N-CSRS

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number                   811-10145                  

Baillie Gifford Funds

(Exact name of registrant as specified in charter)

1 Greenside Row

Edinburgh, Scotland, UK, EH1 3AN

(Address of principal executive offices) (Zip code)

Gareth Griffiths
1 Greenside Row

Edinburgh, Scotland, UK, EH1 3AN

(Name and address of agent for service)

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

Date of fiscal year end: December 31

Date of reporting period: June 30, 2021

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

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

Item 1. Reports to Stockholders.

(a) The Report to Shareholders is attached herewith.

BAILLIE GIFFORD FUNDS

Baillie Gifford China A Shares Growth 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. Discovery Fund

Baillie Gifford U.S. Equity Growth Fund

Semi-Annual Report

June 30, 2021

(unaudited)

Index

Page Number
	01	Fund Expenses
		Baillie Gifford China A Shares Growth Fund
	08	Industry Diversification Table
	09	Portfolio of Investments
	11	Statement of Assets and Liabilities
	12	Statement of Operations
	13	Statements of Changes in Net Assets
		Financial Highlights
	14	Selected Data for Class K
	15	Selected Data for Institutional Class
		Baillie Gifford Developed EAFE All Cap Fund
	16	Industry Diversification Table
	17	Portfolio of Investments
	21	Statement of Assets and Liabilities
	22	Statement of Operations
	23	Statements of Changes in Net Assets
		Financial Highlights
	24	Selected Data for Class 2
	25	Selected Data for Class 3
	27	Selected Data for Class K
	28	Selected Data for Institutional Class
		Baillie Gifford EAFE Plus All Cap Fund
	29	Industry Diversification Table
	30	Portfolio of Investments
	34	Statement of Assets and Liabilities
	35	Statement of Operations
	36	Statements of Changes in Net Assets
		Financial Highlights
	37	Selected Data for Class 2
	39	Selected Data for Class K
	40	Selected Data for Institutional Class
		Baillie Gifford Emerging Markets Equities Fund
	41	Industry Diversification Table
	42	Portfolio of Investments
	46	Statement of Assets and Liabilities
	47	Statement of Operations
	48	Statements of Changes in Net Assets
		Financial Highlights
	49	Selected Data for Class 2
	50	Selected Data for Class 3
	51	Selected Data for Class 4
	52	Selected Data for Class 5
	53	Selected Data for Class K
	54	Selected Data for Institutional Class
		Baillie Gifford Global Alpha Equities Fund
	55	Industry Diversification Table
	56	Portfolio of Investments
	61	Statement of Assets and Liabilities
	62	Statement of Operations
	63	Statements of Changes in Net Assets
		Financial Highlights
	64	Selected Data for Class 2
	65	Selected Data for Class 3
	66	Selected Data for Class 4
	67	Selected Data for Class K
	68	Selected Data for Institutional Class
		Baillie Gifford Global Stewardship Equities Fund
	69	Industry Diversification Table
	70	Portfolio of Investments
	74	Statement of Assets and Liabilities
	75	Statement of Operations
	76	Statements of Changes in Net Assets
		Financial Highlights
	77	Selected Data for Class K
	78	Selected Data for Institutional Class
		Baillie Gifford International Alpha Fund
	79	Industry Diversification Table
	80	Portfolio of Investments
	85	Statement of Assets and Liabilities
	86	Statement of Operations
	87	Statements of Changes in Net Assets
		Financial Highlights
	88	Selected Data for Class 2
	89	Selected Data for Class 3
	90	Selected Data for Class 4
	91	Selected Data for Class 5
	92	Selected Data for Class K
	93	Selected Data for Institutional Class

Page Number
		Baillie Gifford International Concentrated Growth Equities Fund
	94	Industry Diversification Table
	95	Portfolio of Investments
	97	Statement of Assets and Liabilities
	98	Statement of Operations
	99	Statements of Changes in Net Assets
		Financial Highlights
	100	Selected Data for Class K
	101	Selected Data for Institutional Class
		Baillie Gifford International Growth Fund
	102	Industry Diversification Table
	103	Portfolio of Investments
	107	Statement of Assets and Liabilities
	108	Statement of Operations
	109	Statements of Changes in Net Assets
		Financial Highlights
	110	Selected Data for Class 2
	111	Selected Data for Class 3
	112	Selected Data for Class 4
	113	Selected Data for Class 5
	114	Selected Data for Class K
	115	Selected Data for Institutional Class
		Baillie Gifford International Smaller Companies Fund
	116	Industry Diversification Table
	117	Portfolio of Investments
	121	Statement of Assets and Liabilities
	122	Statement of Operations
	123	Statements of Changes in Net Assets
		Financial Highlights
	124	Selected Data for Class K
	125	Selected Data for Institutional Class
		Baillie Gifford Long Term Global Growth Fund
	126	Industry Diversification Table
	127	Portfolio of Investments
	129	Statement of Assets and Liabilities
	130	Statement of Operations
	131	Statements of Changes in Net Assets
		Financial Highlights
	132	Selected Data for Class 2
	133	Selected Data for Class 5
	134	Selected Data for Class K
	135	Selected Data for Institutional Class
		Baillie Gifford Positive Change Equities Fund
	136	Industry Diversification Table
	137	Portfolio of Investments
	140	Statement of Assets and Liabilities
	141	Statement of Operations
	142	Statements of Changes in Net Assets
		Financial Highlights
	143	Selected Data for Class K
	144	Selected Data for Institutional Class
		Baillie Gifford U.S. Discovery Fund
	145	Industry Diversification Table
	146	Portfolio of Investments
	148	Statement of Assets and Liabilities
	149	Statement of Operations
	150	Statements of Changes in Net Assets
		Financial Highlights
	151	Selected Data for Class K
	152	Selected Data for Institutional Class
		Baillie Gifford U.S. Equity Growth Fund
	153	Industry Diversification Table
	154	Portfolio of Investments
	156	Statement of Assets and Liabilities
	157	Statement of Operations
	158	Statements of Changes in Net Assets
		Financial Highlights
	159	Selected Data for Class K
	160	Selected Data for Institutional Class
	161	Notes to Financial Statements
		Supplemental Information
	187	Management of the Trust
	188	Board Considerations Regarding 2021 Contract Renewal
	195	Board Considerations Regarding New Fund Advisory Agreement Approval

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

The statements and views expressed in this report are as of this report's period end and are subject to change at any time. All investments entail risk, including the possible loss of principal.

Scenic view of Bostadh Beach and Luskentyre Beach in Summer, Isle of Harris, Scotland

Source: © Markus Keller/Shutterstock

Fund Expenses (unaudited)

Semi-Annual Report June 30, 2021

As a shareholder of Baillie Gifford China A Shares Growth 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. Discovery Fund and/or Baillie Gifford U.S. Equity Growth Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including advisory fees, administration and supervisory fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from January 1, 2021 to June 30, 2021.

Actual Expenses

The first line of each table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide the account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During the Period" to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of each table on the following page provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed annual rate of return of 5% before expenses, which is not the Fund's actual return.

The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds by comparing this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the second line of the table labeled "Hypothetical (5% return before expenses)" is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

01

Fund Expenses (unaudited)

Semi-Annual Report June 30, 2021

	Beginning Account Value January 1, 2021		Ending Account Value June 30, 2021		Annualized Expense Ratios Based on the Period January 1, 2021 to June 30, 2021			Expenses Paid During Period*
Baillie Gifford China A Shares Growth Fund — Class K
Actual	$	1,000	$	1,073.80		0.87	%	$	4.47
Hypothetical (5% return before expenses)	$	1,000	$	1,020.48		0.87	%	$	4.36
Baillie Gifford China A Shares Growth Fund — Institutional Class
Actual	$	1,000	$	1,073.80		0.87	%	$	4.47
Hypothetical (5% return before expenses)	$	1,000	$	1,020.48		0.87	%	$	4.36
Baillie Gifford Developed EAFE All Cap Fund — Class 2
Actual	$	1,000	$	1,060.00		0.61	%	$	3.12
Hypothetical (5% return before expenses)	$	1,000	$	1,021.77		0.61	%	$	3.06
Baillie Gifford Developed EAFE All Cap Fund — Class 3
Actual	$	1,000	$	1,060.40		0.54	%	$	2.76
Hypothetical (5% return before expenses)	$	1,000	$	1,022.12		0.54	%	$	2.71
Baillie Gifford Developed EAFE All Cap Fund — Class 4(1)
Actual	$	1,000	$	1,032.80		0.51	%	$	5.01
Hypothetical (5% return before expenses)	$	1,000	$	1,022.27		0.51	%	$	2.56
Baillie Gifford Developed EAFE All Cap Fund — Class K
Actual	$	1,000	$	1,060.20		0.61	%	$	3.12
Hypothetical (5% return before expenses)	$	1,000	$	1,021.77		0.61	%	$	3.06
Baillie Gifford Developed EAFE All Cap Fund — Institutional Class
Actual	$	1,000	$	1,059.70		0.70	%	$	3.57
Hypothetical (5% return before expenses)	$	1,000	$	1,021.32		0.70	%	$	3.51
Baillie Gifford EAFE Plus All Cap Fund — Class 2
Actual	$	1,000	$	1,050.10		0.61	%	$	3.10
Hypothetical (5% return before expenses)	$	1,000	$	1,021.77		0.61	%	$	3.06
Baillie Gifford EAFE Plus All Cap Fund — Class 3
Actual	$	1,000	$	1,050.40		0.54	%	$	2.75
Hypothetical (5% return before expenses)	$	1,000	$	1,022.12		0.54	%	$	2.71

02

Fund Expenses (unaudited)

Semi-Annual Report June 30, 2021

	Beginning Account Value January 1, 2021		Ending Account Value June 30, 2021		Annualized Expense Ratios Based on the Period January 1, 2021 to June 30, 2021			Expenses Paid During Period*
Baillie Gifford EAFE Plus All Cap Fund — Class K
Actual	$	1,000	$	1,050.30		0.61	%	$	3.10
Hypothetical (5% return before expenses)	$	1,000	$	1,021.77		0.61	%	$	3.06
Baillie Gifford EAFE Plus All Cap Fund — Institutional Class
Actual	$	1,000	$	1,049.40		0.71	%	$	3.61
Hypothetical (5% return before expenses)	$	1,000	$	1,021.27		0.71	%	$	3.56
Baillie Gifford Emerging Markets Equities Fund — Class 2
Actual	$	1,000	$	1,061.50		0.77	%	$	3.94
Hypothetical (5% return before expenses)	$	1,000	$	1,020.98		0.77	%	$	3.86
Baillie Gifford Emerging Markets Equities Fund — Class 3
Actual	$	1,000	$	1,061.90		0.70	%	$	3.58
Hypothetical (5% return before expenses)	$	1,000	$	1,021.32		0.70	%	$	3.51
Baillie Gifford Emerging Markets Equities Fund — Class 4
Actual	$	1,000	$	1,062.10		0.67	%	$	3.43
Hypothetical (5% return before expenses)	$	1,000	$	1,021.47		0.67	%	$	3.36
Baillie Gifford Emerging Markets Equities Fund — Class 5
Actual	$	1,000	$	1,062.40		0.62	%	$	3.17
Hypothetical (5% return before expenses)	$	1,000	$	1,021.72		0.62	%	$	3.11
Baillie Gifford Emerging Markets Equities Fund — Class K
Actual	$	1,000	$	1,061.70		0.77	%	$	3.94
Hypothetical (5% return before expenses)	$	1,000	$	1,020.98		0.77	%	$	3.86
Baillie Gifford Emerging Markets Equities Fund — Institutional Class
Actual	$	1,000	$	1,061.40		0.86	%	$	4.40
Hypothetical (5% return before expenses)	$	1,000	$	1,020.53		0.86	%	$	4.31
Baillie Gifford Global Alpha Equities Fund — Class 2
Actual	$	1,000	$	1,107.50		0.64	%	$	3.34
Hypothetical (5% return before expenses)	$	1,000	$	1,021.62		0.64	%	$	3.21

03

Fund Expenses (unaudited)

Semi-Annual Report June 30, 2021

	Beginning Account Value January 1, 2021		Ending Account Value June 30, 2021		Annualized Expense Ratios Based on the Period January 1, 2021 to June 30, 2021			Expenses Paid During Period*
Baillie Gifford Global Alpha Equities Fund — Class 3
Actual	$	1,000	$	1,107.90		0.57	%	$	2.98
Hypothetical (5% return before expenses)	$	1,000	$	1,021.97		0.57	%	$	2.86
Baillie Gifford Global Alpha Equities Fund — Class 4
Actual	$	1,000	$	1,108.10		0.54	%	$	2.82
Hypothetical (5% return before expenses)	$	1,000	$	1,022.12		0.54	%	$	2.71
Baillie Gifford Global Alpha Equities Fund — Class K
Actual	$	1,000	$	1,107.50		0.64	%	$	3.34
Hypothetical (5% return before expenses)	$	1,000	$	1,021.62		0.64	%	$	3.21
Baillie Gifford Global Alpha Equities Fund — Institutional Class
Actual	$	1,000	$	1,106.90		0.72	%	$	3.76
Hypothetical (5% return before expenses)	$	1,000	$	1,021.22		0.72	%	$	3.61
Baillie Gifford Global Stewardship Equities Fund — Class K
Actual	$	1,000	$	1,095.20		0.65	%	$	3.38
Hypothetical (5% return before expenses)	$	1,000	$	1,021.57		0.65	%	$	3.26
Baillie Gifford Global Stewardship Equities Fund — Institutional Class
Actual	$	1,000	$	1,095.20		0.65	%	$	3.38
Hypothetical (5% return before expenses)	$	1,000	$	1,021.57		0.65	%	$	3.26
Baillie Gifford International Alpha Fund — Class 2
Actual	$	1,000	$	1,056.70		0.57	%	$	2.91
Hypothetical (5% return before expenses)	$	1,000	$	1,021.97		0.57	%	$	2.86
Baillie Gifford International Alpha Fund — Class 3
Actual	$	1,000	$	1,057.10		0.50	%	$	2.55
Hypothetical (5% return before expenses)	$	1,000	$	1,022.32		0.50	%	$	2.51
Baillie Gifford International Alpha Fund — Class 4
Actual	$	1,000	$	1,057.20		0.47	%	$	2.40
Hypothetical (5% return before expenses)	$	1,000	$	1,022.46		0.47	%	$	2.36

04

Fund Expenses (unaudited)

Semi-Annual Report June 30, 2021

	Beginning Account Value January 1, 2021		Ending Account Value June 30, 2021		Annualized Expense Ratios Based on the Period January 1, 2021 to June 30, 2021			Expenses Paid During Period*
Baillie Gifford International Alpha Fund — Class 5
Actual	$	1,000	$	1,057.50		0.42	%	$	2.14
Hypothetical (5% return before expenses)	$	1,000	$	1,022.71		0.42	%	$	2.11
Baillie Gifford International Alpha Fund — Class K
Actual	$	1,000	$	1,056.90		0.57	%	$	2.91
Hypothetical (5% return before expenses)	$	1,000	$	1,021.97		0.57	%	$	2.86
Baillie Gifford International Alpha Fund — Institutional Class
Actual	$	1,000	$	1,056.70		0.67	%	$	3.42
Hypothetical (5% return before expenses)	$	1,000	$	1,021.47		0.67	%	$	3.36
Baillie Gifford International Concentrated Growth Equities Fund — Class K
Actual	$	1,000	$	1,085.40		0.72	%	$	3.72
Hypothetical (5% return before expenses)	$	1,000	$	1,021.22		0.72	%	$	3.61
Baillie Gifford International Concentrated Growth Equities Fund — Institutional Class
Actual	$	1,000	$	1,085.40		0.78	%	$	4.03
Hypothetical (5% return before expenses)	$	1,000	$	1,020.93		0.78	%	$	3.91
Baillie Gifford International Growth Fund — Class 2
Actual	$	1,000	$	1,033.30		0.56	%	$	2.82
Hypothetical (5% return before expenses)	$	1,000	$	1,022.02		0.56	%	$	2.81
Baillie Gifford International Growth Fund — Class 3
Actual	$	1,000	$	1,033.70		0.49	%	$	2.47
Hypothetical (5% return before expenses)	$	1,000	$	1,022.36		0.49	%	$	2.46
Baillie Gifford International Growth Fund — Class 4
Actual	$	1,000	$	1,033.90		0.46	%	$	2.32
Hypothetical (5% return before expenses)	$	1,000	$	1,022.51		0.46	%	$	2.31
Baillie Gifford International Growth Fund — Class 5
Actual	$	1,000	$	1,034.10		0.41	%	$	2.07
Hypothetical (5% return before expenses)	$	1,000	$	1,022.76		0.41	%	$	2.06

05

Fund Expenses (unaudited)

Semi-Annual Report June 30, 2021

	Beginning Account Value January 1, 2021		Ending Account Value June 30, 2021		Annualized Expense Ratios Based on the Period January 1, 2021 to June 30, 2021			Expenses Paid During Period*
Baillie Gifford International Growth Fund — Class K
Actual	$	1,000	$	1,033.40		0.56	%	$	2.82
Hypothetical (5% return before expenses)	$	1,000	$	1,022.02		0.56	%	$	2.81
Baillie Gifford International Growth Fund — Institutional Class
Actual	$	1,000	$	1,033.10		0.63	%	$	3.18
Hypothetical (5% return before expenses)	$	1,000	$	1,021.67		0.63	%	$	3.16
Baillie Gifford International Smaller Companies Fund — Class K
Actual	$	1,000	$	1,052.00		0.90	%	$	4.58
Hypothetical (5% return before expenses)	$	1,000	$	1,020.33		0.90	%	$	4.51
Baillie Gifford International Smaller Companies Fund — Institutional Class
Actual	$	1,000	$	1,052.00		0.90	%	$	4.58
Hypothetical (5% return before expenses)	$	1,000	$	1,020.33		0.90	%	$	4.51
Baillie Gifford Long Term Global Growth Fund — Class 2
Actual	$	1,000	$	1,113.20		0.69	%	$	3.62
Hypothetical (5% return before expenses)	$	1,000	$	1,021.37		0.69	%	$	3.46
Baillie Gifford Long Term Global Growth Fund — Class 5
Actual	$	1,000	$	1,114.00		0.54	%	$	2.83
Hypothetical (5% return before expenses)	$	1,000	$	1,022.12		0.54	%	$	2.71
Baillie Gifford Long Term Global Growth Fund — Class K
Actual	$	1,000	$	1,113.10		0.69	%	$	3.62
Hypothetical (5% return before expenses)	$	1,000	$	1,021.37		0.69	%	$	3.46
Baillie Gifford Long Term Global Growth Fund — Institutional Class
Actual	$	1,000	$	1,112.80		0.78	%	$	4.09
Hypothetical (5% return before expenses)	$	1,000	$	1,020.93		0.78	%	$	3.91
Baillie Gifford Positive Change Equities Fund — Class K
Actual	$	1,000	$	1,128.50		0.65	%	$	3.43
Hypothetical (5% return before expenses)	$	1,000	$	1,021.57		0.65	%	$	3.26

06

Fund Expenses (unaudited)

Semi-Annual Report June 30, 2021

	Beginning Account Value January 1, 2021		Ending Account Value June 30, 2021		Annualized Expense Ratios Based on the Period January 1, 2021 to June 30, 2021			Expenses Paid During Period*
Baillie Gifford Positive Change Equities Fund — Institutional Class
Actual	$	1,000	$	1,128.20		0.69	%	$	3.64
Hypothetical (5% return before expenses)	$	1,000	$	1,021.37		0.69	%	$	3.46
Baillie Gifford U.S. Discovery Fund — Class K(2)
Actual	$	1,000	$	1,095.00		0.82	%	$	5.65
Hypothetical (5% return before expenses)	$	1,000	$	1,020.73		0.82	%	$	4.11
Baillie Gifford U.S. Discovery Fund — Institutional Class(2)
Actual	$	1,000	$	1,095.00		0.82	%	$	5.65
Hypothetical (5% return before expenses)	$	1,000	$	1,020.73		0.82	%	$	4.11
Baillie Gifford U.S. Equity Growth Fund — Class K
Actual	$	1,000	$	1,146.00		0.65	%	$	3.46
Hypothetical (5% return before expenses)	$	1,000	$	1,021.57		0.65	%	$	3.26
Baillie Gifford U.S. Equity Growth Fund — Institutional Class
Actual	$	1,000	$	1,145.80		0.74	%	$	3.94
Hypothetical (5% return before expenses)	$	1,000	$	1,021.12		0.74	%	$	3.71

*  Unless otherwise indicated, expenses are calculated using the Fund's annualized expense ratio, multiplied by the average account value for the period, multiplied by 181/365 (to reflect the six-month period).

⁽¹⁾  Commencement of operation January 13, 2021. Expenses are calculated using the Fund's annualized expense ratio, multiplied by the ending value for the period, multiplied by 169/365 (to reflect recommencement of operations).

⁽²⁾  Commencement of operation May 6, 2021. Expenses are calculated using the Fund's annualized expense ratio, multiplied by the ending value for the period, multiplied by 56/365 (to reflect recommencement of operations).

Expenses are calculated using the annualized expense ratio for the Fund, which represents the ongoing expenses as a percentage of net assets for the period ended June 30, 2021. Expenses are calculated by multiplying the annualized

expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent most recent fiscal half-year; and then dividing that result by the number of days in the calendar year.

07

Industry Diversification Table

Semi-Annual Report June 30, 2021

June 30, 2021 (unaudited)
Baillie Gifford China A Shares Growth Fund

	Value		% of Total Net Assets
Beverages	$	131,870		6.2	%
Chemicals		44,448		2.1
Commercial Services		190,614		9.0
Cosmetics/Personal Care		39,547		1.9
Electrical Components & Equipment		156,746		7.4
Electronics		143,590		6.8
Energy-Alternate Sources		45,810		2.1
Food		39,469		1.8
Healthcare — Products		133,218		6.3
Healthcare — Services		343,448		16.2
Home Furnishings		131,087		6.2
Insurance		79,522		3.7
Internet		64,612		3.0
Machinery — Diversified		33,637		1.6
Metal Fabricate/Hardware		93,494		4.4
Pharmaceuticals		190,973		9.0
Semiconductors		46,937		2.2
Software		159,287		7.5
Transportation		53,351		2.5
Total Value of Investments		2,121,660		99.9
Other assets less liabilities		2,632		0.1
Net Assets	$	2,124,292		100.0	%

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

08

Portfolio of Investments

Semi-Annual Report June 30, 2021

June 30, 2021 (unaudited)
Baillie Gifford China A Shares Growth Fund

	Shares		Value
COMMON STOCKS — 99.9%
CHINA — 99.9%
Asymchem Laboratories Tianjin Co., Ltd., Class A *		2,100	$	120,918
Beijing United Information Technology Co., Ltd., Class A		2,900		44,820
Berry Genomics Co., Ltd., Class A *		5,800		26,957
BGI Genomics Co., Ltd., Class A		2,700		49,538
Centre Testing International Group Co., Ltd., Class A		9,600		47,319
Contemporary Amperex Technology Co., Ltd., Class A *		1,900		156,746
Foshan Haitian Flavouring & Food Co., Ltd., Class A		1,980		39,469
Glodon Co., Ltd., Class A		8,100		85,305
Guangzhou Kingmed Diagnostics Group Co., Ltd., Class A		4,000		98,800
Hangzhou Tigermed Consulting Co., Ltd., Class A		4,800		143,294
Hefei Meiya Optoelectronic Technology, Inc., Class A		3,900		33,637
Iflytek Co., Ltd., Class A		3,500		36,549
Jafron Biomedical Co., Ltd., Class A		3,400		45,394
Jiangsu Hengrui Medicine Co., Ltd., Class A		3,432		36,054
Kweichow Moutai Co., Ltd., Class A		300		95,425
LONGi Green Energy Technology Co., Ltd., Class A		3,339		45,810
Luzhou Laojiao Co., Ltd., Class A		1,000		36,445
Midea Group Co., Ltd., Class A		8,300		91,554
NanJi E-Commerce Co., Ltd., Class A		13,100		19,792
Oppein Home Group, Inc., Class A		1,800		39,533
Ping An Insurance Group Co. of China Ltd., Class A		8,000		79,522
Proya Cosmetics Co., Ltd., Class A		1,300		39,547
SF Holding Co., Ltd., Class A		5,100		53,351
SG Micro Corp., Class A		1,200		46,937
Shandong Sinocera Functional Material Co., Ltd., Class A		5,900		44,448
Shenzhen Inovance Technology Co., Ltd., Class A		9,150		104,933
Shenzhen Megmeet Electrical Co., Ltd., Class A		8,000		38,658
Sinocare, Inc., Class A		7,900		38,287
Topchoice Medical Corp., Class A *		1,700		107,945
WuXi AppTec Co., Ltd., Class A		4,536		109,745
Yonyou Network Technology Co., Ltd., Class A		7,280		37,433
Yunnan Baiyao Group Co., Ltd., Class A		1,900		34,001
Zhejiang Sanhua Intelligent Controls Co., Ltd., Class A		25,220		93,494
				2,121,660
TOTAL INVESTMENTS — 99.9%
(cost $1,177,334)			$	2,121,660
Other assets less liabilities — 0.1%				2,632
NET ASSETS — 100.0%			$	2,124,292

*  Non-income producing security.

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

The accompanying notes are an integral part of the financial statements.
09

Portfolio of Investments

Semi-Annual Report June 30, 2021

June 30, 2021 (unaudited)
Baillie Gifford China A Shares Growth Fund

Fair Value Measurement

The following is a summary of the inputs used as of June 30, 2021 in valuing the Fund's investments carried at fair value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks **	$	—	$	2,121,660	$	—	$	2,121,660
Total	$	—	$	2,121,660	$	—	$	2,121,660

**  Refer to Portfolio of Investments for further detail.

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

Statement of Assets and Liabilities

Semi-Annual Report June 30, 2021

June 30, 2021 (unaudited)
Baillie Gifford China A Shares Growth Fund

ASSETS
Investments, at value (cost $1,177,334)	$	2,121,660
Cash		37,185
Foreign cash, at value (cost $807)		806
Due from Investment Advisor		19,081
Prepaid assets		12
Total Assets		2,178,744
LIABILITIES
Advisory fee payable		2,689
Administration & Supervisory fee payable		831
Trustee fee payable		12
Commitment fee payable		3
Accrued expenses		50,917
Total Liabilities		54,452
NET ASSETS	$	2,124,292
COMPOSITION OF NET ASSETS
Paid-in capital	$	1,013,851
Total distributable earnings		1,110,441
	$	2,124,292
NET ASSET VALUE, PER SHARE
Class K ( $1,062,146 / 50,373 shares outstanding), unlimited authorized, no par value	$	21.09
Institutional Class ( $1,062,146 / 50,373 shares outstanding), unlimited authorized, no par value	$	21.09

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

Statement of Operations

Semi-Annual Report June 30, 2021

For the Six Months Ended June 30, 2021 (unaudited)
Baillie Gifford China A Shares Growth Fund

INVESTMENT INCOME
Dividends (net of foreign withholding taxes of $1,188)	$	10,547
Interest		1
Total Investment Income		10,548
EXPENSES
Advisory fee (Note B)		5,437
Administration & Supervisory fee — Class K shares (Note B)		840
Administration & Supervisory fee — Institutional Class shares (Note B)		840
Transfer agency		15,810
Fund accounting		47,996
Professional fees		14,258
Custody		1,306
Legal		104
Registration fees		44
Trustees' fees		22
Commitment fees		5
Miscellaneous		1,932
Total Expenses		88,594
Fees waived/expenses reimbursed		(79,994	)
Total Expenses after waiver		8,600
Net Investment Income		1,948
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain from:
Investments		111,418
Foreign currency transactions		37
		111,455
Net change in unrealized appreciation (depreciation) on:
Investments		32,616
Translation of net assets and liabilities denominated in foreign currencies		(1	)
		32,615
Net realized and unrealized gain		144,070
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	146,018

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

Statements of Changes in Net Assets

Semi-Annual Report June 30, 2021

Baillie Gifford China A Shares Growth Fund

	For the Six Months Ended June 30, 2021 (unaudited)		For the Year Ended December 31, 2020
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income (loss)	$	1,948	$	(2,062	)
Net realized gain		111,455		70,326
Net change in unrealized appreciation		32,615		881,406
Net increase in net assets from operations		146,018		949,670
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings
Class K		—		(7,058	)
Institutional Class		—		(7,057	)
Total Distributions to Shareholders		—		(14,115	)
TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
Net proceeds from shares subscribed:
Class K		—		—
Institutional Class		—		—
Dividends reinvested:
Class K		—		7,058
Institutional Class		—		7,057
Increase in Net Assets from Transactions in Shares of Beneficial Interest		—		14,115
Total Increase in Net Assets		146,018		949,670
NET ASSETS
Beginning of period		1,978,274		1,028,604
End of period	$	2,124,292	$	1,978,274

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

Financial Highlights

Semi-Annual Report June 30, 2021

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

	For the Six Months Ended June 30, 2021 (unaudited)			For the Year Ended December 31, 2020			For the Period December 19, 2019(a) through December 31, 2019
Net asset value, beginning of period	$	19.64		$	10.29		$	10.00
From Investment Operations
Net investment income (loss)(b)		0.02			(0.02	)		(0.00	)(c)
Net realized and unrealized gain on investments and foreign currency		1.43			9.51			0.29
Net increase in net asset value from investment operations		1.45			9.49			0.29
Dividends and Distributions to Shareholders
From net realized gain on investments		—			(0.14	)		—
Total Dividends and Distributions		—			(0.14	)		—
Net asset value, end of period	$	21.09		$	19.64		$	10.29
Total Return
Total return based on net asset value(d)		7.38	%		92.29	%		2.90	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	1,062		$	989		$	514
Ratio of net expenses to average net assets, before waiver		8.96	%*		10.52	%		90.51	%*
Ratio of net expenses to average net assets, after waiver		0.87	%*		0.87	%		0.87	%*
Ratio of net investment income (loss) to average net assets		0.20	%*		(0.15	)%		(0.80	)%*
Portfolio turnover rate(e)		12	%		20	%		0	%

*  Annualized.

^(a)  Commencement of investment operations.

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

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

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

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

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

Financial Highlights

Semi-Annual Report June 30, 2021

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

	For the Six Months Ended June 30, 2021 (unaudited)			For the Year Ended December 31, 2020			For the Period December 19, 2019(a) through December 31, 2019
Net asset value, beginning of period	$	19.64		$	10.29		$	10.00
From Investment Operations
Net investment income (loss)(b)		0.02			(0.02	)		(0.00	)(c)
Net realized and unrealized gain on investments and foreign currency		1.43			9.51			0.29
Net increase in net asset value from investment operations		1.45			9.49			0.29
Dividends and Distributions to Shareholders
From net realized gain on investments		—			(0.14	)		—
Total Dividends and Distributions		—			(0.14	)		—
Net asset value, end of period	$	21.09		$	19.64		$	10.29
Total Return
Total return based on net asset value(d)		7.38	%		92.29	%		2.90	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	1,062		$	989		$	514
Ratio of net expenses to average net assets, before waiver		8.96	%*		10.52	%		90.51	%*
Ratio of net expenses to average net assets, after waiver		0.87	%*		0.87	%		0.87	%*
Ratio of net investment income (loss) to average net assets		0.20	%*		(0.15	)%		(0.80	)%*
Portfolio turnover rate(e)		12	%		20	%		0	%

*  Annualized.

^(a)  Commencement of investment operations.

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

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

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

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

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

Industry Diversification Table

Semi-Annual Report June 30, 2021

June 30, 2021 (unaudited)
Baillie Gifford Developed EAFE All Cap Fund

	Value		% of Total Net Assets
Apparel	$	40,469,358		5.9	%
Auto Manufacturers		7,094,344		1.0
Auto Parts & Equipment		9,239,950		1.3
Banks		10,620,243		1.6
Beverages		11,950,014		1.7
Building Materials		18,371,280		2.7
Chemicals		15,951,019		2.3
Commercial Services		14,838,332		2.2
Computers		12,333,864		1.8
Cosmetics/Personal Care		21,219,684		3.1
Diversified Financial Services		31,179,606		4.5
Electronics		62,573,339		9.1
Engineering & Construction		5,232,000		0.8
Food		9,495,263		1.4
Hand/Machine Tools		14,255,264		2.1
Healthcare — Products		41,061,266		6.0
Healthcare — Services		5,209,902		0.8
Home Furnishings		5,974,012		0.9
Insurance		18,605,887		2.7
Internet		83,583,108		12.4
Investment Companies		5,984,556		0.9
Leisure Time		15,988,488		2.3
Machinery — Construction & Mining		12,033,075		1.7
Machinery — Diversified		53,098,063		7.7
Oil & Gas Services		2,149,224		0.3
Retail		56,772,776		8.3
Semiconductors		27,719,077		4.0
Software		21,998,132		3.3
Telecommunications		10,419,428		1.5
Toys/Games/Hobbies		8,970,146		1.3
Total Value of Investments		654,390,700		95.6
Other assets less liabilities		30,345,550		4.4
Net Assets	$	684,736,250		100.0	%

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

16

Portfolio of Investments

Semi-Annual Report June 30, 2021

June 30, 2021 (unaudited)
Baillie Gifford Developed EAFE All Cap Fund

	Shares		Value
COMMON STOCKS — 93.3%
AUSTRALIA — 3.7%
Cochlear Ltd.		77,052	$	14,537,177
SEEK Ltd.		433,558		10,777,813
				25,314,990
CHINA — 1.0%
Prosus NV *		67,681		6,630,545
FINLAND — 1.5%
Kone Oyj, B Shares		128,922		10,521,869
FRANCE — 6.4%
Kering		12,599		11,039,468
LVMH Moet Hennessy Louis Vuitton SE		16,859		13,262,250
Remy Cointreau SA		57,863		11,950,014
Ubisoft Entertainment SA *		104,357		7,291,184
				43,542,916
GERMANY — 8.8%
adidas AG		24,788		9,249,838
Auto1 Group SE *		70,939		3,116,495
Bechtle AG		66,361		12,333,864
Nemetschek SE		60,162		4,605,192
Rational AG		6,594		5,974,012
Zalando SE *		207,603		25,107,490
				60,386,891
HONG KONG — 4.8%
AIA Group Ltd.		1,499,800		18,605,887
Techtronic Industries Co., Ltd.		818,000		14,255,264
				32,861,151
JAPAN — 22.6%
Denso Corp.		135,500		9,239,950
Kakaku.com, Inc.		286,700		8,625,115
Kao Corp.		107,500		6,628,459
Keyence Corp.		15,700		7,906,888
Murata Manufacturing Co., Ltd.		119,200		9,080,046

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

Portfolio of Investments

Semi-Annual Report June 30, 2021

June 30, 2021 (unaudited)
Baillie Gifford Developed EAFE All Cap Fund

	Shares		Value
Nidec Corp.		106,100	$	12,200,464
Olympus Corp.		762,100		15,158,881
Pigeon Corp.		106,500		3,003,723
Recruit Holdings Co., Ltd.		161,700		7,929,574
Shimano, Inc.		67,200		15,988,488
Shiseido Co., Ltd.		157,100		11,587,502
SMC Corp.		26,100		15,440,623
SoftBank Group Corp.		149,400		10,419,428
Sugi Holdings Co., Ltd.		46,800		3,414,489
Suzuki Motor Corp.		167,400		7,094,344
Sysmex Corp.		95,800		11,365,208
				155,083,182
NETHERLANDS — 5.1%
ASML Holding NV		40,154		27,719,077
IMCD NV		44,117		7,029,384
				34,748,461
NEW ZEALAND — 2.2%
Ryman Healthcare Ltd.		567,735		5,209,902
Xero Ltd. *		98,209		10,101,755
				15,311,657
PORTUGAL — 1.4%
Jeronimo Martins SGPS SA		520,664		9,495,263
SINGAPORE — 1.6%
United Overseas Bank Ltd.		551,489		10,620,243
SPAIN — 1.8%
Industria de Diseno Textil SA		354,511		12,516,656
SWEDEN — 10.2%
Atlas Copco AB, A Shares		313,128		19,228,682
Avanza Bank Holding AB		593,753		18,524,473
Epiroc AB, A Shares		21,605		491,809
Epiroc AB, B Shares		365,705		7,179,751
Investor AB, B Shares		259,629		5,984,555
Nibe Industrier AB, B Shares		1,743,436		18,371,280
				69,780,550

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

Portfolio of Investments

Semi-Annual Report June 30, 2021

June 30, 2021 (unaudited)
Baillie Gifford Developed EAFE All Cap Fund

	Shares		Value
SWITZERLAND — 2.3%
Compagnie Financiere Richemont SA		129,789	$	15,734,141
UNITED KINGDOM — 14.2%
ASOS PLC *		146,627		10,076,708
Auto Trader Group PLC *		1,568,810		13,739,647
Burberry Group PLC *		241,888		6,917,803
Games Workshop Group PLC		56,880		8,970,146
Hargreaves Lansdown PLC		575,118		12,655,133
HomeServe PLC		395,600		5,232,000
Intertek Group PLC		90,270		6,908,758
John Wood Group PLC *		705,464		2,149,224
Johnson Matthey PLC		209,545		8,921,636
Rightmove PLC		1,413,085		12,701,099
Trainline PLC *		1,070,671		4,348,390
Weir Group PLC (The) *		169,903		4,361,516
				96,982,060
UNITED STATES — 5.7%
Mettler-Toledo International, Inc. *		18,356		25,429,301
Spotify Technology SA *		49,230		13,567,296
				38,996,597
Total Common Stocks
(cost $399,331,289)				638,527,172
PREFERRED STOCKS — 2.3%
GERMANY — 2.3%
Sartorius AG 0.15% (cost $5,021,564)		30,477		15,863,528
TOTAL INVESTMENTS — 95.6%
(cost $404,352,853)			$	654,390,700
Other assets less liabilities — 4.4%				30,345,550
NET ASSETS — 100.0%			$	684,736,250

*  Non-income producing security.

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

The accompanying notes are an integral part of the financial statements.
19

Portfolio of Investments

Semi-Annual Report June 30, 2021

June 30, 2021 (unaudited)
Baillie Gifford Developed EAFE All Cap Fund

Fair Value Measurement

The following is a summary of the inputs used as of June 30, 2021 in valuing the Fund's investments carried at fair value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks **	$	55,956,745	$	582,570,427	$	—	$	638,527,172
Preferred Stocks **		—		15,863,528		—		15,863,528
Total	$	55,956,745	$	598,433,955	$	—	$	654,390,700

**  Refer to Portfolio of Investments for further detail.

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

Statement of Assets and Liabilities

Semi-Annual Report June 30, 2021

June 30, 2021 (unaudited)
Baillie Gifford Developed EAFE All Cap Fund

ASSETS
Investments, at value (cost $404,352,853)	$	654,390,700
Cash		15,411,849
Foreign cash, at value (cost $106,530)		104,223
Capital shares sold receivable		14,630,605
Tax reclaims receivable		779,055
Dividends receivable		324,634
Prepaid assets		16,025
Total Assets		685,657,091
LIABILITIES
Advisory fee payable		548,282
Administration & Supervisory fee payable		120,748
Shareholder Servicing fee payable		98,393
Capital shares purchased payable		6,119
Trustee fee payable		3,596
Commitment fee payable		751
Accrued expenses		142,952
Total Liabilities		920,841
NET ASSETS	$	684,736,250
COMPOSITION OF NET ASSETS
Paid-in capital	$	426,949,275
Total distributable earnings		257,786,975
	$	684,736,250
NET ASSET VALUE, PER SHARE
Class 2 ( $123,049,484 / 6,977,130 shares outstanding), unlimited authorized, no par value	$	17.64
Class 3 ( $107,318,881 / 6,023,514 shares outstanding), unlimited authorized, no par value	$	17.82
Class 4 ( $115,305,159 / 6,448,597 shares outstanding), unlimited authorized, no par value	$	17.88
Class K ( $319,066,207 / 18,121,909 shares outstanding), unlimited authorized, no par value	$	17.61
Institutional Class ( $19,996,519 / 1,137,452 shares outstanding), unlimited authorized, no par value	$	17.58

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

Statement of Operations

Semi-Annual Report June 30, 2021

For the Six Months Ended June 30, 2021 (unaudited)
Baillie Gifford Developed EAFE All Cap Fund

INVESTMENT INCOME
Dividends (net of foreign withholding taxes of $475,403)	$	3,330,663
Interest		519
Total Investment Income		3,331,182
EXPENSES
Advisory fee (Note B)		1,063,755
Shareholder Servicing fees — Class 2 shares (Note B)		107,626
Shareholder Servicing fees — Class 3 shares (Note B)		52,389
Shareholder Servicing fees — Class 4 shares (Note B)		36,670
Administration & Supervisory fee — Class K shares (Note B)		219,243
Administration & Supervisory fee — Institutional Class shares (Note B)		11,695
Transfer agency		43,687
Sub-transfer agency — Institutional Class shares		6,517
Fund accounting		92,471
Custody		43,575
Legal		33,148
Registration fees		27,651
Professional fees		14,335
Trustees' fees		6,314
Commitment fees		1,413
Miscellaneous		9,972
Total Expenses		1,770,461
Net Investment Income		1,560,721
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) from:
Investments		8,987,694
Foreign currency transactions		(22,695	)
		8,964,999
Net change in unrealized appreciation (depreciation) on:
Investments		24,502,967
Translation of net assets and liabilities denominated in foreign currencies		(59,075	)
		24,443,892
Net realized and unrealized gain		33,408,891
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	34,969,612

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

Statements of Changes in Net Assets

Semi-Annual Report June 30, 2021

Baillie Gifford Developed EAFE All Cap Fund

	For the Six Months Ended June 30, 2021 (unaudited)			For the Year Ended December 31, 2020
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	1,560,721		$	2,705,662
Net realized gain		8,964,999			11,744,538
Net change in unrealized appreciation		24,443,892			121,526,290
Net increase in net assets from operations		34,969,612			135,976,490
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings
Class 2		—			(2,184,122	)
Class 3		—			(1,158,667	)
Class 4		—			—
Class K		—			(2,481,439	)
Institutional Class		—			(109,348	)
Class 4		—			—
Total Distributions to Shareholders		—			(5,933,576	)
TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
Net proceeds from shares subscribed:
Class 2		3,000			6,000
Class 3		103,921,278	*		—
Class 4		111,639,409	*		—
Class K		79,877,575			9,101,965
Institutional Class		11,517,882			17,007,484
Dividends reinvested:
Class 2		—			2,184,122
Class 3		—			1,158,667
Class K		—			2,359,735
Institutional Class		—			109,348
Cost of shares redeemed:
Class 2		(107,921,279	)*		(65,191,959	)
Class 3		(111,639,409	)*		—
Class K		(21,356,826	)		(62,538,353	)
Institutional Class		(4,605,087	)		(17,016,373	)
Increase (Decrease) in Net Assets from Transactions in Shares of Beneficial Interest		61,436,543			(112,819,364	)
Total Increase in Net Assets		96,406,155			17,223,550
NET ASSETS
Beginning of period		588,330,095			571,106,545
End of period	$	684,736,250		$	588,330,095

*  See Note D for details of share class conversions.

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

Financial Highlights

Semi-Annual Report June 30, 2021

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

	For the Six Months Ended June 30, 2021 (unaudited)			For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			For the Year Ended December 31, 2017			For the Year Ended December 31, 2016
Net asset value, beginning of period	$	16.64		$	13.13		$	10.04		$	12.06		$	9.55		$	9.70
From Investment Operations
Net investment income(a)		0.04			0.07			0.13			0.15			0.14			0.17
Net realized and unrealized gain (loss) on investments and foreign currency		0.96			3.61			3.11			(2.08	)		2.58			(0.18	)
Net increase (decrease) in net asset value from investment operations		1.00			3.68			3.24			(1.93	)		2.72			(0.01	)
Dividends and Distributions to Shareholders
From net investment income		—			(0.17	)		(0.15	)		(0.03	)		(0.22	)		(0.14	)
From net realized gain on investments		—			—			—			(0.06	)		—			—
Total Dividends and Distributions		—			(0.17	)		(0.15	)		(0.09	)		(0.22	)		(0.14	)
Proceeds from Purchase Fees and Redemption Fees(a)		—			—			—			—			0.01			(0.00	)(b)
Net asset value, end of period	$	17.64		$	16.64		$	13.13		$	10.04		$	12.06		$	9.55
Total Return
Total return based on net asset value(c)		6.00	%		27.95	%		32.33	%		(16.05	)%		28.59	%		(0.20	)%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	123,049		$	221,181		$	229,861		$	181,679		$	221,316		$	172,316
Ratio of net expenses to average net assets		0.61	%*		0.64	%		0.66	%		0.67	%		0.66	%		0.66	%
Ratio of net investment income to average net assets		0.42	%*		0.50	%		1.08	%		1.23	%		1.22	%		1.73	%
Portfolio turnover rate(d)		7	%		12	%		19	%		14	%		21	%		13	%

*  Annualized.

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

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

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

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

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

Financial Highlights

Semi-Annual Report June 30, 2021

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

	For the Six Months Ended June 30, 2021 (unaudited)			For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			For the Period March 24, 2017(a) through December 31, 2017
Net asset value, beginning of period	$	16.80		$	13.26		$	10.13		$	12.17		$	10.49
From Investment Operations
Net investment income(b)		0.05			0.07			0.14			0.16			0.12
Net realized and unrealized gain (loss) on investments and foreign currency		0.97			3.65			3.15			(2.11	)		1.79
Net increase (decrease) in net asset value from investment operations		1.02			3.72			3.29			(1.95	)		1.91
Dividends and Distributions to Shareholders
From net investment income		—			(0.18	)		(0.16	)		(0.03	)		(0.23	)
From net realized gain on investments		—			—			—			(0.06	)		—
Total Dividends and Distributions		—			(0.18	)		(0.16	)		(0.09	)		(0.23	)
Proceeds from Purchase Fees and Redemption Fees(b)		—			—			—			—			0.00	(c)
Net asset value, end of period	$	17.82		$	16.80		$	13.26		$	10.13		$	12.17
Total Return
Total return based on net asset value(d)		6.04	%		28.04	%		32.42	%		(15.99	)%		18.25	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	107,319		$	108,722		$	84,911		$	64,123		$	82,523
Ratio of net expenses to average net assets		0.54	%*		0.57	%		0.59	%		0.60	%		0.58	%*
Ratio of net investment income to average net assets		0.55	%*		0.55	%		1.16	%		1.31	%		1.32	%*
Portfolio turnover rate(e)		7	%		12	%		19	%		14	%		21	%

*  Annualized.

