered that the management fee was on the low end of the spectrum of the expense peer group. On the basis of the information provided, the Board concluded that the management fee was reasonable.

The EAFE Choice Fund

The Board reviewed total return information for the one-, three-, five-year and since inception (December 31, 2009) periods ended March 31, 2018 for the Fund compared to a benchmark index (MSCI EAFE Index) and an average of the total return of a performance universe of funds provided by Broadridge and calendar year returns for 2010 through 2017. The Board noted that the Fund's total return was above the benchmark index and below the average of the performance universe for the one-year period, and above the benchmark index and the average of the performance universe for the three-, five-year and since inception periods. The Board concluded that the Fund's performance was satisfactory.

The EAFE Pure Fund

The Board reviewed total return information for the one-, three-year and since inception (April 15, 2014) periods ended March 31, 2018 for the Fund compared to a benchmark index (MSCI EAFE Index) and an average of the total return of a performance universe of funds provided by Broadridge and calendar year returns for 2014 through 2017. The Board noted that the Fund's total return was above the benchmark index and below the average of the performance universe for the one-year period, and above the benchmark index and the average of the performance universe for the three-year and since inception periods. The Board concluded that the Fund's performance was satisfactory.

The Emerging Markets Fund

The Board reviewed total return information for the one-, three-, five-, ten-year and since inception (April 30, 2003) periods ended March 31, 2018 for the Fund compared to a benchmark index (MSCI Emerging Markets Index) and an average of the total return of a performance universe of funds provided by Broadridge and calendar year returns for 2008 through 2017. The Board noted that the Fund's total return was above the benchmark index and the average of the performance universe for the one-, three-, five-, ten-year and since inception periods. The Board concluded that the Fund's performance was satisfactory.

The Global Alpha Equity Fund

The Board reviewed total return information for the one-, three-, five-year and since inception (November 30, 2011) periods ended March 31, 2018 for the Fund compared to a benchmark index (MSCI ACWI Index) and an average of the total return of a performance universe of funds provided by Broadridge and calendar year returns for 2011 through 2017. The Board noted that the Fund's total return was above the benchmark index and the average of the performance universe for the one-, three-, five-year and since inception periods. The Board concluded that the Fund's performance was satisfactory.

The Board reviewed the Fund's management fee (plus the Class 2 shareholder service fee) and total expense ratio and compared them to the average management fees and expense ratios of an expense peer group and expense universe of funds based on data provided by Broadridge. The comparable fund information showed that the Fund's management fee (plus the Class 2 shareholder service fee) was below the average management fee of both the expense peer group and the expense universe. The Board also reviewed the fee schedules for separately managed accounts of the Manager with a similar investment mandate. The Board considered whether there were economies of scale with respect to management of the Fund and whether the Fund benefits from economies of scale. The Board considered that the management fee rate was on the low end of the spectrum of the expense peer group. On the basis of the information provided, the Board concluded that the management fee was reasonable.

The Long Term Global Growth Equity Fund

The Board reviewed total return information for the one-, three-year and since inception (June 10, 2014) periods ended March 31, 2018 for the Fund compared to a benchmark index (MSCI ACWI Index) and an average of the total return of a performance universe of funds provided by Broadridge and calendar year returns for 2014 through 2017. The Board noted that the Fund's total return was above the benchmark index and the average of the performance universe for the one-, three-year and since inception periods. The Board concluded that the Fund's performance was satisfactory.

management fee (plus the Class 2 shareholder service fee) was below the average management fee of both the expense peer group and the expense universe. The Board also reviewed the fee schedules for separately managed accounts of the Manager with a similar investment mandate. The Board considered whether there were economies of scale with respect to management of the Fund and whether the Fund benefits from economies of scale. The Board considered that the management fee was on the low end of the spectrum of the expense peer group and also considered the expense limitation in place through April 30, 2019. On the basis of the information provided, the Board concluded that the management fee was reasonable.

The U.S. Equity Growth Fund

The Board reviewed total return information for the one-year and since inception (December 5, 2016) periods ended March 31, 2018 for the Fund compared to a benchmark index (S&P 500 Index) and an average of the total return of a performance universe of funds provided by Broadridge and calendar year returns for 2017. The Board noted that the Fund's total return was above the benchmark index and the average of the performance universe for the one-year and since inception periods. The Board concluded that the Fund's performance was satisfactory.

