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Index

Page Number
	01	Shareholder Letter
	02	Management Discussion
	32	Fund Expenses
		Baillie Gifford China A Shares Fund
	39	Industry Diversification Table
	40	Portfolio of Investments
	42	Statement of Assets and Liabilities
	43	Statement of Operations
	44	Statements of Changes in Net Assets
		Financial Highlights
	45	Selected Data for Class K
	46	Selected Data for Institutional Class
		Baillie Gifford Developed EAFE All Cap Fund
	47	Industry Diversification Table
	48	Portfolio of Investments
	52	Statement of Assets and Liabilities
	53	Statement of Operations
	54	Statements of Changes in Net Assets
		Financial Highlights
	55	Selected Data for Class 2
	56	Selected Data for Class 3
	57	Selected Data for Class K
	58	Selected Data for Institutional Class
		Baillie Gifford EAFE Plus All Cap Fund
	59	Industry Diversification Table
	60	Portfolio of Investments
	64	Statement of Assets and Liabilities
	65	Statement of Operations
	66	Statements of Changes in Net Assets
		Financial Highlights
	67	Selected Data for Class 2
	68	Selected Data for Class K
	69	Selected Data for Institutional Class
		Baillie Gifford Emerging Markets Equities Fund
	70	Industry Diversification Table
	71	Portfolio of Investments
	75	Statement of Assets and Liabilities
	76	Statement of Operations
	77	Statements of Changes in Net Assets
		Financial Highlights
	78	Selected Data for Class 2
	79	Selected Data for Class 3
	80	Selected Data for Class 5
	81	Selected Data for Class K
	82	Selected Data for Institutional Class
		Baillie Gifford Global Alpha Equities Fund
	83	Industry Diversification Table
	84	Portfolio of Investments
	90	Statement of Assets and Liabilities
	91	Statement of Operations
	92	Statements of Changes in Net Assets
		Financial Highlights
	93	Selected Data for Class 2
	94	Selected Data for Class 3
	95	Selected Data for Class 4
	96	Selected Data for Class K
	97	Selected Data for Institutional Class
		Baillie Gifford Global Stewardship Equities Fund
	98	Industry Diversification Table
	99	Portfolio of Investments
	103	Statement of Assets and Liabilities
	104	Statement of Operations
	105	Statements of Changes in Net Assets
		Financial Highlights
	106	Selected Data for Class K
	107	Selected Data for Institutional Class
		Baillie Gifford International Alpha Fund
	108	Industry Diversification Table
	109	Portfolio of Investments
	114	Statement of Assets and Liabilities
	115	Statement of Operations
	117	Statements of Changes in Net Assets
		Financial Highlights
	118	Selected Data for Class 2

Page Number
	119	Selected Data for Class 3
	120	Selected Data for Class 4
	121	Selected Data for Class 5
	122	Selected Data for Class K
	123	Selected Data for Institutional Class
		Baillie Gifford International Concentrated Growth Equities Fund
	124	Industry Diversification Table
	125	Portfolio of Investments
	127	Statement of Assets and Liabilities
	128	Statement of Operations
	130	Statements of Changes in Net Assets
		Financial Highlights
	131	Selected Data for Class K
	132	Selected Data for Institutional Class
		Baillie Gifford International Growth Fund
	133	Industry Diversification Table
	134	Portfolio of Investments
	138	Statement of Assets and Liabilities
	139	Statement of Operations
	140	Statements of Changes in Net Assets
		Financial Highlights
	141	Selected Data for Class 2
	142	Selected Data for Class 3
	143	Selected Data for Class 4
	144	Selected Data for Class 5
	145	Selected Data for Class K
	146	Selected Data for Institutional Class
		Baillie Gifford International Smaller Companies Fund
	147	Industry Diversification Table
	148	Portfolio of Investments
	152	Statement of Assets and Liabilities
	153	Statement of Operations
	154	Statements of Changes in Net Assets
		Financial Highlights
	155	Selected Data for Class K
	156	Selected Data for Institutional Class
		Baillie Gifford Long Term Global Growth Fund
	157	Industry Diversification Table
	158	Portfolio of Investments
	160	Statement of Assets and Liabilities
	161	Statement of Operations
	162	Statements of Changes in Net Assets
		Financial Highlights
	163	Selected Data for Class 2
	164	Selected Data for Class 4
	165	Selected Data for Class K
	166	Selected Data for Institutional Class
		Baillie Gifford Positive Change Equities Fund
	167	Industry Diversification Table
	168	Portfolio of Investments
	171	Statement of Assets and Liabilities
	172	Statement of Operations
	173	Statements of Changes in Net Assets
		Financial Highlights
	174	Selected Data for Class K
	175	Selected Data for Institutional Class
		Baillie Gifford U.S. Equity Growth Fund
	176	Industry Diversification Table
	177	Portfolio of Investments
	179	Statement of Assets and Liabilities
	180	Statement of Operations
	181	Statements of Changes in Net Assets
		Financial Highlights
	182	Selected Data for Class K
	183	Selected Data for Institutional Class
	184	Notes to Financial Statements
	212	Report of Independent Registered Public Accounting Firm
	214	Supplemental Information
	214	Federal Income Tax Information
	216	Management of the Trust
	218	Board Considerations Regarding New Fund's Contract Approval

Dear Shareholder,

When reporting to you over the course of 2019 Baillie Gifford has used the term "Actual Investors". We believe that the phrase accurately reflects our ethos and our objective for shareholders: to deploy capital into exceptional growth companies for profit, while withholding it from the long tail of mediocre stock market performers.

Supporting entrepreneurial activity, and in turn well-functioning capital markets, requires us to take a deliberate step back from the day-to-day news flow and focus on the long term. We invest in high-quality innovative companies that we think can deliver exceptional earnings growth over the next decade and beyond.

The key inefficiency we look to exploit is market short-termism. Typically, the market rewards companies on quarterly results, not on fundamental progress. We therefore seek to invest in businesses run by corporate visionaries who have a long-term focus on solving problems for their customers. These types of companies tend to be underappreciated as they forego short term profit for better longer-term outcomes. Typically, they are also nimble, more easily navigating technological advances and policy changes in today's fast-evolving world.

To track down these companies we focus on alternative and independent sources of information. We continue to seek meetings with leaders of great companies and to attend the industry conferences which allow us access to management and customers. But we also sponsor book festivals, enabling us to learn from authors of all disciplines, and foster academic relationships that allow us to learn from experts in important fields such as artificial intelligence and genetics.

2019 has been a fantastic year for innovation, and we have seen some exceptionally positive developments. Advances in technology are driving changes across all sectors, particularly in energy and medicine. Over the long term we expect climate concerns to strengthen, encouraging businesses to be ever more creative in finding clean energy solutions. Companies such as Tesla continue to make strides in producing electric vehicles and are raising the bar for the competition.

Medical advancements continued to deliver better treatments and to offer potential cures. Last year scientists announced that they are closer to curing diabetes by insulin-producing cells, while others discovered how to monitor the progression of Alzheimer's disease years before symptoms present themselves, among other trial successes. The companies behind these innovations are exactly the kind we look to invest in on your behalf.

Such a long-term approach requires patience from investors and shareholders alike. It is only with such alignment, plus an ability to weather inevitable near-term market disruptions, that we can focus on generating long-term rewards. Baillie Gifford is committed to a differentiated "actual" investing approach on your behalf. Thank you for remaining loyal, long term shareholders within Baillie Gifford Funds.

Sincerely,

David Salter

President

Baillie Gifford Funds

Baillie Gifford Developed EAFE All Cap Fund

Market Conditions and Review of Performance during 2019

2019 delivered a welcome rebound for equity investors. The MSCI EAFE benchmark returned 22.66%, while Baillie Gifford Developed EAFE All Cap Fund Class 2 delivered 32.33%. Market concerns over the trade disputes between the US and China and worries around Brexit seemed to lessen, especially with a trade deal agreed (albeit not yet signed) and a Conservative majority behind Boris Johnson in Downing Street. While we are aware of and take an interest in macro-political events, we would like to take this opportunity to note that we do not believe that we can predict future governmental policy or the outcomes of them. We do believe, however, that we can deliver outperformance for clients through bottom-up stock selection as we search for the best international holdings for long term growth.

Given this approach, it is once again stock selection that led to outperformance this year, not thematic or sector views. In terms of sectors, your stocks in the Consumer Discretionary and Industrials helped performance, whereas stocks in Materials and Energy detracted over the year.

In terms of stock specifics, Zalando was also amongst the largest contributors. Normal business resumed for the online clothes retailer after a series of disappointments in 2018, and the share price reflected this. With only 10% of the online European apparel market (and only 15% of overall sales online) we remain optimistic that Zalando could maintain significant growth for years to come.

The Japanese endoscope and camera manufacturer Olympus also contributed to performance. Following on from a couple of subdued returns in the wake of endoscope hygiene concerns and slowing orders as customers waited for the next generation of scopes, Olympus saw sales grow steadily in the year and the FDA released recommendations for reusable scopes with disposable caps to reduce infection risk. This was taken as a positive for Olympus (a reusable scope manufacturer) as this adaption will be easier for Olympus to add to their range than a single use device.

One of the more recent purchases for the Fund, Bechtle, which delivers IT services in Europe, also helped annual performance. The German company reported strong operating results and continues to grow its revenues, arguably against a less than compelling macro backdrop.

Turning to the detractors from performance, Pigeon, a producer of high-quality baby and nursing products in Japan, saw its share price fall as weaker sales in Asia and Japan were taken badly by the market. We remain upbeat for the longer-term growth opportunity as parents have more disposable income and choose to buy the best products for their children.

Jardine Strategic, the Hong Kong based holding company was also a detractor. The business has an interesting collection of high-quality assets in Asia, and its management have an excellent investment record. However, it has suffered recently amidst the unrest in Hong Kong.

Lastly, Svenska Handelsbanken — the Swedish retail bank did not perform well over the period. We sold this long-standing holding during the year, as we have concerns that the company's strongest growth opportunities may be behind it, especially given the increasing competition from new financial technology, and our unease at a rapid succession of management changes.

Overall the Fund continues to hold a broad range of high-quality businesses that we believe can grow earnings over rolling five-year periods. We believe that there are significant tail-winds behind potential growth for your holdings: the rise of the emerging middle class, the huge steps being taken in technology and healthcare, and the work being undertaken to provide alternative energy solutions. With structural growth opportunities like these and positive economic indicators, we are excited to see what the next five years will deliver.

Investment Strategies used to manage the Fund

Baillie Gifford is a growth manager with a bottom-up approach to stock picking. Bottom-up investing is an investment approach that focuses on the analysis of individual stocks and deemphasizes the significance of economic cycles and market cycles. We aim to invest in companies that will generate sustainable earnings growth above the market over the long-term. In determining the potential of a company, we analyze industry background, competitive advantages, management capabilities, financial strength and valuation. From the outset, we also consider aspects which may derail the investment case and revisit the thesis for the Fund's holdings on a regular basis to ensure that our expectations are being met. The International All Cap Portfolio Construction Group is

Fund Performance for the periods ended 12/31/19 (Average Annual Total Returns)

	One Year			% p.a. Five Year			% p.a. Since Inception			Inception Date
Baillie Gifford Developed EAFE All Cap Fund Class 2		32.33	%		8.32	%		6.14	%	04/15/14
Baillie Gifford Developed EAFE All Cap Fund Class 3		32.42	%		8.35	%		6.16	%	03/24/17
Baillie Gifford Developed EAFE All Cap Fund Class K		32.24	%		8.32	%		6.14	%	04/28/17
Baillie Gifford Developed EAFE All Cap Fund Institutional Class		32.28	%		8.23	%		6.05	%	04/28/17
MSCI EAFE Index		22.66	%		6.18	%		4.69	%	04/15/14

The returns are provided for all shares classes that had shares outstanding as of December 31, 2019. Additional year-over-year returns for each class are available in the Financial Highlights section.

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

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

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

Baillie Gifford EAFE Plus All Cap Fund

Market Conditions and Review of Performance during 2019

2019 delivered a welcome rebound for equity investors. The MSCI EAFE benchmark returned 22.66%, while Baillie Gifford EAFE Plus All Cap Fund Class 2 delivered 31.73%. Market concerns over the trade disputes between the US and China and worries around Brexit seemed to lessen, especially with a trade deal agreed (albeit not yet signed) and a Conservative majority behind Boris Johnson in Downing Street. While we are aware of and take an interest in macro-political events, we would like to take this opportunity to note that we do not believe that we can predict future governmental policy or the outcomes of them. We do believe, however, that we can deliver outperformance for clients through bottom-up stock selection as we search for the best International holdings for long term growth.

Given this approach, it is once again stock selection that led to outperformance this year, not thematic or sector views. In terms of sectors, your stocks in the Consumer Discretionary and Information Technology helped performance, whereas stocks in Materials and Energy detracted over the year.

Turning to the detractors from performance, there were a couple of Emerging Markets (EM) businesses that did not perform over the period — though we would note that the off-benchmark EM holdings contributed in aggregate. Mahindra & Mahindra had a poor year, partly related to weak returns from Indian equities generally but also because of lackluster performance in the car business. We remain enthused by the tractor and agricultural equipment business that Mahindra has and believe that the demand for this part of the business will continue to grow.

Baidu, the Chinese internet giant, saw its shares continue to fall. We ended the year hoping that the fall in revenues from the core search business had bottomed out and that we would start to see returns from its many nascent new business lines. We continue to assess the changes in management, but we believe that Baidu has a huge opportunity in the wealth of data and technology it has at its disposal.

Investment Strategies used to manage the Fund

Fund Performance for the periods ended 12/31/19 (Average Annual Total Returns)

	One Year			% p.a. Five Year			% p.a. Ten Year			% p.a. Since Inception			Inception Date
Baillie Gifford EAFE Plus All Cap Fund Class 2		31.73	%		8.24	%		7.50	%		8.14	%	12/17/09
Baillie Gifford EAFE Plus All Cap Fund Class K		31.72	%		8.25	%		7.50	%		8.14	%	04/28/17
Baillie Gifford EAFE Plus All Cap Fund Institutional Class		31.60	%		8.13	%		7.36	%		8.00	%	04/28/17
MSCI EAFE Index		22.66	%		6.18	%		5.99	%		6.19	%	12/17/09

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

results, for example operating income is rising 50% when compared with the same period last year. MediaTek has a blue-chip customer base. Recently it has collaborated with Amazon to launch microphone chips to accelerate improvements in the Alexa voice assistant. They are also working with Microsoft Azure (cloud) to provide security solutions for connected devices.

Amongst the performance detractors were Mahindra and Mahindra and CNOOC.

Mahindra & Mahindra (Indian autos and tractors) has been weaker, as financially sensitive Indian sectors have struggled more generally. A liquidity squeeze in the non-banking financial (NBFC) sector has had wider impacts and in areas which rely on finance, such as auto financing, and therefore we have seen weakness in this area. We reviewed this stock during the year and believe that the investment case is still in-tact, despite temporary factors. Long-term returns are strong, management remain in place, and the conglomerate owns a decent collection of assets.

CNOOC's (Chinese oil company) share price has been impacted by the volatility of oil prices. Despite OPEC's (Organization of the Petroleum Exporting Countries) decision to extend oil output cuts until March 2020, oil prices have not rebounded significantly, even with OPEC production at its lowest level since 2014. Concerns around weaker global growth has also been weighing on oil prices. CNOOC continues to perform well operationally. For instance, during the first half of 2019, CNOOC grew production 2.5%, while reducing production costs by 8% and cutting all-in costs by 9% to $28.99 per barrel (from $31.83 in the first half of 2018). This helped the company to grow net profit by 18%. Our view on the company has not changed despite weaker short-term performance.

We conclude the year in an upbeat frame of mind. Our enthusiasm for the opportunities available in emerging markets remains unwavering, be it in newer areas such as healthcare or ecommerce or more traditional areas such as banks and mining. As the world fixates on negative short-term news flow, valuations across EM seem to reflect a good deal of pessimism about the growth outlook.

Fund Performance for the periods ended 12/31/19 (Average Annual Total Returns)

	One Year			% p.a. Five Year			% p.a. Ten Year			% p.a. Since Inception			Inception Date
Baillie Gifford Emerging Markets Equities Fund Class 2		28.00	%		9.51	%		5.94	%		13.75	%	03/02/15
Baillie Gifford Emerging Markets Equities Fund Class 3		28.09	%		9.56	%		6.01	%		13.83	%	03/31/16
Baillie Gifford Emerging Markets Equities Fund Class 5*		28.19	%		9.66	%		6.05	%		13.86	%	04/04/03
Baillie Gifford Emerging Markets Equities Fund Class K		28.00	%		9.49	%		5.93	%		13.75	%	04/28/17
Baillie Gifford Emerging Markets Equities Fund Institutional Class		27.94	%		9.39	%		5.81	%		13.60	%	04/28/17
MSCI Emerging Markets Index		18.88	%		6.00	%		4.04	%		11.60	%	04/04/03

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

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

Baillie Gifford Global Alpha Equities Fund

Market Conditions and Review of Performance during 2019

It is a fact familiar to most that the earth takes ~365 days to make a full orbit of the sun. This celestial dance, known as heliocentrism, hasn't always been an astronomical truism. The Greek mathematician Aristarchus of Samos (c.310 — c.230 BC) lived in an age when it was widely believed that our planet was at the centre of the universe. Great thinkers such as Plato, Aristotle and Ptolemy all subscribed to the notion that the earth was stationary, with the sun, stars and planets rotating on spherical orbits. Aristarchus dared to be different. He was the first to suggest the sun was rooted at the centre of the known universe. His hypothesis gained few supporters, however, and 18 centuries would pass before Renaissance astronomer Nicolaus Copernicus produced a fully predictive mathematical model of a heliocentric system.

A year is thus an important period of time for astronomers. It is of far less relevance to the workings of equity markets. A scan of most broker reports quickly reveals that companies are frequently judged on the progress they have made over a 12-month period. Baillie Gifford Global Alpha Equities Fund, much like Aristarchus, dares to be different. We believe a 12-month period provides only a snapshot of the long, frequently uncertain and bumpy path of progress made by businesses in the real world. Even with the accelerating pace of technological change and the rapid scale this can bring, it still takes time for a company to develop markets, deepen a competitive moat and monetise a user base. The short termism of most market participants often leads to, in our view, sentiment driven overreactions — the contributors and detractors to relative performance across 2019 provide stark evidence of this.

'Semiconductors' has historically been a deeply cyclical industry. Following a strong period for semiconductor companies over the last five years, the market was pricing in an extreme cyclical downturn. However, Japanese semiconductor-testing company Advantest, was the largest contributor to relative performance across 2019 thanks to the company's financial results being less terrible than the market had been expecting! It is rare that the top contributor to performance suffers a shrinking revenue base over the period in question, but this does highlight the market's tendency to overreact in the first instance. Our view has long been that the testing companies would be more resilient to 'normal' semiconductor cycles as both testing

volumes and testing complexity continued to rise (driven by semiconductors becoming omnipresent and being used in more mission-critical applications).

At the other end of the performance table, Grubhub has seen increased competition from the likes of UberEats and Doordash in online takeaway delivery. Grubhub has been happy to forego near-term earnings in favor of investing heavily in its delivery network which we support. While this has been unpopular with the market, we believe that Grubhub remains a key player in a rapidly growing market that is comfortably big enough to accommodate more than one platform. Competition for market share will continue to be fierce with such a lucrative addressable market up for grabs. We will continue to engage with Grubhub management to ensure they are making sensibly long-term capital allocation decisions — those in the best interests of our clients.

The appropriateness of the shape and positioning of Baillie Gifford Global Alpha Equities Fund is always subject to a healthy degree of debate. Our four 'Growth Profiles' (Stalwart, Rapid, Cyclical, Latent) serve as a natural check on our enthusiasms and ensure that the Fund always has a range of broad and diverse ideas.

Three out of the four profiles have seen new ideas enter in 2019 as short-term volatility (more overreaction in our view) has thrown up opportunities to take holdings in quality growth companies at attractive valuations. In Stalwart Growth, the Fund purchased Sysmex — a Japanese business that sells equipment and consumables for urinalysis and hematological testing. Weaker-than-expected revenue from China caused a sharp fall in the share price. The market's compulsion to react to this interim news flow provided a welcome opportunity to invest in a company we have long admired. For the Rapid Growth profile, the Fund re-invested in Abiomed (a holding that had been sold in 2018 on valuation grounds). The technology behind Abiomed's miniature heart pumps is revolutionary and it will take time for mass adoption. A halving of the company's share price suggested that the market was not willing to afford Abiomed this time. Our long-term investment philosophy, however, is more than willing. And finally, the Fund took a new holding in Brilliance China Automotive. Through its joint venture with BMW, Brilliance manufactures and distributes BMWs across China. The tough cyclical backdrop and history of poor capital allocation make this an appropriate holding for our Latent Growth profile. But we believe the current price misses the potential for both a cyclical recovery and the benefits of a closer relationship with BMW following the German car-makers' increased investment in the joint venture.

Fund Performance for the periods ended 12/31/19 (Average Annual Total Returns)

	One Year			% p.a. Five Year			% p.a. Since Inception			Inception Date
Baillie Gifford Global Alpha Equities Fund Class 2		32.56	%		11.52	%		13.07	%	01/06/13
Baillie Gifford Global Alpha Equities Fund Class 3		32.65	%		11.60	%		13.15	%	11/15/11
Baillie Gifford Global Alpha Equities Fund Class 4		32.69	%		11.62	%		13.16	%	07/10/17
Baillie Gifford Global Alpha Equities Fund Class K		32.48	%		11.52	%		13.07	%	04/28/17
Baillie Gifford Global Alpha Equities Fund Institutional Class		32.56	%		11.46	%		12.97	%	04/28/17
MSCI ACWI Index		27.30	%		8.99	%		10.77	%	11/15/11

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

Baillie Gifford Global Stewardship Equities Fund

Market Conditions and Review of Performance during 2019

2019 was a strong year for Baillie Gifford Global Stewardship Equities Fund. Class K shares produced a return of 29.37%, outperforming the MSCI ACWI Index which rose by 27.30%. While this is clearly a very encouraging outcome, it is important to stress that our focus is on producing long-term capital appreciation, and hence we believe shareholders should judge us over a longer-term time horizon.

As will always be the case over relatively short-term periods, headline performance numbers disguise a significant level of volatility at the individual holding level. As a result, we should be careful not to draw too many conclusions on such data. That being said, two stocks stand out as having made a particularly positive contribution during the past 12 months: MarketAxess and Shopify, the former which rose by 80% over the year, the latter which nearly tripled. Moreover, in both cases the share price rises would seem to be justified by excellent operational progress, as outlined below.

MarketAxess is an electronic bond trading platform. The core security traded on its network is U.S. investment grade corporate bonds, which are inherently much less liquid than equities. As a result, transacting in corporate bonds historically relied heavily on brokers and market makers, but this approach is becoming less profitable for traditional intermediaries as capital requirements have increased. In addition, new regulations on trading transparency should also drive additional volume towards electronic trading platforms. MarketAxess will be a major beneficiary of these two tailwinds, as it enjoys high market share: 85% of electronic trading of corporate bonds in the US for example. Indeed, the company's most recent results saw growth accelerate: trading volumes were up strongly year-on-year, resulting in a 30% increase in revenues and a 42% rise in operating income.

Canadian firm Shopify provides an online retail platform for businesses. Our original investment case focused on Shopify selling internet retail software to small- and medium-sized businesses, but the creation of Shopify Plus, a more advanced offering, has extended the company's reach to much larger customers such as Proctor & Gamble and Tesla. Shopify is investing

significant amounts to improve its services, encompassing shipping (including the Shopify Fulfilment Network, which aims to offer merchants access to two-day shipping), payments and Shopify Capital. This should further increase the attraction of Shopify for retailers looking to sell online. Again, reported results have demonstrated that the company is expanding rapidly: gross merchandising value across Shopify-backed sites for the third quarter increased 48% year-on-year, with revenues up 45% as a result.

The most significant detractor from performance over the 12 months was Abiomed. Abiomed is a medical devices company, which sells the Impella range of products, the world's smallest heart pump. The shares have performed poorly in 2019 due to a significant slowdown in growth at the company. At the end of 2018, sales were growing by 30%, but this decelerated to just 13% growth by the end of September 2019 and is forecast to only recover to around a 15% rise in 2020. The slowdown was caused by two issues. The first of these was a letter published by the Food & Drug Administration (FDA) at the beginning of the year which showed high mortality rates when one type of Impella heart pump was used in certain circumstances. However, these examples related to a small part of Abiomed's business, occurring when the pump was effectively being used as a last resort for patients suffering more severe heart attacks than it was intended for. The FDA has subsequently clarified this and confirmed that Impella remains safe for use within its original guidance.

However, there remains the second, broader issue that Impella pumps are still a new and unfamiliar technology for many doctors and hence Abiomed will need to recruit more salespeople to explain and promote the device. At the same time, it is striving to make the next generation of Impellas even easier to use in order to encourage their adoption. Having discussed this with company management in a meeting in September, we remain holders of the stock, enthused by the rise in survival rates demonstrated by broader studies of the Impella device.

Our investment approach focuses on finding long-term responsible growth businesses. As a consequence, we will often hold relatively young or rapidly evolving companies like Abiomed, and in turn this will result in short-term share price volatility when they experience growing pains. That should not detract from the excellent prospects of the stocks held, nor from what was, overall, a satisfying year for the Fund.

Baillie Gifford International Alpha Fund

Market Conditions and Review of Performance during 2019

Market returns in 2019 have been almost universally positive. Whether for risk assets or safe havens, increasing expectation of stimulus to preserve the long economic expansion across developed markets has buoyed sentiment. In International Equities, markets recorded very strong returns across the board within an overall market return of 22.13% for the MSCI ACWI (ex U.S.) Index. The Fund comfortably outperformed its benchmark by delivering 32.14% for Class 2 shares. All regions posted double digit returns with Canadian equities leading the way, followed by Developed Asia, Europe, the UK and Emerging Markets. Robust returns can be cause for cheer, but the current situation is rather indiscriminate and there are some signs that economic activity is moderating. With interest rates already low by historic standards, there is also a question as to how much leverage can be exerted through further stimulus.

The Fund is focused on high quality growth stocks and while many of these do exhibit economic sensitivity, the companies that we have selected demonstrate the type of strong competitive advantages that can help to sustain or improve returns through the cycle. At the same time, many companies within the Fund are secular growth companies, often disruptive within the industry that they operate in and taking market share. As such, short-term macro concerns are not a significant consideration for the Portfolio Construction Group and it is the stock selection process which will ultimately dominate performance over the long term

As ever, our focus is on the operational performance of companies, which we believe drives long-term returns. Two of the top examples in the Fund this year are MercadoLibre and Constellation Software.

MercadoLibre, the Latin American ecommerce retailer, was the standout contributor to relative performance over the year. We have highlighted previously that the company was investing heavily, and sensibly in our opinion, in its logistics network. The company has shared with investors the positive impact this investment is now having. In addition to the larger delivery companies, small independent counterparts are now taking deliveries from MercadoLibre fulfilment centers. The long-term ambition is to shift away from the 'drop-ship' network to one where consumers get deliveries direct to their door. The average

delivery time is now under three days and the drop-ship delivery time less than four days, a two-day improvement from a year ago. The overall positive impact on service levels and customer satisfaction serves to increase the network effect of this excellent business.

Elsewhere, Constellation Software, the Canadian software company, has proved itself an excellent capital allocator for a number of years. The company has highlighted that the smaller deals it has been historically very good at making are now harder to come by and so company management have been flagging to the market that they may need to consider larger acquisitions in the future. Such deals have historically been welcomed by the market. Acquisitions this year have tracked ahead of their full year target of $400ml-$450ml. During the year the company reported revenue growth of 12%. Whilst organic revenue growth was lower than usual, solid growth in licenses and maintenance, as well as recurring revenue were well received.

Amongst the negative contributors were South African insurance company, Discovery and Tencent Music Entertainment, the Chinese music streaming company.

Discovery features as a detractor to relative performance despite continuing to show strong new business growth through its joint venture with Ping An Healthcare and Technology in China, which was up 76% last year. There was some disappointment in recent earnings, whilst the recent release of the National Health Insurance bill in South Africa — with the intention to provide medical access for all — weighed on the share price. However, Discovery's track record of market disruption in South African financial services continues unabated and we remain upbeat about the prospects for this innovative company.

When Tencent Music Entertainment attended an event to update investors there were both positives and negatives in the update, but on the whole, we believe the long-term prospects for the business remain very strong. The company does not intend to change its pricing strategy in the coming 1-2 years. This may be a disappointment for investors in the short term. There is also expected to be a decline in pay-for-downloads in the coming quarters. Balanced against this, however, is a significant improvement in paying-user retention ratio from 60% to 70% per month. The company's karaoke platform WeSing still accounts for the majority of monthly active users in the Social Entertainment division and, whilst the average revenue per user of WeSing is below that of live music streaming, the gap is narrowing.

Fund Performance for the periods ended 12/31/19 (Average Annual Total Returns)

	One Year			% p.a. Five Year			% p.a. Ten Year			% p.a. Since Inception			Inception Date
Baillie Gifford International Alpha Fund Class 2		32.14	%		8.97	%		7.83	%		5.68	%	02/07/08
Baillie Gifford International Alpha Fund Class 3		32.23	%		9.04	%		8.20	%		5.98	%	09/01/10
Baillie Gifford International Alpha Fund Class 4		32.27	%		9.02	%		7.86	%		5.70	%	07/10/17
Baillie Gifford International Alpha Fund Class 5		32.34	%		9.13	%		7.92	%		5.76	%	04/07/14
Baillie Gifford International Alpha Fund Class K		32.16	%		8.97	%		7.83	%		5.68	%	04/28/17
Baillie Gifford International Alpha Fund Institutional Class		32.11	%		8.86	%		7.70	%		5.55	%	04/28/17
MSCI ACWI (ex U.S.) Index		22.13	%		6.01	%		5.44	%		3.52	%	02/07/08

Baillie Gifford International Concentrated Growth Equities Fund

Market conditions and Review of Performance during 2019.

It has been a very positive year for both absolute and relative performance. Fund returns have generally been driven by stock specific factors deriving primarily from continued operational strength. Whilst geopolitical uncertainty in many parts of the world has frequently dominated short-term news flow, it has had little direct impact on the long-term business fundamentals of holdings in the Fund. We aim to hold a small number of exceptional growth companies whose culture, competitive advantages and structural opportunities position them to be long-term winners. In that context, we see market volatility as an opportunity to look where others may not, over a time frame that few are able or willing to entertain.

ASML and Mercadolibre were among the positive contributors to performance.

ASML, the Dutch semi-conductor equipment manufacturer, is the Fund's largest holding. We believe it has solid growth prospects and a competitive advantage expected to endure for at least the next decade. Performance was helped both by continued strength in developing leading-edge technology as well as a more cyclical shift in market expectations for the semiconductor capex cycle and a greater focus on longer-term opportunities provided by more robust global semiconductor spending. After a slower period for industry capex as a whole, there are growing expectations of a recovery in the memory capex cycle and a multi-year investment cycle in foundry. We own ASML in the Fund for its through-the-cycle opportunity and the likelihood its continued investments in R&D will push the boundaries at the leading edge of technology and reinforce its competitive advantages.

Mercadolibre continued to post a significant growth in revenues and online payments throughout the year. We are pleased that the business continues to deliver operationally, and optimistic about further investments being made to maximise the broad opportunities across its largest markets: Brazil, Mexico, and Argentina. This includes investing in its payments business, which was given an

additional boost earlier in the year with an investment from American online payments company, PayPal.

Among the key detractors from performance over the 12-month period were Tencent and Baidu.

Tencent reported strong growth in revenues and earnings but this seems to have been overlooked by a market more focused on the shorter-term US-China trade discussions and turbulent ongoings in Hong Kong. We see little to change a fundamental thesis that Tencent is more than a social media platform, increasingly becoming a gateway to internet services within it's 'super-app' that positions it to lead over the long-term.

Baidu is China's leading search engine with growth opportunities across advertising and artificial intelligence. In our view, three interconnected issues have led to weaker performance over the year and have resulted in the Fund selling its holding. There is waning conviction in the upside case for the company's artificial intelligence capabilities given that the investment required is likely to be held back by a need to defend its core market share against new entrants. Secondly, it seems increasingly clear that there is a structural shift underlying the first point, with the rise of 'super apps' in several key verticals. This constrains the growth of Baidu's search product and potentially deprives it of the data required to capitalize on its early lead in AI. We had also become more concerned by an increasingly autocratic management style which could undermine Baidu's long-term ability to adapt at a time when corporate culture is absolutely central to retaining talent in a rapidly evolving Chinese internet landscape.

In addition to the sale of Baidu, the Fund also made a complete sale of Rocket Internet during the year. Partial sales were made to AIA. The Fund made no new purchases during the year, but did take advantage of growing conviction in the strategic outlook to make additions to Spotify, Meituan, Delivery Hero, Amazon and Ping An Insurance.

We continue to believe that disruption continues apace and opportunities for growth remain vast. Technological advancements are influencing human behaviour at an increasing rate, altering the demand landscape and leading to the emergence of new business models that are squeezing existing markets. This gives us much reason for optimism, and we remain committed to taking advantage of these changes to find the exceptional companies that drive your returns.

Baillie Gifford International Growth Fund

Market conditions and Review of Performance during 2019

Equity markets, as measured by the MSCI ACWI (ex U.S.) benchmark, enjoyed a strong year, with a gain of 22.13% over the period. Despite cautious forecasts and markets braced for slowdown towards the end of 2018, equity markets continue to be underpinned by consistent global growth, strong corporate performance and accommodative central banks. As always, whilst we are far from blind to such macro considerations, we believe we are of most value to investors if we focus on the long-term growth prospects for individual companies.

The Fund significantly outperformed its benchmark with a return of 37.34% for Class 2 shares. Positive contributors included ASML, Ferrari and M3, while the negative contributors included Baidu, Rolls-Royce and Aston Martin.

ASML, the manufacturer of leading-edge lithography equipment to the semiconductor industry, is now beginning to see the fruits of its substantial and long-term investment program, a strategy that has enabled it to establish a formidable competitive position. Despite some cyclical headwinds, management restated its full year guidance, and importantly there were higher than expected orders combined with an encouraging outlook for its extreme ultraviolet (EUV) technology. This is the technology behind the semiconductor manufacturing tools that will allow the production of ever smaller and more powerful chips. We are encouraged by the wide range of long-term growth drivers, including 5G adoption, automotive, artificial intelligence and large-scale data storage. We continue to admire ASML's bold decision making and willingness to invest for the future.

Ferrari shares have performed well during 2019, despite some profit taking in Q3. Operating results continue to show solid progress, with revenues and shipments up 9% in the most recent quarter. The business is on track, with strong demand on the back of successful model launches. Ferrari is also entering a period of product expansion, with fifteen new models to be introduced by 2022, by which time volumes should have increased from some 10,000 units to 14,000 units per year.

The strong share price for Japanese medical platform M3 was underpinned by an acceleration of operating profit growth. The core medical platform delivered renewed growth as last year's expansion of the marketing team led to strong results in marketing support

services for pharmaceutical companies. The stock also received a technical boost from inclusion in the Nikkei 225 index. More interesting to the long-term investor though is M3's growing user base, which includes almost half of all doctors globally, and the opportunity to monetize this asset through pharmaceutical marketing, drug trials, research, and medical career solutions.

Moving to shares that detracted from performance, Baidu's share price has been trending down since July 2018, including a sharp fall in May after announcing its first quarterly loss as a public company. In its core online search business, revenues fell year-on-year due to trade war fears impacting demand for advertising, increasing competition in search, and advertisers migrating from 'search ads' to 'super apps' that offer better user targeting. Whilst Baidu seem to have an early lead in some areas like AI, we have been reviewing the thesis as there has been a structural shift in its core business, where the rise of 'super apps' in several key verticals has created a new competitive threat.

Rolls-Royce continues to make progress on its restructuring program but a problem with the Trent 1000 engine, the one that powers Boeing's Dreamliner continues to drag. The market was disappointed that the costs associated with fixing the problem will be higher than expected, and this knocked the share price. Then more recently, the company disclosed that it has uncovered another issue with the Trent 1000, so this headwind has not yet abated. In terms of operating performance, the company delivered 257 engines in the first half and is on track to meet the full year target of 500.

Aston Martin, in contrast to Ferrari, with which it is sometimes compared, has had a difficult start to life as a public company. Operating performance has been soft, leading to lower revenue and profits guidance from management, attributed to a challenging external environment. There have also been some concerns about the cash position, which has been somewhat assuaged by a recent bond issue. Meanwhile the company is scheduled to commence deliveries of the much anticipated DBX (SUV) next year. This is a vehicle that will be highly important to the future of Aston Martin.

With the economic expansion in the US appearing somewhat long in the tooth, dysfunctional politics seemingly the new normal in many countries, riots in Hong Kong, and investors actually paying governments to lend them money in some countries, it would be easy to become cautious or depressed. However, there is another perspective. Disruptive forces are spreading into a much broader swathe of the economy as the barriers to disruption continue to fall. As a result, the opportunities have never

Fund Performance for the periods ended 12/31/19 (Average Annual Total Returns)

	One Year			% p.a. Five Year			% p.a. Ten Year			% p.a. Since Inception			Inception Date
Baillie Gifford International Growth Fund Class 2		37.34	%		10.26	%		9.08	%		6.30	%	03/06/08
Baillie Gifford International Growth Fund Class 3		37.44	%		10.33	%		9.16	%		6.36	%	04/19/10
Baillie Gifford International Growth Fund Class 4		37.48	%		10.33	%		9.12	%		6.33	%	10/10/16
Baillie Gifford International Growth Fund Class 5		37.55	%		10.42	%		9.41	%		6.57	%	07/19/12
Baillie Gifford International Growth Fund Class K		37.40	%		10.26	%		9.09	%		6.30	%	04/28/17
Baillie Gifford International Growth Fund Institutional Class		37.25	%		10.16	%		8.95	%		6.17	%	04/28/17
MSCI EAFE Index*		22.66	%		6.18	%		5.99	%		3.41	%	03/06/08
MSCI ACWI (ex U.S.) Index*		22.13	%		6.01	%		5.44	%		3.17	%	03/06/08

* MSCI EAFE was the primary benchmark until November 22, 2019, MSCI ACWI (ex U.S.) Index is the primary benchmark thereafter.

Baillie Gifford International Smaller Companies Fund

Market Conditions and Review of Performance during 2019

Although the year has been plagued by pessimistic news stories on trade wars, possible US recession and Brexit, 2019 has ended as another strong year for markets. However, viewing the year as a whole hides distinct periods of volatility, most notably in the third quarter. With this in mind, although it's only a short period, we are encouraged by ending the year as we have. The Fund returned 26.58% for Class K shares, ahead of its benchmark which returned 22.93%.