^(a)  Commencement of investment operations.

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

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

^(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.

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

Financial Highlights

Semi-Annual Report June 30, 2021

Baillie Gifford Developed EAFE All Cap Fund
Selected data for a Class 4 share outstanding throughout the period:

	For the Period January 13, 2021(a) through June 30, 2021 (unaudited)
Net asset value, beginning of period	$	17.31
From Investment Operations
Net investment income(b)		0.05
Net realized and unrealized gain on investments and foreign currency		0.52
Net increase in net asset value from investment operations		0.57
Net asset value, end of period	$	17.88
Total Return
Total return based on net asset value(c)		3.28	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	115,305
Ratio of net expenses to average net assets		0.51	%*
Ratio of net investment income to average net assets		0.71	%*
Portfolio turnover rate(d)		7	%

*  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.

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

Financial Highlights

Semi-Annual Report June 30, 2021

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

	For the Six Months Ended June 30, 2021 (unaudited)			For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			For the Period April 28, 2017(a) through December 31, 2017
Net asset value, beginning of period	$	16.61		$	13.11		$	10.03		$	12.06		$	10.74
From Investment Operations
Net investment income(b)		0.04			0.06			0.12			0.11			0.07
Net realized and unrealized gain (loss) on investments and foreign currency		0.96			3.61			3.11			(2.04	)		1.47
Net increase (decrease) in net asset value from investment operations		1.00			3.67			3.23			(1.93	)		1.54
Dividends and Distributions to Shareholders
From net investment income		—			(0.17	)		(0.15	)		(0.04	)		(0.22	)
From net realized gain on investments		—			—			—			(0.06	)		—
Total Dividends and Distributions		—			(0.17	)		(0.15	)		(0.10	)		(0.22	)
Net asset value, end of period	$	17.61		$	16.61		$	13.11		$	10.03		$	12.06
Total Return
Total return based on net asset value(c)		6.02	%		27.98	%		32.24	%		(16.05	)%		14.39	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	319,066		$	246,283		$	247,155		$	152,397		$	6
Ratio of net expenses to average net assets		0.61	%*		0.64	%		0.66	%		0.67	%		0.66	%*
Ratio of net investment income to average net assets		0.49	%*		0.49	%		1.04	%		0.99	%		0.87	%*
Portfolio turnover rate(d)		7	%		12	%		19	%		14	%		21	%

*  Annualized.

^(a)  Commencement of investment operations.

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

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

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

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

Financial Highlights

Semi-Annual Report June 30, 2021

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

	For the Six Months Ended June 30, 2021 (unaudited)			For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			For the Period April 28, 2017(a) through December 31, 2017
Net asset value, beginning of period	$	16.59		$	13.10		$	10.02		$	12.06		$	10.74
From Investment Operations
Net investment income(b)		0.04			0.06			0.11			0.06			0.07
Net realized and unrealized gain (loss) on investments and foreign currency		0.95			3.58			3.13			(2.00	)		1.47
Net increase (decrease) in net asset value from investment operations		0.99			3.64			3.24			(1.94	)		1.54
Dividends and Distributions to Shareholders
From net investment income		—			(0.15	)		(0.16	)		(0.04	)		(0.22	)
From net realized gain on investments		—			—			—			(0.06	)		—
Total Dividends and Distributions		—			(0.15	)		(0.16	)		(0.10	)		(0.22	)
Net asset value, end of period	$	17.58		$	16.59		$	13.10		$	10.02		$	12.06
Total Return
Total return based on net asset value(c)		5.97	%		27.77	%		32.28	%		(16.13	)%		14.39	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	19,997		$	12,143		$	9,179		$	1,862		$	6
Ratio of net expenses to average net assets		0.70	%*		0.76	%		0.73	%		0.77	%		0.66	%*
Ratio of net investment income to average net assets		0.42	%*		0.43	%		0.89	%		0.59	%		0.87	%*
Portfolio turnover rate(d)		7	%		12	%		19	%		14	%		21	%

*  Annualized.

^(a)  Commencement of investment operations.

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

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

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

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

Industry Diversification Table

Semi-Annual Report June 30, 2021

June 30, 2021 (unaudited)
Baillie Gifford EAFE Plus All Cap Fund

	Value		% of Total Net Assets
Apparel	$	33,555,800		5.0	%
Auto Manufacturers		5,878,050		0.9
Auto Parts & Equipment		8,305,726		1.3
Banks		9,117,858		1.4
Beverages		16,354,656		2.4
Building Materials		14,732,347		2.2
Chemicals		13,645,704		2.0
Commercial Services		15,032,153		2.3
Computers		12,365,646		1.9
Cosmetics/Personal Care		21,481,705		3.2
Diversified Financial Services		9,854,896		1.5
Electronics		66,379,925		10.0
Engineering & Construction		5,056,259		0.8
Food		8,477,265		1.3
Hand/Machine Tools		11,266,538		1.7
Healthcare — Products		36,427,325		5.5
Home Furnishings		6,252,147		0.9
Insurance		24,445,120		3.7
Internet		123,737,485		18.7
Investment Companies		11,831,246		1.8
Leisure Time		10,349,691		1.6
Machinery — Construction & Mining		11,375,231		1.8
Machinery — Diversified		49,189,390		7.4
Oil & Gas Services		2,260,566		0.3
Retail		54,313,144		8.2
Semiconductors		37,593,616		5.7
Software		20,935,230		3.2
Telecommunications		8,801,418		1.3
Toys/Games/Hobbies		8,135,267		1.2
Total Value of Investments		657,151,404		99.2
Other assets less liabilities		5,314,784		0.8
Net Assets	$	662,466,188		100.0	%

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

29

Portfolio of Investments

Semi-Annual Report June 30, 2021

June 30, 2021 (unaudited)
Baillie Gifford EAFE Plus All Cap Fund

	Shares		Value
COMMON STOCKS — 96.5%
ARGENTINA — 1.6%
MercadoLibre, Inc. *		6,758	$	10,527,545
AUSTRALIA — 3.2%
Cochlear Ltd.		64,834		12,232,043
SEEK Ltd.		371,075		9,224,548
				21,456,591
BRAZIL — 0.6%
Raia Drogasil SA		818,100		4,079,151
CHINA — 6.6%
Alibaba Group Holding Ltd. ADR *		42,336		9,600,958
Baidu, Inc. ADR *		20,109		4,100,225
Meituan, Class B *		303,000		12,499,103
Ping An Insurance Group Co. of China Ltd., Class H		491,500		4,804,608
Prosus NV *		38,031		3,725,806
Trip.com Group Ltd. ADR *		100,728		3,571,815
Tsingtao Brewery Co., Ltd., Class H *		517,943		5,570,049
				43,872,564
FINLAND — 1.5%
Kone Oyj, B Shares		121,333		9,902,498
FRANCE — 5.0%
Kering		9,234		8,090,995
LVMH Moet Hennessy Louis Vuitton SE		10,799		8,495,109
Remy Cointreau SA		52,220		10,784,607
Ubisoft Entertainment SA *		86,524		6,045,234
				33,415,945
GERMANY — 9.2%
adidas AG		30,906		11,532,817
Auto1 Group SE *		79,816		3,506,480
Bechtle AG		66,532		12,365,646
Nemetschek SE		65,648		5,025,127
Rational AG		6,901		6,252,147
Zalando SE *		185,303		22,410,530
				61,092,747

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

Portfolio of Investments

Semi-Annual Report June 30, 2021

June 30, 2021 (unaudited)
Baillie Gifford EAFE Plus All Cap Fund

	Shares		Value
HONG KONG — 4.7%
AIA Group Ltd.		1,583,200	$	19,640,512
Techtronic Industries Co., Ltd.		646,500		11,266,538
				30,907,050
INDIA — 0.4%
MakeMyTrip Ltd. *		90,774		2,727,759
JAPAN — 21.1%
Denso Corp.		121,800		8,305,726
Kakaku.com, Inc.		184,700		5,556,536
Kao Corp.		87,100		5,370,593
Keyence Corp.		16,000		8,057,975
Murata Manufacturing Co., Ltd.		125,900		9,590,417
Nidec Corp.		99,600		11,453,027
Olympus Corp.		581,800		11,572,546
Pigeon Corp.		117,500		3,313,966
Recruit Holdings Co., Ltd.		147,500		7,233,223
Shimano, Inc.		43,500		10,349,691
Shiseido Co., Ltd.		173,500		12,797,146
SMC Corp.		25,000		14,789,869
SoftBank Group Corp.		126,200		8,801,418
Sugi Holdings Co., Ltd.		53,700		3,917,908
Suzuki Motor Corp.		138,700		5,878,050
Sysmex Corp.		106,400		12,622,736
				139,610,827
NETHERLANDS — 4.1%
ASML Holding NV		29,604		20,436,210
IMCD NV		43,215		6,885,663
				27,321,873
NEW ZEALAND — 1.5%
Xero Ltd. *		95,906		9,864,869
PORTUGAL — 1.3%
Jeronimo Martins SGPS SA		464,843		8,477,265
SINGAPORE — 1.4%
United Overseas Bank Ltd.		473,473		9,117,858

The accompanying notes are an integral part of the financial statements.
31

Portfolio of Investments

Semi-Annual Report June 30, 2021

June 30, 2021 (unaudited)
Baillie Gifford EAFE Plus All Cap Fund

	Shares		Value
SOUTH AFRICA — 1.2%
Naspers Ltd., N Shares		36,192	$	7,630,974
SOUTH KOREA — 0.5%
Coupang, Inc. *		84,069		3,515,765
SPAIN — 1.6%
Industria de Diseno Textil SA		297,351		10,498,518
SWEDEN — 7.6%
Atlas Copco AB, A Shares		155,977		9,578,295
Atlas Copco AB, B Shares		130,268		6,860,754
Epiroc AB, B Shares		358,796		7,044,109
Investor AB, B Shares		513,277		11,831,246
Nibe Industrier AB, B Shares		1,398,101		14,732,347
				50,046,751
SWITZERLAND — 2.0%
Compagnie Financiere Richemont SA		110,593		13,407,037
TAIWAN — 2.6%
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		142,788		17,157,406
UNITED KINGDOM — 12.9%
ASOS PLC *		111,327		7,650,771
Auto Trader Group PLC *		1,405,482		12,309,219
Burberry Group PLC *		190,106		5,436,879
Games Workshop Group PLC		51,586		8,135,267
Hargreaves Lansdown PLC		447,860		9,854,896
HomeServe PLC		382,312		5,056,259
Intertek Group PLC		101,901		7,798,930
John Wood Group PLC *		742,011		2,260,566
Johnson Matthey PLC		158,775		6,760,041
Rightmove PLC		1,252,023		11,253,441
Trainline PLC *		1,128,956		4,585,107
Weir Group PLC (The) *		168,719		4,331,122
				85,432,498

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

Portfolio of Investments

Semi-Annual Report June 30, 2021

June 30, 2021 (unaudited)
Baillie Gifford EAFE Plus All Cap Fund

	Shares		Value
UNITED STATES — 5.9%
Mettler-Toledo International, Inc. *		19,651	$	27,223,316
Spotify Technology SA *		42,641		11,751,433
				38,974,749
Total Common Stocks
(cost $389,093,275)				639,038,240
PREFERRED STOCKS — 2.7%
GERMANY — 2.7%
Sartorius AG 0.15% (cost $7,157,968)		34,799		18,113,164
TOTAL INVESTMENTS — 99.2%
(cost $396,251,243)			$	657,151,404
Other assets less liabilities — 0.8%				5,314,784
NET ASSETS — 100.0%			$	662,466,188

*  Non-income producing security.

ADR  —  American Depositary Receipt

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

Fair Value Measurement

The following is a summary of the inputs used as of June 30, 2021 in valuing the Fund's investments carried at fair value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks **	$	110,824,224	$	528,214,016	$	—	$	639,038,240
Preferred Stocks **		—		18,113,164		—		18,113,164
Total	$	110,824,224	$	546,327,180	$	—	$	657,151,404

**  Refer to Portfolio of Investments for further detail.

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

Statement of Assets and Liabilities

Semi-Annual Report June 30, 2021

June 30, 2021 (unaudited)
Baillie Gifford EAFE Plus All Cap Fund

ASSETS
Investments, at value (cost $396,251,243)	$	657,151,404
Cash		7,485,517
Foreign cash, at value (cost $120,172)		121,301
Tax reclaims receivable		503,122
Dividends receivable		344,651
Capital shares sold receivable		53,000
Prepaid assets		21,724
Total Assets		665,680,719
LIABILITIES
Advisory fee payable		588,763
Capital shares purchased payable		2,241,800
Shareholder Servicing fee payable		160,657
Administration & Supervisory fee payable		101,588
Trustee fee payable		4,617
Commitment fee payable		929
Accrued expenses		116,177
Total Liabilities		3,214,531
NET ASSETS	$	662,466,188
COMPOSITION OF NET ASSETS
Paid-in capital	$	363,027,177
Total distributable earnings		299,439,011
	$	662,466,188
NET ASSET VALUE, PER SHARE
Class 2 ( $300,948,475 / 13,548,518 shares outstanding), unlimited authorized, no par value	$	22.21
Class 3 ( $126,490,777 / 5,697,200 shares outstanding), unlimited authorized, no par value	$	22.20
Class K ( $191,274,518 / 8,636,894 shares outstanding), unlimited authorized, no par value	$	22.15
Institutional Class ( $43,752,418 / 1,980,850 shares outstanding), unlimited authorized, no par value	$	22.09

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

Statement of Operations

Semi-Annual Report June 30, 2021

For the Six Months Ended June 30, 2021 (unaudited)
Baillie Gifford EAFE Plus All Cap Fund

INVESTMENT INCOME
Dividends (net of foreign withholding taxes of $517,544)	$	3,402,653
Interest		631
Total Investment Income		3,403,284
EXPENSES
Advisory fee (Note B)		1,206,015
Shareholder Servicing fees — Class 2 shares (Note B)		262,346
Shareholder Servicing fees — Class 3 shares (Note B)		70,027
Administration & Supervisory fee — Class K shares (Note B)		168,187
Administration & Supervisory fee — Institutional Class shares (Note B)		36,199
Transfer agency		45,448
Sub-transfer agency — Institutional Class shares		20,914
Fund accounting		106,284
Custody		50,482
Legal		36,347
Registration fees		28,298
Professional fees		16,810
Trustees' fees		8,027
Commitment fees		1,798
Miscellaneous		9,473
Total Expenses		2,066,655
Net Investment Income		1,336,629
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) from:
Investments		38,582,877
Foreign currency transactions		(155,396	)
		38,427,481
Net change in unrealized depreciation on:
Investments		(5,168,766	)
Translation of net assets and liabilities denominated in foreign currencies		(28,342	)
		(5,197,108	)
Net realized and unrealized gain		33,230,373
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	34,567,002

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

Statements of Changes in Net Assets

Semi-Annual Report June 30, 2021

Baillie Gifford EAFE Plus All Cap Fund

	For the Six Months Ended June 30, 2021 (unaudited)			For the Year Ended December 31, 2020
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	1,336,629		$	2,090,625
Net realized gain		38,427,481			11,700,117
Net change in unrealized appreciation (depreciation)		(5,197,108	)		147,139,024
Net increase in net assets from operations		34,567,002			160,929,766
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings
Class 2		—			(5,732,100	)
Class 3		—			(2,604,537	)
Class K		—			(3,457,873	)
Institutional Class		—			(652,549	)
Total Distributions to Shareholders		—			(12,447,059	)
TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
Net proceeds from shares subscribed:
Class 2		3,000			786,000
Class 3		—			118,434,820
Class K		3,127,000			70,360,885
Institutional Class		3,919,173			11,245,159
Dividends reinvested:
Class 2		—			5,732,100
Class 3		—			2,604,536
Class K		—			3,452,561
Institutional Class		—			650,466
Cost of shares redeemed:
Class 2		(58,635,039	)		(45,075,399	)
Class 3		(27,500,000	)		—
Class K		(23,825,000	)		(28,250,000	)
Institutional Class		(2,051,833	)		(3,196,880	)
Increase (Decrease) in Net Assets from Transactions in Shares of Beneficial Interest		(104,962,699	)		136,744,248
Total Increase (Decrease) in Net Assets		(70,395,697	)		285,226,955
NET ASSETS
Beginning of period		732,861,885			447,634,930
End of period	$	662,466,188		$	732,861,885

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

Financial Highlights

Semi-Annual Report June 30, 2021

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

	For the Six Months Ended June 30, 2021 (unaudited)			For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			For the Year Ended December 31, 2017			For the Year Ended December 31, 2016
Net asset value, beginning of period	$	21.15		$	16.71		$	13.15		$	16.11		$	12.46		$	12.55
From Investment Operations
Net investment income(a)		0.04			0.07			0.27			0.17			0.16			0.19
Net realized and unrealized gain (loss) on investments and foreign currency		1.02			4.73			3.91			(2.81	)		3.74			(0.13	)
Net increase (decrease) in net asset value from investment operations		1.06			4.80			4.18			(2.64	)		3.90			0.06
Dividends and Distributions to Shareholders
From net investment income		—			(0.14	)		(0.33	)		(0.09	)		(0.25	)		(0.16	)
From net realized gain on investments		—			(0.22	)		(0.29	)		(0.23	)		—			—
Total Dividends and Distributions		—			(0.36	)		(0.62	)		(0.32	)		(0.25	)		(0.16	)
Proceeds from Purchase Fees and Redemption Fees(a)		—			—			—			—			0.00	(b)		0.01
Net asset value, end of period	$	22.21		$	21.15		$	16.71		$	13.15		$	16.11		$	12.46
Total Return
Total return based on net asset value(c)		5.01	%		28.77	%		31.73	%		(16.39	)%		31.28	%		0.59	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	300,948		$	343,888		$	309,335		$	232,937		$	280,488		$	272,338
Ratio of net expenses to average net assets		0.61	%*		0.62	%		0.65	%		0.68	%		0.67	%		0.65	%
Ratio of net investment income to average net assets		0.37	%*		0.42	%		1.76	%		1.06	%		1.06	%		1.46	%
Portfolio turnover rate(d)		5	%		20	%		11	%		26	%		12	%		23	%

*  Annualized.

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

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

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

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

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

Financial Highlights

Semi-Annual Report June 30, 2021

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

	For the Six Months Ended June 30, 2021 (unaudited)			For the Period August 3, 2020(a) through December 31, 2020			For the Year Ended December 31, 2017			For the Year Ended December 31, 2016
Net asset value, beginning of period	$	21.14		$	17.57		$	12.58		$	12.67
From Investment Operations
Net investment income(b)		0.05			0.03			0.16			0.2
Net realized and unrealized gain (loss) on investments and foreign currency		1.01			3.93			3.79			(0.13	)
Net increase in net asset value from investment operations		1.06			3.96			3.95			0.07
Dividends and Distributions to Shareholders
From net investment income		—			(0.17	)		(0.27	)		(0.17	)
From net realized gain on investments		—			(0.22	)		—			—
Return of capital		—			—			—			—
Total Dividends and Distributions		—			(0.39	)		(0.27	)		(0.17	)
Proceeds from Purchase Fees and Redemption Fees(b)		—			—			0.00	(c)		0.01
Net asset value, end of period	$	22.20		$	21.14		$	16.26		$	12.58
Total Return
Total return based on net asset value(d)		5.04	%		22.49	%		31.37	%		0.66	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	126,491		$	146,565		$	26,932		$	19,890
Ratio of net expenses to average net assets		0.54	%*		0.54	%*		0.60	%		0.58	%
Ratio of net investment income to average net assets		0.46	%*		0.35	%*		1.06	%		1.59	%
Portfolio turnover rate(e)		5	%		20	%		12	%		23	%

*  Annualized.

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

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

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

^(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.

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

Financial Highlights

Semi-Annual Report June 30, 2021

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

	For the Six Months Ended June 30, 2021 (unaudited)			For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			For the Period April 28, 2017(a) through December 31, 2017
Net asset value, beginning of period	$	21.09		$	16.66		$	13.12		$	16.10		$	14.15
From Investment Operations
Net investment income(b)		0.04			0.07			0.26			0.04			0.08
Net realized and unrealized gain (loss) on investments and foreign currency		1.02			4.73			3.91			(2.68	)		2.13
Net increase (decrease) in net asset value from investment operations		1.06			4.80			4.17			(2.64	)		2.21
Dividends and Distributions to Shareholders
From net investment income		—			(0.15	)		(0.34	)		(0.11	)		(0.26	)
From net realized gain on investments		—			(0.22	)		(0.29	)		(0.23	)		—
Total Dividends and Distributions		—			(0.37	)		(0.63	)		(0.34	)		(0.26	)
Net asset value, end of period	$	22.15		$	21.09		$	16.66		$	13.12		$	16.10
Total Return
Total return based on net asset value(c)		5.03	%		28.78	%		31.72	%		(16.36	)%		15.63	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	191,275		$	202,514		$	114,922		$	64,827		$	6
Ratio of net expenses to average net assets		0.61	%*		0.62	%		0.65	%		0.68	%		0.68	%*
Ratio of net investment income to average net assets		0.39	%*		0.40	%		1.73	%		0.42	%		0.73	%*
Portfolio turnover rate(d)		5	%		20	%		11	%		26	%		12	%

*  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.

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

Financial Highlights

Semi-Annual Report June 30, 2021

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

	For the Six Months Ended June 30, 2021 (unaudited)			For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			For the Period April 28, 2017(a) through December 31, 2017
Net asset value, beginning of period	$	21.05		$	16.63		$	13.10		$	16.09		$	14.15
From Investment Operations
Net investment income(b)		0.03			0.05			0.26			0.07			0.01
Net realized and unrealized gain (loss) on investments and foreign currency		1.01			4.72			3.88			(2.73	)		2.21
Net increase (decrease) in net asset value from investment operations		1.04			4.77			4.14			(2.66	)		2.22
Dividends and Distributions to Shareholders
From net investment income		—			(0.13	)		(0.32	)		(0.10	)		(0.28	)
From net realized gain on investments		—			(0.22	)		(0.29	)		(0.23	)		—
Total Dividends and Distributions		—			(0.35	)		(0.61	)		(0.33	)		(0.28	)
Net asset value, end of period	$	22.09		$	21.05		$	16.63		$	13.10		$	16.09
Total Return
Total return based on net asset value(c)		4.94	%		28.68	%		31.60	%		(16.50	)%		15.68	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	43,752		$	39,894		$	23,378		$	10,768		$	201
Ratio of net expenses to average net assets		0.71	%*		0.72	%		0.75	%		0.78	%		0.68	%*
Ratio of net investment income to average net assets		0.31	%*		0.30	%		1.72	%		0.47	%		0.14	%*
Portfolio turnover rate(d)		5	%		20	%		11	%		26	%		12	%

*  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.

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

Industry Diversification Table

Semi-Annual Report June 30, 2021

June 30, 2021 (unaudited)
Baillie Gifford Emerging Markets Equities Fund

	Value		% of Total Net Assets
Airlines	$	46,245,012		0.7	%
Apparel		62,793,598		0.9
Auto Manufacturers		276,538,788		3.9
Auto Parts & Equipment		33,018,106		0.5
Banks		722,348,460		10.2
Biotechnology		171,357,629		2.4
Building Materials		116,728,275		1.6
Chemicals		125,955,818		1.8
Commercial Services		14,097,219		0.2
Computers		77,186,069		1.1
Diversified Financial Services		298,564,836		4.2
Electrical Components & Equipment		134,013,032		1.9
Food		24,868,823		0.4
Home Furnishings		83,602,886		1.2
Insurance		267,399,687		3.8
Internet		1,696,324,072		23.8
Iron/Steel		158,872,631		2.2
Machinery — Construction & Mining		36,906,844		0.5
Mining		468,771,369		6.6
Oil & Gas		516,305,898		7.2
Real Estate		34,263,563		0.5
Retail		111,781,776		1.5
Semiconductors		1,276,140,569		17.9
Software		151,231,257		2.1
Telecommunications		121,115,167		1.7
Total Value of Investments		7,026,431,384		98.8
Other assets less liabilities		84,818,440		1.2
Net Assets	$	7,111,249,824		100.0	%

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

41

Portfolio of Investments

Semi-Annual Report June 30, 2021

June 30, 2021 (unaudited)
Baillie Gifford Emerging Markets Equities Fund

	Shares		Value
COMMON STOCKS — 97.2%
ARGENTINA — 1.9%
MercadoLibre, Inc. *		87,755	$	136,703,862
BRAZIL — 9.0%
B3 SA — Brasil Bolsa Balcao		23,498,700		79,135,314
Banco Bradesco SA ADR		15,874,684		81,437,129
Petroleo Brasileiro SA ADR		19,410,506		237,390,488
Petroleo Brasileiro SA ADR		5,887,580		69,532,320
StoneCo Ltd., Class A *		210,218		14,097,219
Vale SA ADR		6,965,043		158,872,631
				640,465,101
CANADA — 0.0%(1)
Valeura Energy, Inc. *		4,672,400		1,790,408
CHILE — 1.1%
Lundin Mining Corp.		8,296,207		74,823,810
CHINA — 33.6%
Alibaba Group Holding Ltd. *		15,019,020		425,846,867
BeiGene Ltd. ADR *		126,448		43,395,689
Brilliance China Automotive Holdings Ltd. (a)		35,694,000		16,779,761
Burning Rock Biotech Ltd. ADR *		1,232,049		36,296,164
China Merchants Bank Co., Ltd., Class H		19,249,000		163,966,697
Contemporary Amperex Technology Co., Ltd., Class A *		1,624,443		134,013,032
Dada Nexus Ltd. ADR *		1,087,973		31,562,097
Geely Automobile Holdings Ltd.		24,235,000		76,116,300
Haier Smart Home Co., Ltd., Class H *		14,656,880		51,117,130
HUYA, Inc. ADR *		1,637,959		28,909,976
JD.com, Inc., Class A *		1,592,402		63,414,342
KE Holdings, Inc. ADR *		718,615		34,263,563
Kingdee International Software Group Co., Ltd. *		1,847,000		6,255,535
Kingsoft Cloud Holdings Ltd. ADR *		1,658,500		56,272,905
Kuaishou Technology *		2,446,900		61,537,709
Li Ning Co., Ltd.		6,589,000		80,374,677
Lufax Holding Ltd. ADR *		4,007,489		45,284,626
Meituan, Class B *		4,165,200		171,819,351
Midea Group Co., Ltd., Class A		2,945,062		32,485,756
Minth Group Ltd.		6,962,000		33,018,106

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

Portfolio of Investments

Semi-Annual Report June 30, 2021

June 30, 2021 (unaudited)
Baillie Gifford Emerging Markets Equities Fund

	Shares		Value
Ping An Bank Co., Ltd., Class A		19,169,442	$	67,093,715
Ping An Insurance Group Co. of China Ltd., Class H		17,075,500		166,919,811
Shenzhou International Group Holdings Ltd.		2,486,600		62,793,598
Tencent Holdings Ltd.		4,170,600		314,014,943
Tencent Music Entertainment Group ADR *		3,258,592		50,443,004
Yatsen Holding Ltd. ADR *		1,337,823		12,535,401
Zai Lab Ltd. ADR *		517,915		91,665,776
Zijin Mining Group Co., Ltd., Class H		21,762,000		29,202,178
				2,387,398,709
INDIA — 10.7%
HDFC Life Insurance Co., Ltd.		4,045,198		37,392,041
Housing Development Finance Corp., Ltd.		4,198,857		140,129,085
ICICI Lombard General Insurance Co., Ltd.		1,460,056		30,808,431
ICICI Prudential Life Insurance Co., Ltd.		3,912,112		32,279,404
IDFC First Bank Ltd. *		66,000,351		48,222,736
Mahindra & Mahindra Ltd.		3,430,557		35,967,251
Maruti Suzuki India Ltd.		372,115		37,681,701
Reliance Industries Ltd.		7,300,251		207,592,682
Tata Consultancy Services Ltd.		1,712,750		77,186,069
Tech Mahindra Ltd.		4,052,180		59,792,841
UltraTech Cement Ltd.		566,899		51,738,222
				758,790,463
INDONESIA — 0.9%
Bank Rakyat Indonesia Persero Tbk PT		240,184,100		65,304,888
MEXICO — 2.0%
Cemex SAB de CV, Participating Certificates ADR *		7,736,911		64,990,052
Grupo Financiero Banorte SAB de CV, Class O		7,660,397		49,327,208
Wal-Mart de Mexico SAB de CV		9,615,560		31,407,099
				145,724,359
PANAMA — 0.7%
Copa Holdings SA, Class A *		613,899		46,245,012
POLAND — 1.5%
Allegro.eu SA *		3,717,023		63,968,279
KGHM Polska Miedz SA		838,822		41,272,552
				105,240,831

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

Portfolio of Investments

Semi-Annual Report June 30, 2021

June 30, 2021 (unaudited)
Baillie Gifford Emerging Markets Equities Fund

	Shares		Value
RUSSIA — 7.2%
Magnit PJSC GDR Reg S		1,714,500	$	24,868,822
MMC Norilsk Nickel PJSC ADR		5,686,847		194,030,539
Moscow Exchange MICEX-RTS PJSC		14,566,030		34,015,811
Ozon Holdings PLC ADR *		720,793		42,252,886
Sberbank of Russia PJSC ADR		13,216,286		219,614,985
				514,783,043
SOUTH AFRICA — 2.2%
Naspers Ltd., N Shares		736,735		155,338,363
SOUTH KOREA — 12.2%
Coupang, Inc. *		504,391		21,093,632
Doosan Bobcat, Inc. *		865,167		36,906,844
Hyundai Motor Co.		516,934		109,993,775
LG Chem Ltd.		166,809		125,955,818
NAVER Corp.		161,252		59,835,575
Samsung Electronics Co., Ltd.		4,275,839		306,090,879
Samsung SDI Co., Ltd.		195,619		121,115,167
SK Hynix, Inc.		767,249		86,598,351
				867,590,041
TAIWAN — 12.0%
MediaTek, Inc.		4,817,000		166,120,228
Sea Ltd. ADR *		313,029		85,957,763
Taiwan Semiconductor Manufacturing Co., Ltd.		27,944,310		601,865,461
				853,943,452
THAILAND — 0.4%
Siam Commercial Bank PCL (The) NVDR		8,939,100		27,381,102
ZAMBIA — 1.8%
First Quantum Minerals Ltd.		5,616,264		129,442,290
Total Common Stocks
(cost $4,385,335,122)				6,910,965,734

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

Portfolio of Investments

Semi-Annual Report June 30, 2021

June 30, 2021 (unaudited)
Baillie Gifford Emerging Markets Equities Fund

	Shares		Value
PREFERRED STOCKS — 1.6%
SOUTH KOREA — 1.6%
Samsung Electronics Co., Ltd. 3.60% (cost $50,773,836)		1,764,179	$	115,465,650
TOTAL INVESTMENTS — 98.8%
(cost $4,436,108,958)			$	7,026,431,384
Other assets less liabilities — 1.2%				84,818,440
NET ASSETS — 100.0%			$	7,111,249,824

⁽¹⁾  Amount rounds to less than 0.1%.

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

*  Non-income producing security.

ADR  —  American Depositary Receipt

GDR  —  Global Depositary Receipt

NVDR  —  Non-Voting Depositary Receipt

Reg S  —  Regulation S ("Reg S") under the Securities Act of 1933, as amended ("1933 Act") is a safe harbor that defines when an offering of securities will be deemed to come to rest abroad and therefore is not subject to the registration obligations imposed under Section 5 of the 1933 Act. The regulation includes two safe harbor provisions: an issuer safe harbor and a resale safe harbor. In each case, the regulation demands that offers and sales of the securities be made outside the United States and that no offering participant (which includes the issuer, the banks assisting with the offer and their respective affiliates) engage in "directed" selling efforts. In the case of issuers for whose securities there is substantial U.S. market interest, the regulation also requires that no offers and sales be made to U.S. persons (including U.S. persons physically located outside the United States). These securities have been deemed liquid under procedures approved by the Fund's Board of Trustees. At June 30, 2021, the net value of these securities was $24,868,822 representing 0.3% of net assets.

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

Fair Value Measurement

The following is a summary of the inputs used as of June 30, 2021 in valuing the Fund's investments carried at fair value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks **	$	1,843,965,425	$	5,050,220,548	$	16,779,761	$	6,910,965,734
Preferred Stocks **		—		115,465,650		—		115,465,650
Total	$	1,843,965,425	$	5,165,686,198	$	16,779,761	$	7,026,431,384

**  Refer to Portfolio of Investments for further detail.

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

Statement of Assets and Liabilities

Semi-Annual Report June 30, 2021

June 30, 2021 (unaudited)
Baillie Gifford Emerging Markets Equities Fund

ASSETS
Investments, at value (cost $4,436,108,958)	$	7,026,431,384
Cash		103,489,815
Receivable for investments sold		69,718,224
Capital shares sold receivable		14,306,729
Dividends receivable		11,266,524
Receivable for India capital gains tax refunds (Note A)		1,347,063
Tax reclaims receivable		205,868
Prepaid assets		80,386
Total Assets		7,226,845,993
LIABILITIES
Due to foreign custodian (cost $2,189)		2,189
Advisory fee payable		8,871,308
Payable for investment purchased		77,645,920
Deferred India capital gains tax liability (Note A)		24,179,526
Administration & Supervisory fee payable		1,809,244
Capital shares purchased payable		1,732,937
Shareholder Servicing fee payable		265,638
Trustee fee payable		34,844
Commitment fee payable		7,605
Accrued expenses		1,046,958
Total Liabilities		115,596,169
NET ASSETS	$	7,111,249,824
COMPOSITION OF NET ASSETS
Paid-in capital	$	4,561,981,409
Total distributable earnings		2,549,268,415
	$	7,111,249,824
NET ASSET VALUE, PER SHARE
Class 2 ( $77,126,227 / 2,626,468 shares outstanding), unlimited authorized, no par value	$	29.37
Class 3 ( $345,005,818 / 11,636,684 shares outstanding), unlimited authorized, no par value	$	29.65
Class 4 ( $293,979,782 / 9,779,002 shares outstanding), unlimited authorized, no par value	$	30.06
Class 5 ( $1,969,837,140 / 64,620,683 shares outstanding), unlimited authorized, no par value	$	30.48
Class K ( $3,025,767,648 / 103,408,532 shares outstanding), unlimited authorized, no par value	$	29.26
Institutional Class ( $1,399,533,210 / 47,871,508 shares outstanding), unlimited authorized, no par value	$	29.24

The accompanying notes are an integral part of the financial statements.
46

Statement of Operations

Semi-Annual Report June 30, 2021

For the Six Months Ended June 30, 2021 (unaudited)
Baillie Gifford Emerging Markets Equities Fund

INVESTMENT INCOME
Dividends (net of foreign withholding taxes of $9,779,223)	$	68,229,845
Interest		4,165
Total Investment Income		68,234,010
EXPENSES
Advisory fee (Note B)		17,450,013
Shareholder Servicing fees — Class 2 shares (Note B)		115,747
Shareholder Servicing fees — Class 3 shares (Note B)		123,610
Shareholder Servicing fees — Class 4 shares (Note B)		101,628
Shareholder Servicing fees — Class 5 shares (Note B)		194,720
Administration & Supervisory fee — Class K shares (Note B)		2,363,381
Administration & Supervisory fee — Institutional Class shares (Note B)		1,153,210
Transfer agency		99,089
Sub-transfer agency — Institutional Class shares		595,886
Custody		1,170,508
Fund accounting		916,036
Legal		356,859
Registration fees		77,393
Trustees' fees		73,472
Professional fees		20,842
Commitment fees		16,257
Miscellaneous		96,149
Total Expenses		24,924,800
Net Investment Income		43,309,210
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) from:
Investments (net of India capital gains tax expense of $2,437,274)		151,792,092
Foreign currency transactions		(1,252,333	)
		150,539,759
Net change in unrealized appreciation (depreciation) on:
Investments (net of deferred India capital gains tax expense of $311,980) (Note A)		195,890,459
Translation of net assets and liabilities denominated in foreign currencies		(315,403	)
		195,575,056
Net realized and unrealized gain		346,114,815
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	389,424,025

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

Statements of Changes in Net Assets

Semi-Annual Report June 30, 2021

Baillie Gifford Emerging Markets Equities Fund

	For the Six Months Ended June 30, 2021 (unaudited)			For the Year Ended December 31, 2020
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	43,309,210		$	42,529,223
Net realized gain (loss)		150,539,759			(142,423,101	)
Net change in unrealized appreciation		195,575,056			1,560,067,025
Net increase in net assets from operations		389,424,025			1,460,173,147
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings
Class 2		—			(1,826,111	)
Class 3		—			(2,184,364	)
Class 4		—			(3,613,950	)
Class 5		—			(25,856,284	)
Class K		—			(31,409,509	)
Institutional Class		—			(14,749,236	)
Total Distributions to Shareholders		—			(79,639,454	)
TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
Net proceeds from shares subscribed:
Class 2		90,003,000			10,006,000
Class 3		160,385,840	*		—
Class 4		—			218,894,438	*
Class 5		50,000,000			232,200,000
Class K		686,438,305			851,114,264
Institutional Class		317,196,605			497,607,207
Dividends reinvested:
Class 2		—			1,826,111
Class 3		—			2,184,364
Class 4		—			3,613,950
Class 5		—			25,856,285
Class K		—			24,127,144
Institutional Class		—			14,702,902
Cost of shares redeemed:
Class 2		(160,385,840	)*		(13,000,000	)
Class 3		—			(218,894,438	)*
Class 5		(160,060,000	)		(112,120,000	)
Class K		(258,555,878	)		(280,870,445	)
Institutional Class		(214,381,515	)		(214,228,570	)
Increase in Net Assets from Transactions in Shares of Beneficial Interest		510,640,517			1,043,019,212
Total Increase in Net Assets		900,064,542			2,423,552,905
NET ASSETS
Beginning of period		6,211,185,282			3,787,632,377
End of period	$	7,111,249,824		$	6,211,185,282

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

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

Financial Highlights

Semi-Annual Report June 30, 2021

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

	For the Six Months Ended June 30, 2021 (unaudited)			For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			For the Year Ended December 31, 2017			For the Year Ended December 31, 2016
Net asset value, beginning of year	$	27.66		$	21.71		$	17.62		$	22.82		$	15.20		$	14.88
From Investment Operations
Net investment income(a)		0.12			0.19			0.63			0.28			0.16			0.07
Net realized and unrealized gain (loss) on investments and foreign currency		1.59			6.11			4.30			(3.70	)		7.89			0.38
Net increase (decrease) in net asset value from investment operations		1.71			6.30			4.93			(3.42	)		8.05			0.45
Dividends and Distributions to Shareholders
From net investment income		—			(0.35	)		(0.65	)		(0.23	)		(0.25	)		(0.14	)
From net realized gain on investments		—			—			(0.19	)		(1.55	)		(0.18	)		—
Total Dividends and Distributions		—			(0.35	)		(0.84	)		(1.78	)		(0.43	)		(0.14	)
Proceeds from Purchase Fees and Redemption Fees(a)		—			—			—			—			(0.00	)(b)		0.01
Net asset value, end of period	$	29.37		$	27.66		$	21.71		$	17.62		$	22.82		$	15.20
Total Return
Total return based on net asset value(c)		6.15	%(f)		29.06	%		28.00	%		(14.92	)%		53.02	%		3.10	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	77,126		$	144,906		$	118,856		$	191,177		$	203,830		$	121,739
Ratio of net expenses to average net assets		0.77	%*		0.80	%		0.83	%		0.84	%		0.85	%		0.87	%
Ratio of net investment income to average net assets		0.84	%*		0.90	%		3.29	%(d)		1.31	%		0.82	%		0.52	%
Portfolio turnover rate(e)		11	%		24	%		15	%		22	%		33	%		24	%

*  Annualized.

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

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

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

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

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

^(f)  The total return disclosed include adjustments made for financial reporting purposes in conformity with U.S. generally accepted accounting principles.

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

Financial Highlights

Semi-Annual Report June 30, 2021

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

	For the Six Months Ended June 30, 2021 (unaudited)			For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			For the Year Ended December 31, 2017			For the Period April 1, 2016(a) through December 31, 2016
Net asset value, beginning of period	$	27.92		$	21.91		$	17.77		$	23.00		$	15.32		$	14.72
From Investment Operations
Net investment income(b)		0.23			0.20			0.71			0.29			0.17			0.12
Net realized and unrealized gain (loss) on investments and foreign currency		1.50			6.18			4.29			(3.72	)		7.96			0.62
Net increase (decrease) in net asset value from investment operations		1.73			6.38			5.00			(3.43	)		8.13			0.74
Dividends and Distributions to Shareholders
From net investment income		—			(0.37	)		(0.67	)		(0.25	)		(0.27	)		(0.14	)
From net realized gain on investments		—			—			(0.19	)		(1.55	)		(0.18	)		—
Total Dividends and Distributions		—			(0.37	)		(0.86	)		(1.80	)		(0.45	)		(0.14	)
Proceeds from Purchase Fees and Redemption Fees(b)		—			—			—			—			0.00	(c)		0.00	(c)
Net asset value, end of period	$	29.65		$	27.92		$	21.91		$	17.77		$	23.00		$	15.32
Total Return
Total return based on net asset value(d)		6.19	%(g)		29.15	%		28.09	%		(14.86	)%		53.13	%		5.05	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	345,006		$	168,460		$	344,702		$	167,268		$	196,468		$	128,303
Ratio of net expenses to average net assets		0.70	%*		0.73	%		0.76	%		0.77	%		0.78	%		0.80	%*
Ratio of net investment income to average net assets		1.59	%*		0.95	%		3.45	%(e)		1.33	%		0.84	%		1.09	%*
Portfolio turnover rate(f)		11	%		24	%		15	%		22	%		33	%		24	%

*  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.

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

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

^(g)  The total return disclosed include adjustments made for financial reporting purposes in conformity with U.S. generally accepted accounting principles.

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

Financial Highlights

Semi-Annual Report June 30, 2021

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

	For the Six Months Ended June 30, 2021 (unaudited)			For the Period January 10, 2020(a) through December 31, 2020			For the Period January 1, 2016 through October 10, 2016(a)			For the Period November 2, 2015(b) through December 31, 2015
Net asset value, beginning of period	$	28.30		$	22.69		$	15.12		$	15.40
From Investment Operations
Net investment income(a)		0.20			0.22			0.11			0.02
Net realized and unrealized gain (loss) on investments and foreign currency		1.56			5.76			1.69			(0.28	)
Net increase in net asset value from investment operations		1.76			5.98			1.80			(0.26	)
Dividends and Distributions to Shareholders
From net investment income		—			(0.37	)		—			(0.06	)
From net realized gain on investments		—			—			—			(0.00	)(d)
Total Dividends and Distributions		—			(0.37	)		—			(0.06	)
Proceeds from Purchase Fees and Redemption Fees(a)		—			—			0.01			0.04
Net asset value, end of period	$	30.06		$	28.30		$	16.93		$	15.12
Total Return
Total return based on net asset value(b)		6.21	%(g)		26.45	%		12.04	%		(1.40	)%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	293,980		$	276,791		$	110,086		$	98,273
Ratio of net expenses to average net assets		0.67	%*		0.70	%*		0.73	%*		0.76	%*
Ratio of net investment income to average net assets		1.32	%*		1.05	%*		1.29	%*		0.88	%*
Portfolio turnover rate(d)		11	%		24	%		24	%		46	%

*  Annualized.

^(a)  Recommencement of investment operations. Class had no shareholders from October 10, 2016 to January 9, 2020. All shares of this class were redeemed on October 10, 2016 at $16.93. New shares were issued at $22.69 on January 10, 2020.

^(b)  Commencement of investment operations.

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

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

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

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

^(g)  The total return disclosed include adjustments made for financial reporting purposes in conformity with U.S. generally accepted accounting principles.

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

Financial Highlights

Semi-Annual Report June 30, 2021

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

	For the Six Months Ended June 30, 2021 (unaudited)			For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			For the Year Ended December 31, 2017			For the Year Ended December 31, 2016
Net asset value, beginning of period	$	28.69		$	22.50		$	18.23		$	23.55		$	15.67		$	15.33
From Investment Operations
Net investment income(a)		0.21			0.24			0.72			0.31			0.19			0.13
Net realized and unrealized gain (loss) on investments and foreign currency		1.58			6.33			4.42			(3.81	)		8.15			0.35
Net increase (decrease) in net asset value from investment operations		1.79			6.57			5.14			(3.50	)		8.34			0.48
Dividends and Distributions to Shareholders
From net investment income		—			(0.38	)		(0.68	)		(0.27	)		(0.28	)		(0.15	)
From net realized gain on investments		—			—			(0.19	)		(1.55	)		(0.18	)		—
Total Dividends and Distributions		—			(0.38	)		(0.87	)		(1.82	)		(0.46	)		(0.15	)
Proceeds from Purchase Fees and Redemption Fees(a)		—			—			—			—			0.00	(b)		0.01
Net asset value, end of period	$	30.48		$	28.69		$	22.50		$	18.23		$	23.55		$	15.67
Total Return
Total return based on net asset value(c)		6.24	%(f)		29.25	%		28.19	%		(14.80	)%		53.25	%		3.24	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	1,969,837		$	1,953,356		$	1,331,946		$	1,063,434		$	1,232,137		$	1,075,176
Ratio of net expenses to average net assets		0.62	%*		0.65	%		0.68	%		0.69	%		0.70	%		0.71	%
Ratio of net investment income to average net assets		1.37	%*		1.08	%		3.47	%(d)		1.41	%		0.91	%		0.83	%
Portfolio turnover rate(e)		11	%		24	%		15	%		22	%		33	%		24	%

*  Annualized.