The Board reviewed the Fund's management fee (plus the administration and supervisory fee) and total expense ratio and compared them to the average management fees and expense ratios of an expense peer group and expense universe of funds based on data provided by Broadridge. The comparable fund information showed that the Fund's management fee (plus the administration and supervisory fee) was below the average management fee of both the expense peer group and the expense universe. The Board also reviewed the fee schedules for separately managed accounts of the Manager with a similar investment mandate. The Board considered whether there were economies of scale with respect to management of the Fund and whether the Fund benefits from economies of scale. The Board considered that the management fee was on the low end of the spectrum of the expense peer group and also considered the expense limitation in place through April 30, 2019. On the basis of the information provided, the Board concluded that the management fee was reasonable.

The Asia Ex Japan Fund

For The Asia Ex Japan Fund, in evaluating the materials provided by the Manager, the Board noted that the Fund had not yet commenced operations and thus there was no performance to consider.

The Board considered that, based on the satisfactory level of services provided by the Manager to the other funds in the Trust, the Board would expect that the nature, extent and quality of the services to be provided by the Manager to the Fund would be similarly satisfactory when the Fund commences operations. In reaching this conclusion, the Board reviewed information regarding the Manager and its investment advisory business, and the background and qualifications of the investment, compliance and administrative personnel involved in the management and oversight of the Trust.

The Board noted that, because the Fund had not yet commenced operations and thus generated no management fees for the Manager, there were no profits to consider. The Board considered other benefits that would be derived by the Manager from its relationship to the Fund upon the commencement of its operations, including an administration and supervisory fee.

The Board reviewed the Fund's management fee (plus the administration and supervisory fee) and estimated total expense ratio and compared them to the average management fees and expense ratios of an expense peer group and expense universe of funds based on data provided by Broadridge. The comparable fund information showed that the Fund's management fee (plus the administration and supervisory fee) was below the average contractual management fee of the expense peer group before giving effect to fee waivers/expense limitations and above the average management fee of the expense peer group giving effect to fee waivers/expense limitations. The Board considered that the Fund's estimated expense ratio was on the low end of the spectrum of the expense peer group and also considered the expense limitation in place through April 30, 2019. The Board also reviewed the fee schedules for

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a) Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1 of this form.

(b) In accordance with Section 13(c) of the Investment Company Act of 1940, the registrant has divested itself of the following securities since the filing of its last report or Form N-CSR.

The EAFE Choice Fund

Name of Issuer

Exchange
Ticker
Symbol

Security
Identifier
(CUSIP
number/ISIN)

Total
Number
of Shares
Divested

Date
Securities
were
Divested

Amount
Held on
Filing
Date

Statute

Atlas Copco AB — A Shares

ATCO A

SE0011166610

11,249

03/14/2018

17,744

Sudan Accountability and Divestment Act of 2007;

Atlas Copco AB — A Redemption

ATCO IL A

SE0011166636

4,284

05/16/2018

13,460

1,449

05/17/2018

12,011

			1,415	05/21/2018	10,596
			2,234	05/22/2018	8,362
			6,748	05/23/2018	1,614
			1,614	05/24/2018	0
Atlas Copco AB — B Shares	ATCO B	SE0011166628	2,926	01/12/2018	177,385	Sudan Accountability and Divestment Act of 2007;
Atlas Copco AB — B Shares			5,438	02/26/2018	171,947	Sudan Accountability and Divestment Act of 2007;

Atlas Copco AB — B Redemption	ATCO IL B	SE0011166644	45,977	05/16/2018	125,970
			40,081	05/17/2018	85,889
			25,668	05/21/2018	60,221
			43,270	05/22/2018	16,951
			16,951	05/23/2018	0

The EAFE Fund

Name of Issuer	Exchange Ticker Symbol	Security Identifier (CUSIP number/ISIN)	Total Number of Shares Divested	Date Securities were Divested	Amount Held on Filing Date	Statute
Atlas Copco AB — A Shares	ATCO A	SE0011166610	50,056	03/26/2018	2,150,640	Sudan Accountability and Divestment Act of 2007;
			10,362	04/03/2018	2,140,278
			479,618	04/04/2018	1,660,660
			47,968	05/04/2018	1,612,692

Atlas Copco AB — A Redemption	ATCO IL A	SE0011166636	389,358	05/16/2018	1,223,334
			131,668	05/17/2018	1,091,666
			128,584	05/21/2018	963,082
			203,079	05/22/2018	760,003

						613,266		05/23/2018		146,737
						146,737		05/24/2018		0

The Global Alpha Equity Fund

Name of Issuer	Exchange Ticker Symbol	Security Identifier (CUSIP number/ISIN)	Total Number of Shares Divested	Date Securities were Divested	Amount Held on Filing Date	Statute
Atlas Copco AB — B Shares	ATCO B	SE0011166628	67,951	03/15/2018	285,876	Sudan Accountability and Divestment Act of 2007;
			12,343	04/03/2018	273,533
			13,472	05/15/2018	260,061