Over the year the MSCI ACWI ex-USA Small Cap Index has returned slightly less than its large cap peer. However, this does nothing to dent our enthusiasm for the sector. The opportunity set available to the Fund is vast, with most internationally listed companies being considered 'small caps'. Moreover, this remains a highly inefficient market, with many international smaller companies not receiving the same level of coverage by the financial community as larger businesses. For these reasons our portfolio managers remain excited about the prospects of uncovering exceptional, growing companies with the promise of delivering strong returns on behalf of clients. As these are smaller, potentially immature, businesses there will inevitably be periods of under-performance. Yet, over longer, more meaningful, time periods we are confident that the quality of the underlying holdings will be reflected in strong performance.

As you would imagine for an actively managed growth fund, outperformance was entirely driven by stock selection, with events at the individual businesses responsible for the Fund's success rather than themes or sectors. Two of the strongest performers in the Fund this year are Li Ning and Hypoport.

Li Ning was the outstanding contributor over the year. This is a multi-sports sports brand founded by a Chinese Olympic gymnast in 1989. Formerly the leading sports brand in China in the late 2000s, overly ambitious expansion plans, price hikes and intensifying competition resulted in the company having to deal with huge inventory problems and suffer substantial losses. Since 2013, the company has worked to shore up its finances and focused on rebuilding its position, from investing in e-commerce to sorting out its supply chain and getting back to producing products consumers want to buy. These strategic

decisions are now being rewarded. This year has seen Li Ning go from strength to strength, recording significant increases in revenue and order growth. Yet more than this, Li Ning is now building a strong and distinctive domestic brand, whose appeal is beginning to rival international brands like Adidas and Nike in the Chinese market.

Hypoport has two strands to its business; firstly, it operates a franchise of German independent mortgage brokers, whilst it also manages a mortgage origination software platform (Europace). Our main interest lies in the software platform, which it sells to German banks to replace their inefficient legacy systems. The success of the software business is reliant upon brokers and banks moving away from internal systems to an outsourced solution. Although this shift takes time, we've already seen it happen elsewhere in the banking sector. Over the year shares have performed strongly on news that usage of the Europace platform is growing, increasing numbers of banks are using it and its adoption is ahead of expectations. Moreover, the platform's transaction volume is growing faster than the market's, suggesting it is increasing share. Despite its progress to date, there is still a lot more for Hypoport to go after and we remain excited by the prospects for this business.

On the flip-side, among the negative contributors were Café24, a Korean e-commerce platform for SME online distribution, and Ted Baker, a UK mid-market fashion brand.

Café24 has struggled to live up to our hopes for it in 2019. The business has struggled to grow its top line revenue, while margins have also suffered due to several one-off expenses and additional investment required to expand into Japan and build capabilities in AI and robotics. Over the same period domestic competition has increased, with competitors such as Korea Center and NHN offering keenly priced alternatives. Over the year competitors' revenues have grown faster than Café24's, suggesting it has lost market share. We continue to hold the business and will monitor the situation further. It is not uncommon for young businesses to have difficult periods; it is for us to decide if Café24 is capable of turning this around or if its long-term potential has diminished.

Ted Baker has also had a difficult year. In March allegations were made against the then CEO, Ray Kelvin. Although Mr. Kelvin was a key component of our original investment thesis, we decided to be supportive of the business after he stepped down. Besides, we continued to like the business model and shares were already down a third. Since then trading conditions have become more difficult, sales have fallen, and shares have performed very

Baillie Gifford Long Term Global Growth Fund

Market conditions and Review of Performance during 2019

As we take a long-term and bottom-up approach to stock picking, we seek to look beyond the sorts of short-term vagaries of the stock market that occurred in 2019. Regardless of the fact that Class 2 shares of the Fund delivered a return of 33.49% in 2019 (6.19% ahead of the benchmark), our focus is forever on the much longer-term prospects for companies in the portfolio over 5-10 years and beyond. What matters to us is their operational progress, which remains strong and we see considerable upside potential from here. Looking back on 2019, our thinking therefore remains unchanged, other than to further strengthen our view that short-term share price movements are not a good measure of a company's long-term value.

Meituan and Alibaba were among the top positive contributors to Fund performance during the year 2019. The share price of Meituan, the Chinese 'super app' for online services, appreciated strongly throughout the period as it continued to experience rapacious operational growth — across its total sales, number of users, transactions per user and the overall monetization rate. Its food delivery business contributed most of this growth, with close to 28 million orders every day.

Chinese e-commerce company Alibaba has also experienced robust share price performance in 2019, with significant growth across its business fundamentals in commerce, cloud computing, digital media and payments. Its annual 24-hour shopping event reached new records on November 11^th, with total sales more than double those of Black Friday and Cyber Monday combined, and 1.3 billion delivery orders.

Among the top detractors from performance over the period were Baidu and Illumina. In recent years, we grew increasingly concerned about the long-term prospects for Baidu, China's leading online search engine. Given our waning conviction in the potential for its artificial intelligence capabilities, our hypothesis that a structural shift is underway in China from online search to 'super apps' such as Meituan, and our concerns about Baidu's corporate culture, we decided to sell the holding in 2019.

The fact that Illumina, the maker of genome sequencing machines, featured among both the top detractors and top contributors from/to performance from quarter to quarter

throughout 2019 highlights the short-term volatility of the stock market. Various headwinds in 2019 included a delay to the start of a major population genomics initiative; ongoing weakness in the direct-to-consumer business following an exceptionally strong 2018; and weaker-than-expected purchases of lower-end sequencing equipment. However, the long-term opportunity for Illumina's genome sequencing business remains vast as the transition to more personalized treatments is expected to continue apace.

With the stock market's fixation on the short term, our role as stock-pickers remains as relevant as ever. We are forever seeking to identify the small number of exceptional companies with the most compelling operational performance and opportunities for long-term growth.

Investment Strategies used to manage the Fund

Baillie Gifford is a growth manager with a bottom-up approach to stock picking. We aim to invest in companies that will generate sustainable earnings growth over the long term. In determining the potential of a company, we analyze industry background, competitive advantage, management attitudes and financial strength, and finally we consider valuation. We meet the management of the companies within our investment universe and revisit the investment case for the Fund's holdings on a regular basis to ensure that our expectations are being met.

The Long Term Global Growth team is responsible for the overall strategy and stock selection process. We interact regularly to discuss both buy and sell ideas and the level of conviction for existing holdings. We will continue to monitor the long-term prospects for the Fund's holdings and make changes where appropriate.

Trading over the period

Our new buy and complete sale decisions, which are a result of our bottom-up stock research, are listed below:

New Buys:

Shopify, Peloton, Pinduoduo

Complete Sales:

Atlas Copco, Bluebird Bio, Baidu, Under Armour

Fund Performance for the periods ended 12/31/19 (Average Annual Total Returns)

	One Year			% p.a. Five Year			% p.a. Since Inception			Inception Date
Baillie Gifford Long Term Global Growth Fund Class 2		33.49	%		17.33	%		16.35	%	06/10/14
Baillie Gifford Long Term Global Growth Fund Class 4		33.59	%		17.34	%		16.37	%	04/09/19
Baillie Gifford Long Term Global Growth Fund Class K		33.50	%		17.33	%		16.36	%	04/28/17
Baillie Gifford Long Term Global Growth Fund Institutional Class		33.40	%		17.22	%		16.24	%	04/28/17
MSCI ACWI Index		27.30	%		8.99	%		7.82	%	06/10/14

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

Baillie Gifford Positive Change Equities Fund

Market Conditions and Review of Performance during 2019

Global equities ended the year well into positive territory despite a number of obstacles. 2019 brought a global manufacturing slowdown, trade wars, Brexit deadlines that came and went, riots and uprisings across the world including in Hong Kong, one of the biggest financial centers. Amid this backdrop, we remained focused on the long-term progress for the companies in the Fund.

Baillie Gifford Positive Change Equities Fund aims to deliver attractive investment returns and to contribute towards a more sustainable world. 2019 was a year of strong operational performance for the majority of holdings in the Fund, providing good progress towards delivering on both our financial and positive impact objectives over our 5-year time horizon.

The largest contributors to financial performance over the year were holdings in our Healthcare and Quality of Life impact theme. The top contributor M3, the Japanese healthcare platform, posted strong results with overall profits rising well ahead of market expectations. M3's platform uses technology and data to take costs out of healthcare systems and drive efficiencies for both doctors and pharmaceutical companies. Pleasingly, its recent strong results are due to growth in its core medical platform, which allows doctors to more efficiently source information about new drug developments. M3 also announced the acquisition of a French medical records company, which should open-up the French market, an important step as the company continues to expand internationally. We believe that M3 has huge growth potential to continue disrupting the existing drug information market and using this valuable data to expand into other areas such as clinical drug trials.

Another healthcare company which contributed significantly to performance over the period was Dexcom, the maker of continuous glucose monitoring (CGM) devices. Dexcom shares have been buoyed by strong patient additions, increasing global awareness of the benefits of real-time continuous glucose monitoring (CGM) and impressive full-year guidance. Walgreens in the US announced that all Medicare patients can now fill their Dexcom CGM prescriptions through any of its nationwide retail locations which should boost volumes, and Dexcom started selling its newest G6 device in Canada in November. Beyond North America, international growth

was also strong, and management is upbeat about Dexcom being able to achieve its long-term target on the expansion of the G6 rollout and improved awareness and access to CGM globally. We believe Dexcom is still at the early stages of an exciting growth trajectory which will improve patient outcomes in the long run.

Detractors over the period included Abiomed and Tesla. The largest detractor to financial performance was Abiomed, the manufacturer of the world's smallest heart pump, Impella^®. The pump is improving patient outcomes (both recovery times and mortality rates), and the company has a significant technological lead on competitors. Share price volatility in 2019 was driven by a restructuring of the salesforce as Abiomed prepares for the next leg of growth. Short-term earnings guidance came in below expectations as a result and the company was punished on the back of exceptionally strong share price performance in 2018. Our investment case is unchanged for this remarkable and still relatively young company.

Tesla was another significant detractor to relative performance as the company's share price continues to be very volatile over the short term. Tesla had a capital raise and weaker quarterly results over the first half of the year which spooked the market, although a surprise profit announcement in the third quarter meant its share price has notably recovered. Amid this backdrop we are focused on whether Tesla is executing on its long-term plan. The company produced more cars in 2018 than all other years combined and 2019 exceeded production further by almost 50%. Over the year, Tesla built its new Shanghai factory in just 10 months and is already producing full vehicles on a trial basis, ready for live production in 2020 for the exciting new Chinese market. Looking further out, we believe that Tesla will continue to grow its market share in the overall vehicle market as well as develop its stationary storage offering over the next 10 years. Growth will come from the introduction of more affordable cars such as the Model 3 and Model Y. Musk's masterplan also discusses potential opportunities in trucks, semis and buses. And lastly, in terms of stationary storage, the purchase of Solar City in 2016 has enabled Tesla to introduce solar and storage products for the domestic market. We believe Tesla's brand, engineering expertise, scale in battery module production and abilities in software are underestimated by the market and we think the company is still relatively early in the growth cycle.

We believe that every company within the portfolio has the potential to deliver positive impact as well as strong financial returns. We published our second Positive Change Impact Report in mid-2019 which provided a comprehensive

Baillie Gifford U.S. Equity Growth Fund

Market conditions and Review of Performance during 2019

2019 saw the U.S. equity market recover strongly from the sharp sell-off it experienced at the end of 2018. The Federal Reserve ended 2018 by making its fourth interest rate rise in 12 months and indicating that further increases were coming in 2019. By the end of January, however, it had put these on pause and was considering a looser monetary policy, which boosted equity markets. Three rate cuts followed, starting in July. Alongside this, 2019 saw some progress in two of the notable trade disputes affecting market sentiment: in the closing months of the year a long-awaited "phase one" trade truce was announced between the U.S. and China; while the United States-Mexico-Canada Agreement (USMCA) has replaced the North American Free Trade Agreement (NAFTA). The strong start and end to the year was punctuated with a spike in volatility in late summer. This was caused in part by the U.S. yield curve inverting for several weeks in August. The bond market indicator, which shows the difference between short-term and long-term interest rates, has inverted before every U.S. recession in the last 50 years. A sharp rotation from high growth stocks into value stocks followed in September, significantly impacting the Fund's performance during the third quarter. However, fears of an imminent recession have subsided somewhat: the actions of the Federal Reserve and the progress in trade negotiations helped stimulate an end of year rally that saw the S&P 500 reach new highs at the close of the year. The U.S. economy continues to grow steadily, but trade disputes have had a slowing effect on growth. Inflation remains in line with the Federal Reserve's 2% target, unemployment continues to fall, and despite President Trump's impeachment in December, it seems that many market participants are entering 2020 in a more optimistic mood than a year ago.

The Fund's Class K shares returned 29.78%, compared to the 31.49% return of the S&P 500 Index (the Fund's primary benchmark), and the 36.39% return of the Russell 1000 Growth Index (the Fund's secondary benchmark). Our investment horizon is five years and beyond and we encourage all investors in the Fund to view shorter periods of time through this lens. We believe factors other than fundamentals drive share prices over the shorter term, particularly so over 12 months.

The Fund's performance continues to be driven by stock selection rather than thematic or sector views, as we would expect given our bottom-up stock picking approach to investment. The biggest detractors to relative performance

against the S&P 500 Index in 2019 were Abiomed, maker of the world's smallest heart pump, and GrubHub, the online takeaway delivery company. Elsewhere, the strong share price performance of Apple during the year, which is not held in the Fund but is a large benchmark constituent, also hurt relative performance.

Abiomed's share price suffered this year after enjoying a strong run over a number of years. The company encountered some execution issues in getting the next cohort of heart surgeons to adopt its technology which slowed revenue growth, while some negative third-party research on the efficacy of Abiomed's Impella heart pump was published in November. We believe the company will be able to manage these issues and they are not material to the long-term growth opportunity for Abiomed, which remains vast.

GrubHub's operational results and forecasts suffered heavily this year as competition in the online food delivery space increased rapidly. The growth of rivals DoorDash and UberEats has had an impact on customer retention and order frequency in GrubHub's major markets. The company is investing heavily to compete, but the situation has challenged our original investment thesis. We are assessing the long-term investment case for GrubHub as the scale of the opportunity still stands.

For Apple, while we admire it as a business, we cannot comfortably make the case for a 2.5 times share price return over the next five years with a better than average probability. This is our minimum valuation hurdle for every stock in the portfolio.

Top contributors to relative performance against the S&P 500 Index in 2019 were ecommerce company Shopify, programmatic advertising platform The Trade Desk, and media streaming company Roku. Despite their strong performance this year, we still believe all three are still in the early stages of growth.

Shopify delivered strong operational performance throughout the year and announced in October that over one million merchants now use the Shopify platform. The company remains focused on serving its merchants and investing for the future: its move into offering two-day shipping for merchants via the Shopify Fulfilment Network supports this approach, and we believe further embeds its competitive position.

The Trade Desk platform runs real time digital auctions for ad buyers to better target online ads. Like Shopify, the company also delivered a strong set of operational results ahead of Wall Street expectations throughout the year. Notably, programmatic advertising on connected TVs continues to grow rapidly for The Trade Desk, an area we

Fund Performance for the periods ended 12/31/19 (Average Annual Total Returns)

	One Year			% p.a. Since Inception			Inception Date
Baillie Gifford U.S. Equity Growth Fund Class K*		29.78	%		23.12	%	12/05/16
Baillie Gifford U.S. Equity Growth Fund Institutional Class		30.01	%		23.07	%	04/28/17
S&P 500 Index		31.49	%		15.52	%	12/05/16
Russell 1000 Growth Index		36.39	%		20.50	%	12/05/16

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

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

	Beginning Account Value 7/01/19		Ending Account Value 12/31/19		Annualized Expense Ratios Based on the Period 7/01/19 to 12/31/19			Expenses Paid During Period⁽²⁾
Baillie Gifford China A Shares Fund — Class K⁽¹⁾
Actual	$	1,000	$	1,029.00		0.87	%	$	0.29
Hypothetical (5% return before expenses)	$	1,000	$	1,020.82		0.87	%	$	0.29
Baillie Gifford China A Shares Fund — Institutional Class⁽¹⁾
Actual	$	1,000	$	1,029.00		0.87	%	$	0.29
Hypothetical (5% return before expenses)	$	1,000	$	1,020.82		0.87	%	$	0.29
Baillie Gifford Developed EAFE All Cap Fund — Class 2
Actual	$	1,000	$	1,103.20		0.65	%	$	3.45
Hypothetical (5% return before expenses)	$	1,000	$	1,021.93		0.65	%	$	3.31
Baillie Gifford Developed EAFE All Cap Fund — Class 3
Actual	$	1,000	$	1,103.50		0.58	%	$	3.08
Hypothetical (5% return before expenses)	$	1,000	$	1,022.28		0.58	%	$	2.96
Baillie Gifford Developed EAFE All Cap Fund — Class K
Actual	$	1,000	$	1,102.50		0.65	%	$	3.44
Hypothetical (5% return before expenses)	$	1,000	$	1,021.93		0.65	%	$	3.31
Baillie Gifford Developed EAFE All Cap Fund — Institutional Class
Actual	$	1,000	$	1,102.70		0.72	%	$	3.82
Hypothetical (5% return before expenses)	$	1,000	$	1,021.58		0.72	%	$	3.67
Baillie Gifford EAFE Plus All Cap Fund — Class 2
Actual	$	1,000	$	1,095.70		0.65	%	$	3.43
Hypothetical (5% return before expenses)	$	1,000	$	1,021.93		0.65	%	$	3.31
Baillie Gifford EAFE Plus All Cap Fund — Class K
Actual	$	1,000	$	1,095.90		0.64	%	$	3.38
Hypothetical (5% return before expenses)	$	1,000	$	1,021.98		0.64	%	$	3.26
Baillie Gifford EAFE Plus All Cap Fund — Institutional Class
Actual	$	1,000	$	1,095.30		0.75	%	$	3.96
Hypothetical (5% return before expenses)	$	1,000	$	1,021.42		0.75	%	$	3.82

	Beginning Account Value 7/01/19		Ending Account Value 12/31/19		Annualized Expense Ratios Based on the Period 7/01/19 to 12/31/19			Expenses Paid During Period⁽²⁾
Baillie Gifford Emerging Markets Equities Fund — Class 2
Actual	$	1,000	$	1,090.70		0.83	%	$	4.37
Hypothetical (5% return before expenses)	$	1,000	$	1,021.02		0.83	%	$	4.23
Baillie Gifford Emerging Markets Equities Fund — Class 3
Actual	$	1,000	$	1,091.20		0.76	%	$	4.01
Hypothetical (5% return before expenses)	$	1,000	$	1,021.37		0.76	%	$	3.87
Baillie Gifford Emerging Markets Equities Fund — Class 5
Actual	$	1,000	$	1,091.60		0.68	%	$	3.58
Hypothetical (5% return before expenses)	$	1,000	$	1,021.78		0.68	%	$	3.47
Baillie Gifford Emerging Markets Equities Fund — Class K
Actual	$	1,000	$	1,090.70		0.82	%	$	4.32
Hypothetical (5% return before expenses)	$	1,000	$	1,021.07		0.82	%	$	4.18
Baillie Gifford Emerging Markets Equities Fund — Institutional Class
Actual	$	1,000	$	1,090.60		0.91	%	$	4.80
Hypothetical (5% return before expenses)	$	1,000	$	1,020.62		0.91	%	$	4.63
Baillie Gifford Global Alpha Equities Fund — Class 2
Actual	$	1,000	$	1,098.60		0.66	%	$	3.49
Hypothetical (5% return before expenses)	$	1,000	$	1,021.88		0.66	%	$	3.36
Baillie Gifford Global Alpha Equities Fund — Class 3
Actual	$	1,000	$	1,098.90		0.59	%	$	3.12
Hypothetical (5% return before expenses)	$	1,000	$	1,022.23		0.59	%	$	3.01
Baillie Gifford Global Alpha Equities Fund — Class 4
Actual	$	1,000	$	1,099.10		0.56	%	$	2.96
Hypothetical (5% return before expenses)	$	1,000	$	1,022.38		0.56	%	$	2.85
Baillie Gifford Global Alpha Equities Fund — Class K
Actual	$	1,000	$	1,098.60		0.66	%	$	3.49
Hypothetical (5% return before expenses)	$	1,000	$	1,021.88		0.66	%	$	3.36

	Beginning Account Value 7/01/19		Ending Account Value 12/31/19		Annualized Expense Ratios Based on the Period 7/01/19 to 12/31/19			Expenses Paid During Period⁽²⁾
Baillie Gifford Global Alpha Equities Fund — Institutional Class
Actual	$	1,000	$	1,098.70		0.66	%	$	3.49
Hypothetical (5% return before expenses)	$	1,000	$	1,021.88		0.66	%	$	3.36
Baillie Gifford Global Stewardship Equities Fund — Class K
Actual	$	1,000	$	1,037.00		0.65	%	$	3.34
Hypothetical (5% return before expenses)	$	1,000	$	1,021.93		0.65	%	$	3.31
Baillie Gifford Global Stewardship Equities Fund — Institutional Class
Actual	$	1,000	$	1,037.00		0.65	%	$	3.34
Hypothetical (5% return before expenses)	$	1,000	$	1,021.93		0.65	%	$	3.31
Baillie Gifford International Alpha Fund — Class 2
Actual	$	1,000	$	1,100.30		0.61	%	$	3.23
Hypothetical (5% return before expenses)	$	1,000	$	1,022.13		0.61	%	$	3.11
Baillie Gifford International Alpha Fund — Class 3
Actual	$	1,000	$	1,100.70		0.54	%	$	2.86
Hypothetical (5% return before expenses)	$	1,000	$	1,022.48		0.54	%	$	2.75
Baillie Gifford International Alpha Fund — Class 4
Actual	$	1,000	$	1,100.90		0.51	%	$	2.70
Hypothetical (5% return before expenses)	$	1,000	$	1,022.63		0.51	%	$	2.60
Baillie Gifford International Alpha Fund — Class 5
Actual	$	1,000	$	1,101.10		0.46	%	$	2.44
Hypothetical (5% return before expenses)	$	1,000	$	1,022.89		0.46	%	$	2.35
Baillie Gifford International Alpha Fund — Class K
Actual	$	1,000	$	1,100.50		0.61	%	$	3.23
Hypothetical (5% return before expenses)	$	1,000	$	1,022.13		0.61	%	$	3.11

	Beginning Account Value 7/01/19		Ending Account Value 12/31/19		Annualized Expense Ratios Based on the Period 7/01/19 to 12/31/19			Expenses Paid During Period⁽²⁾
Baillie Gifford International Alpha Fund — Institutional Class
Actual	$	1,000	$	1,099.90		0.66	%	$	3.49
Hypothetical (5% return before expenses)	$	1,000	$	1,021.88		0.66	%	$	3.36
Baillie Gifford International Concentrated Growth Equities Fund — Class K
Actual	$	1,000	$	1,145.30		0.72	%	$	3.89
Hypothetical (5% return before expenses)	$	1,000	$	1,021.58		0.72	%	$	3.67
Baillie Gifford International Concentrated Growth Equities Fund — Institutional Class
Actual	$	1,000	$	1,144.70		0.72	%	$	3.89
Hypothetical (5% return before expenses)	$	1,000	$	1,021.58		0.72	%	$	3.67
Baillie Gifford International Growth Fund — Class 2
Actual	$	1,000	$	1,110.90		0.60	%	$	3.19
Hypothetical (5% return before expenses)	$	1,000	$	1,022.18		0.60	%	$	3.06
Baillie Gifford International Growth Fund — Class 3
Actual	$	1,000	$	1,111.30		0.53	%	$	2.82
Hypothetical (5% return before expenses)	$	1,000	$	1,022.53		0.53	%	$	2.70
Baillie Gifford International Growth Fund — Class 4
Actual	$	1,000	$	1,111.40		0.50	%	$	2.66
Hypothetical (5% return before expenses)	$	1,000	$	1,022.68		0.50	%	$	2.55
Baillie Gifford International Growth Fund — Class 5
Actual	$	1,000	$	1,111.70		0.45	%	$	2.40
Hypothetical (5% return before expenses)	$	1,000	$	1,022.94		0.45	%	$	2.29
Baillie Gifford International Growth Fund — Class K
Actual	$	1,000	$	1,111.00		0.60	%	$	3.19
Hypothetical (5% return before expenses)	$	1,000	$	1,022.18		0.60	%	$	3.06

	Beginning Account Value 7/01/19		Ending Account Value 12/31/19		Annualized Expense Ratios Based on the Period 7/01/19 to 12/31/19			Expenses Paid During Period⁽²⁾
Baillie Gifford International Growth Fund — Institutional Class
Actual	$	1,000	$	1,110.50		0.65	%	$	3.46
Hypothetical (5% return before expenses)	$	1,000	$	1,021.93		0.65	%	$	3.31
Baillie Gifford International Smaller Companies Fund — Class K
Actual	$	1,000	$	1,065.50		0.90	%	$	4.69
Hypothetical (5% return before expenses)	$	1,000	$	1,020.67		0.90	%	$	4.58
Baillie Gifford International Smaller Companies Fund — Institutional Class
Actual	$	1,000	$	1,065.50		0.90	%	$	4.69
Hypothetical (5% return before expenses)	$	1,000	$	1,020.67		0.90	%	$	4.58
Baillie Gifford Long Term Global Growth Fund — Class 2
Actual	$	1,000	$	1,121.70		0.76	%	$	4.06
Hypothetical (5% return before expenses)	$	1,000	$	1,021.37		0.76	%	$	3.87
Baillie Gifford Long Term Global Growth Fund — Class 4
Actual	$	1,000	$	1,122.30		0.66	%	$	3.53
Hypothetical (5% return before expenses)	$	1,000	$	1,021.88		0.66	%	$	3.36
Baillie Gifford Long Term Global Growth Fund — Class K
Actual	$	1,000	$	1,121.80		0.76	%	$	4.06
Hypothetical (5% return before expenses)	$	1,000	$	1,021.37		0.76	%	$	3.87
Baillie Gifford Long Term Global Growth Fund — Institutional Class
Actual	$	1,000	$	1,121.40		0.86	%	$	4.60
Hypothetical (5% return before expenses)	$	1,000	$	1,020.87		0.86	%	$	4.38
Baillie Gifford Positive Change Equities Fund — Class K
Actual	$	1,000	$	1,166.70		0.65	%	$	3.55
Hypothetical (5% return before expenses)	$	1,000	$	1,021.93		0.65	%	$	3.31
Baillie Gifford Positive Change Equities Fund — Institutional Class
Actual	$	1,000	$	1,166.40		0.65	%	$	3.55
Hypothetical (5% return before expenses)	$	1,000	$	1,021.93		0.65	%	$	3.31

	Beginning Account Value 7/01/19		Ending Account Value 12/31/19		Annualized Expense Ratios Based on the Period 7/01/19 to 12/31/19			Expenses Paid During Period⁽²⁾
Baillie Gifford U.S. Equity Growth Fund — Class K
Actual	$	1,000	$	1,030.30		0.65	%	$	3.33
Hypothetical (5% return before expenses)	$	1,000	$	1,021.93		0.65	%	$	3.31
Baillie Gifford U.S. Equity Growth Fund — Institutional Class
Actual	$	1,000	$	1,029.80		0.75	%	$	3.84
Hypothetical (5% return before expenses)	$	1,000	$	1,021.42		0.75	%	$	3.82

⁽¹⁾ Commencement of operation December 19, 2019.

⁽²⁾ Unless otherwise indicated, expenses are calculated using the Fund's annualized expense ratio, multiplied by the average account value for the period, multiplied by 184/365 (to reflect the six-month period).

December 31, 2019
Baillie Gifford China A Shares Fund

	Value		% of Total Net Assets
Advertising	$	20,798		2.0	%
Auto Parts & Equipment		68,650		6.7
Beverages		109,099		10.6
Commercial Services		43,569		4.2
Electrical Components & Equipment		29,062		2.8
Electronics		56,102		5.5
Entertainment		15,885		1.5
Food		82,142		8.0
Healthcare — Products		33,580		3.3
Healthcare — Services		120,689		11.7
Home Furnishings		54,498		5.3
Insurance		83,565		8.1
Leisure Time		31,971		3.1
Metal Fabricate/Hardware		48,331		4.7
Pharmaceuticals		123,890		12.1
Software		56,934		5.5
Transportation		27,262		2.7
Total Value of Investments		1,006,027		97.8
Other assets less liabilities		22,577		2.2
Net Assets	$	1,028,604		100.0	%

December 31, 2019
Baillie Gifford China A Shares Fund

	Shares		Value
COMMON STOCKS — 97.8%
CHINA — 97.8%
Asymchem Laboratories Tianjin Co., Ltd., Class A		2,100	$	39,070
Berry Genomics Co., Ltd., Class A *		5,800		30,492
BGI Genomics Co., Ltd., Class A		3,400		33,580
China International Travel Service Corp., Ltd., Class A		2,500		31,971
Contemporary Amperex Technology Co., Ltd., Class A		1,900		29,062
Focus Media Information Technology Co., Ltd., Class A		23,100		20,798
Foshan Haitian Flavouring & Food Co., Ltd., Class A		3,500		54,114
Glodon Co., Ltd., Class A		8,100		39,570
Guangzhou Kingmed Diagnostics Group Co., Ltd., Class A		4,000		29,407
Hangzhou Hikvision Digital Technology Co., Ltd., Class A		6,200		29,227
Hangzhou Tigermed Consulting Co., Ltd., Class A		4,800		43,569
Huayu Automotive Systems Co., Ltd., Class A		7,800		29,129
Iflytek Co., Ltd., Class A		3,500		17,364
Inner Mongolia Yili Industrial Group Co., Ltd., Class A		6,300		28,028
Jiangsu Hengrui Medicine Co., Ltd., Class A		4,800		60,388
Kweichow Moutai Co., Ltd., Class A		300		51,053
Luzhou Laojiao Co., Ltd., Class A		2,200		27,426
Midea Group Co., Ltd., Class A		6,500		54,498
Ping An Insurance Group Co. of China Ltd., Class A		6,800		83,565
SF Holding Co., Ltd., Class A		5,100		27,262
Shenzhen Inovance Technology Co., Ltd., Class A		6,100		26,875
Topchoice Medical Corp., Class A *		1,700		25,055
Visual China Group Co., Ltd., Class A		6,400		15,884
Weichai Power Co., Ltd., Class A		17,300		39,521
Wuliangye Yibin Co., Ltd., Class A		1,600		30,620
WuXi AppTec Co., Ltd., Class A		2,700		35,735
Yunnan Baiyao Group Co., Ltd., Class A		1,900		24,433
Zhejiang Sanhua Intelligent Controls Co., Ltd., Class A		19,400		48,331
				1,006,027
TOTAL INVESTMENTS — 97.8%
(cost $975,723)			$	1,006,027
Other assets less liabilities — 2.2%				22,577
NET ASSETS — 100.0%			$	1,028,604

* Non-income producing security.

December 31, 2019
Baillie Gifford China A Shares Fund

ASSETS
Investments, at value (cost $975,723)	$	1,006,027
Cash		22,863
Due from Investment Advisor		29,454
Total Assets		1,058,344
LIABILITIES
Advisory fee payable		181
Administration & Supervisory fee payable		56
Trustee fee payable		3
Accrued expenses		29,500
Total Liabilities		29,740
NET ASSETS	$	1,028,604
COMPOSITION OF NET ASSETS
Paid-in capital	$	999,736
Total distributable earnings		28,868
	$	1,028,604
NET ASSET VALUE, PER SHARE
Class K ($514,302 / 50,000 shares outstanding), unlimited authorized, no par value	$	10.29
Institutional Class ($514,302 / 50,000 shares outstanding), unlimited authorized, no par value	$	10.29

For the Period December 19, 2019* through December 31, 2019
Baillie Gifford China A Shares Fund

INVESTMENT INCOME
Interest	$	22
Total Investment Income		22
EXPENSES
Advisory fee (Note B)		181
Administration & Supervisory fee — Class K shares (Note B)		28
Administration & Supervisory fee — Institutional Class shares (Note B)		28
Transfer agency		2,500
Professional fees		24,400
Custody		1,321
Fund accounting		1,250
Legal		14
Registration fees		8
Trustees' fees		3
Miscellaneous		7
Total Expenses		29,740
Fees waived		(29,454	)
Net Expenses		286
Net Investment Loss		(264	)
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized loss from:
Foreign currency transactions		(1,436	)
		(1,436	)
Net change in unrealized appreciation on:
Investments		30,304
		30,304
Net realized and unrealized gain		28,868
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	28,604

* Commencement of investment operations.

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

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

* Annualized.

^(a) Commencement of investment operations.

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

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

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

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

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

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

* Annualized.

^(a) Commencement of investment operations.

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

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

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

December 31, 2019
Baillie Gifford Developed EAFE All Cap Fund

	Value		% of Total Net Assets
Apparel	$	17,047,922		3.0	%
Auto Manufacturers		5,297,054		0.9
Auto Parts & Equipment		7,185,328		1.3
Banks		12,071,163		2.1
Beverages		7,862,371		1.4
Building Materials		18,690,617		3.3
Chemicals		11,204,976		2.0
Commercial Services		7,885,480		1.4
Computers		10,203,230		1.8
Cosmetics/Personal Care		27,626,095		4.8
Diversified Financial Services		28,636,586		5.0
Electrical Components & Equipment		12,106,146		2.1
Electronics		39,971,931		7.0
Engineering & Construction		7,975,670		1.4
Food		14,029,765		2.5
Hand/Machine Tools		20,927,559		3.7
Healthcare — Products		33,393,664		5.8
Healthcare — Services		7,196,558		1.3
Holding Companies — Diversified		3,967,682		0.7
Insurance		31,126,809		5.5
Internet		70,762,775		12.3
Investment Companies		10,963,586		1.9
Leisure Time		12,556,678		2.2
Machinery — Construction & Mining		6,927,064		1.2
Machinery — Diversified		48,009,276		8.4
Oil & Gas Services		4,497,871		0.8
Retail		40,589,638		7.1
Semiconductors		27,917,782		4.9
Software		8,410,716		1.4
Telecommunications		7,363,531		1.3
Total Value of Investments		562,405,523		98.5
Other assets less liabilities		8,701,022		1.5
Net Assets	$	571,106,545		100.0	%

December 31, 2019
Baillie Gifford Developed EAFE All Cap Fund

	Shares		Value
COMMON STOCKS — 97.2%
AUSTRALIA — 4.9%
Cochlear Ltd.		80,259	$	12,649,303
SEEK Ltd.		487,790		7,720,589
Treasury Wine Estates Ltd.		690,242		7,862,371
				28,232,263
CHINA — 1.0%
Prosus NV *		76,381		5,716,501
DENMARK — 0.3%
Novozymes A/S, B Shares		32,072		1,569,455
FINLAND — 1.7%
Kone Oyj, B Shares		147,166		9,622,910
FRANCE — 2.1%
Legrand SA		148,243		12,106,146
GERMANY — 7.7%
adidas AG		27,515		8,944,304
Bechtle AG		73,073		10,203,230
Infineon Technologies AG		472,350		10,672,494
Nemetschek SE		30,271		1,994,216
Zalando SE *		233,939		11,797,637
				43,611,881
HONG KONG — 5.9%
AIA Group Ltd.		1,711,600		18,002,551
Jardine Matheson Holdings Ltd.		71,300		3,967,682
Jardine Strategic Holdings Ltd.		129,500		3,971,519
Techtronic Industries Co., Ltd.		913,000		7,451,629
				33,393,381
IRELAND — 1.8%
Kingspan Group PLC		165,852		10,129,716
JAPAN — 24.7%
Denso Corp.		159,100		7,185,328
Kakaku.com, Inc.		331,400		8,461,672

December 31, 2019
Baillie Gifford Developed EAFE All Cap Fund

	Shares		Value
Kao Corp.		125,700	$	10,367,120
Keyence Corp.		18,400		6,460,950
MS&AD Insurance Group Holdings, Inc.		397,600		13,124,258
Murata Manufacturing Co., Ltd.		134,900		8,302,906
Nidec Corp.		58,000		7,921,861
Olympus Corp.		873,700		13,466,081
Pigeon Corp.		131,000		4,796,721
Shimano, Inc.		77,400		12,556,678
Shiseido Co., Ltd.		175,500		12,462,254
SMC Corp.		29,800		13,628,000
SoftBank Group Corp.		169,600		7,363,531
Sugi Holdings Co., Ltd.		58,200		3,070,321
Suzuki Motor Corp.		126,900		5,297,054
Sysmex Corp.		106,900		7,278,280
				141,743,015
NETHERLANDS — 2.7%
ASML Holding NV		52,643		15,585,376
NEW ZEALAND — 2.4%
Ryman Healthcare Ltd.		654,793		7,196,558
Xero Ltd. *		114,210		6,416,500
				13,613,058
PORTUGAL — 1.8%
Jeronimo Martins SGPS SA		610,354		10,058,246
SINGAPORE — 2.1%
United Overseas Bank Ltd.		613,789		12,071,163
SPAIN — 2.5%
Industria de Diseno Textil SA		402,132		14,211,611
SWEDEN — 8.4%
Atlas Copco AB, A Shares		342,432		13,668,403
Atlas Copco AB, B Shares		26,196		909,552
Avanza Bank Holding AB		680,598		7,106,555
Epiroc AB, A Shares		260,741		3,188,669
Epiroc AB, B Shares		314,555		3,738,395
Investor AB, B Shares		200,821		10,963,586
Nibe Industrier AB, B Shares		493,441		8,560,901
				48,136,061

December 31, 2019
Baillie Gifford Developed EAFE All Cap Fund

	Shares		Value
SWITZERLAND — 4.7%
Compagnie Financiere Richemont SA		147,280	$	11,510,069
Schindler Holding AG, Participating Certificates		52,992		13,475,930
u-blox Holding AG *		16,426		1,659,912
				26,645,911
UNITED KINGDOM — 18.2%
ASOS PLC *		134,315		6,019,062
Auto Trader Group PLC		1,641,403		12,962,492
Burberry Group PLC		277,561		8,103,618
Hargreaves Lansdown PLC		654,368		16,785,448
HomeServe PLC		476,357		7,975,670
Intertek Group PLC		101,763		7,885,480
John Wood Group PLC		848,056		4,497,871
Johnson Matthey PLC		242,332		9,635,521
Jupiter Fund Management PLC		873,642		4,744,583
Rightmove PLC		1,559,661		13,087,437
Trainline PLC *		1,265,465		8,570,819
Weir Group PLC (The)		185,972		3,719,461
				103,987,462
UNITED STATES — 4.3%
Mettler-Toledo International, Inc. *		20,742		16,454,214
Spotify Technology SA *		54,993		8,224,203
				24,678,417
Total Common Stocks
(cost $453,815,592)				555,112,573
PREFERRED STOCKS — 1.3%
GERMANY — 1.3%
Sartorius AG 0.32% (cost $4,542,525)		34,117		7,292,950
TOTAL INVESTMENTS — 98.5%
(cost $458,358,117)			$	562,405,523
Other assets less liabilities — 1.5%				8,701,022
NET ASSETS — 100.0%			$	571,106,545

* Non-income producing security.