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

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

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

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

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

^(f)  The total return disclosed include adjustments made for financial reporting purposes in conformity with U.S. generally accepted accounting principles.

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

Financial Highlights

Semi-Annual Report June 30, 2021

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

	For the Six Months Ended June 30, 2021 (unaudited)			For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			For the Period April 28, 2017(a) through December 31, 2017
Net asset value, beginning of period	$	27.56		$	21.64		$	17.57		$	22.79		$	18.22
From Investment Operations
Net investment income(b)		0.18			0.20			0.71			0.34			0.02
Net realized and unrealized gain (loss) on investments and foreign currency		1.52			6.08			4.21			(3.75	)		5.00
Net increase (decrease) in net asset value from investment operations		1.70			6.28			4.92			(3.41	)		5.02
Dividends and Distributions to Shareholders
From net investment income		—			(0.36	)		(0.66	)		(0.26	)		(0.27	)
From net realized gain on investments		—			—			(0.19	)		(1.55	)		(0.18	)
Total Dividends and Distributions		—			(0.36	)		(0.85	)		(1.81	)		(0.45	)
Net asset value, end of period	$	29.26		$	27.56		$	21.64		$	17.57		$	22.79
Total Return
Total return based on net asset value(c)		6.17	%(f)		29.04	%		28.00	%		(14.91	)%		27.57	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	3,025,768		$	2,441,338		$	1,328,535		$	499,172		$	73,349
Ratio of net expenses to average net assets		0.77	%*		0.80	%		0.83	%		0.84	%		0.85	%*
Ratio of net investment income to average net assets		1.27	%*		0.95	%		3.55	%(d)		1.65	%		0.18	%*
Portfolio turnover rate(e)		11	%		24	%		15	%		22	%		33	%

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

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

^(f)  The total return disclosed include adjustments made for financial reporting purposes in conformity with U.S. generally accepted accounting principles.

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

Financial Highlights

Semi-Annual Report June 30, 2021

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

	For the Six Months Ended June 30, 2021 (unaudited)			For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			For the Period April 28, 2017(a) through December 31, 2017
Net asset value, beginning of period	$	27.55		$	21.64		$	17.56		$	22.80		$	18.22
From Investment Operations
Net investment income(b)		0.17			0.18			0.79			0.11			0.16
Net realized and unrealized gain (loss) on investments and foreign currency		1.52			6.07			4.12			(3.54	)		4.86
Net increase (decrease) in net asset value from investment operations		1.69			6.25			4.91			(3.43	)		5.02
Dividends and Distributions to Shareholders
From net investment income		—			(0.34	)		(0.64	)		(0.26	)		(0.26	)
From net realized gain on investments		—			—			(0.19	)		(1.55	)		(0.18	)
Total Dividends and Distributions		—			(0.34	)		(0.83	)		(1.81	)		(0.44	)
Net asset value, end of period	$	29.24		$	27.55		$	21.64		$	17.56		$	22.80
Total Return
Total return based on net asset value(c)		6.14	%(f)		28.91	%		27.94	%		(14.98	)%		27.61	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	1,399,533		$	1,226,335		$	663,593		$	255,795		$	6
Ratio of net expenses to average net assets		0.86	%*		0.89	%		0.92	%		0.95	%		0.85	%*
Ratio of net investment income to average net assets		1.16	%*		0.86	%		3.81	%(d)		0.68	%		1.13	%*
Portfolio turnover rate(e)		11	%		24	%		15	%		22	%		33	%

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

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

^(f)  The total return disclosed include adjustments made for financial reporting purposes in conformity with U.S. generally accepted accounting principles.

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

Industry Diversification Table

Semi-Annual Report June 30, 2021

June 30, 2021 (unaudited)
Baillie Gifford Global Alpha Equities Fund

	Value		% of Total Net Assets
Advertising	$	14,815,755		1.0	%
Airlines		34,720,612		2.4
Apparel		13,609,068		1.0
Auto Manufacturers		33,211,397		2.4
Banks		16,246,471		1.2
Beverages		22,328,695		1.6
Biotechnology		60,047,574		4.3
Building Materials		41,629,074		2.9
Chemicals		13,739,766		1.0
Commercial Services		89,319,226		6.4
Cosmetics/Personal Care		16,937,442		1.2
Distribution/Wholesale		12,142,205		0.9
Diversified Financial Services		69,224,431		4.9
Environmental Control		6,113,304		0.4
Healthcare — Products		91,816,104		6.5
Healthcare — Services		38,075,062		2.7
Home Furnishings		3,865,349		0.3
Insurance		97,983,468		6.9
Internet		374,777,524		26.5
Lodging		5,682,367		0.4
Machinery — Construction & Mining		9,213,809		0.6
Machinery — Diversified		30,746,282		2.1
Media		10,988,183		0.8
Mining		42,098,785		3.0
Miscellaneous Manufacturing		15,442,194		1.1
Oil & Gas		19,366,711		1.4
Real Estate		25,017,629		1.8
Retail		24,544,548		1.8
Semiconductors		61,218,076		4.3
Software		99,185,596		7.0
Total Value of Investments		1,394,106,707		98.8
Other assets less liabilities		16,751,347		1.2
Net Assets	$	1,410,858,054		100.0	%

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

55

Portfolio of Investments

Semi-Annual Report June 30, 2021

June 30, 2021 (unaudited)
Baillie Gifford Global Alpha Equities Fund

	Shares		Value
COMMON STOCKS — 98.8%
AUSTRALIA — 3.2%
BHP Group PLC		706,502	$	20,906,083
Orica Ltd.		314,581		3,128,604
Rio Tinto PLC		256,609		21,192,703
				45,227,390
BRAZIL — 0.5%
B3 SA — Brasil Bolsa Balcao		2,208,800		7,438,458
CANADA — 2.8%
Fairfax Financial Holdings Ltd.		14,319		6,279,290
Shopify, Inc., Class A *		22,378		32,693,811
				38,973,101
CHINA — 7.5%
Alibaba Group Holding Ltd. ADR *		104,402		23,676,285
Autohome, Inc. ADR		52,778		3,375,681
Brilliance China Automotive Holdings Ltd. (a)		6,366,000		2,992,659
KE Holdings, Inc. ADR *		48,180		2,297,222
Li Auto, Inc. ADR *		273,649		9,561,296
Meituan, Class B *		644,300		26,578,125
Ping An Healthcare and Technology Co., Ltd. *		409,300		5,098,923
Ping An Insurance Group Co. of China Ltd., Class H		1,381,000		13,499,825
Prosus NV *		127,432		12,484,207
Tencent Music Entertainment Group ADR *		379,514		5,874,877
				105,439,100
DENMARK — 0.6%
Genmab A/S *		19,985		8,188,711
FRANCE — 2.6%
Adevinta ASA *		532,453		10,214,030
Pernod Ricard SA		100,461		22,328,695
Ubisoft Entertainment SA *		61,884		4,323,693
				36,866,418

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

Portfolio of Investments

Semi-Annual Report June 30, 2021

June 30, 2021 (unaudited)
Baillie Gifford Global Alpha Equities Fund

	Shares		Value
GERMANY — 1.5%
adidas AG		36,470	$	13,609,068
Deutsche Boerse AG		47,300		8,256,038
				21,865,106
HONG KONG — 1.6%
AIA Group Ltd.		1,848,800		22,935,434
INDIA — 2.4%
Housing Development Finance Corp., Ltd.		393,915		13,146,185
ICICI Bank Ltd. ADR *		479,310		8,196,201
Reliance Industries Ltd. GDR		228,212		12,916,799
				34,259,185
IRELAND — 3.2%
CRH PLC		348,381		17,686,996
Ryanair Holdings PLC ADR *		252,261		27,297,163
				44,984,159
JAPAN — 5.6%
Advantest Corp.		186,000		16,700,349
CyberAgent, Inc.		576,500		12,346,943
Hoshizaki Corp.		45,500		3,865,349
Olympus Corp.		941,800		18,733,282
SMC Corp.		19,700		11,654,417
Sysmex Corp.		127,600		15,137,792
				78,438,132
MACAU — 0.4%
Sands China Ltd. *		1,350,000		5,682,366
NETHERLANDS — 0.6%
Adyen NV *		3,403		8,345,283
NORWAY — 0.8%
Schibsted ASA, Class A		227,776		10,988,183

The accompanying notes are an integral part of the financial statements.
57

Portfolio of Investments

Semi-Annual Report June 30, 2021

June 30, 2021 (unaudited)
Baillie Gifford Global Alpha Equities Fund

	Shares		Value
RUSSIA — 0.8%
Mail.Ru Group Ltd. GDR Reg S *		150,608	$	3,423,737
Sberbank of Russia PJSC ADR		484,460		8,050,270
				11,474,007
SOUTH AFRICA — 2.8%
Naspers Ltd., N Shares		189,985		40,057,767
SWEDEN — 1.6%
Atlas Copco AB, B Shares		248,662		13,096,145
Epiroc AB, B Shares		469,311		9,213,809
				22,309,954
SWITZERLAND — 1.3%
Compagnie Financiere Richemont SA		89,643		10,867,297
Wizz Air Holdings PLC *		114,819		7,423,449
				18,290,746
TAIWAN — 4.3%
Sea Ltd. ADR *		116,610		32,021,106
Taiwan Semiconductor Manufacturing Co., Ltd.		1,320,000		28,430,203
				60,451,309
UNITED KINGDOM — 3.0%
Farfetch Ltd., Class A *		229,780		11,571,721
Hays PLC *		1,750,673		3,840,826
Prudential PLC		1,390,375		26,452,966
				41,865,513
UNITED STATES — 51.7%
ABIOMED, Inc. *		22,673		7,076,470
Albemarle Corp.		81,561		13,739,766
Alnylam Pharmaceuticals, Inc. *		83,534		14,160,684
Alphabet, Inc., Class C *		12,732		31,910,466
Amazon.com, Inc. *		8,287		28,508,606
Anthem, Inc.		72,090		27,523,962
Arthur J Gallagher & Co.		142,097		19,904,948
Axon Enterprise, Inc. *		69,647		12,313,590

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

Portfolio of Investments

Semi-Annual Report June 30, 2021

June 30, 2021 (unaudited)
Baillie Gifford Global Alpha Equities Fund

	Shares		Value
Booking Holdings, Inc. *		6,188	$	13,539,901
Broadridge Financial Solutions, Inc.		71,524		11,553,272
Carvana Co. *		28,422		8,578,328
CBRE Group, Inc., Class A *		195,531		16,762,873
Charles Schwab Corp. (The)		135,939		9,897,719
Chegg, Inc. *		99,712		8,287,064
Cloudflare, Inc., Class A *		159,189		16,848,564
CoStar Group, Inc. *		84,940		7,034,731
Datadog, Inc., Class A *		68,813		7,162,057
DoorDash, Inc., Class A *		59,982		10,696,590
EOG Resources, Inc.		77,300		6,449,912
Estee Lauder Cos., Inc. (The), Class A		53,249		16,937,442
Exact Sciences Corp. *		53,870		6,696,580
Facebook, Inc., Class A *		51,316		17,843,086
Howard Hughes Corp. (The) *		61,128		5,957,535
IAC/InterActiveCorp *		34,101		5,257,351
Illumina, Inc. *		25,228		11,938,142
LendingTree, Inc. *		14,932		3,163,792
Lyft, Inc., Class A *		134,459		8,132,080
Markel Corp. *		7,509		8,911,005
Martin Marietta Materials, Inc.		68,054		23,942,078
Mastercard, Inc., Class A		74,837		27,322,240
Microsoft Corp.		117,763		31,901,997
Moderna, Inc. *		81,128		19,063,457
Moody's Corp.		98,519		35,700,330
Netflix, Inc. *		16,104		8,506,294
Novocure Ltd.*		69,185		15,346,617
Oscar Health, Inc., Class A *		207,419		4,459,508
ResMed, Inc.		56,540		13,938,241
S&P Global, Inc.		33,303		13,669,216
Service Corp. International		232,166		12,441,776
SiteOne Landscape Supply, Inc. *		71,737		12,142,205
Snowflake, Inc., Class A *		30,398		7,350,236
Spotify Technology SA *		21,444		5,909,752
STAAR Surgical Co. *		52,147		7,952,417
Stericycle, Inc. *		85,441		6,113,304
Teladoc Health, Inc. *		63,450		10,551,100
Teradyne, Inc.		120,092		16,087,524

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

Portfolio of Investments

Semi-Annual Report June 30, 2021

June 30, 2021 (unaudited)
Baillie Gifford Global Alpha Equities Fund

	Shares		Value
Tesla, Inc. *		30,392	$	20,657,442
Thermo Fisher Scientific, Inc.		27,021		13,631,284
Trade Desk, Inc. (The), Class A *		191,517		14,815,755
Twilio, Inc., Class A *		39,543		15,586,269
Vimeo, Inc. *		74,299		3,640,651
Wayfair, Inc., Class A *		44,466		14,038,361
Westinghouse Air Brake Technologies Corp.		72,852		5,995,720
Zillow Group, Inc., Class C *		102,079		12,476,095
				730,026,385
TOTAL INVESTMENTS — 98.8%
(cost $741,982,288)			$	1,394,106,707
Other assets less liabilities — 1.2%				16,751,347
NET ASSETS — 100.0%			$	1,410,858,054

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

*  Non-income producing security.

ADR  —  American Depositary Receipt

GDR  —  Global Depositary Receipt

Reg S  —  Regulation S ("Reg S") under the Securities Act of 1933, as amended ("1933 Act") is a safe harbor that defines when an offering of securities will be deemed to come to rest abroad and therefore is not subject to the registration obligations imposed under Section 5 of the 1933 Act. The regulation includes two safe harbor provisions: an issuer safe harbor and a resale safe harbor. In each case, the regulation demands that offers and sales of the securities be made outside the United States and that no offering participant (which includes the issuer, the banks assisting with the offer and their respective affiliates) engage in "directed" selling efforts. In the case of issuers for whose securities there is substantial U.S. market interest, the regulation also requires that no offers and sales be made to U.S. persons (including U.S. persons physically located outside the United States). These securities have been deemed liquid under procedures approved by the Fund's Board of Trustees. At June 30, 2021, the net value of these securities was $3,423,737 representing 0.2% of net assets.

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

Fair Value Measurement

The following is a summary of the inputs used as of June 30, 2021 in valuing the Fund's investments carried at fair value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks **	$	917,067,121	$	474,046,927	$	2,992,659	$	1,394,106,707
Total	$	917,067,121	$	474,046,927	$	2,992,659	$	1,394,106,707

**  Refer to Portfolio of Investments for further detail.

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

Statement of Assets and Liabilities

Semi-Annual Report June 30, 2021

June 30, 2021 (unaudited)
Baillie Gifford Global Alpha Equities Fund

ASSETS
Investments, at value (cost $741,982,288)	$	1,394,106,707
Cash		14,801,970
Foreign cash, at value (cost $2,117,899)		2,112,789
Receivable for investments sold		4,113,166
Capital shares sold receivable		1,718,374
Dividends receivable		448,605
Tax reclaims receivable		418,736
Receivable for India gains tax refunds (Note A)		76,898
Prepaid assets		35,311
Total Assets		1,417,832,556
LIABILITIES
Advisory fee payable		1,534,080
Payable for investment purchased		4,383,879
Deferred India capital gains tax liability (Note A)		402,037
Shareholder Servicing fee payable		298,525
Administration & Supervisory fee payable		149,868
Trustee fee payable		8,714
Commitment fee payable		1,940
Accrued expenses		195,459
Total Liabilities		6,974,502
NET ASSETS	$	1,410,858,054
COMPOSITION OF NET ASSETS
Paid-in capital	$	607,268,329
Total distributable earnings		803,589,725
	$	1,410,858,054
NET ASSET VALUE, PER SHARE
Class 2 ( $263,287,739 / 11,221,931 shares outstanding), unlimited authorized, no par value	$	23.46
Class 3 ( $125,609,329 / 5,199,617 shares outstanding), unlimited authorized, no par value	$	24.16
Class 4 ( $654,541,292 / 26,391,627 shares outstanding), unlimited authorized, no par value	$	24.80
Class K ( $323,886,531 / 13,845,877 shares outstanding), unlimited authorized, no par value	$	23.39
Institutional Class ( $43,533,163 / 1,859,335 shares outstanding), unlimited authorized, no par value	$	23.41

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

Statement of Operations

Semi-Annual Report June 30, 2021

For the Six Months Ended June 30, 2021 (unaudited)
Baillie Gifford Global Alpha Equities Fund

INVESTMENT INCOME
Dividends (net of foreign withholding taxes of $502,751)	$	7,115,308
Interest		3,551
Total Investment Income		7,118,859
EXPENSES
Advisory fee (Note B)		3,078,216
Shareholder Servicing fees — Class 2 shares (Note B)		248,468
Shareholder Servicing fees — Class 3 shares (Note B)		97,636
Shareholder Servicing fees — Class 4 shares (Note B)		250,027
Administration & Supervisory fee — Class K shares (Note B)		257,143
Administration & Supervisory fee — Institutional Class shares (Note B)		29,441
Transfer agency		48,852
Sub-transfer agency — Institutional Class shares		15,150
Fund accounting		225,304
Legal		83,562
Custody		67,868
Registration fees		33,783
Trustees' fees		17,084
Professional fees		16,426
Commitment fees		3,820
Line of Credit		235
Miscellaneous		16,953
Total Expenses		4,489,968
Net Investment Income		2,628,891
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain from:
Investments (net of India capital gains tax benefit of $48,930)		155,022,782
Foreign currency transactions		51,904
		155,074,686
Net change in unrealized depreciation on:
Investments (net of deferred India capital gains tax benefit of $1,656) (Note A)		(1,279,807	)
Translation of net assets and liabilities denominated in foreign currencies		(32,439	)
		(1,312,246	)
Net realized and unrealized gain		153,762,440
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	156,391,331

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

Statements of Changes in Net Assets

Semi-Annual Report June 30, 2021

Baillie Gifford Global Alpha Equities Fund

	For the Six Months Ended June 30, 2021 (unaudited)			For the Year Ended December 31, 2020
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	2,628,891		$	3,240,769
Net realized gain		155,074,686			76,002,418
Net change in unrealized appreciation (depreciation)		(1,312,246	)		317,960,026
Net increase in net assets from operations		156,391,331			397,203,213
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings
Class 2		—			(13,975,367	)
Class 3		—			(15,207,662	)
Class 4		—			(36,754,305	)
Class K		—			(15,897,931	)
Institutional Class		—			(1,590,334	)
Total Distributions to Shareholders		—			(83,425,599	)
TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
Net proceeds from shares subscribed:
Class 2		170,718,384	*		21,406,000
Class 3		—			—
Class 4		—			453,824,236	*
Class K		52,602,004			162,657,595
Institutional Class		13,384,727			22,514,998
Dividends reinvested:
Class 2		—			13,975,368
Class 3		—			15,207,661
Class 4		—			36,754,305
Class K		—			15,897,930
Institutional Class		—			1,590,334
Cost of shares redeemed:
Class 2		(186,409,999	)		(12,867,763	)
Class 3		(180,167,937	)*		(440,824,236	)*
Class 4		(100,000,000	)		(25,000,000	)
Class K		(26,385,561	)		(36,392,473	)
Institutional Class		(749,303	)		(1,613,033	)
Increase (Decrease) in Net Assets from Transactions in Shares of Beneficial Interest		(257,007,685	)		227,130,922
Total Increase (Decrease) in Net Assets		(100,616,354	)		540,908,536
NET ASSETS
Beginning of period		1,511,474,408			970,565,872
End of period	$	1,410,858,054		$	1,511,474,408

*  See Note D for details of share class conversions.

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

Financial Highlights

Semi-Annual Report June 30, 2021

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

	For the Six Months Ended June 30, 2021 (unaudited)			For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			For the Year Ended December 31, 2017			For the Year Ended December 31, 2016
Net asset value, beginning of period	$	21.18		$	16.46		$	13.13		$	18.85		$	14.52		$	13.96
From Investment Operations
Net investment income(a)		0.03			0.04			0.39			0.11			0.10			0.10
Net realized and unrealized gain (loss) on investments and foreign currency		2.25			5.93			3.89			(1.93	)		4.91			0.59
Net increase (decrease) in net asset value from investment operations		2.28			5.97			4.28			(1.82	)		5.01			0.69
Dividends and Distributions to Shareholders
From net investment income		—			(0.13	)		(0.57	)		(0.13	)		(0.11	)		(0.08	)
From net realized gain on investments		—			(1.12	)		(0.38	)		(3.77	)		(0.57	)		(0.05	)
Total Dividends and Distributions		—			(1.25	)		(0.95	)		(3.90	)		(0.68	)		(0.13	)
Proceeds from Purchase Fees and Redemption Fees(a)		—			—			—			—			0.00	(b)		0.00	(b)
Net asset value, end of period	$	23.46		$	21.18		$	16.46		$	13.13		$	18.85		$	14.52
Total Return
Total return based on net asset value(c)		10.75	%(f)		36.31	%		32.56	%		(9.44	)%		34.56	%		4.95	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	263,288		$	250,776		$	173,625		$	129,690		$	154,523		$	225,095
Ratio of net expenses to average net assets		0.64	%*		0.65	%		0.67	%		0.68	%		0.67	%		0.67	%
Ratio of net investment income to average net assets		0.29	%*		0.25	%		2.52	%(d)		0.59	%		0.59	%		0.69	%
Portfolio turnover rate(e)		14	%		23	%		17	%		18	%		27	%		20	%

*  Annualized.

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

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

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

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

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

^(f)  The total return disclosed include adjustments made for financial reporting purposes in conformity with U.S. generally accepted accounting principles.

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

Financial Highlights

Semi-Annual Report June 30, 2021

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

	For the Six Months Ended June 30, 2021 (unaudited)			For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			For the Year Ended December 31, 2017			For the Year Ended December 31, 2016
Net asset value, beginning of period	$	21.80		$	16.90		$	13.46		$	19.22		$	14.79		$	14.23
From Investment Operations
Net investment income(a)		0.04			0.07			0.41			0.13			0.10			0.10
Net realized and unrealized gain (loss) on investments and foreign currency		2.32			6.07			3.99			(1.97	)		5.04			0.61
Net increase (decrease) in net asset value from investment operations		2.36			6.14			4.40			(1.84	)		5.14			0.71
Dividends and Distributions to Shareholders
From net investment income		—			(0.12	)		(0.58	)		(0.15	)		(0.14	)		(0.10	)
From net realized gain on investments		—			(1.12	)		(0.38	)		(3.77	)		(0.57	)		(0.05	)
Total Dividends and Distributions		—			(1.24	)		(0.96	)		(3.92	)		(0.71	)		(0.15	)
Proceeds from Purchase Fees and Redemption Fees(a)		—			—			—			—			0.00	(b)		0.00	(b)
Net asset value, end of period	$	24.16		$	21.80		$	16.90		$	13.46		$	19.22		$	14.79
Total Return
Total return based on net asset value(c)		10.79	%(f)		36.40	%		32.65	%		(9.37	)%		34.65	%		5.02	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	125,609		$	282,859		$	568,608		$	449,177		$	564,714		$	593,513
Ratio of net expenses to average net assets		0.57	%*		0.58	%		0.60	%		0.61	%		0.60	%		0.60	%
Ratio of net investment income to average net assets		0.35	%*		0.41	%		2.61	%(d)		0.67	%		0.60	%		0.75	%
Portfolio turnover rate(e)		14	%		23	%		17	%		18	%		27	%		20	%

*  Annualized.

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

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

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

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

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

^(f)  The total return disclosed include adjustments made for financial reporting purposes in conformity with U.S. generally accepted accounting principles.

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

Financial Highlights

Semi-Annual Report June 30, 2021

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

	For the Six Months Ended June 30, 2021 (unaudited)		For the Year Ended December 31, 2020		For the Year Ended December 31, 2019		For the Year Ended December 31, 2018			For the Period July 10, 2017(a) through December 31, 2017
Net asset value, beginning of period	$	22.38	$	17.34	$	13.79	$	19.58		$	17.99
From Investment Operations
Net investment income(b)		0.05		0.03		0.42		0.11			0.01
Net realized and unrealized gain (loss) on investments and foreign currency		2.37		6.28		4.10		(1.98	)		2.31
Net increase (decrease) in net asset value from investment operations		2.42		6.31		4.52		(1.87	)		2.32

Dividends and Distributions to Shareholders

From net investment income		—			(0.15	)		(0.59	)		(0.15	)		(0.16	)
From net realized gain on investments		—			(1.12	)		(0.38	)		(3.77	)		(0.57	)
Total Dividends and Distributions		—			(1.27	)		(0.97	)		(3.92	)		(0.73	)
Net asset value, end of period	$	24.80		$	22.38		$	17.34		$	13.79		$	19.58
Total Return
Total return based on net asset value(c)		10.81	%(f)		36.45	%		32.69	%		(9.35	)%		12.87	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	654,541		$	682,239		$	147,092		$	110,854		$	367,908
Ratio of net expenses to average net assets		0.54	%*		0.55	%		0.57	%		0.58	%		0.58	%*
Ratio of net investment income to average net assets		0.39	%*		0.16	%		2.62	%(d)		0.57	%		0.15	%*
Portfolio turnover rate(e)		14	%		23	%		17	%		18	%		27	%

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

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

^(f)  The total return disclosed include adjustments made for financial reporting purposes in conformity with U.S. generally accepted accounting principles.

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

Financial Highlights

Semi-Annual Report June 30, 2021

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

	For the Six Months Ended June 30, 2021 (unaudited)		For the Year Ended December 31, 2020		For the Year Ended December 31, 2019		For the Year Ended December 31, 2018			For the Period April 28, 2017(a) through December 31, 2017
Net asset value, beginning of period	$	21.12	$	16.42	$	13.11	$	18.82		$	16.56
From Investment Operations
Net investment income(b)		0.03		0.03		0.35		0.11			0.02
Net realized and unrealized gain (loss) on investments and foreign currency		2.24		5.93		3.92		(1.92	)		2.96
Net increase (decrease) in net asset value from investment operations		2.27		5.96		4.27		(1.81	)		2.98

Dividends and Distributions to Shareholders

From net investment income		—			(0.14	)		(0.58	)		(0.13	)		(0.15	)
From net realized gain on investments		—			(1.12	)		(0.38	)		(3.77	)		(0.57	)
Total Dividends and Distributions		—			(1.26	)		(0.96	)		(3.90	)		(0.72	)
Net asset value, end of period	$	23.39		$	21.12		$	16.42		$	13.11		$	18.82
Total Return
Total return based on net asset value(c)		10.75	%(f)		36.35	%		32.48	%		(9.38	)%		17.97	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	323,887		$	267,923		$	81,234		$	41,427		$	56,163
Ratio of net expenses to average net assets		0.64	%*		0.65	%		0.67	%		0.68	%		0.68	%*
Ratio of net investment income to average net assets		0.29	%*		0.18	%		2.22	%(d)		0.56	%		0.17	%*
Portfolio turnover rate(e)		14	%		23	%		17	%		18	%		27	%

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

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

^(f)  The total return disclosed include adjustments made for financial reporting purposes in conformity with U.S. generally accepted accounting principles.

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

Financial Highlights

Semi-Annual Report June 30, 2021

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

	For the Six Months Ended June 30, 2021 (unaudited)		For the Year Ended December 31, 2020		For the Year Ended December 31, 2019		For the Year Ended December 31, 2018			For the Period April 28, 2017(a) through December 31, 2017
Net asset value, beginning of period	$	21.15	$	16.45	$	13.12	$	18.84		$	16.56
From Investment Operations
Net investment income(b)		0.02		0.02		0.39		0.12			0.04
Net realized and unrealized gain (loss) on investments and foreign currency		2.24		5.93		3.89		(1.94	)		2.95
Net increase (decrease) in net asset value from investment operations		2.26		5.95		4.28		(1.82	)		2.99

Dividends and Distributions to Shareholders

From net investment income		—			(0.13	)		(0.57	)		(0.13	)		(0.14	)
From net realized gain on investments		—			(1.12	)		(0.38	)		(3.77	)		(0.57	)
Total Dividends and Distributions		—			(1.25	)		(0.95	)		(3.90	)		(0.71	)
Net asset value, end of period	$	23.41		$	21.15		$	16.45		$	13.12		$	18.84
Total Return
Total return based on net asset value(c)		10.69	%(f)		36.22	%		32.56	%		(9.42	)%		18.03	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	43,533		$	27,677		$	7		$	5		$	6
Ratio of net expenses to average net assets		0.72	%*		0.74	%		0.67	%		0.68	%		0.67	%*
Ratio of net investment income to average net assets		0.22	%*		0.09	%		2.56	%(d)		0.62	%		0.35	%*
Portfolio turnover rate(e)		14	%		23	%		17	%		18	%		27	%

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

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

^(f)  The total return disclosed include adjustments made for financial reporting purposes in conformity with U.S. generally accepted accounting principles.

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

Industry Diversification Table

Semi-Annual Report June 30, 2021

June 30, 2021 (unaudited)
Baillie Gifford Global Stewardship Equities Fund

	Value		% of Total Net Assets
Advertising	$	118,361		1.7	%
Apparel		83,214		1.2
Auto Manufacturers		207,988		3.0
Auto Parts & Equipment		134,099		2.0
Banks		218,615		3.2
Biotechnology		351,007		5.1
Building Materials		63,224		0.9
Chemicals		161,939		2.4
Commercial Services		422,838		6.2
Distribution/Wholesale		135,703		2.0
Diversified Financial Services		291,501		4.3
Electronics		49,077		0.7
Food		30,506		0.5
Hand/Machine Tools		75,527		1.1
Healthcare — Products		426,598		6.2
Home Furnishings		43,893		0.6
Insurance		285,482		4.2
Internet		1,875,128		27.4
Machinery — Diversified		356,249		5.2
Metal Fabricate/Hardware		71,068		1.0
Pharmaceuticals		118,003		1.7
Real Estate		114,455		1.7
Retail		89,375		1.3
Semiconductors		317,922		4.6
Software		423,028		6.1
Telecommunications		240,368		3.5
Toys/Games/Hobbies		64,914		1.0
Total Value of Investments		6,770,082		98.8
Other assets less liabilities		85,636		1.2
Net Assets	$	6,855,718		100.0	%

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

69

Portfolio of Investments

Semi-Annual Report June 30, 2021

June 30, 2021 (unaudited)
Baillie Gifford Global Stewardship Equities Fund

	Shares		Value
COMMON STOCKS — 98.8%
ARGENTINA — 1.0%
MercadoLibre, Inc. *		43	$	66,985
CANADA — 5.7%
Shopify, Inc., Class A *		266		388,621
CHINA — 6.8%
Alibaba Group Holding Ltd. *		4,332		122,829
Baidu, Inc. ADR *		125		25,487
JD.com, Inc., Class A *		2,502		99,637
Meituan, Class B *		2,300		94,878
Tencent Holdings Ltd.		1,600		120,468
				463,299
FRANCE — 2.8%
Adevinta ASA *		2,615		50,164
Dassault Systemes SE *		236		57,276
Sartorius Stedim Biotech		180		85,192
				192,632
GERMANY — 2.5%
adidas AG		223		83,214
Zalando SE *		739		89,375
				172,589
HONG KONG — 2.5%
AIA Group Ltd.		9,400		116,612
Hong Kong Exchanges & Clearing Ltd.		900		53,577
				170,189
IRELAND — 0.5%
COSMO Pharmaceuticals NV *		400		36,874
JAPAN — 11.0%
Bridgestone Corp.		1,300		59,088
Denso Corp.		1,100		75,011
DMG Mori Seiki Co., Ltd.		4,200		75,527
FANUC Corp. ADR		3,312		79,389

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

Portfolio of Investments

Semi-Annual Report June 30, 2021

June 30, 2021 (unaudited)
Baillie Gifford Global Stewardship Equities Fund

	Shares		Value
FANUC Corp.		200	$	47,959
Kubota Corp.		4,800		97,103
MISUMI Group, Inc.		2,100		71,068
Nintendo Co., Ltd. ADR		895		64,914
SoftBank Group Corp.		1,600		111,587
Sumitomo Mitsui Trust Holdings, Inc.		2,300		73,370
				755,016
NETHERLANDS — 1.7%
IMCD NV		712		113,447
SOUTH KOREA — 1.9%
Samsung SDI Co., Ltd.		208		128,781
SWEDEN — 2.8%
Atlas Copco AB, B Shares		1,490		78,473
Beijer Ref AB		2,991		53,325
Nibe Industrier AB, B Shares		6,000		63,224
				195,022
TAIWAN — 2.5%
Taiwan Semiconductor Manufacturing Co., Ltd.		8,000		172,304
UNITED KINGDOM — 4.2%
Hargreaves Lansdown PLC		1,800		39,608
Just Group PLC *		36,025		46,465
Ocado Group PLC *		1,101		30,506
Prudential PLC		4,999		95,110
St James's Place PLC		3,811		77,923
				289,612
UNITED STATES — 52.9%
10X Genomics, Inc., Class A *		360		70,495
ABIOMED, Inc. *		240		74,906
Affirm Holdings, Inc. *		771		51,927
Alphabet, Inc., Class A *		42		102,555
Amazon.com, Inc. *		58		199,529
Chegg, Inc. *		2,254		187,330
Codexis, Inc. *		2,140		48,492
Denali Therapeutics, Inc. *		1,671		131,073

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

Portfolio of Investments

Semi-Annual Report June 30, 2021

June 30, 2021 (unaudited)
Baillie Gifford Global Stewardship Equities Fund

	Shares		Value
Exact Sciences Corp. *		612	$	76,078
Fastenal Co.		1,193		62,036
First Republic Bank		776		145,244
Glaukos Corp. *		387		32,829
Illumina, Inc. *		304		143,856
iRobot Corp. *		470		43,893
LendingTree, Inc. *		246		52,123
Lyft, Inc., Class A *		509		30,784
Markel Corp. *		23		27,294
MarketAxess Holdings, Inc.		396		183,582
Mastercard, Inc., Class A		187		68,272
Netflix, Inc. *		292		154,237
NVIDIA Corp.		182		145,618
Pacira BioSciences, Inc. *		1,337		81,129
Redfin Corp. *		1,805		114,455
Spotify Technology SA *		312		85,984
STAAR Surgical Co. *		1,070		163,175
Tesla, Inc. *		306		207,988
Trade Desk, Inc. (The), Class A *		1,530		118,361
Twilio, Inc., Class A *		313		123,372
Upwork, Inc. *		3,210		187,111
Waters Corp. *		142		49,077
Watsco, Inc.		257		73,667
Wayfair, Inc., Class A *		462		145,858
Workday, Inc., Class A *		490		116,983
Zoom Video Communications, Inc., Class A *		324		125,398
				3,624,711
TOTAL INVESTMENTS — 98.8%
(cost $3,573,501)			$	6,770,082
Other assets less liabilities — 1.2%				85,636
NET ASSETS — 100.0%			$	6,855,718

*  Non-income producing security.

ADR  —  American Depositary Receipt

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

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

Portfolio of Investments

Semi-Annual Report June 30, 2021

June 30, 2021 (unaudited)
Baillie Gifford Global Stewardship Equities Fund

Fair Value Measurement

The following is a summary of the inputs used as of June 30, 2021 in valuing the Fund's investments carried at fair value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks **	$	4,250,106	$	2,519,976	$	—	$	6,770,082
Total	$	4,250,106	$	2,519,976	$	—	$	6,770,082

**  Refer to Portfolio of Investments for further detail.

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

Statement of Assets and Liabilities

Semi-Annual Report June 30, 2021

June 30, 2021 (unaudited)
Baillie Gifford Global Stewardship Equities Fund

ASSETS
Investments, at value (cost $3,573,501)	$	6,770,082
Cash		109,830
Due from Investment Advisor		16,161
Dividends receivable		3,912
Tax reclaims receivable		639
Prepaid assets		20,757
Total Assets		6,921,381
LIABILITIES
Advisory fee payable		5,384
Administration & Supervisory fee payable		2,774
Trustee fee payable		39
Commitment fee payable		7
Accrued expenses		57,459
Total Liabilities		65,663
NET ASSETS	$	6,855,718
COMPOSITION OF NET ASSETS
Paid-in capital	$	3,296,639
Total distributable earnings		3,559,079
	$	6,855,718
NET ASSET VALUE, PER SHARE
Class K ( $3,427,859 / 159,245 shares outstanding), unlimited authorized, no par value	$	21.53
Institutional Class ( $3,427,859 / 159,244 shares outstanding), unlimited authorized, no par value	$	21.53

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

Statement of Operations

Semi-Annual Report June 30, 2021

For the Six Months Ended June 30, 2021 (unaudited)
Baillie Gifford Global Stewardship Equities Fund

INVESTMENT INCOME
Dividends (net of foreign withholding taxes of $1,540)	$	18,339
Interest		6
Total Investment Income		18,345
EXPENSES
Advisory fee (Note B)		10,824
Administration & Supervisory fee — Class K shares (Note B)		2,788
Administration & Supervisory fee — Institutional Class shares (Note B)		2,788
Transfer agency		16,228
Fund accounting		47,607
Registration fees		19,835
Professional fees		15,979
Custody		1,188
Legal		349
Trustees' fees		73
Commitment fees		15
Miscellaneous		2,573
Total Expenses		120,247
Fees waived/expenses reimbursed		(98,926	)
Total Expenses after waiver		21,321
Net Investment Loss		(2,976	)
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain from:
Investments		355,764
Foreign currency transactions		46
		355,810
Net change in unrealized appreciation (depreciation) on:
Investments		243,959
Translation of net assets and liabilities denominated in foreign currencies		(16	)
		243,943
Net realized and unrealized gain		599,753
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	596,777

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

Statements of Changes in Net Assets

Semi-Annual Report June 30, 2021

Baillie Gifford Global Stewardship Equities Fund

	For the Six Months Ended June 30, 2021 (unaudited)			For the Year Ended December 31, 2020
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment loss	$	(2,976	)	$	(4,320	)
Net realized gain		355,810			240,045
Net change in unrealized appreciation		243,943			2,456,180
Net increase in net assets from operations		596,777			2,691,905
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings
Class K		—			(111,795	)
Institutional Class		—			(111,795	)
Total Distributions to Shareholders		—			(223,590	)
TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
Dividends reinvested:
Class K		—			111,795
Institutional Class		—			111,795
Increase in Net Assets from Transactions in Shares of Beneficial Interest		—			223,590
Total Increase in Net Assets		596,777			2,691,905
NET ASSETS
Beginning of period		6,258,941			3,567,036
End of period	$	6,855,718		$	6,258,941

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

Financial Highlights

Semi-Annual Report June 30, 2021

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

	For the Six Months Ended June 30, 2021 (unaudited)			For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			For the Period December 14, 2017(a) through December 31, 2017
Net asset value, beginning of period	$	19.65		$	11.62		$	9.09		$	10.15		$	10.00
From Investment Operations
Net investment income (loss)(b)		(0.01	)		(0.01	)		0.03			0.03			(0.00	)(c)
Net realized and unrealized gain (loss) on investments and foreign currency		1.89			8.77			2.64			(0.99	)		0.15
Net increase (decrease) in net asset value from investment operations		1.88			8.76			2.67			(0.96	)		0.15
Dividends and Distributions to Shareholders
From net investment income		—			—			(0.03	)		(0.02	)		—
From net realized gain on investments		—			(0.73	)		(0.11	)		(0.08	)		—
Total Dividends and Distributions		—			(0.73	)		(0.14	)		(0.10	)		—
Net asset value, end of period	$	21.53		$	19.65		$	11.62		$	9.09		$	10.15
Total Return
Total return based on net asset value(d)		9.52	%		75.39	%		29.37	%		(9.43	)%		1.50	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	3,428		$	3,129		$	1,784		$	1,378		$	1,523
Ratio of net expenses to average net assets, before waiver		3.67	%*		5.22	%		6.60	%		5.53	%		18.55	%*
Ratio of net expenses to average net assets, after waiver		0.65	%*		0.65	%		0.65	%		0.65	%		0.65	%*
Ratio of net investment income (loss) to average net assets		(0.09	)%*		(0.10	)%		0.24	%		0.25	%		(0.31	)%*
Portfolio turnover rate(e)		9	%		17	%		21	%		14	%		0	%

*  Annualized.

^(a)  Commencement of investment operations.

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

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

^(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.

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

Financial Highlights

Semi-Annual Report June 30, 2021

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

	For the Six Months Ended June 30, 2021 (unaudited)			For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			For the Period December 14, 2017(a) through December 31, 2017
Net asset value, beginning of period	$	19.65		$	11.62		$	9.09		$	10.15		$	10.00
From Investment Operations
Net investment income (loss)(b)		(0.01	)		(0.01	)		0.03			0.03			(0.00	)(c)
Net realized and unrealized gain (loss) on investments and foreign currency		1.89			8.77			2.64			(0.99	)		0.15
Net increase (decrease) in net asset value from investment operations		1.88			8.76			2.67			(0.96	)		0.15
Dividends and Distributions to Shareholders
From net investment income		—			—			(0.03	)		(0.02	)		—
From net realized gain on investments		—			(0.73	)		(0.11	)		(0.08	)		—
Total Dividends and Distributions		—			(0.73	)		(0.14	)		(0.10	)		—
Net asset value, end of period	$	21.53		$	19.65		$	11.62		$	9.09		$	10.15
Total Return
Total return based on net asset value(d)		9.52	%		75.39	%		29.37	%		(9.43	)%		1.50	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	3,428		$	3,129		$	1,784		$	1,379		$	1,523
Ratio of net expenses to average net assets, before waiver		3.67	%*		5.22	%		6.60	%		5.53	%		18.55	%*
Ratio of net expenses to average net assets, after waiver		0.65	%*		0.65	%		0.65	%		0.65	%		0.80	%*
Ratio of net investment income (loss) to average net assets		(0.09	)%*		(0.10	)%		0.24	%		0.25	%		(0.31	)%*
Portfolio turnover rate(e)		9	%		17	%		21	%		14	%		0	%

*  Annualized.

^(a)  Commencement of investment operations.

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

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

^(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.