Atlas Copco AB — B Redemption	ATCO IL B	SE0011166644	73,141	05/16/2018	200,392
			63,761	05/17/2018	136,631
			40,832	05/21/2018	95,799
			68,834	05/22/2018	26,965
			26,965	05/23/2018	0

The Long Term Global Growth Equity Fund

Name of Issuer

Exchange
Ticker
Symbol

Security
Identifier
(CUSIP
number/ISIN)

Total
Number
of Shares
Divested

Date
Securities
were
Divested

Amount
Held on
Filing
Date

Statute

Atlas Copco AB — A Shares

ATCO A

SE0011166610

2,344

02/12/2018

60,540

Sudan Accountability and Divestment Act of 2007;

Atlas Copco AB — A Redemption

ATCO IL A

SE0011166636

14,616

05/16/2018

45,924

4,943

05/17/2018

40,981

4,827

05/21/2018

36,154

7,642

05/22/2018

28,530

						23,022		05/23/2018		5,508
						5,508		05/24/2018		0

The International Equity Fund

Name of Issuer	Exchange Ticker Symbol	Security Identifier (CUSIP number/ISIN)	Total Number of Shares Divested	Date Securities were Divested	Amount Held on Filing Date	Statute
Atlas Copco AB — B Shares	ATCO B	SE0011166628	19,446	02/14/2018	1,204,363	Sudan Accountability and Divestment Act of 2007;
			36,004	04/03/2018	1,184,854
			28,263	05/18/2018	1,220,016

Atlas Copco AB — B Redemption	ATCO IL B	SE0011166644	323,994	05/16/2018	887,683
			282,445	05/17/2018	605,238
			180,875	05/21/2018	424,363
			304,914	05/22/2018	119,449
			119,449	05/23/2018	0

The EAFE Pure Fund

Name of Issuer

Exchange
Ticker
Symbol

Security
Identifier
(CUSIP
number/ISIN)

Total
Number
of Shares
Divested

Date
Securities
were
Divested

Amount
Held on
Filing
Date

Statute

Atlas Copco AB — A Shares

ATCO A

SE0011166610

4,158

03/14/2018

191,134

Sudan Accountability and Divestment Act of 2007;

Atlas Copco AB — A Redemption

ATCO IL A

SE0011166636

67,318

05/16/2018

211,509

22,765

05/17/2018

188,744

22,232

05/21/2018

166,512

			35,111	05/22/2018	131,401
			106,031	05/23/2018	25,370
			25,370	05/24/2018	0

Atlas Copco AB — B Redemption	ATCO IL B	SE0011166644	9,385	05/16/2018	25,715	Sudan Accountability and Divestment Act of 2007;
			8,182	05/17/2018	17,533
			5,240	05/21/2018	12,293
			8,833	05/22/2018	3,460
			3,460	05/23/2018	0

The International Concentrated Growth Fund

Name of Issuer

Exchange
Ticker
Symbol

Security
Identifier
(CUSIP
number/ISIN)

Total
Number
of Shares
Divested

Date
Securities
were
Divested

Amount
Held on
Filing
Date

Statute

Atlas Copco AB — B Shares

ATCO B

SE0011166628

151

03/07/2018

580

Sudan Accountability and Divestment Act of 2007;

177

04/04/2018

403

Atlas Copco AB — B Redemption

ATCO IL B

SE0011166644

108

05/16/2018

295

05/17/2018

201

05/21/2018

141

101

05/22/2018

05/23/2018

The Global Select Equity Fund

Name of Issuer

Exchange
Ticker
Symbol

Security
Identifier
(CUSIP
number/ISIN)

Total
Number
of Shares
Divested

Date
Securities
were
Divested

Amount
Held on
Filing
Date

Statute

Atlas Copco AB — B Redemption

ATCO IL B

SE0011166644

278

05/16/2018

760

Sudan Accountability and Divestment Act of 2007;

242

05/17/2018

518

155

05/21/2018

363

261

05/22/2018

102

05/23/2018

SIGNATURES

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.

(Registrant)		Baillie Gifford Funds

By (Signature and Title)*		/s/ Graham Laybourn
		Graham Laybourn, Vice President

Date	8/29/2018

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.

By (Signature and Title)*		/s/ Graham Laybourn
		Graham Laybourn, Vice President

Date	8/29/2018

By (Signature and Title)*		/s/ Lindsay Cockburn
		Lindsay Cockburn, Treasurer
		(principal financial officer)

Date	8/29/2018

* Print the name and title of each signing officer under his or her signature.