December 31, 2019
Baillie Gifford Developed EAFE All Cap Fund

ASSETS
Investments, at value (cost $458,358,117)	$	562,405,523
Cash		8,322,462
Tax reclaims receivable		756,716
Dividends receivable		350,476
Capital shares sold receivable		86,000
Receivable for investments sold		11,268
Prepaid assets		25,104
Total Assets		571,957,549
LIABILITIES
Advisory fee payable		458,447
Servicing fee payable		113,922
Administration & Supervisory fee payable		94,641
Payable for investment purchased		14,061
Trustee fee payable		4,722
Commitment fee payable		1,828
Accrued expenses		163,383
Total Liabilities		851,004
NET ASSETS	$	571,106,545
COMPOSITION OF NET ASSETS
Paid-in capital	$	478,332,096
Total distributable earnings		92,774,449
	$	571,106,545
NET ASSET VALUE, PER SHARE
Class 2 ($229,861,194 / 17,504,234 shares outstanding), unlimited authorized, no par value	$	13.13
Class 3 ($84,911,312 / 6,402,287 shares outstanding), unlimited authorized, no par value	$	13.26
Class K ($247,154,848 / 18,849,469 shares outstanding), unlimited authorized, no par value	$	13.11
Institutional Class ($9,179,191 / 700,893 shares outstanding), unlimited authorized, no par value	$	13.10

For the Year Ended December 31, 2019
Baillie Gifford Developed EAFE All Cap Fund

INVESTMENT INCOME
Dividends (net of foreign withholding taxes of $867,287)	$	7,944,680
Interest		48,233
Total Investment Income		7,992,913
EXPENSES
Advisory fee (Note B)		1,622,137
Shareholder Servicing fees — Class 2 shares (Note B)		351,598
Shareholder Servicing fees — Class 3 shares (Note B)		75,171
Administration & Supervisory fee — Class K shares (Note B)		301,400
Administration & Supervisory fee — Institutional Class shares (Note B)		7,107
Transfer agency		71,200
Sub-transfer agency — Institutional Class shares		3,072
Fund accounting		199,094
Registration fees		137,007
Legal		85,416
Custody		62,314
Professional fees		48,076
Trustees' fees		18,499
Miscellaneous		21,453
Total Expenses		3,003,544
Net Investment Income		4,989,369
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized loss from:
Investments		(1,993,626	)
Foreign currency transactions		(114,062	)
		(2,107,688	)
Net change in unrealized appreciation on:
Investments		127,364,413
Translation of net assets and liabilities denominated in foreign currencies		17,354
		127,381,767
Net realized and unrealized gain		125,274,079
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	130,263,448

Baillie Gifford Developed EAFE All Cap Fund

	For the Year Ended December 31, 2019			For the Year Ended December 31, 2018
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	4,989,369		$	4,627,166
Net realized loss		(2,107,688	)		(8,465,609	)
Net change in unrealized appreciation (depreciation)		127,381,767			(73,462,453	)
Net increase (decrease) in net assets from operations		130,263,448			(77,300,896	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings
Class 2		(2,596,461	)		(1,510,948	)
Class 3		(1,002,546	)		(573,430	)
Class K		(2,874,994	)		(1,410,939	)
Institutional Class		(107,514	)		(17,245	)
Total Distributions to Shareholders		(6,581,515	)		(3,512,562	)
TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
Net proceeds from shares subscribed:
Class 2		6,000			7,500
Class K		73,243,343			181,677,307
Institutional Class		7,084,206			2,216,528
Dividends reinvested:
Class 2		2,596,461			1,510,948
Class 3		1,002,546			573,430
Class K		2,624,780			1,410,939
Institutional Class		107,514			17,245
Cost of shares redeemed:
Class 2		(9,000,000	)		(5,000,000	)
Class 3		—			(5,000,000	)
Class K		(29,311,402	)		(389,000	)
Institutional Class		(990,117	)		(639	)
Increase in Net Assets from Transactions in Shares of Beneficial Interest		47,363,331			177,024,258
Total Increase in Net Assets		171,045,264			96,210,800
NET ASSETS
Beginning of year		400,061,281			303,850,481
End of year	$	571,106,545		$	400,061,281

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

	For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			For the Year Ended December 31, 2017			For the Year Ended December 31, 2016			For the Year Ended December 31, 2015
Net asset value, beginning of year	$	10.04		$	12.06		$	9.55		$	9.70		$	9.36
From Investment Operations
Net investment income^(a)		0.13			0.15			0.14			0.17			0.13
Net realized and unrealized gain (loss) on investments and foreign currency		3.11			(2.08	)		2.58			(0.18	)		0.27	^(b)
Net increase (decrease) in net asset value from investment operations		3.24			(1.93	)		2.72			(0.01	)		0.40
Dividends and Distributions to Shareholders
From net investment income		(0.15	)		(0.03	)		(0.22	)		(0.14	)		(0.09	)
From net realized gain on investments		—			(0.06	)		—			—			—
Total Dividends and Distributions		(0.15	)		(0.09	)		(0.22	)		(0.14	)		(0.09	)
Proceeds from Purchase Fees and Redemption Fees^(a)		—			—			0.01			(0.00	)^(c)		0.03
Net asset value, end of year	$	13.13		$	10.04		$	12.06		$	9.55		$	9.70
Total Return
Total return based on net asset value^(d)		32.33	%		(16.05	)%		28.59	%		(0.20	)%		4.61	%
Ratios/Supplemental Data
Net assets, end of each year (000's omitted)	$	229,861		$	181,679		$	221,316		$	172,316		$	172,659
Ratio of net expenses to average net assets		0.66	%		0.67	%		0.66	%		0.66	%		0.66	%
Ratio of net investment income to average net assets		1.08	%		1.23	%		1.22	%		1.73	%		1.36	%
Portfolio turnover rate^(e)		19	%		14	%		21	%		13	%		18	%

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

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

^(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 year, reinvestment of all dividends and distributions, if any, at net asset value during the period, and redemption on the last day of the year.

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

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

	For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			For the Period March 24, 2017^(a)through December 31, 2017
Net asset value, beginning of period	$	10.13		$	12.17		$	10.49
From Investment Operations
Net investment income^(b)		0.14			0.16			0.12
Net realized and unrealized gain (loss) on investments and foreign currency		3.15			(2.11	)		1.79
Net increase (decrease) in net asset value from investment operations		3.29			(1.95	)		1.91
Dividends and Distributions to Shareholders
From net investment income		(0.16	)		(0.03	)		(0.23	)
From net realized gain on investments		—			(0.06	)		—
Total Dividends and Distributions		(0.16	)		(0.09	)		(0.23	)

Proceeds from Purchase Fees and Redemption Fees^(b)

—

0.00

^(c)

Net asset value, end of period	$	13.26		$	10.13		$	12.17
Total Return
Total return based on net asset value^(d)		32.42	%		(15.99	)%		18.25	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	84,911		$	64,123		$	82,523
Ratio of net expenses to average net assets		0.59	%		0.60	%		0.58	%*
Ratio of net investment income to average net assets		1.16	%		1.31	%		1.32	%*
Portfolio turnover rate^(e)		19	%		14	%		21	%

* Annualized.

^(a) Commencement of investment operations.

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

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

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

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

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

* Annualized.

^(a) Commencement of investment operations.

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

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

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

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

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

* Annualized.

^(a) Commencement of investment operations.

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

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

December 31, 2019
Baillie Gifford EAFE Plus All Cap Fund

	Value		% of Total Net Assets
Apparel	$	13,893,458		3.1	%
Auto Manufacturers		6,840,345		1.5
Auto Parts & Equipment		4,904,630		1.1
Banks		8,308,621		1.9
Beverages		9,478,714		2.1
Building Materials		12,571,539		2.8
Chemicals		7,034,105		1.6
Commercial Services		6,897,964		1.5
Computers		8,215,727		1.8
Cosmetics/Personal Care		21,510,206		4.8
Diversified Financial Services		13,802,970		3.1
Electrical Components & Equipment		10,335,095		2.3
Electronics		33,931,861		7.6
Engineering & Construction		5,742,080		1.3
Food		10,324,718		2.3
Hand/Machine Tools		14,213,018		3.2
Healthcare — Products		23,299,097		5.2
Holding Companies — Diversified		2,292,686		0.5
Insurance		28,402,049		6.3
Internet		67,425,010		15.1
Investment Companies		10,275,485		2.3
Leisure Time		6,456,793		1.4
Machinery — Construction & Mining		4,907,482		1.1
Machinery — Diversified		35,741,051		8.0
Oil & Gas Services		3,299,337		0.7
Retail		32,592,043		7.3
Semiconductors		25,106,141		5.7
Software		6,357,072		1.4
Telecommunications		4,984,277		1.1
Total Value of Investments		439,143,574		98.1
Other assets less liabilities		8,491,356		1.9
Net Assets	$	447,634,930		100.0	%

December 31, 2019
Baillie Gifford EAFE Plus All Cap Fund

	Shares		Value
COMMON STOCKS — 96.6%
AUSTRALIA — 4.3%
Cochlear Ltd.		55,568	$	8,757,852
SEEK Ltd.		341,917		5,411,756
Treasury Wine Estates Ltd.		418,142		4,762,949
				18,932,557
BRAZIL — 0.9%
Raia Drogasil SA *		151,200		4,196,179
CHINA — 5.7%
Alibaba Group Holding Ltd. ADR *		38,559		8,178,364
Baidu, Inc. ADR *		17,201		2,174,206
Ping An Insurance Group Co. of China Ltd., Class H		446,000		5,277,727
Prosus NV *		33,775		2,527,786
Trip.com Group Ltd. ADR *		86,867		2,913,519
Tsingtao Brewery Co., Ltd., Class H		701,943		4,715,765
				25,787,367
DENMARK — 0.3%
Novozymes A/S, B Shares		23,894		1,169,261
FINLAND — 1.5%
Kone Oyj, B Shares		105,976		6,929,573
FRANCE — 2.3%
Legrand SA		126,556		10,335,095
GERMANY — 7.4%
adidas AG		27,708		9,007,043
Bechtle AG		58,839		8,215,727
Infineon Technologies AG		273,914		6,188,939
Nemetschek SE		23,419		1,542,815
Zalando SE *		166,070		8,374,976
				33,329,500
HONG KONG — 5.6%
AIA Group Ltd.		1,416,800		14,901,855
Jardine Matheson Holdings Ltd.		41,200		2,292,686

December 31, 2019
Baillie Gifford EAFE Plus All Cap Fund

	Shares		Value
Jardine Strategic Holdings Ltd.		102,000	$	3,128,146
Techtronic Industries Co., Ltd.		586,500		4,786,835
				25,109,522
INDIA — 1.0%
Mahindra & Mahindra Ltd. GDR		363,156		2,745,459
MakeMyTrip Ltd. *		71,341		1,633,709
				4,379,168
IRELAND — 1.5%
Kingspan Group PLC		113,141		6,910,294
JAPAN — 22.2%
Denso Corp.		108,600		4,904,630
Kakaku.com, Inc.		170,900		4,363,608
Kao Corp.		78,300		6,457,800
Keyence Corp.		14,500		5,091,509
MS&AD Insurance Group Holdings, Inc.		249,100		8,222,467
Murata Manufacturing Co., Ltd.		115,400		7,102,709
Nidec Corp.		44,100		6,023,346
Olympus Corp.		523,800		8,073,175
Pigeon Corp.		103,900		3,804,423
Shimano, Inc.		39,800		6,456,793
Shiseido Co., Ltd.		158,400		11,247,983
SMC Corp.		23,300		10,655,450
SoftBank Group Corp.		114,800		4,984,277
Sugi Holdings Co., Ltd.		46,200		2,437,265
Suzuki Motor Corp.		98,100		4,094,886
Sysmex Corp.		95,000		6,468,070
				100,388,391
NETHERLANDS — 1.9%
ASML Holding NV		28,523		8,444,459
NEW ZEALAND — 1.1%
Xero Ltd. *		85,691		4,814,257
PORTUGAL — 1.6%
Jeronimo Martins SGPS SA		436,702		7,196,572

December 31, 2019
Baillie Gifford EAFE Plus All Cap Fund

	Shares		Value
SINGAPORE — 1.9%
United Overseas Bank Ltd.		422,473	$	8,308,621
SOUTH AFRICA — 1.2%
Naspers Ltd., N Shares		32,858		5,377,114
SPAIN — 2.2%
Industria de Diseno Textil SA		273,664		9,671,467
SWEDEN — 7.0%
Atlas Copco AB, A Shares		99,300		3,963,626
Atlas Copco AB, B Shares		177,748		6,171,596
Epiroc AB, A Shares		21,971		268,689
Epiroc AB, B Shares		390,316		4,638,793
Investor AB, B Shares		188,217		10,275,485
Nibe Industrier AB, B Shares		326,308		5,661,245
				30,979,434
SWITZERLAND — 4.2%
Compagnie Financiere Richemont SA		101,242		7,912,156
Schindler Holding AG, Participating Certificates		37,067		9,426,183
u-blox Holding AG *		11,459		1,157,977
				18,496,316
TAIWAN — 2.1%
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		160,323		9,314,766
UNITED KINGDOM — 16.2%
ASOS PLC *		84,433		3,783,699
Auto Trader Group PLC		1,175,134		9,280,271
Burberry Group PLC		167,367		4,886,415
Hargreaves Lansdown PLC		411,615		10,558,496
HomeServe PLC		342,953		5,742,080
Intertek Group PLC		89,019		6,897,964
John Wood Group PLC		622,077		3,299,337
Johnson Matthey PLC		147,500		5,864,844
Jupiter Fund Management PLC		597,420		3,244,474
Rightmove PLC		1,123,075		9,423,953
Trainline PLC *		982,198		6,652,291
Weir Group PLC (The)		146,464		2,929,297
				72,563,121

December 31, 2019
Baillie Gifford EAFE Plus All Cap Fund

	Shares		Value
UNITED STATES — 4.5%
Mettler-Toledo International, Inc. *		17,821	$	14,137,043
Spotify Technology SA *		38,146		5,704,734
				19,841,777
Total Common Stocks
(cost $316,162,804)				432,474,811
PREFERRED STOCKS — 1.5%
GERMANY — 1.5%
Sartorius AG 0.32% (cost $4,012,980)		31,197		6,668,763
TOTAL INVESTMENTS — 98.1%
(cost $320,175,784)			$	439,143,574
Other assets less liabilities — 1.9%				8,491,356
NET ASSETS — 100.0%			$	447,634,930

* _{Non-income producing security.}

ADR — American Depositary Receipt

GDR — Global Depositary Receipt

Fair Value Measurement

The following is a summary of the inputs used as of December 31, 2019 in valuing the Fund's investments carried at fair value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks **	$	74,984,634	$	357,490,177	$	—	$	432,474,811
Preferred Stocks **		—		6,668,763		—		6,668,763
Total	$	74,984,634	$	364,158,940	$	—	$	439,143,574

** Refer to Portfolio of Investments for further detail.

December 31, 2019
Baillie Gifford EAFE Plus All Cap Fund

ASSETS
Investments, at value (cost $320,175,784)	$	439,143,574
Cash		8,210,919
Tax reclaims receivable		674,100
Dividends receivable		282,233
Receivable for investments sold		8,414
Prepaid assets		23,490
Total Assets		448,342,730
LIABILITIES
Advisory fee payable		360,638
Servicing fee payable		125,078
Administration & Supervisory fee payable		50,089
Capital shares purchased payable		36,636
Payable for investment purchased		10,826
Trustee fee payable		3,737
Commitment fee payable		971
Accrued expenses		119,825
Total Liabilities		707,800
NET ASSETS	$	447,634,930
COMPOSITION OF NET ASSETS
Paid-in capital	$	331,245,628
Total distributable earnings		116,389,302
	$	447,634,930
NET ASSET VALUE, PER SHARE
Class 2 ($309,334,898 / 18,516,183 shares outstanding), unlimited authorized, no par value	$	16.71
Class K ($114,921,941 / 6,897,108 shares outstanding), unlimited authorized, no par value	$	16.66
Institutional Class ($23,378,091 / 1,405,659 shares outstanding), unlimited authorized, no par value	$	16.63

For the Year Ended December 31, 2019
Baillie Gifford EAFE Plus All Cap Fund

INVESTMENT INCOME
Dividends (net of foreign withholding taxes of $679,652)	$	6,162,207
Non-cash income		2,854,953
Interest		33,560
Total Investment Income		9,050,720
EXPENSES
Advisory fee (Note B)		1,316,593
Shareholder Servicing fees — Class 2 shares (Note B)		465,615
Administration & Supervisory fee — Class K shares (Note B)		144,741
Administration & Supervisory fee — Institutional Class shares (Note B)		29,132
Transfer agency		55,637
Sub-transfer agency — Institutional Class shares		16,748
Fund accounting		166,151
Legal		71,012
Custody		58,524
Professional fees		53,852
Registration fees		41,712
Trustees' fees		15,338
Miscellaneous		17,960
Total Expenses		2,453,015
Net Investment Income		6,597,705
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) from:
Investments		8,559,309
Foreign currency transactions		(28,470	)
		8,530,839
Net change in unrealized appreciation on:
Investments		87,028,332
Translation of net assets and liabilities denominated in foreign currencies		1,419
		87,029,751
Net realized and unrealized gain		95,560,590
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	102,158,295

Baillie Gifford EAFE Plus All Cap Fund

	For the Year Ended December 31, 2019			For the Year Ended December 31, 2018
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	6,597,705		$	2,951,074
Net realized gain		8,530,839			4,489,513
Net change in unrealized appreciation (depreciation)		87,029,751			(55,320,823	)
Net increase (decrease) in net assets from operations		102,158,295			(47,880,236	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings
Class 2		(11,089,493	)		(5,515,340	)
Class K		(4,158,396	)		(1,650,610	)
Institutional Class		(833,239	)		(266,670	)
Total Distributions to Shareholders		(16,081,128	)		(7,432,620	)
TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
Net proceeds from shares subscribed:
Class 2		2,723,300			34,104,348	*
Class 3		—			405,000
Class K		27,900,000			67,194,504
Institutional Class		9,046,949			12,355,055
Dividends reinvested:
Class 2		11,089,493			5,515,340
Class K		4,146,582			1,650,610
Institutional Class		828,614			263,403
Cost of shares redeemed:
Class 2		(528,300	)		(37,450,000	)
Class 3		—			(27,282,248	)*
Class K		(1,375,000	)		(500,000	)
Institutional Class		(805,468	)		(38,023	)
Increase in Net Assets from Transactions in Shares of Beneficial Interest		53,026,170			56,217,989
Total Increase in Net Assets		139,103,337			905,133
NET ASSETS
Beginning of year		308,531,593			307,626,460
End of year	$	447,634,930		$	308,531,593

* See Note D for details of share class conversions

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

	For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			For the Year Ended December 31, 2017			For the Year Ended December 31, 2016			For the Year Ended December 31, 2015
Net asset value, beginning of year	$	13.15		$	16.11		$	12.46		$	12.55		$	12.43
From Investment Operations
Net investment income^(a)		0.27			0.17			0.16			0.19			0.17
Net realized and unrealized gain (loss) on investments and foreign currency		3.91			(2.81	)		3.74			(0.13	)		0.09	^(b)
Net increase (decrease) in net asset value from investment operations		4.18			(2.64	)		3.90			0.06			0.26
Dividends and Distributions to Shareholders
From net investment income		(0.33	)		(0.09	)		(0.25	)		(0.16	)		(0.15	)
From net realized gain on investments		(0.29	)		(0.23	)		—			—			—
Total Dividends and Distributions		(0.62	)		(0.32	)		(0.25	)		(0.16	)		(0.15	)
Proceeds from Purchase Fees and Redemption Fees^(a)		—			—			0.00	^(c)		0.01			0.01
Net asset value, end of year	$	16.71		$	13.15		$	16.11		$	12.46		$	12.55
Total Return
Total return based on net asset value^(d)		31.73	%		(16.39	)%		31.28	%		0.59	%		2.16	%
Ratios/Supplemental Data
Net assets, end of each year (000's omitted)	$	309,335		$	232,937		$	280,488		$	272,338		$	229,032
Ratio of net expenses to average net assets		0.65	%		0.68	%		0.67	%		0.65	%		0.65	%
Ratio of net investment income to average net assets		1.76	%		1.06	%		1.06	%		1.46	%		1.29	%
Portfolio turnover rate^(e)		11	%		26	%		12	%		23	%		16	%

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

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

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

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

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

* Annualized.

^(a) Commencement of investment operations.

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

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

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

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

* Annualized.

^(a) Commencement of investment operations.

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

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

December 31, 2019
Baillie Gifford Emerging Markets Equities Fund

	Value		% of Total Net Assets
Apparel	$	41,117,233		1.1	%
Auto Manufacturers		107,583,440		2.8
Auto Parts & Equipment		16,857,373		0.4
Banks		693,226,959		18.3
Biotechnology		34,174,091		0.9
Building Materials		49,119,223		1.2
Chemicals		30,135,340		0.8
Commercial Services		16,988,866		0.5
Computers		55,109,333		1.5
Diversified Financial Services		156,683,534		4.1
Electronics		20,103,948		0.5
Food		37,730,885		1.0
Gas		23,144,759		0.6
Holding Companies — Diversified		16,371,378		0.4
Home Furnishings		23,483,474		0.6
Insurance		247,139,394		6.5
Internet		607,155,614		16.1
Iron/Steel		109,406,880		2.9
Machinery — Construction & Mining		19,057,607		0.5
Mining		187,785,774		5.0
Oil & Gas		463,765,302		12.3
Pharmaceuticals		16,403,181		0.4
Real Estate		50,525,977		1.3
Retail		22,042,891		0.6
Semiconductors		609,595,001		16.1
Software		55,132,879		1.5
Total Value of Investments		3,709,840,336		97.9
Other assets less liabilities		77,792,041		2.1
Net Assets	$	3,787,632,377		100.0	%

December 31, 2019
Baillie Gifford Emerging Markets Equities Fund

	Shares		Value
COMMON STOCKS — 94.9%
ARGENTINA — 1.2%
Banco Macro SA ADR		241,814	$	8,765,758
MercadoLibre, Inc. *		65,850		37,662,249
				46,428,007
BRAZIL — 8.8%
B3 SA — Brasil Bolsa Balcao		3,558,100		38,007,198
Banco Bradesco SA ADR		8,248,636		73,825,292
Cogna Educacao		5,979,100		16,988,867
Petroleo Brasileiro SA ADR *		6,032,688		96,161,047
Vale SA ADR		8,288,400		109,406,880
				334,389,284
CANADA — 0.1%
Valeura Energy, Inc. *		4,672,400		2,302,827
CHILE — 0.7%
Lundin Mining Corp.		4,396,100		26,270,637
CHINA — 28.9%
Alibaba Group Holding Ltd. ADR *		1,176,209		249,473,929
BeiGene Ltd. ADR *		91,076		15,096,758
Brilliance China Automotive Holdings Ltd.		28,070,000		29,132,628
China Merchants Bank Co., Ltd., Class H		20,110,500		103,390,671
China Vanke Co., Ltd., Class H		11,843,600		50,525,977
CNOOC Ltd.		68,894,000		114,559,052
Geely Automobile Holdings Ltd.		9,115,000		17,846,334
Jiangsu Hengrui Medicine Co., Ltd., Class A		1,303,834		16,403,181
Kingsoft Corp. Ltd. *		7,271,000		18,856,743
Minth Group Ltd.		4,774,000		16,857,373
Ping An Bank Co., Ltd., Class A		14,370,236		34,001,084
Ping An Insurance Group Co. of China Ltd., Class H		14,758,500		174,644,234
Shenzhou International Group Holdings Ltd.		1,903,000		27,812,490
Tencent Holdings Ltd.		4,031,300		194,212,544
Tencent Music Entertainment Group ADR *		1,108,365		13,012,205
Zai Lab Ltd. ADR *		458,700		19,077,333
				1,094,902,536

December 31, 2019
Baillie Gifford Emerging Markets Equities Fund

	Shares		Value
HONG KONG — 0.6%
Haier Electronics Group Co., Ltd.		7,516,300	$	23,483,474
INDIA — 13.7%
Ambuja Cements Ltd.		3,999,041		10,997,298
Asian Paints Ltd.		531,898		13,304,020
HDFC Life Insurance Co., Ltd.		2,080,743		18,257,424
Housing Development Finance Corp., Ltd.		3,509,841		118,676,336
ICICI Lombard General Insurance Co., Ltd.		1,062,573		20,644,640
ICICI Prudential Life Insurance Co., Ltd.		2,648,334		17,900,278
Indraprastha Gas Ltd.		3,857,075		23,144,759
Mahindra & Mahindra Ltd.		4,204,981		31,333,564
Maruti Suzuki India Ltd.		283,492		29,270,914
Reliance Industries Ltd.		6,051,951		128,374,678
Tata Consultancy Services Ltd.		1,819,680		55,109,333
Tech Mahindra Ltd.		3,396,725		36,276,136
UltraTech Cement Ltd.		305,914		17,346,727
				520,636,107
INDONESIA — 1.8%
Bank Mandiri Persero Tbk PT		43,930,800		24,274,557
Bank Rakyat Indonesia Persero Tbk PT		142,305,400		45,043,350
				69,317,907
MEXICO — 2.4%
Alfa SAB de CV, Class A		19,766,400		16,371,378
Cemex SAB de CV, Participating Certificates ADR		5,496,084		20,775,197
Grupo Financiero Banorte SAB de CV, Class O		5,833,300		32,567,137
Wal-Mart de Mexico SAB de CV		7,678,260		22,042,891
				91,756,603
PERU — 0.7%
Credicorp Ltd.		117,423		25,026,364
POLAND — 0.4%
KGHM Polska Miedz SA *		599,207		15,115,003
PORTUGAL — 0.9%
Galp Energia, SGPS, SA		1,990,608		33,418,593

December 31, 2019
Baillie Gifford Emerging Markets Equities Fund

	Shares		Value
RUSSIA — 8.2%
Magnit PJSC GDR Reg S		1,689,686	$	20,369,165
MMC Norilsk Nickel PJSC ADR		4,787,251		146,400,134
Sberbank of Russia PJSC ADR		8,757,750		144,279,228
				311,048,527
SOUTH AFRICA — 3.4%
FirstRand Ltd.		8,487,584		38,083,659
Naspers Ltd., N Shares		560,579		91,737,080
				129,820,739
SOUTH KOREA — 8.4%
Doosan Bobcat, Inc. *		641,741		19,057,607
LG Chem Ltd. *		61,416		16,831,320
NAVER Corp. *		130,878		21,057,607
Orion Corp. *		190,368		17,361,720
Samsung Electronics Co., Ltd.		3,384,438		163,085,513
Samsung Fire & Marine Insurance Co., Ltd. *		74,644		15,692,817
SK Hynix, Inc.		774,995		63,036,354
				316,122,938
TAIWAN — 9.7%
Eclat Textile Co., Ltd.		988,360		13,304,744
Hon Hai Precision Industry Co., Ltd.		6,627,278		20,103,948
MediaTek, Inc.		6,483,000		96,059,165
Taiwan Semiconductor Manufacturing Co., Ltd.		21,358,310		236,390,139
				365,857,996
THAILAND — 2.6%
Kasikornbank PCL NVDR		7,791,100		39,221,580
Siam Commercial Bank PCL NVDR		14,978,500		60,909,429
				100,131,009
TURKEY — 0.6%
Turkiye Garanti Bankasi AS *		12,185,491		22,821,249
UNITED KINGDOM — 1.8%
Premier Oil PLC *		51,681,299		67,225,257
Total Common Stocks
(cost $2,814,263,208)				3,596,075,057

December 31, 2019
Baillie Gifford Emerging Markets Equities Fund

	Shares		Value
PREFERRED STOCKS — 3.0%
BRAZIL — 1.7%
Banco Bradesco SA 5.35%		4,561,833	$	41,017,600
Petroleo Brasileiro SA ADR 5.35%		1,456,022		21,723,848
				62,741,448
SOUTH KOREA — 1.3%
Samsung Electronics Co., Ltd. 2.33%		1,303,229		51,023,831
Total Preferred Stocks
(cost $73,919,067)				113,765,279
TOTAL INVESTMENTS — 97.9%
(cost $2,888,182,275)			$	3,709,840,336
Other assets less liabilities — 2.1%				77,792,041
NET ASSETS — 100.0%			$	3,787,632,377

* 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 December 31, 2019, the net value of these securities was $20,369,165 representing 0.5% of net assets.

Fair Value Measurement

The following is a summary of the inputs used as of December 31, 2019 in valuing the Fund's investments carried at fair value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks **	$	1,040,358,756	$	2,555,716,301	$	—	$	3,596,075,057
Preferred Stocks **		62,741,448		51,023,831		—		113,765,279
Total	$	1,103,100,204	$	2,606,740,132	$	—	$	3,709,840,336

** Refer to Portfolio of Investments for further detail.

December 31, 2019
Baillie Gifford Emerging Markets Equities Fund

ASSETS
Investments, at value (cost $2,888,182,275)	$	3,709,840,336
Cash		66,490,135
Capital shares sold receivable		16,563,524
Dividends receivable		12,817,912
Receivable for Indian capital gains tax refunds (Note A)		268,502
Tax reclaims receivable		206,929
Prepaid assets		63,606
Total Assets		3,806,250,944
LIABILITIES
Advisory fee payable		4,523,392
Deferred Indian capital gains tax liability (Note A)		11,408,772
Capital shares purchased payable		807,416
Administration & Supervisory fee payable		721,878
Servicing fee payable		191,591
Trustee fee payable		30,351
Commitment fee payable		13,941
Accrued expenses		921,226
Total Liabilities		18,618,567
NET ASSETS	$	3,787,632,377
COMPOSITION OF NET ASSETS
Paid-in capital	$	3,008,321,680
Total distributable earnings		779,310,697
	$	3,787,632,377
NET ASSET VALUE, PER SHARE
Class 2 ($118,855,897 / 5,474,111 shares outstanding), unlimited authorized, no par value	$	21.71
Class 3 ($344,702,033 / 15,735,314 shares outstanding), unlimited authorized, no par value	$	21.91
Class 5 ($1,331,946,417 / 59,190,747 shares outstanding), unlimited authorized, no par value	$	22.50
Class K ($1,328,534,881 / 61,392,935 shares outstanding), unlimited authorized, no par value	$	21.64
Institutional Class ($663,593,149 / 30,670,450 shares outstanding), unlimited authorized, no par value	$	21.64

For the Year Ended December 31, 2019
Baillie Gifford Emerging Markets Equities Fund

INVESTMENT INCOME
Dividends (net of foreign withholding taxes of $10,521,890)	$	80,751,187
Non-cash income		44,605,517
Interest		375,327
Total Investment Income		125,732,031
EXPENSES
Advisory fee (Note B)		15,647,516
Shareholder Servicing fees — Class 2 shares (Note B)		186,152
Shareholder Servicing fees — Class 3 shares (Note B)		304,865
Shareholder Servicing fees — Class 5 shares (Note B)		241,273
Administration & Supervisory fee — Class K shares (Note B)		1,289,564
Administration & Supervisory fee — Institutional Class shares (Note B)		904,368
Transfer agency		119,601
Sub-transfer agency — Institutional Class shares		452,668
Fund accounting		1,172,369
Custody		1,014,832
Legal		535,007
Registration fees		335,075
Trustees' fees		118,482
Professional fees		30,050
Miscellaneous		131,275
Total Expenses		22,483,097
Net Investment Income		103,248,934
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) from:
Investments (net of Indian capital gains tax benefit of $225,087)		14,740,537
Foreign currency transactions		(819,714	)
		13,920,823
Net change in unrealized appreciation on:
Investments (net of deferred Indian capital gains tax liability of $10,692,971) (Note A)		603,115,782
Translation of net assets and liabilities denominated in foreign currencies		3,091
		603,118,873
Net realized and unrealized gain		617,039,696
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	720,288,630

Baillie Gifford Emerging Markets Equities Fund

	For the Year Ended December 31, 2019			For the Year Ended December 31, 2018
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	103,248,934		$	26,005,585
Net realized gain		13,920,823			82,003,727
Net change in unrealized appreciation (depreciation)		603,118,873			(410,495,257	)
Net increase (decrease) in net assets from operations		720,288,630			(302,485,945	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings
Class 2		(4,430,516	)		(15,711,644	)
Class 3		(12,961,322	)		(15,383,533	)
Class 5		(49,677,405	)		(96,382,507	)
Class K		(50,357,207	)		(45,808,096	)
Institutional Class		(24,586,085	)		(14,890,937	)
Total Distributions to Shareholders		(142,012,535	)		(188,176,717	)
TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
Net proceeds from shares subscribed:
Class 2		7,306,000			44,256,131	*
Class 3		106,960,476	*		—
Class 5		7,000,000			38,000,000
Class K		797,388,161	*		506,095,758
Institutional Class		498,938,452			289,603,933
Dividends reinvested:
Class 2		4,430,516			15,711,644
Class 3		12,961,322			15,383,534
Class 5		49,677,405			96,382,507
Class K		40,228,644			43,485,061
Institutional Class		24,574,424			14,875,218
Cost of shares redeemed:
Class 2		(109,960,476	)*		(25,068,932	)
Class 5		(34,320,000	)		(25,368,631	)*
Class K		(158,716,823	)		(29,860,792	)
Institutional Class		(213,958,164	)*		(21,776,659	)
Increase in Net Assets from Transactions in Shares of Beneficial Interest		1,032,509,937			961,718,772
Total Increase in Net Assets		1,610,786,032			471,056,110
NET ASSETS
Beginning of year		2,176,846,345			1,705,790,235
End of year	$	3,787,632,377		$	2,176,846,345

* See Note D for details of share class conversions.

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

	For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			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
Net asset value, beginning of period	$	17.62		$	22.82		$	15.20		$	14.88		$	17.24		$	16.64		$	16.52
From Investment Operations
Net investment income^(b)		0.63			0.28			0.16			0.07			0.13			0.01			(0.00	)^(c)
Net realized and unrealized gain (loss) on investments and foreign currency		4.30			(3.70	)		7.89			0.38			(2.38	)		1.18			(0.41	)
Net increase (decrease) in net asset value from investment operations		4.93			(3.42	)		8.05			0.45			(2.25	)		1.19			(0.41	)
Dividends and Distributions to Shareholders
From net investment income		(0.65	)		(0.23	)		(0.25	)		(0.14	)		(0.17	)		—			—
From net realized gain on investments		(0.19	)		(1.55	)		(0.18	)		—			(0.00	)^(c)		—			—
Total Dividends and Distributions		(0.84	)		(1.78	)		(0.43	)		(0.14	)		(0.17	)		—			—
Proceeds from Purchase Fees and Redemption Fees^(b)		—			—			(0.00)^(c)			0.01			0.06			0.02			—
Net asset value, end of period	$	21.71		$	17.62		$	22.82		$	15.20		$	14.88		$	17.85		$	16.11
Total Return
Total return based on net asset value^(d)		28.00	%		(14.92	)%		53.02	%		3.10	%		(12.68	)%		7.27	%		(2.48	)%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	118,856		$	191,177		$	203,830		$	121,739		$	69,091		$	9,994		$	49,767
Ratio of net expenses to average net assets		0.83	%		0.84	%		0.85	%		0.87	%		0.87	%*		0.90	%*		0.92	%*
Ratio of net investment income to average net assets		3.29	%^(e)		1.31	%		0.82	%		0.52	%		0.95	%*		0.46	%*		(0.90	)%*
Portfolio turnover rate^(f)		15	%		22	%		33	%		24	%		46	%		26	%		26	%

* 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) Calculated based upon average shares outstanding during the period.

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

^(e) Large increase due to non-cash income.

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

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

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

* Annualized.

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

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

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

^(e) Large increase due to non-cash income.

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

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

	For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			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 year	$	18.23		$	23.55		$	15.67		$	15.33		$	16.93
From Investment Operations
Net investment income^(a)		0.72			0.31			0.19			0.13			0.14
Net realized and unrealized gain (loss) on investments and foreign currency		4.42			(3.81	)		8.15			0.35			(1.60	)
Net increase (decrease) in net asset value from investment operations		5.14			(3.50	)		8.34			0.48			(1.46	)
Dividends and Distributions to Shareholders
From net investment income		(0.68	)		(0.27	)		(0.28	)		(0.15	)		(0.19	)
From net realized gain on investments		(0.19	)		(1.55	)		(0.18	)		—			(0.00	)^(b)
Total Dividends and Distributions		(0.87	)		(1.82	)		(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 year	$	22.50		$	18.23		$	23.55		$	15.67		$	15.33
Total Return
Total return based on net asset value^(c)		28.19	%		(14.80	)%		53.25	%		3.24	%		(8.24	)%
Ratios/Supplemental Data
Net assets, end of year (000's omitted)	$	1,331,946		$	1,063,434		$	1,232,137		$	1,075,176		$	935,177
Ratio of net expenses to average net assets		0.68	%		0.69	%		0.70	%		0.71	%		0.71	%
Ratio of net investment income to average net assets		3.47	%^(d)		1.41	%		0.91	%		0.83	%		0.89	%
Portfolio turnover rate^(e)		15	%		22	%		33	%		24	%		46	%

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

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

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

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

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

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

* Annualized.

^(a) Commencement of investment operations.

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

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

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

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

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

* Annualized.

^(a) Commencement of investment operations.