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

Industry Diversification Table

Semi-Annual Report June 30, 2021

June 30, 2021 (unaudited)
Baillie Gifford International Alpha Fund

	Value		% of Total Net Assets
Airlines	$	106,049,838		2.5	%
Apparel		30,004,019		0.7
Auto Parts & Equipment		53,953,122		1.3
Banks		98,228,820		2.3
Beverages		40,977,038		1.0
Biotechnology		61,061,339		1.5
Building Materials		143,472,259		3.4
Chemicals		197,895,205		4.6
Commercial Services		228,659,149		5.4
Cosmetics/Personal Care		49,986,316		1.2
Distribution/Wholesale		47,150,506		1.1
Diversified Financial Services		304,008,737		7.2
Electronics		69,937,061		1.7
Food		155,073,405		3.6
Healthcare — Products		39,963,465		1.0
Home Furnishings		103,817,158		2.5
Insurance		279,105,574		6.6
Internet		731,217,722		17.4
Leisure Time		57,196,913		1.4
Machinery — Construction & Mining		58,239,330		1.4
Machinery — Diversified		253,987,626		6.0
Mining		101,906,016		2.4
Pharmaceuticals		29,569,368		0.7
Real Estate		22,258,597		0.5
Retail		132,390,221		3.2
Semiconductors		345,569,154		8.3
Software		251,399,345		6.0
Toys/Games/Hobbies		40,680,713		1.0
Transportation		127,797,152		3.0
Total Value of Investments		4,161,555,168		98.9
Other assets less liabilities		47,239,850		1.1
Net Assets	$	4,208,795,018		100.0	%

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

79

Portfolio of Investments

Semi-Annual Report June 30, 2021

June 30, 2021 (unaudited)
Baillie Gifford International Alpha Fund

	Shares		Value
COMMON STOCKS — 98.8%
ARGENTINA — 4.2%
MercadoLibre, Inc. *		112,436	$	175,151,676
AUSTRALIA — 4.1%
Cochlear Ltd.		211,820		39,963,465
CSL Ltd.		268,547		57,433,752
Rio Tinto PLC		911,711		75,295,958
				172,693,175
BELGIUM — 0.9%
Umicore SA		583,233		35,681,099
BRAZIL — 0.8%
Itau Unibanco Holding SA ADR		5,710,647		34,320,988
CANADA — 1.6%
Constellation Software, Inc.		23,185		35,114,352
Ritchie Bros. Auctioneers, Inc.		525,565		31,155,493
				66,269,845
CHINA — 10.9%
Alibaba Group Holding Ltd. *		3,407,688		96,621,035
Hangzhou Tigermed Consulting Co., Ltd., Class H		15,000		351,555
KE Holdings, Inc. ADR *		466,833		22,258,597
Meituan, Class B *		1,554,100		64,108,435
Ping An Healthcare and Technology Co., Ltd. *		3,023,400		37,664,507
Ping An Insurance Group Co. of China Ltd., Class H		6,095,500		59,585,940
Prosus NV *		334,801		32,799,650
Tencent Holdings Ltd.		1,306,100		98,339,547
Tencent Music Entertainment Group ADR *		2,787,887		43,156,491
Zai Lab Ltd. ADR *		20,496		3,627,587
				458,513,344
DENMARK — 3.9%
Chr. Hansen Holding A/S		282,409		25,488,299
DSV Panalpina A/S		307,439		71,767,936
Novozymes A/S, B Shares		896,216		67,619,178
				164,875,413

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

Portfolio of Investments

Semi-Annual Report June 30, 2021

June 30, 2021 (unaudited)
Baillie Gifford International Alpha Fund

	Shares		Value
FINLAND — 1.5%
Kone Oyj, B Shares		783,780	$	63,967,596
FRANCE — 3.5%
Danone SA		654,563		46,051,747
Dassault Systemes SE *		190,766		46,298,185
Edenred		973,561		55,509,288
				147,859,220
GERMANY — 7.7%
Deutsche Boerse AG		466,223		81,377,480
Just Eat Takeaway *		235,166		21,810,805
Rational AG		54,483		49,360,343
SAP SE		589,878		82,854,120
Scout24 AG		1,024,735		86,460,719
				321,863,467
HONG KONG — 3.4%
AIA Group Ltd.		7,157,800		88,796,652
Hong Kong Exchanges & Clearing Ltd.		924,300		55,023,374
				143,820,026
INDIA — 2.5%
Housing Development Finance Corp., Ltd.		2,409,510		80,412,939
ICICI Lombard General Insurance Co., Ltd.		1,253,349		26,446,736
				106,859,675
IRELAND — 5.3%
CRH PLC		1,479,680		75,122,047
Kingspan Group PLC		723,181		68,350,212
Ryanair Holdings PLC ADR *		739,399		80,010,366
				223,482,625
ITALY — 0.9%
FinecoBank Banca Fineco SpA *		2,241,338		39,114,314

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

Portfolio of Investments

Semi-Annual Report June 30, 2021

June 30, 2021 (unaudited)
Baillie Gifford International Alpha Fund

	Shares		Value
JAPAN — 12.6%
Denso Corp.		791,200	$	53,953,122
FANUC Corp.		191,300		45,873,324
Japan Exchange Group, Inc.		1,984,200		44,199,974
Nidec Corp.		608,200		69,937,061
Nintendo Co., Ltd.		70,300		40,680,713
Shimano, Inc.		240,400		57,196,913
Shiseido Co., Ltd.		677,700		49,986,316
SMC Corp.		113,700		67,264,324
Sony Corp.		561,600		54,456,815
Toyota Tsusho Corp.		993,400		47,150,506
				530,699,068
NETHERLANDS — 5.7%
Adyen NV *		11,243		27,571,559
ASML Holding NV		108,114		74,633,170
Heineken Holding NV		406,080		40,977,038
IMCD NV		433,719		69,106,629
Topicus.com, Inc. *		392,651		28,523,897
				240,812,293
PANAMA — 0.6%
Copa Holdings SA, Class A *		345,672		26,039,472
PERU — 0.6%
Credicorp Ltd. *		204,719		24,793,518
RUSSIA — 1.1%
Magnit PJSC GDR Reg S		1,297,573		18,821,296
MMC Norilsk Nickel PJSC ADR		779,915		26,610,058
				45,431,354
SOUTH AFRICA — 1.0%
Discovery Ltd. *		4,809,879		42,531,052
SOUTH KOREA — 3.5%
NAVER Corp.		114,313		42,417,980
Samsung Electronics Co., Ltd.		1,463,552		104,770,062
				147,188,042

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

Portfolio of Investments

Semi-Annual Report June 30, 2021

June 30, 2021 (unaudited)
Baillie Gifford International Alpha Fund

	Shares		Value
SPAIN — 2.8%
Amadeus IT Group SA *		758,174	$	53,448,716
Grifols SA		576,138		15,623,066
Grifols SA ADR		496,946		8,622,013
Industria de Diseno Textil SA		1,141,330		40,296,731
				117,990,526
SWEDEN — 3.2%
Atlas Copco AB, B Shares		1,459,798		76,882,383
Epiroc AB, B Shares		2,966,456		58,239,330
				135,121,713
SWITZERLAND — 6.2%
Compagnie Financiere Richemont SA		448,978		54,428,983
Kuehne + Nagel International AG		163,704		56,029,216
Nestle SA		723,646		90,200,362
Temenos AG		364,540		58,608,790
				259,267,351
TAIWAN — 4.4%
Sea Ltd. ADR *		68,611		18,840,580
Taiwan Semiconductor Manufacturing Co., Ltd.		7,715,000		166,165,922
				185,006,502
UNITED KINGDOM — 4.7%
Burberry Group PLC *		1,049,121		30,004,019
Experian PLC		1,570,159		60,622,538
Hargreaves Lansdown PLC		1,953,925		42,994,970
Prudential PLC		3,245,344		61,745,195
				195,366,722
UNITED STATES — 1.2%
Spotify Technology SA *		186,911		51,510,803
Total Common Stocks
(cost $2,452,753,275)				4,156,230,879

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

Portfolio of Investments

Semi-Annual Report June 30, 2021

June 30, 2021 (unaudited)
Baillie Gifford International Alpha Fund

	Shares		Value
PREFERRED STOCKS — 0.1%
SPAIN — 0.1%
Grifols SA, B Shares 3.72% (cost $7,287,616)		305,136	$	5,324,289
TOTAL INVESTMENTS — 98.9%
(cost $2,460,040,891)			$	4,161,555,168
Other assets less liabilities — 1.1%				47,239,850
NET ASSETS — 100.0%			$	4,208,795,018

*  Non-income producing security.

ADR  —  American Depositary Receipt

GDR  —  Global Depositary Receipt

Reg S  —  Regulation S ("Reg S") under the Securities Act of 1933, as amended ("1933 Act") is a safe harbor that defines when an offering of securities will be deemed to come to rest abroad and therefore is not subject to the registration obligations imposed under Section 5 of the 1933 Act. The regulation includes two safe harbor provisions: an issuer safe harbor and a resale safe harbor. In each case, the regulation demands that offers and sales of the securities be made outside the United States and that no offering participant (which includes the issuer, the banks assisting with the offer and their respective affiliates) engage in "directed" selling efforts. In the case of issuers for whose securities there is substantial U.S. market interest, the regulation also requires that no offers and sales be made to U.S. persons (including U.S. persons physically located outside the United States). These securities have been deemed liquid under procedures approved by the Fund's Board of Trustees. At June 30, 2021, the net value of these securities was $18,821,296 representing 0.4% of net assets.

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

Fair Value Measurement

The following is a summary of the inputs used as of June 30, 2021 in valuing the Fund's investments carried at fair value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks **	$	669,966,480	$	3,486,264,399	$	—	$	4,156,230,879
Preferred Stocks **		—		5,324,289		—		5,324,289
Total	$	669,966,480	$	3,491,588,688	$	—	$	4,161,555,168

**  Refer to Portfolio of Investments for further detail.

The accompanying notes are an integral part of the financial statements.
84

Statement of Assets and Liabilities

Semi-Annual Report June 30, 2021

June 30, 2021 (unaudited)
Baillie Gifford International Alpha Fund

ASSETS
Investments, at value (cost $2,460,040,891)	$	4,161,555,168
Cash		45,257,415
Foreign cash, at value (cost $1,089,216)		1,088,186
Receivable for investments sold		10,974,747
Tax reclaims receivable		6,013,701
Capital shares sold receivable		3,615,005
Dividends receivable		3,041,483
Prepaid assets		55,439
Total Assets		4,231,601,144
LIABILITIES
Advisory fee payable		3,483,438
Payable for investment purchased		13,877,540
Deferred India capital gains tax liability (Note A)		2,536,199
Administration & Supervisory fee payable		838,302
Shareholder Servicing fee payable		525,421
Capital shares purchased payable		936,920
Trustee fee payable		25,683
Commitment fee payable		5,464
Accrued expenses		577,159
Total Liabilities		22,806,126
NET ASSETS	$	4,208,795,018
COMPOSITION OF NET ASSETS
Paid-in capital	$	2,299,913,327
Total distributable earnings		1,908,881,691
	$	4,208,795,018
NET ASSET VALUE, PER SHARE
Class 2 ( $404,126,115 / 22,797,202 shares outstanding), unlimited authorized, no par value	$	17.73
Class 3 ( $608,309,903 / 33,803,491 shares outstanding), unlimited authorized, no par value	$	18.00
Class 4 ( $1,078,424,192 / 58,905,843 shares outstanding), unlimited authorized, no par value	$	18.31
Class 5 ( $141,329,525 / 7,574,062 shares outstanding), unlimited authorized, no par value	$	18.66
Class K ( $1,204,778,814 / 68,217,129 shares outstanding), unlimited authorized, no par value	$	17.66
Institutional Class ( $771,826,469 / 43,594,399 shares outstanding), unlimited authorized, no par value	$	17.70

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

Statement of Operations

Semi-Annual Report June 30, 2021

For the Six Months Ended June 30, 2021 (unaudited)
Baillie Gifford International Alpha Fund

INVESTMENT INCOME
Dividends (net of foreign withholding taxes of $5,874,567)	$	36,398,674
Interest		3,494
Total Investment Income		36,402,168
Expenses
Advisory fee (Note B)		6,996,374
Shareholder Servicing fees — Class 2 shares (Note B)		330,373
Shareholder Servicing fees — Class 3 shares (Note B)		350,730
Shareholder Servicing fees — Class 4 shares (Note B)		380,927
Shareholder Servicing fees — Class 5 shares (Note B)		15,176
Administration & Supervisory fee — Class K shares (Note B)		982,136
Administration & Supervisory fee — Institutional Class shares (Note B)		656,317
Transfer agency		75,248
Sub-transfer agency — Institutional Class shares		397,142
Fund accounting		607,566
Custody		364,575
Legal		231,167
Registration fees		77,303
Trustees' fees		47,864
Professional fees		25,034
Commitment fees		10,671
Miscellaneous		77,567
Total Expenses		11,626,170
Net Investment Income		24,775,998
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain from:
Investments (net of India capital gains tax expense of $172,272)		142,732,148
Foreign currency transactions		278,427
		143,010,575
Net change in unrealized appreciation (depreciation) on:
Investments (net of deferred India capital gains tax expense of $219,247) (Note A)		66,110,461
Translation of net assets and liabilities denominated in foreign currencies		(179,386	)
		65,931,075
Net realized and unrealized gain		208,941,650
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	233,717,648

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

Statements of Changes in Net Assets

Semi-Annual Report June 30, 2021

Baillie Gifford International Alpha Fund

	For the Six Months Ended June 30, 2021 (unaudited)			For the Year Ended December 31, 2020
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	24,775,998		$	24,867,498
Net realized gain		143,010,575			132,765,822
Net change in unrealized appreciation		65,931,075			752,927,715
Net increase in net assets from operations		233,717,648			910,561,035
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings
Class 2		—			(8,221,408	)
Class 3		—			(17,027,749	)
Class 4		—			(24,650,239	)
Class 5		—			(3,388,104	)
Class K		—			(24,860,209	)
Institutional Class		—			(16,563,536	)
Total Distributions to Shareholders		—			(94,711,245	)
TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
Net proceeds from shares subscribed:
Class 2		21,777,010			72,006,000
Class 3		143,460,858	*		295,090,505	*
Class 4		206,823,199	*		397,280,701
Class 5		74			11,000,000
Class K		106,512,804			488,403,549
Institutional Class		157,643,292			572,999,510
Dividends reinvested:
Class 2		—			8,221,408
Class 3		—			17,027,749
Class 4		—			24,650,239
Class 5		—			3,388,104
Class K		—			21,998,469
Institutional Class		—			16,542,889
Cost of shares redeemed:
Class 2		(7,000,000	)		(294,390,504	)*
Class 3		(331,948,889	)*		(453,876,207	)
Class 4		(272,060,543	)*		(84,000,000	)
Class 5		(16,778,434	)		—
Class K		(49,317,725	)		(180,996,529	)
Institutional Class		(154,354,705	)		(120,707,617	)
Increase (Decrease) in Net Assets from Transactions in Shares of Beneficial Interest		(195,243,059	)		794,638,266
Total Increase in Net Assets		38,474,589			1,610,488,056
NET ASSETS
Beginning of period		4,170,320,429			2,559,832,373
End of period	$	4,208,795,018		$	4,170,320,429

*  See Note D for details of share class conversions.

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

Financial Highlights

Semi-Annual Report June 30, 2021

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

	For the Six Months Ended June 30, 2021 (unaudited)			For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			For the Year Ended December 31, 2017			For the Year Ended December 31, 2016
Net asset value, beginning of period	$	16.78		$	13.57		$	10.78		$	14.20		$	10.90		$	10.65
From Investment Operations
Net investment income(a)		0.10			0.12			0.27			0.22			0.18			0.17
Net realized and unrealized gain (loss) on investments and foreign currency		0.85			3.47			3.20			(2.59	)		3.62			0.39
Net increase (decrease) in net asset value from investment operations		0.95			3.59			3.47			(2.37	)		3.80			0.56
Dividends and Distributions to Shareholders
From net investment income		—			(0.10	)		(0.34	)		(0.17	)		(0.14	)		(0.15	)
From net realized gain on investments		—			(0.28	)		(0.34	)		(0.88	)		(0.36	)		(0.16	)
Total Dividends and Distributions		—			(0.38	)		(0.68	)		(1.05	)		(0.50	)		(0.31	)
Proceeds from Purchase Fees and Redemption Fees(a)		—			—			—			—			0.00	(b)		0.00	(b)
Net asset value, end of period	$	17.73		$	16.78		$	13.57		$	10.78		$	14.20		$	10.90
Total Return
Total return based on net asset value(c)		5.67	%(f)		26.45	%		32.14	%		(16.57	)%		34.96	%		5.24	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	404,126		$	367,841		$	513,803		$	335,450		$	478,079		$	578,606
Ratio of net expenses to average net assets		0.57	%*		0.59	%		0.61	%		0.62	%		0.61	%		0.61	%
Ratio of net investment income to average net assets		1.15	%*		0.85	%		2.11	%(d)		1.57	%		1.41	%		1.53	%
Portfolio turnover rate(e)		7	%		24	%		13	%		33	%		12	%		12	%

*Annualized.

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

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

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

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

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

^(f)  The total return disclosed include adjustments made for financial reporting purposes in conformity with U.S. generally accepted accounting principles.

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

Financial Highlights

Semi-Annual Report June 30, 2021

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

	For the Six Months Ended June 30, 2021 (unaudited)			For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			For the Year Ended December 31, 2017			For the Year Ended December 31, 2016
Net asset value, beginning of period	$	17.02		$	13.76		$	10.92		$	14.37		$	11.03		$	10.79
From Investment Operations
Net investment income(a)		0.10			0.13			0.28			0.22			0.18			0.17
Net realized and unrealized gain (loss) on investments and foreign currency		0.88			3.52			3.24			(2.60	)		3.68			0.40
Net increase (decrease) in net asset value from investment operations		0.98			3.65			3.52			(2.38	)		3.86			0.57
Dividends and Distributions to Shareholders
From net investment income		—			(0.11	)		(0.34	)		(0.19	)		(0.16	)		(0.17	)
From net realized gain on investments		—			(0.28	)		(0.34	)		(0.88	)		(0.36	)		(0.16	)
Total Dividends and Distributions		—			(0.39	)		(0.68	)		(1.07	)		(0.52	)		(0.33	)
Proceeds from Purchase Fees and Redemption Fees(a)		—			—			—			—			0.00	(b)		0.00	(b)
Net asset value, end of period	$	18.00		$	17.02		$	13.76		$	10.92		$	14.37		$	11.03
Total Return
Total return based on net asset value(c)		5.71	%(f)		26.54	%		32.23	%		(16.51	)%		35.05	%		5.31	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	608,310		$	757,194		$	668,206		$	613,224		$	1,119,162		$	915,782
Ratio of net expenses to average net assets		0.50	%*		0.52	%		0.54	%		0.55	%		0.55	%		0.54	%
Ratio of net investment income to average net assets		1.18	%*		0.92	%		2.18	%(d)		1.58	%		1.35	%		1.54	%
Portfolio turnover rate(e)		7	%		24	%		13	%		33	%		12	%		12	%

*  Annualized.

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

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

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

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

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

^(f)  The total return disclosed include adjustments made for financial reporting purposes in conformity with U.S. generally accepted accounting principles.

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

Financial Highlights

Semi-Annual Report June 30, 2021

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

	For the Six Months Ended June 30, 2021 (unaudited)			For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			For the Period July 10, 2017(a) through December 31, 2017			For the Period January 1, 2015 through December 10, 2015(a)			For the Year Ended December 31, 2014
Net asset value, beginning of period	$	17.32		$	14.00		$	11.10		$	14.59		$	13.43		$	11.60		$	12.20
From Investment Operations
Net investment income(b)		0.11			0.12			0.28			0.23			0.05			0.19			0.22
Net realized and unrealized gain (loss) on investments and foreign currency		0.88			3.60			3.31			(2.65	)		1.64			(0.33	)		(0.57	)
Net increase (decrease) in net asset value from investment operations		0.99			3.72			3.59			(2.42	)		1.69			(0.14	)		(0.35	)
Dividends and Distributions to Shareholders
From net investment income		—			(0.12	)		(0.35	)		(0.19	)		(0.17	)		(0.01	)		(0.21	)
From net realized gain on investments		—			(0.28	)		(0.34	)		(0.88	)		(0.36	)		—			(0.05	)
Total Dividends and Distributions		—			(0.40	)		(0.69	)		(1.07	)		(0.53	)		(0.01	)		(0.26	)
Proceeds from Purchase Fees and Redemption Fees(b)		—			—			—			—			—			0.01			0.01
Net asset value, end of period	$	18.31		$	17.32		$	14.00		$	11.10		$	14.59		$	11.46		$	11.60
Total Return
Total return based on net asset value(c)		5.72	%(f)		26.57	%		32.27	%		(16.49	)%		12.60	%		(1.04	)%		(2.82	)%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	1,078,424		$	1,082,123		$	580,146		$	438,616		$	232,741		$	59		$	352,890
Ratio of net expenses to average net assets		0.47	%*		0.49	%		0.51	%		0.52	%		0.53	%*		0.52	%*		0.51	%
Ratio of net investment income to average net assets		1.24	%*		0.82	%		2.20	%(d)		1.61	%		0.77	%*		1.72	%*		1.82	%
Portfolio turnover rate(e)		7	%		24	%		13	%		33	%		12	%		15	%		11	%

*  Annualized.

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

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

^(f)  The total return disclosed include adjustments made for financial reporting purposes in conformity with U.S. generally accepted accounting principles.

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

Financial Highlights

Semi-Annual Report June 30, 2021

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

	For the Six Months Ended June 30, 2021 (unaudited)			For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			For the Year Ended December 31, 2017			For the Year Ended December 31, 2016
Net asset value, beginning of period	$	17.65		$	14.26		$	11.30		$	14.82		$	11.36		$	11.11
From Investment Operations
Net investment income(a)		0.12			0.14			0.30			0.21			0.20			0.19
Net realized and unrealized gain (loss) on investments and foreign currency		0.89			3.66			3.35			(2.65	)		3.79			0.41
Net increase (decrease) in net asset value from investment operations		1.01			3.80			3.65			(2.44	)		3.99			0.60
Dividends and Distributions to Shareholders
From net investment income		—			(0.13	)		(0.35	)		(0.20	)		(0.17	)		(0.19	)
From net realized gain on investments		—			(0.28	)		(0.34	)		(0.88	)		(0.36	)		(0.16	)
Total Dividends and Distributions		—			(0.41	)		(0.69	)		(1.08	)		(0.53	)		(0.35	)
Proceeds from Purchase Fees and Redemption Fees(a)		—			—			—			—			0.00	(b)		0.00	(b)
Net asset value, end of period	$	18.66		$	17.65		$	14.26		$	11.30		$	14.82		$	11.36
Total Return
Total return based on net asset value(c)		5.75	%(f)		26.64	%		32.34	%		(16.44	)%		35.16	%		5.40	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	141,330		$	149,745		$	104,935		$	79,293		$	183,384		$	167,297
Ratio of net expenses to average net assets		0.42	%*		0.44	%		0.46	%		0.47	%		0.47	%		0.46	%
Ratio of net investment income to average net assets		1.29	%*		0.94	%		2.25	%(d)		1.55	%		1.45	%		1.66	%
Portfolio turnover rate(e)		7	%		24	%		13	%		33	%		12	%		12	%

*  Annualized.

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

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

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

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

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

^(f)  The total return disclosed include adjustments made for financial reporting purposes in conformity with U.S. generally accepted accounting principles.

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

Financial Highlights

Semi-Annual Report June 30, 2021

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

	For the Six Months Ended June 30, 2021 (unaudited)			For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			For the Period April 28, 2017(a) through December 31, 2017
Net asset value, beginning of period	$	16.71		$	13.53		$	10.75		$	14.17		$	12.44
From Investment Operations
Net investment income(b)		0.10			0.10			0.26			0.17			0.01
Net realized and unrealized gain (loss) on investments and foreign currency		0.85			3.47			3.20			(2.52	)		2.25
Net increase (decrease) in net asset value from investment operations		0.95			3.57			3.46			(2.35	)		2.26
Dividends and Distributions to Shareholders
From net investment income		—			(0.11	)		(0.34	)		(0.19	)		(0.17	)
From net realized gain on investments		—			(0.28	)		(0.34	)		(0.88	)		(0.36	)
Total Dividends and Distributions		—			(0.39	)		(0.68	)		(1.07	)		(0.53	)
Net asset value, end of period	$	17.66		$	16.71		$	13.53		$	10.75		$	14.17
Total Return
Total return based on net asset value(c)		5.69	%(f)		26.40	%		32.16	%		(16.54	)%		18.19	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	1,204,779		$	1,083,711		$	566,554		$	290,186		$	108,728
Ratio of net expenses to average net assets		0.57	%*		0.59	%		0.61	%		0.62	%		0.63	%*
Ratio of net investment income to average net assets		1.15	%*		0.74	%		2.09	%(d)		1.26	%		0.12	%*
Portfolio turnover rate(e)		7	%		24	%		13	%		33	%		12	%

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

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

^(f)  The total return disclosed include adjustments made for financial reporting purposes in conformity with U.S. generally accepted accounting principles.

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

Financial Highlights

Semi-Annual Report June 30, 2021

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

	For the Six Months Ended June 30, 2021 (unaudited)			For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			For the Period April 28, 2017(a) through December 31, 2017
Net asset value, beginning of period	$	16.76		$	13.58		$	10.79		$	14.19		$	12.44
From Investment Operations
Net investment income(b)		0.09			0.08			0.25			0.22			0.09
Net realized and unrealized gain (loss) on investments and foreign currency		0.85			3.49			3.22			(2.59	)		2.17
Net increase (decrease) in net asset value from investment operations		0.94			3.57			3.47			(2.37	)		2.26
Dividends and Distributions to Shareholders
From net investment income		—			(0.11	)		(0.34	)		(0.15	)		(0.15	)
From net realized gain on investments		—			(0.28	)		(0.34	)		(0.88	)		(0.36	)
Total Dividends and Distributions		—			(0.39	)		(0.68	)		(1.03	)		(0.51	)
Net asset value, end of period	$	17.70		$	16.76		$	13.58		$	10.79		$	14.19
Total Return
Total return based on net asset value(c)		5.67	%(f)		26.29	%		32.11	%		(16.68	)%		18.25	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	771,826		$	729,705		$	126,189		$	38,019		$	6
Ratio of net expenses to average net assets		0.67	%*		0.67	%		0.67	%		0.72	%		0.62	%*
Ratio of net investment income to average net assets		1.05	%*		0.52	%		1.93	%(d)		1.58	%		1.01	%*
Portfolio turnover rate(e)		7	%		24	%		13	%		33	%		12	%

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

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

^(f)  The total return disclosed include adjustments made for financial reporting purposes in conformity with U.S. generally accepted accounting principles.

The accompanying notes are an integral part of the financial statements.
93

Industry Diversification Table

Semi-Annual Report June 30, 2021

June 30, 2021 (unaudited)
Baillie Gifford International Concentrated Growth Equities Fund

	Value		% of Total Net Assets
Apparel	$	10,429,791		7.6	%
Auto Manufacturers		14,770,570		10.7
Biotechnology		14,082,381		10.2
Commercial Services		5,966,522		4.3
Cosmetics/Personal Care		1,734,570		1.3
Food		3,586,232		2.6
Insurance		2,541,603		1.9
Internet		52,972,767		38.4
Investment Companies		1,801,737		1.3
Machinery — Diversified		1,302,231		1.0
Retail		7,331,741		5.3
Semiconductors		18,518,738		13.5
Total Value of Investments		135,038,883		98.1
Other assets less liabilities		2,671,701		1.9
Net Assets	$	137,710,584		100.0	%

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

94

Portfolio of Investments

Semi-Annual Report June 30, 2021

June 30, 2021 (unaudited)
Baillie Gifford International Concentrated Growth Equities Fund

	Shares		Value
COMMON STOCKS — 98.1%
ARGENTINA — 8.6%
MercadoLibre, Inc. *		7,578	$	11,804,933
CANADA — 2.5%
Shopify, Inc., Class A *		2,294		3,351,488
CHINA — 21.5%
Alibaba Group Holding Ltd. ADR *		25,612		5,808,289
Meituan, Class B *		243,100		10,028,158
NIO, Inc. ADR *		70,755		3,764,166
Ping An Insurance Group Co. of China Ltd., Class H		260,000		2,541,604
Tencent Holdings Ltd.		99,200		7,469,017
				29,611,234
DENMARK — 2.2%
Genmab A/S *		7,460		3,056,682
FRANCE — 8.8%
Hermes International		3,449		5,033,166
Kering		6,159		5,396,625
L'Oreal SA		3,884		1,734,571
				12,164,362
GERMANY — 5.3%
Zalando SE *		60,623		7,331,741
ITALY — 2.7%
Ferrari NV		17,937		3,703,028
JAPAN — 3.2%
M3, Inc.		60,800		4,429,787
NETHERLANDS — 16.5%
Adyen NV *		2,433		5,966,521
ASML Holding NV		24,273		16,756,118
				22,722,639

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

Portfolio of Investments

Semi-Annual Report June 30, 2021

June 30, 2021 (unaudited)
Baillie Gifford International Concentrated Growth Equities Fund

	Shares		Value
SAUDI ARABIA — 3.9%
Delivery Hero SE *		40,421	$	5,340,671
SWEDEN — 2.3%
Atlas Copco AB, B Shares		24,726		1,302,230
Kinnevik AB, B Shares *		44,994		1,801,737
				3,103,967
UNITED KINGDOM — 2.6%
Ocado Group PLC *		129,430		3,586,232
UNITED STATES — 18.0%
Illumina, Inc. *		12,715		6,016,865
Moderna, Inc. *		21,316		5,008,834
NVIDIA Corp.		2,203		1,762,620
Spotify Technology SA *		17,201		4,740,424
Tesla, Inc. *		10,745		7,303,376
				24,832,119
TOTAL INVESTMENTS — 98.1%
(cost $101,171,116)			$	135,038,883
Other assets less liabilities — 1.9%				2,671,701
NET ASSETS — 100.0%			$	137,710,584

*  Non-income producing security.

ADR  —  American Depositary Receipt

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

Fair Value Measurement

The following is a summary of the inputs used as of June 30, 2021 in valuing the Fund's investments carried at fair value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks **	$	49,560,995	$	85,477,888	$	—	$	135,038,883
Total	$	49,560,995	$	85,477,888	$	—	$	135,038,883

**  Refer to Portfolio of Investments for further detail.

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

Statement of Assets and Liabilities

Semi-Annual Report June 30, 2021

June 30, 2021 (unaudited)
Baillie Gifford International Concentrated Growth Equities Fund

ASSETS
Investments, at value (cost $101,171,116)	$	135,038,883
Cash		2,766,082
Capital shares sold receivable		518,109
Due from Investment Advisor		9,029
Tax reclaims receivable		13,692
Dividends receivable		226
Prepaid assets		36,382
Total Assets		138,382,403
LIABILITIES
Due to foreign custodian (cost $240)		240
Advisory fee payable		134,956
Payable for investment purchased		417,562
Administration & Supervisory fee payable		57,411
Capital shares purchased payable		10,000
Trustee fee payable		338
Commitment fee payable		104
Accrued expenses		51,208
Total Liabilities		671,819
NET ASSETS	$	137,710,584
COMPOSITION OF NET ASSETS
Paid-in capital	$	84,033,119
Total distributable earnings		53,677,465
	$	137,710,584
NET ASSET VALUE, PER SHARE
Class K ( $66,606,096 / 4,988,686 shares outstanding), unlimited authorized, no par value	$	13.35
Institutional Class ( $71,104,488 / 5,378,109 shares outstanding), unlimited authorized, no par value	$	13.22

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

Statement of Operations

Semi-Annual Report June 30, 2021

For the Six Months Ended June 30, 2021 (unaudited)
Baillie Gifford International Concentrated Growth Equities Fund

INVESTMENT INCOME
Dividends (net of foreign withholding taxes of $52,745)	$	1,171,008
Interest		105
Total Investment Income		1,171,113
EXPENSES
Advisory fee (Note B)		250,053
Administration & Supervisory fee — Class K shares (Note B)		53,108
Administration & Supervisory fee — Institutional Class shares (Note B)		53,165
Transfer agency		19,854
Sub-transfer agency — Institutional Class shares		18,236
Fund accounting		46,795
Registration fees		25,528
Custody		18,108
Professional fees		13,964
Legal		7,900
Line of Credit		1,305
Trustees' fees		1,047
Commitment fees		268
Miscellaneous		4,213
Total Expenses		513,544
Fees waived/expenses reimbursed		(45,214	)
Total Expenses after waiver		468,330
Net Investment Income		702,783
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain from:
Investments		331,370
Foreign currency transactions		2,783
		334,153
Net change in unrealized appreciation on:
Investments		2,038,715
Translation of net assets and liabilities denominated in foreign currencies		89,381
		2,128,096
Net realized and unrealized gain		2,462,249
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	3,165,032

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

Statements of Changes in Net Assets

Semi-Annual Report June 30, 2021

Baillie Gifford International Concentrated Growth Equities Fund

	For the Six Months Ended June 30, 2021 (unaudited)			For the Year Ended December 31, 2020
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income (loss)	$	702,783		$	(353,242	)
Net realized gain		334,153			78,019,857
Net change in unrealized appreciation		2,128,096			18,689,189
Net increase in net assets from operations		3,165,032			96,355,804
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings
Class K		—			(40,877,596	)
Institutional Class		—			(13,601,434	)
Total Distributions to Shareholders		—			(54,479,030	)
TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
Net proceeds from shares subscribed:
Class K		27,127,020			33,989,078
Institutional Class		80,047,706			21,921,486
Dividends reinvested:
Class K		—			38,023,629
Institutional Class		—			13,601,434
Cost of shares redeemed:
Class K		(6,804,979	)		(178,597,888	)
Institutional Class		(26,193,438	)		(13,118,779	)
Increase (Decrease) in Net Assets from Transactions in Shares of Beneficial Interest		74,176,309			(84,181,040	)
Total Increase (Decrease) in Net Assets		77,341,341			(42,304,266	)
NET ASSETS
Beginning of period		60,369,243			102,673,509
End of period	$	137,710,584		$	60,369,243

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

Financial Highlights

Semi-Annual Report June 30, 2021

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

	For the Six Months Ended June 30, 2021 (unaudited)			For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			For the Period December 14, 2017(a) through December 31, 2017
Net asset value, beginning of period	$	12.31		$	12.70		$	8.75		$	10.05		$	10.00
From Investment Operations
Net investment income (loss)(b)		0.07			(0.04	)		0.03			(0.03	)		(0.00	)(c)
Net realized and unrealized gain (loss) on investments and foreign currency		0.97			12.16			3.94			(1.27	)		0.05
Net increase (decrease) in net asset value from investment operations		1.04			12.12			3.97			(1.30	)		0.05
Dividends and Distributions to Shareholders
From net investment income		—			—			(0.02	)		—			—
From net realized gain on investments		—			(12.51	)		—			—			—
Total Dividends and Distributions		—			(12.51	)		(0.02	)		—			—
Net asset value, end of period	$	13.35		$	12.31		$	12.70		$	8.75		$	10.05
Total Return
Total return based on net asset value(d)		8.54	%		97.24	%		45.26	%		(12.84	)%		0.50	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	66,606		$	42,357		$	101,797		$	55,852		$	502
Ratio of net expenses to average net assets, before waiver		0.79	%*		0.79	%		0.90	%		1.07	%		53.29	%*
Ratio of net expenses to average net assets, after waiver		0.72	%*		0.72	%		0.72	%		0.72	%		0.72	%*
Ratio of net investment income (loss) to average net assets		1.19	%*		(0.26	)%		0.26	%(e)		(0.26	)%		(0.68	)%*
Portfolio turnover rate(f)		30	%		59	%		4	%		32	%		0	%

*  Annualized.

^(a)  Commencement of investment operations.

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

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

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

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

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

Financial Highlights

Semi-Annual Report June 30, 2021

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

	For the Six Months Ended June 30, 2021 (unaudited)			For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			For the Period December 14, 2017(a) through December 31, 2017
Net asset value, beginning of period	$	12.19		$	12.65		$	8.72		$	10.05		$	10.00
From Investment Operations
Net investment income (loss)(b)		0.07			(0.09	)		0.03			(0.06	)		(0.00	)(c)
Net realized and unrealized gain (loss) on investments and foreign currency		0.96			12.14			3.92			(1.27	)		0.05
Net increase (decrease) in net asset value from investment operations		1.03			12.05			3.95			(1.33	)		0.05
Dividends and Distributions to Shareholders
From net investment income		—			—			(0.02	)		—			—
From net realized gain on investments		—			(12.51	)		—			—			—
Total Dividends and Distributions		—			(12.51	)		(0.02	)		—			—
Net asset value, end of period	$	13.22		$	12.19		$	12.65		$	8.72		$	10.05
Total Return
Total return based on net asset value(d)		8.54	%		97.09	%		45.32	%		(13.23	)%		0.50	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	71,105		$	18,012		$	876		$	476		$	502
Ratio of net expenses to average net assets, before waiver		0.85	%*		0.87	%		0.91	%		1.16	%		53.29	%*
Ratio of net expenses to average net assets, after waiver		0.78	%*		0.80	%		0.73	%		0.81	%		0.87	%*
Ratio of net investment income (loss) to average net assets		1.06	%*		(0.47	)%		0.30	%(e)		(0.53	)%		(0.68	)%*
Portfolio turnover rate(f)		30	%		59	%		4	%		32	%		0	%

*  Annualized.

^(a)  Commencement of investment operations.

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

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

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

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

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

Industry Diversification Table

Semi-Annual Report June 30, 2021

June 30, 2021 (unaudited)
Baillie Gifford International Growth Fund

	Value		% of Total Net Assets
Apparel	$	199,150,281		4.5	%
Auto Manufacturers		305,566,104		7.0
Beverages		30,182,759		0.7
Biotechnology		215,205,639		4.9
Chemicals		122,676,038		2.8
Commercial Services		264,538,288		6.0
Cosmetics/Personal Care		108,806,173		2.5
Diversified Financial Services		79,213,702		1.8
Electronics		142,656,692		3.3
Energy-Alternate Sources		42,422,398		1.0
Food		175,609,858		3.9
Healthcare — Products		54,153,958		1.2
Healthcare — Services		40,758,712		0.9
Insurance		141,690,488		3.2
Internet		1,293,721,793		29.4
Investment Companies		95,426,174		2.2
Machinery — Diversified		159,907,750		3.6
Media		23,630,187		0.5
Retail		306,207,686		7.0
Semiconductors		390,718,396		8.9
Software		107,021,384		2.4
Telecommunications		29,668,172		0.7
Total Value of Investments		4,328,932,632		98.4
Other assets less liabilities		72,506,026		1.6
Net Assets	$	4,401,438,658		100.0	%

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

102

Portfolio of Investments

Semi-Annual Report June 30, 2021

June 30, 2021 (unaudited)
Baillie Gifford International Growth Fund

	Shares		Value
COMMON STOCKS — 97.1%
ARGENTINA — 5.0%
MercadoLibre, Inc. *		139,989	$	218,073,464
AUSTRALIA — 2.0%
Afterpay Ltd. *		630,434		55,957,451
WiseTech Global Ltd.		1,309,250		31,286,695
				87,244,146
BELGIUM — 2.0%
Umicore SA		1,462,889		89,496,799
CHINA — 18.5%
Alibaba Group Holding Ltd. *		5,696,608		161,520,703
Meituan, Class B *		5,288,900		218,173,285
NIO, Inc. ADR *		1,866,744		99,310,781
Ping An Insurance Group Co. of China Ltd., Class H		5,283,500		51,648,316
TAL Education Group ADR *		1,115,272		28,138,313
Tencent Holdings Ltd.		2,863,200		215,577,515
Wuxi Biologics Cayman, Inc. *		2,226,000		40,758,712
				815,127,625
DENMARK — 5.6%
Ambu A/S, B Shares		1,407,401		54,153,958
Chr. Hansen Holding A/S		46,143		4,164,551
Genmab A/S *		289,743		118,720,122
Novozymes A/S, B Shares		384,557		29,014,689
Vestas Wind Systems A/S		1,085,749		42,422,398
				248,475,718
FRANCE — 7.1%
Adevinta ASA *		626,550		12,019,090
Kering		227,284		199,150,281
L'Oreal SA		226,761		101,270,072
				312,439,443
GERMANY — 8.2%
Aixtron SE		1,145,970		31,076,026
CureVac NV *		233,787		17,178,669

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

Portfolio of Investments

Semi-Annual Report June 30, 2021

June 30, 2021 (unaudited)
Baillie Gifford International Growth Fund

	Shares		Value
HelloFresh SE *		1,016,019	$	98,766,330
MorphoSys AG *		162,909		12,641,639
Zalando SE *		1,668,920		201,839,050
				361,501,714
HONG KONG — 2.9%
AIA Group Ltd.		7,258,200		90,042,171
Hong Kong Exchanges & Clearing Ltd.		658,201		39,182,560
				129,224,731
INDIA — 0.4%
Housing Development Finance Corp., Ltd.		564,415		18,836,306
ISRAEL — 2.0%
Wix.com Ltd. *		295,656		85,823,024
ITALY — 3.8%
Ferrari NV		804,654		166,117,869
JAPAN — 8.9%
M3, Inc.		2,180,600		158,874,913
Nidec Corp.		752,800		86,564,649
Pan Pacific International Holdings Corp.		973,300		20,239,760
Pigeon Corp.		267,200		7,536,101
SBI Holdings, Inc.		897,300		21,194,836
SMC Corp.		113,100		66,909,367
SoftBank Group Corp.		425,400		29,668,172
				390,987,798
NETHERLANDS — 13.9%
Adyen NV *		73,580		180,442,524
Argenx SE *		220,954		66,665,210
ASML Holding NV		458,174		316,286,310
EXOR NV		576,951		46,302,276
				609,696,320
NEW ZEALAND — 0.6%
Xero Ltd. *		271,911		27,968,702

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

Portfolio of Investments

Semi-Annual Report June 30, 2021

June 30, 2021 (unaudited)
Baillie Gifford International Growth Fund

	Shares		Value
NORWAY — 0.5%
Schibsted ASA, Class A		241,038	$	11,627,958
Schibsted ASA, B Shares		288,179		12,002,229
				23,630,187
SAUDI ARABIA — 2.0%
Delivery Hero SE *		659,450		87,130,584
SPAIN — 1.9%
Industria de Diseno Textil SA		2,382,794		84,128,875
SWEDEN — 3.2%
Atlas Copco AB, A Shares		1,514,425		92,998,383
Kinnevik AB, B Shares *		1,226,750		49,123,898
				142,122,281
SWITZERLAND — 1.1%
Temenos AG		297,099		47,765,987
TAIWAN — 1.0%
Taiwan Semiconductor Manufacturing Co., Ltd.		2,013,000		43,356,060
UNITED KINGDOM — 1.8%
Ocado Group PLC *		2,773,345		76,843,528
UNITED STATES — 4.7%
Oatly Group AB ADR *		1,233,964		30,182,759
Spotify Technology SA *		495,407		136,529,215
Stellantis NV		2,040,190		40,137,454
				206,849,428
Total Common Stocks
(cost $1,743,019,030)				4,272,840,589

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

Portfolio of Investments

Semi-Annual Report June 30, 2021

June 30, 2021 (unaudited)
Baillie Gifford International Growth Fund

	Shares		Value
PREFERRED STOCKS — 1.3%
GERMANY — 1.3%
Sartorius AG 0.15% (cost $11,065,751)		107,764	$	56,092,043
TOTAL INVESTMENTS — 98.4%
(cost $1,754,084,781)			$	4,328,932,632
Other assets less liabilities — 1.6%				72,506,026
NET ASSETS — 100.0%			$	4,401,438,658

*  Non-income producing security.

ADR  —  American Depositary Receipt

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

Fair Value Measurement

The following is a summary of the inputs used as of June 30, 2021 in valuing the Fund's investments carried at fair value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks **	$	631,403,005	$	3,641,437,584	$	—	$	4,272,840,589
Preferred Stocks **		—		56,092,043		—		56,092,043
Total	$	631,403,005	$	3,697,529,627	$	—	$	4,328,932,632

**  Refer to Portfolio of Investments for further detail.

The accompanying notes are an integral part of the financial statements.
106

Statement of Assets and Liabilities

Semi-Annual Report June 30, 2021

June 30, 2021 (unaudited)
Baillie Gifford International Growth Fund

ASSETS
Investments, at value (cost $1,754,084,781)	$	4,328,932,632
Cash		70,571,432
Foreign cash, at value (cost $247,996)		246,616
Capital shares sold receivable		4,583,328
Tax reclaims receivable		2,962,567
Receivable for investments sold		2,761,128
Dividends receivable		415,579
Prepaid assets		57,114
Total Assets		4,410,530,396
LIABILITIES
Advisory fee payable		3,504,546
Payable for investment purchased		2,430,746
Capital shares purchased payable		1,339,153
Shareholder Servicing fee payable		608,770
Deferred India capital gains tax liability (Note A)		393,804
Administration & Supervisory fee payable		214,265
Trustee fee payable		24,861
Commitment fee payable		5,274
Accrued expenses		570,319
Total Liabilities		9,091,738
NET ASSETS	$	4,401,438,658
COMPOSITION OF NET ASSETS
Paid-in capital	$	1,359,196,436
Total distributable earnings		3,042,242,222
	$	4,401,438,658
NET ASSET VALUE, PER SHARE
Class 2 ( $529,841,196 / 23,785,716 shares outstanding), unlimited authorized, no par value	$	22.28
Class 3 ( $553,017,054 / 24,739,525 shares outstanding), unlimited authorized, no par value	$	22.35
Class 4 ( $999,896,647 / 44,675,041 shares outstanding), unlimited authorized, no par value	$	22.38
Class 5 ( $1,781,105,206 / 79,368,660 shares outstanding), unlimited authorized, no par value	$	22.44
Class K ( $127,896,953 / 5,746,689 shares outstanding), unlimited authorized, no par value	$	22.26
Institutional Class ( $409,681,602 / 18,461,554 shares outstanding), unlimited authorized, no par value	$	22.19

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

Statement of Operations

Semi-Annual Report June 30, 2021

For the Six Months Ended June 30, 2021 (unaudited)
Baillie Gifford International Growth Fund

INVESTMENT INCOME
Dividends (net of foreign withholding taxes of $2,582,677)	$	21,574,805
Non-cash income		26,274,207
Interest		2,047
Total Investment Income		47,851,059
EXPENSES
Advisory fee (Note B)		7,134,393
Shareholder Servicing fees — Class 2 shares (Note B)		422,459
Shareholder Servicing fees — Class 3 shares (Note B)		312,028
Shareholder Servicing fees — Class 4 shares (Note B)		343,346
Shareholder Servicing fees — Class 5 shares (Note B)		175,200
Administration & Supervisory fee — Class K shares (Note B)		109,970
Administration & Supervisory fee — Institutional Class shares (Note B)		308,943
Transfer agency		66,599
Sub-transfer agency — Institutional Class shares		126,787
Fund accounting		629,343
Custody		290,609
Legal		245,489
Registration fees		50,865
Trustees' fees		47,911
Professional fees		20,303
Commitment fees		10,909
Miscellaneous		43,546
Total Expenses		10,338,700
Net Investment Income		37,512,359
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) from:
Investments		360,362,527
Foreign currency transactions		(146,678	)
		360,215,849
Net change in unrealized depreciation on:
Investments (net of deferred India capital gains tax expense of $45,370) (Note A)		(242,833,643	)
Translation of net assets and liabilities denominated in foreign currencies		(59,826	)
		(242,893,469	)
Net realized and unrealized gain		117,322,380
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	154,834,739

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

Statements of Changes in Net Assets

Semi-Annual Report June 30, 2021

Baillie Gifford International Growth Fund

	For the Six Months Ended June 30, 2021 (unaudited)			For the Year Ended December 31, 2020
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	37,512,359		$	2,279,011
Net realized gain		360,215,849			470,418,997
Net change in unrealized appreciation (depreciation)		(242,893,469	)		1,383,834,789
Net increase in net assets from operations		154,834,739			1,856,532,797
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings
Class 2		—			(55,541,011	)
Class 3		—			(64,060,790	)
Class 4		—			(91,315,840	)
Class 5		—			(170,297,829	)
Class K		—			(8,879,140	)
Institutional Class		—			(29,144,231	)
Total Distributions to Shareholders		—			(419,238,841	)
TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
Net proceeds from shares subscribed:
Class 2		94,859,331	*		81,506,000
Class 3		131,196,174	*		592,448,173	*
Class 4		—			434,310,417	*
Class 5		2,000,000			—
Class K		4,276,122			115,840,279
Institutional Class		134,479,065			230,631,609
Dividends reinvested:
Class 2		—			55,541,011
Class 3		—			64,060,790
Class 4		—			91,315,840
Class 5		—			170,297,829
Class K		—			6,873,455
Institutional Class		—			28,803,483
Cost of shares redeemed:
Class 2		(185,281,174	)*		(695,348,173	)*
Class 3		(296,974,945	)*		(764,520,237	)*
Class 4		(2,362,580	)		(78,000,000	)
Class 5		(125,000,000	)		(225,000,000	)
Class K		(10,916,230	)		(229,035	)
Institutional Class		(42,361,093	)		(32,662,300	)
Increase (Decrease) in Net Assets from Transactions in Shares of Beneficial Interest		(296,085,330	)		75,869,141
Total Increase (Decrease) in Net Assets		(141,250,591	)		1,513,163,097
NET ASSETS
Beginning of period		4,542,689,249			3,029,526,152
End of period	$	4,401,438,658		$	4,542,689,249

*  See Note D for details of share class conversions.