Balance at December 31, 2017	$	403,017
Purchases		—
Sales		—
Realized gain (loss)		—
Change in unrealized gain (loss)		—
Transfers into Level 3		—
Transfers out of Level 3		(403,017	)
Balance at June 30, 2018	$	—
Change in unrealized gain (loss) related to Investments still held at June 30, 2018	$	—

Balance at December 31, 2017	$	38,281
Purchases		—
Sales		—
Realized gain (loss)		—
Change in unrealized gain (loss)		—
Transfers into Level 3		—
Transfers out of Level 3		(38,281	)
Balance at June 30, 2018	$	—
Change in unrealized gain (loss) related to Investments still held at June 30, 2018	$	—

	For the Six Months Ended June 30, 2018 (unaudited)		For the Period December 14, 2017* through December 31, 2017
INCREASE IN NET ASSETS FROM OPERATIONS
Net investment income (loss)	$	7,638	$	(410	)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		22,135		(2,309	)
Net change in unrealized appreciation on investments and translation of assets and liabilities in foreign currencies		186,381		47,922
Net increase in net assets from operations		216,154		45,203
TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
Net proceeds from shares subscribed:
Class K		—		1,500,000
Institutional Class		—		1,500,000
Increase in Net Assets from Transactions in Shares of Beneficial Interest		—		3,000,000
Total Increase in Net Assets		216,154		3,045,203
NET ASSETS
Beginning of period		3,045,203		—
End of period (including undistributed (accumulated) net investment income of $4,919 and $(2,719) respectively)	$	3,261,357	$	3,045,203

	For the Six Months Ended June 30, 2018 (unaudited)		For the Period December 14, 2017^(a)through December 31, 2017
INCREASE IN NET ASSETS FROM OPERATIONS
Net investment income (loss)	$	4,857	$	(302	)
Net realized gain (loss) from investments and foreign currency transactions		6,899		(1,608	)
Net change in unrealized appreciation on investments and translation of assets and liabilities in foreign currencies		91,961		6,620
Net increase in net assets from operations		103,717		4,710
TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
Net proceeds from shares subscribed:
Class K		—		500,000
Institutional Class		—		500,000
Increase in Net Assets from Transactions in Shares of Beneficial Interest		—		1,000,000
Total Increase in Net Assets		103,717		1,004,710
NET ASSETS
Beginning of period		1,004,710		—
End of period (including undistributed income (accumulated net investment loss) of $4,857 and $(—), respectively)	$	1,108,427	$	1,004,710

Balance at December 31, 2017	$	49,695
Purchases		—
Sales		—
Realized gain (loss)		—
Change in unrealized gain (loss)		—
Transfers into Level 3		—
Transfers out of Level 3		(49,695	)
Balance at June 30, 2018	$	—
Change in unrealized gain (loss) related to Investments still held at June 30, 2018	$	—

ASSETS
Investments, at value (cost $3,084,790)	$	3,685,976
Cash		39,970
Due from Investment Advisor		45,001
Prepaid assets		17,001
Total Assets		3,787,948
LIABILITIES
Administration & Supervisory fee payable		1,471
Servicing fee payable		757
Trustee fee payable		12
Accrued expenses		30,754
Total Liabilities		32,994
NET ASSETS	$	3,754,954
COMPOSITION OF NET ASSETS
Paid-in capital	$	3,104,088
Accumulated net investment loss		(2,998	)
Accumulated net realized gain on investments		52,678
Net unrealized appreciation in value of investments		601,186
	$	3,754,954
NET ASSET VALUE, PER SHARE
Class K ($1,703,017 / 100,379 shares outstanding), unlimited authorized, no par value	$	16.97
Institutional Class ($2,051,937 / 120,935 shares outstanding), unlimited authorized, no par value	$	16.97

	For the Period January 11, 2018^(a)through June 30, 2018 (unaudited)
Net asset value, beginning of period	$	15.72
From Investment Operations
Net investment income^(b)		0.13
Net realized and unrealized loss on investments and foreign currency transactions		(0.59	)
Net decrease in net asset value from investment operations		(0.46	)
Net asset value, end of period	$	15.26
Total Return
Total return based on net asset value^(c)		(2.90	)%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	40,582
Ratio of net expenses to average net assets		0.48	%*
Ratio of net investment income to average net assets		1.73	%*
Portfolio turnover rate^(d)		10	%

Fund				Short Term Capital Loss No Expiration				Long Term Capital Loss No Expiration				Capital Loss Available Total
International Choice				$	—			$	6,374,949			$	6,374,949

Fund	Utilized
EAFE Choice	$	7,507,574
EAFE Pure		3,684,286
Emerging Markets		27,705,851
Global Alpha Equity		18,762,547
International Choice		8,852,010