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

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

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

December 31, 2019
Baillie Gifford Global Alpha Equities Fund

	Value		% of Total Net Assets
Advertising	$	5,436,676		0.6	%
Airlines		9,217,185		0.9
Auto Manufacturers		15,413,215		1.6
Banks		46,400,797		4.7
Beverages		17,098,751		1.8
Biotechnology		34,724,143		3.6
Building Materials		28,999,092		3.0
Chemicals		5,594,791		0.6
Commercial Services		62,445,820		6.4
Distribution/Wholesale		6,446,303		0.7
Diversified Financial Services		88,666,314		9.1
Electrical Components & Equipment		7,590,494		0.8
Electronics		9,817,739		1.0
Environmental Control		5,923,099		0.6
Food Service		3,757,586		0.4
Hand/Machine Tools		10,754,399		1.1
Healthcare — Products		60,446,851		6.2
Healthcare — Services		28,793,012		3.0
Holding Companies — Diversified		3,706,138		0.4
Home Furnishings		427,969		0
Insurance		109,063,197		11.2
Internet		192,609,793		19.8
Lodging		3,500,780		0.4
Machinery — Construction & Mining		5,680,333		0.6
Machinery — Diversified		24,045,978		2.5
Media		7,455,443		0.8
Mining		9,214,111		0.9
Miscellaneous Manufacturing		9,973,319		1.0
Oil & Gas		30,135,194		3.1
Oil & Gas Services		2,051,030		0.2
Real Estate		3,858,904		0.4
Retail		14,961,579		1.6
Semiconductors		33,881,198		3.5
Software		48,116,086		5.0
Transportation		12,129,972		1.2
Total Value of Investments		958,337,291		98.7
Other assets less liabilities		12,228,581		1.3
Net Assets	$	970,565,872		100.0	%

December 31, 2019
Baillie Gifford Global Alpha Equities Fund

	Shares		Value
COMMON STOCKS — 97.6%
AUSTRALIA — 1.4%
BHP Group PLC		393,193	$	9,214,111
Orica Ltd.		318,624		4,913,335
				14,127,446
BRAZIL — 0.8%
B3 SA — Brasil Bolsa Balcao		738,300		7,886,432
CANADA — 2.4%
Fairfax Financial Holdings Ltd.		17,455		8,196,074
Ritchie Bros. Auctioneers, Inc.		131,272		5,638,132
Shopify, Inc., Class A *		22,974		9,134,003
				22,968,209
CHINA — 8.9%
58.com, Inc. ADR *		88,719		5,742,781
Alibaba Group Holding Ltd. ADR *		148,227		31,438,947
Autohome, Inc. ADR *		60,906		4,873,089
Brilliance China Automotive Holdings Ltd.		5,794,000		6,013,340
Meituan Dianping, Class B *		473,000		6,180,291
Ping An Insurance Group Co. of China Ltd., Class H		1,255,000		14,851,002
Prosus NV *		133,423		9,985,634
Trip.com Group Ltd. ADR *		138,364		4,640,728
Tsingtao Brewery Co., Ltd., Class H		440,000		2,955,990
				86,681,802
DENMARK — 0.5%
Genmab A/S *		21,498		4,781,232
FRANCE — 2.6%
Adevinta ASA *		250,481		2,967,210
Bureau Veritas SA		307,736		8,044,849
Pernod Ricard SA		79,037		14,142,761
				25,154,820

December 31, 2019
Baillie Gifford Global Alpha Equities Fund

	Shares		Value
GERMANY — 2.6%
Deutsche Boerse AG		49,704	$	7,794,250
SAP SE		129,374		17,413,593
				25,207,843
HONG KONG — 2.5%
AIA Group Ltd.		2,009,600		21,136,905
Jardine Matheson Holdings Ltd.		66,600		3,706,138
				24,843,043
INDIA — 3.8%
Housing Development Finance Corp., Ltd.		403,202		13,633,249
ICICI Bank Ltd. ADR		856,094		12,918,459
Reliance Industries Ltd. GDR		240,137		10,217,829
				36,769,537
IRELAND — 3.0%
Bank of Ireland Group PLC		939,656		5,171,518
CRH PLC		374,131		15,089,519
Ryanair Holdings PLC ADR *		105,207		9,217,185
				29,478,222
JAPAN — 7.3%
Advantest Corp.		192,500		10,856,640
CyberAgent, Inc.		161,400		5,622,496
Hoshizaki Corp.		4,800		427,969
MS&AD Insurance Group Holdings, Inc.		349,100		11,523,336
Olympus Corp.		978,800		15,085,956
SMC Corp.		21,100		9,649,356
Sumitomo Mitsui Trust Holdings, Inc.		219,800		8,688,905
Sysmex Corp.		136,700		9,307,212
				71,161,870
MACAU — 0.4%
Sands China Ltd.		655,200		3,500,780
NETHERLANDS — 0.8%
Signify NV		242,516		7,590,494

December 31, 2019
Baillie Gifford Global Alpha Equities Fund

	Shares		Value
NORWAY — 0.8%
Schibsted ASA, Class A		224,374	$	6,788,539
Schibsted ASA, Class B		23,337		666,904
				7,455,443
RUSSIA — 1.2%
Mail.Ru Group Ltd. GDR Reg S *		127,433		2,841,756
Sberbank of Russia PJSC ADR		517,308		8,522,371
				11,364,127
SOUTH AFRICA — 2.2%
Naspers Ltd., N Shares		131,497		21,519,091
SWEDEN — 1.5%
Atlas Copco AB, B Shares		260,061		9,029,589
Epiroc AB, B Shares		477,953		5,680,333
				14,709,922
SWITZERLAND — 1.9%
Compagnie Financiere Richemont SA		93,542		7,310,394
Schindler Holding AG, Participating Certificates		42,290		10,754,399
				18,064,793
TAIWAN — 1.5%
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		249,147		14,475,441
UNITED KINGDOM — 4.3%
Hays PLC		1,693,836		4,074,504
Just Eat PLC *		425,967		4,712,863
M&G PLC *		1,491,255		4,685,481
Prudential PLC		1,458,489		27,945,759
				41,418,607
UNITED STATES — 47.2%
ABIOMED, Inc. *		24,848		4,238,820
Albemarle Corp.		76,599		5,594,791
Alnylam Pharmaceuticals, Inc. *		85,145		9,806,150
Alphabet, Inc., Class C *		18,541		24,789,688
Amazon.com, Inc. *		16,031		29,622,723
Anthem, Inc.		77,651		23,452,932

December 31, 2019
Baillie Gifford Global Alpha Equities Fund

	Shares		Value
Apache Corp.		323,888	$	8,288,294
Arthur J Gallagher & Co.		122,229		11,639,868
Axon Enterprise, Inc. *		69,050		5,059,984
Broadridge Financial Solutions, Inc.		67,400		8,326,596
Chegg, Inc. *		95,719		3,628,707
Chipotle Mexican Grill, Inc. *		9,140		7,651,185
EOG Resources, Inc.		138,838		11,629,071
Facebook, Inc., Class A *		64,104		13,157,346
GrubHub, Inc. *		77,253		3,757,586
Howard Hughes Corp. (The) *		30,433		3,858,904
Illumina, Inc. *		21,047		6,982,132
Interactive Brokers Group, Inc., Class A		79,044		3,685,031
Jefferies Financial Group, Inc.		257,421		5,501,087
Kirby Corp. *		135,485		12,129,972
LendingTree, Inc. *		15,185		4,607,736
Markel Corp. *		7,947		9,084,772
MarketAxess Holdings, Inc.		17,134		6,495,671
Martin Marietta Materials, Inc.		49,741		13,909,573
Mastercard, Inc., Class A		78,892		23,556,362
Microsoft Corp.		123,869		19,534,141
Moody's Corp.		105,702		25,094,712
Myriad Genetics, Inc. *		168,188		4,579,759
Netflix, Inc. *		17,288		5,593,878
Novocure Ltd. *		66,540		5,607,326
NOW, Inc. *		182,476		2,051,030
ResMed, Inc.		83,694		12,970,059
Seattle Genetics, Inc. *		75,047		8,574,870
Service Corp. International		205,719		9,469,246
SiteOne Landscape Supply, Inc. *		71,112		6,446,303
Spotify Technology SA *		25,095		3,752,957
Stericycle, Inc. *		92,824		5,923,100
TD Ameritrade Holding Corp.		130,967		6,509,060
Teladoc Health, Inc. *		63,785		5,340,080
Teradyne, Inc.		125,372		8,549,117
Tesla, Inc. *		22,470		9,399,875
Thermo Fisher Scientific, Inc.		40,747		13,237,478
Trade Desk, Inc. (The), Class A *		20,928		5,436,676
Visa, Inc., Class A		82,454		15,493,107
Waters Corp. *		42,019		9,817,739

December 31, 2019
Baillie Gifford Global Alpha Equities Fund

	Shares		Value
Westinghouse Air Brake Technologies Corp.		68,985	$	5,367,033
Zillow Group, Inc., Class C *		193,210		8,876,067
				458,078,594
Total Common Stocks
(cost $614,812,316)				947,237,748
PREFERRED STOCKS — 1.1%
BRAZIL — 1.1%
Banco Bradesco SA 5.35% (cost $8,119,344)		1,234,452		11,099,543
TOTAL INVESTMENTS — 98.7%
(cost $622,931,660)			$	958,337,291
Other assets less liabilities — 1.3%				12,228,581
NET ASSETS — 100.0%			$	970,565,872

* Non-income producing security.

ADR — American Depositary Receipt

GDR — Global Depositary Receipt

Reg S — Reg S under the 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 December 31, 2019, the net value of these securities was $2,841,756 representing 0.3% of net assets.

December 31, 2019
Baillie Gifford Global Alpha Equities Fund

ASSETS
Investments, at value (cost $622,931,660)	$	958,337,291
Cash		12,945,942
Tax reclaims receivable		731,375
Dividends receivable		155,085
Receivable for Indian capital gains tax refunds (Note A)		76,898
Receivable for investments sold		61,509
Prepaid assets		23,306
Total Assets		972,331,406
LIABILITIES
Advisory fee payable		927,422
Deferred Indian capital gains tax liability (Note A)		333,788
Servicing fee payable		230,759
Administration & Supervisory fee payable		32,483
Trustee fee payable		8,499
Commitment fee payable		655
Accrued expenses		231,928
Total Liabilities		1,765,534
NET ASSETS	$	970,565,872
COMPOSITION OF NET ASSETS
Paid-in capital	$	637,145,092
Total distributable earnings		333,420,780
	$	970,565,872
NET ASSET VALUE, PER SHARE
Class 2 ($173,625,221 / 10,546,001 shares outstanding), unlimited authorized, no par value	$	16.46
Class 3 ($568,608,110 / 33,647,562 shares outstanding), unlimited authorized, no par value	$	16.90
Class 4 ($147,091,574 / 8,481,311 shares outstanding), unlimited authorized, no par value	$	17.34
Class K ($81,233,880 / 4,945,983 shares outstanding), unlimited authorized, no par value	$	16.42
Institutional Class ($7,087 / 431 shares outstanding), unlimited authorized, no par value	$	16.45	*

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

For the Year Ended December 31, 2019
Baillie Gifford Global Alpha Equities Fund

INVESTMENT INCOME
Dividends (net of foreign withholding taxes of $883,555)	$	11,990,515
Non-cash income		15,410,010
Interest		75,465
Total Investment Income		27,475,990
EXPENSES
Advisory fee (Note B)		3,457,803
Shareholder Servicing fees — Class 2 shares (Note B)		259,672
Shareholder Servicing fees — Class 3 shares (Note B)		526,793
Shareholder Servicing fees — Class 4 shares (Note B)		91,489
Administration & Supervisory fee — Class K shares (Note B)		92,148
Administration & Supervisory fee — Institutional Class shares (Note B)		11
Transfer agency		83,650
Fund accounting		360,969
Legal		159,907
Custody		92,315
Professional fees		52,456
Registration fees		36,236
Trustees' fees		34,427
Miscellaneous		26,286
Total Expenses		5,274,162
Net Investment Income		22,201,828
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) from:
Investments (net of Indian capital gains tax benefit of $74,663)		29,408,046
Foreign currency transactions		34,282
		29,442,328
Net change in unrealized appreciation on:
Investments (net of deferred Indian capital gains tax liability of $398,259) (Note A)		188,561,915
Translation of net assets and liabilities denominated in foreign currencies		2,268
		188,564,183
Net realized and unrealized gain		218,006,511
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	240,208,339

Baillie Gifford Global Alpha Equities Fund

	For the Year Ended December 31, 2019			For the Year Ended December 31, 2018
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	22,201,828		$	5,902,448
Net realized gain		29,442,328			148,486,032
Net change in unrealized appreciation (depreciation)		188,564,183			(210,354,776	)
Net increase (decrease) in net assets from operations		240,208,339			(55,966,296	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings
Class 2		(9,449,544	)		(29,638,221	)
Class 3		(30,477,830	)		(101,000,978	)
Class 4		(7,732,134	)		(24,453,077	)
Class K		(4,458,584	)		(9,635,592	)
Institutional Class		(386	)		(1,223	)
Total Distributions to Shareholders		(52,118,478	)		(164,729,091	)
TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
Net proceeds from shares subscribed:
Class 2		5,506,000			3,007,500
Class 3		8,000,000			7,500,000
Class K		34,752,614			6,673,503
Dividends reinvested:
Class 2		9,449,544			29,638,221
Class 3		30,477,830			101,000,978
Class 4		7,732,135			24,453,077
Class K		4,458,584			8,951,758
Institutional Class		386			1,223
Cost of shares redeemed:
Class 2		(4,000,000	)		(14,500,000	)
Class 3		(33,788,000	)		(79,500,000	)
Class 4		—			(261,700,383	)
Class K		(11,265,988	)		(16,990,416	)
Increase (Decrease) in Net Assets from Transactions in Shares of Beneficial Interest		51,323,105			(191,464,539	)
Total Increase (Decrease) in Net Assets		239,412,966			(412,159,926	)
NET ASSETS
Beginning of year		731,152,906			1,143,312,832
End of year	$	970,565,872		$	731,152,906

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

	For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			For the Year Ended December 31, 2017			For the Year Ended December 31, 2016			For the Year Ended December 31, 2015
Net asset value, beginning of year	$	13.13		$	18.85		$	14.52		$	13.96		$	14.00
From Investment Operations
Net investment income^(a)		0.39			0.11			0.10			0.10			0.12
Net realized and unrealized gain (loss) on investments and foreign currency		3.89			(1.93	)		4.91			0.59			0.11	^(b)
Net increase (decrease) in net asset value from investment operations		4.28			(1.82	)		5.01			0.69			0.23
Dividends and Distributions to Shareholders
From net investment income		(0.57	)		(0.13	)		(0.11	)		(0.08	)		(0.11	)
From net realized gain on investments		(0.38	)		(3.77	)		(0.57	)		(0.05	)		(0.17	)
Total Dividends and Distributions		(0.95	)		(3.90	)		(0.68	)		(0.13	)		(0.28	)
Proceeds from Purchase Fees and Redemption Fees^(a)		—			—			0.00	^(c)		0.00	^(c)		0.01
Net asset value, end of year	$	16.46		$	13.13		$	18.85		$	14.52		$	13.96
Total Return
Total return based on net asset value^(d)		32.56	%		(9.44	)%		34.56	%		4.95	%		1.75	%
Ratios/Supplemental Data
Net assets, end of each year (000's omitted)	$	173,625		$	129,690		$	154,523		$	225,095		$	210,890
Ratio of net expenses to average net assets		0.67	%		0.68	%		0.67	%		0.67	%		0.66	%
Ratio of net investment income to average net assets		2.52	%^(e)		0.59	%		0.59	%		0.69	%		0.83	%
Portfolio turnover rate^(f)		17	%		18	%		27	%		20	%		16	%

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

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

^(e) Large increase due to non-cash income.

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

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

	For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			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 year	$	13.46		$	19.22		$	14.79		$	14.23		$	14.26
From Investment Operations
Net investment income^(a)		0.41			0.13			0.10			0.10			0.13
Net realized and unrealized gain (loss) on investments and foreign currency		3.99			(1.97	)		5.04			0.61			0.12	^(b)
Net increase (decrease) in net asset value from investment operations		4.40			(1.84	)		5.14			0.71			0.25
Dividends and Distributions to Shareholders
From net investment income		(0.58	)		(0.15	)		(0.14	)		(0.10	)		(0.12	)
From net realized gain on investments		(0.38	)		(3.77	)		(0.57	)		(0.05	)		(0.17	)
Total Dividends and Distributions		(0.96	)		(3.92	)		(0.71	)		(0.15	)		(0.29	)
Proceeds from Purchase Fees and Redemption Fees^(a)		—			—			0.00	^(c)		0.00	^(c)		0.01
Net asset value, end of year	$	16.90		$	13.46		$	19.22		$	14.79		$	14.23
Total Return
Total return based on net asset value^(d)		32.65	%		(9.37	)%		34.65	%		5.02	%		1.84	%
Ratios/Supplemental Data
Net assets, end of each year (000's omitted)	$	568,608		$	449,177		$	564,714		$	593,513		$	500,983
Ratio of net expenses to average net assets		0.60	%		0.61	%		0.60	%		0.60	%		0.59	%
Ratio of net investment income to average net assets		2.61	%^(e)		0.67	%		0.60	%		0.75	%		0.85	%
Portfolio turnover rate^(f)		17	%		18	%		27	%		20	%		16	%

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

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

^(e) Large increase due to non-cash income.

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

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

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

* Annualized.

^(a) Commencement of investment operations.

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

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

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

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

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

* Annualized.

^(a) Commencement of investment operations.

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

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

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

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

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

* Annualized.

^(a) Commencement of investment operations.

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

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

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

December 31, 2019
Baillie Gifford Global Stewardship Equities Fund

	Value		% of Total Net Assets
Advertising	$	39,746		1.1	%
Apparel		75,741		2.1
Auto Manufacturers		79,064		2.2
Banks		168,864		4.7
Biotechnology		131,841		3.7
Building Materials		33,831		1.0
Chemicals		83,438		2.3
Commercial Services		231,179		6.5
Distribution/Wholesale		90,380		2.5
Diversified Financial Services		311,447		8.7
Electronics		86,842		2.5
Food Service		27,919		0.8
Hand/Machine Tools		70,259		1.9
Healthcare — Products		161,734		4.5
Home Furnishings		23,796		0.7
Insurance		213,585		6.0
Internet		926,571		26.0
Machinery — Diversified		177,007		5.0
Metal Fabricate/Hardware		32,175		0.9
Pharmaceuticals		55,704		1.6
Real Estate		38,158		1.1
Retail		127,746		3.5
Semiconductors		131,368		3.7
Software		66,853		1.9
Telecommunications		125,910		3.5
Toys/Games/Hobbies		16,866		0.5
Total Value of Investments		3,528,024		98.9
Other assets less liabilities		39,012		1.1
Net Assets	$	3,567,036		100.0	%

December 31, 2019
Baillie Gifford Global Stewardship Equities Fund

	Shares		Value
COMMON STOCKS — 98.9%
CANADA — 3.5%
Shopify, Inc., Class A *		315	$	125,238
CHINA — 6.4%
Alibaba Group Holding Ltd. ADR *		404		85,689
Baidu, Inc. ADR *		125		15,800
JD.com, Inc. ADR *		1,401		49,357
Tencent Holdings Ltd.		1,600		77,082
				227,928
DENMARK — 0.7%
Novozymes A/S, B Shares		517		25,300
FRANCE — 1.7%
Sartorius Stedim Biotech		374		62,080
GERMANY — 2.9%
adidas AG		233		75,741
Zalando SE *		593		29,905
				105,646
HONG KONG — 2.6%
AIA Group Ltd.		6,000		63,108
Hong Kong Exchanges & Clearing Ltd.		900		29,239
				92,347
IRELAND — 0.5%
COSMO Pharmaceuticals NV *		207		16,383
JAPAN — 11.3%
CyberAgent, Inc.		400		13,934
DMG Mori Seiki Co., Ltd.		1,700		26,010
FANUC Corp.		200		36,933
FANUC Corp. ADR		1,840		33,893
Gree, Inc.		6,400		28,917
Kubota Corp.		2,500		39,258
MISUMI Group, Inc.		1,300		32,175
Nintendo Co., Ltd. ADR		338		16,866

December 31, 2019
Baillie Gifford Global Stewardship Equities Fund

	Shares		Value
SoftBank Group Corp.		2,900	$	125,910
Sumitomo Mitsui Trust Holdings, Inc.		1,300		51,390
				405,286
NETHERLANDS — 1.6%
IMCD NV		664		58,138
SWEDEN — 3.6%
Atlas Copco AB, B Shares		1,085		37,672
Beijer Ref AB		997		29,251
Nibe Industrier AB, B Shares		1,950		33,831
Svenska Handelsbanken AB, A Shares		2,445		26,333
				127,087
SWITZERLAND — 2.0%
Compagnie Financiere Richemont SA		364		28,447
Schindler Holding AG, Participating Certificates		174		44,249
				72,696
TAIWAN — 3.1%
Hon Hai Precision Industry Co., Ltd. GDR Reg S		3,389		20,740
Taiwan Semiconductor Manufacturing Co., Ltd.		8,000		88,543
				109,283
UNITED KINGDOM — 6.0%
Hargreaves Lansdown PLC		1,800		46,173
Just Group PLC *		36,025		37,698
M&G PLC *		3,314		10,412
Prudential PLC		3,314		63,499
St James's Place PLC		3,811		58,746
				216,528
UNITED STATES — 53.0%
ABIOMED, Inc. *		240		40,942
Alphabet, Inc., Class A *		64		85,721
Amazon.com, Inc. *		96		177,393
CarMax, Inc. *		483		42,345
Chegg, Inc. *		2,138		81,052
Denali Therapeutics, Inc. *		1,217		21,200
Exact Sciences Corp. *		296		27,374

December 31, 2019
Baillie Gifford Global Stewardship Equities Fund

	Shares		Value
Facebook, Inc., Class A *		436	$	89,489
Fastenal Co.		1,193		44,081
First Republic Bank		776		91,141
Fortive Corp.		431		32,924
Glaukos Corp. *		387		21,080
GrubHub, Inc. *		574		27,919
Illumina, Inc. *		251		83,267
Interactive Brokers Group, Inc., Class A		1,004		46,807
iRobot Corp. *		470		23,796
LendingTree, Inc. *		246		74,646
Lyft, Inc., Class A *		509		21,897
Markel Corp. *		34		38,868
MarketAxess Holdings, Inc.		396		150,127
Mastercard, Inc., Class A		187		55,836
Netflix, Inc. *		292		94,482
NVIDIA Corp.		182		42,825
Pacira BioSciences, Inc. *		868		39,321
Redfin Corp. *		1,805		38,158
Spotify Technology SA *		312		46,660
STAAR Surgical Co. *		1,070		37,632
Tesla, Inc. *		189		79,064
TJX Cos, Inc. (The)		443		27,049
Trade Desk, Inc. (The), Class A *		153		39,746
Waters Corp. *		142		33,178
Watsco, Inc.		257		46,299
Wayfair, Inc., Class A *		485		43,829
Yext, Inc. *		1,102		15,891
Zoom Video Communications, Inc., Class A *		324		22,045
				1,884,084
TOTAL INVESTMENTS — 98.9%
(cost $3,031,504)			$	3,528,024
Other assets less liabilities — 1.1%				39,012
NET ASSETS — 100.0%			$	3,567,036

* Non-income producing security.

ADR — American Depositary Receipt

GDR — Global Depositary Receipt

December 31, 2019
Baillie Gifford Global Stewardship Equities Fund

ASSETS
Investments, at value (cost $3,031,504)	$	3,528,024
Cash		53,449
Due from Investment Advisor		27,363
Dividends receivable		1,262
Tax reclaims receivable		831
Prepaid assets		25,775
Total Assets		3,636,704
LIABILITIES
Advisory fee payable		2,792
Administration & Supervisory fee payable		1,438
Trustee fee payable		31
Commitment fee payable		29
Accrued expenses		65,378
Total Liabilities		69,668
NET ASSETS	$	3,567,036
COMPOSITION OF NET ASSETS
Paid-in capital	$	3,073,049
Total distributable earnings		493,987
	$	3,567,036
NET ASSET VALUE, PER SHARE
Class K ($1,783,518 / 153,535 shares outstanding), unlimited authorized, no par value	$	11.62
Institutional Class ($1,783,518 / 153,535 shares outstanding), unlimited authorized, no par value	$	11.62

For the Year Ended December 31, 2019
Baillie Gifford Global Stewardship Equities Fund

INVESTMENT INCOME
Dividends (net of foreign withholding taxes of $2,927)	$	29,061
Interest		164
Total Investment Income		29,225
EXPENSES
Advisory fee (Note B)		10,810
Administration & Supervisory fee — Class K shares (Note B)		2,785
Administration & Supervisory fee — Institutional Class shares (Note B)		2,785
Transfer agency		31,101
Fund accounting		94,078
Registration fees		34,633
Professional fees		28,011
Legal		4,517
Custody		2,721
Trustees' fees		130
Miscellaneous		4,622
Total Expenses		216,193
Fees waived		(194,899	)
Net Expenses		21,294
Net Investment Income		7,931
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) from:
Investments		61,242
Foreign currency transactions		(122	)
		61,120
Net change in unrealized appreciation on:
Investments		740,995
Translation of net assets and liabilities denominated in foreign currencies		30
		741,025
Net realized and unrealized gain		802,145
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	810,076

Baillie Gifford Global Stewardship Equities Fund

	For the Year Ended December 31, 2019			For the Year Ended December 31, 2018
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	7,931		$	8,060
Net realized gain (loss)		61,120			(3,854	)
Net change in unrealized appreciation (depreciation)		741,025			(292,449	)
Net increase (decrease) in net assets from operations		810,076			(288,243	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings
Class K		(21,386	)		(15,312	)
Institutional Class		(21,386	)		(15,312	)
Total Distributions to Shareholders		(42,772	)		(30,624	)
TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
Dividends reinvested:
Class K		21,386			15,312
Institutional Class		21,386			15,312
Increase in Net Assets from Transactions in Shares of Beneficial Interest		42,772			30,624
Total Increase (Decrease) in Net Assets		810,076			(288,243	)
NET ASSETS
Beginning of year		2,756,960			3,045,203
End of year	$	3,567,036		$	2,756,960

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

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

* Annualized.

^(a) Commencement of investment operations.

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

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

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

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

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

* Annualized.

^(a) Commencement of investment operations.

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

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

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

December 31, 2019
Baillie Gifford International Alpha Fund

	Value		% of Total Net Assets
Aerospace/Defense	$	33,690,622		1.3	%
Airlines		76,383,768		3.0
Apparel		56,096,217		2.2
Auto Parts & Equipment		35,799,134		1.4
Banks		117,141,593		4.6
Beverages		33,264,269		1.3
Biotechnology		35,839,851		1.4
Building Materials		76,243,311		3.0
Chemicals		77,815,537		3.0
Commercial Services		127,770,141		5.0
Cosmetics/Personal Care		31,821,231		1.2
Distribution/Wholesale		29,682,851		1.2
Diversified Financial Services		240,602,981		9.4
Electrical Components & Equipment		30,691,122		1.2
Electronics		37,328,355		1.5
Food		105,960,448		4.1
Healthcare — Products		25,462,515		1.0
Healthcare — Services		18,512,408		0.7
Home Furnishings		51,813,196		2.0
Insurance		173,692,197		6.8
Internet		376,798,756		14.7
Leisure Time		32,300,189		1.3
Machinery — Construction & Mining		29,220,417		1.1
Machinery — Diversified		154,014,900		6.0
Mining		64,005,449		2.5
Pharmaceuticals		25,959,001		1.0
Retail		57,584,520		2.2
Semiconductors		201,513,501		7.9
Software		108,929,560		4.3
Transportation		72,951,950		2.9
Total Value of Investments		2,538,889,990		99.2
Other assets less liabilities		20,942,383		0.8
Net Assets	$	2,559,832,373		100.0	%

December 31, 2019
Baillie Gifford International Alpha Fund

	Shares		Value
COMMON STOCKS — 98.9%
ARGENTINA — 2.7%
MercadoLibre, Inc. *		120,676	$	69,019,431
AUSTRALIA — 4.1%
Cochlear Ltd.		161,558		25,462,515
CSL Ltd.		184,854		35,839,851
Rio Tinto PLC		739,653		43,784,024
				105,086,390
BELGIUM — 0.9%
Umicore SA		490,637		23,910,810
BRAZIL — 1.3%
Cogna Educacao		4,964,000		14,104,587
Itau Unibanco Holding SA ADR		2,185,448		19,996,849
				34,101,436
CANADA — 4.1%
Constellation Software, Inc.		49,723		48,291,293
Fairfax Financial Holdings Ltd.		84,097		39,488,125
Ritchie Bros. Auctioneers, Inc.		418,098		17,957,309
				105,736,727
CHINA — 6.3%
Alibaba Group Holding Ltd. ADR *		257,085		54,527,728
Ping An Healthcare and Technology Co., Ltd. *		2,536,400		18,512,408
Ping An Insurance Group Co. of China Ltd., Class H		1,453,000		17,194,029
Prosus NV *		160,670		12,024,852
Tencent Holdings Ltd.		841,700		40,549,872
Tencent Music Entertainment Group ADR *		1,521,850		17,866,519
				160,675,408
DENMARK — 2.7%
DSV Panalpina A/S		345,988		39,876,248
Novozymes A/S, B Shares		621,867		30,431,283
				70,307,531
FINLAND — 1.6%
Kone Oyj, B Shares		646,958		42,303,376

December 31, 2019
Baillie Gifford International Alpha Fund

	Shares		Value
FRANCE — 4.1%
Danone SA		280,428	$	23,288,515
Edenred		992,528		51,437,476
Legrand SA		375,821		30,691,122
				105,417,113
GERMANY — 8.8%
Continental AG		108,747		14,053,466
Deutsche Boerse AG		380,033		59,594,244
MTU Aero Engines AG		118,243		33,690,622
SAP SE		450,511		60,638,267
Scout24 AG		859,087		56,848,800
				224,825,399
HONG KONG — 3.8%
AIA Group Ltd.		5,994,000		63,044,691
Hong Kong Exchanges & Clearing Ltd.		1,085,800		35,275,179
				98,319,870
INDIA — 2.1%
Housing Development Finance Corp., Ltd.		1,613,158		54,544,830
IRELAND — 4.8%
CRH PLC		873,565		35,232,781
Kingspan Group PLC		671,458		41,010,531
Ryanair Holdings PLC ADR *		522,519		45,777,889
				122,021,201
JAPAN — 11.0%
Denso Corp.		481,500		21,745,667
FANUC Corp.		122,400		22,602,986
Japan Exchange Group, Inc.		2,174,500		38,282,242
Nidec Corp.		273,300		37,328,355
Shimano, Inc.		199,100		32,300,189
SMC Corp.		92,000		42,073,019
Sony Corp.		469,100		31,850,819
Sumitomo Mitsui Trust Holdings, Inc.		632,900		25,019,144
Toyota Tsusho Corp.		845,000		29,682,851
				280,885,272

December 31, 2019
Baillie Gifford International Alpha Fund

	Shares		Value
NETHERLANDS — 4.1%
ASML Holding NV		108,584	$	32,147,151
Heineken Holding NV		342,250		33,264,268
IMCD NV		268,092		23,473,444
Takeaway.com NV *		185,050		17,105,423
				105,990,286
PANAMA — 1.2%
Copa Holdings SA, Class A		283,178		30,605,878
PERU — 1.0%
Credicorp Ltd.		117,462		25,034,676
RUSSIA — 1.3%
Magnit PJSC GDR Reg S		1,054,846		12,716,169
MMC Norilsk Nickel PJSC ADR		661,236		20,221,425
				32,937,594
SINGAPORE — 1.0%
United Overseas Bank Ltd.		1,259,472		24,769,573
SOUTH AFRICA — 1.9%
Discovery Ltd.		2,459,979		21,187,153
Naspers Ltd., N Shares		160,670		26,293,166
				47,480,319
SOUTH KOREA — 3.5%
NAVER Corp. *		144,951		23,321,881
Samsung Electronics Co., Ltd.		1,356,656		65,373,022
				88,694,903
SPAIN — 2.9%
Bankinter SA		3,038,890		22,321,351
Grifols SA		532,684		18,820,602
Industria de Diseno Textil SA		924,002		32,654,843
				73,796,796
SWEDEN — 3.0%
Atlas Copco AB, B Shares		1,354,669		47,035,519
Epiroc AB, B Shares		2,458,656		29,220,417
				76,255,936

December 31, 2019
Baillie Gifford International Alpha Fund

	Shares		Value
SWITZERLAND — 4.3%
Compagnie Financiere Richemont SA		318,994	$	24,929,677
Kuehne + Nagel International AG		196,101		33,075,701
Nestle SA		488,156		52,850,342
				110,855,720
TAIWAN — 4.1%
Taiwan Semiconductor Manufacturing Co., Ltd.		9,396,000		103,993,329
UNITED KINGDOM — 11.1%
ASOS PLC *		552,062		24,739,572
boohoo Group PLC *		7,840,560		30,938,920
Burberry Group PLC		861,675		25,157,298
Experian PLC		1,305,934		44,270,770
Hargreaves Lansdown PLC		1,297,681		33,287,319
Howden Joinery Group PLC		2,240,619		19,962,377
Just Eat PLC *		1,943,509		21,502,818
Prudential PLC		1,710,694		32,778,199
St James's Place PLC		1,272,745		19,619,167
Unilever NV		554,464		31,821,231
				284,077,671
UNITED STATES — 1.2%
Spotify Technology SA *		201,298		30,104,116
Total Common Stocks
(cost $1,650,166,360)				2,531,751,591
PREFERRED STOCKS — 0.3%
SPAIN — 0.3%
Grifols SA, B Shares 1.70% (cost $7,351,733)		305,482		7,138,399
TOTAL INVESTMENTS — 99.2%
(cost $1,657,518,093)			$	2,538,889,990
Other assets less liabilities — 0.8%				20,942,383
NET ASSETS — 100.0%			$	2,559,832,373

* Non-income producing security.

ADR — American Depositary Receipt

GDR — Global Depositary Receipt

December 31, 2019
Baillie Gifford International Alpha Fund

Fair Value Measurement

The following is a summary of the inputs used as of December 31, 2019 in valuing the Fund's investments carried at fair value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks **	$	588,934,704	$	1,942,816,887	$	—	$	2,531,751,591
Preferred Stocks **		—		7,138,399		—		7,138,399
Total	$	588,934,704	$	1,949,955,286	$	—	$	2,538,889,990

** Refer to Portfolio of Investments for further detail.

December 31, 2019
Baillie Gifford International Alpha Fund

ASSETS
Investments, at value (cost $1,657,518,093)	$	2,538,889,990
Cash		20,221,486
Tax reclaims receivable		3,169,239
Dividends receivable		1,853,653
Capital shares sold receivable		724,058
Prepaid assets		27,276
Total Assets		2,564,885,702
LIABILITIES
Advisory fee payable		2,095,115
Deferred Indian capital gains tax liability (Note A)		1,369,366
Servicing fee payable		471,981
Administration & Supervisory fee payable		278,547
Capital shares purchased payable		261,978
Trustee fee payable		22,408
Commitment fee payable		5,655
Accrued expenses		548,279
Total Liabilities		5,053,329
NET ASSETS	$	2,559,832,373
COMPOSITION OF NET ASSETS
Paid-in capital	$	1,700,518,120
Total distributable earnings		859,314,253
	$	2,559,832,373
NET ASSET VALUE, PER SHARE
Class 2 ($513,802,763 / 37,859,702 shares outstanding), unlimited authorized, no par value	$	13.57
Class 3 ($668,205,814 / 48,546,522 shares outstanding), unlimited authorized, no par value	$	13.76
Class 4 ($580,145,987 / 41,436,719 shares outstanding), unlimited authorized, no par value	$	14.00
Class 5 ($104,934,825 / 7,360,154 shares outstanding), unlimited authorized, no par value	$	14.26
Class K ($566,554,288 / 41,880,147 shares outstanding), unlimited authorized, no par value	$	13.53
Institutional Class ($126,188,696 / 9,294,905 shares outstanding), unlimited authorized, no par value	$	13.58

For the Year Ended December 31, 2019
Baillie Gifford International Alpha Fund

INVESTMENT INCOME
Dividends (net of foreign withholding taxes of $5,649,679)	$	44,859,519
Non-cash income		14,472,865
Interest		162,807
Total Investment Income		59,495,191
EXPENSES
Advisory fee (Note B)		7,600,559
Shareholder Servicing fees — Class 2 shares (Note B)		757,606
Shareholder Servicing fees — Class 3 shares (Note B)		683,357
Shareholder Servicing fees — Class 4 shares (Note B)		325,196
Shareholder Servicing fees — Class 5 shares (Note B)		18,604
Administration & Supervisory fee — Class K shares (Note B)		726,122
Administration & Supervisory fee — Institutional Class shares (Note B)		138,569
Transfer agency		124,157
Sub-transfer agency — Institutional Class shares		47,354
Fund accounting		892,478
Legal		407,757
Custody		345,177
Professional fees		100,295
Registration fees		89,334
Trustees' fees		88,608
Miscellaneous		70,530
Total Expenses		12,415,703
Net Investment Income		47,079,488
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) from:
Investments		44,542,196
Foreign currency transactions		(229,742	)
		44,312,454

Baillie Gifford International Alpha Fund

	For the Year Ended December 31, 2019			For the Year Ended December 31, 2018
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	47,079,488		$	31,236,442
Net realized gain		44,312,454			145,947,686
Net change in unrealized appreciation (depreciation)		513,538,512			(522,018,308	)
Net increase (decrease) in net assets from operations		604,930,454			(344,834,180	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings
Class 2		(24,482,634	)		(29,796,122	)
Class 3		(31,689,022	)		(54,378,247	)
Class 4		(27,316,172	)		(38,554,309	)
Class 5		(4,893,497	)		(6,892,085	)
Class K		(27,292,246	)		(24,926,464	)
Institutional Class		(6,083,997	)		(2,245,341	)
Total Distributions to Shareholders		(121,757,568	)		(156,792,568	)
TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
Net proceeds from shares subscribed:
Class 2		107,216,862	*		71,126,175	*
Class 3		202,113,924	*		13,500,000
Class 4		204,511,879	*		290,058,382	*
Class 5		—			33,700,000
Class K		197,754,517			245,988,676	*
Institutional Class		100,370,867	*		100,149,976
Dividends reinvested:
Class 2		24,482,634			29,796,122
Class 3		31,689,022			54,378,248
Class 4		27,316,172			38,554,309
Class 5		4,893,497			6,892,085
Class K		24,093,941			24,652,444
Institutional Class		6,083,367			2,245,341
Cost of shares redeemed:
Class 2		(44,700,000	)		(142,859,137	)
Class 3		(335,095,740	)*		(402,752,824	)*
Class 4		(198,213,924	)*		—
Class 5		—			(124,055,871	)
Class K		(36,825,366	)*		(14,813,373	)
Institutional Class		(33,820,482	)		(52,246,242	)*
Increase in Net Assets from Transactions in Shares of Beneficial Interest		281,871,170			174,314,311
Total Increase (Decrease) in Net Assets		765,044,056			(327,312,437	)
NET ASSETS
Beginning of year		1,794,788,317			2,122,100,754
End of year	$	2,559,832,373		$	1,794,788,317

* See Note D for details of share class conversions.