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

Financial Highlights

Semi-Annual Report June 30, 2021

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

	For the Six Months Ended June 30, 2021 (unaudited)			For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			For the Year Ended December 31, 2017			For the Year Ended December 31, 2016
Net asset value, beginning of period	$	21.56		$	14.59		$	10.74		$	14.39		$	10.09		$	10.52
From Investment Operations
Net investment income(a)		0.19			0.00	(b)		0.15			0.11			0.05			0.08
Net realized and unrealized gain (loss) on investments and foreign currency		0.53			9.17			3.87			(2.61	)		4.60			0.06
Net increase (decrease) in net asset value from investment operations		0.72			9.17			4.02			(2.50	)		4.65			0.14
Dividends and Distributions to Shareholders
From net investment income		—			—			(0.15	)		(0.10	)		(0.06	)		(0.07	)
From net realized gain on investments		—			(2.20	)		(0.02	)		(1.03	)		(0.29	)		(0.50	)
Return of capital		—			—			—			(0.02	)		—			—
Total Dividends and Distributions		—			(2.20	)		(0.17	)		(1.15	)		(0.35	)		(0.57	)
Proceeds from Purchase Fees and Redemption Fees(a)		—			—			—			—			0.00	(b)		0.00	(b)
Net asset value, end of period	$	22.28		$	21.56		$	14.59		$	10.74		$	14.39		$	10.09
Total Return
Total return based on net asset value(c)		3.33	%(f)		62.95	%		37.34	%		(17.33	)%		46.09	%		1.34	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	529,841		$	599,275		$	874,230		$	632,645		$	746,817		$	732,160
Ratio of net expenses to average net assets		0.56	%*		0.58	%		0.60	%		0.60	%		0.61	%		0.61	%
Ratio of net investment income to average net assets		1.09	%(d)*		0.02	%		1.16	%(d)		0.72	%		0.42	%		0.81	%
Portfolio turnover rate(e)		9	%		26	%		6	%		14	%		9	%		18	%

*  Annualized.

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

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

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

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

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

^(f)  The total return disclosed include adjustments made for financial reporting purposes in conformity with U.S. generally accepted accounting principles.

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

Financial Highlights

Semi-Annual Report June 30, 2021

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

	For the Six Months Ended June 30, 2021 (unaudited)			For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			For the Year Ended December 31, 2017			For the Year Ended December 31, 2016
Net asset value, beginning of period	$	21.63		$	14.62		$	10.76		$	14.42		$	10.11		$	10.54
From Investment Operations
Net investment income(a)		0.17			0.01			0.16			0.11			0.05			0.11
Net realized and unrealized gain (loss) on investments and foreign currency		0.55			9.20			3.88			(2.61	)		4.62			0.03
Net increase (decrease) in net asset value from investment operations		0.72			9.21			4.04			(2.50	)		4.67			0.14
Dividends and Distributions to Shareholders
From net investment income		—			—			(0.16	)		(0.11	)		(0.07	)		(0.07	)
From net realized gain on investments		—			(2.20	)		(0.02	)		(1.03	)		(0.29	)		(0.50	)
Return of capital		—			—			—			(0.02	)		—			—
Total Dividends and Distributions		—			(2.20	)		(0.18	)		(1.16	)		(0.36	)		(0.57	)
Proceeds from Purchase Fees and Redemption Fees(a)		—			—			—			—			0.00	(b)		0.00	(b)
Net asset value, end of period	$	22.35		$	21.63		$	14.62		$	10.76		$	14.42		$	10.11
Total Return
Total return based on net asset value(c)		3.37	%(f)		63.07	%		37.44	%		(17.27	)%		46.20	%		1.41	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	553,017		$	693,179		$	546,477		$	393,050		$	601,549		$	433,860
Ratio of net expenses to average net assets		0.49	%*		0.51	%		0.53	%		0.53	%		0.54	%		0.54	%
Ratio of net investment income to average net assets		0.98	%(d)*		0.03	%		1.22	%(d)		0.74	%		0.41	%		1.04	%
Portfolio turnover rate(e)		9	%		26	%		6	%		14	%		9	%		18	%

*  Annualized.

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

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

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

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

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

^(f)  The total return disclosed include adjustments made for financial reporting purposes in conformity with U.S. generally accepted accounting principles.

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

Financial Highlights

Semi-Annual Report June 30, 2021

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

	For the Six Months Ended June 30, 2021 (unaudited)			For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			For the Year Ended December 31, 2017			For the Period October 10, 2016(a) through December 31, 2016
Net asset value, beginning of period	$	21.65		$	14.63		$	10.77		$	14.43		$	10.12		$	11.49
From Investment Operations
Net investment income(b)		0.19			0.01			0.16			0.12			0.06			0.00	(c)
Net realized and unrealized gain (loss) on investments and foreign currency		0.54			9.21			3.88			(2.61	)		4.62			(0.81	)
Net increase (decrease) in net asset value from investment operations		0.73			9.22			4.04			(2.49	)		4.68			(0.81	)
Dividends and Distributions to Shareholders
From net investment income		—			0.00	(c)		(0.16	)		(0.12	)		(0.08	)		(0.08	)
From net realized gain on investments		—			(2.20	)		(0.02	)		(1.03	)		(0.29	)		(0.48	)
Return of capital		—			—			—			(0.02	)		—			—
Total Dividends and Distributions		—			(2.20	)		(0.18	)		(1.17	)		(0.37	)		(0.56	)
Proceeds from Purchase Fees and Redemption Fees(b)		—			—			—			—			0.00	(c)		0.00	(c)
Net asset value, end of period	$	22.38		$	21.65		$	14.63		$	10.77		$	14.43		$	10.12
Total Return
Total return based on net asset value(d)		3.39	%(g)		63.12	%		37.48	%		(17.24	)%		46.24	%		(6.97	)%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	999,897		$	969,427		$	283,094		$	205,923		$	302,474		$	201,923
Ratio of net expenses to average net assets		0.46	%*		0.48	%		0.50	%		0.50	%		0.51	%		0.52	%*
Ratio of net investment income to average net assets		1.15	%(e)*		0.06	%		1.26	%(e)		0.83	%		0.45	%		0.05	%*
Portfolio turnover rate(f)		9	%		26	%		6	%		14	%		9	%		18	%

*  Annualized.

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

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

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

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

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

^(g)  The total return disclosed include adjustments made for financial reporting purposes in conformity with U.S. generally accepted accounting principles.

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

Financial Highlights

Semi-Annual Report June 30, 2021

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

	For the Six Months Ended June 30, 2021 (unaudited)			For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			For the Year Ended December 31, 2017			For the Year Ended December 31, 2016
Net asset value, beginning of period	$	21.70		$	14.66		$	10.79		$	14.46		$	10.14		$	10.56
From Investment Operations
Net investment income(a)		0.20			0.02			0.17			0.12			0.07			0.10
Net realized and unrealized gain (loss) on investments and foreign currency		0.54			9.23			3.89			(2.61	)		4.62			0.06
Net increase (decrease) in net asset value from investment operations		0.74			9.25			4.06			(2.49	)		4.69			0.16
Dividends and Distributions to Shareholders
From net investment income		—			(0.01	)		(0.17	)		(0.13	)		(0.08	)		(0.08	)
From net realized gain on investments		—			(2.20	)		(0.02	)		(1.03	)		(0.29	)		(0.50	)
Return of capital		—			—			—			(0.02	)		—			—
Total Dividends and Distributions		—			(2.21	)		(0.19	)		(1.18	)		(0.37	)		(0.58	)
Proceeds from Purchase Fees and Redemption Fees(a)		—			—			—			—			0.00	(b)		0.00	(b)
Net asset value, end of period	$	22.44		$	21.70		$	14.66		$	10.79		$	14.46		$	10.14
Total Return
Total return based on net asset value(c)		3.41	%(f)		63.20	%		37.55	%		(17.20	)%		46.31	%		1.49	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	1,781,105		$	1,842,231		$	1,298,918		$	944,366		$	1,139,553		$	778,857
Ratio of net expenses to average net assets		0.41	%*		0.43	%		0.45	%		0.45	%		0.46	%		0.46	%
Ratio of net investment income to average net assets		1.19	%(d)*		0.13	%		1.31	%(d)		0.84	%		0.51	%		0.98	%
Portfolio turnover rate(e)		9	%		26	%		6	%		14	%		9	%		18	%

*  Annualized.

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

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

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

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

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

^(f)  The total return disclosed include adjustments made for financial reporting purposes in conformity with U.S. generally accepted accounting principles.

The accompanying notes are an integral part of the financial statements.
113

Financial Highlights

Semi-Annual Report June 30, 2021

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

	For the Six Months Ended June 30, 2021 (unaudited)			For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			For the Period April 28, 2017(a) through December 31, 2017
Net asset value, beginning of period	$	21.54		$	14.58		$	10.73		$	14.38		$	12.02
From Investment Operations
Net investment income (loss)(b)		0.18			(0.05	)(c)		0.15			0.10			0.01
Net realized and unrealized gain (loss) on investments and foreign currency		0.54			9.21			3.87			(2.60	)		2.71
Net increase (decrease) in net asset value from investment operations		0.72			9.16			4.02			(2.50	)		2.72
Dividends and Distributions to Shareholders
From net investment income		—			0.00	(d)		(0.15	)		(0.10	)		(0.07	)
From net realized gain on investments		—			(2.20	)		(0.02	)		(1.03	)		(0.29	)
Return of capital		—			—			—			(0.02	)		—
Total Dividends and Distributions		—			(2.20	)		(0.17	)		(1.15	)		(0.36	)
Net asset value, end of period	$	22.26		$	21.54		$	14.58		$	10.73		$	14.38
Total Return
Total return based on net asset value(e)		3.34	%(h)		62.95	%		37.40	%		(17.32	)%		22.62	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	127,897		$	130,401		$	7		$	5		$	6
Ratio of net expenses to average net assets		0.56	%*		0.58	%		0.60	%		0.60	%		0.60	%*
Ratio of net investment income (loss) to average net assets		1.01	%(f)*		(0.26	)%		1.17	%(f)		0.72	%		0.14	%*
Portfolio turnover rate(g)		9	%		26	%		6	%		14	%		9	%

*  Annualized.

^(a)  Commencement of investment operations.

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

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

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

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

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

^(h)  The total return disclosed include adjustments made for financial reporting purposes in conformity with U.S. generally accepted accounting principles.

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

Financial Highlights

Semi-Annual Report June 30, 2021

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

	For the Six Months Ended June 30, 2021 (unaudited)			For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			For the Period April 28, 2017(a) through December 31, 2017
Net asset value, beginning of period	$	21.48		$	14.55		$	10.72		$	14.38		$	12.02
From Investment Operations
Net investment income (loss)(b)		0.18			(0.03	)(c)		0.15			(0.01	)		0.01
Net realized and unrealized gain (loss) on investments and foreign currency		0.53			9.16			3.85			(2.49	)(d)		2.71
Net increase (decrease) in net asset value from investment operations		0.71			9.13			4.00			(2.50	)		2.72
Dividends and Distributions to Shareholders
From net investment income		—			—			(0.15	)		(0.11	)		(0.07	)
From net realized gain on investments		—			(2.20	)		(0.02	)		(1.03	)		(0.29	)
Return of capital		—			—			—			(0.02	)		—
Total Dividends and Distributions		—			(2.20	)		(0.17	)		(1.16	)		(0.36	)
Net asset value, end of period	$	22.19		$	21.48		$	14.55		$	10.72		$	14.38
Total Return
Total return based on net asset value(e)		3.31	%(h)		62.84	%		37.25	%		(17.34	)%		22.62	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	409,682		$	308,176		$	26,800		$	2,081		$	6
Ratio of net expenses to average net assets		0.63	%*		0.64	%		0.65	%		0.69	%		0.60	%*
Ratio of net investment income (loss) to average net assets		1.06	%(f)*		(0.16	)%		1.09	%(f)		(0.23	)%		0.14	%*
Portfolio turnover rate(g)		9	%		26	%		6	%		14	%		9	%

*  Annualized.

^(a)  Commencement of investment operations.

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

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

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

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

^(h)  The total return disclosed include adjustments made for financial reporting purposes in conformity with U.S. generally accepted accounting principles.

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

Industry Diversification Table

Semi-Annual Report June 30, 2021

June 30, 2021 (unaudited)
Baillie Gifford International Smaller Companies Fund

	Value		% of Total Net Assets
Auto Parts & Equipment	$	22,410		0.1	%
Banks		33,150		0.1
Biotechnology		77,128		0.2
Building Materials		238,110		0.7
Chemicals		44,139		0.1
Commercial Services		670,752		1.7
Computers		142,130		0.4
Distribution/Wholesale		276,263		0.8
Diversified Financial Services		641,729		1.7
Electrical Components & Equipment		79,878		0.2
Electronics		319,279		0.9
Food		32,135		0.1
Hand/Machine Tools		55,746		0.1
Healthcare — Products		116,089		0.3
Insurance		32,066		0.1
Internet		990,556		2.7
Investment Companies		58,485		0.2
Leisure Time		245,329		0.6
Machinery — Diversified		170,599		0.5
Media		37,795		0.1
Miscellaneous Manufacturing		269,640		0.7
Office/Business Equipment		44,167		0.1
Pharmaceuticals		206,183		0.5
Private Equity		68,565		0.2
Retail		258,464		0.7
Semiconductors		733,841		1.9
Software		870,427		2.4
Telecommunications		138,614		0.4
Toys/Games/Hobbies		134,836		0.4
Total Value of Investments		7,008,505		18.9
Other assets less liabilities		30,064,914		81.1
Net Assets	$	37,073,419		100.0	%

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

116

Portfolio of Investments

Semi-Annual Report June 30, 2021

June 30, 2021 (unaudited)
Baillie Gifford International Smaller Companies Fund

	Shares		Value
COMMON STOCKS — 18.9%
AUSTRALIA — 0.3%
Cleanspace Holdings Ltd. *		22,840	$	26,411
Mesoblast Ltd. *		5,841		8,713
Netwealth Group Ltd.		5,628		72,403
				107,527
BELGIUM — 0.2%
Biocartis Group NV *		2,982		14,409
Melexis NV		532		55,309
				69,718
CANADA — 0.7%
Docebo, Inc. *		1,458		86,285
Kinaxis, Inc. *		1,287		169,305
				255,590
CHINA — 0.7%
Airtac International Group		7,000		269,640
DENMARK — 0.3%
ALK-Abello A/S *		266		126,955
FRANCE — 0.2%
Cellectis SA ADR *		2,067		31,976
Cellectis SA *		506		7,940
ESI Group *		478		33,020
				72,936
GERMANY — 0.9%
Aumann AG *		581		11,824
Hypoport SE *		399		206,466
New Work SE		291		91,439
zooplus AG *		117		37,902
				347,631

The accompanying notes are an integral part of the financial statements.
117

Portfolio of Investments

Semi-Annual Report June 30, 2021

June 30, 2021 (unaudited)
Baillie Gifford International Smaller Companies Fund

	Shares		Value
HONG KONG — 0.3%
Hypebeast Ltd. *		160,000	$	23,621
Johnson Electric Holdings Ltd.		31,000		79,878
				103,499
IRELAND — 0.2%
Keywords Studios PLC *		2,202		75,846
ISRAEL — 0.4%
Maytronics Ltd.		7,376		153,741
ITALY — 1.4%
Brunello Cucinelli SpA *		3,538		207,247
Reply SpA		1,295		212,693
Technogym SpA		7,168		91,588
				511,528
JAPAN — 5.9%
Anicom Holdings, Inc.		4,000		32,066
Bengo4.com, Inc. *		2,000		174,888
COLOPL, Inc.		7,100		52,830
Daikyonishikawa Corp.		3,600		22,410
Demae-Can Co., Ltd. *		5,000		69,734
DMG Mori Seiki Co., Ltd.		3,100		55,746
eGuarantee, Inc.		3,800		80,024
GA Technologies Co. Ltd. *		2,700		53,853
Healios K.K. *		2,500		40,940
Ichiyoshi Securities Co., Ltd.		6,400		33,150
Infomart Corp.		8,500		69,757
Inter Action Corp.		1,500		33,577
Iriso Electronics Co., Ltd.		1,100		53,289
Istyle, Inc. *		9,700		45,485
JMDC, Inc. *		1,300		64,881
Kamakura Shinsho Ltd.		3,100		28,079
Katitas Co., Ltd.		3,700		104,025
KH Neochem Co., Ltd.		1,900		44,139
Kitanotatsujin Corp.		13,600		60,360
Link and Motivation, Inc.		8,500		59,796
Locondo, Inc.		2,600		44,339
Megachips Corp.		4,500		128,808

The accompanying notes are an integral part of the financial statements.
118

Portfolio of Investments

Semi-Annual Report June 30, 2021

June 30, 2021 (unaudited)
Baillie Gifford International Smaller Companies Fund

	Shares		Value
Optex Group Co., Ltd.		2,700	$	45,107
Outsourcing, Inc.		11,000		199,719
Raksul, Inc. *		4,200		204,771
Sansan, Inc. *		600		52,746
Sato Holdings Corp.		1,800		44,167
Tsugami Corp.		8,600		132,363
Uzabase, Inc. *		1,500		36,028
WealthNavi, Inc. *		3,100		112,325
				2,179,402
SOUTH KOREA — 1.0%
Cafe24 Corp. *		1,587		42,378
Douzone Bizon Co., Ltd.		2,329		171,482
Genexine, Inc. *		357		28,499
Koh Young Technology, Inc.		6,879		145,325
				387,684
SWEDEN — 2.4%
AddTech AB, B Shares		10,825		179,695
Avanza Bank Holding AB		10,372		323,596
Bactiguard Holding AB *		1,414		29,079
Cellavision AB		625		26,919
HMS Networks AB		3,277		138,614
Paradox Interactive AB		2,759		58,029
Storytel AB *		1,457		37,795
VNV Global AB *		5,249		58,485
Xvivo Perfusion AB *		1,117		45,682
				897,894
SWITZERLAND — 0.6%
Bossard Holding AG		316		96,568
Sensirion Holding AG *		1,212		97,213
u-blox Holding AG *		365		26,849
				220,630
TAIWAN — 1.4%
ASPEED Technology, Inc.		4,000		288,498
Chroma ATE, Inc.		11,000		75,558

The accompanying notes are an integral part of the financial statements.
119

Portfolio of Investments

Semi-Annual Report June 30, 2021

June 30, 2021 (unaudited)
Baillie Gifford International Smaller Companies Fund

	Shares		Value
Global Unichip Corp.		7,000	$	103,588
TCI Co., Ltd.		4,148		38,288
				505,932
UNITED KINGDOM — 2.0%
Alpha FX Group PLC		2,514		53,382
dotdigital group PLC		9,713		31,037
Draper Esprit PLC *		5,483		68,565
FDM Group Holdings PLC		4,695		66,284
First Derivatives PLC *		2,647		83,118
Games Workshop Group PLC		855		134,836
Hotel Chocolat Group PLC *		6,471		32,135
Naked Wines PLC *		4,588		51,217
Team17 Group PLC *		6,722		67,693
Victoria PLC *		9,059		134,085
				722,352
TOTAL INVESTMENTS — 18.9%
(cost $6,157,521)			$	7,008,505
Other assets less liabilities — 81.1% **				30,064,914
NET ASSETS — 100.0%			$	37,073,419

*  Non-income producing security.

**  The Other assets less liabilities percentage represents unsettled inflows at period end and is not representative of the investment strategy of the Fund.

ADR  —  American Depositary Receipt

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

Fair Value Measurement

The following is a summary of the inputs used as of June 30, 2021 in valuing the Fund's investments carried at fair value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks **	$	1,364,512	$	5,643,993	$	—	$	7,008,505
Total	$	1,364,512	$	5,643,993	$	—	$	7,008,505

**  Refer to Portfolio of Investments for further detail.

The accompanying notes are an integral part of the financial statements.
120

Statement of Assets and Liabilities

Semi-Annual Report June 30, 2021

June 30, 2021 (unaudited)
Baillie Gifford International Smaller Companies Fund

ASSETS
Investments, at value (cost $6,157,521)	$	7,008,505
Cash		1,232,150
Foreign cash, at value (cost $334,168)		334,167
Capital shares sold receivable		29,910,750
Due from Investment Advisor		17,468
Dividends receivable		3,711
Tax reclaims receivable		300
Prepaid assets		20,007
Total Assets		38,527,058
LIABILITIES
Advisory fee payable		4,011
Payable for investment purchased		1,386,823
Administration & Supervisory fee payable		1,176
Trustee fee payable		10
Commitment fee payable		3
Accrued expenses		61,616
Total Liabilities		1,453,639
NET ASSETS	$	37,073,419
COMPOSITION OF NET ASSETS
Paid-in capital	$	36,174,795
Total distributable earnings		898,624
	$	37,073,419
NET ASSET VALUE, PER SHARE
Class K ( $30,895,298 / 1,679,093 shares outstanding), unlimited authorized, no par value	$	18.40
Institutional Class ( $6,178,121 / 335,759 shares outstanding), unlimited authorized, no par value	$	18.40

The accompanying notes are an integral part of the financial statements.
121

Statement of Operations

Semi-Annual Report June 30, 2021

For the Six Months Ended June 30, 2021 (unaudited)
Baillie Gifford International Smaller Companies Fund

INVESTMENT INCOME
Dividends (net of foreign withholding taxes of $1,482)	$	10,476
Interest		2
Total Investment Income		10,478
EXPENSES
Advisory fee (Note B)		6,743
Administration & Supervisory fee — Class K shares (Note B)		812
Administration & Supervisory fee — Institutional Class shares (Note B)		1,164
Transfer agency		16,239
Fund accounting		54,708
Registration fees		23,085
Professional fees		16,287
Custody		531
Trustees' fees		19
Commitment fees		5
Miscellaneous		2,615
Total Expenses		122,208
Fees waived/expenses reimbursed		(111,745	)
Total Expenses after waiver		10,463
Net Investment Income		15
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain from:
Investments		46,052
Foreign currency transactions		21
		46,073
Net change in unrealized appreciation (depreciation) on:
Investments		91,410
Translation of net assets and liabilities denominated in foreign currencies		(931	)
		90,479
Net realized and unrealized gain		136,552
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	136,567

The accompanying notes are an integral part of the financial statements.
122

Statements of Changes in Net Assets

Semi-Annual Report June 30, 2021

Baillie Gifford International Smaller Companies Fund

	For the Six Months Ended June 30, 2021 (unaudited)		For the Year Ended December 31, 2020
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income (loss)	$	15	$	(3,233	)
Net realized gain		46,073		99,104
Net change in unrealized appreciation		90,479		516,292
Net increase in net assets from operations		136,567		612,163
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings
Class K		—		(40,101	)
Institutional Class		—		(40,101	)
Total Distributions to Shareholders		—		(80,202	)
TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
Net proceeds from shares subscribed:
Class K		29,910,750		—
Institutional Class		5,154,475		—
Dividends reinvested:
Class K		—		40,101
Institutional Class		—		40,101
Increase in Net Assets from Transactions in Shares of Beneficial Interest		35,065,225		80,202
Total Increase in Net Assets		35,201,792		612,163
NET ASSETS
Beginning of period		1,871,627		1,259,464
End of period	$	37,073,419	$	1,871,627

The accompanying notes are an integral part of the financial statements.
123

Financial Highlights

Semi-Annual Report June 30, 2021

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

	For the Six Months Ended June 30, 2021 (unaudited)			For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Period December 19, 2018(a) through December 31, 2018
Net asset value, beginning of period	$	17.49		$	12.30		$	9.95		$	10.00
From Investment Operations
Net investment income (loss)(b)		(0.01	)		(0.03	)		0.01			0.01
Net realized and unrealized gain (loss) on investments and foreign currency		0.92			6.00			2.64			(0.06	)
Net increase (decrease) in net asset value from investment operations		0.91			5.97			2.65			(0.05	)
Dividends and Distributions to Shareholders
From net investment income		—			—			(0.11	)		—
From net realized gain on investments		—			(0.78	)		(0.19	)		—
Total Dividends and Distributions		—			(0.78	)		(0.30	)		—
Net asset value, end of period	$	18.40		$	17.49		$	12.30		$	9.95
Total Return
Total return based on net asset value(c)		5.20	%		48.61	%		26.58	%		(0.50	)%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	30,895		$	936		$	630		$	497
Ratio of net expenses to average net assets, before waiver		10.51	%*		17.20	%		15.15	%		95.80	%*
Ratio of net expenses to average net assets, after waiver		0.90	%*		0.90	%		0.90	%		0.90	%*
Ratio of net investment income (loss) to average net assets		(0.09	)%*		(0.23	)%		0.13	%		1.85	%*
Portfolio turnover rate(d)		4	%		16	%		11	%		0	%

*  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.

The accompanying notes are an integral part of the financial statements.
124

Financial Highlights

Semi-Annual Report June 30, 2021

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

	For the Six Months Ended June 30, 2021 (unaudited)			For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Period December 19, 2018(a) through December 31, 2018
Net asset value, beginning of period	$	17.49		$	12.30		$	9.95		$	10.00
From Investment Operations
Net investment income (loss)(b)		0.01			(0.03	)		0.01			0.01
Net realized and unrealized gain (loss) on investments and foreign currency		0.90			6.00			2.64			(0.06	)
Net increase (decrease) in net asset value from investment operations		0.91			5.97			2.65			(0.05	)
Dividends and Distributions to Shareholders
From net investment income		—			—			(0.11	)		—
From net realized gain on investments		—			(0.78	)		(0.19	)		—
Total Dividends and Distributions		—			(0.78	)		(0.30	)		—
Net asset value, end of period	$	18.40		$	17.49		$	12.30		$	9.95
Total Return
Total return based on net asset value(c)		5.20	%		48.61	%		26.58	%		(0.50	)%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	6,178		$	936		$	630		$	498
Ratio of net expenses to average net assets, before waiver		10.51	%*		17.20	%		15.15	%		95.80	%*
Ratio of net expenses to average net assets, after waiver		0.90	%*		0.90	%		0.90	%		0.90	%*
Ratio of net investment income (loss) to average net assets		0.06	%*		(0.23	)%		0.13	%		1.85	%*
Portfolio turnover rate(d)		4	%		16	%		11	%		0	%

*  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.

The accompanying notes are an integral part of the financial statements.
125

Industry Diversification Table

Semi-Annual Report June 30, 2021

June 30, 2021 (unaudited)
Baillie Gifford Long Term Global Growth Fund

	Value		% of Total Net Assets
Advertising	$	22,256,472		2.0	%
Apparel		62,628,152		5.6
Auto Manufacturers		69,045,952		6.1
Biotechnology		131,803,461		11.8
Commercial Services		31,980,817		2.9
Diversified Financial Services		15,769,080		1.4
Food		17,892,281		1.6
Healthcare — Products		21,959,164		2.0
Internet		413,045,985		36.8
Leisure Time		37,142,254		3.3
Pharmaceuticals		29,569,323		2.6
Real Estate		8,344,620		0.7
Retail		14,154,453		1.3
Semiconductors		83,863,684		7.4
Software		141,227,499		12.6
Total Value of Investments		1,100,683,197		98.1
Other assets less liabilities		20,843,328		1.9
Net Assets	$	1,121,526,525		100.0	%

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

126

Portfolio of Investments

Semi-Annual Report June 30, 2021

June 30, 2021 (unaudited)
Baillie Gifford Long Term Global Growth Fund

	Shares		Value
COMMON STOCKS — 98.1%
CANADA — 3.2%
Shopify, Inc., Class A *		24,768	$	36,185,553
CHINA — 24.8%
Alibaba Group Holding Ltd. ADR *		211,940		48,063,753
BeiGene Ltd. ADR *		55,116		18,915,260
Bilibili, Inc. ADR *		92,325		11,248,878
KE Holdings, Inc. ADR *		175,013		8,344,620
Meituan, Class B *		1,412,100		58,250,770
NetEase, Inc. ADR		131,687		15,176,927
NIO, Inc. ADR *		389,128		20,701,610
Pinduoduo, Inc. ADR *		329,285		41,825,781
TAL Education Group ADR *		245,815		6,201,912
Tencent Holdings Ltd.		659,900		49,685,527
				278,415,038
FRANCE — 5.6%
Hermes International		12,317		17,974,342
Kering		50,962		44,653,810
				62,628,152
GERMANY — 2.0%
BioNTech SE ADR *		99,553		22,287,926
INDIA — 1.4%
Housing Development Finance Corp., Ltd.		472,508		15,769,080
NETHERLANDS — 5.9%
Adyen NV *		10,512		25,778,905
ASML Holding NV		59,045		40,759,897
				66,538,802
SAUDI ARABIA — 1.7%
Delivery Hero SE *		145,402		19,211,405
SOUTH KOREA — 1.8%
Coupang, Inc. *		475,604		19,889,759

The accompanying notes are an integral part of the financial statements.
127

Portfolio of Investments

Semi-Annual Report June 30, 2021

June 30, 2021 (unaudited)
Baillie Gifford Long Term Global Growth Fund

	Shares		Value
UNITED STATES — 51.7%
Amazon.com, Inc. *		16,947	$	58,300,392
Atlassian Corp. PLC, Class A *		92,875		23,855,873
Beyond Meat, Inc. *		113,609		17,892,281
Carvana Co. *		46,897		14,154,453
Cloudflare, Inc., Class A *		228,893		24,226,035
Dexcom, Inc. *		69,249		29,569,323
Facebook, Inc., Class A *		79,774		27,738,218
Illumina, Inc. *		106,782		50,530,310
Intuitive Surgical, Inc. *		23,878		21,959,164
Moderna, Inc. *		170,525		40,069,964
Netflix, Inc. *		63,485		33,533,412
NVIDIA Corp.		53,873		43,103,787
Peloton Interactive, Inc., Class A *		299,486		37,142,254
salesforce.com, Inc. *		79,930		19,524,501
Spotify Technology SA *		73,883		20,361,416
Tesla, Inc. *		71,126		48,344,342
Trade Desk, Inc. (The), Class A *		287,700		22,256,472
Workday, Inc., Class A *		102,602		24,495,201
Zoom Video Communications, Inc., Class A *		58,652		22,700,084
				579,757,482
TOTAL INVESTMENTS — 98.1%
(cost $642,690,609)			$	1,100,683,197
Other assets less liabilities — 1.9%				20,843,328
NET ASSETS — 100.0%			$	1,121,526,525

*  Non-income producing security.

ADR  —  American Depositary Receipt

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

Fair Value Measurement

The following is a summary of the inputs used as of June 30, 2021 in valuing the Fund's investments carried at fair value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks **	$	828,599,461	$	272,083,736	$	—	$	1,100,683,197
Total	$	828,599,461	$	272,083,736	$	—	$	1,100,683,197

**  Refer to Portfolio of Investments for further detail.

The accompanying notes are an integral part of the financial statements.
128

Statement of Assets and Liabilities

Semi-Annual Report June 30, 2021

June 30, 2021 (unaudited)
Baillie Gifford Long Term Global Growth Fund

ASSETS
Investments, at value (cost $642,690,609)	$	1,100,683,197
Cash		20,378,452
Capital shares sold receivable		2,024,912
Tax reclaims receivable		64,022
Dividends receivable		7,499
Prepaid assets		38,127
Total Assets		1,123,196,209
LIABILITIES
Advisory fee payable		1,144,394
Administration & Supervisory fee payable		335,491
Shareholder Servicing fee payable		56,860
Capital shares purchased payable		31,286
Trustee fee payable		4,859
Commitment fee payable		1,049
Accrued expenses		95,745
Total Liabilities		1,669,684
NET ASSETS	$	1,121,526,525
COMPOSITION OF NET ASSETS
Paid-in capital	$	605,103,400
Total distributable earnings		516,423,125
	$	1,121,526,525
NET ASSET VALUE, PER SHARE
Class 2 ( $131,676,146 / 3,076,585 shares outstanding), unlimited authorized, no par value	$	42.80
Class 5 ( $111,886,159 / 2,041,112 shares outstanding), unlimited authorized, no par value	$	54.82
Class K ( $380,808,701 / 8,893,551 shares outstanding), unlimited authorized, no par value	$	42.82
Institutional Class ( $497,155,519 / 11,640,441 shares outstanding), unlimited authorized, no par value	$	42.71

The accompanying notes are an integral part of the financial statements.
129

Statement of Operations

Semi-Annual Report June 30, 2021

For the Six Months Ended June 30, 2021 (unaudited)
Baillie Gifford Long Term Global Growth Fund

INVESTMENT INCOME
Dividends (net of foreign withholding taxes of $158,430)	$	871,186
Interest		1,226
Total Investment Income		872,412
EXPENSES
Advisory fee (Note B)		2,195,281
Shareholder Servicing fees — Class 2 shares (Note B)		107,913
Shareholder Servicing fees — Class 5 shares (Note B)		10,959
Administration & Supervisory fee — Class K shares (Note B)		266,630
Administration & Supervisory fee — Institutional Class shares (Note B)		361,635
Transfer agency		44,404
Sub-transfer agency — Institutional Class shares		184,955
Fund accounting		136,712
Legal		49,919
Registration fees		35,625
Custody		32,759
Professional fees		13,658
Trustees' fees		10,512
Commitment fees		2,324
Miscellaneous		14,137
Total Expenses		3,467,423
Net Investment Loss		(2,595,011	)
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain from:
Investments		52,672,178
Foreign currency transactions		29,109
		52,701,287
Net change in unrealized appreciation (depreciation) on:
Investments		47,870,202
Translation of net assets and liabilities denominated in foreign currencies		(14,080	)
		47,856,122
Net realized and unrealized gain		100,557,409
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	97,962,398

The accompanying notes are an integral part of the financial statements.
130

Statements of Changes in Net Assets

Semi-Annual Report June 30, 2021

Baillie Gifford Long Term Global Growth Fund

	For the Six Months Ended June 30, 2021 (unaudited)			For the Year Ended December 31, 2020
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment loss	$	(2,595,011	)	$	(2,891,454	)
Net realized gain		52,701,287			72,767,512
Net change in unrealized appreciation		47,856,122			296,102,012
Net increase in net assets from operations		97,962,398			365,978,070
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings
Class 2		—			(10,181,428	)
Class 5		—			(6,648,326	)
Class K		—			(17,015,889	)
Institutional Class		—			(25,886,267	)
Total Distributions to Shareholders		—			(59,731,910	)
TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
Net proceeds from shares subscribed:
Class 2		29,500			164,000
Class 5		—			109,513,867	*
Class K		146,651,498	*		52,083,127
Institutional Class		165,122,544			223,565,185
Dividends reinvested:
Class 2		—			10,181,428
Class 5		—			6,648,326
Class K		—			17,015,889
Institutional Class		—			25,886,267
Cost of shares redeemed:
Class 2		(14,000,000	)		(12,000,000	)
Class 4		—			(113,363,867	)*
Class 5		(8,000,000	)		(32,000,000	)
Class K		(13,988,697	)		(83,087,481	)
Institutional Class		(64,164,888	)*		(38,874,654	)
Increase in Net Assets from Transactions in Shares of Beneficial Interest		211,649,957			165,732,087
Total Increase in Net Assets		309,612,355			471,978,247
NET ASSETS
Beginning of period		811,914,170			339,935,923
End of period	$	1,121,526,525		$	811,914,170

*  See Note D for details of share class conversions.

The accompanying notes are an integral part of the financial statements.
131

Financial Highlights

Semi-Annual Report June 30, 2021

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

	For the Six Months Ended June 30, 2021 (unaudited)			For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			For the Year Ended December 31, 2017			For the Year Ended December 31, 2016
Net asset value, beginning of period	$	38.45		$	20.68		$	15.51		$	17.33		$	11.25		$	11.76
From Investment Operations
Net investment loss(a)		(0.10	)		(0.17	)		(0.07	)		(0.04	)		(0.08	)		(0.05	)
Net realized and unrealized gain (loss) on investments and foreign currency		4.45			21.17			5.27			(0.22	)		6.16			(0.39	)
Net increase (decrease) in net asset value from investment operations		4.35			21.00			5.20			(0.26	)		6.08			(0.44	)
Dividends and Distributions to Shareholders
From net realized gain on investments		—			(3.23	)		(0.03	)		(1.56	)		—			(0.07	)
Total Dividends and Distributions		—			(3.23	)		(0.03	)		(1.56	)		—			(0.07	)
Proceeds from Purchase Fees and Redemption Fees(a)		—			—			—			—			0.00	(b)		0.00	(b)
Net asset value, end of period	$	42.80		$	38.45		$	20.68		$	15.51		$	17.33		$	11.25
Total Return
Total return based on net asset value(c)		11.32	%		101.77	%		33.49	%		(1.42	)%		54.07	%		(3.80	)%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	131,676		$	131,695		$	72,023		$	54,661		$	59,870		$	32,434
Ratio of net expenses to average net assets, before waiver		0.69	%*		0.71	%		0.76	%		0.79	%		0.82	%		0.87	%
Ratio of net expenses to average net assets, after waiver		0.69	%*		0.71	%		0.76	%		0.77	%		0.77	%		0.77	%
Ratio of net investment loss to average net assets		(0.52	)%*		(0.58	)%		(0.40	)%		(0.22	)%		(0.50	)%		(0.43	)%
Portfolio turnover rate(d)		12	%		40	%		5	%		16	%		13	%		15	%

*  Annualized.

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

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

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

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

The accompanying notes are an integral part of the financial statements.
132

Financial Highlights

Semi-Annual Report June 30, 2021

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

	For the Six Months Ended June 30, 2021 (unaudited)			For the Period July 14, 2020(a) through December 31, 2020			For the Period January 1, 2019 through April 10, 2019(a)			For the Period April 9, 2018(b) through December 31, 2018
Net asset value, beginning of period	$	49.21		$	39.89		$	19.46		$	22.47
From Investment Operations
Net investment income (loss)(c)		(0.09	)		(0.11	)		(0.02	)		0.02
Net realized and unrealized gain (loss) on investments and foreign currency		5.70			12.66			4.17			(1.47	)(d)
Net increase (decrease) in net asset value from investment operations		5.61			12.55			4.15			(1.45	)
Dividends and Distributions to Shareholders
From net realized gain on investments		—			(3.23	)		—			(1.56	)
Total Dividends and Distributions		—			(3.23	)		—			(1.56	)
Net asset value, end of period	$	54.82		$	49.21		$	23.61		$	19.46
Total Return
Total return based on net asset value(e)		11.40	%		31.57	%(f)		21.27	%		(6.41	)%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	111,886		$	108,171		$	67,815		$	58,008
Ratio of net expenses to average net assets, before waiver		0.54	%*		0.55	%*		0.61	%*		0.64	%*
Ratio of net expenses to average net assets, after waiver		0.54	%*		0.55	%*		0.61	%*		0.62	%*
Ratio of net investment income (loss) to average net assets		(0.36	)%*		(0.54	)%*		(0.37	)%*		0.09	%*
Portfolio turnover rate(g)		12	%		40	%		5	%		16	%

*  Annualized.

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

^(b)  Commencement of investment operations.

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

^(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.

^(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 July 14, 2020 (recommencement of investment operations) through December 31, 2020.

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

The accompanying notes are an integral part of the financial statements.
133

Financial Highlights

Semi-Annual Report June 30, 2021

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

	For the Six Months Ended June 30, 2021 (unaudited)			For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			For the Period April 28, 2017(a) through December 31, 2017
Net asset value, beginning of period	$	38.47		$	20.69		$	15.52		$	17.34		$	13.96
From Investment Operations
Net investment loss(b)		(0.10	)		(0.17	)		(0.07	)		(0.04	)		(0.07	)
Net realized and unrealized gain (loss) on investments and foreign currency		4.45			21.18			5.27			(0.22	)		3.45
Net increase (decrease) in net asset value from investment operations		4.35			21.01			5.20			(0.26	)		3.38
Dividends and Distributions to Shareholders
From net realized gain on investments		—			(3.23	)		(0.03	)		(1.56	)		—
Total Dividends and Distributions		—			(3.23	)		(0.03	)		(1.56	)		—
Net asset value, end of period	$	42.82		$	38.47		$	20.69		$	15.52		$	17.34
Total Return
Total return based on net asset value(c)		11.31	%		101.76	%		33.50	%		(1.41	)%		24.21	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	380,809		$	221,188		$	136,096		$	75,402		$	70,639
Ratio of net expenses to average net assets, before waiver		0.69	%*		0.71	%		0.76	%		0.79	%		0.80	%*
Ratio of net expenses to average net assets, after waiver		0.69	%*		0.71	%		0.76	%		0.77	%		0.77	%*
Ratio of net investment loss to average net assets		(0.51	)%*		(0.57	)%		(0.41	)%		(0.23	)%		(0.61	)%*
Portfolio turnover rate(d)		12	%		40	%		5	%		16	%		13	%

*  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.

The accompanying notes are an integral part of the financial statements.
134

Financial Highlights

Semi-Annual Report June 30, 2021

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

	For the Six Months Ended June 30, 2021 (unaudited)			For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			For the Period April 28, 2017(a) through December 31, 2017
Net asset value, beginning of period	$	38.38		$	20.66		$	15.51		$	17.34		$	13.96
From Investment Operations
Net investment loss(b)		(0.12	)		(0.22	)		(0.10	)		(0.19	)		(0.06	)
Net realized and unrealized gain (loss) on investments and foreign currency		4.45			21.17			5.28			(0.08	)(c)		3.44
Net increase (decrease) in net asset value from investment operations		4.33			20.95			5.18			(0.27	)		3.38
Dividends and Distributions to Shareholders
From net realized gain on investments		—			(3.23	)		(0.03	)		(1.56	)		—
Total Dividends and Distributions		—			(3.23	)		(0.03	)		(1.56	)		—
Net asset value, end of period	$	42.71		$	38.38		$	20.66		$	15.51		$	17.34
Total Return
Total return based on net asset value(d)		11.28	%		101.61	%		33.40	%		(1.47	)%		24.21	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	497,156		$	350,860		$	57,009		$	356		$	6
Ratio of net expenses to average net assets, before waiver		0.78	%*		0.79	%		0.86	%		0.88	%		0.80	%*
Ratio of net expenses to average net assets, after waiver		0.78	%*		0.79	%		0.86	%		0.87	%		0.80	%*
Ratio of net investment loss to average net assets		(0.60	)%*		(0.68	)%		(0.53	)%		(0.91	)%		(0.56	)%*
Portfolio turnover rate(e)		12	%		40	%		5	%		16	%		13	%

*  Annualized.

^(a)  Commencement of investment operations.

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

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

^(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.

The accompanying notes are an integral part of the financial statements.
135

Industry Diversification Table

Semi-Annual Report June 30, 2021

June 30, 2021 (unaudited)
Baillie Gifford Positive Change Equities Fund

	Value			% of Total Net Assets
Auto Manufacturers	$	11,420,999			7.4	%
Banks		2,731,268			1.8
Biotechnology		26,233,622			17.0
Building Materials		5,805,917			3.8
Chemicals		14,704,312			9.6
Commercial Services		1,561,552			1.0
Computers		980,588			0.6
Diversified Financial Services		4,257,613			2.8
Electric		3,293,719			2.1
Electronics		2,899,751			1.9
Food		3,441,471			2.2
Healthcare — Products		9,434,974			6.1
Healthcare — Services		3,541,312			2.3
Insurance		2,569,488			1.7
Internet		21,934,081			14.2
Leisure Time		2,549,479			1.7
Machinery — Diversified		8,100,629			5.3
Pharmaceuticals		7,024,999			4.5
Semiconductors		21,078,793			13.7
Telecommunications		1,075,280			0.7
Total Value of Investments		154,639,847			100.4
Other assets less liabilities		(560,269	)		(0.4	)
Net Assets	$	154,079,578			100.0	%

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

136

Portfolio of Investments

Semi-Annual Report June 30, 2021

June 30, 2021 (unaudited)
Baillie Gifford Positive Change Equities Fund

	Shares		Value
COMMON STOCKS — 98.5%
ARGENTINA — 5.0%
MercadoLibre, Inc. *		4,981	$	7,759,352
BELGIUM — 3.6%
Umicore SA		90,626		5,544,328
CANADA — 3.6%
AbCellera Biologics, Inc. *		50,444		1,109,768
Shopify, Inc., Class A *		3,074		4,491,052
				5,600,820
CHINA — 2.2%
Alibaba Group Holding Ltd. *		120,800		3,425,144
DENMARK — 6.3%
Chr. Hansen Holding A/S		36,529		3,296,857
Novozymes A/S, B Shares		42,043		3,172,129
Orsted AS		23,466		3,293,720
				9,762,706
INDIA — 2.8%
Housing Development Finance Corp., Ltd.		127,576		4,257,613
INDONESIA — 1.8%
Bank Rakyat Indonesia Persero Tbk PT		10,045,300		2,731,268
JAPAN — 4.1%
M3, Inc.		85,900		6,258,532
KENYA — 0.7%
Safaricom PLC		2,799,100		1,075,280
NETHERLANDS — 7.3%
ASML Holding NV		16,214		11,192,836
SOUTH AFRICA — 1.7%
Discovery Ltd. *		290,586		2,569,488

The accompanying notes are an integral part of the financial statements.
137

Portfolio of Investments

Semi-Annual Report June 30, 2021

June 30, 2021 (unaudited)
Baillie Gifford Positive Change Equities Fund

	Shares		Value
SWEDEN — 3.8%
Nibe Industrier AB, B Shares		550,982	$	5,805,917
TAIWAN — 6.4%
Taiwan Semiconductor Manufacturing Co., Ltd.		459,000		9,885,957
UNITED KINGDOM — 0.6%
FDM Group Holdings PLC		69,457		980,588
UNITED STATES — 48.6%
10X Genomics, Inc., Class A *		25,015		4,898,437
ABIOMED, Inc. *		10,575		3,300,563
Alnylam Pharmaceuticals, Inc. *		21,251		3,602,470
Berkeley Lights, Inc. *		28,972		1,298,235
Beyond Meat, Inc. *		21,852		3,441,472
Coursera, Inc. *		39,473		1,561,552
Deere & Co.		11,013		3,884,395
Dexcom, Inc. *		13,853		5,915,231
Ecolab, Inc.		13,065		2,690,998
Glaukos Corp. *		14,570		1,235,973
Illumina, Inc. *		15,841		7,496,120
Moderna, Inc. *		58,885		13,836,797
Peloton Interactive, Inc., Class A *		20,557		2,549,479
Teladoc Health, Inc. *		21,296		3,541,312
Tesla, Inc. *		16,803		11,420,999
Xylem, Inc.		35,147		4,216,234
				74,890,267
Total Common Stocks
(cost $109,198,669)				151,740,096
PREFERRED STOCKS — 1.9%
GERMANY — 1.9%
Sartorius AG 0.15% (cost $2,016,487)		5,571		2,899,751
TOTAL INVESTMENTS — 100.4% **
(cost $111,215,156)			$	154,639,847
Other liabilities less assets — (0.4)%				(560,269	)
NET ASSETS — 100.0%			$	154,079,578

The accompanying notes are an integral part of the financial statements.
138

Portfolio of Investments

Semi-Annual Report June 30, 2021

June 30, 2021 (unaudited)
Baillie Gifford Positive Change Equities Fund

*  Non-income producing security.