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

	For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			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 year	$	10.78		$	14.20		$	10.90		$	10.65		$	11.20
From Investment Operations
Net investment income^(a)		0.27			0.22			0.18			0.17			0.19
Net realized and unrealized gain (loss) on investments and foreign currency		3.20			(2.59	)		3.62			0.39			(0.40	)
Net increase (decrease) in net asset value from investment operations		3.47			(2.37	)		3.80			0.56			(0.21	)
Dividends and Distributions to Shareholders
From net investment income		(0.34	)		(0.17	)		(0.14	)		(0.15	)		(0.24	)
From net realized gain on investments		(0.34	)		(0.88	)		(0.36	)		(0.16	)		(0.11	)
Total Dividends and Distributions		(0.68	)		(1.05	)		(0.50	)		(0.31	)		(0.35	)
Proceeds from Purchase Fees and Redemption Fees^(a)		—			—			0.00	^(b)		0.00	^(b)		0.01
Net asset value, end of year	$	13.57		$	10.78		$	14.20		$	10.90		$	10.65
Total Return
Total return based on net asset value^(c)		32.14	%		(16.57	)%		34.96	%		5.24	%		(1.89	)%
Ratios/Supplemental Data
Net assets, end of each year (000's omitted)	$	513,803		$	335,450		$	478,079		$	578,606		$	708,666
Ratio of net expenses to average net assets		0.61	%		0.62	%		0.61	%		0.61	%		0.62	%
Ratio of net investment income to average net assets		2.11	%^(d)		1.57	%		1.41	%		1.53	%		1.61	%
Portfolio turnover rate^(e)		13	%		33	%		12	%		12	%		15	%

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

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

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

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

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

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

	For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			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 year	$	10.92		$	14.37		$	11.03		$	10.79		$	11.34
From Investment Operations
Net investment income^(a)		0.28			0.22			0.18			0.17			0.20
Net realized and unrealized gain (loss) on investments and foreign currency		3.24			(2.60	)		3.68			0.40			(0.41	)
Net increase (decrease) in net asset value from investment operations		3.52			(2.38	)		3.86			0.57			(0.21	)
Dividends and Distributions to Shareholders
From net investment income		(0.34	)		(0.19	)		(0.16	)		(0.17	)		(0.24	)
From net realized gain on investments		(0.34	)		(0.88	)		(0.36	)		(0.16	)		(0.11	)
Total Dividends and Distributions		(0.68	)		(1.07	)		(0.52	)		(0.33	)		(0.35	)
Proceeds from Purchase Fees and Redemption Fees^(a)		—			—			0.00	^(b)		0.00	^(b)		0.01
Net asset value, end of year	$	13.76		$	10.92		$	14.37		$	11.03		$	10.79
Total Return
Total return based on net asset value^(c)		32.23	%		(16.51	)%		35.05	%		5.31	%		(1.82	)%
Ratios/Supplemental Data
Net assets, end of each year (000's omitted)	$	668,206		$	613,224		$	1,119,162		$	915,782		$	776,265
Ratio of net expenses to average net assets		0.54	%		0.55	%		0.55	%		0.54	%		0.54	%
Ratio of net investment income to average net assets		2.18	%^(d)		1.58	%		1.35	%		1.54	%		1.69	%
Portfolio turnover rate^(e)		13	%		33	%		12	%		12	%		15	%

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

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

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

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

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

	For the Year Ended December 31, 2019			For the Period July 10, For the Year Ended December 31, 2018			For the Period January 1, 2017^(a)through December 31, 2017			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	$	11.10		$	14.59		$	13.43		$	11.60		$	12.20		$	10.75
From Investment Operations
Net investment income^(b)		0.28			0.23			0.05			0.19			0.22			0.20
Net realized and unrealized gain (loss) on investments and foreign currency		3.31			(2.65	)		1.64			(0.33	)		(0.57	)		1.45
Net increase (decrease) in net asset value from investment operations		3.59			(2.42	)		1.69			(0.14	)		(0.35	)		1.65
Dividends and Distributions to Shareholders
From net investment income		(0.35	)		(0.19	)		(0.17	)		(0.01	)		(0.21	)		(0.20	)
From net realized gain on investments		(0.34	)		(0.88	)		(0.36	)		—			(0.05	)		—
Total Dividends and Distributions		(0.69	)		(1.07	)		(0.53	)		(0.01	)		(0.26	)		(0.20	)
Proceeds from Purchase Fees and Redemption Fees^(b)		—			—			—			0.01			0.01			0.00	^(c)
Net asset value, end of period	$	14.00		$	11.10		$	14.59		$	11.46		$	11.60		$	12.20
Total Return
Total return based on net asset value^(d)		32.27	%		(16.49	)%		12.60	%		(1.04	)%		(2.82	)%		15.42	%
Ratios/Supplemental Data
Net assets, end of each year (000's omitted)	$	580,146		$	438,616		$	232,741		$	59		$	352,890		$	611,786
Ratio of net expenses to average net assets		0.51	%		0.52	%		0.53	%*		0.52	%*		0.51	%		0.51	%
Ratio of net investment income to average net assets		2.20	%^(e)		1.61	%		0.77	%*		1.72	%*		1.82	%		1.77	%
Portfolio turnover rate^(f)		13	%		33	%		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) Large increase due to non-cash income.

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

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

	For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			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 year	$	11.30		$	14.82		$	11.36		$	11.11		$	11.67
From Investment Operations
Net investment income^(a)		0.30			0.21			0.20			0.19			0.22
Net realized and unrealized gain (loss) on investments and foreign currency		3.35			(2.65	)		3.79			0.41			(0.42	)
Net increase (decrease) in net asset value from investment operations		3.65			(2.44	)		3.99			0.60			(0.20	)
Dividends and Distributions to Shareholders
From net investment income		(0.35	)		(0.20	)		(0.17	)		(0.19	)		(0.25	)
From net realized gain on investments		(0.34	)		(0.88	)		(0.36	)		(0.16	)		(0.11	)
Total Dividends and Distributions		(0.69	)		(1.08	)		(0.53	)		(0.35	)		(0.36	)
Proceeds from Purchase Fees and Redemption Fees^(a)		—			—			0.00	^(b)		0.00	^(b)		0.00	^(b)
Net asset value, end of year	$	14.26		$	11.30		$	14.82		$	11.36		$	11.11
Total Return
Total return based on net asset value^(c)		32.34	%		(16.44	)%		35.16	%		5.40	%		(1.75	)%
Ratios/Supplemental Data
Net assets, end of each year (000's omitted)	$	104,935		$	79,293		$	183,384		$	167,297		$	174,577
Ratio of net expenses to average net assets		0.46	%		0.47	%		0.47	%		0.46	%		0.47	%
Ratio of net investment income to average net assets		2.25	%^(d)		1.55	%		1.45	%		1.66	%		1.83	%
Portfolio turnover rate^(e)		13	%		33	%		12	%		12	%		15	%

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

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

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

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

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

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

* Annualized.

^(a) Commencement of investment operations.

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

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

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

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

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

* Annualized.

^(a) Commencement of investment operations.

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

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

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

December 31, 2019
Baillie Gifford International Concentrated Growth Equities Fund

	Value		% of Total Net Assets
Apparel	$	8,981,731		8.7	%
Auto Manufacturers		7,928,287		7.7
Biotechnology		5,488,118		5.3
Cosmetics/Personal Care		1,295,500		1.3
Diversified Financial Services		123,171		0.1
Insurance		3,423,746		3.4
Internet		41,140,206		40.1
Investment Companies		1,312,833		1.3
Machinery — Diversified		1,044,617		1.0
Retail		7,216,733		7.0
Semiconductors		10,552,981		10.3
Telecommunications		2,474,772		2.4
Total Value of Investments		90,982,695		88.6
Other assets less liabilities		11,690,814		11.4
Net Assets	$	102,673,509		100.0	%

December 31, 2019
Baillie Gifford International Concentrated Growth Equities Fund

	Shares		Value
COMMON STOCKS — 88.6%
ARGENTINA — 5.1%
MercadoLibre, Inc. *		9,174	$	5,246,978
CHINA — 21.4%
Alibaba Group Holding Ltd. ADR *		33,832		7,175,767
Meituan Dianping, Class B *		278,700		3,641,537
NIO, Inc. ADR *		81,594		328,008
Ping An Insurance Group Co. of China Ltd., Class H		196,000		2,319,360
Tencent Holdings Ltd.		135,800		6,542,322
Trip.com Group Ltd. ADR *		57,777		1,937,841
				21,944,835
DENMARK — 1.8%
Genmab A/S *		8,385		1,864,854
FRANCE — 10.0%
Hermes International		3,916		2,933,522
Kering		9,179		6,048,209
L'Oreal SA		4,381		1,295,500
				10,277,231
GERMANY — 8.7%
Delivery Hero SE *		68,708		5,445,770
Zalando SE *		69,860		3,523,068
				8,968,838
HONG KONG — 1.1%
AIA Group Ltd.		105,000		1,104,386
ITALY — 4.5%
Ferrari NV		28,045		4,656,491
JAPAN — 6.2%
M3, Inc.		128,500		3,874,995
SoftBank Group Corp.		57,000		2,474,772
				6,349,767

December 31, 2019
Baillie Gifford International Concentrated Growth Equities Fund

	Shares		Value
NETHERLANDS — 9.3%
ASML Holding NV		32,144	$	9,516,485
SPAIN — 3.6%
Industria de Diseno Textil SA		104,516		3,693,665
SWEDEN — 2.3%
Atlas Copco AB, B Shares		30,086		1,044,617
Kinnevik AB, B Shares		53,574		1,312,833
				2,357,450
UNITED KINGDOM — 0.1%
Funding Circle Holdings PLC *		105,740		123,171
UNITED STATES — 14.5%
Amazon.com, Inc. *		2,143		3,959,921
Illumina, Inc. *		10,922		3,623,264
NVIDIA Corp.		4,405		1,036,496
Spotify Technology SA *		22,167		3,315,075
Tesla, Inc. *		7,037		2,943,788
				14,878,544
TOTAL INVESTMENTS — 88.6%
(cost $77,927,565)			$	90,982,695
Other assets less liabilities — 11.4%				11,690,814
NET ASSETS — 100.0%			$	102,673,509

* Non-income producing security.

ADR — American Depositary Receipt

Fair Value Measurement

The following is a summary of the inputs used as of December 31, 2019 in valuing the Fund's investments carried at fair value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks **	$	29,567,138	$	61,415,557	$	—	$	90,982,695
Total	$	29,567,138	$	61,415,557	$	—	$	90,982,695

** Refer to Portfolio of Investments for further detail.

December 31, 2019
Baillie Gifford International Concentrated Growth Equities Fund

ASSETS
Investments, at value (cost $77,927,565)	$	90,982,695
Cash		3,364,531
Capital shares sold receivable		11,008,955
Due from Investment Advisor		16,889
Tax reclaims receivable		8,892
Prepaid assets		26,096
Total Assets		105,408,058
LIABILITIES
Advisory fee payable		75,298
Payable for investment purchased		2,513,373
Administration & Supervisory fee payable		32,002
Trustee fee payable		675
Commitment fee payable		629
Accrued expenses		112,572
Total Liabilities		2,734,549
NET ASSETS	$	102,673,509
COMPOSITION OF NET ASSETS
Paid-in capital	$	94,037,850
Total distributable earnings		8,635,659
	$	102,673,509
NET ASSET VALUE, PER SHARE
Class K ($101,797,205 / 8,015,224 shares outstanding), unlimited authorized, no par value	$	12.70
Institutional Class ($876,304 / 69,270 shares outstanding), unlimited authorized, no par value	$	12.65

For the Year Ended December 31, 2019
Baillie Gifford International Concentrated Growth Equities Fund

INVESTMENT INCOME
Dividends (net of foreign withholding taxes of $120,212)	$	404,267
Non-cash income		274,633
Interest		4,527
Total Investment Income		683,427
EXPENSES
Advisory fee (Note B)		278,508
Administration & Supervisory fee — Class K shares (Note B)		117,248
Administration & Supervisory fee — Institutional Class shares (Note B)		1,118
Transfer agency		36,513
Sub-transfer agency — Institutional Class shares		40
Fund accounting		93,019
Registration fees		39,112
Professional fees		28,021
Legal		13,863
Custody		6,293
Trustees' fees		2,758
Miscellaneous		7,957
Total Expenses		624,450
Fees waived		(123,096	)
Net Expenses		501,354
Net Investment Income		182,073
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) from:
Investments		(1,816,133	)
Foreign currency transactions		(11,667	)
		(1,827,800	)

Baillie Gifford International Concentrated Growth Equities Fund

	For the Year Ended December 31, 2019			For the Year Ended December 31, 2018
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income (loss)	$	182,073		$	(93,303	)
Net realized loss		(1,827,800	)		(2,587,837	)
Net change in unrealized appreciation (depreciation)		27,145,465			(14,101,730	)
Net increase (decrease) in net assets from operations		25,499,738			(16,782,870	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings
Class K		(175,602	)		—
Institutional Class		(1,520	)		—
Total Distributions to Shareholders		(177,122	)		—
TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
Net proceeds from shares subscribed:
Class K		20,684,000			70,001,500
Institutional Class		176,417			9,396,765
Dividends reinvested:
Class K		175,602			—
Institutional Class		1,431			—
Cost of shares redeemed:
Institutional Class		(14,572	)		(7,292,090	)
Increase in Net Assets from Transactions in Shares of Beneficial Interest		21,022,878			72,106,175
Total Increase in Net Assets		46,345,494			55,323,305
NET ASSETS
Beginning of year		56,328,015			1,004,710
End of year	$	102,673,509		$	56,328,015

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

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

* Annualized.

^(a) Commencement of investment operations.

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

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

^(e) Large increase due to non-cash income.

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

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

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

* Annualized.

^(a) Commencement of investment operations.

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

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

^(e) Large increase due to non-cash income.

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

December 31, 2019
Baillie Gifford International Growth Fund

	Value		% of Total Net Assets
Aerospace/Defense	$	49,193,503		1.6	%
Apparel		130,621,941		4.3
Auto Manufacturers		249,638,634		8.3
Banks		63,811,427		2.1
Biotechnology		106,822,665		3.5
Chemicals		137,414,304		4.6
Commercial Services		91,230,285		3.1
Cosmetics/Personal Care		100,789,334		3.3
Diversified Financial Services		64,190,941		2.1
Electronics		75,837,303		2.5
Food		68,705,212		2.2
Healthcare — Products		85,525,288		2.8
Insurance		155,290,481		5.1
Internet		777,801,401		25.7
Investment Companies		34,316,309		1.1
Machinery — Diversified		126,691,778		4.2
Media		13,186,338		0.4
Retail		254,874,686		8.5
Semiconductors		240,827,002		8.0
Software		48,959,283		1.6
Telecommunications		106,962,237		3.5
Total Value of Investments		2,982,690,352		98.5
Other assets less liabilities		46,835,800		1.5
Net Assets	$	3,029,526,152		100.0	%

December 31, 2019
Baillie Gifford International Growth Fund

	Shares		Value
COMMON STOCKS — 97.6%
ARGENTINA — 2.3%
MercadoLibre, Inc. *		120,575	$	68,961,666
BELGIUM — 2.1%
Umicore SA		1,294,218		63,072,702
CHINA — 16.1%
Alibaba Group Holding Ltd. ADR *		664,016		140,837,794
Baidu, Inc. ADR *		210,636		26,624,390
Meituan Dianping, Class B *		4,410,300		57,625,659
NIO, Inc. ADR *		2,196,750		8,830,935
Ping An Insurance Group Co. of China Ltd., Class H		3,049,500		36,086,160
TAL Education Group ADR *		1,481,146		71,391,237
Tencent Holdings Ltd.		3,012,700		145,140,310
				486,536,485
DENMARK — 3.7%
Ambu A/S, Class B		823,519		13,808,037
Chr. Hansen Holding A/S		159,252		12,655,345
Genmab A/S *		286,285		63,670,808
Novozymes A/S, B Shares		394,289		19,294,672
				109,428,862
FRANCE — 7.9%
Adevinta ASA *		454,171		5,380,131
EssilorLuxottica SA		161,042		24,620,459
Kering		198,237		130,621,941
L'Oreal SA		269,207		79,606,866
				240,229,397
GERMANY — 9.7%
Aixtron SE *		1,102,052		10,522,971
BASF SE		562,693		42,391,585
Delivery Hero SE *		695,979		55,163,034
HelloFresh SE *		1,195,564		25,024,368
MorphoSys AG *		177,223		25,070,200
Rocket Internet SE *		662,564		16,424,750
Zalando SE *		2,311,434		116,566,534
				291,163,442

December 31, 2019
Baillie Gifford International Growth Fund

	Shares		Value
HONG KONG — 4.9%
AIA Group Ltd.		11,333,400	$	119,204,321
Hong Kong Exchanges & Clearing Ltd.		907,301		29,476,152
				148,680,473
INDIA — 0.5%
Housing Development Finance Corp., Ltd.		455,866		15,413,948
ISRAEL — 1.8%
Wix.com Ltd. *		437,842		53,583,104
ITALY — 5.8%
Ferrari NV		1,057,790		175,631,632
JAPAN — 15.9%
CyberAgent, Inc.		268,900		9,367,343
GMO Payment Gateway, Inc.		289,700		19,839,048
M3, Inc.		4,333,100		130,667,262
Nidec Corp.		362,900		49,566,264
Pan Pacific International Holdings Corp.		2,179,200		36,155,718
Pigeon Corp.		578,500		21,182,468
SBI Holdings, Inc.		914,200		19,300,841
SMC Corp.		140,200		64,115,623
SoftBank Group Corp.		2,463,600		106,962,237
Sysmex Corp.		415,600		28,296,102
				485,452,906
NETHERLANDS — 8.2%
Argenx SE *		112,419		18,081,657
ASML Holding NV		777,902		230,304,031
				248,385,688
NORWAY — 0.4%
Schibsted ASA, Class A		156,498		4,734,919
Schibsted ASA, Class B		295,741		8,451,419
				13,186,338
SPAIN — 4.3%
Banco Bilbao Vizcaya Argentaria SA		4,918,031		27,611,564
Industria de Diseno Textil SA		2,890,507		102,152,434
				129,763,998

December 31, 2019
Baillie Gifford International Growth Fund

	Shares		Value
SWEDEN — 5.0%
Atlas Copco AB, A Shares		1,567,709	$	62,576,155
Elekta AB, B Shares		1,427,595		18,800,690
Kinnevik AB, B Shares		1,400,378		34,316,309
Svenska Handelsbanken AB, A Shares		3,361,096		36,199,863
				151,893,017
SWITZERLAND — 1.6%
Temenos AG *		309,498		48,959,283
UNITED KINGDOM — 5.2%
Aston Martin Lagonda Global Holdings PLC *		1,378,878		9,516,298
Fiat Chrysler Automobiles NV		3,754,048		55,659,769
Ocado Group PLC *		2,574,439		43,680,844
Rolls-Royce Holdings PLC *		5,406,472		48,864,076
Rolls-Royce Holdings PLC — Entitlement *		248,697,712		329,427
				158,050,414
UNITED STATES — 2.2%
Spotify Technology SA *		454,871		68,025,958
Total Common Stocks
(cost $1,535,934,147)				2,956,419,313
PREFERRED STOCKS — 0.9%
GERMANY — 0.9%
Sartorius AG 0.32% (cost $12,780,773)		122,898	$	26,271,039
TOTAL INVESTMENTS — 98.5%
(cost $1,548,714,920)			$	2,982,690,352
Other assets less liabilities — 1.5%				46,835,800
NET ASSETS — 100.0%			$	3,029,526,152

* Non-income producing security.

ADR — American Depositary Receipt

December 31, 2019
Baillie Gifford International Growth Fund

ASSETS
Investments, at value (cost $1,548,714,920)	$	2,982,690,352
Cash		47,322,001
Tax reclaims receivable		3,161,720
Capital shares sold receivable		1,313,660
Dividends receivable		198,470
Prepaid assets		23,974
Total Assets		3,034,710,177
LIABILITIES
Advisory fee payable		2,408,808
Dividend withholding tax payable		1,208,012
Servicing fee payable		587,592
Deferred Indian capital gains tax liability (Note A)		366,530
Trustee fee payable		25,936
Administration & Supervisory fee payable		9,453
Commitment fee payable		188
Accrued expenses		577,506
Total Liabilities		5,184,025
NET ASSETS	$	3,029,526,152
COMPOSITION OF NET ASSETS
Paid-in capital	$	1,579,412,625
Total distributable earnings		1,450,113,527
	$	3,029,526,152
NET ASSET VALUE, PER SHARE
Class 2 ($874,230,122 / 59,929,828 shares outstanding), unlimited authorized, no par value	$	14.59
Class 3 ($546,476,833 / 37,381,405 shares outstanding), unlimited authorized, no par value	$	14.62
Class 4 ($283,093,950 / 19,350,048 shares outstanding), unlimited authorized, no par value	$	14.63
Class 5 ($1,298,917,853 / 88,609,680 shares outstanding), unlimited authorized, no par value	$	14.66
Class K ($6,965 / 478 shares outstanding), unlimited authorized, no par value	$	14.58	*
Institutional Class ($26,800,429 / 1,842,274 shares outstanding), unlimited authorized, no par value	$	14.55

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

For the Year Ended December 31, 2019
Baillie Gifford International Growth Fund

INVESTMENT INCOME
Dividends (net of foreign withholding taxes of $5,815,093)	$	33,223,251
Non-cash income		13,400,258
Interest		237,193
Total Investment Income	$	46,860,702
EXPENSES
Advisory fee (Note B)		9,066,471
Shareholder Servicing fees — Class 2 shares (Note B)		1,323,801
Shareholder Servicing fees — Class 3 shares (Note B)		480,380
Shareholder Servicing fees — Class 4 shares (Note B)		174,232
Shareholder Servicing fees — Class 5 shares (Note B)		228,351
Administration & Supervisory fee — Class K shares (Note B)		11
Administration & Supervisory fee — Institutional Class shares (Note B)		28,648
Transfer agency		108,465
Sub-transfer agency — Institutional Class shares		8,946
Fund accounting		1,074,790
Legal		499,023
Custody		305,624
Professional fees		167,617
Trustees' fees		106,434
Registration fees		39,359
Miscellaneous		62,726
Total Expenses		13,674,878
Net Investment Income		33,185,824
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) from:
Investments		25,222,895
Foreign currency transactions		(139,745	)
		25,083,150
Net change in unrealized appreciation on:
Investments (net of deferred Indian capital gains tax liability of $366,530) (Note A)		767,713,955
Translation of net assets and liabilities denominated in foreign currencies		49,774
		767,763,729
Net realized and unrealized gain		792,846,879
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	826,032,703

Baillie Gifford International Growth Fund

	For the Year Ended December 31, 2019			For the Year Ended December 31, 2018
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	33,185,824		$	21,639,364
Net realized gain		25,083,150			155,260,239
Net change in unrealized appreciation (depreciation)		767,763,729			(613,824,065	)
Net increase (decrease) in net assets from operations		826,032,703			(436,924,462	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings
Class 2		(9,711,659	)		(58,931,007	)
Class 3		(6,398,737	)		(37,425,470	)
Class 4		(3,385,754	)		(19,651,309	)
Class 5		(16,066,961	)		(90,607,317	)
Class K		(77	)		(480	)
Institutional Class		(285,728	)		(21,567	)
Return of Capital
Class 2		—			(1,352,947	)
Class 3		—			(840,560	)
Class 4		—			(440,379	)
Class 5		—			(2,019,580	)
Class K		—			(11	)
Institutional Class		—			(4,450	)
Total Distributions to Shareholders		(35,848,916	)		(211,295,077	)
TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
Net proceeds from shares subscribed:
Class 2		64,526,000			131,045,716	*
Class 3		9,300,000			11,000,000
Class 5		—			1,000,000
Institutional Class		21,930,555			2,139,835
Dividends reinvested:
Class 2		9,691,346			60,268,790
Class 3		6,398,737			38,266,030
Class 4		3,385,754			20,091,688
Class 5		16,066,961			92,626,897
Class K		77			491
Institutional Class		285,728			26,017
Cost of shares redeemed:
Class 2		(63,189,038	)		(117,827,995	)
Class 3		(5,000,000	)		(147,753,216	)*
Class 4		—			(55,000,000	)
Institutional Class		(2,123,738	)		—
Increase in Net Assets from Transactions in Shares of Beneficial Interest		61,272,382			35,884,253
Total Increase (Decrease) in Net Assets		851,456,169			(612,335,286	)
NET ASSETS
Beginning of year		2,178,069,983			2,790,405,269
End of year	$	3,029,526,152		$	2,178,069,983

* See Note D for details of share class conversions.

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

	For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			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 year	$	10.74		$	14.39		$	10.09		$	10.52		$	11.11
From Investment Operations
Net investment income^(a)		0.15			0.11			0.05			0.08			0.09
Net realized and unrealized gain (loss) on investments and foreign currency		3.87			(2.61	)		4.60			0.06			(0.42	)
Net increase (decrease) in net asset value from investment operations		4.02			(2.50	)		4.65			0.14			(0.33	)
Dividends and Distributions to Shareholders
From net investment income		(0.15	)		(0.10	)		(0.06	)		(0.07	)		(0.09	)
From net realized gain on investments		(0.02	)		(1.03	)		(0.29	)		(0.50	)		(0.17	)
Return of capital		—			(0.02	)		—			—			—
Total Dividends and Distributions		(0.17	)		(1.15	)		(0.35	)		(0.57	)		(0.26	)
Proceeds from Purchase Fees and Redemption Fees^(a)		—			—			0.00	^(b)		0.00	^(b)		0.00	^(b)
Net asset value, end of year	$	14.59		$	10.74		$	14.39		$	10.09		$	10.52
Total Return
Total return based on net asset value^(c)		37.34	%		(17.33	)%		46.09	%		1.34	%		(3.07	)%
Ratios/Supplemental Data
Net assets, end of each year (000's omitted)	$	874,230		$	632,645		$	746,817		$	732,160		$	732,135
Ratio of net expenses to average net assets		0.60	%		0.60	%		0.61	%		0.61	%		0.62	%
Ratio of net investment income to average net assets		1.16	%^(d)		0.72	%		0.42	%		0.81	%		0.78	%
Portfolio turnover rate^(e)		6	%		14	%		9	%		18	%		17	%

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

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

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

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

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

	For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			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 year	$	10.76		$	14.42		$	10.11		$	10.54		$	11.13
From Investment Operations
Net investment income^(a)		0.16			0.11			0.05			0.11			0.10
Net realized and unrealized gain (loss) on investments and foreign currency		3.88			(2.61	)		4.62			0.03			(0.43	)
Net increase (decrease) in net asset value from investment operations		4.04			(2.50	)		4.67			0.14			(0.33	)
Dividends and Distributions to Shareholders
From net investment income		(0.16	)		(0.11	)		(0.07	)		(0.07	)		(0.09	)
From net realized gain on investments		(0.02	)		(1.03	)		(0.29	)		(0.50	)		(0.17	)
Return of capital		—			(0.02	)		—			—			—
Total Dividends and Distributions		(0.18	)		(1.16	)		(0.36	)		(0.57	)		(0.26	)
Proceeds from Purchase Fees and Redemption Fees^(a)		—			—			0.00	^(b)		0.00	^(b)		0.00	^(b)
Net asset value, end of year	$	14.62		$	10.76		$	14.42		$	10.11		$	10.54
Total Return
Total return based on net asset value^(c)		37.44	%		(17.27	)%		46.20	%		1.41	%		(3.02	)%
Ratios/Supplemental Data
Net assets, end of each year (000's omitted)	$	546,477		$	393,050		$	601,549		$	433,860		$	490,218
Ratio of net expenses to average net assets		0.53	%		0.53	%		0.54	%		0.54	%		0.55	%
Ratio of net investment income to average net assets		1.22	%^(d)		0.74	%		0.41	%		1.04	%		0.85	%
Portfolio turnover rate^(e)		6	%		14	%		9	%		18	%		17	%

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

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

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

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

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

	For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			For the Year Ended December 31, 2017			For the Period October 10, 2016^(a)through December 31, 2016			For the Period January 1, 2016^(a)through April 11, 2016			For the Year Ended December 31, 2015
Net asset value, beginning of period	$	10.77		$	14.43		$	10.12		$	11.49		$	10.55		$	11.15
From Investment Operations
Net investment income^(b)		0.16			0.12			0.06			0.00	^(c)		0.02			0.10
Net realized and unrealized gain (loss) on investments and foreign currency		3.88			(2.61	)		4.62			(0.81	)		(0.41	)		(0.43	)
Net increase (decrease) in net asset value from investment operations		4.04			(2.49	)		4.68			(0.81	)		(0.39	)		(0.33	)
Dividends and Distributions to Shareholders
From net investment income		(0.16	)		(0.12	)		(0.08	)		(0.08	)		—			(0.10	)
From net realized gain on investments		(0.02	)		(1.03	)		(0.29	)		(0.48	)		—			(0.17	)
Return of capital		—			(0.02	)		—			—			—			—
Total Dividends and Distributions		(0.18	)		(1.17	)		(0.37	)		(0.56	)		—			(0.27	)
Proceeds from Purchase Fees and Redemption Fees^(b)		—			—			0.00	^(c)		0.00	^(c)		—			0.00	^(c)
Net asset value, end of period	$	14.63		$	10.77		$	14.43		$	10.12		$	10.16		$	10.55
Total Return
Total return based on net asset value^(d)		37.48	%		(17.24	)%		46.24	%		(6.97	)%		(3.71	)%		(2.99	)%
Ratios/Supplemental Data
Net assets, end of each period (000's omitted)	$	283,094		$	205,923		$	302,474		$	201,923		$	191,724		$	199,086
Ratio of net expenses to average net assets		0.50	%		0.50	%		0.51	%		0.52	%*		0.51	%*		0.52	%
Ratio of net investment income to average net assets		1.26	%^(e)		0.83	%		0.45	%		0.05	%*		0.65	%*		0.89	%
Portfolio turnover rate^(f)		6	%		14	%		9	%		18	%		18	%		17	%

* Annualized.

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

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

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

^(e) Large increase due to non-cash income.

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

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

	For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			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 year	$	10.79		$	14.46		$	10.14		$	10.56		$	11.16
From Investment Operations
Net investment income^(a)		0.17			0.12			0.07			0.10			0.11
Net realized and unrealized gain (loss) on investments and foreign currency		3.89			(2.61	)		4.62			0.06			(0.44	)
Net increase (decrease) in net asset value from investment operations		4.06			(2.49	)		4.69			0.16			(0.33	)
Dividends and Distributions to Shareholders
From net investment income		(0.17	)		(0.13	)		(0.08	)		(0.08	)		(0.10	)
From net realized gain on investments		(0.02	)		(1.03	)		(0.29	)		(0.50	)		(0.17	)
Return of capital		—			(0.02	)		—			—			—
Total Dividends and Distributions		(0.19	)		(1.18	)		(0.37	)		(0.58	)		(0.27	)
Proceeds from Purchase Fees and Redemption Fees^(a)		—			—			0.00	^(b)		0.00	^(b)		0.00	^(b)
Net asset value, end of year	$	14.66		$	10.79		$	14.46		$	10.14		$	10.56
Total Return
Total return based on net asset value^(c)		37.55	%		(17.20	)%		46.31	%		1.49	%		(2.94	)%
Ratios/Supplemental Data
Net assets, end of each year (000's omitted)	$	1,298,918		$	944,366		$	1,139,553		$	778,857		$	767,415
Ratio of net expenses to average net assets		0.45	%		0.45	%		0.46	%		0.46	%		0.47	%
Ratio of net investment income to average net assets		1.31	%^(d)		0.84	%		0.51	%		0.98	%		0.94	%
Portfolio turnover rate^(e)		6	%		14	%		9	%		18	%		17	%

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

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

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

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

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

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

* Annualized.

^(a) Commencement of investment operations.

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

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

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

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

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

* Annualized.

^(a) Commencement of investment operations.

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

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

^(e) Large increase due to non-cash income.

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

December 31, 2019
Baillie Gifford International Smaller Companies Fund

	Value			% of Total Net Assets
Apparel	$	25,224			2.0	%
Auto Parts & Equipment		7,775			0.6
Biotechnology		14,154			1.1
Building Materials		41,662			3.3
Chemicals		10,662			0.9
Commercial Services		80,251			6.4
Computers		38,593			3.1
Distribution/Wholesale		54,407			4.3
Diversified Financial Services		119,644			9.5
Electrical Components & Equipment		6,824			0.5
Electronics		93,187			7.4
Food		9,985			0.8
Hand/Machine Tools		13,770			1.1
Healthcare — Products		11,433			0.9
Insurance		6,748			0.5
Internet		226,318			18.0
Leisure Time		25,450			2.0
Machinery — Diversified		20,048			1.6
Media		11,065			0.9
Miscellaneous Manufacturing		31,262			2.5
Office/Business Equipment		15,652			1.2
Pharmaceuticals		38,159			3.0
Private Equity		9,575			0.8
Retail		76,451			6.1
Semiconductors		110,124			8.8
Software		152,812			12.1
Telecommunication		16,641			1.3
Total Value of Investments		1,267,876			100.7
Other assets less liabilities		(8,412	)		(0.7	)
Net Assets	$	1,259,464			100.0	%

December 31, 2019
Baillie Gifford International Smaller Companies Fund

	Shares		Value
COMMON STOCKS — 100.7%
AUSTRALIA — 0.9%
IRESS Ltd.		1,257	$	11,488
BELGIUM — 0.4%
Biocartis NV *		862		5,531
CANADA — 1.8%
Kinaxis, Inc. *		300		23,107
CHINA — 4.6%
Li Ning Co., Ltd.		19,500		58,486
DENMARK — 1.4%
ALK-Abello A/S *		72		17,671
FINLAND — 0.8%
Asiakastieto Group Oyj		270		9,540
FRANCE — 1.1%
Cellectis SA *		506		8,787
ESI Group *		135		4,921
				13,708
GERMANY — 10.7%
Aumann AG		165		2,842
Hypoport AG *		119		41,981
Isra Vision AG		614		26,764
New Work SE		80		26,203
RIB Software SE		901		22,718
zooplus AG *		151		14,465
				134,973
HONG KONG — 0.7%
Hypebeast Ltd.		15,000		2,467
Johnson Electric Holdings Ltd.		3,000		6,824
				9,291

December 31, 2019
Baillie Gifford International Smaller Companies Fund

	Shares		Value
IRELAND — 0.8%
Keywords Studios PLC		533	$	10,600
ISRAEL — 1.4%
Maytronics Ltd.		2,033		17,016
ITALY — 5.0%
Brunello Cucinelli SpA		712		25,224
Reply SpA		383		29,854
Technogym SpA		648		8,434
				63,512
JAPAN — 32.2%
Anicom Holdings, Inc.		200		6,748
Bengo4.com, Inc. *		600		31,641
COLOPL, Inc.		1,900		20,284
Daikyonishikawa Corp.		1,000		7,775
Demae-Can Co., Ltd.		1,500		15,466
DMG Mori Seiki Co., Ltd.		900		13,770
eGuarantee, Inc.		1,000		11,492
Healios K.K. *		700		9,568
Ichiyoshi Securities Co., Ltd.		1,700		9,986
Infomart Corp.		3,600		32,487
Iriso Electronics Co., Ltd.		300		13,216
Istyle, Inc. *		2,600		15,540
Katitas Co., Ltd.		700		30,817
KH Neochem Co., Ltd.		500		10,662
Kitanotatsujin Corp.		2,600		17,275
Link And Motivation, Inc.		2,300		13,358
Locondo, Inc. *		700		5,796
Megachips Corp.		700		11,991
Noritsu Koki Co., Ltd.		800		11,065
Open Door, Inc. *		400		5,726
Optex Group Co., Ltd.		700		10,551
Outsourcing, Inc.		3,000		31,563
Raksul, Inc. *		800		27,525
Sato Holdings Corp.		500		15,652
Tsugami Corp.		1,700		17,206
Uzabase, Inc. *		400		8,331
				405,491

December 31, 2019
Baillie Gifford International Smaller Companies Fund

	Shares		Value
NORWAY — 0.5%
XXL ASA *		2,966	$	5,615
SOUTH KOREA — 6.9%
Cafe24 Corp. *		217		9,580
Douzone Bizon Co., Ltd. *		622		43,481
Genexine Co., Ltd. *		100		5,367
Koh Young Technology, Inc. *		308		28,067
				86,495
SWEDEN — 6.5%
AddTech AB, Class B		773		25,006
Avanza Bank Holding AB		3,180		33,204
HMS Networks AB		902		16,641
Vostok New Ventures Ltd. SDR *		951		6,387
				81,238
SWITZERLAND — 4.8%
Bossard Holding AG		163		29,401
Fenix Outdoor International AG		51		6,360
Sensirion Holding AG *		326		13,828
u-blox Holding AG *		102		10,307
				59,896
TAIWAN — 8.3%
Airtac International Group		2,000		31,262
ASPEED Technology, Inc.		1,000		32,100
Chroma ATE, Inc.		3,000		14,590
Global Unichip Corp.		2,000		16,098
TCI Co., Ltd.		1,148		10,920
				104,970
UNITED KINGDOM — 11.9%
Alpha FX Group PLC		426		7,054
Creo Medical Group PLC *		2,461		5,902
Dialog Semiconductor PLC *		508		25,800
dotdigital group PLC		2,785		3,541
Draper Esprit PLC *		1,506		9,575
FDM Group Holdings PLC		2,049		27,993
First Derivatives PLC		720		26,132

December 31, 2019
Baillie Gifford International Smaller Companies Fund

	Shares		Value
Horizon Discovery Group PLC *		3,928	$	7,805
Hotel Chocolat Group PLC		1,694		9,985
LoopUp Group PLC *		2,106		1,995
Naked Wines PLC		1,972		5,926
Team17 Group PLC *		1,335		6,631
Victoria PLC *		1,904		10,845
				149,184
TOTAL INVESTMENTS — 100.7%
(cost $1,024,585)			$	1,267,812
Other liabilities less assets — (0.7)%				(8,348	)
NET ASSETS — 100.0%			$	1,259,464

⁽¹⁾ Amount rounds to less than 0.1%.

* Non-income producing security.

SDR — Special Drawing Rights

Fair Value Measurement

The following is a summary of the inputs used as of December 31, 2019 in valuing the Fund's investments carried at fair value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks **	$	343,782	$	924,030	$	—	$	1,267,812
Total	$	343,782	$	924,030	$	—	$	1,267,812

** Refer to Portfolio of Investments for further detail.

December 31, 2019
Baillie Gifford International Smaller Companies Fund

ASSETS
Investments, at value (cost $1,024,585)	$	1,267,812
Cash		22,120
Due from Investment Advisor		30,162
Dividends receivable		3,263
Tax reclaims receivable		420
Prepaid assets		7,807
Other assets		64
Total Assets		1,331,648
LIABILITIES
Advisory fee payable		1,760
Administration & Supervisory fee payable		516
Trustee fee payable		47
Commitment fee payable		10
Accrued expenses		69,851
Total Liabilities		72,184
NET ASSETS	$	1,259,464
COMPOSITION OF NET ASSETS
Paid-in capital	$	1,029,432
Total distributable earnings		230,032
	$	1,259,464
NET ASSET VALUE, PER SHARE
Class K ($629,732 / 51,198 shares outstanding), unlimited authorized, no par value	$	12.30
Institutional Class ($629,732 / 51,198 shares outstanding), unlimited authorized, no par value	$	12.30

For the Year Ended December 31, 2019
Baillie Gifford International Smaller Companies Fund

INVESTMENT INCOME
Dividends (net of foreign withholding taxes of $1,575)	$	11,307
Interest		421
Total Investment Income		11,728
EXPENSES
Advisory fee (Note B)		6,622
Administration & Supervisory fee — Class K shares (Note B)		970
Administration & Supervisory fee — Institutional Class shares (Note B)		970
Transfer agency		33,430
Fund accounting		78,744
Professional fees		32,232
Custody		6,316
Legal		4,679
Registration fees		3,828
Trustees' fees		2
Miscellaneous		5,175
Total Expenses		172,968
Fees waived		(162,693	)
Net Expenses		10,275
Net Investment Income		1,453
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) from:
Investments		20,684
Foreign currency transactions		(9	)
		20,675
Net change in unrealized appreciation on:
Investments		242,643
Translation of net assets and liabilities denominated in foreign currencies		10
		242,653
Net realized and unrealized gain		263,328
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	264,781

Baillie Gifford International Smaller Companies Fund

	For the Year Ended December 31, 2019			For the Period December 19, 2018^(a)through December 31, 2018
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	1,453		$	545
Net realized gain (loss)		20,675			(6,453	)
Net change in unrealized appreciation		242,653			591
Net increase (decrease) in net assets from operations		264,781			(5,317	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings
Class K		(14,729	)		—
Institutional Class		(14,729	)		—
Total Distributions to Shareholders		(29,458	)		—
TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
Net proceeds from shares subscribed:
Class K		—			500,000
Institutional Class		—			500,000
Dividends reinvested:
Class K		14,729			—
Institutional Class		14,729			—
Increase in Net Assets from Transactions in Shares of Beneficial Interest		29,458			1,000,000
Total Increase in Net Assets		264,781			994,683
NET ASSETS
Beginning of period		994,683			—
End of period	$	1,259,464		$	994,683

^(a) Commencement of investment operations.

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

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

* Annualized.

^(a) Commencement of investment operations.

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

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

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

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

* Annualized.

^(a) Commencement of investment operations.

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

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

December 31, 2019
Baillie Gifford Long Term Global Growth Fund

	Value		% of Total Net Assets
Apparel	$	22,213,085		6.5	%
Auto Manufacturers		22,816,160		6.7
Biotechnology		29,065,860		8.6
Commercial Services		7,963,267		2.3
Cosmetics/Personal Care		3,719,129		1.1
Healthcare — Products		9,639,883		2.8
Insurance		5,294,744		1.6
Internet		160,650,875		47.3
Leisure Time		3,305,703		1.0
Pharmaceuticals		8,281,497		2.4
Retail		7,983,385		2.4
Semiconductors		23,958,637		7.0
Software		26,908,099		7.9
Total Value of Investments		331,800,324		97.6
Other assets less liabilities		8,135,599		2.4
Net Assets	$	339,935,923		100.0	%

December 31, 2019
Baillie Gifford Long Term Global Growth Fund

	Shares		Value
COMMON STOCKS — 97.6%
CANADA — 2.0%
Shopify, Inc., Class A *		16,965	$	6,744,945
CHINA — 25.2%
Alibaba Group Holding Ltd. ADR *		117,634		24,950,171
Meituan Dianping, Class B *		901,300		11,776,525
NetEase, Inc. ADR		18,515		5,677,439
NIO, Inc. ADR *		415,214		1,669,160
Pinduoduo, Inc. ADR *		126,346		4,778,406
TAL Education Group ADR *		165,213		7,963,267
Tencent Holdings Ltd.		489,100		23,562,959
Trip.com Group Ltd. ADR *		152,478		5,114,112
				85,492,039
FRANCE — 7.6%
Hermes International		8,244		6,175,678
Kering		24,339		16,037,407
L'Oreal SA		12,577		3,719,129
				25,932,214
GERMANY — 2.4%
Delivery Hero SE *		98,543		7,810,481
Rocket Internet SE *		16,916		419,343
				8,229,824
HONG KONG — 1.6%
AIA Group Ltd.		503,400		5,294,744
NETHERLANDS — 3.5%
ASML Holding NV		40,314		11,935,278
SPAIN — 2.3%
Industria de Diseno Textil SA		225,898		7,983,385
UNITED STATES — 53.0%
Alphabet, Inc., Class C *		9,374		12,533,226
Amazon.com, Inc. *		14,233		26,300,307
Atlassian Corp. PLC, Class A *		64,242		7,730,882

December 31, 2019
Baillie Gifford Long Term Global Growth Fund

	Shares		Value
DexCom, Inc. *		37,860	$	8,281,496
Facebook, Inc., Class A *		82,084		16,847,741
Illumina, Inc. *		74,053		24,566,342
Intuitive Surgical, Inc. *		16,307		9,639,883
Ionis Pharmaceuticals, Inc. *		74,483		4,499,518
Netflix, Inc. *		37,683		12,193,088
NVIDIA Corp.		51,098		12,023,359
Peloton Interactive, Inc., Class A *		116,398		3,305,703
salesforce.com, Inc. *		45,568		7,411,180
Spotify Technology SA *		50,950		7,619,573
Tesla, Inc. *		50,551		21,147,000
Workday, Inc., Class A *		37,024		6,088,597
				180,187,895
TOTAL INVESTMENTS — 97.6%
(cost $217,772,272)			$	331,800,324
Other assets less liabilities — 2.4%				8,135,599
NET ASSETS — 100.0%			$	339,935,923

* Non-income producing security.

ADR — American Depositary Receipt

Fair Value Measurement

The following is a summary of the inputs used as of December 31, 2019 in valuing the Fund's investments carried at fair value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks **	$	237,504,738	$	94,295,586	$	—	$	331,800,324
Total	$	237,504,738	$	94,295,586	$	—	$	331,800,324

** Refer to Portfolio of Investments for further detail.

December 31, 2019
Baillie Gifford Long Term Global Growth Fund

ASSETS
Investments, at value (cost $217,772,272)	$	331,800,324
Cash		7,102,797
Foreign currency (cost $1,449,083)		1,456,091
Tax reclaims receivable		69,830
Capital shares sold receivable		28,709
Prepaid assets		24,688
Total Assets		340,482,439
LIABILITIES
Advisory fee payable		329,870
Administration and Supervisory fees payable		67,118
Servicing fee payable		40,361
Trustee fee payable		2,630
Commitment fee payable		1,304
Capital shares purchased payable		921
Accrued expenses		104,312
Total Liabilities		546,516
NET ASSETS	$	339,935,923
COMPOSITION OF NET ASSETS
Paid-in capital	$	230,335,438
Total distributable earnings		109,600,485
	$	339,935,923
NET ASSET VALUE, PER SHARE
Class 2 ($72,023,019 / 3,483,119 shares outstanding), unlimited authorized, no par value	$	20.68
Class 4 ($74,807,735 / 3,085,974 shares outstanding), unlimited authorized, no par value	$	24.24
Class K ($136,095,985 / 6,579,172 shares outstanding), unlimited authorized, no par value	$	20.69
Institutional Class ($57,009,184 / 2,759,065 shares outstanding), unlimited authorized, no par value	$	20.66

For the Year Ended December 31, 2019
Baillie Gifford Long Term Global Growth Fund

INVESTMENT INCOME
Dividends (net of foreign withholding taxes of $119,775)	$	866,030
Interest		37,160
Total Investment Income		903,190
EXPENSES
Advisory fee (Note B)		1,152,125
Shareholder Servicing fees — Class 2 shares (Note B)		107,484
Shareholder Servicing fees — Class 4 shares (Note B)		33,614
Shareholder Servicing fees — Class 5 shares (Note B)		3,483
Administration & Supervisory fee — Class K shares (Note B)		153,631
Administration & Supervisory fee — Institutional Class shares (Note B)		62,901
Transfer agency		70,807
Sub-transfer agency — Institutional Class shares		34,972
Fund accounting		115,869
Registration fees		53,176
Legal		52,750
Professional fees		26,241
Custody		18,592
Trustees' fees		10,326
Miscellaneous		18,813
Total Expenses		1,914,784
Net Investment Loss		(1,011,594	)
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) from:
Investments		(4,184,119	)
Foreign currency transactions		7,112
		(4,177,007	)
Net change in unrealized appreciation on:
Investments		79,751,105
Translation of net assets and liabilities denominated in foreign currencies		5,965
		79,757,070
Net realized and unrealized gain		75,580,063
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	74,568,469

Baillie Gifford Long Term Global Growth Fund

	For the Year Ended December 31, 2019			For the Year Ended December 31, 2018
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment loss	$	(1,011,594	)	$	(382,807	)
Net realized gain (loss)		(4,177,007	)		13,105,881
Net change in unrealized appreciation (depreciation)		79,757,070			(16,013,281	)
Net increase (decrease) in net assets from operations		74,568,469			(3,290,207	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings
Class 2		(102,829	)		(5,003,161	)
Class 4		(91,124	)		—
Class 5		—			(4,309,351	)
Class K		(194,232	)		(6,891,490	)
Institutional Class		(80,814	)		(32,928	)
Total Distributions to Shareholders		(468,999	)		(16,236,930	)
TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
Net proceeds from shares subscribed:
Class 2		155,750			95,125
Class 4		67,193,017	*		—
Class 5		—			61,984,598
Class K		34,246,083			6,846,083
Institutional Class		50,656,366			2,191,113
Dividends reinvested:
Class 2		102,829			5,003,161
Class 4		91,124			—
Class 5		—			4,309,351
Class K		194,231			6,891,490
Institutional Class		80,814			32,928
Cost of shares redeemed:
Class 2		(1,000,000	)		(5,059,742	)
Class 4		—			(61,984,598	)
Class 5		(69,693,017	)*		—
Class K		(1,500,000	)		—
Institutional Class		(3,117,562	)		(1,671,907	)
Increase in Net Assets from Transactions in Shares of Beneficial Interest		77,409,635			18,637,602
Total Increase (Decrease) in Net Assets		151,509,105			(889,535	)
NET ASSETS
Beginning of year		188,426,818			189,316,353
End of year	$	339,935,923		$	188,426,818

* See Note D for details of share class conversions.

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

	For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			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 year	$	15.51		$	17.33		$	11.25		$	11.76		$	10.43
From Investment Operations
Net investment loss^(a)		(0.07	)		(0.04	)		(0.08	)		(0.05	)		(0.04	)
Net realized and unrealized gain (loss) on investments and foreign currency		5.27			(0.22	)		6.16			(0.39	)		1.47
Net increase (decrease) in net asset value from investment operations		5.20			(0.26	)		6.08			(0.44	)		1.43
Dividends and Distributions to Shareholders
From net realized gain on investments		(0.03	)		(1.56	)		—			(0.07	)		(0.12	)
Total Dividends and Distributions		(0.03	)		(1.56	)		—			(0.07	)		(0.12	)
Proceeds from Purchase Fees and Redemption Fees^(a)		—			—			0.00	^(b)		0.00	^(b)		0.02
Net asset value, end of year	$	20.68		$	15.51		$	17.33		$	11.25		$	11.76
Total Return
Total return based on net asset value^(c)		33.49	%		(1.42	)%		54.07	%		(3.80	)%		13.99	%
Ratios/Supplemental Data
Net assets, end of each year (000's omitted)	$	72,023		$	54,661		$	59,870		$	32,434		$	36,177
Ratio of net expenses to average net assets, before waiver		0.76	%		0.79	%		0.82	%		0.87	%		0.91	%
Ratio of net expenses to average net assets, after waiver		0.76	%		0.77	%		0.77	%		0.77	%		0.77	%
Ratio of net investment loss to average net assets		(0.40	)%		(0.22	)%		(0.50	)%		(0.43	)%		(0.34	)%
Portfolio turnover rate^(d)		5	%		16	%		13	%		15	%		10	%

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

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

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

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

	For the Period April 10, 2019 through December 31, 2019^(a)			For the Period January 1, 2018 through April 9, 2018			For the Year Ended December 31, 2017			For the Year Ended December 31, 2016			For the Period October 7, 2015^(b)through December 31, 2015
Net asset value, beginning of period	$	21.80		$	19.99		$	12.96		$	13.53		$	12.22
From Investment Operations
Net investment loss^(c)		(0.04	)		(0.03	)		(0.07	)		(0.04	)		(0.01	)
Net realized and unrealized gain (loss) on investments and foreign currency		2.51			1.11			7.10			(0.46	)		1.39
Net increase (decrease) in net asset value from investment operations		2.47			1.08			7.03			(0.50	)		1.38
Dividends and Distributions to Shareholders
From net realized gain on investments		(0.03	)		—			—			(0.07	)		(0.08	)
Total Dividends and Distributions		(0.03	)		—			—			(0.07	)		(0.08	)
Proceeds from Purchase Fees and Redemption Fees^(c)		—			—			0.00	^(d)		0.00	^(d)		0.01
Net asset value, end of period	$	24.24		$	21.07		$	19.99		$	12.96		$	13.53
Total Return
Total return based on net asset value^(e)		11.34	%^(f)		5.41	%		54.22	%		(3.71	)%		11.31	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	74,808		$	—		$	58,802		$	28,722		$	43,344
Ratio of net expenses to average net assets, before waiver		0.66	%*		0.67	%*		0.72	%		0.76	%		0.75	%*
Ratio of net expenses to average net assets, after waiver		0.66	%*		0.67	%*		0.67	%		0.67	%		0.67	%*
Ratio of net investment loss to average net assets		(0.27	)%*		0.15	%*		(0.41	)%		(0.33	)%		(0.39	)%*
Portfolio turnover rate^(g)		5	%		16	%		13	%		15	%		10	%

* Annualized.

^(a) Recommencement of investment operations. Class had no shareholders from April 9, 2018 to April 9, 2019. All shares of this class were redeemed at $21.07 on April 9, 2018. New shares were issued at $21.80 on April 10, 2019.

^(b) Commencement of investment operations.

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

^(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) Represents total return for the period April 10, 2019 (commencement of investment operations) through December 31, 2019. For the year ended December 31, 2019, the blended return for shares converted into Class 4 from Class 5 was 33.59%.

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

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

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

* Annualized.

^(a) Commencement of investment operations.

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

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

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

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

* Annualized.

^(a) Commencement of investment operations.

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

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

December 31, 2019
Baillie Gifford Positive Change Equities Fund

	Value		% of Total Net Assets
Auto Manufacturers	$	1,763,679		6.6	%
Banks		1,099,801		4.1
Biotechnology		2,925,351		11.0
Building Materials		2,291,854		8.6
Chemicals		3,739,669		14.0
Computers		171,072		0.7
Cosmetics/Personal Care		454,041		1.7
Electric		648,163		2.4
Electrical Components & Equipment		345,885		1.3
Electronics		268,486		1.0
Healthcare — Products		1,864,387		7.0
Healthcare — Services		433,084		1.6
Insurance		839,983		3.2
Internet		3,640,354		13.7
Machinery — Diversified		916,406		3.4
Pharmaceuticals		1,461,839		5.5
Semiconductors		3,367,980		12.7
Telecommunications		141,198		0.5
Total Value of Investments		26,373,232		99.0
Other assets less liabilities		267,965		1.0
Net Assets	$	26,641,197		100.0	%

December 31, 2019
Baillie Gifford Positive Change Equities Fund

	Shares		Value
COMMON STOCKS — 98.0%
BELGIUM — 5.5%
Umicore SA		29,887	$	1,456,520
CANADA — 1.1%
Shopify, Inc., Class A *		727		289,041
CHINA — 3.3%
Tencent Holdings Ltd.		18,000		867,171
DENMARK — 8.7%
Chr. Hansen Holding A/S		12,099		961,476
Novozymes A/S, B Shares		14,562		712,597
Orsted A/S		6,267		648,163
				2,322,236
INDONESIA — 4.1%
Bank Rakyat Indonesia Persero Tbk PT		3,474,600		1,099,801
IRELAND — 4.6%
Kingspan Group PLC		20,265		1,237,722
JAPAN — 9.6%
M3, Inc.		47,200		1,423,345
Pigeon Corp.		12,400		454,041
Sysmex Corp.		10,000		680,849
				2,558,235
KENYA — 0.5%
Safaricom PLC		454,300		141,198
NETHERLANDS — 7.7%
ASML Holding NV		5,767		1,707,366
Signify NV		11,051		345,884
				2,053,250
SOUTH AFRICA — 3.2%
Discovery Ltd.		97,528		839,983

December 31, 2019
Baillie Gifford Positive Change Equities Fund

	Shares		Value
SWEDEN — 4.0%
Nibe Industrier AB, B Shares		60,759	$	1,054,132
TAIWAN — 6.2%
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		28,582		1,660,614
UNITED KINGDOM — 0.6%
FDM Group Holdings PLC		12,522		171,072
UNITED STATES — 38.9%
ABIOMED, Inc. *		3,522		600,818
Alnylam Pharmaceuticals, Inc. *		7,058		812,870
Alphabet, Inc., Class A *		792		1,060,797
DexCom, Inc. *		6,683		1,461,839
Ecolab, Inc.		3,156		609,076
Glaukos Corp. *		10,698		582,720
Illumina, Inc. *		5,189		1,721,399
Moderna, Inc. *		19,994		391,083
Teladoc Health, Inc. *		5,173		433,084
Tesla, Inc. *		4,216		1,763,679
Xylem, Inc.		11,631		916,406
				10,353,771
Total Common Stocks
(cost $22,536,600)				26,104,746
PREFERRED STOCKS — 1.0%
GERMANY — 1.0%
Sartorius AG 0.32% (cost $224,692)		1,256		268,486
TOTAL INVESTMENTS — 99.0%
(cost $22,761,292)			$	26,373,232
Other assets less liabilities — 1.0%				267,965
NET ASSETS — 100.0%			$	26,641,197

* Non-income producing security.

ADR — American Depositary Receipt

December 31, 2019
Baillie Gifford Positive Change Equities Fund

ASSETS
Investments, at value (cost $22,761,292)	$	26,373,232
Cash		287,611
Due from Investment Advisor		30,203
Dividends receivable		14,107
Tax reclaims receivable		8,995
Prepaid assets		25,775
Total Assets		26,739,923
LIABILITIES
Advisory fee payable		19,871
Administration & Supervisory fee payable		10,237
Trustee fee payable		219
Commitment fee payable		205
Accrued expenses		68,194
Total Liabilities		98,726
NET ASSETS	$	26,641,197
COMPOSITION OF NET ASSETS
Paid-in capital	$	23,078,998
Total distributable earnings		3,562,199
	$	26,641,197
NET ASSET VALUE, PER SHARE
Class K ($15,923,284 / 1,212,365 shares outstanding), unlimited authorized, no par value	$	13.13
Institutional Class ($10,717,913 / 816,520 shares outstanding), unlimited authorized, no par value	$	13.13

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

For the Year Ended December 31, 2019
Baillie Gifford Positive Change Equities Fund

INVESTMENT INCOME
Dividends (net of foreign withholding taxes of $34,382)	$	200,589
Interest		2,112
Total Investment Income		202,701
EXPENSES
Advisory fee (Note B)		61,979
Administration & Supervisory fee — Class K shares (Note B)		17,396
Administration & Supervisory fee — Institutional Class shares (Note B)		14,533
Transfer agency		37,472
Sub-transfer agency — Institutional Class shares		269
Fund accounting		93,522
Registration fees		36,303
Professional fees		28,012
Custody		6,768
Legal		4,507
Trustees' fees		756
Miscellaneous		5,380
Total Expenses		306,897
Fees waived		(184,548	)
Net Expenses		122,349
Net Investment Income		80,352
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) from:
Investments		46,003
Foreign currency transactions		(6,031	)
		39,972
Net change in unrealized appreciation on:
Investments		5,080,102
Translation of net assets and liabilities denominated in foreign currencies		51
		5,080,153
Net realized and unrealized gain		5,120,125
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	5,200,477

Baillie Gifford Positive Change Equities Fund

	For the Year Ended December 31, 2019			For the Year Ended December 31, 2018
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income (loss)	$	80,352		$	(7,880	)
Net realized gain (loss)		39,972			(72,258	)
Net change in unrealized appreciation (depreciation)		5,080,153			(1,484,909	)
Net increase (decrease) in net assets from operations		5,200,477			(1,565,047	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings
Class K		(65,275	)		—
Institutional Class		(40,744	)		—
Total Distributions to Shareholders		(106,019	)		—
TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
Net proceeds from shares subscribed:
Class K		8,086,054			5,015,042
Institutional Class		884,224			8,061,290
Dividends reinvested:
Class K		18,677			—
Institutional Class		40,744			—
Cost of shares redeemed:
Institutional Class		(10,610	)		—
Increase in Net Assets from Transactions in Shares of Beneficial Interest		9,019,089			13,076,332
Total Increase in Net Assets		14,113,547			11,511,285
NET ASSETS
Beginning of year		12,527,650			1,016,365
End of year	$	26,641,197		$	12,527,650

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

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

* Annualized.

^(a) Commencement of investment operations.

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

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

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

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

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

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

* Annualized.

^(a) Commencement of investment operations.

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

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

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

December 31, 2019
Baillie Gifford U.S. Equity Growth Fund

	Value		% of Total Net Assets
Advertising	$	679,844		3.9	%
Aerospace/Defense		192,937		1.1
Auto Manufacturers		1,106,065		6.4
Banks		560,706		3.2
Biotechnology		1,208,781		7.0
Commercial Services		1,740,759		10.0
Distribution/Wholesale		361,741		2.1
Diversified Financial Services		906,285		5.2
Electronics		206,941		1.2
Food Service		362,173		2.1
Healthcare — Products		1,363,175		7.9
Healthcare — Services		173,300		1.0
Insurance		152,042		0.9
Internet		6,863,111		39.6
Oil & Gas Services		2,383		0
Real Estate		263,214		1.5
Semiconductors		203,064		1.2
Software		731,859		4.2
Total Value of Investments		17,078,380		98.5
Other assets less liabilities		252,970		1.5
Net Assets	$	17,331,350		100.0	%

December 31, 2019
Baillie Gifford U.S. Equity Growth Fund

	Shares		Value
COMMON STOCKS — 98.5%
CANADA — 6.2%
Shopify, Inc., Class A *		2,703	$	1,074,659
UNITED STATES — 92.3%
2U, Inc. *		3,128		75,041
ABIOMED, Inc. *		1,928		328,898
Activision Blizzard, Inc.		2,280		135,478
Alnylam Pharmaceuticals, Inc. *		2,425		279,287
Alphabet, Inc., Class C *		575		768,786
Amazon.com, Inc. *		963		1,779,470
Appian Corp., Class A *		3,362		128,462
Chegg, Inc. *		10,066		381,602
Chewy, Inc., Class A *		8,367		242,643
CoStar Group, Inc. *		642		384,109
Denali Therapeutics, Inc. *		7,106		123,787
Eventbrite, Inc., Class A *		5,138		103,633
Facebook, Inc., Class A *		2,186		448,677
First Republic Bank		4,774		560,706
Fortive Corp.		2,709		206,941
Glaukos Corp. *		5,362		292,068
GrubHub, Inc. *		7,446		362,173
HEICO Corp., Class A		2,155		192,937
Illumina, Inc. *		2,142		710,587
Interactive Brokers Group, Inc., Class A		4,062		189,370
Lyft, Inc., Class A *		2,419		104,065
Markel Corp. *		133		152,042
MarketAxess Holdings, Inc.		2,374		900,007
Mastercard, Inc., Class A		2,401		716,915
Moderna, Inc. *		4,863		95,120
Netflix, Inc. *		2,520		815,396
New Relic, Inc. *		2,104		138,254
Novocure Ltd. *		5,788		487,755
NOW, Inc. *		212		2,383
NVIDIA Corp.		863		203,064
Penumbra, Inc. *		1,549		254,454
Redfin Corp. *		12,451		263,214
Roku, Inc. *		3,882		519,800
Stitch Fix, Inc., Class A *		7,638		195,991

December 31, 2019
Baillie Gifford U.S. Equity Growth Fund

	Shares		Value
Teladoc Health, Inc. *		2,070	$	173,300
Tesla, Inc. *		2,644		1,106,065
Trade Desk, Inc. (The), Class A *		2,617		679,844
Watsco, Inc.		2,008		361,741
Wayfair, Inc., Class A *		7,064		638,374
Yext, Inc. *		10,221		147,387
Zillow Group, Inc., Class A *		3,752		171,616
Zoom Video Communications, Inc., Class A *		2,679		182,279
				16,003,721
TOTAL INVESTMENTS — 98.5%
(cost $14,640,804)			$	17,078,380
Other assets less liabilities — 1.5%				252,970
NET ASSETS — 100.0%			$	17,331,350

* Non-income producing security.

Fair Value Measurement

The following is a summary of the inputs used as of December 31, 2019 in valuing the Fund's investments carried at fair value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks **	$	17,078,380	$	—	$	—	$	17,078,380
Total	$	17,078,380	$	—	$	—	$	17,078,380

** Refer to Portfolio of Investments for further detail.

December 31, 2019
Baillie Gifford U.S. Equity Growth Fund

ASSETS
Investments, at value (cost $14,640,804)	$	17,078,380
Cash		284,202
Due from Investment Advisor		22,225
Receivable for investments sold		2,058
Prepaid assets		23,045
Total Assets		17,409,910
LIABILITIES
Advisory fee payable		13,388
Administration & Supervisory fee payable		6,921
Trustee fee payable		148
Commitment fee payable		138
Accrued expenses		57,965
Total Liabilities		78,560
NET ASSETS	$	17,331,350
COMPOSITION OF NET ASSETS
Paid-in capital	$	14,855,056
Total distributable earnings		2,476,294
	$	17,331,350
NET ASSET VALUE, PER SHARE
Class K ($13,867,469 / 759,926 shares outstanding), unlimited authorized, no par value	$	18.25
Institutional Class ($3,463,881 / 189,986 shares outstanding), unlimited authorized, no par value	$	18.23

For the Year Ended December 31, 2019
Baillie Gifford U.S. Equity Growth Fund

INVESTMENT INCOME
Dividends	$	29,319
Interest		1,931
Total Investment Income		31,250
EXPENSES
Advisory fee (Note B)		51,833
Administration & Supervisory fee — Class K shares (Note B)		21,623
Administration & Supervisory fee — Institutional Class shares (Note B)		5,079
Transfer agency		37,286
Sub-transfer agency — Institutional Class shares		3,017
Fund accounting		81,416
Registration fees		35,957
Professional fees		23,503
Legal		4,600
Custody		2,574
Trustees' fees		724
Miscellaneous		5,183
Total Expenses		272,795
Fees waived		(167,682	)
Net Expenses		105,113
Net Investment Loss		(73,863	)
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain from:
Investments		378,374
		378,374
Net change in unrealized appreciation on:
Investments		3,471,672
		3,471,672
Net realized and unrealized gain		3,850,046
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	3,776,183

Baillie Gifford U.S. Equity Growth Fund

	For the Year Ended December 31, 2019			For the Year Ended December 31, 2018
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment loss	$	(73,863	)	$	(14,102	)
Net realized gain		378,374			165,158
Net change in unrealized appreciation (depreciation)		3,471,672			(1,363,865	)
Net increase (decrease) in net assets from operations		3,776,183			(1,212,809	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings
Class K		(185,245	)		(208,858	)
Institutional Class		(46,343	)		(127	)
Total Distributions to Shareholders		(231,588	)		(208,985	)
TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
Net proceeds from shares subscribed:
Class K		117,664			10,302,009
Institutional Class		3,569,371			2,815,417
Dividends reinvested:
Class K		185,245			208,858
Institutional Class		46,343			127
Cost of shares redeemed:
Institutional Class		(732,087	)		(2,653,931	)
Increase in Net Assets from Transactions in Shares of Beneficial Interest		3,186,536			10,672,480
Total Increase in Net Assets		6,731,131			9,250,686
NET ASSETS
Beginning of year		10,600,219			1,349,533
End of year	$	17,331,350		$	10,600,219

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

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

* Annualized.

^(a) Commencement of investment operations.

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

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

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

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

* Annualized.

^(a) Commencement of investment operations.

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

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

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

On November 25, 2019, the Funds changed names as noted below:

Baillie Gifford Developed EAFE All Cap Fund formerly known as The EAFE Pure Fund

Baillie Gifford EAFE Plus All Cap Fund formerly known as The EAFE Choice Fund

Baillie Gifford Emerging Markets Equities Fund formerly known as The Emerging Markets Fund

Baillie Gifford Global Alpha Equities Fund formerly known as The Global Alpha Equity Fund

Baillie Gifford Global Stewardship Equities Fund formerly known as The Global Select Equity Fund

Baillie Gifford International Alpha Fund formerly known as The International Equity Fund

Baillie Gifford International Concentrated Growth Equities Fund formerly known as The International Concentrated Growth Fund

Baillie Gifford International Growth Fund formerly known as The EAFE Fund

Baillie Gifford International Smaller Companies Fund formerly known as The International Smaller Companies Fund

Baillie Gifford Long Term Global Growth Fund formerly known as The Long Term Global Growth Equity Fund

Baillie Gifford Positive Change Equities Fund formerly known as The Positive Change Equity Fund

Baillie Gifford U.S. Equity Growth Fund formerly known as The U.S. Equity Growth Fund

The following table is a summary of classes of the Funds with shares outstanding as of December 31, 2019:

Baillie
Gifford
China A
Shares
Fund

Baillie
Gifford
Developed
EAFE
All Cap
Fund

Baillie
Gifford
EAFE
Plus
All Cap
Fund

Baillie
Gifford
Emerging
Markets
Equities
Fund

Baillie
Gifford
Global
Alpha
Equities
Fund

Baillie
Gifford
Global
Stewardship
Equities
Fund

Baillie
Gifford
International
Alpha
Fund

Baillie
Gifford
International
Concentrated
Growth
Equities
Fund

Baillie
Gifford
International
Growth
Fund

Baillie
Gifford
International
Smaller
Companies
Fund

Baillie
Gifford
Long Term
Global
Growth
Fund

Baillie
Gifford
Positive
Change
Equities
Fund

Baillie
Gifford
U.S.
Equity
Growth
Fund

Class 2

N/A

Class 3

N/A

Class 4

N/A

Class 5

N/A

Class K

Institutional
Class

The Funds are investment companies that apply the accounting and reporting guidance issued in Topic 946 by the U.S. Financial Accounting Standards Board. The financial statements of the Funds have been prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP"). Management is required to make certain estimates and assumptions that affect the reported amounts of assets and liabilities for the Funds and disclosure of contingent assets and liabilities for the Funds at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations for the Funds during the reporting period. Actual results could differ from those estimates.

The following is a summary of significant accounting policies followed by the Funds:

Valuation of Investments

Equity securities listed on an established securities exchange are normally valued at their last sale price on the exchange where primarily traded. Equity securities listed on the NASDAQ National Market System are valued at the NASDAQ Official Closing Price. Equity securities listed on an established securities exchange for which there is no reported sale during the day (and in the case of over-the-counter securities not so listed) are valued at the mean between the last available bid and ask prices. Other securities for which current market quotations are not readily available (or for which quotations are not believed to be reliable due to market changes that occur after the most recent available quotations are obtained, or for any other reason), and all other assets, are valued at their fair value as determined in good faith by Baillie Gifford Overseas Limited (the "Manager"), pursuant to procedures approved by the Board of Trustees of the Trust (the "Board"). The actual calculations may be made by persons acting pursuant to the direction of the Board or by pricing services.

value as determined in good faith by the Manager, pursuant to procedures approved by the Board. The Funds utilize a third party pricing service which for all equity securities, except those traded on Canadian, Latin American or U.S. exchanges, subject to certain minimum confidence levels, applies a fair value adjustment that seeks to reflect changes in such securities' market prices since the close of the market on which they are traded. To the extent that securities are valued using this service, they will be classified as Level 2 securities in the fair value measurement framework described below.

Fair Value Measurement

GAAP provides guidance on fair value measurements and defines fair value as the price that a Fund would receive to sell an investment or pay to transfer a liability in a timely transaction with an independent buyer in the principal market, or in the absence of a principal market the most advantageous market for the investment or liability. It establishes a single definition of fair value, creates a three-tier hierarchy as a framework for measuring fair value based on inputs used to value the Fund's investments, and requires additional disclosure about fair value. The hierarchy of inputs is summarized below:

Level 1 — unadjusted quoted prices in active markets for identical investments

Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

Level 3 — significant unobservable inputs (including the Trust's own assumptions in determining the fair value of investments)

For Level 1 inputs, the Funds use unadjusted quoted prices in active markets for assets or liabilities with sufficient frequency and volume to provide pricing information as the most reliable evidence of fair value.

The Funds' Level 2 valuation techniques include inputs other than quoted prices within Level 1 that are observable for an asset or liability, either directly or indirectly. This includes when a fair value adjustment is applied which seeks to reflect changes in foreign securities' market prices since the close of the market on which they are traded. Level 2 observable inputs may include quoted prices for similar assets and liabilities in active markets or quoted prices for identical or similar assets or liabilities in markets that are not active in which there are few transactions, the prices are not current, or price quotations vary substantially over time or among market participants. Inputs that are observable for the asset or liability in Level 2 include such

factors as interest rates, yield curves, prepayment speeds, credit risk, and default rates for similar liabilities.

For Level 3 valuation techniques, the Funds use unobservable inputs that reflect assumptions market participants would be expected to use in pricing the asset or liability. Unobservable inputs are used to measure fair value to the extent that observable inputs are not available and are developed based on the best information available under the circumstances. In developing unobservable inputs, market participant assumptions are used if they are reasonably available without undue cost and effort.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The hierarchy classification of inputs used to value each Fund's investments at December 31, 2019 is disclosed at the end of each Fund's Portfolio of Investments.

For the year ended December 31, 2019, there were no Level 3 investments for which significant unobservable inputs were used to determine the fair value.

Foreign Currency Translation

The accounting records of the Funds are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the applicable rate of exchange to determine the value of investments, assets and liabilities. For the Funds, purchases and sales of securities, and income and expenses are translated at the prevailing rate of exchange on the respective dates of such transactions. The Funds do not isolate that portion of net realized and unrealized gains and losses on investments resulting from changes in foreign exchange rates from the impact arising from changes in market prices. Such fluctuations are included with net realized and unrealized gain or loss from investments.

Net realized foreign exchange gains and losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the differences between the amounts of dividends, interest, and foreign withholding taxes recorded on the Funds' books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investments in securities, resulting from changes in the exchange rates.

Securities Transactions and Investment Income

The Funds' securities transactions are recorded on the trade date. Realized gains or losses on sales of investments are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date. Non-cash income, if any, is included in investment income and is recorded at the fair market value of securities received.

Investment income, expenses (other than those specific to a particular class of shares), and realized and unrealized gains and losses on investments are allocated to the separate classes of shares based upon their relative net asset value on the date income is earned or expensed and realized and unrealized gains and losses are incurred.

Federal Taxes

Each Fund intends to continue to qualify to be taxed as a "regulated investment company" under the provisions of the U.S. Internal Revenue Code of 1986, as amended (the "Code"), and as such will not be subject to U.S. federal income tax on income (including any net realized capital gains) which is distributed in accordance with the provisions of the Code to the Funds' shareholders. Therefore, no U.S. federal income tax provision is required.

Investment income received from investments in foreign jurisdictions may be subject to foreign withholding tax. Investment income is recorded net of any foreign withholding taxes, less any amounts reclaimable. The Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Whenever possible, the Funds will attempt to operate so as to qualify for reduced tax rates or tax exemptions in those countries with which the United States has a tax treaty. Foreign taxes, if any, net of any reclaims, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Funds invest.

In addition to the requirements of the Code, the Funds may also be subject to capital gains tax in India and potentially other foreign jurisdictions, on gains realized upon the sale of securities, payable upon repatriation of sales proceeds. Any realized losses in excess of gains in India may be carried forward to offset future gains. Funds with exposure to Indian securities and potentially other foreign jurisdictions accrue a deferred liability for unrealized gains in excess of available loss carryforwards

At December 31, 2019 for federal income tax purposes, the following Funds had capital loss carryforwards available to offset future capital gains through the years indicated. To the extent that these loss carryforwards are utilized, capital gains so offset will not be distributed to shareholders.

Fund	Short Term Capital Losses No Expiration			Long Term Capital Losses No Expiration			Capital Loss Available Total
Baillie Gifford Developed EAFE All Cap Fund	$	(5,023,594	)	$	(5,128,994	)	$	(10,152,588	)
Baillie Gifford International Concentrated Growth Equities Fund		(2,534,594	)		(1,695,693	)		(4,230,287	)
Baillie Gifford Long Term Global Growth Fund		(413,582	)		(3,823,418	)		(4,237,000	)

During the year ended December 31, 2019, the following Fund utilized capital loss carryforwards:

Fund				Utilized
Baillie Gifford Positive Change Equities Fund				$	28,298

Realized capital losses, currency losses and passive foreign investment company ("PFIC") losses incurred after October 31 ("post-October losses/Late-Year Specified") within the taxable year are deemed to arise on the first business day of each Fund's next taxable year. During the year or period ended December 31, 2019, the Funds shown below incurred and will elect to defer net post-October or late-year losses as indicated.