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

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

Fair Value Measurement

The following is a summary of the inputs used as of June 30, 2021 in valuing the Fund's investments carried at fair value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks ***	$	95,192,065	$	56,548,031	$	—	$	151,740,096
Preferred Stocks ***		—		2,899,751		—		2,899,751
Total	$	95,192,065	$	59,447,782	$	—	$	154,639,847

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

The accompanying notes are an integral part of the financial statements.
139

Statement of Assets and Liabilities

Semi-Annual Report June 30, 2021

June 30, 2021 (unaudited)
Baillie Gifford Positive Change Equities Fund

ASSETS
Investments, at value (cost $111,215,156)	$	154,639,847
Cash		2,855,785
Capital shares sold receivable		716,576
Dividends receivable		49,011
Tax reclaims receivable		36,365
Due from Investment Advisor		3,866
Prepaid assets		22,690
Total Assets		158,324,140
LIABILITIES
Advisory fee payable		113,542
Capital shares purchased payable		3,008,295
Payable for investment purchased		1,003,868
Administration & Supervisory fee payable		58,640
Trustee fee payable		569
Commitment fee payable		132
Accrued expenses		59,516
Total Liabilities		4,244,562
NET ASSETS	$	154,079,578
COMPOSITION OF NET ASSETS
Paid-in capital	$	104,913,460
Total distributable earnings		49,166,118
	$	154,079,578
NET ASSET VALUE, PER SHARE
Class K ( $87,478,185 / 3,255,558 shares outstanding), unlimited authorized, no par value	$	26.87
Institutional Class ( $66,601,393 / 2,481,219 shares outstanding), unlimited authorized, no par value	$	26.84

The accompanying notes are an integral part of the financial statements.
140

Statement of Operations

Semi-Annual Report June 30, 2021

For the Six Months Ended June 30, 2021 (unaudited)
Baillie Gifford Positive Change Equities Fund

INVESTMENT INCOME
Dividends (net of foreign withholding taxes of $64,046)	$	362,617
Interest		95
Total Investment Income		362,712
EXPENSES
Advisory fee (Note B)		204,325
Administration & Supervisory fee — Class K shares (Note B)		60,350
Administration & Supervisory fee — Institutional Class shares (Note B)		44,908
Transfer agency		25,653
Sub-transfer agency — Institutional Class shares		11,422
Fund accounting		47,175
Registration fees		21,787
Custody		17,228
Professional fees		13,965
Legal		5,848
Trustees' fees		1,308
Commitment fees		278
Miscellaneous		5,405
Total Expenses		459,652
Fees waived/expenses reimbursed		(45,772	)
Total Expenses after waiver		413,880
Net Investment Loss		(51,168	)
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) from:
Investments		2,976,261
Foreign currency transactions		(4,840	)
		2,971,421
Net change in unrealized appreciation (depreciation) on:
Investments		11,946,463
Translation of net assets and liabilities denominated in foreign currencies		(862	)
		11,945,601
Net realized and unrealized gain		14,917,022
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	14,865,854

The accompanying notes are an integral part of the financial statements.
141

Statements of Changes in Net Assets

Semi-Annual Report June 30, 2021

Baillie Gifford Positive Change Equities Fund

	For the Six Months Ended June 30, 2021 (unaudited)			For the Year Ended December 31, 2020
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment loss	$	(51,168	)	$	(99,787	)
Net realized gain		2,971,421			6,603,452
Net change in unrealized appreciation		11,945,601			27,867,351
Net increase in net assets from operations		14,865,854			34,371,016
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings
Class K		—			(2,264,794	)
Institutional Class		—			(1,368,157	)
Total Distributions to Shareholders		—			(3,632,951	)
TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
Net proceeds from shares subscribed:
Class K		21,335,110			29,045,519
Institutional Class		29,198,555			15,232,525
Dividends reinvested:
Class K		—			1,516,124
Institutional Class		—			1,350,344
Cost of shares redeemed:
Class K		(2,690,470	)		(5,528,256	)
Institutional Class		(4,623,848	)		(3,001,141	)
Increase in Net Assets from Transactions in Shares of Beneficial Interest		43,219,347			38,615,115
Total Increase in Net Assets		58,085,201			69,353,180
NET ASSETS
Beginning of period		95,994,377			26,641,197
End of period	$	154,079,578		$	95,994,377

The accompanying notes are an integral part of the financial statements.
142

Financial Highlights

Semi-Annual Report June 30, 2021

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

	For the Six Months Ended June 30, 2021 (unaudited)			For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			For the Period December 14, 2017(a) through December 31, 2017
Net asset value, beginning of period	$	23.81		$	13.13		$	10.10		$	10.16		$	10.00
From Investment Operations
Net investment income (loss)(b)		(0.01	)		(0.04	)		0.05			(0.02	)		(0.00	)(c)
Net realized and unrealized gain (loss) on investments and foreign currency		3.07			11.65			3.04			(0.04	)(d)		0.16
Net increase (decrease) in net asset value from investment operations		3.06			11.61			3.09			(0.06	)		0.16
Dividends and Distributions to Shareholders
From net investment income		—			—			(0.04	)		—			—
From net realized gain on investments		—			(0.93	)		(0.02	)		—			—
Total Dividends and Distributions		—			(0.93	)		(0.06	)		—			—
Net asset value, end of period	$	26.87		$	23.81		$	13.13		$	10.10		$	10.16
Total Return
Total return based on net asset value(e)		12.85	%		88.43	%		30.53	%		(0.59	)%		1.60	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	87,478		$	59,594		$	15,923		$	5,036		$	508
Ratio of net expenses to average net assets, before waiver		0.72	%*		1.02	%		1.63	%		3.21	%		53.13	%*
Ratio of net expenses to average net assets, after waiver		0.65	%*		0.65	%		0.65	%		0.65	%		0.65	%
Ratio of net investment income (loss) to average net assets		(0.07	)%*		(0.19	)%		0.44	%		(0.14	)%		(0.47	)%*
Portfolio turnover rate(f)		15	%		40	%		7	%		7	%		0	%

*  Annualized.

^(a)  Commencement of investment operations.

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

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

^(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.

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

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

The accompanying notes are an integral part of the financial statements.
143

Financial Highlights

Semi-Annual Report June 30, 2021

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

	For the Six Months Ended June 30, 2021 (unaudited)			For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			For the Period December 14, 2017(a) through December 31, 2017
Net asset value, beginning of period	$	23.79		$	13.13		$	10.10		$	10.16		$	10.00
From Investment Operations
Net investment income (loss)(b)		(0.01	)		(0.04	)		0.05			(0.02	)		(0.00	)(c)
Net realized and unrealized gain (loss) on investments and foreign currency		3.06			11.63			3.03			(0.04	)(d)		0.16
Net increase (decrease) in net asset value from investment operations		3.05			11.59			3.08			(0.06	)		0.16
Dividends and Distributions to Shareholders
From net investment income		—			—			(0.03	)		—			—
From net realized gain on investments		—			(0.93	)		(0.02	)		—			—
Total Dividends and Distributions		—			(0.93	)		(0.05	)		—			—
Net asset value, end of period	$	26.84		$	23.79		$	13.13		$	10.10		$	10.16
Total Return
Total return based on net asset value(e)		12.82	%		88.28	%		30.49	%		(0.59	)%		1.60	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	66,601		$	36,400		$	10,718		$	7,492		$	508
Ratio of net expenses to average net assets, before waiver		0.77	%*		1.05	%		1.63	%		3.21	%		53.13	%*
Ratio of net expenses to average net assets, after waiver		0.69	%*		0.68	%		0.65	%		0.65	%		0.80	%*
Ratio of net investment income (loss) to average net assets		(0.09	)%*		(0.21	)%		0.41	%		(0.14	)%		(0.47	)%*
Portfolio turnover rate(f)		15	%		40	%		7	%		7	%		0	%

*  Annualized.

^(a)  Commencement of investment operations.

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

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

^(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.

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

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

The accompanying notes are an integral part of the financial statements.
144

Industry Diversification Table

Semi-Annual Report June 30, 2021

June 30, 2021 (unaudited)
Baillie Gifford U.S. Discovery Fund

	Value		% of Total Net Assets
Aerospace/Defense	$	18,828		1.7	%
Biotechnology		103,988		9.5
Chemicals		26,059		2.4
Commercial Services		50,407		4.6
Computers		50,434		4.6
Diversified Financial Services		20,764		1.9
Electrical Components & Equipment		15,632		1.4
Healthcare — Products		167,258		15.3
Healthcare — Services		17,675		1.6
Home Furnishings		18,491		1.7
Insurance		29,005		2.7
Internet		137,356		12.5
Miscellaneous Manufacturing		30,410		2.8
Pharmaceuticals		20,085		1.8
Real Estate		18,643		1.7
Retail		18,252		1.7
Semiconductors		69,168		6.3
Software		273,968		25.0
Total Value of Investments		1,086,423		99.2
Other assets less liabilities		8,409		0.8
Net Assets	$	1,094,832		100.0	%

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

145

Portfolio of Investments

Semi-Annual Report June 30, 2021

June 30, 2021 (unaudited)
Baillie Gifford U.S. Discovery Fund

	Shares		Value
COMMON STOCKS — 99.2%
ISRAEL — 1.8%
JFrog Ltd. *		437	$	19,892
UNITED STATES — 97.4%
Adaptimmune Therapeutics PLC ADR *		1,791		7,630
AeroVironment, Inc. *		188		18,828
Ambarella, Inc. *		218		23,245
American Well Corp., Class A *		1,405		17,675
Axogen, Inc. *		538		11,626
Axon Enterprise, Inc. *		172		30,410
Bandwidth, Inc., Class A *		161		22,205
Benefitfocus, Inc. *		750		10,575
Berkeley Lights, Inc. *		418		18,731
Blackline, Inc. *		229		25,481
Cardlytics, Inc. *		171		21,705
Cargurus, Inc. *		429		11,253
CEVA, Inc. *		191		9,034
Chegg, Inc. *		310		25,764
Cloudera, Inc. *		2,087		33,100
Codexis, Inc. *		1,150		26,059
CyberArk Software Ltd. *		186		24,230
Denali Therapeutics, Inc. *		178		13,962
Digimarc Corp. *		318		10,653
Everbridge, Inc. *		203		27,624
EverQuote, Inc., Class A *		747		24,412
Freshpet, Inc. *		112		18,252
Glaukos Corp. *		167		14,167
IPG Photonics Corp. *		97		20,445
iRobot Corp. *		198		18,491
Kaleido Biosciences, Inc. *		1,070		7,961
LendingTree, Inc. *		98		20,764
LiveRamp Holdings, Inc. *		526		24,643
Medallia, Inc. *		542		18,292
Novanta, Inc. *		116		15,632
Novocure Ltd. *		177		39,262
Pacira BioSciences, Inc. *		331		20,085
Precision BioSciences, Inc. *		826		10,342
Q2 Holdings, Inc. *		249		25,542
Quanterix Corp. *		359		21,059
Redfin Corp. *		294		18,643
Rubius Therapeutics, Inc. *		414		10,106
Shockwave Medical, Inc. *		163		30,926
Sprout Social, Inc., Class A *		391		34,963
STAAR Surgical Co. *		222		33,855
Stitch Fix, Inc., Class A *		475		28,643
Stratasys Ltd. *		356		9,206
Sutro Biopharma, Inc. *		1,019		18,943
Tabula Rasa HealthCare, Inc. *		431		21,550

The accompanying notes are an integral part of the financial statements.
146

Portfolio of Investments

Semi-Annual Report June 30, 2021

June 30, 2021 (unaudited)
Baillie Gifford U.S. Discovery Fund

	Shares		Value
Tandem Diabetes Care, Inc. *		168	$	16,363
Trupanion, Inc. *		252		29,005
Upwork, Inc. *		815		47,506
Varonis Systems, Inc. *		295		16,998
Veeco Instruments, Inc. *		684		16,443
Xencor, Inc. *		473		16,314
Zuora, Inc., Class A *		1,619		27,928
				1,066,531
TOTAL INVESTMENTS — 99.2%
(cost $990,315)			$	1,086,423
Other assets less liabilities — 0.8%				8,409
NET ASSETS — 100.0%			$	1,094,832

*  Non-income producing security.

ADR  —  American Depositary Receipt

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

Fair Value Measurement

The following is a summary of the inputs used as of June 30, 2021 in valuing the Fund's investments carried at fair value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks **	$	1,086,423	$	—	$	—	$	1,086,423
Total	$	1,086,423	$	—	$	—	$	1,086,423

**  Refer to Portfolio of Investments for further detail.

The accompanying notes are an integral part of the financial statements.
147

Statement of Assets and Liabilities

Semi-Annual Report June 30, 2021

June 30, 2021 (unaudited)
Baillie Gifford U.S. Discovery Fund

ASSETS
Investments, at value (cost $990,315)	$	1,086,423
Cash		20,447
Due from Investment Advisor		13,617
Total Assets		1,120,487
LIABILITIES
Advisory fee payable		778
Administration & Supervisory fee payable		265
Trustee fee payable		3
Commitment fee payable		1
Accrued expenses		24,608
Total Liabilities		25,655
NET ASSETS	$	1,094,832
COMPOSITION OF NET ASSETS
Paid-in capital	$	1,000,000
Total distributable earnings		94,832
	$	1,094,832
NET ASSET VALUE, PER SHARE
Class K ( $547,416 / 50,000 shares outstanding), unlimited authorized, no par value	$	10.95
Institutional Class ( $547,416 / 50,000 shares outstanding), unlimited authorized, no par value	$	10.95

The accompanying notes are an integral part of the financial statements.
148

Statement of Operations

Semi-Annual Report June 30, 2021

For the Period May 6, 2021 through June 30, 2021 (unaudited)
Baillie Gifford U.S. Discovery Fund

EXPENSES
Advisory fee (Note B)	$	778
Administration & Supervisory fee — Class K shares (Note B)		132
Administration & Supervisory fee — Institutional Class shares (Note B)		132
Transfer agency		4,604
Fund accounting		7,748
Registration fees		7,671
Professional fees		4,847
Custody		92
Legal		16
Trustees' fees		3
Commitment fees		1
Miscellaneous		680
Total Expenses		26,704
Fees waived/expenses reimbursed		(25,428	)
Total Expenses after waiver		1,276
Net Investment Loss		(1,276	)
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain from:
Investments		—
Net change in unrealized appreciation on:
Investments		96,108
		96,108
Net realized and unrealized gain		96,108
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	94,832

*  Commencement of investment operations.

The accompanying notes are an integral part of the financial statements.
149

Statements of Changes in Net Assets

Semi-Annual Report June 30, 2021

Baillie Gifford U.S. Discovery Fund

	For the Period May 6, 2021(a) through June 30, 2021 (unaudited)
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment loss	$	(1,276	)
Net realized gain		—
Net change in unrealized appreciation		96,108
Net increase in net assets from operations		94,832
TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
Net proceeds from shares subscribed:
Class K		500,000
Institutional Class		500,000
Increase in Net Assets from Transactions in Shares of Beneficial Interest		1,000,000
Total Increase in Net Assets		1,094,832
NET ASSETS
Beginning of period		—
End of period	$	1,094,832

^(a)  Commencement of investment operations.

The accompanying notes are an integral part of the financial statements.
150

Financial Highlights

Semi-Annual Report June 30, 2021

Baillie Gifford U.S. Discovery Fund
Selected data for a Class K share outstanding throughout the period:

	For the Period May 6, 2021(a) through June 30, 2021 (unaudited)
Net asset value, beginning of period	$	10.00
From Investment Operations
Net investment loss(b)		(0.01	)
Net realized and unrealized gain on investments and foreign currency		0.96
Net increase in net asset value from investment operations		0.95
Net asset value, end of period	$	10.95
Total Return
Total return based on net asset value(c)		9.50	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	547
Ratio of net expenses to average net assets, before waiver		17.15	%*
Ratio of net expenses to average net assets, after waiver		0.82	%*
Ratio of net investment loss to average net assets		(0.82	)%*
Portfolio turnover rate(d)		0	%

*  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.

The accompanying notes are an integral part of the financial statements.
151

Financial Highlights

Semi-Annual Report June 30, 2021

Baillie Gifford U.S. Discovery Fund
Selected data for an Institutional Class share outstanding throughout the period:

	For the Period May 6, 2021(a) through June 30, 2021 (unaudited)
Net asset value, beginning of period	$	10.00
From Investment Operations
Net investment loss(b)		(0.01	)
Net realized and unrealized gain on investments and foreign currency		0.96
Net increase in net asset value from investment operations		0.95
Net asset value, end of period	$	10.95
Total Return
Total return based on net asset value(c)		9.50	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	547
Ratio of net expenses to average net assets, before waiver		17.15	%*
Ratio of net expenses to average net assets, after waiver		0.82	%*
Ratio of net investment loss to average net assets		(0.82	)%*
Portfolio turnover rate(d)		0	%

*  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.

The accompanying notes are an integral part of the financial statements.
152

Industry Diversification Table

Semi-Annual Report June 30, 2021

June 30, 2021 (unaudited)
Baillie Gifford U.S. Equity Growth Fund

	Value		% of Total Net Assets
Advertising	$	8,019,138		4.9	%
Aerospace/Defense		993,192		0.6
Auto Manufacturers		6,612,122		4.0
Banks		3,904,740		2.4
Biotechnology		18,026,326		10.9
Commercial Services		12,128,369		7.4
Distribution/Wholesale		2,234,359		1.4
Healthcare — Products		12,899,585		7.8
Healthcare — Services		1,866,439		1.1
Insurance		2,326,822		1.4
Internet		57,678,961		35.0
Real Estate		2,882,619		1.7
Retail		5,792,002		3.5
Semiconductors		2,657,132		1.6
Software		24,134,709		14.6
Total Value of Investments		162,156,515		98.3
Other assets less liabilities		2,854,815		1.7
Net Assets	$	165,011,330		100.0	%

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

153

Portfolio of Investments

Semi-Annual Report June 30, 2021

June 30, 2021 (unaudited)
Baillie Gifford U.S. Equity Growth Fund

	Shares		Value
COMMON STOCKS — 98.3%
CANADA — 8.5%
Shopify, Inc., Class A *		9,587	$	14,006,415
UNITED STATES — 89.8%
10X Genomics, Inc., Class A *		14,587		2,856,426
ABIOMED, Inc. *		7,468		2,330,837
Affirm Holdings, Inc. *		24,915		1,678,025
Alnylam Pharmaceuticals, Inc. *		10,742		1,820,984
Amazon.com, Inc. *		2,820		9,701,251
Appian Corp. *		21,330		2,938,207
Carvana Co. *		10,917		3,294,969
Chegg, Inc. *		44,608		3,707,371
Chewy, Inc., Class A *		37,519		2,990,639
Cloudflare, Inc., Class A *		31,095		3,291,095
CoStar Group, Inc. *		35,680		2,955,018
Coursera, Inc. *		30,573		1,209,468
Datadog, Inc., Class A *		14,689		1,528,831
Denali Therapeutics, Inc. *		36,512		2,864,001
DoorDash, Inc., Class A *		6,385		1,138,637
First Republic Bank		20,862		3,904,741
Glaukos Corp. *		20,824		1,766,500
HEICO Corp., Class A		7,998		993,192
Illumina, Inc. *		10,445		4,942,678
Lemonade, Inc. *		21,267		2,326,822
Lyft, Inc., Class A *		8,775		530,712
MarketAxess Holdings, Inc.		5,562		2,578,488
Moderna, Inc. *		30,814		7,240,674
Netflix, Inc. *		9,428		4,979,964
Novocure Ltd. *		19,236		4,266,930
NVIDIA Corp.		3,321		2,657,132
Penumbra, Inc. *		6,126		1,678,892
Pinterest, Inc., Class A *		30,962		2,444,450
Recursion Pharmaceuticals, Inc., Class A *		18,114		661,161
Redfin Corp. *		45,460		2,882,619
Roku, Inc. *		17,354		7,969,824
Sana Biotechnology, Inc. *		25,271		496,828
Snap, Inc., Class A *		24,625		1,677,947
Snowflake, Inc., Class A *		7,155		1,730,079

The accompanying notes are an integral part of the financial statements.
154

Portfolio of Investments

Semi-Annual Report June 30, 2021

June 30, 2021 (unaudited)
Baillie Gifford U.S. Equity Growth Fund

	Shares		Value
Stitch Fix, Inc., Class A *		27,910	$	1,682,973
Teladoc Health, Inc. *		11,224		1,866,439
Tesla, Inc. *		9,728		6,612,122
Trade Desk, Inc. (The), Class A *		103,660		8,019,138
Twilio, Inc., Class A *		16,517		6,510,341
Vroom, Inc. *		59,652		2,497,033
Watsco, Inc.		7,795		2,234,359
Wayfair, Inc., Class A *		28,012		8,843,668
Workday, Inc., Class A *		10,719		2,559,054
Zillow Group, Inc., Class A *		13,976		1,712,479
Zoom Video Communications, Inc., Class A *		14,410		5,577,102
				148,150,100
TOTAL INVESTMENTS — 98.3%
(cost $112,616,664)			$	162,156,515
Other assets less liabilities — 1.7%				2,854,815
NET ASSETS — 100.0%			$	165,011,330

*  Non-income producing security.

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

Fair Value Measurement

The following is a summary of the inputs used as of June 30, 2021 in valuing the Fund's investments carried at fair value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks **	$	162,156,515	$	—	$	—	$	162,156,515
Total	$	162,156,515	$	—	$	—	$	162,156,515

**  Refer to Portfolio of Investments for further detail.

The accompanying notes are an integral part of the financial statements.
155

Statement of Assets and Liabilities

Semi-Annual Report June 30, 2021

June 30, 2021 (unaudited)
Baillie Gifford U.S. Equity Growth Fund

ASSETS
Investments, at value (cost $112,616,664)	$	162,156,515
Cash		2,839,287
Capital shares sold receivable		414,174
Due from Investment Advisor		1,893
Dividends receivable		1,252
Prepaid assets		29,271
Total Assets		165,442,392
LIABILITIES
Advisory fee payable		119,791
Capital shares purchased payable		198,563
Administration & Supervisory fee payable		61,723
Trustee fee payable		798
Commitment fee payable		157
Accrued expenses		50,030
Total Liabilities		431,062
NET ASSETS	$	165,011,330
COMPOSITION OF NET ASSETS
Paid-in capital	$	110,629,593
Total distributable earnings		54,381,737
	$	165,011,330
NET ASSET VALUE, PER SHARE
Class K ( $88,703,363 / 1,941,777 shares outstanding), unlimited authorized, no par value	$	45.68
Institutional Class ( $76,307,967 / 1,673,876 shares outstanding), unlimited authorized, no par value	$	45.59

The accompanying notes are an integral part of the financial statements.
156

Statement of Operations

Semi-Annual Report June 30, 2021

For the Six Months Ended June 30, 2021 (unaudited)
Baillie Gifford U.S. Equity Growth Fund

INVESTMENT INCOME
Dividends	$	48,682
Interest		114
Total Investment Income		48,796
EXPENSES
Advisory fee (Note B)		230,528
Administration & Supervisory fee — Class K shares (Note B)		62,227
Administration & Supervisory fee — Institutional Class shares (Note B)		56,530
Transfer agency		21,998
Sub-transfer agency — Institutional Class shares		29,783
Fund accounting		40,957
Registration fees		26,909
Professional fees		12,139
Custody		8,469
Legal		6,706
Trustees' fees		1,572
Line of Credit		1,136
Commitment fees		337
Miscellaneous		3,671
Total Expenses		502,962
Fees waived/expenses reimbursed		(19,108	)
Total Expenses after waiver		483,854
Net Investment Loss		(435,058	)
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain from:
Investments		2,106,948
		2,106,948
Net change in unrealized appreciation on:
Investments		13,835,522
		13,835,522
Net realized and unrealized gain		15,942,470
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	15,507,412

The accompanying notes are an integral part of the financial statements.
157

Statements of Changes in Net Assets

Semi-Annual Report June 30, 2021

Baillie Gifford U.S. Equity Growth Fund

	For the Six Months Ended June 30, 2021 (unaudited)			For the Year Ended December 31, 2020
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment loss	$	(435,058	)	$	(267,455	)
Net realized gain		2,106,948			6,406,378
Net change in unrealized appreciation		13,835,522			33,266,753
Net increase in net assets from operations		15,507,412			39,405,676
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings
Class K		—			(1,796,813	)
Institutional Class		—			(1,331,225	)
Total Distributions to Shareholders		—			(3,128,038	)
TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
Net proceeds from shares subscribed:
Class K		21,355,604			26,113,885
Institutional Class		58,302,272			29,537,484
Dividends reinvested:
Class K		—			1,747,331
Institutional Class		—			1,331,225
Cost of shares redeemed:
Class K		(1,744,094	)		(7,048,968	)
Institutional Class		(29,218,207	)		(4,481,602	)
Increase in Net Assets from Transactions in Shares of Beneficial Interest		48,695,575			47,199,355
Total Increase in Net Assets		64,202,987			83,476,993
NET ASSETS
Beginning of period		100,808,343			17,331,350
End of period	$	165,011,330		$	100,808,343

The accompanying notes are an integral part of the financial statements.
158

Financial Highlights

Semi-Annual Report June 30, 2021

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

	For the Six Months Ended June 30, 2021 (unaudited)			For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			For the Period April 28, 2017(a) through December 31, 2017
Net asset value, beginning of period	$	39.85		$	18.25		$	14.25		$	13.39		$	11.49
From Investment Operations
Net investment loss(b)		(0.12	)		(0.16	)		(0.08	)		(0.07	)		(0.03	)
Net realized and unrealized gain on investments and foreign currency		5.95			23.07			4.33			1.22	(c)		1.98
Net increase in net asset value from investment operations		5.83			22.91			4.25			1.15			1.95
Dividends and Distributions to Shareholders
From net realized gain on investments		—			(1.31	)		(0.25	)		(0.29	)		(0.05	)
Total Dividends and Distributions		—			(1.31	)		(0.25	)		(0.29	)		(0.05	)
Net asset value, end of period	$	45.68		$	39.85		$	18.25		$	14.25		$	13.39
Total Return
Total return based on net asset value(d)		14.60	%		125.57	%		29.78	%		8.60	%		17.01	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	88,703		$	58,076		$	13,867		$	10,594		$	1,344
Ratio of net expenses to average net assets, before waiver		0.68	%*		0.97	%		1.72	%		7.75	%		13.11	%*
Ratio of net expenses to average net assets, after waiver		0.65	%*		0.65	%		0.65	%		0.63	%		0.57	%*
Ratio of net investment loss to average net assets		(0.58	)%*		(0.55	)%		(0.45	)%		(0.46	)%		(0.31	)%*
Portfolio turnover rate(e)		30	%		33	%		18	%		107	%		15	%

*  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.

^(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.

The accompanying notes are an integral part of the financial statements.
159

Financial Highlights

Semi-Annual Report June 30, 2021

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

	For the Six Months Ended June 30, 2021 (unaudited)			For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			For the Period April 28, 2017(a) through December 31, 2017
Net asset value, beginning of period	$	39.78		$	18.23		$	14.21		$	13.39		$	11.49
From Investment Operations
Net investment loss(b)		(0.14	)		(0.20	)		(0.10	)		(0.10	)		(0.03	)
Net realized and unrealized gain on investments and foreign currency		5.95			23.06			4.37			1.21	(c)		1.98
Net increase in net asset value from investment operations		5.81			22.86			4.27			1.11			1.95
Dividends and Distributions to Shareholders
From net realized gain on investments		—			(1.31	)		(0.25	)		(0.29	)		(0.05	)
Total Dividends and Distributions		—			(1.31	)		(0.25	)		(0.29	)		(0.05	)
Net asset value, end of period	$	45.59		$	39.78		$	18.23		$	14.21		$	13.39
Total Return
Total return based on net asset value(d)		14.58	%		125.43	%		30.01	%(e)		8.30	%		17.01	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	76,308		$	42,732		$	3,464		$	6		$	6
Ratio of net expenses to average net assets, before waiver		0.77	%*		1.06	%		1.82	%		6.69	%		13.11	%*
Ratio of net expenses to average net assets, after waiver		0.74	%*		0.74	%		0.75	%		0.78	%		0.72	%*
Ratio of net investment loss to average net assets		(0.67	)%*		(0.65	)%		(0.56	)%		(0.53	)%		(0.31	)%*
Portfolio turnover rate(f)		30	%		33	%		18	%		107	%		15	%

*  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.

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

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

The accompanying notes are an integral part of the financial statements.
160

Notes to Financial Statements (unaudited)

Semi-Annual Report June 30, 2021

Note A — Organization and Accounting Policies

Each fund identified in the table below (each, a "Fund", and collectively, the "Funds") is a series of Baillie Gifford Funds (the "Trust"). The Trust includes two other series, Baillie Gifford Multi Asset Fund and Baillie Gifford International All Cap Fund, that are not included in this report, and three other series, Baillie Gifford Asia Ex Japan Fund, Baillie Gifford China Equities Fund, and Baillie Gifford Japan Growth Fund, which have not yet commenced operations as of June 30, 2021. The

investment objective of each Fund includes achieving capital appreciation. For more detail on specific objectives of each Fund and a description of each share class, please refer to the relevant prospectus. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The Trust was organized as a Massachusetts business trust on June 21, 2000, under the laws of Massachusetts. The Trust operates pursuant to the Second Amended and Restated Agreement and Declaration of Trust dated February 27, 2017, as amended from time to time.

The following table is a summary of classes of the Funds with shares outstanding as of June 30, 2021:

Baillie Gifford China A Shares Growth 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. Discovery Fund

Baillie Gifford U.S. Equity Growth Fund

Class 2

N/A

X

X

X

X

N/A

X

N/A

X

N/A

X

N/A

N/A

N/A

Class 3

N/A

X

X

X

X

N/A

X

N/A

X

N/A

N/A

N/A

N/A

N/A

Class 4

N/A

X

N/A

X

X

N/A

X

N/A

X

N/A

N/A

N/A

N/A

N/A

Class 5

N/A

N/A

N/A

X

N/A

N/A

X

N/A

X

N/A

X

N/A

N/A

N/A

Class K

X

X

X

X

X

X

X

X

X

X

X

X

X

X

Institutional Class

X

X

X

X

X

X

X

X

X

X

X

X

X

X

*  Prior to April 30, 2021, the Fund was known as Baillie Gifford China A Shares Fund.

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 and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

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

Valuation of Investments

Investments are recorded at fair value. Equity securities listed on a securities exchange, market or automated

quotation system (including equity securities traded over the counter) for which quotations are readily available, are valued at the last quoted trade price on the primary exchange or market (foreign or domestic) on which they are most actively traded on the date of valuation (or at approximately 4:00 p.m. Eastern Time if a security's primary exchange is normally open at that time), or, if there is no such reported sale on the date of valuation, at the most recent quoted bid price.

Other securities for which current market quotations are not readily available (or for which quotations are not believed to be reliable due to market changes that occur after the most recent available quotations are obtained, or for any other reason), and all other assets, are valued at their fair value as determined in good faith by 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.

161

Notes to Financial Statements (unaudited)

Semi-Annual Report June 30, 2021

Generally, trading in foreign securities markets is substantially completed each day at various times prior to close of regular trading on the New York Stock Exchange. Occasionally, events affecting the value of equity securities of non-U.S. issuers not traded on a U.S. exchange may occur between the completion of substantial trading of such securities for the day and the close of regular trading on the New York Stock Exchange, and such events may not be reflected in the computation of a Fund's net asset value.

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

Fair Value Measurement

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

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

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 June 30, 2021 is disclosed at the end of each Fund's Portfolio of Investments.

Foreign Currency Translation

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

162

Notes to Financial Statements (unaudited)

Semi-Annual Report June 30, 2021

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

Securities Transactions and Investment Income

The Funds' securities transactions are recorded on the trade date. Realized gains or losses on sales of investments are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date. Non-cash income, if any, is included in investment income, with any non-cash income exceeding 5% of a Fund's total income stated separately on the Statement of Operations, and is recorded at the fair market value of securities received.

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

Federal and Other Taxes

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

Investment income received from investments in foreign jurisdictions may be subject to foreign withholding tax. Investment income is recorded net of any foreign withholding taxes, less any amounts reclaimable. The Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Whenever possible, the Funds will attempt to operate so as to qualify for reduced tax rates or tax

exemptions in those countries with which the United States has a tax treaty. Foreign taxes, if any, net of any reclaims, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Funds invest.

In addition to the requirements of the Code, the Funds may also be subject to capital gains tax in India and potentially other foreign jurisdictions, on gains realized upon the sale of securities, 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 based on existing tax rates and holding periods of the securities. As of June 30, 2021, Baillie Gifford Emerging Markets Equities Fund and Baillie Gifford Global Alpha Equities Fund recorded a receivable for India capital gains tax refunds of $1,347,063 and $76,898 respectively. As of June 30, 2021, Baillie Gifford Emerging Markets Equities Fund, Baillie Gifford Global Alpha Equities Fund, Baillie Gifford International Alpha Fund and Baillie Gifford International Growth Fund recorded a deferred liability for potential future India capital gains taxes of $24,179,526, $402,037, $2,536,199 and $393,804, respectively.

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

The Funds are subject to tax accounting standards that provide guidance for how certain and uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. These standards require the evaluation of tax positions taken, or expected to be taken, in the course of preparing the Funds' tax returns to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Tax positions not deemed to meet the "more-likely-than-not" threshold would be recorded as a reduction in a tax benefit or expense in the current year. Management has evaluated the application of these standards and has determined no liabilities for income tax related expenses are required in the financial statements of the Funds. The previous three tax year ends and the interim tax period since then, as applicable, remain subject to examination.

163

Notes to Financial Statements (unaudited)

Semi-Annual Report June 30, 2021

At December 31, 2020 for federal income tax purposes, the following Funds had capital loss carryforwards available to offset future capital gains. To the extent that these loss carryforwards are utilized, capital gains so offset will not be distributed to shareholders.

Fund	Short Term Capital Losses No Expiration			Long Term Capital Losses No Expiration			Capital Loss Available Total
Baillie Gifford Emerging Markets Equities Fund	$	(52,717,239	)	$	(67,489,660	)	$	(120,206,899	)

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

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

Fund	Capital Loss Carryforwards			Post October Capital/Late Year Ordinary Losses
Baillie Gifford Developed EAFE All Cap Fund	$	—		$	110,984
Baillie Gifford Emerging Markets Equities Fund		(120,206,899	)		—
Baillie Gifford International Alpha Fund		—			1,572,738

Dividends and Distributions to Shareholders

The Funds intend to distribute each year, as dividends, substantially all net investment income and net capital gains realized. All such dividends or distributions are credited in the form of additional shares of the Funds at net asset value on the ex-dividend date unless the

shareholder elects to receive dividends and distributions in cash. Currently, the Funds' policies are to distribute net investment income and net capital gains on an annual basis. Such distributions are determined in conformity with U.S. federal income tax regulations, which may differ from GAAP.

The Funds' cost of investments and gross unrealized appreciation (depreciation) at June 30, 2021 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 Growth Fund	$	1,177,334	$	986,023	$	(41,697	)	$	944,326
Baillie Gifford Developed EAFE All Cap Fund		406,671,972		256,138,751		(8,420,023	)		247,718,728
Baillie Gifford EAFE Plus All Cap Fund		398,161,509		266,195,910		(7,206,015	)		258,989,895
Baillie Gifford Emerging Markets Equities Fund		4,483,703,241		2,699,593,695		(156,865,552	)		2,542,728,143
Baillie Gifford Global Alpha Equities Fund		742,576,204		666,321,718		(14,791,215	)		651,530,503
Baillie Gifford Global Stewardship Equities Fund		3,574,731		3,264,664		(69,313	)		3,195,351
Baillie Gifford International Alpha Fund		2,473,057,232		1,741,228,981		(52,731,045	)		1,688,497,936
Baillie Gifford International Concentrated Growth Equities Fund		101,524,567		34,193,669		(679,353	)		33,514,316
Baillie Gifford International Growth Fund		1,757,028,578		2,582,641,435		(10,737,381	)		2,571,904,054
Baillie Gifford International Smaller Companies Fund		6,157,521		919,127		(68,143	)		850,984
Baillie Gifford Long Term Global Growth Fund		643,882,479		467,278,354		(10,477,636	)		456,800,718
Baillie Gifford Positive Change Equities Fund		111,618,868		44,397,521		(1,376,542	)		43,020,979
Baillie Gifford U.S. Discovery Fund		990,315		115,766		(19,658	)		96,108
Baillie Gifford U.S. Equity Growth Fund		112,903,839		49,831,626		(578,950	)		49,252,676

164

Notes to Financial Statements (unaudited)

Semi-Annual Report June 30, 2021

Note B — Investment Management and Other Services

The Funds are advised and managed by the Manager. The Manager, an investment adviser registered with the

Securities and Exchange Commission (the "SEC"), is a wholly owned subsidiary of Baillie Gifford & Co.

Under an investment advisory agreement between the Manager and the Trust on behalf of the Funds (the "Advisory Agreement"), each Fund pays the Manager an investment advisory fee, in arrears.

The advisory fee paid by each Fund under the Advisory Agreement is calculated and accrued daily on the basis of the annual rate noted below and expressed as a percentage of that Fund's average daily net assets.

Fund	Average Daily Net Assets of the Fund (billions)	Annual Rate at Each Asset Level
Baillie Gifford China A Shares Growth Fund	$0 - $2 > $2 - $5 Above $5	0.55 0.51% 0.49%%
Baillie Gifford Developed EAFE All Cap Fund	$0 - $2 > $2 - $5 Above $5	0.35 0.31% 0.29%%
Baillie Gifford EAFE Plus All Cap Fund	$0 - $2 > $2 - $5 Above $5	0.35 0.31% 0.29%%
Baillie Gifford Emerging Markets Equities Fund	$0 - $2 > $2 - $5 Above $5	0.55 0.51% 0.49%%
Baillie Gifford Global Alpha Equities Fund	$0 - $2 > $2 - $5 Above $5	0.40 0.36% 0.34%%
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%%

165

Notes to Financial Statements (unaudited)

Semi-Annual Report June 30, 2021

Fund	Average Daily Net Assets of the Fund (billions)	Annual Rate at Each Asset Level
Baillie Gifford Positive Change Equities Fund	$0 - $2 > $2 - $5 Above $5	0.33 0.29% 0.27%%
Baillie Gifford U.S. Discovery Fund	All assets	0.50%
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 Growth Fund	Class K		0.87	%	April 30, 2022
	Institutional Class		0.87	%	April 30, 2022
Baillie Gifford Global Stewardship Equities Fund	Class K		0.65	%	April 30, 2022
	Institutional Class		0.65	%	April 30, 2022
Baillie Gifford International Concentrated Growth Equities Fund	Class K		0.72	%	April 30, 2022
	Institutional Class		0.72	%	April 30, 2022
Baillie Gifford International Smaller Companies Fund	Class K		0.90	%	April 30, 2022
	Institutional Class		0.90	%	April 30, 2022
Baillie Gifford Positive Change Equities Fund	Class K		0.65	%	April 30, 2022
	Institutional Class		0.65	%	April 30, 2022
Baillie Gifford U.S. Discovery Fund	Class K		0.82	%	April 30, 2022
	Institutional Class		0.82	%	April 30, 2022
Baillie Gifford U.S. Equity Growth Fund	Class K		0.65	%	April 30, 2022
	Institutional Class		0.65	%	April 30, 2022

Waived fees for all Funds are not subject to recoupment. These contractual agreements may only be terminated by the Board.

Baillie Gifford Funds Services LLC, a wholly-owned subsidiary of the Manager, serves as the sole distributor and principal underwriter of the shares of the Funds.

The Funds mentioned in the following table have adopted a Shareholder Servicing Plan providing that the Fund may pay the Manager, or any other entity that acts

from time to time as the shareholder servicing agent with respect to a class of Fund shares, for services rendered and expenses borne in connection with the provision of services provided to Fund investors and/or the maintenance of shareholder accounts. For these services, the Funds pay the Manager a fee at the annualized rate of the Funds' average daily net assets attributed to each class of shares. The fee paid by Class 2 shares is 0.17%, Class 3 shares is 0.10%, Class 4 shares is 0.07%, and Class 5 shares is 0.02%. Class K and Institutional Class shares do not pay this fee.

166

Notes to Financial Statements (unaudited)

Semi-Annual Report June 30, 2021

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

Institutional Class shares bear expenses in connection with compensating financial intermediaries for sub-transfer

agency and other services. Class K shares do not bear such expenses.

The Funds may enter into certain agreements with Financial Intermediaries that require payments for sub-transfer agency services in excess of the Board approved cap on payments and/or reimbursements to Financial Intermediaries. In such instances the Manager will pay, out of its own profits, the difference between the amount due under the agreement with the Financial Intermediary and the cap on such payments and/or reimbursements approved by the Board.

The Bank of New York Mellon 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 six months ended June 30, 2021 were as follows:

Fund	Purchases		Sales
Baillie Gifford China A Shares Growth Fund	$	244,098	$	237,811
Baillie Gifford Developed EAFE All Cap Fund		82,637,714		44,642,794
Baillie Gifford EAFE Plus All Cap Fund		35,223,996		131,509,118
Baillie Gifford Emerging Markets Equities Fund		1,270,671,402		711,606,874
Baillie Gifford Global Alpha Equities Fund		208,759,001		465,360,102
Baillie Gifford Global Stewardship Equities Fund		577,046		593,488
Baillie Gifford International Alpha Fund		271,920,948		445,660,490
Baillie Gifford International Concentrated Growth Equities Fund		104,421,291		36,368,321
Baillie Gifford International Growth Fund		370,612,036		567,669,891
Baillie Gifford International Smaller Companies Fund		5,118,399		91,876
Baillie Gifford Long Term Global Growth Fund		323,115,446		115,307,735
Baillie Gifford Positive Change Equities Fund		62,819,555		17,923,924
Baillie Gifford U.S. Discovery Fund		990,315		—
Baillie Gifford U.S. Equity Growth Fund		88,789,919		41,783,369

167

Notes to Financial Statements (unaudited)

Semi-Annual Report June 30, 2021

Note D — Transactions in Shares of Beneficial Interest

	Baillie Gifford China A Shares Growth Fund
	Class K Shares For the Period Ended June 30, 2021						Institutional Class Shares For the Period Ended June 30, 2021
	Shares			Amount			Shares			Amount
Shares sold		—		$	—			—		$	—
Shares issued in reinvestment of dividends and distributions		—			—			—			—
Shares redeemed		—			—			—			—
Net increase (decrease)		—		$	—			—		$	—
	Baillie Gifford China A Shares Growth Fund
	Class K Shares For the Year Ended December 31, 2020						Institutional Class Shares For the Year Ended December 31, 2020
	Shares			Amount			Shares			Amount
Shares sold		373		$	7,058			373		$	7,057
Shares issued in reinvestment of dividends and distributions		—			—			—			—
Shares redeemed		—			—			—			—
Net increase (decrease)		373		$	7,058			373		$	7,057
	Baillie Gifford Developed EAFE All Cap Fund
	Class 2 Shares For the Period Ended June 30, 2021						Class 3 Shares For the Period Ended June 30, 2021
	Shares			Amount			Shares			Amount
Shares sold		174		$	3,000			6,023,514	(a)	$	103,921,278	(a)
Shares issued in reinvestment of dividends and distributions					—						—
Shares redeemed		(6,317,318	)(b)		(107,921,279	)(b)		(6,470,874	)(c)		(111,639,409	)(c)
Net increase (decrease)		(6,317,144	)	$	(107,918,279	)		(447,360	)	$	(7,718,131	)

^(a)  6,023,514 shares and $103,921,278 converted into Class 3 from Class 2.

^(b)  6,083,173 shares and $103,921,278 converted from Class 2 into Class 3.

^(c)  6,470,874 shares and $111,639,409 converted from Class 3 into Class 4.

168

Notes to Financial Statements (unaudited)

Semi-Annual Report June 30, 2021

	Baillie Gifford Developed EAFE All Cap Fund
	Class 4 Shares For the Period Ended June 30, 2021						Class K Shares For the Period Ended June 30, 2021
	Shares			Amount			Shares			Amount
Shares sold		6,448,597	(d)	$	111,639,409	(d)		4,540,665		$	79,877,575
Shares issued in reinvestment of dividends and distributions					—						—
Shares redeemed		—			—			(1,246,501	)		(21,356,826	)
Net increase (decrease)		6,448,597		$	111,639,409			3,294,164		$	58,520,749

^(d)  6,448,597 shares and $111,639,409 converted into Class 4 from Class 3.