At December 31, 2019, the components of accumulated earnings on a tax basis were as follows:

Fund	Undistributed Net Ordinary Income		Long Term Capital Gains		Capital Loss Carryforwards			Post October Capital/Late Year Ordinary Losses			Net Unrealized Appreciation/ Depreciation on Investments and Foreign Currencies, Net of Foreign Taxes		Distributable Earnings/ Accumulated Deficit
Baillie Gifford China A Shares Fund	$	—	$	—	$	—		$	(1,436	)	$	30,304	$	28,868
Baillie Gifford Developed EAFE All Cap Fund		2,929,659		—		(10,152,588	)		—			99,997,378		92,774,449
Baillie Gifford EAFE Plus All Cap Fund		1,136,980		1,601,272		—			—			113,651,050		116,389,302
Baillie Gifford Emerging Markets Equities Fund		4,908,361		—		—			(4,358,962	)		778,761,298		779,310,697
Baillie Gifford Global Alpha Equities Fund		896,616		8,816,994		—			—			323,707,170		333,420,780
Baillie Gifford Global Stewardship Equities Fund		—		—		—			(583	)		494,570		493,987
Baillie Gifford International Alpha Fund		4,970,749		2,530,696		—			(86,772	)		851,899,580		859,314,253
Baillie Gifford International Concentrated Growth Equities Fund		—		—		(4,230,287	)		(6,492	)		12,872,438		8,635,659
Baillie Gifford International Growth Fund		—		19,757,836		—			(312,432	)		1,430,668,123		1,450,113,527
Baillie Gifford International Smaller Companies Fund		—		—		—			(6,265	)		236,297		230,032
Baillie Gifford Long Term Global Growth Fund		—		—		(4,237,000	)		—			113,837,485		109,600,485
Baillie Gifford Positive Change Equities Fund		—		—		—			(202	)		3,562,401		3,562,199
Baillie Gifford U.S. Equity Growth Fund		—		86,608		—			(13,342	)		2,403,028		2,476,294

For the years or periods ended December 31, 2019 and December 31, 2018, the tax characters of the dividends paid were:

Fund	Ordinary Income 2019		Long Term Capital Gains 2019		Return of Capital 2019		Ordinary Income 2018		Long Term Capital Gains 2018		Return of Capital 2018
Baillie Gifford China A Shares Fund	$	—	$	—	$	—	$	—	$	—	$	—
Baillie Gifford Developed EAFE All Cap Fund		6,581,515		—		—		1,275,454		2,237,108		—
Baillie Gifford EAFE Plus All Cap Fund		8,616,780		7,464,348		—		2,192,756		5,239,864		—
Baillie Gifford Emerging Markets Equities Fund		116,158,167		25,854,368		—		27,024,123		161,152,594		—
Baillie Gifford Global Alpha Equities Fund		31,925,808		20,192,670		—		6,565,235		158,163,856		—
Baillie Gifford Global Stewardship Equities Fund		8,996		33,776		—		30,624		—		—
Baillie Gifford International Alpha Fund		61,639,182		60,118,386		—		27,380,529		129,412,039		—
Baillie Gifford International Concentrated Growth Equities Fund		177,122		—		—		—		—		—
Baillie Gifford International Growth Fund		32,396,205		3,452,711		—		10,502,158		196,134,992		4,657,927
Baillie Gifford International Smaller Companies Fund		29,458		—		—		—		—		—
Baillie Gifford Long Term Global Growth Fund		—		468,999		—		806,492		15,430,438		—
Baillie Gifford Positive Change Equities Fund		71,477		34,542		—		—		—		—
Baillie Gifford U.S. Equity Growth Fund		40,789		190,799		—		9,266		199,719		—

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

The Funds' cost of investments and gross unrealized appreciation (depreciation) at December 31, 2019 for U.S. federal income tax purposes were as follows:

Fund	Cost of Investments		Gross Appreciation		Gross Depreciation			Net Appreciation (Depreciation)
Baillie Gifford China A Shares Fund	$	975,723	$	31,784	$	(1,480	)	$	30,304
Baillie Gifford Developed EAFE All Cap Fund		462,419,277		124,299,343		(24,313,097	)		99,986,246
Baillie Gifford EAFE Plus All Cap Fund		325,488,195		133,492,045		(19,836,666	)		113,655,379
Baillie Gifford Emerging Markets Equities Fund		2,919,397,530		952,621,927		(162,179,121	)		790,442,806
Baillie Gifford Global Alpha Equities Fund		634,289,640		371,993,973		(47,946,322	)		324,047,651
Baillie Gifford Global Stewardship Equities Fund		3,033,432		699,609		(205,017	)		494,592
Baillie Gifford International Alpha Fund		1,685,637,042		981,593,465		(128,340,517	)		853,252,948
Baillie Gifford International Concentrated Growth Equities Fund		78,105,944		16,264,914		(3,388,163	)		12,876,751
Baillie Gifford International Growth Fund		1,551,575,657		1,602,619,243		(171,504,548	)		1,431,114,695
Baillie Gifford International Smaller Companies Fund		1,031,596		333,304		(97,024	)		236,280
Baillie Gifford Long Term Global Growth Fund		217,968,112		116,834,569		(3,002,357	)		113,832,212
Baillie Gifford Positive Change Equities Fund		22,810,845		4,854,331		(1,291,944	)		3,562,387
Baillie Gifford U.S. Equity Growth Fund		14,675,352		3,560,336		(1,157,308	)		2,403,028

Fund	Average Daily Net Assets of the Fund (billions)		Annual Rate at Each Asset Level
Baillie Gifford Global Stewardship Equities Fund	$	0 - $2 >$2 - $5 Above $5		0.33% 0.29% 0.27%
Baillie Gifford International Alpha Fund	$	0 - $2 >$2 - $5 Above $5		0.35% 0.31% 0.29%
Baillie Gifford International Concentrated Growth Equities Fund	$	0 - $2 >$2 - $5 Above $5		0.40% 0.36% 0.34%
Baillie Gifford International Growth Fund	$	0 - $2 >$2 - $5 Above $5		0.35% 0.31% 0.29%
Baillie Gifford International Smaller Companies Fund		All assets		0.58%
Baillie Gifford Long Term Global Growth Fund	$	0 - $2 >$2 - $5 Above $5		0.45% 0.41% 0.39%
Baillie Gifford Positive Change Equities Fund	$	0 - $2 >$2 - $5 Above $5		0.33% 0.29% 0.27%
Baillie Gifford U.S. Equity Growth Fund	$	0 - $2 >$2 - $5 Above $5		0.33% 0.29% 0.27%

The Manager has contractually agreed to waive its fees and/or bear expenses of the following Funds to the extent that such Fund's total annual operating expenses (excluding taxes, sub-accounting expenses and extraordinary expenses) exceed the following amounts:

Fund	Class	Expense Limitation			Expiration Date
Baillie Gifford China A Shares Fund	Class K		0.87	%	April 30, 2021
	Institutional Class		0.87	%	April 30, 2021
Baillie Gifford Global Stewardship Equities Fund	Class K		0.65	%	April 30, 2020
	Institutional Class		0.65	%	April 30, 2020
Baillie Gifford International Concentrated Growth Equities Fund	Class K		0.72	%	April 30, 2020
	Institutional Class		0.72	%	April 30, 2020
Baillie Gifford International Smaller Companies Fund	Class K		0.90	%	April 30, 2020
	Institutional Class		0.90	%	April 30, 2020
Baillie Gifford Long Term Global Growth Fund	Class 2		0.77	%	April 30, 2020
	Class 4		0.67	%	April 30, 2020
	Class K		0.77	%	April 30, 2020
	Institutional Class		0.77	%	April 30, 2020
Baillie Gifford Positive Change Equities Fund	Class K		0.65	%	April 30, 2020
	Institutional Class		0.65	%	April 30, 2020
Baillie Gifford U.S. Equity Growth Fund	Class K		0.65	%	April 30, 2020
	Institutional Class		0.65	%	April 30, 2020

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

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

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 short term securities) for the year or period ended December 31, 2019 were as follows:

Fund	Purchases		Sales
Baillie Gifford China A Shares Fund	$	975,724	$	—
Baillie Gifford Developed EAFE All Cap Fund		129,301,908		87,611,595
Baillie Gifford EAFE Plus All Cap Fund		80,176,189		40,593,756
Baillie Gifford Emerging Markets Equities Fund		1,460,544,262		427,481,813
Baillie Gifford Global Alpha Equities Fund		156,232,251		140,543,392
Baillie Gifford Global Stewardship Equities Fund		686,236		707,824
Baillie Gifford International Alpha Fund		515,950,129		280,974,435
Baillie Gifford International Concentrated Growth Equities Fund		12,603,744		2,848,821
Baillie Gifford International Growth Fund		199,373,154		163,462,057
Baillie Gifford International Smaller Companies Fund		308,852		123,263
Baillie Gifford Long Term Global Growth Fund		83,896,462		13,024,698
Baillie Gifford Positive Change Equities Fund		10,126,441		1,307,140
Baillie Gifford U.S. Equity Growth Fund		5,522,962		2,749,314

Note D — Transactions in Shares of Beneficial Interest

	Baillie Gifford China A Shares Fund
	Class K Shares For the Period Ended December 31, 2019						Institutional Class Shares For the Period Ended December 31, 2019
	Shares			Amount			Shares			Amount
Shares sold		50,000		$	500,000			50,000		$	500,000
Shares issued in reinvestment of dividends and distributions		—			—			—			—
Shares redeemed		—			—			—			—
Net increase (decrease)		50,000		$	500,000			50,000		$	500,000
	Baillie Gifford Developed EAFE All Cap Fund
	Class 2 Shares For the Year Ended December 31, 2019						Class 3 Shares For the Year Ended December 31, 2019
	Shares			Amount			Shares			Amount
Shares sold		519		$	6,000			—		$	—
Shares issued in reinvestment of dividends and distributions		196,688			2,596,461			75,196			1,002,546
Shares redeemed		(794,863	)		(9,000,000	)		—			—
Net increase (decrease)		(597,656	)	$	(6,397,539	)		75,196		$	1,002,546
	Baillie Gifford Developed EAFE All Cap Fund
	Class K Shares For the Year Ended December 31, 2019						Institutional Class Shares For the Year Ended December 31, 2019
	Shares			Amount			Shares			Amount
Shares sold		5,978,804		$	73,243,343			587,848		$	7,084,206
Shares issued in reinvestment of dividends and distributions		199,149			2,624,780			8,164			107,514
Shares redeemed		(2,529,710	)		(29,311,401	)		(80,919	)		(990,117	)
Net increase		3,648,243		$	46,556,722			515,093		$	6,201,603
	Baillie Gifford Developed EAFE All Cap Fund
	Class 2 Shares For the Year Ended December 31, 2018						Class 3 Shares For the Year Ended December 31, 2018
	Shares			Amount			Shares			Amount
Shares sold		626		$	7,500			—		$	—
Shares issued in reinvestment of dividends and distributions		152,238			1,510,948			57,218			573,430
Shares redeemed		(408,017	)		(5,000,000	)		(509,108	)		(5,000,000	)
Net decrease		(255,153	)	$	(3,481,552	)		(451,890	)	$	(4,426,570	)

	Baillie Gifford Developed EAFE All Cap Fund
	Class K Shares For the Year Ended December 31, 2018						Institutional Class Shares For the Year Ended December 31, 2018
	Shares			Amount			Shares			Amount
Shares sold		15,094,869		$	181,677,307			183,645		$	2,216,528
Shares issued in reinvestment of dividends and distributions		142,375			1,410,939			1,740			17,245
Shares redeemed		(36,492	)		(389,000	)		(60	)		(639	)
Net increase		15,200,752		$	182,699,246			185,325		$	2,233,134
	Baillie Gifford EAFE Plus All Cap Fund
	Class 2 Shares For the Year Ended December 31, 2019						Class 3 Shares For the Year Ended December 31, 2019
	Shares			Amount			Shares			Amount
Shares sold		178,140		$	2,723,300			—		$	—
Shares issued in reinvestment of dividends and distributions		660,317			11,089,493			—			—
Shares redeemed		(35,301	)		(528,300	)		—			—
Net increase		803,156		$	13,284,493			—		$	—
	Baillie Gifford EAFE Plus All Cap Fund
	Class K Shares For the Year Ended December 31, 2019						Institutional Class Shares For the Year Ended December 31, 2019
	Shares			Amount			Shares			Amount
Shares sold		1,798,306		$	27,900,000			585,572		$	9,046,949
Shares issued in reinvestment of dividends and distributions		247,557			4,146,582			49,558			828,614
Shares redeemed		(90,034	)		(1,375,000	)		(51,426	)		(805,468	)
Net increase		1,955,829		$	30,671,582			583,704		$	9,070,095
	Baillie Gifford EAFE Plus All Cap Fund
	Class 2 Shares For the Year Ended December 31, 2018						Class 3 Shares For the Year Ended December 31, 2018
	Shares			Amount			Shares			Amount
Shares sold		2,155,172	*	$	34,104,348	*		24,774		$	405,000
Shares issued in reinvestment of dividends and distributions		423,287			5,515,340			—			—
Shares redeemed		(2,272,928	)		(37,450,000	)		(1,680,815	)**		(27,282,248	)**
Net increase (decrease)		305,531		$	2,169,688			(1,656,041	)	$	(26,877,248	)

* 1,628,163 shares and $26,122,249 converted into Class 2 from Class 3.

** 1,612,883 shares and $26,122,249 converted from Class 3 into Class 2.

	Baillie Gifford EAFE Plus All Cap Fund
	Class K Shares For the Year Ended December 31, 2018						Institutional Class Shares For the Year Ended December 31, 2018
	Shares			Amount			Shares			Amount
Shares sold		4,845,396		$	67,194,504			791,484		$	12,355,055
Shares issued in reinvestment of dividends and distributions		126,970			1,650,610			20,293			263,403
Shares redeemed		(31,447	)		(500,000	)		(2,300	)		(38,023	)
Net increase		4,940,919		$	68,345,114			809,477		$	12,580,435
	Baillie Gifford Emerging Markets Equities Fund
	Class 2 Shares For the Year Ended December 31, 2019						Class 3 Shares For the Year Ended December 31, 2019
	Shares			Amount			Shares			Amount
Shares sold		345,334		$	7,306,000			5,731,888	*	$	106,960,476	*
Shares issued in reinvestment of dividends and distributions		202,888			4,430,516			588,293			12,961,322
Shares redeemed		(5,927,081	)**		(109,960,476	)**		—			—
Net increase (decrease)		(5,378,859	)	$	(98,223,960	)		6,320,181		$	119,921,798

* 5,731,888 shares and $106,960,476 converted into Class 3 from Class 2.

** 5,781,084 shares and $106,960,476 converted from Class 2 into Class 3.

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

*** 6,907,896 shares and $144,490,534 converted into Class K from Institutional Class.

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

* 6,914,479 shares and $144,490,534 converted from Institutional Class into Class K.

	Baillie Gifford Emerging Markets Equities Fund
	Class 2 Shares For the Year Ended December 31, 2018						Class 3 Shares For the Year Ended December 31, 2018
	Shares			Amount			Shares		Amount
Shares sold		2,204,419	**	$	44,256,131	**		—	$	—
Shares issued in reinvestment of dividends and distributions		899,999			15,711,644			873,732		15,383,534
Shares redeemed		(1,183,370	)		(25,068,932	)		—		—
Net increase		1,921,048		$	34,898,843			873,732	$	15,383,534

** 681,658 shares and $15,248,631 converted into Class 2 from Class 5.

	Baillie Gifford Emerging Markets Equities Fund
	Class 5 Shares For the Year Ended December 31, 2018						Class K Shares For the Year Ended December 31, 2018
	Shares			Amount			Shares			Amount
Shares sold		1,781,176		$	38,000,000			24,226,159		$	506,095,758
Shares issued in reinvestment of dividends and distributions		5,335,081			96,382,507			2,497,706			43,485,061
Shares redeemed		(1,104,279	)***		(25,368,631	)***		(1,529,562	)		(29,860,792	)
Net increase		6,011,978		$	109,013,876			25,194,303		$	519,720,027

*** 660,331 shares and $15,248,631 converted from Class 5 into Class 2.

	Baillie Gifford Emerging Markets Equities Fund
	Institutional Class Shares For the Year Ended December 31, 2018
	Shares			Amount
Shares sold		14,853,143		$	289,603,933
Shares issued in reinvestment of dividends and distributions		854,803			14,875,218
Shares redeemed		(1,144,063	)		(21,776,659	)
Net increase		14,563,883		$	282,702,492

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

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

	Baillie Gifford Global Alpha Equities Fund
	Class 2 Shares For the Year Ended December 31, 2018						Class 3 Shares For the Year Ended December 31, 2018
	Shares			Amount			Shares			Amount
Shares sold		150,284		$	3,007,500			365,651		$	7,500,000
Shares issued in reinvestment of dividends and distributions		2,281,267			29,638,221			7,585,731			101,000,978
Shares redeemed		(750,774	)		(14,500,000	)		(3,961,091	)		(79,500,000	)
Net increase		1,680,777		$	18,145,721			3,990,291		$	29,000,978
	Baillie Gifford Global Alpha Equities Fund
	Class 4 Shares For the Year Ended December 31, 2018						Class K Shares For the Year Ended December 31, 2018
	Shares			Amount			Shares			Amount
Shares sold		—		$	—			336,570		$	6,673,503
Shares issued in reinvestment of dividends and distributions		1,792,025			24,453,077			690,189			8,951,758
Shares redeemed		(12,545,959	)		(261,700,383	)		(849,189	)		(16,990,416	)
Net increase (decrease)		(10,753,934	)	$	(237,247,306	)		177,570		$	(1,365,155	)

	Baillie Gifford Global Alpha Equities Fund
	Institutional Class Shares For the Year Ended December 31, 2018
	Shares		Amount
Shares sold		—	$	—
Shares issued in reinvestment of dividends and distributions		94		1,223
Shares redeemed		—		—
Net increase		94	$	1,223

	Baillie Gifford Global Stewardship Equities Fund
	Class K Shares For the Year Ended December 31, 2019				Institutional Class Shares For the Year Ended December 31, 2019
	Shares		Amount		Shares		Amount
Shares sold		—	$	—		—	$	—
Shares issued in reinvestment of dividends and distributions		1,828		21,386		1,828		21,386
Shares redeemed		—		—		—		—
Net increase		1,828	$	21,386		1,828	$	21,386
	Baillie Gifford Global Stewardship Equities Fund
	Class K Shares For the Year Ended December 31, 2018				Institutional Class Shares For the Year Ended December 31, 2018
	Shares		Amount		Shares		Amount
Shares sold		—	$	—		—	$	—
Shares issued in reinvestment of dividends and distributions		1,707		15,312		1,707		15,312
Shares redeemed		—		—		—		—
Net increase		1,707	$	15,312		1,707	$	15,312

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

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

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

*** 15,604,447 shares and $198,213,924 converted into Class 3 from Class 4.

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

**** 15,349,714 shares and $198,213,924 converted from Class 4 into Class 3.

***** 15,348,444 shares and $204,511,879 converted into Class 4 from Class 3.

	Baillie Gifford International Alpha Fund
	Class K Shares For the Year Ended December 31, 2019						Institutional Class Shares For the Year Ended December 31, 2019
	Shares			Amount			Shares			Amount
Shares sold		15,999,769		$	197,754,519			8,054,702	*******	$	100,370,867	*******
Shares issued in reinvestment of dividends and distributions		1,769,959			24,087,396			445,383			6,083,367
Shares redeemed		(2,884,462	)******		(36,825,366	)******		(2,727,853	)		(33,820,482	)
Net increase		14,885,266		$	185,016,549			5,772,232		$	72,633,752

****** 10,676 shares and $141,572 converted from Class K into Institutional Class.

******* 10,644 shares and $141,572 converted into Institutional Class from Class K.

	Baillie Gifford International Alpha Fund
	Class 2 Shares For the Year Ended December 31, 2018						Class 3 Shares For the Year Ended December 31, 2018
	Shares			Amount			Shares			Amount
Shares sold		5,055,353	*	$	71,126,175	*		983,331		$	13,500,000
Shares issued in reinvestment of dividends and distributions		2,793,954			29,796,122			5,032,227			54,378,248
Shares redeemed		(10,409,634	)		(142,859,137	)		(27,747,104	)**		(402,752,824	)**
Net decrease		(2,560,327	)	$	(41,936,840	)		(21,731,546	)	$	(334,874,576	)

* 4,908,230 shares and $69,118,676 converted into Class 2 from Class 3.

** 4,847,202 shares and $69,118,676 converted from Class 3 into Class 2.

	Baillie Gifford International Alpha Fund
	Class 4 Shares For the Year Ended December 31, 2018						Class 5 Shares For the Year Ended December 31, 2018
	Shares			Amount			Shares			Amount
Shares sold		20,039,941	***	$	290,058,382	***		2,406,932		$	33,700,000
Purchase fees		—			—			—			—
Redemption fees		—			—			—			—
Shares issued in reinvestment of dividends and distributions		3,509,883			38,554,309			616,758			6,892,085
Shares redeemed		—			—			(8,376,584	)		(124,055,871	)
Net increase (decrease)		23,549,824		$	328,612,691			(5,352,894	)	$	(83,463,786	)

** 14,200,330 shares and $210,058,382 converted from Class 3 into Class 4.

*** 13,985,711 shares and $210,058,382 converted into Class 4 from Class 3.

	Baillie Gifford International Alpha Fund
	Class K Shares For the Year Ended December 31, 2018						Institutional Class Shares For the Year Ended December 31, 2018
	Shares			Amount			Shares			Amount
Shares sold		18,119,132	****	$	245,988,676	****		7,384,373		$	100,149,976
Shares issued in reinvestment of dividends and distributions		2,319,754			24,652,444			210,238			2,245,341
Shares redeemed		(1,115,680	)		(14,813,373	)		(4,072,356	)*****		(52,246,242	)*****
Net increase		19,323,206		$	255,827,747			3,522,255		$	50,149,075

**** 9,213 shares and $115,811 converted into Class K from Institutional Class.

***** 9,213 shares and $115,811 converted from Institutional Class into Class K.

	Baillie Gifford International Concentrated Growth Equities Fund
	Class K Shares For the Year Ended December 31, 2019						Institutional Class Shares For the Year Ended December 31, 2019
	Shares			Amount			Shares			Amount
Shares sold		1,622,013		$	20,684,000			16,086		$	176,417
Shares issued in reinvestment of dividends and distributions		13,687			175,602			111			1,431
Shares redeemed		—			—			(1,567	)		(14,572	)
Net increase		1,635,700		$	20,859,602			14,630		$	163,276
	Baillie Gifford International Concentrated Growth Equities Fund
	Class K Shares For the Year Ended December 31, 2018						Institutional Class Shares For the Year Ended December 31, 2018
	Shares			Amount			Shares			Amount
Shares sold		6,329,524		$	70,001,500			884,618		$	9,396,765
Shares issued in reinvestment of dividends and distributions		—			—			—			—
Shares redeemed		—			—			(879,978	)		(7,292,090	)
Net increase		6,329,524		$	70,001,500			4,640		$	2,104,675
	Baillie Gifford International Growth Fund
	Class 2 Shares For the Year Ended December 31, 2019						Class 3 Shares For the Year Ended December 31, 2019
	Shares			Amount			Shares			Amount
Shares sold		5,107,421		$	64,526,000			819,205		$	9,300,000
Shares issued in reinvestment of dividends and distributions		660,349			9,691,346			435,063			6,398,737
Shares redeemed		(4,742,078	)		(63,189,038	)		(393,803	)		(5,000,000	)
Net increase		1,025,692		$	11,028,308			860,465		$	10,698,737
	Baillie Gifford International Growth Fund
	Class 4 Shares For the Year Ended December 31, 2019						Class 5 Shares For the Year Ended December 31, 2019
	Shares			Amount			Shares			Amount
Shares sold		—		$	—			—		$	—
Shares issued in reinvestment of dividends and distributions		230,029			3,385,754			1,089,463			16,066,961
Shares redeemed		—			—			—			—
Net increase		230,029		$	3,385,754			1,089,463		$	16,066,961

	Baillie Gifford International Growth Fund
	Class K Shares For the Year Ended December 31, 2019						Institutional Class Shares For the Year Ended December 31, 2019
	Shares			Amount			Shares			Amount
Shares sold		—		$	—			1,790,773		$	21,930,555
Shares issued in reinvestment of dividends and distributions		5			77			19,517			285,728
Shares redeemed		—			—			(162,113	)		(2,123,738	)
Net increase		5		$	77			1,648,177		$	20,092,545
	Baillie Gifford International Growth Fund
	Class 2 Shares For the Year Ended December 31, 2018						Class 3 Shares For the Year Ended December 31, 2018
	Shares			Amount			Shares			Amount
Shares sold		9,073,332	*	$	131,045,716	*		917,630		$	11,000,000
Shares issued in reinvestment of dividends and distributions		5,644,097			60,268,790			3,576,265			38,266,030
Shares redeemed		(7,703,896	)		(117,827,995	)		(9,687,422	)**		(147,753,216	)**
Net increase (decrease)		7,013,533		$	73,486,511			(5,193,527	)	$	(98,487,186	)

* 6,305,828 shares and $95,453,216 converted into Class 2 from Class 3.

** 6,292,153 shares and $95,453,216 converted from Class 3 into Class 2.

	Baillie Gifford International Growth Fund
	Class 4 Shares For the Year Ended December 31, 2018						Class 5 Shares For the Year Ended December 31, 2018
	Shares			Amount			Shares		Amount
Shares sold		—		$	—			68,796	$	1,000,000
Shares issued in reinvestment of dividends and distributions		1,876,378			20,091,688			8,634,367		92,626,897
Shares redeemed		(3,717,722	)		(55,000,000	)		—		—
Net increase (decrease)		(1,841,344	)	$	(34,908,312	)		8,703,163	$	93,626,897
	Baillie Gifford International Growth Fund
	Class K Shares For the Year Ended December 31, 2018						Institutional Class Shares For the Year Ended December 31, 2018
	Shares			Amount			Shares		Amount
Shares sold		—		$	—			191,231	$	2,139,835
Shares issued in reinvestment of dividends and distributions		46			491			2,441		26,017
Shares redeemed		—			—			—		—
Net increase		46		$	491			193,672	$	2,165,852

	Baillie Gifford International Smaller Companies Fund
	Class K Shares For the Year Ended December 31, 2019						Institutional Class Shares For the Year Ended December 31, 2019
	Shares			Amount			Shares			Amount
Shares sold		—		$	—			—		$	—
Shares issued in reinvestment of dividends and distributions		1,198			14,729			1,198			14,729
Shares redeemed		—			—			—			—
Net increase		1,198		$	14,729			1,198		$	14,729
	Baillie Gifford International Smaller Companies Fund
	Class K Shares For the Period Ended December 31, 2018						Institutional Class Shares For the Period Ended December 31, 2018
	Shares			Amount			Shares			Amount
Shares sold		50,000		$	500,000			50,000		$	500,000
Shares issued in reinvestment of dividends and distributions		—			—			—			—
Shares redeemed		—			—			—			—
Net increase		50,000		$	500,000			50,000		$	500,000
	Baillie Gifford Long Term Global Growth Fund
	Class 2 Shares For the Year Ended December 31, 2019						Class 4 Shares For the Year Ended December 31, 2019
	Shares			Amount			Shares			Amount
Shares sold		8,620		$	155,750			3,082,248	*	$	67,193,017	*
Shares issued in reinvestment of dividends and distributions		4,929			102,829			3,726			91,124
Shares redeemed		(54,170	)		(1,000,000	)		—			—
Net increase (decrease)		(40,621	)	$	(741,421	)		3,085,974		$	67,284,141

* 3,082,248 shares and $67,193,017 converted into Class 4 from Class 5.

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

** 2,872,319 shares and $67,193,017 converted from Class 5 into Class 4.

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

	Baillie Gifford Long Term Global Growth Fund
	Class 2 Shares For the Year Ended December 31, 2018						Class 4 Shares For the Year Ended December 31, 2018
	Shares			Amount			Shares			Amount
Shares sold		4,994		$	95,125			—		$	—
Shares issued in reinvestment of dividends and distributions		325,212			5,003,161			—			—
Shares redeemed		(260,321	)		(5,059,742	)		(2,941,772	)*		(61,984,598	)*
Net increase (decrease)		69,885		$	38,544			(2,941,772	)	$	(61,984,598	)

* 2,941,772 shares and $61,984,598 converted from Class 4 into Class 5.

	Baillie Gifford Long Term Global Growth Fund
	Class 5 Shares For the Year Ended December 31, 2018						Class K Shares For the Year Ended December 31, 2018
	Shares			Amount			Shares		Amount
Shares sold		2,758,291	**	$	61,984,598	**		337,427	$	6,846,083
Shares issued in reinvestment of dividends and distributions		223,195			4,309,351			447,790		6,891,490
Shares redeemed		—			—			—		—
Net increase		2,981,486		$	66,293,949			785,217	$	13,737,573

** 2,758,291 shares and $61,984,598 converted into Class 5 from Class 4.

	Baillie Gifford Long Term Global Growth Fund
	Institutional Class Shares For the Year Ended December 31, 2018
	Shares			Amount
Shares sold		108,150		$	2,191,113
Shares issued in reinvestment of dividends and distributions		2,141			32,928
Shares redeemed		(87,699	)		(1,671,907	)
Net increase		22,592		$	552,134

	Baillie Gifford Positive Change Equities Fund
	Class K Shares For the Year Ended December 31, 2019				Institutional Class Shares For the Year Ended December 31, 2019
	Shares		Amount		Shares			Amount
Shares sold		712,396	$	8,086,054		72,635		$	884,224
Shares issued in reinvestment of dividends and distributions		1,416		18,677		3,087			40,744
Shares redeemed		—		—		(861	)		(10,610	)
Net increase		713,812	$	8,104,731		74,861		$	914,358

	Baillie Gifford Positive Change Equities Fund
	Class K Shares For the Year Ended December 31, 2018				Institutional Class Shares For the Year Ended December 31, 2018
	Shares		Amount		Shares			Amount
Shares sold		448,553	$	5,015,042		691,660		$	8,061,290
Shares issued in reinvestment of dividends and distributions		—		—		—			—
Shares redeemed		—		—		—			—
Net increase		448,553	$	5,015,042		691,660		$	8,061,290
	Baillie Gifford U.S. Equity Growth Fund
	Class K Shares For the Year Ended December 31, 2019				Institutional Class Shares For the Year Ended December 31, 2019*
	Shares		Amount		Shares			Amount
Shares sold		6,450	$	117,664		228,252		$	3,569,371
Shares issued in reinvestment of dividends and distributions		10,024		185,245		2,510			46,343
Shares redeemed		—		—		(41,228	)		(732,087	)
Net increase		16,474	$	302,909		189,534		$	2,883,627

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

	Baillie Gifford U.S. Equity Growth Fund
	Class K Shares For the Year Ended December 31, 2018				Institutional Class Shares For the Year Ended December 31, 2018
	Shares		Amount		Shares			Amount
Shares sold		628,176	$	10,302,009		161,563		$	2,815,417
Shares issued in reinvestment of dividends and distributions		14,897		208,858		9			127
Shares redeemed		—		—		(161,557	)		(2,653,931	)
Net increase		643,073	$	10,510,867		15		$	161,613

Note E — Beneficial Ownership

Beneficial ownership, either direct or indirect, of more than 25% of the voting securities of a Fund creates a presumption of control under Section 2(a)(9) of the 1940 Act. As of December 31, 2019, the following shareholders beneficially owned 25% or more of a Fund's voting securities:

Fund	Investor	Percentage
Baillie Gifford China A Shares Fund	Baillie Gifford International LLC		100.00	%
Baillie Gifford Global Stewardship Equities Fund	Baillie Gifford International LLC		100.00	%
Baillie Gifford International The Master Pension Trust of Concentrated Growth Equities Fund	CSX Corporation and Affiliated Companies		78.44	%
Baillie Gifford International Growth Fund	Teachers' Retirement System of The State of Kentucky		42.88	%
Baillie Gifford International Smaller Companies Fund	Baillie Gifford International LLC		100.00	%
Baillie Gifford U.S. Equity Growth Fund	Daytona Beach Police & Fire Retirement System		66.35	%

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

At December 31, 2019, Baillie Gifford International LLC, a wholly owned subsidiary of the Manager, owned 100% of Baillie Gifford China A Shares Fund, Baillie Gifford Global Stewardship Equities Fund and Baillie Gifford International Smaller Companies Fund and as a result may be deemed to control such Funds.

Note H — Principal Risks (unaudited)

The below is a selection of the Funds' principal risks, the Fund's principal risks are further described within their respective prospectuses.

China A Shares Tax Risk

Investments in A Shares could result in unexpected tax liabilities for the Fund. Chinese law imposes withholding taxes on dividends and interest paid to foreign investors by companies listed in China, as well as capital gains realized by such investors, subject to certain temporary exemptions applicable to capital gains realized from investments in A Shares. The application of the Chinese withholding taxes on dividends and interest and of China's value added tax is uncertain. Application of these rules, including as a result of revocation of any temporary exemptions, could result in tax liabilities for the Fund, which could negatively affect investment returns for shareholders. Any restrictions on repatriation could limit the Fund's ability to satisfy the distribution requirements applicable to regulated investment companies under the Internal Revenue Code of 1986, as amended (the "Code"), and the Fund may be required to sell other investments (including when it is not advantageous to do so) to meet such distribution requirements. If the Fund were unable to meet such distribution requirements, the Fund would be subject to U.S. federal income tax at the Fund level.

LIBOR Phaseout

The United Kingdom's Financial Conduct Authority, which regulates the London Interbank Offered Rate ("LIBOR"), has announced plans to phase out the use of LIBOR by the end of 2021. There remains uncertainty regarding the future use of LIBOR and the nature of any replacement rate. The transition process away from LIBOR may involve, among other things, increased volatility or illiquidity in markets for instruments that currently rely on LIBOR.

Further, the Funds' Credit Agreement in place with Bank of New York Mellon references LIBOR and as such a suitable replacement reference rate will be required ahead of the end of 2021.

The Manager has set up a LIBOR working group to consider and plan for LIBOR's discontinuation including considering the impact on the Funds' Credit Agreement. Actions are being taken to reduce or remove LIBOR references in advance of the December 2021 deadline.

Non-Diversification Risk

A non-diversified fund may hold a smaller number of portfolio securities, with larger positions in each security it holds, than many other mutual funds. To the extent a Fund invests in a relatively small number of issuers, a decline in the market value of a particular security held by the Fund may affect its value more than if it invested in a larger number of issuers. The value of the Fund's shares may be more volatile than the values of shares of more diversified funds. Baillie Gifford China A Shares Fund, Baillie Gifford International Concentrated Growth Equities Fund, Baillie Gifford Long Term Global Growth Fund, Baillie Gifford Positive Change Equities Fund, and Baillie Gifford U.S. Equity Growth Fund are all non-diversified Funds.

Currency and Currency Hedging Risk

A Fund that invests in non-U.S. securities could lose value if it invests in foreign currencies or securities denominated in foreign currencies which decline in value relative to the U.S. dollar, or if it invests in products to reduce this exposure, and those products lose value. A Fund may realize a loss if it has exposure to a non-U.S. currency, and this non-U.S. currency declines in value, relative to the U.S. dollar. Similarly, a Fund may realize a loss if the Fund hedges exposure to a non-U.S. currency, and this non-U.S. currency increases in value, relative to the U.S. dollar. While hedging can reduce or eliminate losses, it can also reduce or eliminate gains.

Non-U.S. Investment Risk

Non-U.S. securities and securities denominated in foreign currencies are subject to additional risks, including less liquidity, increased volatility, less transparency, withholding or other taxes, increased vulnerability to adverse changes in local and global economic conditions, less regulation, fluctuations in foreign exchange rates, inability to convert proceeds into U.S. dollars, application of foreign tax laws, foreign investment restrictions, less publicly available information about foreign financial instruments, generally less government supervision of foreign securities markets and issuers and possible fluctuation in value due to adverse political conditions. Foreign portfolio transactions generally involve higher commission rates, transfer taxes, and custodial costs than similar transactions in the U.S.

For further information on risk please refer to each Fund's prospectus.

Note I — Legal Notice (unaudited)

MSCI

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

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

FTSE Russell (U.S. Equity Growth)

FTSE Russell is a trading name of certain of the LSE Group companies. Russell^® is a trade mark of the relevant LSE Group companies and is used by any other LSE Group company under license. "TMX^®" is a trade mark of TSX, Inc. and used by the LSE Group under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

S&P (U.S. Equity Growth)

The S&P 500 and S&P Global Small Cap ("Index") is a product of S&P Dow Jones Indices LLC, a division of S&P Global, or its affiliates ("SPDJI"). Standard & Poor's^® and S&P^® are registered trademarks of Standard & Poor's Financial Services LLC, a division of S&P Global ("S&P"); Dow Jones^® is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"). Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.

Note J — Liquidity Risk Management Program (unaudited)

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

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

To the Shareholders of Baillie Gifford China A Shares Fund,
Baillie Gifford Developed EAFE All Cap Fund, Baillie Gifford EAFE Plus All Cap Fund,
Baillie Gifford Emerging Markets Equities Fund, Baillie Gifford Global Alpha Equities Fund,
Baillie Gifford Global Stewardship Equities Fund, Baillie Gifford International Alpha Fund,
Baillie Gifford International Concentrated Growth Equities Fund, Baillie Gifford International Growth Fund,
Baillie Gifford International Smaller Companies Fund, Baillie Gifford Long Term Global Growth Fund,
Baillie Gifford Positive Change Equities Fund, and Baillie Gifford U.S. Equity Growth Fund,
and the Board of Trustees of Baillie Gifford Funds

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Baillie Gifford China A Shares Fund, Baillie Gifford Developed EAFE All Cap Fund, Baillie Gifford EAFE Plus All Cap Fund, Baillie Gifford Emerging Markets Equities Fund, Baillie Gifford Global Alpha Equities Fund, Baillie Gifford Global Stewardship Equities Fund, Baillie Gifford International Alpha Fund, Baillie Gifford International Concentrated Growth Equities Fund, Baillie Gifford International Growth Fund, Baillie Gifford International Smaller Companies Fund, Baillie Gifford Long Term Global Growth Fund, Baillie Gifford Positive Change Equities Fund, and Baillie Gifford U.S. Equity Growth Fund (the "Funds"), each a series of Baillie Gifford Funds, as of December 31, 2019, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two periods in the period then ended, and the financial highlights for each of the three periods in the period then ended, including the related notes, for Baillie Gifford Developed EAFE All Cap Fund, Baillie Gifford EAFE Plus All Cap Fund, Baillie Gifford Emerging Markets Equities Fund, Baillie Gifford Global Alpha Equities Fund, Baillie Gifford Global Stewardship Equities Fund, Baillie Gifford International Alpha Fund, Baillie Gifford International Concentrated Growth Equities Fund, Baillie Gifford International Growth Fund, Baillie Gifford Long Term Global Growth Fund, Baillie Gifford Positive Change Equities Fund, and Baillie Gifford U.S. Equity Growth Fund and the related statements of operations for the year then ended, the statements of changes in net assets and the financial highlights for each of the two periods in the period then ended, including the related notes, for Baillie Gifford International Smaller Companies Fund, and the related statements of operations and changes in net assets and the financial highlights, including the related notes, for the period December 19, 2019 (commencement of operations) through December 31, 2019 for Baillie Gifford China A Shares Fund (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the each of the Funds as of December 31, 2019, the results of their operations, the changes in their net assets, and the financial highlights for each of the periods indicated above, in conformity with accounting principles generally accepted in the United States of America.

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

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2019, by correspondence with the

Federal Income Tax Information

Qualified dividend income was taxable to the Funds listed in the table below through December 31, 2019. The Funds intend to designate the maximum amount of dividends that qualify for the reduced tax rate pursuant to the Jobs and Growth Tax Relief Reconciliation Act of 2003.

Fund	Qualified Dividend Income
Baillie Gifford China A Shares Fund		0.00	%
Baillie Gifford Developed EAFE All Cap Fund		100.00	%
Baillie Gifford EAFE Plus All Cap Fund		63.03	%
Baillie Gifford Emerging Markets Equities Fund		53.48	%
Baillie Gifford Global Alpha Equities Fund		32.05	%
Baillie Gifford Global Stewardship Equities Fund		100.00	%
Baillie Gifford International Alpha Fund		64.60	%
Baillie Gifford International Concentrated Growth Equities Fund		100.00	%
Baillie Gifford International Growth Fund		100.00	%
Baillie Gifford International Smaller Companies Fund		35.19	%
Baillie Gifford Long Term Global Growth Fund		0.00	%
Baillie Gifford Positive Change Equities Fund		100.00	%
Baillie Gifford U.S. Equity Growth Fund		71.65	%

For corporate shareholders, the percentage of ordinary income distributions for the year/period ended December 31, 2019 for the corporate dividends-received deduction for each Fund is:

Fund	Dividends-received Deductions
Baillie Gifford China A Shares Fund		0.00	%
Baillie Gifford Developed EAFE All Cap Fund		0.00	%
Baillie Gifford EAFE Plus All Cap Fund		0.00	%
Baillie Gifford Emerging Markets Equities Fund		0.00	%
Baillie Gifford Global Alpha Equities Fund		8.27	%
Baillie Gifford Global Stewardship Equities Fund		69.51	%
Baillie Gifford International Alpha Fund		0.08	%
Baillie Gifford International Concentrated Growth Equities Fund		1.42	%
Baillie Gifford International Growth Fund		0.00	%
Baillie Gifford International Smaller Companies Fund		0.00	%
Baillie Gifford Long Term Global Growth Fund		0.00	%
Baillie Gifford Positive Change Equities Fund		20.91	%
Baillie Gifford U.S. Equity Growth Fund		71.88	%

In February 2020, certain U.S. shareholders will be advised on IRS Form 1099 DIV or substitute 1099 DIV as to the U.S. federal tax status of the distributions received in the calendar year 2019.

Foreign Taxes Paid — The following Funds elect under the Code Section 853 to pass through foreign taxes paid to its shareholders. The total amounts of foreign taxes passed through to shareholders on a per share basis for the year ended December 31, 2019, are as follows:

Fund	Foreign Taxes Per Share		Foreign Income Per Share
Baillie Gifford China A Shares Fund		—		—
Baillie Gifford Developed EAFE All Cap Fund		0.0197		0.2051
Baillie Gifford EAFE Plus All Cap Fund		0.0231		0.3749
Baillie Gifford Emerging Markets Equities Fund		0.0373		0.8229
Baillie Gifford Global Alpha Equities Fund		0.0101		0.4643
Baillie Gifford Global Stewardship Equities Fund		—		—
Baillie Gifford International Alpha Fund		0.0245		0.3652
Baillie Gifford International Concentrated Growth Equities Fund		0.0128		0.1108
Baillie Gifford International Growth Fund		0.0239		0.2563
Baillie Gifford International Smaller Companies Fund		—		—
Baillie Gifford Long Term Global Growth Fund		—		—
Baillie Gifford Positive Change Equities Fund		0.0116		0.1087
Baillie Gifford U.S. Equity Growth Fund		—		—

Management of the Trust

The following tables set forth the Trustees and officers of the Trust, their principal occupations during the past five years, and certain other information as of December 31, 2019.

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⁾

Independent 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

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

Bruce C. Long
1945

Trustee, Chair of the Nominating and Governance Committee

Since 2009

Global Financial Consultant.

Robert E. Rigsby
1949

Trustee, Chair of the Audit Oversight Committee

Since 2014

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

Interested Trustee

David Salter⁽⁴⁾1975

Trustee, Chair of the Board, and President

Since 2016 (Previously Vice President since 2014)

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

Name and Year of Birth

Position(s)
Held with
Trust

Length of
Time
Served⁽¹⁾

Principal Occupation During Past 5 Years⁽²⁾

Officers (other than officers who are also Trustees)

Andrew Telfer
1967

Vice President

Since 2008

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

Michael Stirling-Aird
1977

Vice President

Since 2012

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

Julie Paul
1975

Vice President

Since 2012

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

Tim Campbell
1975

Vice President

Since 2014

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

Lindsay Cockburn
1978

Treasurer

Since 2015

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

Name and Year of Birth

Position(s)
Held with
Trust

Length of
Time
Served⁽¹⁾

Principal Occupation During Past 5 Years⁽²⁾

Officers (other than officers who are also Trustees)

Gareth Griffiths
1973

Secretary and Chief Legal Officer

Secretary since 2015; Chief Legal Officer since 2017

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

Graham Laybourn
1966

Vice President

Since 2018

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

Suzanne Quinn
1979

Chief Compliance Officer and AML Compliance Officer

Since 2018

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

Evan Delaney
1969

Chief Risk Officer

Since 2013

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

Lesley-Anne Archibald
1988

Vice President

Since 2017

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

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

(1) Length of time served relates to the relevant Trustee's or officer's service at the position listed under position(s) held with Trust. There is no stated term of office for the Trustees and a Trustee may serve until such Trustee reaches the age of 75 years. Thereafter, such Trustee offers to tender his or her resignation from the Board, and the Nominating and Governance Committee, at its discretion, makes a recommendation to the Board whether to accept or reject such resignation annually. The Chair of the Board and President of the Trust are elected annually by the Board of Trustees. Other officers may be elected or appointed by the Trustees at any time.

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

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

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

BAILLIE GIFFORD FUNDS

On December 17, 2019, the Board of Trustees (the "Board") of 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 investment advisory agreement (the "Advisory Agreement") between the Trust, on behalf of Baillie Gifford China A Shares Fund (the "Fund"), 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 approval of the Advisory Agreement. During the review process, the Independent Trustees were represented by independent legal counsel and advised by their independent legal counsel of their fiduciary duties pertaining to approval of investment advisory agreements and the factors that they should consider in evaluating such agreements. The Independent Trustees reviewed materials received from the Manager and Broadridge (an independent provider of mutual fund data, "Broadridge"). 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 Board concluded that it was in the best interests of the Fund to approve the Advisory Agreement. In reaching this conclusion for the Fund, 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 Board considered the nature, extent and quality of the services expected to be provided by the Manager to the Fund. The Board noted that, pursuant to the Fund's Advisory Agreement, the Manager will provide portfolio management services to the Fund and will receive an advisory fee and, pursuant to a separate Administration, Supervisory and Sub-Accounting Services Plan and Administration and Supervisory Agreement, the Manager will receive an "administration and supervisory fee." The Board considered the background and qualifications of the investment, compliance and administrative personnel who would be involved in the management and oversight of the Fund and reviewed information regarding the Fund's advisory fee, administration and supervisory fee and estimated expense ratios compared to similar funds. The Board considered the proposed investment objective and investment philosophy and process for the Fund. With respect to performance, the Board considered that the Fund had not commenced operations. The Board noted that the Manager provides advisory services to other funds in the Trust and that the Board had also reviewed extensive information during the annual contract renewal process regarding the Manager and the nature, extent and quality of services provided to other funds in the Trust. In evaluating the advisory fee to be paid by the Fund, and in particular when assessing comparative data, the Board considered not only the advisory fee, but also the combination of the Fund's advisory fee and administration and supervisory fee. The Board concluded that the nature, extent and quality of the services provided by the Manager to the Fund, pursuant to the Advisory Agreement, were expected to be satisfactory.

With respect to profitability, the Board considered that, because the Fund was not operational, the Manager did not provide estimated profitability. The Board considered other benefits to be derived by the Manager from its relationship to the Fund, including receipt of the administration and supervisory fee. The Board considered whether there were economies of scale with respect to management of the Fund and whether the Fund would benefit from any economies of scale. The Board considered that the Fund was not yet operational and had no assets and that certain limits on foreign ownership of Chinese companies may constrain the Fund's capacity. The Board also considered that the proposed advisory fee schedule includes breakpoints.

The Board reviewed the Fund's advisory fee (plus the administration and supervisory fee) and estimated total expense ratio for the Fund's Class K and Institutional Class, 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 advisory fee (plus the administration and supervisory fee) for each share class was below the average management fee of both the expense peer group and the expense universe. The Board also reviewed the fee charged by the Manager to another fund with a similar investment mandate. The Board considered that the Manager has contractually agreed to waive its fees and/or bear other expenses of Class K and Institutional Class shares of the Fund through April 30, 2021 and that the contractual agreement may only be terminated by the Board. The Board considered that the advisory fee (plus the administration and supervisory fee) for each share class was on the low end

Baillie Gifford International All Cap Fund

Market Conditions and Review of Performance during 2019

2019 delivered a welcome rebound for equity investors. The MSCI ACWI (ex U.S.) benchmark returned 22.13%, while Baillie Gifford International All Cap Fund (the "Fund") Class 2 delivered 32.65%. Market concerns over the trade disputes between the US and China and worries around Brexit seemed to lessen, especially with a trade deal agreed (albeit not yet signed) and a Conservative majority behind Boris Johnson in Downing Street. While we are aware of and take an interest in macro-political events, we would like to take this opportunity to note that we do not believe that we can predict future governmental policy or the outcomes of them. We do believe, however, that we can deliver outperformance for clients through bottom-up stock selection as we search for the best international holdings for long term growth.

Given this approach, it is once again stock selection that led to outperformance this year, not thematic or sector views. In terms of sectors, your stocks in the Consumer Discretionary and Information Technology helped performance, whereas stocks in Financials and Energy detracted over the year.

In terms of stock specifics, Shopify, the Canadian e-commerce platform provider to businesses, was the largest contributor to performance. The share price close to tripled over the course of 2019 as excitement over its ability to facilitate direct online sales for millions of enterprises grew. Originally viewed as a tool for small merchants, it started to become clear that its proposition could be attractive to businesses of all sizes and that it offered an important alternative to selling through Amazon. It started a move into payment processing and fulfilment as it sought to become a complete infrastructure provider to its customers.

Zalando was also amongst the largest contributors. Normal business resumed for the online clothes retailer after a series of disappointments in 2018, and the share price reflected this. With only 10% of the online European apparel market (and only 15% of overall sales online) we remain optimistic that Zalando could maintain significant growth for years to come.

for the next generation of scopes, Olympus saw sales grow steadily in the year and the FDA released recommendations for reusable scopes with disposable caps to reduce infection risk. This was taken as a positive for Olympus (a reusable scope manufacturer) as this adaption will be easier for Olympus to add to their range than a single use device.

Turning to the detractors from performance, there were three Emerging Markets (EM) businesses that did not perform over the period — though we would note that EM holdings contributed in aggregate. Mahindra & Mahindra had a poor year, partly related to weak returns from Indian equities generally but also because of lackluster performance in the car business. We remain enthused by the tractor and agricultural equipment business that Mahindra has and believe that the demand for this part of the business will continue to grow. The Malaysian bank, Public Bank, also saw its shares fall. The bank didn't show much evidence of growth during the year, but loss ratios remained low and capital ratios remained secure. We believe this high-quality bank offers a good growth opportunity as the emerging middle class begin to bank their assets.

Investment Strategies used to manage the Fund

Fund Performance for the periods ended 12/31/19 (Average Annual Total Returns)

	One Year			% p.a. Five Year			% p.a. Since Inception			Inception Date
Baillie Gifford International All Cap Fund Class 2*		32.65	%		8.22	%		8.11	%	09/24/12
Baillie Gifford International All Cap Fund Class 3		32.74	%		8.30	%		8.16	%	05/01/13
Baillie Gifford International All Cap Fund Class 5**		32.74	%		8.24	%		8.12	%	07/09/19
MSCI ACWI (ex U.S.) Index		22.13	%		6.01	%		6.33	%	09/24/12

* Performance for Class 2 shares prior to their date of inception (April 9, 2013) is derived from the historical performance of Class 1 shares and has not been adjusted for the lower shareholder servicing fees applicable to Class 2 shares. The returns are provided for all shares classes that had shares outstanding as of December 31, 2019.

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

Additional year-over-year returns for each class are available in the Financial Highlights section.

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

	Beginning Account Value 7/01/19		Ending Account Value 12/31/19		Annualized Expense Ratios Based on the Period 7/01/19 to 12/31/19			Expenses PaidDuring Period⁽¹⁾
Baillie Gifford International All Cap Fund — Class 2
Actual	$	1,000	$	1,108.70		0.66	%	$	3.51
Hypothetical (5% return before expenses)	$	1,000	$	1,021.88		0.66	%	$	3.36
Baillie Gifford International All Cap Fund — Class 3
Actual	$	1,000	$	1,109.10		0.59	%	$	3.14
Hypothetical (5% return before expenses)	$	1,000	$	1,022.23		0.59	%	$	3.01
Baillie Gifford International All Cap Fund — Class 5
Actual*	$	1,000	$	1,081.20		0.51	%	$	2.54
Hypothetical (5% return before expenses)	$	1,000	$	1,022.63		0.51	%	$	2.47

* Recommencement of operations on July 10, 2019. Expenses are calculated using the Fund's annualized expense ratio, multiplied by the ending value for the period, multiplied by 175/365 (to reflect recommencement of operation).

⁽¹⁾ Unless otherwise indicated, expenses are calculated using the Fund's annualized expense ratio, multiplied by the average account value for the period, multiplied by 184/365 (to reflect the six-month period).

December 31, 2019
Baillie Gifford International All Cap Fund

	Value		% of Total Net Assets
Apparel	$	12,273,555		2.7	%
Auto Manufacturers		7,150,862		1.5
Auto Parts & Equipment		3,269,754		0.7
Banks		11,181,832		2.4
Beverages		17,788,900		3.8
Building Materials		12,161,721		2.7
Chemicals		13,956,044		3.0
Commercial Services		5,846,676		1.3
Computers		8,349,493		1.8
Cosmetics / Personal Care		17,398,459		3.8
Diversified Financial Services		22,758,527		4.9
Electrical Components & Equipment		6,565,475		1.4
Electronics		27,842,450		6.0
Engineering & Construction		4,449,081		1.0
Food		7,560,304		1.7
Hand / Machine Tools		12,161,301		2.7
Healthcare — Products		22,263,887		4.8
Holding Companies-Diversified		2,882,551		0.6
Insurance		26,279,681		5.7
Internet		88,707,000		19.2
Investment Companies		6,763,683		1.5
Leisure Time		5,402,292		1.2
Machinery — Construction & Mining		5,048,875		1.1
Machinery — Diversified		30,302,077		6.5
Oil & Gas Services		2,509,657		0.5
Retail		35,925,937		7.8
Semiconductors		30,427,395		6.6
Software		6,725,402		1.4
Telecommunications		3,920,559		0.8
Total Value of Investments		457,873,430		99.1
Other assets less liabilities		4,367,413		0.9
Net Assets	$	462,240,843		100.0	%

December 31, 2019
Baillie Gifford International All Cap Fund

	Shares		Value
COMMON STOCKS — 97.6%
AUSTRALIA — 3.8%
Cochlear Ltd.		50,956	$	8,030,973
SEEK Ltd.		304,475		4,819,136
Treasury Wine Estates Ltd.		405,952		4,624,096
				17,474,205
BRAZIL — 1.6%
Raia Drogasil SA*		265,000		7,354,414
CANADA — 3.2%
Fairfax Financial Holdings Ltd.		8,057		3,783,201
Shopify, Inc., Class A *		27,687		11,007,797
				14,790,998
CHINA — 7.9%
Alibaba Group Holding Ltd. ADR *		60,962		12,930,040
Baidu, Inc. ADR *		28,589		3,613,650
Ping An Insurance Group Co. of China Ltd., Class H		461,500		5,461,145
Prosus NV *		47,193		3,532,015
Trip.com Group Ltd. ADR *		102,908		3,451,534
Tsingtao Brewery Co., Ltd., Class H		1,130,057		7,591,904
				36,580,288
DENMARK — 0.3%
Novozymes A/S, B Shares		25,950		1,269,872
FINLAND — 1.3%
Kone Oyj, B Shares		91,803		6,002,827
FRANCE — 1.4%
Legrand SA		80,396		6,565,475
GERMANY — 6.7%
adidas AG		22,653		7,363,813
Bechtle AG		59,797		8,349,493
Infineon Technologies AG		251,299		5,677,966
Nemetschek SE		22,730		1,497,424
Zalando SE *		160,325		8,085,253
				30,973,949

December 31, 2019
Baillie Gifford International All Cap Fund

	Shares		Value
HONG KONG — 4.1%
AIA Group Ltd.		858,600	$	9,030,726
Jardine Matheson Holdings Ltd.		51,800		2,882,551
Jardine Strategic Holdings Ltd.		73,000		2,238,772
Techtronic Industries Co., Ltd.		607,000		4,954,150
				19,106,199
INDIA — 5.4%
Asian Paints Ltd.		320,892		8,026,264
Housing Development Finance Corp., Ltd.		274,898		9,294,976
Mahindra & Mahindra Ltd. GDR		386,009		2,918,228
MakeMyTrip Ltd. *		75,532		1,729,683
United Spirits Ltd. *		354,908		2,982,146
				24,951,297
IRELAND — 1.5%
Kingspan Group PLC		109,858		6,709,779
JAPAN — 19.3%
Denso Corp.		72,400		3,269,754
Kakaku.com, Inc.		176,900		4,516,807
Kao Corp.		56,600		4,668,091
Keyence Corp.		14,200		4,986,168
MS&AD Insurance Group Holdings, Inc.		242,500		8,004,609
Murata Manufacturing Co., Ltd.		114,300		7,035,005
Nidec Corp.		44,500		6,077,979
Olympus Corp.		484,800		7,472,080
Pigeon Corp.		97,500		3,570,079
Shimano, Inc.		33,300		5,402,292
Shiseido Co., Ltd.		129,000		9,160,289
SMC Corp.		17,400		7,957,288
SoftBank Group Corp.		90,300		3,920,559
Sugi Holdings Co., Ltd.		42,700		2,252,624
Suzuki Motor Corp.		101,400		4,232,634
Sysmex Corp.		99,300		6,760,835
				89,287,093
MALAYSIA — 0.7%
Public Bank Bhd		723,500		3,441,065

December 31, 2019
Baillie Gifford International All Cap Fund

	Shares		Value
MEXICO — 0.5%
Wal-Mart de Mexico SAB de CV		883,900	$	2,537,516
NETHERLANDS — 2.1%
ASML Holding NV		32,198		9,532,472
NEW ZEALAND — 1.1%
Xero Ltd. *		93,055		5,227,978
PORTUGAL — 1.1%
Jeronimo Martins SGPS SA		322,921		5,321,533
SINGAPORE — 1.7%
United Overseas Bank Ltd.		393,599		7,740,767
SOUTH AFRICA — 1.7%
Naspers Ltd., N Shares		47,193		7,722,994
SOUTH KOREA — 0.6%
NAVER Corp. *		18,570		2,987,819
SPAIN — 1.9%
Industria de Diseno Textil SA		247,108		8,732,960
SWEDEN — 5.6%
Atlas Copco AB, A Shares		4,093		163,375
Atlas Copco AB, B Shares		237,717		8,253,782
Epiroc AB, B Shares		424,821		5,048,875
Investor AB, B Shares		123,891		6,763,683
Nibe Industrier AB, B Shares		314,244		5,451,942
				25,681,657
SWITZERLAND — 3.3%
Compagnie Financiere Richemont SA		89,099		6,963,169
Schindler Holding AG, Participating Certificates		28,341		7,207,151
u-blox Holding AG *		10,826		1,094,010
				15,264,330
TAIWAN — 3.1%
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		243,080		14,122,948

December 31, 2019
Baillie Gifford International All Cap Fund

	Shares		Value
THAILAND — 0.6%
Thai Beverage PCL		3,912,700	$	2,590,755
UNITED KINGDOM — 14.3%
ASOS PLC *		58,839		2,636,754
Auto Trader Group PLC		999,171		7,890,656
Burberry Group PLC		168,166		4,909,742
Hargreaves Lansdown PLC		396,594		10,173,187
HomeServe PLC		265,727		4,449,081
Intertek Group PLC		75,452		5,846,676
John Wood Group PLC		473,186		2,509,657
Johnson Matthey PLC		117,196		4,659,906
Jupiter Fund Management PLC		605,870		3,290,364
Rightmove PLC		1,191,051		9,994,354
Trainline PLC *		1,016,634		6,885,521
Weir Group PLC (The)		146,931		2,938,637
				66,184,535
UNITED STATES — 2.8%
Mettler-Toledo International, Inc. *		9,985		7,920,901
Spotify Technology SA *		33,355		4,988,240
				12,909,141
Total Common Stocks
(cost $312,745,429)				451,064,866
PREFERRED STOCKS — 1.5%
GERMANY — 1.5%
Sartorius AG 0.32% (cost $3,639,982)		31,851		6,808,564
TOTAL INVESTMENTS — 99.1%
(cost $316,385,411)			$	457,873,430
Other assets less liabilities — 0.9%				4,367,413
NET ASSETS — 100.0%			$	462,240,843

*_{Non-income producing security.}

ADR — American Depositary Receipt

GDR — Global Depositary Receipt

December 31, 2019
Baillie Gifford International All Cap Fund

ASSETS
Investments, at value (cost $316,385,411)	$	457,873,430
Cash		4,743,364
Tax reclaims receivable		621,816
Dividends receivable		291,977
Receivable for investments sold		9,103
Total Assets		463,539,690
LIABILITIES
Advisory fee payable		383,372
Deferred Indian capital gains tax liability (Note A)		591,656
Servicing fee payable		144,032
Payable for investment purchased		10,562
Trustee fee payable		4,007
Accrued expenses		165,218
Total Liabilities		1,298,847
NET ASSETS	$	462,240,843
COMPOSITION OF NET ASSETS
Paid-in capital	$	328,933,064
Total distributable earnings		133,307,779
	$	462,240,843
NET ASSET VALUE, PER SHARE
Class 2 ($258,859,892 / 16,362,929 shares outstanding), unlimited authorized, no par value	$	15.82
Class 3 ($158,198,392 / 9,891,444 shares outstanding), unlimited authorized, no par value	$	15.99
Class 5 ($45,182,559 / 2,766,639 shares outstanding), unlimited authorized, no par value	$	16.33

For the Year Ended December 31, 2019
Baillie Gifford International All Cap Fund

INVESTMENT INCOME
Dividends (net of foreign withholding taxes of $720,575)	$	6,595,621
Non-cash dividends		4,294,167
Interest		23,629
Total Investment Income		10,913,417
EXPENSES
Advisory fee (Note B)		1,471,482
Shareholder Servicing fees — Class 2 shares (Note B)		409,567
Shareholder Servicing fees — Class 3 shares (Note B)		139,719
Shareholder Servicing fees — Class 4 shares (Note B)		6,989
Shareholder Servicing fees — Class 5 shares (Note B)		5,982
Fund accounting		183,635
Legal		102,014
Professional fees		97,741
Custody		95,924
Transfer agency		51,644
Trustees' fees		16,526
Miscellaneous		11,475
Total Expenses		2,592,698
Net Investment Income		8,320,719
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) from:
Investments (net of Indian capital gains tax benefit of $17,959)		12,296,068
Foreign currency transactions		(83,671	)
		12,212,397
Net change in unrealized appreciation (depreciation) on:
Investments (net of deferred Indian capital gains tax liability of $392,457) (Note A)		99,031,575
Translation of net assets and liabilities denominated in foreign currencies		(832	)
		99,030,743
Net realized and unrealized gain		111,243,140
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	119,563,859

Baillie Gifford International All Cap Fund

	For the Year Ended December 31, 2019			For the Year Ended December 31, 2018
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	8,320,719		$	5,129,916
Net realized gain (loss)		12,212,397			(7,210,249	)
Net change in unrealized appreciation (depreciation)		99,030,743			(79,517,376	)
Net increase (decrease) in net assets from operations		119,563,859			(81,597,709	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings
Class 2		(7,024,708	)		(2,458,286	)
Class 3		(4,352,607	)		(1,310,386	)
Class 5		(1,252,272	)		(397,396	)
Total Distributions to Shareholders		(12,629,587	)		(4,166,068	)
TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
Net proceeds from shares subscribed:
Class 4		39,464,199	*		—
Class 5		40,720,857	*		41,793,273	*
Dividends reinvested:
Class 2		7,024,708			2,458,286
Class 3		4,352,607			1,310,386
Class 5		1,252,272			397,396
Cost of shares redeemed:
Class 2		(52,832,371	)		(31,246,783	)
Class 4		(40,720,857	)*		(41,793,273	)*
Class 5		(39,464,199	)*		—
Decrease in Net Assets from Transactions in Shares of Beneficial Interest		(40,202,784	)		(27,080,715	)
Total Increase (Decrease) in Net Assets		66,731,488			(112,844,492	)
NET ASSETS
Beginning of year		395,509,355			508,353,847
End of year	$	462,240,843		$	395,509,355

* See Note D for details of share class conversions.

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

	For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			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 year	$	12.26		$	14.85		$	11.44		$	11.53		$	11.51
From Investment Operations
Net investment income^(a)		0.27			0.15			0.14			0.17			0.16
Net realized and unrealized gain (loss) on investments and foreign currency		3.73			(2.61	)		3.46			(0.11	)		0.03
Net increase (decrease) in net asset value from investment operations		4.00			(2.46	)		3.60			0.06			0.19
Dividends and Distributions to Shareholders
From net investment income		(0.44	)		(0.13	)		(0.19	)		(0.15	)		(0.17	)
Total Dividends and Distributions		(0.44	)		(0.13	)		(0.19	)		(0.15	)		(0.17	)
Proceeds from Purchase Fees and Redemption Fees^(a)		—			—			0.00	^(b)		0.00	^(b)		0.00	^(b)
Net asset value, end of year	$	15.82		$	12.26		$	14.85		$	11.44		$	11.53
Total Return
Total return based on net asset value^(c)		32.65	%		(16.63	)%		31.45	%		0.54	%		1.56	%
Ratios/Supplemental Data
Net assets, end of each year (000's omitted)	$	258,860		$	242,317		$	324,764		$	219,300		$	217,720
Ratio of net expenses to average net assets		0.65	%		0.64	%		0.65	%		0.65	%		0.63	%
Ratio of net investment income to average net assets		1.92	%^(d)		1.02	%		1.03	%		1.48	%		1.38	%
Portfolio turnover rate^(e)		13	%		15	%		12	%		14	%		15	%

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

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

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

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

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

	For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			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 year	$	12.39		$	15.01		$	11.56		$	11.65		$	11.63
From Investment Operations
Net investment income^(a)		0.30			0.16			0.15			0.18			0.18
Net realized and unrealized gain (loss) on investments and foreign currency		3.75			(2.64	)		3.50			(0.12	)		0.02
Net increase (decrease) in net asset value from investment operations		4.05			(2.48	)		3.65			0.06			0.20
Dividends and Distributions to Shareholders
From net investment income		(0.45	)		(0.14	)		(0.20	)		(0.15	)		(0.18	)
Total Dividends and Distributions		(0.45	)		(0.14	)		(0.20	)		(0.15	)		(0.18	)
Proceeds from Purchase Fees and Redemption Fees^(a)		—			—			0.00	^(b)		0.00	^(b)		0.00	^(b)
Net asset value, end of year	$	15.99		$	12.39		$	15.01		$	11.56		$	11.65
Total Return
Total return based on net asset value^(c)		32.74	%		(16.57	)%		31.54	%		0.61	%		1.63	%
Ratios/Supplemental Data
Net assets, end of each year (000's omitted)	$	158,198		$	119,176		$	142,844		$	108,594		$	107,936
Ratio of net expenses to average net assets		0.58	%		0.57	%		0.58	%		0.58	%		0.56	%
Ratio of net investment income to average net assets		2.04	%^(d)		1.09	%		1.13	%		1.55	%		1.45	%
Portfolio turnover rate^(e)		13	%		15	%		12	%		14	%		15	%

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

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

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

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

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

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

* Annualized.

^(a) Commencement of investment operations.

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

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

^(e) Large increase due to non-cash income.

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

Note A — Organization and Accounting Policies

Baillie Gifford International All Cap Fund, (the "Fund"), is a series of Baillie Gifford Funds (the "Trust"). The investment objective of the Fund is to achieve capital appreciation. For information on the specific investment strategies of the Fund and description of each share class, please refer to the Fund's Prospectus for Private Placement ("Prospectus"). The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The Trust is organized as a Massachusetts business trust under the laws of Massachusetts pursuant to the Second Amended and Restated Agreement and Declaration of Trust dated February 27, 2017, as amended from time to time. Prior to November 25, 2019, the Fund was known as The International Choice Fund.

The Fund's Class 2, Class 3 and Class 5 had shares outstanding as of December 31, 2019.

The Fund is an investment company that applies the accounting and reporting guidance issued in Topic 946 by the U.S. Financial Accounting Standards Board. The financial statements of the Fund have been prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP"). Management is required to make certain estimates and assumptions that affect the reported amounts of assets and liabilities for the Fund and disclosure of contingent assets and liabilities for the Fund at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations for the Fund during the reporting period. Actual results could differ from those estimates.

The following is a summary of significant accounting policies followed by the Fund:

Valuation of Investments

prices. Other securities for which current market quotations are not readily available (or for which quotations are not believed to be reliable due to market changes that occur after the most recent available quotations are obtained, or for any other reason), and all other assets, are valued at their fair value as determined in good faith by Baillie Gifford Overseas Limited (the "Manager"), pursuant to procedures approved by the Board of Trustees of the Trust (the "Board"). The actual calculations may be made by persons acting pursuant to the direction of the Board or by pricing services.

Generally, trading in foreign securities markets is substantially completed each day at various times prior to close of regular trading on the New York Stock Exchange and such events may not be reflected in the computation of the Fund's net asset value. Occasionally, events affecting the value of equity securities of non-U.S. issuers not traded on a U.S. exchange may occur between the completion of substantial trading of such securities for the day and the close of regular trading on the New York Stock Exchange, and such events may not be reflected in the computation of the Fund's net asset value. If events materially affecting the value of the Fund's portfolio securities occur during such period, then these securities will be valued at their fair value as determined in good faith by the Manager, pursuant to procedures approved by the Board. The Fund utilizes a third party pricing service which for all equity securities, except those traded on Canadian, Latin American or U.S. exchanges, subject to certain minimum confidence levels, applies a fair value adjustment that seeks to reflect changes in such securities' market prices since the close of the market on which they are traded. To the extent that securities are valued using this service, they will be classified as Level 2 securities in the fair value measurement framework described below.

Fair Value Measurement

GAAP provides guidance on fair value measurements and defines fair value as the price that the Fund would receive to sell an investment or pay to transfer a liability in a timely transaction with an independent buyer in the principal market, or in the absence of a principal market the most advantageous market for the investment or liability. It establishes a single definition of fair value, creates a three-tier hierarchy as a framework for measuring fair value based on inputs used to value the Fund's investments, and requires additional disclosure

about fair value. The hierarchy of inputs is summarized below:

Level 1 — unadjusted quoted prices in active markets for identical investments

Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

Level 3 — significant unobservable inputs (including the Trust's own assumptions in determining the fair value of investments)

For Level 1 inputs, the Fund uses unadjusted quoted prices in active markets for assets or liabilities with sufficient frequency and volume to provide pricing information as the most reliable evidence of fair value.

The Fund's Level 2 valuation techniques include inputs other than quoted prices within Level 1 that are observable for an asset or liability, either directly or indirectly. This includes when a fair value adjustment is applied which seeks to reflect changes in foreign securities' market prices since the close of the market on which they are traded. Level 2 observable inputs may include quoted prices for similar assets and liabilities in active markets or quoted prices for identical or similar assets or liabilities in markets that are not active in which there are few transactions, the prices are not current, or price quotations vary substantially over time or among market participants. Inputs that are observable for the asset or liability in Level 2 include such factors as interest rates, yield curves, prepayment speeds, credit risk, and default rates for similar liabilities.

For Level 3 valuation techniques, the Fund uses unobservable inputs that reflect assumptions market participants would be expected to use in pricing the asset or liability. Unobservable inputs are used to measure fair value to the extent that observable inputs are not available and are developed based on the best information available under the circumstances. In developing unobservable inputs, market participant assumptions are used if they are reasonably available without undue cost and effort.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The hierarchy classification of inputs used to value the Fund's investments at December 31, 2019 is disclosed at the end of the Fund's Portfolio of Investments.

For the year ended December 31, 2019, there were no Level 3 investments for which significant unobservable inputs were used to determine the fair value.

Foreign Currency Translation

The accounting records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the applicable rate of exchange to determine the value of investments, assets and liabilities. For the Fund, purchases and sales of securities, and income and expenses are translated at the prevailing rate of exchange on the respective dates of such transactions. The Fund does not isolate that portion of net realized and unrealized gains and losses on investments resulting from changes in foreign exchange rates from the impact arising from changes in market prices. Such fluctuations are included with net realized and unrealized gain or loss from investments.

Net realized foreign exchange gains and losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the differences between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investments in securities, resulting from changes in the exchange rates.

Securities Transactions and Investment Income

The Fund's securities transactions are recorded on the trade date. Realized gains or losses on sales of investments are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date.

Fund				Purchases				Sales
Baillie Gifford International All Cap Fund				$	52,994,942			$	98,555,263

Note D — Transactions in Shares of Beneficial Interest

	Baillie Gifford International All Cap Fund
	Class 2 Shares For the Year Ended December 31, 2019						Class 3 Shares For the Year Ended December 31, 2019
	Shares			Amount			Shares		Amount
Shares sold		—		$	—			—	$	—
Shares issued in reinvestment of dividends and distributions		441,467			7,024,708			270,573		4,352,607
Shares redeemed		(3,848,699	)		(52,832,371	)		—		—
Net increase (decrease)		(3,407,232	)	$	(45,807,663	)		270,573	$	4,352,607

	Class 4 Shares For the Year Ended December 31, 2019						Class 5 Shares For the Year Ended December 31, 2019
	Shares			Amount			Shares			Amount
Shares sold		2,718,276	*	$	39,464,199	*		2,690,403	****	$	40,720,857	****
Shares issued in reinvestment of dividends and distributions		—			—			76,236			1,252,272
Shares redeemed		(2,718,276	)***		(40,720,857	)***		(2,690,460	)**		(39,464,199	)**
Net increase		—		$	(1,256,658	)		76,179		$	2,508,930

* 2,718,276 shares and $39,464,199 converted into Class 4 from Class 5.

** 2,690,460 shares and $39,464,199 converted from Class 5 into Class 4.

*** 2,718,276 shares and $40,720,857 converted from Class 4 into Class 5.

**** 2,690,403 shares and $40,720,857 converted into Class 5 from Class 4.

	Class 2 Shares For the Year Ended December 31, 2018						Class 3 Shares For the Year Ended December 31, 2018
	Shares			Amount			Shares			Amount
Shares sold		—		$	—			—		$	—
Shares issued in reinvestment of dividends and distributions		202,185			2,458,286			106,639			1,310,386
Shares redeemed		(2,297,265	)		(31,246,783	)		—			—
Net increase (decrease)		(2,095,080	)	$	(28,788,497	)		106,639		$	1,310,386
	Class 4 Shares For the Year Ended December 31, 2018						Class 5 Shares For the Year Ended December 31, 2018
	Shares			Amount			Shares			Amount
Shares sold		—		$	—			2,658,774	**	$	41,793,273	**
Shares issued in reinvestment of dividends and distributions		—			—			31,685			397,396
Shares redeemed		(2,686,099	)*		(41,793,273	)*		—			—
Net increase		(2,686,099	)	$	(41,793,273	)		2,690,459		$	42,190,669

* 2,686,099 shares and $41,793,273 converted from Class 4 into Class 5.

** 2,658,774 shares and $41,793,273 converted into Class 5 from Class 4.

Note E — Beneficial Ownership

Beneficial ownership, either direct or indirect, of more than 25% of the voting securities of the Fund creates a presumption of control under Section 2(a)(9) of the 1940 Act. As of December 31, 2019, the following shareholder beneficially owned 25% or more of the Fund's voting securities:

Fund				Investor				Percentage
Baillie Gifford International All Cap Fund				The Municipal Fire & Police Retirement System of Iowa					34.22	%

Purchase and redemption activity of this account may have a significant effect on the operation of the Fund.

Note F — Commitments and Contingencies

The Fund indemnifies the Trust's officers and Trustees for certain liabilities that might arise from the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties and which provide general indemnifications.

The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

Note G — Principal Risks (unaudited)

The below is a selection of the Fund's principal risks, the Fund's principal risks are further described in its Prospectus.

Currency and Currency Hedging Risk

The Fund could lose value if it invests in foreign currencies or securities denominated in foreign currencies which decline in value relative to the U.S. dollar, or if it invests in products to reduce this exposure, and those products lose value. The Fund may realize a loss if it has exposure to a non-U.S. currency, and this non-U.S. currency declines in value, relative to the U.S. dollar. Similarly, the Fund may realize a loss if the Fund hedges exposure to a non-U.S. currency, and this non-U.S. currency increases in value, relative to the U.S. dollar. While hedging can reduce or eliminate losses, it can also reduce or eliminate gains.

Non-U.S. Investment Risk

generally less government supervision of foreign securities markets and issuers and possible fluctuation in value due to adverse political conditions. Foreign portfolio transactions generally involve higher commission rates, transfer taxes, and custodial costs than similar transactions in the U.S.

For further information on risk please refer to the Prospectus.

Note H — Legal Notice (unaudited)

MSCI

Note I — Liquidity Risk Management Program (unaudited)

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

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

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Baillie Gifford International All Cap Fund (the "Fund"), a series of Baillie Gifford Funds, as of December 31, 2019, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, including the related notes, and the financial highlights for each of the three years in the period then ended (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the three years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

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

Basis for Opinion

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

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2019, by correspondence with the custodian and brokers. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

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

COHEN & COMPANY, LTD.

Cleveland, Ohio
February 27, 2020

Management of the Trust

The following tables set forth the Trustees and officers of the Trust, their principal occupations during the past five years, and certain other information as of December 31, 2019.

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⁾

Independent 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

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

Bruce C. Long
1945

Trustee, Chair of the Nominating
and Governance Committee

Since 2009

Global Financial Consultant.

Robert E. Rigsby
1949

Trustee, Chair of the Audit Oversight
Committee

Since 2014

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

Interested Trustee

David Salter⁽⁴⁾
1975

Trustee, Chair of the Board, and President

Since 2016
(Previously Vice President since 2014)

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

Name and Year of Birth

Position(s)
Held with
Trust

Length of
Time
Served⁽¹⁾

Principal Occupation During Past 5 Years⁽²⁾

Officers (other than officers who are also Trustees)

Andrew Telfer
1967

Vice President

Since 2008

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

Michael Stirling-Aird
1977

Vice President

Since 2012

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

Julie Paul
1975

Vice President

Since 2012

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

Tim Campbell
1975

Vice President

Since 2014

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

Lindsay Cockburn
1978

Treasurer

Since 2015

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

Name and Year of Birth

Position(s)
Held with
Trust

Length of
Time
Served⁽¹⁾

Principal Occupation During Past 5 Years⁽²⁾

Officers (other than officers who are also Trustees)

Gareth Griffiths
1973

Secretary and Chief Legal Officer

Secretary since 2015;
Chief Legal Officer
since 2017

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

Graham Laybourn
1966

Vice President

Since 2018

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

Suzanne Quinn
1979

Chief Compliance Officer and AML Compliance Office

Since 2018

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

Evan Delaney
1969

Chief Risk Officer

Since 2013

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

Lesley-Anne Archibald
1988

Vice President

Since 2017

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

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

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

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

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

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

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

These services are related to services rendered to the investment adviser for tax compliance, tax planning and tax advice

(a) any engagement of the accountant to provide audit services or non-audit services to the Trust; and

(b) any engagement of the accountant to provide non-audit services to the Trust’s investment adviser, or any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the Trust (“Service Providers”), if the engagement relates directly to the operations and financial reporting of the Trust.

The fees disclosed above relate to ad-hoc tax advice provided by the registrant’s accountant to the registrant’s investment adviser. An additional payment of $6,838 was made for year 2019. This was an out of pocket expense in relation to the non-audit services provided.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

(b) Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes- Oxley Act of 2002 are attached hereto.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

Net change in unrealized appreciation on:
Investments (net of deferred Indian capital gains tax liability of $1,178,205) (Note A)	$	513,482,554
Translation of net assets and liabilities denominated in foreign currencies		55,958
		513,538,512
Net realized and unrealized gain		557,850,966
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	604,930,454

Net change in unrealized appreciation (depreciation) on:
Investments	$	27,149,943
Translation of net assets and liabilities denominated in foreign currencies		(4,478	)
		27,145,465
Net realized and unrealized gain		25,317,665
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	25,499,738

Fund	Total Distributable Earnings		Paid-in Capital
Baillie Gifford China A Shares Fund	$	264	$	(264	)
Baillie Gifford International Smaller Companies Fund		22		(22	)
Baillie Gifford Long Term Global Growth Fund		1,120,271		(1,120,271	)
Baillie Gifford Positive Change Equities Fund		781		(781	)

Fund				Short Term Capital Loss No Expiration				Long Term Capital Loss No Expiration				Capital Loss Available Total
Baillie Gifford International All Cap Fund				$	(1,771,239	)		$	—			$	(1,771,239	)

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

By (Signature and Title)*		/s/ David Salter
		David Salter, President
		(principal executive officer)


Date:	March 3, 2020