	Baillie Gifford Developed EAFE All Cap Fund
	Institutional Class Shares For the Period Ended June 30, 2021
	Shares			Amount
Shares sold		672,898		$	11,517,882
Shares issued in reinvestment of dividends and distributions
Shares redeemed		(267,355	)		(4,605,087	)
Net increase (decrease)		405,543		$	6,912,795

	Baillie Gifford Developed EAFE All Cap Fund
	Class 2 Shares For the Year Ended December 31, 2020						Class 3 Shares For the Year Ended December 31, 2020
	Shares			Amount			Shares			Amount
Shares sold		459		$	6,000			—		$	—
Shares issued in reinvestment of dividends and distributions		130,567			2,184,122			68,588			1,158,667
Shares redeemed		(4,340,986	)		(65,191,959	)		—			—
Net increase (decrease)		(4,209,960	)	$	(63,001,837	)		68,588		$	1,158,667
	Baillie Gifford Developed EAFE All Cap Fund
	Class K Shares For the Year Ended December 31, 2020						Institutional Class Shares For the Year Ended December 31, 2020
	Shares			Amount			Shares			Amount
Shares sold		781,546		$	9,101,965			1,343,178		$	17,007,484
Shares issued in reinvestment of dividends and distributions		141,302			2,359,735			6,555			109,348
Shares redeemed		(4,944,572	)		(62,538,353	)		(1,318,718	)		(17,016,373	)
Net increase (decrease)		(4,021,724	)	$	(51,076,653	)		31,015		$	100,459

169

Notes to Financial Statements (unaudited)

Semi-Annual Report June 30, 2021

	Baillie Gifford EAFE Plus All Cap Fund
	Class 2 Shares For the Period Ended June 30, 2021						Class 3 Shares For the Period Ended June 30, 2021
	Shares			Amount			Shares			Amount
Shares sold		137		$	3,000			—		$	—
Shares issued in reinvestment of dividends and distributions		—			—
Shares redeemed		(2,708,223	)		(58,635,039	)		(1,237,019	)		(27,500,000	)
Net increase (decrease)		(2,708,086	)	$	(58,632,039	)		(1,237,019	)	$	(27,500,000	)
	Baillie Gifford EAFE Plus All Cap Fund
	Class K Shares For the Period Ended June 30, 2021						Institutional Class Shares For the Period Ended June 30, 2021
	Shares			Amount			Shares			Amount
Shares sold		147,180		$	3,127,000			180,141		$	3,919,173
Shares issued in reinvestment of dividends and distributions		—			—			—			—
Shares redeemed		(1,112,646	)		(23,825,000	)		(94,931	)		(2,051,833	)
Net increase (decrease)		(965,466	)	$	(20,698,000	)		85,210		$	1,867,340
	Baillie Gifford EAFE Plus All Cap Fund
	Class 2 Shares For the Year Ended December 31, 2020						Class 3 Shares For the Year Ended December 31, 2020
	Shares			Amount			Shares			Amount
Shares sold		51,681		$	786,000			6,811,061		$	118,434,820
Shares issued in reinvestment of dividends and distributions		270,825			5,732,100			123,158			2,604,536
Shares redeemed		(2,582,085	)		(45,075,399	)		—			—
Net increase (decrease)		(2,259,579	)	$	(38,557,299	)		6,934,219		$	121,039,356
	Baillie Gifford EAFE Plus All Cap Fund
	Class K Shares For the Year Ended December 31, 2020						Institutional Class Shares For the Year Ended December 31, 2020
	Shares			Amount			Shares			Amount
Shares sold		4,055,108		$	70,360,885			631,289		$	11,245,159
Shares issued in reinvestment of dividends and distributions		163,628			3,452,561			30,886			650,466
Shares redeemed		(1,513,484	)		(28,250,000	)		(172,195	)		(3,196,880	)
Net increase (decrease)		2,705,252		$	45,563,446			489,980		$	8,698,745

170

Notes to Financial Statements (unaudited)

Semi-Annual Report June 30, 2021

	Baillie Gifford Emerging Markets Equities Fund
	Class 2 Shares For the Period Ended June 30, 2021						Class 3 Shares For the Period Ended June 30, 2021
	Shares			Amount			Shares			Amount
Shares sold		3,043,809		$	90,003,000			5,602,725	(a)	$	160,385,840	(a)
Shares issued in reinvestment of dividends and distributions		—			—			—
Shares redeemed		(5,655,693	)(b)		(160,385,840	)(b)		—
Net increase (decrease)		(2,611,884	)	$	(70,382,840	)		5,602,725		$	160,385,840

^(a)  5,602,725 shares and $160,385,840 converted into Class 3 from Class 2.

^(b)  5,655,693 shares and $160,385,840 converted from Class 2 into Class 3.

	Baillie Gifford Emerging Markets Equities Fund
	Class 4 Shares For the Period Ended June 30, 2021						Class 5 Shares For the Period Ended June 30, 2021
	Shares			Amount			Shares			Amount
Shares sold		—		$	—			1,689,520		$	50,000,000
Shares issued in reinvestment of dividends and distributions								—
Shares redeemed		—			—			(5,145,177	)		(160,060,000	)
Net increase (decrease)		—		$	—			(3,455,657	)	$	(110,060,000	)
	Baillie Gifford Emerging Markets Equities Fund
	Class K Shares For the Period Ended June 30, 2021						Institutional Class Shares For the Period Ended June 30, 2021
	Shares			Amount			Shares			Amount
Shares sold		23,820,166		$	686,438,305			10,861,667		$	317,196,605
Shares issued in reinvestment of dividends and distributions		—						—
Shares redeemed		(8,985,293	)		(258,555,878	)		(7,500,559	)		(214,381,515	)
Net increase (decrease)		14,834,873		$	427,882,427			3,361,108		$	102,815,090
	Baillie Gifford Emerging Markets Equities Fund
	Class 2 Shares For the Year Ended December 31, 2020						Class 3 Shares For the Year Ended December 31, 2020
	Shares			Amount			Shares			Amount
Shares sold		433,207		$	10,006,000			—		$	—
Shares issued in reinvestment of dividends and distributions		67,036			1,826,111			79,451			2,184,364
Shares redeemed		(736,002	)		(13,000,000	)		(9,780,806	)(c)		(218,894,438	)(c)
Net increase (decrease)		(235,759	)	$	(1,167,889	)		(9,701,355	)	$	(216,710,074	)

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

171

Notes to Financial Statements (unaudited)

Semi-Annual Report June 30, 2021

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

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

	Baillie Gifford Emerging Markets Equities Fund
	Class K Shares For the Year Ended December 31, 2020						Institutional Class Shares For the Year Ended December 31, 2020
	Shares			Amount			Shares			Amount
Shares sold		40,913,876		$	851,114,264			23,699,958		$	497,607,207
Shares issued in reinvestment of dividends and distributions		888,988			24,127,144			541,663			14,702,902
Shares redeemed		(14,622,141	)		(280,870,445	)		(10,401,670	)		(214,228,570	)
Net increase (decrease)		27,180,723		$	594,370,963			13,839,951		$	298,081,539
	Baillie Gifford Global Alpha Equities Fund
	Class 2 Shares For the Period Ended June 30, 2021						Class 3 Shares For the Period Ended June 30, 2021
	Shares			Amount			Shares			Amount
Shares sold		7,480,117	(a)	$	170,718,384	(a)		—		$	—
Shares issued in reinvestment of dividends and distributions		—			—			—			—
Shares redeemed		(8,096,296	)		(186,409,999	)		(7,772,925	)(b)		(180,167,937	)(b)
Net increase (decrease)		(616,179	)	$	(15,691,615	)		(7,772,925	)	$	(180,167,937	)

^(a)  4,429,348 shares and $100,167,937 converted into Class 2 from Class 3.

^(b)  4,302,451 shares and $100,167,937 converted from Class 3 into Class 2.

172

Notes to Financial Statements (unaudited)

Semi-Annual Report June 30, 2021

	Baillie Gifford Global Alpha Equities Fund
	Class 4 Shares For the Period Ended June 30, 2021						Class K Shares For the Period Ended June 30, 2021
	Shares			Amount			Shares			Amount
Shares sold		—		$	—			2,331,600		$	52,602,004
Shares issued in reinvestment of dividends and distributions		—			—			—			—
Shares redeemed		(4,090,097	)		(100,000,000	)		(1,171,096	)		(26,385,561	)
Net increase (decrease)		(4,090,097	)	$	(100,000,000	)		1,160,504		$	26,216,443

	Baillie Gifford Global Alpha Equities Fund
	Institutional Class Shares For the Period Ended June 30, 2021
	Shares			Amount
Shares sold		584,069		$	13,384,727
Shares issued in reinvestment of dividends and distributions		—			—
Shares redeemed		(33,389	)		(749,303	)
Net increase (decrease)		550,680		$	12,635,424

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

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

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

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

173

Notes to Financial Statements (unaudited)

Semi-Annual Report June 30, 2021

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

	Baillie Gifford Global Stewardship Equities Fund
	Class K Shares For the Period Ended June 30, 2021						Institutional Class Shares For the Period Ended June 30, 2021
	Shares			Amount			Shares			Amount
Shares sold		—		$	—			—		$	—
Shares issued in reinvestment of dividends and distributions		—			—			—			—
Shares redeemed		—			—			—			—
Net increase (decrease)		—		$	—			—		$	—
	Baillie Gifford Global Stewardship Equities Fund
	Class K Shares For the Year Ended December 31, 2020						Institutional Class Shares For the Year Ended December 31, 2020
	Shares			Amount			Shares			Amount
Shares sold		—		$	—			—		$	—
Shares issued in reinvestment of dividends and distributions		5,710			111,795			5,709			111,795
Shares redeemed		—			—			—			—
Net increase (decrease)		5,710		$	111,795			5,709		$	111,795
	Baillie Gifford International Alpha Fund
	Class 2 Shares For the Period Ended June 30, 2021						Class 3 Shares For the Period Ended June 30, 2021
	Shares			Amount			Shares			Amount
Shares sold		1,286,450		$	21,777,010			8,024,445	(a)	$	143,460,858	(a)
Shares issued in reinvestment of dividends and distributions		—			—			—			—
Shares redeemed		(415,361	)		(7,000,000	)		(18,697,479	)(b)		(331,948,889	)(b)
Net increase (decrease)		871,089		$	14,777,010			(10,673,034	)	$	(188,488,031	)

^(a)  7,679,274 shares and $137,460,543 converted into Class 3 from Class 4.

^(b)  11,554,210 shares and $206,822,669 converted from Class 3 into Class 4.

174

Notes to Financial Statements (unaudited)

Semi-Annual Report June 30, 2021

	Baillie Gifford International Alpha Fund
	Class 4 Shares For the Period Ended June 30, 2021						Class 5 Shares For the Period Ended June 30, 2021
	Shares			Amount			Shares			Amount
Shares sold		11,357,954	(c)	$	206,823,199	(c)		—		$	—
Shares issued in reinvestment of dividends and distributions		—			—			—			74	*
Shares redeemed		(14,940,237	)(d)		(272,060,543	)(d)		(912,014	)		(16,778,434	)
Net increase (decrease)		(3,582,283	)	$	(65,237,344	)		(912,014	)	$	(16,778,360	)

*  Amount represents an adjustment to value of prior year reinvestment of dividends and distributions.

^(c)  11,357,954 shares and $206,822,669 converted into Class 4 from Class 3.

^(d)  7,548,837 shares and $137,460,543 converted from Class 4 into Class 3.

	Baillie Gifford International Alpha Fund
	Class K Shares For the Period Ended June 30, 2021						Institutional Class Shares For the Period Ended June 30, 2021
	Shares			Amount			Shares			Amount
Shares sold		6,178,795		$	106,512,804			9,026,452		$	157,643,292
Shares issued in reinvestment of dividends and distributions		—			—			—			—
Shares redeemed		(2,799,032	)		(49,317,725	)		(8,960,806	)		(154,354,705	)
Net increase (decrease)		3,379,763		$	57,195,079			65,646		$	3,288,587
	Baillie Gifford International Alpha Fund
	Class 2 Shares For the Year Ended December 31, 2020						Class 3 Shares For the Year Ended December 31, 2020
	Shares			Amount			Shares			Amount
Shares sold		7,362,309		$	72,006,000			23,777,552	(e)	$	295,090,505	(e)
Shares issued in reinvestment of dividends and distributions		490,406			8,221,408			1,000,902			17,027,749
Shares redeemed		(23,786,305	)(f)		(294,390,504	)(f)		(28,848,451	)(g)		(453,876,207	)(g)
Net increase (decrease)		(15,933,590	)	$	(214,163,096	)		(4,069,997	)	$	(141,757,953	)

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

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

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

175

Notes to Financial Statements (unaudited)

Semi-Annual Report June 30, 2021

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

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

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

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

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

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

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

	Baillie Gifford International Concentrated Growth Equities Fund
	Class K Shares For the Period Ended June 30, 2021						Institutional Class Shares For the Period Ended June 30, 2021
	Shares			Amount			Shares			Amount
Shares sold		2,095,760		$	27,127,020			6,084,339		$	80,047,706
Shares issued in reinvestment of dividends and distributions		—			—			—			—
Shares redeemed		(548,874	)		(6,804,979	)		(2,183,615	)		(26,193,438	)
Net increase (decrease)		1,546,886		$	20,322,041			3,900,724		$	53,854,268

176

Notes to Financial Statements (unaudited)

Semi-Annual Report June 30, 2021

	Baillie Gifford International Concentrated Growth Equities Fund
	Class K Shares For the Year Ended December 31, 2020						Institutional Class Shares For the Year Ended December 31, 2020
	Shares			Amount			Shares			Amount
Shares sold		2,646,999		$	33,989,078			1,288,248		$	21,921,486
Shares issued in reinvestment of dividends and distributions		3,145,048			38,023,629			1,136,294			13,601,434
Shares redeemed		(10,365,471	)		(178,597,888	)		(1,016,427	)		(13,118,779	)
Net increase (decrease)		(4,573,424	)	$	(106,585,181	)		1,408,115		$	22,404,141
	Baillie Gifford International Growth Fund
	Class 2 Shares For the Period Ended June 30, 2021						Class 3 Shares For the Period Ended June 30, 2021
	Shares			Amount			Shares			Amount
Shares sold		4,324,542	(a)	$	94,859,331	(a)		5,929,340	(b)	$	131,196,174	(b)
Shares issued in reinvestment of dividends and distributions		—			—			—			—
Shares redeemed		8,338,126	(c)		(185,281,174	)(c)		13,244,042	(d)		(296,974,945	)(d)
Net increase (decrease)		12,662,668		$	(90,421,843	)		19,173,382		$	(165,778,771	)

^(a)  4,195,924 shares and $91,856,330 converted into Class 2 from Class 3.

^(b)  5,155,544 shares and $114,721,174 converted into Class 3 from Class 2.

^(c)  5,171,930 shares and $114,721,174 converted from Class 2 into Class 3.

^(d)  4,181,922 shares and $91,856,330 converted from Class 3 into Class 2.

	Baillie Gifford International Growth Fund
	Class 4 Shares For the Period Ended June 30, 2021					Class 5 Shares For the Period Ended June 30, 2021
	Shares		Amount			Shares		Amount
Shares sold		—	$	—			94,102	$	2,000,000
Shares issued in reinvestment of dividends and distributions		—		—			—		—
Shares redeemed		104,237		(2,362,580	)		5,616,791		(125,000,000	)
Net increase (decrease)		104,237	$	(2,362,580	)		5,710,893	$	(123,000,000	)

177

Notes to Financial Statements (unaudited)

Semi-Annual Report June 30, 2021

	Baillie Gifford International Growth Fund
	Class K Shares For the Period Ended June 30, 2021						Institutional Class Shares For the Period Ended June 30, 2021
	Shares			Amount			Shares			Amount
Shares sold		195,327		$	4,276,122			6,079,705		$	134,479,065
Shares issued in reinvestment of dividends and distributions		—			—			—			—
Shares redeemed		503,074			(10,916,230	)		1,963,258			(42,361,093	)
Net increase (decrease)		698,401		$	(6,640,108	)		8,042,963		$	92,117,972
	Baillie Gifford International Growth Fund
	Class 2 Shares For the Year Ended December 31, 2020						Class 3 Shares For the Year Ended December 31, 2020
	Shares			Amount			Shares			Amount
Shares sold		5,590,575		$	81,506,000			34,452,980	(e)	$	592,448,173	(e)
Shares issued in reinvestment of dividends and distributions		2,589,071			55,541,011			2,976,844			64,060,790
Shares redeemed		(40,310,173	)(f)		(695,348,173	)(f)		(42,757,002	)(g)		(764,520,237	)(g)
Net increase (decrease)		(32,130,527	)	$	(558,301,162	)		(5,327,178	)	$	(108,011,274	)

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

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

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

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

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

178

Notes to Financial Statements (unaudited)

Semi-Annual Report June 30, 2021

	Baillie Gifford International Growth Fund
	Class K Shares For the Year Ended December 31, 2020						Institutional Class Shares For the Year Ended December 31, 2020
	Shares			Amount			Shares			Amount
Shares sold		5,745,433		$	115,840,279			12,952,871		$	230,631,609
Shares issued in reinvestment of dividends and distributions		320,740			6,873,455			1,347,216			28,803,483
Shares redeemed		(12,214	)		(229,035	)		(1,797,254	)		(32,662,300	)
Net increase (decrease)		6,053,959		$	122,484,699			12,502,833		$	226,772,792
	Baillie Gifford International Smaller Companies Fund
	Class K Shares For the Period Ended June 30, 2021						Institutional Class Shares For the Period Ended June 30, 2021
	Shares			Amount			Shares			Amount
Shares sold		1,625,585		$	29,910,750			282,250		$	5,154,475
Shares issued in reinvestment of dividends and distributions		—			—			—			—
Shares redeemed		—			—			—			—
Net increase (decrease)		1,625,585		$	29,910,750			282,250		$	5,154,475
	Baillie Gifford International Smaller Companies Fund
	Class K Shares For the Year Ended December 31, 2020						Institutional Class Shares For the Year Ended December 31, 2020
	Shares			Amount			Shares			Amount
Shares sold		—		$	—			—		$	—
Shares issued in reinvestment of dividends and distributions		2,310			40,101			2,311			40,101
Shares redeemed		—			—			—			—
Net increase (decrease)		2,310		$	40,101			2,311		$	40,101
	Baillie Gifford Long Term Global Growth Fund
	Class 2 Shares For the Period Ended June 30, 2021						Class 4 Shares For the Period Ended June 30, 2021
	Shares			Amount			Shares			Amount
Shares sold		745		$	29,500			—		$	—
Shares issued in reinvestment of dividends and distributions		—			—			—			—
Shares redeemed		(349,440	)		(14,000,000	)		—			—
Net increase (decrease)		(348,695	)	$	(13,970,500	)		—		$	—

179

Notes to Financial Statements (unaudited)

Semi-Annual Report June 30, 2021

	Baillie Gifford Long Term Global Growth Fund
	Class 5 Shares For the Period Ended June 30, 2021						Class K Shares For the Period Ended June 30, 2021
	Shares			Amount			Shares			Amount
Shares sold		—		$	—			3,471,575	(a)	$	146,651,498	(a)
Shares issued in reinvestment of dividends and distributions		—			—			—			—
Shares redeemed		(157,192	)		(8,000,000	)		(328,394	)		(13,988,697	)
Net increase (decrease)		(157,192	)	$	(8,000,000	)		3,143,181		$	132,662,801

^(a)  11,840 shares and $448,599 converted into Class K from Institutional Class.

	Baillie Gifford Long Term Global Growth Fund
	Institutional Class Shares For the Period Ended June 30, 2021
	Shares			Amount
Shares sold		4,112,192		$	165,122,544
Shares issued in reinvestment of dividends and distributions		—			—
Shares redeemed		(1,612,617	)(b)		(64,164,888	)(b)
Net increase (decrease)		2,499,575		$	100,957,656

^(b)  11,871 shares and $448,599 converted into from Institutional Class into Class K.

	Baillie Gifford Long Term Global Growth Fund
	Class 2 Shares For the Year Ended December 31, 2020						Class 4 Shares For the Year Ended December 31, 2020
	Shares			Amount			Shares			Amount
Shares sold		6,508		$	164,000			—		$	—
Shares issued in reinvestment of dividends and distributions		268,661			10,181,428			—			—
Shares redeemed		(333,008	)		(12,000,000	)		(13,085,974	)(c)		(113,363,867	)(c)
Net increase (decrease)		(57,839	)	$	(1,654,572	)		(13,085,974	)	$	(113,363,867	)

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

180

Notes to Financial Statements (unaudited)

Semi-Annual Report June 30, 2021

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

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

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

	Baillie Gifford Positive Change Equities Fund
	Class K Shares For the Period Ended June 30, 2021						Institutional Class Shares For the Period Ended June 30, 2021
	Shares			Amount			Shares			Amount
Shares sold		860,671		$	21,335,110			1,129,320		$	29,198,555
Shares issued in reinvestment of dividends and distributions		—			—			—			—
Shares redeemed		(108,035	)		(2,690,470	)		(178,131	)		(4,623,848	)
Net increase (decrease)		752,636		$	18,644,640			951,189		$	24,574,707
	Baillie Gifford Positive Change Equities Fund
	Class K Shares For the Year Ended December 31, 2020						Institutional Class Shares For the Year Ended December 31, 2020
	Shares			Amount			Shares			Amount
Shares sold		1,527,722		$	29,045,519			807,287		$	15,232,525
Shares issued in reinvestment of dividends and distributions		63,836			1,516,124			56,904			1,350,344
Shares redeemed		(301,001	)		(5,528,256	)		(150,680	)		(3,001,141	)
Net increase (decrease)		1,290,557		$	25,033,387			713,511		$	13,581,728

181

Notes to Financial Statements (unaudited)

Semi-Annual Report June 30, 2021

	Baillie Gifford U.S. Discovery Fund
	Class K Shares For the Period Ended June 30, 2021						Institutional Class Shares For the Period Ended June 30, 2021
	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 U.S. Equity Growth Fund
	Class K Shares For the Period Ended June 30, 2021						Institutional Class Shares For the Period Ended June 30, 2021
	Shares			Amount			Shares			Amount
Shares sold		526,229		$	21,355,604			1,341,677		$	58,302,272
Shares issued in reinvestment of dividends and distributions		—			—			—			—
Shares redeemed		(41,970	)		(1,744,094	)		(741,971	)		(29,218,207	)
Net increase (decrease)		484,259		$	19,611,510			599,706		$	29,084,065
	Baillie Gifford U.S. Equity Growth Fund
	Class K Shares For the Year Ended December 31, 2020						Institutional Class Shares For the Year Ended December 31, 2020
	Shares			Amount			Shares			Amount
Shares sold		862,472		$	26,113,885			991,300		$	29,537,484
Shares issued in reinvestment of dividends and distributions		43,694			1,747,331			33,339			1,331,225
Shares redeemed		(208,574	)		(7,048,968	)		(140,455	)		(4,481,602	)
Net increase (decrease)		697,592		$	20,812,248			884,184		$	26,387,107

Note E — Beneficial Ownership

Beneficial ownership, either direct or indirect, of more than 25% of the voting securities of a Fund creates a presumption of control under Section 2(a)(9) of the 1940 Act. As of June 30, 2021, the following shareholders beneficially owned 25% or more of a Fund's voting securities:

Fund	Investor	Percentage
Baillie Gifford China A Shares Growth Fund	Baillie Gifford International LLC		100.00	%
Baillie Gifford Global Stewardship Equities Fund	Baillie Gifford International LLC		100.00	%
Baillie Gifford International Growth Fund	Teachers' Retirement System of The State of Kentucky		40.47	%
Baillie Gifford International Smaller Companies Fund	Landmark Management New York		80.68	%
Baillie Gifford U.S. Discovery Fund	Baillie Gifford International LLC		100.00	%

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

182

Notes to Financial Statements (unaudited)

Semi-Annual Report June 30, 2021

At June 30, 2021, Baillie Gifford International LLC, a wholly owned subsidiary of the Manager, owned 100% of Baillie Gifford China A Shares Growth Fund, Baillie Gifford Global Stewardship Equities Fund and Baillie Gifford U.S. Discovery Fund and as a result may be deemed to control such Funds.

Note F — Commitments and Contingencies

Each of the Funds 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, each Fund enters into contracts that contain a variety of representations and warranties and which provide general indemnifications.

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

Note G — Line of Credit

The Trust entered into a committed facility with Bank of New York Mellon on May 1, 2017, renewed April 20, 2021, and expiring April 19, 2022, which allows certain series of the Trust to borrow up to $75 million in total subject to minimum asset coverage requirements set out in the Credit Agreement. Each such series may borrow money under this credit facility for the temporary funding of shareholder redemptions or for other temporary or emergency purposes.

In normal market conditions, borrowings are charged an interest rate of 1.25% per annum plus the greater of the Federal Funds Effective Rate or the one-month U.S. LIBOR Rate.

Effective April 20, 2021, language was added to the credit agreement to set out alternative rates chargeable on borrowings if certain conditions are met including if LIBOR ceases to be published. In these circumstances the rate chargeable would be calculated based on an alternative such as the Secured Overnight Financing Rate (SOFR).

The Funds pay a share of a commitment fee on the portion of the facility which is undrawn. Effective April 20, 2021, the commitment fee increased from 0.20% to 0.25% on undrawn amounts.

The rate payable at June 30, 2021 was 1.35% on any amounts drawn down.

The following borrowings were made against the credit facility during the period:

Fund	Date of Borrowing	Full Repayment Date	Maximum Amount Borrowed	Average Amount Borrowed*	Average Interest Rate
Baillie Gifford Global Alpha Equities Fund	1/4/2021	1/6/2021	$3,050,000	$3,050,000	1.39%
Baillie Gifford International Concentrated Growth Equities Fund	1/4/2021 5/5/2021 5/10/2021 5/28/2021	1/5/2021 5/6/2021 5/13/2021 6/1/2021	$4,450,000 $1,850,000 $8,800,000 $3,400,000	$4,108,333	1.39% 1.36% 1.35% 1.34%
Baillie Gifford U.S. Equity Growth Fund	3/5/2021 3/9/2021	3/8/2021 3/10/2021	$8,550,000 $4,550,000	$7,550,000	1.35% 1.36%

*  Average amount borrowed is calculated using days with outstanding borrowings.

183

Notes to Financial Statements (unaudited)

Semi-Annual Report June 30, 2021

Note H — Principal Risks (unaudited)

The below is a selection of the Funds' principal risks. Additional risks of investing in a Fund are included in the Fund's prospectus.

Cash

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

Investment Style Risk

The Manager actively makes investment decisions for the Funds through bottom-up stock selection. Accordingly, the Funds will have risk characteristics that differ from their benchmark indices. The Manager's judgments about the attractiveness, relative value, or potential appreciation of a particular stock may prove to be incorrect and cause a Fund to lose money or underperform compared to its benchmark index. There can be no assurance that the Manager's investment decisions will produce the desired results.

Growth Stock Risk

The prices of growth stocks may be based largely on expectations of future earnings, and their prices can decline rapidly and significantly in reaction to negative news. Growth stocks may underperform stocks in other broad style categories (and the stock market as a whole) over any period of time and may shift in and out of favor with investors generally, sometimes rapidly, depending on changes in market, economic, and other factors.

Long-Term Investment Strategy Risk

The Funds pursue a long-term investment approach, typically seeking returns over a period of several years. This investment style may cause a Fund to lose money or underperform compared to its benchmark index or other mutual funds over extended periods of time, and a Fund

may not perform as expected in the long term. An investment in a Fund may be more suitable for long-term investors who can bear the risk of short- or medium-term fluctuations in the value of the Fund's portfolio.

Emerging Markets Risk

To the extent the Funds invest in emerging market securities, the Funds may be exposed to greater market, credit, currency, liquidity, legal, political, technical and other risks different from, or greater than, the risks of investing in developed markets.

Geographic Focus Risk

Certain Funds expect to focus investments in a limited number of countries or geographic regions, and as a result may not offer the same level of diversification of risks as a more broadly global fund because these Funds will be exposed to a smaller geographic area. The performance of a fund that is less diversified across countries or geographic regions will be closely tied to market, currency, economic, political, environmental, or regulatory conditions and developments in the countries or regions in which the fund invests, and may be more volatile than the performance of a more geographically-diversified portfolio.

Non-Diversification Risk

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

184

Notes to Financial Statements (unaudited)

Semi-Annual Report June 30, 2021

Market Disruption and Geopolitical Risk

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

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

Note I — Legal Notice (unaudited)

MSCI

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

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

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

FTSE Russell (U.S. Equity Growth)

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

S&P (U.S. Equity Growth)

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

185

Notes to Financial Statements (unaudited)

Semi-Annual Report June 30, 2021

Note J — Subsequent Events

Events or transactions that occur after the financial statement date but before the financial statements are issued are categorized as recognized or non-recognized for financial statement purposes.

There were no subsequent events identified between June 30, 2021 and the issuance of the Financial Statements.

186

Supplemental Information (unaudited)

Semi-Annual Report June 30, 2021

Management of the Trust

Indepedent Trustees

Howard W. Chin, Chair of the Nominating and Governance Committee

Pamela M. J. Cox

Robert E. Rigsby, Chair of the Audit Oversight Committee

Donald P. Sullivan Jr.

Interested Trustee

David Salter, Chair of the Board and President

Officers (other than officers who are also Trustees)

Andrew Telfer, Vice President

Michael Stirling-Aird, Vice President

Julie Paul, Vice President

Tim Campbell, Vice President

Lindsay Cockburn, Treasurer

Gareth Griffiths, Secretary and Chief Legal Officer

Graham Laybourn, Vice President

Suzanne Quinn, Chief Compliance Officer and AML Compliance Officer

Evan Delaney, Chief Risk Officer*

Lesley-Anne Archibald, Vice President

Kelly Cameron, Vice President

*  The Board has accepted the resignation of Evan Delaney as Chief Risk Officer of the Trust and approved the appointment of Neil Riddell to that position effective July 1, 2021. Neil Riddell (year of birth 1988) is Head of Group Risk at Baillie Gifford & Co.

Additional information regarding the Trustees is in each Fund's Statement of Additional Information and is available upon request, without charge, by calling the Manager at 011-44-131-275-2000. Shareholders may submit to the Trust claims for reimbursement of telephone charges incurred in placing such calls.

A description of each Fund's proxy voting policies and procedures related to portfolio securities is available without charge, upon request, by calling the Manager at 011-44-131-275-2000 or on the SEC's website at http://www.sec.gov. Shareholders may submit to the Trust claims for reimbursement of telephone charges incurred in placing such calls.

Information regarding how the Funds voted proxies relating to portfolio securities during the most recent

12-month period ended June 30 is also available without charge upon request by calling the Manager at 011-44-131-275-2000 or by accessing each Fund's Form N-PX on the SEC's website at http://www.sec.gov. Shareholders may submit to the Trust claims for reimbursement of telephone charges incurred in placing such calls.

Each of the Funds files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its Form N-PORT. The Funds' Form N-PORT is available on the SEC's website at http://www.sec.gov. The Funds' holdings can also be found at Baillie Gifford Funds' website: http://USmutualfund.bailliegifford.com.

187

BOARD CONSIDERATIONS REGARDING
2021 CONTRACT RENEWAL (unaudited)

Semi-Annual Report June 30, 2021

BAILLIE GIFFORD FUNDS

On June 18, 2021, 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 renewal of the investment advisory agreement (the "Advisory Agreement") between the Trust, on behalf of the Funds and Baillie Gifford Overseas Limited (the "Manager").

As part of the review process, the Independent Trustees met independently of Trust management and of the interested trustee of the Board to consider the renewal of the Advisory Agreement. During the review process, the Independent Trustees were represented by independent legal counsel. The Independent Trustees reviewed materials received from the Manager, Broadridge, an independent provider of mutual fund data ("Broadridge"), and independent legal counsel. After reviewing the information received, the Independent Trustees requested supplemental information, and the Manager provided materials in response. The Board determined that, given the totality of the information provided with respect to the Advisory Agreement, the Board had received sufficient information to approve the Advisory Agreement.

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

The Board considered the nature, extent and quality of the services provided by the Manager to each Fund. The Board noted that: (1) pursuant to the Funds' Advisory Agreement, the Manager provides portfolio management services to the Funds and receives an advisory fee; (2) pursuant to a separate Administration, Supervisory and Sub-Accounting Services Plan and Administration and Supervisory Agreement for Class K and Institutional Class shares for each Fund that offers those classes, the Manager receives an "administration and supervisory fee"; and (3) pursuant to a separate Shareholder Service Plan and Shareholder Servicing Agreement for Class 2, Class 3, Class 4 and Class 5 shares for each Fund that offers those classes, the Manager receives a "shareholder service fee," the amount of which varies among the share classes (the administration and supervisory fee and the shareholder service fee are each referred to as a "Class specific fee" and together are referred to as "Class specific fees"). The Board considered the background and qualifications of the investment, compliance and administrative personnel involved in the management and oversight of the Funds, reviewed information regarding each Fund's performance, advisory fee and applicable Class specific fee, and expense ratios for certain share classes compared to similar funds, and considered the experience of the Manager in providing services to each Fund. In assessing each Fund's performance, the Board considered that performance is closely evaluated at the quarterly meetings of the Board's Performance Committee, that the Manager employs a long-term investment approach and that the Funds' returns over longer-term periods were generally good. In evaluating the advisory fee paid by each Fund, and in particular when assessing comparative data, the Board considered not only the advisory fee, but also the combination of the advisory fee and the applicable Class specific fee. The Board also considered that the advisory fee schedule for each Fund other than Baillie Gifford International Smaller Companies Fund includes breakpoints. The Board considered other benefits derived by the Manager and its affiliates from the relationship to the Funds, including the Manager's receipt of the Class specific fee. The Board concluded that the nature, extent and quality of the services provided by the Manager to the Funds, pursuant to the Advisory Agreement, were satisfactory.

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

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

Baillie Gifford China A Shares Growth Fund

The Board reviewed total return information for the one-year and since inception (December 19, 2019) periods ended March 31, 2021 for the Fund compared to a benchmark index (MSCI China A Onshore Index) and the average total

188

BOARD CONSIDERATIONS REGARDING
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Semi-Annual Report June 30, 2021

returns of a performance universe of funds provided by Broadridge, and calendar year returns for 2020 for the Fund compared to the benchmark index and a peer group of funds provided by Broadridge. The Board noted that the Fund's total return was above the benchmark index and the average of the performance universe for the one-year and since inception periods. The Board concluded that the Fund's performance was satisfactory.

The Board reviewed the advisory fee (plus the applicable Class specific fee) and net 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 Fund's contractual advisory fee (plus the applicable Class specific fee) was below the average contractual management fee of both the expense peer group and the expense universe. The Board also reviewed the fee schedules for separately managed accounts of the Manager with a similar investment mandate. The Board considered whether there were economies of scale with respect to management of the Fund and whether the Fund benefits from economies of scale. The Board considered the Fund's assets, that the Fund's contractual advisory fee (plus the applicable Class specific fee) was on the low end of the spectrum of the expense peer group and also considered the expense limitation in place until April 30, 2022. On the basis of the information provided, the Board concluded that the advisory fee was reasonable.

Baillie Gifford Developed EAFE All Cap Fund

The Board reviewed total return information for the one-year, three-year, five-year and since inception (April 15, 2014) periods ended March 31, 2021 for the Fund compared to a benchmark index (MSCI EAFE Index) and the average total returns of a performance universe of funds provided by Broadridge, and calendar year returns for 2014 through 2020 for the Fund compared to the benchmark index and a peer group of funds provided by Broadridge. The Board noted that the Fund's total return was above the benchmark index and the average of the performance universe for the one-year, three-year, five-year and since inception periods. The Board concluded that the Fund's performance was satisfactory.

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

Baillie Gifford EAFE Plus All Cap Fund

The Board reviewed total return information for the one-year, three-year, five-year, ten-year and since inception (December 17, 2009) periods ended March 31, 2021 for the Fund compared to a benchmark index (MSCI EAFE Index) and the average total returns of a performance universe of funds provided by Broadridge, and calendar year returns for 2011 through 2020 for the Fund compared to the benchmark index and a peer group of funds provided by Broadridge. The Board noted that the Fund's total return was above the benchmark index and the average of the performance universe for the one-year, three-year, five-year, ten-year and since inception periods. The Board concluded that the Fund's performance was satisfactory.

The Board reviewed the advisory fee (plus the applicable Class specific fee) and net expense ratio for the Fund's Class 2 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

189

BOARD CONSIDERATIONS REGARDING
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Semi-Annual Report June 30, 2021

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

Baillie Gifford Emerging Markets Equities Fund

The Board reviewed total return information for the one-year, three-year, five-year, ten-year and since inception (April 4, 2003) periods ended March 31, 2021 for the Fund compared to a benchmark index (MSCI Emerging Markets Index) and the average total returns of a performance universe of funds provided by Broadridge, and calendar year returns for 2011 through 2020 for the Fund compared to the benchmark index and a peer group of funds provided by Broadridge. The Board noted that the Fund's total return was above the benchmark index and the average of the performance universe for the one-year, three-year, five-year, ten-year and since inception periods. The Board concluded that the Fund's performance was satisfactory.

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

Baillie Gifford Global Alpha Equities Fund

The Board reviewed total return information for the one-year, three-year, five-year and since inception (November 15, 2011) periods ended March 31, 2021 for the Fund compared to a benchmark index (MSCI AC World Index) and the average total returns of a performance universe of funds provided by Broadridge, and calendar year returns for 2011 through 2020 for the Fund compared to the benchmark index and a peer group of funds provided by Broadridge. The Board noted that the Fund's total return was above the benchmark index and the average of the performance universe for the one-year, three-year, five-year and since inception periods. The Board concluded that the Fund's performance was satisfactory.

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

190

BOARD CONSIDERATIONS REGARDING
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Semi-Annual Report June 30, 2021

Baillie Gifford Global Stewardship Equities Fund

The Board reviewed total return information for the one-year, three-year and since inception (December 14, 2017) periods ended March 31, 2021 for the Fund compared to a benchmark index (MSCI AC World Index) and the average total returns of a performance universe of funds provided by Broadridge, and calendar year returns for 2018 through 2020 for the Fund compared to the benchmark index and a peer group of funds provided by Broadridge. The Board noted that the Fund's total return was above the benchmark index and the average of the performance universe for the one-year, three-year and since inception periods. The Board concluded that the Fund's performance was satisfactory.

The Board reviewed the advisory fee (plus the applicable Class specific fee) and net 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 Fund's contractual advisory fee (plus the applicable Class specific fee) was below the average contractual management fee of both the expense peer group and the expense universe. The Board also reviewed the fee schedules for separately managed accounts of the Manager with a similar investment mandate. The Board considered whether there were economies of scale with respect to management of the Fund and whether the Fund benefits from economies of scale. The Board considered the Fund's assets, that the Fund's contractual advisory fee (plus the applicable Class specific fee) was on the low end of the spectrum of the expense peer group and also considered the expense limitation in place until April 30, 2022. On the basis of the information provided, the Board concluded that the advisory fee was reasonable.

Baillie Gifford International Alpha Fund

The Board reviewed total return information for the one-year, three-year, five-year, ten-year and since inception (February 7, 2008) periods ended March 31, 2021 for the Fund compared to a benchmark index (MSCI AC World (ex U.S.) Index) and the average total returns of a performance universe of funds provided by Broadridge, and calendar year returns for 2011 through 2020 for the Fund compared to the benchmark index and a peer group of funds provided by Broadridge. The Board noted that the Fund's total return was above the benchmark index and the average of the performance universe for the one-year, three-year, five-year, ten-year and since inception periods. The Board concluded that the Fund's performance was satisfactory.

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

Baillie Gifford International Concentrated Growth Equities Fund

The Board reviewed total return information for the one-year, three-year and since inception (December 14, 2017) periods ended March 31, 2021 for the Fund compared to a benchmark index (MSCI AC World (ex U.S.) Index) and the average total returns of a performance universe of funds provided by Broadridge, and calendar year returns for 2018 through 2020 for the Fund compared to the benchmark index and a peer group of funds provided by Broadridge. The Board noted that

191

BOARD CONSIDERATIONS REGARDING
2021 CONTRACT RENEWAL (unaudited)

Semi-Annual Report June 30, 2021

the Fund's total return was above the benchmark index and the average of the performance universe for the one-year, three-year and since inception periods. The Board concluded that the Fund's performance was satisfactory.

The Board reviewed the advisory fee (plus the applicable Class specific fee) and net 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 Fund's contractual advisory fee (plus the applicable Class specific fee) was below the average contractual management fee of both the expense peer group and the expense universe. The Board also reviewed the fee schedules for separately managed accounts of the Manager with a similar investment mandate. The Board considered whether there were economies of scale with respect to management of the Fund and whether the Fund benefits from economies of scale. The Board considered that the Fund's contractual advisory fee (plus the applicable Class specific fee) was on the low end of the spectrum of the expense peer group and also considered the expense limitation in place until April 30, 2022. On the basis of the information provided, the Board concluded that the advisory fee was reasonable.

Baillie Gifford International Growth Fund

The Board reviewed total return information for the one-year, three-year, five-year, ten-year and since inception (March 6, 2008) periods ended March 31, 2021 for the Fund compared to a benchmark index (MSCI AC World (ex U.S.) Index) and the average total returns of a performance universe of funds provided by Broadridge, and calendar year returns for 2011 through 2020 for the Fund compared to the benchmark index and a peer group of funds provided by Broadridge. The Board noted that the Fund's total return was above the benchmark index and the average of the performance universe for the one-year, three-year, five-year, ten-year and since inception periods. The Board concluded that the Fund's performance was satisfactory.

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

Baillie Gifford International Smaller Companies Fund

The Board reviewed total return information for the one-year and since inception (December 19, 2018) periods ended March 31, 2021 for the Fund compared to a benchmark index (MSCI AC World (ex U.S.) Small Cap Index) and the average total returns of a performance universe of funds provided by Broadridge, and calendar year returns for 2019 and 2020 for the Fund compared to the benchmark index and a peer group of funds provided by Broadridge. The Board noted that the Fund's total return was above the benchmark index and the average of the performance universe for the one-year and since inception periods. The Board concluded that the Fund's performance was satisfactory.

The Board reviewed the advisory fee (plus the applicable Class specific fee) and net 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 Fund's contractual advisory fee (plus the applicable Class specific fee) was below the average contractual management fee of both the expense peer group and the expense universe. The Board also reviewed the fee schedules for separately managed accounts of the Manager with a similar investment mandate. The Board considered whether

192

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2021 CONTRACT RENEWAL (unaudited)

Semi-Annual Report June 30, 2021

there were economies of scale with respect to management of the Fund and whether the Fund benefits from economies of scale. The Board considered the Fund's assets, that the Fund's contractual advisory fee (plus the applicable Class specific fee) was on the low end of the spectrum of the expense peer group and also considered the expense limitation in place until April 30, 2022. On the basis of the information provided, the Board concluded that the advisory fee was reasonable.

Baillie Gifford Long Term Global Growth Fund

The Board reviewed total return information for the one-year, three-year, five-year and since inception (June 10, 2014) periods ended March 31, 2021 for the Fund compared to a benchmark index (MSCI AC World Index) and the average total returns of a performance universe of funds provided by Broadridge, and calendar year returns for 2014 through 2020 for the Fund compared to the benchmark index and a peer group of funds provided by Broadridge. The Board noted that the Fund's total return was above the benchmark index and the average of the performance universe for the one-year, three-year, five-year and since inception periods. The Board concluded that the Fund's performance was satisfactory.

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

Baillie Gifford Positive Change Equities Fund

The Board reviewed total return information for the one-year, three-year and since inception (December 14, 2017) periods ended March 31, 2021 for the Fund compared to a benchmark index (MSCI AC World Index) and the average total returns of a performance universe of funds provided by Broadridge, and calendar year returns for 2018 through 2020 for the Fund compared to the benchmark index and a peer group of funds provided by Broadridge. The Board noted that the Fund's total return was above the benchmark index and the average of the performance universe for the one-year, three-year and since inception periods. The Board concluded that the Fund's performance was satisfactory.

The Board reviewed the advisory fee (plus the applicable Class specific fee) and net 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 Fund's contractual advisory fee (plus the applicable Class specific fee) was below the average contractual management fee of both the expense peer group and the expense universe. The Board also reviewed the fee schedules for separately managed accounts of the Manager with a similar investment mandate. The Board considered whether there were economies of scale with respect to management of the Fund and whether the Fund benefits from economies of scale. The Board considered that the Fund's contractual advisory fee (plus the applicable Class specific fee) was on the low end of the spectrum of the expense peer group and also considered the expense limitation in place until April 30, 2022. On the basis of the information provided, the Board concluded that the advisory fee was reasonable.

193

BOARD CONSIDERATIONS REGARDING
2021 CONTRACT RENEWAL (unaudited)

Semi-Annual Report June 30, 2021

Baillie Gifford U.S. Equity Growth Fund

The Board reviewed total return information for the one-year, three-year and since inception (December 5, 2016) periods ended March 31, 2021 for the Fund compared to a benchmark index (Russell 1000 Growth Index) and the average total returns of a performance universe of funds provided by Broadridge, and calendar year returns for 2017 through 2020 for the Fund compared to the benchmark index and a peer group of funds provided by Broadridge. The Board noted that the Fund's total return was above the benchmark index and the average of the performance universe for the one-year, three-year and since inception periods. The Board concluded that the Fund's performance was satisfactory.

The Board reviewed the advisory fee (plus the applicable Class specific fee) and net 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 Fund's contractual advisory fee (plus the applicable Class specific fee) was below the average contractual management fee of both the expense peer group and the expense universe. The Board also reviewed the fee schedules for separately managed accounts of the Manager with a similar investment mandate. The Board considered whether there were economies of scale with respect to management of the Fund and whether the Fund benefits from economies of scale. The Board considered that the Fund's contractual advisory fee (plus the applicable Class specific fee) was on the low end of the spectrum of the expense peer group and also considered the expense limitation in place until April 30, 2022. On the basis of the information provided, the Board concluded that the advisory fee was reasonable.

Conclusion

Based upon all the information considered and the conclusions reached, the Board determined that the terms of the Advisory Agreement for the Funds were reasonable and fair and that the renewal of the Advisory Agreement was in the best interests of each Fund.

194

BOARD CONSIDERATIONS REGARDING NEW FUND ADVISORY AGREEMENT APPROVAL (unaudited)

Semi-Annual Report June 30, 2021

BAILLIE GIFFORD U.S. DISCOVERY FUND

On March 12, 2021, 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 U.S. Discovery 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"). After reviewing the information received, the Independent Trustees requested supplemental information, and the Manager provided materials in response. The Board determined that, given the totality of the information provided with respect to the Advisory Agreement, the Board had received sufficient information to approve the Advisory Agreement.

The 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 and administration and supervisory fee, and the estimated expense ratio for each share class of the Fund, compared to similar funds. The Board considered the proposed investment objective and investment philosophy and process for the Fund, and noted that, although the Manager does not currently manage a U.S. discovery strategy, it has managed a similar global discovery strategy since May 3, 2011. 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 2020 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 given its investment strategy, had capacity constraints.

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 schedules for other clients of the Manager investing in the global discovery investment mandate similar to the Fund's U.S. discovery 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, 2022 and that the contractual agreement may only be terminated by the Board. The Board considered that the advisory fee (plus the

195

BOARD CONSIDERATIONS REGARDING NEW FUND ADVISORY AGREEMENT APPROVAL (unaudited)

Semi-Annual Report June 30, 2021

administration and supervisory fee) for each share class was on the low end of the spectrum of the expense peer group. On the basis of the information provided, the Board concluded that the advisory fee was reasonable.

Based upon all the information considered and the conclusions reached, the Board determined that the terms of the Advisory Agreement for the Fund were reasonable and fair and that the approval of the Advisory Agreement was in the best interests of the Fund.

196

Copyright © Baillie Gifford & Co 2015.

BAILLIE GIFFORD FUNDS

Baillie Gifford International All Cap Fund

Semi-Annual Report

June 30, 2021
(unaudited)

Index

Page Number

01	Fund Expenses
03	Industry Diversification Table
04	Portfolio of Investments
09	Statement of Assets and Liabilities
10	Statement of Operations
11	Statements of Changes in Net Assets
	Financial Highlights
12	Selected Data for Class 2
13	Selected Data for Class 3
14	Selected Data for Class 5
15	Notes to Financial Statements
	Supplemental Information
23	Management of the Trust
24	Board Considerations Regarding 2021 Contract Renewal

Scenic view of Bostadh Beach and Luskentyre Beach in Summer, Isle of Harris, Scotland Source: © Markus Keller/Shutterstock

This report is intended for shareholders of Baillie Gifford International All Cap Fund (the "Fund") and may not be used as sales literature unless preceded or accompanied by a current prospectus for the Fund.

The statements and views expressed in this report are as of this report's period end and are subject to change at any time. All investments entail risk, including the possible loss of principal.

Fund Expenses (unaudited)

Semi-Annual Report June 30, 2021

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including advisory fees, shareholder service fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from January 1, 2021 to June 30, 2021.

Actual Expenses

The first line of each table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide the account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During the Period" to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of each table on the following page provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed annual rate of return of 5% before expenses, which is not the Fund's actual return.

The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds by comparing this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the second line of the table labeled "Hypothetical (5% return before expenses)" is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

01

Fund Expenses (unaudited)

Semi-Annual Report June 30, 2021

	Beginning Account Value January 1, 2021		Ending Account Value June 30, 2021		Annualized Expense Ratios Based on the Period January 1, 2021 to June 30, 2021			Expenses Paid During Period*
Baillie Gifford International All Cap Fund — Class 2
Actual	$	1,000	$	1,067.50		0.60	%	$	3.08
Hypothetical (5% return before expenses)	$	1,000	$	1,021.82		0.60	%	$	3.01
Baillie Gifford International All Cap Fund — Class 3
Actual	$	1,000	$	1,067.90		0.53	%	$	2.72
Hypothetical (5% return before expenses)	$	1,000	$	1,022.17		0.53	%	$	2.66
Baillie Gifford International All Cap Fund — Class 5
Actual	$	1,000	$	1,068.30		0.45	%	$	2.31
Hypothetical (5% return before expenses)	$	1,000	$	1,022.56		0.45	%	$	2.26

*  Unless otherwise indicated, expenses are calculated using the Fund's annualized expense ratio, multiplied by the average account value for the period, multiplied by 181/365 (to reflect the six-month period).

Expenses are calculated using the annualized expense ratio for the Fund, which represents the ongoing expenses as a percentage of net assets for the period ended June 30, 2021. Expenses are calculated by multiplying the annualized

expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent most recent fiscal half-year; and then dividing that result by the number of days in the calendar year.

02

Industry Diversification Table

Semi-Annual Report June 30, 2021

June 30, 2021 (unaudited)
Baillie Gifford International All Cap Fund

	Value		% of Total Net Assets
Apparel	$	23,455,995		4.4	%
Auto Manufacturers		4,182,866		0.8
Auto Parts & Equipment		3,927,831		0.7
Banks		5,940,888		1.1
Beverages		19,756,333		3.6
Biotechnology		7,225,001		1.4
Building Materials		10,230,676		1.9
Chemicals		19,908,903		3.7
Commercial Services		9,830,197		1.9
Computers		8,915,525		1.7
Cosmetics/Personal Care		12,398,075		2.3
Diversified Financial Services		14,033,295		2.6
Electrical Components & Equipment		5,234,900		1.0
Electronics		37,383,181		7.0
Engineering & Construction		2,784,201		0.5
Food		4,637,591		0.9
Hand/Machine Tools		8,556,643		1.6
Healthcare — Products		25,550,860		4.8
Home Furnishings		4,788,994		0.9
Insurance		17,670,226		3.3
Internet		115,869,151		21.8
Investment Companies		6,110,572		1.2
Leisure Time		6,257,399		1.2
Machinery — Construction & Mining		8,651,198		1.6
Machinery — Diversified		29,680,510		5.6
Oil & Gas Services		1,218,738		0.2
Retail		52,036,544		9.8
Semiconductors		35,448,277		6.7
Software		14,706,536		2.8
Telecommunications		4,965,618		0.9
Toys/Games/Hobbies		5,903,454		1.1
Total Value of Investments		527,260,178		99.0
Other assets less liabilities		5,281,056		1.0
Net Assets	$	532,541,234		100.0	%

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

03

Portfolio of Investments

Semi-Annual Report June 30, 2021

June 30, 2021 (unaudited)
Baillie Gifford International All Cap Fund

	Shares		Value
COMMON STOCKS — 97.0%
ARGENTINA — 1.5%
MercadoLibre, Inc. *		5,064	$	7,888,649
AUSTRALIA — 2.7%
Cochlear Ltd.		44,910		8,473,039
SEEK Ltd.		242,435		6,026,689
				14,499,728
BRAZIL — 1.0%
Raia Drogasil SA		1,037,200		5,171,611
CANADA — 2.9%
Fairfax Financial Holdings Ltd.		6,595		2,892,096
Shopify, Inc., Class A *		8,760		12,798,185
				15,690,281
CHINA — 13.0%
Alibaba Group Holding Ltd. ADR *		49,102		11,135,352
Baidu, Inc. ADR *		21,579		4,399,958
BeiGene Ltd. ADR *		12,218		4,193,096
Burning Rock Biotech Ltd. ADR *		102,916		3,031,905
Contemporary Amperex Technology Co., Ltd., Class A *		63,455		5,234,900
Li Ning Co., Ltd.		924,500		11,277,339
Meituan, Class B *		233,700		9,640,397
Ping An Insurance Group Co. of China Ltd., Class H		368,500		3,602,234
Prosus NV *		35,376		3,465,702
Trip.com Group Ltd. ADR *		81,026		2,873,182
Tsingtao Brewery Co., Ltd., Class H *		762,057		8,195,294
Yatsen Holding Ltd. ADR *		255,509		2,394,119
				69,443,478
FINLAND — 1.1%
Kone Oyj, B Shares		72,617		5,926,580
FRANCE — 4.5%
Kering		6,829		5,983,691
LVMH Moet Hennessy Louis Vuitton SE		8,401		6,608,706
Remy Cointreau SA		36,759		7,591,562
Ubisoft Entertainment SA *		53,172		3,715,006
				23,898,965

The accompanying notes are an integral part of the financial statements.
04

Portfolio of Investments

Semi-Annual Report June 30, 2021

June 30, 2021 (unaudited)
Baillie Gifford International All Cap Fund

	Shares		Value
GERMANY — 7.9%
adidas AG		18,450	$	6,884,763
Auto1 Group SE *		60,348		2,651,210
Bechtle AG		47,969		8,915,525
Nemetschek SE		45,496		3,482,561
Rational AG		5,286		4,788,994
Zalando SE *		125,830		15,217,870
				41,940,923
HONG KONG — 3.2%
AIA Group Ltd.		682,200		8,463,086
Techtronic Industries Co., Ltd.		491,000		8,556,643
				17,019,729
INDIA — 4.5%
Asian Paints Ltd.		252,528		10,180,668
Housing Development Finance Corp., Ltd.		211,779		7,067,732
ICICI Lombard General Insurance Co., Ltd.		128,564		2,712,811
MakeMyTrip Ltd. *		61,495		1,847,925
United Spirits Ltd. *		263,376		2,347,502
				24,156,638
JAPAN — 17.0%
Denso Corp.		57,600		3,927,831
Kakaku.com, Inc.		143,900		4,329,104
Kao Corp.		46,500		2,867,194
Keyence Corp.		11,400		5,741,307
Murata Manufacturing Co., Ltd.		95,800		7,297,553
Nidec Corp.		75,100		8,635,767
Olympus Corp.		386,800		7,693,813
Pigeon Corp.		78,500		2,214,011
Recruit Holdings Co., Ltd.		105,900		5,193,209
Shimano, Inc.		26,300		6,257,399
Shiseido Co., Ltd.		99,200		7,316,870
SMC Corp.		13,400		7,927,370
SoftBank Group Corp.		71,200		4,965,618
Sugi Holdings Co., Ltd.		35,400		2,582,755
Suzuki Motor Corp.		98,700		4,182,866
Sysmex Corp.		79,100		9,384,008
				90,516,675

The accompanying notes are an integral part of the financial statements.
05

Portfolio of Investments

Semi-Annual Report June 30, 2021

June 30, 2021 (unaudited)
Baillie Gifford International All Cap Fund

	Shares		Value
MEXICO — 0.4%
Wal-Mart de Mexico SAB de CV		710,508	$	2,320,717
NETHERLANDS — 4.1%
ASML Holding NV		23,608		16,297,055
IMCD NV		34,683		5,526,217
				21,823,272
NEW ZEALAND — 1.4%
Xero Ltd. *		73,002		7,508,969
PORTUGAL — 0.9%
Jeronimo Martins SGPS SA		254,298		4,637,591
SINGAPORE — 1.1%
United Overseas Bank Ltd.		308,499		5,940,888
SOUTH AFRICA — 1.5%
Naspers Ltd., N Shares		37,424		7,890,738
SOUTH KOREA — 1.6%
Coupang, Inc. *		64,232		2,686,182
NAVER Corp.		15,436		5,727,817
				8,413,999
SPAIN — 1.3%
Industria de Diseno Textil SA		195,148		6,890,055
SWEDEN — 6.0%
Atlas Copco AB, A Shares		861		52,873
Atlas Copco AB, B Shares		190,489		10,032,380
Epiroc AB, B Shares		281,426		5,525,132
Investor AB, B Shares		265,096		6,110,572
Nibe Industrier AB, B Shares		970,892		10,230,676
				31,951,633
SWITZERLAND — 1.6%
Compagnie Financiere Richemont SA		70,744		8,576,197

The accompanying notes are an integral part of the financial statements.
06

Portfolio of Investments

Semi-Annual Report June 30, 2021

June 30, 2021 (unaudited)
Baillie Gifford International All Cap Fund

	Shares		Value
TAIWAN — 3.6%
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		159,381	$	19,151,221
THAILAND — 0.3%
Thai Beverage PCL		3,225,300		1,621,975
UNITED KINGDOM — 10.5%
ASOS PLC *		51,069		3,509,636
Auto Trader Group PLC *		852,426		7,465,552
Burberry Group PLC *		139,124		3,978,835
Games Workshop Group PLC		37,434		5,903,454
Hargreaves Lansdown PLC		316,553		6,965,563
HomeServe PLC		210,518		2,784,201
Intertek Group PLC		60,587		4,636,988
John Wood Group PLC *		400,040		1,218,738
Johnson Matthey PLC		98,694		4,202,018
Rightmove PLC		960,654		8,634,556
Trainline PLC *		793,534		3,222,834
Weir Group PLC (The) *		121,776		3,126,066
				55,648,441
UNITED STATES — 3.4%
Mettler-Toledo International, Inc. *		7,674		10,631,099
Spotify Technology SA *		26,421		7,281,364
				17,912,463
Total Common Stocks
(cost $278,815,137)				516,441,416
PREFERRED STOCKS — 2.0%
GERMANY — 2.0%
Sartorius AG 0.15% (cost $2,472,932)		20,785		10,818,762
TOTAL INVESTMENTS — 99.0%
(cost $281,288,069)			$	527,260,178
Other assets less liabilities — 1.0%				5,281,056
NET ASSETS — 100.0%			$	532,541,234

*  Non-income producing security.

ADR  —  American Depositary Receipt

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

The accompanying notes are an integral part of the financial statements.
07

Portfolio of Investments

Semi-Annual Report June 30, 2021

June 30, 2021 (unaudited)
Baillie Gifford International All Cap Fund

Fair Value Measurement

The following is a summary of the inputs used as of June 30, 2021 in valuing the Fund's investments carried at fair value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stocks **	$	111,208,296	$	405,233,120	$	—	$	516,441,416
Preferred Stocks **		—		10,818,762		—		10,818,762
Total	$	111,208,296	$	416,051,882	$	—	$	527,260,178

**  Refer to Portfolio of Investments for further detail.

The accompanying notes are an integral part of the financial statements.
08

Statement of Assets and Liabilities

Semi-Annual Report June 30, 2021

June 30, 2021 (unaudited)
Baillie Gifford International All Cap Fund

ASSETS
Investments, at value (cost $281,288,069)	$	527,260,178
Cash		6,254,909
Foreign cash, at value (cost $84,294)		88,182
Tax reclaims receivable		353,887
Dividends receivable		332,462
Prepaid assets		2,808
Total Assets		534,292,426
LIABILITIES
Advisory fee payable		474,147
Deferred India capital gains tax liability (Note A)		1,015,314
Shareholder servicing fee payable		149,721
Trustee fee payable		3,404
Commitment fee payable		895
Accrued expenses		107,711
Total Liabilities		1,751,192
NET ASSETS	$	532,541,234
COMPOSITION OF NET ASSETS
Paid-in capital	$	232,527,250
Total distributable earnings		300,013,984
	$	532,541,234
NET ASSET VALUE, PER SHARE
Class 2 ($125,940,837 / 5,819,887 shares outstanding), unlimited authorized, no par value	$	21.64
Class 3 ($356,648,230 / 16,289,575 shares outstanding), unlimited authorized, no par value	$	21.89
Class 5 ($49,952,167 / 2,231,189 shares outstanding), unlimited authorized, no par value	$	22.39

The accompanying notes are an integral part of the financial statements.
09

Statement of Operations

Semi-Annual Report June 30, 2021

For the Six Months Ended June 30, 2021 (unaudited)
Baillie Gifford International All Cap Fund

INVESTMENT INCOME
Dividends (net of foreign withholding taxes of $367,611)	$	2,770,925
Total Investment Income		2,770,925
EXPENSES
Advisory fee (Note B)		984,737
Shareholder Servicing fees — Class 2 shares (Note B)		139,944
Shareholder Servicing fees — Class 3 shares (Note B)		170,486
Shareholder Servicing fees — Class 5 shares (Note B)		5,709
Transfer agency		26,150
Fund accounting		94,208
Custody		44,492
Legal		31,576
Professional fees		18,146
Trustees' fees		6,377
Commitment fees		1,612
Miscellaneous		10,521
Total Expenses		1,533,958
Net Investment Income		1,236,967
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) from:
Investments (net of India capital gains tax expense of $142,028)		55,864,845
Foreign currency transactions		(73,422	)
		55,791,423
Net change in unrealized depreciation on:
Investments (net of deferred India capital gains tax expense of $40,971) (Note A)		(19,222,666	)
Translation of net assets and liabilities denominated in foreign currencies		(16,696	)
		(19,239,362	)
Net realized and unrealized gain		36,552,061
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	37,789,028

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

Statements of Changes in Net Assets

Semi-Annual Report June 30, 2021

Baillie Gifford International All Cap Fund

	For the Six Months Ended June 30, 2021 (unaudited)			For the Year Ended December 31, 2020
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	1,236,967		$	1,983,118
Net realized gain		55,791,423			25,971,756
Net change in unrealized appreciation (depreciation)		(19,239,362	)		123,300,902
Net increase in net assets from operations		37,789,028			151,255,776
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings
Class 2		—			(7,087,594	)
Class 3		—			(12,911,540	)
Class 5		—			(2,339,465	)
Total Distributions to Shareholders		—			(22,338,599	)
TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
Net proceeds from shares subscribed:
Class 2		10,000,967			7,000,000
Class 3		3,001,749			103,690,220	*
Class 5		318			—
Dividends reinvested:
Class 2		—			7,087,595
Class 3		—			12,911,540
Class 5		—			2,339,464
Cost of shares redeemed:
Class 2		(79,047,447	)		(134,690,220	)*
Class 3		—			(15,000,000	)
Class 5		(13,700,000	)		—
Decrease in Net Assets from Transactions in Shares of Beneficial Interest		(79,744,413	)		(16,661,401	)
Total Increase (Decrease) in Net Assets		(41,955,385	)		112,255,776
NET ASSETS
Beginning of period		574,496,619			462,240,843
End of period	$	532,541,234		$	574,496,619

*  See Note D for details of share class conversions.

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

Financial Highlights

Semi-Annual Report June 30, 2021

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

	For the Six Months Ended June 30, 2021 (unaudited)			For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			For the Year Ended December 31, 2017			For the Year Ended December 31, 2016
Net asset value, beginning of period	$	20.27		$	15.82		$	12.26		$	14.85		$	11.44		$	11.53
From Investment Operations
Net investment income(a)		0.03			0.06			0.27			0.15			0.14			0.17
Net realized and unrealized gain (loss) on investments and foreign currency		1.34			5.20			3.73			(2.61	)		3.46			(0.11	)
Net increase (decrease) in net asset value from investment operations		1.37			5.26			4.00			(2.46	)		3.60			0.06
Dividends and Distributions to Shareholders
From net investment income		—			(0.18	)		(0.44	)		(0.13	)		(0.19	)		(0.15	)
From net realized gain on investments		—			(0.63	)		—			—			—			—
Total Dividends and Distributions		—			(0.81	)		(0.44	)		(0.13	)		(0.19	)		(0.15	)
Proceeds from Purchase Fees and Redemption Fees(a)		—			—			—			—			0.00	(b)		0.00	(b)
Net asset value, end of period	$	21.64		$	20.27		$	15.82		$	12.26		$	14.85		$	11.44
Total Return
Total return based on net asset value(c)		6.75	%(d)		33.31	%		32.65	%		(16.63	)%		31.45	%		0.54	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	125,941		$	183,037		$	258,860		$	242,317		$	324,764		$	219,300
Ratio of net expenses to average net assets		0.60	%*		0.62	%		0.65	%		0.64	%		0.65	%		0.65	%
Ratio of net investment income to average net assets		0.33	%*		0.34	%		1.92	%(e)		1.02	%		1.03	%		1.48	%
Portfolio turnover rate(f)		8	%		12	%		13	%		15	%		12	%		14	%

*  Annualized.

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

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

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

^(d)  The total return disclosed include adjustments made for financial reporting purposes in conformity with U.S. generally accepted accounting principles.

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

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

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

Financial Highlights

Semi-Annual Report June 30, 2021

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

	For the Six Months Ended June 30, 2021 (unaudited)			For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2018			For the Year Ended December 31, 2017			For the Year Ended December 31, 2016
Net asset value, beginning of period	$	20.50		$	15.99		$	12.39		$	15.01		$	11.56		$	11.65
From Investment Operations
Net investment income(a)		0.05			0.07			0.30			0.16			0.15			0.18
Net realized and unrealized gain (loss) on investments and foreign currency		1.34			5.27			3.75			(2.64	)		3.50			(0.12	)
Net increase (decrease) in net asset value from investment operations		1.39			5.34			4.05			(2.48	)		3.65			0.06
Dividends and Distributions to Shareholders
From net investment income		—			(0.20	)		(0.45	)		(0.14	)		(0.20	)		(0.15	)
From net realized gain on investments		—			(0.63	)		—			—			—			—
Total Dividends and Distributions		—			(0.83	)		(0.45	)		(0.14	)		(0.20	)		(0.15	)
Proceeds from Purchase Fees and Redemption Fees(a)		—			—			—			—			0.00	(b)		0.00	(b)
Net asset value, end of period	$	21.89		$	20.50		$	15.99		$	12.39		$	15.01		$	11.56
Total Return
Total return based on net asset value(c)		6.79	%(d)		33.40	%		32.74	%		(16.57	)%		31.54	%		0.61	%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	356,648		$	331,138		$	158,198		$	119,176		$	142,844		$	108,594
Ratio of net expenses to average net assets		0.53	%*		0.55	%		0.58	%		0.57	%		0.58	%		0.58	%
Ratio of net investment income to average net assets		0.48	%*		0.44	%		2.04	%(e)		1.09	%		1.13	%		1.55	%
Portfolio turnover rate(f)		8	%		12	%		13	%		15	%		12	%		14	%

*  Annualized.

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

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

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

^(d)  The total return disclosed include adjustments made for financial reporting purposes in conformity with U.S. generally accepted accounting principles.

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

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

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

Financial Highlights

Semi-Annual Report June 30, 2021

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

	For the Six Months Ended June 30, 2021 (unaudited)			For the Year Ended December 31, 2020			For the Period July 10, 2019(b) through December 31, 2019			For the Period January 1, 2019 through April 10, 2019(b)			For the Period January 10, 2018(a) through December 31, 2018
Net asset value, beginning of period	$	20.96		$	16.33		$	15.14		$	12.64		$	15.72
From Investment Operations
Net investment income(c)		0.06			0.09			0.20			0.06			0.18
Net realized and unrealized gain (loss) on investments and foreign currency		1.37			5.38			1.46			1.97			(3.11	)
Net increase (decrease) in net asset value from investment operations		1.43			5.47			1.66			2.03			(2.93	)
Dividends and Distributions to Shareholders
From net investment income		—			(0.21	)		(0.47	)		—			(0.15	)
From net realized gain on investments		—			(0.63	)		—			—			—
Total Dividends and Distributions		—			(0.84	)		(0.47	)		—			(0.15	)
Net asset value, end of period	$	22.39		$	20.96		$	16.33		$	14.67		$	12.64
Total Return
Total return based on net asset value(d)		6.83	%(e)		33.51	%		10.95	%		16.02	%		(18.61	)%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)	$	49,952		$	60,321		$	45,183		$	39,464		$	34,016
Ratio of net expenses to average net assets		0.45	%*		0.47	%		0.50	%*		0.49	%*		0.49	%*
Ratio of net investment income to average net assets		0.53	%*		0.51	%		2.66	%(f)		1.59	%*		1.21	%*
Portfolio turnover rate(g)		8	%		12	%		13	%		13	%		15	%

*  Annualized.

^(a)  Commencement of investment operations.

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

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

^(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)  The total return disclosed include adjustments made for financial reporting purposes in conformity with U.S. generally accepted accounting principles.

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

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

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

Notes to Financial Statements (unaudited)

Semi-Annual Report June 30, 2021

Note A — Organization and Accounting Policies

The Fund is a series of Baillie Gifford Funds (the "Trust"). The investment objective of the Fund is to achieve capital appreciation. For information on the specific investment strategies of the Fund and a description of each share class, please refer to the Fund's Prospectus for Private Placement ("Prospectus"). The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The Trust was organized as a Massachusetts business trust on June 21, 2000, under the laws of Massachusetts. The Trust operates pursuant to the Second Amended and Restated Agreement and Declaration of Trust dated February 27, 2017, as amended from time to time.

The Fund's Class 2, Class 3 and Class 5 share classes had shares outstanding as of June 30, 2021.

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

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

Valuation of Investments

Investments are recorded at fair value. Equity securities listed on a securities exchange, market or automated quotation system (including equity securities traded over the counter) for which quotations are readily available, are valued at the last quoted trade price on the primary exchange or market (foreign or domestic) on which they are most actively traded on the date of valuation (or at approximately 4:00 p.m. Eastern Time if a security's primary exchange is normally open at that time), or, if there is no such reported sale on the date of valuation, at the most recent quoted bid price.

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

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

15

Notes to Financial Statements (unaudited)

Semi-Annual Report June 30, 2021

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 June 30, 2021 is disclosed at the end of the Fund's Portfolio of Investments.

For the period ended June 30, 2021, there were no Level 3 investments for which significant unobservable inputs were used to determine the fair value.

Foreign Currency Translation

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

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

Securities Transactions and Investment Income

The Fund's securities transactions are recorded on the trade date. Realized gains or losses on sales of investments are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date. Non-cash income, if any, is included in investment income, with any non-cash income exceeding 5% of the Fund's total income stated separately on the Statement of Operations, and is recorded at the fair market value of securities received.

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

Federal and Other Taxes

The Fund intends to continue to qualify to be taxed as a "regulated investment company" under the provisions of

16

Notes to Financial Statements (unaudited)

Semi-Annual Report June 30, 2021

the U.S. Internal Revenue Code of 1986, as amended (the "Code"), and as such will not be subject to U.S. federal income tax on income (including any net realized capital gains) which is distributed in accordance with the provisions of the Code to the Fund's shareholders. Therefore, no U.S. federal income tax provision is required.

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

In addition to the requirements of the Code, the Fund may also be subject to capital gains tax in India and potentially other foreign jurisdictions, on gains realized upon the sale of securities, 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 based on existing tax rates and holding periods of the securities. As of June 30, 2021, the Fund recorded a deferred liability for potential future India capital gains taxes of $1,015,314.

The Fund is subject to tax accounting standards that provide guidance for how certain and uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. These standards require the evaluation of tax positions taken, or expected to be taken, in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-

likely-than-not" of being sustained by the applicable tax authority. Tax positions not deemed to meet the "more- likely-than-not" threshold would be recorded as a reduction in a tax benefit or expense in the current year. Management has evaluated the application of these standards and has determined no liabilities for income tax related expenses are required in the financial statements of the Fund. The previous three tax year ends remain subject to examination.

At December 31, 2020 for federal income tax purposes, the Fund had no capital loss carryforwards.

Realized capital losses, currency losses and passive foreign investment company ("PFIC") losses incurred after October 31 ("post-October capital/late year ordinary losses") within the taxable year are deemed to arise on the first business day of the Fund's next taxable year.

At December 31, 2020, the Fund had no post October capital/late year ordinary losses.

Dividends and Distributions to Shareholders

The Fund intends to distribute each year, as dividends, substantially all net investment income and net capital gains realized. All such dividends or distributions are credited in the form of additional shares of the Fund at net asset value on the ex-dividend date unless the shareholder elects to receive dividends and distributions in cash. Currently, the Fund's policy is to distribute net investment income and net capital gains on an annual basis. Such distributions are determined in conformity with U.S. federal income tax regulations, which may differ from GAAP.

The Fund's cost of investments and gross unrealized appreciation (depreciation) at June 30, 2021 for U.S. federal income tax purposes were as follows:

Fund	Cost of Investments		Gross Appreciation		Gross Depreciation			Net Appreciation
Baillie Gifford International All Cap Fund	$	281,575,002	$	251,870,708	$	(6,185,532	)	$	245,685,176

17

Notes to Financial Statements (unaudited)

Semi-Annual Report June 30, 2021

Note B — Investment Management and Other Services

The Fund is advised and managed by the Manager. The Manager, an investment adviser registered with the

Securities and Exchange Commission (the "SEC"), is a wholly owned subsidiary of Baillie Gifford & Co.

Under an investment advisory agreement between the Manager and the Trust on behalf of the Fund (the "Advisory Agreement"), the Fund pays the Manager an investment advisory fee in arrears.

The advisory fee paid by the Fund under the Advisory Agreement is calculated and accrued daily on the basis of the annual rate noted below and expressed as a percentage of the Fund's average daily net assets.

Fund	Average Daily Net Assets of the Fund (billions)	Annual Rate at Each Asset Level
Baillie Gifford International All Cap Fund	$0 - $2 >$2 - $5 Above $5		0.35% 0.31% 0.29%

Baillie Gifford Funds Services LLC, a wholly-owned subsidiary of the Manager, serves as the sole distributor and principal underwriter of the shares of the Fund.

The Fund has adopted a Shareholder Servicing Plan providing that the Fund may pay the Manager, or any other entity that acts from time to time as the shareholder servicing agent with respect to a class of Fund shares, for

services rendered and expenses borne in connection with the provision of services provided to Fund investors and/or the maintenance of shareholder accounts. For these services, the Fund pays the Manager a fee at the annualized rate of the Fund's average daily net assets attributed to each class of shares as follows:

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

The Bank of New York Mellon serves as the Fund's administrator and custodian. BNY Mellon Investment Servicing (U.S.) Inc. serves as the Trust's transfer agent, registrar and dividend disbursing agent.

Note C — Investment Transactions

Purchases and proceeds from sales of securities (excluding short-term securities) for the period ended June 30, 2021 were as follows:

Fund	Purchases		Sales
Baillie Gifford International All Cap Fund	$	41,688,843	$	121,275,609

18

Notes to Financial Statements (unaudited)

Semi-Annual Report June 30, 2021

Note D — Transactions in Shares of Beneficial Interest

	Baillie Gifford International All Cap Fund
	Class 2 Shares For the Period Ended June 30, 2021						Class 3 Shares For the Period Ended June 30, 2021
	Shares			Amount			Shares		Amount
Shares sold		496,825		$	10,000,967			138,233	$	3,001,749
Shares issued in reinvestment of dividends and distributions		—			—			—		—
Shares redeemed		(3,706,446	)		(79,047,447	)		—		—
Net increase (decrease)		(3,209,621	)	$	(69,046,480	)		138,233	$	3,001,749
	Class 5 Shares For the Period Ended June 30, 2021
	Shares			Amount
Shares sold		—		$	—
Shares issued in reinvestment of dividends and distributions		—			318	*
Shares redeemed		(647,233	)		(13,700,000	)
Net increase		(647,233	)	$	(13,699,682	)

*  Amount represents an adjustment to value of prior year reinvestment of dividends and distributions.

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

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

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

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

19

Notes to Financial Statements (unaudited)

Semi-Annual Report June 30, 2021

Note E — Beneficial Ownership

Beneficial ownership, either direct or indirect, of more than 25% of the voting securities of the Fund creates a presumption of control under Section 2(a)(9) of the 1940 Act. As of June 30, 2021, the following shareholders 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		38.91	%
Baillie Gifford International All Cap Fund	Methodist Le Bonheur Healthcare		28.06	%

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

Note F — Commitments and Contingencies

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

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

Note G — Line of Credit

The Trust entered into a committed facility with Bank of New York Mellon on May 1, 2017, renewed April 20, 2021 and expiring April 19, 2022, which allows certain series of the Trust to borrow up to $75 million in total subject to minimum asset coverage requirements set out in the Credit Agreement. Each such series may borrow money under this credit facility for the temporary funding of shareholder redemptions or for other temporary or emergency purposes.

In normal market conditions, borrowings are charged an interest rate of 1.25% per annum plus the greater of the Federal Funds Effective Rate or the one-month U.S. LIBOR Rate.

Effective April 20, 2021, language was added to the credit agreement to set out alternative rates chargeable on borrowings if certain conditions are met including if

LIBOR ceases to be published. In these circumstances the rate chargeable would be calculated based on an alternative such as the Secured Overnight Financing Rate (SOFR).

The Fund pays a share of a commitment fee on the portion of the facility which is undrawn. Effective April 20, 2021, the commitment fee increased from 0.20% to 0.25% on undrawn amounts.

The rate payable at June 30, 2021 was 1.35% on any amounts drawn down. The were no borrowings made against the credit facility during the period.

Note H — Principal Risks (unaudited)

The below is a selection of the Fund's principal risks. Additional risks of investing in the Fund are included in the Fund's Prospectus.

Cash

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

Investment Style Risk

The Manager actively makes investment decisions for the Fund through bottom-up stock selection. Accordingly, the Fund will have risk characteristics that differ from its benchmark indices. The Manager's judgments about the attractiveness, relative value, or potential appreciation of a

20

Notes to Financial Statements (unaudited)

Semi-Annual Report June 30, 2021

particular stock may prove to be incorrect and cause the Fund to lose money or underperform compared to its benchmark index. There can be no assurance that the Manager's investment decisions will produce the desired results.

Growth Stock Risk

The prices of growth stocks may be based largely on expectations of future earnings, and their prices can decline rapidly and significantly in reaction to negative news. Growth stocks may underperform stocks in other broad style categories (and the stock market as a whole) over any period of time and may shift in and out of favor with investors generally, sometimes rapidly, depending on changes in market, economic, and other factors.

Long-Term Investment Strategy Risk

The Fund pursues a long-term investment approach, typically seeking returns over a period of several years. This investment style may cause the Fund to lose money or underperform compared to its benchmark index or other mutual funds over extended periods of time, and the Fund may not perform as expected in the long term. An investment in the Fund may be more suitable for long-term investors who can bear the risk of short- or medium-term fluctuations in the value of the Fund's portfolio.

Emerging Markets Risk

To the extent the Fund invests in emerging market securities, the Fund may be exposed to greater market, credit, currency, liquidity, legal, political, technical and other risks different from, or greater than, the risks of investing in developed markets.

Geographic Focus Risk

The Fund expects to focus investments in a limited number of countries or geographic regions, and as a result may not offer the same level of diversification of risks as a more broadly global fund because the Fund will be exposed to a smaller geographic area. The performance of a fund that is less diversified across countries or geographic regions will

be closely tied to market, currency, economic, political, environmental, or regulatory conditions and developments in the countries or regions in which the fund invests, and may be more volatile than the performance of a more geographically-diversified portfolio.

Market Disruption and Geopolitical Risk

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

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

Note I — Legal Notice (unaudited)

MSCI

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

21

Notes to Financial Statements (unaudited)

Semi-Annual Report June 30, 2021

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)

Note J — Subsequent Events

Events or transactions that occur after the financial statement date but before the financial statements are issued are categorized as recognized or non-recognized for financial statement purposes.

There were no subsequent events identified between June 30, 2021 and the issuance of the Financial Statements.

22

Supplemental Information (unaudited)

Semi-Annual Report June 30, 2021

Management of the Trust

Indepedent Trustees

Howard W. Chin, Chair of the Nominating and Governance Committee

Pamela M. J. Cox

Robert E. Rigsby, Chair of the Audit Oversight Committee

Donald P. Sullivan Jr.

Interested Trustee

David Salter, Chair of the Board and President

Officers (other than officers who are also Trustees)

Andrew Telfer, Vice President

Michael Stirling-Aird, Vice President

Julie Paul, Vice President

Tim Campbell, Vice President

Lindsay Cockburn, Treasurer

Gareth Griffiths, Secretary and Chief Legal Officer

Graham Laybourn, Vice President

Suzanne Quinn, Chief Compliance Officer and AML Compliance Officer

Evan Delaney, Chief Risk Officer*

Lesley-Anne Archibald, Vice President

Kelly Cameron, Vice President

*  The Board has accepted the resignation of Evan Delaney as Chief Risk Officer of the Trust and approved the appointment of Neil Riddell to that position effective July 1, 2021. Neil Riddell (year of birth 1988) is Head of Group Risk at Baillie Gifford & Co.

Additional information regarding the Trustees is in the Fund's Statement of Additional Information and is available upon request, without charge, by calling the Manager at 011-44-131-275-2000. Shareholders may submit to the Trust claims for reimbursement of telephone charges incurred in placing such calls.

A description of the Fund's proxy voting policies and procedures related to portfolio securities is available without charge, upon request, by calling the Manager at 011-44-131-275-2000 or on the SEC's website at http://www.sec.gov. Shareholders may submit to the Trust claims for reimbursement of telephone charges incurred in placing such calls.

Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period

ended June 30 is also available without charge upon request by calling the Manager at 011-44-131-275-2000 or by accessing the Fund's Form N-PX on the SEC's website at http://www.sec.gov. Shareholders may submit to the Trust claims for reimbursement of telephone charges incurred in placing such calls.

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its Form N-PORT. The Fund's Form N-PORT is available on the SEC's website at http://www.sec.gov. The Fund's holdings can also be found at Baillie Gifford Funds' website: http://USmutualfund.bailliegifford.com.

23

BOARD CONSIDERATIONS REGARDING
2021 CONTRACT RENEWAL (unaudited)

Semi-Annual Report June 30, 2021

On June 18, 2021, 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 renewal of the investment advisory agreement (the "Advisory Agreement") between the Trust, on behalf of Baillie Gifford International All Cap 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 renewal of the Advisory Agreement. During the review process, the Independent Trustees were represented by independent legal counsel. The Independent Trustees reviewed materials received from the Manager, Broadridge, an independent provider of mutual fund data ("Broadridge"), and independent legal counsel. After reviewing the information received, the Independent Trustees requested supplemental information, and the Manager provided materials in response. The Board determined that, given the totality of the information provided with respect to the Advisory Agreement, the Board had received sufficient information to approve the Advisory Agreement.

The Board concluded that it was in the best interests of the Fund to renew 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 provided by the Manager to the Fund. The Board noted that: (1) pursuant to the Fund's Advisory Agreement, the Manager provides portfolio management services to the Fund and receives an advisory fee; and (2) pursuant to a separate Shareholder Service Plan and Shareholder Servicing Agreement for Class 2, Class 3, Class 4 and Class 5 shares of the Fund, the Manager receives a "shareholder service fee," the amount of which varies among the share classes. The Board considered the background and qualifications of the investment, compliance and administrative personnel involved in the management and oversight of the Fund, reviewed information regarding the Fund's performance, advisory fee and shareholder service fee, and expense ratio for Class 2 shares of the Fund compared to similar funds, and considered the experience of the Manager in providing services to the Fund. In assessing the Fund's performance, the Board considered that performance is closely evaluated at the quarterly meetings of the Board's Performance Committee, that the Manager employs a long-term investment approach and that the Fund's returns over longer-term periods were generally good. In evaluating the advisory fee 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 advisory fee and the shareholder service fee. The Board also considered that the advisory fee schedule for the Fund includes breakpoints. The Board considered other benefits derived by the Manager and its affiliates from the relationship to the Fund, including the Manager's receipt of the shareholder service 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 satisfactory.

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

The Board reviewed total return information for the one-year, three-year, five-year and since inception (September 24, 2012) periods ended March 31, 2021 for the Fund compared to a benchmark index (MSCI AC World (ex U.S.) Index) and the average total returns of a performance universe of funds provided by Broadridge, and calendar year returns for 2012 through 2020 for the Fund compared to the benchmark index and a peer group of funds provided by Broadridge. The Board noted that the Fund's total return was above the benchmark index and the average of the performance universe for the one-year, three-year, five-year and since inception periods. The Board concluded that the Fund's performance was satisfactory.

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

24

BOARD CONSIDERATIONS REGARDING
2021 CONTRACT RENEWAL (unaudited)

Semi-Annual Report June 30, 2021

the Fund's contractual advisory fee (plus the shareholder service fee) was on the low end of the spectrum of the expense peer group. On the basis of the information provided, the Board concluded that the advisory fee was reasonable.

Conclusion

Based upon all the information considered and the conclusions reached, the Board determined that the terms of the Advisory Agreement for the Fund were reasonable and fair and that the renewal of the Advisory Agreement was in the best interests of the Fund.

25

Copyright © Baillie Gifford & Co 2015.

(b) Not applicable

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

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

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

Baillie Gifford Developed EAFE All Cap Fund

Name of Issuer	Exchange Ticker Symbol	Security Identifier (CUSIP number/ISIN)	Total Number of Shares Divested	Date Securities were Divested	Amount Held on Filing Date	Statute
Atlas Copco AB – A Shares	ATCO A	SE0011166610	10,706 6,809	01/07/2021 02/26/2021	294,415 287,606	Sudan Accountability and Divestment Act of 2007

Baillie Gifford EAFE Plus All Cap Fund

Name of Issuer	Exchange Ticker Symbol	Security Identifier (CUSIP number/ISIN)	Total Number of Shares Divested	Date Securities were Divested	Amount Held on Filing Date	Statute
Atlas Copco AB – A Shares	ATCO A	SE0011166610	14,275 9,312 3,605	01/25/2021 02/01/2021 02/23/2021	168,894 159,582 155,977	Sudan Accountability and Divestment Act of 2007
Atlas Copco AB – B Shares	ATCO B	SE0011166628	12,445 8,078 9,276	03/04/2021 05/10/2021 06/01/2021	147,622 139,544 130,268

Baillie Gifford Global Alpha Equities Fund

Name of Issuer	Exchange Ticker Symbol	Security Identifier (CUSIP number/ISIN)	Total Number of Shares Divested	Date Securities were Divested	Amount Held on Filing Date	Statute
Atlas Copco AB – B Shares	ATCO B	SE0011166628	17,345 3,613 24,790 17,831	02/04/2021 04/26/2021 06/21/2021 06/24/2021	284,692 281,079 266,493 248,662	Sudan Accountability and Divestment Act of 2007

Baillie Gifford International All Cap Fund

Name of Issuer	Exchange Ticker Symbol	Security Identifier (CUSIP number/ISIN)	Total Number of Shares Divested	Date Securities were Divested	Amount Held on Filing Date	Statute
Atlas Copco AB – A Shares	ATCO A	SE0011166610	3,232	02/23/2021	861	Sudan Accountability and Divestment Act of 2007
Atlas Copco AB – B Shares	ATCO B	SE0011166628	6,794   14,721   9,408	04/27/2021   04/29/2021   04/30/2021	214,618   199,897   190,489

Baillie Gifford International Alpha Fund

Name of Issuer	Exchange Ticker Symbol	Security Identifier (CUSIP number/ISIN)	Total Number of Shares Divested	Date Securities were Divested	Amount Held on Filing Date	Statute
Atlas Copco AB – B Shares	ATCO B	SE0011166628	43,832   35,967	03/29/2021   04/16/2021	1,495,765   1,459,798	Sudan Accountability and Divestment Act of 2007

Baillie Gifford International Concentrated Growth Equities Fund

Name of Issuer	Exchange Ticker Symbol	Security Identifier (CUSIP number/ISIN)	Total Number of Shares Divested	Date Securities were Divested	Amount Held on Filing Date	Statute
Atlas Copco AB – B Shares	ATCO B	SE0011166628	586   1,096   1,838   756   943	01/04/2021   05/10/2021   05/11/2021   05/14/2021   05/28/2021	11,009   27,482   25,644   24,888   24,726	Sudan Accountability and Divestment Act of 2007

Baillie Gifford International Growth Fund

Name of Issuer	Exchange Ticker Symbol	Security Identifier (CUSIP number/ISIN)	Total Number of Shares Divested	Date Securities were Divested	Amount Held on Filing Date	Statute
Atlas Copco AB – A Shares	ATCO A	SE0011166610	62,876 39,740	01/11/2021 01/29/2021	1,554,165 1,514,425	Sudan Accountability and Divestment Act of 2007

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

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

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

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

Not applicable.

Item 11. Controls and Procedures.

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

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

Not applicable.

Item 13. Exhibits.

(a)(1) Not applicable.

(a)(2) Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

(a)(3) Not applicable.

(a)(4) Not applicable.

(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.

SIGNATURES

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

(Registrant) Baillie Gifford Funds

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

Date August 27, 2021

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

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

Date August 27, 2021

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

Date August 27, 2021

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

**By:

Michael Stirling-Aird***

Date: August , 2021

*** Attorney-in-Fact pursuant to a Power of Attorney executed on March 12, 2020 and filed as an exhibit to Post-Effective Amendment No. 49 to the registration statement of the Trust on Form N-1A filed on April 27, 2020.

EX-99.CERT

Exhibit 99.CERT

Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act

I, David Salter, certify that:

1. I have reviewed this report on Form N-CSR of Baillie Gifford Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: August 27, 2021	/s/ David Salter
	David Salter, President*

*By:

Michael Stirling-Aird**

Date: August __, 2021

** Attorney-in-Fact pursuant to a Power of Attorney executed on March 12, 2020 and filed as an exhibit to Post-Effective Amendment No. 49 to the registration statement of the Trust on Form N-1A filed on April 27, 2020.

Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act

I, Lindsay Cockburn, certify that:

1. I have reviewed this report on Form N-CSR of Baillie Gifford Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: August 27, 2021	/s/Lindsay Cockburn
	Lindsay Cockburn, Treasurer
	(principal financial officer)

EX-99.906CERT

Exhibit 99.906CERT

Certification Pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act

I, David Salter, President of Baillie Gifford Funds (the “Registrant”), certify that:

1. The Form N-CSR of the Registrant, for the period ended June 30, 2021 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: August 27, 2021	/s/ David Salter
	David Salter, President*

I, Lindsay Cockburn, Treasurer of Baillie Gifford Funds (the “Registrant”), certify that:

1. The Form N-CSR of the Registrant, for the period ended June 30, 2021 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: August 27, 2021	/s/Lindsay Cockburn
	Lindsay Cockburn, Treasurer
	(principal financial officer)

*By: 

Michael Stirling-Aird**

Date: August __, 2021

**  Attorney-in-Fact pursuant to a Power of Attorney executed on March 12, 2020 and filed as an exhibit to Post-Effective Amendment No. 49 to the registration statement of the Trust on Form N-1A filed on April 27, 2020.